GAAP vs IFRS – Revenue Recognition

GAAP vs. IFRS Revenue Recognition

 

GAAP and IFRS are two very different forms of accounting. They have some aspects that are nearly identical, while others are completely different. One example of an aspect that sits more on the different end of the spectrum would be how each accounting method recognizes their revenue. They have some parts that work out the same, but overall, are very different with their rules and regulations on revenue recognition. GAAP and IFRS recognize their revenue in ways that are very different and cause economic transactions that seem similar to be quite different when revenue is recognized.

As we view each of these two different accounting systems, some people may ask why it matters how they relate. Well, that could be answered in a plethora of ways. Mainly, it is to see how distant the two methods are, and see if the world is any closer to harmonizing their accounting methods into one shared method of accounting (Daske). The end goal is mutually agreed to be the convergence of each method, or more so everyone converting to one of the two methods. Where one has the strict guidelines to cause a set track to follow, the other has broad rules but nothing specific for the given industries. These differences cause a lot of debate as to which is better for use, the IFRS system or the US GAAP system.

When looking at GAAP as opposed to IFRS, the biggest difference is the initial way that revenue is broken down into. For GAAP, revenue is either realized or realizable, and then earned.  Revenue under the rules of GAAP should not be recognized until an exchange transaction occurs (PWC). IFRS is broken down into four categories instead. These are sale of goods, rendering of services, others’ use of an entity’s assets, and construction contracts. These are set from two primary standards for revenue transactions (PWC). Overall, the breakdown of revenue in IFRS has broader categories than the GAAP system.

One of the major ways that GAAP and IFRS are different in their revenue recognition would be that GAAP uses a lot of industry specific guidance. GAAP, for example, requires vendor-specific objective evidence, or VSOE, of fair value to determine an estimation of the selling price (PWC). Along with this, IFRS does not have any requirement that can even be related to this regulation of GAAP (PWC). This lack of industry specific requirements shows how IFRS is a broader based system of accounting as opposed to GAAP. This allows for more leeway for the reporting of financial strength through what is considered as revenue.

IFRS has a standard 18 set principles that are applicable to each industry just like the one before. Not only does GAAP have industry specific rules and regulations as stated above, but they even allow exceptions for certain transactions. Along the same lines, they also request additional information from public companies, as stated by the SEC (Bank). This means that GAAP causes more work after …

Eurocentric Perception of Pre-Colonial Africa Justice Administration Process

Eurocentric Perception of Pre-Colonial Africa Justice Administration Process

Introduction

Every society has its own methods of controlling the social order to achieve a decorous culture; hence the essence of the legal framework cannot be denied. So, the criminal justice system delivers among other things, corrective procedure by which social deviants are brought in conformity with societal norms.

The African society is not an exception to this precept and in fact an epitome of operative customary criminal justice system, which though largely unwritten before the advent of colonialism, integrated a lush African culture unto its civilization. The post-independence era of most African countries however, bestowed utter aversion to these hitherto entrenched opulent customary criminal justice administration, downrightly reducing the system to nothing including those of the Nigerian customary criminal law.

Influenced by the received English law system, most postcolonial African countries are currently faced with the question of reconciling contradicting and often negating foreign law enforcement methods. The negative attitudes towards the African customary law practices have naturally stemmed from the lack of genuine efforts by the postcolonial African States to manage or resolve the unconventionalities for the overall good of the people, aggravating social instability stemming from breakdown of moral values; personal discontent, alienation, and anxieties of rampant conflict situations.

Nigeria, while not by any means the only postcolonial African State in this situation, typifies immersed brashness of imperialists Eurocentrism that is sequestered in primordial convictions of the Western world. Whereas, successive postcolonial governments have ignored to fervently resist negative tolerance of African indigenous law enforcement and social control mechanisms; thus, the native law systems have persisted and remain widely practiced throughout the continent.

This article hence aims to discuss remodeling of law enforcement in postcolonial Africa to reflect the uniqueness of the indigenous peoples, to remedy foreign abhorrence of the African justice process in insolence of preserving the bath-water after throwing away the baby.

The fields of criminal justice administration and particularly criminology only appreciably developed in the recent years. The main concentration as a consequence, being in the English speaking countries and Western European countries that presaged a state of western dominance of especially the historical criminology, making the western countries to pride themselves of many patterns of work in some areas of these fields.

