Comparing IFRS To GAAP Paper Essay Example for Free

Comparing IFRS To GAAP Paper Essay There are several differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). The IFRS is considered more of a principles based accounting standard in contrast to U.S. GAAP which is considered more rules based. By being more principles based, IFRS, arguably, represents and captures the economics of a transaction better than U.S. GAAP. As a team me collaborated to answer the following seven questions. IFRS 2-1: In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? IFRS does not mandate a specific order or classification of accounts on the statement of financial position. In most cases, companies report assets in reverse order of liquidity. An example of the order of accounts on the statement of financial position is as follows: Long Term Assets Current Assets Shareholder Equity Long Term Liabilities Current Liabilities GAAP specifically requires that all accounts be ordered based on their degree of liquidity. Therefore, cash is usually reported first and non-current assets will be reported last. Below is an example of the order typically found on a GAAP balance sheet: Current Assets Long Term Assets Current Liabilities Long Term Liabilities Shareholder Equity IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. No, GAAP and IFRS maintain very similar viewpoints on the objectivity of financial data. Both of these authoritative bodies agree that financial reporting data should be relevant and faithfully represented. Information that is relevant is anything that could be viewed as useful in the eyes of an investor, creditor, or regulator. Information that is faithfully represented should conform to  industry standards and any estimates should be conservative in nature. IFRS 2-3: What terms commonly used under IFRS is synonymous with common stock and balance sheet? Balance Sheet is synonymous with the â€Å"Statement of Financial Position† and Common Stock is typically labeled as â€Å"Share Capital Ordinary† on IFRS financial statements. IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. The SEC has several aspects to consider when it comes to the adoption of IFRS in the United States. First, the SEC should consider the overall costs impact this will have on businesses. It is likely that it would cost billions of dollars in new reporting expenses for U.S corporations to implement IFRS. It would also require accounting firms to vastly change their education requirements. Second, the SEC’s main job is to protect investors from fraud on public exchanges. The commission must determine whether IFRS does a better job of protecting investors from unlawful activity. IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. Under GAAP, it is possible to use cash-basis or accrual basis accounting for revenue recognition. Under cash basis, revenue is recognized with payment is received. Under accrual basis, revenue is recognized when it becomes economically significant. GAAP has specific requirements for various industries on when an event qualifies to be recognized as revenue. IFRS has fewer requirements on revenue recognition, but follows the same basic principle of economic significance. Revenue can be recorded when t is probable that any future economic benefit associated with the item of revenue will flow to the entity and it can be measured reliably. IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. Under IFRS, revenue is used to describe the total amount of economic benefits arising from the ordinary operating activities of a business. Therefore, it does not include non-operating gains. This principle applies equally to expenses, which do not include losses from non-operating activities. FRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX. When it was implemented in 2002, SOX created an array of new reporting requirements for publically traded companies. While it is true that this costs American  businesses additional capital in compliance expenses, it also creates a more stable financial system. The major frauds of Enron and WorldCom were much more damaging the financial system. Overall, it reduces the risks for investors in public companies and encourages foreign direct investment. After all of the information was gathered, I could say that I have a much better understanding of the differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). References: Terms Synonymous with Common Stock and Balance Sheet – IFRS2-3. (n.d.). Retrieved January 16, 2015, from http://octotutor.com/terms-synonymous-with-common-stock-and-balance-sheet-ifrs2-3/ Still in flux: Future of IFRS in U.S. remains unclear after SEC report. (n.d.). Retrieved January 16, 2015, from http://www.journalofaccountancy.com/Issues/2012/Sep/20126059.htm

Environmentally Safe Ethanol :: Environment, natural resources, fossil fuels

Environmentally Safe Ethanol In order to fund conservation of the natural environment, the federal government should increase gasoline tax by one dollar per gallon. How does this statement make you feel? Does it make you want to argue about how unfair this is, especially when gas prices are climbing to higher and higher rates? Would you say that this is an unfair claim because it is unclear where your tax money would go? I agree. This plan seems to have a good general idea, but there are details left out. I think the first priority should be to sort out where these extra resources would be used. It seems too vague to fund conservation of the natural environment. There are so many ways that this tax could benefit natural resources. When I was trying to decide on how to narrow this claim to more specific terms, I started to think about what kind of environmental problems affect me the most. The first word that came to mind was pollution. There are many parameters for a suitable environment for life. These include temperature, pressure, salinity, acidity, water and good oxygen content. Any type of air pollution could dissolve these parameters. It seemed that air pollution is such a large environmental problem that I knew my search should be narrowed. I chose to discuss pollution caused by cars because raising the gas tax and prices are part of my claim. I went to the Internet and ran a search for "car pollution," and found a large amount of information. It became even clearer to me that car pollution is a major problem for our environment. According to The Environmed Research Inc, driving a car is the most polluting act an average citizen commits (2001). Vehicle engines emit many types of pollutants into the air, including nitrogen oxides, volatile organic compounds, carbon monoxide, carbon dioxide, particulates, sulfur dioxide and lead. All of these can pose environmental risks and health risks. Most of these pollutants rise from the engine. These emissions are related to the fuel type and the temperature of the fuel combustion. At low speeds, and when engines are at idle, the products of incomplete combustion dominate. When the speeds are heightened, however, impurities like nitrogen are oxidized to nitrogen dioxide, which creates pollution. All of the pollutants mentioned above are known as trace gases. Some of these trace gases can even release completely new gases into the atmosphere (Environmental Effects, 2001).

