The Convergence Of Accounting Principals - 926 Words

The Convergence of Accounting Principals When it comes to financial accounting, there are two sets of standards that seem to have incongruent rule and principal based views on the way things should be done. These standards include the Generally Accepted Accounting Principals (GAAP), which is rule based, and International Financial Reporting Standards (IFRS), which is principal based (Waybright p.260). Despite opposing views, the two have been attempting to fully converge since 2002. Historically, the concept of converging companies has been around since the 1950’s when the term harmonization was introduced. Harmonization was coined to â€Å"reduce the differences among accounting principals† (FASB). Then, in 1990, the term harmonization was replaced by convergence. The Convergence Project between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), started to make way in October 2002 when the Norwalk Agreement publicized the merging of both sets of standards. The Norwalk Agreement is a signed understanding by both FASB and IASB to ensure the compatibility of financial standards and future programs. These two committees, along with the Securities and Exchange Commission (SEC), have been working together to improve the accounting standards of GAAP and IFRS. â€Å"The IFRS includes most European countries, Canada, Mexico, China, and Russia†, (Waybright p.259), while GAAP is only used in the U.S. The Norwalk Agreement pledged toShow MoreRelatedWhy The Us Must Not Adopt Ifrs Essay1535 Words   |  7 Pagespossesses its own accounting standard that regulates the preparation of financial statements of a company. In that way, companies’ information might differ between countries making the comparability between financial statements difficult to be implemented by users in order to assess the performance of foreign businesses. In view of the need of a globally accepted accounting standard that promotes uniform standards for worldwide financial reporting, the International Accounting Standards CommitteeRead MoreMgt4045967 Words   |  4 PagesMGT 4045 / 6045 ARTICLE WRITE-UP #8 – TAB K READINGS (IFRS CONVERGENCE) WRITE-UP DUE: Thursday, 10/28/10 1. Explain the rationale for the global harmonization of financial reporting and disclosure requirements. -Make the financial statement more comparable across the global market so investors can invest their capital in more efficient comparable. 2. Identify two groups that are exerting pressure for pursuing global harmonization. How do these two groups stand to benefit from harmonizationRead MoreInternational Financial Reporting Standards For Cross Border Capital Investments1082 Words   |  5 Pagesconsiderable costs are applied to the translation of financial statements prepared under different accounting standards into a comparable form. Multiple number of accounting systems exist which create these differences and accounting is the language of business created by society to present information which reveals the economic health of a company. Like any other language there are many different accounting languages used across various regions of the globe to present this information. The intensificationRead MoreMultinational Corporations And The Standards Of Their Home Country That Have More Than One Way For An Issue1397 Words   |  6 Pagesfactors that have led to the convergence include, multinational corporations are starting to use the accounting standards of their home country that might have more than one way for an issue, IASC has gained encouragement to create standards for transparent reporting and applicably consistently and consistently with the world, standard setters for securities and nationally are finding standard setters for other standard setters. 1B The auditor helps assure that accounting standards are be applied correctlyRead MoreThe Impact of Changing from Chinese Gaap to Ifrs2140 Words   |  9 Pagescapital markets, international accounting convergence has become an irreversibly realistic issue for countries worldwide. Thus, international accounting convergence has become the focus of the theoretical and practical issues. At the same time, the development has surged in China. Due to the fact that China adopted IFRS as references in standard-setting, making an objective assessment of the accounting convergence effect if important to the development of accounting theory and practice. This essayRead MoreFinancial Statements Ifrs vs. Gaap1615 Words   |  7 Pagesbusiness world, particularly in the accounting field, a major issue has surfaced in recent years relating to the differences between Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). Currently, the majority of countries in the world follow International Financial Reporting Standards guidelines; however, the United States still uses GAAP. This topic has been a main focus because there is a plan for convergence between the two frameworks in theRead MoreThe Convergence Of Gaap And Ifrs1872 Words   |  8 Pagesâ€Å"A review of information about the convergence of GAAP and IFRS† Revenue recognition is one of the major areas that a convergence of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) unleashes its fiery wrath on US domestic and global businesses. GAAP are the accounting principles that United States domestic companies currently use. GAAP was made and is regulated by the Federal Accounting Standards Board, known as FASB, established in 1973. ThisRead MoreIfrs And Gaap : Gaap Vs. Ifrs798 Words   |  4 PagesAccepted Accounting Principles (GAAP) are set by the Financial Accounting Standards Board (FASB), an independent, not-for-profit organization, established in 1973 and most U.S companies use GAAP. The FASB’s standards are recognized as authoritative by the Securities and Exchange Commission (SEC), by the American Institute of Certified Public Accountants (AICPA), and by the State Boards of Accountancy. International Financial Reporting Standards (IFRS) are the most used set of accounting principlesRead MoreIfrs: a Review of the Literature1887 Words   |  8 PagesIntermediate Accounting III (10089) Abstract Due to the global integration of business and finance throughout the world, approximately 113 countries have adopted or are working on convergence with IFRS. This paper is a look at the history and an examination of where IFRS stands internationally and with the United States. For several decades the industrialized world has been working toward an international set of accounting standards. Since IFRS has become the de facto international accounting languageRead MoreMsys 111 Test revision 1615 Words   |  7 Pagesdown the barriers 2. The first 3 flatters are different to the last 7 as they are dates or specific events which happened. The remaining three are modern techniques influenced by the 3 events 3. One implication of triple convergence? One implication of the triple convergence is the new found global workforce introducing many new players. 4. What is one implication of living in a flat world? Job and business competition is steadily increasing due to the world flattening and the barriers are coming

