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Financial Accounting Standards - 903 Words

FASB IFRS Financial Accounting Standards The Financial Accounting Standards Board (FASB) has been around since 1973 and their organization’s duty and task is to set and provide effective and reliable financial accounting standards in the United States. The Financial Accounting Standards Board is also a private sector and is a not for profit organization, also recognized as U.S. Generally Accepted Accounting Principles (GAAP). The Securities and Exchange Commission (SEC) and The American Institute of Certified Public Accountants (AICPA) recognize their standards and consider them to have authority and to be dependable. (Facts About Fasb). The Financial Accounting Standards Board’s information is heavily used by different people such as investors, lenders, auditors and many more to influence their choices about how they designate their capital. (What We Do: Fasb) It also helps the different financial markets run smoothly. International Financial Reporting Standards The International Financial Reporting Standards â€Å"are a set of accounting standards developed by the IASB that is becoming the global standard for the preparation of public company financial statements.† (AICPA). IASB started operating in 2001 and is established as an independent organization that also sets accounting standards. According to the American Institute of Certified Public Accountants, IFRS is used by roughly 120 nations all over. Main Difference between GAAP and IFRS According to PologeorgisShow MoreRelatedThe Financial Accounting Standards Board1346 Words   |  6 PagesEarnings per share is introduced by the Financial Accounting Standards Board as the functionality used to calculate an institutions’ earnings for the year-end financial statements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for reports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASBRead MoreAccounting: the Financial Accounting Standards Board (Fasb)1158 Words   |  5 PagesIntermediate Accounting Paper The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States in the public s interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. It was created in 1973, replacing the Accounting Principles Board and the CommitteeRead MoreAccounting Standards And Financial Reporting Essay1508 Words   |  7 PagesSepe, and Tomassini (2007), â€Å"accrual accounting is the financial reporting model used by† most corporations; which in turn, enables â€Å"investors and creditors †¦ to make their resource allocation decision† (Financial Reporting Case, para. 1). In other words, due to organizations using the same standards for financial reporting, external parties are able to compare the financial condition between businesse s (Spiceland, et al., 2007). Although accounting standards have evolved over the decades, thereRead MoreFinancial Accounting And Reporting Standards1426 Words   |  6 Pages Financial Accounting and Reporting Standards Jeremy J Boston Saint Leo University â€Æ' Abstract Financial accounting has become more complex as our country grows. The United States has established a core financial body to ensure all financial statements are published within the prescribed guidelines so that any creditor or investor is able to read and understand the information. The FASB was created to ensure that these guidelines are followed and they are well-paid individuals so there isRead MoreThe Financial Accounting Standards Board1621 Words   |  7 PagesThe Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157: Fair Value Measurements (FAS 157) to provide guidance about how entities should determine fair value estimations for financial reporting purposes. These guidelines coincide with the conceptual framework and provide a baseline for accounting professionals to gauge the true worth of an asset. The goal of the conceptual framework to provide clear concise information across the accounting professionRead MoreThe Fina ncial Accounting Standards Board Essay937 Words   |  4 PagesThe Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working consistently with an array of organizations to converge accounting topics and provide a consistent method of reporting requirements. The â€Å"Joint Projects† address the differences in accounting topics and provide clarification of the new reporting terms. Some accounting topics are complex and require extensive procedures in finding a common ground. The converged topics impactRead MoreThe Financial Accounting Standards Board2125 Words   |  9 PagesThe Financial Accounting Standards Board (FASB) was established in 1973 in order to create and develop standards of financial accounting and reporting for the general use of the public and, in particular, users of financial information including auditors, creditors and investors. This financial information is standardized for greater clarity for the guidance and education of users (FASB org, 2009a). The primary purpose of FASB as a private