Unclaimed Personal And Vested Property Act â€Myassignmenthelp.Com

Question: Discuss About The Unclaimed Personal And Vested Property Act? Answer: Introduction The ownership of both tangible and non-tangible property is one of the main reasons for the disputes among individuals. The progress of time has seen the upgrading of various rules and regulations for helping and rendering justice to such disputes and cases (Anderson Huggins, 2013). Several disputes arise due to the claiming of missing property, lost and found. Some disputes also arise due to the attempt to injure others financially by means of false promises. The means to solve these issues is through thorough investigation and taking reference from the respective issued laws (Hart Green, 2012). This report deals with two case studies, one being the ownership of a lost property, the other being a case of mutual contract breach. It further deals with the legal convulsions that might arise in case of the instances. The advocacy has been done from both parties in case of the second case study. The purpose of this report is to investigate into the case studies and provide the legal implications that might arise and the possible solutions. In this case study, Bonzi found a necklace while staying in a hotel that is owned by Alpha Corp. Now the question arises about the legal ownership of the necklace. This case falls under the Canadian Property Law Act that governs regarding the rightful ownership and tenancy of private property. Since the owner did not leave the possession intentionally, the possession has been misplaced. The property being tangible in nature and found by someone else, Bonzi cannot keep the property despite being the finder, under the Canadian Law of finders and keepers, since the law states that a finder can only keep the property if it is found in nature. Exception being that the property is not found in some elses land (Bowal Kuzma, 2014).. Supposedly, if Bonzi does not inform about the found necklace, it can be classified under the Canadian Penal Code for an Act of Theft, since Bonzi is only the finder and not the owner. Since necklace was found in the hotel premise owned by Alpha Corp, it is necessary to hand over the property to the hotel authorities under the Canadian Act of Unclaimed property, until and unless the original owner shows up to claim the necklace (Bridge, 2015). In case the original owner shows up to claim the property, he/she is liable to show valid proof in order to claim the property under the Canadian law of Unclaimed Personal Property and Vested Property Act, Section 47. Given that the owner of the lost necklace is oblivious, yet under the Canadian law of Unclaimed Property Act part 3, the holder of the lost property has to make possible contact with the viable owner within a time limit of 6 months. Despite efforts to contact with the possible owner, if the property is not claimed within 12 months, the property is declared as Unclaimed under the Canadian law of Unclaimed Property Act. The property can treated as an income of the holder if it is not claimed within the time span of custody or the law prevents the holder from treating the property as a income or bounty. In the other way around, the necklace can be handed over to the federal authorities for thorough investigation regarding the ownership of the necklace. It would be helpful regarding finding the rightful owner of the necklace, in case the owner turns up to the federal authorities for the retrieval of the lost necklace. The second case deals with two companies producing the same kind of goods had a mutual understanding to share the profit of the business. The director of sales of MC Electric Inc, Dortmund made a mutual understanding with GB Circuits Co. another supplier, to share the profit with GB circuits since GB circuits failed to fulfill the complete tender order of A-Tel, a telephone producing company. The claim of compensation cannot be made on the ground that GB Circuits have shared the offer with MC Electric Inc and successfully allowing them to bid for the rest of the order. As per the case study, if MC does not wish to share the profit quota, GB can file against Dortmund under Canadian Tort Act for making false claims of sharing profit with GB Circuits (Wright, 2017). GB Circuits cannot file any case under Canadian Contract Law against MC Electric Inc for refusing to pay the profit since no official contract was signed on behalf of MC Electric Inc (Bix Bix, 2012). In case, Dortmund refuses the entire mutual agreement, the directors of MC Electric Inc cannot file against Dortmund under breach of contract with company for implying unfair means to achieve target. Since the agreement was made verbally and not contractually, the chance of getting the promised amount by GB Circuits is quite difficult (Fried, 2015). This due to fact that the tender applied by MC on behalf of GB Circuits incomplete tender must have been made legally and not verbally (Cartwright, 2016). The mere cause of allowing to bid is not a strong ground to claim the profit and MC Electric Inc is also not liable to pay since it made the profit on legal basis. The only ground Dortmund can be sued by GB Circuits is to file against him, under Canadian Tort Act for trying to financially injure GB Circuits. In the process, if Dortmund is found guilty, he can probably be charged under the Canadian Contract Act by MC Electric Inc for breaching of contract and made to compensate the amount on his own terms and not out of the companys profits. Conclusion The report concludes the two case studies where in the first case, the finder cannot keep the necklace since the finder finds it on another land apart nature, under the Canadian Act of Finders and Keeper as unless it is to be kept a secret and it falls under the Canadian law for an Act of theft. The hotel authorities is the rightful holder can only hold the property until and unless the rightful owner is informed or comes to claim with adequate proof under the Canadian Law of Unclaimed Personal Property Act. In the second case, the Sales president of MC Electric Inc can be filed against by the other competitor company GB Circuits for wrongfully making false claims to share profit with it, without the knowledge of his own company. He can be filed under the Canadian Tort Act and if he is proven guilty, he can be probably charged under Canadian Contract Act for using unfair means to generate revenue. Reference Anderson, T. L., Huggins, L. E. (2013).Property rights: A practical guide to freedom and prosperity. Hoover press. Bix, B., Bix, B. H. (2012).Contract law: rules, theory, and context. Cambridge University Press. Bowal, P., Kuzma, D. (2014). All is Not Lost: The Law of Lost and Found. Bridge, M. (2015).Personal property law. OUP Oxford. Cartwright, J. (2016).Contract law: An introduction to the English law of contract for the civil lawyer. Bloomsbury Publishing. Fried, C. (2015).Contract as promise: A theory of contractual obligation. Oxford University Press, USA. Hart, H. L. A., Green, L. (2012).The concept of law. Oxford University Press. Wright, J. (2017).Tort law and human rights. Bloomsbury Publishing.

