ACC307 – Accounting Theory
1. Students are required to complete three case studies.
2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy with signed coversheet.
3. You need to support your answers with appropriate Harvard / APA style references where necessary.
4. Only include information in your appendixes that has been directly referred to in the body of your document.
5. Include a title/cover page containing the subject title and code and the name, student id numbers.
6. Please save the document as ACC307AT1_first name_Surename _Student Number
Case Study 1 (1000 words)
Revisiting the conceptual framework
The FASB and IASB began a joint agenda project to revisit their conceptual frameworks for financial accounting and reporting in 2002. Each board bases its accounting standards decisions in large part on the foundation of objectives, characteristics, definitions, and criteria set forth in their existing conceptual frameworks. The goals of the new project are to build on the two boards' existing frameworks by refining, updating, completing, and converging them into a common framework that both Boards can use in developing new and revised accounting standards. A common goal of the FASB and IASB, shared by their constituents, is for their standards to be 'principles-based'. To be principlesbased, standards cannot be a collection of conventions but rather must be rooted in fundamental concepts. For standards on various issues to result in coherent financial accounting and reporting, the fundamental concepts need to constitute a framework that is sound, comprehensive, and internally consistent.
Without the guidance provided by an agreed-upon framework, standard setting ends up being based on the individual concepts developed by each member of the standardsetting body. Standard setting that is based on the personal conceptual frameworks of individual standard setters can produce agreement on specific standard-setting issues onf y when enough of those personal frameworks happen to intersect on that issue. However, even those agreements may prove transitory because, as the membership of the standard-setting body changes over time, the mix of personal conceptual frameworks changes as well. As a result, that standard-setting body may reach significantly different conclusions about similar (or even identical) issues than it did previously, with standards not being consistent with one another and past decisions not being indicative of future ones. That concern is not merely hypothetical: substantial difficulties in reaching agreement in its first standards projects was a major reason that the original FASB members decided to devote substantial effort to develop a conceptual framework.
The IASB Framework is intended to assist not only standard setters but also preparers of financial statements (in applying international financial reporting standards and in dealing with topics on which standards have not.
Conceptual framework provides a coherent basis for the development of accounting standards by determining the nature and purpose of accounting. It establishes a framework of concepts and principles for financial reporting to provide useful information for economic decision making. While some have questioned its necessity, a conceptual framework is needed to ensure accounting standards are more useful and consistent over time. It improves understanding and confidence in financial reports by resolving disputes and limiting issues that arise during standard setting.
The document summarizes the International Accounting Standards Board's (IASB) completion of the first phase of its conceptual framework project, which established new chapters on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. It provides background on the goals of the project to develop a principles-based conceptual framework and update the outdated 1989 framework. It describes the project phases, feedback received, and key changes made in response to comments received during consultation, such as clarifying the objective to include decisions about management accountability and stewardship.
This paper outlines the axioms and assumptions that will guide the staff in finalizing proposals for accounting standards on insurance contracts. It assumes that separate accounting standards for insurance will be developed, focusing on measurement of insurance liabilities from the insurer's perspective. The accounting model will measure insurance contracts at the portfolio level using current estimates of expected future cash flows rather than a single outcome. It will not reflect the insurer's own credit risk. The staff seeks agreement on these assumptions.
6.3 Substance over form is a recipe for failing to achieve compar.docxalinainglis
6.3 “Substance over form is a recipe for failing to achieve comparability between financial statements of different enterprises.” Discuss.
ANSWER 1:
Substance over form is an accounting principle, which ensures the relevant and true picture of the transactions in the financial statements of the entity. It is an accounting concept, where items are accounted according to their economic reality and substance, rather than focusing merely on the legal aspects of transactions. The key point is to highlight the transactions should not be recorded in order to hide the intention behind the transaction.
However, this recipe fails to compare the financial statements of different enterprises, as in some cases, it is difficult to identify the intent behind the transaction and the substance linked to the transaction, hence the difference, in how to present the transaction can lead to various results. For example: For a company, say X, the intent over creation of an asset or a liability is not identified, based on the benefits and obligations attached to it. Hence, a problem arises, which gives different results in different situations.
ANSWER 2:
Financial information is irrelevant unless it can be compared across periods and companies. This requires that any changes should be disclosed.
It is important that financial statements released by enterprises have similar and consistent form. It is not just about what numbers you have on the statements, but also how the statements are constructed.
6.4 Explain why it is necessary to define either “asset” or “expense” from first principles, but not both. Why has the IASB chosen to define the former?
It is important to define either asset or expense from first principles because you must understand weather to use the matching concept ort the revenue principle. The IASB chooses to use the second way of defining the elements because it has the effect of reducing the importance of the matching concept.
6.5 Is it necessary and useful to have different valuation bases for different assets?
Yes, it is necessary and useful to have different valuation bases for different assets. The different valuations can be used for differing classes of assets. Such as intangible fixed assets, tangible assets, biological assets, etc. Depending on the classification of the asset, an appropriate means of valuation, depreciation (and impairment if applicable) can be applied to the asset.
6.7 “In recent years, the IASB has clearly been moving towards the use of current values rather than historical costs.” Discuss.
Under the historical cost doctrine, assets are generally carried on the balance sheet at their acquisition cost and liabilities are usually carried at the prices at which they were incurred. For many years this model, which reflects the profession's traditionally conservative approach, was sufficient.
The use of historical cost has been a traditionally conservative approach and was proven sufficient for many years.
In recent years.
This document provides an overview of chapter 1 of an accounting textbook, including a table of topics covered in the chapter and case/question assignments. It also includes sample solutions to codification exercises and answers to questions about the development of accounting standards and standard-setting bodies in the United States.
The document provides information on a conceptual framework for financial reporting, including:
- It includes tables classifying questions and assignments by topic and learning objective.
- It discusses the objectives of a conceptual framework, qualitative characteristics of accounting information like relevance and faithful representation, and the elements of financial statements.
- It also covers basic assumptions of accounting like going concern, principles like revenue and expense recognition, and constraints like materiality.
Submission_by_Jim_Paul_on_IASB_CF_ED_2015_3Jim Paul
This letter provides comments on the IASB's Exposure Draft on the Conceptual Framework for Financial Reporting. The letter writer expresses concerns that the proposed framework is inadequate and does not represent an improvement over the existing framework. Specific concerns raised include that the proposed framework provides vague guidance and excludes guidance on important issues. The letter writer does not support the ED and provides detailed responses to the specific matters for comment in an appendix.
Conceptual framework provides a coherent basis for the development of accounting standards by determining the nature and purpose of accounting. It establishes a framework of concepts and principles for financial reporting to provide useful information for economic decision making. While some have questioned its necessity, a conceptual framework is needed to ensure accounting standards are more useful and consistent over time. It improves understanding and confidence in financial reports by resolving disputes and limiting issues that arise during standard setting.
The document summarizes the International Accounting Standards Board's (IASB) completion of the first phase of its conceptual framework project, which established new chapters on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. It provides background on the goals of the project to develop a principles-based conceptual framework and update the outdated 1989 framework. It describes the project phases, feedback received, and key changes made in response to comments received during consultation, such as clarifying the objective to include decisions about management accountability and stewardship.