and non-profit organization is to develop Generally AcceptedRead MoreThe Financial Accounting Standards Board1191 Words   |  5 PagesThe purpose of the Financial Accounting Standards Board (FASB) is to create and improve the standards of financial accounting and reporting for nongovernmental entities. It is a standard for not for profit financial reporting which provides useful information to investors and other users of financial reports. The Accounting Standards Update 2011-5 discusses the reporting and presentation of comprehensive income and its components in a full set of general purpose financial statements. The goalRead MoreThe Financial Accounting Standards Board2703 Words   |  11 PagesAlmost 10 years ago on July 13, 2006, FASB, the Financial Accounting Standards Board issued FIN 48 the Accounting for Uncertainty in Income Taxes. FIN 48 is also known as Interpretation No. 48 that became effective during December 2006 fiscal year. It explains the uncertain tax positions regarding the calculations and disclosures of reserves in the Statement No. 109 of the FASB. The purpose of the FASB Interpretation No. 109, also referred to as, FIN 48, clarifies uncertainty in income taxes recognizedRead MoreInternational Accounting Standards Board And Financial Accounting1307 Words   |  6 PagesIt all began on October 2002 where the International Accounting Standards Board and Financial Accounting Board signed a memorandum of understanding that has come to be known as the â€Å"Norwalk Agreement†. Here the two boards met and decided to make their standards fully compatible and put it in to practice and once they conquer their goal, they have to make sure it is maintained. But before I divulge into details regarding the future and presently achieved goals of the convergence, I would like to throw

Healthcare System In Hongkong Health And Social Care Essay Free Essays

2. Public health care services in Hong Kong are to a great extent subsidized by the Government. However, with the ageing population and increasing medical costs, the public outgo on health care is estimated to increase at a much faster gait than the economic system in the coming old ages. We will write a custom essay sample on Healthcare System In Hongkong Health And Social Care Essay or any similar topic only for you Order Now With the existent figure that the public wellness outgo may turn from 2.9 % of in 2004 to 5.5 % of GDP by 2033, it is clear that the bing funding theoretical account is non sustainable. Auxiliary funding for health care is needed to supplement authorities ‘s outgo on health care services and for the longaˆ?term sustainability of our health care system. THEMEDICAL CHARGE IN HONG KONG 3. The medical services in Hong Kong are provided by the public and private sector. The medical charge in Hong Kong can be divided into two facets: Government or Public Services and Private Service. Government or Public Services 4. Government or Public Services are provided by the Department of Health ( DH ) and the Hospital Authority ( HA ) . Medical charges of common out-patient and in-patient interventions are as follow: intervention at a authorities general out-patient clinic costs $ 45 for Hong Kong occupants ; specializer clinic for audience costs $ 100 for the first attending, $ 60 for followup and $ 10 per drug point ; free intervention for instances of TB, leprosy, genital disease, and pregnancy and kid wellness counsel ; the admittance fee of in-patients in public infirmaries is $ 50, while busying acute beds and non-acute beds are charged $ 100 and $ 68 per twenty-four hours severally. The above charges may be waived if patient can non afford them. 5. Apart from general out-patient and in-patient services, the DH and the HA besides provide Chinese medical specialty services and Student Healthcare Services to the populace. Chinese Medicine Centres will bear down patients $ 120 with two doses of Chinese herb for a intervention per visit. Healthcare services for pupils are free of charge. Immunizations against 10 childhood infective diseases are free as good. Family be aftering service is besides available in maternal and child wellness Centres at a charge of $ 1 for every visit. Private Servicess 6. Apart from authorities or public services, private medical services besides lead an of import function in Hong Kong ‘s health care system of. However, fees charged by private practicians vary and separate charges are frequently made. Patients are normally required to pay excess fees on services like research lab trials and X-ray scrutinies. With mention to the Report of Doctors ‘ Fees Survey 2010[ 1 ], the medians of some common out-patient and in-patient charges are as follow: audience fees for general patterns and specializer patterns are charged $ 200 and $ 575 severally ; day-to-day infirmary attending charge varies from $ 700 to $ 2,000, runing from remaining in ward to excellent individual suites ; surgical operations charges from $ 4,000 to $ 50,000, runing from degree 6 to level 1 surgeries. Other services such as vaccinums, composing medical studies and finishing insurance claim signifiers are charged individually and the fees varied. PUBLIC CONSULTATION 7. We have conducted two intensive public audiences in order to roll up sentiments from every sector of our society about the health care system. 