Convergence between GAAP and IFRS Assignment Example | Topics and Well Written Essays - 1500 words

Convergence between GAAP and IFRS - Assignment Example The US Generally Accepted Accounting Principles is the major accounting standard used in the United States (Walton 45-46). The International Financial Reporting Standard on the other hand is the accounting standard practiced in over 110 countries in the world. U.s. GAAP is mostly considered as a more rule based accounting system, while IFRS is mostly based on principles. It is therefore obvious that the IFRS and the U.S. GAAP do not agree on every issue (IASCF and IASB 80-101). This paper seeks to focus on the convergence between the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standard. The International Financial Reporting Standard (IFRS) is an independent body in the private sector. It develops and approves International Accounting and Financial Reporting Standards. The International Financial Reporting Standard (IFRS) functions under the International Financial Reporting Foundation oversight. It was formed in 2001 in replacement of the International Accounting Standards Committee. International Financial Reporting Standard, under the constitution of International Financial Reporting Foundation, has a full responsibility for all technical issues of the financial reporting standards such as: preparation and issuing the interpretations of exposure drafts and International Financial Reporting Standards, full discretion in pursuing and developing technical agenda dependent on requirements of consultation with the public and trustees, the issuing and approval of interpretations by the International Financial Reporting Standards Interpretations Committee (IASB 19-21)). ... SEC registrants are however required generally in presenting expenses that are based on function such as administrative costs and cost of sales. The criteria of extraordinary items are also restricted to both the infrequent and unusual items. In terms of the criteria of the discontinued operations, these operations are for those components that are specifically disposed of or held for sale, given that there will be no involvement with the disposed component or significant cash flows (Shamrock 29-30). On the other hand, in classifying expenses in the IFRS, expenses may be presented based on either nature or function such as depreciation and salaries. Particular disclosures on the expenses’ nature must be included in the notes if function is selected. There is no criterion of extraordinary items in the IFRS as it is prohibited. In addition, the classification of discontinued operations in IFRS is for components that are disposed of or held for sale. These components are either o f a separate geographical area or a different business line (IASCF and IASB 105-110). The layout of the balance sheet in the U.S. GAAP is not generally provided in accordance to a specific layout, but the public companies follow the specified requirements in the S-X regulation. The presentation of debt that has been violated is presented as non-current in case lender agreement to waive right for repayment demand exists for more than a year prior to the issue of financial statements. In the U.S GAAP, the non-current and current classification of deferred tax liability and asset is based generally on the nature of related liability or asset. This is a requirement. The U.S GAAP has no requirement for a third balance sheet. On the

SA3 Essay Example | Topics and Well Written Essays - 750 words

SA3 - Essay Example of three children who are playing at sand and a transparent image of a woman; having a cup of coffee in her hand; is apparent on the top with a text above her head â€Å"Cannery Row/ Stay here. Play here.† There is a dark blue box at the bottom having the text, â€Å"When was the last time you had time to just watch your kids play? Come to think of it, when was the last time you joined them.† The peaceful atmosphere shown in the advertisement has a pleasant appeal for the prospective visitors. Children are looking in cheerful mood and the woman, probably a mother, with a smiling face captures the attention of audience and urges them to visit this place along with family. The advertisement has informative genre; telling and inducing prospective visitors regarding the recreational spot. The information is supplied in artistic manner coupled with emotional sentiments with reference to the paucity of time for children. The advertisement manipulates the dream of quality life with family through text as well as images. The advertisement shows only three children with an image of prosperous lady. Surprisingly, no other family or person is looking in the advertisement which means a family has full control over the facilities of the picnic resort. Moreover, it communicates that privacy of a family can be guaranteed at Cannery Row. The advertisement is basically targeted the elite class of the society as this class has sufficient purchasing power to afford the sky-rocketing rates of the resort. A poor or even middle class family cannot afford to go at Cannery Row for recreational purposes. It is not possible to communicate each and every thing in the advertisement. During the production or finalization of an ad, advertising agencies suppose the consumers have some pieces of information about the product. In the under-discussion advertisement, the ad agency took it for granted that audience knows that Cannery Row is a recreational spot. Cultural assumption of the

Reconstruction Plans Coursework Example | Topics and Well Written Essays - 500 words

