Accounting Theory Implication of IFRS

Question: Discuss about theAccounting Theoryfor Implication of IFRS. Answer: Implication of IFRS for Local Authorities Richard Murphy in his article has raised the concern on the adoption of IFRS on local authorities. The concern is regarding whether the implementation of IFRS on local authorities is right or is creating a potential weakness. The statement written by Murphy is completely right as professionals in the field of accounting believe that implication of IFRS on local authorities is not justified. As per Murphy, international accounting financial standard is applicable for all transactions that takes place at local authorities but does not take into account some prominent items such as public funds entrusted and supply of services. As per the IFRS standards, public funds entrusted and supply of services are not required to be recorded in the financial reports prepared by the companies (Moore Stephens IFRS, 2009). However, these both items are categorised as most important management activities of local authorities. Thus, the statement given by Murphy is completely right in the sense that lo cal authorities are small business entities that does not have high amount of public engagements. Therefore, it is not required to impose IFRS implications on local authorities. IFRS standards apply to the entities in the preparation of financial statements for facilitating investors to take decisions regarding the purchasing or selling of shares. As such, the local authorities are not traded on stock exchange and therefore they are not required to prepare their financial statements as per the standards of IFRS (Deloitte, 2013). The investors are not interested in purchasing the shares of local authorities and thus the application of IFRS on local authorities does not make any sense. It is very difficult for local authorities to develop their financial reports as per the international standards of IFRS. Therefore, the restrictions of IFRS on local authorities should be removed completely so that local entities can develop their financial reports easily. The decisions of IASB to impose IFRS on local authorities should involve implementing proper changes in IFRS standards so that it becomes applicable to local entities easily. The applications of IFRS on local authorities without implementing any change would violate the core management activities as IFRS does not have standards to measure items such as public funds stewardship and supply of services. Stewardship in financial statements indicates the value for money over a period of time while IFRS standards are used for indicting the value of money at an inst ant point of time (World GAAP Info, 2008). As such, there is no benefit realised on imposing IFRS on local authorities as it does not measures the transactions that occurred over a period of time. The core management activities of local authorities include public funds stewardship and supply of services that are not measured through IFRS standards. Therefore, the statement given by Mr. Murphy is completely right that there is no need for imposing IFRS restrictions on local authorities. However, if IASB need to impose IFRS on local authorities then it should make some changes on IFRS standards so that local authorities can easily develop financial statements as per the IFRS standards (Deloitte, 2013). IASB and Big 4 Relationship Internal Accounting Standards Board (IASB) has developed IFRS standards for the business firms that guide them in preparing financial reports. These mandatory standards imposed by IASB have put burden on the business entities for complying with all the requirements of financial reporting under the new IFRS guidelines. Business firms are facing increasingly difficulty in maintaining their accounts in accordance with the new financial reporting standards. Thus, multinational corporations are often seeking help from the Big 4 accounting firms for maintaining their financial reports as per the IFRS standards (KPMG, 2003). Big 4 accounting firms provides help to the business corporations in handling all the requirements of recording the financial transactions as per the new financial reporting standards. However, there is increased concern that IASB is working only in the favour of Big 4 accounting firms and is not helping the business entities who are facing increasing problem in develop ing their financial reports as per the IFRS requirements. There is on-going debate that IASB is not working in the interest of public and is providing advantages to Big 4 accounting firms. There are several reports in the context of IASB providing favour to the Big 4 accounting firms through implementing several complications in the financial reporting (Ernst Young, 2012). These complications are not necessary for the investors in order to analyse the financial information of the business organisations. As such, the multinational business corporations are offering large amount to the big 4 accounting firms for completing their procedure of financial reporting. Thus as such, IASB is believed to work in favour of Big 4 accounting firms through introducing complications in the conceptual framework that is to be followed by all the business entities globally for preparing their financial reports. The IASB after the occurrence of financial crisis in the year 2008 and 2009 has also imposed restrictions on local