Benefits of IFRS Essay Example for Free

Benefits of IFRS Essay IFRS will enable US bank to compete globally; more than one hundred countries in the world are already using IFRS. This is because more than sixty percent of investors in US operate foreign stocks with foreign banks and other companies which use IFRS. Therefore, if US bank fail to switch to IFRS, transparency and comparability will reduce for US issuers and investors (Silver, 2009). Furthermore, US exchanges such as the NYSE have been gradually losing their position as the place where worldwide companies list their shares. This being the case, the US bank has been affected since foreign investors now prefer investing their wealth in other banks where the accounting standards are not as strict is in the US. To avoid losing investment opportunities and lagging behind the current developments in the field of accounting, US bank does have to switch to IFRS. Comparing the annual report of Rabobank with that of Wells Fargo bank shows how IFRS reduces financial reporting into smaller and less complicated documents. The 2009 annual report of Rabobank were complied in a 61 (Rabobank, 2010) pages document while that of Wells Fargo were documented in 196 pages (Wells Fargo, 2010). This implies that IFRS summarizes financial reporting more than thrice of the GAAP accounting standards. It is also evident from the annual reports of the two banks that IFRS provides more comprehensive historical information regarding the performance of the bank over the past five years(the case of Rabobank) while GAAP only gives the present and previous year’s figures. This makes IFRS more effective since the stakeholders, management and investors can be able to track the financial position of the bank at a glance so that which is very important for future palming (IASCF, 2009). Adopting IFRS will make reporting for most banks in US easier since it will reduce the complexities of comparing financial statements from different subsidiaries across the globe. It will also facilitate internal consistency and streamline all operations, auditing, reporting standards, training and company standards (Articles Base, 2009). For instance, Rabobank applies IFRS on its financial reporting. This has greatly improved the efficiency of the bank since it operates in more than forty countries around the world. Following the bank’s annual reports since 2004, the total net profit calculated using IFRS was higher by 15 million Euros as compared to the same when calculated with GAAP (Rabobank Nederland, 2005). This difference was majorly due to the benefits of reclassifications of interest income under IFRS. This is because under the IFRS accounting standards, several interests are no longer consolidated and this results to lesser third-party interests (Rabobank Nederland, 2005) Disincentives of adopting IFRS IFRS accounting standards are less detailed as compared to GAAP; GAAP is more complex and based on rules while IFRS is based on principles. Adoption of IFRS will reduce the quality of financial reporting because most of the rules applied for GAAP have been let-out in IFRS—while IFRS principles fit in a single two-inch thick book, GAAP standards fit in a nine-inch thick book—this indicates that the details and reporting requirements of IFRS are fewer and compressed (IASCF, 2009). Adoption of IFRS implies that banks will incur additional costs: training staff on IFRS standards and also initial conversion costs which will be paid to advisors and auditors (Articles Base, 2009). Considering the format of the annual reports of the two banks, it is evident that IFRS eliminates many items from the annual report and presents only the consolidated financial position of the bank. Information eliminated from Rabobank’s 2009 financial reports include the vision, mission and goals of the organization, financial reviews, the report from independent registered public accounting firm and reports on stock performances; however this information is provided in Wells Fargo 2009 annual report.

Confession Essay example -- Theology, Jesus, God

There are several assumptions with which I will begin prior to discussing my confession. The first assumption is that Jesus, who was crucified, is Lord and that God has raised him from the dead. A second assumption is that apart from the first assumption, any and all other aspects of my confession could be flawed or wrong. My beliefs about the nature of Scripture, God, Creation, Humanity and Sin, Jesus Christ, Salvation, Holy Spirit, and the Church, though related to the centrality of the gospel, the gospel in itself is not contingent upon many these things. Therefore, though my confession in relation to the aforementioned beliefs could change over time and with experience, the central belief of the gospel of Jesus Christ, however, will never change. In relation to the centrality of the gospel, I also believe that the God who raised Jesus from the dead is the creator of all things, and is inherently good, that God is opposed to evil in the world. I believe that God will eventu ally bring a final judgment and healing to all things, which will restore the universe and the evil within it. While I believe all of these things, provided by the evidence of scripture, I do not believe I will ever know all things of God and theology in this life and possibly should not be concerned with the knowledge of all things of God and those things related to God. The writers of the biblical text were not concerned with knowing all things of God, but instead, having relationship with God and trusting in that relationship. It is with these assumptions that I begin my confession. This confession seeks to: (1) Convey a theology of Scripture, God, Creation, Humanity and Sin, Jesus Christ, Salvation, Holy Spirit, the Church and Ministry; and (2)... ...s the fellowship of the body of Jesus Christ. It exists wherever two or three are together in the name of Jesus Christ to worship and serve. The church is holy in that the church is set apart to God by the Holy Spirit. The church serves as the dwelling place of God on earth and has a unique purpose to glorify God among all people. It is also a community of discipleship and repentance. The church is universal because as Roger E. Olson states, â€Å"it exists across barriers of language, ethnicity, culture and nationality.† (Olson, 304) The universal church extends from Pentecost, until the return of Christ and throughout eternity. The church is apostolic in that it is a continuation of the faith of the apostles of Jesus Christ who received the Holy Spirit on the Day of Pentecost. Wherever the apostles proclaim the gospel, the church is present. (Olson, 305)

