...Harmonizing Accounting Standards for Global Equity Markets I am in agreement with IOSCO of which the Securities and Exchange Commission (SEC) is a member that the financial reporting across the globe should be standardized. The U.S. SEC has proposed that the U.S. GAAP be replaced by IFRS which would allow financial information to flow globally without having to be adjusted. My reasons for agreeing start with the fact that the world as we know it is becoming more global in nature. Businesses are expanding their boundaries into foreign countries to remain profitable. People are able to travel more, and even if you can’t physically get to the products you can get there via the internet. Companies have had to change with the times, the world has become global and competition is fierce. Take the automotive industry as an example. These companies have had to become more efficient and cut costs where they can. They have gone after one of their biggest cost - human labor with a vengeance. Labor costs are one of the biggest expenses for manufacturing companies, according to "Manufacturing Business Technology" online. In order to lower costs, a number of U.S. automakers outsource their labor. They also build plants in foreign countries to take advantage of lower costs and less stringent laws. Operating in these countries require that the companies abide by their laws and accounting standards in addition to the ones imposed by their own country. Let’s look at Ford Motor Company...
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...European Union (EU) The European Union (EU) is a distinctive economic and political union. It was established on the first of January 1958 with 27 member countries. The EU is located primarily in Europe (European Union, 2013). France, Germany, Italy, Netherlands, Belgium and Luxembourg founded the Treaty of Rome in the year 1957 and established The European Economic Community. (The European Union, 2012) The European Union’s main aim was create a business environment that’s united by harmonizing taxes and laws of companies, to form incorporated capital markets and endorse openness between counties during good and labor transfer. (Aswathapa, 2010) EU Harmonizing efforts The European Union EU has worked to harmonize accounting standards within the EU by using two directives, which are the fourth Directive (1978) and the seventh Directive (1983) that were able to enforce laws. After applying the EU new accounting standards they decided in the year 1995 to transfer to international standards. Moreover, the transfer was done by following the IASC efforts. In the year 2000 the European Union requested all the companies to follow the IFRS standards when preparing consolidated statements. (Khan, 2008) The directives used by the EU were the most appropriate way to minimize the differences between the twelve European Union countries. According to Dedman (2010) “directives are legislative instruments from the commission to the member state “. According to the fourth and the...
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...Table of Contents Reflection Paper 3 Critical Thought and Perception 3 Problem Solving 3 Reporting Inferring and Judging 4 Using Your Judgment for Personal and Organizational Issues 4 Active Listening 4 Argument 5 Analyzing Conflict 5 Working Through Conflict 6 The Communication Process 7 Positive Language and Negotiation 7 Conclusion 10 References 11 Appendix A 12 Appendix B 20 Reflection Paper Conflict Management is defined as “the practice of recognizing and dealing with disputes in a rational, balanced and effective way. Conflict management implemented within a business environment usually involves effective communication, problem resolving abilities and good negotiating skills to restore the focus to the company's overall goals (BusinessDictionary.com, 2015).” Conflict is inevitable in a workplace setting. Individuals will always have different points of view and misunderstanding of these views cause disagreements. Conflict is a natural, necessary, and should not always be considered negative. Critical Thought and Perception Critical thought, perception, and emotional intelligence are important elements when considering conflict and the management of such. By examining the conflicts and the different behaviors involved, a manager can determine the type of conflict style each party is exhibiting. The analysis of the conflict style can help an individual find a resolution for each party that is acceptable to both parties. An individual’s...
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...The focus of our work is to evaluate, recognize and discuss the adoptions, progress and achievements of the EU efforts in harmonizing their accounting framework within their region and with other nations worldwide. 1. Introduction The Fourth and Seventh Law Directives provide a basis for the preparation of the accounts of companies in the EU. The Directives however do not provide a universal standard which was required for the users in the 1990s mainly in the US, when major European companies were seeking globalization efforts in listing their companies across regions onto their various capital markets. In 2002, a decision by the European Union (EU) led to the passing of a International Accounting Standard (IAS) regulation. Requiring all listed companies in the EU to prepare their accounts in accordance with the International Accounting Standards (IAS). International Accounting Standards Board (IASB) was established in 2001 to 2. Motives of harmonizing accounting practices The initial standards set by EU and any other nations in early centuries were more to accommodate to individual business structure and analyzing needs, rather than for external reporting purposes. The needs were more focus on individual rather than for mass review or scrutiny. At that point of time standards and harmonization of reporting were not highly regarded for as businesses...