8. The first phase audience showed that the biggest concerns of the populace were ageing population and increasing medical costs. A comprehensive reform was needed to run into both challenges. The populace expected that the health care reform will make a long-run sustainable system. The bulk of people agreed that the reform should concentrate on both service bringing and funding agreements. Among the six possible auxiliary funding options, the populace expressed divergent positions over the voluntary private wellness insurance and compulsory private wellness insurance. Some doubted the effectivity of the mandatary health care insurance and voted for the voluntary strategy. 9. In the 2nd phase audience, the demand of reform to our health care system is confirmed. The populace called for auxiliary health care funding, and wider picks and better protection in health care services. Therefore, the Government has formulated proposals to reform our health care system and modulating voluntary wellness insurance. The public came to a consensus that the manner of health care insurance should be voluntary. Based on the community ‘s positions, the public support is the chief support beginning for health care. Individualised health care and wider pick with quality confidence to suit everyone ‘s demand were preferred. 10. There was a widely shared concern over the sustainability and the security of the health care insurance system. The Government warrants that the strategy provides uninterrupted protection for participants into their older ages. Besides, the strategy is standardised and regulated by the Government, so as to safeguard the insured involvements harmonizing to the jurisprudence. PROPOSED VOLUNTARY HEALTH INSURANCE SYSTEM 11. Auxiliary funding is an indispensable constituent of the wellness attention financing reform. The signifier of auxiliary funding is an of import determination as it non merely influences the present community, but our future coevalss. Among the six possible auxiliary funding options, the Government decided to set forward the voluntary wellness insurance system as a portion of the wellness attention financing reform. 12. The proposed Health Protection Scheme ( HPS ) is a strategy that standardizes and regulates the voluntary private wellness insurance. Unlike other voluntary private wellness insurance in current market, insurances under the HPS is regulated to accept all endorsers and offer no exclusion of preexistent medical conditions with guaranteed reclamation for life. The pick of taking out insurance is voluntary either by persons or employers. The premium is based on the endorser ‘s pick and affordability. Subscribers will so hold a better entree to healthcare services under the HPS, and they would non detain primary attention until their unwellnesss worsen. Under the HPS, no one shall be left enduring from disease due to miss of fiscal agencies to pay for health care. Compared to the bing funding theoretical account, the voluntary wellness insurance system ensures effectual pooling and sharing of the health care hazards for persons. 13. Voluntary wellness insurance system aims at supplying the community with better picks for health care protection and heightening the longaˆ?term sustainability of our health care system. The insured are allowed to take both public and private health care services. Persons who can afford could utilize private health care on a sustained footing and even take top-up insurance programs to accommodate their ain demands. By promoting more people to take private health care services, the voluntary strategy can cut down the force per unit area on the public system. The public system could profit those who depend on the populace health care system by concentrating its resources on mark service countries and population groups, particularly low-income households, under-privileged groups and other needy. 14. The footings and definitions of the wellness insurance policy are standardized. Insurance companies take parting in the HPS are required to offer standard wellness insurance programs that follow the specified regulations and demands. However, the insurance companies are free to offer top-up benefits beyond the nucleus demands and specifications, so as to accommodate consumers ‘ demands. The HPS programs are required to supply coverage for hospital admittances or ambulatory processs, and its associate services like specialist outaˆ?patient audiences and probes, advanced diagnostic imagination. Chemotherapy or radiation therapy for malignant neoplastic disease is besides included in the nucleus demands of the program. However, primary attention, specializer services and diagnostic imagination in general, and pregnancy coverage are non included as the program ‘s nucleus demand. Insurance programs under the HPS are besides portable between insurance companies and on g o forthing employment. The insured are able to maintain their wellness insurance policy for every bit long as they want, it will non be affected if they change occupations. Unlike the bing wellness insurance, insurance companies under the HPS could exchange their programs to another insurance company or go on their programs after retirement with no loss in coverage. 