Financial Reporting Techniques and Methods

Financial Reporting Techniques and Methods Introduction Over the course of the last few decades there has been considerable discussion and debate regarding financial reporting and, in particular, the appropriate measurement basis that should be implemented for use with a corporation’s financial statements. During this period international accounting standard bodies have been endeavouring to develop an agreed standard conceptual framework that is acceptable by all accounting regulatory bodies for use in financial statement, irrespective of the corporation and its country of domicile, and one that identifies the items to be included within the statements and the manner in which these should be measured (Johnson 2004). The intention is to avoid a situation where there are numerous differing standard of financial reporting in operation within the global market place (Bullen and Crook 2005, p.5). However, attempts to achieve this international consensus, specifically in terms of the measurement basis used, has not been universally accepted, with many divergence of views on the subject emerging from corporate management, the accounting profession and the users of financial statements. As the ICAEW (2006, p.5), commented in their recent report, â€Å"Current measurement practices are complex, diverse and apparently inconsistent. There is clearly at least a case for something more consistent and, presumably, simpler.† The difficulty remains that arriving at such a simplistic resolution needs to address the fact that many elements of measurement within accounting processes are subject to judgment, convention and estimation (ICAEW 2006, p.20). The purpose of this paper is to analyse the various measurement basis currently in use and evaluate their advantages and disadvantages and, as a result of this analysis attempt to identify the areas that required further consideration prior to the requirements for measurements being embodied within a revised international conceptual framework. However, to provide some background on this issue, it is considered necessary to firstly understand the purpose of financial statements, in terms of those who use them and their needs to facilitate that usage. Users of Financial Statements Whilst in terms of publicly quoted companies the main users are seen as management, investors and analysts, there are a number of other groups that use financial statements for a range of purposes. These include the business employees, its lenders and suppliers, governmental departments and, in some cases, members of the public (IFP 2006). Each of these groups have different needs which the financial statements need to address when considering the measurement base they are going to employ, dependent upon which group these reports are being targeted at. In terms of investors, analysts and those generally involved with the global capital markets and stock exchanges, their need is for reliable and accurate information upon which they can base economic decisions (Gregoriou and Gaber p.16 and p.64). Furthermore it is important to this group that the monetary information provided reflects a current and fair value of the business and its relevant information. Governments and regulatory bodies have similar needs in relation to assessing the financial position and results of a business, in their case the purpose is to evaluation economic decisions such as potential taxation revenue from which they will be able to assess the state of the national economy and public spending levels. Other users groups identified, which include employees, suppliers and lenders, approach financial statements in a slightly different manner, with their focus on using the financial statements to assess the corporations potential impact upon their lives and businesses. For example, a supplier or lender is unlikely to conduct business with a corporation whose financial statements show lack of liquidity or cash flow difficulties. Similarly, employees wish to assure themselves that a) their pensions are protected and b) that their employment is with a financially secure business. In other words their needs relate more to the physical tangible and immediately realisable assets such as cash, rather than less relevant â€Å"fair value† aspects of the statements. However, historically management have been more reluctant to provide these groups with financial accounting data (Purdy 1978), although corporate governance regulations have eliminated much of their control over such matters. Whilst there ate differing purposes for which these groups need financial statements, and they may value certain measurements bases more than others, as Johnson (2004) accurately stated, the basic need of all the users is wealth. Just as Investors and capital market players are looking to protect and increase their wealth, so to are governments, employees, lenders and suppliers. In reality it is the user who is benefited by improvements in the quality of the reporting standards more than the company itself (Langendijk et al 2003, p.194) and they need to be assured that the statements provided by corporations that they are involved with show an accurate and truthful position of the business that they can rely upon to make informed judgements relating to their individual needs. Measurement Bases for Financial Statements Over the decades there have been a number of measurement bases used for financial reporting purposes and his reports focuses upon those that are considered the most important of these methods. Historical Cost In the past