...International Adoption Imagine being a young, poor, child in a third world country that has lost their parents and in a foster care system. International adoption can help these less fortunate children and provide them with with a loving and caring family and has a roof over their head. International adoption can change these children’s lives in so many ways. International adoption is very popular in the United States. According to an article entitled “International Adoption”, since the mid 40’s and the end of WWII, thousands of children have been adopted internationally. Majority of the children that were adopted by United States citizens were abandoned by their parents because they couldn’t care for them because of personal reasons or strict laws (International Adoption). International adoption has gained a lot of popularity since its peak in the mid 40’s. More than 125,000 children have been adopted in the past couple of years (Adoption Statistics). Although internationally adopting children from around the globe may seem like a swell idea, there are...
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...Efficient Securities Markets and International Financial Reporting Standards Efficient Securities Markets and International Financial Reporting Standards Introduction As of January 2011 Canada’s publicly accountable enterprises (PAEs) will have to adopt International Financial Reporting Standards (IFRS) as their accounting framework under which financial statements are prepared. This means the accounting standards Canada had been using generally accepted accounting principles (GAAP) will no longer apply. What will this mean for PAEs and their investors? Will there be more or less decision useful information and will securities markets become more efficient with Canada’s adoption of IFRS or is it the same business, just different accounting? Executive Summary Comparing financial statements internationally has become difficult as accounting rules and standards have evolved differently depending on the country due to history, culture, political influence and economics. That is why the IFRS have been created and currently there is almost 100 countries that adhere to IFRS standards. Canada too has decided it must join and in 2011 all Canadian PAE’s will report under IFRS. There are both pros and cons for investors who will be relying on financial information from companies that are using IFRS’s foundation. The adoptions of IFRS will likely cause recognition, measurement and presentation differences in a company’s financial statements. Although IFRS’s...
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...Harmonization of Accounting Standards Week 2: Harmonization of Accounting Standards - You Decide Dear Mr. Herb, Our Company is facing the issue of whether to adopt IFRS or continue reporting under domestic GAAP. Before making the final decision we need to review and discuss the pros and cons of such a transition. “The use IFRS as a universal financial reporting language is gaining momentum across the globe. Adopting IFRS is going to be very challenging but at the same time could also be rewarding” (индус). Being principles-based, IFRS allows more leeway in how companies can portray their financial performance (news). Moreover, you are right that IFRS will save money. As more companies go global, they won't have to spend money doing two sets of books. The adoption of IFRS will result in better quality of financial reporting due to consistent application of accounting principles and improvement in reliability of financial statements which will finally increase trust and reliance placed by investors and other stakeholders in the Company’s financial statements (indus). IFRS will also make cross-border investments easier. “Better access to and reduction in the cost of capital raised from global capital markets since IFRS are now accepted as a financial reporting framework” (indus). A recent decision by the US Securities and Exchange Commission permits foreign companies listed in the US to present financial statements in accordance with IFRS. This means that such companies...
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...International adoption Nurman Assima (ID:20110635) Academic Reading and Writing 1 Anna Bondarenko November 11, 2011 Outline Essay question: Whether or not international adoption should be banned? I Introduction Thesis statement: Although there is plenty persuasive evidence supporting the benefits for children to be placed in adoptive homes rather than to be left in orphanages, many negative effects can arise as a result of international adoptions, such as loss of culture or family identity, child trafficking, deceit and kidnapping. II Body A. International adoption is detrimental to the adopted children. 1. National distinctions of children from their adoptive parents lead to the loss of their cultural, physical and psychological identity. 2. Negative social attitude and the stigma attached to adoption is psychologically damaging to adopted children. B. International adoption has transformed from a noble cause into underground profitable business. 1. During the adoption process agencies and advocates are driven by financial incentives. 2. International adoption is accompanied with abuses, crimes and other immoral actions on the part of adoptive parents. C. International adoption gives orphans all over the world a possibility to obtain a family. 1. Adoption gives a possibility to an orphan to obtain a better life. 2. Adoptive parents provide diseased orphans with high-quality...
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...You can give a child a family. Children in adoption homes could have a lot of hope or no hope at all that they will one day have a family that loves them. By adopting, loving, and providing a nice home for a child you could change their view on many things: how they view themselves or others, how they act, etc. There are too many kids in adoption homes. Each day children are either dropped off or entered into foster care or adoption homes that they don’t know how to care for. “A lot of families entering into foster care prefer younger ages, and while this is understandable, the truth is that all ages of children and youth are in need of families.” (Bailey) Health and Infertility. Every little girl dreams about having their own child one day...
