US GAAP IFRS Convergence Essay Example | Topics and Well Written Essays - 2250 words

US generally accepted accounting principles IFRS Convergence - Essay ExampleAccording to the research findings over the past 15 geezerhood, m any(prenominal) accounting controversies and scandals bring forth caused financial turmoil and resulted in the bankruptcy of several major firms. In response to these events, the IASB (International Accounting Standards Board) began developing the IFRS (International monetary Reporting Standards) to provide transparency and comparison for investors across the world. Today, more than 113 countries have adopted the IFRS or are in the process of converging to the standard. While countries such as Canada adopted the IFRS as beforehand(predicate) as 2011, the United States has maintained that transition from the US GAAP (Generally Accepted Accounting Principles) to the globally accepted IFRS will require more time. The US GAAP is the accounting standard followed by all companies registered in the United States. Doherty estimates that the US wil l not be able to adopt the IFRS completely before 2015. As a result, both the FASB (Federal Accounting Standards Board of the US) and the IASB have been working to achieve convergence between the two standards. However, this convergence exercise has been ongoing for several years as related agencies including the FASB, IASB, SEC and the general industry debate on the pros and cons of specific rules and regulations. The first step towards achieving convergence between the US GAAP and IFRS was initiated by the Norwalk Agreement in 2002, under which both governing bodies pledged their commitment towards the goal of convergence and agreed to realize it by the year 2008. The boards met once once more in 2008 to discuss outstanding milestones and agreed to fulfill them by 2011. Both organizations planned to achieve this through joint projects that would help define and establish a set of principle-based standards (Nobes and Parker, 2010). Achieving these objectives, within the stipulated time period, has however not been possible, owing to a number of bottlenecks and shortcomings on the part of both the IASB and the FASB. For example, both parties realized during 2010 that they would be unable to resolve all outstanding issues by 2011 (Brands, 2011). In response, they decided to prioritize all such projects based on their relative importance. Despite ensuring quicker termination of these urgent issues, many prioritized projects such as Financial Instruments and Revenue Recognition are yet to be resolved. As a result, other low-priority projects like Income Taxes, Financial Statement Presentation and Liabilities are unlikely to be resolved in the near future (Bruce, 2010). Much of the delay can be attributed to the overwhelming and versatile nature of public feedback, received in the form of exposure drafts, which need to be thoroughly examined and analyzed to determine the most appropriate standard. The delay is push exacerbated, as the boards then have to prepa re subsequent drafts after taking all public feedback into consideration and re-expose them for further public scrutiny. Most recently, the FASB and IASB announced that they would re-expose their modish drafts on revenue and leases. Based on their expected date of publication and comments from interested parties, the effective date for both standards is unlikely to be set any earlier than 2015 (Jamal, 2010). Thus, it is evident that despite considerable planning it has been impossible to prevent unavoidable delays in the early adoption of a common accounting standard. Hail, Leuz and Wysocki (2010a) point the IASB and the FASB for ignoring due diligence and instead focusing their efforts towards meeting the deadline. He criticizes both rule-setting bodies for setting highly optimistic targets instead of

Stop. Think. Action Essay Example | Topics and Well Written Essays - 750 words

Stop. Think. Action - Essay ExampleThe study has been supported with the storyline and flowchart, every last(predicate) of which elucidate the tools and techniques I applied to everyplacecome the situation in a creative way. Since I strongly believe in divergent thinking, because of its offering multidimensional alternative solutions of the challenges and problems (Hudson, 1967), I have described its application in my professional life as well as its outcomes in my personal career growth, which has been lucubrate in the following lines.I had been appointed as a HR manager at a real estate corporate firm, which could not be regarded as an established organisation at the time of my getting recruited at there. Since the company offered commission-based employment to the professionals, almost 90% of the employees were commission-based sales personnel, who would obtain 30% of the personal credit line they had generated for the company. Hence, the company would pay more heed and respec t to the personnel, who tend to bring business and finances through clients and customers. Despite the fact that the company had appointed me against the monthly salary, its financial condition appears to be stating that I would also have to carry out some business deals as a real estate constituent to ensure my salary to be paid. One of the firms directors also indirectly hinted the same that generating payments for the salary-based employees could be challenging for the company.I had got that job after over five and half years of unemployment. Since I had very bitter experience of leading the life of a jobless person, I did not want to brook it at any cost. Besides, I was well aware of the reality that my survival depends upon getting involved into business generating activities. Consequently, I pounced into a divergent thinking political program to escape getting fired at the hands of the management.I developed my personal SWOT analysis, where I regarded my graduate degree in sociology as unmatchable of my most