the historical cost reporting method has been the predominant choice for financial reporting, favoured by many because it is more factually based and therefore considered to be â€Å"more transparent† (Langendijk et al 2003, p.74 and p.329). The basis of historical cost measurement is that a monetary item can be identified by the actual price paid for an item purchased or received from an item sold, whether these relate to revenue and expenditure items or assets and liabilities. Therefore, if a business purchases an item of equipment for  £10,000, that is the fiscal amount that will appear within its balance sheet. The historical cost measurement, whilst it takes into account the loss of value of an asset, for example by depreciating the value of a motor vehicle over its perceived useful life, does not take into account any potential increase in the value of an asset until the date the asset has been sold. Therefore, if the business owns a property, which is known generally to be an appreciating asset, under the historical cost method, this property will appear in the balance sheet at cost until it is subsequently sold. Therefore it is apparent that any true gain or loss made on such assets will not be accounted for until the time of sale. Similarly, assets and liabilities that have no cost, such as internally developed software that can be sold, as they do not have a unit value will not appear as within the company’s financial statements using this method of measurement. With regard to income, the purpose of the historical cost method is to link costs expended with revenue that is generated at the same time (ICAEW 2006, p.23). Current Cost – Value to the Business In essence current cost measurement, of value to the business, as it is sometimes known, is based upon the concept of â€Å"physical capital maintenance† (Gregoriou and Gaber 2006, p.132). In other words as Gregoriou and Gaber (2006) state in the same passage â€Å"a periods income is positive only if the depreciation amount based on current cost is earned.† The basic premise of this measurement is an attempt to calculate â€Å"how much worse off a business would be if it were deprived of an asset† (ICAEW 2006, p.24). The reverse is also true in that with a liability it is necessary to ascertain how much better off a business would be if the said liability were removed from the business. The core measurement in this case is predominantly based upon including within the financial statements the current replacement cost of the asset and to this extent, unlike the historical cost method it recognises the gain or loss to the business within the period of the statements rather than at some later date. Furthermore, the value to the business method takes into account the serviceable quality of the asset when comparing the asset held against the value of a replacement asset of the same specification. Current cost measurement is designed to provide a measurement of opportunity cost of a business, which some researchers, such as Edwards et al (1987, p.10) have regarded as the only correct manner to measure the true profit and capital. Realisable Value IFP[1] (2006, p.28) define net realisable value as the â€Å"selling price of the item in the ordinary course of business.† Although similar to the historical, current cost and fair value measurement methods in some respects, the realisable value method focuses upon the price at which an asset can be sold, or the cost at which a liability can be cleared. The realisable value measurement also includes, in the majority of cases, the costs that are attached to that sale or settlement. Therefore it will record the net monetary result of the transaction, for example settlement of a liability will be shown as the cost of settling the debt and any costs that are incurred within that process, such as commissions or interest payable. Similarly, with assets the sale price reflected will be net of such costs as commissions and associated costs. Realisable value is considered by some to reflect the value that might attach to a business in the event of a forced sale, for example in the case of liquidation. Others, such as the ISAB[2] (ISAB 2) view it as an â€Å"entity-specific† form of measurement, which differentiates its focus from that of the fair-value method of measurement. Fair Value The fair value measurement basis is perhaps the most difficult model to describe, although it is currently the method favoured by the majority of the international standards board. The primary target of this method â€Å"extends to non-financial items† and is directed at the â€Å"valuation of assets and liabilities in the balance sheet† (Langendijk et al 2003, p.22 and p.108). The ISAB (2006, p.12) paper states, â€Å"the objective of fair value measurement is to reflect the market value of an asset† with the reporting statements. Where this is not possible, because such a market does not exist then an estimate should be used based on what would be considered to be the value if a market was available for the asset. Thus, when preparing the financial statements, if the fair value method is being used, it is incumbent upon the management and their auditors to seek and report independent valuations in respect of the assets and liabilities that will be recorded in the corporation’s balance sheet. In practice therefore, fair value is based upon an exit value approach (ICAEW 2006, p.29) to monetary recording, although the international standard regulatory body (ISAB) does allow for the use of other measurement methods where â€Å"fair value† is not deemed feasible or