In Britain for example there are a great number of documented commentaries that relate to the history of crime and crime control (see Emsley, 2002; Gattrell et. al., 1980; Godfrey, 1999).  Conversely, the dearth of criminological writings is a stumbling block to the African continent, even if there have been a marked change, as several authors have begun to advance this field (See Ebbe (ed.) 1996, 2000; Onwudiwe, 2000). Yet, the historical criminology of Africa is under-researched.

Additionally, penmanship of pre-colonial African history, especially those of sub-Saharan West Africa were largely ignored by mainstream academia since the authors that contributed to the field (for example, Karenga, Diop, Walker) were (at best) acclaimed for limited inquiry into Black (African) history. Whereas advances that paralleled …

Gender Theory

Alusine M. Kanu DA

Gender’ refers to the socially constructed roles, responsibilities, identities and expectations assigned to men and women. It contrasts with the fundamental biological and physiological differences between males and females, which are known as secondary sex characteristics. Gender roles differ between cultures and communities and over time. For many, gender is always thought about in binary terms: man/woman; masculine/feminine. Expectations of women and men are limited by these binaries, and are communicated through sex role stereotyping. These stereotypes limit gender appropriate behavior to a range of rigid roles which are assigned to women and men on the basis of their gender, for example, ‘women are nurturers’, and ‘men are aggressors’. These role expectations are subtle and deeply ingrained however there is great diversity in how individuals express their gender which frequently does not conform to these stereotypes. Not all women fit the stereotypical expectations of femininity, not all men fit those qualities associated with masculinity.

A theory of gender in communication1 is proposed by Dr. Anita Taylor, Emeritus Professor of Communication at George Mason University.  Primarily, Taylor generated explanations that account for the impact of gender in communication, whether the macro level of cultural discourse or the micro levels of interpersonal interaction or individual identity. In her literature review, Dr. Taylor pointed out that women should not be disadvantaged compared with men.  She added that the thing to note about the feminist movement is that there has never been one feminist theory or feminist movement.  Out of what seems like Feminist Theory is the development of Gender Theory.2 This illustrates complexity in coming up with a single theory.

Gender-related communication is much like cross-cultural communication in that the differences that being male or female create in communication and behaviors are potential barriers to communication effectiveness. The topic of gender and communication refers to the specific communication behaviors that a person uses because of being either male or female. In its demand for equality for women, “feminism sets itself in opposition to most cultures on earth.”  “Multiculturalism demands respect for all cultural traditions, while feminism,” according to Cohen and Howard (1999) “respects only traditions that indeed deserve respect”.3 Since we are destined to live in a two-gender world, and because many of our most significant interactions will be with people of the opposite gender, it is self evident that this area of study is important.  Add to this idea the finding that women’s communication is treated differently—and usually valued less-than men’s communication, and you can readily see that a basic inequality exists in society.  This inequality leads to women’s relative absence from top positions in virtually every area of academic, business, civic, and political life.  Not only is this situation unfair to women, it also costs every society in which it occurs untold amounts of energy because only part of society’s resources are being used. Studying gender and communication can help everyone to understand the realities of gender-related differences in communication instead of perpetuating assumptions about male-female …

Discover Precious Coins with GovMint Key Codes

Building a collection of something usually costs a ton of money – especially if it’s a collection of money. I’m talking here about coin collecting. While people have gathered and hoarded coins, old and new, for their bullion or artistic value for as long as coins have been minted, nowadays it’s getting harder to keep up. That’s why collectors are using hobby and collectibles coupon codes so that they can acquire stuff without regretting whatever it is that they are buying and collecting. After all, it’s no use carrying on a hobby that one cannot afford in the first place.

Can one afford to collect coins? Are you serious about amassing a collection of ancient, medieval, and modern currencies? If so, then you might want to take a look at GovMint.com, which has been dubbed as “Your One Best Source for Coins Worldwide”. Don’t worry: with GovMint key codes, you can collect even the rarest coins from different parts of the world at an affordable price. You can even take advantage of the many great discounts and online deals featured in GovMint’s catalogs. That way, you don’t pay too premium a price to have history in your hands.

At GovMint, coins from nations across the world are represented, and it’s easy to discover modern and ancient specimens in a variety of precious metals worldwide. “Precious” may mean “rare”: some of the coins and currencies you have the opportunity to collect at GovMint may never be available to the general public. That’s because GovMint is an industry leader in coin collecting, with a proven track record and affiliations with the top trade organizations in the numismatic industry. U.S. silver coins, U.S. gold coins, world coins, paper currency, precious metals, shipwreck and treasure coins, gifts, jewelry: all these, you can find and explore at GovMint’s vast catalog. You may choose to simply use the information contained therein as a great information resource, but if you’re a serious coin collector, GovMint is a kind of shopping haven. GovMint key codes are there for you to get the best bargains and deals.

