Comparison of Ifrs and Us Gaap Essay Example for Free

Comparison of Ifrs and Us Gaap Essay Presents the key similarities and differences between IFRS and US GAAP, focusing on the differences commonly found in practice. It takes into account all standards published up to August 2007. IFRS Pocket Guide 2006 Provides a summary of the IFRS recognition and measurement requirements. Including currencies, assets, liabilities, equity, income, expenses, business combinations and interim financial statements. Understanding financial instruments – A guide to IAS 32, IAS 39 and IFRS 7 Comprehensive guidance on all aspects of the requirements for financial instruments accounting. Detailed explanations illustrated through worked examples and extracts from company reports. Contents Page Preface How to use this publication Summary of similarities and differences Accounting framework Financial statements Consolidated financial statements Business combinations Revenue recognition Expense recognition Assets Liabilities Equity Derivatives and hedging Other accounting and reporting topics Foreign currency translation Earnings per share Related-party disclosures Segment reporting Discontinued operations Post-balance-sheet events Interim financial reporting 3 4 12 13 20 25 30 34 39 50 58 59 62 62 63 64 65 67 67 68 69 Index Similarities and Differences – A comparison of IFRS and US GAAP – October 2007 Contents 1 Preface Preface One day we may not need to produce this publication because the world’s capital markets will be using one accounting framework, and there will be no need for a comparison between two sets of standards. However, there is much to do before this can become reality. The International Accounting Standards Board and the U S Financial Accounting Standards Board have been committed to converging IFRS and US GAAP since the Norwalk Accord of 2002. Many commentators have called for convergence to simplify financial reporting and reduce the compliance burden for listed companies, especially those with stock market listings in more than one jurisdiction and those who participate in cross-border, capitalmarket transactions. A major step in the movement to one set of global accounting standards is the Securities and Exchange Commission’s 2007 proposal to drop the requirement for a US GAAP reconciliation by foreign private issuers that prepare their primary financial statements under full IFRS. Another significant step is the 2007 SEC Concepts Release on allowing domestic US registrants to use IFRS as an alternative to US GAAP. These potential changes, if they come to fruition, will significantly alter the international landscape of accounting. US capital-market participants have already started to show a much greater interest in IFRS, realising that it may replace US GAAP as the accounting language underlying future financial reporting and capital-market activity. This will not happen immediately.

Buying A Computer :: essays research papers

Needs This computer would be used for mainly writing papers, surfing the Internet, a little desktop publishing, and playing some 3d sports games. Software The software I would buy would have to include a word processor, and desktop publishing program. The standard programs for this are Microsoft’s. They are Microsoft Word, and Microsoft Publisher. Using a student discount, I can get them both for under $200. (See http://www.edu.com/software/ ) I also need to decide which operating system I want. The main choices are Windows ME/2000 or an Apple Macintosh OS. (OS 9.1/X) All the important productivity software is available on both operating systems, but Windows machines have a lot more games. I would probably use Windows ME instead of 2000 because it runs older software better. I can get Windows ME for about $80 using a student discount. Hardware Since I am using Windows ME, I cannot buy an Apple. Here are the parts I need to buy to build a machine that will run my software well. I need a motherboard, processor, video card, sound card, case, monitor, memory,hard drive, floppy drive, modem, and CD or DVD drive. Some of the choices I make will determine others. For example, the processor (aka the CPU) I pick will determine what motherboard I will get. To begin— Processor There are three processors that make up the market, The Intel Pentium 4, Intel Pentium !!!, and the Amd Athlon. The Pentium is the newest, and has only been out for a few months, the Pentium !!! and Amd Athlon have been available for about two years. There are two criteria here for me. One is how fast the chip is for a given price (bang for the buck) and the second is upgradability. That is, whether I would easily be able to take out the current CPU, and easily slip something faster in when needed in a few years. The Pentium 4 will be changing to a slightly different configuration in a few months, that will not be compatible with the current motherboards. The Pentium !!! is pretty much at the end of its life, and not many upgrades are planned. This leaves the Athlon, which is expected to be selling compatibe versions for at least another year or so. Current Athlons prices are AMD Athlonâ„ ¢ Processor for Desktop  Ã‚  Ã‚  Ã‚  Ã‚  Price 1333MHz (266MHz Front-side Bus)  Ã‚  Ã‚  Ã‚  Ã‚  $253 1300MHz (200MHz Front-side Bus)   Ã‚  Ã‚  Ã‚  Ã‚  $230 1200MHz (266MHz Front-side Bus)  Ã‚  Ã‚  Ã‚  Ã‚  $219 1200MHz (200MHz Front-side Bus)  Ã‚  Ã‚  Ã‚  Ã‚  $199 1133MHz (266MHz Front-side Bus)  Ã‚  Ã‚  Ã‚  Ã‚  $197

