12/18/2019 0 Comments
International accounting - Essay Example First Republic serves clients through offices in eight geographic regions." (First 2005 inside cover). From this description the reader can see that the First Republic Bank wishes to set itself apart from its competition by 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 show through in their reporting process, or will the statement end up being just another bunch of words mouthed by little people in dark suits with hands in their customer's pockets attempting to take every last dime they can find Comparing the description found in First Republic's annual report to the one in Commonwealth Bank's is an interesting comparison, mainly because the comparison cannot be made. Instead of containing basic information about what the company does, who it caters to and what it is doing to capture more business from those customers, it jumps right into a Chairman's message that tells how much money 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 comparing the 2005 Annual Reports from the Commonwealth Bank (Australia) and the First Republic Bank (United 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 reader's 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 espoused by UK firms a few years ago concerning financial reports in general and the reports constraint on their ability 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). Section 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
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