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Topic: Financial transactions

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Transaction

Normal balance

Database transaction

Accounts payable

Shareholder Equity

Atomic transaction

Automatic teller machine

Balance sheet

Profit and loss account

Income statement

Accounting

Asset

Revenue

IRC services

Goods and services

	Financial managers
		Continuing education is vital for financial managers, who must cope with the growing complexity of global trade, changes in Federal and State laws and regulations, and the proliferation of new and complex financial instruments.
		Because financial management is critical for efficient business operations, well-trained, experienced financial managers who display a strong grasp of the operations of various departments within their organization are prime candidates for promotion to top management positions.
		Financial managers also will be needed to handle mergers and acquisitions, raise capital, and assess global financial transactions.
	www.bls.gov /oco/ocos010.htm (2245 words)

	United Nations Statistics Division - National Accounts
		Transactions in financial assets are recorded at the prices at which the assets are acquired or disposed of.
		When a financial transaction involves a new issue of liabilities, the transaction should be recorded by both creditor and debtor at the amount of the liability incurred, i.e., exclusive of any fees, commissions, etc., and also exclusive of any prepaid interest that may be included in the price.
		Financial transactions with respect to proprietors' net additions to the accumulation of quasi-corporate enterprises and changes in households' claims on insurance enterprises and pension funds raise complex issues of valuation that are treated in the relevant item under classification of these categories (paragraphs 11.86 and 11.89 to 11.95 below, respectively).
	millenniumindicators.un.org /unsd/sna1993/toclev8.asp?L1=11&L2=4 (1468 words)

	FRB: Speech, Bies--Financial Innovation and Effective Risk Management--May 6, 2004
		Financial institutions may assume substantial risks when they engage in a complex structured finance transaction unless they have a full understanding of the economic substance and business purpose of the transaction.
		Legal counsel to financial firms can help manage legal and reputational risk by taking an active role in the review of the customer's governance process for approving the transaction, of financial disclosures relating to the transaction, and of the customer's objectives for entering into the transaction.
		Implement firm-wide policies and procedures that ensure that the financial institution obtains a thorough understanding of the business purposes and economic substance of those transactions identified as involving heightened legal or reputational risk and that those transactions are approved by appropriate senior management.
	www.federalreserve.gov /boarddocs/speeches/2004/20040506 (2701 words)

	Financial Transactions Taxes: Pros, Cons, Design Issues and Revenue Estimates (BP418e) (Site not responding. Last check: 2007-09-07)
		A Financial Transactions Tax can be thought of broadly as any tax, fee, duty, etc. imposed by a government upon the sale, purchase, transfer, or registration, of a financial instrument – it is, for the most part, a turnover tax.
		The financial transactions shown in Table 1 amount to 14 times annual GDP and are almost 100 times as large as the GDP attributed to the finance, insurance and real estate sector.
		Financial transactions in their broadest sense (i.e., using the $53 trillion estimate) are almost 500 times as large as the value added attributed to the finance, insurance and real estate sectors.
	www.parl.gc.ca /information/library/PRBpubs/bp418-e.htm (9582 words)

	Financial Transactions Taxes: The International Experience and the Lessons for Canada (BP419e) (Site not responding. Last check: 2007-09-07)
		ABLE OF A financial transactions tax can be generally thought of as any tax, fee, or duty, imposed by a government upon the sale, purchase, transfer, registration, etc. of a financial instrument -- it is, for the most part, a turnover tax.
		The taxes were initially supported because financial transactions were viewed as destabilizing to the economy and as promoting excessive wage differentials.
		Financial institutions are not subject to the tax and new issues and transfers due to mergers are not taxed.
	www.parl.gc.ca /information/library/PRBpubs/bp419-e.htm (4297 words)

	Money Laundering (Site not responding. Last check: 2007-09-07)
		Filed on transactions or attempted transactions if it is conducted or attempted by, at, or through a casino, and involves or aggregates at least $5,000 in funds or other assets, and the casino/card club knows, suspects, or has reason to suspect that the transactions or pattern of transactions involves funds derived from illegal activities.
		Also filed when transactions are part of a plan to violate federal laws and transaction reporting requirements (structuring) or when the transaction has no business or apparent lawful purpose and the MSB know of no reasonable explanation for the transaction after examining the available facts.
		When transactions are identified from a review of records of money orders or travelers checks that have been sold or processed, an issuer of money orders of traveler's checks shall be required to report a transaction or a pattern of transactions that involves or aggregates funds or other assets of at least $5000.
	www.ustreas.gov /irs/ci/tax_fraud/moneylaundering.htm (2227 words)