Leadership Development Perk or Priority

CONTENT S. NO| TOPIC| 1| Introduction about the case| 2| Analyse the problem with the case using OB theories and concepts. | 3| How should Barton make her case for executive education? | 4| Reflection upon our experience of working in a group. | 5| Conclusion| 6| Referencing| ABSTRACT Karen Barton, Zendal Pharmaceuticals (senior vice president of HR) ,was annoyed when COO Palmer scorched her executive education budget by 75%.The first thought that came to Barton mind that it was a mistake, but it wasn’t a fault as Palmer patiently told Barton, sales were down by 26% and there was $300 million debts Zendal took on when it acquired Premier Pharmaceuticals, as a result Barton’s budget wasn’t the only one being cut. Palmer added that it wasn't clear what would be the return on investment of her proposed program or any of her current ones for that event. Barton's analysis had been extremely short on Quantitative benefits.Barton complained to a friend Carlo Freitas, he ad of the medical devices division about this, but Freitas disagreed: â€Å"If you want dollars, you have to show how you fit in with management's plans. You must be deliberate to fight for the resources with rest of us†. Barton bristled: â€Å"Don't you see that my department is connected to all the others? Every division benefits from the HR budget. † But she noticed that Freitas was correct. She needed to make the case that duplify her budget was a clever act even in tenacious times. Q1. Analyse the problem with the case using OB theories and concepts.Ans. Analysing the case we find the following concepts: 1. Conflict concept: â€Å"It is a disagreement between two people or group over some major issues†. In the case there is a disagreement between Palmer and Barton regarding the importance of executive education due to which Barton’s executive education budget was cut by more than 75%. 2. Understanding concept: â€Å"It relates to showing/exchanging of one’s thought with that of others†. Here Barton takes helps of her friend Frietas in order to take some decision regarding the executive education.Now regarding this decision Freitas tells her that she should provide justification for as how will executive education somewhere lead to profit of the company. 3. Communication concept: â€Å"Communication is process by which information is transmitted between individuals and/or organization so that an understanding of response results†. Barton knew about the interests of the executive towards a particular program communication with them and also encouraged the executives for enrolling in the respective program they liked. 4.Organization development concept: â€Å"It is a long term strategic which focuses on the whole culture of the organization in order to bring about planned changes† In this case Barton took a step ahead for the executives’ education for executives in the company. Barton as the mana ger of HR department was wondering as how executives can be provided with the training (organizational department). For this she took two steps: (a) Initiatives for two types of employees: * New Hires – who had to be bought up in a quick and speed way. * First level supervisors – these are high potential performers.An average enrolment was between 25 and 30 employees. (b) Low key approach : Barton’s team adopted an initiative to collect information on various programs at different B schools. Barton has encouraged executives to speak to the attendees first and look over the course materials those people had brought back. According to her this was a good way to determine whether the executives need fits with the programs theme. 5. Motivation concept: it is one of the most important concepts that best fits in the matter. Motivation Motive Motivating Engagement in work behaviourActivating needs and providing needs satisfaction on environment Needs in individuals In this case all the executives under Barton were being motivated by her for enrolling in the best suited programs and also she asked them to enrol in the programs which discouraged they felt were poor or below average. THEORIES: 1. Vroom’s theory of expectancy: â€Å"Theory deals with the variables of motivation and their interrelation†. Employee Effort Performance Reward According to the block line diagram of VTOE we can correlate the case as: (a) Employee : executives b) Effort : that are made by Barton (c) Performance: all the performance criteria can be given to Barton and her team members. (d) Reward: enrolment of executives as managers and some increment of position. 2. Leadership theory: â€Å"it is the process of influencing others towards the accomplishment of goals. It is the ability of a manager to induce subordinates to work with confidence and zeal† Behavioural theory of leadership: â€Å"this is related to the behaviour of the leader that it is some where related to what the leader does instead of hi traits†.According to the above theories of leadership we can relate to our case study as follows: Barton instead of acting as a manager acted as a leader thinking of the welfare of various executives who could be projected by executive thinking. Q2. How should Barton make her case for executive education? Ans. Barton should have focused on creating a quantitative ROI that the other executives buy into or should have revised her training program so that it does have measurable outcomes for a quantitative ROI.In order to make her case for executive education to palmer she should have explained or shown the turnover and ROI calculation as shown below.. Turnover ROI calculation: Total number of employees = 5,000 Turnover rate per year = 5% Turnover cost per employee = $20. 000 (termination,staffing,training etc) 5,000*. 