Finance and Accounting Essay Example | Topics and Well Written Essays - 1500 words

Finance and Accounting - Essay Example The companies’ compliance with IFRS standards can effectively help predict the future financial outcomes and reduce irresponsible cosmetic accounting practices. The company’s compliance with all International Financial Reporting Standards will translate to better prediction of forecasting future business outcomes. For example, the compliance with standards requires that the company present the historical sales amount s for the past two years. If the sales for 2010 is $ 250,000 and sales for 2011 is $295,000. Any keen financial statement analyst or reader can easily forecast next year’s forecasted sales will exceed $300,000, all other factors being equal (Wiley 14). Further, relevant and valid financial information (balance sheet, income statement, and statement of cash flows) must be relevant to the needs of the financial statement users. To relevant, the financial statements must comply with the predictive value tenets of the International Financial Reporting St andards. Consequently, the financial statement users can increase the reliability of the decision makers (Epstein 13). The International Financial Reporting Standards required that the financial statement should be prepared to enhance the decision making process (Jermkowcz 29). For example, International Financial Reporting Standards require the entities to report long term loans under the liabilities section of the financial reports. ... Compliance will make the forecasting activity more realistic (Porter799). In terms of forecasting value of the International Financial Reporting Standards, the financial reports should be prepared using the fair market value in recording sales or other related amounts. For example, the buyer agrees to the seller’s ?2,000 selling price pegged for one factory production equipment. Consequently, the factory production equipment is recorded in the company’s assets portion of the company’s balance sheet at ?2,000. The amount represents the customer’s fair market value of the purchased equipment. Specifically, the fair value portion of the International Financial Reporting Standards can be found in IFRS no. 2, IFRS no. 3, IFRS no 7, International Accounting Standards Board (IASB) no 16, IAS no. 39, IAS no. 40, as well as IAS no 41 (Walton 13). During the preparation of financial statements, there are many situations when International Financial Reporting Standar ds insists on focusing on ensuring the predictive or forecasting goals. For example, the standards describe the company’s financial assets as any resource that is controlled by the entity as a consequence of the entities’ prior transactions. Such asset items must have future economic benefits flowing into the business equation. Consequently, the standards require the companies to raise or lower their asset values, depending on external factors (Shamrock 8). (b) Creative accounting (causes, techniques, & effects) Cosmetic accounting causes trigger some impacts. The company’s desire to seek the bank’s approval of their long term loan applications prods the company to increase its revenues. Normally, banks base their loan approvals on

Pop-Culture Media Critique Essay Example | Topics and Well Written Essays - 250 words

Pop-Culture Media Critique - Essay Example make use of women as a way to attract gamers, toy and action heroes clones production that ultimately provides messages to girls from the young age that they have to dress up in the so-called Barbie manner etc. Director of the documentary has used footages of news bulletin where the subject of plastic surgery was most important and not the increasing inflation rate (Newsom, 2011). The patriarchy involved against the women has been well indicated in the film where young girls talk about intellect that is more associated with men instead of women. The documentary beholds the message that it is the era of capitalism that has highlighted and focused on the beauty and physical appearance of the girls rather than their achievements and skills. The political intervention is not the only concept on which the director has stressed in the documentary. Overall, it has successfully achieved it methods by using effective points such as talking about the plastic surgery (Newsom, 2011). The writer and director of the documentary, unlike other feminist documentaries, bestow the power of change among women instead of the circumstances and men. The documentary claims that the self-transformation method of change can bring results and it is only in the hands of women (Newsom,