Professionalism In The Health Field Essay - 692 Words

Professionalism is an adherence to a set of values comprising both a formally agreed-upon code of conduct and the informal expectations of colleagues, clients and society. The key values include acting in a patients interest, responsiveness to the health needs of society, maintaining the highest standards of excellence in the practice of medicine and in the generation and dissemination of knowledge. In addition to medical knowledge and skills, medical professionals should present psychosocial and humanistic qualities such as caring, empathy, humility and compassion, as well as social responsibility and sensitivity to peoples culture and beliefs. All these qualities are expected of members of highly trained professions. There are many†¦show more content†¦To be a person who is deemed professional you have to have a sense of leadership. Leadership in the healthcare field means you have to be willing to teach others. You help build and maintain a culture that facilitates professionalism. As a leader you do not participate in workplace pranks. Another important aspect of professionalism is honor and integrity. To have honor and integrity in the workplace you need to be forthcoming with information; and not hold important information for your own benefit. You can admit your own errors. You deal with confidential information discreetly and appropriately. One of the most important attributes regarding professionalism is respect. You have to respect institutional staff and all staff representatives. You have to respect patients rights and dignity and their privacy and confidentiality. A person who is professional has to have caring, compassionate and have communication. You treat the patient as an individual taking into account lifestyle, religious beliefs, and ethnicity. You communicate bad news with sincerity and compassion. You deal with sickness, death, and dying in a professional manner with the patient and the patient’s family members. Being a radiation therapist means you are a part of a multi disciplinary approach to curing cancer. Being part of a multi disciplinary approach means you have to have the professional aspect of teamwork. Teamwork is an intracle part of everyShow MoreRelatedProfessionalism Within The Health Care Field1375 Words   |  6 PagesThe lack of professionalism in the workplace is a problem in the health care field. This can be improved by incorporating workshops on professionalism within orientations and enforcing a code of ethics along with the proper protocol of working in healthcare. Although there is no exact definition for professionalism many would define this as a set of values or qualities that include behaviors and relationships that helps the person to trust their advisor. (Brown, 2013) Over the course of many doctors/Read MoreProfessional Issues Of A Medical Professional1246 Words   |  5 PagesChinwenwa Iheme Professional Issues A Medical professional is someone in the healthcare field. Medical Professionals are part of a team that delivers services related to human s or animal’s health. Examples of medical professionals are physicians; nurses; medical laboratory scientists, and dentists. As medical professional, you must attain a level of education and certification required for a particular medical profession. There are many medical professions; each requires some level of educationRead MoreSonographer-Patient Interactions in the Health Care Field Essay849 Words   |  4 PagesSonographer-Patient Interactions in the Health Care Field The profession of sonography has been around for over thirteen years; however, if one were to ask the average American what the occupation of a Sonographer entitled, there would likely be a wide-range of answers. When most individuals hear the word â€Å"Ultrasound† they will automatically pair this term with â€Å"pregnant women.† Very seldom would one put the profession of sonography with other aspects of Health Care such as Cardiac output, or LiverRead MoreProfessionalism: The Nursing Profession778 Words   |  3 PagesProfessionalism: The Nursing Profession Professionalism is something that is practiced on a daily basis by people in many different careers. Atsede Fantahun (2014) said, â€Å"professionalism is defined as the conceptualization of obligations, attributes, interactions, attitudes, and role behaviors required of professionals in relationship to individual clients and to society as a whole† (p. 2). A professional is expected to display competent and skillful behaviors in relationship with their professionRead MoreBusiness Management And Hospitality Industry1370 Words   |  6 Pageswith knowledge and skill in their field, but they also are also looking for a member who can be an effective team player and possess a good communication skill. Although, these skills were the basis of business management and hospitality industry, they have been increasingly required in health care industry and have become and important aspect for job seekers in healthcare. Importance of Professionalism, Communication and Collaboration i n Workplace Professionalism often gets interpreted as the knowledgeRead MoreThe Importance Of Professionalism Within The Nursing Field889 Words   |  4 Pages The purpose of this paper is aimed towards the importance of professionalism within the nursing field. Nursing professionalism should be demonstrated inside and outside of the work area, such as: the nurses’ appearance, during patient interactions, interaction with other health care providers, and anytime you are representing the health care facility. Being professional is not only expressed verbally but also non-verbally; your first impression or how you present yourself to your patient is importantRead MoreProfessionalism : Professionalism For Public Health1634 Words   |  7 PagesNowadays we can see professionalism presenting in every career. Professionalism is required to help companies or any working facilities easily solve their problems so that they can generate the best outcomes of their services. In the medical aspect, professionalism is importantly needed because this field has high responsibility for public health. Medical staff need to show their professionalism in order to avoid preventable accidents which can cause regretful losses. Their professional characteristicsRead MoreCoun 500 Personal Identity Paper1469 Words   |  6 Pagesof the professional counselor is to provide mental health services and substance abuse care to individuals, families, and groups (American Counseling Association, 2011). The professional counselor is trained to empower clients to achieve their â€Å"mental health, wellness, education, and career goals† (Neukrug, p. 5, 2014). There are many different fields in counseling such as social work, psychology, pastoral counseling, and psychiatry. All fields in counseling have similar goals to empower and supportRead MoreProfessionalism Is Necessary For Public Health1627 Words   |  7 PagesThese days we can see professionalism presented in every career. Professionalism is required to help companies or any working facilities easily solve their problems so that they can generate the best outcomes of their servi ces. In the medical aspect, professionalism is importantly needed because this field is highly responsible for public health. Medical staff need to show their professionalism in order to avoid preventable accidents which can cause regretful losses. Their professional characteristicsRead MoreProfessionalism And Health Care Practitioners938 Words   |  4 PagesProfessionalism in Dentistry â€Å"Profession† sometimes is seen as a similar thing to the â€Å"occupation†. However, these two terms have different definitions that are not interchangeable with one another. â€Å"Professionalism† in Grasekemper’s study (2011) defined as: â€Å"[a] collective of expert service providers who jointly and publicly committed to always give priority to the existential needs and interests of the public they serve above their own and who, in turn, are trusted by the public to do so† Generally

