Accounting Standards Boards Essay Example for Free

Accounting Standards Boards Essay Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies, there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy making suggesting a complete overhaul in the way financial statements are reported and a convergence between the USs generally accepted accounting principles (US GAAP) and the International Financial Reporting Standards (IFRS). This has been through various meetings between the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB), two boards which determine these accounting standards. This paper therefore evaluates the history of the two boards and their relationship and looks at IASB equivalents to FASB original pronouncements. It also describes how a Master of Science in Accounting would prepare a student for an accounting profession. History of the Relationship between FASB and IASB US Financial Accounting Standards Board (FASB) is a board which is responsible for setting and improving financial accounting standards in the US and for governing and fostering preparation of financial reports by non-governmental organizations (Financial Accounting Standards Board, 2012).International Accounting Standards Board (IASB) on the other hand is also an independent board responsible for setting international financial reporting standards (IFRS Foundation, 2011). Whereas IASB and IFRS takes a principle based approach to accounting standards setting, FASBS GAAP does this through pronouncements which are based or rules. They both put a lot of emphasis on income statements, balance sheet, statements of changes in equity and cash flow statements as key reports that are important in financial reporting. Over the past decade these two boards which determine the accounting standards in the world have been working towards ensuring that the financial reporting all over the world converges. The convergence concept first took root in the 1950s in response to the cross border capital inflows that were as a result of the economic integration after world war two. These efforts initially focused on reducing difference in accounting principles between major capital markets globally otherwise referred to as harmonization of the accounting principles. By 1990s the concept had changed into convergence which sought to build high quality financial reporting standards to be applied internationally (Financial Accounting Standards Board, 2012a). Both developed in the 1970s, FASB and IASC (international Accounting Standards Committee) a predecessor to IASB, set a trend for expanding international accounting standards and with the reorganization of IASC into IASB in 2001, the use of IFRS among various countries has progressed rapidly. For instance, over 100 countries and the European Union use these standards issued by IASB. The U.S. mainly uses its own issued US GAAP (Progress Report, 2011; Cain, 2008). IASB and FASB have been working together towards converging the IFRS and the US GAAP since 2002. Even China and Japan have been working to bring together their accounting standards with IFRS as at 2009. Over the past decade the pace of convergence has been very fast with the internationalization of standards growing rapidly. In 2010, Securities and Exchange Commission in the US issues a report supporting the convergence of these standards through incorporation of the IFRS in the US financial system (Financial Accounting Standards Board, 2012a). This implies that the US has been increasing exploring adopting IASBs IFRSs, although there have been issues such as the fair value issues in IFRS and the cost of implementation that have slowed the progress. The IASB equivalents of the FASB original pronouncements As noted above, IASBs IFRS takes a principle based approach to accounting standard setting as compared to FASBs pronouncements which are viewed to be much stricter. In essence therefore, though IASB and FASB may address similar accounting concepts their approach to it may be different. It is these IASBs equivalents to FASBs pronouncements that bring the differences between GAAP and IFRS standards. Evaluating the FASBs original pronouncements and IASB, the manner in which accounting concepts are approached can be noted. These are: whereas IASBs IFRS requires that inventory costs of spoilage and idle capacity be excluded from the cost of inventory, FASBs GAAP does not; IFRS requires yearly comparison of financial statements unlike US GAAP which only views comparisons as desirable but require three year comparisons; IFRS permits but does not require reporting of comprehensive income unlike US GAAP which requires it; IFRS classifies liabilities as non-current if refinancing is complete before the date of the balance sheet unlike GAAP which classifies it as so, if refinancing is completed before the financial statements are issued; and prohibition of extraordinary items from the financial reports by IFRS unlike GAAP which permits but to a restricted items which