SFAS 116 117 Executive Summary Paper Example

Essays on SFAS 116 117 Executive Summary Paper Essay Running head: SFAS 116 and SFAS 117 SFAS 116 and 117 Executive Summary - SFAS 116 and SFAS 117 The objective of the current report is to provide an insight into the background of two important accounting standards established by FASB in 1993. These accounting standards have major implication for entities that are registered as nonprofit organizations in the US. The accounting standards reviewed in this report are The Statement of Financial Accounting Standards (SFAS) Numbers 116 117. The pronouncements related to these accounting standards led to confusion amongst nonprofit organizations as to how these standards would affect their accounting methods. These standards are considered as a major step by FASB to set accounting methods for recognition, recording and presentation of contributions made to nonprofit organizations. This is referred to as fund accounting. Both standards complement each other as SFAS 116 provides requirements for accounting of the contributions received while on the other hand SFAS 117 specifies the structure of the financial statements to be prepared by nonprofit organizations. These standards are of great significance as this was the first time that the regulatory body took the initiative of bringing nonprofit organizations under the regulation umbrella by setting out steps to account for and report contributions received by nonprofit organizations in their financial statements. Upon examining the detailed requirements of both SFAS 116 and SFAS 117 it is clear that both standards serve different purpose yet aimed at bringing improvements in the working of nonprofit organizations and their financial reporting. Specifically, SFAS 116 provides guidelines on understanding the basis of donations made by donors to highlight the terms and conditions lay out by donors and accepted by the receivers. On the other hand, SFAS117 provides extensive guidelines under Generally Accepted Accounting Principles (GAAP) for nonprofit organizational to prepare of financial information regarding contributions and present it in their financial statements. Under this standard three financial statements including Statement of Cash Flows, Statement of Financial Position and Statement of Activities are required by all such organizations. In addition to these businesses may produce other types of reports but they are not considered mandatory by these standards (Davies, 2005). The common objective of both standards could therefore be suggested to increase the dependability of individuals upon the financial statements prepared by nonprofit organizations. Individuals who may wish to make donations to these nonprofit organizations need to have confidence in them for their contributions. The detailed financial statements can help donors to have clearer view of the working performance of nonprofit organizations registered in the US (Locklear, 1997). The standards are viewed to create confusion and disparity in financial reporting of contributions received by nonprofit organizations. Till now organizations are working on developing a good understanding of the requirements set out in these standards however there is still lot of work to be done to ensure the fulfillment of requirements by such organizations (Locklear, 1997). References Davies, C. (2005). The Impact of SFAS 116 117 on Nonprofit Organizations. Seattle, WA: Jacobson Jarvis Co. Locklear, A. (1997, March 1). Whats the difference between commercial fund accounting systems? Retrieved February 20, 2010, from AllBusiness.com: http://www.allbusiness.com/personal-finance/individual-taxes-tax-deductions/614958-1.html

Nursing As A Science And Art - 1439 Words

Questions to answer How nursing considered as a science and an art and discuss how the philosophy of nursing is applied to this definition. There is no contention that nursing is considered both as a science and art based on the dispensation of services to the community and patients. As a result of that, the paper seeks to explicitly elaborate the same by giving authentic distinction of why nursing is categorically classified on the two dynamics with a reflection of artistic and scientific intellectualism In this case, nursing is defined as an art since it deals with matters of dealing with community and direct support of patients through nurturing spiritual growth physical growth, mental care, and emotional support. These are some of the activities that shields were nursing as an art that is fulfilled in the following perspective of health principles (Nursing, C., Antonovich, J., Nursing, C., 2016).It allows universal propagation of compassion to other people, caring, equity that is non-judgmental, and cultural sensitivity that are derived from the loquacity of a calling. This implies that no one may be in a position s uch as medical officers, and practitioners would give credible services to the patients by applying art ideologies during nursing. However, nursing is also considered as a science because of the following. Nursing offers medical and health education to patients in the hospital and the public. Besides that, it also renders the acquisition of medical treatmentShow MoreRelatedIs Nursing an Art or Science1576 Words   |  7 Pages Is Nursing an Art or Science, or Both? 