Financial Accounting and Its Limitations - 1184 Words

What are the major limitations of Financial Accounting? Explain with the help of Examples. What are the alternatives to overcome these limitations? Financial accounting can be defined as reporting of the financial position and performance of a firm through financial statements issued to the external users on a periodic basis. It is a field of finance that treats money as a means of measuring economic performance instead of treating it as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of the organization in terms of assets and liabilities, and revenues and expenses. Financial accounting gathers and summarizes financial data to prepare various financial reports such as†¦show more content†¦Because, financial accounting does not records according to inflation so its result does not show true position of business. 6.Incomplete knowledge of costs From cost point of view, financial accounting is incomplete. In financial accounting, accountant does not calculate each and every product’s total cost. So, financial accounting does not help to determine the price of product of business. 7. Financial statements are affected from personal judgment Many events of financial statements are affected from personal judgment of accountant. Accountant decides method of calculating depreciation, rate of provision of doubtful debts and stock valuation method. Thus, financial statements do not show true and fair view of business. 8. No detail information about cost Financial accounting provides information as a whole in terms of income, expenses, assets and liabilities. It does not provide detail of the cost involved by department, processes, products services or other unit of activity within the organization. 9. No cost control method It does not have proper mechanism to control expenditure on various elements of cost, size, material and labor. As a result, misappropriation, wastage and losses of material are left unchecked. Proper utilization becomes impossible and suitability of different labor incentive plan goes without evaluation. 10. No information on efficiency It doesShow MoreRelatedTraditional Financial Reporting and its Limitations962 Words   |  4 PagesIntroduction In a more general term, financial statement states the details of an organization, entity and business financial activities. It provides information about the financial performance, position as at a given date, changes in financial position, etc., that are useful for economic decision. Some of the information content may include the statement of an entity’s assets (non-current and current), liabilities (short and long time), ownership structure, and statement of income, expenditureRead MoreComputerized vs. Manual Accounting1630 Words   |  7 PagesComputerized Accounting should completely replaces Manual AccountingPrepared By : Ali H. 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The accounting information be broken down into three core categories: OperatingRead MoreThe Conceptual Framework Of Financial Statements1248 Words   |  5 Pages1.0 Introduction: As Miracel Griff (2014) stated accounting is a science that is involved in the reading, monitoring and assessment of the financial affairs of a business at any time. In accounting procedures one cannot make a rational choice without some framework of principle (Macve, 1981). The Conceptual framework was introduced in 1989 by the International Accounting standard board also known as IASB. A conceptual framework comprises of a set of basic principles that give general support andRead MoreEssay about Xacc/280 Week 8 Assignment Internal Controls1002 Words   |  5 Pages4/21/2013 There are many rules companies must follow whenever documenting financial information or any other data which is gather during any business transactions. In order for said companies to report financial information internal controls have to be put in place as companies have to adhere to certain laws and regulations. Internal controls can be defined as a process which companies follow in order to ensure all financial reporting is done in a reliable and lawful manner. Some think of it asRead MoreConvergence And Comparability Of Financial Reporting1560 Words   |  7 Pages1. Introduction It has been argued over years that Convergence of financial reporting is possibly one of the most important and controversial topics in accounting and corporate governance across countries, of which I could not wholly agree them. The Issue of the convergence of the National Accounting Standards with International Financial Reporting Standards (IFRS) among policy makers, standard setters, regulators, professional bodies, and companies worldwide has peaked up and widely been discussedRead MoreDefinition And Format Of Conceptual Framework1564 Words   |  7 Pagesbenefit and limitation of this method. Secondly the limitation and benefit of a single framework in developing accounting standard is discussed in relation to their economy culture and language. Finally there will be a summarise answer to the question above The term conceptual framework can be describe as a coherent system of concept that flow from an objective. 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The study presented that measured individually; there is a positive relationship between working capital management; investment decisions; financial decisions and financial performance. Also, the study indicated that the collective effect of financial management practices working capital managemen t, investment decision, a financial decision

The Importance Of Play And Storytelling When Teaching...

