Thursday, February 20, 2020

Accounting methods Research Paper Example | Topics and Well Written Essays - 750 words

Accounting methods - Research Paper Example â€Å"Implications of IFRS Conversion on US Tax Accounting Methods† is an article written by Christine Turgeon.This paper discusses the impacts of conversion of Generally Accepted Accounting Principles to International Financial Reporting Standards In the view of Turgeon, Rabinowitz, and Wong (2008), IFRS conversion causes a change in book and tax accounting methods which will have a direct effect on the company’s income tax reporting, cash taxes payable, and tax compliance. Many scholars are of the opinion that IFRS conversion would lead to hundreds of book accounting method changes. In contrast, some experts argue that most of these book changes would not result changes in tax accounting methods. However, it has been observed that IFRS conversion mandatorily requires certain changes with tax accounting methods. For instance, IFRS does not allow the use of GAAP and hence it necessitates the mandatory replacement of some old practices such as LIFO method. The tax accoun ting method issues associated with IFRS conversion may cause difficulties to companies’ cash taxes. The IFRS system does not permit the application of LIFO inventory method and this situation may cause the recapture of the tax LIFO reserve over four taxable years even though longer spread periods have been suggested. The structural difference between GAAP and IFRS also creates problems in the leasing process. Accounting practitioners opine that IFRS conversion would hasten the recognition of advance payments.... The IFRS has designed more liberal terms for private companies regarding income tax reporting. On the other hand, it is mandatory for the publicly held companies to adopt IFRS as they issues publicly traded debt securities. Hence, the difficulties related to income tax reporting hurt the public companies more. As discussed earlier, IFRS conversion and thereby the tax accounting method troubles raise a series of complications to companies’ cash taxes. Sometimes, it adversely affects the computation of book tax differences; and such conditions will impede income tax reporting process also. Precisely, public companies are more affected by income tax issues than private firms. 3. Impact of IFRS on college students/professors The IFRS conversion will largely affect professors as well as student groups. To illustrate, as this system’s complete structure has not been framed yet, the IFRS and its features are not included in the academic curriculum. Educational institutions wou ld not include IFRS topic in their academic syllabus until there is a precise assistance from the SEC for large companies and some evidences on what may happen with private companies. Even the accounting professors have no precise idea regarding this concept. Therefore, students do not get an opportunity to assess different strengths and weaknesses of this new idea to distinguish between GAAP and IFRS. It is noticed that even experienced accounting professionals possess little knowledge about the complex features of the IFRS. Since students do not get the basic ideas of IFRS from their primary classes, they will face further difficulties in understanding this method in

Wednesday, February 5, 2020

I need an essay about comparison and contrast under this topic (an

I need an about comparison and contrast under this topic (an online class compared to a traditional class ) - Essay Example Whether a person achieves a good learning experience or not is determined by the factors that affect the employment or administration of teaching, since educational instruments are normally tangible and accessible to students with whom a specific knowledge or training is communicated. At this stage, the widespread technology logically plays the key role in educating people, for the modern age has proven to have used and modified technology in almost everything that drives our living. It is, however, essential to determine which between an online class and a traditional class delivers the intended results of a quality learning. While classes held online offer learners the convenience to access a wide variety of virtual materials from a range of readable to audio-visual files, how can such setting guarantee focus and diligence with the desired output among the users? On the contrary, though traditional classes facilitate the advantage of enabling students to experience the real environment of proper education in the presence of a teacher and classmates with whom to interact, how would this ensure constant availability of up-to-date academic resources? Comparing these modes of learning is like running through a number of advantages and disadvantages that must be rea lized in considering either preference. Through an online community, a learning individual finds oneself in control of one’s pace in coping with studies under the flexibility of accomplishing tasks at the comfort of personal time and place. There is barely a need to rush on reading and responding to assignments based on the required modules or set of online curricular activities. In this manner, students gain knowledge with confidence, aware that the freedom of studying within a comfort zone allows more room for fluid thoughts and thus, better ways by which to express views or insights. This is truly a convenient