Classification Of Liabilities Should Be Classified As...

INTRODUCTION In IASB Exposure Draft ED/2015/1 (AASB equivalent is ED 259), Classification of Liabilities (Proposed Amendments to IAS 1) there are proposal for several changes how liabilities should be classified as either current or non-current in financial statements. Changes proposed by the ED 1. The IASB proposes clarifying that the classification of liabilities as either current or non-current should be based on the entity’s rights at the end of the reporting period which are (a) replacing ‘discretion’ in paragraph 73 of the Standard with ‘right’ to align it with the requirements of paragraph 69(d) of the Standard; (b) making it explicit in paragraphs 69(d) and 73 of the Standard that only rights in place at the reporting date should affect this classification of a liability; and (c) deleting ‘unconditional’ from paragraph 69(d) of the Standard so that ‘an unconditional right’ is replaced by ‘a right’. 2. The amendments also proposed to explain the link between the settlement of a liability and the outflow of resources from the entity by adding to paragraph 69 of IAS 1 that settlement refers to the ‘transfer to the counterparty of cash, equity instruments, other assets or services’. 3. The IASB also proposes to reorganize the guidance in the Standard so that similar examples are grouped together to distinguish between circumstances that do affect the rights in existence at the reporting date, and those that do not. DETAILED ELABORATION OF THE CHANGES 1. AboutShow MoreRelatedFinancial Statements Ifrs vs. Gaap1615 Words   |  7 Pagesstatement, the handling of exceptional and also how extraordinary items are handled. First we will discuss the format changes. Under IFRS; there is no prescribed format for the income statement. The entity should select a method of presenting its expenses by either function or nature; this can either be, as is encouraged, on the face of the income statement, or in the notes. Additional disclosure of expenses by nature is required if functional presentation is used. IFRS requires, as a minimum, presentationRead MoreCase Study2634 Words   |  11 Pagesassets listed in the balance sheet of the IBM Corporation include computers that are classified as current assets as well as computers that are classified as noncurrent assets. In addition, the instructor stated that investments in marketable securities of other corporations could be classified in the balance sheet as either current or noncurrent assets . Required: Explain to the student the distinction between current and noncurrent assets pertaining to the IBM computers and the investments in marketableRead MoreAcc548 Week 5 Reporting Requirements Memo Essay1033 Words   |  5 Pagesthan non-governmental entities. * Cash Flows, the SCH use the four category GASB format of cash flows: (1) from operating activities; (2) from noncapital financing activities; (3) from capital and related financing activities; and (4) from investing activities with its reconciliation of net operating revenues to net cash provided by operating activities. * Statement of net assets (Balance sheet) presentation required classification of current and non-current of assets and liabilities. EquityRead MoreQ a - Review of Chart of Accounts - Philippines3652 Words   |  15 Pagessimilar categorization? Philippine client want to separate the marketable securities to current or non-current, it means short or long term, right? Answer: The Philippine Financial Reporting Standards (PFRS) [based from International Financial Reporting Standards (IFRS)] classifies â€Å"Investment in Bonds† and â€Å"Investments in Stocks† as financial assets. For this purpose, investments in bonds or stocks are classified as: ï‚ · Trading securities (debt or equity securities) o o ï‚ · ï‚ · â€Å"Financial assets at fairRead MoreIFRS Question #1 Essay844 Words   |  4 Pagesï » ¿IFRS Questions Review the Preface. Include the applicable paragraph citation with your response. . USA IFRS; What is the jurisdiction status of adoption? – When a foreign company is trading on a US stock market they can and are allowed to use current IFRS standards and not US GAAP standards 1) When was the International Accounting Standards Board (IASB) established? 2001 Review the standards and interpretations. For each of your responses, identify the applicable paragraph. 2) Review IFRSRead MoreInternational Accounting Standards : Standards1365 Words   |  6 PagesGenerally Accepted Accounting Principles or GAAP. This has been a high priority for quite some time yet there has not been a complete convergence between the IFRS and FASB. For many years, countries have created their own accounting standards which was either rules based, principle based, tax oriented, business based, etc which as a result, made them all different. There eventually came a need for harmonization since the world was undergoing globalization. As we approached the late 1990’s, we saw twoRead MoreTheu.s. Gaap And Ifrs1854 Words   |  8 PagesAccording to current literature, the global movement to adopt International Financial Reporting Standards (IFRS) is the paramount financial reporting issue of the 21st century. More Than 100 countries in the world use IFRS as the basis of financial reporting. The U.S adopted the