Financial Reporting of Economics and Business

Question: Describe about the Financial Reporting of Economics and Business? Answer: (a) An economist and an accountant both are efficient enough to measure income but the manner of computation is different. Economist measures income on the basis of several assumptions related to future events where as accountant follows accounting concepts which is based on past events. Inflation plays a very vital role in income measurement because inflation is inversely proportional to purchasing power which is generated by income. Price of the commodities are increased due to inflation and this prise rise of commodities indirectly affects income generated by people, both accountant and economics consider the importance of inflation but in a different ways as economists considers on the real income based on inflation rates where as accountants inflate the historical income with the inflation rates. (b) The different theories that had been developed in the recent times are being done in the form of Capital Maintenance Theories which comes under the purview of the Changing Price Values Method which was being formulated for deciding the value of the assets and their valuation at the time of decision making. These theories were not able to survive due to the non existence of basis of maintaining a consistent tracking of the changing economic scenario as well. The CVA known as current value accounting served with many practical issues due to which this could be carried for accounting of wealth and value in the present terms. (Chow, 2012) (c) Cocoa means continuously contemporary accounting which suggests that in order to survive in this competitive environment an organisation has to adopt the needs of the changing environment and this requires cash. So organisations must have strong certain current cash equivalents, this is possible only when the base of the company is rock solid and all the applicable accounting principles and policies are being followed by the company. Fair value accounting also deals with the same tune that proper accounting principles and policies should be followed and all the assets and liabilities should be valued at fair value to make the base of the company stronger.(Persson, 2013)(d) Fair Value Accounting is a new concept which is introduced to reduce the complexities created by traditional historical cost accounting method. The financial statement is prepared for disclosing the current position of the business and then such financial statement is audited by the auditor who provides his opi nion on true and fair view of the contents of the financial statement. So to fulfil this requirement fair value accounting is introduced. The main concept is measure any asset or liability at that amount which it would fetch today. This new concept had introduced earlier it will reduce the impact of Global Financial Crisis of 2008 where big corporate become bankrupt as they carried their assets at historical cost hence under stating or over stating the accounting figures(Laux, 2010) (e) Proprietary theory follows the concept of all are one means the entity and its owner are no two different persons rather for the purpose of accounting both are treated as one because at the end owners are the beneficial from the working of the entity. Proprietary theory lays the base for the development of the other accounting theories as the analyst analyse the given theories and search the need for the solving the problems arising from this theory and in this way more advanced and more suitable accounting theories are given which is now helping everyone in doing proper accounting. (f) Proprietary theory is now considered as on old theory although it is still applicable to certain organisations but now a days organisations tends to not to follow this theory. According to companies act 2013 companies and its members are treated as separate entity. So in order to tune with the applicable laws the organisations also wants to follow modern accounting theories rather than this old theory which creates lot of complications for the owners of the company which the owners dont want to handle as transparency is required in todays world.(Watner, 1982) We are aware that the concept of Epistemology deals with the branch of knowledge and a philosophical concept that deals with theories of sources and knowledge. As accounting is a field of knowledge that has its origination from the various theories formed for this purpose. So the concept of epistemology is widely useful to the accounting theory concept. The account theories are developed out of intense knowledge of the human and the economy behaviour which is being studied by this concept of Epistemology. One of branches of epistemology is to deal with historical aspects in order to determine the correct course of actions. As accounting is a study of knowledge so it can be said that it is very useful for the process of developing accounting theories.(Whittington, 2008) The two different types of epistemology in the world of accounting are Infallibilism and Reliabilism.The concept of reliabilism speaks that the overnight and historical beliefs in the field of accounting can only be done if it is proved by the processes that take place during the research stages and gathering knowledge stage by the people.The concept of infalibilism says in order to prove a traditional accounting theory no false steps should be taken by any of the knowledge posting people as it needs to be proved by using this branch of knowledge as a whole.(Mohammad Nizarul Alim, 2014)Concept means providing base to any thing and similarly the basic accounting theories provides base on the basis of which accounting can be done. There is no such fixed rule that in a particular situation only this theory is to be followed. Application of accounting theory depends upon situations to situations. It is commonly heard that regulation is substitute for theory and there is no acceptable theory in accounting. Regulations are made by various acts made by government to keep a check on the working of the companies and companies had to follow the applicable regulations in order to avoid the heavy penalties for non compliance. So we can say that regulations are not the substitutes for theories it is rather a key enabler for the applicability of theory. Different situations demand different accounting theories so we can say that there is no single applicable accounting framework in each and every situation.(Freedman, 2013) Yes the conceptual framework project had significantly contributed to the development of accounting theories. Without base no building can stand and conceptual framework laid a strong base for the development of many modern accounting theories. One cannot ignore the relevance and importance of conceptual framework in accounting field, many accounting standards are developed on the basis of conceptual framework.(ACCA, 2014) Bibliography: ACCA. (2014). accaglobal. Retrieved 03 2015, from ACCA: https://www.accaglobal.com/in/en/student/acca-qual-student-journey/qual-resource/acca-qualification/f7/technical-articles/iasb-conceptual-framework-financial-reporting.html Chow, J. H. (2012). Financial reporting. In J. H. Chow, Financial reporting (pp. 1-77). London: The London school of economics and business. Freedman, J. (2013). What Is the Conceptual Framework Developed by the Financial Accounting Standards Board. Chron , 1-1. Laux, C. (2010). Did Fair-Value Accounting Contribute to the Financial Crisis. Journal of Economic Perspectives , 93-118. Mohammad Nizarul Alim, M. A. (2014). THE DEVELOPMENT OF SHARIAH ACCOUNTING:. In M. A. Mohammad Nizarul Alim, THE DEVELOPMENT OF SHARIAH ACCOUNTING: (pp. 109-117). Indonesia: University of Trunojoyo Madura. Persson, M. E. (2013). The Rise and Fall of Comprehensive Accounting Theories: R. J. Chambers and Continuously Contemporary Accounting. Social Research Network , 1-1. Watner, C. (1982). The Proprietary Theory of Justice in the Libertarian Tradition. THE JOURNAL OF LIBERTARIAN STUDIES , 1-1. Whittington, G. (2008). Fair Value and the IASB/FASB Conceptual Framework Project: An Alternative View. Abacus , 1-1.

