Convergence of US GAAP and IFRS Essay

The Norwalk Agreement refers to a Memorandum of Understanding (MOU) which was signed in September of 2002 in Norwalk, Connecticut between the United States Financial Accounting Standards Board (FASB) and the International Accounting Standard Boards (IASB) The MOU was an agreement between the two organization to, â€Å"use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as is practicable and (b) to coordinate their future work programs to ensure that once achieved, compatibility is maintained.† The original agreement called for all differences between US GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting System to be eliminated by January 1, 2005, but problems quickly surfaced in this approach and according the US Securities and Exchange Commission (SEC) currently has a timeline of 2016 for all US corporations to adopt the IFRS. Before discussing what the effect of these changes are on US Corporations, one must first understand the history of both the FASB/US GAAP and the IASB/IFRS. The Financial Accounting Standards Board was established by the SEC in 1973 to take over the role of establishing standards for financial accounting from the American Institute of Certified Public Accountants (AICPA)’s Accounting Principles Board (APB). The US GAAP are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. The US Government does not directly set accounting standards, instead believing that the private sector has a better ability to set these rules. The US GAAP is not formally written into law, but is instead codified into the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. The FASB has four major types of publications it uses to make changes to the US GAAP: 1. Statements of Financial Accounting Standards: the most authoritative US GAAP setting publications. 2. Statements of Financial Accounting Concepts: Part of the FASB’s conceptual framework project, these are fundamental objective and concepts that the FASB will use in developing future standards. They are not a part of the US GAAP, but instead represent future goals of the GAAP. 3. Interpretations: Interpretations modify or extend existing standards and are a part of the US GAAP. There are currently 48 interpretations available 4. Technical Bulletins: These are guidelines on applying standards, interpretations, and opinions. They usually solve a very specific accounting issue that does not have a significant, long-lasting effect. The International Accounting Standards Board (IASB) is an independent, privately funded organization founded in London, England on April 1, 2001 with the stated objective to: â€Å"develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles.† To achieve these objectives the IASB has developed the International Financial Reporting Standards (IFRSs) and aggressively promoting the use of these standards. As of today over 120 countries either require or permit the use of IFRSs and all members of the G20 have established time lines to adopt the IFRSs in the near future (including the United States.) The IFRSs consist of the standards, interpretations, and frameworks issued by the IASB, and include many of the standards formerly known as International Accounting Standards (IAS) which were issued by the now defunct International Accounting Standards Committee (IASC) which existed from 1973 until 2001. The IFRSs are principle based standards (as opposed to the US GAAP which uses rules-based standards) that establish broad rules but generally leave specific treatments open to some interpretation. IFRSs consist of: 1. International Financial Reporting Standards (IFRS) – All standards issued after the IASB was founded in 2001. 2. International Accounting Standards (IAS) – Standard issues by the IASC prior to 2001. 3. Interpretations from the International Financial Reporting Interpretations Committee (IFRIC) – Interpretations issued after 2001. 4. Standing Interpretations Committee (SIC) – Interpretations issued before 2001. 