Generally Accepted Accounting Principles (U.S. GAAP) Essay Example for Free

Generally Accepted Accounting Principles (U.S. GAAP) Essay The United States Generally Accepted Accounting Principles (U.S. GAAP) and the International Financial Reporting Standards (IFRS) are both effective ways to report financially account for one’s business assets but they have several differences. in this paper I will attempt to outline a few of the more significant differences and allow you to make up your mind as to which of these two systems is the better one. The first difference that is widely accepted between the two methods is that U. S. GAAP is rules based and IFRS is principle based. This means that IFRS allows more for adaption of the circumstances and allows for professional judgment while U.S. GAAP is more stringent and less forgiving. The argument back and forth is that the rules for U.S. GAPP are too large and broad stroked which doesn’t allow for different odd situations, while it is argued that the IFRS is too biased which can allow for too much manipulation. A primary difference between the U.S. GAAP and the IFRS is the way the business financial statements report the value of the company’s property and holdings. The U.S. GAAP method utilizes the Historic Cost Principle (HCP) while the IFRS uses the Fair Market Value (FMV). Under the HCP the asset owned by the company if forever recorded at the price for which it was initially purchased while the FMV approach allows for a periodic re-assessment of the current value of the asset. This has both positive and negative effects based on the economy and the housing market. Over time you would expect that the value of property to rise, for example if a company had bought my parents 2 bedroom home for the listed price of $19,500 in 1980 knowing that the same house is now appraised at $105,000 then it would be beneficial to re appraise the house under the FMV as the asset is worth a lot more than the original $19,500. The down side for using the FMV would have been in 2009 when the housing market collapsed. At that point the house was appraised at $87,000. If the year prior the company recorded its asset at $105,000 then it would have taken a loss when the house was reappraised. So you can see that utilizing the FMV in this case is a gamble based on the fluctuation of the outside market and also raises the question of how often should the re-appraisals be done to be the most advantageous to the company. The next difference I want to highlight is the Last In, First Out (LIFO) method. This is a method commonly used in the United States under the U.S GAAP primarily because it helps with tax purposes. Utilizing LIFO the company applies the latest cost of providing the goods to the entire supply inventory regardless of what the company paid for the good already in stock. This shows a decrease in the gross profit margin therefore lowering the taxes at the end of the year. For example if a company manufactures 1,000 tubes of toothpaste a month at $1 a tube and sells them for $2 each then they would make a profit of $1,000 a month or $12,000 a year. If the price of manufacturing the toothpaste went up to $1.50, 6 months into the year then using the LIFO method the company would record that there profit is only .50 a tube or $6,000 a year and would only pay taxes on that $6,000 vice the $12,000 even though they made the full dollar profit on the toothpaste for the first 6 months. This is a p ractice that is used primarily in the U.S. because of our tax laws and not endorsed by other countries or under the IFRS. Another difference between the two programs falls under the category of Liabilities. A liability as defined in the text is â€Å"An economic obligation (a debt) payable to an individual or organization outside of the business†. This difference between the two programs is slight and goes back to my first paragraph dealing with rules versus principle based assessments. Both IFRS and U.S. GAPP accept the that the future event will probably take place but the IFRS defines the word probable as anything greater than 50% while the U.S. GAAP with its more stringent rules defines probable as 75-80%. This means that more liabilities would be recognized with IFRS then U.S. GAAP. The last difference that I will go over is that of brand names and patents. Under the stringent rules of U.S. GAAP, the only time a company can account for the capitalization or equity of a patent or brand is if the company purchased the patent from an outside source. If it was thought up or created by the company internally the company would have to record the expenses of the development on the income statement. Under IFRS the company would be allowed to count the potential equity based on the probable future benefits. Most of the world has already adopted the IFRS and the Financial Accounting Standards Board is working on a world wide solution in bridging the gap between these two programs. In closing the U.S. GAAP program is more stringent while the IFRS allows for more flexibility. Although this flexibility associated with the IFRS program seems like it would be more beneficial to more companies, the argument would still be is flexibility better or just a lack of integrity. References: Harrison, Horngren, Thomas 9th Edition St Joseph’s University (http://www.sju.edu/int/academics/hsb/accounting/IFRS.html) Bass, Solomon Dowell (http://www.bsd-cpa.com/index.php/comparing-and-contrasting-international-financial-reporting-standards-ifrs-and-generally-accepted-accounting-principles-gaap)