Reconstruction Plans - Coursework Example However, President Abraham Lincoln was also afraid that the federal Court might contrary his orders on reconstruction. This was a possibility that encouraged efforts of Republican and resulted in emancipation of Thirteenth Amendment. President Abraham Lincoln highly supported this amendment to ensure that the new constitution could improve an essential guide for reconstructed states as well as post-Appomattox High Court. President Abraham Lincoln had a belief that the Constitution was appropriate for reconstruction and states’ unity. Both his innate instinct towards decency and impressive education enabled him to become the President a post that enhanced to reunify as improving the entire nation. In the year 1862, Lincoln asked Attorney Edwin to ensure that the rights adhered to all citizens in the nation. The reply of the Attorney General rested on circuit opinion of Justice Bushrod Washington in the year 1823 in Corfield Coryell. Lincoln ensured that the rights abolished slavery. Lincoln’s plans towards reconstruction were depicted in the year 1862 and 1863 when he ordered black to be included in the military. Qsn 2: reconstruction was an attempt that was started from the year 1865 to 1877in the history of America. The main purpose of reconstruction was to resolve the matters of the Civil War after destruction of both slavery and confederacy. Reconstruction went through three different phases, which include the presidential reconstruction phase, radical reconstruction phase, and redemption phase. The presidential reconstruction phase started in the year 1863 and ended in 1866. This phase was under control of Andrew Johnson and President Abraham Lincoln with the aim reuniting the entire country at a faster rate2. This moderate program was affected by opposition of Radical Republicans a faction that was influenced by 1866 elections. The main aim of the Radical reconstructionwas to improve voting rights and civil rights for the citizens. In the year 1873

Digital media research Paper Example | Topics and Well Written Essays - 1000 words

Digital media - Research Paper Example Digital media in the sports and entertainment industry has enabled greater growth and innovation. This is, through enabling industry players, to implement a single foundation networks that serve their business and aids in its growth. It improves content protection via integration of data into an end-to-end system that aids in the reduction of piracy, which was a cause of huge pilferage, thus increasing revenue. Digital media ensures the delivery of virtually limitless, which has allowed sport to attract new audiences at a lower cost (Rayburn, 2012). Digital media also improves fan engagement, which is achieved by transforming the venue, whether for sport or entertainment. This will involve the delivery of live video and custom-made content to all monitors at the venue. The broadcast television industry will be a major beneficiary of digital media in the next five years, especially with the convergence revolution. Convergence is a trend via which various aspects of telecommunication, broadcasting, and computing are brought together into one digital bit-stream (Hutchins, 2012). Television revenues are bound to increase significantly, especially as most sport-oriented TV stations have their own integrated TV-mobile-computer system. For example, ESPN already has ESPN mobile, which offers to stream video, as well as other NFL content that could significantly enhance the NFL product. This will see subscriptions and advertising revenues increase, as will the number of channels as more quality content becomes available with the evolution in digital media content. 2. How do you see E-Commerce evolving in the next five years? Identify the trends in E-Commerce, Mobile Commerce and Social Commerce (Sales made directly through social networks or sales made from social media referrals) today and where you expect them to be in five years. Mobile commerce is growing faster than social commerce. E-commerce in 5 years will become a concept that is very inseparable from the inter net, especially as e-shopping becomes more natural and popular. Simultaneously, severe rivalry in e-commerce services is expected to intensify the development of e-commerce. Therefore, the future trends inherent in e-commerce are evolution and growth of internet sales (Laudon, 2010). As more people become held up by household and work duties, the internet will avail them with the opportunity of saving time and getting the best prices. Additionally, since the internet has removed the factor of geography from sales, the tendency of quantity to quality inherent in e-commerce will become more obvious. Therefore, to survive e-store-owners will have to employ opportunely modern technologies to achieve appealing presentation of goods, user friendliness, and attractive design in order to attract more e-customers. Firstly, current trend in mobile commerce involves location based mobile advertising that is used to drive in-store traffic whereby businesses use mobile advertising as a means of driving foot traffic. Secondly, it involves using SMS to build databases and send out messages to customers to inform them of sales and mobile exclusives. Thirdly, QR codes whereby retailers implant the codes into mail, magazines, and posters, which can be read using mobile devices and give information regarding the business (Agudo, 2009). A trend that is expected to escalate

How Knowledge-Management Repositories are Used within Organizations Essay

How Knowledge-Management Repositories are Used within Organizations - Essay Example Apart from that the essay will also highlight on the various types of storage systems. Finally the report will shed light on the advantages of the mentioned storage systems Table of Contents Introduction 4 Data Warehousing 5 Types of Storage system 6 References 8 Introduction Knowledge management can be defined as the set of methods that are responsible for arrangement, distribution, and deployment of knowledge. Knowledge management has a long history; however the form of knowledge management was different from time to time. Knowledge management is a broader topic and plays a significant role in today’s age of information technology. It hugely impacts the action we perform and the decision we make, as both are influenced by some form of knowledge. According to Thomas Bertels knowledge management can be defined as the management or supervision of the organization in the context of continuous regeneration of knowledge. Incorporating information technology within the organization , circulation of knowledge and developing the structure of organization are the examples of knowledge management (The knowledge management forum, n.d.). Thus knowledge management can be portrayed as the capability to manage knowledge. These days organizations have also started to view ‘knowledge’ as a type of resource. ... Such activities are principally carried out to preserve knowledge assets of the organization and also to facilitate group working. The next half of the report will present a brief description about data warehousing. Data Warehousing Data warehousing is the process by which an organization stores its historical data in a structured form, so that it can be used further. Data warehousing can be defined as the set of techniques, methods and tools that are employed to offer support to the knowledge workers such as managers, directors, and analysts. The primary function of a data warehousing is to facilitate availability of information which further helps in the process of decision making and also for enhancing informational resources. William H. Inmon defined data warehouse as an integrated, non volatile, issue oriented collection of data which helps in the decision making process of the management (Inmon, 2005, p. 32). Data warehouse is the base storage location, which contains data from a number of sources and then transforms it into a multi dimensional and informational model that can be used for the process of querying and investigation. A data ware house also holds the capability to carry out many activities. For example a training manager from an organization may ask ‘what are the best possible orientations for a newly recruited employee?’ Apart from that personnel from administration department may ask ‘which particular strategy is more likely to get success in the market place’. Each of the aforementioned questions needs information pertaining to the area of research and this information instigates from the data warehouse. In general, on regular basis information the operational systems are imported and extracted in the data