Sample of Making Decision Essay - Writing For Essay Writing Competitions

Sample of Making Decision Essay - Writing For Essay Writing CompetitionsThe sample of making decision essay is one of the hardest writing tasks a student will go through. Not only does it require students to process what they've learned in class, but it also requires them to formulate their thoughts in a way that they're comfortable with. To put it simply, they need to come up with their best idea on the spot.The writing process can be different for each student depending on how they feel and what they're thinking. Before you begin the essay, sit down and try to come up with as many different ideas for answers as possible. You'll probably want to do this while reviewing your notes or reading the assignments that are coming up in class. This is just another way to practice, and another way to prepare yourself for the big challenge ahead.As you're coming up with all these different options, you should be looking at how they may not affect the overall point of the essay. Are there any p oints that you really want to emphasize or discuss that aren't explicitly stated? Do you want to take a quick second to explain something, or just let them know why you believe they're wrong without any effort on your part?The conclusion of your essay needs to be something that your readers can latch onto, but not necessarily something that will be the last word on the subject. Your essay may be lengthy, but you shouldn't use it as an excuse to ramble. Go through your thinking process and write down what your conclusions were.Your final goal is to use those conclusions to back up your arguments and give your argument some extra substance. Make sure to keep the points you want to bring up clear and precise. What is the actual quote in your essay going to be about? Is it something that's really relevant to the information presented in the essay?If you've got a lot of questions, then make sure to keep your overall point concise. As you come up with the best idea for your decision essay , you'll have to think of your overall structure your ideas so that they fit together. A common mistake that a lot of students make is coming up with the best idea for a decision essay without thinking of their structure and their presentation in a certain way. Just make sure to keep it simple.When you've finished the essay, make sure that your decisions fit together and that they cover the point that you want to get across. You should end on a good note, and with a nice conclusion. Remember, this is just a sample of making decision essay and you don't have to follow this exact order.

