IFRS and GAAP Convergence Essay Example | Topics and Well Written Essays - 750 words

IFRS and GAAP Convergence - Essay Example ich have been adopted by the International Accounting Standards Board and comprise of IFRS, IAS (International Accounting Standards) and Interpretations. The term GAAP refers to the Generally Accepted Accounting Principles used by the CPA firms and companies in order to present their financial statements. These are also referred as the rule-based accounting standards. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are jointly functioning in numerous cooperative assignments intended to enhance the compatibility of US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), and eventually converge both the standards with each other. (PWC) The convergence of IFRS and the GAAP will largely impact the public companies, accounting firms, and small and medium companies together. The affects which the convergence will have are discussed in detail below. The public companies will be largely affected as the convergence will alter the reporting requirements of the companies and greater disclosures will be required as per the disclosure requirements if IFRS. The convergence will also have impact on the revenue recognition as the IFRS provides a different and assorted way of treating revenues from different transactions. This convergence will also impact the banking industry with regards to computation and accounting of gain, impairment of financial assets and hedging etc. This convergence will give new dimensions to the work of the accounting firms as they will have to reassess the reporting requirements and the financial disclosures for which they have to give their opinion. CPAs as well as the accounting firms will be required to obtain considerable knowledge and training to cope up with the converged standards in line to make the move while educating their clients as well. (Convergence Is Coming: How Your CPA Firm Should Prepare ) The convergence will require

Discussions W1-3 Assignment Example | Topics and Well Written Essays - 1000 words

Discussions W1-3 - Assignment Example This include: independence, integrity, objectivity and being transparent. The body hopes that its independence from undue pressure will not have an influence in its decision-making processes. The board has to be ethical, honest and forthright in all its relationships. It also has to be impartial in its decisions so that it can encourage open public participation. FASB on the other hand, is responsible for improving the financial accounting and reporting by non-governmental agencies. The boards has to ensure that such institutions provide financial information that is accurate and useful to investors and other end users. The board encourages broad participation of all stakeholders view in an effort to come up with better financial reporting standards. There are some differences in accounting for profits and nonprofit financial reporting. The standards of reporting for the two accounting boards are very different especially when it comes to accounting for profit. In recognition of prof its for instance, GABS does not necessarily recognize profits because it is a non-profit making venture and instead it may be called surplus. FASB on the other hand, does recognize profits in its financial reporting and is one of the most important information for decision makers. Therefore, profit is always recognized and has to be reported in the financial statements of profit making institutions. Government reporting is often a challenge especially when one has to consider that the government has to take into consideration different aspects. For instance, government reporting is different for counties and that of the city because of different reasons. First, the counties are usually under the local authorities and the cities are usually under a municipality and thus the difference. The reporting also has to take into consideration the number of residents or the population of the inhabitants. This is especially crucial in knowing what the resources will be allocated to each county and city. As is the case, some counties are larger than cities and some cities are bigger than counties. Therefore, there has to be some consistency in reporting of financial statements for the two. GABS reporting on financial statements of non-profit making institutions has to take into consideration three main characteristics. First, the information shared has to be useful to the end users. The main use of information is to influence decision-making, therefore the information has to be useful to people who are not looking for profits but rather how resources or services have been provided effectively. Secondly, GABS has to take into consideration the fact that most users are not familiar with accounting standards for governmental organizations. Therefore, the board has to educate and guide the end users in interpreting financial reporting for non-profit organizations. Finally, the decision makers are the most important and integral part of reporting. The government should not alt er any information on financial statements to influence the minds of the decision makers (gasb.org, 2012). There are similarities and contrasts in the way financial reporting is conducted under the International financial reporting standards and the U.S GAAP especially when it comes to leases. Both accounting reporting are similar in that they recognize the three types of leases. They recognize the existence of a capital lease, a financial lease and an operating lease. Secondly, the two

Project Implementation Process Essay Example | Topics and Well Written Essays - 2750 words

