Complex Business Transactions Research Articles

Level of Awareness and Understanding towards Money Mule Among Malaysian Citizens

Objective: Money mule is a bank account used by another person unknowingly or voluntarily by the owner of the account to obtain a reward or by fraudulent means for illegal or illegal financial transactions. Syndicates usually get these mule accounts (also known as surrogate accounts) by deceiving those who need extra income and have a low level of financial literacy. This study will determine the level of awareness towards money mule and understanding towards the dangerous of money mule. In this research, both quantitative and qualitative approaches will be employed with surveys and interviews. 
 Methodology: A Systematic Review was conducted in this study considering potential articles published from January 2020 to October 2021. Electronic data collection through Goggle Scholar (50 journals) was identified to studies related to the level of awareness on money mule or money laundering.
 Findings: This study concludes that, although the law enforcement agencies have the power to investigate money laundering and terrorism financing under the act, Malaysia is lacking in having a good investigative support system to assist the law enforcement agencies during the investigation process.
 Implications: Special attention should be given to any complex and unusual business transactions, especially if there seems to be an unlawful purpose. Programs to educate public on money laundering should be found in order to raise awareness towards money laundering and financing of terrorism.

LEGAL RECONSTRUCTION ON DOMESTIC RELATED PARTY TRANSACTIONS

It is necessary to conduct a juridical study to minimize the transfer of income or the basis of imposition of taxes and fees from one taxpayer to another, which can be engineered to reduce the total amount of tax payable on taxpayers who have speuniquelationships within the country. Based on distributive justice and corrective justice concepts and the hierarchy of laws and regulations (stafenbau theory). This article applies a normative juridical method with an evaluative and prescriptive thought. This method uses a positive legal inventory approach, an approach to legal principles, an approach to legal systematics, and a vertical and horizontal synchronization approach. Tax disputes related to unique relationships still occur. Even related parties’ transactions Domestic transactions are often complex business transactions between companies and their managers, directors, shareholders, or affiliates, making state tax revenues suboptimal. This paper requires an in-depth socio-legal research study, but this paper can enrich empirical research. This paper produces two novelties in the form of legal reconstruction. First, the rules for domestic-related transactions still rely on the arm's length principle (ALP), which is adequate to apply to cross-border transactions between related parties. Domestic special relationship transactions have their complexities. Second, there is a need for legal reconstruction of domestic related party transactions oriented towards increasing compliance (reporting certain transactions) and providing access to tax authorities in jointly taking responsibility for preventing and overcoming suboptimal state tax revenues.

Ethical Quandaries in Business: A Study of Ethical Judgment and Ethical Intentions Through the Lens of Rest’s (1979) Ethical Reasoning Process

There is some empirical evidence to understand what managers would actually do when faced with ethical conundrums in the workplace, especially when complex business transactions are involved (Fleischman & Stephenson, 2012; Johnson et al. 2012; Latan, Chiappetta Jabbour, & Lopes de Sousa Jabbour, 2019; Valentine, Fleischman, & Godkin, 2018). The current study expands upon this research by investigating how certain predictor variables influence the ethical reasoning process of accountants, specifically, Ethics Education, Moral Intensity, Teleological Ethical Orientation, Social Desirability Bias, and Perceived Importance of an Ethical Issue (PIE). The dependent variables are ethical judgement and ethical intent (Jones et al. 2003; Johnson et al. 2012). The results show that having a teleological ethical orientation and greater PIE are both strongly associated with ethical judgment and weakly associated with ethical intention. Additionally, greater moral intensity is weakly associated with ethical judgment and moderately associated with ethical intention. Our participants show nominal social desirability bias when exercising ethical judgment, but a great deal when indicating an ethical intention. Finally, Ethics education does not significantly influence ethical judgement, but it does moderately influence ethical intention.

