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A Research Paper on IFRS and Its Implications

A Research Paper on IFRS and Its Implications. International Financial Reporting Standards (IFRS) is a comprehensive, globally accepted set of accounting standards utilizing a principles-based approach with a greater emphasis on interpretation and application of those principles, aiming at best reflecting the economic substance of transactions. It is a less extensive body of literature than U.S. GAAP with limited industry guidance and lesser detailed application guidance. IFRS requires a much greater exercise of judgement, supported by detailed analysis and documentation. In other words, U.S. GAAP gives us a detailed instruction to the location where we would like to go where us IFRS will just guide us to the destination by showing us the direction. Today, more than 40% of the Global Fortune 500 are using IFRS. Stock exchanges in the 85 countries that require IFRS comprise 35% of the global market capitalization, compared to 25% of the global market capitalization held by U.S. exchanges [1] . IFRS is most likely to become mandatory by beginning of 2014. Why IFRS? The question facing companies is not “If to adopt IFRS”, it is of “when and how” to adopt IFRS. With so many companies focused on managing through the economic downturn, few leadership teams are eager for one more big thing to do. Especially when that thing involves something as pervasive as International Financial Reporting Standards (IFRS). But IFRS continues to be adopted by jurisdictions around the world. Taking the organization to IFRS will require managing change in multiple areas: technical accounting and tax, internal controls and processes, management and statutory reporting, technology infrastructure, and organizational issues. They’re all interconnected, which makes things a bit more complicated than imagined. IFRS relies more on general principles than detailed rules and bright lines. This means that the finance people will end up working much more closely with others in the organization to make judgments about accounting based on the underlying economics of transactions. A flurry of operational changes could be triggered by IFRS as well. Companies may have to re-examine contracts and debt agreements, treasury policies, employee benefits, education and training, and communications. Opportunities to centralize statutory accounting functions into shared service centers might also have to be looked at. A revisit of the offshoring, outsourcing, and tax planning decisions might also be required. Principle or Rule Based? At a global symposium held in the month of January where the Peter Wyman, a partner of PwC noticed a sea change in the debate surrounding the adoption of a uniform international accounting standard. The feeling was that IFRS will be adopted across the globe, the issues which were present were only of how it was to be done. There have been primarily been two major approaches to accounting namely rule based and principal based. UK and Europe have a principal based accounting system which allows greater discretion and use of professional judgement. On the other hand, US has been following rule based accounting system which was further strengthened after seeing the light of scandals such as Enron, etc. The major challenge for International Accounting Standards Board (IASB) is to adapt IFRS so that it is agreeable to all the parties involved. ACCA’s head of financial reporting believes that the use of principles-based approach should be the way forward as principles is a more practical way of pushing standards across the globe. The six accountancy firms which used the symposium to showcase their whitepapers expressed that principle based will limit the size and complexity of the rule book. View from the US According to the director of Financial Accounting Standards Board (FASB), due to the scandals it has become necessary to ensure that regulators don’t apply unfair pressure on the people who prepare the accounts. This has led to the development of a culture of Second Guessing which the rule based approach tries to rectify, making it an extended rulebook. The enforcement is also talked of as a problem because Securities and Exchange Commission (SEC) does not hesitate to criticize, but empirical data shows that out of the restatement of accounts which were ordered by SEC, very few companies share price showed any movement. View of the Users What the users want is principles based approach because the aim of the financial reports and statements is to give a clear view of the way the company is run and its future prospects for success. Investors are worried that US may influence the new IFRS regime too much and create principles having unending exceptions, clarifications and rules. IASB is consulting all the stakeholders and hearing out the point of view of each one of them. They assure the investors that no party will be able to influence any decision and that they would like to hear to all sides of view before taking any decision. All of the following points towards the steady adoption of IFRS. The greatest danger will be that of to please all the stakeholders. It would be interesting to note what substance US wants to put in the rulebook as US has agreed to adopt IFRS. Benefits From a macroeconomic perspective, the benefits of using one global financial reporting language are evident: increased comparability across global investment options, fewer barriers of entry to non-US markets, and potentially, a lower cost of capital. Moving to a single global accounting and reporting language will also reduce complexity – a welcome improvement for the companies that prepare financial reports and for the investors and other stakeholders who rely on them. From a capital markets perspective, many multinational companies believe that IFRS offers an opportunity to lower their cost of capital. Widespread acceptance of IFRS financial statements allows companies to seek capital across a broad base of global funding without having to incur additional-financial reporting costs based on the source of funding. Anticipating increased competition among global investors and financers for attractive investments, strong companies expect their cost of capital to decrease. Because of conversion of major capital markets to IFRS is relatively young, it is too soon to tell whether the decrease in anticipated cost of capital will prove out. However due to the sheer size of most capital raising efforts and long term nature of the payoff, even slight improvements in transaction terms such as interest rates can translate into significant dollar savings. Within individual companies, the ability to centralize and streamline accounting functions and move financial personnel freely around the world will lower costs and strength internal controls. Today multinational corporations with numerous statutory filing requirements around the world need to employ staff with expertise in each national GAAP to prepare filings and then translate financial statements from National GAAP to the parent-company GAAP. Use of IFRS will reduce these reporting efforts and related costs and decrease the risk of errors. IFRS Implementation The change of financial reporting standard is just not of moving from one standard to another, rather it will influence the way in which financial information is shared throughout the organisation. Thus it tells that it will take not just a few weeks before the deadline, it would require significant time and commitment from the management to make the change. Collection of data to prepare the financial reports needed for IFRS will be a very big challenge as the data which will need to be collected has to be reliable and has to be subject to sufficient level of control to be taken as a reportable data. This article talks about two separate but related approaches which needs to operate so as to make the process an effective one: A top down definition of the IFRS reporting requirement where in a thorough understanding of the accounting policies and associated data requirements required to achieve IFRS-compliant financial reporting. This will help develop financial reports early in the conversion process and would help identify the gaps in the available data. A bottom up review at the business unit level of the precise impact of IFRS requirements on individual business processes and financial systems. This would make sure if the reporting requirements could be possible with the right level and quality of information within an acceptable time period. Implementation [2] Phase 1: Preliminary study-During this phase, companies perform a broad-based assessment of the impact of IFRS on financial reporting, long-term contracts, supporting business processes, systems and controls, and income tax compliance, planning and reporting. They also determine a strategy for the road ahead. Phase 2: Initial conversion-This phase includes much of the legwork of a conversion effort-setting up and launching the project, thoroughly evaluating the IFRS and US GAAP differences for specific financial statement line items, evaluating accounting policy alternatives, selecting IFRS accounting policies, performing the initial conversion, and creating IFRS financial statements during the dual reporting period. In-depth assessments of operational issues, such as the IFRS impact on significant business contracts (e.g., financing, leasing, joint venture agreements), and income tax compliance and reporting issues also take place during initial conversion. Stakeholder communication should be a constant consideration throughout this phase. Phase 3: Integrate change-Critical to the conversion process is incorporating IFRS changes into the day-to-day operations, processes, and systems of the business (known as “embedding”). This phase helps to ensure a smooth transition to the new reporting framework so the company can use its new IFRS language on a sustainable basis in a well-controlled environment as of the IFRS adoption date. The role of professional judgment Although many accounting policies will be derived directly from IFRS standards and interpretations, the appropriate way to apply those standards or interpretations might not be obvious in all cases. Because IFRS is less prescriptive than US GAAP, there may be a wider range of acceptability under IFRS in certain areas. Therefore, sound, well-documented professional judgment becomes especially important in an IFRS reporting environment. Management will need to exercise judgment to develop and apply accounting policies that faithfully present the economics of transactions and are decision-useful to the readers of the financial statements. Selection of the most appropriate accounting policies is a critical step, since that decision will impact the