Purchase for the first time from GovMint – or apply for free membership – and you will automatically receive the status of Preferred Customer. As a member of this prestigious club, you get to hear through catalogs and mailings about exclusive offers, online deals, and maybe even coupon codes. You will also have your own personal account manager to make suggestions and help you find items that fit your personal needs and preferences for your collection.

You can be sure it’s going to be a great authentic collection – and not just because of GovMint’s 30-day money-back guarantee. Since 1984, GovMint has worked hard to earn its reputation as a trusted source for old and new coins. Now it has grown to become a member of professional organizations that adhere to the highest standards of excellence and ethics; these include Better Business Bureau of Minnesota, Direct Marketing Association, American Numismatic Association, Industry …

Joel Sauceda (CEO Big Value Depot) Believes in Giving Back to the Community

Joel Sauceda is a man of integrity and honesty. It shows up in many ways and one of those ways is his contribution to charities. If you are trying to find out what kind of person Joel Sauceda is just read this excerpt from his biography and it will answer any questions you have. Believe me before you finish you will know that he is honest and wants to help you. This will definitely help you make an informative decision as to whether or not to join him in business like Big Value Depot.
Joel Sauceda’s exact words from his biography. “I have always believed in “giving back” to the community in which I do business. Someone gave me a chance when I was in need and I believe in doing the same for others. San Antonio is a community that has enabled this C MINUS student to build businesses and thrive despite the odds being stacked against me. I am greatly appreciative to the many mentors and people within this city who have given me a “step up” and NOT a “hand out”

It is NOT About Me!

My goals are not only about personal success but watching others grow despite their life challenges. It is for this reason that I have chosen to endorse local charities so I can be actively involved and have more of a “hands on” approach to helping people. I like to SEE who my gifts are impacting..that motivates me to do more!

The big question that any person who wants to “give back” should ask is this..”How Do I Give And Stretch That GIFT So It Impacts MORE than one person and more important, MORE generations to come?”

Invest In Children…

Kids parents are NOT all created equal and unfortunately there are many children who do not have the benefit of good advice or even positive re-inforcement. These are the children that my heart bleeds for. These kids deserve a better chance because after all, it is NOT their fault for where they were born or WHO gave birth to them.

My goal is to impact children who did not have the start in life that they COULD of had and to let them know that they have it in them to do better. God created them and therefore they are special and ALL have unique gifts (It is just a matter of helping them find out WHAT those gifts are!).

I Joel Sauceda am proud to endorse a community center based in San Antonio and named after a HERO who I admire. That HERO to children is none other than SONNY MELENDREZ. Sonny has given of his time over the years and spoken at over 1100 schools to THOUSANDS of kids, sharing the message of HOPE with them. It was not long ago that a community center which at that time was CINDER BLOCKS and NO air conditioning (in a VERY hot city) was named after Sonny and many of San Antonio’s …

Workplace Dispute Resolution

Dispute occurs between individuals or groups, often when they are competing for the same resources or when one group thinks that another has blocked its ability to reach its goal. On the other hand, conflict develops when one group appears to jeopardize the goals of another, becomes openly antagonistic to another, and is not governed by organizational rules. Once conflict develops, it is likely to get worse, as antagonism grows, the goals become even more important to the two groups and the groups begin violating the organization’s rules in an attempt to reach their goals. (Porter, L.W., W.J. Crampan, and F.J. Smith 1989)

An organization that is complacent may become lazy; if every one agrees about every thing, no one is motivated to do exceptional work to prove the value of an idea. Such an organization can quickly get into trouble if it competes with other organizations in a rapidly changing environment.   A manager of a relatively stagnant or complacent organization may stimulate conflict to get the organization out of its ruts.   When properly managed, conflict can lead to creativity and productive change in an organization. For instance a moderate amount of conflict between two people who are interested in the same issue can lead the people to raise new questions, new doubts and perhaps new solutions. People in conflict may acknowledge the existence of problems that complacent people would have ignored. To stimulate this type of productive conflict, a manager can take number of actions. He or she can change the relationships between people by, for instance, forcing people to compete more for scarce resources or moving them closer together physically, he or she can train people to recognize the value of conflicts and avoid easy, superficial agreement (Stein, L, May, 1995).   A manager may even enter discussions with the purpose of playing ‘devil advocates’, opposing the generally accepted ideas stirring up trouble to try to uncover opposition to the accepted goals or methods. Compaq Computer uses this approach in making most major decisions.   Conflict between groups can raise specific kinds of problems that require specific resolution techniques. The compatibility of two groups and the importance of their interaction for attaining the groups’ goal determine which of the following strategies are useful:   Accommodation is recommended approach when two groups have compatible goals but do not need to interact in order to reach their goals (Porter, L.W., W.J. Crampan, and F.J. Smith. 1989). The two groups will typically have friendly meeting to decide how they can both work towards their goal accomplish their inter-dependent task while spending the least time and energy.   When two groups are incompatible and neither groups need interaction with the other in order to achieve its goal, the two groups may simply avoid each other. The research and the financial departments of the company may have different ideas about how the company should spend its money and these differences many lead to a good deal of conflict when the two departments discuss the issues. However, because …