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...Comparing IFRS to GAAP In financial reporting the U.S uses the generally accepted accounting principles, to record and report. The international financial reporting standards have been used in over 110 countries all over the world. The have similarities but are very different in structure as well, the GAAP is rules based and the IFRS is more principle based when it comes to financial reporting. I will cover some of these difference and similarities in this essay. In what ways does the format of a statement of financial position under the IFRS often differ from a balance sheet presented under GAAP? The IFRS does not require that the statement of financial position be put into a specific order, when reporting financial information. However most under companies IFRS will report their assets in reverse order of liquidity. Under the GAAP companies are required, to report all accounts in specific order by liquidity. Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? No the objectives are both the same for the GAAP and IFRS, they have very similar ways of reporting financial information. They both want companies to keep the information they report up to date, and data needs to be reported in an honest manner. All data reported should also be useful, to an investor, creditor, or regulator. When information is reported correctly, companies are abiding by the industry standard set forth. What terms commonly used under IFRS are synonymous...
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...Adoption, International | Summary: Should couples be banned from adopting children overseas? | | With the ongoing media coverage of ill-treated of children in Chinese and Romanian orphanages and the increasing numbers of infertile couples in the developed world international adoption appears to solve two problems at once. However recently Romania has stopped all international adoptions amid claims of corruption and human trafficking. Similar stories have clouded adoptions from Guatemala. Despite these difficulties international adoptions by US citizens have tripled in the past 5 years and legislation has been passed to make it easier for these adopted children to obtain citizenship. While some children complain of a feeling of cultural dislocation, others are sent to Chinese-American summer camps and seem delighted with their new homes and dual identity. The long-term effects of such migrations are hard to predict but many opponents call for more efforts to be made to house children in their country of birth, with proper support for domestic orphanages and adoption schemes. | | Arguments | Pros | Cons | | | | International adoption removes children from the culture into which they were born. Often this causes a sense of dislocation as the child grows older because the do not feel fully a part of their adopted culture nor the culture of the country into which they were born. These feelings can be exacerbated by racial or ethnic distinctions. | | Whatever maybe...
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...Comparing IFRS to GAAP ACC/290 7-14-2015 Howard Pickering Comparing IFRS to GAAP As International business increases, those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primary used in the United States and the IFRS is used in several other countries. If the United States where to every switch to IFRS, they would need to get a good understanding of the difference and acknowledge the similarities. This will only make for better business decisions. “The IASB and FASB are working on a project that would rework the structure of financial statements. Specifically, this project will address the issue of how to classify various items in the income statement. A main goal of this new approach is to provide information that better represents how businesses are run. In addition, this approach draws attention away from just one number—net income. It will adopt major groupings similar to those currently used by the statement of cash flows (operating, investing, and financing), so that numbers can be more readily traced across statements.” (Wiley, 2013) IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? The GAAP requires accounts to be listed in a specific order based on liquidity...
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...Pros & Cons of GAAP and IFRS Convergence The International Accounting Standards Board (IASB) was formed in an attempt to bring uniform accounting standards within international countries through its issuing of the International Financial Reporting Standards (IFRS). Today, over 100 countries including Canada, India, and Japan have adopted these standards for financial reporting. The growth of multinational companies such as Coca Cola and the increasing desire of cross-border investing have made it apparent that the U.S.accounting standards known as the Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board (FASB) can no longer remain separate from IFRS. Under the request of the Securities and Exchange Commission (SEC), FASB and IASB signed the Norwalk Agreement, which promised the convergence of GAAP and IFRS by as early as 2015. As a result, it appears that the importance of FASB will decline as IASB becomes the primary responsibility holders of the new merging accounting standards. What advantages and disadvantages can come of GAAP and IFRS integration? Once finalized, the convergence of GAAP and IFRS will create high quality financial reporting that will be uniform amongst companies both domestic and abroad. This will allow investors to interpret and compare financial statements from domestic and foreign countries according to the same accounting standards, which will enable them to make better investment decisions.As the ease...
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...enterprise that was taken over by an International management called Hotel International (HI) to arrest the declining resources of the RDH and how the employees faced the cross culture difference trying to adapt to the new modern practices set by HI. Initially RDH was a guanxi based hotel where social connections were important which led to poor efficiency in its business and when HI took over RDH to modernize the hotel, employees faced a lot of resentment due to new cultural adoptions, communication differences and redundancy. HI oversaw why guanxi was very important in that area and success in any business lies in appreciating the differences of both cultures and perform business accordingly. This case is a perfect example of how not to conduct International business in guanxi based organizations. Introduction The Roaring Dragon Hotel (RDH) is a state owned enterprise which started in 1950s. It mainly conducted business based on guanxi until the Provincial government felt that the Hotel’s potential was not used properly and the management conducted business carelessly. So, the government decided to have an International Management company take over RDH to change the organizational culture prevailing at RDH and to increase the profits of the hotel or improve the quality of service that other competitors provided and also maximize the performance of the employees. For this they invited Hotel International (HI) who had an International reputation to introduce practices that...