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I will also discuss the strategies I have used to apply the art and science of nursing in my practice and identify the approach I will utilize after c ompleting my Bachelor of Science in Nursing (BSN).Read MoreEssay about Nursing: A Profession of Art and Science1114 Words   |  5 PagesNursing is a dynamic profession built upon a foundation of art and science. It has adapted to rapidly changing technology, rising patient acuity, and weathered the challenge of nursing shortages with an unwavering commitment to professionalism. In this paper I will discuss my beliefs and values, my vision for the future, and my strengths and limitation in pursuing my career goals. I will also reflect upon the influences that contributed to choosing nursing as a profession. Choice of Nursing InRead MoreThe Theory Of Humanistic Nursing1458 Words   |  6 Pagesand effective nursing practice is a combination of art and science. Both the art and science of nursing are employed when working with a patient on their health goals. The art of healing is the communicative and relationship building skills while the science of nursing is the technical skills related to the field. Throughout nursing history, theories have been developed that attempt to explain the role of the nurse. These theories often try to either explain the science or art of nursing. Some of these

Wesfarmers Limited Operations in Australia-Samples for Students

Question: Identify a Multinational Company Operating in Australia. Provide a brief description of the Company. Answer: Introduction With the advancement of technology and globalisation, the corporations have expanded their business in multiple countries. Both small and large organisations are offering goods and services to customers from different countries. The international corporations are required to examine and comply with various domestic and foreign legal regulations to ensure that they fulfil the necessary legal requirement. Modern corporations can improve their reputation by effectively comply with their regulatory framework because it ensures that company is fulfilling its legal duties in an ethical manner. This report will focus on Wesfarmers Limited operations in Australia and the regulatory framework apply to the company. Further, the report will analyse the impact of various treaties, conventions, and agreements on the goods and services offered by Wesfarmers limited. Wesfarmers Limited Wesfarmers limited was founded in 1914, and its headquarters is situated in Perth, Western Australia. Primarily the company focuses on its retailing business, but it also has a predominant interest in various other sectors including coal mining, fertilisers, chemicals, and safety products. The company has more than 220,000 employees worldwide, and it has more than 500,000 shareholders (Wesfarmers, 2017). The corporation has more than 2,000 employees in New Zealand; in case of Asian countries such as Bangladesh, it has around 5,000 stakeholders. Wesfarmers limited had revenue of AU$65.98 billion in 2016; Richard Goyder is the CEO of the corporation (Wesfarmers, 2016). The company has various subsidiaries including Coles Supermarket, Cole Express, Bunnings, Kmart Tyre Auto Service, Vintage Cellars, and many others (Wesfarmers, 2017). The subsidiaries of Wesfarmers limited operate in New Caledonia, China, India, Singapore, Indonesia, Hong Kong, Bermuda, and United Kingdom. The New Zealand headquarters of the firm is situated in Auckland, New Zealand, while in India the corporation intends to open their apparel retain chain for expansion opportunities and increase business revenue. Regulatory Framework affecting Wesfarmers Limited A regulatory framework is defined as an essential infrastructure that supports the implementation and directions of various regulations, policies, activities, and law followed by a corporation (Sheenan, 2009). The regulatory framework of retail industry provides various rules and regulations that focus on governing the practices and offering of retail products offered by energy and grocery retailers. The company implements new policies to face market challenges and continuously satisfy its customers' requirements; these policies are required to comply with regulatory framework of different counties. The regulatory framework provides provision regarding various functions of the retailing industry including safety, health, trade practices, environment, food safety and privacy. The multinational corporations are subject to 30 percent corporate tax just like local firms (Australian Taxation Office, 2017). The location of headquarters has a considerable influence on a companys tax liabili ty because in some countries there is higher tax rate than compared to other. Australia and New Zealand have entered into an agreement to regulate double taxation convention properly. The international organisation usually finds loopholes in regulations to avoid paying large amount of tax, therefore, they carefully expand in other countries and cautiously select the place for their headquarters. Wesfarmers limited is also required to comply with regulatory framework of labour law; the company complies with various safety, health, wages, and benefits regulations enacted by the government for protection of workers. The company complies with Workplace Relations Act 1996 to ensure they maintain equally in workers and fulfil the necessary requirement for their safety (Cooney, Cooney and Cooney, 2006). In New Zealand, the company fulfil the requirement of Labour Framework of Employment Relations Act 2000 to comply with the labour law. Wesfarmers limited value its employees and considered them a valuable asset, therefore, the corporation also comply with the regulato ry framework of Health and Safety in Employment Act 1992, Equal Pay Act 1972 and Human Rights Act 1993 (Robson, et al., 2007). Wesfarmers limited pays special attention to its workers that are situated in developing countries such as Bangladesh; due to lack of education and poverty, living condition of workers is bad (Afrin, 2014). Therefore, the company provides appropriate training and salary packages to upgrade the living standards of its workers which also benefit the company by increasing its reputation. The corporation properly complies with Bangladesh Labour Act 2006 to ensure they fulfil the requirement of the regulatory framework. In the United Kingdom, the company complies with Employment Rights Act 1996 to comply with provisions relating to childcare, maternity leave, working hours and others. In Australia, the company is required to follow the regulatory framework of food safety regulations (Azizul Islam and Jain, 2013). Wesfarmers limited offers food products to its customers through supermarkets and departmental stores, therefore, they have to ensure that their products are not hazardous to con sumers health. The products are required to be environment-friendly and safe for the consumption or else the government can impose penalties on the corporation. Wesfarmers limited is required to comply with the standard provided by the Food Standards Australia New Zealand (FSANZ) (Mhurchu, 2007). In recent years, the role of international organisation regarding the protection of the environment has grown. The corporations are expected to establish a code of standard to ensure their practices are not polluting the environment, and they are complying with the environment regulatory framework. From 2000, the government of Australia started imposing Goods and Services Tax (GST), and Wesfarmers limited has to pay this tax as well. The current rate of GST in Australia is 10 percent (Australian Taxation Office, 2017). The GST provides a uniform tax which reduces the requirement of corporations to file separate tax for different operations; it establishes uniformity in business policies and strengthens the taxation regulations. Wesfarmers limited is required to comply with various mining laws that are implemented by the government for the protection of workers and environment. In India, the corporation complies with Mines and Minerals (Development and Regulation) Act, 1999 which provide a regulatory framework that is necessary to be fulfilled by the corporations for ensuring labour safety. The WorkSafe New Zealand Act 2013 and Mines Regulation 2014 have implemented by the government of New Zealand and the United Kingdom respectively; Wesfarmers is required to comply with these regulatory frameworks and implement them into their business strategies (New Zealand Petroleum and Minerals, 2017). Treaties, Conventions or Agreements that Influence Goods and Services of Wesfarmers Limited Treaty is defined as an agreement under international law in which the parties are two different counties. Primarily, the treaties are adopted by the countries to promote and support the trading practices between countries that positively affect their national income and economic growth. The government of Australia and New Zealand has entered into various treaties such as Australia and New Zealand Closer Economic Relations, New Zealand Free Trade and ASEAN-Australia (Barton, Gwynne and Murray, 2007). On the other hand, the New Zealand government has implemented Anti-Counterfeiting Trade Agreement which abandoned the trading of counterfeit goods. The coal mining business of Wesfarmers limited did not negatively influence by this treaty because the firm trades no counterfeit or exploratory goods. This allowed company to maintain a positive reputation among the customers because it shows that it ethically performs its operations. Along with retail industry, Wesfarmers