THE APPLICATION OF INTERNATIONAL EDUCATION STANDARDS IN THE ACCOUNTING EDUCATION SYSTEM IN BOSNIA AND HERZEGOVINA

The accounting profession is facing high standards in the context of complex business transactions, internationalization of business, application of new information technologies and frequent changes in accounting regulations. In order to respond to many challenges, the accountants must go through quality education, a sound foundation of accounting knowledge, skills and continuous training. International Accounting Standards, International Financial Reporting Standards, and International Education Standards set the benchmarks for designing an initial accountant education program and a continuing learning and professional development program for the accounting profession. The aim of this paper is to investigate and analyze the necessary conditions for obtaining a certificate and license to perform accounting operations in Bosnia and Herzegovina. The analysis of the regulatory framework, the study programs of higher education institutions and the characteristics of the education process, which are related to the acquisition of knowledge and skills for future professional accountants, shows that there are differences in formal education, continuing professional education and training for accountants. The adopted education rules in Bosnia and Herzegovina have created the preconditions for the quality development of future accountants. A high level of expertise and competence is one of the basic conditions and prerequisites for quality accounting performance. The method of analysis and comparison of study programs discovered significant differences in the process of reducing the examinations for acquiring accounting professional titles at higher education institutions in Bosnia and Herzegovina. It was concluded that it is necessary to standardize the system of formal education for professional accountants by developing, adopting and implementing international standards of education by prescribing requirements for entry into professional accounting education programs, initial professional development and continuing professional development of future accountants.

Baudžiamoji atsakomybė versle: ekonominės veiklos rizikos ir pasitikėjimo verslo partneriais ribos

Straipsnyje bandoma nubrėžti ribą tarp ekonominės veiklos rizikos bei pasitikėjimo verslo partneriais ir baudžiamosios atsakomybės. Autorius parodo, kad ši riba kol kas pavojingai neaiški, paliekanti daug laisvės interpretacijoms. Baudžiamosios teisės ir verslo santykis tampa neatsiejamu junginiu, kurį būtina įvertinti baudžiamosios justicijos požiūriu.

DAMPAK TEKNOLOGI INFORMASI DALAM PENGENDALIAN INTERNAL UNTUK MENGANTISIPASI KECENDERUNGAN KECURANGAN AKUNTANSI

Fraud or Cheating is an act of deliberate dishonesty to deprive the rights or property of people / other party. In the context of the audit of financial statements, fraud is defined as the misstatements in the financial statements are done on purpose. Companies that were identified to be cheating may result in bankruptcy. Here, the role of the internal control system is needed. Management of designing a system of internal controls so that they mendapatakan reliability of financial reports, the efficiency and effectiveness of operations, and compliance with laws and regulations. In the Modern Era, an internal control system can not be separated from the development of Information Technology. When developing a business enterprise and the need for increased information, usually the company will increase its IT systems. The advantages of information technology is its ability to handle complex business transactions in the sheer number of large efficiently. With the good information technology would significantly reduce the opportunity to commit fraud (Elder, Beasley, Arens, Jusuf: 2013).

A decision-making method for personalized composite service

Web services are emerging technologies that enable application to application communication and reuse of autonomous services. Web services composition is a concept of integrating component services to conduct complex business transactions based on functionality and performance constraints. With the rapid growth of Web services on the Internet, the services owing the same functionality and different performance become more and more, and different users care for different quality. Therefore, designing effective decision-making method for the personalized composite service has become a fundamental problem for the application based on Web service. In this paper, oriented to the user need with single optimization objective, an efficient algorithm, which consists of Particle Swarm Optimization (PSO) and Niche technology, is presented to solve the Web service selection problem. Furthermore, in view of the practical composition requirements including multiple optimization objectives, an algorithm used to resolve the service selection with multi-objective multi-constraint is designed based on NPSO and the intelligent optimization theory of multi-objective PSO, which can produce a set of Pareto optimal composite services by means of optimizing various objective functions simultaneously. Experimental results show that NPSO algorithm owns better global convergence ability with faster convergence speed. Meanwhile, multi-objective multi-constraint NPSO is both feasible and efficient.

A relaxable service selection algorithm for QoS-based web service composition

Context: Web Services are emerging technologies that enable application to application communication and reuse of autonomous services over Web. Composition of web services is a concept of integrating individual web services to conduct complex business transactions based on functionality and performance constraints Objective: To satisfy user requirements, technologies of Quality of service (QoS)-based web service composition (QWSC) are widely used to build complex applications by discovering the best-fit web services in term of QoS. Method: In this paper, a QoS-based service selection (RQSS) algorithm is proposed to help composite web application development by discovering feasible web services based on functionalities and QoS criteria of user requirements. The RQSS recommends prospective service candidates to users by relaxing QoS constraints if no suitable or available web service could exactly fulfill user requirements. Results: A generic framework is implemented to demonstrate the feasibility and performance of RQSS by adapting WS-BPEL standards, and can be reused for QoS-based web composition applications. Conclusion: The experimental results show that the RQSS algorithm indeed performs well and increases the system availability and reliability.