company for the foreseeable future. Continual dialogue with the company’s independent accountants will leverage their IFRS expertise and ensure that, in principle, they agree with the company’s new financial reporting policies. The independent accountants will also want to understand any related changes to internal controls and ensure that the changes are auditable. Keeping independent accountants involved in a timely manner will avoid potential pitfalls later in the conversion process. Implementation Issues Companies beginning to scope their IFRS conversions are often surprised by the volume of disclosures, and how different they are from their national GAAP [3] . The data which is required by IFRS is not being collected, even if it is collected; the amount of data being collected is insufficient. According to an executive of BASDA, IFRS will hardly require any changes to the back office systems, whatever changes will be required would be on the reporting side as IFRS according to him focuses on reports. Organisations using Enterprise Resource Planning systems to prepare management accounts will be in a better position to the ones which use different systems for each office or business unit. Recalibration of ERP systems will be relatively easy than to upgrade legacy systems. One of the biggest barriers to conversion identified by a survey conducted by PWC was the alignment of internal reporting systems with the external reporting systems. Looking at IFRS as only a change in reporting could turn out to be very expensive rework for the organisation at a later date. The extent of changes which might be required will depend on the size of the business, the number of applications collecting financial data and the capabilities of the current applications. IFRS implementation could provide a good opportunity for firms to streamline their reporting systems and could provide a good platform for making strategic improvements in the systems, processes and controls. As a lot of vendors have solutions for IFRS, technology will greatly help as an enabler for IFRS. It will also provide a great cost saving opportunity due to standardisation, improved communication, improved controls and better cash management. It concludes by telling us that technology change should not be underestimated and it will be critical for the firm to address the technology point of view early in the process as changes in the systems must be sustained along with a detailed understanding of the new accounting language. Impact of IFRS Convergence to IFRS will greatly enhance an Indian entities’ ability to raise and attract foreign capital at a low cost. A common accounting language, such as IFRS, will help Indian companies benchmark their performance with global counterparts. There will be escape from multiple reports for global Indian companies that have to prepare their financial statements under multiple GAAPs. With the knowledge of IFRS, the Indian Chartered Accountant would be globally acceptable. Experience has shown that the conversion from Indian GAAP to IFRS requires significant efforts. The preparers, users and auditors continue to encounter practical implementation challenges. Conversion to IFRS is more than a mere technical exercise. The consequences are far wider than financial reporting issues and extend to various significant business and regulatory matters including compliance with debt covenants, structuring of ESOP schemes, training of employees, modification of IT systems and tax planning. Companies also need to communicate the impact of IFRS convergence to their investors to ensure they understand the shift from Indian GAAP to IFRS. IFRS and India As the capital markets become increasingly global in nature, more and more investors see the need for a common set of international accounting standards. About 109 countries presently require or permit use of IFRS in preparation of financial statements in their countries. By 2011, the number is expected to reach 150. In India ICAI has issued a document titled “Concept paper on convergence with IFRS in India” to evaluate the need for Indian GAAP to change to IFRS. In the paper, the ICAI notes that as the world globalises, it has become imperative for India to make a formal strategy for convergence with IFRS with the objective of harmonise with globally accepted accounting standards. Keeping in view of the complex nature of IFRS, the ICAI in its concept paper has expressed the view that IFRS should be adopted for the public interest entities, banks and insurance entities and large sized entities from the accounting periods beginning on or after 1st April, 2011. The countries which have adopted IFRS have done so for similar type of entities. A few illustrative examples of fundamental changes that can impact wider business considerations have been discussed below. A comparison between IFRSA Research Paper on IFRS and Its Implications
Beach. This paper is about Arthropod-borne viruses especially focuses on Japanese Encephalitis Virus. It provides general background information about arboviruses and then more detailed facts including epidemiology, pathology, replication process, various effective control strategies of Japanese Encephalitis Virus. Arthropod-borne viruses: arboviruses are transmitted to vertebrate hosts like humans through the bites of infected arthropods such as mosquitoes, ticks, sand flies, and biting midges (Mayer, Tesh,