gene therapy :: essays research papers

Gene Therapy is hope or disaster for Human Being? ◊Introduction   Ã‚  Ã‚  Ã‚  Ã‚  DNA determines the placement of amino acids according to DNA sequences. A specific chain of amino acids composes a specific protein that plays the essential functions in the bodies. The defect of the gene, however, results in producing wrong protein; as a result, some part of the bodies abnormally works compared to that of other normal bodies. This is called ?gGenetic Disorder?h. The scientists studied about genetic disorder and suggested an alternative for genetic disorder called ?gGene Therapy?h. Recently, gene therapy is useful to cure other diseases such as a cancer or other. (http://www.ornl.gov/sci/techresources/Human_Genome/medicine/genetherapy.shtml http://www.asgt.org/ ) ◊History of Gene Therapy David suffered from a rare inherited disease known as adenosine deaminase deficiency (ADA). He spent all his life in a germ-free plastic bubble, because gene causes a lack of enzyme that helps immune system to fight disease from outside. In 1984, he received a bone marrow transplant. Unfortunately, cells from donator?fs marrow attacked his body. As a result, he was died after a year. This event was a big issue at that time and scientists studied gene therapy to stop this bad event. In 1989, at first, W.French Anderson and a team at the National Institutes of Health gained permission for experiment to inject gene into human beings. In 1900, at first, he applied gene therapy to 4 year girl who suffered from adenosine deaminase deficiency (ADA). He extracted T- lymphocytes from her bloodstream and injected gene-corrected T lymphocytes to her with a normal gene function for ADA; then he repeated a few times more. After a year, she lives as a normal kid. Her treatment was successful. In 1 991, 9 years old girl was applied to this gene therapy and her treatment was also successful. (http://www.frenchanderson.org/history/history.asp, Mapping our genes by Lois Wingerson, Medical Dilemma by Margaret O.Hyde& Elizabeth H. Forsyth. M.D.) ◊Gene Therapy Today, basic theory of gene therapy is that normal gene is inserted into genome to replace disease caused gene. The gene by itself, however, is almost impossible to get the target cell. To deliver gene successfully, a carrier called vector is necessary and virus is good for delivering gene, because virus genetically approaches human genes. Virus, however, can have a potential toxic or respond a massive immune system. In fact, some people died because of that. For this reason, scientists tried to find replacement of virus as vector. The most common virus for vector is adenovirus that causes cold.

