The Accounting Policies Of The United States - 1284 Words

2. Significant Accounting Policies A) Basis of accounting Both the U.S. GAAP and IFRS both have similar requirements when it comes to the basis of accounting. This means that they both place a heavy emphasis on fair values, essentially implying that Chris does not need to address the basis of his company’s policies. In addition, both standards require companies to inform the public regarding any uncertainties in the accounting records. However, Chris was already given sufficient information for the conversion in the Basis of Accounting section, as the accounting policies were applied by each consolidated company consistently to all relevant periods. Therefore, Chris is able to transition the company’s basis of accounting with no other†¦show more content†¦Other than bank overdrafts, however; Chris should have enough information to convert cash and cash equivalents to IFRS. C) Accounts Receivable and Other Receivables Chris’ first objective in analyzing his firm’s receivables is to understand how they are recorded. The International Standards require receivables to be measured at fair value with an amortization cost. However, Chris was not given this information in his financial records. Still, what he was given is that Ruckman analyzes accounts receivable based on transaction history and creditworthiness of the customer, suggesting that the firm’s receivables are done per case, and thus cannot be lumped together. With that, Chris can move forward knowing that accounts receivable are in accordance with IFRS. D) Inventories Inventory is known as the single most important item on a balance sheet. Every business contains inventory, and Ruckman, Inc. is no exception. With the concept of inventory come the different types of cost methods, including: last in first out (LIFO), first in first out (FIFO), and the weighted average cost. With such an important item, it is understandable that both standards allow and prohibit different types of costing methods due to certain reasons. The major difference between the two is the allowance of the LIFO method, which is only allowed by GAAP. This method allows companies to highlight

Failure Of The Articles Of Confederation Essay - 1589 Words

Chia Yu Lin Professor Louis Desipio Political Science 21 07/02/2015 Failure of the Articles of Confederation The Articles of Confederation, a written agreement that ensured each state’s sovereignty, freedom and independence, led America to victory over the British centralized government. During the late eighteenth century, the empowered government terrified the Americans, hence the thirteen colonies decided to spread governance powers equally to all functional states. The states had absolute dominance over the Congress due to the Articles of Confederation. While the localized power of states seemed to be promising, the system posed great threat to the major components of a democratic government, which are coercion, revenue, and legitimacy (Lecture 1 - The Roots of Government). The system of localized power did not ensure legitimacy, which referred to people’s recognition of national government. Congress’s lack of power to control each state’s actions caused great chaos. Eventually, national government’s lack of power and inability to unify the states expos ed multiple flaws in the Articles of Confederation; consequently, a new supreme law, the Constitution was established by the founding fathers. The new supreme law successfully altered the imbalanced system into a novel democratic government. The Articles of Confederation established a country of powerful states with a weak central government. The agreement certainly helped the states gained independence due to theShow MoreRelatedFailures Of The Articles Of Confederation959 Words   |  4 PagesFailures of the Articles of Confederation In 1775, America began one of the most important moments of its life as well as history overall, the America Revolution. This war was fought to free the new colonies from the tyranny of the British monarchy and the unfair way it treated them. The fight was long and hard, but in the end the battle was won and the colonies became their own nation, left to rule under their own circumstances and set up their own government. Ironically when it came to settingRead MoreThe Articles Of Confederation Was America s First Failure At Government1895 Words   |  8 Pagesthe Articles of Confederation. In the Article of Confederation it called for a confederacy, which placed sovereign power in the hands of the states. The American government began to be based on powerful state government, and the article of confederation became ineffective at governing American states. The main cause of the ineffective was the lack of a strong central