Essay Thinking - 1352 Words

The Ways I Learn Have Learned, Think amp; Reason and Demonstrate Intelligence As I reread this topic several times and tried to bring it to life to write an intelligent paper on it, I had to search my memory for the actions that made me think, learn, act and react. So, I took a trip down memory lane and thought back to my childhood and started thinking of my elementary school days, high school days, military days, right on through to raising my children and now attempting college myself. What a trip! I’m not sure if I am learning anything or if I just keep going to see where I will wind up. At any rate, I will try to apply all these things into this paper as well as where I relate it in the book â€Å"Hilgard’s Introduction to Psychology†.†¦show more content†¦So here it is safe to say that association is classical conditioning and motivation is an integral form of this learning method. Taking this a step further, there is another form of conditioning known as aversive conditioning this happens when you begin to associate a negati ve act as a reaction to doing something wrong. An example would be, when we are in our teen years, and all our friends are smoking, and it is our turn to do the nasty deed, we vacillate, â€Å"to do or not to do†. We internally hear all the negatives regarding smoking, but we see our friends saying â€Å"just come on, do it†. We know if we are caught doing this act, there will be much negative reaction from our parents, in the form of a huge punishment, so the big question we ask ourselves, is peer pressure worth it, or should I just say no. If I smoke, I pay a consequence in getting grounded, if I say no, will my friends mock me? (We will cover peer pressure in a later paper). So, aversive conditioning comes when we know a negative reaction will come from doing an iniquitous deed. Making the difference in classical conditioning and aversive conditioning, the way a reward or motivation is utilized, either granting positive reinforcement, or creating negative responses. (Hilgard p245) Observational learning is yet another form of learning, when we are children, we learn by watching what goes on around us (TV, parents, friends, and other children). Young children watch theShow MoreRelatedEssay Creative Thinking, Logical Thinking, and Persuasive Thinking1275 Words   |  6 PagesIn thinking and decision making, it will be analyzed on three different types of thinking styles. The three thinking styles analyzed are Creative thinking, Logical thinking, and Persuasive thinking. These three thinking styles are some of the many important styles used in a workplace. Creative, logical, and persuasive is a great mix of thinking styles that helps a company becomes very successful in completing a job task. 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International Financial Reporting Standards and Revenue Recognition Free Essays

Revenue recognition is a very important component of financial accounting and reporting. The accounting principles governing revenue recognition can have a big impact on corporate accounting and the way contracts are structured with customers. As a part of ongoing discussions to converge U. We will write a custom essay sample on International Financial Reporting Standards and Revenue Recognition or any similar topic only for you Order Now S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), some proposals to change revenue recognition have been discussed. The following will discuss revenue recognition as it stands under U. S. GAAP and IFRS, as well as proposed changes to the revenue recognition principle. Revenue Recognition under U. S. GAAP Staff Accounting Bulletin, Topic 13 states, â€Å"The staff believes that revenue generally is realized or realizable and earned when all of the following criteria are met: 1. Persuasive evidence of an arrangement exists; 2. Deliver has occurred or services have been rendered; 3. the seller’s price to the buyer is fixed or determinable; and 4. Collectability is reasonably assured. † Revenue recognition under U. S. GAAP can vary depending on industry, but the criteria listed by Topic 13 are generally applied when recognizing revenue. Guidance for industry specific principles are covered under other U. S. GAAP pronouncements. Also under U. S. GAAP, â€Å"any costs or losses that may be expected in connection with any returns shall be accrued in accordance with FASB St. No. 5 Accounting for Contingencies. Sales revenue and costs of sales reported in the income statement shall be reduced to reflect estimated returns† (FAS 48 par. 7). Revenue Recognition under IFRS. Under IFRS, guidance regarding revenue recognition are governed under two general accounting standards. According to IFRS, â€Å"revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably† (IAS 18). Revenue Recognition