The Differences Between International Financial Reporting Standards Ifrs And Current U S Gaap Accounting Essay

The Differences Between International Financial Reporting Standards Ifrs And Current U S Gaap Accounting Essay The differences between International Financial Reporting Standards (IFRS) and current U.S. GAAP are numerous. International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework (1989) adopted by the International Accounting Standard Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS was issued between 1973 and 2001 by the Board of the International Accounting Standard Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS. Generally Accepted Accounting Principles (GAAP) is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statement. U.S. GAAP and IFRS differ in key ways, including their fundamental premise. At the highest level, U.S. GAAP is more of a rules-based system, whereas IFRS is more principles-based. This distinction may prove more difficulty than it initially appears, because most accounting and finance professionals in the U.S. have been schooled in the rules of U.S. GAAP. The overriding lesson from their years of study and work is this: If you have an issue, look it up. Under U.S. GAAP, voluminous guidance attempts to address nearly every conceivable accounting problem that might arise. And if that guidance doesnt exist, it generally is created. On the other hand, IFRS is a far shorter volume of principles-based standards, and consequently requires more judgment than American accountants are accustomed to. Companies involved in the exploration and development of crude oil and natural gas have the option of choosing between two accounting approaches: the successful efforts (SE) method and the full cost (FC) method. These differ in the treatment of specific operating expenses relating to the exploration of new oil and natural gas reserves. The balance sheet includes items that differ between International Financial Reporting Standards and Generally Accepted Accounting Principles will be addressed first. Balance sheet items include assets (inventory, property, plant and equipment), liabilities (accounts payable and other amounts owed) and equity (ownership interest, usually in the form of stock). Inventory is any item available for sale or used in the production of an item that will be sold. In valuing this inventory, GAAP allows for First-In-First-Out, Last-In-First-Out, Moving Average and Weighted Average. These are the four main methods used. IFRS does not allow the LIFO method. In times of increasing prices and costs, inventory profits may result from using and inventory valuation method other than LIFO. These inventory profits result in improved reported earnings, but because the inventory profits are taxed, they reduce a companys net cash flow. Depending on the system used, inventory values, profits and taxes can be affected. To give you some examples, the financial statements of a company using the LIFO approach as opposed to FIFO generally reflect: * Conservation profits, because LIFO buffers the effects of inflation. * Better matching of current costs with current revenue. * Lower liquidity, that is, a lower current ratio. * Lower equity position, that is, a higher debt-to-worth ratio. (Gibson) IFRS takes this one option away. In addition to this, IFRS required that the same formula be applied to all inventory of a similar nature. GAAP allows for different methods to be used. Asset retirement during the production of inventory is accounted for as a cost of the inventory using IFRS rules. Whereas, GAAP allows for it to be added to the carrying amount of the property, plant or equipment used to produce the inventory. With IFRS this cost will stay with the balance sheet. GAAP would move it to depreciation which lowers earnings but increases free cash flow. A write-down of an asset is reducing the book value if it is overstated compared to current market values. If a need arises to reverse a write-down, IFRS allows it and GAAP does not. GAAP does not allow the revaluation of property, plant and equipment. It uses historical cost. IFRS, on the other hand, allows either historical cost or revalued amount (fair value at date of revaluation less subsequent accumulated depreciation and impairment losses). The rules concerning residual value have some differences too. Residual value is the amount you expect to be able to sell a fixed asset for at the end of its useful life. IFRS calculates it as the current net selling price and it may be adjusted upwards or downwards. GAAP calculates it as the discounted present value and it may only be adjusted downward. Next, items such as depreciation and leases will be addressed. Since these items are expenses, they will affect the income statement. Depreciation is an expense that reduces the value of an asset as a result of wear and tear, age or obsolescence. IFRS requires more work when depreciating items. Depreciation of assets with differing patterns must be depreciated separately. This means that each item would have to be accounted for separately. GAAP allows this but it is not required. With GAAP, all the depreciation would be able to be grouped together and listed as a total requiring fewer entries. When capitalizing an asset, GAAP only allows interest. IFRS includes interest, certain ancillary costs and exchange differences that are regarded as an adjustment of interest. Being able to include these costs will increase the value of the asset and provide for more depreciation. Land and building leases is another topic where differences occur. IFRS considers land and building separately and GAAP considers them as a single unit unless land represents more than 25% of the total fair value. A couple of other items worth mentioning are contingent assets and extraordinary items. Contingent assets are assets in which the possibility of an economic benefit depends solely upon future events that cant be controlled by the company. Due to the