SEC Internet Exercise - Kmart Corporation
The company that I have chosen to research is the Kmart Corporation. They operate in the retail-variety stores sector. Their main headquarters is located in Troy, Michigan with retail outlets primarily situated in the Midwest. Their ticker symbol is KM.

The company's most recent 10-K was filed with the SEC on May 15, 2002. The 10-K for this company is 77 pages long. The company has been in business for many years and has hundreds of filings posted on the SEC website. For purposes of this report only those filed in 2002 will be considered. In 2002, the Kmart Corporation has Filed 10-Q, 10-Q/A, 8-K, NT 10-K, SC 13G, SC13G/A. The Kmart Corporation has filed many other forms in previous years.

Question

The SEC website has a page entitled "Descriptions of SEC Forms." This page is subdivided into sections categorizing each type of form. The major section headings…...

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Works Cited

US. Securities and Exchange Commission. The Investor's Advocate: How the SEC Protects

Investors and Maintains Market Integrity. December 1999.  

Also, unlike the broad ethical guidelines provided by other professional organizations, the FASB's standards have been rule-based, as opposed to principle-based which may provide extremely detailed guidelines but also can eliminate the ability of the individual accountant to exercise personal judgments (Herdman 2002). The SEC, in contrast, attempts to provide principle-based guidelines and can back up those guidelines with the force of law.
However, there is still an argument for the existence of the FASB. Rule-based standards certainly have their place in a field as technically detailed as accounting. Also, because it is not a legal arm of the government, the FASB can have greater flexibility and sensitivity in setting accounting guidelines, as it is not establishing government policy. Finally, and perhaps most importantly, because it is primarily concerned with accounting, unlike the SEC which has host of other concerns pertaining to the open market and the sale of securities,…...

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Works Cited

Herdman, R.K. (14 May 2002). Testimony: Roles of SEC and FASB in establishing

GAAP. U.S. Security and Exchange Commission. Retrieved 5 Jul 2007 at  http://sec.gov/news/testimony/051402tsrkh.htm

SEC v Materia
Securities and Exchange Commission v. Anthony Materia

745 F.2d 197 (1984)

Facts

Anthony Materia, an employee of the printing business Bowne in New York City, had been entrusted with financial documentation containing sensitive information. Although the actual names of the corporations discussed in the documents were missing, enough details remained to allow Materia to deduce which companies were the targets of upcoming purchase bids. Materia then used this confidential information to purchase stock in the target companies in advance of the tender offers and then sold this stock once the offer had been made public, thereby making a profit. This had already occurred four times before the Securities and Exchange Commission (SEC) obtained a permanent injunction against further trading by Materia during a bench trial in front of Judge Brieant in District Court. Judge Brieant further agreed with the SEC and ordered Materia to return the nearly $100,000 in profits he…...

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Works Cited

SEC v. Materia, 745 F.2d 197 (2d Cir. 1984).

SEC v. Zurich Financial
It is important for reinsurance to transfer risk because that is the entire point of reinsurance. Any reinsurance that does not transfer risk is not reinsurance at all, by definition. The transfer of risk is key -- insurance companies bear risk in the course of their business. When they pay another firm to take on that risk, that risk needs to transfer in order for this to be a valid transaction. Should the risk not transfer, it begs the question of why the company is paying the other company. The SEC would rightly consider a payment for nothing with suspicion. Accounting fraud can be said to occur when a company is booking revenue in a situation where no service is being provided. Given that the service provided by reinsurance is risk transfer, any transaction that does not feature risk transfer cannot be reinsurance, and therefore may be…...

The move essentially confirmed that the market's valuation is not rational. Moreover, it allowed financial institutions to escape some degree of punishment by investors by recording values for bad assets that are unrealistic. This could be viewed as contributing to stronger short-term stock prices, but also to longer-term problems as companies continue to record higher asset levels than they actually possess.
Overall, the SEC has accomplished little thus far in terms of the financial crisis. The outcome of the agency's work on improving governance and board member standards for financial institutions will be the final determinant of the agency's performance with regards to the crisis. During the leadup to the crisis and its initial impacts, there was little that the SEC could have done within its mandate and with the tools supplied to it by Congress to prevent the crisis or to curtail its impacts. By defending against short-selling and…...

