Accounts-AW644

International Accounting

 

Transfer pricing, also called intercompany transactions, refers to the prices used when selling goods and services between a parent company and its subsidiaries. When transfer pricing, companies may price goods based on the original purchase price or at a depreciated rate. Since transfer prices contribute to income and expenses of parent companies and their subsidiaries, they impact the companies’ financial statements and tax obligations. Transfer pricing transactions represent a significant portion of international trade, resulting in issues of taxation and regulation across international borders.

 

For this Assignment, consider U.S. and international transfer pricing standards and financial statement disclosure requirements. Identify the transfer pricing financial statement disclosures used by the U.S. company you selected for your Course Project. Think about the implications of transfer pricing regulations on the company. Determine how governing bodies enforce these transfer pricing regulations on an international and U.S. basis.

 

Assignment

I will write a 2- to 3-page paper analyzing the transfer pricing financial statement disclosures for your selected company. Evaluate the implications of U.S. and international transfer pricing regulations on the taxation of the company. In addition, analyze how governing bodies enforce these transfer pricing regulations on an international and U.S. basis.

 

Project Management Accounting
 

  • Final Project: Project Budget

 

Estimating the total cost of the project is both a science and an art. There are several techniques for developing an estimate of total project cost which becomes your project budget. The Mantel text describes top-down and bottom-up budgeting. The PMBOK also describes analogous, parametric and three-point estimating. All these tools and techniques have value and must be applied using expert judgment as described on page 204 of the PMBOK.

 

Most project cost estimates are derived from the cost estimate of the work packages established when developing the project WBS. The direct cost on the project represents the total cost of all work to be performed to produce the deliverables of the project. All work to be performed on the project should be captured in the work packages when developing the WBS. In this assignment, you will deal with project costs that were not included in the estimate, because they were either forgotten, or added to the scope of work later on, per the client.

 

Indirect costs are costs not directly related to the performances of project work to produce deliverables. Indirect cost can be estimated and managed in a number of different ways. Some clients absorb all indirect costs into the organizational budget and these costs are not part of the project budget. Some organizations classify the project management cost as direct cost of the project, while other organizations classify these costs as indirect. The classification of direct and indirect costs is determined by the chartering organization and is often related to its costing philosophy and tax situations.

 

After the project cost estimate is developed, the project management team tracks the cost expended against the cost estimate, as the project is executed. By definition, a project cost estimate is wrong. This means the actual cost expended is almost never the same as the budget. Since the estimate is wrong, we need to track expenditures against the amount of work performed and the actual cost of that work versus the estimated cost. We use techniques such as the CPI and SPI to better determine the cost performance on a project.

 

Read Chapter 7 in the PMBOK and Chapter 4 in the Mantel text and then review your WBS and the schedule you developed for the St. Dimas Assisted Living Facility case study. From the cost information chart below, develop both a summary-level budget and a detailed budget. Your budget must be at least one page, double-spaced, and include the budget for the project and any estimating assumptions you used.

 

The cost items below are entered with no logical approach. Use the logic in your WBS to construct your budgets. Explain your budget approach including how you categorized cost items such as contingency, administrative cost, and inspections. Explain why you took your approach, commenting on the advantages and disadvantages of your approach to the project budget. If you presented this budget to senior management, what concerns would you express so the senior management can make good decisions?
 

TaskWeeksCost
Administrative costs (Central) 275,000
Administrative costs (Direct) 100,000
Purchase land2600,000
Specify furniture for both heavy and light assisted units2400,000
Develop conceptual design for faculty (includes shelter design)5300,000
Final inspection and approval225,000
Paint and final finishes4125,000
Underground utilities installed10700,000
Detailed design for facility reviewed and approved1247,000
Bid furniture42,000
Install furniture210,000
Construction bid preparation412,500
Ground breaking and earthworks3125,000
Construction bid advertised and bids submitted52,000
Foundations61,100,000
Exterior walls erected16809,000
Interior walls erected20972,000
Plumbing installed141,100,000
Construction bids reviewed and contract awarded320,500
Roof installed12800,000
Electrical wiring installed101,100,000
HVAC installed8700,000
Contingency 675,000
Total14410,000,000

 

Inflation accounting, also called general price level accounting, is the adjustment of a company’s financial statements to reflect inflationary economies. The purpose of these adjustments is to provide users of financial statements with a more accurate view of a company’s financial position under changing price levels. However, this type of accounting can also create issues with financial reporting, such as misleading financial statements. Like many other accounting promulgations, there are advantages and disadvantages to inflation accounting. Consider the U.S. and international inflation accounting promulgations. Determine the conditions of compliance for inflation accounting. Think about the advantages and disadvantages of inflation accounting within a multinational company.

 

Write a 3  -page paper analyzing the U.S. and international promulgations for inflation accounting. In your analysis, explain the conditions of compliance for inflation accounting. Evaluate the advantages and disadvantages of inflation accounting within a multinational company.

 

Final Project: Project Milestone Schedule
 

Managing project time is another important responsibility of the project manager. In production operations, organizational leaders typically have good information on the time needed for production runs. A manager at an automobile plant can predict very closely how many automobiles will be produced each week, month, and year.
A project manager is responsible for developing and managing a plan to execute the work of the project in a way that will deliver the product or service when it is needed by the client. Depending on the profile of the project, the process, time, and resources needed to develop and manage the project schedule can vary significantly. Chapter 5 of the Mantel text describes methods for developing a project schedule.
 