uncertainty of the future events, these assets are not placed on the balance sheet. However, they can be found in the companys financial statement notes. These assets, which are often simply rights to a future potential claim, are based on past events. An example might be a potential settlement from a lawsuit. The company does not have enough certainty to place the settlement value on the balance sheet, so it can only talk about the potential in the notes. IFRS does not recognize contingent assets, GAAP does. Extraordinary items include the sale of the subsidiary or the payment of a lawsuit. Extraordinary items are a liability that is unusual or infrequent in its occurrence. IFRS prohibits extraordinary items and GAAP allows them. Although rare and infrequent, extraordinary items can be substantial and being able to include them can have an impact on your financial statements. As you may be able to tell, both have their advantages and disadvantages where compared to the other. There are some items in which benefits are drawn from IFRS and others that GAAP provides. There is an ongoing effort to address the differences and come to a consensus. At some point, the two different set of rules may be combined into one universal system. Works Cited Deloitte. IFRS and US GAAP: A Pocket Comparison. July 2008. IASplus.com. Gibson, S.C. LIFO vs FIFO: A Return to the Basics. Oct. 2008. The RMA Journal. Hughes, S.B. and Sander, J.F. A U.S. Managers Guide to Differences Between IFRS and U.S. GAAP. 2007. Management Accounting Quarterly. Kumar, S. Differences Between IFRSs and US GAAP. 26 July 2006. Caclubindia. PriceWaterhouseCoopers. IFRS and US GAAP: Similarities and Differences. Sept 2008. PWC.com. Inventory IFRS information on inventory can be found in IAS 2 and in Chapter 8 of the Wiley IFRS 2010 book. GAAP information on inventory can be found in ASC 330 and in Chapter 9 of the Wiley GAAP 2010 book. GAAP Definition (ASC 330-10-20): The aggregate of those items of tangible personal property that have any of the following characteristics: a.) held for sale in the ordinary course of business; b.) in process of production for such sale; c.) to be currently consumed in the production of goods or services to be available for sale. IFRS Definition (IAS 2): Items that are held for sale in the ordinary course of business; in the process of production for such sale; or in the form of materials or supplies to be consumed in the production process or in the rendering of services. GAAP IFRS |Allowable costing methods include FIFO, average cost, and LIFO |Allowable costing methods include FIFO and the weighted-average | | |cost. LIFO costing is prohibited | |Presentation at lower of cost or market required |Presentation at lower of cost or net realizable required | |Only in rare instances (mining of gold, etc.) are presentation |Certain defined situations, including agricultural products, | |at fair value in excess of cost permitted |permit reporting at fair value in excess of actual cost | |Lower of cost or market adjustments cannot be reversed |Lower of cost or market adjustments must be reversed under | | |defined conditions | |Recognition in interim periods of inventory losses from market |Recognition in interim periods of inventory losses from market | |declines that reasonably can be expected to be restored in the |declines that reasonably can be expected to be restored in the | |fiscal year is not required |fiscal year is required | Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale (IAS 2). Presently, there are two sets of accounting standards accepted for international use U.S. GAAP and the International Financial Reporting Standards (IFRS). US GAAP or simply GAAP are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. The Financial Accounting Standards Board (FASB) is a private, not-for-profit organization whose primary purpose is to develop GAAP within the United States in the publics interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. On the other hand, the second set of accounting standard is IFRS (International Financial Reporting Standards), which is issued by the International Accounting Standards Board (IASB), based in London. Nearly 100 countries use it or coordinate their financial instruments. These countries or groups of countries include the European Union, Australia, and South Africa. While some countries require all companies to adhere to IFRS, others merely allow it, or try to coordinate its own countrys standards to be similar. The IASB is working toward this goal in a partnership with some of the most influential accounting standard-setters across the globe. The globalization of business and finance has led more than 12,000 companies in more than 100 countries to adopt IFRS. In the United States, the Securities and Exchange Commission (SEC) has been taking steps to set a date to allow U.S. public companies to use IFRS, and perhaps make its adoption mandatory. In fact, on November 14, 2008, the SEC released for public comment a proposed roadmap with a timeline and key milestones for adopting IFRS, beginning in 2014. IFRS website states that the convergence between IFRS and US GAAP brings some benefits. Growing interest in the global acceptance of a single set of robust accounting standards comes from all participants in the capital markets. Many multinational companies and national regulators and users support it because they believe that the use of common standards, in the preparation of public company financial statements, will make it easier to compare the financial results of reporting entities from different countries. They believe it will help investors better understand opportunities. Large public companies with subsidiaries in multiple jurisdictions would be able to use one accounting language company-wide and present their financial statements in the same language as their competitors. Another benefit some believe is that in a truly global economy, financial professionals, including CPAs, will