idea of IFRS in 2002. Based on a proposed timetable developed by the U.S. Securities and Exchange Commission, acceptance of IFRS is critically important to management accountants, auditors, financial analysts, corporate executivesRead MoreInternational Financial Reporting Standards vs US Generally Accepted Accounting Principles1709 Words   |  7 Pagesshareholder changes and non-controlling interest changes separately. Most companies prepare a statement; however, US GAAP allows the changes in equity to be presented in either a statement or the notes to the financial statements. Statement of Financial Position (Balance Sheet) The statement of financial position and the balance sheet is statement that reviews the assets, liabilities, and equities that a business is holding at a particular moment in time. These elements: assets, liabilities, and equities;Read MoreResturcturing Debt Data976 Words   |  4 Pagesdebt regarding debt restructuring is imperative. The manager of this company has requested an explanation of the above regarding bonds payable, notes payable, and capital leases. This paper should satisfy any questions about these topics. Long-Term Liabilities Included are several types of long-term liabilities; bonds payable, notes payable, and capital leases. Each of these types of debts have some similarities and some differences regarding the reporting and disclosure requirements, so to betterRead MoreThe International Accounting Standards Board1687 Words   |  7 Pagesinvestment decisions) (Friedrich, 2007). These statements must be presented in accordance with the standards and should provide a true and fair view of the organization s financial performance position and cash flows. Due to increasing competition around the world the investors need properly presented financial statements which will allow them to make comparisons and decide on which entity they should pursue for future investments. Furthermore IAS 1 also thoroughly explains the general features of the financial

Quantitative Research. Essay - 1168 Words

Statement 1 Proverbs 25:2 says,It is the glory of God to conseal things, but the glory of kings is to search things out. Qualitative research focuses on deeper issues and asked the questions of how, when and why people do things. Quantitative research behaves in a quantified since and assigns numerical values to responses and measure statics. With this said Proverbs, the bible verse, supports that research methods can be Godly. I interpret that verse as meaning that it is important to know and confirm in your mind that you know something, but it is better to research the topic in a biblical since rather thas a secular or worldly since. the glory of kings is researching and becomeing stronger on a topic. Pshycologists often study†¦show more content†¦With this said Qualitative Research in non-statical and most of their cases are non-represented cases and full fill a given time line. This method is best because it investigates information and gives a better understanding for future decis ion making. This method does this without making general observations about the population of interest. Statement 2 Quantitative research methods are best because they use quantity data to obtain results from the population of interest. This for example can be bases on what the majority feels. The method uses measures in the view and opinion of others and who feels them the most or less. This method can be chosen at random representing the population of interest. They collect their data by telephone interviews, online questionnaires, and sometimes on the street. This is usually the final and best method to go to when choosing a course of action. This is best to research something further and usually comes after Qualitative research. 1 Chronicles 29:17 I know, my God, that you examine our hearts and rejoice when you find integrity there. You know I have done all this with good motives, and I have watched your people offer their gifts willingly and joyously. Principle C: Integrity:Psychologists seek to promote accuracy, honesty, and truthfulness in the science, teaching, and practice of psychology. In these activities psychologists do not steal, cheat, or engagein fraud,Show MoreRelatedQuantitative Research Methods For Research1077 Words   |  5 PagesQuantitative research methods are typically concerned with measuring criminological or criminal justice reality. There are a number of different quantitative research methods available to researchers, most of which fall under the rubric of a research design, which can be defined as the plan for a study that includes the exploratory, descriptive, explanatory and evaluative of an investigation. Purpose of exploratory research is to identify context, issues and concerns whereas descriptive is to provideRead MoreQuantitative Research : Data Collection1527 Words   |  7 PagesQuantitative research involves the collection and converting of data in numerical form to enable statistical calculat ions be made and conclusions drawn. It provides a measure of how people think, feel or behave and uses the statistical analysis to determine the results. However, this measurement result in numbers, or data, being collected, which is then analyzed by using quantitative research methods (Byrne, 2007). In quantitative