Fences Of Mandatory Sentencing - 1923 Words

3.1 Offences where Mandatory Sentencing is Applied Mandatory sentencing currently applies for many offences. Stated in the CCA, section 279(4), adults who are guilty of murder must be sentenced to life imprisonment. Under section 90(1a) of the SA it also states life imprisonment must be imposed with a minimum of 15 years without parole. Section 318(2) of the CCA states if a person is over 16 but under 18 and committs a serious assult against any officer (police, transit, security etc) a term of detention of at least 3 months must be imposed. Section 401 of the CCA only states there must be a mandatory fine paid if a person commits burglary. More recently in 1996 the WA government introduced the â€Å"three strikes and you re in† law under the†¦show more content†¦Section 297, Grievous bodily harm, states â€Å"any person who unlawfully does grievous bodily harm to another is guilty of a crime, and is liable to imprisonment for 10 years.† Section 297(2) states if a motor vehicle is stolen during this act it will result in an increase to 14 years imprisonment. 4.0 Benefits of Mandatory Sentencing This section needs to summarise and explain the academic and legal argument regarding mandatory sentencing and benefits of reducing judicial discretion in sentencing decisions. (Judicial discretion is the power of the judiciary to make some legal decisions according to their discretion (what they think should be done) You will need to cite relevant journal articles here as they will be the best sources of information. You are welcome to cite literature which discusses mandatory sentencing in other jurisdictions, however make sure you link it back to your topic. Hint: the benefits relate to an increase in consistency across sentencing decisions and increasing community safety by enforcing terms of imprisonment. There has been long been debate between academics and policy (legal) makers about the impact of mandatory sentencing and benefits of reducing judicial discretion in sentencing decisions. There are a couple of benefits of mandatory sentencing including an increase in community safety and the removal of personal bias which results in an increase of consistency across sentencing decisions. 4.1 Community Safety After mandatory

Essay about Equal Employment Opportunity - 1004 Words

Introduction Equal employment opportunity (EEO) began when President Franklin D. Roosevelt issued Executive Order 8802 in 1941. Executive Order 8802 ensured that every American citizen was guaranteed equal employment opportunities in World War II defense contracts, regardless of race, creed, color, or national origin. Today, the EEO legislation has affected businesses. The topics discussed will be, how the organization, as well as the individual employee, has rights, the effect it has on the customers, how it can improve an organization’s public relations, how it can diversify the workforce, and the effect it has on Human Resources Management of an organization. Organization and Employee Rights A. Equal Pay Act of 1963 â€Å"To†¦show more content†¦With this act, employers are further protected from discrimination. Employees are allowed to sue employers to enforce the provisions of the act. Effects on Customers Equal employment opportunity affects the customers in various ways. If the employees working are satisfied and happy, the customer will see it when the employees help them. For example, a customer walks into Burger King to get something to eat, but the cashier is unhappy that a coworker is getting paid more than him for doing the same job and having the same time in the workforce, so the cashier takes it out on the customer. The customer will probably never return to the business again. If the employees work in a happy environment, they will provide better services. Improvement of Public Relations By applying EEO to an organization, the public relations will improve. In society, one of the main jobs is to keep good appearances. An organization wants to promote that everything in their company works perfectly and equally. By maintaining good appearances, the organization has a greater probability that other organizations will want to work with them. Also, it will attract the best workers because they will want to work for an organization that is fair.Show MoreRelatedEqual Employment Opportunity Essay1514 Words   |  7 Pages Throughout the years the United States has faced many challenges with equal employment opportunities for everyone. The United States has developed The Equal Employment Opportunity Commission, also known as the EEOC, to enforce laws that help prevent everyone from being treated unfairly when it comes to employment options. The EEOC has established stipulations and overlooks all of the federal equal employment opportunity reg ulations, practices and policies (â€Å"Federal Laws Prohibiting Job DiscriminationRead MoreThe Equal Employment Opportunity Commission1454 Words   |  6 Pages THE EQUAL EMPLOYMENT 2 This paper is intended to shed light to the author on a Federal government website in lieu to its usefulness in human resource management. In this paper, the Federal government website of choice which will be critically analyzed is the The Equal Employment Opportunity Commission (EEOC) website. Some of the areas of interest in this report are the specific commercial, trade, legislative, regulatory or statistical information in the Equal Employment OpportunityRead MoreThe Equal Employment Opportunity Laws Essay1060 Words   |  5 PagesAs a Human Resource Manager, the understanding of the Equal Employment Opportunity laws are initially overwhelming, due to the amount of information dedicated to the subject. However, it is vitally important to comprehend and apply these laws to any organization, in order to avoid claims or litigation. Companies need to educate management to â€Å"take reasonable care to prevent and promptly correct discrimination and establish anti-discrimination policies† (SHRM, 2014). The EEOC is not out to getRead MoreThe Equal Employment Opportunity Commission1632 Words   |  7 Pages Discrimination has quickly become one of the top causes of lawsuits facing businesses today. The Equal Employment Opportunity Commission (EEOC), the federal agency responsible for enforcing anti-discrimination law, reported that individuals filed 88,778 discrimination charges in 2014 alone- 35% of th ose claiming race discrimination and 29.3% claiming gender discrimination (â€Å"Charge Statistics†). Discrimination is defined as the â€Å"treatment or consideration of, or making a distinctionRead MoreEqual Employment Opportunity And Hrm782 Words   |  4 Pagesunderstand equal employment opportunity and HRM, one can examine the reasonable accommodations employers must make in regards to religion and disability. In regards to such, some of the accommodations can be described, the agency responsible for such enforcement can be examined, and two specific private sector workplace examples of religious and disability accommodation can be noted. Through the examination of these concepts one can gain a better understanding of equal employment