Necessary things to consider in starting a bakery business

Bakery business gets active earlier than the sun comes up, making breads, cakes and pastries very early every morning.

All through the day, the bakery will also produce breads, cakes, doughnuts, pastries, pies, rolls and everything else that is offered by each particular bakery.  A baker; not only bakes every day, but have also got to take care of all of the accounting, such as making sure the shelves are stocked and goods are on order. A baker calculates the quantity of flour, yeast, salt, etc. that is needed each day.

Bakery business comes also into different types such as mum & pop shops that do their own baking, franchise bakeries and industrial bakeries.

Baking is something that’s extremely pleasurable for many people, what is better than the aroma of cookies and bread baking in the oven?

By looking around your local shop you would be forgiven for thinking that large bakeries are swiftly overtaking smaller ones.  However this is not completely true.  Many small bakeries do not seem to have adequate power to compete in the world, but it is potential as long as you know what you are doing.

When you are considering preliminary any type of business which produces food you must think about the legal necessities.  You will be able to start using your existing oven but you must make sure you talk to the department of health to find out whether or not your bakery is up to scratch for profitable food production.

As you start, it is not all that easy to build your own business; you require having a good head for business and also being aware of all your expenses.  You must be able to keep your customers fully satisfied and happy with your products.

Your bakery business plan should be comprehensive and go into all of the costs which you expect to incur.  You will need to plan for a license and business permit.

Aside from the costs, you will also need to come up with most favorable pricing for your products so that they can compete with others while remaining beneficial.

You might be able to start your bakery right from your home provided you have all the necessary equipments and permits.  Another option to try out is renting a commercial kitchen.  Just make sure that the rental facility for your bakery is situated in a popular location where there are plenty of customers. If your bakery is not in a location with high step then it might be very hard to attract customers.

Lastly, you need to research the number of other bakeries in your local area, uncover what the competition is like and how much they will charge for similar product.

Also learn the local environment and find out how it will affect the prosperity of your business. Bakeries smell wonderful but this alone would not mean that people will be lured to it. You will need to endorse your business so that people know that it exists, …

Who owns the rain?

Who owns the rain?

 It’s official. Greed is no longer cool. As turbocharged capitalism implodes and jobless queues swell, sensible governments have had to slip the bonds of laissez faire dogma to prop up their economies. The ‘free-market’ model is on the nose. Unfettered global creditors have plunged much of the developed world into debt-bondage; these days, their enforcers, the International Monetary Fund and World Bank wield the structural re-adjustment stick with renewed vigor. And it slashes to the bone. Reeling from this brigandage some countries are starting to cut their own cloth to fit their circumstances. Troubled times demand it! But I did say some, not all. Here in the islands of Mauritius and its colonially attached dependency, Rodrigues, the enforcers still have the run of the mill and, sometimes, they even get to run the mill.

 First some background: citing a lack of local expertise, and the need for a separate specialist agency to improve efficiency, Rodrigues chief commissioner disbands the water unit and, amid bitter party in-fighting, shunts the incumbent water commissioner aside and snaps up the commission for himself. The government establishes the privately-run but government-owned Rodrigues Water Company, effectively outsourcing to itself. Water meters are promptly installed for the user-pay system. And in classic like-it-or-lump-it style, public consultation follows the fait accompli. Rodriguans are reassured that new regulations will safeguard against future water privatization.

 Somehow, I detect a less noble instinct behind this political pantomime. Here’s why: if the government were really serious about keeping water in public hands, why didn’t they simply improve the existing public utility making it more efficient, iron out the kinks and, if needed, brought expert consultants to the commissioner’s table? Incidentally, costly imported experts have been doing their sophisticated rain-dance with negligible results since British rule; what’s more, with all the money thrown at this problem since, we could have built a brand new aircraft carrier. Okay I exaggerate. The point is, the money is gone but the problem is still here. Why? Evidently, no one could make it rain but they will now! In the crudest monstering of the truth, we are told that this cockamamie scheme will modernize and develop our country. No it won’t. In reality, it will bring grief and misery to the poor, while making those who eventually get to own the company – filthy rich. 