History and Origins of Wheat Domestication

History and Origins of Wheat Domestication Wheat is a grain crop with some 25,000 different cultivars in the world today. It was domesticated at least 12,000 years ago, created from a still-living ancestor plant known as emmer. Wild emmer (reported variously as T. araraticum, T. turgidum ssp. dicoccoides, or T. dicocoides), is a predominantly self-pollinating, winter annual grass of the Poaceae family and Triticeae tribe. It is distributed throughout the Near Eastern Fertile Crescent, including the modern countries of Israel, Jordan, Syria, Lebanon, eastern Turkey, western Iran, and northern Iraq. It grows in sporadic and semi-isolated patches and does best in regions with long, hot dry summers and short mild, wet winters with fluctuating rainfall. Emmer grows in diverse habitats from 100 m (330 ft) below sea level to 1700 m (5,500 ft) above, and can survive on between 200–1,300 mm (7.8–66 in) of annual precipitation. Wheat Varieties Most of the 25,000 different forms of modern wheat are varieties of two broad groups, called common wheat and durum wheat. Common or bread wheat Triticum aestivum accounts for some 95 percent of all the consumed wheat in the world today; the other five percent is made up of durum or hard wheat T. turgidum ssp. durum, used in pasta and semolina products. Bread and durum wheat are both domesticated forms of wild emmer wheat. Spelt (T. spelta) and Timopheevs wheat (T. timopheevii) were also developed from emmer wheats by the late Neolithic period, but neither has much of a market today. Another early form of wheat called einkorn (T. monococcum) was domesticated at about the same time but has limited distribution today. Origins of Wheat The origins of our modern wheat, according to genetics and archaeological studies, are found in the Karacadag mountain region of what is today southeastern Turkey- emmer and einkorn wheats are two of the classic eight founder crops of the origins of agriculture. The earliest known use of emmer was gathered from wild patches by the people who lived at the Ohalo II archaeological site in Israel, about 23,000 years ago. The earliest cultivated emmer has been found in the southern Levant (Netiv Hagdud, Tell Aswad, other Pre-Pottery Neolithic A sites); while einkorn is found in the northern Levant (Abu Hureyra, Mureybet, Jerf el Ahmar, Gà ¶bekli Tepe). Changes During Domestication The main differences between the wild forms and domesticated wheat are that domesticated forms have larger seeds with hulls and a non-shattering rachis. When wild wheat is ripe, the rachis- the stem that keeps the wheat shafts together- shatters so that the seeds can disperse themselves. Without hulls, they germinate rapidly. But that naturally useful brittleness doesnt suit humans, who prefer to harvest wheat from the plant rather than off the surrounding earth. One possible way that might have occurred is that farmers harvested wheat after it was ripe, but before it self-dispersed, thereby collecting only the wheat that was still attached to the plant. By planting those seeds the next season, the farmers were perpetuating plants that had later-breaking rachises. Other traits apparently selected for include spike size, growing season, plant height, and grain size. According to French botanist Agathe Roucou and colleagues, the domestication process also caused multiple changes in the plant that were generated indirectly. Compared to emmer wheat, modern wheat has shorter leaf longevity, and a higher net rate of photosynthesis, leaf production rate, and nitrogen content. Modern wheat cultivars also have a shallower root system, with a larger proportion of fine roots, investing biomass above rather than below ground. Ancient forms have built-in coordination between above and below ground functioning, but the human selection of other traits has forced the plant to reconfigure and build new networks. How Long Did Domestication Take? One of the ongoing arguments about wheat is the length of time it took for the domestication process to complete. Some scholars argue for a fairly rapid process, of a few centuries; while others argue that the process from cultivation to domestication