Financial accounting standards Essay Example for Free

Financial accounting standards Essay The income statement, which portrays the financial performance of the company, is also described in the financial statements elements. Income and expenses from ordinary activities are recognized as the main elements of such statement, which when matched result in a profit or loss for the period. Capital maintenance adjustments are also pointed out, which may effect the income statement. This arises from the restatement of assets and liabilities that may eventually influence the equity of the firm (International Accounting Standards 2000, p 61-64). The measurement bases utilized in order to compute the monetary amounts of the assets, liabilities, equity, revenue and expenditure noted above are also outlined in the framework. There are five main measurement bases recognized in the accounting framework, which are explained below: †¢ Historical Cost – such measurement bases states that assets are recorded at the historical, which is normally the date of purchase. This implies that the value of the asset at the date of acquisition is the one portrayed in the Balance Sheet. For example, if a motor vehicle costing $8,000 is bought. The $8,000 historical cost value will be adopted as its measurement bases. As regards liabilities, the amount of cash obligation arising at the inception of the transaction will also be utilized as the measurement means. Any payments that are eventually undertaken to cover such liability are diminished from that amount. This is most common method adopted in practice by business organizations. However, when the need arises, such measurement bases are promulgated with other methods in order to portray a more true and fair financial picture (International Accounting Standards 2000, p 70-71). †¢ Current Cost – as its name implies, assets are recorded at the current amount of cash and cash equivalents that would be required if a similar was going to be purchased. Under such measurement bases, liabilities are determined according to the undiscounted cash obligation necessary to settle such commitment (International Accounting Standards 2000, p 70). †¢ Realizable value – this method is similar to the current cost one, with the exception that assets value is computed in line with the equivalent price that the present asset can attain if disposed in the market. The value of liabilities under such measurement bases is the same to the historical cost one. That is liabilities are determined in line with their settlement value (International Accounting Standards 2000, p 70). †¢ Present value – this encompasses that assets are recording according to the present discounted value of the envisaged cash inflows that such asset will provide to the organization in its day-to-day business activities. Liabilities are also valued at the present discounted value of the expected cash outflows entailed in the foreseeable future (International Accounting Standards 2000, p 70). The concept of capital and capital maintenance is the last basic principle covered by the accounting framework. The principle of capital under a financial side comprises the invested assets by the owner, which are identical to the equity or net assets value. Under the physical concept of capital, it entails the operating ability. That is the productive power of the organization (International Accounting Standards 2000, p 72). The concept of capital mentioned in the previous paragraph leads to the proceeding concepts of capital maintenance:†¢ Financial Capital Maintenance – profit/loss is computed under such concept as the difference between the financial value of the net assets at the end of the year and the financial value of the net assets at the commencement of the financial year (International Accounting Standards 2000, p 72). The fair value measurement bases, which is a new valuation method abides with such concept. †¢ Physical Capital Maintenance profit in this case focuses on the productive ability of the corporation. That is the excess of physical production at the end of the year when compared with that of the beginning forms up the profit figure (International Accounting Standards 2000, p 73). 2. The principles outlined in the framework do not exercise a direct influence on the intended parties. It holds an indirect affect by affecting the accounting standards issued by the recognized accountancy board. Such accounting standard will then have a direct influence on the accounting treatment of specific items and on the presentation of accounting information. Indeed the framework acts as a yardstick that guides the development of accounting standards. It is a generic document that narrows the range of alternatives that can be adopted during the standard setting process (Foster M. J. et al 2001, p 1,2). Further more, the framework aids the communication process in the Financial Accounting Standards Board, both internally and externally. Through the adoption of a generally accepted accounting framework, the message of the Financial Accounting Standards Board would be more easy to be communicated to accountants in the respective industries (Foster M. J. et al 2001, p 2).