research, data collection involves the gathering of informationRead MoreQuantitative And Qualitative Research Methods871 Words   |  4 PagesWith sociology, researchers can use a different range of research methods to acquire new data. The various forms of research methods include surveys, ethnomethodology, experiments and documentary research. A common distinction is often made in sociology between quantitative and qualitative research methods. Quantitative methods intend to measure social phenomena by using mathematical methods and statistical analysis. On the other hand, qualitative methods mean to collect rich, detailed data, allowingRead MoreComparing Quantitative and Qualitative Research1586 Words   |  7 PagesCOMPARING QUANTITATIVE AND QUALITATIVE RESEARCH Social theory is a â€Å"system of interconnected ideas that condenses and organises the knowledge about the social world and explains how it works† (Neuman, 2006, p.8) and for many years scientists have gathered data using specialised techniques such as Quantative and Qualitative research to support or reject these theories. Quantitative research â€Å"generates numerical data or information that can be converted into numbers,† (Experiment Resources, 2009,Read MoreQuantitative Research : Data Collection1562 Words   |  7 Pages Quantitative research involves the collection and converting of data in numerical form to enable statistical calculations be made and conclusions drawn. It provides a measure of how people think, feel or behave and uses the statistical analysis to determine the results. However, this measurement result in numbers, or data, being collected, which is then analyzed by using quantitative research methods (Byrne, 2007). In quantitative research, data collection involves the gathering of informationRead MoreMethodology And Methods Of Quantitative Research1627 Words   |  7 Pagesaim is to give an outlined loom of how to extract and collects the grouped primary research data by way of responding to the research topic in the most appropriate manner. Notions and philosophies that emphasize the right procedures are taken into account in the way of effecting judicious methodology. The methodology area identifies, clarifies and explains the approaches that will be taken to lead primary research and confirms any misunderstanding, or contradicts what has been discovered in the literatureRead MoreComparative Research On Quantitative Research1065 Words   |  5 Pagesthat is utilized in this study is a quantitative method. This method was chosen in order for the researcher to see the statistical side of the data collected. â€Å"Quantitative research also called â€Å"empirical research,† refer s to any research based on something that can be accurately and precisely measured.† (Nursing Resources: Qualitative VS. Quantitative, 2017). Within the study of the quantitative method was casual-comparative research. Casual-comparative research tends to identify how different groupsRead MoreQuantitative And Quantitative Research Methods1520 Words   |  7 PagesResearch is a process that is systematic and gathers, analyzes and interprets data collected about a specific subject with the objective of better understanding and meeting a goal (Leedy Ormond, 2010). Before initiating the research process the researchers need to have a clear understanding of the question and the goal of what is going to be studied or investigated. The development of a plan designed with specific methods needs to be included to acquire relevant data. The research should be guidedRead MoreResearch Methods Of Quantitative Research1087 Words   |  5 Pages Week 2 Assignment Adam Morrison PSY 326 Research Methods Jessica Lee Qualitative researchers are focused on interpreting and making sense out of what they observe rather than trying to simplify and quantify these observations by collecting and observing people, places and things in their natural setting. In doing this, researchers are able to investigate hypothesis with more freedom and rigidity while accepting the fact that they relinquish their ability to control direct and indirectRead MoreQualitative Research : Quantitative Research Essay814 Words   |  4 PagesQualitative research is a kind of of scientific research which consists of an analysis that look for answers to a question, systematically uses a specific procedures to answer the question, gathers evidence, generate findings that are legit farther the limits of the study. Qualitative research has these characteristics. As an addition, it looks for to analyze the research problem or motif from the aspect of the local people who involves the study. Qualitative research is particularly e ffective

Ethical Dilemma free essay sample