for specific industries are not addressed under IFRS and these two general accounting standards are applied broadly across various industries. Revenue recognition has been at the forefront of suggested changes regarding convergence to a single set of standards for financial reporting and accounting. Currently under U. S. GAAP, revenue recognition have more stringent criteria and governance can also be industry specific. IFRS differs in that there are only two broadly applied accounting standards when determining when to recognize revenue. The AICPA has announced that the IASB and FASB will move towards issuing a single standard governing revenue recognition. The proposed standard will adopt standards similar to IFRS revenue recognition principles and eliminate U. S. GAAP’s industry specific guidance. The changes will have a tremendous effect on accounting and how businesses operate. How to cite International Financial Reporting Standards and Revenue Recognition, Papers

Corporate Accounting and Reporting Economics and Business

Question: Discuss about theCorporate Accounting and Reportingfor Economics and Business. Answer: Introduction AASB 36 on impairment of asset ensures that the asset of a company must not carried at greater than the recoverable amount. The recoverable amount is taken as the value obtained by deducting the disposal cost from the fair value and value in use, whichever is higher. One exception to the general rule of impairment is that for intangible assets and goodwill, companies are required to conduct the test for impairment annually, if there is a signal of impairment of asset. The test can also be carried out for cash generating unit that are not generating cash on regular basis. The main purpose of impairment test is as follows: To find out whether there is any signal of impairment, the recoverable amount for any asset and identification of any cash generating unit To find out the recoverable amount for intangible asset, goodwill with their useful life and requirement of measuring the asset with regard to impairment whether any indication exist or not (Bond, Govendir and Wells 2016) Impairment test for existence of goodwill are carried out as follows: Goodwill requires the test for impairment annually, even if there is no indication for impairment. The requirement is to ensure that the goodwill obtained by the business is allocated to cash generating unit base on the proper method of allocation. When any cash generating unit is disposed, then the allocated goodwill to that unit will be re-allocated over the other units and again the test for impairment will be carried out. The impairment test of cash generating unit to which the goodwill are allocated can be done at during any time of the year and the test have to be done at the same time of each year. Various cash generating unit can be tested in different times. However, if any cash generating unit to which the total goodwill or part of goodwill has been allocated are sold or acquired by in business combination process in the present year, that unit must be tested before the closing of annual period. AASB 136 allows the latest calculation for the previous year for the calculatio n of recoverable amount of any cash generating unit on which goodwill is allocated for using in the test in current year, if the requirements are met (Laing and Perrin 2014). Entry for goodwill impairment will be as follows: Impairment of goodwill a/c debit xxx To accumulated impairment for goodwill xxx Profit and loss a/c debit xxx To goodwill impairment xxx Steps in applying impairment test are as follows: Identifying the asset for impairment: At the end of every closing period, the company must assess the indication of impairment for the asset. If there is any signal for impairment, the assets recoverable amount must be estimated. Intangible assets should be tested for impairment on annual basis even if there is no indication of impairment. If the indication of impairment exists for any particular asset, then the recoverable amount of that asset must be calculated (Khokan Bepari, Rahman and Taher Mollik 2014). If the estimation is not feasible, then the assets cash generating units recoverable amount shall be measured. The cash generating unit is the least group for identifiable asset that create inflow of cash, which are not dependent on the cash inflow of other asset group. Calculation of recoverable amount: The recoverable amount for a unit generating cash or for an asset is the higher among the two: (a) value in use (b) fair value less disposable cost. If any of these two costs is more than the carrying value of the asset, then the estimation of other value is not required as the asset is not under the process of impairment. Fair value is the expected revenue from the sale of the unit generating cash or the