Athanasius Biography Essay

Athanasius is counted as one of the four great doctors of the church in the Roman Catholic church as well as one of the great doctors of the church in Eastern Orthodoxy where he is also labeled the Father of Orthodoxy. He is also celebrated by many Protestant who label him as Father of the Canon, Athanasius is venerated as Christian saint whose feast day is May 2 in western community. May 5 is the Coptic orthodox church and January 18 is the other Eastern orthodox churches.St. Athanasius was born in the city of Alexandria or possibly the nearby Nile delta town of Damanhur, California 296-298. It is speculated that his parents were wealthy enough to afford giving him an esteemed secular learning. He came from a Christian family despite accounts to the contrary as in his writings, he tells more than once of an aunt. who taught him some principles of the Christian faith, and a father who did the same as well as mentioning (once), his mother doing the same. He has a Christian brother and later in his life is one of his exiles, he hid in his father’s tomb in what appears to be describe as a Christian cemetery.He knew Greeks and he admits to not knowing Hebrew. The old testament he quotes frequently came from the Septuagint Greek translation his knowledge of the old testament is limited to the Septuagint. He was able to write a letter in exile with no access to a copy of the scriptures and quote from a memory verse in the old testament. The combination of scriptural study and a Greek learning was characteristic of the famous Alexandrian school of element, origin Dionysius and Theognostus. It was from St. Alexander of Alexandria.Bishop of Alexandria 312-328 himself an Origenist that St. Athanasius received his main instruction. His earliest work against heathens – on the Incarnation, bears traces of origenist, Alexandrian thought but in an orthodox way. The Alexandria of his boyhood was an epitome, intellectually, morally and politically of the ethnically diverse Greco Roman World. St. Athanasius seems to have been brought early in life under the immediate supervision of the ecclesiastical authorities of his native city.He was ordained deacon by the contemporary patriarch Alexandria. In 319-325, he served as a Alexander’s secretary at the first council of Nicaea, already recognized theologian and ascetic. He was the devious choice to replace alexander as the Patriarch of Alexandria on the latter’s dealth in 328. Despite the opposition of the followers of the Arius and Meletius of Lycopolis. Athanasius spent the first five years of his patriarchate visiting the churches of his territory which at that time included all of Egypt and Libya. During this period he established contacts with the hermits and monks of the dessert including Pachomius. Athanasius became occupied with the disputes with Byzantine Empire and Arians which occupy much of his life. Athanasius first problem lay with the meletians who had failed to abide by the terms of the decision made at the first council of Nicaea which had hoped to reunite them with the church. Athanasius himself was accused of mistreating Arians and the followers of Meletius of Lycopolis. On the death of Emperor Constantine I, Athanasius was allowed to return to his see of Alexandria shortly after Constantine son. The new Roman Emperor Constantius II renewed the order for Athanasius banishment in 338. Athanasius went to Rome where he was under the protection of constans, the Emperor of the West. Pope Julius wrote the supporters of Arius strongly urging the rein-statement of Athanasius but the effort proved to be in vain.He called a synod in Rome in the year 341 to address the matter and at that meeting, Athanasius found to be innocent of all the charges raised against him. Julius also called the council of sardica in 343. This council confirmed the decision of the earlier Roman synod and clearly indicated that the participants saw St. Athanasius as the lawful patriarch of Alexandria.Athanasius to return to Alexandria, Athanasius return was welcomed by majority of the people of Egypt who had come to view him as a National Hero. During the time Athanasius assembled several documents relating to his exiles and returns from Exile in the Apology against the Arians, however upon constans dealth a civil was broke which left constantius as sole Emperor, renewing his previous policies favoring the Arians that banished Athanasius from Alexandria again. Athanasius left for upper Egypt, where he stayed in several monasteries and other houses. He computed his work Four Orations against the Arians and depended his recent conduct in the apology to Constantius and Apology for his flight. Athanasius received about the persecution of Non Arians by the New Arians, Bishop George of Laodicea prompted Athanasius to write his more Emotional History of the Arians in which he describe Constantius as precursor of the anti-Christ. Athanasius work include his two part against the Heathen. The Incarnation of the word of God. They contribute the first classic work of developed orthodox Theology. In the first part, Athanasius attacks several pagan practices and beliefs. The second part presents teaching on the redemption, Also in these books put forward the belief that the Son of God, the eternal word through whom God created the world entered that world in human form to lead men back into the harmony from which they had earlier fall men. His other important works include his letters to Serapion which dealth with the divinity of the Holy Spirit and his classic life of Saint Anthony which was translated into several languages and played an important role in the spreading of the ascetic ideal in Eastern and Western Christianity. He also wrote several works of Biblical Exegesis primarily of volumes in the old testament which are preserved in excerpts regarding the Book of Genesis, The Song of Solomon and Psalms. His works as ascetic include the aforementioned life of Saint Anthony as well as a discourse on virginity, a short work on love and self –control and a treatise on sickness and health which is only preserved in fragments. Athanasius letters include one letter concerning the decrees of the council of Nicaea (De Decretis) which is an account of the preceding’s of that council and another letter in year 367 which was the first known listings of the New Testament. Athanaius anticipates future controversies in defense of the humanity of Christ. Athanasius was not a speculative Theologian as he stated in his first letters to Serapion he held unto the tradition teaching and faith proclaimed by the apostles and guarded by the Father’s. He held that not only was the Son of God consubstantial with the father but so was the Holy Spirit which had a great deal of influenced in the development of latter doctrines regarding the trinity Veneration. Arian Controversy In about 319 when Athanasius was a deacon a presbyter named Arius came into direct conflict with Alexander of Alexandria. It appears that Arius reproached Alexander for what he felt misguided or heretical teachings being taught by the bishop. Arius Theological views appear to have been firmly rooted in Alexandrian Christianity and his Christological views were certainly not radical at all. He embraced a sub ordinationist Christology that God did not have a beginning but the logos did heavily influenced by Alexandrian thinkers like origen which was a common Christological view in Alexandria at that time. Support for Arius from powerful bishops like Elisebios of Caesaria and Eusebio’s of Nicomedia, further illustrates how Arius sub ordinationist Christology was shared by other Christians in the Empire. Arius was subsequent by excommunicated by alexander and he would begin to visit the support of many bishops who agreed with his position. Athanasius succeeded Alexander as bishop of Alexandria as a result rises and falls of Arianism ‘s influence after the first council of nicae, emperor Constantine banished from alexandrea, but he was restored after the death of Constantine I. Athanasius was restored on at least five separate occasions, perhaps as many as seven, this gave rise to the expression Athanasius contramundun or Athanasius against the world. he spent his final years repairing all the damage done during the earlier years of violence, dissent and exile and returning to his writing and preaching undisturbed on May 373 having consecrated peter II . one of his presbyters as his successor . Athanasius died quietly in his home. Quotes from St. Athanasius He said: â€Å"Jesus that I know as my redeemer cannot be less than God. at the council of nicae Both from the confession of the evil spirits and from the daily witnesses of his works. It is manifest them and let none presume to doubt it that its savior has raised his own body and that he is very Son of God having his being God as from a Father, whose word and wisdom and whose power He is. He it is who in these latter days assumed a body for the salvation of us all. and thought the world concerning the Father, He it is who destroyed death and freely graced us all with incorruption through the promise of the resurrection, having raised His own body as its first fruits and displayed it by the sign of the cross as the monument to his victory over death and its corruption. New Testament canon St. Athanasius is also the first person to identify the same 27 books of the new testament that are in use today , up until then various similar list of works to be read in churches were in use A canon of New testament book is his Easter letter from Alexandria written in 367 usually referred to as his 39th Festal letter, A Synod in hippo in 393 repeated Athanasius and Damascus New testament list( without the Epistles to the Hebrews and a synod in cartage in 397 repeated Athanasius and Damascus complete new testament list.