be more mobile, and companies will be able to easily respond to the human capital needs of their subsidiaries around the world. According to aicpa.com, the most important specific differences between IFRS and U.S. GAAP are: à ¢Ã¢â€š ¬Ã‚ ¢ IFRS does not permit Last In, First Out (LIFO) à ¢Ã¢â€š ¬Ã‚ ¢ IFRS uses a single-step method for impairment write-downs rather than the two-step method used in U.S. GAAP, making write-downs more likely à ¢Ã¢â€š ¬Ã‚ ¢ IFRS has a different probability threshold and measurement objective for contingencies à ¢Ã¢â€š ¬Ã‚ ¢ IFRS does not permit debt for which a covenant violation has occurred to be classified as non-current unless a lender waiver is obtained before the balance sheet date Based on my research, I have read from some SEC and AICPA critics and also individuals in favor of the introduction of IFRS in U.S. Most of common critics against the adoption of IFRS focus on similar areas. Remi Forgeas, a CPA states in article published in AICPA website his critics: The usual difference noted between GAAP and IFRS is that the former is rule-based whereas the latter is principle-based. This principle-based concept generates concerns that it will be more difficult for a preparer to defend its position in case of litigation. Another point for discussion is the risk to see the standard setter becoming less independent and/or that the U.S. having less control on their accounting standards. The cost and the duration of the transition are often presented as a major hurdle, especially in this difficult economic environment. The complexity of the transition and then its cost will depend for the most part upon the completion of the convergence. The convergence process is expected be completed in 2011. Assuming the SEC decides on 2015 for the year of transition, changes for companies should be less complex, since both standards will be converged. Finally, the last issue is the human factor: are the preparers, users, auditors à ¢Ã¢â€š ¬Ã‚ ¦ experienced enough in IFRS? There is no doubt that specific training will be required to ensure IFRS are known by various categories of people dealing with IFRS. Focusing on the situation today is probably not the right approach: true there is today a lack in knowledge, but the situation is evolving rapidly. People favoring the introduction of IFRS in the U.S. states that the harmonization of financial reporting around the world will help raise the confidence of investors, generally, in the information they are using to make their decisions and assess their risks. The opposite is perhaps the clearer case. If accounting for the same events and information produces radically different reported numbers, depending on the system of standards that are being used, then it is self-evident that accounting will be increasingly discredited in the eyes of those using the numbers. For those companies with joint listings in both America and another country, there should be substantial savings, particularly in terms of preparation costs. Avoiding the burdensome U.S. GAAP reconciliation statement, required at present, would be a worthwhile prize. The good reasons why convergence with the U.S. should be pursued has been noted. There is, however, a downside to all of this for IFRS many people also believe that U.S. GAAP is the gold standard, and something will be lost with the full acceptance of IFRS. Other disadvantages are as follows: à ¢Ã¢â€š ¬Ã‚ ¢ Extra costs in the preparation of financial statements by all IFRS companies implementing new requirements and restating previously reported numbers. à ¢Ã¢â€š ¬Ã‚ ¢ Changes have to be communicated and understood by all of those involved in preparing the accounts, auditing them and using them. à ¢Ã¢â€š ¬Ã‚ ¢ Translations of the amended standards are required for the many languages in which IFRS are applicable. à ¢Ã¢â€š ¬Ã‚ ¢ The changes have to be approved by the various national endorsement authorities and often incorporated into their legal systems. à ¢Ã¢â€š ¬Ã‚ ¢ Continuous piecemeal changes undermine the reputation of IFRS. Some might justifiably ask why high quality standards need such frequent amendments. WORKS CITED AICPA IFRS Resources ifrs.com December 11, 2010. Web Accounting Standard Codification fasb.org December 11, 2010. Web Epstein, Barry. Nach, Ralph and Bragg, Steven GAAP 2010. New Jersey: Wiley, 2009. Print. United States Accounting Standards vs International Accounting Standards June 21, 2009 Introduction This research project will inform the reader of the difference between the United States accounting standards and International accounting standards. The United States uses the Financial Accounting Standards Board (FASB) to issue financial reporting procedures. The International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB). There are proposals for the United States to adopt the International standards. Financial reporting procedures are debated about the United States using the Generally Accepted Accounting Procedures (GAAP) or following the global procedures. This project will also examine, compare, and contrast this debate. Discussion of Topic In an article by Heidi Tribunella (2009), U.S. GAAP is considered rules based. Rules-based accounting standards, on the other hand, give strict rules that must be adhered to in order to properly account for particular transactions. For example, lease accounting in the United States gives four criteria for determining if a lease is a capital lease. If a lease contains any of the following, then it is considered a capital lease and must be accounted for as such: 1 ) a bargain purchase option; 2) ownership transfers at the end of the lease; 3) minimum lease payments with a present value of at least 90% of the FMV of the asset; or 4) a lease length of at least 75% of the economic life of the asset. This is an example of very specific rules for accounting for leases (Tribunella, 2009). Tribunella (2009) goes on to explain International accounting