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Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age. REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [ 1 ] and contained the concepts of resources, events and agents (McCarthy 1982).
A remedial action is a change made to a nonconforming product or service to address the deficiency. This also can refer to restoration of a landscape from industrial activity [ 1 ] Rework and repair are generally the remedial actions taken on products, while services usually require additional services to be performed to ensure satisfaction.
The Model Audit Rule 205, Model Audit Rule, or MAR 205 are the commonly applied terms for the Annual Financial Reporting Model Regulation. [1] Model Audit Rule is a financial reporting regulation applicable to insurance companies, and borrows significantly from the Sarbanes Oxley Act of 2002 (see ‘key sections’ below).
Some of the general challenges that financial institutions face with regards to the ALLL estimation include the manual, time-intensive nature of the reserve estimation process each month or quarter; producing adequate documentation and disclosures; incorporating new accounting standards and regulations released by FASB and federal regulatory bodies, and increased scrutiny on the assumptions ...
The statement's principles included: aligning remedial courses with a student's long-term area of study at the college, using multiple measures to placement students in remedial courses, requiring all students – including under-prepared students – to pick a program of study when they enter college, integrating academic support services into ...
The prerequisite for lesser cost in performing ABC is automating the data capture with an accounting extension that leads to the desired ABC model. Known approaches for event based accounting simply show the method for automation. Any transition of a current process from one stage to the next may be detected as a relevant event.
An example of the different treatment under cash and accrual accounting of a government's purchase of a building: Under cash accounting: The government's budget surplus decreases (or deficit increases) by the amount of cash used (or debt incurred) to acquire the building in the year the government takes ownership. After the year of acquisition ...
For example, the plan may not make the best use of the inputs of materials, energy, or information — in other words, the system may not be designed to operate efficiently. Some of the more typical problems relating to control include the difficulty of measurement, the problem of timing information flow, and the setting of proper standards.