The Issue Of Accounting For Goodwill - 829 Words

The issue of accounting for goodwill has commonly been an area of debate between private and public companies. As the PCC conducted research on the matter they found that many private company stakeholders indicated that the benefits of accounting for goodwill under the traditional GAAP method was worth the associated cost of doing so. The private company financial statement users found that little decision-useful information resulted from the expensive accounting method of goodwill. Many who analyze private companies disregard goodwill when determining the performance and financial condition of private companies. In a survey of financial statement preparers it was found that they did not believe that previous rules for private companies regarding goodwill recognition were inadequate and did not save much cost to these smaller private companies. (Lange, 1) In the amendment created by the influence of the PCC, privately held companies have an optional election for an alternative m easure of goodwill. The formal explanation of the amendment is as follows: â€Å"An entity within the scope of the amendments that elects the accounting alternative in this Update should amortize goodwill on a straight-line basis over ten years, or less than ten years if the entity demonstrates that another useful life is more appropriate (Lange, 2).† US GAAP which pertains to public companies requires that goodwill be tested annually for impairment or in some cases more frequently. In addition,Show MoreRelatedClient Understanding Paper1665 Words   |  7 PagesClient Understanding Paper Accounting Issue: When and why to adjust inventory values to lower of cost or market? Sources: 330-10-35-1 35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost. Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causesRead MoreBalance Sheet and Goodwill1440 Words   |  6 PagesGoodwill is an intangible asset, probably the most intangible of all intangible assets, hard to measure and even more difficult to account for. Goodwill today constitutes a much larger part of acquisition prices than it did previously, resulting in a much greater impact on financial statements. During the twentieth century the concept of goodwill has changed significantly. In the earlier days goodwill was thought of as the good and valuable relationships of a proprietor of a business with his customersRead MoreThe Requirements Of Australian Standards1517 Words   |  7 PagesAccounting for Business Combinations and its relevant issues under the requirements of Australian standards have raised a considerable number of concerns, and therefore remained controversial for both accountants and scholars who have been struggling to deal with the practical – and – theoretical development of the Accounting industry. Regardless of such difficulties, due to the undeniable meaning of Accounting practices and the enormity of transactions involved on a daily basis, it is of great importanceRead MoreThe International Accounting Standards Board1341 Words   |  6 PagesThe IASB Conceptual Framework is a framework developed by the International Accounting Standards Board (IAS B). In a nutshell, what this framework does is to lay out the concepts needed for accurate preparation and presentation of financial statements to external users such as auditors, tax authorities, investors, regulatory authorities and so on. According to the IASB, the Conceptual Framework for Financial Reporting does the following; â€Å"†¦describes the objective of, and the concepts for, generalRead MoreBusiness Combination1719 Words   |  7 PagesAdvanced Accounting October 24, 2013 Abstract In this paper, I will provide an explanation for the business combination method I selected in expanding the corporation by acquiring another firm, the reason for selecting that business combination method, and how the purchase will grow the business. I will also analyze the accounting requirements for the business combination method I selected and how I determined goodwill was impaired and the financial impact of such impaired goodwill. The businessRead MoreValuation of Goodwill1346 Words   |  6 PagesMANAGEMENT OF GOODWILL IN A BUSINESS. INTRODUCTION Goodwill is an intangible element connected with the going concern which include personality, reputation, the company name, convenient and favourable location of the business, quality of merchandise, efficient management, supply and demand for a choice product, affordable prices, efficient labour relations with employees, true and fair view and finally courteous methods of treating customers. Goodwill is often shown on the accounting books and recordsRead MoreCase Study : Super Co Essay1585 Words   |  7 Pagesconcerns you may have regarding adjusted lower cost of market inventory on valuation, recording gain or loss on asset disposal capitalizing interest on building construction, and adjusting goodwill for impairment. It is our responsibility to obtain sufficient information to ensure compliance with generally accepted accounting principles (GAAP) and information presented is free from biases and inconsistency. The need for this information is due to the nature of business of SUPER CO. These topics will be explainedRead MoreGoodwill Is An Intangible Asset1080 Words   |  5 PagesGoodwill is an asset that is an intangible asset. Goodwill represents the future economic benefits that arise from acquiring assets during a business amalgamation. A goodwill reflects the difference between the purchase price and the fair value of acquiring a company’s assets or a b usiness merger. According to the generally accepted Accounting Principle goodwill is not amortized. Therefore, on the balance sheet there would not be an accumulated goodwill amortization. Impairment on a goodwill is testedRead MoreFinancial Reporting : Private And Public Accounting800 Words   |  4 PagesBackground Information Private and public accounting have long been discussed and disputed in regards to financial reporting. Since the Financial Accounting Standards Board (FASB) was created in 1973, accountants have called for different accounting regulations for private and public accounting sectors, as private companies do not have the resources to meet the complex requirements of public companies. Private companies currently are not required by law to issue annual or quarterly financial statementsRead MoreClient Understanding Paper1727 Words   |  7 Pageslower of cost or market inventory on valuation, Capitalizing interest on building construction, Recording gain or loss on asset disposal, and Adjusting goodwill for impairment. The Financial Accounting Standards Board (FASB) established clear guidelines addressing the items mentioned above. I will outline that FASB generally accepted accounting standards (GAAP) affect each area, and how these improvements to the company will benefit the company ’s financial health (FASB, 2010). The methods of inventory