affect profit and loss (Deloitte, 2004; FASB Report, 2002). Other accounting concepts that differ between IASB and FASBs original pronouncements are that IFRS requires that LIFO method of determining inventory cost be prohibited in IAS 2, unlike US GAAP which permits LIFO in SFAS 151, and that IFRS requires reversal of inventory write downs if given criteria are met unlike US GAAP which prohibits it. In addition FASB permits that inventory at net value be measured even if it is above cost unlike IFRS which restricts this to producers and broker-dealers inventories. FASB classifies the interest received and paid as operating activity in the cash flow statement unlike IASB which may classify it as financing, investing or operating activity. This leaves room for a number of interpretations. Furthermore, though FASB excludes overdrafts from cash, IASB includes it if it forms a critical and integral part of an organizations cash base or cash management (Deloitte, 2004; FASB Report, 2002). Other IASB equivalents to FASB pronouncements are enumerated as shown below (Deloitte, 2004; FASB Report, 2002): -IFRS restates previous financial statements in the event of non-mandated changes in accounting policy, unlike FASB which includes cumulative effects current financial statements net loss and profits -IASB uses change in estimated method to evaluate changes in depreciation of assets, unlike FASB which used change in accounting policy that is the net profit or loss cumulative effect. -IASB uses cost recovery method for construction contracts when the completed percentage cannot be determined for sure unlike the USA GAAP which uses completed contract method -IASB does not recognize deferred tax due to the an asset or liability tr ansaction that doesnt affect accounting or taxable profit and is not a business combination in IAS 12 unlike the US GAAP recognizes this these through its lack of initial recognition exemption as addressed in SFAS 109. -US GAAP has special exemptions due to the provision of deferred tax such as leveraged leasing, intangible developments in the gas and oil industry and undistributed earnings -IASB uses a tax rate that is substantially enacted to measure deferred tax liabilities and assets, which can be left to a lot of interpretations, unlike FASBs enacted tax rate which is sure and consistent -IASB uses rate applicable to undistributed earnings of an organization to measure the deferred tax on those earnings , unlike FASB which uses the higher of the tax rate between the one applicable to undistributed profits and the one applicable to distributed profits as addressed in SFAS 109 -IASB recognizes expense for share-based payment based on fair value of the payment whereas FASB recognizes this based on intrinsic value at grant date -IASB measures business combinations on the date of the acquisition whereas FASB does this on the date of consummation or closing date -IASB requires that recognizing a liability prior to acquisition restructuring be only if the one being acquired recognizes it under IAS 37, this is unlike FASB which recognizes it if the acquisition has already began -IASB recognizes in process RD as an intangible finite asset or good will, unlike FASB which recognizes it as expense How MSA Program prepares student for professional Accounting A Master of Science in accounting program is very important for anyone who intends to pursue an accounting career in the future. This program prepares a student by providing knowledge on the various accounting principles that need be applied in accounting profession. It also makes a student be aware of the various accounting standards that are existing in the world, how each differ, and how accounting records and done in each. In addition such a program provides analytical and critical thinking abilities. In addition, it offers a global perspective on accounting practices and business issues and provides a framework for effective development for team building and leadership skills, and ethical decision making in business. Lastly it will enhance interpersonal and communications skills through interactions which seek to learn ways of solving problems and issues in the accounting and finance realm. All these are critical for a career as an accountant. Conclusion This paper has discussed the history of the FASB and IASB boards and their relationship and has looked at IASB equivalents to FASB original pronouncements. It has shown that standardized management accounting and controlling concepts that transcend national boundaries are increasingly needed with concern on the need of an internationalized Accounting and financial reporting standard to help in comparing of financial statements of countries from different countries and also to make it efficient and less costly for multinational companies when they are conducting financial reporting of their performance. IASB and FASB have made tremendous progress thus fur in their bid to converge the global accounting standards.