However, Jack has started to do unethical things to the company because he gets rejected the partner position. He cannot stand that the company did not appreciate what he has devoted to the company; therefore, he has begun to download the company accounting software for his personal use and has earned extra money from an outside client. Carla cannot ignore what Jack has done to the company, and at the same time, not only can she not find the evidence of what he has done but also it is hard for her to betray Jack and reveal everything to the company. In addition, Jack is Carla’s boss, so she is aware of that she will lose her job if she reports Jack’s actions to the company. First of all, both Jack and Carla have quality educations. Both of them are enter Aker amp; Aker accounting firm after they graduated and they all spend lots of time on work but they have different behaviors when dealing with pressure. Jack tries rationalizing his behavior by thinking that what he has done will not hurt the company. In the stage 3, Jack knows exactly what he has done is good or bad, but he thinks all he wants is to earn extra money, so he download the program only for his own use, not steals any customer list from the company. Therefore, when Carla questioned him about the truth, Jack did not hide anything but told Carla exactly of what he is doing right now. On the other hand, Carla has more of a struggle than Jack because in her own stage 3, she knows what Jack has done is not right but she still believes Jack is a good person. In addition, Carla spends her free time in volunteering at her church. Secondly, Jack and Carla are suffering from atomism. Both Jack and Carla have families and they both have bills to pay. Jack is under money pressure and Carla just bought a new house. In his stage 5, Jack changed himself to another person because he is overwhelm by being rejected in his attempts become a business partner in the company. Stress make him made mistakes, Jack even considering opening an accounting firm of his own because he is really disappointed about what the company has done to him. Making money has become his priority, and he has tried to convinced Carla what he has done is for his child and medical care. In Carla part, she is also overwhelming in the stage 5 because she thinks it is her responsibility inform the company what Jack has done but she is driven by fear and aware the consequence of informing could make her lost her job. The risk could force her not to step up out and speak to the company. Thirdly, in framing, every significant word evokes that frame. When Jack learned he had been â€Å"rejected,† he immediately wanted to do something against the company. His emotions are increasing in intensity more than ever: suddenly a good person had been transformed into another person and he has made mistakes. Jack think he is the person who does more to make this company a success than anyone else. In the beginning Jack was a hard worker in the company but when things went wrong, his behavior is changing. In Jack’s stage 3, he is angry and blamed company. Also, in stage 4 he thinks that what he has done to the company is right. Finally, in the stage 5, Jack even wants to convince Carla what he did is right, and Carla is doing the same thing as he did because Carla will use the office copy machine to print the flyer for the church. Fourth, between Jack’s and Carla’s dialogue, it is not hard to see that they are not only colleagues, but also friends. Especially, when Jack said he is considering opening his own accounting firm after six months and Carla respond him do not be naive. Carla knows that is not what Jack wants to do, if Jack is getting promotion right now the consequences would be change. Also, she does not want Jack kicked out of the company because she maybe cannot have this job too. Sometimes when a company wants to protect its own reputation, it is necessary to let both of them leave. Fifth, in the ethical theories â€Å"Duty-Ross,† Jack thinks what he did is non-maleficence. He does not think download software could be a problem because he did not steal any customer or confidential information’s from the company; all he wants is to use this software so he can have more clients outside the company. Jack thinks his behavior did not harm the company, but the company hurt him badly. Jack is very emotion right now because he is between stages 5 to stage 6, he cares about other people’s world view more than he do. He do not want Carla think what he did is wrong, and he values to the company is changing. The most important values in the company is the trust between employers to employee once the belief is broken, then the employee will lost the trust to the company. Last but not least, many things could be avoid in this case. As we know atomistic company only shareholder’s make money, conversely in holistic company the success company make employer happy and work hard. Even Jack did such things to the company; it is not all his fault. The company should take half of the responsibility, maybe they are not treated those employees that well so made employee wants to earn more money outside the company. Also, each company should have whistler-blower protection, why is Carla afraid of losing her jobs if she tell the company. She should not worry about telling to the company if the company is protection those whistler-blowers it could help the company become more beneficial improvement. Unless the company do not care about it, all they wants is profit so this kind of unprotecting stop Carla to do the right things. From this case, Aker amp; Aker accounting firm is more an atomistic company, because they should know how Jack feel when he got rejected and it is important for the company to comfort those employees who did not get promotion, but there is no evidence show the company ever try comfort Jack’s angry.

