Sarbanes-Oxley Act Article Analysis Research Paper

Sarbanes-Oxley Act Article Analysis - Research Paper Example It is a requirement under the US stock exchange regulation to comply with SOX, hence Arch Reinsurance being a publicly held company needs to follow the act. The IT manager for Arch Reinsurance considers automation to be a successful approach towards compliance of SOX. The company hires limited staff and resources and to cover it up, proper internal controls are to be managed by the company by automating control procedures at the company. Like many other companies, Arch Reinsurance Ltd have also spent a hefty amount on SOX related compliance proposal. According to the IT manager of Arch Reinsurance Ltd, it would have been really difficult for the company to sustain SOX compliance if automation was not followed, for him; the vital area of concern was to control access to financial systems and other applications. This is done by keeping a proper log and change management system, proper record is kept of every log-in, log-out and every possible activity done by the staff in the system. P roper security is also kept to ensure that only authorized personnel get to log in to the system. A review is done by the manager and his staff of daily reports produced by the data center monitoring tools. These reports are later presented to SOX auditors during compliance testing. Like every company, Complying with SOX has been expensive and time consuming at Arch Reinsurance Ltd. Though the staff is limited in number, the control procedures followed at the company decreases its vulnerability to internal control failures. The procedures followed are quiet extensive as the IT manager has abundant knowledge of company data center operations. The main theme is to strengthen the internal control systems by automating the procedures and activities at Arch Reinsurance Ltd. While conducting an audit, the auditor should identify the control procedures to avoid any material

ODCE model tax tready Essay Example | Topics and Well Written Essays - 1000 words

ODCE model tax tready - Essay Example In this regard, GoodFood Inc. has been identified to be conducting operations in different States owing to which the company is taxable under the OECD model2. The term Permanent Establishment (PE) in Article 5 is used for tax treaty purposes. PE is a concept of tax that indicates the business level in the Source State. It also involves in various other treaty provisions. Alternative provision found in paragraph 42.43 of Article 5 of the OECD model implies that foreign enterprises should be present more than 183 days, but it is not necessary to have a specific place of business. The alternative provision does not require specific time, but it is necessary to fix the place of business. In this respect, according to the provision, GoodFood Inc. is not taxable, as the date of business commencement is not mentioned3;4. The UN model is used as a tool in international tax treaty negotiations in developing and developed countries for managing tax issues. The role of this model is to allocate taxing right between the residence jurisdictions and source jurisdictions. This model allows larger source taxation. It is also referred to as ‘double taxation convention’. The OECD model allows more exchange of information and this mode involves in the every kind of taxes and description while the UN model only involves taxes in the model. However, the provision of exchange information is similar to both models. Thus, based on the UN model, GoodFood Inc. is taxable5;6. The services PE provision in Article 5 of OECD model is used for tax treaty purposes. The services PE provision requires foreign enterprises to be operating more than 183 days in a twelve month, but not necessary to have a fixed place of business. The main commitments of PE provision are to provide a taxation right to the Source State. This provision is essential for several articles, but is important for article 7, which is included in industry profits. In this respect, it can be stated that

The Greek Culture And Oedipus The King

The Greek Culture And Oedipus The King I have chosen to talk about the Greek culture because I believe that our present culture has many similarities to the Greeks culture. Our culture today is actually surprisingly similar to that of the Greeks. Some of these similarities are education, government, and religion. One similarity that we have to the Greeks culture is the Greeks devotion to intellectual integrity and their development of a system of schools. The Greeks understood how important it is to have a good education. I agree with them because I think it is very important to have at least a high school education and I also think it is important to have a college education. I believe that with knowledge comes power and having knowledge can lead to good things. Today, most people basically think like the Greeks did about intellectual integrity and a development of a system of schools. We still see the importance of a good education today. Having a college degree in todays society holds more job opportunities than someone who just has a high school education. One of the main goals of education in Greece was to prepare a child for adult activities as a citizen which is something that our society still does today. Parents prepare their kids for adulthood. Another similarity that we have compared to the Greek culture is there use of a democracy system. The Greeks were actually the ones that created the first democracy. The definition of democracy is the rule of the people. They understood how important it is to include the people in the decisions that are made for a society. When authority figures make decisions on a society without the people of that societys thoughts on those decisions, Im sure that people tend to get pretty upset. The United States still uses a democracy system of government today because, like the Greeks, we see how important it is for the people to have some input as well. The Greeks also had a liberal view toward education that was largely responsible for the downfall of Classical Greek civilization. There are many people that still have a liberal point of view today. We have republicans as well but we still have those liberals. Not only was their democracy important, but the role that the people of their society played were very important as well. In Greek culture, the womans job was to run the house and bear children. In many families today, it is important the woman stays at home and takes care of the house. Of course, it is still very important for women to bear children also. The men spent a great deal of time away from home a nd when they werent involved in politics, they spent time in the fields with their crops. We still see this today. A lot of men spend time away from home because of their job. A lot of people still farm for a living today and those people, during the summer, spend a lot of time away from home taking care of their crops. The last similarity between the Greek culture and our present society that I am going to talk about is religion. The Greeks were deeply religious people that usually worshiped many gods. Not only did the Greeks write stories about gods and goddesses, they also created a lot of art work such as paintings and sculptures that portrayed Greek gods or goddesses. Most people today are still very religious. Almost every religion of today involves the worship of a god. The only religion that I can think of that doesnt worship a god is Atheism and I think that they dont believe in gods. I mean, most of us religious people still go to church, read the bible, and pray in order to worship our god. Although the Greeks were very religious and thought it was very important to worship their gods, they also had an anthropocentric way of thinking. The definition of anthropocentric is basically that man is the center of everything and is most important. In other words, the Greeks believed that they were the most important and maybe even more important than their gods. Sadly, I believe that some or maybe a lot of people still think like this today. I think there are still those people that think that God is very important but when it comes down to it, they think deep down that they may actually be more important and that they are actually the center of everything. I am not anthropocentric at all. I believe that God is most important and that he is the center of everything. Now I am going to talk about the Greek work of literature Oedipus the King. In this story, Oedipus is the ruler of Thebes. Thebes is actually a dying city and Oedipus is deeply concerned of why Thebes is dying. Oedipus is a person that is desperately seeking the truth of things so he goes to a blind man named Tiresias and he tells Oedipus about all of these prophecies involving Oedipus himself. Oedipus does not believe what Tiresias tells him but Oedipus finds out throughout the story that Tiresias prophecies are actually true. The main conflict in Oedipus the King is between belief and reality. The belief is that intelligence makes humanity master of its own fate versus the reality of humanity being helpless against some cruel fate. This kind of goes back to that anthropocentric way of thinking. For a person to think that he or she can control his or her own fate because of his or her intelligence seems like and anthropocentric way of thinking to me. I believe that whatever God has planned is what is going to happen no matter how smart someone is. On page 617, lines 216-219, the chorus of the play says: O golden daughter of god, send rescue radiant as the kindness in your eyes! Drive him back! the fever, the god of death that raging god of war. The chorus is praying that the daughter of god send rescue and drive back the god of death from the city of Thebes. This goes back to the Greeks being very religious people and worshiping gods. All throughout Oedipus the King, the characters talk about some sort of god very often. Today, religious people still pray to their god for help which is what is going on in these lines from Oedipus the King. I can relate to this because if I know someone who is badly in need of help, I pray for him or her in hopes that he or she will receive help which is what the chorus of this story was doing in these lines of the play. The Greek culture had many similarities to our present society today. Some of these similarities are education, government, and religion. The play of Oedipus the King shows characteristics of the Greek culture throughout the play. The Greeks made very important developments and some of them are very evident the present society of today.

Comparing the Beauty of Poe and Emerson Essay -- comparison compare co

The Beauty of Poe and Emerson      Ã‚  Ã‚  Ã‚   They say that beauty is in the eye of the beholder. As stated in Edgar Allan Poe's "The Poetic Principle," a concept of beauty can only be achieved through the use of emotion, an "excitement of the soul," a necessary element to any worthwhile poem (Poe 8). Poe's fascination with the mystery of death and the afterlife are often clearly rooted in his poems and provide a basis for himself and the reader to truly experience his concept of beauty. Although also a believer in portraying beauty through poetry, Ralph Waldo Emerson found beauty to be eminent in nature and all things created by the Oversoul. Beauty for Emerson is not an idea or unknown, it is visible all around him.    To Poe beauty can only arise from "excitement of the soul," and such emotion can only be brought upon by feelings of melancholy.    He reiterates the importance of melancholy in The Philosophy of Composition--"Now, never losing sight of the object supremeness, or perfection, at all points, I asked myself--- "Of all melancholy topics, what, according to the universal understanding of mankind, is the most melancholy?" Death --- was the obvious reply. "And when," I said, "is this most melancholy of topics most poetical?" From what I have already explained at some length, the answer, here also, is obvious-- "When it most closely allies itself to Beauty: the death, then, of a beautiful woman is, unquestionably, the most poetical topic in the world-- and equally is it beyond doubt that the lips best suited for such a topic are those of a bereaved lover" (Poe 265).    Melancholy and beauty go hand in hand for Poe. If his goal is to bring about the "excitement of the soul," then that can only be achie... ...mself on the beauty of melancholy and the mystery of the afterlife to the point of extreme emotion, while Emerson relayed beauty through the Oversoul. Both revolutionaries of nineteenth century poetry, their works will continue to place a sense of beauty in all who reads them, and live up to the saying: --beauty is in the eye of the beholder.    Works Cited Emerson, Ralph Waldo. "Each and All." The Columbia Anthology of American Poetry. Ed. Jay Parini. New York: Columbia UP, 1993. 95-96. ---. "X. Essays. The Poet." The Harvard Classics. <wysiwyg://48/http://bartleby.com/5/110.html>. Poe, Edgar Allan. "The Philosophy of Composition," The Works of the Late Edgar Allan Poe, vol. II, 1850, pp. 259-270. ---. "The Poetic Principle" (D), The Works of the Late Edgar Allan Poe, vol. III, 1850, pp. 1-20. ---. "Annabel Lee." Parini 161-162.