While going through school, my coursework has prepared me for student teaching in many ways. While going through elementary methods we were split into groups and taught a unit to five home schooled students. During this time I learned about how to choose a theme and then develop an original unit around the theme. I also learned about the value of play and storytelling when teaching elementary students. I reflected on the importance of play and storytelling when writing my final case study paper. Being able to transfer my lesson plan from paper to teaching the students helped me critique my way of designing lessons because I realized where I need more time or where I need to check for understandings. In my courses I have read a lot of books about classroom management, lesson planning, and famous art educators, but one of the books that has changed my idea of how to teach secondary students was the book â€Å"Teaching Meaning in Artmaking† by Sydney Walker. This book has taught me how important it is to create a big idea that relates to the student’s lives and how it can be different from developing a theme. Learning how to properly use an artist as an example and to interpret their work is important when developing a lesson because when an artist is misinterpreted the outcome of the lesson will not be as successful. Using a big idea is beneficial to students because they will have more of a personal connection. If the students can relate to the subject matter then they canShow MoreRelatedLiterature and Its Relevance in Modern Times1515 Words   |  7 PagesHeiges ENGL 203-525 Ms. Nair Feb 8, 2013 Literature and its Relevance in Modern Times Before the importance of literature is discussed we must ask ourselves: â€Å"What is literature?† Many individuals that are asked that question will often give a complex answer for it seems to be a complex word. Some of the answers may include â€Å"it involves reading† or â€Å"it’s when you write†. 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Over the years, there have been many ideas of how to stopRead MoreEssay on The furture of early childhood education3423 Words   |  14 PagesChil dhood Education nbsp;nbsp;nbsp;nbsp;nbsp;If you ask someone to list for you the most important jobs of our society, teachers always make the list sometimes beating out careers like doctor or lawyer. Ironically, for a career we value so much, teaching has never been a well paying profession. But times are about to change. Due to an increasing demand and a fixed supply, salaries for early education teachers are expected to increase within the next decade. The United States Board of Labor ranksRead MoreQuestions On English Language Learner5180 Words   |  21 PagesStandards (CCSS) into the curriculum at elementary schools has created a more rigorous learning atmosphere for children. One of the main components that the Common Core State Standards, take pride in is that they are, ?Based on rigorous content and application of knowledge through higher-order thinking skills? (National Governors Association Center for Best Practices, Council of Chief State School Officers, 2010). These standards have been created so that students are more prepared for college. OverallRead MoreTkt Module 3 Test Sample2615 Words   |  11 PagesUNIVERSITY OF CAMBRIDGE ESOL EXAMINATIONS English for Speakers of Other Languages TEACHING KNOWLEDGE TEST Module 3 003 Sample Test 1 hour 20 minutes Additional materials: Answer sheet Soft clean eraser Soft pencil TIME 1 hour 20 minutes INSTRUCTIONS TO CANDIDATES Do not open this booklet until you are told to do so. Write your name, Centre number and candidate number on the answer sheet if they are not already printed. There are eighty questions in this paper. Answer all questions. Mark yourRead MoreTkt Module 3 Test Sample2621 Words   |  11 PagesUNIVERSITY OF CAMBRIDGE ESOL EXAMINATIONS English for Speakers of Other Languages TEACHING KNOWLEDGE TEST Module 3 003 Sample Test 1 hour 20 minutes Additional materials: Answer sheet Soft clean eraser Soft pencil TIME 1 hour 20 minutes INSTRUCTIONS TO CANDIDATES Do not open this booklet until you are told to do so. Write your name, Centre number and candidate number on the answer sheet if they are not already printed. There are eighty questions in this paper. Answer all questionsRead MorePreschool Is An Imperative And Fundamental Stage Of Learning3059 Words   |  13 Pagesduring this period that a child goes through the most rapid phase of growth and development. Their brains develop faster than at any other point in their lives, so these years are critical†. Surprisingly enough, elementary and secondary education is all that is legally required for students, though early childhood education is undeniably an imperative and fundamental stage of learning. However, not all children are obtaining the benefits early education has to offer. By implementing universal preschoolsRead MoreThe Growth Of Literacy Skills2155 Words   |  9 Pagescan help the child’s literacy development by communicating with him or her, reading together and teaching him or her about sounds in ways that are fun (Newman, 2005). The language experiences that children have when they start school form multiple and powerful brain connections. Without activities, such as talking, reading and singing, the brain does not develop this rich network of connections. Students become literate as they progressively develop the knowledge, skills and abilities to interpret