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Works Cited:

No author. (2009). The investor's advocate: How the SEC protects investors, maintains market integrity and facilitates capital formation. SEC.gov. Retrieved October 20, 2009 from  

sec.gov/About.shtml
The website was designed for the U.S. Securities and Exchange Commission. It is meant to educate the public and any other agencies like them who may have questions regarding their upcoming events their previous and current conference spending, strategic plans, and any select data. The About section is comprehensive and features many links and information on commissioners, laws and regulations, concise directory, SEC offices, and important budget reports, keeping anyone who ventures to the page, well informed. It was last modified 1/16/2015, meaning the admin of the website keeps data relatively continuously updated.

Business communication seems fairly comprehensive and straightforward. They provide all information easily in pdf format. They make sure to include the names and some contact information or office locations to allow for possible meetings and they include budget and other kinds of planning in easily accessible and easily recognizable sections of the website. Everything about the website…...

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References

Education Portal,. (2015). Opinion-Leader in Marketing: Definition, Lesson & Quiz | Education Portal. Retrieved 27 January 2015, from  http://education-portal.com/academy/lesson/opinion-leader-in-marketing-definition-lesson-quiz.html 

Sec.gov,. (2015). About the Securities and Exchange Commission. Retrieved 26 January 2015, from  

Fraud Examination Introduction
The Securities Exchange Commission issued a ruling on its website against Panasonic Corporation. It had investigated the company for violations under Section 21C of the Securities Exchange Act of 1934, and the investigation resulted in a cease-and-desist order. This paper will walk through the case, analyzing the facts and the ruling that was made.

Major Facts of the Case
The case against Panasonic concerns "violations of anti-bribery, anti-fraud, books and records, and internal accounting control provisions of the federal securities law by Panasonic, a global electronics corporation headquartered in Osaka, Japan."
The anti-fraud component of the case is based on an overstatement of pre-tax income by $38.5 million and net income by at least $22.4 million for the quarter ended June 30, 2012. The defendant backdated an agreement with a government airline and provided misleading information about the agreement to its auditor in order to include the revenue in the quarter. The…...

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References

Knowledge @ Wharton (2004) Accounting games companies play (especially with revenues and costs). Knowledge @ Wharton. Retrieved July 22, 2018 from

Lynch, S. (2018). Panasonic unit settles US criminal, civil charges of bribery. Reuters. Retrieved July 22, 2018 from https://www.reuters.com/article/us-usa-panasonic-corruption/panasonic-unit-settles-us-criminal-civil-charges-of-bribery-idUSKBN1I11RT

SEC.gov (2018) In the matter of Panasonic Corporation. SEC.gov. Retrieved July 22, 2018 from https://www.sec.gov/litigation/admin/2018/34-83128.pdf

Securities Exchange Act of 1934. Retrieved July 22, 2018 from http://legcounsel.house.gov/Comps/Securities%20Exchange%20Act%20Of%201934.pdf

http://knowledge.wharton.upenn.edu/article/accounting-games-companies-play-especially-with-revenues-and-costs/

Capital Management Blows Whistle
A whistleblower in the classic sense of the word possesses a number of key characteristics. Some of these pertain to the fact that whistleblowers tend to believe that there are acts of impropriety at their workplace. In this respect most whistleblowers have a keen sense of ethics as well as a sense of social justice that helps to actuate them. There is a duality to the sort of ethical conviction that a whistleblower has. Firstly, he or she must believe that his or her organization is making some sort of ethical violation in which they are taking advantage of other shareholders. Such shareholders include those in upper level management, those in conventional 'worker bee' roles, as well as public shareholders on the market and the extended friends and families of workers. Secondly, the whistleblower must consider the ethics of taking such information to an outside entity.…...

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References

SEC (2014). SEC charges hedge fund adviser with conducting conflicted transactions and retaliating against whistleblower.   / Retrieved from http://www.sec.gov 

However, the study made by obert J. Warth-Ethics in the Accounting Profession- concludes the necessity of better planning of the structure of education, improvements in the measure of compliance and a variation in the concentration on ethics training and discussions.
The studies made by Curtis C. Verschoor-Accounting involve Ethics, not just technical issues emphasize the significance of ethics to the profession and the accounting involves morality and not just technical issues. The study made by Lynda on 'Should we teach ethics in accounting education' reveals that accounting students should be taught about the ethical aspects so that they can form sound decisions which are reasoned. She stressed on inclusion of ethics into several phases of the profession, including academia and that ethics training and education are to be stressed upon in both the workplace and academia. The studies have established that the ethics is essential in the accounting profession and…...

