New UK GAAP Assignment Example | Topics and Well Written Essays - 1500 words

New UK GAAP - Assignment Example The need for a global reporting standard has gained more importance for small and medium sized organizations where the accountability of managers towards the investors are generally less transparent compared to large multi-national companies. Over the years such transparency might lead to mistrust between the owners and the managers leading to an Agency problem. Even though the advantage of general sets of international reporting standards are acknowledged, there are a certain implementation challenges at the international and domestic level if the objective of a harmonised and enhanced reporting structure is to be achieved. Table of Contents Executive Summary 2 Introduction 4 Advantages and Disadvantages of Global Reporting Standards 4 Importance of Accounting Standards Bodies 6 Harmonization of Reporting Standards in Recent Times 7 Conclusion 8 References 10 Bibliography 11 Introduction A considerable amount of countries and entities around the globe have adopted IFRS (Internationa l Financial Reporting Standards) as the base for financial reporting with the means and objective to enhance the value of information on corporate performance. In the year 2010, a potential new framework proposed by the Accounting Standards Board (ASB) to replace current Irish and UK GAAP has revised the original proposal and released 3 new drafts Application of Financial Reporting Requirements FRS 100, 101, 102, etc. ... ts to FRS 102 (FRED 48) which was issued on October 2012 restricted the proposed scope and amendments relating to accounting of service concession arrangements and multi-employer pensions. In addition, FRED 48 also contains proposed comprehensive accounting standards based on IFRS for Small and Medium-sized Entities. Even though the advantage of general sets of international reporting standards are acknowledged, there are a certain operational challenges at the international and domestic level if the objective of a harmonised and enhanced reporting structure is to be achieved (FRC, 2013, pp.3-12). Advantages and Disadvantages of Global Reporting Standards The need for a global reporting standard has gained more importance for small and medium sized organizations where the accountability of managers towards the investors are generally less transparent compared to large multi-national companies. Over times such transparency might lead to mistrust between the owners and the managers lea ding to an Agency problem. The implication of non-transparent reporting can be better understood when one analyzes the global financial crisis of 2008. A vigilant scrutiny of the financial crisis reveals an underestimation of the risk associated with financial instruments (such as Mortgage based securities), that led to inflated expectations ultimately triggering global financial crisis. This underestimation of risk perception of the investors was primarily motivated from the improper financial reporting of entities. Hence, an establishment of suitable reporting standards for accounting along with suitable disclosures in the financial statements has become a challenging task (Kurz, 2004, pp.1-5). The industries have experienced some tremendous changes in terms of financial reporting and

Reserche proposal Essay Example | Topics and Well Written Essays - 2500 words

Reserche proposal - Essay Example The researcher has chosen to research the area of people with learning disabilities. Researcher because of experience of working in a PCT chose this subject area, where a large proportion of people with learning disabilities access primary health care services from independent contractors. The researcher works closely with a learning disabilities team and is carrying out research on their behalf that has a keen interest to identify the barriers for people with learning disabilities face, while accessing health services within Kensington and Chelsea PCT. As a health care practitioner, researcher is concerned that these people are discriminated against. The new government health strategy â€Å"our health, our care, our say† reinforces people rights and desires. Therefore, why not people with learning disability have a same right as other people and why they cannot access the same services. The aim of the study is to identify â€Å"Are health’s needs being met by GP services for people with learning disabilities?† The purpose of this study is to identify the most effective ways of closing the health gap and improving services so that people with learning disability problems have their physical needs met. A review of literature in this area was carried out using various search strategies (See appendix 1). Learning disability is a major concern around the world. Not all people share equal opportunities for good health and evidence indicates that people in less advantaged circumstances experience poorer health [1]. The poorer health of people with learning disabilities is the major concern in present circumstances. Therefore, this proposal will review the wider causes of health inequalities and consider how these affect people with learning disabilities. â€Å"People with learning disabilities have much poorer health than the general population and the NHS has traditionally failed to serve people with learning disabilities