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...By nature, I am a peacemaker and the Cooperating-Compromising conflict resolution styles is right on target, as I use these styles both professionally and personally. My intention when interacting with team members, friends and family during low and high-level stress situations is to generate opportunities for individual’s voices to be heard, and to create an environment where we can reach a mutual and collaborative decisions. My love for people drives me to find solutions in completing a task, but never at the expensive of damaging a relationship that’s reflected in the Cooperating, Compromising and Harmonizing style, in which each style displays only a one-point differential demonstrated in the Storm category. However, my use of Avoidance is a three-point differential from my Harmonizing score. I completely agree that I must utilize this management style more. In fact, this style can be effective when in a heated situation, or when revisiting and regrouping is a better alternative than hashing issues out when the participating parties are frustrated and...
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...Johnny Singstealer claims that he now owns the copyright to the “Happy Birthday To You” song for 20 years. The song was inherited from his family. He is seeking royalties from the use of the Happy Birthday Song. Bobby Bandleader says that everybody utilizes the “Happy Birthday To You” song. He has added his own “twist” in the song so it’s not the traditional song. He uses harmonizing chords, as well as, changed some of the words in the song to make it his own creativity. I am going to decide whether or not Bobby Bandleader will owe royalty payments to Johnny Singstealer simply because he uses the melody of the song and the basis of the song, HBTY. “Happy Birthday To You” is a song that is known throughout the world as the birthday song (Cold Case: The Happy Birthday Song Edition, 2011). The origination of the song was copywritten by Preston Ware Orem and R.R. Forman many years ago. They were the first to actually write out the song in which they received the copyright because of that and were estimated at $5 million dollars in 1990. The copyright isn’t due to expire until 2030, but has now been passed down to Johnny Singstealer in which he now owns the copyright. The purpose of copyright laws and royalties is to afford the copyright owner a fair return for his creative work and the copyright user a fair income under existing economic conditions (Proceedings by Copyright Royalty Judges). Bobby Bandleader has not sung the song, “Happy Birthday To You” verbatim...
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...My office is the place that I spend the majority of my time. The centerpiece of the office is my desk, my own mission control center. Like the mission control center of NASA, my office is adorned with many diagrams, pictures, and documents. It truly is a command center that is fully equipped to run a complex business. In today’s fast paced business environment, a well-organized and efficient office is needed to succeed. To achieve this sort of environment a person must have the necessary tools in place to meet their needs. A desk with the proper equipment, space to properly hang documentation, and a floor to organize other needed pieces of equipment. Organization can seem overwhelming at first, but with a little patience the task is really quite easy. Start with the biggest space hog in the office which is your desk. The desk should be clean, easily accessible, and sturdy. A desk should be able to withstand the weight of your pc, monitor, and desktop accessories. It should also have plenty of storage in which to put items that do not need to be accessed on a regular basis. These items could include: notes pads, personal accessories, food, pens, pencils and much more. Another crucial aspect of a well-organized office is to have uncluttered walls. I know it is tempting to hang cat photos, and inspirational pictures, but they serve no purpose in productivity. Items such as white boards, contact lists, charts, and graphs are much more suited for an efficient office. The final...
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...------------------------------------------------- International Accounting Standards * Print * PDF * Cite * Comparable, transparent, and reliable financial information is fundamental for the smooth functioning of capital markets. In the global arena, the need for comparable standards of financial reporting has become paramount because of the dramatic growth in the number, reach, and size of multinational corporations, foreign direct investments, cross-border purchases and sales of securities, as well as the number of foreign securities listings on the stock exchanges. However, because of the social, economic, legal, and cultural differences among countries, the accounting standards and practices in different countries vary widely. The credibility of financial reports becomes questionable if similar transactions are accounted for differently in different countries. To improve the comparability of financial statements, harmonization of accounting standards is advocated. Harmonization strives to increase comparability between accounting principles by setting limits on the alternatives allowed for similar transactions. Harmonization differs from standardization in that the latter allows no room for alternatives even in cases where economic realities differ. The international accounting standards resulting from harmonization efforts create important benefits. Investors and analysts benefit from enhanced comparability of financial statements. Multinational...