Business Corporation and Law Essential Part of Contract

Question: Disucss about Business Corporation and Law for Essential Part of Contract. Answer: Meaning of consideration The price which is stipulated by the promisor in exchange of his promise is known as the consideration. Consideration is an essential part of a contract. It is the sine qua non of any contract. A contract is considered to be void if it lacks a valid consideration. A promise becomes binding only when there is a valid consideration. Thus, a promise cannot be enforced if it lacks proper consideration. However, a promise without a consideration may be considered to be valid under certain circumstances. This is not relevant though in the light of the required questions (Houh 2014). 1. a) In the instant case, an offer was made for the sale of Lotus Super 7 sports car by Jane. The offer was made to Jack who readily accepted the offer. But there is no consideration for the same. Case law: Milroy vs Lord In this case, Mr. Medley had executed a deed and by virtue of the deed, certain bank shares of Mr. Medley were required to be transferred to a trustee. The shares were however, not registered in the name of the trustee and Mr. Medley continued to be the registered holder of the shares as per the register of the Bank. Moreover, the transaction was purported to be made without any consideration. Mr. Medley died afterwards and the personal representative of Medley tried to put resistance on the transfer of the shares. The personal representative contended that the deed was devoid of any consideration and therefore, the transfer should not allowed to be complete. He argued that the deed contemplated an uncompleted gift, which was without any consideration and therefore it should not be enforced (Lightman 2013). It was held that a mere promise having an intention to perform a gratuitous act would not legally bind the parties (Coleman 2015). In the instant case, the car is intended to be transferred to Jack and Jane does not demand any consideration for the same. Now, a promise without a consideration cannot legally bind the parties. Therefore even if Jack accepts the offer made by Jane, still the promise will not be legally entitled to be enforced because it lacks consideration which is required for the validity or enforceability of a promise. Though there has been offer and acceptance in the instant case, but the same is not contemplated by consideration and consequently no legal relation can be established by virtue of the promise. b) In the instant case, an offer is made for the sale of a Lotus Super 7 sports car by Jane. The consideration stipulated by Jane is a sum of $25000. The offeree is Jack and he readily accepts the offer. For the determination of the question whether the consideration is a good consideration or not it is imperative to go into the nature and requirement of consideration. Now, a price which is stipulated by the promisor in exchange of the promise is said to be the consideration. This price may or may not be in monetary terms. The nature of consideration requires causing of some detriment to the promisee. It does not however convey that a tangible benefit should be accrued to the promisor. If a consideration requires the promisee to do an act or to abstain from an act, it will still be regarded as a good consideration. For example, a consideration which requires the promisee to quit hanging around in night clubs or a consideration which requires the promisee to study every Sunday morning will be considered to be a good consideration (Furmston et al. 2012). Consideration may be anything stipulated by the promisor Fixing of consideration is at the discretion of the promisor and he is free to stipulate any price as a consideration for his promise. The consideration can virtually take any form and it depends upon the promisor to give any shape or form to the consideration (Turner 2013). Case Law: Chappell vs Nestle In this case, the Nestle Company, for the promotion of its chocolate sales, advertised that it would supply with a record to anyone who gives money and three chocolate wrappers (Gallagher 2016). The main question to be determined in this case was whether the three