Government Punjab Public Library Essay

Heading: Government Punjab Public Library Lahore lies in the heart of the city of Lahore at the Library Road near Lahore Museum. Thelibrary is centrally situated in this way and has a pleasant atmosphere for a calm and peaceful study. The library holds an exceptional rare collection of books in English, Urdu, Persian, Arabic and Punjabi. The total collection is about 500,000 books now, comprising of massive numbers of magazines and newspapers, reports, also the old gazettes of Punjab, Pakistan and undivided India and more than 1,500 manuscripts. Government Punjab Public Library was formed by Sir Charles Aitcheson in1886. It started off with an old monument-type building where they had only 70 books. Gradually donations of books and documents were made and the library system managed to build up strongly. It ´s main purpose was to build a public library and a reading room. The other Blocks were built in 1924, 1939 and 1992. Introduction: Government Punjab Public Library is facing some major problems from quite some time. These problems include mostly theft and it is discovered after the theft, waiting in long queues before issuing the book, discovering, after waiting for long, that the desired book is unavailable, tast is done manually. There is no system to keep a proper check on the books in stock and also on the visitor. The need to introduce an automated system as a solution to the problems faced by the members of the Government Punjab Public Library bought me to RFID system. By introducing RFID system, which happens to be a combination of a computer chip and a small radio antenna that allows object to self-identify, we intend to solve all the above mentioned problems. This is a unique system of its kind that not only is the fastest, easiest and most effective way to track, locate and manage library material but also pledge security and safety. A number of deficiencies have been experienced in the current system of the library since the work is done manually which happens to be a big problem. Hence it seems to be the need of the hour to provide The Government Punjab Public Library with an automated system which is going to make lives, of all those who really want to bring some change by devoting most of their times in gaining knowledge, a lot easier. RFID system would help in making an effective flow of book circulation. Also, it helps in tracking the book in minutes instead of hours and the unique ID of the RFID tag prevents counterfeiting. Through market research ie; through the interviews that I conducted from the members and librarian on my visit to the library, I have concluded that 87% people are in a desperate need for a better system. According to these people, if an automated system is introduced not only members but non-members would also purchase or issue books which would end up increasing their market share. Apparently the conditions of Government Punjab Public Library demand an automated system that not only keeps a check on the stock but also helps the librarian in looking for one and also deals with security concerns. Therefore I believe that RFID system happens to be the best suited solution for a problem like this because this society is capable of producing really good writers, scholars, poets, students and a platform like an automated Library system can be a gateway to success for such people. I determinedly believe that by pursuing this possibility and by implementing, controlling and maintaining a system like this, we will be able to satisfy a large number of people who are the only hope to bring a change about a change in Pakistan. Discussion Apparently Government Punjab Public Library is undergoing some problems. These problems lead to low members follow–up and is the reason why there is a need for a better system. For starters, currently members complaint of experiencing long queues which frustrates them and they don’t want to return back. The frustration is further caused when after waiting for several minutes it is discovered that the book isn’t available in the library. And in case the book is available, the member has to wait for long since the manual entry of book issuing takes long. Disappointment follows when members receive unfriendly staff. Moreover constant cases of theft have been witnessed by the librarian. Members often hide the books in their bags and leave without issuing. This not only causes stock mismanagement but also results in disappointment. To solve these problems, installing an RFID system, is important. The purpose of installing RFID system in the library system is to change the current manual and hectic structure. This would not only help in eliminating theft but will also reduce time consumption and level of disappointment that is caused when discovered that the desired book/s is/are unavailable. Hence, getting an effective and automated Library Management System is essential. The reason why I chose RFID system is because it is the fastest, easiest and most efficient way to track, locate & manage library materials. Not only that, through RFID system automatic check-in and check-out can be practiced. While interviewing the librarians at the library I, time and again, heard them complaining about the mismanagement of the stock and also that it takes long in locating a book. Through RFID system Library inventory tracking can be done in minutes instead of hours because it is basically a wireless system for automatic identifications and tracking by using radio frequency electromagnetic fields, by transferring the data from a tag attached to a product, which in this case are the books. One of the problems that the librarian highlighted and laid great stress on addressing that problem was the stealing of books. According to the librarian, this is one of the biggest issues the management of library is dealing with but with the help of RFID system, they can easily address to a situation like this. With the help of walk through gates, which is one of the components of RFID system, stealer can be easily located. This is possible because every book will have its own RFID tag like every member will have theirs. And if someone tries to take the book without issuing, that person can easily be traced with the help of walk through gates which will start to beam as soon as some is illegally exiting. This brings me to the point of discussing some of the benefits that can be driven from introducing RFID system. For starters, with the walk through gates and tags, no thefts will be claimed hence, a secure library management system will be exercised. Moreover the schedule of the staff will become flexible. This is because the routine would not be as hectic as before. Also if two persons were dealing with a task earlier, now only one can easily handle it. Furthermore, trained workforce would walk in. There is another business benefit that will be gathered in the form of customer satisfaction. Obviously, when the customers would not have to wait for their turn, standing in a long queue, they would be much happier and content. Conclusion: Keeping in mind the benefits it can easily be concluded that this system will be a big success once installed. It won’t be a wise move to deny the fact that it is going to be a big investment but analyzing the benefits which are significant and undeniable, the cost would be a secondary thing to worry about. Currently the books are mishandled and misplaced by the incessant handling processes of the staff members. There is too much hassle in material handling. Now this issue would be resolved due to the self-digitalized service by the members and the staff as well and as a result the inventory would be properly preserved. With the RFID, the Punjab Public Library management system would be revolutionized and the overall performance would catch pace and tasks would be done quickly and on time. References: 1. Personally visited the Government Punjab Publiv library 2. http://www.rfid-library.com/en/default_e.html 3. http://gppl.org.pk/ 4. http://www.logisticsit.com/articles/2007/03/22/2679-the-benefits-of-rfid 5. http://www.jesic-tech.com/RFID_iLib.html 6. http://www.rfid-library.com/en/system-four-phases.html

How Biophysical Principles Can Be Applied For An Eight...

In this report I will evaluate why and how biophysical principles can be applied for an eight-week training programme for Turbo Touch. The first part of my report will include a definition and explanation of three methods of training that I applied in my training programme, including the biophysical principles applied. I will explain why I used these methods of training. The second part of my report will focus on the strengths and weaknesses of the training programme and I will explain what modifications I would make to the training programme in the future, including what principles I would change. In preparation for a Turbo Touch Competition, I had to complete an eight-week training programme which I implemented for a period of two weeks. The three methods of training I applied in my Turbo Touch training programme include (a) circuit, (b) interval and (c) continuous. Circuit training is a form of high intensity resistance training that targets strength building and muscular endurance. I applied this method of training as Turbo Touch requires strength and endurance and it was important that my programme was targeting the right muscles that would enhance my performance. Of particular relevance was that circuit training targets arm, core and legs muscles which are the key groups of muscles which are needed when playing Turbo Touch. The training programme required me to train once a week for 50 minutes and I trained at nine different circuit stations, all focusing on my