Compare the differences between a Sole Trader, a Partnership and a Limited Company Essay

Introduction In the following essay, I will compare the differences between a Sole Trader, a Partnership and a Limited Company when preparing final accounts also included in the essay will be the concepts and conventions used when preparing final accounts. I shall also outline the regulatory standards within the Accounting Profession. I shall start by giving an explanation of how the accounting system functions. How does the accounting system work? Business keep financial records for a number of practical reasons, which are: > To quantify such items as sales, expenses and profits > To present these figures in a meaningful way so the business can judge its success over the past year Below is a diagram of the Accounting System: (all things below will be explained later in the assignment) Diagram taken from Business Accounting Second Edition by David Cox. Prime Documents Business transactions generate documents, these documents go into the primary accounting records and from these records are placed throughout the accounting system. The following are prime documents: > Invoice – when a business purchases goods the company or individual the goods where purchased from sends the business an invoice which outlines the amount that is owing, when this amount is to be paid by and details of the goods or services that have been provided. This is also the same case when the business receives an order for a good or service. > Credit Note – if a buyer returns a good that has been bought on credit, a credit note will be generated and sent to the buyer, the value of the credit not will be deducted from the buyers amount owing. On the credit note it outlines the money amount and the goods or services that have been given. > Banking Transactions – businesses use their bank accounts to pay in and withdraw money at regular intervals, from these bank transactions paying-in slips, cheques and BACS are frequently used. These are then entered into the primary accounting records. Primary Accounting Records The primary accounting records are used to log the prime documents from day to day. The following are primary accounting records: > Sales day book – this is a list of sales made and is recorded from the invoices issued > Purchases day book – this is a list of purchases made and is recorded from the invoices that have been received > Sales returns day book – this is a list of the goods that have be returned and is recorded from the credit notes that have been issued > Purchases returns day book – this is a list of the goods that have been returned and is recorded from the credit notes that have been received > Cash book – this is a record of the business bank account and the amount of cash that is held, this is recorded from receipts, paying-in slips, cheques and BACS documents > Petty cash book – this is a record of the small cash purchases that have been made by the business and is completed from the petty cash voucher. Small cash purchases being ones that are made with motes and coins > Journal – this is a record of non-regular transactions, which are not recorded in any other primary accounting record Double-Entry Accounts: The Ledger The foundation of the double-entry book-keeping system is the recording of the ledgers which are broken down into separate accounts. Double-entry book-keeping The double-entry book-keeping system involves the entry of a transaction twice. If operating a manual accounting system the book-keeper will be required to input the transaction twice whereas if the book-keeper is using a computer software package the package will automatically enter the transaction twice. Accounts The sources that are entered into the ledgers are taken from the primary accounting records. Each primary accounting record will be entered into its corresponding ledger. Division of the ledger The following list shows the different types of ledgers: > Sales ledger – this is where the personal accounts of the debtors are placed > Purchases ledger – this is where the personal accounts of the creditors are placed > Cash books – the cash book is the record of the bank account and the cash account, the petty cash book is for small cash purchases. Both these books are primary accounting records. > General (nominal) ledger – this is a record of all transactions and completes the double-entry system Trial Balance The trial balance is a method used within the Double-Entry book-keeping system to check for any error that may have occurred. The trial balance takes all the final balances from the ledgers and lists them down. If the credit and debt sides don’t match at the end, there has been an error within the entering of the transactions. The trial balance is also used as a source of information when the final accounts are being prepared. Final Accounts The final accounts of a business are made up of the profit statement and the balance sheet. Profit Statement The profit statement includes the trading and profit and loss account, if the business manufacturers goods it too will be included. What this statement does is calculates the profit that was made and is now due to the owners of the business after certain deductions have been made from the income: > The manufacturing account which shows the cost of producing a quantity of a finished good > The trading and profit and loss account which shows the profit/loss after the deduction of the cost of goods this gives you the gross profit then the expenses are deducted which gives the net profit The figures that are used for these calculations are taken form the double-entry system. Balance Sheet The double-entry system also contains the figures for the following: > Assets – these are items that the business owns, they fall into two categories Fixed assets – these are items that were bought for the business use such as buildings, vehicles etc Current assets – these are items used in the everyday running of the business such as stock, debtors etc > Liabilities – these are things that the business owes and there are two types of liabilities Current liabilities – things like creditors etc Long-term liabilities – things like long-term loans > Capital – this is money or assets that have been introduced by the owner(s) of the business and is a liability to the business because it owes it to the owner Note: all examples of final accounts for each type of business are shown at the end of the essay also shown is a trial balance The Final Accounts for a Sole Trader The sole trader accounts are the basis of all accounts Legal requirements of a Sole Trader By law a sole trader is not required to keep accounts and thus is not legally required to publish their accounts for viewing by the General Public, however they must keep all VAT receipts so that the Inland Revenue can take their tax from the business and the situation regarding VAT can be sorted. Final Accounts and the Trial Balance The final accounts of a company are produced annually, but can also be produced at anytime in order to inform shareholders and stakeholders of how the business is performing. When starting to prepare any final accounts the trial balance must be prepared by the book-keeper. All the figures that have been entered onto the trial balance will be used in the final accounts. The trading, profit and loss accounts are a part of the double-entry system, meaning that the records that are within these accounts have to be recorded somewhere else for the double-entry system to work. However the balance sheet is not an account it is simply a statement, which outlines the account balances reaming after the trading, profit and loss accounts have been completed. Trading Account The purpose of a trading business is to by a good at one price and sell it on for a profit. The profit that is gained is known as the gross profit. Instead of the gross profit being calculated on each item, the sales and purchases that have been recorded in the primary accounting records will be calculated together. This also includes things like purchase returns and sales returns. When the end of the financial year comes around, the trading account is drawn up this includes: > The total sales > Minus purchases > Plus purchase returns > Minus sales returns > Also included is the opening stock and the closing stock Notes on trading account > Sales and purchases – these are only the items that the business trades > Adjustments – these are the adjustments that have happened in relation to the stock, the opening stock, which is calculated at the start of the year, this is added to the purchases because it has been sold during the year. The closing stock on the other hand will be deducted form the purchases because it has still yet to be sold. The closing stock will then become the opening stock for the next financial year > Cost of sales – this is the cost to the business of the goods that have been sold. To calculate the cost of sales you do the following: * Opening stock * + Purchases * + Carriage in * – Purchases returns * – Closing stock * = Cost of sales > Gross profit – to calculate gross profit you do as follows: * Sales * – Sales returns * = Net sales * – Cost of goods sold * = Gross profit If the cost of sales is more than the net sales then the business has made a Gross Loss > Carriage in – is the expense that the business incurs due to having the purchases delivered. The carriage in is added to the purchases > Net sales – the net sales is the turnover and is calculated by doing the following: * Sales * – Sales returns * = Net sales > Net purchases – to calculate the net purchases you do the following: * Purchases * + Carriage in * – Purchases returns * = Net purchases Profit and Loss Account In the profit and loss account the running expenses of the company are listed these are then taken away from the gross profit to give the net profit. The net profit then shows how profitable the business has been that particular year. Balance Sheet A balance sheet is used to show the financial state of the business at any one time. It lists the assets and liabilities of the business at a particular time. The balance sheet however is not a part of the double-entry system. Notes on balance sheet > Assets – an asset is an item or an amount that is owned by the business. There two types of assets fixed and current. Fixed assets are material assets such as premises or vehicles. Current assets are short-term assets, which change in value every day. > Liabilities – a liability is an item or amount owned by the business. There are tow types of liabilities current and long-term. Current liabilities are ones that are due to be repaid within 12 months or less. A long-term liability is a something like a loan that can be paid later than 12 months. > Capital and working capital – capital is money that is owed to the owner by the business. Working capital is the capital left after the current liabilities have been subtracted from the current assets. If the business does not have any working capital the business will not be able to continue to operate. Significance of the balance sheet The balance sheet shows how the business has been financed. For he sole trader the balance sheet can be shown as a formula, which is: > Fixed assets > + Working capital > – Long-term liabilities > = NET assets The final Accounts for a Partnership Accounts Definition of a Partnership The Partnership Act of 1890 defines a partnership as: The relation which subsists between persons carrying on a business in common with a view of profit Accounting requirements of a partnership The accounting requirements of a partnership are as follows: > To follow the rules that have been set out in the Partnership Act of 1890 > Or they could agree upon a partnership agreement, to follow different accounting rules. This will be explained in further detail later on in the essay If the partners cannot agree upon terms then the Partnership Act 1890 will apply it stats the following accounting rules: > Any profits or losses are to be shared between the partners equally > No partner is eligible to a salary > Partners are not entitled to receive any interest on their capital > Interest is not to be charged on drawings made by the partners > If any partner contributes more capital than has been agreed, they are entitled to receive interest at 5% per annum on the extra amount This only applies if the partners fail to agree on an agreement of their own. Year end accounts of a Partnership A partnership prepares that same end of year accounts as the sole trader, this being: > A trading and profit and loss account > And a balance sheet The difference between the end of year accounts for a sole trader and a partnership is that after the profit and loss account the partnership must prepare an appropriation account. This serves to show how the net profit that the profit and loss account shows is divided amongst the partners. Partnership Agreement A partnership agreement is drawn up by the partners and is a deviation form the accounting rules set out by the Partnership Act 1890. All partners must agree to the agreement before being allowed to go ahead. The partnership agreement will normally follow the following areas: > The division of profits and losses between the partners > Any partners salaries/commission > If interest is allowed on capital and at what rate > If interest is to be charged on partners drawings and at what rate The division of profits and losses between the partners The partnership act 1890 states that no matter how much someone has contributed to the business in the form of capital, they will only receive the same share of the profits as a person who has contributed less. This is why many partnership agreements state that if someone contributes more capital they get more of the profit. Partners salaries/commission The partnership act 1890 states that no partner is to receive a salary. This however is not normally the case within partnership agreements, many partnership agreements set out that those partners who work more within the business deserve a salary due to the time they are committing to the business. Similarly a partnership agreement may have within it a commission payment with sales that a partner may make once again this is due to the contribution this partner is making. Interest allowed on capital The partnership act 1890 states that no interest on capital is to be paid unless a partner contributes more than agreed then they are allowed 5% on the extra capital. Within many partnership agreements there is a clause that allows interest to be given on capital this is a form of compensation to the partner because they can use this interest money to invest in other things. The interest on capital may also be used as a form of compensating the differences that may appear between the capitals that are contributed. Interest charged on partners drawings In the partnership act 1890 it states that no interest is to be charged on the drawings made by a partner this leads to problems because the partner may withdraw valuable funds when they are most required, so many partnership agreements outline that a charge is to be set on the withdrawal of capital, this then deters the partner from withdrawing due to the penalty they will incur. Other points > Interest on loans – if a partner makes a loan to the partnership then as set down in the partnership act 1890 they will receive interest of 5%, this is why many partnership agreements agree on a different rate of interest > Interest on current accounts – a partnership agreement may outline the interest that is to be allowed on the balance of a partner’s current account this will be paid to the partner if they are still credited and taken away if they are debited. Capital accounts and Current accounts An important difference between the final accounts of a sole trader and that of a partnership is that each partner of a partnership has a capital account and a current account. The capital account is usually fixed and only changes if an alteration in the amount of capital is exhibited. The current account is constantly changing and is the account that the following are placed: > Share of any profit is credited > Share of any loss is debited > Salary/commissions if there are any are credited > Any interest on partners capital is credited > Any drawings are debited > Any interest on charged on partners drawings is debited The current account is treated as a working account. Appropriation of Profits The appropriation account shows how the net profit has been divided amongst the partners, before the net profit can be divided the following things must be taken or added to the net profit before the final share of profits can be disturbed: > Any interest added on partners drawings > Salaries/Commissions to be taken away > Any interest on partners capital to be subtracted After these have been taken or added the final share of profits will remain, this then can be distributed between the partners at the correct percentage for each. Balance Sheet When a partnership is completing its balance sheet at the end of the year the end balances on each partner’s capital and current accounts must be shown. It is usual that the transactions that have taken place on each account be shown in a summary form, just as in a sole traders balance sheet they will take the drawings away from the net profit for that year. The other features of a balance sheet are the same as a sole traders balance sheet. The Final Accounts for a Limited Company Accounts Advantages of forming a Limited Company A limited company is owned by the shareholders and run by the directors, it is a separate legal entity. A limited company is often chosen as the legal status of a business because of the following reasons: > Limited liability > Separate legal entity > Ability to raise finance > Membership > Any other factors Limited liability If a company where to go into solvency with limited liability the shareholders would only lose the capital they have invested. This means the shareholder is covered for any losses of the company and will not be liable to repay the creditors. Separate legal entity The company is a separate legal entity form the shareholders, if someone where to take action against the company they do so against the company and not against the individual shareholders. Ability to raise finance A limited company can raise funds from the follow outside sources: > For a PLC – this capital is generate from the general public buyer shares which are traded on the Stock Market > For a LTD – this capital