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ing the proposals into the U.S accounting framework because the most important thing is to delivering the necessary information in an efficient and timely manner. It is therefore apparent that IASB proposals will have a great impact on US GAAP therefore forcing accountants to seek modifications to their activities.
Upcoming changes to U.S GAAP intend to have significant effect on revenue recognition, leases and financial instruments. Even though the standard has not been made final, the three major changes to U.S. GAAP are significant and therefore understanding how they affect one’s profession and entities operations (Gallagher, 2010). When revenue recognition, financial instruments and leases standards are finalized, they will definitely become part of U.S. GAAP and affect both private, not for profit and public entities that were previously using the U.S GAAP standards. The revenue recognition proposal will have a great influence on the way revenues will be recognized and disclosed, transactions will be accounted for, and finally the way contractual arrangements will be made as a way of improving comparability across companies, industries and capital markets.
A single standard for revenue recognition that converges U.S GAAP and IFRS applicable across all industries and in all transactions is vital in eliminating the transaction and industry specific revenue recognition guidance associated with U.S GAAP (Munter, 2011). The resulting standard will be a principle based approach that will determine revenue recognition because of its ability to affect every entity’s every day accounting and transactions. Standardized revenue recognition standard for both annual and interim reporting will be applied retrospectively including any practical expedients discussed. However, transition to the new revenue recognition standard as well as the potential impacts on financial statements and introduction of new systems may take some time due to challenges of familiarity
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However, safety awards programs are faced with oppositions for reasons such as cost and effectiveness. One has to understand that an effective and solid safety program can save companies big amounts of money. According to the National Safety Council (NSC), if a safety program is successfully implemented in a company, it minimizes impact on productivity due to injury reduction, lowers premium rates on insurances, and reduces compensation expenses for injured employees (2005).
Since the beginning, social networking sites (SNSs) such as Facebook, MySpace, Bebo, Cyworld, LinkedIn and others have fascinated millions of users, a number of whom have incorporated these networking sites into their every day life.
It was first initiated in 1963 to establish a research program. It was then expanded in 1967 and amended in 1970 and 1977 to include regulatory measures for both mobile and stationary causes of air pollution (Jacobson 1). A final amendment was made in 1990 to address acid rain, toxic air pollution and the ozone depletion.
In this case, the license includes support, control, trademarks and fees. Franchising allows the goodwill, reputation, expertise, and technical knowledge of the franchise to be used together with the investment of the franchisee so as to produce and sell goods and services
In contemporary context,
mental health problems may experience periods of depression and mental imbalance when they lose their job, literature notes that there is a tangible relationship between unemployment and mental illness. To be excluded from the workforce is a key risk factor for aggravating mental health problems because it creates material deprivation, erodes self-confidence, and generates a sense of isolation and marginalization (Stuart, 2006).
volution was no mere sequence of changes in industrial techniques and production, but a social revolution with social causes as well as profound social effects” (Perkin, pp. ix). Studies have indicated that Europe observed a dramatic alteration in its structure due to
Act gave liberty-seeking Americans the springboard on which to organize violent protest which ultimately led to serious Revolution about their high-handed colonist. This paper critically looks at all the factors leading to the enactment of Stamp Act, its dangerous aftermaths and
On this basis, different types of taxations are imposed depending on the target source. For instance, income taxes to individuals and corporate, gift taxes and social security taxes. On the other hand, the remittance of tax income on fair tax