standards, International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB), which was created in 200l. Previously, the International Accounting Standards Committee (IASC), founded in 1973, issued International Accounting Standards (IAS). When the IASB was created, it adopted the IAS and continued the work of the IASC (Tribunella, 2009). Gary K. Meek and Wayne B. Thomas (2004) explain the influence of the IASB on the global reporting standards including the U.S. GAAP. In 2000, the International Organization of Securities Commissioners (IOSCO), of which the SEC is a member, recommended to member countries that IASC standards be used in cross-border offerings and listings. The enforcement of International Financial Reporting Standards (IFRS) by exchange regulators will be crucial to the eventual acceptance of the IFRS around the worldà ¢Ã¢â€š ¬Ã‚ ¦In October2002, the IASB and the Financial Standards Accounting Board (FASB) issued a memorandum of understanding, which formally stated their commitment to the convergence of IFRS and U.S. GAAP (Meek and Wayne, 2004). Jose Marrero and Thomas Brinker (2007) explain the efforts of the IASB and the FASB to merge their practices. Over the last two decades, research indicates that developing a framework of global accounting standards favors the recognition of culture. Cultural differences will impact a nations final consensus regarding accounting standards. However, after years of discussion, a solution to the dilemma of merging culture or international cultures and accounting standards has yet to be found. Currently, the International Accounting Standards Board (IASB) and the FASB are working on a principle-based framework for global financial reporting standards the cooperation of both the IASB and FASB will yield a uniform body of accounting standards allowing financial and investment advisers to view global investment opportunities on a more level playing fieldà ¢Ã¢â€š ¬Ã‚ ¦ (Marrero and Brinker, 2007). They also point out why certain business owners may not want to follow global practices, Further, business owners are unwilling to abandon their localized business practices to appease the accounting standards imposed on the multinational companies, much less their bookkeeping and financi al reporting standards to the jurisdiction of a U.S.-dominated accounting standard board (Marrero Brinker, 2009). David Bogoslaw (2008) talks about the convergence in further detail, The uproar over fair value accounting practices, which some critics have blamed for the depths of the global financial crisis, threatens to sink a long-sought move by countries around the world toward a single set of international financial reporting standards (IFRS). The U.S. Financial Accounting Standards Board (FASB) has been working with Londons International Accounting Standards Board (IASB) since 2002 toward what accounting professionals call convergence. The Securities Exchange Commission (SEC) is expected to announce its road map for conversion sometime this month, which will probably include early adoption in 2010 for about 110 of the largest U.S. companies with business operations throughout the world. The key difference between U.S. Generally Accepted Accounting Principles (GAAP) and IFRS is that U.S. standards are based on explicit rules while the international standards reliance on principles gives companies more room to use their judgment in deciding how to recognize r evenue and other key metrics. Adoption of IFRS would also probably trigger a big tax hike for U.S. companies, which would no longer be able to use the last-in-first-out [LIFO] inventory accounting method, which doesnt exist under the international standards. The LIFO method assumes that goods purchased most recently are sold first and that the remaining items have been purchased at earlier periods, yielding a lower gross profit during high-inflation periods than the first-in-first-out accounting method (Bogoslaw, 2008). The main debate over switching accounting practices is further explained by Bogoslaw (2008) by stating, The debate over switching to accounting standards based on something less explicit than rules comes down to questions about whether the less explicit standard will provide adequate protection against lawsuits, says James Leisenring, director of technical activities in research at the FASB. You cant understand the debate about gratuitous vs. obligatory guidance (within IFRS) until you understand the litigation system in the U.S., where companies are more concerned about getting sued than in other parts of the world, he says. What its really about is safe harbors. What (IFRS skeptics) really want to know is if I do it in a particular way, am I home free or not? The explicit rules under GAAP may appear to offer safety, but the downside is there are so many of them that the odds of missing one or two are greater, he says. From Leisenrings perspective, the big accounting firms that are drawn to IFRS believe theyll get sued less since it will be harder to point to their mistakes. White agr ees that some companies like the freedom allowed under IFRS to interpret standards to suit their convenience, which undercuts auditors ability to prohibit certain accounting choices (Bogoslaw, 2008). Bogoslaw (2008) explains two sides of the criticism this switch has been receiving. Many are for it, but some are against it. The most strident critics of migration to IFRS argue that the primary goal of the SEC and U.S. Treasury Dept. is attracting capital to U.S. markets, rather than ensuring that the highest quality accounting standards prevail. While attracting more capital to the U.S. is a valid business objective, its not clear we can do that by going to international financial reporting standards, says Ashwinpaul Sondhi, president of A.C. Sondhi Associates in Maplewood, N.J., who has served on CFA Institute committees. Paul Miller, a professor of accounting at the University of Colorado, would prefer to have competing standards, since the only standards