Reading analysis Essay Example | Topics and Well Written Essays - 1250 words

Reading analysis - Essay Example Born in 1855, she would become one of the influential artists in the in the 20th century and the end of the 19th century (Stephen, Mcnamara, & Goad, 2006:66). In the beginning of the 20th century she moved to London. In the years that followed she visited France, Germany and Spain. At the age of forty eight she began writing anecdotes concerning modern art. In one of these anecdotes, she described how her mother discovered her talent at the age of twelve. At such a tender age, she exhibited her ability to depict objects in a way that resembles the actual object. This depicted her interest in surrealism, an attitude that she nurtured for the first after discovering her talent (Dixon, & Kelly, 2008:56). In a bid to nurture the young girl’s talent, the mother opted to enroll her in the traditional art school that offered her with training on how to use different art elements in promoting different artistic principles (Stephen, Mcnamara, & Goad, 2006:67). All through this period, it became evident that she depicted different objects in the indigenous nature, while making her a realist. She settled for Munich, but met the disappointment after encountering realists who had stopped active depiction of the realism ideals alongside ardent modernists. At this point of her career life, she valued realism and disregarded modernism. Although she refuted most of the modernist ideals of the time at first, the first six months were enough for her to identify aspects that she found compelling in German art (Dixon, & Kelly, 2008:56). The numerous art exhibitions organized in Germany served as the most critical motivation for her to begin to appreciate the artistic ideals of the modernists. After relocating to Paris later, she encountered the triumphant nature of realism. Apparently, there were many realists in Paris, who had not abandoned their ideals to form part of the modernists (Stephen, Mcnamara, & Goad, 2006:68). Summary of ‘Preston at Home’ Modernism a nd Neo-colonial Periphery Margaret Preston implemented precise artistic approaches to establish the importance of different characters in the society. During that time, Emily Carr and Irma Stern followed suit in providing artistic representations to emphasize on the theories of nature before and after the colonial period, and the events emanating from such transitions (Butler, 2005:201). Arguably, the three female artists established on the event of maturation to civilization in their specific societal settings. They successfully criticized the processes of colonization in relation to modernity and decried on the social inequities in their societies. Further, the artists observed freedom and equality as essential and emphasized on the ideology of emancipation from the antisocial practices of modernity through their artistic presentations. Their pictures reflected on the application of modern primitivitism through the reflection of past artistic practices, the foregoing cultural beli efs and norms. The practices affected the society as the artist reflected on the past colonial practices, but established little reflection of the diverse cultural practices in the human societies despite the fact that their representations established cross-border practices (Butler, 2005:202). Seemingly, the artists did not establish any adventurous outcomes

Omeprazole Research Paper Example | Topics and Well Written Essays - 500 words

Omeprazole - Research Paper Example They inhibit this pump and hence lead to a reduction in the production of the acid. The drug has many indications which include the ulcers of the stomach which are the primary indication. Other indications include disturbances caused by the acid in the stomach and heartburn. It may also be given to relive chronic cough. Certain medications like non-steroidal anit-inflammatory drugs cause damage to the lining of the stomach and the proximal part of the intestine. It is also considered to assist in reducing the risk of cancer of the esophagus. Omeprazole can be given to avoid this damage. It is also indicated as a pre anesthetic drug before the administration of general anesthesia. Omeprazole can be taken orally and it is also available in the form of injections. The oral form of the drug is coated to prevent damage to it in the stomach by the acid. The action of the drug lasts for approximately 24 hours and it is extremely important to be understood that for complete results, the drug needs to be taken for at least 3 to 4 days. The drug may have a few adverse effects which include headache and pain in the abdomen. It may result in other gastrointestinal problems which include nausea, vomiting, diarrhea or constipation. It is also seen that treatment with this drug for prolonged periods of time may result in increased levels of gastrin in the blood. The drug is also associated with reduction in the absorption of the vitamin B12. Also as the drug leads to reduction of acidity in the stomach, it may hinder the absorption of drugs like digoxin which require an acid medium for their absorption. The susceptibility of infections of the gastrointestinal tract and the respiratory system also increase with this drug.