appropriate. In reality corporations have a tendency in practice to utilise a combination of the measurement bases depending upon the monetary item being recorded and the differences that occur in terms of their individual industry, business size and structure (ICAEW 2006, p.3). Furthermore, as can be seen from the ICAEW (2006) discussion paper, there is an element of inter-relationship between them, which provides for additional complication. Advantages and Disadvantages Generally it is agreed that, irrespective of the method of measurement used, all of the methods have a certain degree of uncertainty and the need for estimation, although the intention is for such estimations to be based on factual information available on the date the measurement takes place (ISAB 2006, p.12). However, as outlined below, there are some significant advantages and disadvantages that attract to each of the measurement bases that are discussed within the previous section of this report. One of the fundamental benefits of this measurement method is its conservative approach to financial reporting. This is beneficial in that: It reduces the risk of unrealised future gains, which may not transpire, being distributed to shareholders in advance of the event, thereby protecting lenders and creditors. Reported profits are lower (IFP 2006, 310), which has taxation benefits in that tax is not payable upon income that has not been realised. Furthermore, management incentive schemes are unable to take advantage of profits shown though other methods that may not materialise. Less opportunity for use of inflated valuations. Another advantage that attracts to historical cost is that it is more in tune with the information that the business managers use, and indeed their processes of financial recording systems and, for some users will be more relevant to the business and, as such is an objective measurement of values (IFP 2006 p.33). In terms of the inherent disadvantages of this method, some critics view its historical nature as being the major drawback because: The information contained is out of date and therefore cannot be relied upon to give an accurate worth. The lack of value appreciation leads to an understating of the business worth and asset value. The difference between historical and current values is misleading for investors and analysts (ICAEW 2006, p.8). Current Cost – Value to the Business The major advantage that attracts to the current cost method is the relevance that it has to users of the information outside of the business management. By its nature this method provides: Competitors with an idea of the costs of new entry to the specific corporations industry market place. Regulatory bodies can use the information to assess whether there is fairness being exercised in terms of competitive advantage. Potential investors are more able to ascertain the business operational capacity on an ongoing basis. Furthermore, it is perceived by many observers that the relevance of each individual asset or liability being measured in this manner is advantageous because it provides a better overall view of the business. The reverse view of this method is based upon a number of points, the main one being the fact that the purpose of management is the maintenance of profit and increase in shareholder value, and that this does not relate to the operating capital. It is more important in this respect to increase the wealth that stakeholders receive from their investment, by achieve better returns on resources, than it is to concentrate upon operating capital. It is also considered that the rapid changes currently occurring within the market place and the pace of advancement in modern technologies negates the perceived advantages that potential new entrants gain from the this method. Realisable Value Realisable value is attractive to some users, particularly investors and vendors, because of its accuracy in denoting and reflecting the net cash position from the realisation of an asset or liability. Therefore: They are not misled into making decisions based upon monetary information that has not taken into account contractual costs attached to the sale or settlement of a balance sheet item. It becomes easier to ascertain the ongoing prospects of the business. For example, one can decide on the basis of realisable value, when a business is approaching a position of no longer being seen to be a going concern. As with current cost and fair value, the disadvantages of this method are that it does not directly relate to the information that the business management uses on a regular basis and, additionally, it relies upon a degree of estimation that is calculated according to the judgement of the business advisors, which may or may not come to fruition in the amounts submitted. Thus the position indicated within the statements may not be sustainable (ICAEW 2006, p.33). There are many academics, economists and other observers who believe that fair value is the most appropriate measurement for use in financial account, but equally there are those who disagree with this view (Langendijk et al 2003, p.52). Those who support the fair value approach claim that it is beneficial to certain user groups, including investors and lenders in that its application to individual and separate assets and liabilities gives a number of benefits: Provides a measure of the realisable value of the asset worth on disposal. More accurately identifies which assets could be sold without adversely affecting the business activity and future success. It saves the user considerable time, effort