Apocalypse Now :: Stereotypes Arrogance Americans Essays

Apocalypse Now What is the stereotypical American? When one asks this question there are two general answers. An American would probably respond with characteristics such as hard working, free, and compassionate. A person from somewhere else in the world will probably have a very different answer to this question. Usually Americans can be seen as arrogant, dangerous, and hypocritical. Not a very good reputation to have, but the strangest part about it is most Americans either don’t know why people think of them this way or don’t care. For those that don’t care, ignorance will continue to be bliss, but for those who wish to know why people around the world think of them there are a few avenues they can explore. One of the most powerful is cinema. There are a number of great films that explore this subject in detail, and shed light on a perspective most Americans may not be familiar with. Two such films are Lars Von Trier’s portrait of everyday American life ca lled Dogville, and the other is Francis Ford Coppola’s war epic Apocalypse Now. Although both films are quite different, both emphasize and reinforce the negative stereotypes associated with Americans (â€Å"What the World Thinks of America†). Arrogance is the first trait generally associated with Americans. In Apocalypse Now, American arrogance is personified by the character played by Robert Duvall. Duvall’s character is the commander of a group of helicopters in Vietnam. It is explained throughout the film that Duvall’s character is invincible. He and everyone else knows that he will survive the war. With that degree of comfort Duvall stomps around Vietnam spreading freedom and killing scores of people. In his role in Apocalypse Now, Robert Duvall exemplifies the arrogant American soldier He goes around the world killing others, spreading his values, and not caring about the results. Von Trier’s film Dogville also examines stereotypical American arrogance. The first example of this comes from the character of Thomas Edison Jr. as played by Paul Bettany. Throughout the film, Bettany’s character attempts to change the beliefs and actions of the people within his town. While his struggle may be for the best, the fact that Bettany is trying to force his ideals on others is a very arrogant stance. Another example comes from the character of Grace as played by Nichole Kidman. Apocalypse Now :: Stereotypes Arrogance Americans Essays Apocalypse Now What is the stereotypical American? When one asks this question there are two general answers. An American would probably respond with characteristics such as hard working, free, and compassionate. A person from somewhere else in the world will probably have a very different answer to this question. Usually Americans can be seen as arrogant, dangerous, and hypocritical. Not a very good reputation to have, but the strangest part about it is most Americans either don’t know why people think of them this way or don’t care. For those that don’t care, ignorance will continue to be bliss, but for those who wish to know why people around the world think of them there are a few avenues they can explore. One of the most powerful is cinema. There are a number of great films that explore this subject in detail, and shed light on a perspective most Americans may not be familiar with. Two such films are Lars Von Trier’s portrait of everyday American life ca lled Dogville, and the other is Francis Ford Coppola’s war epic Apocalypse Now. Although both films are quite different, both emphasize and reinforce the negative stereotypes associated with Americans (â€Å"What the World Thinks of America†). Arrogance is the first trait generally associated with Americans. In Apocalypse Now, American arrogance is personified by the character played by Robert Duvall. Duvall’s character is the commander of a group of helicopters in Vietnam. It is explained throughout the film that Duvall’s character is invincible. He and everyone else knows that he will survive the war. With that degree of comfort Duvall stomps around Vietnam spreading freedom and killing scores of people. In his role in Apocalypse Now, Robert Duvall exemplifies the arrogant American soldier He goes around the world killing others, spreading his values, and not caring about the results. Von Trier’s film Dogville also examines stereotypical American arrogance. The first example of this comes from the character of Thomas Edison Jr. as played by Paul Bettany. Throughout the film, Bettany’s character attempts to change the beliefs and actions of the people within his town. While his struggle may be for the best, the fact that Bettany is trying to force his ideals on others is a very arrogant stance. Another example comes from the character of Grace as played by Nichole Kidman.

Law as a Living Body

Laws in America are constantly changing. With the changes that America has the laws do not get updated with the change of time. These laws are no longer enforced because they do not seem as bad with the changes in society. There are three phases that America operates its legal system. Law as a living body, Due process and protecting the rights of the accused. Laws are considered a living body because the laws have been changed and interpreted differently in different cases that laws have become like a living body. The living human body evolves and grows with time. The body adapts to the changes in society as does the law. Law on the books refers to the written laws. Law in action refers to the laws that are actively being used and punishable for. For example, in some states Adultery is against the law but is rarely enforced. This means the law of adultery is a law on the books not a law in action. A law in Action is a law such as sex abuse that is often enforced in every state. Objectivity of law is how and where the laws are made and interpreted. Legislatures create basic laws where judges and juries can interpret them. The living body theory refers to the way laws are constantly changing and evolving like a human body. The human body evolves and changes with the times. Due process is best defined in one word, fairness. Throughout the U. S. ‘s history, its constitutions, statutes and case law have provided standards for fair treatment of citizens by federal, state and local governments. These standards are known as due process. When a person is treated unfairly by the government, including the courts, he is said to have been deprived of or denied due process. In 1791, our Fifth Amendment rights protected all individuals, American born and immigrants, basic protection from the federal government regarding civil rights violations. The positives of due process are that a person must be proven guilty not proven innocent in the court of law. If the Officers that are investigated and prosecuting a person of a crime do not fallow the laws of due process from the very beginning to the end the case may be dismissed from court. The negatives of due process are that even a guilty person may be let free if due process laws are not fallowed correctly. Another negative is that due process focuses on the rights as individuals rather than on society as a whole. Prior to the attacks on 09/11/2001, Individuals were protected by the 4th amendment. The fourth amendment protects citizens from unreasonable searches and seizures. Law enforcement needed to have probable cause to gain a search warrant. President Bush passed the patriot act, allowing law enforcement the right to search or seize telephones, computers, medical information or financial records on any person who is suspected of terrorism. With the Patriot act probable cause is no longer needed if a person is suspected of terrorism. The Due process of Law was created to protect the rights of those accused of committing a crime. Some of these laws date to 100 years ago and some are new laws that were developed as a result of historical court cases. Cases such as, the fourth amendment, this protects all individuals from illegal search and seizures (Mapp v. Ohio, 1961) Our fifth amendment protects individuals from self-incrimination, (Miranda v.  Arizona, 1966) And the sixth amendment protects us from being interrogated without a counsel present (Escobedo v. Illinois, 1964) Law as a living body is constantly changing and will continue to grow with the change in times. We are still protected as citizens with the changes in society. Our rights as well as the rights of others will continue to be a priority in law enforcement. Law enforcement is meant to protect society from crime, not to cause it by not valuing the rights of citizens. As society changes, the laws will too.