Project Implementation Process - Essay Example It is also expected by the stakeholders that some commercial uses like an artists’ studio shall have a place on the piece of land after it is developed for the generation of further income by drawing more people to the site. It is thus the developer’s duty to assess the site and, in this report to the School Governors, detail how the various issues put forth by the stakeholders shall be handled to make sure that the 2.5 million pounds budgeted for meet all the needs of developing the project (Kerzner, 2009, p. 9). Statutory Issues in Consideration There are several legal matters that need to be dealt with to ensure a smooth running of operations both currently and in the future. It is expected of the developer that all matters legal are put into consideration to eliminate all hurdles that may sabotage the project and lead to the loss of the benefits expected from the projects that will result from the facilities erected on the bought site. These issues shall be discusse d in the following section to quell the fears of the stakeholders and have their confidence and blessings as to the viability and profit potential of the project (Smock and Stewart, 2006, p. 30). The first issue is the legal access to the site that has been bought from the local authority. All the required documents concerning the transfer of land to the Drove Park School shall be obtained before the commencement of the project. The title deed shall be transferred to the Grove Park School before any activity is undertaken. It is expected that the complete transfer of the land from the local authority possessing it to the school shall be completed before the developer takes charge of the projects at hand. This is to avoid the eventualities that may result from the access to land that is under dispute due to one mishap or another (Russill, 2012, p. 41). Another legal issue that requires keen attention is the acquisition of the permit from the government to allow access to and developm ent of the land in question. An agreement shall be signed between Grove Park School and all the authorities that have a vested interest in the land to fully assure the Grove Park School that it has the full possession of the site at hand and that its developer is allowed full access and the use of the land (Nohe, 2009, p. 22). The site needs to be developed from a very poor and hopeless state to inspire the whole area and turn it into a business center of its own standing. Since it is expected that the project shall be very successful, plans should be put in place both with the owners of the land adjacent to the one under development to eliminate any future hurdles that may jeopardize development and other plans. The Grove Park School should thus focus on liaising with the local authorities to allow future expansion plans without breaking any laws in place. All government rules concerning the future plans of the project at hand should be known in advance both by the developer and al l parties with vested interest (Kerzner, 2009, p. 15). The developer at this stage assures all parties that all rules and regulations concerning the project both at present and in the future are well taken care of and there exists no major hurdle as to the development plans in place. Statutory