and cost in having to recalculate figures contained within other methods of valuation. Those who disagree with this measurement state that it is irrelevant to the actual intention of the business management in that the fact that the item is included within the financial statements indicates that there was no intention to sell at that time. Similarly, those in disagreement argue that, in the majority of cases, separating assets in a sales situation produces a lower return for the business than a sale containing an amalgam of asset sales is likely to return. For example, the sale of a part of a business specific revenue asset would produce a lesser price than the sale of the total assets that contribute to that asset stream. Thus it has the effect of depreciating rather than enhancing shareholder and business value. The other difficulty that is perceived to attach itself to fair value is the variety of ways in which it can be calculated and the various treatments that are used (ICAEW 2006, p.9). Improvement to conceptual framework Both of the major accounting standard boards, ISAB and FSAB[3] are aware that the existing conceptual framework for financial reporting requires improvement (Gregoriou and Gaber 2006, p.101) and that it is important that the information that these produce relating to corporations is â€Å"complete and free from error and bias† (IFP 2006, p.21). However, there are a number of areas that need to be investigated further to ensure that the revised conceptual framework envisaged is an improvement on the existing situation. The most important of these is clarification of the information that needs to be included or omitted from the financial reports and, additionally, if inclusive how and where it should be presented (Bullen and Crook 2005, p.13). At present the framework classification is not extensive enough to eradicate confusion. Furthermore, there remains at present some ambiguity in relation to the definition of the control and terminology with relation to â€Å"assets† and â€Å"liability† (Bullen and Crook 2005, p.12). Similarly, a more constructive approach to the measurement bases needs to be taken. In this respect the conceptual framework needs to more precisely identify which measurements would be appropriate for each particular item that appears within the financial statements. Failure to address this leaves an element of uncertainty, which can be damaging for both business managers and those who use and rely upon the reports. Additionally, in our opinion, there remains the problem of compatibility. There is no doubt that it is necessary to endeavour to achieve a standard of reporting that is acceptable to all of the business stakeholders, which includes the management and users who rely upon these statements. At present, as can be evidenced by the continuing debate on this subject, that harmony between the parties involved is not being met. Conclusion From the research that has been conducted in the preparation of this paper, it is the opinion of the author that there is a need for a revision of the international conceptual framework. In addition, it is also considered that the measurement bases to be used within this need to be more clearly defined. In the author’s opinion, one important and central point that it is felt necessary to take into account is that, in effect, all financial statements are historical at the time they are released. The rapidity of change that occurs within the market place and in new technology development means that factual, opinion based and estimated information contained within the financial statements is historical at the moment of publication. Therefore it is necessary to temper any improvements to the framework being considered against this premise. Bibliography Bullen, Halsey. S and Crook, Kimberley (2005). Revisiting the concepts. Retrieved 24 June 2007 from http://www.fasb.org/articlesreports/revisiting_the_concepts_may_05.pdf Edwards, Jeremy., Kay, John and Mayer Colin (1987). The Economic Analysis of Accounting Profitability. Clarendon Press. Oxford, UK. Gregoriou, Greg. N and Gaber, Mohamed (eds) (2006). International Accounting: Standards, Regulations, Financial Reporting. Butterworth-Heinemann Ltd. Oxford, UK. ICAEW (2006). Measurement in Financial Reporting. Institute of Chartered Accountants in England and Wales. Retrieved 25 June 2007 from http://www.icaew.com/index.cfm?route=142887 IFP (2006). Financial Reporting. International Financial Publishing Ltd. Guildford, UK ISAB (2006). Measurement Bases for Financial Accounting Measurement on Initial Recognition. Canadian Accounting Standards Board. Retrieved 23 June 2007 from http://www.iasb.org/NR/rdonlyres/E1A542DB-3A19-47AC-B995-EFCFA044F3EC/0/MeasurementBasesforFinancialAccountingDPfullversion.pdf Johnson, L. Todd (2004). The project to revisit the conceptual framework. The FASB Report, Dec 2004. Retrieved 25 June 2007 from http://www.fasb.org/articlesreports/project_revisit_cf_tfr_dec2004.pdf Johnson, L. Todd (2004). Understanding the conceptual framework. The FASB Report, Dec 2004. Retrieved 25 June 2007 from http://www.fasb.org/articlesreports/project_revisit_cf_tfr_dec2004.pdf Langendijk, Henk., Swagerman, Dirk and Verhoog, Willem (eds) (2003). Is Fair Value Fair?: Financial Reporting from an International Perspective. John Wiley Sons Ltd. Chichester, UK. Purdy, D.E., (1978). The Information Requirements of Employees. City of London Polytechnic. London, UK. Footnotes [1] International Financial Publishing [2] International Standards Accounting Board [3] Federal Accounting Standard Board (US).