is generated from Venture Capital companies and friends and family who can purchase shares Membership To be a member of a limited company you are required to own at least one share of that company, there is a minimum number of members which is two and no upper limit. If you are a member of a company you are the same as a shareholder. Other factors As a limited company is normally larger than that of a sole trader or partnership it benefits from economies of scale and makes it of sufficient size to employ such specialists as production, marketing, finance which work in their respective functions. The Companies Act The Limited Companies Act 1985, which was amended in 1989 states that there are two types of limited companies. The large Public companies or PLC’s and the smaller Private companies or LTD’s there is also another type of limited company which is called the limited by guarantee. Public limited company (PLC) A company can become a public limited company if it has the following: > The issued share capital is over à ¯Ã‚ ¿Ã‚ ½50,000 > There are at least two members and at least two directors A public company does not have to sell stocks and shares on the Stock Exchange but this is normally where most of the capital is raised. Private limited company (LTD) The most common limited company is the private limited company or LTD, the term private company was not set out in the Companies Act 1985, but is the most traditional way of describing a LTD. A private limited company has the following: > There are no minimum requirements for issued share capital > There needs to be at least two members and at least one director The shares are not traded on the stock market, but can be traded between individuals although with the shares not being traded on the stock exchange the price at which these shares will be traded may fluctuate. Company limited by guarantee The limited by guarantee company does not rely on the purchase of shares, but relies on members agreeing to pay a stated amount if the company goes bankrupt. Governing Documents of Companies When a limited company is being set up the Companies Act requires the two following documents: > Memorandum of Association > Articles of Association The Memorandum of Association is the constitution of a company, it outlines how the business is to relate to the outside world. It will contain the following five clauses: 1) The name of the company along with the public or private limited part 2) The authorised share capital 3) The objects of the company which is the activities that the company can engage in 4) The registered company of the company 5) A statement that the liability of the members is limited The Articles of Association this regulates the internal administration of the company, it also includes powers of directors and the holding of company meetings. Accounting requirements of the Companies Act The Companies Act 1985 which was amended in 1989, requires the production of accounts for a limited company it also sets out the detailed information that must be disclosed. For a large company the accounts are audited by an external auditor, this is not often the case with a small or medium sized company due to them being exempt. After the end of the financial year the accounts must be completed within nine-months and sent to the Companies House where they are available for the viewing of the public. A copy of the accounts must be available to all shareholders this is paired with a report on the companies activities during the year. Types of shares by Limited Companies In the Memorandum of Association the authorised share capital is stated. The issued shared capital may not be the same as the authorised share capital, the issued share capital under law is not allowed to exceed the authorised share capital. If a company wishes to extend the amount of share capital that it is allowed to issue it must pass an appropriate resolution at a general meeting of the shareholders. The authorised and shared issue capital is divided into different types of shares which are: > Ordinary shares > Preference shares With these shares come voting rights to the holder which can give the right to the holder to have their say at the annual general meeting. Ordinary shares An ordinary share is the most commonly issued share and carry’s with it the main ‘risks and rewards’ that come with the success of the business. If the business makes a profit the holder of the share will receive a dividend, these share are paid after preference shares dividends. Also of the company records a loss the share holders will loss part or all of their investment. Many companies when they have made a profit don’t pay out all the profit, many keep a percentage as a reserve. This reserve money can be used the next year as a dividend if the company does not make a sufficient profit, this serves to keep the investor interested and thinking they are getting a return on their shares. When a business goes into solvency the ordinary share holders receive any payments last. Preference shares A preference share normally carry’s a fixed rate of dividends. The dividends of the preference shares are paid out before the dividends of an ordinary share, although the dividends are only paid if the company makes a profit. If the company goes into solvency the preference share will receive a part of their payment before the ordinary shares. Nominal and market values of shares The nominal value of a share is the face value of the share, shares can be issued for any amount. This nominal value is not normally the same as the market value of the share due to it being traded at different prices constantly. Issue price This is the price the shares are issued to the shareholders by the company. The issue price is either at a par with the nominal value or above the nominal value. When the issue of the issue price is above the nominal value it is known as a share premium. Loans and Debentures As well as selling shares to raise capital the business may also be required to take a loan or debenture which can be obtained from the shareholders. With these two methods of raising capital usually comes a fixed rate of interest on the amount. This interest is considered a business expense so is placed in the profit and loss account with all the other expenses. If the company goes into insolvency the loan/debenture will be paid off before any shareholders are paid. Trading and Profit and Loss Account When most limited companies are creating their financial statements they are normally the same as that of a sole trader and a partnership. However there are two expenses that are found in a limited companies profit and loss account but not in any other type of business, these are: > Directors remuneration (directors salary) – this is entered because the directors are employed by the company and thus are an expense to the company > Debenture interest – this is entered into the companies profit and loss account because it is an expense to the company The limited company completes it profit and loss account and finds out the Net profit, an appropriation account is then drawn up below this. Balance Sheet The balance sheet of limited companies are for the most part the same as all other companies balance sheet apart from the odd difference in the things that go into the current assets, fixed assets and liabilities. The difference is that the capital section of the balance sheet is rather complex due to the different shares that are issued and the various reserves. Reserves A limited company will very rarely disburse all its profits between its shareholders, it will instead keep back a certain amount as a reserve. There are two types of reserve: > Capital reserves – which are created because not all the capital that has been taken was used for trading > Revenue reserves – these are the retained profits from the profit and loss account Capital reserves Examples of capital reserves which cannot be used to fund dividends payments include: > Revaluation reserve – this takes place when a fixed asset is revalued in the balance sheet, this revaluation is then placed in a revaluation reserve, it then serves to increase the shareholders investment in the company > Share premium account – a company may wish to issue extra shares to be available to the general public at a price over that of the nominal price. The nominal value of the shares is input into the share capital account and the extra money on top of the shares laced into the share premium account. Revenue reserves This is very often left as the balance of the appropriation account of the profit and loss account, it is most commonly known as the profit and loss account balance. On the other hand they may choose to put this revenue into a separate account of its own. This transfer to and from these accounts will in recorded in the appropriation account. The regulatory framework of accounting When talking about the regulatory framework of accounting you are simply talking about the rules that are to be followed when preparing final accounts. There are two forms these rules take the form of these are: > Accounting concepts > Accounting standards Accounting concepts Below are the basic accounting concepts that are to be followed when preparing final accounts: > Business entity > Money measurement > Historical cost > Duality > Materiality > Going concern > Accruals > Consistency > Prudence Business entity concept This concept outlines that the final accounts and records of a business are that of the business and that no personal assets of the owner’s are included within these records. The main links that are disclosed between the business and the owner(s) is the capital accounts and drawings. Money measurement concept This concept means that all items that are within the final accounts are expressed as money, this means all the values can be added together to come up with the net profit, gross profit and so on. The problem with this is that things that cannot be recorded as money such as good management will not be valued and all companies will be seen to be managed the same way, only in time will the good management become apparent. Historical cost concept This is an extension of the money measurement concept, it basically means that a transaction should be recorded at the value it was historically recorded or initially recorded, so if a vehicle cost à ¯Ã‚ ¿Ã‚ ½20,000 at purchase it should be entered for that amount. This concept brings with it advantages which are as follows: > Verifiable – there is a prime document that confirms that this transaction has occurred > Objective – there are no new valuations of the vehicle which will make it easier to price when it comes to sale This concept also brings with it disadvantages which are as follows: > The change of value – all items change in value over time and this wont be recorded the value may have went up or down > The effects of inflation Duality concept This concept ensures that all transactions are entered into the double-entry system twice one on the credit side and one on the debit side. Materiality concept This concept sets out that some items within accounts are so low in monetary value there would be no point in recording them separately. Some examples of these types of items are listed below: > The likes of donations to charities, the purchasing of plants for the office and other small expenses such as these are seen not to justify their own expense account, so they are grouped together in a sundry expenses account > The end of year stocks of stationary such as paper for printers, paper clips, pens etc are not seen to be material due to the fact they don’t affect the business earnings however they are placed within the profit and loss account > The low cost fixed expenses such as bins, staplers etc are not classed as capital expenditure, they are instead classified as expenses within the profit and loss account. Technically they should be placed within the fixed assets account of the balance sheet and be depreciated every year of their life span, but it would not be worth the effort due to them being immaterial in that they wouldn’t cause any real affect to final figures. What a business will consider material depends really on the size of the particular business, the likes of a large business would find anything under à ¯Ã‚ ¿Ã‚ ½1,000 immaterial and not worth putting into their own account whereas a small company would consider these items material and have them in their own account. Going concern concept This concept is presuming that the business to which the final accounts relate will continue to trade for the foreseeable future. The final accounts are prepared on the basis that the business has no intention of significantly down sizing or liquidating its assets. If the business was going to down size and where to sell a purpose built factory this factory would be a going concern to the business but would be of limited use to other industries for this reason the building would command less value. This instead of being described as a going concern would instead be described as a gone concern. In a gone concern extra depreciation would be added to the profit and loss account to account for the reduction in fixed assets. Accruals concept This concept is concerned with the expenses and revenues being matched so that they will concern the same goods/services and the same time period. In the profit and loss account expenses should always be entered whether they have been paid for or not. This is where the principle of income and expenditure accounting came from. Below are further examples of the accruals concept: > Debtors > Creditors > Depreciation > Bad debts > Provision for bad debts > Opening and closing stock adjustments in profit and loss account Consistency concept This concept is concerned that when a company adopts a particular method for accounting they should continue to use that method in a constant fashion. When a business has adopted a particular practice for accounts they may at times wish to make some changes, this is acceptable as long as there is a good reason for it, this change is to be noted on the final accounts to explain what has happened. With the consistency of the accounts the business can make comparisons between different years. Prudence concept This concept is also known as the conservatism in accounting. This concept requires where there is any doubt as to the value of an item report a conservative figure to be entered within the final accounts. Although this does not mean that profits are to be anticipated and should only be recognised if there is a distinct possibility they will be realised, as well as this all known liabilities should be provided for. A good example of this process is the provision for bad debts this is so any debt that maybe written off may be accounted for. The theory behind this concept is that it prevents the business from being to over optimistic with its presentation of final accounts. All of the above concepts apply to the final accounts of a sole trader, a partnership and a limited company. With relation to the limited companies the Companies Act 1985 gives legal force to the following concepts: > Going concern > Accruals > Consistency > Prudence If the company does not apply these concepts will receive a qualified report from its auditors. Accounting Standards The framework for accounting is represented by the Statements of Standard Accounting Practice (SSAP) and Financial Reporting Standards (FRS). The Statements of Standard Accounting Practice are no longer issued, but they still come under the control of the Accounting Standards Board. The Accounting Standards Board requires that accountants adhere to all applicable accounting standards and are able to disclose and explain deviations from the standards that may occur. To try and reduce the number of permissible accounting treatments, a number of Statements of Standard Accounting Practice have been replaced by Financial Reporting Standards. The main accounting standards are: > SSAP 5 Accounting for Value Added Tax > SSAP 9 Stocks and long-term contracts > FRS 15 Tangible fixed assets > FRS 18 Accounting policies SSAP 5 Accounting for Value Added Tax VAT is a tax on the supply of goods and services. Business with a turnover of over a certain figure will be registered for VAT. At regular intervals the business that are registered will pay VAT Authorities such as HM Customs and Excise on the following: > The amount of output tax collected on sales made > Less the amount of input tax on goods and services purchased The business can claim a refund from the HM Customs and Excise department if the input tax is greater than the output tax. This claim will be made on the difference. A business that is VAT-registered does not normally include the VAT in the income and expenditure of the business – whether for capital or revenue reasons. There are goods and services that are exempt from VAT these are things such as the loaning of money and letting of land, VAT cannot be charged by the charge so no output tax is received, they can only clam back an agreed proportion of the input tax that has been pre agreed with the VAT authorities. Irrecoverable VAT occurs when a business that has been registered cannot reclaim VAT on input tax, this means the VAT is entered into the accounts as an expense. A business that is not registered for VAT will include VAT within its input financial statements. SSAP 9 Stocks and long-term contracts This sets out the broad rule that stock should be valued at cost or, where lower, selling price. FRS 15 Tangible fixed assets This sets out that a fixed asset has a known economic life and must be depreciated, this doesn’t apply to land unless it is either a quarry or mine. As long as the depreciation method is acceptable it can be used to spread the cost of a fixed asset consistently over that fixed assets economic life. A depreciation amount is most of the time based on the cost of the fixed asset. FRS 18 Accounting policies This standard is to ensure that all material items have the following: > The particular circumstances of the business accounting policies are fit of the given purpose and give a true and fair view > The policies that have been selected by a company are regularly reviewed to ensure they are still appropriate, also when the circumstances change the policies are changed to > The information that is disclosed within the financial statements is of sufficient information to enable users to understand the accounting policies that have been adopted and how they have been implemented