American Culture And Its Impact On American Society

My topic of interest is regarding how have Hispanics began to enter American Society and how have they assimilated or integrated to become part of it? Hispanics are a minority group who have overcome many struggles and stereotypes throughout history. It is important to know how it all started and how they managed to become such a huge part of todays society. Hispanics Americans constitute more than 15% of the U.S population, and the number is still growing. It is the country’s largest ethnic minority group. When Hispanics enter into the American mainstream, their main assimilation obstacle is acquiring the English language. Their native language is Spanish, so when they come to the United states they are are faced with many struggles as to finding jobs in which would allow them to only speak Spanish. They would have to learn the American language in order to succeed and communicate with others who only speak English. Once they have learned English, everything becomes easier a nd more accessible. Many first generation Hispanics don’t make much of an effort to acquire the language as opposed to second and third generation Hispanics. First generations Hispanics prefer to hold on to their roots and would avoid assimilating through language. I. Methodology For this research paper I relied mostly on the database of Hunter’s online library. I used the Soc-INDEX with full-text link in which allows you to browse journal articles, books and conference papers. This linkShow MoreRelatedHip Hop Culture And Its Impact On The American Society895 Words   |  4 PagesEEverything can be defined as a culture as long as a lifestyle is determined by a group of people who integrate the knowledge. Hip-Hop is not only considered as a musical genre, but also a culture. The Hip-Hop culture is an artistic movement that people uses to express themselves by practicing social and artistic habits. Some of these habits include dancing, and the art of producing music. DJs and MCs are responsible for producing the music for this group which is defined as rap. MCs, DJs, and B-BoysRead MoreEssay on Impact of Baseball on American Culture and Society1618 Words   |  7 Pages Baseball has for a long time been a staple in the American sporting culture as baseball and America have grown up together. Exploring the different ages and stages of American society, reveals how baseball has served as both a public reflection of, and vehicle for, the evolution of American culture and society. Many American ways including our landscapes, traditional songs, and pastimes all bear the mark of a game that continues to beRead MorePermanent Impact of the Counter-Culture on Todays American Society1953 Words   |  8 Pagesillusionary is the reality of a new culture of opposition. It grows out of the disintegration of the old forms, vinyl and aerosol institutions that carry all the inane and destructive values of privatism; competition, commercialism, profitability and elitismÂ…Its not a youth thing by now but a generational event; chronological age is the only current phase. The previous quote was written by Andrew Kopkind in Rolling Stone on the Woodstock festival observing that a n ew culture was immersing from the rootsRead MoreAmerican Culture And Business Culture1719 Words   |  7 PagesIntroduction This report consists of the issues on whether it can or cannot be argued that culture shapes the way business is done in a country. The country that is focused in this report is America. It also discusses on the major distinguishing features of American culture and business culture in comparison to current Australian culture. The impact that culture has on business performance is also taken into consideration and how this affects the performance of the staff members and their work.Read MoreInfluence Of Mass Media885 Words   |  4 Pages Mass Media: Development and Literacy Alicia Nunez HUM/186 Media Influences on American Culture 8/21/2017 Allyson Wells Mass Media: Development and Literacy In the last century mass media has went from paper to digital, these major developments have influenced American culture in many ways. Newspapers have been around from the beginning they provide readers with information of practical value such as; television schedules, weather maps, and listings of stock prices. In additionRead MoreAmerican Culture Vs. American Society1496 Words   |  6 PagesAmerican Culture in comparison to Australian Culture American society is incorporated of traditions and conventions including language, religion, food, expressions and patriotism. It is accepted via scientists that almost every area of the world has impacted American culture, it is known as the nation of settlers. U.S. culture is basically moulded by the societies of Native Americans, Latin Americans, Africans and Asians. The United States is sometimes known as a melting point in which diverseRead MoreHmong Culture : Influences On A European American Society1488 Words   |  6 PagesThe Hmong Culture: Influences in a European American Society The Hmong people do not call any one country home, but have relocated several times throughout history due to war and political oppression. An article published in the Journal of Multicultural counseling and Development finds that the Hmong primarily lived in Laos, Vietnam, and Thailand. They had a great impact in helping western forces during the Vietnam War, and wars in Laos in efforts to end Communism. The article continues and describesRead MoreAfrican Of African American Culture1572 Words   |  7 PagesThere is no doubt that African Americans have a rich cultural background and history like the many different ethnic groups who settled in the New World, whose origins lie in another country. For this reason, America was known as the melting pot. However, the backgrounds of each of these cultures were not always understood or, in the case of African Americans, accepted among the New World society and culture. Americans were ignorant to the possibility of differences among groups of people until informationRead MoreMass Media and Popular Culture953 Words   |  4 PagesPopular Culture March, 2009 Let us face the facts, mass media and popular culture need each other to coexist. Furthermore, in todays society the mass media serves the interest of popular culture. Moreover, it is the vehicle of free speech in a diverse, multicultural society. In addition, mass media refers to communication via radio, televisions, movie theaters, television, newspapers, magazines, and, etc; thereby, reaching out to the larger audience. On the contrary, popular culture can referRead MoreSocial And Economic Factors Of The American Youth889 Words   |  4 PagesIn the American society, many adolescents are living in the generation where privilege is always handed to them. However, this need to be privileged has created a negative impact on the American youth. Many are becoming ignorant toward the ongoing challenges that other adolescents face such as hunger and poverty. Living in a privileged environment protects these ignorant adolescents from these prevailing challenges. Nowadays the Amer ican youth is more concerned about the social life of famous