5. Framework for the Preparations and Presentations of Financial Statements – A statement of the basic principles of the IFRSs. The framework serves as a guide to resolving accounting issues not specifically addressed in a standard. Having established the backgrounds of the major players to the Norwalk Agreement it is important to understand how this convergence project will affect US Corporations in their future financial reporting as the FASB / SEC begins their push towards full integration by the year 2016. As converged standards are introduced, many US Corporations will see major changes in all areas of their business activities ranging from financial statements to leasing to employee benefits and although covering all these changes is beyond the scope of this paper, we will present some of the more important changes. The largest major difference between the two regulations is in their scope, and level of â€Å"guidance† for companies in the area of revenue recognition. The US GAAP has developed detailed guidance for many different industries incorporating standards suggested by a multitude of accounting standards organizations in those specific industries. The IFRS, on the other hand, mentions two standards for revenue recognition for guidance and allows companies to determine which method they will use. Another major change for US Companies is in the area of inventory costing. Under US GAAP, companies may choose between using LIFO (Last-In-First-Out), FIFO (First-In-First-Out), or a variety of other inventory valuation methods, in accounting for cost of goods held in inventory. Once the switch is made to IFRS, the use of LIFO for inventory valuation will be prohibited so that all companies will be similar cost formulas. Several additional changes include: 1. The option to classify expenses based on either function or nature under IFRS vs. the requirement to classify expenses based on function only under US GAAP. 2. The requirement to present noncontrolling (â€Å"minority†) interest as a component of equity on the balance sheet under IFRS vs. the requirement under US GAAP to present noncontrolling interest outside of equity. 3. The ability to use either the proportionate consolidation method or the equity method of accounting for joint venture accounting under IFRS vs. the current requirement to use the equity method of accounting 4. IFRS will allow revaluation of assets for several different classes of assets, even requiring their revaluation on a regular basis whereas currently US GAAP does not permit revaluation under any circumstance. 5. Under IFRS, advertising and promotional cost will have to be expensed as incurred vs. the US GAAP which allows for costs to either be expensed as they are incurred, or expense when the advertising takes place for the first time, leaving the choice up to the individual company. While these changes are just a few of the changes which will impact company’s’ financial statements there are many changes coming which fall in areas outside financial statements. Nowhere is this clearer than in the area of US regulatory laws. As an article in the Wall Street Journal, â€Å"Closing the Information GAAP,† notes that, â€Å"If an accounting and reporting framework that relies on professional judgment rather than detailed rules is to flourish in the U.S., the legal and regulatory environment will need to evolve in ways that remain to be seen.† They suggest that laws in the US will have to move to accept more ambiguity in accounting, and that the change to IFRS could possibly provide new defenses to executives and accountants who try to do the right thing. A final change noted by both the PriceWaterhouseCoopers and Accenture case studies, is the updating, sometimes at a very high cost, of companies Accounting Information Systems to be able to collect, store, and analysis financial data in ways that will comply with the new IFRS standards. These two studies both believe that this activity will be the most painful and difficult for the majority of US companies to comply with. ——————————————– [ 1 ]. FASB. â€Å"FASB: Financial Accounting Standards Board.† Norwalk Agreement. Accessed June 29, 2010. . [ 2 ]. SEC. â€Å"SEC Proposes Roadmap Toward Global Accounting Standards to Help Investors Compare Financial Information More Easily.† Accessed June 29, 2010. < http://www.sec.gov/news/press/2008/2008-184.htm> [ 3 ]. FASB. â€Å"FASB: Facts about FASB.† Accessed July 03, 2010. [ 4 ]. IFRS Foundation. â€Å"Who we are and what we do.† Published July 2010 [ 5 ]. IASB. â€Å"About the IFRS Foundation and the IASB.† Accessed July 02 2010. [ 6 ]. IAS Plus. â€Å"Summaries of International Financial Reporting Standards.† Accessed July 03 2010. [ 7 ]. PriceWaterhouseCoopers. â€Å"IFRS and US GAAP similarities and differences.† September 2009. From the â€Å"IFRS Readiness Series.† [ 8 ]. Accenture. â€Å"Preparing for International Financial Reporting Standards: An Opportunity for Finance Transformation.† [ 9 ]. Ernst & Young. â€Å"US GAAP vs. IFRS: The Basics.† January 2009. [ 10 ]. The Wall Street Journal. â€Å"Closing the Information GAAP.† Accessed July 20 2010.