Knowledge Management Essay Example | Topics and Well Written Essays - 2250 words

Knowledge precaution - Essay ExampleFurthermore, forces inside the industry, which include buyers, suppliers, new entrants, substitutes, and most importantly, disceptation in the industry. Therefore, the report presents familiarity management as solution to most of these problems and a tool to strengthen companys situation. Discussion Definitions of Knowledge Management Without any doubts, for the past few decades the world has been changing at exponential rates. The ability of human mind of discover the secrets of nature, explore the seas, capture the air, fly into the riffle and others have allowed us to live in a world which is a better and comfortable place. However, on the other hand, these technological advancements have really increase the amount of information and knowledge that was available before. In fact, never in the history before, we felt the need to manage the knowledge that we possess. Furthermore, the future that awaits for us where our triumph would be a direc t result of our ability to effectively use, manage, and develop our knowledge. Technological capital and human smart capital may not desexualize a place on the balance sheets of the organization but they will be getting much attention in the corporate goals, mission statements, and organisational cultures of the many companies. People understand that the only thing, which has the ability to limit them, is their ability to leverage and use the human mind (Stankosky, pp. 234-235). Despite the fact that there has a lot of research in this field and lots of ink is being devoted to the subject, yet authors and experts have not been able to reach a consensus or one unified definition for this topic. According to Robert S. Seiner, Knowledge Management can be defined as a concept in which an enterprise gathers organizes, shares, and analyzes the knowledge of individuals and groups across the organization in ways that directly affect performance (Frappaolo, pp. 26-28). According to Meredit h Levinson, Knowledge Management is the process through which organizations generate value from their intellectual and knowledge based assets. According to Robert Villegas, Knowledge Management is simply the transfer of knowledge from one person to another, the result of which enables the recipient to benefit from the collected soundness of the more experienced members of an organization or group (Becerra-Fernandez & Sabherwal, pp. 341-348). In other words, Knowledge Management is actually a cyclical system or a multiplier effect, which helps an organization in efficient achievement of its objectives and the same happens because the organizations habits, planning and its execution is deeply rooted in the tacit and univocal learning of the organization (Stankosky, pp. 234-235). Why implement Knowledge Management? Following are some of the direct and clear benefits that Bobco will benefit from by the writ of execution of knowledge management in the organisation. First, the company would be in a great position to decrease the operational costs. Quite understandably, the market place of now has turned into a ruthless, aggressive, bloody, and destructive place where survival of the fittest is the order of the day. Even Bobco is operating in a market where the pressures for decreasing costs are change magnitude everyday. Despite the fact that sales have increased yet the profit margins have been shrinking due to increased pressures to outclass competitors. Attaining

Chain of Command Essay Example | Topics and Well Written Essays - 500 words

Chain of Command - Essay ExampleIn this case Lyndon Johnson, who was President of the join States when the most powerful country on the face of the earth went into what is called as the limited war ideology in Indo-China, his Secretary of National Defense Robert McNamara, general William Westmoreland, the man in charge of the US military operations in Vietnam in the 1960s, the division and battalion commanders and the individual soldiers in full battle gears. Soldiery, from sack up to bottom, is guided by the laws of modern warfare specially those task to institute peace and freedom as the Military Review by Sargent (2005) noted, we simply cannot give to collaterally alienate the people we are trying to influence, liberate, protect, or aid. Not everyone in the field can have the honor and pride of taking orders from the Commander-in-Chief in the attain of a morale-boosting pep talk and encouragement. Under constant threat of dragging into the mayhem two of the biggest armies in t he world, China and the USSR and the wounds of World War II and the Korean War still fresh from the minds of the American people, the United States went into employing the doctrine of limited war.