15. The Government has planned to utilize $ 50 billion financial modesty as fiscal inducements to back up the health care reform. Fiscal inducements are given to protect the bad persons, to offer premium price reduction for new endorsers and to lend to the salvaging constituent of the HPS programs. Decision 16. The Government will widely publicise the voluntary wellness insurance and beg public support for our attempts to better the health care in Hong Kong. Any question on this brief may be addressed to Ms Li Wan-in, Assistant Secretary for Food and Health Bureau on 3150 8494. Food and Health Bureau 22 October 2010 How to cite Healthcare System In Hongkong Health And Social Care Essay, Essay examples

Removal of Level Crossing at Grange Road - Myassignmenthelp.Com

Question: Discuss about the Removal of Level Crossing at Grange Road. Answer: Overview This project depicts the importance of development of proper project management planning in order to gain successful outcome from the project assumptions. Project on planning and project on tender are the two most important components those are required to be considered by the project head. This particular project is based upon the removal of level crossing at Grange Road, Alphington. The aim of the project is to remove the level crossing from the middle of the road. Basically, during the office time, due to this middle way level crossing the traffic is increasing which is not at all appreciable. In order to reduce the rate of these issues, the level crossing removing authority has decided to remove the level crossing. However, if the level crossing is being removed, then the train line will also be required to change its previous location. In order to establish the project management planning properly, stakeholder management is another important thing that is needs to be considered by the project development authority. For minimizing the disruption during the construction phase, proper design and wider level feedback from the community is needed. However, for underground railway track construction, safety of the passengers is very much important. The scope, schedule, cost and resource management planning is developed in this paper. In addition to this, the quality, communication, change, conflict or dispute and procurement management planning are the other important things those also elaborated in this paper. Project scope In scope To remove the level crossing at Grange Road, Alphington Ground inspection Construction of underground subway Out scope Rescheduling train timing Appointment of maintenance staffs Objective To investigate the underground area where the new track will be constructed through preferable bidder selection To develop proper project tender in accordance to the detail design To analyze all the design options with site investigation and cost management as well Project schedule With the project schedule the level crossing removing authority will be able to reduce the work load from the workers with its distribution. The total time and cost needed to develop and implement the project be determined accurately with the help of this project scheduling. Gantt chart Task Name Duration Start Finish Resource Names Cost Schedule for removal of level crossing at Grange Road, Alphington 540 days Mon 9/18/17 Fri 10/11/19 $78,576.00 Project planning 134 days Mon 9/18/17 Thu 3/22/18 $24,080.00 Site investigation 40 days Mon 9/18/17 Fri 11/10/17 Contractor ,Project manager $10,240.00 Feasibility study 34 days Mon 11/13/17 Thu 12/28/17 Project manager $5,440.00 Identify the design options 30 days Fri 12/29/17 Thu 2/8/18 Project architect $3,600.00 Developing stakeholder engagement planning 30 days Fri 2/9/18 Thu 3/22/18 Project manager $4,800.00 Project development phase 65 days Fri 3/23/18 Thu 6/21/18 $8,576.00 Consultation with the community 32 days Fri 3/23/18 Mon 5/7/18 Project sponsors $5,120.00 Option presentation 12 days Tue 5/8/18 Wed 5/23/18 Project architect $1,440.00 Options for different design 21 days Thu 5/24/18 Thu 6/21/18 Contractor $2,016.00 Project procurement plan 278 days Fri 6/22/18 Tue 7/16/19 $33,120.00 Project is transferred to a tender 63 days Fri 6/22/18 Tue 9/18/18 Project sponsors $10,080.00 Selection of proper bidder 25 days Wed 9/19/18 Tue 10/23/18 Project architect $3,000.00 Pre construction phase 63 days Wed 10/24/18 Fri 1/18/19 Finance manager $5,040.00 Contract award 27 days Mon 1/21/19 