Odyssey and Brother free essay sample

Specifically, three parallels surface in the discussion of the similarities between Homeris classic epic and iO Brother Where Art Thou? The Cyclops encounter for instance, is transcendent between both works. Furthermore, each story contains a comparable perspective of the Lotus Eaters. Finally, the strongest parallel between the iOdysseyi and iO Brother, Where Art Thou? i is the mystical call of the Sirens and the powers of the witch goddess Circe. The Cyclops encounter is transcendent between both works. The Cyclops, in the iOdysseyi and iO Brother, Where Art Thou? i has obvious physical traits that connect the two pieces of work. The Cyclops in each story is a large man, who only has one eye. One website describe the Cyclopes race as, ia rough and uncivilized race of one-eyed giants. i(Spark notes p1) Odysseus describe the giant as, i A prodigious man who slept in his cave alone, and took his flocks to graze afieldremote from all companions, knowing none but savage ways, a brute so huge. We will write a custom essay sample on Odyssey and Brother or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page i(Wilkie p378) The encounter of the Cyclops shows a great similarity in both of these stories. Odysseus, the main character of the iOdysseyi and Ulysses, the main character of iO Brother, Where Art Thou? i are taken from of state of tranquility and savagely attacked. As described by Odysseus, iSo there all day, until the sun went down, we made our feast on meat galore, and wine. i(p 377) This quote describes Odysseus and his men relaxing and enjoying a feast. Quite similar in iO Brother Where Art Thou,i Ulysses was enjoying a picnic when the savage Cyclops attacked him. When Ulysses and Odysseus were about to enjoy a peaceful day they are overtaken by the Cyclops either imprisoned or robbed. Both Ulysses and Odysseus mentality of a warrior allows them to fight back and eventually defeat the Cyclops. In each story an attempt to blind the creature offers a distraction for each character to escape from the Cyclops. Secondly, each story contains a similar perspective of the Lotus Easters. When you eat the intoxicating fruit of the lotus, as described in the Odyssey, the thought of home, purpose of voyage, and memories of the past are no longer important. Odysseus and his men arrive at the land of the Lotus-Eaters and become addicted and drawn to the fruit. They are so leered to the fruit, that it becomes a mindless obsession. iO Brother, Where Art Thou? becomes parallel to the story of the Lotus-Eaters when Ulysses and his men are baptized. Websteris dictionary defines baptism as, ithe Christian sacrament of sin and spiritual rebirth as a Christian. i Both the iOdysseyi and iO Brother Where Art Thou? i describe a rebirth and new thinking. The things of the past are no longer important. Rebirth of the soul and becoming filled with the spirit are identical to the intoxication of the f ruit. Therefore, the producers of iO Brother, Where Art Thou? i are describing baptisms as a new beginning and new thought, then comparing it to the lotus eaters of the iOdyssey. i Finally, the strongest parallel between the iOdysseyi and iO Brother, Where Art Thou? i is the mystical call of the Sirens and the powers of the witch-goddess Circe. This parallel is the strongest element of comparison because it is very similar how each story describes the Sirens. Odysseus is told in the iOdyssey,i iSquare in your shipis path are the Sirens, crying beauty to bewitch men coasting by. i (p 421) Both Ulysses and Odysseus use wax to avoid the Sirens. Ulysses hair smelling of wax, (hair wax) and Odysseus instructing his men to put wax in their ears is enough to avoid the Sirens seductive song in each story. Avoiding the Sirens allows both Ulysses and Odysseus to continue on their purpose of journey, to get home. Another striking similarity is the witch goddess of Circe. In the iOdyssey,i Circe turns one of Odysseus men into a pig. Parallel to the Homeric epic, one of Ulysses men was supposedly turned into a frog. These two strong parallels sum up an obvious influence of Homeric work in iO Brother, Where Art Thou? i The movie iO Brother Where Art Thou? i is strikingly similar to Homeris iOdyssey,i in both plot and character description. Specifically, three parallels surface in the discussion of the similarities between the iOdysseyi and iO Brother, Where Art Thou? i The Cyclops encounter for instance, is transcendent between both works. Furthermore, each story contains a similar perspective of the Lotus Eaters. Finally, the strongest parallel between the iOdysseyi and iO Brother, Where Art Thou? i is the mystical call of the Sirens and the powers of the witch-goddess Circe. Thus, we find the modern film depiction of the trouble of a man during the depression is being shaped by the ancient struggles of Odysseus in Homeris iOdyssey. i