opportunity and HRMRead MoreThe Equal Employment Opportunities Commission2311 Words   |  10 PagesThe Equal Employment Opportunities Commission (EEOC) is in charge of implementing government laws such as Title VII of the Civil Rights A ct, 1964 and Title I of the Americans with Disabilities Act of 1990 (ADA), which make it unlawful to oppress an occupation candidate or a worker in light of the individual s race, color, religion, sex, national origin, age, disability or hereditary data. (US Equal Employment Opportunities Commission, 2015) The laws apply to a wide range of work circumstances, includingRead MoreEqual Employment Opportunity At The Institute1998 Words   |  8 PagesSECTION II –Diversity- Equal Employment Opportunity The Institute provides equal employment opportunities (EEO) in all our employment practices to all employees and applicants for employment without regard to race, color, religion, national origin, gender, age, sexual orientation, gender identity, disability, genetic information, marital status, military status, or any other category protected by federal, state, or local laws. This includes prohibiting unlawful discrimination against those associatedRead MoreEqual Employment Opportunity Commission852 Words   |  4 PagesEqual Employment Opportunity Commission 2/21/2015 Providing a place of employment has lead to numerous benefits for employers and employees. When having a diversity of people working for a company, different types of personalities intermingle with each other on a day – to – day basis. Even though having a diverse group of people coexist in the workforce can serve a huge benefit to the company, it can also lead to problems amongst coworkers. In order to make sure everyone is treated fairly, theRead MoreThe Equal Employment Opportunity Commission2153 Words   |  9 PagesThe Equal Employment Opportunity Commission (EEOC) is the federal agency charged with the enforcement of Title VII of the Civil Rights Act of 1964,1 the Americans with Disabilities Act,2 and the Age Discrimination in Employment Act.3 Five commissioners appointed by the President and confirmed by the Senate govern the EEOC. Each commissioner serves a five-year term, and no more than three commissioners can be from the same political party.4 The President also appoints a General Counsel of the CommissionRead MoreEqual Employment Opportunity ( Eeo )1460 Words   |  6 PagesPhase 3 – Equal Employment Opportunity (EEO) Critical Thinking Questions: How will you ensure your company is an EEO Employer? As with our student population, we at the Northwestern Academy believe our teachers and faculty should be as talented as possible. This is the reason that qualifications are the primary consideration when considering potential applicants for our faculty. Race, religion, sex and gender will not be factors in who is hired. However, diversity not only brings advantages in

Childhood Cognitive Development And Exercise - 1351 Words

Childhood Cognitive Development and Exercise Monica Compton Dr. Laura McClelland Taylor University November 23, 2016 In current times everyone is constantly surrounded by old and new technology and people, especially children, are constantly using it. A Topical Approach to Life-Span Development talks about how the increased screen time that children are having is linked with lower levels of activity (Santrock, 2016). Activity levels during childhood and the effects it has on physical development has been a focus recently with initiatives by people like Michael Obama and campaigns like the NFL’s Play 60. With obesity more than doubling in children and quadrupling in adolescents in the past 30 years, there has been an increased focus on how diet and physical activity can play a part in the prevention and treating of obesity in children because of the negative health effects it can have (â€Å"Childhood Obesity Facts,† 2015). In addition to the importance of exercise in physical development, exercise can also be linked to children’s cognitive skills (Santrock, 2016). It can h ave benefits for children’s memory, attention, and future cognitive performance. One way in which researchers have shown that exercise can benefit cognitive skills is with children’s memory. A study by Kamijo et al. showed that physical activity can improve working memory. Working memory, as defined by Santrock, is where â€Å"individuals manipulate and assemble information when they makeShow MoreRelatedChildren Are Our Pillars For Tomorrow Essay1720 Words   |  7 Pagesis to understand child development by using case study method along with child observations and parent interview. Given the circumstances of long distance, Skype is used to observe the child and conduct the parent interview. Matthew, who was born and raised in Hong Kong, is an outgoing and smart 7th grader. He is a 10-year-old Chinese boy growing up in a middle class family. He also lives with his parents and a 19-year-old sister who is a college student. Middle childhood is the best period to desc ribeRead MoreChildhood Obesity and Its Effect1260 Words   |  6 PagesChildhood obesity is considered to be a serious issue among our youth. Obesity can cause many types of physical problems, which most are aware of, but it can also cause some undesirable internal feelings within children and adolescents who suffer from it. Self-esteem, or self-worth, is important as it helps develop personality and is a major ingredient to our mental health status (Wang, F. and Veugelers, P. J., 2008). Some have said obesity may even have a negative effect on cognitive developmentRead MoreChildhood And Adolescence : Toward A Field Of Inquiry1072 Words   |  5 PagesArticle 1 Spiritual Development in Childhood and Adolescence: Toward a Field of Inquiry Yongmin, S. (2008). Children s well-being during parents marital disruption process: A pooled time-series analysis. Journal of Marriage and Family, 64(2), 472-488. Retrieved from http://onlinelibrary.wiley.com/ Yongmin attempted to show with this article how marriage can â€Å"change† for a married couple when their children turns the age(s) 12-17, also known as the beginning of adolescence. His research focusesRead MoreThe Importance of Physical Activity Essay1545 Words   |  7 Pagesa child’s development. The process of childhood development is dynamic, recognised by various fields including the influential society, inherited characteristics through genetics, and the psychological behaviour of the child. These fields all play their own roles in directly affecting the process of child development. â€Å"A child’s developmental journey is guided by three factors which include nature, nurture and the child’s own activity† McDevitt Ormrod (2010, p. 4). Physical, cognitive and social-emotionalRead MoreIntegration Of Arts And The Arts798 Words   |  4 PagesIntegration of Arts Paper The incorporation of music, movement, and the arts is critical to a young child’s learning, growth and development. Each of these creative arts allow children to make meaningful connections and retain the information being taught in the classroom. It also allows for children to focus more in the classroom and it improve their behavior as well. Multiple intelligences also play a role in music, movement, and the arts. By using these creative arts in the classroom, educatorsRead MoreHow Interaction Affects Our Social And Cognitive Functioning1249 Words   |  5 Pagesideas in a way that no other species can, it also enables us to help one another with our development and progress. In this essay I am going to discuss how interaction, with both people and the environment, can help develop both our social and cognitive functioning. It is widely believed that one’s childhood plays a key role in the development of that individual. The online article, ‘Early Childhood development: The First Five Years’, states â€Å"The first five years create the foundation for the childRead MoreEarly Childhood : The Transitional Phase That Follows Infancy1520 Words   |  7 PagesEarly childhood is the transitional phase that follows infancy. It is crucial for those that are significant in the child’s life to understand how they grow, develop, and learn in this stage in order to create and provide a sufficient environment. It can also help with positive development and other factors as they move into childhood. Despite the many changes this stage entails, every child is different and develops at their own pace. At this stage, children begin to explore and understand the worldRead MoreJean Piaget And Marie Montessori1124 Words   |  5 Pageson the development of children, while the other specialized in the way children learn. They both were crucial components in the development of how teachers and professors educate their students regardless of their age. There are many people that have made a great impact on education throughout history. Two of the more prominent educators are Jean Piaget and Marie Montessori. Both Piaget and Montessori have made great leap in education whether it was creating different stages of development as a childRead MorePlay Time : A Child s Work1135 Words   |  5 Pagesyoung child’s development in early childhood. Play is a child’s work, it is how they begin to learn and grow intellectually, socially, and emotionally at a young age. In addition, play-time also helps introduce and initiate proper motor skills and cognitive thinking. Play-time involving mother and child is equally important because it is helping build the connection between parent and child. Without play-time, a child can be deprived of the most important aspect of his/her childhood and may grow upRead MoreThe Effect Of Physical Activity On The Heart Disease And Links Of Cognitive Ability1267 Words   |  6 PagesOver exercising and the effects on the heart disease and links to cognitive ability The capacity to mentally process, reason, perceive, plan, understand and learn is called cognition. It is important as it help us understand the world and people around us. It is the ability to interpret and comprehend sensory information by transforming, storing and recovering the said data ( (Neisser, 1976). Many studies have been conducted to explore the different factors that could decrease or increase cognition

International Accounting

Introduction International Financial Reporting Standards (IFRS) are established by the International Accounting Standards Board (IASB). These standards facilitate in communicating the financial results of a company to its stakeholders so that they can analyse the information and take appropriate decisions regarding entering into a financial transaction with it. These standards also facilitate in comparing the financial results of two and more companies that prepare their financial statements by complying with the IFRS (IFRS 2013). The local Generally Accepted Accounting Principles (GAAP) is standards set by the local regulatory authority of that country, which is adopted by companies that are based in the concerned country. The selected country for this paper is the UK. This paper focuses on the difference between UK GAAP and IFRS. The three significant differences between UK GAAP and IFRS are illustrated by representing them in the form of financial statements. These differences are related to intangible assets, provisions and government grants. There will also be a discussion of problems faced by the entity in adoption of IFRS for the first time in a chosen country. Besides this, the impact of adoption of IFRS on the financial performance and position of a company is also discussed in this paper (Ernst Young 2012). Differences between IFRS and UK GAAP There is an existence of significant differences between IFRS and UK GAAP. Under IFRS, the statement of changes in equity includes the statement of recognised gains and incomes. The cash flow statement includes both cash, as well as, cash equivalents and there is a classification of interest and dividends on the basis of their nature into three categories i.e. operating, investing and financing. Under certain circumstances, there is an involvement of bank overdraft in cash and cash equivalents. In contrast the UK GAAP states that there is a separate presentation of recognised gains and loses and changes in the shareholders fund. There is no consideration given to cash equivalents under these standards in the cash flow statement and there is also an inclusion of bank overdrafts in cash. The interest, dividends and taxes are classified into different categories of an item (KPMG 2003). The cost of inventory is calculated by using LIFO method, whereas in UK GAAP, LIFO method is rarely used by companies for the evaluation of inventory in their financial statements. The cost of agricultural produce is recorded at cost or net realisable value, whichever is less, but in IFRS, the cost of agricultural produce is recorded at the value attained by subtracting point of sale cost from the fair value. Under IFRS, some of the equity shares are classified as liabilities. In addition to this, the dividend earned on these shares are treated as interest on the accrual basis in income statement, whereas there is a requirement to record all shares under shareholders funds and the shares that are owned by employees under ESOP scheme are treated as assets of a company under UK GAAP (World GAAP Info 2008). In addition to this, the distribution of dividend is recognised in the year to which it relates. There is a requirement to differentiate the amount of dividend and shareholders fund with regard to the equity and non equity. The revaluation of financial statements under IFRS is done either on the mandatory basis or on the option basis. Despite this, the adjustments are made on the basis of current purchasing power if the currency of an enterprise is hyperinflationary. On the other hand, under UK GAAP, there is a rare possibility of revaluation of assets, except property; along with this, there is no additional requirement to be fulfilled by the company under the hyperinflationary nature of currency (Ernst Young 2011). Under IFRS, power to control is the foundation of consolidation and subsidiaries are treated as financial assets if they are excluded from the consolidation. The computation of minority interests is done either on the basis of carrying amounts of subsidiaries or on consolidation; while in UK GAAP, there is a requirement of consolidation only if dominant influence is exercised regardless of the existence of formal power. The treatment of subsidiaries is done as equity if these are excluded from consolidation and have a significant influence on the business of the company (World GAAP Info 2008). In addition to this, the evaluation of minority interest is done on the basis of carrying amounts on consolidation. Under IFRS, there is an exclusion of those acquired assets and liabilities, which do not adhere with the requirements of recognition under other standards. In addition to this, the income statement recognises negative goodwill. There is a capitalisation of transaction cost and the cost of acquisition includes expenses related to the registration and issue of equity securities. On the other hand, UK GAAP recognises those acquired assets and liabilities which do not