all countries would be able to agree on would be very weak ones. He also believes a unified set of standards, rather than being helpful, would stifle much-needed innovation given that most of the existing accounting standards are more than 60 years old (Bogoslaw, 2008). Adam Pieniazek (2007) wrote in a research paper about the comparison and contrast of U.S. GAAP and International Accounting standards, Due to the uncertainty of what the future American accounting standard will be, individuals and organizations in the US, would rather have the FASB pick one of the options and declare that it will stick with it, rather than debate for eons over the positive and negative aspects of the principles and rules based approach. As many prominent countries are already using the International Financial Reporting Standards, the representatives of American accounting must act now to align us with the IFRS; otherwise we face potentially being shut out from the formation process of these standards which will affect all international companies. The FASBs cooperative work with the IASC will result in a true Global GAAP; once the IFRS is aligned with the U.S. GAAP system, the American companies will issue statements according to the IFRS, as the SEC has declared that it will remove the reconciliation requirement once it is satisfied that IFRS are of a sufficient standard. The completion of convergen ce will be a boost to the global economy, and inherently, all underlying economies, as it will standardize the practice of accounting, allowing more work to go into principles and theory research, and increase the pool of available and applicable accountants. No longer will investors have to reconcile financial statements to an accounting style they are familiar with and neither will accountants have to prepare statements differently in various countries (Pieniazek, 2007). Conclusion United States Accounting Standards and International Accounting Standards are two different practices in financial reporting, that come from different bases. These two practices are being worked on to converge and use a Global accounting standard. This convergence is creating much criticism. There are many countries that are currently using the International standards, and many more are starting to join. The FASB and IASC are working together to converge by 2010. This convergence will also make it easier for accounts to prepare financial statements reporting United States and International transactions.

Indian Paint Industry

The size of the paints market in India is estimated at Rs 110 bn, with the contribution of the organised and unorganised segments in the ratio of 65:35. Reduction of excise duties over the last few years, from 40% to the present level of 14%, has helped create a level playing field between the unorganised and the organised segments, as the former is not subject to excise duty. As the unorganised sector loses its competitive edge, it is also losing market share to the organised sector players. In view of the low per capita annual consumption of paints in India (0. kg, compared to 4 kg in South East Asian countries, 22 kg in developed countries and a global average of 15 kg), the domestic paints industry has tremendous potential. The paints industry is working-capital intensive, rather than fixed-asset intensive. As in consumer non-durables, distribution strengths and brand building are of paramount importance. The Indian paint industry witnessed robust growth in turnover on the back of increased volumes during the festival season. Both decorative and industrial segments performed well during the quarter. Moreover, the margins received a boost with the domestic currency continuing to rise against the greenback, causing a substantial reduction in cost of imported inputs. This in turn induced some of the players in the industry to reduce the prices of select products to pass on the benefit to the customers. Further, players are going in for capacity expansions to reap the benefits of the rising demand for paints Segments: On product lines, paints can be differentiated into decorative or architectural paints and industrial paints. While the former caters to the housing sector, the automotive segment is a major consumer of the latter. Decorative paints can further be classified into premium, medium and distemper segments. Premium decorative paints are acrylic emulsions used mostly in the metros. The medium range consists of enamels, popular in smaller cities and towns. Distempers are economy products demanded in the suburban and rural markets. Nearly 20 per cent of all decorative paints sold in India are distempers and it is here that the unorganised sector has dominance. Industrial paints include powder coatings, high performance oating and automotive and marine paints. But two-thirds of the industrial paints produced in the country are automotive paints. Decorative and industrial paints are the segments within the sector, in a 70:30 proportion. Brand equity, a wide range of shades, distribution strength and efficient working capital management are key success factors in the decorative paints segment. A strong distribution network acts as an entry barrier. Within the decorative segment, enamel is the largest sub-segment, accounting for over 50%, followed by wall finishes, primers and wood finishes. The season for decorative paints is from October to March, a period characterised by festivals like Diwali, and the summer, when painting is normally carried out. The industrial segment pertains mainly to automobiles. In this segment, technological competence, product range and customised solutions are of utmost importance. Technological strength is another entry barrier. The slowdown in the automobile sector has affected the overall growth of the industrial segment, as the former contributes around 50% of the latter's revenues. Other sub-segments are marine paints, powder coatings for white goods like refrigerators and washing machines, and industrial