took up to 5,000 years. The evidence is abundant that by about 10,400 years ago, domesticated wheat was in widespread use throughout the Levant region; but when that started is up for debate. The earliest evidence for both domesticated einkorn and emmer wheat found to date was at the Syrian site of Abu Hureyra, in occupation layers dated to the Late Epi-paleolithic period, the beginning of the Younger Dryas, ca 13,000–12,000 cal BP; some scholars have argued, however, that the evidence does not show deliberate cultivation at this time, although it does indicate a broadening of the diet base to include a reliance on wild grains including the wheat. Spread Around the Globe: Bouldnor Cliff The distribution of wheat outside of its place of origin is part of the process known as Neolithicization. The culture generally associated with the introduction of wheat and other crops from Asia to Europe is generally the Lindearbandkeramik (LBK) culture, which may have been made up of part immigrant farmers and part local hunter-gatherers adapting new technologies. LBK is typically dated in Europe between 5400–4900 BCE. However, recent DNA studies at Bouldnor Cliff peat bog off the northern coast of mainland England have identified ancient DNA from what was apparently domesticated wheat. Wheat seeds, fragments, and pollen were not found at Bouldnor Cliff, but the DNA sequences from the sediment match Near Eastern wheat, genetically different from LBK forms. Further tests at Bouldnor Cliff have identified a submerged Mesolithic site, 16 m (52 ft) below sea level. The sediments were laid down about 8,000 years ago, several centuries earlier than the European LBK sites. Scholars suggest that the wheat got to Britain by boat. Other scholars have questioned the date, and the aDNA identification, saying it was in too good a condition to be that old. But additional experiments run by British evolutionary geneticist Robin Allaby and preliminarily reported in Watson (2018) have shown that ancient DNA from undersea sediments is more pristine than that from other contexts.   Sources Avni, Raz, et al. Wild Emmer Genome Architecture and Diversity Elucidate Wheat Evolution and Domestication. Science, vol. 357, no. 6346, 2017, pp. 93–97. Print.International Wheat Genome Sequencing Consortium. A Chromosome-Based Draft Sequence of the Hexaploid Bread Wheat (Triticum Aestivum) Genome. Science, vol. 345, no. 6194, 2014. Print.Fuller, Dorian Q, and Leilani Lucas. Adapting Crops, Landscapes, and Food Choices: Patterns in the Dispersal of Domesticated Plants across Eurasia. Human Dispersal and Species Movement: From Prehistory to the Present. Eds. Boivin, Nicole, Rà ©my Crassard and Michael D. Petraglia. Cambridge: Cambridge University Press, 2017. 304–31. Print.Huang, Lin, et al. Evolution and Adaptation of Wild Emmer Wheat Populations to Biotic and Abiotic Stresses. Annual Review of Phytopathology, vol. 54, no. 1, 2016, pp. 279–301. Print.Kirleis, Wiebke, and Elske Fischer. Neolithic Cultivation of Tetraploid Free Threshing Wheat in Denmark and Nort hern Germany: Implications for Crop Diversity and Societal Dynamics of the Funnel Beaker Culture. Vegetation History and Archaeobotany, vol. 23, no.1, 2014, pp. 81–96. Print. Larson, Greger. How Wheat Came to Britain. Science, vol. 347, no.6225, 2015. Print.Marcussen, Thomas, et al. Ancient Hybridizations among the Ancestral Genomes of Bread Wheat. Science, vol. 345, no. 6194, 2014. Print.Martin, Lucie. Plant Economy and Territory Exploitation in the Alps During the Neolithic (5000–4200  cal Bc): First Results of Archaeobotanical Studies in the Valais (Switzerland). Vegetation History and Archaeobotany, vol. 24, no. 1, 2015, pp. 63–73. Print.Roucou, Agathe, et al. Shifts in Plant Functional Strategies over the Course of Wheat Domestication. Journal of Applied Ecology, vol. 55, no. 1, 2017, pp. 25–37. Print. Smith, Oliver, et al. Sedimentary DNA from a Submerged Site Reveals Wheat in the British Isles 8000 Years Ago. Science, vol. 347, no. 6225, 2015, pp. 998–1001. Print.Watson, Traci. Inner Workings: Fishing for Artifacts beneath the Waves. Proceedings of the National Academy of Sciences, vol. 115, no. 2, 2018, pp. 231-33. Pr int.