Book Report How And Smell A Rat The Five Signs Of...

Book Report: How to Smell a Rat—the Five Signs of Financial Fraud Biography of the Author—Kenneth L. Fisher According to his Wikipedia page, Kenneth L. Fisher is the founder, chairman, and CEO of Fisher Investments. Fisher Investments is an investment firm located in California and Washington. In addition to contributing to Forbes magazine monthly, he also writes other investment-themed articles for various other media. Specializing in the field of behavioral finance, Fisher has written eleven books (four of which were New York Times bestsellers) and various research papers. Other interesting facts about the author, Kenneth L. fisher, include: †¢ 2014 member of Forbes 400 –list of 400 richest people in the US. †¢ 2010 member of Investment Advisor’s â€Å"30 for 30†Ã¢â‚¬â€a list of the 30 most influential investment advisors in the past 30 years. †¢ In 2014, his reported net worth was $2.7 billion †¢ Fisher Investments currently manages $68 billion in assets †¢ Appointed to the Board of Advisors of the Forbes School of Business at Ashford University in 2015 (Wikipedia 2015). Summary of How to Smell a Rat Fisher’s book is a cautionary tale of Ponzi schemes and investment scams. He lays down a simple and smart plan for future investors. His plan details questions to ask, red flags, and practical situations that future investors may face. His book details five very important rules to follow when hiring an investment manager. 1. Never co-mingle investment funds 2. If it sounds tooShow MoreRelatedLogical Reasoning189930 Words   |  760 PagesDowden This book Logical Reasoning by Bradley H. Dowden is licensed under a Creative Commons AttributionNonCommercial-NoDerivs 3.0 Unported License. That is, you are free to share, copy, distribute, store, and transmit all or any part of the work under the following conditions: (1) Attribution You must attribute the work in the manner specified by the author, namely by citing his name, the book title, and the relevant page numbers (but not in any way that suggests that the book Logical ReasoningRead MoreDeveloping Management Skills404131 Words   |  1617 PagesSuzanne Duda Lead Media Project Manager: Denise Vaughn Full-Service Project Management: Sharon Anderson/BookMasters, Inc. Composition: Integra Software Services Printer/Binder: Edwards Brothers Cover Printer: Coral Graphics Text Font: 10/12 Weidemann-Book Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright  © 2011, 2007, 2005, 2002, 1998 Pearson Education, Inc., publishing as Prentice Hall, OneRead MoreMarketing Mistakes and Successes175322 Words   |  702 PagesEDITOR George Hoffman Lise Johnson Carissa Doshi Dorothy Sinclair Matt Winslow Amy Scholz Carly DeCandia Alana Filipovich Jeof Vita Arthur Medina Allison Morris This book was set in 10/12 New Caledonia by Aptara ®, Inc. and printed and bound by Courier/Westford. The cover was printed by Courier/Westford. This book is printed on acid-free paper. Copyright  © 2009, 2006, 2004, 2001, 1998, 1995, 1992, 1989, 1986, 1981, 1976 John Wiley Sons, Inc. All rights reserved. No part of this publicationRead MoreIgbo Dictionary129408 Words   |  518 Pages1904 Ganot published an English, Ibo and French dictionary, based on the Onitsha dialect, and in 1907 Zappa published a French-Igbo dictionary based on a Western Igbo dialect. Northcote W. Thomas devoted four of the six volumes of his Anthropological report on the Ibo-speaking peoples of Nigeria to language, three of them being essentially lexicographic. Part II (1913) consists of an English-Ibo and Ibo-English dictionary, based on the Awka and Onitï€ ¬sha dialects. It has a rather complex and non-phonemicRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 PagesOne Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those design ations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge