Kevin Stevenson retires as AASB Chair Essay Example for Free

Kevin Stevenson retires as AASB Chair Essay This media article is about the accomplishments and achievements of Kevin Stevenson regarding his retirement from Chairman of the Australian Accounting Standards Board on 30th June 2014. (Media releases, 2014) While Kevin Stevenson was in his position, he ensured the long traditions of financial reporting was being supported both internationally and domestically and that counseling was provided for the issues raised about FRC. (Media releases, 2014) Mr. Stevenson was the first to research, develop and create Accounting Standards Advisory Forum which is dealt within International Accounting Standards Board. The AASB’s Research Centre was established while Stevenson worked as the Asian-Oceanian Standard Setters Group’s chair. His leadership focus was mainly on the interest of the public. This was stated by Lynn Wood, FRC’s chair and trustee of the IFRS Foundation. Ian Mackintosh, the former Chair of the PSASB of Australia and Deputy Chair of IASB was in agreement with this statement. (Media releases, 2014) According to Mackintosh, Mr. Stevenson has largely contributed to have Asian countries to join IFRS, like Nepal and Korea. From the beginning of the 1970s, Stevenson has put all his attention in setting principal based standards and developing a Conceptual Framework to be used in financial reporting. Mr. Stevenson supported accounting regulations as it was evidenced by his organisation and also by Australian Accounting Research Foundation. He has also been appointed as a director of AARF while watching AARF grew with it’s development of regulations. He was a leader and was in the most important position when setting the international pace to develop the common accounting standards for both the public and the private sectors. (Media releases, 2014) Stevenson has contributed in the formation of the Public Sector Accounting. He took a significant role in the establishment of International Financial Reporting Standards in 2005 and this Standard has widely been used in Australia and the entire Europe. (Media releases, 2014) Concepts, ideas and facts There are two important components that need to be satisfied to offer accounting services exhibiting high efficacy and quality. These are teamwork and leadership. Management models in accounting services need to employ strategic human resource techniques to teams in accounting teams and leadership positions in order to provide high-quality services in the shortest time possible. The operation of accounting services operates under a clear and concise manner and performs its measurement. Therefore, to provide the best accounting services and not get involved in fraud accounting, there needs to be an ultramodern investigation that uses scientific leadership when working as a team with major stakeholders (Topic 2, 2014). Stevenson was leading in the right direction by using new techniques in accounting. These techniques of accounting were important steps which need leaders with efficient skills to apply concepts like efficacy, cost benefit analysis, economies of scale and cost-effectiveness analysis that will progressively measure improvement. To resolve a core issue of the organization and get a competent solution, it is important to acquire efficient leadership. Strategic leadership in accounting provides quality and up to date accounting services to an organization. Leadership like that of Stevenson, brings together all of the incomplete system consisting of thousands of accountants working within a fragmented system of organizations. (Topic 7, 2014) Advanced fraud investigation is developed through effective teamwork and leadership in accounting. Leaders’ decisions are encouraged to be made by considering social and moral implications so it will have a positive effect on the shareholders and customers of the organization, such as the leadership of Stevenson’s. (Topic 7, 2014) Every employee bears an ethical responsibility to act in an ethical manner and make sure that their company does is tax compliant and allows reasonable deductions. Employees should ensure that the company appropriately allocates the importance of the business activities. The Accounting Issue The best way to improve the truthfulness in accounting and financial reporting is by ensuring that ethical standards are used through efficient manners of reporting, sufficient financial management and a strong system of governance. Maintaining a right to the truth is an ethical practice in financial reporting and accounting. Both the clients and stakeholders of an organization have the right to information that is true and accurate when making any investment discussions. It is the legal obligation of any accountant to provide services that are professional and competent and this should be done within their required skills. It is a common argument that a large number of accountants do not have the ability to recognize and solve ethical dilemmas in an ethical manner. This has made it necessary to incorporate ethics education as a key element in the accounting profession. Early initiation of the inclusion of professional values and ethics should be emphasized in the accounting profession. Major issue of the article Stevenson clearly shows that ethical management and taking responsibility to act in the best interest of the company that they are providing accounting services for, relates with providing accurate and truthful records. This beneficial not only to the organization, but also to the society in general (Media releases, 2014) Management should be ethical by being honest, accurate and complete when dealing with financial data and have ethics held in place. Every employee bears the responsibility to make decisions that are wise and up to date for the future well-being of the company. The accounting standards are useful in financial reporting and accounting as they are critically examined when processed. (Topic 2 , 2014) In order to uphold the highest code of ethics, organizations should emphasize on the major functions because shareholders and customers often make their decisions based on financial and accounting reports. Mr. Stevenson’s case is a clear demonstration of the importance of legal and ethical factors in accounting and financial reporting. It is through these two issues that Mr. Stevenson was able to establish effective departments of accounting and financial reporting and design specific rules that govern general functioning of any company. Relevant topics and theories Positive Accounting Theory plans for the future and gives information of what is currently not known. Financial reporting has its history with Positive Accounting Theory applied. It has focused its major interest on various aspects of accounting techniques which has provided an informative background with in depth details of the functionality of accounting in financial reporting (Topic 2, 2014) The application of financial reporting and accounting is concerned with all the future business of a company that relates to any economic unit. There are four main ethical elements involved in accounting and