Campbellsville University PepsiCo Financial Ratio Analysis Paper

Campbellsville University PepsiCo Financial Ratio Analysis Paper.

Format: Double-spaced, one-inch margins, using a 12-point Times New Roman font. Use APA throughout.Based on formulas in your textbook, compute the following ratios for two years. You may use Excel to compute your ratios.Debt ratioGross profit marginFree cash flowTimes interest earnedAccounts receivable turnoverInventory turnoverPrepare a DuPont Analysis of ROE for two years, including computations ofReturn on SalesAsset TurnoverReturn on AssetsFinancial LeverageReturn on EquityBriefly evaluate the ratio trends. Indicate on your worksheet whether each ratio is:stronger / weakerquicker /slowermore / less liquidmore / less riskWrite a 3-6 page report evaluating trends in all of the above ratios. Discuss whether your company’s profitability, efficiency, liquidity, and solvency are improving or deteriorating. Suggest ways the company can improve the ratios that show problems. The report should be well written with cover page, introduction, the body of the paper (with appropriate subheadings), conclusion, and reference page. References must be appropriately cited.https://courses.campbellsville.edu/mod/url/view.ph… Click on this link to look financial Data for your Company projecthttps://courses.campbellsville.edu/mod/url/view.ph…Click on this link to review narrated lecture notes on Time Value of Moneyhttps://courses.campbellsville.edu/mod/url/view.ph…Click on this link to review narrated notes on Stock Valuation.
Campbellsville University PepsiCo Financial Ratio Analysis Paper

i just need two pages for persuave speech and ppt 4 slide and outline.

essay writing help i just need two pages for persuave speech and ppt 4 slide and outline..

Assignment 3: Persuasive Speech after you’ve created an outline, a visual aid, and practiced your speech, it’s time to record and upload your video. The speech is due this week.Instructions:Click the blue Assignment 3: Persuasive Speech link above to record and upload a video of yourself delivering your speech.Note: For this assignment, you must present your speech while showing your visual aid. This means you’ll need to record yourself and your screen displaying your visual aid. Instructions to do this using the Desktop Recording App are available Assignment 3: OutlineAn outline helps create an organized structure for what you plan to say. To review the assignment details, view Assignment 3. Complete these two steps to create and submit your outline: 1. Create an Outline in WordCreate an outline in Word. Click here to use an outline template or use your own.2. Submit in BlackboardAfter creating the outline, you must submit it in Blackboard. Click the Assignment 3: Outline link above to submit your outline as an attachment in .doc or .docx format.As part of your assignment, you will create a visual aid for your speech. A visual aid helps enhance your message. View Assignment 3.Complete these two steps to create and submit your visual aid:1. Create a Visual Aid in PowerPointCreate a visual aid in PowerPoint. Click here to use an outline template or use your own.When you’re finished, save your outline in .ppt or .pptx format.2. Submit in BlackboardAfter you create the visual aid, you must upload and submit it in Blackboard.Click the Assignment 3: Visual Aid link above to upload your visual aid as an attachment in .ppt or .pptx formatReminder: Your speech for Assignment 3: Persuasive Speech is due in Week 8. If you have questions, reach out to your instructor.
i just need two pages for persuave speech and ppt 4 slide and outline.

Capella University Risk Management Handbook for Health Care Organizations

Capella University Risk Management Handbook for Health Care Organizations.