Effects Of Cinema On The Youth Of G.C.U.F

Researcher draws his study on the topic of effects on the youth of GCUF because in the view of researcher it is the major social problem of a society that the youth of society is in immature hands. The cinema -or the 7th art as referred by some- has had a major impact on young ages for decades now. As in teenage hood individuals find themselves at a predicament, having to foster their personality and cultivate their thinking and their interests, cinema constitutes a vital influence. Through movies, people are able to assess situations, discriminate the â€Å"good† and the â€Å"bad†. As Aristotle said, via the ancient Greek theatre, the audience has the opportunity to watch imaginary situations, commiserate with the protagonists and worry about his own destiny. For instance, in â€Å"Helen† of Euripides, Helen is forced to stay away from the husband Menelaus.Thus, the viewers develop worries that this might append to them as well. In this way, â€Å"oiktos† (pity) and â€Å"phobos† (fear) emerge and the theyis rendered an educational experience for the individuals. Like so, nowadays, cinema portrays a very educational role, as youth can learn to think, to be opinionated. Nevertheless, sometimes, the cinema can have bad influence, especially with the excessive amount of violence and nudity. Therefore, it is in our interest to protect and preserve the value of good cinema and stop this epidemic of violence, fighting and by all means, pornographic industry, for the sake of youngsters. I hope I gave you an insight of the effects of cinema on teenagers.INTRODUCTIONMovies definitely impact the youth. Young people who have not had ample time to develop the brain capacity to evaluate the actual consequences of their actions.Kids will copy what they see, without being able to consider what the risk is. Remember the movie The Program? I believe it showed some young people lying down on the center line of a road – and a bunch of i ncidents happened in real life after that, and of course, to much more negative results.There are many incidents of learning new lingo from movies. I would say that Clueless gave us more slang / catch phrases than anything else in recent memory. â€Å"Whatever† â€Å"as if† â€Å"I'm out tie† to name a few. They created a way of speaking that filtered through the youth of the nation and actually stuck for quite awhile. I still hear these phrases off and on today.And then I could always bring up the horrifying rise in teen sexual activity. Pretty much every movie out there portrays fornication as normal and expected behavior. But †¦ the movies don't show the reality of what happens in the lives of those involved after the fact. There are so many more teen pregnancies and ruined lives today than there were in the 50’s when couples slept in twin beds on TV. 🙂 Sex is all around us, and the message is clear, â€Å"if you're not sleeping around w ith lots of people, there's something wrong with you† and we're seeing the ruined lives to prove that message is getting into their heads. There are also some effects of cinemas on the people especially on the youth of GCUF. It affects the studies, morality, ethics and the cultural innovation of the university youth.Key terms: cinema, obscenity, immorality, Lessing of ethics, studiesCinema: cinema is that place where people have to go to watch movies on the big screen. The history of cinema is too old. Cinema has its own importance  in the society. Every new movie must release in the cinema and people go there to watch that movie.Obscenity: obscenity means the absence of ethics, absence of the idea of sin and virtue where to show off his/her body is not being understand wrongly.Immorality: morals and ethics have too much importance in the society especially n Pakistani society which is based on Islam. As we are Muslim and it is our duty to make sure this that our children an d the upcoming generation teaches the morals how to become a useful Pakistani and become good Muslim.Lessing of ethics: ethics teach us how to present you in the society. You can say it the pathway to the Jinnah in the ideology of Islam. It teaches us how to speak, how to learn, what is the ideology of sin and virtue? And each and every thing which is taught to us by Holy Prophet (S.A.W. W)Studies: studies are the knowledge which we gain from any institution. Studies main objective in the modern society is to get a good job. But the effects of cinema industry on the youth of Pakistan is leaving very bad impression and getting them far away from studies that’s why the student of GCUF are not concentrating on the studies.Hypothesis no. 1: it seems that cinemas are the reason of obscenity, immorality and lessen of ethics on the youth of Pakistan.Hypothesis no. 2: leaves strong effects on the immature minds of the youth.Hypothesis no. 3: it has said that the reason of the low att endance of the students in classes is also because of the nearby cinema of the university.Hypothesis no. 4: the trend of the bunking from the classes is also due to the nearby cinema of the GC University and often student found there watching movies.Research QuestionsQ1: Cinemas are leaving very bad impression on the youth of university.Q2: Are cinemas spreading the western culture in the university youth?Q3: Are cinemas are the reason of the bad grades of the students and this is also the reason those students do not pay much attention towards their studies.Q4: It has shown that cinemas are involved in producing obscenity in the youth.Q5: Many crimes such as burglary, murder, mobile phone snatching and fights among university students are the reason of the movies.