coatings. Within the paints sector, the proportion of the industrial paints segment is likely to increase in the next few years and the ratio is likely to become 50:50. The demand for decorative paints is highly price-sensitive and also cyclical. Monsoon is a slack season while the peak business period is Diwali festival time, when most people repaint their houses. The industrial paints segment, on the other hand, is a high volume-low margin business. In the decorative segment, it is the distribution network that counts while in the industrial segment the deciding factor are technological superiority and tie-up with automobile manufacturers for assured business. The share of industrial paints in the total paint consumption of the nation is very low compared to global standards. It accounts for 30 per cent of the paint market with 70 per cent of paints sold in India for decorative purposes. In most developed countries, the ratio of decorative paints vis-A -vis industrial paints is around 50:50. But, with the decorative segment bottoming out, companies are increasingly focussing on industrial paints. The future for industrial paints is bright. In the next few years, its share would go up to 50 per cent, in line with the global trend. Decorative Sector Composition ( to be check for accuracy of figures) Enamels 50% Distemper 19% Emulsions 17% Exterior Coatings 12% Wood Finishes 2% Decorative Sector Features Enamels Steady growth. These are oil based paints which are widely used for painting on all surfaces including walls, wood and metals. They also find application in painting of hoardings and signboards and repainting of commercial vehicles. Emulsions Shift from distemper and enamels to emulsions. High growth area. These are premium qualtity oil based wall paints. Distempers High growth in low priced low quality distempers as consumers are upgrading from limewash. These are water based wall paints priced at a much lower range than the above two. Exteriors Exterior emulsion fastest growing segment in the Indin Paint market. Industrial Sector Composition ( to be check for accuracy of figures) Automotive Paints – 50%Â  High Performance Coating – 30% Powder Coating – 10% Coil Coating – 5% Marine Paints – 5% Automotive Sector High growth sector with a number of new entrants like Mercedes Benz, Mitsubishi, Daewoo, Hyundai, Honda, Fiat, General Motors, Ford. However, recently there is some slackness in Auto demands. Two wheeler market booming due to demend from large Indian middle class. Goodlass and Asian Paints are the leading OEM players and ICI is the leading player in the replacement market PowderCoatings Increase growth due to increased sales of white goods and auto ancillaries. Berger and Goodlass lead in this solid powder coating segment used for decoration and protection of white goods, electronic equipment and auto components. High Performance Coatings Steady growth due to increase investments in refinery segment and power sectors, particularly Thermal and Nuclear. Coil Coatings:Solvent based paints for sheets and coils. ICI and Asian Paints lead this segment. Marine: Shalimar and Bombay Paints are the major players in these anti-corrosive, underwater paints used for ships and containers. Chemicals: These high performance paints are used in fertilisers, petrochemicals etc. or prevention of corrosion. APIL dominates the decorative segment with a 38 per cent market share. The company has more than 15,000 retail outlets and its brands Tractor, Apcolite, Utsav, Apex and Ace are entrenched in the market. GNPL, the number-two in the decorative segment, with a 14 per cent market share too, has now increased its distribution network to 10,700 outlets to compete with APIL effectively. Berger and ICI have 9 per cent and 8 per cent shares respectively in this segment followed by J&N and Shalimar with 1 and 6 per cent shares. GNPL dominates the industrial paints segment with 41 per cent market share. It has a lion's share of 70 per cent in the OEM passenger car segment, 40 per cent share of two wheeler OEM market and 20 per cent of commercial vehicle OEM market. It supplies 70 per cent of the paint requirement of Maruti, India's largest passenger car manufacturer, besides supplying to other customers like Telco, Toyota, Hindustan Motors, Hero Honda, TVS-Suzuki, Mahindra & Mahindra, Ashok Leyland, Ford India, PAL Peugeot and Bajaj Auto. GNPL also controls 20 per cent of the consumer durables segment with clients like Whirlpool and Godrej GE. The company is also venturing into new areas like painting of plastic, coil coatings and cans. APIL, the leader in decorative paints, ranks a poor second after Goodlass Nerolac in the industrial segment with a 15 per cent market share. But with its joint venture Asian-PPG Industries, the company is aggressively targeting the automobile sector. It has now emerged as a 100 per cent OEM supplier to Daewoo, Hyundai, Ford and General Motors and is all set to ride on the automobile boom. Berger and ICI are the other players in the sector with 10 per cent and 9 per cent shares respectively. Shalimar too, has an 8 per cent share. Raw Material scenario: The paint industry is raw material-intensive, in terms of value and quantity of raw materials used. Raw material costs account for around 70% of total production costs. Imports constitute around 30% of the raw material requirements. The most critical raw materials used are titanium dioxide (TD) (rutile and anatase grades), phthalic anhydride (PAN) and pentaerithrithol PENTA). Some other raw materials like castor oil, soyabean oil, linseed oil and mineral turpentine are also used. Increasing prices of raw materials, on the one hand, and the inability to pass on the price increases from recession and competitive pressure, on the other, are major areas of concern. Of the 300 raw materials (30% petro-based derivatives), nearly half of them are imported petroleum products. Thus, any deficit in global oil reserves affects the bottomline of the players.