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...IFRS vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are issued by the International Accounting Standards Board. These set of accounting standards are international in more than 110 countries and the state how certain transactions and other events should be reported in the preparation of financial statements. This set of standards’ purpose is to make international comparisons easier. This is not an easy task, though, because there is already set rules in every country. U.S. Generally Accepted Accounting Principles are another set of accounting standards that is adopted by the U.S. Securities and Exchange Commission (SEC) and are the rules followed by companies in the United States when compiling financial statements. These set of standards was originally developed by auditors and regulated by the American Institute of Certified Public Accountants (AICPA) historically. The SEC is now considering changing the standards for the United States and going with the International Financial Reporting Standards in order to create a more constant...
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...JOURNAL ARTICLE CRITIQUE of VandenBerg, Mary L. "What general revelation does (and does not) tell us." Perspectives on Science and Christian Faith 62.1 (2010): 16-24 Introduction: The goal of this work is to exam and critique an article about Reformed theology, an area regarding the relationship between the physical world and the Bible, and discussing common misconceptions regarding the harmonization of the Bible and the natural world. This review will cover a quick summation of the article, followed by a critical analysis about its main ideas and points. The author, Mary Vandenberg, believes while the Reformed theological tradition’s basic idea of harmonizing the physical world and the Bible can be appreciated, there are some misconceptions about proper concordance between the two. Summary: The author begins with an explanation of what the Reformed Tradition is, and why it is important. She continues by explaining his main point, that while the idea of concordance physical world and the Bible is a good one, there are problems specifically with how the two are in concordance with regards to the natural world, and with regards to God. She explores these ideas by examining the words of many different Reformists over the years, back to John Calvin of the 16th century. Using the words of John Calvin, she examines the idea that the revelation of God, as represented through both the natural world, and the Bible, must be viewed from the perspective of the Bible. She concludes...
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...out the most remarkable characteristic of Markan text; women’s silence. Joynes attributes a number of various interpretations through the history to this “sound of silence”. Then she divides the interpretations into two ways; harmonization and discord. Harmonizing these synoptic differences, some have interpreted the women as paragons and others have regarded them as imperfect followers. On the other hand, women’s silence has been interpreted to encourage the spiritual growth, as Christ’s death has been changed into the resurrection. Additionally, the abrupt ending of Mark’s Gospel has been utilized for educational and entertainment purpose, alluding to the tenet of Resurrection. To support this idea, interestingly, she shows the examples of Easter Play. Similarly, the lack of closure of Mark’s Gospel has had an influence on musicians, such as Hendel and Bach. Painters are no exception either. The transition of their perceptions on the Mark’s absence of the ending can be seen on visual contents, such as wall-paint, reliquary covers and pictures. Thus the author gives examples not only from clergy and theologians but also from other spheres, such as Easter plays, musicians and artists to support her ideas. Conversely, harmonizing the Gospels is not significant anymore in the contemporary world. Emphasizing the discords and uniqueness, the women’s silence is interpreted as messianic secret (p. 27) or unwillingness to speak (p. 28) by contemporary biblical scholars. The concord is...