government. This led to economic disorganization, lack of central leadership, and legislative inefficiency. The Articles of ConfederationRead MoreArticles of Confederation and the Constitution Essay780 Words   |  4 Pages Although it would be incorrect to say that the government of the Articles of Confederation was a complete failure, it would be logical to advance the idea that the more powerful national government established under the constitution of 1787 was essential to the survival of the American Union. Between the two documents there were some drastic differences of opinion on governing tactics as mentioned in the Articles of Confederation compared to the Constitution of 1787 (Doc. C). Major differences wereRead MoreThe Articles Of Confederation And The Constitution Of The United States1096 Words   |  5 PagesThe Articles of Confederation was the first order of government established within the United States of America from March 1st, 1781 and lasted until March 4th, 1789. This written document established the functions of t he national government of the United States after gaining independence from Great Britain. In order to not follow in the footsteps of Great Britain and become a tyranny, the Articles of Confederation declared that each state was independent and sovereign; each state had an absoluteRead MoreThe Articles of Confederation Essay828 Words   |  4 PagesThe Articles of Confederation Independence from Britain made necessary the establishment of a new government. Eleven states drew up new constitutions; Connecticut and Rhode Island revised colonial charters. The Articles of Confederation created a loose union of near-sovereign states. The Confederation was inadequate and was failing in the structure of government. They also were in deep trouble, financially and economically. The Articles of Confederation probably achieved its most importantRead MoreThe Articles of Confederation and the US Constitution Essay1038 Words   |  5 Pagesensure the success of their nation. The Articles of Confederation was the first system of government that was proposed and put into effect. This attempt at creating a system that protected the people form a strong central government ultimately failed but was an important step in the development of the current government system. The weaknesses presented by the Articles of Confederation helped lead to reforms that made the Constitution successful. Both the Articles and the Constitution demonstrate theRead MoreThe Shortcomings of the Articles of Confederation1054 Words   |  5 Pagestotal lack of unity about the nation. The Articles of Confederation, ratified during the onset of this tumultuous period, added new dimension to early Americans’ idea of national government. The Articles formed a loosely united country under a highly restricted federal government. This apparent av ersion of strong central government was rooted in the former colonists’ fear of a sequel to their monarchial horror that was England. Some believe that the Articles proved an efficient government for post-RevolutionRead MoreThe New Foundation Of The National Government1527 Words   |  7 PagesAfter the Philadelphia Convention of 1787, it was voted that Constitution would become the new foundation of the national government, not the Articles of Confederation. At the time, there were thirteen individual states that had to vote to ratify or reject the Constitution. Within these thirteens states, there were two groups that consisted of the Federalists and the Antifederalists. The Federalists supported the Constitution; however, the Antifederalists opposed the Constitution. The FederalistsRead MoreThe Articles Of Confederation Was A Loose, League Of Friendship853 Words   |  4 PagesThe Articles of Confederation was a loose â€Å"league of friendship† between the thirteen colonies that would create a confederation in contrast to Great Britain s unitary system. While the Articles of Confederation helped establish a systemic role in trying to unify many of the states under a weak central government, it later created many more problems than solutions. One of them being that Congress had no ability to propose taxes to deal with war debts and running the government. Another weaknessRead MoreConfederation and Constitution1416 Words   |  6 PagesArticles of Confederation vs. Constitution   http://www.123helpme.com/search.asp?text=American+History http://www.archives.gov/exhibits/charters/constitution_history.html â€Æ'   There were many differences between the Articles of Confederation and the Constitution. At the end of the American Revolution the free states needed some sort of control that would generate to a unified country. Issues arose such as: How should power be divided between local and national governments? How should laws be made