Essay Sociology and Religion - 1158 Words

We all have some experience with religion. Whether our parents are religious, our own religious views, or others who try and convert you to a religion, we have all come in contact with a religion. But what do sociology and religion have to do with each other? The answer to this question is that religion meets sociology in the affects that it has on an individual or society (Schaefer, Richard T, 2009, pg 323). What is a religion? A religion is defined by Richard Schaefer as a unified system of beliefs and practices that relate to what is believed to be sacred (Schaefer, Richard T, 2009, pg 323). There are many world religions, such as Christianity, Islam, Buddhism, Hindu, and so forth, and while all of these different religions are†¦show more content†¦This theory stats that society is structured in a way that maintains its stability (Schaefer, Richard T, 2009, pg 14) How can one use this theory to look at religion? A famous functionalist Emile Durkheim divided the world in to the sacred which holds important significance such as a cross, and the profane which is just an ordinary object that holds no significance (Stevens, William J, 2008). According to William J Stevens, while Durkheim had removed God from religion, he still felt it was a positive force that could unite a society under similar beliefs and values (Stevens, William J, 2008). Bronislaw Malinowski found that religion can perform a function of creating societal solidarity due to religion being a psychological response to the needs of society during times of anxiety (Stevens, William J, 2008). Malinowski also stated that religion can provide security when one is faced with situations that may be out of their control (Stevens, William J, 2008). Talcott Parsons added to this by stating that religion makes the values of a society legitimate (Stevens, William J, 2008). This could in turn also cause conflict amongst society which would serve as a dysfunction such as the religions in the United States creating a battle against the liberal secular movement (Schaefer, Richard T, 2009, pg 337). One could also use the conflict theory to look at Religion as well. The conflict theory isShow MoreRelatedsociology in religion1257 Words   |  6 Pagesï » ¿A Critical Analysis of Putnam, Robert D., and David E. Campbell. American Grace: How Religion Divides and Unites Us. New York: Simon Schuster, 2010. Print, pp 1-246 In a renowned examination to approach religion as a sociological study, respected scholars Robert D. Putnam and David E. Campbell trek through the social history of our nation over the past few decades and the affects that have consequently—or thankfully—been left on religious institutions. 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What Has to be Done About Doctoral Dissertation Before You Miss Your Chance

What Has to be Done About Doctoral Dissertation Before You Miss Your Chance The options are limitless, states Williamson, the TimeSlips coordinator. For instance, your supervisor may counsel you to compose a brief proposal or. There's no formal process for developing a dissertation committee. These points are only a summary of eligibility to make an application for a DDG. Literature Review The research gives a brief overview of the literature on the prevailing body of information within the area of study that they have to investigate to proceed with their research. It's possible for you to rework your analysis when you choose to publish it by yourself. Explains no matter how the analysis would augment or produce the current literature within the existent field. Finding the Best Doctoral Dissertation No information is going to be lost. You can trust the very best essay help online. Our site is just one of the most appropriate for essay help. The actual folks highly prais e our essay help site. Advisors should vet a comprehensive draft of the dissertation in front of a defense, and ought to delay the defense in the event the dissertation isn't inclined to be qualified for submission, despite major revisions. It's possible to submit your dissertation on the internet by going through the BIR. The formatting of the appendices must satisfy the standards for the remainder of the dissertation. So as to expedite review of proposals, students are expected to submit proposals in the next format. Proposals are reviewed by means of a TIRF committee of established foreign researchers. Advisors will probably want to find drafts of applications at an earlier stage too. The advisor could possibly be among the student's summer paper advisors. What You Need to Do About Doctoral Dissertation When you ask us to compose my research paper, we'll do it right, which not just includes fluent content but in addition formatting. 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How Can A Group s Schema Or Personal Beliefs - 944 Words