Biography Of Ludwig Van Beethoven s Life On All Levels Of...

Decmber 16th 1770 in Bonn Ludwig Van Beethoven was created to be soon form into one of the greatest people that ever walked the earth. As a composer, Ludwig Beethoven can be considered the equivalent of any of today’s stars of popular music. His trend setting compositions made music an integral part of life on all levels of society from the royal courts to the general population. His mass appeal can be attributed to his standard defying compositions that forcibly modernized the 18th century music scene. As with the invention of electric instruments in the 20th century, Beethoven’s powerful playing style and innovation techniques, introduced a new way of perceiving and listening to music. His deafness which was seen as restriction to many,†¦show more content†¦In one moment he could show great respect toward a commoner and then show no regard or respect for the nobles and royalty who were his financial supporters. As with any genius, he preferred the company of other musicians, poets and artists. It can be said that living in a society that prided itself on patronage of artists allowed Beethove n to reach his full potential. As many did before him, Beethoven used his skills to enrich himself and to expand his influence in the discipline of music. Beethoven was considered to be both confused and confusing by a great number of people who knew him. As his volatile mood swings became more erratic, the only things that stayed constant about him were his music and his explosive mood swings. In light of modern medical knowledge, Beethoven was almost certainly bi-polar. This condition was made worse by his alcohol addiction and gradual withdrawing from family and close friends. His eventual death from liver failure was possibly caused by his use of alcohol to mask symptoms of other medical issues. He self-medicated through alternating bouts of alcoholism and brilliant creativity. In modern times, medical treatment and counseling would have surely helped him, but Beethoven lived in a time where genius and madness often went hand in hand. What defines greatness within a musician what does it take to be a legend. To try and make