wrappers formed part of the consideration for the supply of records or not. The decision taken in this case supported the view that the requirement of sending chocolate wrappers for the supply of records was something more than a condition and it would come under the purview of consideration. Therefore, in the light of the case, the three chocolate wrappers were included in the term consideration. (Caulfield et al. 2014) Lord Somervell gave a famous statement in this case: A contracting party can stipulate for what consideration he chooses. A peppercorn does not cease to be good consideration if it is established that the promisee does not like pepper and will throw away the corn. (Sacha, 2012). Thus, according to Lord Somervell, a promisor can stipulate anything for the purpose of forming a part of the consideration. (Kuhnel and Hough 2014). In the instant case, the price which has been offered by Jane for the sale of the car is a monetary amount of $25000. This price is equal to the market value of the car. This means if the car is sold to any X or Y or Z, then Jane would get the same amount. This consideration is a valid and good consideration and acceptance of the offer by Jack binds the parties in a legal agreement. Thus, Jack is legally entitled to get the car from Jane at an amount of $25000 as the agreement is binding on both the parties. c) In the instant case, an offer is made by Jane for the sale of her Lotus Super 7 Sports car to Jack. The consideration stipulated by Jane for sale of the car is $2500. Jack readily accepts the offer. The question which is to be determined is that whether this consideration is a good consideration or not. Now, a consideration in order to be a good consideration needs to be certain and not illusory. Case: Biotechnology Australia Pty Ltd v Pace In this case, Pace entered into an employment contract with Biotechnology. The contract provided that Pace would be allowed to take participation in the senior staff equity sharing scheme of the company. However, no such scheme was in existence at the time when the contract was entered into between Pace and Biotechnology (Loveranes 2012). It was held that the consideration stipulated by Biotechnology was illusory and uncertain and the same would not be considered as a good consideration (Goldberger 2012). Adequacy of consideration A consideration, even if it is of minimal value, will still be regarded as a valid consideration. A consideration may be of any price and so long it is voluntarily determined by the promisor and readily accepted by the promisee, it will be considered as a good consideration. (Hillman 2013). It is not necessary that consideration should be fixed according to the market value of the product or services. The economic value of the product or services is not the determining factor for stipulating a consideration under a promise. This principle gives economic freedom to the parties and gives them the discretion to fix consideration according to their choice. Thus, any consideration may be stipulated by the promisor and it will be a good consideration even if it is not adequate (Cartwright 2016). In cases where inadequate amount of consideration is fixed by the promisor, the important factor to be determined is whether the parties are at equal bargaining position or not or whether one of the parties have been influenced by the other or not. In such cases, a contract may be considered to be invalid and may be set aside on account of unconscionable bargain (Houh 2014). In the instant case, the agreement has been entered into voluntarily between the parties. There has been an offer and an acceptance and the consideration has also been determined by the parties freely and voluntarily. Moreover, none of the parties have been influenced by the other and the agreement does not contemplate an illusory or uncertain consideration. It shows that Jane has willingly agreed to sell her car and the same has been accepted by Jack as well. Therefore, the agreement cannot be set aside on the ground of inadequacy of consideration and it is legally binding on both the parties. 2. The given facts of the instant case are as follows: North Ocean Tankers entered into an agreement with a shipbuilder for the construction of a tanker. The consideration fixed by the parties was in US dollars. The contract did not mention for any currency fluctuation. As the shipbuilder completed almost half the work, there was a devaluation in the US dollars by 10%. The shipbuilder demanded for the payment of an additional amount of US $33 million and threatened to stop the work if the condition is not complied with. Under this circumstance, North Ocean Tankers reluctantly accepted the condition as they were required to deliver the tanker on time. An action was commenced by the buyer after 9 months of the delivery of the tanker. It is necessary to draw attention here that the facts of the instant case are somewhat similar to that of North Ocean Shipping Co Ltd. v. Hyundai Construction Co and another In this case a contract was entered into between North Ocean Shipping Co Ltd (plaintiffs) and Hyundai another (defendants) for the construction of a tanker. The defendants were required to build the tanker and the consideration was fixed in US dollars. The consideration was to be paid in five instalments. By the time the first instalment was paid, US dollars was devalued by 10%. The defendants made a demand for additional payment and threatened to stop the work in case of non-compliance with the demand. Meanwhile, the plaintiffs had entered into an agreement for chartering the tanker (Turner 2014). The agreement was advantageous to the plaintiffs and the plaintiffs thereby agreed to pay the extra amount and also requested the defendants for making an increment in the letter of credit. The plaintiffs brought an action after eight months of the delivery of the tanker (Whaley et al. 2015). In the action the plaintiffs contended that either the agreement should be set aside on the ground that it was void due to lack of consideration or the agreement was voidable on the ground that it was entered into during economic duress and through exertion of pressure (Burrows 2015) Justice Mocatta did not accept the plaintiffs contention on the ground that the relevant consideration for the agreement was in the form of defendants promise to increase the letter of credit. He however accepted the contention that the agreement has been entered into under economic duress but he denied any relief to the plaintiffs on the ground that the plaintiffs accepted the agreement (Chen 2012). The instant case is however dissimilar to the above mentioned case with respect to the fact that North Ocean Tankers has reluctantly accepted the agreement made under economic duress. The charter agreement had been entered into by the North Ocean Tankers much before the shipbuilder started to build the tanker. The shipbuilder in this case has taken undue advantage of the situation and has in a way forced the North Ocean Tankers to accept the agreement. Moreover, the facts of the instant case clearly fulfil all the requirements of economic duress. Firstly, there was already an existing agreement; secondly, the agreement was entered into by the North Ocean Tankers under threat and compulsion and thirdly, the terms of the agreement as proposed by the shipbuilder have been accepted by the North Ocean Tankers. Thus, the agreement is voidable on the ground that the agreement has been entered into under economic duress and consent of the North Ocean Tankers has not been given freely and vol untarily. Moreover, bringing an action within 9 months of the delivery of the tanker is well within the limitation period as prescribed under statutes enacted by different States of Australia. Thus, under the present circumstances, the North Ocean Tankers is entitled to recover the excess amount which it has paid to the ship builder under economic duress. Reference List: Burrows, A., 2015. Understanding the Law of Contract in Myanmar. Available at SSRN 2689548. Cartwright, J., 2016. Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing. Caulfield, T., Nelson, E., Goldfeldt, B. and Klarenbach, S., 2014. Incentives and organ donation: whats (really) legal in Canada?. Canadian journal of kidney health and disease, 1(1), p.1. Chen-Wishart, M., 2012. Contract law. Oxford University Press. Coleman, I., 2015. Family law: No presumptions, no assumptions:'Just and equitable'principles in family property disputes. LSJ: Law Society of NSW Journal, 2(7), p.84. Furmston, M.P., Cheshire, G.C. and Fifoot, C.H.S., 2012. Cheshire, Fifoot and Furmston's law of contract. Oxford University Press. Gallagher, C., 2016. Should the" Doctrine of Consideration" be abolished?. Goldberger, J., 2012. Australian contract law: A case law update. Commercial Law Quarterly: The Journal of the Commercial Law Association of Australia, 26(4), p.8. Hillman, R., 2013. Principles of Contract Law, 3d (Concise Hornbook Series). West Academic. Houh, E., 2014. Sketches of a Redemptive Theory of Contract Law. Hastings LJ, 66, p.951. Houh, E., 2014. Sketches of a Redemptive Theory of Contract Law. Hastings LJ, 66, p.951. Kuhnel-Fitchen, K. and Hough, T., 2014. Optimize Contract Law. Routledge. Lightman, J., 2013. CASE EXAMPLE. Unlocking Trusts. Loveranes, R., 2012. Termination for Convenience Clauses. U. Notre Dame Austl. L. Rev., 14, p.103. Turner, C., 2013. Key Facts Contract Law. Routledge. Whaley, A., McAdam, B. and Crowe, P., 2015. The acceleration dilemma: can English law accommodate constructive acceleration?. International Journal of Law in the Built Environment, 7(3), pp.248-267.