An Honest View of Problem Solution Essay Topics for Middle School

An Honest View of Problem Solution Essay Topics for Middle School There's, obviously, a limit on the variety of pages even our very best writers can produce with a pressing deadline, but generally, we can satisfy all the clients seeking urgent assistance. There are even ideas on driving and transportation so you are going to be able to detect something which it is possible to write about. Adding 1000 new sales people aren't likely to sell an item that does not have any appeal to the prospective customer. All you have to do is a small research and give way to your creativity. The 5-Minute Rule for Problem Solution Essay Topics for Middle School Tell the reader of the way the situation will change when the remedy is adopted. Identifying an issue and proposing one or more solutions ought to be an important aspect in your essay. Therefore, students need to work quite difficult so as to develop a practical solution for virtually any problem. After that, propose a minumum of on e solution that you believe would help people tackle the issue. The expository essay is frequently used on exams or as a kind of evaluation for the reason that it lends itself to a style that doesn't necessarily need deep levels of research. Usually, it doesn't include references and quotes in it. Autocorrect solves the issue of texting language in essays. When it has to do with the middle school, the argumentative essay consists of moderate topics. While writing a persuasive essay on any topic, you might wind up befuddled regarding how to begin. Your essay is virtually ready! To locate argumentative essay topics easy on various platforms, you will need to comprehend about the argumentative essay. There are lots of aspects about a sport that may be argued in an essay. It's usually much more advisable to choose the reputed essay crafting services, if you would like to get best assignments. Hence, you've been provided with the simplest topic for problem solution essays, you can decide on any on of the above mentioned and get started writing your essay right away. You must have skills to compose a very good essay. No matter what kind of essay you write you must take note of the subject and to gain that knowledge you must research well. So as to expand on your research, it's going to be important that you first understand what the principal topic of your subject is. If you aren't interested in the subject, writing about it is going to look like it takes forever so find something which you like. For example, let's say you decide on the very first topic from our list. Sothis week is your opportunity to attempt to find more info about your topic. All you will need is a simple topic. The very first issue is to pick a great subject of discussion before any other point. You need to make sure you contain a single idea for every one of your body paragraphs. There are a lot of things you need to live, many things you feel, and you simply don't know if a number of the situations you do are ok or not. What's great about Non-Profits is that anybody can start one. In the event you don't know a lot about the topic, clarifying it's going to show up as it takes everlastingly so find something which you like. Want to Know More About Problem Solution Essay Topics for Middle School? At precisely the same time, ensure each new point logically results in the subsequent one. The range of paragraphs are determined by the quantity of solutions. Should you look around, you will observe social issues that affect society each day. There are a lot of problems, even on your own campus, that ought to be resolved. Essay is a sort of academic papers that students write in the center school. Teenagers should be more cautious on the street. Students face plenty of relationship difficulties. They lead busy lives and often forget about an upcoming deadline. During the duration of your academic career, whether at school or university, you'll probably have to write a minumum of one problem solution essay. Studies have revealed that continuous sitting can result in adverse impacts on the wellness of students. Consider what you could do in order to make your school more beautiful. Middle school is an excellent time of your life.

Impacts of First World War - 1341 Words

ï‚šImpact of WWI When Great War started, it influenced the entire world policy and economy. Millions of people died and equal number of people became homeless. Big empires of 20th century fell apart and new small national countries were established. We can say that WWI caused a really big disaster, especially for country which was participant. But there are similarities and differences how it did effect. On different countries in the same way war had different influence. The example for that is Germany and Serbia. ï‚šPolitic War had the most influence on politic in Germany. The German Empire--often called the Second Reich to distinguish it from the First Reich, established by Charlemagne in 800--was based on two compromises. First†¦show more content†¦Just cost during the war was nearby 40$ Billion. German economy had suffered terribly during the WWI. Industrial productions fell down by over 40% between 1914 and 1918. Machinery was run by ill trained people, and the reason for that are dead millions working man. The work force was exhausted and not physically fit enough to work. Estimates suggest that up to 35% of all trade was organized illegally on the Black market. From 1915 until the end of the war, Germans were forbidden to drive a car. The situation hardy improved because of the Armistice. As a consequence of the war the Germans did not have the means to purchase fuel on a large scale and found it difficult to purchase raw materials in any case since the international community shunned t hem. The situation in Serbia was different, because economy was based on agriculture, and not on Industry like in Germany. But the consequences were also was enormous. Agricultural life in Serbia was in the sign of crucifixion between level of damage, utterly exhaustion and bigger expenses with the goal of successful continuance of war. A huge scarcity was present in the form of raw materials, money and labor. Extremely fertile plains in Macva were desolated during the war in Serbia which created a lack of food