05*20,000 = 5,000,000 Therefore, estimated cost of turnover per year = $ 5,000,000 Number of executive = 50 5,0 00,000/50 = 100,000 i. e estimated cost of turnover per executive = $ 100,000. Total number of employees = 5,000Reduced Turnover rate per year = 4% Turnover cost per employee = $20. 000 . 5,000*. 04*20,000 = 4,000,000 Therefore, estimated cost of reduced turnover per year = $ 4,000,000 Number of executive = 50 4,000,000/50 = 80,000 i. e estimated cost of reduced turnover per executive = $ 80,000. Saving per executive = $ 20,000 (100,000 – 80,000) Cost of training per executive = $ 12,000 Financial benefit per executive = $ 8,000 ROI = 20000/12000*100 = 167% Return for each dollar invested. Productivity ROI calculation : Number of sales specialists= 250Annual sales contribution each specialist = $ 50,000 Increase in productivity = 6% 250*50,000*. 06 = 750,000 Number of executives = 50 750,000/50 = 15,000 Estimated benefit of increased productivity per executive = $15,000 Sales increase per executive = $ 15,000 Cost of training per executive = $ 12,000 Financial Benefit per exe cutive = $ 3,000 ROI = 15,000/12,000*100 = 125 % Return for each dollar invested Therefore total ROI according to her revised executive program is as follows .. Turnover: Savings per executive = $ 20,000 Cost of training per executive = $12,000Financial bebefit per executive = $ 8,000 ROI = 167% Productivity: Added impact on contribution per executive = $ 15,000 Cost of training per executive = $ 12,000 Financial benefit per executive = $ 3,000 ROI = 125% ROI = 35,000/12,000*100=292% Return for each dollar invested Therefore by showing this calculation Barton should have explained how her program can provide financial benefit per executive with less cost of training per executive and with greater ROI for each dollar invested.. Reflection upon our experience of working in a group. Ans.For us working in a group was very beneficial as it gave us the chance to work together with new charm and refreshing ideas. Although in the beginning it was very challenging for all of us but despite o f that we worked together which at last helped us in increasing our view points towards the case study and resulted in a Better research work with thoughtful solutions for the case. Each member in our group was very motivative and gave his or her 100 percent in completing our work. Like all typical groups, in our group also there were good and bad events and moments. i. sometimes we had conflict among us over different views , but Whatever the scenario was, we learned a lot from each other and at last were very comfortable working with each other. CONCLUSION Leadership has been a major topic in management and business literature over the last few years. The rapid changes in business, technology, political and social factors has required the development of effective leadership skills. As a result leadership development programs have become an increasing priority for business and government organizations. Therefore Barton should have done a more thorough evaluation in order to Identif y the strengths and weakness of her executive development programs, * Identify the trainees which benefited the most from her program * She should have determined the costs of the program and its financial benefits to the organisation * Moreover she should have compared the costs and benefits of her training versus non training investments , the costs and benefits of different training programs to choose the best program out of it and then should have presented her case to Dave Palmer mentioning all the benefits of her executive development rogram and should have tried to convince palmer not to cut that major chunk from her program as it would be a fruitful investment for the organisation in the long run and would surely help its organisation perform well in the future. REFERENCING Margie Parikh, Rajen Gupta. (2011). exploring communication as a behaviourial process. In: Shalini negi,Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 285 .Margie Parikh,Rajen Gupta. (2011). managing conflict,stress and negotiation. In: Shalini negi,Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 307. Margie Parikh, Rajen Gupta. (2011). understanding decision making as a process . In: Shalini negi, Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 332. Margie Parikh,Rajen Gupta. (2011). understanding motivation.In: Shalini negi,Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 139. Margie Parikh,Rajen Gupta. (2011). understanding motivation. In: Shalini negi,Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 141. Margie Parikh,Rajen Gupta. (2011). understanding leaders. In: Shalini negi,Sneha kumari  Organisational Behaviour. new delhi: tata mcgraw-hill education private limited. 519-523.

The Dream Act Of The United States - 1208 Words

The DREAM Act Since early in the 17th century, immigrants from different places on over the world have come to America to seek for freedom and opportunities. They have contributed in a large portion of the United States’ economy as well as culture. As a result, the impacts on American communities have turned into arguable issues, and one of them comes from educational field, the DREAM Act. In a simple way, DREAM Act (Development, Relief, and Education for Alien Minors) is a program that offers permanent legal status to illegal immigrants up to age 35 who arrived in the United States before age 16, resided in the U.S. for at least five years, graduated from high school and completed two years of college or honorable military service. Standing on both sides to consider the its influences, the questions of either The DREAM Act has a positive or negative effect on America’s college and whether or not it should be passed are still vague between controversial opinions. 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