authorities to comply with the IFRS standards (Ernst Young, 2012). IASB, in the year 2010, has made it mandatory for the local authorities to comply with IFRS standards although there is no requirements on these small entities to prepare their financial reports as per the IFRS standards, Local authorities does not have any public involvement and are also not traded on stock exchange and thus there is no requirements for these entities to comply with IFRS standards. The main objective behind the introduction of these requirements on local authorities was only to increase their complexity of business operations. The BIG 4 accounting firms are acting unethically as they are providing help to the business entities only for the sake of money. IASB role is being questioned on the entire context as it is helping Big 4 accounting firms to make money through enhancing the complications in the IFRS standards (KPMG, 2003). Implementation of IFRS in Local Authorities of Australia The implementation of IFRS on local authorities in Australia has both advantages and drawback associated with it. The major advantage of implementing IFRS on local authorities is obtaining timely and proper financial statements that are relatively easy for understanding and analysing. The stakeholders of local authorities can easily access the information regarding the performance of these entities and thus it will promote accuracy and transparency in local authorities operational activities of Australia. However, the major objective of implementing IFRS standards on developing financial reports is to provide timely and accurate information to the investors for supporting their decisions regarding investing in the business firms (IFRS, 2013). The local authorities in Australia are not involved with public and investors do not basically invest in local entities. Therefore, the point of debate is that it is necessary to implement IFRS standards on local authorities for making their fin ancial reporting more understandable. IFRS standards are mainly required to be adopted by the business firms to make their financial reports more understandable for the investors. However, with no interest of investors in investing in local authorities there is increasing concern that IFRS restrictions should not be imposed on the local authorities in Australia. Some people argue that IFRS standards application for local authorities is highly required for standardisation of accounting procedures (Leonard, 2010). The IFRS standards are required to be adopted by the local authorities also so that their financial reports are prepared as per the common conceptual framework adopted by IASB. It will make their financial reports easy to be understood and accepted at international level and this is proving to be the main reason behind IASB imposing IFRS standards on local authorities also. However, IASB, in this context need to understand the fact that IFRS standards are mainly advantageous to be implemented only in the business firm that are traded on stock exchange and interact with public. The major disadvantage of IFRS standards on implementing in local authorities is that that the standards does not measure and report the core management activities of local authorities, that are, public funds stewardship nod supply of services (Ernst Young, 2012). Thus, it does not provide any benefit to the local authorities on complying with IFRS standards. In addition to this, compliance of local authoritie s with IFRS standards increases operational cost for these entities. The business entities developing financial reports as per the IFRS standards have to incur the cost of deposing the financial reports with government bodies. As such, the local authorities often find it highly difficult for bearing all the cost associated with accounting firms for performing the operations as per the IFRS standards. The local authorities does not have high profit margin and therefore they have to face large difficulty in incurring the cost that is to be paid to the accounting firms for complying with IFRS standards. Thus, in the context of all these discussion it can be stated that imposing IFRS standards on the local authorities is not necessary and provides only limited advantages (Epstein et al., 2009). References Deloitte. 2013. IFRS 1 First-time Adoption of International Financial Reporting Standards. [Online]. Available at: https://www.iasplus.com/en/standards/ifrs1 [Accessed on: 20 October 2016]. Epstein, B.J. et al. 2009. Wiley GAAP 2010: Interpretation and Application of Generally Accepted Accounting Principles. John Wiley Sons. Ernst Young. 2011. UK GAAP vs. IFRS. [Online]. Available at: https://www.ey.com/Publication/vwLUAssets/UK_GAAP_v_IFRS_-_The_basics_-_Spring_2011/$FILE/EY_UK_GAAP_vs_IFRS_-_The%20basics_-_Spring_2011%20.pdf [Accessed on: 20 October 2016]. Ernst Young. 2012. International GAAP 2012 - Generally Accepted Accounting Practice Under International Financial Reporting Standards. John Wiley Sons Leonard, B. 2010. Report and Recommendations Pursuant to Section 133 of the Emergency Economic Stabilization Act Of 2008: Study on Mark-to-Market Accounting. DIANE Publishing. Moore Stephens. IFRS. 2009. [Online]. Available at: https://www.moorestephens.co.uk/IFRS.aspx [Accessed on: 20 October 2016]. World GAAP Info. 2008. UK FRS. [Online]. Available at: https://worldgaapinfo.com/uk.php [Accessed on: 20 October 2016].

