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The Need Of Accounting Standards Accounting Essay

The Need Of Accounting Standards Accounting Essay. In the course of this essay, the topic that will be discussed is the importance of having international accounting standards. If we merely look at accountings’ basic purpose of accounting standards, it is to facilitate the provision of financial information as well as, to give a clear picture to corporations’ investors of their cash inflow, assets, equity and liability , revenues and expenditures etc. Accounting has existed for a number of years, since the time of the Islamic era, however Islamic accounting is strictly based on religion (Sharia system) and it is not based on geography. (Napier, C, 2009) A religious base accounting system is not commonly practiced today; it is because in time accounting was allowed to grow and evolve with the help of accountants who have managed to create various kinds of accounting methods that are used in different continents round the globe. (Napier, C, 2009) In view of the fact that several conferences and debates have been held as to whether the international accounting standards should be implemented world wide. This essay will elaborate as well how certain industries reject the idea of having International Accounting Standards. Although accountants have been able to come up with innovative accounting standards over the years, and yet we are still not successful in having a single method that satisfies all. The question, therefore, arises as to how to ensure that accounting standards are meeting global needs? Accounting Standards Having standards is essential; however currently there are different standards that are being practiced. The International Accounting Standard Committee (IASC) was established in 1973 to create accounting standards. There are 41 standards that have been issued by the (IASC) which has been accepted as an international standard apart from Japan, Canada and the United States. (M.V. Kali Prasad, 2006) In the summer of May 25, 2000, the US Securities and Exchange Commission suggested the acceptance of IAS for use in cross border. The following year the international fraternity of accounts took stock of the situation and constituted the International Accounting Standard (IASB) to evolve and prescribe norms for treatment of several items in the preparation and presentation of financial statements. (M.V. Kali Prasad, 2006) The US Financial Accounting Standard Board (FASB) has the intention and undergoing series of procedures that would eliminate the differences in some of the standards. (Beresford, Dennis R.1998) Although such action and decision are taking place, the banking industry stands firm with their belief and disputes. Bankers express how the FASB would limit the banks’ ability to manage risks as well as only certain financial assets and liabilities would be marked in the balance sheet. (Beresford, Dennis R.1998) The Need for Accounting Standards Over time it has been proven that International Accounting Standards needs to be implemented particularly after, the famous corporate scandals, involving Enron and WorldCom etc. It resulted in widespread of fears of losing public confidence and the need to strengthen internal controls. According to a number of analysts they believe in order to regain confidence following the scandals, where accounting fraud was discovered. Accounting profession should create a transparent as well as explicit rule that applies world wide. (Vass, P.1990) With having such an International Standard enforced it allows information to be evaluated within the same industries, without being concerned where the company is located. It is critical to have a standardized accounting; firstly the strategic decision making would be a lot more accurate and secondly increase in confidence. (Vass, P.1990) Accounting Standards could differ, even within the same country if the International Standards are not enforced. For instance public and private sectors were seen to be different. The public sectors were concerned about services which met from taxes, as opposed to private sectors where they concentrated more in profit, sales and turnovers. (Vass, P.1990) On the other hand if the accounting system were standardized that would bring authority simultaneously and everything would be a lot more transparent as well as consistent regardless if it was private or public sector. (Vass, P.1990) If such measures are not taken then, the accounting system credibility could be damaged particularly if one refers to previous scandals. One school of thought believe that International Accounting Standards is committed in developing, the public interest, by setting a sole set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general financial statements. Indirect advantages to investors arise from improving the usefulness of financial statement information in contracting between firms and a variety of parties, notably lenders and managers (Watts, 1977; Watts and Zimmerman, 1986). Conclusion The need for International Accounting Standards is essential; however there are a lot of obstacles that needs to be addressed and put into consideration. As mentioned earlier, the banking industry opposes in having such a standard, however if we look at Dubai, United Arab Emirates, with the excessive borrowing and lending with International banks in construction projects, caused “Dubai World” to collapse, as a result it put Dubai in great debt, this is a classical example for the need of International Accounting Standards, where Investors are protected, with transparency that would allow investors to make an accurate decision. There have been numerous incidents that have occurred in the past decade that indicates the need of a universal standard. Despite the obstacles that may be encountered in developing a concrete framework of International Accounting Standards and trying to create one global accounting system however it is a gradual process for countries to migrate and adopt this system. Some believe that with the adoption of such a standard, this would assist in global economic stability. The Need Of Accounting Standards Accounting Essay
MCCPVCC Case Between the Customer vs Benihana Restaurant Questions.