This paper outlines the axioms and assumptions that will guide the staff in finalizing proposals for accounting standards on insurance contracts. It assumes that separate accounting standards for insurance will be developed, focusing on measurement of insurance liabilities from the insurer's perspective. The accounting model will measure insurance contracts at the portfolio level using current estimates of expected future cash flows rather than a single outcome. It will not reflect the insurer's own credit risk. The staff seeks agreement on these assumptions.
6.3 Substance over form is a recipe for failing to achieve compar.docxalinainglis
6.3 “Substance over form is a recipe for failing to achieve comparability between financial statements of different enterprises.” Discuss.
ANSWER 1:
Substance over form is an accounting principle, which ensures the relevant and true picture of the transactions in the financial statements of the entity. It is an accounting concept, where items are accounted according to their economic reality and substance, rather than focusing merely on the legal aspects of transactions. The key point is to highlight the transactions should not be recorded in order to hide the intention behind the transaction.
However, this recipe fails to compare the financial statements of different enterprises, as in some cases, it is difficult to identify the intent behind the transaction and the substance linked to the transaction, hence the difference, in how to present the transaction can lead to various results. For example: For a company, say X, the intent over creation of an asset or a liability is not identified, based on the benefits and obligations attached to it. Hence, a problem arises, which gives different results in different situations.
ANSWER 2:
Financial information is irrelevant unless it can be compared across periods and companies. This requires that any changes should be disclosed.
It is important that financial statements released by enterprises have similar and consistent form. It is not just about what numbers you have on the statements, but also how the statements are constructed.
6.4 Explain why it is necessary to define either “asset” or “expense” from first principles, but not both. Why has the IASB chosen to define the former?
It is important to define either asset or expense from first principles because you must understand weather to use the matching concept ort the revenue principle. The IASB chooses to use the second way of defining the elements because it has the effect of reducing the importance of the matching concept.
6.5 Is it necessary and useful to have different valuation bases for different assets?
Yes, it is necessary and useful to have different valuation bases for different assets. The different valuations can be used for differing classes of assets. Such as intangible fixed assets, tangible assets, biological assets, etc. Depending on the classification of the asset, an appropriate means of valuation, depreciation (and impairment if applicable) can be applied to the asset.
6.7 “In recent years, the IASB has clearly been moving towards the use of current values rather than historical costs.” Discuss.
Under the historical cost doctrine, assets are generally carried on the balance sheet at their acquisition cost and liabilities are usually carried at the prices at which they were incurred. For many years this model, which reflects the profession's traditionally conservative approach, was sufficient.
The use of historical cost has been a traditionally conservative approach and was proven sufficient for many years.
In recent years.
This document provides an overview of chapter 1 of an accounting textbook, including a table of topics covered in the chapter and case/question assignments. It also includes sample solutions to codification exercises and answers to questions about the development of accounting standards and standard-setting bodies in the United States.
The document provides information on a conceptual framework for financial reporting, including:
- It includes tables classifying questions and assignments by topic and learning objective.
- It discusses the objectives of a conceptual framework, qualitative characteristics of accounting information like relevance and faithful representation, and the elements of financial statements.
- It also covers basic assumptions of accounting like going concern, principles like revenue and expense recognition, and constraints like materiality.
Submission_by_Jim_Paul_on_IASB_CF_ED_2015_3Jim Paul
This letter provides comments on the IASB's Exposure Draft on the Conceptual Framework for Financial Reporting. The letter writer expresses concerns that the proposed framework is inadequate and does not represent an improvement over the existing framework. Specific concerns raised include that the proposed framework provides vague guidance and excludes guidance on important issues. The letter writer does not support the ED and provides detailed responses to the specific matters for comment in an appendix.
In March 2014 the Financial Accounting Standards Board (FASB or Board) issued an exposure draft: Proposed Statement of Financial Accounting Concepts: Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements. The exposure draft proposes a framework that the FASB will use to identify information that is most important to financial statement users of for-profit and not-for-profit entities’ financial statements, and to reduce unnecessary disclosures within those financial statements. Comments on the exposure draft are due July 14, 2014.
The disclosure framework project began in 2009 as an effort to create financial disclosures that are more effective, coordinated and less redundant. In 2012 the FASB issued an invitation to comment that outlined the objectives of the project’s two phases: the Board’s decision process and the entity’s decision process. The March 2014 exposure draft addresses the Board’s decision process phase of the project.
This document provides an overview of the International Accounting Standards Board (IASB) framework for financial reporting and standards.
It begins with an introduction to the IASB and the need for a common set of global accounting standards to improve comparability. It then discusses key aspects of the IASB conceptual framework, including its purpose and status, users and objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements.
The document also provides a high-level summary of experiences with IFRS adoption in Canada and the US. It concludes with a brief look ahead at ongoing projects by the IASB and FASB to further improve and converge accounting standards internationally.
This article discusses where profits and losses should be recognized in the statement of comprehensive income - in profit or loss or other comprehensive income. There is currently no clear conceptual framework providing guidance. Individual standards direct where gains and losses are reported. The IASB's discussion paper proposed recognizing results of transactions, impairments in profit/loss and changes in asset costs in OCI if it makes profit/loss more relevant. Recycling, where gains/losses are reclassified from equity to profit/loss is also addressed. Standards like IAS 21 require recycling while IAS 16 prohibits it. There is debate around double counting gains/losses in both statements.
Mba Study Material in Business accountingNIPM KOLKATA
This document provides an overview of the accounting framework and concepts that guide accounting practices. It discusses key concepts like the business entity concept, which treats a business as separate from its owners for accounting purposes. It also covers the money measurement concept, which means only facts expressed in monetary terms are recorded, and the continuity concept, which assumes a business will continue indefinitely. The cost concept is also summarized, which states assets are recorded at their original cost price.
GODFREY
HODGSON
HOLMES
TARCA
CHAPTER 4
A CONCEPTUAL FRAMEWORK
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The role of a conceptual frameworkA structured theory of accountingStates the scope and objective of financial reportingIdentifies and defines qualitative characteristics of financial information and the basic elements of accountingDeals with principles and rules of recognition and measurement, and report disclosures
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The role of a conceptual framework
… a coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards and that prescribes the nature, function and limits of financial accounting and reporting.
FASB
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The role of a conceptual framework
Issues:Do we need a general theory of accounting?Is current accounting too permissive?Are current accounting practices too inconsistent?Is there too much political interference in the neutrality of accounting reports?
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The role of a conceptual framework
Benefits:consistent, logical reporting requirementsgreater complianceenhanced accountability fewer specific standardsenhanced understanding of reporting requirementsmore economical standard setting
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Objectives of conceptual frameworks
Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit and similar decisions.