Tue 2/26/19 Finance manager $2,160.00 Development of detail of the design 20 days Wed 2/27/19 Tue 3/26/19 Project manager $3,200.00 Enabling the work 15 days Wed 3/27/19 Tue 4/16/19 Contractor $1,440.00 Risk management plan development 25 days Wed 4/17/19 Tue 5/21/19 Sub contractor ,Contractor $4,200.00 Community engagement planning 20 days Wed 5/22/19 Tue 6/18/19 Finance manager $1,600.00 Project update acceptance 20 days Wed 6/19/19 Tue 7/16/19 Project architect $2,400.00 Project closure 63 days Wed 7/17/19 Fri 10/11/19 $12,800.00 Post project planning 20 days Wed 7/17/19 Tue 8/13/19 Project manager $3,200.00 Final project documentation 17 days Wed 8/14/19 Thu 9/5/19 Project sponsors ,Project manager $5,440.00 Stakeholder signoff 26 days Fri 9/6/19 Fri 10/11/19 Project manager $4,160.00 Figure 1: Gantt chart for removal of level crossing at Grange Road, Alphington project (Source: created by author) Work Breakdown structure Figure 2: WBS for removal of level crossing at Grange Road, Alphington project (Source: created by author) Quality management In order to implement the project successfully the steps those should be followed include: Programming the elements Policy, procedure development Approval from the reviews Documentation controlling Process improvement considering the constriction project specific quality management plan Preconstruction Tender development Bidding selection Contract development with the experienced sub-contractors Subcontractors factor analysis Material management Storage development and protection development Testing Filed procurement Zero defect program development Area inspection checklist development Resource management The resources are referred to as the entity which contributes different factors foe the successful accomplishment of project outcome. The resources include manpower, equipments, material, capital or money and time. If, these particular constraints are maintained properly, then the level crossing removal authority will be able to implement the project successfully. Communication plan Stakeholders Whom to communicate with Frequency Purpose Project manager Project team members and workers as well Daily To make them understand and familiar to the details of the project. Finance manager Project manager Monthly To make the project up to date about whether the project is exceeding the project budget or not Contractor Workers Weekly To deliver the project details to the workers who are working from the level crossing removal project Architect Project manager Weekly To collect review from the stakeholders so that the project can meet the requirement of the development authority Sub contractor Contractor Daily To reach the project goal considering the safety and security of the passengers who will be travelling by the underground train. Change management For this particular project the change management that is needed to be implemented includes: Product and business roadmaps Enhancement of business accessibility and safety in the roadmaps Increment in local amenity Material management Readiness assessment Conflict management In order to implement the project successfully the project manager should use open communication during the project ongoing phase so that the project team members can share their point of views to the higher authority. It will also help to reduce the intra and inter project conflicts. Risk management Identification of the hazards Accessing the probability and consequences Prioritizing the risk controlling aspects Evaluation of risks For this particular project the risks management include: Cost management Time management Resource management Procurement management Based on the proposed agreements the deliverables ought to be produced For negotiation and agreement management effective resource management should be done Before final implementation desired testing are needed to be done For this particular project the procurement methods are payments, expressions for interest, price request. Sample development for the project contract Cost management Figure 3: Cost management for level crossing removal project (Source: created by author) Bibliography Kerzner, H., 2013.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Larson, E.W. and Gray, C., 2013.Project Management: The Managerial Process with MS Project. McGraw-Hill. Leach, L.P., 2014.Critical chain project management. Artech House. Martinelli, R.J. and Milosevic, D.Z., 2016.Project management toolbox: tools and techniques for the practicing project manager. John Wiley Sons. Mir, F.A. and Pinnington, A.H., 2014. Exploring the value of project management: linking project management performance and project success.International journal of project management,32(2), pp.202-217. Nicholas, J.M. and Steyn, H., 2017.Project management for engineering, business and technology. Taylor Francis. Schwalbe, K., 2015.Information technology project management. Cengage Learning. Walker, A., 2015.Project management in construction. John Wiley Sons.