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REFERENCES

'FASB: 30 Years of Setting the Standard" The FASB Report. September 30, 2003. Retrieved

from   reports/fasb_30-years.pdfhttp://www.fasb.org/articles& ;

Accessed 21 October, 2005

'Financial Accounting Standards Board" Retrieved from  http://en.wikipedia.org/wiki/FASB

What sources of information are most useful to an investment decision?
There are various sources of information that are most useful to an investment decision. One of the key sources beneficial to making an investment decision is the firm's financial performance. This encompasses the evaluation and scrutiny of the reported financial statements. Some of the items to be analyzed include the revenue generated, profits attained and the cash flow as well. Financial ratio analysis is also an imperative source of information for investment decision making. For instance, ratios such as return on investment (ROI) and return on investment capital (ROIC), are beneficial. The accounting practices used by the company, whether it is the Generally Accepted Accounting Principles (GAAP) or others such as International Financial Reporting Standards (IFRS) are also a beneficial source of information for making decisions on investment. In this case, it can be perceived that Groupon undertook forceful accounting…...

Southwest Airlines
K Annual SEC Report Review

hat 3 items of important information does the income statement reveal about the financial performance of the company over the last three years?

There are many different items that the income statement reveals about Southwest Airlines. In 2015, the company really had a good year financially. The company's total revenues grew considerably, while at the same time the total operating expenses also dropped significantly which lead to the total operating income that was nearly double that of the previous reporting year. However, many of these points were already made in the report introduction. Passenger ticket sales were up, fueling revenue growth, while at the same time, costs, primarily from decreases in fuel costs, which resulted in the company having one of its best years in the company's history.

There are some more subtle insights that can also be gained from the income statements that were not yet…...

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Works Cited

SEC. (2017, February 7). CERTIFICATION OF CEO AND CFO. Retrieved from SEC:  https://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016xex32.htm 

SEC. (2017). Southwest Airlines 10-K. Retrieved from SEC:  https://www.sec.gov/Archives/edgar/data/92380/000009238017000029/luv-12312016x10k.htm 

Southwest Airlines. (N.d.). Audit Committee Charter. Retrieved from Southwest Airlines: wikinvest. (2009). Southwest Airlines Company (LUV). Retrieved from wikinvest:  http://www.wikinvest.com/stock/Southwest_Airlines_Company_ (LUV)/Relationship_Independent_Auditorshttp://filecache.drivetheweb.com/ir1_southwest/230/download/Audit+Committee.pdf

The implementation of the Sarbanes-Oxley Act section 404 as federal law was a necessary step in order to regain public trust in the financial controls and reporting of companies. Huge corporate scandals, such as the ones affecting Enron, and WorldCom, shook the public to their core, and resulted in the demand for consistent measures that would make companies accountable for all financial operations. This legislation was necessary and useful, but the focus of the law may be off the mark.

Accounting practices may have unfairly received the blame for corporate scandals in recent years. As outlined by Lin and Wu (2006), the aim of the Sarbanes-Oxley Act section 404 is somewhat misguided, and is placing undue attention on accounting as the culprit in the case of these crimes. Instead, the focus of measures to improve accuracy and reliability of financial controls and reporting should be directed at management practices. The future…...

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References

Lin, H.H. & Wu, F.H. (2006). Limitations of section 404 of the Sarbanes-Oxley Act. The CPA Journal, retrieved at  http://www.nysscpa.org/cpajournal/2006/306/essentials/p48.htm .

Weirich, T.R. (2006). Sarbanes-Oxley Act and section 404: basics on internal control reports. The RMA Journal, 88(1), 28-34.

McKesson Corporation (Mckesson) is an American pharmaceutical distributor with operations mainly in the U.S. The firm has been in operation since 1833, and boasts extensive market share, robust financial strength, and strong market power. The firm has built strong relationships with its key stakeholders, which adds to its strengths. Nonetheless, limited diversification and market focus as well as the threats of competition, unfavourable regulatory changes, and counterfeits present significant concerns for the company. To enhance its competitive advantage in the rigorously competitive pharmaceutical landscape, it is imperative for the firm to take advantage of consolidation, strategic partnerships, increased healthcare expenditure, and emerging markets.
Introduction

McKesson Corporation (Mckesson) is an American health care company involved in the distribution of pharmaceutical productions as well as provision of health information technologies and care management tools majorly in the U.S. With a history that stretches back to close to two centuries, the organisation has grown to…...