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...Obviously, the IFRS adoption will bring a great deal of benefit to Japan. At first, the IFRS adoption will assist Japanese corporations especially those large MNCs embracing the global capital market in fast speed. As world’s third large economy, Japan houses a great number of prestigious international corporations, such as Toyota, Sharp, Sony and Toshiba etc. However, the discrepancy between local GAAP and IFRS to some extent hinders those Japanese MNCs from entering into the global market. In this condition, the adoption of IFRS by Japan is to eliminate this discrepancy and improve the understandability of financial statement of those MNCs, which is determinant for global investors for their capital investment decision (IASPUS, 2016). Secondly, the adoption of IFRS by Japan is going to enhance the compatibility of financial statements provided by Japanese corporations. The survey of IFRS in 2015 indicates that over 174 jurisdictions, as well as large entities in the world, have already taken IFRS for their corporate disclosure (IFRS, 2015). Therefore, it seems to be extremely urgent for Japan to adopt IFRS as it determines the acceptability of its large entities to the global GAAP. The financial report prepared in accordance with IFRS is taken as more compatible, which is beneficial for its stakeholders to understand and compare before their decision making. Thirdly, the IFRS adoption by Japan is going to improve nation’s capital market, making it more international-standardized at...
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...IFRS and GAAP Shannon Strickland ACC 290 November 10, 2014 Annette Anigwe IFRS and GAAP Accounting around the world could be considered the same but different. The United States generally falls under GAAP (Generally Accepted Accounting Practices) most other countries use the IFRS (International Financial Reporting Standards). While at their basic fundamentals both are still accounting, there are differences that must be adhered to in order for the accounting practices to work as they should. In what ways does the format of a statement of financial or 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. GAAP specifically requires that all accounts be ordered based on degree of liquidity. Cash is usually reported first and non-current assets will be last. Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain. No. Both maintain similar viewpoints. Both agree that financial reporting data should be relevant and faithfully represented. Information that is relevant and faithfully reported is useful to investors, creditors, and regulators regardless of which practice is used. What terms commonly used under IFRS are synonymous with common stock and balance sheet? The balance sheet is the same as the Statement...
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...Closed Adoptions When one decides to adopt, they would have to decide if they want their adoption to be confidential, semi-open, or open. There are many benefits to all three types of adoptions but which one is more beneficial is the question. First we need a better understanding of the three types of adoptions. Closed adoption is when neither the birth parents nor the adoptive parents know each other. Generally open adoption is when the birth parents and adoptive parents know identifiable information about each other as well as a contract shared between both parties. Semi-open adoptions include unidentifiable information and contact mediated by the agency. By the end of this research one will have formed their own opinion which...
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...industrial strategies or further space exploration but about safety and confidence in future of the human beings. Kyoto protocol, presenting definite steps in fighting the threat for the people, at the same time became an international phenomenon which showed how all spheres of human life are connected with each other in the era of global information. First of all, its main benefit justified itself in the next few days after its adoption. The authorities at last tackle the problems of globalization or at least admit the existence of such. This cooperation became of public awareness and it is quite vivid now to everyone that problems of global climate change are not someone's smart myth but a real fact that has drawn attention of the mighty of this world. Another advantage of the Kyoto protocol is that it really works. According to the official statistics nearly half of the countries that are fully or partially obligated to it have really reduced emissions of carbon dioxide by some percent. Cutting the amount of pollution in the atmosphere will certainly have a positive effect even if human activity has nothing to do with climate change. It will certainly reduce the number of diseases caught due to bad ecology. Alongside with definite advantages of the adoption of the protocol it has significant disadvantages. To start with, it created an opportunity for the countries that produce less than it is established as the limit to sell its reserve to the countries that have excess emissions...
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...nation’s population. Various theoretical solutions based on political leanings and financial considerations are offered by a wide spectra of Indian media, public and national intelligentia. However, a solution based on a sound and practical scientific approach has yet to be emerge. Underlying all the problems is the inability of the country to compete with the other nations in pricing and quality of Indian farm produce and agriculture commodities. Most other nations can produce at lower cost than India, agriculture items traded in the international market. An attempt is made here to evolve a scientific dimension for solving the WTO related negative impacts on Indian agriculture in general and the economics of the farming community in particular. India has one of the lowest agriculture productivity or crop productions per acre in the world. This is responsible for most of the maladies associated with WTO considerations. Adoption of modern agriculture production practices and putting tools of state-of- the-art production technologies in the hands of Indian farmers would make them competitive with the farmers of the other countries. This will open the way for Indian farmers to significantly reduce unit cost of agriculture produce, which is fundamental to successful competition in the world market. The first step to wards attaining this goal would be...
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