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by: Jarvis Reilly DDS


Jarvis Reilly DDS
GPA 3.8

Richard Dull

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About this Document

Richard Dull
Class Notes
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This 4 page Class Notes was uploaded by Jarvis Reilly DDS on Saturday September 26, 2015. The Class Notes belongs to ACCT 322 at Clemson University taught by Richard Dull in Fall. Since its upload, it has received 14 views. For similar materials see /class/214237/acct-322-clemson-university in Accounting at Clemson University.

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Date Created: 09/26/15
Functions of The General Ledger and Business Reporting 9 General ledger o accumulating data classifying data by GLaccounts recording data in those accounts 0 fueling FR BR and other reporting subsystems 9 Business Reporting 0 preparing generalpurpose external financial statements 0 ensuring that FS conform to GAAP o generating webbased forms 0 generating ad hoc amp predetermined business reports 9 EBusiness Angle 0 Operational stores are financial information stored in databases used to create the chart of accounts GL and financial reports Manual Reports 9 The old method of manually preparing financial reports 9 Financial reports are comprised of text and data from the operational data stores formatted as financial statements 9 Often data had to be rekeyed for each different report created 0 XBRL Enabled Reports 9 Operational store data contains descriptive semantic tags 9 XBRL enabled report reads descriptive tag and merges data into report 9 Data from one data store can be used to generate many different reports including Web reports without rekeying O Integrated Systems Perspective lncluding ERP 9 Events summarized automatically by the system eliminating the need for a separate GL process 0 The GL is simply a report summarizing transactions by account and by date in ascending order 9 Treasurer still enters investment and financing transactions into treasury module 9 Controller still enters adjusting entries 9 Financial reports are generated by the system using ad hoc queries or preestablished reports Responsibility AccountingReporting System 9 Duties of managerial reporting officer 0 Reports to assist internal management decision making 0 Performance reports comparing actual performance with budgeted performance 0 Reports are most detailed at lowest levels of management least detailed at highest levels of management o It ties into the concept of responsibility accounting Summary of Horizontal and Vertical Information Flows 9 Horizontal flows 0 Events are processed in various operational systems 0 Culminates in GL and external business reports 9 Vertical Flows 0 GL and other event information flow upward through responsibility accounting system 0 Culminates in internal performance reports 3 LBR Process Context Diagram 9 Various feeder processes provide event information 9 Source of internal and external financial reports GL Hierarchical Coding 9 1113 Cash in Bank 0 1xxx assets 0 x1xx current assets 0 xx1x cash accounts 0 xxx3 cash in bank 0 1111 might mean petty cash 1112 might mean change fund 1121 might mean trade accounts receivable 1122 might mean receivables from officers Chart of Accounts 9 Must be flexible to meet the firm s financial and managerial reporting needs 9 For a multientity firm there is need to code for departments geographical regions product lines divisions and special reporting entities 9 Should accommodate llrolling up or consolidating accounts into statements using different forms Technologyenabled Issues in Business Reporting 9 FR modules in ERP systems Balanced Scorecard Business Intelligence Business Reporting via the Internet Public Databases Objectoriented databases 99999 ERP Financial Module 9 Many options available for processing business events that affect multiple processes 9 Not all users do not need all these options 9 For security reasons and for ease of use we limit the access to menu items to only those needed a user to perform his or her responsibilities 9 We limit the menu options that appear 9 We allow a user to have different privilege levels for different information that is view access write access entry access andor change access 9 Carefully set up the system limitations for that specific user 9 Each user has their own ID and password Balanced Scorecard 9 Methodology for assessing organization s business performance via 0 Financial 0 Internal business processes 0 Customers 0 Innovation and improvement activities 9 Functionality included in applications by all major ERP vendors Business Intelligence 9 Integration of statistical and analytical tools with decision support technologies 9 Facilitates complex analyses of data warehouses by managers and decision makers 9 Typical module in ERP systems Extensible Business Reporting Language XBRL 9 XBRL is a form of XMLbased language consisting of a set of tags used to unify presentation of business reporting information into a single format 9 Easily read by many software packages 9 Can be easily searched by web browsers 9 Enables easy uploading and downloading of information to other software packages for update analysis etc Public Databases 9 Aid to financial reporting officers in determining BR treatments 9 National Automated Accounting Research System NAARS 9 The Internet may be viewed as one huge public database IT Control Processes for WorkstationtoWorkstation Networks 9 Typical Controls 0 Passwords and access controls 0 Access logs kept and reviewed 0 Call back procedures for remote log on 0 Controls on databasefile access 0 Controls on level of accessprivileges eg readonly file access 0 Diskless workstations 0 Data encryption and digital signatures o Removable drives 0 Backup facilities for extended network failures 0 File lockingcontention controls Workstations Connected to Servers 9 Typical Controls 0 Server logs kept and reviewed 0 Standardized file transfer formats 0 Readonly access to database 0 Frontend workstations process data relieving server 0 Data entry to event data store and subsequent batch update to database SarbanesOxley Act of 2002 9 Section 302 o Requires CEO and CFO to certify that financial statements contain neither material untrue facts nor omit material facts 0 Penalty for violation of section 302 up to 20 years prison and 5 million in fines 9 Section 401 o Requires financial statements that clearly reflect the economic reality of business events 9 Section 404 o Defines report on internal control that must be provided with annual report o Requires management assertion and auditor attestation on internal control effectiveness 9 Section 409 o Requires rapid and current disclosure of information regarding material changes in financial conditions Current Environment of Financial Reporting 9 Today s environment demands rapid access to information o lnvestors want information sooner o SarbanesOxley demands llrapid and current disclosures 0 SEC has shortened the time companies have for reporting certain events 0 Realtime reporting of events summarized in the GL is just over horizon


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