GED Overview - Prep, Online Help, Courses, Practice

GED Overview - Prep, Online Help, Courses, Practice Once youve decided to get your GED, it can be difficult to figure out how to prepare. Our poll shows that most people searching for GED info are either looking for classes and study programs, or are taking practice tests and looking for a testing center. It sounds easy, but it isnt always. State Requirements In the U.S., every state has its own GED or high school equivalency requirements that can be difficult to locate on the states government pages. Adult education is sometimes handled by the Department of Education, sometimes by the Department of Labor, and often by departments with names like Public Instruction or Workforce Education. Find your states requirements in GED/High School Equivalency Programs in the United States. Finding a Class or Program Now that you know whats required by your state, how do you go about finding a class, either online or on campus, or some other kind of study program? Many of the state sites offer learning programs, sometimes called Adult Basic Education, or ABE. If your state’s classes werent obvious on the GED/High School Equivalency page, search the site for ABE or adult education. State directories of schools offering adult education are often included on these pages. If your state GED/High School Equivalency or ABE websites dont provide a directory of classes, try finding a school near you on Americas Literacy Directory. This directory provides addresses, phone numbers, contacts, hours, maps, and other useful information. Contact the school that matches your needs and ask about GED/High School Equivalency prep courses. Theyll take it from there and help you achieve your goals. Online Classes If you cant find a convenient or appropriate school near you, what next? If you do well with self-study, an online course may work for you. Some, such as GED Board and gedforfree.com, are free. These sites offer free study guides and practice tests that are very comprehensive. Check out the math and English courses at GED Board: Free Math Videos and QuizzesFree Help with English Others, such as the GED Academy and GED Online, charge tuition. Do your homework and make sure you understand what youre buying. Remember that you cannot take the GED/High School Equivalency test online. This is very important. The new 2014 tests are computer-based, but not online. There is a difference. Do not let anyone charge you for taking the test online. The diploma they offer you is not valid. You must take your test at a certified testing center. These should be listed on your states adult education website. Study Guides There are many GED/High School Equivalency study guides available at national book stores and in your local libraries, and some of these are probably available at your local independent book store as well. Ask at the counter if youre not sure where to find them. You can also order them online. Compare prices and how each book is laid out. People learn in different ways. Choose the books that make you feel comfortable using them. This is your education. Adult Learning Principles Adults learn differently than children. Your study experience is going to be different from your memory of school as a child. Understanding adult learning principles will help you make the most of this new adventure you’re beginning. Introduction to Adult Learning and Continuing Education Practice Tests When youre ready to take the GED/High School Equivalency test, there are practice tests available to help you find out how ready you really are. Some are available in book form from the same companies that publish the study guides. You may have seen them when you shopped for guides. Others are available online. Following are just a few. Search for GED/High School Equivalency practice tests and choose a site that is easy for you to navigate. Some are free, and some have a small fee. Again, be sure you know what youre buying. Test Prep ReviewGED Practice.com from Steck-VaughnPeterson’s Registering for the Real Test If you need to, refer back to your state’s adult education website to locate the testing center closest to you. Tests are usually offered on certain days at specific times, and youll need to contact the center to register in advance. Effective January 1, 2014, states have three testing choices: GED Testing Service (partner in the past)HiSET Program, developed by ETS (Educational Testing Service)Test Assessing Secondary Completion (TASC, developed by McGraw Hill) Info about the 2014 GED Test from GED Testing Service is below. Watch for info about the other two tests coming soon. The GED Test from GED Testing Service The new 2014 computer-based GED test from GED Testing Service has four parts: Reasoning Through Language Arts (RLA) (150 minutes)Mathematical Reasoning (90 minutes)Science (90 minutes)Social Studies (90 minutes) Sample questions are available on the GED Testing Service site. The test is available in English and Spanish, and you can take each part up to three times in a one-year period. Calming Test Stress No matter how hard youve studied, tests can be stressful. There are lots of ways to manage your anxiety, assuming youre prepared, of course, which is the first way to reduce test stress. Resist the urge to cram right up to test time. Your brain will function more clearly if you: Arrive early and relaxedTrust yourselfTake your timeRead the instructions carefullyAnswer the questions you know easily first, and thenGo back and work on the harder ones Remember to breathe! Breathing deeply will keep you calm and relaxed. Relieve study stress with 10 Ways to Relax. Good Luck Getting your GED/High School Equivalency certificate will be one of the most satisfying accomplishments of your life. Good luck to you. Enjoy the process, and let us know in the Continuing Education forum how youre doing.