Why We Do What We Do When We Do What We Do an Example of the Topic Psychology Essays by

Why We Do What We Do When We Do What We Do We do the things we do because we perceive that it is to our benefit to do these things, and, as in Deci and Flastes (1996) further assertion, the perception of intrinsic motivation and autonomy plays a key role in fostering individual well-being. Although there are claims to self-sacrificing actions, it is my belief that all behavior is self-centered behavior, and that each of us acts with our individual self-interests uppermost in our minds. Need essay sample on "Why We Do What We Do When We Do What We Do" topic? We will write a custom essay sample specifically for you Proceed Whether we respond to a particular stimulus or not depends on how we interpret the self-interest value of responding. If action is perceived as likely to produce a benefit to self, we act; if action is perceived as unlikely to result in a benefit to self, we do not act. But the question of why we do what we do when we do not only boils down to self-motivation, external circumstances play their part as well, as the following story will typify. There were several young boys who enjoyed throwing rocks at the house of a man who lived on the outskirts of town. The old man tried many methods of stopping the boys from throwing rocks at his house. He tried yelling at them. He tried reasoning with them. He even threatened to call the police. Nothing seem to work. Finally, in desperation, the man came up with a bold plan. He started paying the boys a dollar each to throw rocks at his house. Then he reduced the payment to twenty-five cents. Although the boys complained, they continued to throw rocks, but with less enthusiasm. Finally, he reduced the payment to a penny each. Amazingly, the boys stopped entirely, telling the old man that it was no longer worth it to throw rocks at his house! And they never returned. The explanation for this occurrence is that the formerly self-motivated (albeit negative) behavior became externally controlled. First, the rock throwing lost its intrinsic pleasure. Second, the reduced external reward was insufficient to maintain it. This implies that ultimately, when behavior becomes too closely linked with external forces, self-motivation is lost. By the time we reach adulthood, most of us have been thoroughly socialized to external control through the promise of rewards and the threat of punishment. At this point, self-motivation has become subordinated to potent external forces. WORK CITED Deci, L. & Flaste, R. (1996). Why We Do What We Do: Understanding Self-Motivation. Penguin Books.

Internet Regulation essays

Internet Regulation essays INTERNET REGULATION: POLICING CYBERSPACE The Internet is a method of communication and a source of information that is becoming more popular among those who are interested in, and have the time to surf the information superhighway. The problem with this much information being accessible to this many people is that some of it is deemed inappropriate for minors. The government wants censorship, but a segment of the population does not. Legislative regulation of the Internet would be an appropriate function of the government. The Communications Decency Act is an amendment which prevents the information superhighway from becoming a computer "red light district." On June 14, 1995, by a vote of 84-16, the United States Senate passed the amendment. It is now being brought through the House of Representatives.1 The Internet is owned and operated by the government, which gives them the obligation to restrict the materials available through it. Though it appears to have sprung up overnight, the inspiration of free-spirited hackers, it in fact was born in Defense Department Cold War projects of the 1950s.2 The United States Government owns the Internet and has the responsibility to determine who uses it and how it is used. The government must control what information is accessible from its agencies. This material is not lawfully available through the mail or over the telephone, there is no valid reason these perverts should be allowed unimpeded on the Internet. Since our initiative, the industry has commendably advanced some blocking devices, but they are not a substitute for well-reasoned law.4 Because the Internet has become one of the biggest sources of information in this world, legislative safeguards are imperative. The government gives citizens the privilege of using the Internet, but it has never given them the right to use it. They seem to rationalize that the framers of the constitution planned & plotted ...