Senior Paper

Women in Islam have little access to education. In many areas girls are often taken out of school when they hit puberty. (â€Å"listserv†). When boys and girls are in third grade they are able to go to the same school but after that, they are unable to do so. (â€Å"listserv†) In some parts if Islam the girls can't be taught by a man after a certain age because it has a negative impact on girls' education. (â€Å"listserv†) While some progress has been made, women are still struggling to be successful. Literacy rates among young Islam women are extreme low. Only 18 percent of women between 15 and 24 can read.The total number of children enrolled in primary schools is increasing rapidly, but the percentage of female students is not Women can do some of the same jobs that men can do. Sometimes women can actually do jobs better than men in particular jobs. In Islam men believe that they should have more right to jobs than women. (â€Å"The True Clash of Civiliansâ € ). Men and women should share equal responsibility. They might not be identical duties, but the totality of rights and responsibilities are balanced. The Quern says, â€Å"Women have the same rights as are expected in all decency from them, while men stand a step above them. Sure 2:228) In Islam, the alee and importance of women in society and the true measure of their success as human beings, is measured with completely different criteria. And their obedience to Him, and fulfillment of the duties He has entrusted them with. In Islam Women have strong beliefs in being leaders. That being said, Islam is a practical religion, and responds to human needs and life situations. Many women need or wish to work for various reasons. For example, some women may want to be mayor in their country or district. Some men in Islam believe that men make better political leaders than women. (â€Å"listserv†).When Prophet Mohammad was alive he allowed his women to take on powerful leaders hip positions. But, after his death, the role of women in society became very hard to maintain. The role of women in Islam is difficult to maintain. There are many different areas of Islam and different interpretations of the Curran verses, which place the role in Islamic societies in different ways. Like I said before women can do a good of a job as men especially when they have a leadership job. Knowing that women have little access to education, there are some solutions and steps we can take to slowly change the outcome of women.Many societies including some Muslim societies continue to exercise this manner in different forms such as the denial to education. Education is also highly competitive and in our country with culture so important, all children are encouraged to study hard in school and do well at a university level in order to be successful. Muslim girls are encouraged to work towards college education as much as Muslim boys. Some Muslims don't believe in allowing their daughters to go to school. But if Muslim girls just worked hard or even harder then maybe their parents can see that they are trying to better homeless.They don't allow them to learn to read, to participate in debates, to pursue their Master degrees, to succeed in their respective careers, and to make something of their lives. Not being able to do something makes someone want to do it more, so the girls must work extra hard to prove that they can too succeed. Three-quarters of the 1 00 million people are unable to read or write in the Arab countries, which are aged between 15 and 45 years old. But for some women of Islam, that doesn't stop them. Many Muslim women have to cope with the challenges of working in a non-Muslim environment.All women have been exposed to the workplace at some point in their lives can fully grasp the reasons why working outside the home is an enormous problem, particularly for Muslim women.