The Move from Doubt to Certainty Essay Example for Free

The Move from Doubt to Certainty Essay Descartes is interested in the certainty of his existence and the existence of other people and things. Descartes beliefs vary from those of Socrates. Descartes argues that knowledge is acquired through awareness and experience. Using this approach, Descartes moves through doubt to certainty of his existence. He asks himself various questions about the certainty of his existence and solves them through clear thought and logic. Using this method Descartes establishes doubts to be truths and by the end of the book, he has established that he does indeed exist. In this paper, I will show how Descartes moves through doubt to certainty. I will explain how Descartes uses the cogito, proves the existence of God and what that means to his existence. I will also discuss the general rules of truth that Descartes establishes. In the First Meditation Descartes begins to examine what is certain and what is doubtful. Descartes wants to establish that his knowledge is certain and not doubtful. He states, I had accepted many false opinions as being true, and that what I had based on such insecure principles could only be most doubtful and uncertain; so that I had to undertake seriously once in my life to rid myself of all opinions I had adopted up to then, and to begin, and to begin afresh from the foundations, if I wished to establish something firm and constant in the sciences. (Descartes 95) By this Descartes means that he wishes to establish a foundation for his knowledge based on certainty instead of doubt. Descartes first looks at the senses. This is important because the senses are the first thing to cause doubt. He focuses on the perception of things. He says that things far from him, in the distance, give him reason to doubt their certainty, while things that are close to him are indubitable and he is clear about their certainty. However, Descartes realizes that dreams pose an obstacle to his beliefs. Even up close, dreams can be indubitable. Descartes believes that if a person has had a dream that was so intense that the person could not determine it form reality, then they have reason to doubt objects that are close to us and appear to be indubitable. In order to resolve this problem, Descartes suggests that one must examine whether they are dreaming or not. Descartes realizes that he can not rely on his senses anymore to give him dubitable truths. He turns to find something that is indubitable. Descartes tries to use science as a foundation for truth. He discards physics, astronomy, and medicine because all three of them rely upon the senses. we shall not be wrong in concluding that physics, astronomy, and medicine, and all the other sciences that depend on the consideration of composite things, are most doubtful and uncertain (Descartes 98). However, Descartes finds that such things as geometry and arithmetic can be trusted because their are no senses involved. They are based upon logic. whether I am awake or asleep, two and three added together always makes five, and a square always has four sides; and it does not seem possible that truths so apparent can be suspected of any falsity or uncertainty(98). However, Descartes finds reason to even doubt this. The only thing that could makes these truths dubitable is through the intervention by an Evil Deceiver (God). Descartes cannot prove that God is good and has to acknowledge that God has the power to deceive. Therefore, Descartes must doubt all things until he can prove their certainty. Descartes comes to call this doubt Universal Doubt. In the Second Meditation, Descartes examine the existence of himself. He concludes that if he cannot prove something exists then how does he know with certainty that he exists. It is his doubt of his existence that Descartes uses to prove his existence. Descartes realizes that if he is able to doubt then he does indeed exists. He take the approach that, I think therefore I am to establish a certainty that he exists. This idea also known as the cogito becomes the central point that Descartes will use for the remaining of his meditations. Descartes affirms his existence every time he thinks, doubts, or is persuaded(Descartes 103). Descartes affirms that if there is an Evil Deceiver then Descartes must exist because in order for God to deceive, Descartes he must first exist. Although, Descartes has proved his existence he can only prove it in the mental capacity. He does not know for certain that he exists in the physical form. The only way, at this time, that Descartes can prove the existence of his body is through his senses. He has already established that his senses are dubitable and therefore cannot tell him with certainty that his body exists. In order to get a better understanding of his relationship between his body and mind, Descartes melts a piece of wax. He observes the wax in two different states, the first in a solid form and the second in a melted form. He questions how his senses can show him two entirely different forms of the same substance; yet he knows that the substance, in both states, although completely different, is wax. The mind was able to understand the essence of the wax. Although the senses were not entirely capable of making the connection between the two forms of wax, the senses assisted the mind in determining what the substance was. This experiment proves to be important to Descartes because he is able to make a link between the senses and the mind. Using his experiment, Descartes enters his Third Meditation using his general rule of truth that all things we conceive very clearly and distinctly are true(Descartes 113). However, there is one flaw to his thoughts. If God is an evil deceiver than this cannot be true. Descartes proceeds to establish that God is good and does not deceive. Descartes uses three points to establish the existence God. These points are ideas. The first one is adventitious ideas; those ideas that come from outside experiences. The second is invented ideas; those that are derived from the imagination such as sirens and chimera. The final is innate ideas; those that are within one when they are born. Descartes uses two more points to further establish that God exists. He uses the ideas of infinite and perfect. These two ideas, Descartes cannot account for. The only way for such things to come about would be from an infinite and perfect being such as God. These ideas have a direct relationship with God. In order for a finite beings such as Descartes to have a concept of infinite it must have been planted there by an infinite being such as God. Descartes concludes this idea to be true because one cannot derive the idea of infinite by negating the finite(Descartes 125). An example of this would be the use of a number line. The number line will never be able to illustrate infinity. One could negate every number on a number line and still not arrive at infinity. Therefore, Descartes concludes that God does exist and therefore is not an evil deceiver. Because God has supplied us with the innate ideas of perfection and infinity, God, therefore, must be infinite and perfect. Descartes states that, Whence it is clear enough that he cannot be a deceiver, for the natural light teaches us that deceit stems necessarily from some defect(Descartes 131). Since God is perfect he is not an evil deceiver. It is important to realize that by the time Descartes has reached his Fourth Meditation he has proved three important things. The first is that doubt is not universal. The second is that there is a general rule of truth. The third is that God exists and cannot be an evil deceiver. However, Descartes raises a question: If God exists and cannot be an evil deceiver then why are humans imperfect and perpetually making errors? Descartes explains this through the explanation of free will. Descartes states that God has given all humans free will. This is the cause of human error. Because we have free will, humans are able to make choices and decisions free from the influence of God. Sometimes free will interferes with Gods ability to help humans and therefore humans sometimes make poor decisions. If God did not give humans free will than God would play a direct role in every decision made by humans. It is because God gives humans free will that allows for human error. Descartes Fifth and Sixth Meditations begins with the establishment of his remaining doubts and the application of what he has discovered. The first question deals with the essence of color, mathematical, and geometrical truths. The second is the existence of people and things. The third is determining the difference between dreams and reality. Descartes reiterates that God is not an evil deceiver and therefore he can clearly conceive something to be true. He reiterates that if he conceives God correctly then God is perfect. Imperfection is not compatible with Gods omnipotence. A non-existent thing cannot be perfect. Even a non-existent perfect thing is imperfect and all perfect things are perfect. Descartes also restates that a perfect thing cannot deceive. With this knowledge, Descartes proceeds to solve his second problem. The existence of corporeal(physical things) exist with certainty. Since God is not an evil deceiver, the idea of physical things is accurate. Although some perceptions will still be blurry and may confuse Descartes objects do indeed exist. He concludes that he just has to be more judgmental of those perceptions. But as concerns other things, which are either only particular, as,, for example, that the sun is of such a size and shape, etc. , or are perceived less clearly and distinctly, as in the case of light, sound and pain and so on, although they are very doubtful and uncertain, nevertheless, from the fact alone that God is not a deceiver, and has consequently permitted no falsity in my opinions (Descartes 158) Descartes now knows for certain that he has a body. Descartes realizes that, I have a body, which is ill disposed when I feel pain, which needs to eat and drink when I have feelings of hunger or thirst etc. (Descartes 159). Because of these feeling that Descartes has and because God is not an evil deceiver than Descartes is indeed lodged in a body and is an entire entity with it. Descartes finally analyzes his third doubt. He now has the ability to distinguish between being awake and dreaming. When we are awake, Descartes states, are mind flows in an uninterrupted, continuous sequence. When we are dreaming, our mind does not flow in a consistent, and undisturbed sequence. When a person has a break in the consistency of events, they are dreaming. when I perceive things which I clearly know both the place they come from and that in which they are, and the time at which they appear to me, and when, without any interruption, I can link the perception I have of them with the whole of the rest of my life, I am fully assured that it is not in sleep that I am perceiving them but while I am awake(Descartes 168) After establishing certainty to his doubts, Descartes states, And I must reject all the doubts of the last few days as hyperbolic and ridiculous, particularly the general uncertainty about sleep, which I could not distinguish for a wakeful state (Descartes 168). With that Descartes concludes his meditations and uncertainties. Although Descartes makes a sound argument there were some people that disagreed with his theories. One of those people was John Locke. The beliefs of Locke, who was an empiricists, were similar to those of the Sophist during the time of Socrates. He argued that when a person was born their mind was empty. A person obtained knowledge through experiences. He also felt that if a person misinterpreted an experience it could lead to doubt or skepticism. Locke tries to prove Descartes wrong by saying that there are no innate ideas. He states that by understanding our own mind we can deter doubt. Locke proposes three separate possibilities about truth. The first is that there is no such thing as truth. The second is that there is no way to obtain truth. The third reason is that we can understand implied things but not be absolutely certain about them. Locke believed that we never deal with certainty and everyday we deal with possibility. and it will be unpardonable, as well as childish peevishness, if we undervalue the advantage of our knowledge and neglect to improve it to ends for which it has given us, because there are some things that are set out of the reach of it. (Locke 57). Locke states that not all innate ideas come from natural ability. He says that a universal consent does not prove innate ideas. They could arise from experience. Locke supports this theory by saying that innate ideas are neither in children nor idiots. If these ideas were innate then everyone would have them. He further states that mathematical truths are learned from experience and are not innate ideas. Descartes and Locke were two men with completely different views. They each set out to prove their own existence in a different fashion. Although they do not agree with each other, each one of them presents a clear and intelligent argument. It is these arguments that have encouraged the human race to consider the possibility of existence long after the death of Descartes and Locke. People will continue to debate their viewpoints for years to come and maybe, one day we will know the meaning of existence.