Accounting for mergers and reverse mergers: An instructional assignment using SEC Form 10-K and S-4 disclosures

► The assignment requires students to investigate two real-world mergers using disclosures in SEC Forms 10-K and S-4. ► Students must examine contextual factors surrounding the merger and reconstruct entries on the books of the acquirer. ► Contextual factors include reasons for the merger, determination of the “accounting acquirer,” and the legal environment. ► Students are given exposure to accounting for reverse mergers, where the legal acquirer is not the accounting acquirer . This instructional assignment explores two real-world business combinations, focusing on contextual factors surrounding the merger as well as accounting recognition by the legal acquirer. The business combinations studied in this assignment are Exxon Mobil Corporation’s (2010) acquisition of XTO Energy Inc. and the 2010 reverse merger between RRI Energy, Inc. and Mirant Corporation. Students must utilize disclosures in Forms 10-K and S-4 to: (1) investigate the reasons behind the merger, (2) examine the criteria used for determination of the “accounting acquirer” (in the case of RRI Energy and Mirant), and finally (3) prepare the entries to combine the firms at the time of merger. Students must learn the basics of reverse-acquisition accounting from relevant authoritative pronouncements as well as study the legal environment surrounding business combinations. Targeted for Advanced Accounting courses, this instructional assignment meets calls from the accounting profession and the Accounting Education Exchange Commission (1990) for instructors to integrate real-world problems that capture complex business transactions into the course curriculum.

The Industrial Organization of the Japanese Bar: Levels and Determinants of Attorney Income

Using micro‐level tax data on attorney incomes in 2004 (when the law was changed to make it confidential), we analyze the industrial organization of the Japanese bar. These data suggest two sources of high income: an idiosyncratic return to talent in Tokyo and a compensating differential for the lack of amenities in the provinces. The most able would‐be lawyers (those with the highest opportunity costs) pass the bar‐exam equivalent on one of their first tries or abandon the effort and pursue careers outside of law. If they pass, they opt for careers in Tokyo that involve complex litigation and business transactions. This work places a premium on their talent, and from it they earn appropriately high incomes. The less talented face lower opportunity costs and opt to spend many years studying for the exam. If they do eventually pass, they apparently choose between a relatively low‐income career in Tokyo and a provincial career paying a compensating differential.

The Industrial Organization of the Japanese Bar: Levels and Determinants of Attorney Incomes

Using micro-level data (from tax records) on attorney incomes in 2004, we reconstruct the industrial organization of the Japanese legal services industry. These data suggest a bifurcated bar. The most talented would-be lawyers (those with the highest opportunity costs) pass the bar-exam equivalent on one of their first tries or abandon the effort. If they pass, they then opt for careers in Tokyo that involve complex litigation and business transactions. The work places a premium on their talent, and from it they earn appropriately high incomes. The less talented face lower opportunity costs, and willingly spend many years studying for the exam. If they eventually pass, they tend to forego the many amenities available to professional families in Tokyo and disproportionately opt for careers in the under-lawyered provinces. There, they earn monopoly rents not available in the far more competitive Tokyo market.

Service selection algorithms for Web services with end-to-end QoS constraints

Web services are new forms of Internet software that can be universally deployed and invoked using standard protocols. Services from different providers can be integrated into a composite service regardless of their locations, platforms, and/or execution speeds to implement complex business processes and transactions. In this paper, we study the end-to-end QoS issues of composite services by utilizing a QoS broker that is responsible for selecting and coordinating the individual service component. We design the service selection algorithms used by QoS brokers to construct the optimal composite service. The objective of the algorithms is to maximize the user-defined utility function value while meeting the end-to-end delay constraint. We propose two solution approaches to the service selection problem: the combinatorial approach, by modeling the problem as the Multiple Choice Knapsack Problem (MCKP), and the graph approach, by modeling the problem as the constrained shortest path problem in the graph theory. We study efficient solutions for each approach.

Contingency and Contracts: A Philosophy of Complex Business Transactions

In this article, I argue that the prevailing literature on contract theory does not adequately address the way real-world lawyers address uncertainty in complex business transactions. I attribute this to the constraints imposed by thinking in legal models, the dominant tendency to turn to economics for analysis and normative prescription, and the focus on adjudicative issues of hindsight interpretation. Commercial uncertainty, and the law's response to it, is only a subset of the broader philosophical issue of contingency. As an alternative to prevailing thought, I trace philosophical approaches to contingency, utility and morality that have come down to us since the Enlightenment, and how those approaches reveal themselves in modern legal and management theory and practice. In particular, I criticize certain characterizations and applications of legal and philosophic pragmatism. While the leading proponents adopt the name legal pragmatism, I suggest that they have nevertheless opted for a dogmatic economic idealism. Successful business leaders (and lawyers) have a more subtle approach: they envision a world as they want it to be (as it ought to be) but are not consumed by the fact that things do not always work out as they should. I argue that lawyers who are legal or economic dogmatists, seeing the world only as they want it to be, or who are only pragmatic or empirical, and will only acknowledge the world as it is, will be far less effective in the highly contingent environment where contracts create more moral than legal markers. The most effective real-world deal lawyers will be prepared to deal with contingency and counsel their clients pragmatically, but with far more idealism than current proponents of the jurisprudence of legal pragmatism have acknowledged.