financial reporting. These elements are truthfulness, objectivity, autonomy and competence and they require employees in the accounting and financial reporting profession to act independently towards the clients to whom they offer their services. They should ensure that their desire to attain better living and to acquire more wealth should not be an obstacle to their financial responsibilities. Obligations of ethics greatly affect the decisions of accounting and financial reporting. Also helps solving unfair situations that may alter information symmetry. (Topic 2, 2014) The decision by Nepal and Korea to join the IFRS was based on the financial guidelines that govern accounting and financial reporting. Every employee in the accounting and financial reporting profession, whether in a private or public company bears an ethical responsibility to act in a manner that is loyal and impartial to his or her obligation when reviewing both the financial or individual reports of an organization. It is quite normal for accountants and financial reporters to encounter possible ethical violations when working. As a result, one should maintain carefulness and desist from manipulation of financial records as this is a violation of ethical guidelines. The important elements of normative accounting theory are the integrity and being open to public scrutiny. For some companies to maintain certain public image they may receive pressure from management. Most companies in the public sector are faced with the pressure to be seen as highly successful. Consequently, it becomes an ethical concern for the company to maintain ethical reports of the company assets because the pressure from management could fail them to resist the temptation (Topic 2, 2014). Management should not manipulate the company’s financial records and alter the figures in an effort to create an image that falsely portrays the company as successful. This is often temporary because it only portrays the prosperity of the company on a short term basis before the fraud is detected by the Securities and Exchange Commission (Topic 2 , 2014). Such manipulation, which is often based on poor decision making skills aims at putting up a false image of the financial status of the company and only has negative effects on the well-being of the company. Accounting professional should by all means disregard such practices. Despite the temptation associated with manipulating financial records, management should act as the last defense tool against accounting fraud. For these reasons, accounting theories assert that companies should maintain their ethical vigilance in order to avoid any potential breach of conduct (Callahan, 2014). Every individual engaging in any activity relating to financial reporting and accounting should uphold the highest standards of ethical behavior. It is through these standards that guidelines and rules are set to guide employees in performing their professional responsibilities. Question 2 In comment letter 1, the Financial Reporting Committee of the IMA wrote this letter to express its opinion on financial accounting standards, to simply the income statement presentation by eliminating the concept of extraordinary items. The FRC is in charge of several accounting books of different companies. This basically means that FRC has the responsibility of making timely responses to statements, pronouncements, research legislation, proposals and pending legislation. Their main concern in this comment letter is the complexion of financial statements within FASB. They support the simplified financial statements adopted by the board which is easier for common people to understand CITATION Sch l 1033 (Schroder, 2014). Their support is on the elimination of very unusual items as in most times this criterion is not satisfied. Their proposal to simplify the income statement gets rid of the tedious work in the preparation of financial documents. Their support is based on the fact that the allocation of time in preparing income tax reduces to a great extend by eliminating the occurrence of other income items. They thus advocate for a thorough examination of the details of this suggested proposal CITATION Sch l 1033 (Schroder, 2014). In comment letter number 2, Marcum Accountants and Advisors write to the FASB to simplify the income statement by eliminating the concept of extraordinary items regarding the proposed accounting standards. Their letter is generally a response to several questions regarding the process of simplification of the income statement. They support the concept of elimination of extra ordinary items from the General Accounting principles. Their argument is based on where the extra ordinary items make the application difficult in accounting practice CITATION Giu14 l 1033 (Giugliano, 2014). They thus support the application for extra ordinary items in previous accounting periods. A sudden change of the rules would otherwise lead to confusion in the accounting practice CITATION Top14 l 1033 (Topic 2 , 2014). The ease of application with the proposed update makes it easy to make these recommended changes to adopt. They thus suggest the immediate adoption of the proposed update. They agree with the decision made by the board which was to comply with the principle of separate disclosure of infrequent transactions. They also suggest the importance of offering guidance on deciding the unusual item. CITATION Giu14 l 1033 (Giugliano, 2014) Proper definitions should be provided of the unusually occurring items. In comment letter 3, Ford Motor Company also writes supporting the simplification of financial report assessed and initiated by FASB. Their agreement is based on the reasonable evaluation, identification and improvement of the generally accepted accounting principles CITATION Cal14 l 1033 (Callahan, 2014). This thus means that by reducing the complexity and simplifying the income statement, it will possibly reduce the cost of application. They are also in agreement with the board that such an update would not lead to data loss. The overall benefit would be to the end users of such financial statements. References Callahan, S. (2014). Comment Letter No. 6 (1st ed.). FORD MOTOR COMPANY. Retrieved from http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPagecid=1218220137090project_id=2014-220 Callahan, S. (2014). Comment Letter No. 6 (1st ed.). FORD MOTOR COMPANY. Retrieved from http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPagecid=1218220137090project_id=2014-220 Giugliano, G. (2014). Comment Letter No. 5 (1st ed.). MARCUM LLP. Retrieved from http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPagecid=1218220137090project_id=2014-220 Media releases,. (2014). Kevin Stevenson retires as AASB Chair. Proposed Accounting Standards Update. (2014) (1st ed.). Retrieved from http://www.fasb.org Schroeder, N. (2014). Comment Letter No.2 (1st ed.). IMA/FRC. Retrieved from http://www.fasb.org/jsp/FASB/CommentLetter_C/CommentLetterPagecid=1218220137090project_id=2014-220 Topic 2 The role of ethics in accounting. (2014). Topic 6 International Accounting. (2014). Topic 7 Normative Accounting theories. (2014). Source document