FASB
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Objectives of conceptual frameworksInformation should be useful in making economic decisionsuseful in assessing cash flow prospectsabout enterprise resources, claims to those resources and changes in them
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Objectives of conceptual frameworks
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Developing a conceptual frameworkThe development of conceptual frameworks is influenced by two key issues:principles versus rules-based approaches to standard settinginformation for decision making and the decision-theory approach
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Principles-based and rule-based standard settingIASB mostly produces consistent, coherent principles-based standardsRule-based standards may increase comparability and verifiability and may reduce earnings management
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Principles-based and rule-based standard settingThe standards of the FASB have traditionally been rule-basedEmphasis now being given to principlesTimely given the IASB/FASB convergence program
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Information for decision making and the decision-theory approachAccounting data are required for decision making or accountability purposesstewardshipdecision makingusers
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Information for decision making and the decision-theory approachThe decision-theory approach maps the process by which the outputs of the accounting system provide inputs to the decision model of a user
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Information for decision making and the decision-theory approach
Decision-theory process
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Individual
accounting system
Prediction
model of user
Decision
model of user
Overall th ...
The Development of Theory in Accounting ResearchIOSRJBM
Accounting is a field that operates within an ever-changing environment. In terms of accounting research, development of theory is a central activity crucial to the advancement of knowledge within the discipline. To aid in the development of accounting information, standard setting bodies have developed a foundation of concepts embodied within a conceptual framework. This paper explores the literature related to theories used in accounting research, and provides commentary on the contributions made by the Financial Accounting Standards Board’s Conceptual Framework Project.
Can Strategic Compliance Become and New Standard - Financial SimplicityStuart Holdsworth
- Transactional compliance focuses on individual transactions, while portfolio compliance considers what is best for a client's overall portfolio in light of their goals.
- Strategic compliance aims to integrate compliance vertically throughout the entire investment process, from establishing a client's preferences upfront to ongoing portfolio monitoring.
- This allows compliance to guide the investment process from the beginning and ensures a client's portfolio continuously aligns with their preferences. It also aims to simultaneously meet organizational, advisor, and client needs.
My presentation at Simon-page Biz Sch in 2012abiodunmamora
The document discusses the regulatory framework for financial reporting. It explains that harmonization of accounting standards is preferable to full standardization due to differences between countries. The key elements of the regulatory framework include local laws and standards as well as international standards set by bodies like the IASB. The IASB works to develop International Financial Reporting Standards through an open process including public comment periods.
This document provides an exposure draft of procedural guidelines for fairness opinions. It begins with an introduction to fairness opinions and what they are and are not. It then discusses when fairness opinions are required, their purpose, and important ethical considerations for their provision. The document outlines matters that should be addressed regarding scope of work and the content of fairness opinions. It provides guidance on independence, investigations, and other best practices for fairness opinion providers.
Commissioning is a concept that has evolved from strategic management principles with applications in healthcare, local government, and other sectors. The document identifies universal principles of commissioning through a literature review, including being collaborative, community-focused, comprehensive, understanding needs, and being outcome-focused. It suggests discussing the value and benefits of universal principles, and how commissioning relates to other models for delivering strategy and managing organizations. By clarifying principles, commissioning's value and applications can be better understood.
The document discusses conceptual frameworks for accounting. It provides definitions and explanations of key concepts:
- A conceptual framework establishes the objectives and fundamentals of financial accounting and reporting. It defines elements like assets, liabilities, and income and provides guidance for standards.
- Frameworks aim to bring consistency to standards and defend neutrality against political interference. However, critiques argue frameworks rely on circular reasoning and undefined terms, failing to provide an empirical scientific basis for standards.
- Alternatively, frameworks could be seen as establishing professional values and policies rather than scientific principles, guiding practice through articulating trade-offs in qualities like relevance and reliability. Overall the document examines perspectives on the nature and purpose of conceptual frameworks.
• Determine what you believe to be the major obstacles to the conver.pdfsriammanmarketing
• Determine what you believe to be the major obstacles to the convergence process. Recommend
two (2) strategies that the IASB could use in order to improve the convergence process overall.
Justify your response.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of inves.
The PPARS project aimed to develop an integrated HR and payroll system for the Irish health sector. However, it was plagued by issues and ultimately failed due to time, cost and functionality concerns. Key factors in its failure included a lack of clear leadership and vision, insufficient contract monitoring, poor architecture planning without user input, failure to properly test the system before rollout, and an insistence on using SAP software without considering alternatives. The project also had an unrealistic two-year timeframe and underestimated budget. Proper pilot testing, experienced project management, well-defined contracts and user requirements gathering may have prevented these issues and led to project success.
This document discusses strategic balance sheet optimisation for banks. It notes that regulatory requirements have increased complexity, with multiple capital and liquidity ratios to manage. Initially, banks focused on managing their most binding constraint, such as leverage ratios or stress capital ratios. Developing a strategic balance sheet optimisation capability requires integrating multiple teams and obtaining senior executive sponsorship. Key success factors include designing a model that can quickly answer questions while keeping the data set manageable. The model should be integrated with financial planning and allow evaluating portfolio and funding decisions based on risk, reward, and regulatory impacts.
The document provides an overview of conceptual frameworks in accounting. It discusses what a conceptual framework is, its objectives and importance. Key points include:
- A conceptual framework establishes the concepts and principles that underlie the standards, providing consistency and guidance for standard-setting.
- Objectives of conceptual frameworks include consistency, reducing complexity, and providing accountability for standard-setters.
- However, conceptual frameworks have been criticized for being descriptive rather than prescriptive, and for circular reasoning where concepts depend on undefined rules.
- There are debates around conceptual frameworks taking a scientific versus normative approach, and whether accounting qualifies as a science given its mixed empirical and policy elements.
This document provides an overview of topics, questions, and cases related to accounting standards and financial reporting. It includes:
1. An assignment classification table that matches topics in the chapter to related questions and cases.
2. An assignment characteristics table that describes different accounting cases, their level of difficulty, and estimated time to complete.
3. The answers to several questions about the objectives of financial reporting, the role of standards-setting bodies like the FASB and SEC, and the process for developing accounting standards.
Kristen Schafer
AIA Staff:
Markku Allison, AIA, Resource Architect
AIA Minnesota Staff:
Kate Black, Executive Director
Advisory Committee:
Paolo Tombesi, Chair of Construction, University of Melbourne
Jonathan Cohen, AIA, AIA-CC
Acknowledgements
We would like to thank the project teams who generously
shared their time and experiences for this study:
Cathedral Hill Hospital
MERCY Master Plan Facility Remodel
Lawrence & Schiller Remodel
SpawGlass Austin Regional Office
Edith Green Wendell Wyatt Federal Building Modernization
Autodesk Inc.
Sutter Health Fairfield
briefly compare the IASB and FASB in regards to the convergence proc.pdfajayelectronisyavatm
briefly compare the IASB and FASB in regards to the convergence process. Give your opinion
on the reasons why a single set of accounting principles would be beneficial to corporations.
Explain your rationale.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of investor.
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Write
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contrast the Chinese Spiritual Worldview with the Indian Spiritual
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Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
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In March 2014 the Financial Accounting Standards Board (FASB or Board) issued an exposure draft: Proposed Statement of Financial Accounting Concepts: Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements. The exposure draft proposes a framework that the FASB will use to identify information that is most important to financial statement users of for-profit and not-for-profit entities’ financial statements, and to reduce unnecessary disclosures within those financial statements. Comments on the exposure draft are due July 14, 2014.
The disclosure framework project began in 2009 as an effort to create financial disclosures that are more effective, coordinated and less redundant. In 2012 the FASB issued an invitation to comment that outlined the objectives of the project’s two phases: the Board’s decision process and the entity’s decision process. The March 2014 exposure draft addresses the Board’s decision process phase of the project.