meet the requirements of recognition under other standards. There is no capitalisation of transaction costs and it involves deduction of cost of issuing shares from gross proceeds and it has been credited to equity shareholders funds (KPMG 2003). There is an exclusion of property under operating lease from investment property and it is recorded at the fair value along with changes in the income statement under IFRS. The dual use investment property is classified only if the separate parts can be sold separately. On the other hand, the investments held under operating leases are considered under investment property and only that part is classified under investment property which can be let out not necessarily to be disposed off separately under UK GAAP. Besides this, there is recognition of investment property at the open market value in the financial statements and the record of changes is to be treated under reserves in this system (World GAAP Info 2008). The impairment is calculated annually for those tangible fixed assets that have a life span of 50 years and the monitoring of cash flows is to be done for five years after a value in use in UK GAAP, whereas impairment is not calculated annually for property, plant and equipment under IFRS and there is no requirement of monitoring after a specified time period. Under UK GAAP, there is an inclusion of provisions in financial statements regarding the sale and termination of an operation. This type of provision includes estimated operating losses for the future period. On the other hand, there is no requirement to make provisions for future operating losses under IFRS. Under UK GAAP, there is no deduction of government grants from the cost of fixed assets to which these grants relate, whereas government grants related to the fixed assets are deducted from the cost of that particular asset (KPMG 2003). The main difference for the treatment of intangible assets between UK GAAP and IFRS is that the intangibles, such as development costs are capitalised and amortised under IFRS, but it is not either capitalised or amortised under UK GAAP. In the IFRS system, it is recorded only if there is a possibility of recovering of the deferred taxes, whereas under UK GAAP, the amount which is not likely to be recovered related to deferred tax assets is recorded. When deferred taxes are related to intra-group transactions, the tax rate of selling entity is applicable under UK GAAP while the tax rate of buying entity is applicable on the deferred taxes associated with the intra-group transactions in IFRS (Ernst Young 2011). There is an adjustment of goodwill only if the recovery of deferred tax assets exceeds the original estimate in IFRS. In addition to this, it is provided from the perspective of the re-evaluation of a financial statement of hyperinflationary subsidiaries; while there is no recognition of deferred taxes under these conditions, as well as, there is no recognition of adjustment of goodwill when the amount of acquisition of deferred tax assets exceeds the estimated value under UKGAAP. Under IFRS, deferred tax assets are not discounted, whereas in UK GAAP, deferred taxes can be discounted (World GAAP Info 2008). Under IFRS, the profits and losses from the repurchase or settlement of debt are not considered as extraordinary items, whereas it is treated under interest in UK GAAP. There is a separate accounting standard for hedging under IFRS while no detailed information is provided under UK GAAP. The financial instruments that are not classified under derivatives can be used for hedging the exposure of risk related to currency fluctuations in IFRS but these instruments cannot be used for hedging the risk related to the foreign currency fluctuations under UK GAAP. No mandatory format related to the income statement is given under IFRS but companies that follow UK GAAP have to present their income statement in a format given under these standards. The treatment of contingent assets and liabilities under UK GAAP guide that companies have to provide full information to stakeholders as per the rules and regulations of Companies Act 1985, even if this results in serious bias. On the other hand, only some information can be disclosed rather than full disclosure under IFRS. The recognition of unrealised profits in the income statement is allowed under IFRS, whereas it is allowed to recognise the unrealised profits in income statement under UK GAAP. There are no guidelines given for share based payments under IFRS, whereas expenses related to shares are recorded on the basis of intrinsic value under UK GAAP. Under UK GAAP, extra ordinary items are removed effectively and specific rules are mentioned under these standards for the treatment of these ite ms. In contrast, IFRS do not provide any disclosure regarding extraordinary items and these are present in certain special circumstances. There is a need to disclose detailed information related to the credit risk, currency risk, and interest rate risks before the effect of hedging under IFRS, whereas the information related to these risks is provided in the financial statements after the effect of hedging in case of UK GAAP. Preparation and Translation of Financial Statements The PR Solutions was established in 2012. PR Solutions started its business with cash of 500000. The entity started its business in London and was setup to provide the consultancy service in the United Kingdom. PR Solutions follows the accounting standards of the United Kingdom (UK GAAP). Before starting the company, the promoters conducted some research and development for 50000. Following are the some basic accounting treatment in the United Kingdom Development Cost (Intangible asset) is not capitalised and it is deducted from the income statement when it is incurred. Provisions for future losses are recognised using estimated future operating losses. Government Grants are not deducted from the cost of fixed assets. Prepaid Expenses are recognised in the balance sheet. Transactions in Year 2012 Company has purchased a land for 200000 in the year 2012. Company has incurred a development cost of 20000 related to the business work. As per UK GAAP, development costs are intangible assets and it is the part of administrative cost. PR Solutions has created the provision for future losses of 20000. These losses are expected to be incurred due to the close down of the unit 2 in the year 2014. Expected total from the sale of unit 2 is about 40000, which is divided in two years i.e. 20000 in 2012 and 20000 in 2013. Company has received grants from the government for building its infrastructure. The gross amount of the grant is 80000 to be used in two years i.e. 40000 in the year 2012 and 40000 in the year 2013. This grant is to be utilised for construction of the building. The cost incurred in the building construction is 150000. Rent paid for office building is 2000 per month. Rent for Building Paid in Advance for 2 months is 4000. Salary paid to Employees is 30000. The Revenue from the operation received in cash is 100000. The tax rate on the entity is 30 % of the taxable income. Transactions for Year 2013 Entity has recognised the provision for future losses relating to the demolishment of unit 2, which amounts to 20000. The Entity has used its remaining government grants of 40000 Cost incurred for construction of building amounts to 100000 from which 40000 is utilised from the government grant. Rent paid for office building is 2000 per month. Rent for Building Paid in Advance for 2 months of 4000. Salary paid to Employees is 50000. The Revenue from the