In January 2001 a New York man attended a family birthday party at a Benihana restaurant, where chefs, while cooking at the table, routinely throw pieces of food for diners to catch with their mouths. The New York man wrenched his neck while ducking a piece of flying shrimp, requiring treatment by several doctors. By that summer, doctors determined surgery was necessary to treat numbness in his arm. Five months after surgery, he checked into the hospital with a high fever and died. The family sued Benihana for $10 million in damages, claiming that the fever was the result of surgery, which in turn was the result of the chef’s actions in throwing food at diners.Read this article discussing the outcome of the case: http://www.nbcnews.com/id/11245302/ns/us_news-weird_news/t/jury-tosses-flying-shrimp-death-claim/#.XOcQi7h7k2w (Links to an external site.).Analyze negligence in this case by answering the following questions:What duties do both parties (Benihana and the customer) have in this situation?Explain whether the parties breached their duties and why or why not.Explain causation (actual cause and proximate cause) in this case.What damages would be claimed in this type of case?Discuss any defenses that might be available to both parties.Do you believe that Benihana should be liable for the man’s death? Why or why not?
MCCPVCC Case Between the Customer vs Benihana Restaurant Questions

San Joaquin Valley College Overview of Construction Companies Report

San Joaquin Valley College Overview of Construction Companies Report.

i NEED THIS DONE BY 5:30 TOMORROWAssignment: This project is due on day #10.Each partner must provide a written summary of their report in the dropbox for grading.Research a publicly traded production home builder (KB, K.Hovanian, Pulte, Centex. DR Horton, Lennar, etc.) and a large commercial general contractor of your choice (Turner, Haliburton, Parsons, Roel, Lusardi, Hensel-Phelps, SJ Amoroso, DPR, etc.).Evaluate key differences between the two companies’ organization, their project team organization and contractual relationships between project disciplines, and in the way construction laws affect their operations. Perform further research to determine how you as a Project Manager would manage projects differently for each company, due to differences in laws that regulate and affect the construction industry (hint: look at rights and responsibilities of the parties as a basis).Format Requirements:Summary: 12-point Time New Roman or comparable font and double spaced. Use Excel to prepare any tables, charts or graphs. You may use any other visual aids you deem appropriate charts/graphs/company logos etc. Written report should be no less than 4 pages and no more than 6 pages of content, must include a cover page with both partner names and a reference sheet.
San Joaquin Valley College Overview of Construction Companies Report

Getting Your Nest Egg in Order Pape

help writing Getting Your Nest Egg in Order Pape.

FIRST:After reading the article, Getting Your Nest Egg In Order, (https://www.wsj.com/articles/SB1000142412788732331…)please use this thread to discuss three things that you can do differently to get your own nest egg in order. What challenges do you face in meeting the goals you present here, and how do you plan to over come these challenges?Feel free to use any “pearls of wisdom” from the “Psychology of Spending Less” video. In addition, the book, ” Millionaire Next Door” offers some great insight, so a video synopsis of the book is provided as well. Please incorporate any ideas into the discussion as well.Psychology of Spending Less | BeatTheBush (4:47)Not everyone may resonate with this video, but there are a few pearls of wisdom that you might find here to add to this week’s discussion on Getting Your Nest Egg in OrderThe Millionaire Next Door – Book Review (9:54)Now a classic, The Millionaire Next Door, is a classic book that studied the habits of millionaires. The results were surprising. Given the age of this book, it is difficult to find an interview with the authors. This video provides a good summary of the overall book’s ideas.SECOND:Please fill in the Excel documents according to the directions listed in the attached Excel spreadsheets.There are tips for this assignment in the videos section of this week. Excel Basic Time Value of Money FunctionsWhy You Need to Know the Time Value of Money Formula
Getting Your Nest Egg in Order Pape