The Presidential Election Of 1972 Essays - , Term Papers

The Presidential Election Of 1972 The Presidential election of 1972 had two strong candidates, President Richard Nixon and George McGovern. There were many issues which had a great deal of importance to the election. The Vietnam war and the stability of the economy at the time were two main factors. The election ended in one the largest political scandals in U.S. history, being the Watergate break-in, and cover-up, by President Richard Nixon. The Democratic party had a large selection of candidates from which to choose for the primary elections of 1972. There were many well known candidates who entered the race for the nomination. The leading contenders were Edmund S. Muskie of Maine, Senator George McGovern of South Dakota and Hubert H. Humphrey of Minnesota. Other candidates who didn't receive quite as much recognition were Alabama governor George C. Wallace, Mayor Sam Yorty of Los Angeles, Rep. Wilbur D. Mills of Arkansas, Sen. Vance Hartke of Indiana, former Senator Eugene J. McCarthy of Minnesota, Mayor John Lindsay of New York City and Rep. Shirley Chisholm of New York. Chisholm was the first black to run in a series of presidential primaries. (Congressional Quarterly, Guide to U.S. Elections, Third ed., 1994, pg.603-605.) 5 Governor Wallace had a devastating moment in his campaign while in Maryland. In early May a sick young man named Arthur Bremer altered the politics of 1972. As Governor Wallace campaigned toward certain victory in the Maryland primary, Bremer stepped forward out of a shopping-center crowd and shot him four times. Wallace survived, but at the cost of being paralyzed from the waist down. Maryland's voters surged out on election day to give Wallace a huge victory, his last of 1972. While Wallace recuperated, the millions who would have voted for him as a Democratic or independent candidate began to move in overwhelming proportions behind the candidacy began to move in overwhelming proportions behind the candidacy of Richard Nixon. (Benton, William. U.S. Election of 1972. Encyclopedia Britannica Book of the Year. pg.12-13, 1973 ed.)1 When the California primary was approaching, Humphrey tried to save the nomination for himself. Humphrey excoriated his old senate friend (McGovern) for his expensive ideas on welfare and his desire to cut the defense budget. It almost worked. But McGovern won all of California's giant delegation, and beat Humphrey 44.3% to 39.1% in the popular vote.5 That loss spelled out the end for Humphrey's Democratic nomination. Many felt Edmund Muskie was sure to win the Democratic nomination for the election of 1972. All political observers agreed on the certainty that Senator Edmund Muskie of Maine would be the Democratic party's nominee.1 As the front-runner, he wanted to snare the nomination early and so was committed to running in all of the first eight presidential primaries. Prominent Democratic politicians lined up eagerly to endorse him. Among them: Gov. John Gilligan of Ohio; Leonard Woodcock, President of the United Auto Workers; Iowa Senator Harold Hughes; and Pennsylvania Governor Milton Shapp.1 Muskie had many supporters, and a good chance of receiving the nomination, perhaps even becoming the next President of the United States. President Nixon knew that Muskie had a good chance of winning and felt he had to do something to get Muskie out of the race. Nixon had seven men who were loyal to him make up false press releases about Muskie, and his wife. These press releases claimed that Muskie had had affairs with both men and women, that he beat his wife, and then the topper which claimed that Muskies' wife was an alcoholic. These false statements destroyed Muskies' campaign and reputation of being a calm trustworthy candidate. Then one day mounting the bed of a truck parked outside the offices of the archconservative Manchester Union Leader, Muskie launched an attack on the paper's publisher, William Loeb. As he spoke of Loeb's unflattering remarks about Mrs. Muskie, the senator's voice cracked, and the crowd saw tears form in his eyes.1 This incident badly dented Muskie's image. After that event, people saw Muskie as a weak person. They didn't want a weak person running the country. Muskie had finished fourth in Pennsylvania, behind winner Humphrey, Wallace, and McGovern, and a distant second to McGovern in Massachusetts. He then withdrew with dignity. 1 Muskie later said of this incident: It changed people's minds about me, of what kind of a guy I was. They were looking for a strong, steady man, and here I was weak. (Congressional Quarterly, Chronology of Presidential Elections, Fourth ed. 1994, pg.329-330)6 After a long primary campaign, and all the primary elections, Senator George McGovern won the

