Financial Accounting And Reporting Standards - 1426 Words

Financial Accounting and Reporting Standards Jeremy J Boston Saint Leo University Abstract Financial accounting has become more complex as our country grows. The United States has established a core financial body to ensure all financial statements are published within the prescribed guidelines so that any creditor or investor is able to read and understand the information. The FASB was created to ensure that these guidelines are followed and they are well-paid individuals so there is little chance of them keeping ties with their private firms which creates a trust with the public. The FASB crated a conceptual framework that all companies must adhere to. This ensures that investors, creditors and the public receive an honest†¦show more content†¦Financial Statements and Financial Reporting Challenges Along with the demand for a more universal form of accounting report come many challenges. Many of them are in the form of the Sarbanes-Oxley Act. Scandals within the accounting departments in companies such as Enron, Rite Aid, and Xerox caused this act to be created. The Sarbanes-Oxley Act created the Securities and Exchange Commission, SEC, which helped standardize all financial information that was passed along to the stockholders. Auditors were affected as a part of the act in the sense that they became more independent and strong. The audit committee’s became independent members with prior financial expertise. They were however limited to no more than a 5-year partner rotation within their respective firms. CEO’s and CFO’s were also to be help more accountable for their financial reporting. CEO’s and CFO’s are now required to personally sign off and certify financial statements. If there is a mistake they forfeit their entire bonus. Within eac h organization there is also requires being an internal checks and balances process to prevent and detect possible fraud. Most of all, there the Sarbanes-Oxley Act establishes a code of ethics for all senior financial officers. This act is to ensure that public trust is maintained at all times. Objectives According to Keiso, Weygandt, and Warfield (2013), Financial reporting’s goal is to â€Å"provide financial information about

An Insight Into Contemporary British And Indian Societies

With reference to contemporary Britain and one other society, explain ways in which the societies are held together through common cultures but are also unequal and divided. This essay will demonstrate some key concepts in sociology by providing an insight into how contemporary British and Indian societies have held together through common cultures but are unequal and divided. It will explain how shared culture, social organisation, values and norms between the two societies may help produce stability and conformity within themselves. It will also highlight that there are systematic differences between societies in relation to key sociological concepts. The text will demonstrate this by into different aspects of their cultures featuring its norms and values, marriage and families, stratification and Inequalities whilst attempting to link these to two key sociological theories. Norms are considered to be standard, especially of social behaviour that is expected, whereas values are the Principles or standards of behaviour of what is important in life.(OFORD: Online) Contemporary Britain has many norms and values in contrast to Indian culture. The United Kingdom is a crowded country. People cope with this situation by being reserved and apprehensive in public, politely ignoring strangers, quietly minding their own business. (BYRON, 2001) Even though in British culture it is considered normal to be reserved and reserved in public, in the contrary Indian culture is veryShow MoreRelatedAn Analysis Of Rudyard Kipling s The Jungle Books 1275 Words   |  6 Pagesconclusions made by a British appreciating India. The creator liked its magnificence from the purpose of a colonizer, who was influenced that Britain had a particular job to be a leader of India. This made Kipling highlight specific characteristics of both his British and Indian fictional characters. 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Analysis of ICT task for a hairdresser’s booking system Free Essays

