A Research Paper on IFRS and Its Implications

A Research Paper on IFRS and Its Implications International Financial Reporting Standards (IFRS) is a comprehensive, globally accepted set of accounting standards utilizing a principles-based approach with a greater emphasis on interpretation and application of those principles, aiming at best reflecting the economic substance of transactions. It is a less extensive body of literature than U.S. GAAP with limited industry guidance and lesser detailed application guidance. IFRS requires a much greater exercise of judgement, supported by detailed analysis and documentation. In other words, U.S. GAAP gives us a detailed instruction to the location where we would like to go where us IFRS will just guide us to the destination by showing us the direction. Today, more than 40% of the Global Fortune 500 are using IFRS. Stock exchanges in the 85 countries that require IFRS comprise 35% of the global market capitalization, compared to 25% of the global market capitalization held by U.S. exchanges   [ 1 ]   . IFRS is most likely to bec ome mandatory by beginning of 2014. Why IFRS? The question facing companies is not â€Å"If to adopt IFRS†, it is of â€Å"when and how† to adopt IFRS. With so many companies focused on managing through the economic downturn, few leadership teams are eager for one more big thing to do. Especially when that thing involves something as pervasive as International Financial Reporting Standards (IFRS). But IFRS continues to be adopted by jurisdictions around the world. Taking the organization to IFRS will require managing change in multiple areas: technical accounting and tax, internal controls and processes, management and statutory reporting, technology infrastructure, and organizational issues. They’re all interconnected, which makes things a bit more complicated than imagined. IFRS relies more on general principles than detailed rules and bright lines. This means that the finance people will end up working much more closely with others in the organization to make judgments about accounting based on the underlying economics of transactions. A flurry of operational changes could be triggered by IFRS as well. Companies may have to re-examine contracts and debt agreements, treasury policies, employee benefits, education and training, and communications. Opportunities to centralize statutory accounting functions into shared service centers might also have to be looked at. A revisit of the offshoring, outsourcing, and tax planning decisions might also be required. Principle or Rule Based? At a global symposium held in the month of January where the Peter Wyman, a partner of PwC noticed a sea change in the debate surrounding the adoption of a uniform international accounting standard. The feeling was that IFRS will be adopted across the globe, the issues which were present were only of how it was to be done. There have been primarily been two major approaches to accounting namely rule based and principal based. UK and Europe have a principal based accounting system which allows greater discretion and use of professional judgement. On the other hand, US has been following rule based accounting system which was further strengthened after seeing the light of scandals such as Enron, etc. The major challenge for International Accounting Standards Board (IASB) is to adapt IFRS so that it is agreeable to all the parties involved.

Measures a Business Takes During a Disaster Assignment

Measures a Business Takes During a Disaster - Assignment Example Federal assistance from the fire department and police department came to assist after being contacted together with the locals’ and nearby hospital personnel. A series of actionable items on the plant was given to know the way forward and the business continuity plan that would make certain that the business gets back on its fit once the emergency plans prove to be successful. As the Safety Operations Director, the recommendation I would make to the Chief Executive Officer of the manufacturing plant and warehouse is to appoint a temporary disaster management executive committee which will be involved with the safety of the employees and the company’s data stored in computers as these are the company’s priorities. The steps to be taken when beginning recovery efforts by this committee include (1) ensuring the safety of employees by taking a roll call to account for everyone so that none is left unattended, (2) ensuring the safety of the company’s data in computers by backing them in external hard disks and sending them to personal emails, (3) contacting the families of the injured ones to inform them of the situation, (4) assessing the damaged assets, the ones at risk and the resources left, (5) relocating company tracks and employees to safe locations (6) reducing financial loss and (7) rushing the injured to nearby hospitals for treat ment. All these steps are to be conducted by the disaster management executive committee, chairpersons, coordinators and departments/ branch leaders, drawn from the institution’s available personnel resources that are to provide effective leadership and administration of the institution’s recovery effort, making decisions and giving directions. It is the duty of these people to restore the entire organization’s ability to operate and re-open its components testing and revising the process upon results, resuming and replacing damaged equipment, saving lives, contacting the family of the workers and maintaining law and order for possible looting.  Ã‚  

MANAGING AN EARLY YEARS SETTING Assignment Example | Topics and Well Written Essays - 4000 words

MANAGING AN EARLY YEARS SETTING - Assignment Example roles and responsibilities of the early years’ practitioners are identified and discussed in relation to the leadership and management theory (Bullock & Brownhill 2011.p.201-207). The government, educators, teachers, parents, and other education practitioners in the field of early education and care have over the past years been faced with the question of realization of quality formal education in the early years setting. Therefore, in consideration of these necessity factors, this study has been organized in the context of evaluating two early years setting education scenarios in reference to the leadership and management theory. This is through the search for the understanding of the roles and responsibilities that various practitioners play in relation to the same. The two scenarios are the support for a child who has a significant medical condition and the support for a child who has additional educational needs (Jones & Pound 2008). The successful critique and evaluation of the leadership and management concepts in relation to the early years setting involved the conducting of a wide-ranging research from detailing sources such as electronic databases, government legislations, search engines like Google Scholar and ERIC. In the recent past, there has been an increasing concern for embracing leadership in the management of schools and attainment of the set goals and visions for a particular institution. For effective practice in the early years setting of early education and care, it is important for the practitioners to recognise the link that exists between effective management, development of leadership in early education centers and the success of children in such centers (Jones & Pound 2008). By equipping practitioners in early education sector with requisite knowledge and skills that can be used to lead and manage quality practice in the early education years setting will enable them to develop the capacities of children under their care successfully;