Religi0on Essay Example For Students

Religi0on Essay After Interviewing my mother about religion, being a Christian her self said thatChristianity has been one if the biggest religions since the beginning like with Rome. Sincethe state often punished Christians for disturbing the peace, the Empire is often shown asmerciless and callous. However, texts seem to suggest that the Empire did not treatChristians any differently from the other citizens of the state. Christianity in itself was notillegal under Roman law, so Christians were not targeted specifically as a group. Then, thepopular portrayal of early Christianity as a mass political movement that the Romansdedicated much resources to thwart seems implausible. Although popular knowledge ofearly Christians emphasize their persecution and severe ostracism within the RomanEmpire, a closer study of Roman law reveals that Christianity and being Christian werenot crimes in and of themselves. As a matter of fact, citizens of the Roman Empire werefree to worship any god. Even their proclama tions about Jesus were not consideredheretical. On the contrary, it was not out of the ordinary to declare a human to be divine. After all, the emperor himself was thought by many to have been divine. In addition, thesecret meetings of Christians to celebrate the Lords Supper often portrayed, as highlycovert and something the Christians attended in fear of being found out, also were notillegal. As a matter of fact, most of the rituals and beliefs associated with being a Christianin ancient times were not deemed criminal. In actuality, the Roman Empire punishedChristians for breaking laws that were applicable to every Roman citizen. While Christianswere not sought out as a group in particular, it is true that individual Christians did sufferpunishment in the hands of Roman authorities. Much of the punishments imposed on themwere for criminal activities. While civil law was very developed, criminal legislation wasrarely created. For the most part, governors were responsible for exacting punishment asthey deemed necessary. For instance, Christians were not reprimanded for worshippingGod but for violating laws on worshipping the emperor and the state gods. Most often,Christians were persecuted for disturbing the peace. Christians in the ancient worldseem to project an image of exclusivity and isolation. Their communities were tight-knitand exacted extreme demands on their members. Early Christians were called to abandontheir families to join the family of Christ. People left their families to join other brothersand sisters in their faith. My mother also said that while it is documented that Christians suffered directly orindirectly for their beliefs as time passed, in its beginnings, Christianity was not considereda movement of mass proportions and influence that merited much attention from the state. On the contrary, Christianity was seen as just another religion that may cause somedisruptions but would ultimately fade away. It can be argued that it was someoneimportant who made it legitimate to criminals being Christian even though he himselfpersecuted Christians for criminal acts only, as he was the one who punished Christianswidely. After asking my mom what he biggest religious event that occurred , she immediately saidthe Holocaust which was the persecution of million of Jews by the German people fromthe 1930s all the way to the 1940. The Holocaust started with the night of Broken Glasswhere all the German people destroyed the business of all the Jews and later escalated bythe persecution and the killing of the Jewish people in Germany by the Nazis led by AdolfHitler.

An Analysis of the Conclusion to Wuthering Heights Essay Example

An Analysis of the Conclusion to Wuthering Heights Essay Example An Analysis of the Conclusion to Wuthering Heights Paper An Analysis of the Conclusion to Wuthering Heights Paper Essay Topic: Wuthering Heights Wuthering Heights Conclusion As we learned in class from the group presentation, the purpose of gothic literature is to evoke emotions of terror and horror, as well as break social norms. Typical image and imagery include specters, ghosts, and demons, along with dim lighting or eerie settings. Themes of gothic literature include uncertainty and the examination of the nature of power, law, society, family and sexuality that usually build to a great climax. Wuthering Heights is a great example of all of those aspects, but unlike most Gothic romances, I do not think that Wuthering Heights builds to an intense and violent climax before its ending. Instead, I think the tension in the novel unfolds as the inner conflict within Heathcliff slowly dissolves, as his love for Catherine lessens his longing for revenge on his dead oppressors children. Although the novels happy ending is not possible until Heathcliffs death, his authority becomes less threatening in the days that precede his death. As time passes, Heathcliff becomes increasingly bsessed with his dead love Catherine, and finds constant reminders of her everywhere he turns. He begins conversing with her ghost, and, after his climactic night on the moors he is overcome with a sudden sense of cheer, and he has a happy premonition of his own impending death. This part of the novel makes me very suspicious about what occurred at the moors to cause Heathcliffs change of attitude. The text frequently compares Heathcliff to the Devil, but he does not believe in Hell. His forced education of religion as a child caused him to deny the existence of Heaven, and his lack of religious beliefs seemed to cause him not fear death. I think death for Heathcliff symbolizes one thing: the beginning of his reunion with Catherine. I think the thought of this reunion with Catherine even sparks excitement for Heathcliff, which gives him the happy premonition of death. I think the marriage between Cathy and Hareton, symbolizes the start of a new life and the end of depression and disparity in the novel. I also think the marriage symbolizes the ower love has to overcome hardships and prevail. The marriage between Cathy and Hareton leading to a happy ending is also foreshadowing of the idea that had Catherine and Heathcliff been allowed to marry, the violence and revenge seen in the second half of the novel may not have occurred. I think that the reunion of Catherine and Heathcliffs ghosts is a fitting piece to the happy ending of the novel, demonstrating again that true love prevails, for better or for worse. An Analysis of the Conclusion to Wuthering Heights By Bmpegram

Free Essays on What Makes America Great

What Makes America Great Have you ever compared our country to any other? If so, did you see the tremendous difference in the way people are treated and the way they act there vs. in America? I believe that a person’s own rights and freedoms is what makes America great. People of America can speak critically of their own government, women can walk proud and fearless, and our government was designed to be corrected as society goes through changes. People in other countries such as Communism China and Afghanistan never venture to express their ideas to anyone about their own political system or their own country because it is known that there will be serious consequences that will follow. Yet in America, the constitution amendments give us the right to freedom of speech. We have a right to criticize our political system and the people who run it as well as anything else that come to our minds. We will not be ticketed, thrown in jail, beaten, or worse yet killed for what we choose to say. Though in other third world countries, these horrible things can happen plus things like disgracing your family and being banned from the city or country. As a young woman, women’s rights and freedoms are very important to me. My ancestors as far back as thousands of years have worked their way up the ladder from being taught and known nothing other than to be the primary caregiver and house keeper to what we know now to be educated, employed, and successful females. Women of other countries may never have the chance to receive and education, let alone hold a job. I know of a woman in Afghanistan who did receive her Doctorate degree in medicine but she was forbidden to practice medicine because she was a woman. Also, throughout American history we have earned respect from everyone surrounding us. We can walk along the streets without wearing scarves to cover out face and to be able to walk the streets alone without being considered â€Å"l... Free Essays on What Makes America Great Free Essays on What Makes America Great What Makes America Great Have you ever compared our country to any other? If so, did you see the tremendous difference in the way people are treated and the way they act there vs. in America? I believe that a person’s own rights and freedoms is what makes America great. People of America can speak critically of their own government, women can walk proud and fearless, and our government was designed to be corrected as society goes through changes. People in other countries such as Communism China and Afghanistan never venture to express their ideas to anyone about their own political system or their own country because it is known that there will be serious consequences that will follow. Yet in America, the constitution amendments give us the right to freedom of speech. We have a right to criticize our political system and the people who run it as well as anything else that come to our minds. We will not be ticketed, thrown in jail, beaten, or worse yet killed for what we choose to say. Though in other third world countries, these horrible things can happen plus things like disgracing your family and being banned from the city or country. As a young woman, women’s rights and freedoms are very important to me. My ancestors as far back as thousands of years have worked their way up the ladder from being taught and known nothing other than to be the primary caregiver and house keeper to what we know now to be educated, employed, and successful females. Women of other countries may never have the chance to receive and education, let alone hold a job. I know of a woman in Afghanistan who did receive her Doctorate degree in medicine but she was forbidden to practice medicine because she was a woman. Also, throughout American history we have earned respect from everyone surrounding us. We can walk along the streets without wearing scarves to cover out face and to be able to walk the streets alone without being considered â€Å"l...

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