Politicians and Social Order Essay Example For Students

Politicians and Social Order Essay Word Count: 1127A social order. A persons beliefs and values that allowthem to make the choices that to have the type ofgovernment they want. My social order- one of anAfrican-American, 17-year-old, low middle-class female-will differ widely from my mothers, or Shemairs, or evenyour social order. For instance, I strongly value education. So does my mother, Shemair, and I am sure you do, too. My mother might value my education because it will helpher later on in life. Shemair might value my educationbecause it means that we will be able to move out aftergraduation. You as my teacher, will value my educationbecause it proves that your education was good and yourlife as a teacher is worthwhile. I value my education for thesake of getting knowledge. Everyone might have the samevalue and yet they will have different reasons for valuing it. The same is true of our political values. People might wanta strong government because of the type of social orderthat they hold. The government maintains my personal and political socialorder. The government allows me to vote for people whohave the same purposes as I do. Representatives who fallinto my political social order are the ones who will get myvote as I get older. For instance the issue of abortion. Iam strongly against abortion for any reason at any time. When it comes time to vote for people to be a part of mystate government, I am going to choose someone whobelieves that killing at any stage in life is immoral. This way,through elections, I will have the ability to participate in thegovernment. I will have someone who protects individualrights, thus maintaining my social order, and keep thegovernment holding the same ideas as me. The principle of our democratic government will allow me to express myindividualism. My personal liberty will be established because the governmentprotects our interacting values that we hold. Another value that we have isthe idea of equality of opportunity. This fact is evident in the decision to haveaffirmative action used in places such as colleges, universities, and jobs. Ibelieve 100% that affirmative action is good and justifiable. I will vote forsomeone who pushes for affirmative action in the state of Florida. My socialorder clearly shows that I want someone who favors post-secondaryeducation, espec ially for minorities. Also, the idea of majority rule will beupheld in all of the elections that we hold. This way I can have free expressionin my personal life, as well as in the political arena. The reason why I will beprotected is that our government says that all elections are to be free and fair. Structures of DemocracyAnother important idea is having certain limits on ourgovernment. There are certain structures that areestablished to control all three branches of government. The idea of federalism shows that the governments poweris set up into two parts, the state and national government. There is the concept of separation of power, which statesthat each branch is given certain powers: the legislativebranch makes the laws, the executive branch applies thelaws, and the judiciary branch interprets the laws. Also, theidea of checks and balances were set up to allow onebranch of the government the power to set up limitations onthe other branches. Another way that the government iscontrolled is by means of limited government. The power ofour government right now is not absolute. This is aprotection that is set up in the Constitution to ensure thatthe government does not get too powerful. .u78a8909a1c1c036659594bac2091d93c , .u78a8909a1c1c036659594bac2091d93c .postImageUrl , .u78a8909a1c1c036659594bac2091d93c .centered-text-area { min-height: 80px; position: relative; } .u78a8909a1c1c036659594bac2091d93c , .u78a8909a1c1c036659594bac2091d93c:hover , .u78a8909a1c1c036659594bac2091d93c:visited , .u78a8909a1c1c036659594bac2091d93c:active { border:0!important; } .u78a8909a1c1c036659594bac2091d93c .clearfix:after { content: ""; display: table; clear: both; } .u78a8909a1c1c036659594bac2091d93c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u78a8909a1c1c036659594bac2091d93c:active , .u78a8909a1c1c036659594bac2091d93c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u78a8909a1c1c036659594bac2091d93c .centered-text-area { width: 100%; position: relative ; } .u78a8909a1c1c036659594bac2091d93c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u78a8909a1c1c036659594bac2091d93c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u78a8909a1c1c036659594bac2091d93c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u78a8909a1c1c036659594bac2091d93c:hover .ctaButton { background-color: #34495E!important; } .u78a8909a1c1c036659594bac2091d93c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u78a8909a1c1c036659594bac2091d93c .u78a8909a1c1c036659594bac2091d93c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u78a8909a1c1c036659594bac2091d93c:after { content: ""; display: block; clear: both; } READ: God Nature Description EssayA few more important changes that need to be noted arethe amendments to the Constitution. These Amendmentshave helped to extend civil liberties, These amendmentsshow what the power of judicial review has done foreveryone in the country, and not just for the peopleinvolved. The first, and most important one (at least to me),is Amendment # 13, which abolished slavery. If thisamendment was not established, I would probably besomeones mistress or cooking someones dinner ratherthan learning about how and why slavery was abolished. Next is Amendment # 19, which gave women the right tovote. Even though black men were given the right to vote in1870, if this amendment wasnt passed in 1920, I stillwouldnt have a voice in governmental affairs. The lastamendment that has helped not only me, but also all of yourclasses is Amendment # 26, which gave 18-year-olds theright

Eva Luna Essay Example For Students

Eva Luna Essay Eva Luna is based on the life of the protagonist of the novel, Eva Luna. Thestory begins with the tale of how Eva Luna was concieved by her mother trying tosave the life of a snake bitten indian. It takes place in an unnamed SouthAmerican country because the characters speak Spanish. Evas mother dies whenshe is only 7 years old and is forced to work as a servant in different houses. One thing she inheirited from her mother was the gift of story telling. Wherevershe would go everyone loved to hear her improvised stories. At the age of 17 sheworked in the house of a Turkish immigrant named Riad Halabi whom she falls inlove with but he is twice her age. She is then forced to move to the city wereshe is reunited with her transexual friend, Mimi. At first Eva works at amilitary warehouse but Mimi insists that Eva make a living from her stories. After an attempted suduction by one of the military generals, Eva decides toquit her job at the warehouse and write stories for a living. Her and Mimi livesuccessful lives without the help of men. Mimi is a well known soap operaactress and Eva writes the plots for them. Along with the story of Eva Luna isthe story of the European immigrant Rolf Carle. He comes from a broken familyand migrates to the South American country and lives with his aunt and uncle inthe countryside. As he gets older he decides he wants to become a journalist andsoon enough he is known as one of the most prominant journalists in the country. Rolf and Eva meet and thier separate stories become one. The important theme inthis book is feminism. None of the females in this story are dependent on anyman and they all seem fine without them. Some men are mentioned and come and gobut the women still move on without them and live thier lives. The only sign ofdependency is Zulema. Zulema becomes dependent on a man she falls in love withbut she undergoes depression and commits suicide. This shows how week it is tobe anti-feminist and how strong and successful it is to be independent. I thinkthis book is mainly aimed towards the adult and mature teen audience. I woulddefinitely recommend this book. However, I enjoyed Allendes House of theSpirits more than this novel. Eva Luna is faster reading than House of theSpirits and the plot is not as extended.