Greenland Glaciers Free Essays

Geological Features: glacier is commonly white and made of ice. It may appear dirty near its end due to debris that it is carried or pushed by the movement o f the glacier. Glaciers can be massive in size stretching across continents (Greenland) or m ay be small sitting atop of mountains. We will write a custom essay sample on Greenland Glaciers or any similar topic only for you Order Now Landscape is ice with some formation of dirt and other land mixed in due to movement. B. The size Of a glacier may depend on if on land or broken off from land. Greenland Ocean depending on where the glacier is from and the time period, different mineral s and elements may be present in the glaciers core. 2. Process(SE): Glaciers are formed when snow builds up for several years from snowfall that exceeds snowbell. Over time, as new snow compresses the axis ting snow, the weight causes the snow underneath to turn to ice. The hardening effect is Simi liar to what happens when you pack a snowball in your hand. The pressure from addition al layers of snow builds for up to thousands of years; the ice gets compressed so much the at the air is forced out and the glacier’s color appears to be blue. A. Singularly confederacies ice. B . As snow builds up, the pressure causes ice to form below c . Color may appear blue due to the force AAA Real world Example(s): Greenland and the formation of ice on top of the land. How to cite Greenland Glaciers, Papers

Business Communication Booked Outsourcing Process

Question: Describe about the Business Communication for Booked Outsourcing Process. Answer: Introduction Outsourcing, also known as Business Process Outsourcing, is the process of employing the services of another individual or company to handle the business activities of an organization, domestically or internationally. This practice has become quite common in todays times and allows small or medium sized enterprises to obtain services or skills which they find it hard to attain or develop themselves due to any monetary or manpower restraints or both. It also helps any organization in cost cutting, focusing on core competencies and improving efficiency (Overby 2013). Over time, businesspeople have understood the prominent advantage of outsourcing and have incorporated it in their organizations. It is to be noted that outsourcing offshore is commonly known as offshoring (Overby 2013). Entrepreneurs have been considering outsourcing as a strategy booked only for big firms. However, modern technologies have made it accessible for all kinds of enterprises. Businesspeople can operate from and at anywhere in the world, and they can easily avail the services of extremely skilled professionals. This has helped many small businesses to expand, increase productivity and manage bottom lines (Vyrynen and Kinnula 2012). Now it has become a huge trend in human resource management. Outsourcing has lessened the burdens of small enterprises by removing factors like overhead paying in payroll taxes, insurance expenses, compensations, as well as space constraints. Outsourcing in firms Outsourcing has been considered time-consuming, but if once figured out that how to properly handle the services can result in advanced efficiencies and economies of scale. Entrepreneurs have understood the potential of outsourcing, and certain aspects of their business that do not require their supervision, but is vital, has been outsourced to be handled. There are two categories of outsourcing: back office outsourcing and front office outsourcing. Back office outsourcing includes internal business functions like bookkeeping or human resources, and front office outsourcing comprises of various kinds of customer services. Other outsourcing sectors include retail, IT, healthcare, media, transport and business services (Westphal and Sohal 2013). The accounting business is shifting at a swift pace, and accountants are facing two alternatives: to either develop into a business of the future or be compelled to be wiped out of existence. The domain is encountering, with advancements in technology, conversion of compliance into a product with no particular want for this facet to be administered or controlled. Considering this, several accountants these days are sincerely taking into account or have now made up their mind on outsourcing a huge portion of their services that are not included in their core business functions. Outsourced accounting builds more intimate client relationships because of increased client interactions and sharing of confidential data. Since trust is formed, the association might direct to other tasks for instance tax jobs and CFO counseling services (Mohammadi and Molavi 2015). Instances of outsourcing A lot of firms are justifiably hesitant about employing individuals residing on the other part of the globe to assist important business operations. Cutcher Neale are willing to go down the same lane. On the other hand, several of the top outsourcing suppliers have alleviated the threats and deal with the apprehensions that customers might have about offshoring their tasks by their inventive project management policies. If truth were told, several of todays well-known businesses began with outsourced developers (Kalaignanam and Varadarajan 2012). Polson Higgs, an accounting firm from New Zealand, have been increasingly contracting out back-office accounting to India, capturing the advantage of the cheaper workforce and dissimilar time zones. They are retaining around 200 staff in Christchurch and Dunedin and around ten chartered accountants in South India, carrying out low-level accounting assignments. The entire work is completed over a protected Internet gateway, and nothing material is sent off to India (Stewart, 2016). Another organization that has adopted the outsourcing model isAccenture (ACN). One of the principal multinational management consulting, technology assistances and outsourcing firm ACN described proceeds of more than $30.0 billion with roughly more than 330,000 workers, helping customers in over 200 towns in 56 nations. In 2012,Accentureconsisted of about 80,000 workers in India, beyond any other nation, in relation to 40,000 in the US, and around 35,000 in the Philippines (Forbes.com, 2015). Benefits and negatives of outsourcing Outsourcing has turned out to be the key word in todays competitive world where accounting outsourcing service suppliers and purchasers are equally profited by the barter of superior accounting outsourcing assistances for capital. Benefits of accounting outsourcing are comprehensive and forever growing (Schniederjans, Schniederjans, and Schniederjans 2015). Some basic advantages are covered to help Cutcher Neale to understand the positive effects of outsourcing: Cost Reduction Considerable cost reduction happens when a trade operation is outsourced. Staff compensation expenses, workplace area expenses and other expenses linked with supplying an office or manufacturing unit are removed and open up assets for other functions. Attention To Main Business Outsourcing permits firms to concentrate on their proficiency and central