The new hairdresser salon called Hair Studio that has opened needs to improve its record keeping system because the record keeping system at present is not very reliable and does not work efficiently. Therefore the ICT specialist’s job is to introduce an efficient system to store the customer’s details and to develop a reliable booking system. The system needs to be able to book appointments for the customers quick and easy. We will write a custom essay sample on Analysis of ICT task for a hairdresser’s booking system or any similar topic only for you Order Now The new system should be able to help the salon to function more smoothly and the ICT system that I will give the hair salon will help the business become more organised and can easily handle the client’s data more efficiently. The details of the customers will be stored in a section where all the personal details of each customer will be stored and the appointments will be stored in the booking system. There are many ways of promoting the business one of the ways is to advertise the business to the public and make sure that they are aware that the business is open and where the branch of the business is located. The point of advertising is to the public to come to the salon and this will make the hair salon more popular and the salons profits will increase. Also you can read Analysis July at the Multiplex There are two ways, which it is possible to improve the way the hair salon is run either by keeping the existing paper based system to store the client details and appointments or I can use a computerised system to store all the details and information. An example of a paper-based system is a record card system where all the details of the customers are put on a pack of cards in alphabetical order. An example of a computerised system is a database system or Microsoft Access. Computerised system Advantages of a computerised system. Disadvantages of a computerised system. 1. You can set-up a primary key 2. You can perform queries 3. Can be sorted in alphabetical order 4. Validation incorrect data cannot be entered 5. The can be a menu page to make it more professional 6. Backup in case the data becomes lost. 7. Spell check 1. You need to train people to use the computerised system. 2. If the computer crashes the data can be lost. Paper based system Advantages of a paper based system. Disadvantages of a paper based system. 1. Portable/ Easy to carry place to place. 2. No training needed to operate the paper based system. 3. Keep securely in a locked place so no one can enter the cards containing the details. 1. Messy looks unprofessional. 2. Takes up space. 3. If any alteration takes place this can make the information untidy. 4. Confusion 2 people might have the same names. 5. The writing needs to be readable by all members of the staff. My chosen solution is using a Microsoft access, which is a database that I can create the system on. There will be a series of subtasks I will need to collect the information using a data collection form or through an interview. This will help me to collect the data. I will need to design the structure of the data capture form such as columns and a menu page also I need to design a data entry form. The data that will be inputted in the database is the records and the details. And finally I need to make sure that the information that is inputted into the database is valid and correct. Read also  Case 302 July in Multiplex To advertise my business I will use a poster or a leaflet to advertise it to the customers so they are aware that the business is new to the area and is open to the public. I can use many different methods to advertise my business I could use billboards, Leaflet, radio and poster. Poster Advantages of the leaflet Disadvantages of the leaflet 1. Instant Visual Impact 2. Relatively Cheap 3. Can be seen by a large number of people if strategically placed. 1. Limited amount of information is presented 2. It’s difficult to measure effectiveness. Radio Advantages of the Radio Disadvantages of the Radio 1. Relatively cheap 2. Most of the customers will hear the advertisement on the Radio. 3. Most groups and many age ranges covered. 1. Not visual 2. No copy of the material 3. Have to rely on the target audience listening at the correct time. My chosen solution is the poster; I will use the poster to advertise my business to the public. As you can see there are many advantages and disadvantages of using the radios and the billboards to advertise the business the method I will use is the poster because this way is more efficient and easy to do. I will design a draft of the poster on Microsoft and I will design it also on Microsoft word and then I will distribute it to the customers. How to cite Analysis of ICT task for a hairdresser’s booking system, Papers