How to Succeed as a Freelance Blogger (by someone whos done it)

How to Succeed as a Freelance Blogger ( I never really aspired to be a writer. Writing was something I used to refer to as a â€Å"secondary skill.† I used it in my previous job (as a property manager) like most other people do: to write emails and letters. I never thought I could make a living out of it. And yet, here I am–nearly two years later–a bona fide professional writer, averaging earnings in excess of $7,000 per month. It’s been quite a ride. I don’t have time to share that ride with you in this article, but I do have time to give you an overview of freelance blogging - the profession that has changed my life. Why Freelance Blogging Isn’t Beneath You The common perception amongst many freelance writers is that freelance blogging is bargain basement territory. And while there are plenty of low-paying jobs in circulation, there are also many gigs that pay very respectably. Furthermore, there are a huge number of other benefits to freelance blogging. You can start with no experience or qualifications. The nature of blogging dictates that work will be consistent and ongoing. You can build I could go on, but my overriding point is this: do not dismiss freelance blogging. It is not only a viable option - it is one I heartily recommend. How to Start Freelance Blogging When it comes to establishing yourself as a freelance blogger, you can quickly rise to the top of the pile if you are willing to work hard and focus on doing the right things. On the assumption that you are already an accomplished writer, there are just two other big pieces of the puzzle: 1. A blog of your own. The best clients won’t be too keen to hire you if you can’t clearly demonstrate your blogging capabilities. 2. Samples. You’ll want to get published on a number of (preferably popular) blogs in order to demonstrate that others have put their faith in your writing talents. Starting a blog is free, and getting published samples is as simple as submitting guest posts to blogs that accept them. Once you have some momentum on those fronts, it’s time to start pitching for jobs via online job boards (such as ProBlogger). You won’t get the best-paid jobs upfront, but once you’re established, future clients will find your I haven’t sought out a client since 2011 - they’ve all come to me. What Have You Got to Lose? This article is just a brief introduction to freelance blogging - in reality, there is a lot more to learn. However, I hope that this has been convincing enough to galvanize you into taking a closer look at this young and highly lucrative market. If you are interested in finding out more then check out my blog’s archives. You’ll find a wide selection of freelance writing articles there. And if you have any questions at all, please don’t hesitate to get in touch!

Immunolocalization of the microtubule cytoskeleton Essay

Immunolocalization of the microtubule cytoskeleton - Essay Example The most prominent methods are: Western blot, spectrophotometry, enzyme assay, immunoprecipitation and immunostaining. In immunostaining, the method used during this procedure, an antibody is used to detect a specific protein epitope. These antibodies can be monoclonal or polyclonal. Then enzymes such as horseradish peroxidase or alkaline phosphatase are commonly used to catalyse reactions that give a coloured or chemiluminescent product. Fluorescent molecules can be visualised using fluoresence microscopy. During this experiment, the distribution of the protein tubulin in normal rat kidney (NRK) cells is explored. A monoclonal antibody that is specific for the -subunit of tubulin is used. Tubulin polymerizes into long, 25-nm wide microtubules that we will visualize with tubulin antibodies. The formation and maintenance of microtubules is cold sensitive. At 4C, microtubules are destabilized and they depolymerize. At 37C, human body temperature, they remain polymerized. Photograph 1 shows cells incubated at 4 0C, while photograph 2 shows cells incubated at 37 0C. At this stage of the procedure, microtubules cannot be detected in either of the photographs. 3 separate plates are used to create the NRK cells culture. ... The coverslip is then immersed in 3.7% formaldehyde (in PBS) at room temperature. Immersion in 0.2% Triton-X 100 (in PBS) detergent at room temperature follows. To prevent the subsequent antibody from sticking non-specifically to the cells on the coverslip, the coverslips should be incubated with cell-side-up with a 100-l droplet of 3% (w/v) bovine serum albumin (BSA). The incubation is done on a piece of Parafilm in a humid Petri dish for 15 minutes. An anti-tubulin dilution is prepared with 1 part antibody + 75 parts 1% (w/v) BSA in PBS. A 200 l total of antibody is necessary for the three coverslips. This tubulin antibody is a monoclonal antibody (12G10) and recognizes the -subunit of tubulin. Then each coverslip is overlayed each with a 100-l droplet of the diluted tubulin antibody. After that, a secondary antibody with 1 + 200 in 1% (w/v) BSA in PBS is used. The coverslips are placed back into the Petri dish chamber and overlay with a 100-l droplet of secondary antibody and they are incubate for 30 minutes at 37C. Therefore, we have 3 coverslips, all treated with the secondary antibody, 2 of them are treated with the primary antibody (one of them is incubated at 37C, and the other incubated at 4C) and 1 that is not treated with the primary antibody (incubated at 37C). The coverslips then are placed back into the Petri dish chamber and are overlaid for 30 minutes at 37C with a100-l droplet of Vectastain ABC reagent. This reagent contains a complex of avidin and the enzyme horseradish peroxidase (HRP). They are washed again with PBS. The drops of DAB (diaminobenzidine; a carcinogenic compound) are applied to the coverslips and incubate at room temperature for 5 minutes. After DAB incubation,