No matter the slant, when we get to the nitty-gritty, it distills down to a cash grab. Taxpayers paid for water infrastructure, and will continue to pay for major repairs and works, and reservoirs. And since RWC won’t churn out any desalinated water, or treat grey water, or produce a single drop of water that does not fall from the sky; water restrictions will remain. Indeed, in future, we may have to pay more for less. RWC will simply commandeer taxpayer-funded infrastructure, submit an annual uncooked report to the administration, check meters on taps, tip a bit of chlorine in our water and sell it back to us. …

Role of a Chartered Accountant in an organization

An accountant plays a pivotal role in an organization. It is not just during the tax season, accountants can be useful at any time of the year. A chartered accountant can help you solve various financial issues.

Becoming a Chartered Accountant is not an easy task.  They need to pass three qualifying examinations and should have 30 months of practical experience before they get their designation of a Chartered Accountant. Apart from high degree of knowledge, they must abide by a professional code of conduct. They must act ethically, maintain client confidentiality, and avoid situations involving a conflict of interest. They can help you and your business.

There are non-designated accountants who do not belong to a professional body. Business owners should not hire any such non-designated accountants. There are Chartered Accountants who provide tax planning and tax preparation services to their clients.  However, not every accountant is a tax expert. Tax experts have in-depth knowledge and expertise in the area of taxation. In Canada, The Canadian Institute of Chartered Accountants (CICA) has the most comprehensive tax training program, know as the Canadian In Depth Tax Course. Chartered accountants have the practical experience to be defined as tax experts.

Organizations should find out the type and years of tax experience Chartered Accountants have and check whether he/she has completed the CICA In-Depth Tax Course. You have to hire a CA who is a tax expert. In an organization, the finance department has to handle complicated issues that require expertise, experience and utmost precision. Handling such financial matters is not an easy task. A chartered accountant can help you figure out how to proceed. An experienced chartered accountant can handle your financial matters competently.

Chartered accountants provide a fixed fee to their clients or bill on hourly basis. Moreover, the value that you and your business derive from their services is far in excess of the fees that you pay them.…

The Faith that is of God and not man

The Faith that is of God and not man

Written by Joseph Ho, December 5th 2014

Our emotions and desires are often mistaken for faith and it is so easy to blame God when there are no results from something that has been purely of the mind and not of the heart. This was a sentence from a long forgotten book by Kathryn Kuhlman that truly struck a significant cord in my heart when I searched for the true reason why many Christians do not get their healing. They thought by doing those things which the church has preached that they will receive the desires of their hearts. Faith by reading the bible, by hearing the Gospel, by human works will not develop true overcoming faith. Faith comes by asking God for the power to believe in him. That is the kind of faith that Jesus preached unmanufactured by human efforts. Faith is given by God to those whom he receives as a son or daughter. Faith is given by the grace of God. That is why it is called Amazing Grace.

Faith will enter your heart when you open it to God. Faith comes by hearing the truth which Jesus preaches; it is not the same kind of faith which the church today teaches. The divinity and the power of the Word of God is Spirit. It is life unto all that receive the gift of faith. You cannot cultivate faith, and many instances people have mistaken their own ability to believe for the faith which only God can give. Faith is not a condition of the mind. It is a divinely imparted Grace to the heart. For our righteousness is as filthy rags to God. In truth, when one does not experience the power of God or an answer to any prayers, they tend not to believe. So why did God make it so difficult to see this hidden truth? He wants us to Ask, Seek and Knock before he opens the door to the keys of knowledge and wisdom.

Isaiah 6:10New International Version (NIV)

10 Make the heart of this people calloused; make their ears dull
    and close their eyes. Otherwise they might see with their eyes,
    hear with their ears, understand with their hearts, and turn and be healed.”

Romans 10:10King James Version (KJV)

10 For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.

So how is it possible to believe in God not by sight but by faith? By sight, I mean to believe in a God we can experience. Too much theoretical truth does not produce faith that can overcome the world’s most serious problems like: diseases that kill, sickness that causes years of sufferings, broken relationship that torments the hearts of many people, and the financial bankruptcy of broken dreams and lost business endeavours.

The type of faith that can overcome such disaster can only be real faith given and imparted by a supernatural father …