business. When businesses go out of their proficiency, they enter business operations and procedures that they might not be as well-informed about and can possibly divert them from their core focus. Better Quality Better quality can be attained by means of providers with more skill and procedures that are more specific. An external service would comprise of assets for employing, appropriate training and competence assessments that might not be on hand if the operation was kept in-house. Client Satisfaction The benefit of having a supplier agreement is they are obligated to definite standards of assistance and quality. It results in better competence and client satisfaction. Operational Competence Outsourcing provides a firm with an introduction to provider specialized structures. Specialization offers more competence that permits a faster TAT and advanced stages of quality. In this fashion, organizations are capable of achieving improved judging and administration. Outsourcing is also capable of enhancing control in an organization. Therefore, organizations can trim down their managerial expenses and enhance competitive advantage (Forbes.com, 2016). Concerning disadvantages, the major concerns while outsourcing is the communication difficulties. The major issue of communication coming up is the absence of physical supervision. The problems that would arise for the company are the termination of the assignment without the awareness of the client, deliverance of inferior results or undelivered tasks by the advisor who selected the outsourcing assignment job (Forbes.com, 2016). On the other hand, the threats engaged in outsourcing accounting services result in the public exposure of different kinds of accounting information. The deciders managing outsourcing are conscious of these threats before they decide to allocate an assignment to a vendor. Other disadvantages of outsourcing are: Alteration in vendor situations Changes in suppliers financial conditions might result in difficulties. This threat can be decreased by means of autonomous advisors or service suppliers. Provider failure Accounting data is also vital for judgments. If the provider is unsuccessful in preparing a statement on time, it might hinder administration measures or strategies (Gewald and Rouse 2012). No Supervisory Control Every time work is outsourced to another firm, the decision-making rights for that specific task prevail with that other firm. Certainly, there is an agreement signed between both businesses, but administration power resides with the other firm. That other firm might not contain enthused and driven employees as this one. They may be simply concerned with being over with the undertaking, without paying a great deal of attention to appropriate task management (Bautista 2015). Information Security It is a noteworthy apprehension when low-wage provider workforces have admittance to sensitive data and have a financial motivation to trade it. Quality Issues Outsourcing firms agree to provide their services to any organization for profit. The expenses would be pre-decided as stated in the contract. Therefore, the single alternative left for the outsourcing firm would be to cut down their operating cost to raise their revenue, at the price of quality of service. In addition, whenever any alterations in the assignment are demanded, the outsourcing firm would demand more money as the requested modifications would be different from the requirements declared in the contract (Bakhtiari 2015). Recommendations Some recommended actions for better integration of the outsourcing strategy in business models are: The client organization should give comprehensive data to the outsourcing firm and constantly maintain track of them. It is furthermore imperative for the hiring organization to make certain the outsourcing firm has the understanding and perception of the background of the hiring firm. By being familiar with the culture, they may not meet with troubles when corresponding with each other. For successful implementation of the strategy, the two firms should look for alignment amid company objectives and outsourcing goals. There should be understanding of technology and shareholder requirements. Crafting of a cautious risk-mitigation approach and developing a sensible offshore provider selection process is necessary. Companies must commit sufficient and proficient resources to sustain offshoring The above mentioned recommendations and some more can result in a successful implementation of an outsourcing program. Conclusion Many Australian accountants carry on resisting the trend of outsourcing; however, several more are utilizing the advantage of the instant cost savings accessible. Whether it is a manageable strategy for undertaking business is still to be observed as are the possibly harmful long-term influences on their brand, trade, and the home economy. When companies outsource, they can focus their time, consideration and funds on the firm's central competencies--and use up their time putting up new goals and discovering methods to attain them. The further a business is eager to believe internationally, the more they unlock themselves to bigger profits. References Bakhtiari, S., 2015. Productivity, outsourcing and exit: the case of Australian manufacturing.Small Business Economics,44(2), pp.425-447. Bautista, M.C.L., 2015. Outsourcing: a phenomenological examination. Forbes.com. 2015. Forbes Welcome. [online] Available at: https://www.forbes.com/sites/greatspeculations/2015/06/22/getting-a-piece-of-business-process-outsourcing/#7f907a006f90 Forbes.com. 2016. Forbes Welcome. [online] Available at: https://www.forbes.com/sites/merrillmatthews/2012/07/20/companies-outsource-because-thats-where-the-sales-are/#2db0d6d34d5a Gewald, H. and Rouse, A., 2012, January. Comparing Business Process and IT Outsourcing Risks--An Exploratory Study in Germany and Australasia. InSystem Science (HICSS), 2012 45th Hawaii International Conference on(pp. 275-284). IEEE. Kalaignanam, K. and Varadarajan, R., 2012. Offshore outsourcing of customer relationship management: conceptual model and propositions.Journal of the Academy of Marketing Science,40(2), pp.347-363. Mohammadi, H. and Molavi, M., 2015. Evaluating the Outsourcing Performance in Implementing Development Projects Using Analysis of Hierarchical Process (AHP) Technique (Case Study: Mehr Housing Project). Overby, S., 2013. Outsourcing Definition and Solutions. Schniederjans, M.J., Schniederjans, A.M. and Schniederjans, D.G., 2015.Outsourcing and insourcing in an international context. Routledge. Stewart, J. (2016). Australian accountants are using offshore outsourcing. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/money/tax/australian-accountants-are-using-offshore-outsourcing-20160601-gp9g5j.html Vyrynen, K. and Kinnula, M., 2012. Differences between success factors of IS quasi-outsourcing and conventional outsourcing collaboration: a case study of two Finnish companies.Electronic Markets,22(1), pp.49-61. Westphal, P. and Sohal, A.S., 2013. Taxonomy of outsourcing decision models.Production Planning Control,24(4-5), pp.347-358.