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Project planning and scheduling is both an art and a science. There is a logical and methodical process for developing a network diagram and calculating the time it takes to complete a project. There is also a creative process for developing a logical sequence of activities and determining relationships between activities. Taking the same information, two experienced project schedulers may develop two different project schedules.
 

This week, you will first develop a schedule using information where the activities are identified and the logic (what activities precede or succeed a given activity) is provided. Answer questions 1-7 on page 186 and problem #25 on page 187 in the Mantel text.
 

After you have completed the problems in the text, review your St. Dismas Assisted Living Facility case study again. From the 20 activities listed below, develop a network diagram for your project. Develop your schedule with at least three paths and identify the critical path. How long will it take to complete the project? After you have created your first schedule, can you develop a schedule that completes the project in two years? What assumptions are you making?

 

  1. International Accounting

Transfer pricing, also called intercompany transactions, refers to the prices used when selling goods and services between a parent company and its subsidiaries. When transfer pricing, companies may price goods based on the original purchase price or at a depreciated rate. Since transfer prices contribute to income and expenses of parent companies and their subsidiaries, they impact the companies’ financial statements and tax obligations. Transfer pricing transactions represent a significant portion of international trade, resulting in issues of taxation and regulation across international borders.

 

For this Assignment, consider U.S. and international transfer pricing standards and financial statement disclosure requirements. Identify the transfer pricing financial statement disclosures used by the U.S. company you selected for your Course Project. Think about the implications of transfer pricing regulations on the company. Determine how governing bodies enforce these transfer pricing regulations on an international and U.S. basis.

 

Assignment
 

I will write a 2 page paper analyzing the transfer pricing financial statement disclosures for your selected company. Evaluate the implications of U.S. and international transfer pricing regulations on the taxation of the company. In addition, analyze how governing bodies enforce these transfer pricing regulations on an international and U.S. basis.

 

  1. Project Management Accounting

 

  • Final Project: Project Budget

 

Estimating the total cost of the project is both a science and an art. There are several techniques for developing an estimate of total project cost which becomes your project budget. The Mantel text describes top-down and bottom-up budgeting. The PMBOK also describes analogous, parametric and three-point estimating. All these tools and techniques have value and must be applied using expert judgment as described on page 204 of the PMBOK.

 

Most project cost estimates are derived from the cost estimate of the work packages established when developing the project WBS. The direct cost on the project represents the total cost of all work to be performed to produce the deliverables of the project. All work to be performed on the project should be captured in the work packages when developing the WBS. In this assignment, you will deal with project costs that were not included in the estimate, because they were either forgotten, or added to the scope of work later on, per the client.

 

Indirect costs are costs not directly related to the performances of project work to produce deliverables. Indirect cost can be estimated and managed in a number of different ways. Some clients absorb all indirect costs into the organizational budget and these costs are not part of the project budget. Some organizations classify the project management cost as direct cost of the project, while other organizations classify these costs as indirect. The classification of direct and indirect costs is determined by the chartering organization and is often related to its costing philosophy and tax situations.

 

After the project cost estimate is developed, the project management team tracks the cost expended against the cost estimate, as the project is executed. By definition, a project cost estimate is wrong. This means the actual cost expended is almost never the same as the budget. Since the estimate is wrong, we need to track expenditures against the amount of work performed and the actual cost of that work versus the estimated cost. We use techniques such as the CPI and SPI to better determine the cost performance on a project.

 
Read Chapter 7 in the PMBOK and Chapter 4 in the Mantel text and then review your WBS and the schedule you developed for the St. Dimas Assisted Living Facility case study. From the cost information chart below, develop both a summary-level budget and a detailed budget. Your budget must be at least one page, double-spaced, and include the budget for the project and any estimating assumptions you used.

 

The cost items below are entered with no logical approach. Use the logic in your WBS to construct your budgets. Explain your budget approach including how you categorized cost items such as contingency, administrative cost, and inspections. Explain why you took your approach, commenting on the advantages and disadvantages of your approach to the project budget. If you presented this budget to senior management, what concerns would you express so the senior management can make good decisions?

 

Complete Chart is attached.

Task Weeks Cost

Administrative costs (Central) 275,000

Administrative costs (Direct) 100,000

Purchase land 2 600,000

Specify furniture for both heavy and light assisted units 2 400,000

Develop conceptual design for faculty (includes shelter design) 5 300,000

Final inspection and approval 2 25,000

Paint and final finishes 4 125,000

Underground utilities installed 10 700,000

Detailed design for facility reviewed and approved 12 47,000

Bid furniture 4 2,000

Install furniture 2 10,000

Construction bid preparation 4 12,500

Ground breaking and earthworks 3 125,000

Construction bid advertised and bids submitted 5 2,000

Foundations 6 1,100,000

Exterior walls erected 16 809,000

Interior walls erected 20 972,000

Plumbing installed 14 1,100,000

Construction bids reviewed and contract awarded 3 20,500

Roof installed 12 800,000

Electrical wiring installed 10 1,100,000

HVAC installed 8 700,000

Contingency 675,000

Total 144 10,000,000

 

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