The Benefits of Marijuana Use for Medical Purposes

It is normal for people to feel that rules are meant to forbid. When one goes out for a short drive for instance, he or she would encounter a lot of rules to observe – speed-limits, stop-lights, pedestrian lanes, no right or left turn signals, among many others.But it is also not wrong to think that rules, while they forbid certain things to be done, are actually meant to regulate. This means that laws exists not really to stop people from doing what they so desire. Instead, they are there to regulate so that the people can live in a decent and harmonious society.Currently, the use of marijuana is forbidden by a lot of world governments, the United States included. And it is normally accepted that such prohibition stems from the desire to implement peace and order in the society. We all know for a fact that marijuana is a type of drug that, when smoked, can elicit certain psychological and physical effects.People who smoke marijuana experience a feeling of being high – i.e., they feel a sensation characterized by being relaxed or pacified, or being a dreamy or semi-conscious state. Marijuana can make a person lose control as well. This is why, many authorities have forbidden its cultivation and possession, because its use can make a person do certain things he or she do not want to.Be that as it may, I still would like to argue that authorities must start looking at the possibility of legitimizing the use of marijuana for medical purposes.The use of marijuana, as mentioned, can bring about certain psychological effects. And many authorities fear that, if left unchecked, its widespread use can lead people to commit heinous crimes such as gang-wars, robbery, rape and even homicide. But in their desire to regulate the use of marijuana, in view of the noble purpose of maintaining peace and quiet within the society, many authorities have also undermined the benefits which can be gained from its use.Specifically, these governments are overlooking the fa ct that marijuana can help doctors, and all those attending to the medical needs of the patients, administer helpful ways to effectively address pain management.The hospital is a place where sick persons are treated. Most often than not, these treatments come with a very high price – i.e., these persons have to deal with the pain that comes with having to be treated with their illnesses.In a manner of speaking, doctors and medical practitioners are tasked not only with the duty to cure their patients’ sickness, but also to make sure that patients can tolerate the cure which would be given to them. There are certain cures – for instance, surgeries – which are accompanied with intolerable pain. This is why, pain management is an essential part of medical practice.In view of such need, I have reasons to think that governments can start looking into the possibility of allowing the legitimate use of marijuana, if only doctors and nurses can be helped in addres sing pain management issues. Since marijuana can make a people less conscious of their bodily sensation, a dose of which can help patients deal with the pain of certain medical cures.This is especially true after surgeries. When a patient undergoes surgery, the aftermath can be very stressful. He or she needs to put up with the grimacing pain that comes with the medical procedure. And there are even times when, because of the intense pain, patients get to be traumatized because of the intense pain that comes with their operation.The use of anesthesia to address this pain issues is a common practice in the medical field. But because any high dosage giving out of anesthesia can seriously affect bodily functions, many doctors opt to use it quite sparingly. They would rather have the patients bear their post-procedure pain, than give them medicines which can seriously impede their normal physiological functions.

Math - 670 Words

Associate Level Material Appendix A: U.S Health Care Timeline Use the following timeline or create a timeline of your own with eight major events, including the four provided below, from the last 50 years. You may change the dates in the box to match the dates of your events. Include the following in your timeline: Medicare and Medicaid HIPAA of 1996 State Children’s Health Insurance Program (SCHIP) Prospective Payment System (PPS) 1955 | In 1955 the then Indian Health Services took a new shape as it was taken away from Department of Interior. It was handed over to H.H.S. I learned from ihs.gov that in the past tribal Indians had to submit their land to get health services from US government. The Indian population could get†¦show more content†¦It offers a unique characteristic that safeguards health information of patients. People with earlier health conditions may be allowed to change their plans and still maybe allowed to get services. Some limitations will be at work.State Children’s Health Insurance Program (SCHIP) was enacted on August 5, 1997 by president Bill Clinton. It is both federal and state funded. When low income people fail to get private insurance plans while they cannot qualify for Medicaid for going beyond the income limit, they can go for this program. This program comes with more quality services than that of Medicaid. Families may choose to go for submitting monthly fee at small amounts. However, a child with a private insurance plan cannot go for this program. In this case, she has to stay without any | 2001 | In 2001 the Center for Medicare and Medicaid took charge of the Health Care Financing Administration. A person can go on with SSI for 2 years if he/she fails to meet the requirements for Medicare for the time being. The person should be eligible for Social Security Disability in this case. For some particular disease Medicare may be offered without any delay | 2010 | President Obama enacted the Affordable Care Act on March 23 2010. The objective of this law was to reform related to insurance to go on for four years and more regarding the comprehensive aspect of reform. This law hasShow MoreRelatedMath Analysis : Math And Math Essay975 Words   |  4 Pagestaught math about 10 years, covering grades 5 – 8, I have witness on many occasions that girls stress more about completing math work and math testing than boys. One theory that prom pted my research is math assessment performance related to gender, male and female achievement in mathematics. At the elementary school level it is important to know basic math skills because math understanding and ability builds upon if itself. 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