for people and cattle. Experts of the Ministry of the agriculture saw the cause for the economic distortion of the country in this: â€Å"during this war on ourShow MoreRelatedThe Impact Of The First World War On African People937 Words   |  4 PagesAt the same point in time of the novel, political unrest was in action. Author Tim Stapleton writes in his article The Impact of the First World War on African People that â€Å"During the First World War the westernized African elite, a product of European missionary schools, was still in its infancy. It represented a tiny minority who had achieved success within the western educational sy stem, mastered the colonial language, converted to Christianity, and usually occupied junior positions within theRead MoreThe Impact Of The First World War On American History1816 Words   |  8 PagesThe First World War in American memory is none too prominent in present imaginations, overshadowed by its sibling in size, scale, and devastation, leading some to believe that the First World War had little to no impact on American history or impressed a vision of American involvement aside from government and business leaders. Aside from the obvious fault in such thinking, and how that view is rapidly being supplanted in academic circles as one of the first instances of American interventionismRead MoreImpact of the First World War in Africa: The Development of the Continent1289 Words   |  5 PagesThe First World War marked a crucial moment in the history of the world through its developments and its consequences. It was not only the first conflagration that affected the world at a global level but also it represented a series of events that influenced countries and territories that were initially outside the immediate source of war. One of these regions was the African continent that was, until the end of the first world conflagration, a mix of colonies and territories belonging to EuropeanRead MoreThe Mechanics and Impact of Finance in the First World War Essays2279 Words   |  10 Pagesdisposal in order to fight the First World War. The war’s massive costs included mobilizing millions of soldiers over a sustained period of time, supplying and supporting armies, and incurring other indirect costs. The war did not stop because countries could not pay for these costs. Instead, the belligerents found different ways to finance their war efforts. The mechanics of financing the major Entente and Central powers impacted the fighting and the course of the war. Political and economic circumstancesRead MoreThe Economic, Social, and Political Impact of the First World War on Europe1843 Words   |  8 PagesPolitical Impact of the First World War on Europe At the end of the First World War in 1918, the economic, social and political state of Europe was such that the potential rebuilding of the continent seemed a distant and unrealistic vision. The war had affected much of Western Europe, in particular France and Germany, not to mention Belgium, Italy and Austria. In addition vast regions of Eastern Europe also suffered dearly as Russia’s bloody involvement in the war tookRead MoreAnalysis of the Claim that Mussolini’s Successful Rise to Power by 1922 Was Largely a Consequence of the Impact of the First World War1823 Words   |  8 PagesAnalysis of the Claim that Mussolini’s Successful Rise to Power by 1922 Was Largely a Consequence of the Impact of the First World War Without a doubt, the role of the First World War in Mussolini’s spectacular rise to power between 1920 and 1922 was considerable, for it was surely a strong catalyst for change and Italy’s renewal, meaning it gave way to many problematic economical and political aspects, which in turn gave Mussolini the chance to strike at the precise momentRead MoreUsing the four passages and your own knowledge, assess the view that the impact of the First World War was the main reason for the booming economy in the USA in the 1920’s1661 Words   |  7 Pagespassages and your own knowledge, assess the view that the impact of the First World War was the main reason for the booming economy in the USA in the 1920’s (40 Marks) I believe that the First World War did not have as much of a significant impact on the American economy as mass production, infact i however see that instead of benefiting the economy the War in fact had the reverse effect to that of which interpretation A and C suggest that the war was the most important factor of the 1920’s AmericanRead MoreUsing these four passages and your own knowledge, assess the view that the impact of the First World War was the main reason for the booming economy in the USA in the 1920’s2155 Words   |  9 PagesThe First World War left much of Europe in complete disarray however the USA, having only joined the war in its last year, suffered much less physical and economic damage. There is still debate over whether World War One was the main reason for the boom in America or whether it was due to other factors. Potter is convinced World War One acted as a catalyst for the boom by causing growth in industry, accelerated productivity and the lai ssez faire attitude of the federal government. Conversely, althoughRead Moreimpact of World War I and World War II on the United States1631 Words   |  7 Pagesï » ¿Compare the impact of World War I and World War II on the United States Introduction: The First World War was battled from: 1914 to 1918 and the Second World War was battled from: 1939 to 1945. They were the biggest military clashes in the history. Both wars included military organizations together between diverse gatherings of nations. The Second World War had a much more prominent effect on American culture than the First World War did. One noteworthy effect of the Second World Wars was the developmentRead MoreImpact Of The Great War On The World War I1140 Words   |  5 Pagesâ€Æ' The Great War The War to end all Wars† 1914 - 1918 The First World War was one of the most remarkable wars in history. Out of one shot from a Serbian rebel came one of the bloodiest conflicts in human history, and one of the most revolutionary. (importance of world war one, 2015) The purpose of this assignment was to find out the role of Australia in the war and its impact upon the nation. In this assignment, key events and actions that lead to the outbreak of war and Australia’s involvement