CUSTOMS FORM OF MY COUNTRY – Saudi Arabia

CUSTOMS FORM OF MY COUNTRY – Saudi Arabia. Help me study for my Sociology class. I’m stuck and don’t understand.

write an essay describing culture and traditions of my country – Saudi Arabia
500 words
use this link: https://sacm.org.au/culture-traditions-and-art/
write an essay describing my home in Saudi Arabia
500 words
us this link: https://comelite-arch.com/blog/housing-in-saudi-arabia/

use first person pronoun
CUSTOMS FORM OF MY COUNTRY – Saudi Arabia

Human Trafficking Problem

An Interdisciplinary Approach to Human Trafficking as a Global Problem Introduction Throughout the world, there are thousands of women and children that get forced into human trafficking (for all words in bold, see Appendix A, Keomanivong, 2008). To most people, the thought of slavery seems like something that existed well before our time, but the truth is that it has taken a nasty turn into something that rids children of their innocence and adolescence. The heartbreaking truth of this criminal activity is that the majority of the victims are involved in the type of trafficking that engages them into some type of sex act or slavery (Kanics, 2003). Those that are trafficked are not only forced into the sex trade, but are relentlessly beaten, tortured, and then sent on to the next person. Human trafficking is a problem seen throughout the world, and is by no means excluded to just one country. For the most part human traffic crimes go unnoticed; possibly it is because of ignorance or due to a lack of information provided to the public. The sad reality of human trafficking is that this ‘unnoticed’ crime estimates a profit of over $7 billion dollars, with almost 4 million people trafficked each year (Kanics, 2003). The causes of human trafficking are very frightening, and range from instances like poverty to lack of intervention at the government level. In order to truly understand the severity of human trafficking and to determine what potential solutions there are, the sociological, political, and economic factors must all be considered. In order to vanquish human trafficking, a clear understanding of what it is and how it is operated is imperative in order to arrive at a solution. Human trafficking is a highly complex problem, and requires more than just one discipline to fully comprehend it (Repko, 2005). Various disciplines have attempted to analyze and create solutions for human trafficking, but with no success present, it only seems fitting that it be looked at in the sense of an interdisciplinary approach. By looking at it this way, human trafficking will be evaluated and seen in the views of multiple disciplines. Instead of being confined to just an overview of what human trafficking is an interdisciplinary approach will allow many perspectives and insights to be observed. A variety of disciplines could be used to better explain human trafficking; some of them include political science, psychology, sociology, religion, economics, criminal justice, international law, anthropology, and mathematics. Although all of these disciplines could be used, for the purpose of this paper it will be limited to those disciplines that are most pertinent to help succeed when striving to come up with a solution. The three most significant disciplines that will help explain human trafficking are sociology, political science, and economics. Sociology as a discipline can help explain human trafficking and the steps needed to come to a possible solution. Sociology not only presents the numbers and facts that lie behind human trafficking, but also the demographics and raw data needed to better understand it. Sociology also helps explain the pace of social change, and will allow for human trafficking to be observed by the use of historical analysis (Rose, 1974). The importance of sociology to human trafficking is tremendous, because not only can it be used to look at the victims, but also at the perpetrators that are committing this crime. Since most people think that the perpetrators of human trafficking are those that are either thugs or belong to some type of a mafia or gang, it is important to point out that stereotype does not always hold true (Malerek, 2007, p. 10).Maybe one of the most important aspects of trafficking is that the people that are organizing this are not always the mobster type, but instead fit the descriptions of the neighbor next door. Since human trafficking deals with people and society, it only seems natural that sociology would have to be drawn on to comprehend the issue. The next discipline needed to help with the matter of human trafficking, is political science. When using political science it easy to examine how political systems, public policies, and political behavior all play an immense role in the existence of human trafficking (Rienow, 1956). Political science also shows how the world is handling human trafficking, and how there tends to be an absence of government intervention. Although there are some reports of the United States putting trafficking high on their agenda of things to do, it seems like there needs to be more interaction between countries in order to achieve success at extinguishing this crime (Gramegna