Apple s Competitive Strategy Model - 1184 Words

The case that Apple is dealing with is somewhat of a unique case. It is hard to believe that such a profitable organization can be solely run and operated off of one man’s vision and leadership. This article states that Apple fell as a company when Steve Jobs was fired in the 1980’s and is predicting another fall somewhere in the future now that Steve Jobs is deceased. Steve Jobs’ ideas did not only innovate the market but he strategically positioned Apple to build on one another to create sales revenue from all different target markets using 3 devices along with apps. Since Steve Jobs passed, there have not been any new innovations that Apple has released. Because of this, the case is reporting that Apple is headed towards a more sluggish period than they had become accustomed to. Main Issue Statement: Will Apple continue to dominate the PC market without the creativity and passion of Steve Jobs? Analysis: While viewing Porter’s Competitive Strategy Model, I believe that Apple has differentiated its products from that of the competition. When Apple became the leader in its industry, they did not branch out and try and start new products outside of their norm. They kept with the computers and then ventured into the phones and tablets before any other company. They looked to differentiate the products that they offered to their customers from any other company in their industry. Over time it allowed them to set prices such as the OS X Lion to almost $100 cheaper thanShow MoreRelatedCase Study : Sub Competitive Strategy Essay1147 Words   |  5 Pagesbusiness Institute – Holmes institute Subject – Sub competitive strategy Competitive Strategy What is Strategy? 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