The Philippine Educational System Free Essays

Two major subsystems – formal and non-formal. The Philippine educational system is composed of two major subsystems: the formal and the non-formal. The formal subsystem consists of sequential academic schooling at three levels. We will write a custom essay sample on The Philippine Educational System or any similar topic only for you Order Now The first two levels are referred to as the basic education level, consisting of six years of primary or elementary education and four years of high school or secondary education. Basic education is intended to provide functional, scientific and social literacy. The Philippine government, through its public schools and the voucher system, provides free education for children up to the secondary level. The post-secondary and tertiary levels include one to three years of technical/vocational education and degree courses requiring a minimum of four years of college/university education. The three levels of schooling just described focus for the most part on providing academic training and scholastic competence. Any organized and systematic learning conducted outside the formal educational system, whether providing certification or not, is referred to in the Philippines as non-formal education. Non-formal education addresses the needs of those who are not able to participate in the formal subsystem, most of whom may have dropped out of the formal system due to poverty. The organization, specific activities, and delivery methods associated with non-formal education are usually designed to meet the expressed needs of distinct clientele, such as primary and high school drop-outs, unemployed adults, and other marginal, dislocated, or disabled groups. Institutionalized in 1977 with the creation of the Office of the Undersecretary for Non-Formal Education under the former Ministry of Education, Culture and Sports, the non-formal education program is still provided separately and apart from the formal system. Efforts are being made to provide clear entry points to higher levels of formal education through a system of equivalency and certification. However, since the system is not yet fully operational, the non-formal education program appears to mainly concentrate on providing participants with skills necessary for employability and competitiveness in the labor market. The availability of non-formal education, however, is useful in that it expands a window of opportunities for education to more citizens from a variety of demographic characteristics, socio-economic origins, and general interests (DECS, 1994). The non-formal system makes education available to a larger number of Filipinos who cannot participate in formal educational programs. Government’s support for and involvement in non-formal education notwithstanding, it must be recognized that the stronger advocacy for and more active implementation of the program in the Philippines could be attributed to private schools, churches, civic organizations, and foundations (Congressional Commission on Education, 1991). Private groups conduct activities ranging from providing basic-level skills training to values formation. The delivery vehicles of these activities include seminars and workshops, community assemblies, television and radio programs, correspondence courses, home visits, self-directed learning modules, and practical work. The curricular designs of the various programs vary from one implementing agency to another, and are tailor-fit to the needs of specific clientele (Gonzales and Pijano, 1997). At present, non-formal education in the Philippines has four main thrusts: develop family life skills, including health, nutrition, childcare, household management, and family planning; promote vocational skills; enhance functional literacy; and cultivate livelihood skills. Gonzales and Pijano (1997) note that given the dichotomy of the Philippine educational system, a subsystem of lifelong learning must perforce lean heavily on and draw services from both the formal and informal sub-systems. They add, however, that the current subsystems still do not reflect the significant and important â€Å"informal† attributes of lifelong learning. Recent developments in the national educational system. In 1994, the Philippine educational system was restructured in an attempt to rationalize and improve the provision of learning opportunities. The system currently has three subdivisions, namely: basic education; technical-vocational education and training; and higher education. How to cite The Philippine Educational System, Papers

Mr. Subliminal Essays - Flagship Vehicles, Full-size Vehicles

Mr. Subliminal Mr. Subliminal? Two types of subliminal advertising, or at least as close to it as exists today, are stealth advertising and hidden corporate providence. Stealth advertising occurs when a company pays to have their product in a movie or TV show, and the product is then shown on camera. An example of this would be BMW's agreement with the producers of James Bond movies. The agreement is that James Bond will a BMW in each movie and that the car will be shown to be a BMW. For example, in Tomorrow Never Dies, James Bond drives a BMW 750iL and when Q gives James the car, he specifically states that the car is a new BMW 750iL. Hidden corporate providence occurs when a big corporation makes a product and tries to make the product appear to be manufactured by a small company. An example of this would be Doc Otis hard lemonade, made by the Anheiser Busch Corporation. The label depicts an old man, who it is assumed is ?Doc Otis,? the man who makes this lemonade. This attracts customers who want to ?help the l ittle guy.? Another form of subliminal advertising is embedded messages. This is when an ad suggests some message but does not directly come out and say that message. A good example of this would be cigarette ads that depict beautiful people having a good time, while smoking. The embedded message is that smoking will make you cool and beautiful, but the ad does not directly say that. These are several types of subliminal Psychology Essays