C.S. Lewis on Misunderstanding Fantasy Essay -- Biography Biographies

C.S. Lewis on Misunderstanding Fantasy â€Å"Good stories often introduce the marvelous or supernatural and nothing about Story has been so often misunderstood as this.† On Stories—C.S. Lewis The early decades of the last century saw the loss of credibility of fantasy literature among the academic elite who ruled it a popular genre with little to no scholarly merit. Little that had had the misfortune of being dubbed fantasy had escaped the blacklist cast upon the field. Many critics had also labeled the fantasy genre as largely clichà ©, full of shallow characters, and as having no value beyond being purely escapist entertainment. These generic labels, applied wholesale to fantastic literature, had pushed it off the radar until readers of Fantasy had become literary lepers, lurking in the corners of accepted literary societies. Recent big screen blockbusters such as The Lord of the Rings: The Fellowship of the Ring and its sequel, The Two Towers, as well as the two Harry Potter films have restored much attention to the oft-ignored genre. Despite the commercial success of the two fantastical franchises, however, Fantasy has not regained much standing within the academia, as scholars continue to neglect contemporary fantasy literature when choosing curricula and fail to give the genre its due while unwittingly including much that is fantastic in classical literature courses. Although these classics have been accepted, they have often been held either as the exception to the rule or have not been labeled as Fantasy at all. Further, the lack of Fantasy in the curricula of colleges across the country has become so egregious as to ignore modern literary giants such as George R.R. Martin who competes e... ...ery dissimilarities than any other story could because of its similarities. Lewis said, â€Å"The value of the myth is that it takes all the things we know and restores to them the rich significance which has been hidden by the veil of familiarity† (On Stories 90). â€Å"By putting bread, gold, horse, apple, or the very roads into a myth, we do not retreat from reality; we rediscover it. As long as the story lingers in our mind, the real things are more themselves.† Bibliography Lewis, C.S. An Experiment in Criticism. Cambridge. Cambridge University Press, 1961. Lewis, C.S. On Stories and Other Essays on Literature. Ed. Walter Hooper. New York. Harcourt, Brace, Jovanovich Publishers, 1966. Tolkien, J.R.R. â€Å"On Fairy-Stories.† Tree and Leaf. Boston. Houghton Mifflin Company, 1965. Tolkien’s label â€Å"fairy-story† can be taken synonymously with fantasy literature.