	PROHIBITION ON FINANCIAL TRANSACTIONS WITH COUNTRIES SUPPORTING TERRORISM ACT OF 1997 June
		PURPOSE AND SUMMARY H.R. 748, the ``Prohibition on Financial Transactions With Countries Supporting Terrorism Act of 1997,'' expands section 321 of the ``Antiterrorism and Effective Death Penalty Act of 1996'' by eliminating overly permissive regulations promulgated by the Administration last year and the authority to issue such regulations in the future.
		The Committee intends by the words ``ordinarily incident to'' to exclude from the prohibition any financial transaction that is necessarily connected to or arising from the performance of a particular activity authorized by this legislation.
		Financial transactions (a) Offense.--Except as provided in regulations issued by the Secretary of the Treasury, in consultation with the Secretary of State, whoever Whoever, being a United States person, knowing or having reasonable cause to know that a country is designated under section 6(j) of the Export Administration Act of 1979 (50 U.S.C. App.
	www.globalsecurity.org /intell/library/congress/1997_rpt/h105_141.htm (1776 words)

	FINTRAC - Financial Transactions Reports Analysis Centre of Canada - Money Laundering - Terrorist financing
		These case disclosures involved $700 million in financial transactions suspected of being linked to criminal money laundering or terrorist activity financing, a significant increase over the previous year’s total of $460 million.
		The receipt of financial transaction reports from the broad spectrum of businesses and individuals allows us to find the threads linking diverse and seemingly unrelated financial activities occurring in different locations and sectors.
		During the fiscal year, FINTRAC experienced a significant increase in the number of financial transaction reports it received, 9.5 million transaction reports in fiscal 2003-2004, an increase from 2.2 million in the previous year.
	www.fintrac.gc.ca /publications/nr/2004-11-04_e.asp (611 words)

	Financial Managers
		Financial managers also oversee the flow of cash and financial instruments, monitor the extension of credit, assess the risk of transactions, raise capital, analyze investments, develop information to assess the present and future financial status of the firm, and communicate with stock holders and other investors.
		Financial managers are provided with comfortable offices, often close to top managers and to departments which develop the financial data these managers need.
		Employment of financial managers is expected to increase faster than the average for all occupations through the year 2005.
	www.umsl.edu /services/govdocs/ooh9697/43.htm (1763 words)

	Documenting Financial/Accounting Transactions
		All university faculty and staff initiating, preparing, completing or approving any Sponsored or Non-Sponsored financial transactions must comply with the justification and documentation standards established by this policy, all other associated policies, procedures and job aids.
		The transaction justification and any other required documentation (receipts, etc.) should be sufficient to clearly explain the transaction to someone inquiring about it, such as an auditor, at a later date.
		University financial transaction documentation for Sponsored and Non-Sponsored activity must be consistently sufficient to meet and comply with legal, governmental and auditing requirements.
	www.fpd.finop.umn.edu /groups/ppd/documents/policy/transaction_pol.cfm (787 words)

	Customer Identification Programs for Financial Transactions
		This follows generally the wide array of financial activities covered by the privacy and security provisions of the federal Gramm-Leach-Bliley Act (GLB), 15 USC §6801-6809, which are described in the Bank Holding Company Act of 1956.
		Also, if the transaction is over a certain dollar amount, other regulations may require the bank to report the transaction to the appropriate government agency.
		In addition to identifying customers, the KYC Rule would have required financial institutions to determine such things as source of funds, normal and expected transactions in an account as well as mandated monitoring of account activity and reporting “suspicious” activities to the government.
	www.privacyrights.org /fs/fs31-CIP.htm (3751 words)

	IMF Financial Transactions Plan -- Quarterly Report -- June 1 – August 31, 2003
		The accompanying table presents the outcome of the financial transactions plan for the quarterly period completed three months prior to publication.
		Thus, members may be selected to participate in the financing of IMF transactions even though there may be some elements of weakness in their overall balance of payments and reserve position.
		IMF transactions normally involve a reduction in the foreign exchange holdings of a creditor member, which is fully offset by an increase in its creditor position in the IMF.
	www.imf.org /external/np/tre/ftp/2003/eng/083103.htm (1177 words)