asset. Whereas, disposal cost include the cost directly dedicated to the cash-generating unit or asset. Disposal cost does not include expenses for income tax and finance cost (Zhuang 2016). Fair value is the net present value of the expected future cash inflows to be obtained from the asset or unit. The elements that should be taken into consideration while calculating value in use are - Expected future cash flows, probable alteration in the estimated time or amount of the future cash flows, calculation of time value of money with regard to the risk free interest rate in the market, cost of bearing the inherent risk of uncertainty, any other factors, such as, participants in the market, liquidity that can affect the future flow of cash Recognition and measurement of impairment loss: only if the carrying amount of any asset is more than its recoverable amount, then only the carrying amount should be revaluated and recognised at recoverable amount. The difference then is known as the impairment loss. The amount of impairment loss shall immediately be recognized in the income statement. The general exception to this rule is that the asset is carried out at revalued amount as per any other standard (DArcy and Tarca 2016). Then the loss from impairment will be treated as revaluation loss and not as impairment loss (Kabir and Rahman 2016). However, the carrying amount should not be reduced below the higher of the following: (a) Fair value less disposable cost, if measurable (b) Value in use, if measurable (c) Zero Reversing the impairment loss: Impairment loss identified in the past period must be recognized in the income statement immediately, except the goodwill. Impairment loss shall be reversed through allocation to the other asset of the cash generating unit on a pro-rata basis except the goodwill (Barch, Treadway and Schoen 2014). The increased carrying amount for the asset attributable upon the reversal of impairment must not be more than the carrying value that would have been calculated, if no impairment had taken place. Impairment loss for goodwill are not reversible in the future period (Khodashenas et al. 2015). Calculation of impairment loss will be as follows: Carrying amount of the asset = $16,80,000 Recoverable amount = $14,20,000 Impairment loss = $2,60,000 Loss from impairment will fisrt be used to write off the goodwill amounted to $40,000. Balance loss amounted to ($260,000 - $40,000) = $ 220,000 will be allocated to other assets except the inventory. It is assumed that inventory is recorded at lower of realisable value and cost. Allocation of Impairment Loss: Asset Carrying amount proportion Allocation of loss Net carrying amount Land $ 171,000 171/1431 $26,290 $144,710 Brand $ 160,000 160/1431 $24,598 $135,402 Shoe factory $ 700,000 700/1431 $107,617 $592,383 Machinery $ 400,000 400/1431 $61,495 $338,505 Total $14,31,000 $220,000 Table 1: Allocation of impairment loss (Source: Created by author) Journal entries for impairment loss will be as follows; Impairment loss Dr $260,000 Goodwill Cr $40,000 Land Cr $26,290 Brand Crossbow shoes Cr $24,598 Shoe factory Cr $107,617 Machinery for manufacturing Cr $61,495 [Being the loss from impairment allocated] References: Barch, D.M., Treadway, M.T. and Schoen, N., 2014. Effort, anhedonia, and function in schizophrenia: reduced effort allocation predicts amotivation and functional impairment.Journal of abnormal psychology,123(2), p.387. Bond, D., Govendir, B. and Wells, P., 2016. An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136.Accounting Finance. DArcy, A. and Tarca, A., 2016.Reviewing goodwill accounting research: What do we really know about IFRS 3 and IAS 36 implementation effects. Working paper). Vienna University of Economics and Business. Kabir, H. and Rahman, A., 2016. The role of corporate governance in accounting discretion under IFRS: Goodwill impairment in Australia.Journal of Contemporary Accounting Economics,12(3), pp.290-308. Khodashenas, P.S., Rivas-Moscoso, J.M., Klonidis, D., Thounon, G., Betoule, C. and Tomkos, I., 2015, September. Impairment-aware resource allocation over flexi-grid network with all-optical add/drop capability. InOptical Communication (ECOC), 2015 European Conference on(pp. 1-3). IEEE. Khokan Bepari, M., F. Rahman, S. and Taher Mollik, A., 2014. Firms' compliance with the disclosure requirements of IFRS for goodwill impairment testing: Effect of the global financial crisis and other firm characteristics.Journal of Accounting Organizational Change,10(1), pp.116-149. Laing, G.K. and Perrin, R.W., 2014. Deconstructing an accounting paradigm shift: AASB 116 non-current asset measurement models.International Journal of Critical Accounting,6(5-6), pp.509-519. Zhuang, Z., 2016. Discussion of An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136.Accounting Finance,56(1), pp.289-294.