Discuss how an organisation's competitive advantage can be enhanced Essay

Discuss how an organisations competitive advantage can be enhanced with the introduction of clean applied science - screen ExampleIf according to the analysis the expected revenue is more than the technologys cost then only the company should plan to take the shapeination of installing the machine. There are several benefits of implementing technology some of them are discussed as follows Technology helps reduce cost One of the most renowned company, Procter & adventure makes use of latest technology to reduce its inventory cost. This company makes efficient use of computer technology to keep track of the amount of harvest-times or items that its retailers soon hold in stock so that it can immediately get restocked when required. Makes Distribution Easier Right coordination between distribution channels is not in truth booming but with the introduction of youthful technologies, this task has been made easier for the organizations. Just-in-time corpse helps in better planni ng of item delivery and can reduce cost of storage. Thus, implementing technology in the distribution process and doing extensive research and intellectual planning can help improve delivery time and give organization an chance of further growing their business worldwide. Increased Revenue As mentioned earlier, implementation of technology also results in increased revenue. Lets take an example of a very popular automobile company Ford. Ford today is considered to be a technology driven brand. According to the vice president of Ford, Derrick Kuzak, every product sold has added to increased revenue. He further stated that average revenue per vehicle has increased up to fourteen percent from the year 2008 to the year 2009. This increase was due to the implementation of latest technology, Sync in-car communication system in the vehicle. This system provides car drivers a hands free facility to control their carrel phones and media systems. Derrick Kuzak stated Technology has contrib uted majorly in enhancing our brand and further expanding our business Makes Communication Easier Advancement in technology also makes communication easier and faster. Through the introduction of new cell phones like blackberry, easy communication between employees through email and blackberry messenger has been made possible. Blackberry service notifies the employees about any new email that comes in their inbox and allows easy exchange or transfer of files and images, providing them with an opportunity, to perform their job sitting home. Various Technologies presently being used in Organizations legal age organizations implement Transaction Processing Systems. This system helps produce data, based on daily operations happening in the company. It produces data regarding inflow and outflow of materials, sales, identification and deposits etc. In simple words, this system provides an answer to all the queries that operational managers might have on daily basis. Another most useful system that is being used world-wide is the Management Information System (MIS). This is a technology that is useful for producing reports containing information useful for middle level managers to do short - term assessments. There are several other useful technologies or systems that help companies gain competitive

PMI and factors for problems solving Essay Example | Topics and Well Written Essays - 500 words

PMI and factors for problems solving - Essay ExampleTo solve this problem, PMI needs to address the raw material issue of extrajudicial interchange and must attempt to make fundamental changes in the way it does its business.It is imperative that therefore the best solution for PMI would be to re-assess its selling strategy in order to align it with the market. Market trends are clearly showing a very diverging view as in par to PMIs current strategy therefore a complete revamp of its strategies including nurture refinements in its segmentation as well as supply chain management.This go forth allow PMI to be successful because it will re-focus its strategy on aligning it with external reality as well as it will allow PMI to further refine its internal strengths to meet external threats.From the facts provided in case study, it seems that eBay is battling on many grounds especially on ensuring secure, transparent and ethical trade. Since eBay is a comical business model where i t earns its revenue by performing the division of an intermediary therefore it somehow kept itself protected from the disputes arising out due to fraudulent and illegal transactions using eBay as a channel.Since eBay has not transformed itself into a global company therefore the immediate groups of people who have a role to play as a response to eBays problems are the buyers and sellers

Mystery Shopper Assignment Example | Topics and Well Written Essays - 1250 words

Mystery Shopper - Assignment ExampleThe leash travel agencies provide a wide draw of services including organizing cruises, guided tours, vacations, and flights among others. However, each company has a unique offering. Although they operate in the same sector, I must admit that my experience with each of the three travel agencies was quite incompatible. The purpose of this paper is to present a critical analysis of my experiences after visiting the three travel agencies. conversance Travel when I visited Liberty Travel, the first impression I got was that of a well-established company. The office was quite big considering that it was a travel agency. There were between 50 and 60 employees in the large office that was organized in such a way that one could actually see the entire space. The employees looked motivated and welcoming. I was attended to instantaneously I entered the office. The employee who attended to me was very jovial, which I loved. She was very keen on listenin g to me and provided me with all the information that I needed. The packages they were offering were very good. I was oddly pleased to know that the company could organize personalized vacations where the customer would suggest what experiences he or she would love. However, the main weakness I found in Liberty Travel was their pricing. The company had very high prices, which I thought was over the board. If I owned the company, I would provide a variety of packages at different prices to accommodate the rich as well as the middle income people.American Express Travel the American Express Travel office was quite dainty with less than 30 employees. However, I noted that there were very many customers waiting to be served. Personally, I waited for about 10 minutes to be served, which I felt was a weakness in the company. The employees were warm and welcoming. However, they did not seem as keen with customers as I had witnessed at Liberty Travel. For example, rather than inspection and repair me fill out the forms,