Juvenile Referral Resources Essay Example

Juvenile Referral Resources Essay Example Juvenile Referral Resources Essay Juvenile Referral Resources Essay In the current society there are authorized governmental and non-governmental agencies formed with a motive of correcting and providing proper guidance to such children regarding their age group. The current strategy is different from the one in the past where rebellious children were treated as outcasts. Therefore, this paper focuses on such agencies available in Ocean County New Jersey, their goals, purpose, and methods of intervention applied by each one of them about our case study. Observable and based on research, the Ocean County New Jersey; the Department of Local Justice juvenile services has availed many resources of significance to the residents who are essential in the provision of necessary intervention practices as far as discipline and respect to the rule of law is concerned. Some of the available agency centers are as follows in addition to the Central Department of Juvenile services, the New Jersey department of correction and department of human services. These agencies provide several different and standard services concerning the age of the victim. Some of the available resources and facilities are childrens homes, community service facilities and land as a resource to be used for various practices. The choice of the agency to be selected purely depends on the nature of the services required, (Hess, 2012). Fundamentally, for a child to be selected and join the Department of Juvenile Service in Ocean County adjacent to Sunset Avenue, legal process must be followed. The parent should first report the case and assessment done by the concerned officers. It is then followed by the agreement between the parent and the agency based on the terms and conditions of the service after which the child is to be admitted and start engaging in the services. This office offers school mentorship program and also provides shelter where children are detained. The strategy is essential to a fourteen-year-old child as the two services are essential in behavior change especially when defects arise from the environment and peer influence. ; ; The second relevant agency is the New Jersey department of human services, which is the state-owned police department. Within this broad agency, there is a small section concerned with family issues and which is capable of correcting behavior by involving children in the provision of community services and providing other educational programs. Such services remain the core of their operation as it streamlines the effort of the rebellious children towards engaging in activities that are very helpful to the society at large. The highlighted premises are linked to the mission and purpose of the agency, which is linked to solving family case works upon request. Third agency is the Department of Correction, which focuses on safeguarding prisons and at the same time controls three youth institutions within the county. It is their goal to ensure safety to those in custody, the staff and other concerned parties that are in need of their services. This agency provides services for education, recreation, library and many others, which are involving. The critical step in intervention practice is changing the attitudes of the child, which can be through identifying their potential areas which maybe through their talents and other programs. Parental access is mainly through request and agreements from the office based on the given reports by parents and other relevant observers, (Bonnie, 2013). In conclusion, the New Jersey area has many justice service agencies responsible for reinforcing the implemented laws and ensuring that they are obeyed by every citizen. Additionally, there are other provisions given to family issues especially in line with the rebellious children proving to be troublesome and of bad influence to the society. Therefore, such children have special programs provided by the national and county government, which can be of significance to them and society. In conclusion, the New Jersey area has many justice service agencies responsible for reinforcing the implemented laws and ensuring that they are obeyed by every citizen. In addition to this, there are other provisions given to family issues especially in line with the rebellious children proving to be troublesome and of bad influence to the society. Such children have special programs provided by the national and county government, which can be of significance to them and society. References Hess, K. M., ; Wright, J. P. (2012). Juvenile justice. Belmont, Calif: Wadsworth. In Bonnie, R. J., National Research Council (U.S.)., National Research Council (U.S.)., ; National Research Council (U.S.). (2013). Reforming juvenile justice: A developmental approach.