God Grew Tired of Us Essay

God Grew Tired of Us documents the journey of three Sudanese men who were part of the â€Å"Lost Boys of Sudan†, a refugee camp home to thousands of young men who fled Sudan amidst the wars that went on since the 1980s. The three young men were one of the few who were invited to live in America and the documentary follows the men on their journey of adapting to the North American culture, customs and the new found freedom they never had back in Sudan. Throughout the film, the audience witness their struggle of feeling a sense of belonging and also their strive to find the family members they lost when they had to flee the country during the war. The men began their journey to the United States when they got on their very first airplane to Belgium for a connection flight to New York. There we witness the men embark on their first cultural shock. At the airport, the men are obviously amazed at the diversity of races since they’ve grown up only knowing one, African. Most North Americans grew up with a diverse culture around them so walking down the street and seeing someone who isn’t the same skin tone as you is never really a shock to anyone. For the men it was a first glance of what it’s like to live in the United States, where you’d have to learn to live amongst and get along with people who are of a different race and have different beliefs than you. When the lost boys arrive in America, they are presented with their very own apartment, something they’ve never seen in their lives. Now the men need to adapt with living a modern North American lifestyle with electricity and plumbing. A guide takes them through the house and demonstrates how to use basic everyday appliances. This was particularly amusing because the men were learning basic skills such as using the toilet and using toilet paper, something that North Americans learn in the early toddler years. Also, now that the men live on their own, they’d have to cook for themselves, something that men are not supposed to do in Africa because it is seen as a woman’s job. In North America it is not seen as a humiliating task for men to be seen cooking. Instead, chefs and cooks are stereotyped as a man’s job. As new citizens of America, the lost boys have left behind their extended families back in Africa. In a sense of loneliness they lean on each other for comfort. It makes sense that they travel together to help each other out, but unfortunately locals filed complaints to police that because the men travel in pacts, they’re intimidating. This was a totally absurd and racist accusation. Just because the men are tall and black doesn’t mean they are a threat to society. North Americans tend to stereotype people to segregate certain groups. The men experienced their first account of discrimination, an act that ultimately pushed them to run away from their home country in the first place. At the end of the film, the lost boys have lived in America for over 3 years and have adapted to the North American culture. Two of the three lost boys were lucky enough to locate their family members. The men went on to live separate lives and even got college/university degrees. The documentary ends with a short note about each of the three men and what they did after the film was done. Daniel, John, and Panther, the once lost boys with no future planned ahead are now striving to make a difference for their country.

The International Harmonization Perspective Of Two Countries Malaysia And Singapore Accounting Essay Essays