operation received in cash is 180000. The tax rate on the entity is 30 % of the taxable income. Prepaid rent recognised in this year. Entity has paid its previous year Tax of 13,800. Income Statement for Year 2013 (According to UK GAAP) Particulars Amount in Total Revenue From operations 180000 Add: Government Grant 40000 Less: Administrative Cost(Rent) 24000 Less: Other Operating expenses ( provision) 20000 Less: Salary Paid 50000 Profit before Tax 126000 Less: Tax Expense @ 30% 37800 Profit 88200 Balance Sheet as on 31st December, 2013 Particulars Opening balance A B C D E F G H J Closing balance Fixed assets Building 150,000 100,000 250,000 Land 200,000 200,000 Current assets Cash 252,000 -100,000 -20,000 -4,000 -50,000 180,000 -13,800 244,200 Prepaid Rent 4,000 -4,000 4,000 4,000 Total assets 698,200 Equity Share capital 500,000 500,000 Profit 32,200 -20,000 40,000 -24,000 -50,000 180,000 -37,800 120,400 Current liabilities Government Grants 40,000 -40,000 0 Provision 20,000 20000 40,000 Current tax liability 13,800 37,800 -13,800 37,800 Total equity and liabilities 698200 Translation table for IFRS Opening Statement of Financial Position at December, 31st, 2013 Particulars UK GAAP Govt. Grant Development Cost Provision for Future Losses Deferred tax IFRS Fixed assets Building 250,000 -40,000 210000 Land 200,000 200000 Intangible assets 0 12,000 12000 Current assets Cash 244,200 40,000 284200 Deferred Tax Asset 7200 7200 Prepaid Rent 4,000 4,000 Total assets 698,200 717400 Equity Share capital 500,000 500,000 Profit 120,400 12,000 40000 7200 179600 Current liabilities Government Grants 0 0 Provision 40,000 -40000 0 Current tax liability 37,800 37800 Total equity and liabilities 698,200 717400 Income statement translation table Particulars UK GAAP Government Grant Development Cost Provision Deferred tax IFRS Revenue 180000 180000 Government Grant 40000 0 40000 Development Cost 0 12000 12000 Administrative Cost -24000 -24000 Provision -20000 20000 0 Salary Paid -50000 -50000 Tax Paid -37800 7200 -30600 Profit 88200 127400 Working Notes Calculation of Deferred Tax Adjustment for: UK GAAP IFRS Difference Deferred tax (30%) A for asset, L or liability Intangible assets 0 12000 -12000 -3600 L Provision 40000 0 40000 12000 A Deferred tax Asset Opening Statement of Financial Position 8400 Less: previously created 1200 Total 7200 IFRS financial statements for Year 2013 Statement of Financial Position at December, 31st Particulars 2012 2013 Fixed assets Building 110000 210000 Land 200000 200000 Intangible assets 16,000 12000 Current assets Cash 292000 284200 Deferred Tax Asset 1200 7200 Prepaid Rent 4,000 4,000 Total assets 623200 717400 Equity Share capital 500,000 500,000 Profit 69400 179600 Current liabilities Government Grants 40,000 0 Provision 0 0 Current tax liability 13,800 37800 Total equity and liabilities 623200 717400 Statement of Comprehensive Income for 2013 Particulars Amount Revenue 180000 Government Grant 40000 Development Cost 12000 Administrative Cost -24000 Provision 0 Salary Paid -50000 Tax Paid -30600 Profit 127400 Statement of Changes in Equity for the year ended December, 31st, 2013 Particulars Share Capital Profit Total Balance at Jan, 1, 2013 500,000 69,400 569,400 Total Comprehensive Income for 2013 127,400 127,400 Balance at Dec, 31, 2013 500,000 196,800 696,800 Cash Flow Statements for the year 2013 Particulars Amount in Cash flow from operating activities Profit before tax provision 144,000 Amortization of intangible asset -4,000 Cash generated (used) from operations 140,000 Working Capital changes Deferred Tax Assets -6,000 Government Grants -40,000 Income tax paid -13,800 Net cash from operating activities 92,200 Cash flow from investing activities Investment in Building -100,000 Net cash from Investing activities -100,000 Cash flow from financing activities Net increase in cash and cash equivalents -7,800 Cash and cash equivalents at beginning of period 292000 Cash and cash equivalents at end of period 284200 The impact of the first adoption of IFRS on the entitys financial position and performance Opening Statement of Financial Position reconciliation Particulars UK GAAP Note Difference IFRS Fixed assets Building 150,000 40000 110000 Land 200,000 200000 Intangible assets 0 2 16,000 16,000 Current assets Cash 252,000 40,000 292000 Deferred Tax Asset 0 4 1,200 1200 Prepaid Rent 4,000 0 4,000 Total assets 606,000 623,200 Equity Share capital 500,000 0 500,000 Profit 32,200 3 37200 69,400 Current liabilities Government Grants 40,000 1 0 40,000 Provision 20,000 5 20000 0 Current tax liability 13,800 0 13,800 Total equity and liabilities 606,000 623200 Notes The government grants are not deducted from the cost of building as per UK GAAP as government grants are related to the fixed asset i.e. building. These grants are deducted from the cost of building at the date of the opening statement of financial position i.e. balance sheet under IFRS. The development cost for the company is 20,000. As per UK GAAP, the development costs are not capitalised and 4000 will be deducted from the profit and loss account for 5 years, instead of presenting in the opening statement of financial position, whereas development costs are capitalised and 4000 is amortised each year for 5 years as per IFRS and is included in the opening balance sheet. The opening balance of retained earnings has changed due to the difference in the accounting treatment, such as government grants, inclusion of intangible assets, and non recognition of provisions and the effect of taxes applicable in the opening statement of the financial position. The changes in the deferred taxes have occurred due to three significant adjustments that have been taken in account during the translation process. These adjustments relates to provision, intangible assets and government grants. The provisions related to future losses are permitted under UK GAAP, but are restricted under IFRS due to which these are not included in the opening statement of the financial position. The first adoption of IFRS by PR Solutions has impacted its financial position in a significant manner due to the above differences in the accounting treatments under two different standards, namely IFRS and UK GAAP. Closing Statement of Financial Position reconciliation Particulars UK GAAP Note Difference IFRS Fixed assets Building 250,000 1 40000 210000 Land 200,000 0 200000 Intangible assets 0 2 16,000 12,000 Current assets Cash 244,200 40,000 284200 Deferred Tax Asset 0 4 1,200 7200 Prepaid Rent 4,000 0 4,000 Total assets 698,200 717,400 Equity Share capital 500,000 0 500,000 Profit 120,400 59200 179,600 Current liabilities Provision 40,000 3 20000 0 Current tax liability 37,800 0 37,800 Total equity and liabilities 698200 717400 Notes The UK GAAP recognises non deduction of government grants from the cost of building and the amount of government grants is subtracted from the cost of building in the opening statement under IFRS, which states that same treatment is done in the closing statement of the financial position as well. Under UK GAAP the development cost is not capitalised and not included in the closing balance sheet, but as per IFRS, the development costs are capitalised and included in the balance sheet. The provisions related to future losses are not included in the year 2013 in the closing statement of the financial position under IFRS as compared to UK GAAP, which affects the financial position of the company. The adjustments in the year 2013 related to the changes in the accounting treatment of different items, such as development costs, provisions, and government