New Standards for Revenue Recognition Research Paper

New Standards for Revenue Recognition - Research Paper Example The IFRS stipulates minimum requirements on matters of revenue recognition. All in all the IAS 18 Revenue and IAS Construction Contracts are the main fields that it addresses. However, IAS 18 offers little explanation on issues that relate to multiple-element arrangements. The existing guidelines for revenue recognition as per the U.S. GAAP are so many. In the real sense, they cannot address the exact transactions or the target industries. With the mushrooming of new trends in transactions, the Board is facing challenges in addressing the issue. The first proposal was made on December 19, 2008 by both the IASB and the FASB. Bearing in mind that GAAP had a different approach from that of IFRS; the objectives made in the proposal were to make an improvement on the already existing guidelines. This gave birth to the concept of developing one model that can be utilized in addressing revenue recognition. In application, a company will be only able to recognize its revenue when the obligat ion is satisfactory. In this case, all services and transactions must satisfy their customer’s needs as per the contract (www.fasb.org, March 2014). On June 24, 2010, the Boards made a proposal to have the new joint standard for revenue recognition in place. In their view, adopting this proposal would bring the single revenue recognition standard in place. This will make it easy for IFRS and GAAP to address issues across all capital markets and industries with little differences (http://www.ifrs.org March, 2014).

The Motives of Enculturation Essay Example | Topics and Well Written Essays - 1500 words

The Motives of Enculturation - Essay Example   Markedly, upon interviewing two individuals from different cultures; a Guatemala and Tibetan, it’s evident that enculturation, measured by the career values and choices made are directly influenced by family cultures. The first interviewee was a Tibetan registered nurse, working in a public hospital. For confidential purposes, the interviewees’ fine details including the hospital’s name are withheld. Being born in late 1979 his parents were typical Tibetans who lived in the southern parts of USA. He was brought up in a rural set-up, lived in the discrimination era and hence spent most of his childhood time with Asian natives. Currently, the interviewee acknowledged that he lives in a completely different environment, amidst blacks, Asians, Latin natives and whites, both at workplace and neighborhood: hence his own culture has become less important. The second interviewee was a Guatemalan woman, working in a cereal production farm. The lady in question was ambitious, social and maintained a cheerful face all through the interview time, responding to the questions precisely and splendidly. Contrary to her cultural obligation, the lady confirmed that she was a senior agricultural officer in the firm she worked for. Similar to the Tibetan guy, the lady was also brought up in suburban areas, was in her mid-thirties, almost turning 35, with her parents being traditionally encompassed. She was a graduate, the only girl in a family of three, and illiterate parents. Both respondents appeared to be positive about the interview. They cheerfully responded to the questions as it was a platform to confess the advantages that accrued from their enculturation process.  Ã‚