The International Harmonization Perspective Of Two Countries Malaysia And Singapore Accounting Essay Essays The International Harmonization Perspective Of Two Countries Malaysia And Singapore Accounting Essay Essay The International Harmonization Perspective Of Two Countries Malaysia And Singapore Accounting Essay Essay As mentioned earlier, this survey focuses on the international harmonisation position of two states ; Malaysia and Singapore, chiefly due to clip restraint and besides because they have a more advanced accounting and regulative establishments every bit good as the largest and most good developed capital markets in ASEAN ( Saudagaran and Diga, 2000 ) . The chief intent of this chapter is to mensurate the grade of harmonisation in Malaysia and Singapore. Data for this survey is obtained from the web site of companies listed in the stock exchange of their several states. The companies selected are from the electronics, information engineering and telecommunications industries, foremost because these are the taking industries in both Malaysia and Singapore and secondly because these industries have faced enormous growing over the last few decennaries. Furthermore these industries are really important for emerging markets in the ASEAN part as they are the largest exporters of electronic merchandises in the ASEAN part. To prove the grade of harmonisation in Malaysia and Singapore we used cardinal assets and net income measuring patterns. These steps were obtained from the book written by Radebaugh and Gray ( 1997 ) . The cardinal measurings used in this survey is cost of stock list, rating of non-current assets, good will, depreciation and research and development disbursals. 3.1 Methodology This survey is really much a qualitative 1 as such statistical cognition is non the purpose. The trying techniques used is the non chance trying alternatively of the chance trying given the nature of the survey. All companies within the electronic, information engineering and telecommunication industries were looked at. In position of the clip constrain, this survey is based on informations collected from companies that have their latest one-year studies in their web site. Data was collected from 30 companies from both Malaysia and Singapore ( 10 from Malaysia and 20 from Singapore ) . The names of the companies are listed in Appendix 1. 3.2 Empirical Research on Key Measurements in the Financial Statements of Malaysian and Singapore Listed Companies The informations gathered from the 30 companies allowed a better apprehension and cognition about the grade of accounting harmonisation every bit good on the development of the criterions puting procedure at the domestic degree in both Malaysia and Singapore. It besides allowed us to analyze these states conformity with IAS. The sum-up of the consequences are portrayed in the tabular array below: Table 1 Cardinal Measurements International Accounting Standard Companies Accounting Policy Malaysia ( 10 companies ) Singapore ( 20 companies ) Depreciation Straight-line method or Reducing balance method ( IAS 16 ) Straight-line Method ( 9 ) Reducing Balance Method ( 1 ) Straight-line Method ( 15 ) Reducing Balance Method ( 3 ) Straight Line A ; Reducing Balance Method ( 2 ) Good will Amortization or Tested for impairment annually ( IFRS 3 ) Amortization Method ( 2 ) Trial for damage ( 4 ) Amortization Method ( 3 ) Trial for damage ( 12 ) Evaluation of Non- Current Assetss Historical Cost ( IAS 16 ) Historical Cost ( 3 ) Historical Cost A ; Revaluation method ( 7 ) Historical Cost ( 3 ) Historical Cost A ; Revaluation method ( 17 ) Research and Development Charge of when incurred/write-off ( IAS 38 ) or Amortization Write 0ff ( 4 ) Amortization ( 2 ) Write 0ff ( 12 ) Amortization ( 3 ) Cost of Inventory FIFO or weighted mean footing ( IAS 2 ) FIFO ( 2 ) Leaden mean method ( 4 ) FIFO A ; Weighted Average Method ( 4 ) FIFO ( 6 ) Leaden mean method ( 12 ) FIFO A ; Weighted Average Method ( 2 ) 3.3 Consequences 3.3.1 Malaya In Malaysia, 10 companies from the electronic, telecommunications and information engineering industries were chosen in our sample. Merely certain accounting methods were utilized instead systematically by these companies, nevertheless all the companies used the historical cost convention in the readying of their fiscal statements. Some of the companies besides perform a reappraisal of certain non-current assets to follow with the sanctioned Malayan Accounting Standards. The consequences indicated that nine companies companies utilized the straight-line method in deprecating their assets. However the utile lifes of the assets are different depending on the single company policies and premise every bit good on the type of plus being depreciated. While the staying one company uses the cut downing balance method. Merely six companies unwrap the intervention of good will in their fiscal statements. Two out of the six companies amortize the good will within a certain clip frame while the other four companies recognizes good will as an plus and trial annually for damage. However these patterns are capable to annually reexamine by the Board of Directors in audience with the Accounting an Audit Committee. Four companies do non uncover their intervention. In the reappraisal of non-current assets, seven companies use both methods which is at cost or reappraisal value while 3 companies merely value their non-current assets at cost. The intervention of research and development disbursals are merely disclosed by six companies. Four companies disbursals this cost straight to the income statement as and when incurred while the other two companies amortizes the disbursals based on its ain internal company policy. Four companies do non uncover their methods. As for the cost of stock list, four companies use leaden mean method, two companies use the First In First Out ( FIFO ) method and the remainder of the four companies uses both the leaden norm and the FIFO method. 3.3.2 Singapore In Singapore 20 companies from the electronic, telecommunications and information engineering industries were chosen in our sample. Merely certain accounting methods were utilized instead systematically by these companies, nevertheless all of them used the historical cost convention in the readying of their fiscal statements. Some of the companies besides perform a reappraisal of certain non-current assets to follow with the approved Singapore Accounting Standards. The consequences indicated that 15 companies utilize the straight-line method in deprecating their assets. However the utile lifes of the assets are different depending on the single company policies and premise every bit good on the type of plus being depreciated. Three companies used the cut downing balance method while the staying two companies used both the consecutive line and cut downing balance method. Merely 15 companies unwrap the intervention of good will in their fiscal statements. Three of these companies amortize the good will within a certain clip frame while the other 12 companies recognises good will as an plus and trial annually for damage. However these patterns are capable to annually reexamine by the Board of Directors in audience with the Accounting an Audit Committee. Five companies use other methods and the staying five companies do non uncover their intervention. In the reappraisal of non-current assets, 17 companies use both methods which is at cost or reappraisal value for certain assets while three companies merely value their non-current assets at cost. The intervention of research and development disbursals are merely disclosed by 15 companies. Twelve companies expense the cost straight to the income statement as and when incurred while the other three companies amortizes the disbursals based on its ain internal company policy. Five companies do non uncover their methods. As for the cost of stock list, 12 companies use leaden mean method, six companies use the First In First Out ( FIFO ) method and the staying two companies uses both the leaden norm and the FIFO method. 3.4 Consequences Analysis Based on the consequences, it is rather obvious that companies in both Malaysia and Singapore prepare their fiscal reports/statements in conformity to their several state s sanctioned accounting criterions. Malaysia and Singapore s accounting rules are really much in compliant with IAS, i.e really much rule based ( users are strongly encouraged to used their ain opinion ) , and certain accounting methods are used instead systematically. For illustration, most companies in Malaysia and Singapore use the straight-line method in deprecating their assets, historical cost and in some instances the reappraisal value for the non-current assets. They use FIFO and leaden mean method in measuring their cost of stock list and none of the companies use the LIFO method which is prohibited by the IAS 2. As for research and development disbursals and good will, it is a little more hard to analyse as non all the companies in our sample have revealed their intervention for these costs. Our consequences indicate that most companies in our sample usage methods which are really much in compliant with IAS while the remainder of the companies in our sample, although non important, utilize other methods. As such it might to be excessively premature to reason that international accounting harmonisation has been to the full embraced in the visible radiation of the Malaysian and Singapore environment. Chapter FOUR DISCUSSION A ; ANALYSIS The result of the survey in chapter three clearly shows that despite there being some grade of accounting harmonisation in the emerging markets ( Malaysia and Singapore ) , there is still non adequate grounds to reason for certain that accounting harmonisation is to the full embraced by the aforesaid states. This chapter analyzes international accounting harmonisation from four wide positions viz. , the barriers to international accounting harmonisation, its advantages and disadvantages, grade of accounting harmonisation, and eventually the mechanisms needed to prosecute accounting harmonisation. 4.1 The Barriers to International Accounting Harmonization Harmonizing to Nobes and Parker ( 2002 ) , the most cardinal obstructions to international accounting harmonisation are as follows: Size of present differences between the accounting patterns of different states ; Lack of strong professional accounting organic structures in some states ; and Differences in political and economic system. The important economic and cultural differences that exist amongst assorted states are a major hindrance in international accounting harmonisation. The differences are so huge that even a consecutive forward accounting criterions can hold assorted readings. It is a good known fact or an unwritten regulation that political relations do so play a really of import function in the constitution of an accounting criterion in most states. While it can be argued that many national and international criterion compositors are independent self-acting organic structures and by right should non be influenced by the political government, in world, the criterions set is a consequence of a complicated political procedure ( Saudagaran 2001 ) . This is chiefly because ; the criterion compositors would necessitate strong support and purchase in from the politicians, as they have a vested involvement in national criterions. Another barrier confronting the authorities of assorted states is the coordinati on and their ability to synchronise their domestic accounting policies with policies of other states to guarantee they have the best of both universes, i.e to extinguish or minimise the negative influence and to retain the positive influence from the other states. The phase of uniformity of fiscal describing under the same international criterions crucially depends on the institutional environment in which companies operate. It is non practical to use the same accounting criterions in different legal powers to accomplish echt value and comparison of fiscal statements across the universe. Examples of institutional differences across legal powers are scrutinizing, enforcement, and judicial proceeding patterns ( Ball et al. , 2003 ; Daske et al. , 2008 ) . To see how establishments and accounting criterions unite, see a criterion that places big accent on relevancy and assumes that relevancy requires direction s estimation for the measuring of certain assets. If such a criterion is applied in an environment with weak reappraisal and enforcement, it is unlikely that the criterion will do applicable accounting Numberss. In such a scene, a criterion that places more accent on dependability and reduces the demand for allowance of estimations in acqui ring the Numberss will ensue in higher value fiscal coverage. The different demands and demands of users of fiscal statement in assorted states is besides another barrier to international accounting harmonisation. Depending on the significance of accounting in a peculiar state, the accounting system can be categorized either as a macro-user or micro user oriented system ( Saudagaran and Diga, 1998 ) . The more developed states in ASEAN such as Malaysia and Singapore realized the importance of capital markets and reinforced a penchant for micro-user oriented accounting attack, necessitating more information and extended fiscal revelations similar to the accounting attack in the UK and USA. However, this does non intend that the demands of smaller household