grants and taxes affect the deferred taxes for the given year. Notes There is an inclusion of development cost under IFRS, whereas there is no inclusion of development cost under UK GAAP due to which there is a positive impact on profit under IFRS. Provisions are not included in the IFRS and it is charged under the income statement in UK GAAP which has a positive impact on the profit of the company under IFRS. There is an inclusion of deferred taxes in the IFRS as compared to UK GAAP which reduces the tax liability of the company and increases its profit. Problems faced by entities in the UK by the adoption of IFRS for the first time Entities based in the UK that have adopted UK GAAP face problems at the time of implementing IFRS for the first time for preparing its financial statements. In order to change the financial statements, as per the IFRS, entities have to do analysis of those items and activities that have an impact on their financial statements. Besides this, the collection of the data which is required to make changes in the existing figures due to the changes in the procedure of accounting treatment of different items is also done by the entity. The company have to reassess the accounting policies and standards as these have a great influence on the format of financial statements. It is a very long process and requires huge amount of cost and time. Businesses also face issues related to the audit procedure of the financial position as there is a requirement to audit the financial statements fully from UK GAAP to IFRS (KPMG 2013). There is a requirement to do detailed analysis of adjustments as IFRS requires inclusion of additional adjustments related to different items that are included in the statements. The adoption of IFRS requires disclosing more information as compared to UK GAAP. Company also finds difficulty in engaging with Audit Committees before a prescribed time so as to spread awareness among them about the procedure, as well as, the impact of adoption of IFRS (KPMG 2013). At the time of adoption of IFRS for first time, company has to follow a set of procedure issued by the IASB, if these entities are adopting it after 1 January 2009 (Deloitte 2013). The treatment of deferred tax is an additional requirement under IFRS that makes the process complex and difficult. The adoption of IFRS forces entity to prepare financial statements of the year in which it is adopted, in addition to a year prior to the adopted year. It also faces difficulty with regard to treatment of taxes. This is because taxes greatly influence the amount of profit earned by the company. The company, in order to reduce its tax liabilities so as to reduce the negative impact on its profitability, has to adopt different measures (Moore Stephens). Besides this, a firm has to classify its assets and liabilities as per the accounting standards of IFRS due to the absence of recognition of some assets and liabilities under UK GAAP. There is also a need to reclassify the opening balances of as sets and liabilities of a firm as per the guidelines of IFRS (Deloitte 2013). References Deloitte. 2013. IFRS 1 First-time Adoption of International Financial Reporting Standards. [Ernst Young. 2011. UK GAAP vs. IFRS. [Online]. Available at: Ernst Young. 2012. International GAAP 2012 - Generally Accepted Accounting Practice Under International Financial Reporting Standards. John Wiley Sons IFRS. 2013. About us. KPMG. 2003. IAS compared with US GAAP and UK GAAP. KPMG. 2013. IFRS Practice Issues. World GAAP Info. 2008. UK FRS.

Why is it important to vote free essay sample

You cant win if you dont play. Election outcomes are determined by those who participate. Elected officials make important (often life and death) decisions about how our society will expend its collective resources and the restraints it will place on individual behavior. The drinking age, the age at which you can get a drivers license, and the amount of money your teachers receive are some of the decisions made by elected officials. In making those decisions, elected officials respond to people who bother to vote more than to those who abstain. Voting does not guarantee that ones preferences will prevail, but choosing not to vote denies a person one of they key tools of having a say in a democracy. Importance of Voting Choose Your Government This is the most obvious advantage of voting. Voting allows you to choose people you want to represent your community in the governance of your country. The winning party will govern your society and will be answerable to you. With the democratic process of voting, a balance in power can be maintained between the governance and the people. Hence, you must cast your vote for presidential elections as well as local body elections. Investing in a Better Future The objective of a government is to draft and implement various policies for the betterment of its people. From taxes to road-building, everything is decided by the policy makers that you vote and help win. The policies enforced by your chosen representative may force you to anything from a change in your daily route to an additional tax. Dont you want someone who is going to have this much control over your life to be just the right person for it, and dont you want to do your best that the one you want is the one you get? A Hard-earned Privilege The freedom to choose your own administration is one that characterizes democracy. It defines every revolution. It is a right that has been earned through the hardships suffered by past generations, quite possibly including your very own. Its a right that marks democracy apart from other modes of governance. It has to be cherished, not discarded. The above are just few of the reasons why people should vote. Voting is one of the easiest ways you can voice your opinion in a democracy. It gives you a chance to choose your own leaders and make them accountable for your development. What Is the Importance of Voting in America? By Kent Ninomiya, eHow Contributor The importance of voting in America cannot be overstated. The United States is a constitutional republic. Americans democratically elect their leaders, who in turn represent them in the legislative, judicial and executive branches of government. Some of our leaders also have the power to appoint other leaders to certain offices. Our leaders make, enforce and judge laws that impact our health, religion, money and freedoms. Many of these issues are also voted on directly during elections. It is therefore important to vote to have your say about what happens to you. Significance Every vote has significance. Several elections have been decided by a single vote. In other elections, the vote was tied and the winner decided by a coin flip. In a close presidential election, the winner is actually decided by a small number of voters in swing states. The 2000 presidential election came down to a handful of ballots in Florida. Considerations There are many issues to consider when casting your vote. Choose your leaders wisely. Politicians make laws protecting and restricting social freedoms. They determine the legality of issues like abortion, capital punishment, gay rights, civil rights and religion. Chief executives appoint judges and justices. The right to have an abortion comes down to a very slim majority vote on the U. S. Supreme Court. Supreme Court justices serve for life. A president you elect today may appoint a justice who decides American social policy for a generation. Our leaders also decide policy on issues like national security, civil liberties and the environment. If you care