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...Time Management Strategies Lisa Cook, Career Services Director Dina Bergren, Career Services Advisor Moderator: Denise Pranke, Career Services Advisor Topics for Discussion • The Bigger Picture – Setting Priorities • Dividing Up Your Time • Micro-level Tips for Studying and Working Efficiently • Staying Organized and Your Personal Style 2 ©2011 Walden University, LLC The Bigger Picture of Time Management • • • • • Start with Self-Assessment Identify Life Categories Consider Big Picture Goals Align Activities to Goals Manage Daily Tasks (adapted from Time Management from the Inside Out by Julie Morgenstern) 3 ©2011 Walden University, LLC Assess Who You Are • • • • Strengths and weaknesses Personality style What energizes you Time management preferences (structured/unstructured) • Energy cycles and sources (adapted from Time Management from the Inside Out by Julie Morgenstern) 4 ©2011 Walden University, LLC Choose Your Major Life Categories WORK Studies EXERCISE/ MEALS/SLEEP Hobbies/ Entertainment Religious/ Spiritual activities 5 ©2011 Walden University, LLC Home and FAMILY SERVICE Social Life Identify Your Big Picture Goals • What is most important to you? • What would you like to achieve? • What makes you happy? 6 ©2011 Walden University, LLC What Activities Align with Your Goals? Major Life Categories Big Picture Goals Activities Studies Work Academic Success Career Progression ...
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...The goal of this project is to provide Human Resource Professionals with useful guidelines for developing and implementing performance management through rewards. Performance Management are the strategies and techniques that emphasizes on performance of employees as a way of achieving managerial goals and objectives (Murlis p.78). Performance management also refers to perfecting, harmonizing and promoting quality of employee work to ensure customers satisfaction thus leading to high return to stockholders. Performance management foster clarification of task and expectations, improvement of individual and organizational productivity and provides a basis for making employee-related decisions (Shippmann p.605). In conclusion Performance Management uses Human Resource strategies such as reward systems and performance Appraisal to motivate employees towards performance. Performance management can be viewed as a tool to improve on employee motivation for high performance (Cokins, p.58) With the view of finding out the impact of rewards I conducted an interview with the Human Resource Manager, Mr Brandon Jefferson of Coca Cola Kenya branch. Mr. Jefferson said that Coca Cola performance largely depends on employee inputs and outputs. He said that their employees are rewarded annually through intrinsic and extrinsic rewards. He noted that at the beginning of the year the company records its highest profit margin of more than 12%. This is because this period follows the annual motivation...
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...Henri Tam and the MGI Team : Written Case Analysis Henry Tam faced a difficult challenge as he began his business plan project with Music Games International (MGI). The root of the problem is that the company culture is not adaptive. This means that the team members do not come together and support change to enhance their productivity. In this instance, it causes the team not to be as effective as they otherwise would. During the course of the project, Henry encountered several difficulties. The group lacks an effective leader. He has to step in to establish better management of agreements and build unity and encourage collaboration through supporting, empathizing, and harmonizing. Finally, their group lacks greatly in having clear stages of development. He needs a clear understanding of the stages of group development. In order to advance the group, I recommend that they make changes in their strategy to form the cohesion in their group. First, they need to overlook personality conflicts to facilitate agreement. A group of highly talented people does not mean guaranteed success. They must delegate tasks and be consistent in their decisions. Another recommendation is to establish a clear team leader to develop credibility. This will allow the group to develop focus and influence, and motivate them to greater effort. Third, I recommend they set clear expectations and boundaries. Doing so will increase efficiency and clarify roles and agendas. Finally, they need to establish...
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...Introduction: Working in a small cohesive team of five members tasked with an assignment to submit a case study analysis helped bust several myths about teams and provided valuable lessons in working as groups. There was rich diversity in the team in terms of work experience; varied skill sets as well as varying exposure to theoretical and practical concepts of OB. The approach taken to achieve our goal was to divide and conquer. The entire analysis was broken into smaller sections that were split across the individuals who picked the topics based on their comfort levels. The more senior and experienced members offered to take up more complex sections that involved more analytical skills. I offered to take up the task of compilation of the sections into a single deliverable and perform the necessary editing and review to publish an output that was consistent. This was accepted without any conflict due to the team’s faith in my writing skills and producing case reports which was demonstrated through my grades from earlier courses. The tangible evidence of skill/expertise helped build trust in my abilities and reduced potential conflict around leadership. Stages of Team Building: It was an interesting experience to see the different stages of team building in action such as the forming of the team when individuals who haven’t worked together in the past came together to work towards a common goal. Although in our case we didn’t have the need for introduction and pleasantries...
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