Turkey Facts, Biology, and Statistics

Turkey Facts, Biology, and Statistics The turkey is a very popular bird, especially around the holiday season. Before sitting down to enjoy that holiday meal, pay tribute to this splendid bird by discovering some of these fascinating turkey facts. Wild vs Domesticated Turkeys The wild turkey is the only type of poultry native to North America and is the ancestor of the domesticated turkey. Although wild and domesticated turkeys are related, there are some differences between the two. While wild turkeys are capable of flight, domesticated turkeys cannot fly. Wild turkeys typically have dark colored feathers, while domesticated turkeys are commonly bred to have white feathers. Domesticated turkeys are also bred to have large breast muscles. The big breast muscles on these turkeys make mating too difficult, so they must be artificially inseminated. Domesticated turkeys are a good, low-fat source of protein. They have become an increasingly popular choice of poultry because of their taste and good nutritional value. Turkey Names What do you call a turkey? The scientific name for the wild and modern domesticated turkey is Meleagris gallopavo. The common names used for the number or type of turkey changes depending on the age or sex of the animal. For example, male turkeys are called toms, female turkeys are called hens, young males are called jakes,  baby turkeys are called poults, and a group of turkeys is called a flock. Turkey Biology Turkeys have some curious features that stand out upon first glance. One of the first things people notice about turkeys are the red, fleshy stretches of skin and bulbous growths located around the head and neck region. These structures are the: Caruncles:  These are fleshy bumps on the head and neck of both male and female turkeys. Sexually mature males may have large carnuncles with bright colors which are attractive to females.Snood:  Hanging over a turkeys beak is a long flap of flesh called the snood. During courtship, the snood enlarges and becomes red as it fills with blood in the male.Wattle:  These are flaps of red skin that hang from the chin. Males with large wattles are more attractive to females. Another prominent and noticeable feature of the turkey is its plumage. Voluminous feathers cover the breast, wings, back, body and tail of the bird. Wild turkeys can have over 5,000 feathers.  During courtship, males will puff up their feathers in a display to attract females. Turkeys also have what is called a beard located in the chest area. Upon sight, the beard appears to be hair, but is actually a mass of thin feathers. Beards are most commonly seen in males but may occur much less commonly in females. Male turkeys also have sharp, spike-like projections on their legs called spurs. Spurs are used for protection and defense of territory from other males. Wild turkeys can run as speed of 25 miles per hour and fly at speeds of up to 55 miles per hour. Turkey Senses Vision: A turkeys eyes are located on opposite sides of its head. The position of the eyes allows the animal to see two objects at once, but limits its depth perception. Turkeys have a wide field of vision and by moving their neck, they can gain a 360-degree field of view. Hearing: Turkeys do not have external ear structures such as tissue flaps or canals to assist with hearing. They have small holes in their head located behind the eyes. Turkeys have a keen sense of hearing and can pinpoint sounds from as far as a mile away. Touch: Turkeys are highly sensitive to touch in areas such as the beak and feet. This sensitivity is useful for obtaining and maneuvering food. Smell and Taste: Turkeys do not have a highly developed sense of smell. The region of the brain that controls olfaction is relatively small. Their sense of taste is believed to be underdeveloped as well. They have fewer taste buds than  mammals and can detect salt, sweet, acid, and bitter tastes. Turkey Facts andStats According to the National Turkey Federation, 95 percent of Americans surveyed eat turkey during Thanksgiving. They also estimate that about 45 million turkeys are consumed each Thanksgiving holiday. This translates to about 675 million pounds of turkey. With that being said, one would think that November would be National Turkey Lovers Month. However, it is the month of June that is actually dedicated to turkey lovers. Turkeys range is size from small fryers (5-10 pounds) to larger turkeys weighing over 40 pounds. Large holiday birds typically mean a fair amount of leftovers. According to the Minnesota Turkey Research and Promotion Council, the top five most popular ways to serve turkey leftovers are: sandwiches, soups or stews, salads, casseroles, and stir-fry. Resources:Dickson, James G. The Wild Turkey: Biology and Management. Mechanicsburg: Stackpole Books, 1992. Print.â€Å"Minnesota Turkey.† Minnesota Turkey Growers Association, http://minnesotaturkey.com/turkeys/. â€Å"Turkey Facts Stats.† Nebraska Department of Agriculture, nda.nebraska.gov/promotion/poultry_egg/turkey_stats.html.â€Å"Turkey History Trivia† National Turkey Federation, eatturkey.com/why-turkey/history.

My spring break Essay Example | Topics and Well Written Essays - 1250 words

My spring break - Essay Example Immediately after finishing my mathematics exam, I packed my books and other learning materials and rushed for my Friday prayers. I hurriedly changed my clothes and went to Melbourne Florida to visit my uncle. I was accompanied with my cousins who were also eager to go to Melbourne for their first time. My uncle is a very hospitable and likable man who would create time for young people and visiting him was a great opportunity for me to socialize with a wise man who has time for young people. I had not seen my uncle for the last 7 years and I was not sure how much he had changed in terms of physique and age because I understand that old people age very fast. I really love swimming and cycling. They are actually my favorite sports and hobby. However, listening to smooth songs especially RnB as well as some cultural music relaxes my mind. Every evening after studies and hard work, music usually soothes me and provides me with the perfect peace of mind. Moreover, I really like travelling because it makes me learn more in terms of cultures, technological improvements, and geographical features. I was therefore looking forward to enjoying myself to the fullest at my uncle’s place. He also loved music, riding and swimming during his free time. No wonder he looked younger than his age and stayed youthful. In Melbourne, we enjoyed staying with my uncle’s welcoming family and interacted a lot concerning world politics, Europe soccer and other wonderful things that made our stay enjoyable. We played games with my uncle’s children who later took us around the beautiful Melbourne region for the three days we spent in there afte r having a great time in their garden. My first day at uncle’s place in Melbourne, we went gardening with him after retiring from job. He told me gardening is one of the things he loves doing because of his passion towards