Changes in Financial Reporting for a Nevada Casino in regards to Essay

Changes in monetary reportage for a Nevada Casino in regards to Regulation 9A and the SarbanOxley Act - Essay ExampleWith this in mind, it potty be stated that the influence of the Sarbanes-Oxley Act adoption in 2002 on the monetary reporting of the Nevada casinos is rather comparable to that of the other public companies. On the contrary, the impact of the Regulation 6A which was put into effect in 1997 was often more specific in nature. Both of these legislative acts, however, became two more integral parts of extremely complex regulative environment the gambling industry operates in.The major requirements that explicitly affect the Nevada casinos, besides the restrictions on the audit procedures, pension funds blackout periods and restriction on loans to senior management, are corporate debt instrument regulations and use of the non-GAAP financial measures in press-releases and reports.The CEO and CFO of each issuer shall prepare a statement to chase the audit report to ce rtify the appropriateness of the financial statements and disclosures contained in the periodic report, and that those financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the issuer. A violation of this section must be knowing and intentional to give rise to liability. (AICPA)TheThe issue of the use of non-GAAP financial measures in information releases finished mass media or corporate reports is quite important for the casinos because these channels are used not hardly for communicating data to the investors, but as well for the PR-purposes with the general audience. SEC Regulation G (adopted under(a) 401(b) of the Sarbanes-Oxley Act) regulates this issue and provides that the use of non-GAAP financial measures in press releases or other public disclosures must be accompanied by a presentation of, and reconciliation to, the most directly comparable GAAP financial measure. (Martin 1)The Regulation 6A named Cash Transactions prohibitions, reporting, and recordkeeping closely addresses, on the other hand, the very characteristic feature of the casino business - the cash relationss. It is part of the Nevadas regulatory system for currency transaction reporting which, according to the Nevada bid Commission and State hold in Board consists of the followingNGC Regulation 6A adopted January 1997 effective May 1, 1997 (prior adaptation adopted and effective May 7, 1985). The regulation was amended March 20, 2003 to delete state suspicious transaction reporting requirements and was effective immediately upon adoption. NGC Regulation 6.090 Currency Transaction Reporting Minimum Internal Control Standards (6A MICS). translation 3 required compliance as of May 1, 1997. CPA 6A MICS Compliance Reporting Requirements (CPA 6A MICS Requirements). rendition 1 required compliance as of November 1, 1997. Internal Audit Compliance Checklists for Currency Transaction Reporting. Version 1 required usage for any work performed for fiscal years ended April 30, 2001 and thereafter. (Currency Transaction Reporting 1)The restrictions set by the Regulation 6A on the cash transact