Ecotourism, Tourism, and Development in Mexico Essays -- Essays Papers

Ecotourism, Tourism, and Development in Mexico â€Å"The issue of growth in the travel industry - how much, how fast, what kind - is crucial to the future of communities, local lifestyles and cultures, and the natural environment. There are a variety of instabilities and inequities associated with the expansion of tourism. If the social costs of infinite growth (human consequences of ecological pollution, centralized concentration of power, inequitable income distribution) are as high as they appear to be, our current social systems cannot support such growth indefinitely. Tourism remains a passive luxury for thousands of travelers. This must change† (Rethinking Tourism and Ecotravel by Deborah McLaren, 1998, p. 6). In the Quintana Roo state of Mexico, there are many thousands of tourists from the USA and Europe every year, which has spawned a tourism business economy and intense development of the coast. The area’s people and natural resources are going through a period of rapid change, which has the potential to benefit or damage the area. While money and development can give jobs and opportunities for education and health care, they can also deplete and damage the very resources that made the Carribean coast pleasing. Development and tourism, particularly ecotourism, must be safe and sustainable, environmentally, economically, politically, culturally. Our study has given us insight into some of these difficult development areas, and we will use our observations and conversations to demonstrate and disseminate ideas for better development. Tourism has become much more prevalent in recent times, due in large part to the increasing human population of the earth and the increasing leisure time and dis... ...tribution to the development of the Carribean coast, which has created jobs and other positive economic factors, while also threatening ecosystems and cultures that have become commodified. Tourists should be encouraged to learn about the environment and culture before, during, and after their vacation to areas, and they should make efforts to make meaningful connections to people and places so that they have reasons for treating the place well and coming back to check on things (insuring the vacation spot isn’t single-use or disposable). These kinds of efforts will insure better treatment of places and peoples by increasing the connected worth in travelers’ minds. Through practical legislation and enforcement along with caring and connected approaches to travel, tourism can become a positive element in the continued development of marketable tourist attractions.

Class in America

Mantsios Class in America In Mantsios article â€Å"Class in America† he states that Americans hold beliefs that blind them to social classes, citizens in America have four myths they use to ensure talk about the classes never take place. America has the largest gap between rich and poor in the world, and the lower class has no means to an end they can’t afford health care or quality education. The upper class avoids talk about social class the most; wealthy people don’t want to admit that they are better off than others. While the lower class sees how much better off others are than them, but they still don’t like to label themselves.I agree with Mantsios that most Americans avoid talk about classes although I am not one of them. Also I would agree there are myths that this country was founded on that may have at one point been true, but not anymore. As for Mantsios’s opinion on health care and education I would have to disagree, although many lowe r class Americans do not get the education and health care they need to survive I was not one of them. Mantsios States Americans avoid talk about classes. Americans avoid phrases like upper class, middle class and lower class because it’s an ugly truth about American society.Those terms are not in Americans vocabulary, unlike the rest of the world. Both the lower class and upper class avoid using class distinctions. When I was in high school I had a friend whose parents were very well off. I have tried to talk to my friend about the wealth of his parents. My friend won’t admit his parents are wealthy and he thinks that everyone is as well off as his family. His father owns a landscaping company where my friend works in the summers when he isn’t in college. I’ve worked for my friend’s father before for about six months and then I was laid off when the economy hit the peak of the recession.My friend, his brother and I were the only white people his f ather had working for him the rest were Mexican and barely spoke English. I felt like my friend’s mother looked down on me because her husband’s employee and instead of being in college I was working for him. This feeling I got from my friends mom wasn’t just from working for their company. The entire time I’ve been their son’s friend which has been since first grade, I’ve felt small in their eyes like I wasn’t good enough to be friends with him. In Mantsios’s article he says there are four myths that Americans believe to ake sure talks about class never take place. These myths are that our country is classless, that we are mostly middle class, America is slowly becoming better off and everyone has an equal chance to succeed. If someone pays attention they can see the classes all around them. Each state has a minimum wage that the country’s lower class usually is stuck barely making a living, and barely surviving because of the low wage. The upper class consists of business owners and huge company executives. These people are very well off and have everything they want and need while the lower class suffers.With an economy like Americas, the poor is getting worse off every year. The fact is America has the largest gap between rich and poor in the world. This gap is the largest it’s ever been and shows no sign of improving its steadily getting worse. The lower class is the biggest contributor to