	Pillsbury Winthrop Shaw Pittman LLP > Financial Services Regulation (Site not responding. Last check: 2007-09-07)
		Pillsbury has one of the leading financial services regulatory practices in the U.S. For over 50 years our attorneys have provided sophisticated advice to help clients achieve their business objectives with minimal regulatory burden and risk.
		Our financial services regulatory practice is not only one of the oldest and largest, but it is also national in scope with lawyers practicing in Washington, DC, New York, and California.
		Our financial services regulatory practice is integrally related to our firm’s active and diverse mergers and acquisitions practice.
	pillsburylaw.com /cgi-bin/bvisapi.dll/portal/ep/paDetail.do?pa=1203&... (441 words)

	UWSA - FAP - Inter-Institutional Financial Transactions
		This paper establishes policies and defines procedures to be used to account for interinstitutional financial transactions and/or when making payments for personal services involving an individual who holds a concurrent appointment at another UW institution.
		When a budget transfer is not appropriate, interinstitutional transactions should be accounted for in a manner that ensures revenues and expenditures are not double-counted on a systemwide basis.
		If the transaction involves an extended period of time and is cost reimbursing in nature, a "blanket" type of internal requisition could be prepared by the buying institution.
	www.uwsa.edu /fadmin/fppp/fppp18.htm (1993 words)

	Debt, Financial Management and Negotiation (Site not responding. Last check: 2007-09-07)
		From a training perspective, this entails training lawyers and non-lawyers -- involved in financial transactions as part of their day-to-day activities -- in specific clauses in loan agreements and in understanding the basis of a complete loan transaction and experiences of other countries with different creditors.
		Negotiating and structuring international financial transactions requires a coordinated and well-timed involvement of a multidisciplinary set of debt and finance officials.
		It aims to educate both groups of officials to the role of legal issues and lawyers in the negotiation, structuring and drafting of international financial transactions.
	www.unitar.org /dfm/DFMelearning/Courses/offered.htm (863 words)

	Fraudulent Financial Transactions
		Also, one of the easiest ways to understand revenue-related transactions is by identifying the various transactions between an organization and its customers, analyzing the accounts that are involved in each transaction, and trying to determine how misstatement could occur with each transaction.
		Analyzing the accounts that are involved in these transactions, we can identify at least 20 different ways (some are similar) in which liabilities can be understated and the financial statements misstated.
		Fortunately, most financial statement frauds are perpetrated out of desperation, and dishonest management worries only about how income can be overstated in the current period with no thought of the problems they create for themselves in subsequent periods.
	www.aicpa.org /antifraud/financial_auditors/identify_assess_vulnerability/recognizing_fraud_schemes/82.htm (1735 words)

	Bank Secrecy - Mises Institute
		Originally, the BSA required only that banks monitor transactions above $10,000--which was lowered to $5,000 when the higher number proved to be ineffective in preventing money laundering and other financial crimes--and to report activities that the bankers themselves deemed suspicious.
		As Rep. Paul noted, "More than 99.999% of those [who] had their privacy invaded were law-abiding citizens going about their own personal financial business." The total private- and public-sector costs have been tens of millions of dollars per conviction, many times what Independent Counsel Kenneth Starr has spent per conviction in his allegedly extravagant investigation.
		Richard Rahn is chairman of Novecon Financial, a senior fellow at the Discovery Institute and author of The End of Money and the Struggle for Financial Privacy (Discovery Institute Press, 1999), a book highly recommended by Mises.org.
	www.mises.org /fullstory.aspx?Id=231 (768 words)

	What are the elements of an accounting system? (Site not responding. Last check: 2007-09-07)
		The goals of the accounting system are to ensure that financial data and economic transactions are properly entered into the accounting records and that financial reports necessary for management are prepared accurately and in a timely fashion.
		The General Journal is a record of all transactions which do not pass through the checkbook, including non-cash transactions (such as accrual entries and depreciation) and corrections to previous journal entries.
		Most financial transactions will pass through the checkbook, where receipts are deposited and from which disbursements are made.
	www.labyrinthinc.com /SharedContent/SingleFaq.asp?faqid=29 (1295 words)