Marriage and Social Class Essay

Many cultures categorize their society according to wealth, power, education, religion, ethnicity and occupation. These differences usually draw the lines that not all are willing to cross for different reasons. In America, the consequences when crossing classes are usually implemented by an individual’s family and peers. If a person decides to date or marry someone of a lower class, the immediate concern would be if the person of a lower class is interested for monetary gain whereas, the person of a lower class may be concerned if they would be treated as an equal in the relationship. With these problems present the courtship or marriage could be domed from the beginning or made to work harder at leveling the playing field. I believe love in lower class groups build their foundation on love where relationships are concerned simply because high expectations are not placed upon them and they are free to love whomever their hearts desire. In the marriage market, characteristics such as income, education and occupation are key definitive qualities when looking for a perspective life long companion. In addition, the tendency of individuals to marry others with similar traits has important implications for social inequality, income redistribution and education. However, there is still little understanding about what generates this assertive matching. One possibility is that people like to follow horizontal preferences when choosing a spouse to share similar characteristics of their own. This approach is believed to provide the security of longevity in love. However, sometimes people will experience an attraction to someone outside their social class whether it’s above or below but not always follow through due to fear of failure or rejection from family and peers. According to Karl Marx, one percent of the population is considered upper class and their wealth is generally inherited. Members of this particular class are perceived as snobs by the lower classes because they tend to look down at anyone outside their circle. This group does not have to work but often serve as board of directors of major companies and they are careful to only socialize with peers of an elite group. In most cases, parents with young children are thinking ahead as to who would be a good match and what social events to come would provide excellent choices of companionship. Their expectations would be for their children to select a person of equal or greater than the wealth of their own. In many cases, if a selection of a lower class is the choice of an immediate family member there would be great consequences including releasing them from all or most of the family’s wealth. Some would perceive the choice as rebellious and some may feel that it’s simply true love. If a person is made to feel that options are limited it may be an act of rebellious. However, if they stumble across a person they feel a connection with and is able to communicate on a level of satisfaction than the ability to proceed should be encouraged. Too often, members of the upper class enter the union of marriage because it meet or exceed the expectation of family and peers and later become unhappy with their choice. When this happens, they are reluctant to free themselves in fear of what others would think. Women in most marriages of the upper class are unhappy because the husband is usually away from the home on extended stays for multiple reasons. To fill the void of their husbands’ temporary absenteeism, they will keep themselves busy with charities, hobbies and the children if they are not away in boarding school. Although the divorce rate is low for this class infidelity is high. Because this class is very much secluded from the others, persons on the outside believe they must be happy in love assuming the problems of the lower class would not be an issue due to their wealth. In fact, many of the same problems exist such as communication, loneliness and loyalty to name a few. However, the upper middle class makes up approximately ten percent of the U. S. population and are successful business people, executives and high ranking civil and military officials (Long 2010). This group acquires their wealth from investments, savings and little of their wealth is inherited. The possibility of marriage within these groups is very likely to have longevity, mostly because it is expected of them although happiness with their spouse may not last the duration of the union.

Fast Food Argument

Fast food is unhealthy; leads to obesity and disease, but the convenience and addictiveness of it contributes to the laziness of the general population. Most people eat fast food for the lack of time then having prepare a decent meal. It seems as though there is a fast food restaurant on every street corner while driving home. The general population oversees the fact that eating nothing but these greasy foods will attribute to weight gain. Fast food is addictive for the convenience of it and in which it tastes so good. Additionally, the variety of fast food restaurants provides timely manners for people with different work hours; compared to whom works a normal nine to five job. For instance, people try dieting and then will starve their body by not eating anything at all or just salads that will go nowhere fast. The human body needs heavy calories to burn off and produce healthy enzymes and glycogen. Specifically, this helps produce bigger muscles and thicker bone density. Eating nothing at all will still not help a person get healthier because the human brain needs carbohydrates and proteins to function properly. Naturally, eating too much fast food leads to obesity which leads to diabetes, high cholesterol and high blood pressure; which then leads to laziness. Laziness is one of the biggest factors to weight gain. What a vicious circle this is; being too tired to cook after working all day, the convenience of fast food then laziness and furthermore, the unnecessary results of obesity and disease.