Definition and Role of Project Methodologies †MyAssignmenthelp.com

Question: Discuss about the Definition and Role of Project Methodologies. Answer: Definition of Project Methodologies and Role of Methodologies Project methodologies that are involved inproject management are type of model that are mainly employed by the managers who are dealing with the project. The project managers uses methodology for designing the project, planning the project, implementing a project, and then gets achievement fulfilling the objectives planned in the project. There are many methodologies involved in project management so that to get benefits out of the projects (Kerzner Kerzner, 2017). Aproject management methodology has its roots in many sectors such as military defense, construction, and engineering. The activities ofproject management generally take place in an informal basis or in an ad-hoc basis for more than thousand years. Until 1950, disciplined methodologies were not used. After 1950, disciplined and formal methodologies started among all the organizations and definition of methodologies ofproject management evolved. The approaches that are included for managing all the works specifies the best way so that the project can be initiated, executed, and planned (Schwalbe, 2015). The methodologies of project management made the projects much smaller and the projects can be controlled easily with less complexity. But the projects that are dealt now a days are more complex and are subjected to risk. Methodologies involved in project management plays significant role in the life cycle of the project. The methodologies help to specify the tasks included in project management. The tasks that are needed to be undertaken are generally specified by methodologies and the time to complete the tasks so that the order can be maximized to utilize resources and time. The methodologies specifies the tasks that are to be submitted first keeping in mind the next steps that are to be followed that depends on the next one to complete the project (Fleming Koppelman,, 2016). The project manager introduces some strategies of risk management if the project deals with some risk. The scope of project, the resources that are available, the time that the project needs to be delivered, and time constraints are generally defined by the methodologies that are used in project management. Different projects need different methodology, which are effective for completing a project. For example, in order to pi ck up a methodology for a project, it is similar to decide a recipe for making cookies using chocolate chips (Turner, 2016). As there are many recipes of baking cookies that recommends to bake a cookie using butter of room temperature, and other may suggest to use melted margarine or may use dark chocolate instead of chocolate chips. Similarly, selecting a methodology for a project needs to known the type of project that is to be undertaken. The ingredients that are available for a project to pick a methodology is project timeline, project tools, people involved, and project constraints. Comparison between PMBOK methodology and Agile Scrum methodology The similarities between Agile Scrum and PMBOK methodologies are: Both of the methodologies gives the project team with certain set of techniques and templates for managing the projects irrespective of re-invention. Both of them handle almost same type of project having same characteristics such as accelerated change, unique deliverables, resource limitation and budget limitation, and delineated timelines (Serrador Pinto, 2015). The risks that can come from the project can be handled by both the methods involved in an undertaking project. The differences between the methodologies are: The PMBOK methodology mostly emphasize the importance regarding the planning, while on the other hand Agile method works on assumption that states the deliverables can be too complex the up-front is unknowable. The agile scrum methodology mainly is suitable for smaller projects and provides less project structure with the scrum master that has iterative processes for developing cycle of the processes in project management (Martinelli Milosevic, 2016). On the other hand, PMBOK methodology works with larger projects. Agile methodology involves inspection, adaptation, and visibility while PMBOK involves adaptation and inspection. Importance of Agile Scrum Methodology in PLC (Project Life Cycle) The method of Agile Scrum acts as in iterative as well as imperative methodology of managing the project in project management life cycle. The Agile Scrum helps to evolve the landscape of the project and also maintains the time of delivery of the project. The Agile scrum methodology helps to divide the process in several phases that results the product in a ready to state process (Heldman, 2018). A fine product or service id delivered to the customer at the end of all steps that deals with scrum methodology. The feedbacks from the customer also play a vital role in the agile scrum methodology in project life cycle. The problems that arise in agile methodologies generally address the need of the customer. The involvement of the user is basically encouraged so that the transparency and the visibility of the project is shown, showing all actual progress of the undertaking process. Agile method in PLC works with iterative planning, making the process very easy to fulfill the requirement of the project. There are ,many phases that are involved in agile scrum methodology of PLC. The steps are: 1) create a product backlog; 2) create a sprint backlog and sprint planning; 3) work on sprint having scrum meetings; 4) product and testing the demonstration; 5) plan for the next sprint. There are many advantages of agile scrum methodology. The advantages that are provided by this methodology involve high quality of product, satisfaction of customer is higher, and reduces risks. The main features that are involved in the method of scrum is that the method produces contiguous and agility progress of work (Joslin Mller, 2015). There should be close co-operation in between the stakeholders of all the processes and communication should be made clear. In the sprint planning, the owner of the project mostly communicates with the team following the agile scum. References Fleming, Q. W., Koppelman, J. M. (2016, December). Earned value project management. Project Management Institute. Heldman, K. (2018).PMP: project management professional exam study guide. John Wiley Sons. Joslin, R., Mller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts.International Journal of Project Management,33(6), 1377-1392. Kerzner, H., Kerzner, H. R. (2017).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Martinelli, R. J., Milosevic, D. Z. (2016).Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Schwalbe, K. (2015).Information technology project management. Cengage Learning. Serrador, P., Pinto, J. K. (2015). Does Agile work?A quantitative analysis of agile project success.International Journal of Project Management,33(5), 1040-1051. Turner, R. (2016).Gower handbook of project management. Routledge.