For my Extended Essay, my research question is: â€Å"How can a group’s schema or personal beliefs in regards to racism and gun control, can affect the world that we live in today?† My knowledge question will be focus on schemas which flows in the psychology section. Schema is a plan that is in a form of outline, or in physiology terms, it’s a conception of what is common to all members of a class. For this essay my question will flow into a world studies paper which will contain the areas of Psychology and History. In order to do this topic, I will use the two subtopics that I have chosen which are, racism and gun control, and analyze them in regards towards schemas. From this, I am trying to figure out how does a group’s or a person’s†¦show more content†¦Schema is use in many studies for example: Barlett (1932) â€Å"War of the Ghost† study, Brewer and Treyens (1981) â€Å"picnic basket† study, Allport and Postman (1947) â €Å"Schema and constructive memory† study, and Rogoff and Wadell (1982) study. In Bartlett (1932) â€Å"War of the Ghost â€Å"study, Bartlett aimed to investigate the effect culture on memory. In his method, Bartlett had the participants read a folk tale, â€Å"The War of the Ghosts†. He tested their memory using serial and repeated reproduction, in which he asked them to recall it several times. Bartlett found that both of his methods had similar results. As the number of reproductions increased, the story became shorter and words were changed. In the Brewer and Treyens (1981) â€Å"picnic basket† study, they were trying to see whether if schema of an office would affect memory. For this, the participants were sent into an office and left for 35 seconds before taken into another room to see if they can remember things from the office they were in earlier. The result was that the participants recalled things of a typical office according to their mind, so the participants’ schema of an office influenced their memory. In the Allport and Postman (1947) â€Å"Schemas and constructive memory† study, they were seeing if schemas can affect recall. For the methods, white and black people were used in this study. White participants were shown a picture of a well-dressed black man and a white man holding a cut throat

Billie Holidays Essay Example For Students

Billie Holidays Essay Billie Holidays Strange Fruit changed the world; of that there is no doubt. Born in an America deeply enveloped in its own rapid metamorphosis, Holiday placed herself at the vanguard for change and equality in 1939 upon her initial performance of the song in Caf Society, New Yorks first integrated nightclub. Like any other act of defiance, it was met with resistance by many and in some instances even violence; illustrating clearly the division between the people this song addressed and their interpretations of its message. The songs message was hidden behind the analogy of fruit on trees which in fact symbolized the lynching of black men and women in Americas southern states; the blacks, different and foreign to the white people who had occupied the land before them were themselves the strange fruit which swung from the poplar trees and were plucked by crows. For African Americans, the emotions initially inspired by Strange Fruit may have been predominantly senses of disgust wrought by the vivid imagery painted by Holidays simple and harsh sounding words and contempt for those who perpetuated the act described. But that was not all the song was for it had a purpose greater than that of merely describing an injustice or inspiring even more negativity between the two ethnicities. For all the African Americans who had known oppression and prejudice at the hands of their white bosses, co-workers and strangers both seen and unseen, Strange Fruit existed as a brave embodiment of the truth they all knew and felt in their bones in a time when the truth was not permitted. It enabled finally, defiance without fear of direct repercussion for it itself was too subtle an assault. For white Americans, the interpretation of and more importantly, reaction to Strange Fruit depended on ones level of education, thoughtfulness and exposure to concepts uncommonly present in white society. For those with morals and education, Strange Fruit would have inspired shame but more importantly, the desire to change and eradicate the kinds of injustice portrayed; as was the songs very purpose. Unfortunately, people such as these were far from the majority at the time. The more common reaction however, was that of the plainly ignorant: anger. It may have dawned on some, the immorality of the kinds of atrocities their society had deemed acceptable, but to react in anger would have been much less painful than accepting the misery ones own life had caused others. As well as this, change is hard, and to effectually re-teach people that they were wrong and were in fact equal to the people they had treated with disdain their whole lives was as impossible as teaching old dogs a new trick. Others simply believed that they were indeed superior to black people and that being questioned at all was an affront to their authority. And for the very few who understood the song to the fullest degree, anger was the response the ironic picture painted which contradicted the souths gallant reputation. Resultantly, Columbia, the company that produced Holidays records up till that point refused to be affiliated in any way with her song as were many so called progressive radio stations. To Holidays cry for change, as with all demonstrations of resistance, there existed only two responses; two paths on which to set out on. The following choice is seldom hard to make; one picks whichever benefits them the most and makes the most sense. To humanity today, the side of equality seems like the only real choice provided and it is difficult to comprehend how, at that time, so many had chosen otherwise or had been so slow to convince; especially when convincing shouldnt have been necessary. The problem lay in ignorance. The problem was not that the whites were not inherently evil; they just did not know any better.