the nation’s unemployment rate, because their jobs depend on the economy to keep working. The lower class has to work extremely hard to work up the class ladder. Working class citizens have nothing they need to succeed while the upper class has everything they want in life.Another one of Mantsios’s main points is that the lower class has a high chance of health issues and a low chance of quality education. In this Article Mantsios sites Richard De Lone, He states that SAT scores strongly depend on the wealth of the students’ parents. The more wealthy the parents the better score the student got on the SATs. If the income of a family was over a hundred thousand then the students averaged a score of 1130 on their SAT. I would have to say I was not one of these Students my family was poor, but I got a good education and feel that I have a wealth of knowledge.Growing up in a lower class family my mother was barely able to pay the bills. My father left my mother when I was fourteen. So she was forced to provide for my siblings and me on her school bus driver salary. My mother had the best health benefits a job provides, her children never went without healthcare. I will say the majority of lower class family’s do not have this luxury, it depends on the job. My siblings and I have also had a quality education because my mother researched the school districts in our area before deciding where to enroll her kids.The lower class can get a quality education we just have to be determined to work hard. In order to get a college education as a lower class citizen I have to work a full time job while going to school full time. I have a wonderful role model my mother got her bachelor’s degree while working to full time jobs one graveyard and one during the day while going to school full time. If she can do that then I can’t disappoint her all she’s ever wanted for her children was a better life. The government provides financial aid, but it isn’t enough to live on while going to school.I have to utilize every free moment I have to complete my assignments, because of that I don’t have any free time. College is my only shot at moving up the class ladder of America. Americans Don’t want to believe the US is a class based society because of the myths that this country was founded on. The upper class gets everything they need, top of the line health care and education. America is not a middle class country the gap between upper class and lower class is getting bigger with each year. With an economy in the toilet the poor are getting worse off and the rich are getting better off.Success in America isn’t equal in America it’s not what you know it’s how much money you’ve got and who you know that matters. The gap between rich and poor in America is eleven to one the largest in the world, japans gap is only four to one. The reality is the poor have a higher chance of health issues and low chance of a quality education because they have no means to help themselves. Mantsios, Gregory. â€Å"Class in America. †Ã‚  Ã‚  The Norton Field Guide to Writing with Readings. 2nd  ed. Ed. R. Bullock & M. D. Goggin. New York, NY:   Norton, 2010. 697-717. Print. Class in America Mantsios Class in America In Mantsios article â€Å"Class in America† he states that Americans hold beliefs that blind them to social classes, citizens in America have four myths they use to ensure talk about the classes never take place. America has the largest gap between rich and poor in the world, and the lower class has no means to an end they can’t afford health care or quality education. The upper class avoids talk about social class the most; wealthy people don’t want to admit that they are better off than others. While the lower class sees how much better off others are than them, but they still don’t like to label themselves.I agree with Mantsios that most Americans avoid talk about classes although I am not one of them. Also I would agree there are myths that this country was founded on that may have at one point been true, but not anymore. As for Mantsios’s opinion on health care and education I would have to disagree, although many lowe r class Americans do not get the education and health care they need to survive I was not one of them. Mantsios States Americans avoid talk about classes. Americans avoid phrases like upper class, middle class and lower class because it’s an ugly truth about American society.Those terms are not in Americans vocabulary, unlike the rest of the world. Both the lower class and upper class avoid using class distinctions. When I was in high school I had a friend whose parents were very well off. I have tried to talk to my friend about the wealth of his parents. My friend won’t admit his parents are wealthy and he thinks that everyone is as well off as his family. His father owns a landscaping company where my friend works in the summers when he isn’t in college. I’ve worked for my friend’s father before for about six months and then I was laid off when the economy hit the peak of the recession.My friend, his brother and I were the only white people his f ather had working for him the rest were Mexican and barely spoke English. I felt like my friend’s mother looked down on me because her husband’s employee and instead of being in college I was working for him. This feeling I got from my friends mom wasn’t just from working for their company. The entire time I’ve been their son’s friend which has been since first grade, I’ve felt small in their eyes like I wasn’t good enough to be friends with him. In Mantsios’s article he says there are four myths that Americans believe to ake sure talks about class never take place. These myths are that our country is classless, that we are mostly middle class, America is slowly becoming better off and everyone has an equal chance to succeed. If someone pays attention they can see the classes all around them. Each state has a minimum wage that the country’s lower class usually is stuck barely making a living, and barely surviving