	ICI International Consultants and Investigations, Inc.
		If you or one of your clients are approached or have been caught up in one of these transactions, we suggest that you contact your local FBI office or Interpol.
		Why these international criminals are so successful: Legitimate financial transactions are conducted every moment of every day in the world, international trading uses prime bank notes, bonds, stock, bearer stock, letters of credit, government guarantees, insurance policies, euro bonds/currency, trust instruments, interests and currency swaps, commodities and oil.
		ICI operatives have recovered substantial financial returns for the investors of funds managed by large Capital companies in Europe the United States and other countries, including one of the largest NASD arbitration awards.
	www.icicompanies.com /ICI_WhatIsFinancialFraud.htm (480 words)

	American Civil Liberties Union
		While there is a need to shut down the financial resources used to further acts of terrorism, this legislation goes beyond its stated goal of combating international terrorism and instead reaches into innocent customers' personal financial transactions.
		If the USA PATRIOT Act becomes law, financial institutions would monitor daily financial transactions even more closely and be required to share information with other federal agencies, including foreign intelligence agencies such as the CIA.
		When these personal financial information anti-privacy proposals are combined with other information-sharing provisions contained in the USA PATRIOT Act, highly personal and potentially damaging information will be transmitted to many federal agencies that could lead to adverse consequences far beyond the stated goal of the anti-terrorism bill.
	www.aclu.org /NationalSecurity/NationalSecurity.cfm?ID=9147&c=111 (438 words)

	Bookkeeping, accounting, and auditing clerks
		They record all transactions, post debits and credits, produce financial statements, and prepare reports and summaries for supervisors and managers.
		As organizations continue to computerize their financial records, many Bookkeeping, accounting, and auditing clerks are using specialized accounting software on personal computers.
		Although a growing economy will result in more financial transactions and other activities that require these clerical workers, the continuing spread of office automation will lift worker productivity and contribute to the stagnant employment growth.
	www.bls.gov /oco/ocos144.htm (799 words)

	Welcome to X9.org (Site not responding. Last check: 2007-09-07)
		The Accredited Standards Committee X9, Inc., has developed a new standard which provides financial services firms with the means to implement basic security requirements for the effective use of time stamps.
		This collection of X9 standards includes American National Standards which will assist those in the financial services industry to stay in compliance with the Check 21 law.
		X9 is constantly preparing and updating financial industry standards.
	www.x9.org (247 words)

	SEC Testimony: Contracts, Hedge Funds, OTC Derivatives ... (A. Nazareth)
		The current statutory provisions governing the treatment of financial contracts upon the insolvency of a counterparty are found primarily in the Bankruptcy Code ("Code"), the Securities Investor Protection Act of 1970, the Federal Deposit Insurance Act ("FDIA"), and the Federal Deposit Insurance Corporation Improvement Act of 1991.
		Both the Code and the FDIA grant special treatment to financial contracts in insolvency proceedings, specifically by providing greater rights to entities that have entered into financial contracts with parties that subsequently become insolvent than entities that have entered into other types of contracts.
		For example, counterparties to financial contracts generally are not subject to automatic stay provisions and have greater rights to terminate the contracts and to net or offset their obligations to the debtor against the debtor's obligations to them.
	www.sec.gov /news/testimony/ts072000.htm (2861 words)

	Offshore Money Transfers: "Suspicious" Financial Transactions?
		Financial transactions involving offshore havens often get reported by suspicious bank staff.
		Similarly, the US Treasury has issued warnings to financial institutions regarding transactions with countries on fllists produced by the FATF -- and that includes just about every well-known offshore tax haven.
		What's more, those in charge of today's developed nations like to keep their citizens in a state of confusion as to what is and what is not legal when it comes to transactions involving offshore havens.
	www.offshore-fox.com /financial-privacy/offshore_banking_020402.html (592 words)

	About MG Financial Group (Site not responding. Last check: 2007-09-07)
		Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources, according to the National Futures Association.
		In particular, a trading account could be used to execute financial transactions that help obscure the origins of the funds.
		The US government requires financial services institutions, including FCMs and IBs, to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect, and report potential suspicious activity.
	www.mgforex.com /eng/about/content/laundering.asp (348 words)

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