This document provides an overview of the International Accounting Standards Board (IASB) framework for financial reporting and standards.
It begins with an introduction to the IASB and the need for a common set of global accounting standards to improve comparability. It then discusses key aspects of the IASB conceptual framework, including its purpose and status, users and objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements.
The document also provides a high-level summary of experiences with IFRS adoption in Canada and the US. It concludes with a brief look ahead at ongoing projects by the IASB and FASB to further improve and converge accounting standards internationally.
This article discusses where profits and losses should be recognized in the statement of comprehensive income - in profit or loss or other comprehensive income. There is currently no clear conceptual framework providing guidance. Individual standards direct where gains and losses are reported. The IASB's discussion paper proposed recognizing results of transactions, impairments in profit/loss and changes in asset costs in OCI if it makes profit/loss more relevant. Recycling, where gains/losses are reclassified from equity to profit/loss is also addressed. Standards like IAS 21 require recycling while IAS 16 prohibits it. There is debate around double counting gains/losses in both statements.
Mba Study Material in Business accountingNIPM KOLKATA
This document provides an overview of the accounting framework and concepts that guide accounting practices. It discusses key concepts like the business entity concept, which treats a business as separate from its owners for accounting purposes. It also covers the money measurement concept, which means only facts expressed in monetary terms are recorded, and the continuity concept, which assumes a business will continue indefinitely. The cost concept is also summarized, which states assets are recorded at their original cost price.
GODFREY
HODGSON
HOLMES
TARCA
CHAPTER 4
A CONCEPTUAL FRAMEWORK
*
The role of a conceptual frameworkA structured theory of accountingStates the scope and objective of financial reportingIdentifies and defines qualitative characteristics of financial information and the basic elements of accountingDeals with principles and rules of recognition and measurement, and report disclosures
*
*
The role of a conceptual framework
… a coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards and that prescribes the nature, function and limits of financial accounting and reporting.
FASB
*
*
The role of a conceptual framework
Issues:Do we need a general theory of accounting?Is current accounting too permissive?Are current accounting practices too inconsistent?Is there too much political interference in the neutrality of accounting reports?
*
*
The role of a conceptual framework
Benefits:consistent, logical reporting requirementsgreater complianceenhanced accountability fewer specific standardsenhanced understanding of reporting requirementsmore economical standard setting
*
*
Objectives of conceptual frameworks
Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit and similar decisions.
FASB
*
*
Objectives of conceptual frameworksInformation should be useful in making economic decisionsuseful in assessing cash flow prospectsabout enterprise resources, claims to those resources and changes in them
*
*
Objectives of conceptual frameworks
*
*
Developing a conceptual frameworkThe development of conceptual frameworks is influenced by two key issues:principles versus rules-based approaches to standard settinginformation for decision making and the decision-theory approach
*
*
Principles-based and rule-based standard settingIASB mostly produces consistent, coherent principles-based standardsRule-based standards may increase comparability and verifiability and may reduce earnings management
*
*
Principles-based and rule-based standard settingThe standards of the FASB have traditionally been rule-basedEmphasis now being given to principlesTimely given the IASB/FASB convergence program
*
*
Information for decision making and the decision-theory approachAccounting data are required for decision making or accountability purposesstewardshipdecision makingusers
*
*
Information for decision making and the decision-theory approachThe decision-theory approach maps the process by which the outputs of the accounting system provide inputs to the decision model of a user
*
*
Information for decision making and the decision-theory approach
Decision-theory process
*
Individual
accounting system
Prediction
model of user
Decision
model of user
Overall th ...
The Development of Theory in Accounting ResearchIOSRJBM
Accounting is a field that operates within an ever-changing environment. In terms of accounting research, development of theory is a central activity crucial to the advancement of knowledge within the discipline. To aid in the development of accounting information, standard setting bodies have developed a foundation of concepts embodied within a conceptual framework. This paper explores the literature related to theories used in accounting research, and provides commentary on the contributions made by the Financial Accounting Standards Board’s Conceptual Framework Project.
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Commissioning is a concept that has evolved from strategic management principles with applications in healthcare, local government, and other sectors. The document identifies universal principles of commissioning through a literature review, including being collaborative, community-focused, comprehensive, understanding needs, and being outcome-focused. It suggests discussing the value and benefits of universal principles, and how commissioning relates to other models for delivering strategy and managing organizations. By clarifying principles, commissioning's value and applications can be better understood.
The document discusses conceptual frameworks for accounting. It provides definitions and explanations of key concepts:
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• Determine what you believe to be the major obstacles to the conver.pdfsriammanmarketing
• Determine what you believe to be the major obstacles to the convergence process. Recommend
two (2) strategies that the IASB could use in order to improve the convergence process overall.
Justify your response.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of inves.
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This document discusses strategic balance sheet optimisation for banks. It notes that regulatory requirements have increased complexity, with multiple capital and liquidity ratios to manage. Initially, banks focused on managing their most binding constraint, such as leverage ratios or stress capital ratios. Developing a strategic balance sheet optimisation capability requires integrating multiple teams and obtaining senior executive sponsorship. Key success factors include designing a model that can quickly answer questions while keeping the data set manageable. The model should be integrated with financial planning and allow evaluating portfolio and funding decisions based on risk, reward, and regulatory impacts.
The document provides an overview of conceptual frameworks in accounting. It discusses what a conceptual framework is, its objectives and importance. Key points include:
- A conceptual framework establishes the concepts and principles that underlie the standards, providing consistency and guidance for standard-setting.
- Objectives of conceptual frameworks include consistency, reducing complexity, and providing accountability for standard-setters.
- However, conceptual frameworks have been criticized for being descriptive rather than prescriptive, and for circular reasoning where concepts depend on undefined rules.
- There are debates around conceptual frameworks taking a scientific versus normative approach, and whether accounting qualifies as a science given its mixed empirical and policy elements.
This document provides an overview of topics, questions, and cases related to accounting standards and financial reporting. It includes:
1. An assignment classification table that matches topics in the chapter to related questions and cases.
2. An assignment characteristics table that describes different accounting cases, their level of difficulty, and estimated time to complete.
3. The answers to several questions about the objectives of financial reporting, the role of standards-setting bodies like the FASB and SEC, and the process for developing accounting standards.
Kristen Schafer
AIA Staff:
Markku Allison, AIA, Resource Architect
AIA Minnesota Staff:
Kate Black, Executive Director
Advisory Committee:
Paolo Tombesi, Chair of Construction, University of Melbourne
Jonathan Cohen, AIA, AIA-CC
Acknowledgements
We would like to thank the project teams who generously
shared their time and experiences for this study:
Cathedral Hill Hospital
MERCY Master Plan Facility Remodel
Lawrence & Schiller Remodel
SpawGlass Austin Regional Office
Edith Green Wendell Wyatt Federal Building Modernization
Autodesk Inc.
Sutter Health Fairfield
briefly compare the IASB and FASB in regards to the convergence proc.pdfajayelectronisyavatm
briefly compare the IASB and FASB in regards to the convergence process. Give your opinion
on the reasons why a single set of accounting principles would be beneficial to corporations.