Coursework Essay Example | Topics and Well Written Essays - 250 words - 1

Coursework - Essay Example This is because women have many responsibilities to take care of. The famous baseball legend Mickey Mantle died of alcoholism related problem. Due to his heavy drinking, his liver was badly damaged by alcohol-induced cirrhosis and hepatitis C. Mantle was not a priority patient for a transplant. Usually, patients of transplant wait for some time to get liver donors. The problem was self-inflicted and so Mantle should have waited in the queue like many other patients. Another reason why Mantle was not a priority patient is that he already had cancer, which is a terminal illness. Alcoholism victims suffer from malnutrition for various reasons. First, alcohol causes euphoria, which depresses appetite. Secondly, alcohol is rich in energy because of the sugar component in it. This makes many alcoholics substitute food for alcohol. Although energised, alcoholics lack many nutrients that come from other foods since sugar has no other nutrients. Thirdly, continued drinking of alcohol causes destruction of critical organs used to digest and furnish nutrients to the body. Inflammation of the pancreas and liver damage are common digestive problems. In many cultures, alcohol has played a major role since many centuries ago. It is believed that the evolution of agriculture was partly to use the grains for alcohol. Drinking of alcohol is a socially accepted activity in many cultures and persons have the freedom to determine how far they want to take it. Additionally, the behaviour is carried from one generation to the other with the younger generation picking the behaviour with the thought that it has some adaptive benefits. Alcoholism plays an important role in the acceleration of domestic violence. First, alcoholic victims are prone to anger. This provokes them to fight members of their families especially the wives at the slightest provocation. Secondly, an alcoholic will

Marketing Plan for The Times Newspaper Essay Example | Topics and Well Written Essays - 2750 words

Marketing Plan for The Times Newspaper - Essay Example This essay stresses that marketing strategy is primarily concerned with the process where a need satisfying product or service is exchanged for a certain value and there are mainly four variables that constitute a market offering and they are: product, distribution/place, price, and marketing communication. To a greater extent, the success of any marketing strategy employed by any company is strongly dependent on the effectiveness of its marketing communication. There must be a good flow of information between the buyer and the seller to enable the buyers to make informed decisions which always take precedence before the actual purchase. In its endeavor to establish a new product, The Times ought to adopt strategies that would allow them to clearly distinguish their target market in a bid to have some competitive advantage over other rival competitors who also operate in the same industry. This paper makes a conclusion that communication plays a very important role in marketing a product to the customers. The advent of the internet has brought about sweeping changes in the way organisations operate as well as market their products. There is need for an organisation to segment its market in order to clearly identify their target customers in order to have a competitive advantage over other rival competitors that may exist in the market. As noted, there is need for The Times newspaper to effectively use marketing communication in order to successfully launch a new product to the customers.

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.