Commanders of the Army of the Potomac :: Essays Papers

Commanders of the Army of the Potomac In his civil war book Commanders of the Army of the Potomac Warren Hassler Jr. fantastically recounts the events that transpired between 1861 to 1865 during which seven men were given the reigns of the North's Army of the Potomac and asked to lead the Union to victory. However, one of the greatest commanders in history stood in their way; Robert E. Lee, and each was pitted against this great general one by one and given the chance to make history. The first, Irvin McDowell was regarded in this book as a great soldier in his own right but a terrible leader who displayed visible gaps in his preparedness, in his tactics, and in his strategy. He was the first to take control of the northern army. Not much later towards the end of May of 1861 General Lee established a defensive hold along the small stream of Bull Run located in Manassas. During the Battle of Bull Run McDowell was crushed by Confederate generals Joseph E. Johnston and Pierre Beauregard due to weak planning and it be came apparent that this in fact would not be a short-lived war. Next up was the most popular and perhaps the greatest of the commanders, George B. McClellan. After the embarrassing defeats at Bull Run he masterfully regrouped and disciplined the AOP as he himself showed outstanding military presence and was constantly increasing his knowledge of offensive tactics. From spring of 1862 till July of that year General McClellan was successful in driving the Confederates out of West Virginia and he was inching toward the southern capitol of Richmond when General Jeb Stuart under Lee encircled and outmaneuvered McClellan's forces who were driven back and finally held at Malvern Hill during the Seven Days Battle. During this time period there was some shifting of control and the AOP was put into the arms of General John Pope. This book regards Pope as one of the most pathetic leaders of the Civil War as he screwed up and changed his ways during the second battle at Bull Run and sacri ficed his men uselessly. Meanwhile, McClellan blew an opportunity to catch the Confederates off balance after he learned of Lee's plans but stalled and hesitated for a day giving the southern reinforcements plenty of time to arrive and group together and the north escaped with a slight victory only after Lee decided it would be wise to withdraw his forces.

