International accounting Essay Example | Topics and Well Written Essays - 2250 words

International accounting - Essay ExampleFirst state serves clients through offices in eight geographic regions. (First 2005 inside cover).From this description the watcher can see that the First Republic Bank wishes to set itself apart from its competition by religious offering services that high net worth individuals and entities might find desirable. The bank plans on offering these services with extraordinary and personalized service. Will this sense of caring display through in their reporting process, or depart the statement end up being just another bunch of words mouthed by footling people in dark suits with hands in their customers pockets attempting to take every last dime they can find Comparing the description found in First Republics annual report to the one in Commonwealth Banks is an interesting comparison, mainly because the comparison cannot be made.Instead of containing basic information about what the political party does, who it caters to and what it is doin g to capture more business from those customers, it jumps right into a Chairmans message that tells how much gold was made by the bank, how well they did in 2005, and how much more money they plan on making in 2006 (and for years to come). There was not one word concerning the customer. The first thing a reader notices in comparison the 2005 Annual Reports from the Commonwealth Bank (Australia) and the First Republic Bank ( unify States) is that one is a stodgy, black and white, basic, conservative report, while the other is a vibrant, four- color, easily read and understood creation that enhances the readers enjoyment of what is essentially a financial report concerning a year already in the past. That the four-color report comes from the company in the United States is not necessarily surprising, but what is surprising is that a progressive country such as Australia would not foster a comparable report by one of its similar banking institutions. Of course, it could be the fact e spoused by UK firms a few years ago concerning financial reports in general and the reports constraint on their superpower to act. The case financial institutions argued that the limited quality of public information, especially in financial reports, was a major constraint on their ability to act. (Holland 1999 pg. 161).There are a variety of rules that constrain financial reporting in general, and some of those rules are aimed in particular at the financial services industry. Both the First Republic and the Commonwealth annual report adhered to the majority of those general rules. Some of the rules included in both reports as espoused by the Securities Handbook and are as follows 1). sectionalisation 210.2-01 is designed to ensure that auditors are qualified and independent of their audit clients both in fact and in appearance. 2). In determining whether an accountant is independent, the Commission will consider all relevant circumstances, including all relationships between the accountant and the audit client, and not just those relating to reports filed with the Commission. 3). Any partner, principal, shareholder, or professional employee of the accounting firm, any of his or her immediate family members, any close family member of a covered person in the firm, or