The Crimean War essays

The Crimean War essays The outbreak of war in Europe in 1854, the Crimean War, broke up the cooperation Europe, led by four powers-Russia, Britain, Austria, and Prussia-tried to maintain, solidify, and improve after the Napoleonic Wars. Even worse, into two separate hostile groups: mainly the west with France and Britain, and the east with Russia. French attempt to break up the alliance in order for them to enter the stage of European great powers to influence the order once again kept tangling the relationship between the powers. Mutual fear, not mutual aggression, caused the Crimean war; the west of the Russian power in east and central Europe which were as big as Russian fear of the western powers that seemed to threaten her security in Black Sea. The Crimean war fundamentally altered the pattern of great-power relations and made territorial revision in Europe possible, which had been long complained by many states after the Vienna treaty in 1815. q 1814-1815-Polish-Saxon question: Russia wants the whole Poland and to compensate Prussia with Saxony. 1840 ¡Ã‚ ¯s-support Turks against Egypt so that whenever Turkish Empire find itself totally destroyed, Russia can swallow them-Russia strive for expansion in central Europe and threaten the powers in Western Europe. q The fever of revolution sweeps Europe in 1820 ¡Ã‚ ¯s and 1830 ¡Ã‚ ¯s. French and British supported the idea of revolution and liberalism. Troppau protocol-1820-three eastern powers, Austria, Russia, Prussia-view the suppression of revolution as essential to its survival. Austria however, has its own interest in Greek rebellion against ottoman Turkish empire and tried to manipulate Russia into suppressing revolution in Italy, but support the Greek rebellion. Austrian inconsistency. q 1829-adrianople-russia acquired territory in Asia and at the mouth of the Danube and, even more important, extensive rights of protectorate over the danubian principalities. European security in danger-1830 ¡Ã‚ ¯s-revol...

Case Problems Involving the First Amendment Essay

Case Problems Involving the First Amendment - Essay Example The law gives the United Striates Government the right to release information or refuse to release and grants nine exemptions, which can be applied to stop disclosure of sensitive information (Russomanno 147). When stopping the publication the judge may use the theory of interpretation of the first Amendment Act on the Freedom of speech that deals with content regulation. This states that the government has the right to bar any publisher publishing information that may be viewed as threatening national security. In an example the case of Miami Herald Publishing Co. v. Tornillo, the court found that at times it is important for the federal government to bar release of information that may threaten the national security. When the judge is making the ruling on this case there are several things, he will have to put into consideration. The first one is the perceived effect on national security the release of the report would have and the other is the right of the press to publish information. He will look to see if the press freedom being infringed and if so will allow the information be published. On the other hand, if the information is proven vital and threatening national security he will bar it from being

Summery Essay Example | Topics and Well Written Essays - 250 words - 2

Summery - Essay Example The goal should be to retain human capital within the organization and this responsibility rests with the HR department by ensuring understanding and acceptance of the company’s policies by its employees. A case study cited in the article describes the HR system of banking industry in the UK using data that was collected from a particular bank over a period of three intervals. The study noted that owing to changes in technology and increased competition a drastic change was widely observed in the HR department within the banking sector. The study noted that retaining employees is based more on their performance rather than their welfare. These trends soon lead to headcount reduction, even though the company target remained the same. With these changes there was a general feeling that employee welfare was sidelined. When the bank later entered into a merger with another bank, it resulted in a series of changes within the HR departments, leaving the employees with a greater sens e of job insecurity, lack of training support for employees, which hindered promotion, a general feeling of dissatisfaction with regard to salaries, and decreased communication between the HR department and non-managerial staff. With mounting pressure on the staff to perform, and with a large number of their employees dissatisfied with their work, the HR department finally brought about changes in the work environment with the aim of retaining the workforce. But this effort was not highly successful among the employees as still most people felt that the HR did not care about career management and only very few were satisfied with the training and payments. Comparing the study data of the bank with that of other companies it was found that it was still lacking in certain areas. Thus in conclusion, the articles voices that in addition to devising HR strategies, implementing them in a manner that

The Development Of The Us Two Party System Politics Essay

The Development Of The Us Two Party System Politics Essay There may be many reasons why we have problems in the government today, but the only problem we dont have are about ideas and laws. The reason why it is like that in that particular area is because of the Two-Party System. Despite the several disagreements in the government now, the politics was a lot simpler before. The era I am talking about is the Hamiltonian and Jeffersonian era of politics. This was where the two-party system was formed. The system boosted the government to a higher level of working. The system had begun around the late 1770s and early 1780s. The system is important because it helps separate ideas and makes it easier to choose which idea would be better. The two-party system was important because it introduced major issues into regular local politics. The creators of the two-party system, The Federalists and Republicans, were men who looked upon parties as. Those who had supported the policies of the Washington  Administration  became known as  Federalists  because they supported a strong national government as a counterweight to the States. The Presidents two principal advisors, Alexander Hamilton and Thomas Jefferson, were the founders of this system. What began as a personal dispute between the two men evolved into the formation of primitive political parties.  It usually allows government to move forward because in cases of gridlock, the majority party can take the lead. But it stifles debate and forces a widely diverse country to be represented by only two ideologies. Furthermore, it creates division and bitterness as the two sides battle for control of government. The raging battle between these two stubborn and forceful men was not only personal, but political. The first two party system developed between the two opposite groups called the Federalists and the Democratic Republicans. The main issue between the two parties was how they believed the Constitution should be read and interpreted. The federalists, such as Hamilton, Adams and Jay, were loose constructionists who believed that more power and jurisdiction that was not specified in the Constitution should be placed in the hands of the Federal government. They were also passionate believers in the idea of a strong central government that had the power to regulate domestic and foreign affairs, while having the ultimate authority over the states. Both were loyally committed to individualism, freedom, and equality of opportunity. The disagreement between Jefferson and Hamilton formed the foundation of the American two-party system, with either party more or less defined and distinguished by its view of the nature of the federal government. The two-party system has produced a heightened two-party competition everywhere. Today for example there remain no substantial pockets of one-partyism in the United States. The births and deaths enable us to count at least about six major parties in our history, from the Federalists, Jeffersonian Republicans, and short-lived National Republicans to the Democrats, Whigs, and Modern Republicans. The Federalist Party was essentially composed of nationalists. Politicians like Hamilton favored a strong federal government, administering a united group of colonies with a dynamic economy based on international trade. The Federalists sought to wield this power through a liberal or loose interpretation of the Constitutions strictures. The Federalists viewed the Elastic Clause of the Constitution in particular as a license to do whatever was not specifically forbidden by the document. The Federalists traditionally hailed from the financially powerful northern states of New England and the mid-Atlantic. They favored a powerful government that would protect the interests of the merchant class. In fact ardent Federalist, John Jay was fond of quipping, Those who own the country ought to govern it. The United States needed both influences. It was the countrys good fortune that it had both men and could, in time, fuse and reconcile their philosophies. One battle between them, which occurred shortly after Jefferson took office as secretary of state, led to a new and profoundly important interpretation of the Constitution. When Hamilton introduced his bill to establish a national bank, Jefferson objected. Speaking for those who believed in states rights, Jefferson argued that the Constitution expressly enumerates all the powers belonging to the federal government and reserves all other powers to the states. In 1828, the popular war-hero Andrew Jackson became the first President from a new party, the Democrats, the true party of the people.  Ã‚  With the exception of one term when the Whigs won the Presidency, the Democrats held the White House until 1860. Thomas Jefferson founded the Democratic Party of the United States in 1792 and was elected as the first Democratic President in 1800. The Party was called the Democratic-Republicans until after 1830 and was initially established as a Congressional Caucus to fight for peoples rights and to oppose the elite Populist Party. Founded in 1854, the Republican Party was organized as an answer to the turmoil that plagued the many existing political parties in the United States. The Free Soil Party, asserting that all men had a natural right to the soil, demanded that the government re-evaluate homesteading legislation and grant land to settlers free of charge. The Conscience Whigs, the radical faction of the Whig Party in the North, alienated themselves from their Southern counterparts by adopting an anti-slavery position. Two political parties had come of age from the Jeffersonian age of republicanism, the Whigs and the Democrats. Both these two parties extended toward the radical ends of the narrow spectrum of Jeffersonian political beliefs. The Whigs clung tightly to Jeffersons ideals about community and societal harmony, and they firmly believed in the power of the government to gain their goals. The Whigs saw Jacksonian philosophies regarding the engendering of conflict among classes and individuals as the enemy. The Democrats, by contrast, were big proponents of Jeffersonian ideals regarding states rights and the restraint of federal interference into economic and social lives of Americans. Whigs favored going back to Hamiltonian federalism in the banking system of the America as well as being reliant on federal tariffs and the internal improvement of the school system and other institutions. The Whigs were also at the forefront of prohibition of liquor and the abolition of slavery, all things that the Democrats were against more or less. Also the Kansas-Nebraska Act, which allowed territories to determine whether slavery would be legalized in accordance with popular sovereignty and thereby nullify the principles of the Missouri Compromise, created a schism within the Democratic Party. The Whigs and Democrats traded elections every four years from 1836 through 1852; in fact no president between Jackson and Abraham Lincoln was reelected. Beginning with the log cabin and hard cider campaign of 1836 elections be gan to take on the feel of modern politics, utilizing mudslinging, slogans, songs and rallies to drum up support for candidates. The Whigs won only two presidential elections but in each case the winning Whig president died and was succeeded by his Vice-President. Whigs were successful initially as the champions of the economic powers of the United States and the common people at the same time. Finally I would like to conclude on the stand that the Two-Party system was developed by to main men, Thomas Jefferson and Alexander Hamilton. Many problems have erupted between the two, which has brought this major impact in Americans lives and Americas government. Despite the fights in the government now, the Hamiltonian and Jeffersonian era of politics is where the two-party system was formed. The Development of the Two-Party System Work Cited Page 1. Walsh, James P. The Rise of a Two-Party System.  Connecticuts Heritage Gateway. Web. 14 Apr. 2011. . 2. Kutler, Stanley I.  Dictionary of American History. New York: Charles Scribners Sons, 2003. Print. 3. Allison, Robert J.  American Eras: Development of a Nation, 1783-1815. Detroit: Gale Research, 1997. Print. 4. Axelrod, Alan. The Complete Idiots Guide to American History; Fifth Edition. New York, NY; Penguin Group, 2009. Print 5. McGeehan R., John. The Everything American History Book; 2nd Edition. Avon, MA; Adams Media, 2007. Print 6. Chambers, William Nisbet. The American Party Systems: Stages of Political Development. New York; Oxford University Press, 1967. Print 7. Hofstadter, Richard. The Idea of a Party System: The Legitimate Opposition in the United States; 1780-1840. Berkeley: University of California, 1969. Print 8. Greenstein, Fred I. The American Party System and the American People. Englewood Cliffs, NJ: Prentice-Hall, 1963. Print