Explain your rationale.
Solution
WHY IS IT IMPORTANT TO HAVE MORE COMPARABLE GLOBAL ACCOUNTING
STANDARDS? HOW DOES THAT EFFORT FIT WITH THE FASB’S MISSION?
The first priority of the Financial Accounting Standards Board (FASB) is to improve financial
reporting for the benefit of investors and other users of financial information in U.S. capital
markets. We do that by striving to set the highest-quality standards, which collectively are
known as Generally Accepted Accounting Principles (GAAP). By highest quality, we mean
standards that provide users of financial statements with information that is clear, useful, and
relevant to their needs, while considering whether the expected benefits of that information
justify the costs of providing and using it.
The FASB believes that seeking more comparable global accounting standards—improving the
quality of accounting standards used around the world while reducing differences among those
standards—is consistent with its core mission. Investors, companies, auditors, and other
participants in the U.S. financial reporting system benefit from the increased comparability that
can result from the closer alignment of standards used internationally. More comparable
standards have the potential to reduce costs for both users and preparers of financial statements
and make worldwide capital markets more efficient. The Securities and Exchange Commission
(SEC) expects the FASB to consider, in developing standards, the extent to which international
comparability is necessary or appropriate in the public interest and for the protection of
investors.
HOW DOES THE FASB SEEK GREATER COMPARABILITY?
As we conclude the bilateral convergence program begun in 2002 by the FASB and the
International Accounting Standards Board (IASB), the FASB has implemented a three-part
strategy for seeking greater comparability in accounting standards internationally:
Developing High Quality GAAP Standards
The FASB continually strives to meet the needs of investors and other users of GAAP-based
financial reports, both within and outside the United States, by improving the quality of GAAP.
The FASB believes that the high-quality standards it develops will continue to influence the
shape and future direction of international standards, as they have for more than 40 years. By
creating high-quality standards through a best-in-class standard-setting process, the FASB serves
as a reference point and benchmark for others. In other words, we will continue to lead by setting
an example of excellence.
As it undertakes standard-setting projects, the FASB carefully evaluates whether U.S. financial
reporting would be improved by implementing approaches consistent with particular IFRS
standards. This also would enhance international comparability for the benefit of investor.
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Writea minimum 300 word reflection in which you compare and.docxannetnash8266
Write
a minimum 300 word reflection in which you compare and
contrast the Chinese Spiritual Worldview with the Indian Spiritual
Worldview based on the textbook readings.
Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
Writea draft of the paper on case tools and include the followin.docxannetnash8266
Write
a draft of the paper on case tools and include the following:
·
Define the term
case tools
and provide at least three examples.
·
Describe how case tools are used in the design of a database.
·
Explain how three different case tools are used in database design, including their advantages and disadvantages.
Format
your paper consistent with APA guidelines.
.
Write To complete the assignment, open the OUTLINE ATTACHMENT fi.docxannetnash8266
Write:
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and FIND two more sources being a (webpage and online magazine ONLY) on the topic “The Affordable Care Act 2010”, into your outline to showcase how these resources support your ideas. Provide a full APA references list with a minimum of six sources. Please be sure to utilize outline format and to support all statements with scholarly research. All references should be listed in full APA format and cited appropriately.
Source 1-
Burkhauser, R. V., Larrimore, J., & Simon, K. (2013). Measuring the impact of valuing health insurance on levels and trends in inequality and how the Affordable Care Act of 2010 could affect them.
Contemporary Economic Policy
,
31
(4), 779-794.
Source 2-
Cooper, R. W., & Gardner, L. A. (2016). Extensive Changes and Major Challenges Encountered in Health Insurance Markets under the Affordable Care Act.
Journal of Financial Service Professionals
,
70
(5).
Source 3-
Hester, R. D. (2017). The successful innovations of the affordable care act of 2010.
Journal of Innovation and Entrepreneurship
,
6
(1), 18
Source 4-
Martin, E. J. (2015). Healthcare policy legislation and administration: Patient Protection and Affordable Care Act of 2010.
Journal of health and human services administration
, 407-411.
Source 5-
Sparer, M. S. (2011). Federalism and the Patient Protection and Affordable Care Act of 2010: The founding fathers would not be surprised.
Journal of health politics, policy and law
,
36
(3), 461-468.
.
Write your proposal based on the criterias listed below Pr.docxannetnash8266
Write your proposal based on the criteria's listed below
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Write a 350- to no more than 700-word paper using APA format.D.docxannetnash8266
Write
a 350- to no more than 700-word paper using APA format.
Describe
the flow of information in your company, or in a company at which you have been employed. In your paper, discuss the following:
The intrapersonal, interpersonal, group, organizational, and intercultural levels of communication within your company
How information travels up, down, and across your organization, and how it relates to the basic communications model
The functions of the Y hierarchy of managerial communications. Does it apply to your organization's communication hierarchy?
A comparison of at least three managerial communication approaches you have observed in your organization
At least three potential barriers to effective communications that exist in your company
A minimum of one reference and one in-text citation is required.
First person is acceptable.
.
Write a 350- to 700-word paper in which you investigate the interr.docxannetnash8266
Write
a 350- to 700-word paper in which you investigate the interrelationship between culture and visual entertainment media, such as television and film. Include answers to the following questions:
·
In what ways have various forms of visual entertainment media shaped American culture and its values?
·
Are the social influences of visual entertainment media mostly positive or negative? Explain.
Illustrate
your answers with specific examples.
Conclude
your paper by summarizing how visual media either reflect or influence social behavior and attitudes.
Format
your paper consistent with APA guidelines.
.
Write a 350 word analysis about juvenile attitudes toward poli.docxannetnash8266
Write
a 350 word analysis about juvenile attitudes toward police. Consider recent cases in the media regarding juvenile interactions with police departments. Analyze the attitudes today's youth have toward police. Address the following:
Summary of current media piece you are analyzing
Evaluation of attitudes and factors influencing attitudes
Is remediation of these attitudes necessary?
.
Write a 350- to 700-word paper in which you do the followingExp.docxannetnash8266
Write
a 350- to 700-word paper in which you do the following:
Explain what database systems are and how they are used.
Define database architecture. Consider Microsoft
®
Access
®
, Microsoft
®
SQL Server
®
, Oracle
®
, and IBM DB2
®
software as possible examples.
Summarize your paper by describing the database systems in your workplace, identifying which database systems and architecture they fall under.
Include
2 to 4 references.
Format
your paper consistent with APA guidelines.
.
Write a 350- to 700- word response to the following questionsHo.docxannetnash8266
Write
a 350- to 700- word response to the following questions:
How did psychology evolve into a science?
What are some psychological perspectives that explain human behavior?
A long-standing debate in the field of psychology is the degree to which nature and nurture shape human behaviors and traits. How would you describe the interaction between genetic potential, environmental influences, and personal choice?
Format
your response consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
AND
Write
a 500- to 1000-word essay contrasting the roles of the temporal and frontal lobes on behavior. Include the types of behaviors for which each lobe is responsible, as well as the effects of heredity on the development of these behaviors. Additionally, include what may happen if there is damage to these lobes, including Broca's and Wernicke's aphasias.
Format
your essay consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
.