because of the low wage. The upper class consists of business owners and huge company executives. These people are very well off and have everything they want and need while the lower class suffers.With an economy like Americas, the poor is getting worse off every year. The fact is America has the largest gap between rich and poor in the world. This gap is the largest it’s ever been and shows no sign of improving its steadily getting worse. The lower class is the biggest contributor to the nation’s unemployment rate, because their jobs depend on the economy to keep working. The lower class has to work extremely hard to work up the class ladder. Working class citizens have nothing they need to succeed while the upper class has everything they want in life.Another one of Mantsios’s main points is that the lower class has a high chance of health issues and a low chance of quality education. In this Article Mantsios sites Richard De Lone, He states that SAT scores strongly depend on the wealth of the students’ parents. The more wealthy the parents the better score the student got on the SATs. If the income of a family was over a hundred thousand then the students averaged a score of 1130 on their SAT. I would have to say I was not one of these Students my family was poor, but I got a good education and feel that I have a wealth of knowledge.Growing up in a lower class family my mother was barely able to pay the bills. My father left my mother when I was fourteen. So she was forced to provide for my siblings and me on her school bus driver salary. My mother had the best health benefits a job provides, her children never went without healthcare. I will say the majority of lower class family’s do not have this luxury, it depends on the job. My siblings and I have also had a quality education because my mother researched the school districts in our area before deciding where to enroll her kids.The lower class can get a quality education we just have to be determined to work hard. In order to get a college education as a lower class citizen I have to work a full time job while going to school full time. I have a wonderful role model my mother got her bachelor’s degree while working to full time jobs one graveyard and one during the day while going to school full time. If she can do that then I can’t disappoint her all she’s ever wanted for her children was a better life. The government provides financial aid, but it isn’t enough to live on while going to school.I have to utilize every free moment I have to complete my assignments, because of that I don’t have any free time. College is my only shot at moving up the class ladder of America. Americans Don’t want to believe the US is a class based society because of the myths that this country was founded on. The upper class gets everything they need, top of the line health care and education. America is not a middle class country the gap between upper class and lower class is getting bigger with each year. With an economy in the toilet the poor are getting worse off and the rich are getting better off.Success in America isn’t equal in America it’s not what you know it’s how much money you’ve got and who you know that matters. The gap between rich and poor in America is eleven to one the largest in the world, japans gap is only four to one. The reality is the poor have a higher chance of health issues and low chance of a quality education because they have no means to help themselves. Mantsios, Gregory. â€Å"Class in America. †Ã‚  Ã‚  The Norton Field Guide to Writing with Readings. 2nd  ed. Ed. R. Bullock & M. D. Goggin. New York, NY:   Norton, 2010. 697-717. Print.

What Is A Co Occurring Disorder Essay - 2263 Words

What is a Co-Occurring Disorder? Many individuals suffer on a daily basis with one mental disorder let alone multiple. Few have the resources needed to cope and can turn to other methods of improvement without thinking about the potential outcomes of addictions and worsen their condition. Mental disorders are often than not linked to substance abuse because of the stigma placed over humanity. Society places such a constricting grasp on what is considered normal that people are hiding their symptoms and attempting to mask them to get by; only causing chaos to their lives. It is easier to try an attempt to mask symptoms with alcohol and other narcotics. I chose to focus on Borderline Personality Disorder (BPD) mixed with Substance Abuse for the focus of this piece. All of this can be alleviated by erasing the stigma we ve placed and given these people the many methods of help they seek. One of the first things to think about is the comorbidity between abuse disorders and other mental disorders from an epidemiological standpoint. What is comorbidity exactly? The term was introduced to â€Å"refer to any distinct additional clinical entity that has existed or that may occur during the clinical course of a patient who has the index disease under study.† Which basically means when two or more medical conditions ensue simultaneously or consecutively in the same individual they are commonly said to be comorbid. 1 It is quite interesting that the occurrence of comorbidity is also aShow MoreRelatedRelationship Between Mental Health And Addiction1470 Words   |  6 Pagessomeone you love is seeking treatment for a substance abuse related disorder in addition to a psychiatric disorder, you will come across two terms in your research: co-occurring disorders and dual diagnosis. Right off you may be more concerned about simply getting help for your addiction. 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Other opening strategies include affirming what the patient is feeling/ thinking, reflecting back what the patient has stated, using opening questions to gather more information from the patient, eliciting concerns, emphasizing personal choice, using extremes, supporting self- advocacy, and asking the key question â€Å"what do you make of all this?† (Moyers, 1998). A key piece of motivational