owned concerns prevalent in the two states would be met. The smaller household owned concerns prefer non to unwrap excessively much information to the populace about their concern because of the states weak legal system, which does non supply equal protection for concerns as a whole. Furthermo re, it would be a really expensive matter for them to maintain separate set of books simply to follow with the international accounting criterions. This would halter the growing of local concerns or would coerce bing companies to take their concern elsewhere. These barriers emphasizes the believe that international accounting harmonisation may non be desirable after all. 4.2 The Advantages and Disadvantages of International Accounting Harmonization Earlier chapters of this survey found that there are plentifulness of advantages to international accounting harmonisation such as cost nest eggs for international corporations, enhanced comparison of cross-border fiscal studies, widespread airing of high quality accounting criterions and patterns and proviso of low cost accounting criterions to states with limited resources. These advantages are besides applicable to states in the emerging markets such as Malaysia and Singapore. With globalisation, the ASEAN markets are non to be ignored. Despite traveling through tough times during the Asiatic fiscal crisis in 1997/98, the ASEAN part have really strong growing potency. This part continues to be the Centre of attractive force of many international corporations and investors. For states with more developed capital markets such as Malaysia and Singapore, international accounting harmonisation would convey approximately immense benefits. First and foremost it would cut down the disbursal and the clip taken to make their ain domestic accounting criterions. There would besides be cost nest eggs for the international corporations established in these states as they would non hold to set their fiscal studies to adhere to the local criterions. Globally it is a good known fact that a state is non able to last on its ain without international trade and by holding a close-door policy. Even the Chinese authorities realized this and unfastened China s doors to the universe about a decennary ago. However, equal and orderly fiscal coverage is required to promote international trade and investings. International accounting harmonisation can help this intent by cut downing the difference in fiscal coverage demands for participants in the capital markets. The ability to compare and contrast fiscal information of assorted companies would promote investors assurance in making concern and doing equal investing determinations. It would besides be easier on the investors as they merely have to understand and use a individual set of international criterions in doing their investing determinations. Another major benefit of international accounting harmonisation is to advance high quality accounting criterions and patterns. Given that Malaysia and Singapore are the more developed states within ASEAN, they are able to take the regional accounting harmonisation in ASEAN, at the same time taking the ASEAN fiscal coverage criterions to greater highs while being in congruity with international criterions. Once once more, high quality, comprehensive and comparison of accounting criterions will hike investor assurance and contribute towards the overall economic growing of the ASEAN part. On the impudent side, oppositions of international accounting harmonisation believe that harmonisation is an infliction of criterions by the first universe states upon the 3rd universe and developing states. It is impossible to hold a one size fits all criterion, as these criterions would non be flexible plenty to provide to the differences in civilization, legal systems and national fortunes. Users of fiscal information besides differ well from state to state. While in some states the chief users are the investors, for other states the chief users could the authorities or the revenue enhancement governments and all these users require different type of information for assorted intents. It is non easy to make a criterion that is able to provide to the demands of all users. Another hindrance in prosecuting accounting harmonisation in Malaysia and Singapore is their historic background or civilization. Despite the fact that Malaysia and Singapore were both antecedently colonized by the British and both states closely follow the accounting criterions of the U.K. , there are still differences both states institutional mechanisms, which consequences in the differences in accounting patterns. There is a huge difference in the manner the authoritiess of these two states operate, and the precedences of these two authoritiess differ well, automatically taking to different accounting patterns. These obstructions would somehow affect Malaysia and Singapore when following IAS. Nevertheless, after the weighing the pros and cons of international accounting harmonisation, it is in the best involvement of these two states to go on to prosecute international accounting harmonisation given that its advantages far outweigh its disadvantages. 4.3 Degree of Harmonization in Malaysia and Singapore Given that Malaysia and Singapore were antecedently colonized by the British, their several accounting patterns are really influenced by the British accounting criterions. Both Malaysia and Singapore began following IAS as their national accounting criterions in the 1970 s. The acceptance of IAS was recognized as one of the methods to hike international trade and to promote foreign investing into their several states. Furthermore, the ASEAN part lacked the resources and research capablenesss in developing their ain criterions and by following IAS seemed like their best manner frontward. They besides did non hold a specific organisation concentrating strictly on developing accounting criterions for their several states. For case, in Malaysia, the MASB was merely established in 1997 as the primary organic structure for bring forthing accounting criterions. Despite set uping the MIA and MACPA in the 1950 s, their function was strictly a enrollment organic structure as oppose to a standa rd puting one. Furthermore, being developing states, the authorities of these states had instead give the resources they had to other socioeconomic aims than to set up accounting criterions. There are besides other grounds for this two states to follow IAS, foremost is because IAS has been tried and tested globally with non much opposition. Second, for Malaysia and Singapore to be the taking fiscal centres in the ASEAN part, it is important for them to hold accounting criterions that are internationally recognized and trusted. From the assorted degrees of treatments in this survey, it is obvious that both Malaysia and Singapore are on the right way towards international accounting harmonisation. However, the consequences of the empirical survey indicates that there is still much more to be done to accomplish complete harmonisation or if complete harmonisation is come-at-able. However, despite the difference in accounting criterions used by these companies, in general bulk of them comply with IAS. Furthermore, the figure of companies that use other methods non stipulated by the IAS are non important. As discussed in chapter two, there are assorted organic structures i.e authorities and private organic structures involved in the standard-setting procedure in Malaysia and Singapore. Each of these organisations carry out their several map in their attempts toward standard scene and international accounting harmonisation. In order to ease and to guarantee the success of the standard scene and harmonisation procedure, a high degree of coaction is needed between them. Given that the standard-setting procedure is really political in nature, the private sector organic structures require the bargain in of the authorities to guarantee successful execution of the national criterions set. The authorities would besides guarantee that the criterions set are suited to run into national economic aims. On the other manus, the authorities looks to the private sector organic structures to guarantee that the criterions set would increase public sector answerability. Although there are plentifulness of attempts toward international accounting harmonisation, it is still hard to reason if Malaysia and Singapore will efficaciously achieve harmonisation by simply merely being IAS compliant ( in most instances ) . 4.4 Mechanisms to Pursue International Accounting Harmonization To help the chase toward international accounting harmonisation, a set of institutional mechanism is needed. Saudagaran and Diga, 1998 lineations four options available for prosecuting ASEAN accounting harmonisation: amalgamation of national criterion puting bureaus ; acceptance of an European Union ( EU ) harmonisation theoretical account ; attachment to IASC dictums ; and free market attack. Each mechanism will be discussed in bend. 4.4.1 Merger of National Standard-setting Agencies The first step suggests for ASEAN criterion puting bureaus to unify to organize a supranational organic structure. In world a organic structure of such nature is already in being ; the ASEAN Federation of Accounting ( AFA ) . For the AFA to play a more effectual function in international accounting harmonisation, they need to be a portion and package of the standard scene procedure and non simply an organisation for comptrollers. As such there is a demand for the standard puting organic structures of each ASEAN state to be apart of AFA to ease the standard scene procedure within the ASEAN part. Despite the difference in civilization, the brotherhood of ASEAN criterion compositors under one umbrella would guarantee the criterions set would take into considerations all the demands and positions of its members states and concentrate on the ASEAN needs on a corporate footing. They would besides be able to react rapidly to the germinating economic conditions go oning in the ASEAN part. 4.4.2 European Union ( EU ) Harmonization Model The 2nd step is to follow the EU Harmonization Model. The harmonisation procedure starts with the harmonisation of the legal system, which includes company jurisprudence, concern jurisprudence, accounting and fiscal coverage of all EU member states. These enterprises take the signifier of directives, which so becomes a legal instrument for the attachment of EU member states. This option would let for the ASEAN secretariat to be the chief histrion in prosecuting international accounting harmonisation within the ASEAN part. This Secretariat would be responsible to suggest Directives and Regulations for its member states. However, the drawback of this option is that the ASEAN part does non possess a well-developed political substructure, which is a demand for accomplishing regional harmonisation. As a consequence, the move towards regional harmonisation would be slow. In the ASEAN part, the AFA, could play a more active function in prosecuting international accounting harmonisation. At present, this undertaking may look impossible for AFA as they do non hold equal support from other influential parties such as the stock exchanges, fiscal analysts etc. However, ASEAN can larn from the EU experience on how to get the better of the obstructions in accomplishing accounting harmonisation. 4.4.3 IASC Based Harmonization The 3rd step is to adhere to all the IASC enterprises. With this option, IASB becomes the chief histrion in the international accounting harmonisation procedure and all the ASEAN states would hold to follow IAS. If this step is adopted, the function of AFA would go undistinguished as the authorities and the national professional accounting organic structure of each state would take over the function of AFA. This is a low cost institutional option. Despite the many benefits of IASB harmonisation, there are drawbacks to this mechanism. First and the most important drawback is the possible struggle between the adopted IAS and domestic statute law. Not all states would profit every bit from international accounting harmonisation, as some IAS might non be appropriate for all ASEAN states. States such as Malaysia and Singapore are really selective when following IAS and have made alterations to the IAS as and when necessary to accommodate their economic environment. For the ASEAN part to to the full bask the benefits of IAS, there should take part more active engagement from these ASEAN states in the IASB treatments to guarantee the demands of their single states are taken into consideration ( Saudagaran and Diga, 1997b ) . 4.4.4 Free Market Approach to Harmonization The 4th step is the free market attack to harmonisation, which allows the market forces to make up ones mind which fiscal coverage patterns would predominate. This step provides full flexibleness for companies to make up ones mind what they want to describe depending on the demand for information. This option is really much in the favour of investors as they are the chief participants in the capital market who demand fiscal information to do investing determinations. The drawback of this step is that companies in different states may choose to follow different criterions depending on the demand of their assorted stakeholders, which would get the better of the intent of international accounting harmonisation. It is besides hard to utilize this option as non all ASEAN states have active capital markets.