Write a 1,400- to 1,750 word APA format paper regarding a so.docxannetnash8266
Write
a 1,400- to 1,750 word
APA format paper
regarding a social networking interview.
Identify
whom you interviewed, their title, and years of working experience in the area of Operations Management.
Provide
insights into your subject's role and why Operations Management is vital to his/her organization.
Provide
the reason for selecting the individual you chose to interview.
List
the questions you asked.
Include
a summary of the organization.
Give
a summary of what you learned as a result of this interview.
Provide
a reflection of what is important about this assignment.
Discuss
any follow-up activities the person you interviewed suggested.
Provide
at least two peer reviewed academic references. Make sure that the in-text citations matched the reference list.
Format
your paper consistent with APA guidelines.
IMPORTANT:
Make sure to review your assignment submission for content similarity on Safe Assign before submission. Assignment is preferred to have no more than 10% content similarity.
.
Write a 350- to 500-word summary in which you answer the following.docxannetnash8266
Write
a 350- to 500-word summary in which you answer the following questions:
What were the major developments in the evolution of mass media during the last century?
How did each development influence American culture?
What is meant by the term
media convergence
, and how has it affected everyday life?
700 word max.
.
Write a 300- to 350-word response to the followingWhen thinki.docxannetnash8266
Write
a 300- to 350-word response to the following:
When thinking about all the types of diversity that can exist within a group, what is the most important thing for group members to keep in mind when interacting with each other? Explain.
APA format
Include 2 references
.
WRITE A 2-page paper on the following questions. Your answers must.docxannetnash8266
WRITE
A 2-page paper on the following questions. Your answers must be written in paragraph style after each question.
1. What personal interests do you have in regard to the field of social work?
2. What are your personal values? List three or more
3. How do your identified values influence what you believe about how people should be served?
4. What do you think you will be doing in 7 years?
5. What are the values/interests/beliefs of your selected state representative or state senator (name them and cite their website) and how are they reflected in the policies of your state? Give concrete examples of your state policy.
.
Write a 1- to 2-page report for the Director of IT describing .docxannetnash8266
Write
a 1- to 2-page report for the Director of IT describing the requirements you are considering as your team implements the wireless network. Include the following:
Design requirements that must be addressed
Justification to use different frequencies, channels, and antennae in the installation
Regulatory requirements to consider in implementation
Security requirements
Create
a 1/2- to 1-page table for your team. In the table, summarize possible frequency choices, including an explanation of the strength and weakness of each.
No plagiarism please use attached files for the scenario!!!!
.
Write a 1,400- to 2,100-word paper in which you assess criminal ju.docxannetnash8266
Write
a 1,400- to 2,100-word paper in which you assess criminal justice from a global perspective. In your paper be sure to analyze the following:
Assess the impact of globalization on the U.S. criminal justice system.
Compare and contrast international criminal justice systems (Civil Law, Common law, and Islamic Law and Socialist Law traditions).
Discuss the impact that cyber crime and technology have had on worldwide justice systems.
Differentiate the policing systems on a worldwide scale.
Identify major crimes and criminal issues that have a global impact on justice systems and processes (e.g., Somalia, Rwanda, Bosnia, Darfur, Congo, etc.).
Include
at least four peer reviewed references.
Format
your paper according to APA guidelines.
Submit
your assignment.
.
Write a 1,750-word paper that includes the following(UNITED.docxannetnash8266
Write
a 1,750-word paper that includes the following:
(UNITED STATES COAST GUARD)
The organizational overview.
Prioritized assessment of the strengths, weaknesses, threats and vulnerabilities of your selected organization's security system(s), including facilities, people, information systems, and other appropriate assets.
The influence of crime and criminology in your assessment, as well as applicable national and global issues.
Format
your assignment consistent with APA guidelines.
ATTACH TURN IT IN REPORT
.
Write a 1.400 to 1,700 word essay that summarizes your Week 4 .docxannetnash8266
Write
a 1.400 to 1,700 word essay that summarizes your Week 4 presentation and additionally includes the following:
Summary of each of the following from your Week 4 presentation:
What are cultural groups?
How can you work toward more effective intercultural communication?
How is globalization challenging traditional hierarchies of culture?
What are co-cultural groups?
What are the five belief domains and how do they influence intercultural communication? (Refer to Ch. 9)
Summary of the following Week 5 concepts:
Positive and negative examples of how the media acts as a cultural socialization agent
Discussion of one media theory as it relates to how you interact with mass media
How to develop media literacy
How technology has fostered global intercultural communication
The challenges and opportunities within intercultural communication for women and minority success in the future
.
Write a 1,400- to 1,750-word paper highlighting considerations for.docxannetnash8266
Write
a 1,400- to 1,750-word paper highlighting considerations for creating a security budget.
Include
the following:
Identify the key player involved in creating the budget.
Discuss liabilities a budget can create for an organization.
Consider how these liabilities can be addressed.
Determine the need for executive protection using a cost-benefit analysis.
Also Include
a
Created Tree Graph outlining the steps that make up the budgeting process.
Format
your assignment consistent with APA guidelines.
.
Write a 1,050-word minimum strategic implementation plan in wh.docxannetnash8266
Write
a 1,050-word minimum strategic implementation plan in which you include the following:
Create an implementation plan including:
Objectives
Functional tactics
Action items
Milestones and deadlines
Tasks and task ownership
Resource allocation
Recommend any organizational change management strategies that may enhance successful implementation.
Develop key success factors, budget, and forecasted financials, including a break-even chart.
Create a risk management plan including contingency plans for the identified risks.
Format
your paper according to APA guidelines.
.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
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তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
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The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
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Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Azure Interview Questions and Answers PDF By ScholarHat
ACC307 – Accounting Theory 1. Students are required to com.docx
1. ACC307 – Accounting Theory
1. Students are required to complete three case studies.
2. Your answer must be both uploaded to Moodle in word file
and handed over a printed copy with signed coversheet.
3. You need to support your answers with appropriate Harvard /
APA style references where necessary.
4. Only include information in your appendixes that has been
directly referred to in the body of your document.
5. Include a title/cover page containing the subject title and
code and the name, student id numbers.
6. Please save the document as ACC307AT1_first
name_Surename _Student Number
Case Study 1 (1000 words)
Revisiting the conceptual framework
The FASB and IASB began a joint agenda project to revisit
their conceptual frameworks for financial accounting and
reporting in 2002. Each board bases its accounting standards
decisions in large part on the foundation of objectives,
characteristics, definitions, and criteria set forth in their
existing conceptual frameworks. The goals of the new project
are to build on the two boards' existing frameworks by refining,
updating, completing, and converging them into a common
framework that both Boards can use in developing new and
revised accounting standards. A common goal of the FASB and
IASB, shared by their constituents, is for their standards to be
'principles-based'. To be principlesbased, standards cannot be a
collection of conventions but rather must be rooted in
fundamental concepts. For standards on various issues to result
in coherent financial accounting and reporting, the fundamental
concepts need to constitute a framework that is sound,
2. comprehensive, and internally consistent.
Without the guidance provided by an agreed-upon framework,
standard setting ends up being based on the individual concepts
developed by each member of the standardsetting body.