limited focuses on mining and energy operations as well which allowed them to gain a competitive advantage over its primary competitors Woolworth and BHP Billiton (Dagge, 2016). The subsidiaries of the company also assist them to formulate a collaborative business contribute to the national income. For example, Bunnings established 15 new sites from which seven were leasehold trading, six were freehold trading, and two were freehold development sites. The company allowed Wesfarmers to trade in 11 out of 15 sites so that their customers can easily access their product and services throughout Australia (Nottage, 2015). Similarly, Wesfarmers limited can increase its global expansion through the international initiatives started by its subsidiaries. Additionally, Wesfarmers limited followed the protocol that was signed between India and Australia in 2011, which demonstrate how International Corporation can avoid double taxation along with fiscal evasion. Due to this treaty, the source country only has to pay the cross-border service tax when the company conducted trading for more than 183 days in 12 months. This approach assists the source country in gaining pro fits for their natural resources by trading with another country, these practices between Australia and India is supported by the legislation called International Tax Agreement Act 2014. In case of trading or exporting any hazardous waste or material, the company is required to take a permit from Ministry of Economic Development that is situated in Australia (Kuppusamy and Anantharaman, 2014). The subsidiary of the company, Coles, signed a long-term supply agreement through which they offer competitive prices. Furthermore, WesCEF mitigates the threat of market demand for products, by incorporating long-term contracts and establishing price mechanism that focuses on supporting short-term spot agreements. By establishing this approach, the corporation is able to satisfy the interest of each associated stakeholder through the business procedure, and it has allowed Wesfarmers limited to lead the retailing market in Australia. In case of coal and mining operations, the company has signed a coal supply agreement with the Stanwell Corporation Limited. The agreement allowed the company to enter into a three-year partnership agreement which resulted in increasing their association with the indigenous community. Wesfarmers limited focuses on providing paid maternity leaves, flexible working hours, maintaining the inclusive culture, keep in tough programs, and on-site vacation areas (Booth and Coveney, 2015). These programs ensure that corporation is complying with various mining regulations. The treaties and agreement between various countries assist Wesfarmers in easily expanding its business at a global stage. Governments implement such treaties to promote and support international trading because it increases national income and economic growth. Wesfarmers limited is required to properly assess the regulatory frameworks and other governmental regulations that influence its business and comply with them while formulating business policies. Conclusion From the above observations, it can be concluded that international corporations are required to comply with the regulatory framework of various countries. Wesfarmers Limited is Australias largest retailing corporation; the company also operates in fertilizer, coal mining, safety products and chemicals industry. The company complies with various domestic and international regulations that are implemented by the government for safety and protection of customers, workers, and environment. The corporation is required to pay various tax levied by the government such as Goods and Services Tax and Corporation Tax. The operations and performance of the business are influenced by the various treaties, conventions, and agreements. The free trade treaty established between Australia and New Zealand promotes and support trading practices between the firms of both industries. Wesfarmers limited enter into various agreements with its subsidiaries and government from different countries to expand their business globally. For effective growth and sustainable development, the corporations are required to assess their regulatory framework and comply it while formulating business policies. References Afrin, S., 2014. Labour Condition in the Apparel Industry of Bangladesh: Is Bangladesh Labour Law 2006 Enough?.Developing Country Studies,4(11). Australian Taxation Office., 2017. Company tax rates. [Online] Australian Taxation Office. Available at: https://www.ato.gov.au/Rates/Company-tax/ [Accessed on 30/11/2017] Australian Taxation Office., 2017. GST. [Online] Australian Taxation Office. Available at: https://www.ato.gov.au/Business/GST/ [Accessed on 30/11/2017] Azizul Islam, M. and Jain, A., 2013. Workplace human rights reporting: a study of Australian garment and retail companies.Australian Accounting Review,23(2), pp.102-116. Barton, J.R., Gwynne, R.N. and Murray, W.E., 2007. Competition and co?operation in the semi?periphery: closer economic partnership and sectoral transformations in Chile and New Zealand.The Geographical Journal,173(3), pp.224-241. Booth, S. and Coveney, J., 2017. Big Food The Industrial Food System. InFood Democracy. Springer Singapore. Cooney, S., Cooney, S. and Cooney, S., 2006. Time and money under WorkChoices: understanding the new Workplace Relations Act as a scheme of regulation.UNSWLJ,29, p.215. Dagge, J., 2016. Wesfarmers overtakes rival Woolworths and BHP Billiton to become biggest Australian. [Online] The Daily Telegraph. Available at: https://www.dailytelegraph.com.au/business/wesfarmers-overtakes-rival-woolworths-and-bhp-billiton-to-become-biggest-australian/news-story/4d805e696f21512ecd7d08814e08e48a [Accessed on 30/11/2017] Kuppusamy, J. and Anatharaman, R. N., 2014. A Critical review of barriers to Export Business. [Online] Indian Journal. Available at: https://www.indianjournals.com/ijor.aspx?target=ijor:sjbmsvolume=10issue=1article=002 [Accessed on 30/11/2017] Mhurchu, C.N. and Gorton, D., 2007. Nutrition labels and claims in New Zealand and Australia: a review of use and understanding.Australian and New Zealand journal of public health,31(2), pp.105-112. New Zealand Petroleum and Minerals., 2017. Tools and services. [Online] New Zealand Petroleum and Minerals. Available at: https://nzpam.govt.nz/ [Accessed on 30/11/2017] Nottage, L., 2014. Do Many of Australias Bilateral Treaties Really Not Provide Full Advance Consent to Investor-State Arbitration? Analysis and Regional Implications of Planet Mining v Indonesia and Regional Implication. Sydney Law School Research Paper 14/39. Robson, L.S., Clarke, J.A., Cullen, K., Bielecky, A., Severin, C., Bigelow, P.L., Irvin, E., Culyer, A. and Mahood, Q., 2007. The effectiveness of occupational health and safety management system interventions: a systematic review.Safety Science,45(3), pp.329-353. Sheenan, K., 2009. The regulatory framework for executive remuneration in Australia.Sydney L. Rev.,31, p.273. Wesfarmers., 2016. 2016 Full-Year Results Briefing Presentation. [PDF] Wesfarmers. Available at: https://www.wesfarmers.com.au/docs/default-source/asx-announcements/2016-full-year-results-briefing-presentation.pdf?sfvrsn=0 [Accessed on 30/11/2017] Wesfarmers., 2017. Our Businesses. [Online] Wesfarmers. Available at: https://www.wesfarmers.com.au/our-businesses/our-businesses [Accessed on 30/11/2017] Wesfarmers., 2017. Who we are. [Online] Wesfarmers. Available at: https://www.wesfarmers.com.au/who-we-are/who-we-are [Accessed on 30/11/2017]

The Actress (Theatrical Novel). The green version of Review Essay Example

The Actress (Theatrical Novel). The green version of Review Paper Essay on The Actress (Theatrical Novel). The green version of . Fun, easy reading It was interesting to observe the authors version of what will become of the capital in the near future of course, fantasy Full, and hardly describe the capabilities will So, the plot -. Young, but, of course, an aging actress who lost her husband (allegedly by his own stupidity, etc. here and remorse come on stage), and the opportunity for career growth, taking drugs, spends lonely nights in the trash of their own past and apartments, plays a minor role in a word, rotting girl he meets the devil n follows (or rather, during) attempts to die. He offers her fame, talent and the whole world at her feet and, instead, nothing. But the devil lied to her ambiguous truth, paraphrasing classics. Nina (the main character, on whose behalf and narrative goes) back to life, gets the best roles, endless youth, beauty, and glory We will write a custom essay sample on The Actress (Theatrical Novel). The green version of Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Actress (Theatrical Novel). The green version of Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Actress (Theatrical Novel). The green version of Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer On the one hand -. Gets dreamed about. But the problem is that people who are looking at it from the audience, start committing suicide in tens of feelings to a-great-Nina. Then the girl realizes that something is amiss, and infernal man of its allegedly sleeping likely real. Nina wants to leave the game, but not everything is simple Next to retell the story will not) it is better to read the first mouth , ie from the book, and I shall continue on my own opinion: The plot is scored by all and sundry. Goethes Faust with his nervous hiccups. Not to say that the book struck me. This is another shocker. It differs only in the addition of fiction, futuristic time, and of a philosophical subtext that, they say, love will win and Satan The book on the fan, plus -. Given its size and simplicity of the language of the author read it can at least to add another paint (green in this case) in the picture of modern literature which navryadli in the future we dare to call a classic. In general, for smile etc. Reading necessarily)