Microsoft From David to Goliath essays

Microsoft From David to Goliath essays The electronic computer has been around for over a half-century, but its ancestors have been around for 2000 years. From abacus to our modern souped up computer with the Intel Pentium III processor the computer has come an incredibly long way. One of the most significant events that would affect its development would be the teaming up of IBM and Microsoft to create a new operating system for the microcomputer. The synergy of these two corporations would change the way we compute today. The noteriety from this partnership would propell Microsoft into the forefront of sofware design and development and create an industry standard to be followed by all. In July of 1980 IBM, a $30 billion dollar giant in the computing industry, offered Microsoft Corporation, who at the time consisted of a staff 40 (Cashman, 1.37), the opportunity to design a new operating system for their new IBM personal computer. IBM had observed an increased market for the personal computer for quite some time eventhough they had already failed once trying to tap the market with their IBM 5100. IBM had considered several options regarding the development of their new personal computer including buying a little known computer game company named Atari. In the end, IBM decided that they would proceed with their plans to build a new computer line with a new operating system. On August 12th, 1981 IBM introduced a new computer called the IBM PC. The PC was short for personal computer making IBM responsible for the acronym PC (Inventors). Microsoft bought the rights to the another operating system called Q-DOS (Quick and Dirty Operating System) from Seattle Computer Products for $50,000 without the company ever knowing that it was for the behemoth IBM (Delany). Bill Gates of Microsoft would talk IBM into allowing his company to retain the rights to market...

Top 5 Mistakes to Avoid with Personal Pronouns

Top 5 Mistakes to Avoid with Personal Pronouns Top 5 Mistakes to Avoid with Personal Pronouns Top 5 Mistakes to Avoid with Personal Pronouns By Maeve Maddox Among the oldest words in English are the personal pronouns I, you, he, she, it, we, and they. Two of the personal pronouns, you and it, have only one form that is used as either subject or object: See that goat? It bit me. (It is the subject of the verb bit.) I hear a bee. Do you see it? (It is the object of the verb see.) There’s a poisonous spider. Step on it! (It is the object of the preposition on) You agree with Charlie on everything. (You is the subject of the verb agree) That car just missed you. (You is the object of the verb missed.) This information must remain between you and me. (You is the object of the preposition between.) Five of the personal pronouns have two forms each: a subject form (I, he, she, we, they) and an object form (me, him, her, us, them). The most common errors occur when subject and object forms are reversed. Two additional errors that seem to be increasing are 1.) replacing a personal pronoun with a pronoun ending in -self and 2.) using a personal pronoun in a context that calls for a possessive adjective. Mistake #1: Object form used in place of subject form Incorrect: In the next several weeks, my colleagues and me will be discussing the appropriate way to do that. (Jay Inslee, Congressional Record) Correct : In the next several weeks, my colleagues and I will be discussing the appropriate way to do that. The subject forms I, he, she, we, and they are used as the subject of a verb. Here are models of correct usage: We went to New Orleans for Mardi Gras. (subject of the verb went) The children and I had a lovely time. (subject of the verb had) My colleagues and I will be discussing the plan. (subject of the verb will be discussing) Mistake #2: Subject form used in place of object form following a preposition Incorrect: She made each child feel special by taking pictures and spending quality one on one time with they and the dog. (A testimonial written by a person who has an M.A. degree) Correct : She made children feel special by taking pictures and spending quality one on one time with them and the dog. When the object of a preposition is a pronoun, the object form is required. Reminder: Prepositions include such words as with, to, in, on, under, and between. Here are two examples of correct usage: The butterfly alighted on her. (object of the preposition on) She gave the horse to Jack and me. (object of the preposition to) In the sample sentence, a social worker made children feel special by spending time â€Å"with them.† Misake #3 Subject form used in place of object form following a transitive verb Incorrect: Rodgers then followed she and her daughter out of the grocery store. (New York Daily News) Correct : Rodgers then followed her and her daughter out of the grocery store. When the direct object of a transitive verb is a pronoun, the object form is required. Here is an example of correct usage: The supervisor commended him for his contribution. (direct object of the verb commended.) The transitive verb followed requires the object form her. Mistake #4 Subject form used in place of the corresponding possessive adjective Incorrect: Susan announces she and her husband’s plans to divorce in front of Atticus’s family. (Downtown Abbey site) Correct : Susan announces her and her husband’s plans to divorce in front of Atticus’s family. Note: The personal pronouns have corresponding possessive forms. The possessive adjective forms are my, your, his, her, its, our, and their. They stand in front of the noun that is â€Å"possessed.† For example: Jack is his friend. (possessive adjective that corresponds to personal pronouns he and him) Sally is her friend. (possessive adjective that corresponds to personal pronouns she and her) She is a subject form and cannot be used as a possessive adjective. Susan announces plans for the impending divorce. They are â€Å"her husband’s plans.† They are â€Å"her plans† as well. Mistake #5 Reflexive pronoun used in place of personal pronoun Incorrect: Both  my wife and myself felt  so much happier after watching this movie. Correct : Both  my wife and I felt  so much happier after watching this movie. Pronouns that end in -self or -selves are called â€Å"reflexive pronouns† or â€Å"emphatic pronouns.† Here are examples of their correct use: The boy cut himself with the hedge clippers. (reflexive pronoun) The mayor herself delivered my newspaper today. (emphatic pronoun) There may be occasions when the emphatic form is wanted for a rhetorical flourish, but in ordinary speech, replacing a personal pronoun with one ending in -self or -selves is nonstandard usage to be avoided. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Common Mistakes category, check our popular posts, or choose a related post below:Writing Prompts 101For Sale vs. On SaleForming the Comparative of One-syllable Adjectives