Standard setting that is based on the personal conceptual
frameworks of individual standard setters can produce
agreement on specific standard-setting issues onf y when
enough of those personal frameworks happen to intersect on that
issue. However, even those agreements may prove transitory
because, as the membership of the standard-setting body
changes over time, the mix of personal conceptual frameworks
changes as well. As a result, that standard-setting body may
reach significantly different conclusions about similar (or even
identical) issues than it did previously, with standards not being
consistent with one another and past decisions not being
indicative of future ones. That concern is not merely
hypothetical: substantial difficulties in reaching agreement in
its first standards projects was a major reason that the original
FASB members decided to devote substantial effort to develop a
conceptual framework.
The IASB Framework is intended to assist not only standard
setters but also preparers of financial statements (in applying
international financial reporting standards and in dealing with
topics on which standards have not yet been developed),
auditors (in forming opinions about financial statements), and
users (in interpreting information contained in financial
statements). Those purposes also are better served by concepts
that are sound, comprehensive, and internally consistent. (In
contrast, the FASB Concepts Statements state that they do not
justify changing generally accepted accounting and reporting
practices or interpreting existing standards based on personal
interpretations of the concepts, one of a number of differences
between the two frameworks.)
Another common goal of the FASB and IASB is to converge
their standards. The Boards have been pursuing a number of
projects that are aimed at achieving short-term convergence on
3. specific issues, as well as several major projects that are being
conducted jointly or in tandem. Moreover, the Boards have
aligned their agendas more closely to achieve convergence in
future standards. The Boards will encounter difficulties
converging their standards if they base their decisions on
different frameworks.
The FASB's current Concepts Statements and the IASB's
Framework, developed mainly during the 1970s and 1980s,
articulate concepts that go a long way toward being an adequate
foundation for principles-based standards. Some constituents
accept those concepts, but others do not. Although the current
concepts have been helpful, the IASB and FASS will not be able
to realise fully their goal of issuing a common set of principles-
based standards if those standards are based on the current
FASS Concepts Statements and IASB Framework. That is
because those documents are in need of refinement, updating,
completion, and convergence.
The planned approach in the joint project will identify
troublesome issues that seem to reappear time and time again in
a variety of standard-setting projects and often in a variety of
guises. That is, the focus will be on issues that cut across a
number of different projects. Because it is not possible to
address those cross-cutting issues comprehensively in the
context of any one standards-level project, the conceptual
framework project provides a better way to consider their
broader implications, thereby assisting the boards in developing
standards-level guidance.
As noted in the chapter, the boards have issued and received
comments on an exposure draft relating to Phase A Objectives
and Qualitative Characteristics. A discussion paper relating to
Phase D Reporting Entity had been issued and work is
continuing on Phase B Elements and Recognition and Phase C
Measurement.
Source: Excerpts from Halsey G. Bullen and Kimberley Crook,
'Revisiting the concepts: A new conceptual framework project',
M<1y 200'), FASB and 11SB, www.fasb.org or www.idsh.org.
4. Questions
1. Explain why principles-based standards require a conceptual
framework.
2. Why is it important that the IASB and FASB share a common
conceptual framework?
3. It is suggested that several parties can benefit from a
conceptual framework. Do you consider that a conceptual
framework is more important for some parties than others?
Explain your reasoning.
4. What is meant by a 'cross-cutting' issue? Suggest some
possible examples of crosscutting issues.
Case Study 2 (1000 words)
The trend toward fair value accounting
by J Russell Madray, CPA
The Debate
Critics contend that GAAP is seriously flawed. Some in the
accounting profession go so far as to pronounce financial
statements almost completely irrelevant to the financial analyst
community. The fact that the market value of publicly traded
firms on the New York Stock Exchange is an average of five
times their asset values serves to highlight this deficiency.
Many reformers, including FASB chairman Robert Herz, believe
that fair value accounting must be part of the answer to making
financial statements more relevant and useful.* Advocates of
fair value accounting say it would give users of financial
statements a far clearer picture of the economic state of a
company.
But switching from historical cost to fair value requires
enormous effort. Valuing assets in the absence of active markets
can be very subjective, making financial statements less
reliable. In fact, disputes can arise over the very definition of
certain assets and liabilities.
The crux of the fair value debate is this: Each side agrees that
relevance and reliability are important, but fair value advocates
emphasize relevance, while historical cost advocates place
5. greater weight on reliability.
Relevance versus Reliability
The pertinent conceptual guidance for making trade-offs
between relevance and reliability is provided by FASB Concepts
Statement No. 2, Qualitative Characteristics of Accounting
Information. It provides guidance for making standard-setting
decisions aimed at producing information useful to investors
and creditors. Concepts Statement No. 2 states:
The qualities that distinguish "better" (more useful) information
from "inferior" (less useful) information are primarily the
qualities of relevance and reliability ... The objective of
accounting policy decisions is to produce accounting
information that is relevant to the purposes to be served and is
reliable.
Critics of fair value generally believe that reliability should be
the dominant characteristic of financial statement measures. But
the FASB has required greater use of fair value measurements in
financial statements because it perceives that information as
more relevant to investors and creditors than historical cost
information. In that regard, the FASB has not accepted the view
that reliability should outweigh relevance for financial
statement 4
measures.
Some critics also interpret reliability as having a meaning that
differs in at least certain respects from how that term is defined
in the FASB's Conceptual Framework. Some critics equate
reliability with precision, and others view it principally in terms
of verifiability. However, Concepts Statement No. 2 defines
reliability as "the quality of information that assures that
information is reasonably free from error or bias and faithfully
represents what it purports to represent." With respect to
measures, it states that "[t]he reliability of a measure rests on
the faithfulness with which it represents what it purports to
represent, coupled with an assurance for the user, which comes
through verification, that it has that representational quality."
6. Thus, the principal components of reliability are
representational faithfulness and verifiability.
Although there are reliability concerns associated with fair
value measures, particularly when such measures may not be
able to be observed in active markets and greater reliance must
be placed on estimates of those measures, present-day financial
statements are replete with estimates that are viewed as being
sufficiently reliable. Indeed, present day measures of many
assets and liabilities (and changes in them) are based on
estimates, for example, the collectability of receivables,
salability of inventories, useful lives of equipment, amounts and
timing of future cash flows from investments, or likelihood of
loss in tort or environmental litigation.
Even though the precision of calculated measures such as those
in depreciation accounting is not open to question since they
can be calculated down to the penny, the reliability of those
measures is open to question. Precision, therefore, is not a
component of reliability under Concepts Statement No. 2. In
fact, Concepts Statement No. 2 expressly states that reliability
does not imply certainty or precision, and adds that any
pretension to those qualities if they do not exist is a negation of
reliability.
* Robert H. Herz's remarks to the Financial Executives
International Current Financial Reporting Issues Conference,
New York Hilton Hotel, November 4, 2002.
Source: Excerpts from ‘The trend toward fair value accounting',
Journal of Financial Service Professionals, May 2001, pp. 16-
113.
Questions
1. What you think is the fundamental problem with financial
statements based upon the historic cost measurement principle
used under US GAAP ?
2. What do you think of the principle' ... accounts must reflect
economic reality' as a core principle of measurement in
accounting?
3. How would you measure economic reality?
7. 4. What is reliability in accounting?
Case Study 3 (1000 words)
Disclosure of environmental liability
by Lindene Patton C.l.H., Senior vice-president and counsel,
Zurich 5
Around the world, companies are being required to meet higher
levels of disclosure of environmental liability ... In the United
States, for example, the US Financial Accounting Standard
Board (FASB) issued provisions in 2002 for accounting for
environmental liabilities on assets being retired from service.
The provision for accounting for asset retirement obligations
required companies to reserve environmental liabilities related
to the eventual retirement of an asset if its fair market value
could be reasonably estimated.
The intent of the ruling was disclosure, but the conditional
nature of estimating a fair market value caused corporations to
take the position that they could defer their liability indefinitely
by 'mothballing' a contaminated property. Companies
effectively postponed the recognition of their environmental
liabilities in the absence of pending or anticipated litigation.
Earlier this year, FASB clarified its intention by providing an
interpretation that said companies have a legal obligation to
reserve for environmental and other liabilities associated with
the eventual retirement of manufacturing facilities or parts of
facilities, even when the timing or method of settlement is
uncertain. Among examples given by FASB:
• An asbestos-contaminated factory cannot simply be
'mothballed' without adequate reserves to cover the eventual
cost of removing the asbestos
• Reserves must be established today for the eventual disposal
of still-in-use, creosotesoaked utility poles
As a result of what may seem like a minor technical re-
interpretation, companies may have to recognise immediately
millions of dollars in liabilities in their income statements to
comply with this change.
8. In Europe, regulators have also initiated efforts to promote
disclosure. In 2001, the European Commission promulgated
tougher, non-binding guidance for disclosing environmental
costs and liabilities, and various countries in Europe have
issued additional requirements related to environmental
disclosure. In 2002, the Canadian Institute of Chartered
Accountants published voluntary guidance that stressed the
importance of disclosing all material risks, including
environmental liabilities, in companies' annual reports.
Some financial institutions have also pledged to adhere to tenets
of international initiatives such as the Equator Principles, which
factor environmental and social considerations into assessing
the risk of a project. Also, a group of pension funds,
foundations, European investors and US state treasurers have
endorsed UN efforts to promote a minimum level of disclosure
on environmental, social and governance issues.
Recognition of environmental liabilities may also soon emerge
as an issue for companies in Asia. While environmental issues
may have taken a back seat to rapid economic development over
the past 20 years, that situation may change as legislation and
regulation catch up with development.
The responsibility for disclosing future environmental liability
is clearly a growing issue for companies around the world.
However, accurately estimating cleanup costs is not an easy
task due to unknown contaminants, legacy liabilities related to
formerly operated property, regulatory changes or unexpected
claims related to natural resource damage.
Questions
1. The article states that the US standard setter FASB requires
companies to record a provision in relation to environmental
costs of retiring an asset ('to reserve environmental liabilities')
if its fair value could be reasonably estimated. How do you
think companies would go about estimating such a provision? 6
2. What aspects of the requirements were used by US companies
to defer recognition of a liability?
9. 3. In what ways does the recognition of the liability in relation
to future restoration activity affect (a) net profit in the current
year and future years; and (b) cash flow in the current and
future years?
4. The article refers to changes in disclosure requirements
relating to environmental liabilities in many countries around
the world. How important is it that companies recognise the
liability? To what extent is disclosure about the liability
sufficient?
The impacts of ads
Advertising is done through many different forms. Some of
these forms include the media that is television, radios, and
publications. Also, advertising is done through billboards,
walls, streets, buildings/ roof tops and vehicles branding among
many others. Advertising is a very strong and influential
marketing strategy because of its potential and capability to
reach out to many consumers located far and wide. Being in the
realization of this fact, many advertisers tend to take advantage
of the power of advertising to manipulate the consumers. On,
the other hand, the consumers are easily carried away by the
information passed to them through advertising thus
encouraging advertisers to continue with the manipulation.
There are numerous ways through which advertising
manipulates the consumers.
There are different products in the market thus confusing the
consumer with a choice of what product is better than the other
one. Hence, advertising uses attracting and manipulative
messages while advertising, unique and inviting packaging and
branding, and competitive prices so that the consumer can
notice the product. This helps different products to appear
unique and easy to identify in the midst of other similar
products.
According to research, consumers always like products that
shall benefit them in one way or another, hence advertising uses
the exact information that the consumers would like to see or
10. hear thus manipulating the consumer’s choice. Whenever a
product said through advertising to be cheap and affordable
despite its quality, the consumers are manipulated to consume
the product more frequently and in high quantities due to its
affordability nature. Also, when a product is said to be of many
benefits to the consumer, regardless of the price, the consumers
strives to ensure that they acquire the product. This is normally
no matters the cost and efforts to be made for the purpose of
gaining the benefits being advertised.
Some adverts are true to their words while others are not. One
way through which as a consumer one can avoid being
manipulated is being true to oneself and knowing what one
really need and in what quantity and quality. Setting these
personal principles helps one to avoid being carried away by the
juicy adverts that constantly keep on being advertised. This
avoids one from purchasing poor quality products in the name
of reduced prices and also helps one to avoid paying excess in
the name of gaining added benefits.
With the world being digital and computerized, the consumer
can also search on the internet and learn the products that bear
the content as the one being advertised. Having adequate
information about products helps the consumer from being
easily manipulated as he/she is already informed and hence can
detect the true and also the exaggerated information in the
adverts.
Hi class,
This week's discussion board is all about integrating research
into your own work. This is why you are asked to focus on
selecting signal phrases which create smooth and logical
transitions between your points and the research you are using
to support those points.
11. Here are samples of the types of posts you should be creating
this week:
INITIAL POST
Ok, so here is my original paragraph and a revised paragraph. I
chose the one on saving money. I needed to add research
information on exactly how much money could be saved and
how this would affect administrative costs. I picked an article
entitled Interconnected cloud computing environments:
Challenges, Taxonomy, and Survey. I found it in the KU
Library, and it's written by three experts on the subject, so I
think it's reliable. My concern is whether the information I
picked is entirely relevant to the paragraph idea. What do you
think?
ORIGINAL PARAGRAPH:
This method saves memory space on multiple PCs. For a
business, this can save money by reducing the amount of
memory the company needs overall, reducing the number of
memory-oriented servers, and reducing the number of system
administrators needed to support those servers. Also, the types
of PCs the company purchases can be more for faster computing
and with less internal memory.
PARAGRAPH WITH ADDED SOURCES:
This method saves memory space on multiple PCs. For a
business, this can save money by reducing the amount of
memory the company needs overall, reducing the number of
memory-oriented servers, and reducing the number of system
administrators needed to support those servers. Also, the types
of PCs the company purchases can be more for faster computing
and with less internal memory. According to an article called
Interconnected cloud computing environments: Challenges,
Taxonomy, and Survey, something as simple as purchasing and
updating internal memory can be a very expensive proposition
for businesses, particularly if each employee is supplied with a
computer at work. Servers also add an astronomical amount to
12. budgets, and the cost to house them is also high. Facebook, for
example, spends upwards of $30 million to purchase, house and
upkeep their servers. Granted, not all companies can just
replace their servers with cloud based systems, but this gives an
indication of potential cost savings.
Thanks