Character, Nature, Spatial Distribution of World Cities Essay

The nature character and spatial distribution of world cities: Increasing globalisation has had major impacts on the world urban system. As a result a group of cities has emerged as key nodes in the organisation and functioning of the world, known as World Cities. World cities, such as London and New York are a product of cultural and economic globalisation and act as nodal points for the multiplicity of linkages and interconnections that sustain the functioning of the world economy. These cities have developed distinct characteristics as a result of their dynamic nature, and are spatially distributed around the world. Nature: The emergence of World cities has been due to the globalisation of economic activity, which involves the development of stronger links between various countries. There has been a great acceleration in globalisation and the growth of world cities – due to: †¢Technologic development in transport and communication †¢Deregulation of trade and financial markets †¢The emergence of and role played by Trans National Corporations (TNC’s) †¢New ways of undergoing business operations and economic activity †¢Emergence of a global market for lifestyle related commodities This process of globalisation and the growth of world cities have had a number of impacts: †¢Economic restructuring – A rapid expansion in world trade and relocation of labour intensive manufacturing processes to developing nations (megacities) with cheaper labour. World cities are emerging from the internationalisation of economic activity. TNCs are a key player in this rapid expansion as they have an increase in economic influence not only deciding what to produce but where to produce and distribute it. †¢Spatial restructuring patterns in developed areas – the shift from residential and commercial investment in suburbs to higher-cost inner city housing and ‘edge cities’ or ‘technoburbs’ which are distinct urban nodes with larger metropolitan areas. This often targets low income areas which pushes low income people further away from these nodes. †¢Social restructuring patterns in developed areas- Urban societies have become more polarised with greater amounts of poverty and wealth. The middle class is stagnating in terms of wealth although there is a splitting into a lower middle class with low paid service sector jobs and an upper middle class who are multiskilled such as in the information based industries. The industrial work class is declining in living standards. The outcome of this restructuring is an increase in disparity in terms of social advantages and disadvantages. Character: World cities are nodes in the global economy which hold national and international significance due to their economic and cultural influence; World cities possess this economic and cultural authority through various characteristics described below. Economic: -They are command points in the organisation of the global economy -Key locations for a full range of financial services -Markets for a vast range of goods and services Cultural: -Existence of social infrastructure that facilitates contact between people face-to-face -A centre for a range of cultural facilities -Provides the opportunity to live a distinctive cultural lifestyle Spatial Distribution: World cities are spatially dispersed, mainly across the developed world, yet globally integrated through systems of exchange and production. Within the global network of world cities exist several sub systems: †¢Western European subsystem – centred on London and Paris. This contains the highest concentration of world cities as it is the it is the initial site of the industrial revolution leading to the interconnection of these cities to each other. †¢North American subsystem- centred on New York, Los Angeles and Chicago. This is the second largest concentration of world cities as its industrial revolution led to it being a leading manufacturing region of the world and then the leading service region of the world. †¢Asian subsystem- centred on Tokyo, Singapore and more recently Shanghai. The Asian world cities most importantly connect regional manufacturing areas such as India and China through Mumbai and Shanghai respectively into the world economy. Other centres such as Tokyo, Seoul and Hong Kong are also world cities due to their past industrialisation following World War II. †¢Southern Hemisphere- linked by Sydney, Johannesburg and Sao Paulo. The southern hemisphere is largely disconnected as much of South America and Africa is still in a developing state but key cities such as Sydney and Sao Paulo connect the respective regions of Australia and Brazil into the global economy. Due to continued globalisation, a number of projected spatial trends also exist: †¢An increase in African cities into a global network may be seen in the future. Africa is a resource rich area, especially in raw minerals and it also has a large population available. These areas are currently marginalised from the global system as there is a lack of infrastructure which allows for the expansion of these economies on a global scale. Despite this marginalisation they do still have connectivity to Europe exporting goods such as oil. †¢A shift of power to Asian cities- The Asian region has been industrialising since the end of World War II and cities such as Tokyo have major connectivity and influence as world cities. The economic growth seen areas such as China and India may lead to a high concentration of world cities in this region and a shift in global cultural and economic power. †¢An increase in South American cities into the global network. Through countries such as Brazil, which has maintained GDP growth rates of around 10%, as well as this other countries have regional importance which can be linked to the global network through cities such as Sao Paulo and Buenos Aires. †¢An increase in Middle East cities into the global network. Countries such as the United Arab Emirates have sustained high economic growth rates due to oil exportation which has then been invested into infrastructure such as for tourism. An example of this is in Dubai with major investment in hotels. This new system of world cities based on the presences of information-based activities is an essential part of the global hierarchy.

war act Essay - 1258 Words

he Lesson this week addresses the fifth course objective, specifically, how the Presidency operates. From the readings in Lesson 3, we discussed Congresss quandry regarding the employment of combat forces abroad. During the Vietnam Conflict, President Nixon employed hundreds of thousands of combat forces into Southeast Asia without approval of Congress. Eventually, Congress felt compelled to pass the War Powers Resolution of 1973 (over his veto). As such, the president can still employ troops abroad to defend US interests, but then is required to notify Congress of the employment within 48 hours, and then withdraw them within 60 days - unless Congress formally declares war or authorizes the use of military force. However, subsequent†¦show more content†¦It is generally agreed that the commander-in-chief role gives the President power to repel attacks against the United States[3][4] and makes the President responsible for leading the armed forces. In addition and as with all acts of the Congress, the President has the right to sign or veto congressional acts, such as a decla ration of war. During the Korean and Vietnam wars, the United States found itself involved for many years in situations of intense conflict without a declaration of war. Many members of Congress became concerned with the erosion of congressional authority to decide when the United States should become involved in a war or the use of armed forces that might lead to war. The credibility gap widened when news leaked out that President Nixon conducted secret bombings of Cambodia during the Vietnam War. He did not tell Congress about his military plan. The resolution was created because Congress felt that the president had too much power. The War Powers Resolution was passed by both the House of Representatives and Senate but was vetoed by President Richard Nixon. By a two-thirds vote in each house, Congress overrode the veto and enacted the joint resolution into law on November 7, 1973. Presidents have submitted 130[5] reports to Congress as a result of the War Powers Resolution, although only one (the Mayagà ¼ez incident) cited Section 4(a)(1) and specificallyShow MoreRelatedThe War Measures Act During The September Crisis1085 Words   |  5 Pagesof the War Measures Act during the October Crisis. This decision to invoke the War Measures Act during the October Crisis has led to a great deal of controversy on whether the act was justified. 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Separation of powers prevents one branch from becoming excessively dominant over the United States, in order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare and secure the