about these issues, you must vote. Benefits Many voters who care little about social issues care a great deal about their financial benefits. The politicians we elect decide how much we pay in taxes and how that money is spent. Bond issues and propositions on the ballot determine whether your property taxes or sales taxes will rise. Health care, Social Security and defense spending are enormous financial strains on our economy. Vote for leaders and measures that will spend money the way you want it spent. History A lot of blood has been shed through American history so that you have the right and privilege to vote. Many people sacrificed and worked tirelessly so that women, minorities and adults younger than 21 could cast ballots. Soldiers and civil rights workers died fighting for your right to vote. You owe it to them to exercise your civic responsibility. American soldiers are still fighting and dying in wars. Vote to choose leaders who make military decisions you agree with. Potential It is important to vote for Americas future potential. Ballots you cast today will impact your children, grandchildren and all the generations that follow. Vote to improve the world they will live in. Voting also sets a good example for your kids. If you dont vote, you have no right to complain about the way the country is being run. Why should you vote? Your vote counts! Learn why. In some countries, citizens are fined if they don’t vote! Some Americans think that’s a good idea. Why? Because the right to vote is one of the basic rights guaranteed by our Constitution. It is one of our most precious rights. OUR RIGHT, BUT NOT EVERYONE’S RIGHT There are hundreds of nations in the world. Only a fraction of these nations are democracies or constitutional monarchies. (A democracy is a nation headed by leaders who are elected by the people. A constitutional monarchy is a nation that is headed by a queen or king, who may not have much real power, but which has free democratic elections for all citizens. The United Kingdom, Spain, Sweden, and the Netherlands are prime examples. ) Only part of the world’s population enjoys the right to vote in free democratic elections. Nations such as India, Israel, the Czech Republic, Japan, South Korea, Mexico, Australia, Canada, and the European Union countries are democracies, although Canada and Australia still have some political ties to England. Nations such as Turkey have some democratic freedoms and some non-democratic restrictions. Many nations are monarchies, in which one family controls the government; military dictatorships, in which a non-elected leader and his army control the government by force; or, in the case of China, Communist states, in which only one political party is allowed to have power and representation. In all of these non-democratic nations, the government controls the press, and there is very little opportunity, or none, for free speech. Citizens are not allowed to publicly express any criticism of their government. The most basic rights that U. S. citizens take for granted, such as a speedy and fair trial by jury, and freedom of religion, are not recognized in these non-democratic nations. If they have elections at all, they are usually a sham. Only a few candidates are listed on the ballots, and those are for local office. The people do not get to choose their leaders. The United States is not the only democracy in the world, but it has been one of the most successful. One reason for its success is its system of laws based on the Constitution. Our Constitution allows for the possibility of change in the way we elect our leaders and representatives. But some basic rights are written into the Constitution, and as long as the United States thrives, these rights can never be taken away. One of the basic rights guaranteed by the Constitution is the right to vote. That may not seem like a big deal, but it is a very important right—only if YOU use it. Your vote is just as important as the President’s! If you don’t vote, you can’t participate fully in the democratic process. If you do vote, you are a participant. If you don’t, you can only be an onlooker. MAKING CHANGES: THE FIRST STEPS Throughout the history of our nation, changes have been made by those who organized, networked, joined forces, and expressed their opinions openly, whether or not they could vote. In many cases, public opposition was stubborn and violent. Suffragists (advocates for women’s right to vote) had to endure many injustices—when violent mobs smashed in and broke up their meetings, or getting arrested for demonstrating, for example. The Civil Rights Movement for African-Americans met seemingly unbeatable and vicious opposition. A number of civil-rights activists and leaders, black and white, were murdered. Yet the justice of their causes prevailed. They helped extend Constitutional rights and protection to those who had been denied those rights. These battles for justice were won by those who cared enough about the possibility of social change to get involved, to speak up, and even risk their lives. You don’t have to risk your life to participate in making changes, though. Voting is one way that all U. S. citizens, ages 18 to 108, can speak up. If you have never voted before, but are interested in registering to vote in the next Presidential election, we say, â€Å"Congratulations! That’s great! Let’s do it! † Once you learn how to do it, you will have a sense of satisfaction, knowing that you are participating in an important part of being an American citizen. Registering to vote is the first step in an exciting adventure. This what we hope will happen: * Because you want to be an educated voter, you will learn what you can about the candidates, the issues, and the differences between the parties’ stands on the issues that are most important to you. What do you care about? Legislative funding and support for schools for the deaf? How the candidates feel about mainstreaming? Literacy classes for deaf adults? Getting more Deaf candidates into office? Getting more sign-language interpreters at public events? More police departments learning how to communicate with Deaf people? What Deaf people can do for the environment? Do your representatives know how you feel about these issues? * You will become more interested in following news about proposed Constitutional amendments,different interpretations of the Bill of Rights, and Supreme Court cases. You will follow, with new interest, the progress of the Presidential campaigns, and coverage of the national party conventions. * You will vote in your state’s primary elections. * You will contact your local, state, and Congressional representatives and express your views to them. * You may even want to volunteer to join the local campaign committee for your favorite candidate. Even if you can’t use the voice telephone to make calls on the â€Å"telephone tree,† there is much that you can do. And if your candidate wins, you will participate in the victory celebration, knowing that you helped make it possible! You will see, through your own experience, that one person CAN make a difference. Even if your favorite candidate loses, you will have had this valuable experience, and we hope that you will want to stay involved. * You will have the satisfaction of participating actively in the democratic process, and seeing how it works on a grassroots level. Someone who doesn’t bother checking the news, doesn’t care about the election, and doesn’t go to the polls to vote loses out on this. * You can become a smarter, better-informed citizen. You can even help make history!