Microsoft Corporation and Antitrust

Table of Contents The monopoly Issue Divestiture Microsoft’s market dominance Judge Jackson’s Remedy The monopoly Issue I strongly refuse to agree with the idea that Microsoft is a monopoly. The charges put forward against Microsoft of engaging in anticompetitive and exclusionary practises were strategies by its competitors to curb Microsoft’s growing popularity and success. Microsoft was legally practising its technology advancement and competition plans to gain more market control.Advertising We will write a custom essay sample on Microsoft Corporation and Antitrust specifically for you for only $16.05 $11/page Learn More For instance, the case of the Netscape’s navigator and Microsoft’s internet explorer, the Department of Justice alleged that Microsoft blatantly and illegally tried to monopolise the browser. Using its market control power, Microsoft strategized on how to popularise its browser by bundling the IE with its operating system, after Netscape refused on dividing the browser market. If the Netscape’s navigator was superior to Internet Explore as was asserted by many practitioners, then consumers would gone ahead to buy and install Netscape’s browser other than using the Microsoft’s browser. Previously, Netscape controlled the internet browser market, but it was after the introduction of the internet explorer it started losing to Microsoft browser due to it superiority qualities thus the rise of its IE shares from 5% to almost 50% by mid 1998. Furthermore, Netscape had plans of using its navigator technology to make Microsoft’s Windows obsolete, but on discovering this Microsoft strategized by bundling its IE to its operating system as it did with other of its software application. Finally, as the also viewed, consumer had a variety of alternatives for computing solutions. Microsoft therefore, was not a monopoly but rather firm, that had acquired market control through it innovativeness in software technology. However, there were cases of anticompetitive activities in Microsoft. Divestiture In order to prevent such cases of interferences and malpractices in future, I am of the opinion that Microsoft be split. This would ensure a levelled playing ground for all competitive firms in the market place and ensure consumers obtained their computing solutions from the desired and preferred source. Furthermore, this would encourage more software technology inventions and development in operating systems and application systems than ever before, exposing consumers to a wide variety of technology. Microsoft’s market dominance On whether Microsoft used it market power to prevent potential competitors from challenging its market dominance position in operating system, I would say no. Consumers looking for computing solutions had options from which to make their selection. Among the choices were a variant of UNIX’s operating syst em, Mac 05 and of course Microsoft’s Windows. Microsoft used its innovation, value for products and constant product improvement besides its business strategies to capture the market.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This is what its competitors lacked hence made it difficult for them to penetrate the market while at the same time Microsoft became dominant. For instance, Microsoft strategized on how to promote its operating system by introducing application software’s that operated on windows. On my personal opinion, this was a strategy rather that a restriction. Judge Jackson’s Remedy According to Judge Jackson’s final judgement on November 5, 1999, in his findings of fact, some of the remedies were appropriate while others were too harsh for Microsoft. For instance, splitting Microsoft was an appropriate move for this would bring and allow more s oftware application manufactures on board the system. Prohibiting the operating system and applications businesses from merging or going into agreements with one another or other enterprises will ensure a more favourable market conditions to all parties. On other hand, ordering Microsoft disclose its technical information and communication interfaces used in Windows was a too harsh Judgement as it was a bias against Microsoft in favour of its competitors. This essay on Microsoft Corporation and Antitrust was written and submitted by user Sub-Mar1ner to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.