Connecting potential tenants and landlords via the internet: development and pilot testing of a transaction system for a commercial real estate enterprise

A new transaction system for implementing complex business transactions via the internet has been created. The system includes components responsible for search, market analysis, negotiation, and legal closing, and its implementation. The system is able to quantitatively evaluate preferences of potential customers (tenants and landlords), and define permissible search areas and allowable ranges for bargaining. It can also search all publicly available databases and generate a statistical model that presents current market situation along with future tendencies as they relate to the customer's preferences. Finally, the system can organise interactive multi-party negotiations and formulate suggestions that assist in reaching a compromise.

Designing a newe‐business model for a commercial real estate enterprise: a case study

A new e‐business model for implementing complex business transactions via the Internet has been created. The model involves search, negotiation, and legal closing, and its implementation, as described here, is able to: quantitatively evaluate preferences of potential customers (tenants and landlords), and define permissible search areas and allowable ranges for bargaining; search all publicly available databases and generate a statistical model of the current market situation and future tendencies as they relate to the customer's preferences; and organise interactive multi‐party negotiations pertaining to the information received, and formulate suggestions that will establish the basis for a compromise.

A service management framework for M-commerce applications

Mobile commerce (m-commerce) refers to an ability to conduct wireless commerce transactions using mobile applications in mobile devices. M-commerce applications can range from as simple as an address book synchronization to as complicated as credit card transactions. M-commerce is expected to grow dramatically in the near future supporting simple to complex commerce transactions. Even though the Wireless Application Protocol (WAP) is designed to facilitate the development of wireless applications, it will not be sufficient to handle complex business transactions that require cooperation of different service applications. In order to handle these complex mobile commerce transactions efficiently, an intelligent, robust and scalable framework that provides diverse m-commerce services is required. This paper describes in detail such an m-commerce framework based on the Java Intelligent Network Infrastructure (JINI) and Wireless Applications Protocol (WAP).

The Delaware Courts, Poison Pills, and Shareholder Wealth

The State of Delaware has sought and achieved national prominence in the competition for corporate charters. The remarkable success of Delaware's legal system in this competition is evident in the fact that over 50 percent of the firms listed on the New York and American stock exchanges are incorporated in the state despite it not being the center of their economic activity. Romano (1985; 1987a) argues that the key factors explaining Delaware's major share of reincorporations are its highly responsive state code and comprehensive body of case law deriving from its first-mover advantage. Further, Romano and, separately, Macey and Miller posit that the specificity of Delaware's legal system and its agents, together with the large amount of revenue it stands to lose, ensure that Delaware can offer a credible promise, not easily imitated by competitors, that its legal characteristics will be maintained. These factors predict that Delaware law and courts will exhibit judicial consistency and predictability, thus lowering the legal costs of complex business transactions and thereby attracting corporate charters (see also Herzel and Richman). The consistency of rulings and adherence to precedent in Delaware reduce

A Federal Viewpoint on Combating Organized Crime

Organized crime presents the leading contempo rary challenge to federal and state law-enforcement officials. Factors which frequently make effective prosecution difficult include: the effective organization and technical skills of the criminal syndicates, top racketeers' insulation from the daily operations of their illegal enterprises, the use of complex busi ness transactions and seemingly normal business operations to cloak illegal ventures, the unavailability of witnesses ready to testify regarding inside operations, and the control that racketeers sometimes gain over local law-enforcement officials. Under our federal system, the states have traditionally assumed primary responsibility for curtailing criminal activity and maintaining public order. However, with recently increased awareness of the national scope of the problem has come a greater role for the federal government in combating organized crime. The early federal statutes were directed at crimes of violence of the type most often committed at that time by notorious gangsters; more recent federal legislation has been aimed primarily at illegal-gambling activities. Federal in vestigative resources have been co-ordinated, and prosecution has been assigned to the recently enlarged Organized Crime and Racketeering Section of the Criminal Division in the Department of Justice, whose members work with local United States Attorneys in developing and trying criminal cases under all available statutes.