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References

Amabile, T., & Kramer, S. (2011, October 10). Valuing your most valuable assets. Harvard Business Review. Retrieved from:  https://hbr.org/2011/10/valuing-your-most-valuable 

Benn, S., Abratt, R., & O'Leary, B. (2016). Defining and identifying stakeholders: views from management and stakeholders. South African Journal of Business Management, 47(2), 1-11.

Buente, M., Danner, S., Weissbacker, S., & Ramme, C. (2013). Pharma emerging markets 2.0: how emerging markets are driving the transformation of the pharmaceutical industry. Retrieved from:   2.0.pdfhttp://www.strategyand.pwc.com/media/file/Strategyand_Pharma-Emerging-Markets -

Chae, B., Olson, D., & Sheu, C. (2014). The impact of supply chain analytics on operational performance: a resource-based view. International Journal of Production Research, 52(16), 4695-4710.

Securities and Exchange Commission (SEC)
Accounting Irregularities and Missing Internal Controls in the LIBOR Currency Manipulation Scandal

The London Interbank Offered Rate, or Libor for short, was the recent subject of collusion between some the world's largest banks to manipulate the exchange rates; no one seems to know for sure when these banks began to manipulate the exchange rate, but some reports show these activities beginning in 2003, or possibly much earlier (McBride, Alessi, & Sergie, 2015). The Libor rate represents a benchmark interest rate in which banks lend to each other in London interbank market. The exchange rate is calculated daily and determined by a submission of eleven and eighteen banks who submit their average borrowing rates for the day.

The Libor rate was considered to be a fairly reliable benchmark for determining an amount of interest that was used in determining short-term transactions and this rate had indirect implications for a…...

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Works Cited

Debevoise & Plimpton. (2015, May 20). United States of America v. UBS AG. Retrieved from SEC:  https://www.sec.gov/divisions/corpfin/cf-noaction/2015/ubs-ag-052015-506d.pdf 

McBride, J., Alessi, C., & Sergie, M. (2015, May 21). Understanding the LIbor Scandal. Retrieved from Council on Foreign Relations:  http://www.cfr.org/united-kingdom/understanding-libor-scandal/p28729 

McKenna, F. (2012, July 6). Where Was Auditor PwC When Its Client Barclays Gamed Libor? Retrieved from American Banker:  http://www.americanbanker.com/bankthink/where-was-pwc-when-barclays-gamed-libor-1050689-1.html 

SEC. (2015, October 13). UBS to Pay $19.5 Million Settlement Involving Notes Linked to Currency Index. Retrieved from SEC:  https://www.sec.gov/news/pressrelease/2015-238.html

This is a major oversight because as stated above, one of the areas in which the use of former SEC officials seems to have been most successful is in the securing of waivers and releases. In leaving out these areas, the prime evidence in support of the revolving door demonstrates itself to be woefully inadequate. In contrast, the POGO report details a number of problems with this earlier academic study while demonstrating that some of the things the academic study tried to downplay, such as the SEC's tendency to settle rather than pursue charges to their fullest, are actually evidence of SEC regulation being affected by its close relationship with the industry it is meant to regulate (POGO, 2013, p. 28).
The study's findings are persuasive precisely because they are so comprehensive in their dismantling of the primary academic justification of the revolving door. By demonstrating the critical errors in…...

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References

Assistant Comptroller General. General Accounting Office, General Government Division.

(2000). Studies helped agencies measure or explain program performance. Washington,

DC.

Corporate Crime Reporter. (2013, February 21). Pogo on sec's revolving door. Retrieved from  http://www.corporatecrimereporter.com/news/200/pogo-report-on-secs-revolving-door/

Business communication plays a significant role in day to day activities, because nearly every transaction a person engages in is a form of business. At work, business communication is more than just talking with the boss about important matters. It's also small interactions between colleagues, how you talk to customers and vendors, and non-verbal communication concerns like posture and facial expression. In an increasingly global society, proper business communication is becoming more significant. You can find information on this issue in business journals. The website ACBJ.com provides you with access to a large number of business journals from a wide variety....

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You can find great information on Scene 3 of A Streetcar Named Desire here: http://www.sparknotes.com/lit/streetcar/section3.rhtml The use of language varies a lot between Stanley (very coarse) and Blanche (full of lyric and emotion when she speaks about her husband). Symbolism is particularly important, because Tennessee Williams was very focused on more than just what was said by the characters. He wanted the people who read his work to experience more than just the words of the people in the story. It's also possible to find the scene on YouTube so you can watch it and understand more about the motifs and....