John Rawls’s A Theory of Justice

In his influential book A Theory of Justice, John Rawls structured his concept of society around two principles of justice that he argues were best chosen under a â€Å"veil of ignorance† (1971).Rawls maintains â€Å"that the first requires equality in the assignment of basic rights and duties, while the second holds that social and economic inequalities are just only if they result in compensating benefits for everyone, and in particular for the least advantaged members of society† (1971). His argument for the second, while not purely and purposefully classifying society as equitable and impartial, supports the idea that contribution should be proportionate to one’s ability or capability.There are a multitude of ways to interpret Rawls’s second take on the concept of justice, some agreeable and some not. He argues that in order for others to prosper, some should have less (Rawls, 1971).He also asserts the idea that in looking at the bigger picture, everyo ne in the society achieves benefits by catering to what seems like a monopoly of wealth, power and therefore, opportunity. Rawls’s justice supports the socialist idea that majority of society’s responsibilities and burdens should be carried by those who can—those who are wealthy, have power, and therefore, are more capable of managing the said responsibilities.While these may be good points to support his ideas, Rawls’s theory fails by theoretically preventing change in societies where these so-called social inequalities already exist—societies where those high up already enjoy the benefits of good living standards, while those in the lower brackets either continue or further suffer in their disadvantages. It is also faulty in the sense that the poor essentially â€Å"pick up the scraps† that the rich had left.Rawls idea that inequality can actually be just and fair leaves much to be desired. It should have been more egalitarian in the sense that both the rich and the poor would have equitable access to wealth and power. It would be difficult to guarantee justice in a society that separates those who can afford justice from those who can afford justice more.ReferencesRawls, J. (1971). A Theory of Justice. Cambridge: Harvard University Press.

The Issue Of Freedom Of Speech - 1139 Words

The Hunted â€Å"Everyone is in favor of free speech. Hardly a day passes without its being extolled, but some people s idea of it is that they are free to say what they like, but if anyone else says anything back, that is an outrage.† - Winston S. Churchill In today’s society, many people have a contradictory belief on the issue of freedom of speech. Never wishing it was taken away; but abused by the negative side of this right. People should have the right to speak their minds and not be prosecuted there after. Therefore, there should be no limitations placed upon the First Amendment to the United States Constitution’s legislature on freedom of speech. Gathering three evidential points that pertain to this topic and will be discussed throughout this essay, include: inalienable rights posed in the Bill of Rights, the development of individual personalities, and the advancement of peaceful, social changes. The Bill of Rights was adopted in 1791; providing inalien able rights based upon English law and tradition. Beginning with the Bill of Rights, the First Amendment clearly states, â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for the redress of grievances.† (U.S. Constitution) These rights, given in the First Amendment, prove to be inalienable rights which means they are unableShow MoreRelatedOnline Harassment : An Issue Of Freedom Of Speech991 Words   |  4 PagesOnline harassment is turning into a larger and larger global issue. It is no longer that of children being too harsh to their peers, or celebrities being attacking for some tid-bit they said off handedly. Though both of these still occur, the scale has broadened to a point where it is felt laws must be enacted to combat this. 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