Week 2 Research Paper Example | Topics and Well Written Essays - 500 words

Week 2 - Research Paper Example these lines, all projects will have risks, theres continually something that can happen and distinguishing each risk is counter beneficial, it’s just the high risk considers that need to be brought to the consideration regarding management to get activity or make mindfulness. Attempting to blanket off every risk is unrealistic or profitable. That is the reason this section is titled "Risk Management" on the grounds that at the end of the day that is everything youre doing, dealing with the risk. The little or remote risks are going to be there notwithstanding, what you have to do is verify the real risks are managed. Project Risk management is a proactive process for the distinguishing proof, evaluation and management of risks. In the project management setting, the essential thought continues as before. Project risk management is a process of looking forward, distinguishing potential risks, dissecting and surveying them and after that placing plans set up to measure or coddle them. Viable risk management obliges an aroused methodology, early risk recognizable proof, a fitting level of documentation of risks through a risk register and the inclusion of all significant stakeholders in all phases of the risk management process. The risk management of the project always depends on its complexity, number of employees and context. The process of distinguishing proof, dissection and either acknowledgement or alleviation of instability in speculation choice making. Basically, risk management happens at whatever time a speculator or trust administrator dissects and endeavors to evaluate the potential for misfortunes in a venture and afterward makes the proper move (or inaction) given their speculation destinations and risk tolerance. Lacking risk management can bring about extreme results for organizations and additionally people. Basically, risk management is a two-stage process - figuring out what risks exist in a speculation and afterward taking care of those

Reflection Essay Example | Topics and Well Written Essays - 750 words

Reflection - Essay Example As the paper hghlights the reporter found meaning in herlife with her children and her total being, without him by her side. Today, her children and she is very happy living together and she is proud to say that she feels accomplished and complete without her husband. The early phase of her married life falls on Erikson’s psychosocial stage 6 which covers her early adulthood. This is the stage when she was longing for intimacy; thus, marrying her husband even if she had to go against the will of herv family. This is the time when she wanted to have a close personal relationship rather than be isolated. The reporter wanted to have a satisfying relationship and develop a family of her own. The later part of her married life is a perfect example of Erikson’s â€Å"penultimate† stage or the middle adulthood stage. When she separated from her husband, that was the time when her focus shifted from herself to her immediate surroundings which are her children. Had she fo cused on herself, she could have just wallowed in depression and not strive to work hard for her children. The reporter   focused on integrity and not despair. She focused on the positive rather than on the negative. She had to do something for the good of my children. Her strength was her children, which is what Erickson terms as â€Å"generativity†. She feared of becoming meaningless or inactive. She knew she had to find new meaning and purpose in life because she did not want to be self-absorbed and stagnate. Her going back to school and finding a job was instrumental in helping her get through this stage. The population that the reporter most want to â€Å"give forward† to are the separated wives who feel so depressed and useless. She wants to share with them my experience. From this paper it is clear that she wants to show them how she was able to rise up again from the pain of being left by a husband. She want to prove to them that they do not need a husband to take care of their children. She will show them how to find meaning in their lives and view the separation as a challenge to improve oneself and be useful to society. The reporter will point out to them that the options that they face are â€Å"generativity† or â€Å"stagnation†. It is her objective that they make the better choice of moving forward and care for the â€Å"next generation†, meaning their children. The reporter will prove to them through her experience that choosing â€Å"generativity† will lead them to the path of â€Å"integrity†, which is the positive result of the eighth stage in Erikson’s stages of development. On the other hand, if they choose â€Å"stagnation†, it will only bring them towards â€Å"despair†, the oppos ite side of the eighth stage. Her   ideal legacy for her family is to be able to give a college education to her children. Hopefully, if they are well-educated, they can become successful individuals both with their careers and their family lives. She may not be able to leave them with wealth but she hopes through their education they can pursue whatever it is they dream for in their lives.

Strategic Logistics Case Study Example | Topics and Well Written Essays - 2250 words

Strategic Logistics - Case Study Example But the development and location of a distribution center itself is a "semipermanent" commitment. Demand characteristics are directly related to physical-distribution systems. Where demand is widely variable, then distribution facilities are usually concentrated in fewer locales. Where demand is continuous and rather consistent, as is the case for some food products, distribution facilities can be decentralized. A highly variable demand makes it difficult to design effective physical-distribution systems and control costs, while a stable demand permits it. In between these extremes, where demand patterns can be discerned through analysis, as with seasonal products, reasonable distributions systems may be approximated. Product characteristics help to determine the optimal design and type of physical-distribution system. The ability of products such as luxury items to absorb costs is particularly important. High-value items, if heavily stocked, mean a heavy inventory investment and hen ce increased costs. Their storage is often minimized. For them transportation is a modest amount of the total price. Physical-distribution systems are geared to the optimization of the system as a whole rather than of any part of it (Simchi-Levi et al 2008). The case of Pedigree Petfoods shows that a manufacturer is confronted with making a choice from among a variety of distribution alternatives. Although generalized solutions to all distribution channel decisions cannot be formulated, general guidelines can. In theory, the economic functions of channel members can be analyzed, significant factors and forces shaping distribution systems can be assessed, and the variety of channel arrangements currently employed to overcome distribution barriers can be classified (Slack et al 2002). According to Baudin (2005), the overall function of distribution channels is the concentration and dispersion of products in relation to market needs. Four sorting processes are fundamental to the activities of these channels: (1) sorting out: breaking down heterogeneous supply into separate homogeneous stock. (2) accumulation: bringing together similar stocks into a homogeneous supply. The channel functions, concentration and dispersion, are related to the homogeneity and heterogeneity of supply, and the appropriate sorting process must be provided. Successive channel stages attempt to overcome any discrepancy between product assortment and market requirements. Customer requirements of one or two units are at variance with supplier requirements of mass production. The case of Pedigree Petfoods allows to say that physical-distribution activities are performed as a number of dependent functions. To plan, direct, and coordinate physical distribution activities, it is desirable to group them all within a single department. This is usually achieved in retailing and wholesaling under the operations department. Manufacturing generally lacks such coordination. Physical distribution as a concept sees the physical movement of goods as a set of related activities carried on by a number of firms at various levels, linked together to form a total distribution system. Logistical decisions and the design of a company's movement-and-storage system result from cost-market requirement analysis of alternatives. It involves a balancing of transfer costs, operating costs, and marketing factors (Stroh, 2006). The main problem apparent for m the case study is that the breakdown of one system can result in breakdown

Jazz Research Proposal Example | Topics and Well Written Essays - 2000 words

Jazz - Research Proposal Example It was only associated to music around 1915 when it was constantly played in Chicago and then it was indelibly called JAZZ music. Throughout the 19th century, there was a growing interaction between black and white people in the United States. This meeting of cultures led to the merging of two musical ethnicities, and the combination of which inspired the development of JAZZ. This type of musical genus was born in America. During the time African slaves were brought to the United States, these slaves preserved much of their culture. The city of New Orleans in Louisiana had a â€Å"population of white settlers, black slaves, and mixed race, most notably the descendants of French and Spanish settlers and blacks known as the Creoles.† (The Story of Music Vol. 5 1) Plantation slaves meet at the Congo Square were they dance to African drumming. Even after the time slavery was abolished during the Civil War, the Congo Square remained to be the favorite meeting venue to perform African rhythm which was soon picked up by other local bands. â€Å"They were black bands made up of freed slaves and house servants throughout the South.† (The Story of Music Vol. 5 2) New Orleans then became the birthplace of jazz being the most prolific ground for the expression of black music. One facet is their musical culture, including rhythms, songs and dances, wherein African Americans were introduced to the European and white popular music. Likewise, European Americans were introduced to the â€Å"off-beat† rhythms and various pitches used in the African melody. For that reason, the development of jazz which became the most important music genres of the 20th century came into being. Jazz is said to be America’s greatest contribution to music. Its impact on American society has been massive and its influence on world culture has been far reaching. â€Å"Its message has been direct, vital, and immediate, enabling it to hurdle cultural,