Read Risk Management Handbook for Health Care Organizations by Carroll, R. (2009), (5th ed) textbook: Read Chapter 1, “Development of a Risk Management Program,” pages 1–30. This chapter covers what the specific pieces are for a risk management program in health care. Read Chapter 2, “The Health Care Risk Management Professional,” pages 31–78. Specific departments have specific tasks, job descriptions, and roles. This chapter highlights the current, broad view of risk management. Read Chapter 3, “Patient Safety and the Risk Management Professional,” pages 79–156. It is important to integrate the learning from the first five units in quality management with the ideas and theories behind risk management. This chapter provides a nice discussion of the similarities when dealing with patient safety.1. Risk Management: A Profile of the RoleRisk management is a developing field in health care. The readings for this week, along with the link to the Health Care Compliance Association (HCCA), discuss what risk manager or compliance officer responsibilities are in different health care organizations. Job titles for this area include compliance officer, risk manager, chief risk officer, and compliance consultant.Exhibit 2.5 on page 59 of the Carroll textbook provides a lengthy list of major responsibilities for a chief risk officer. Review this exhibit. Pick one area of responsibility from this exhibit and discuss the possible activities that are related to this responsibility area.In 250 to 300 words, discuss a particular area of responsibility for a chief risk officer in a health care organization.2. Creating a Just CultureHealth care organizations are working toward a “just culture.” Formerly, the medical culture was one of the “ABCs of Accuse, Blame, and Criticize” (Carroll, 2009, p. 95). With the patient safety movement now in full force, the idea of a new organizational culture has emerged. The “just culture of safety” provides for a set of values, guiding beliefs, or ways of thinking that are to be shared by all members of the organization.Pick a health care organization or area (for example, hospital, skilled nursing facility, physician’s office, dental office, health plan, group home, assisted living facility, et cetera). You are a risk management consultant. Discuss how you would introduce the idea of a “just culture” within this type of organization.
Capella University Risk Management Handbook for Health Care Organizations

Drama, Film, and Mass Communication homework help

Drama, Film, and Mass Communication homework help. I NEED A POSITIVE COMMENT BASED IN THIS ARGUMENT..BETWEEN 150-200 WORDSRandom sampling is used to randomly choose study participants from a large group. Each person in the population has an equal chance of being chosen. This type of sampling eliminates bias as there is no control over who is selected to participate. The sample group is likely to represent the entire population group (Grove & Cipher, 2017).Stratified random sampling is used to further eliminate potential biases. The target population is divided into groups based on criteria (ex-gender, race/ethnicity/severity of illness) then the participants are chosen randomly from each group. This method ensures each subgroup is represented proportionately to the entire population.Limitations in random sampling can occur when the sample is not truly random. For example; if a survey written in English is mailed, those who do not speak/read English, those who do not read/write may not respond, and those who have cognitive or memory issues will not be represented unless they obtain assistance in filling out the survey.According to Graham Williamson, convenience sampling is often substituted for random sampling, which then makes this type of sampling ?non-probability? (p. 279). Random sampling indicates every subset of a population is represented. Convenience sampling may only catch a portion or one subset of the population. For example, if telephone calls are made to random names in the phonebook between noon and 2:00 pm, the people answering the phone are the ones selected for the survey. This is convenience as this likely would not include the population who is gone at work all day, or those who are sleeping because they are on a night shift. This may only capture a good portion of persons who are retired or unemployed, which is not a true representation of the entire population.References:Grove, S.K., Cipher, D. (2017). Statistics for nursing research: A workbook for evidence-based practice (2nd ed) (pp. 13-15). St. Louis, MO: Elsevier. Saunders, 022016. VitalBook file Retrieved from: https://bookshelf.vitalsource.com/books/9780323358811/epubcfi/6/2%5B%3Bvnd.vst.idref%3Did_html-cover-page%5D!/4/8%5BcaretDiv%5D%400:268Williamson, G. R., (July 4, 2002). Misrepresenting random sampling? A systematic review of research papers in the Journal of Advanced Nursing. Journal of Advanced Nursing 44(3) pp. 278-288. Retrieved from: http://eds.b.ebscohost.com.lopes.idm.oclc.org/eds/pdfviewer/pdfviewer?sid=470fcb02-2337-4310-abf9-c85a41c261cd%40sessionmgr120&vid=5&hid=122Drama, Film, and Mass Communication homework help

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