Teen Suicide Essay Example | Topics and Well Written Essays - 1000 words

Teen Suicide - Essay Example There could be several reasons why a teenager would end his life. It could be stress, depression, or pressure to perform or urge to achieve something. Sometimes problems in families like divorce of parents can also result in deep sense of shame and stress causing the teenager to get psychologically ill. Getting in to a new school or neighborhoods can also create pressure. The reasons for such an act are many and complex. When a person has tried all things in order to solve one's problems the ultimate way of escape seems to be suicide. Many teenagers who have attempted to commit suicide were interviewed; most of them wanted to get of a situation but did not want to die. However sometimes the stress of something, or feeling of loss or hurt is so great that it is difficult to overcome it. The feeling of disappointment is not easy to overcome and usually results in self-inflicted death. Suicide is one action which creates an emotional trauma in the entire family to unprecedented extent. When somebody in the family and especially teenagers commit suicide the whole family, friends and the people who might be related to the person in any way feel guilty. Most of the people believe that they could have done something in order to stop it. This sense of confusion and guilt usually sends other people in a state of depression. People who do not even know him, by just hearing the news get mentally upset. Though it is definitely true that the worst form of aggression is suicide, and it is also true that the victim gets punished the most; he loses his life. However, people who are related to him also get punished all life long. Such families usually get socially isolated. The families' friends are either in a state of shock themselves and do not know what to do or how to calm the teenager's family members, or in some cases they isolate the members and consider them as the cul prits. In such case, it is our duty to start communication with such people and help them in any way we could. Families are affected the most as they carry this burden all their lives (Kids Health, n.p). Anniversaries and birthdays are the most difficult part. Sometimes during the holidays when all family members are together, the sense of loss is often over bearing. This might cause tension in the family. However, the members of the family should see that everybody in the family is grieving. People have different ways of showing sadness, some might sit alone and quiet, others might show anger. However, family members should support each other and see that yet another suicide does not take place (Kids Health, n.p). The friends and the entire school body usually feel guilty. Teenagers usually spend more time with friends and in the school; hence it is normal that the friends will feel that they could have changed something in order to prevent the suicide from happening. However, victimizing ones self and others does not help and the entire school body should help each other pass through the difficult time (Kids Health, n.p). If the family, mother or the father sees that it is becoming difficult from them to cope with, they should always

How Dickens uses language Essay Example for Free

How Dickens uses language Essay There is a variety of repetition in the passage. Phrases like ‘Dead and Buried’ are repeated to remind us, as readers, that most of Pip’s family is dead. The word ‘buried’, suggests that it happened some time ago and that he never knew them, which makes us feel pity and sympathy for the character. Pip talks about his life in the marsh country, where he resided by the river and near the sea. This could possibly highlight how Pip (small like a river), may be connected to something greater than he could’ve ever imagined (like the sea). Dickens also uses some interesting vocabulary, with fascinating imagery in this passage. For example he describes the sea as a ‘distant savage lair’. The word ‘distant’ tells the reader that there is an unknown, oncoming threat. The word ‘savage’ suggests it was over powerful and violent. Finally, the word ‘lair’ implies a dangerous place, where victims are taken to be devoured. This shows the reader that Pip is not safe, and seems to be in grave danger. Alliteration is another technique which Dickens has input in the passage. The phrase ‘low leaden line’, (which describes the river), is a good example of this. Rivers are supposed to be an aquatic blue colour, but Dickens describes it as ‘leaden’, which is a depressing grey colour, suggesting a bleak setting. Finally, Dickens uses third person in the passage, although this is questionable. In one sentence, Pip goes from narrating as an adult in the 1st person and then switches to the 3rd person, where he looks back at himself as a small child. This is because he is in utter disbelief at how lost he was, which is effective as the reader feels confused, just as Pip would have as a small child.