Fair Value Measurement - 2356 Words

FAIR VALUE MEASUREMENT: IMPLEMENTATION ISSUES AND CHALLENGES (PART 1) (by Tuam Kwok Choon and Ng Kean Kok) INTRODUCTION Since the promulgation of fair value accounting by the International Accounting Standards Board (IASB), the subject matter has been hotly debated by industry players and professionals of the accounting fraternity the world over. Many problems and pitfalls have been highlighted on the mark-to-market premise. For example, David Gwilliam and Richard H.G. Jackson (2008) noted that Enron was able to monetize physical assets so as to bring them within the remit of mark to market accounting, suggesting misuse of fair value measurement. Fair value is said to be superior to other forms of measurement because it is easily†¦show more content†¦With the emphasis on mark-to-market approach, fair value hence is definitely very relevant in today’s business environment. Historical cost accounting fails in terms of not only in relation to reporting current values, but also in terms of projecting future values. Fair value hence allows for better investment decision to be m ade, based on latest fair values reported. INDUSTRY FEEDBACK AND RESPONSE Critics of the US banking institutions have strongly criticised and blamed fair value accounting for aggravating the credit crisis, forcing the institutions to heavily slash the value of their mortgage assets, which resulted in weakening the regulatory capital ratios. The need to mark to market the financial instruments forced many financial institutions to incur large writedowns on the balance sheets. Without the regulatory cash cushion, inter-bank and customer lending became severly hampered, thus creating a stagnant credit market. It is easy to make accounting rules the scapegoat when it comes to shifting blames. The reality is that had financial institutions adopted fair value accounting and its disclosure requirements early, they would have seen the writing on the wall. Still, it is hard to ignore the fact that the recent financial crisis has exposed some shortcomings of fair value accounting. Reporting fair value in illiquid markets creates earnings volatility andShow MoreRelatedHistorical Development Of Fair Value Measurement1400 Words   |  6 PagesFair value measurement is one of the models which provide guidance on how entities should determine the fair value of financial instruments for reporting purposes. This paper discusses the Financial Accounting Standards Board (FASB) Exposure Draft issued on December 3, 2015 which proposed amendments to Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements. The paper analyzes some of the key points of the exposure draft, among other things, the history andRead MoreAccurate Accounting Measurement: Fair Value Measurement Essay1315 Words   |  6 PagesFair value measurement: The Standard defines fair value as â€Å"the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date†. This is sometimes referred to as an â€Å"exit price†.(AASB13) IFRS 13 IFRS 13, Fair Value Measurement, was adopted by the International Accounting Standard Board on May 12, 2011. IFRS 13 provides guidance for how to perform fair value measurement under IFRS and takes effect on JanuaryRead MoreContemporary Issues Of Accounting Theory Fair Value Measurement Essay1666 Words   |  7 PagesASSIGNMENT TASK 1: Contemporary Issues of Accounting Theory Fair Value Measurement Overview After the International Accounting Standards Board (IASB) released the IFRS 13 Fair Value Measurement in May 2011 for the purpose of completing its joint project with the US Financial Accounting Standards Board (FASB) on fair value, the Australian Accounting Standard Board (AASB) released the Australian equivalent - AASB 13 Fair Value Measurement in the September of the same year. This standard permitted earlyRead MoreNew Zealand Financial Accounting. Essay1522 Words   |  7 Pagesframework for measuring fair value in IFRS. This is based on a number of key concepts including un it of account; exit price; valuation premise; highest and best use; principal market; market participant assumptions and the fair value hierarchy. Fair value is an important measurement on the basis of financial reporting. It provides information about what an entity might realize if it sold an asset or might pay to transfer a liability. In recent years, the use of fair value as a measurement basis for financialRead MoreMicrosoft Corporation: Assignment Essay1100 Words   |  5 PagesIntroduction: The purpose of this assignment is for you to learn more about the fair value disclosure requirements included in the FASB Accounting Standards Codification (the Codification). You will do so by examining fair value disclosures included in the following filings: * Form 10-Q for Microsoft Corporation (MSFT) for its quarter ended March 31, 2012, filed with the SEC on April 19, 2012 and * Form 10-Q for The Goldman Sachs Group, Inc. (GS) for its quarter ended June 30, 2012, filedRead MoreUsefulness and Reliability of Information Provided By Corporations1474 Words   |  6 PagesTherefore, Statement of Financial Accounting Standards No. 157 standardizes the valuation and disclosure of fair value for assets and liabilities in order to achieve both usefulness and reliability. The reasoning for the hierarchy was due to the inconsistency in previous definitions and guidance (FASB, 1992). Introduction to Fair Value Hierarchy To begin, SFAS defines fair value as the value today of an asset or liability if it were sold or disposed in a transaction between third parties that areRead MoreInternational Accounting Standards Codification System1414 Words   |  6 PagesIn 2006, the FASB issued Statement No. 157, â€Å"Fair Value Measurements† (SFAS 157), and in 2007 issued Statement No. 159. The objective of SFAS 157 is to increase the consistency, comparability and transparency of fair value measurements used in financial reporting by establishing â€Å"a single authoritative definition of fair value, a framework for measuring fair value, and fair value financial statement disclosure requirements†(http://www.iasplus.com/en/binary/usa/0808fairvalueupdate.pdf). In 2011,Read MoreThe Impact Of Fair Value On Financial Reporting Essay1529 Words   |  7 Pagestime in the world of accounting is fair value. However, one common point of confusion is the scale of businesses affected by fair value, and when fair value came onto the scene. According to Robert Herz and Linda MacDonald â€Å"...the use of fair value in financial reporting is not new. In fact, it has been in place for decades, principally for financial assets. But even then, fair value is not required for all assets.† (2008) The idea of using fair value measurements goes back at least to the 1930’s whenRead MorePreparation of a Financial Statement844 Words   |  3 Pagesfor asset measurement within the financial reporting framework. Asset measurement has been in existence and practiced for years immemorial, for Vehmanen(2013, p.132) measurements involve assigning numeral to objects or events in accordance to a set of rules or standards. The gradual sophistication in f inancial reporting and evolution of global investment markets together with the increasing knowledgeable investors and financial reporting users have gingered interest in asset measurement methods.Read MoreBusiness Combination1719 Words   |  7 Pagesacquisition method include changes to fair value measurement, goodwill recognition, and non-controlling interests.       In acquisition method, the parent company reports the net assets of the acquired company at the price that it was paid for.    This price includes any cash payment, the fair market value of any shares issued, and the present value of any promises to pay cash in the future.    A key point of the purchase method is that the parent consolidates the book value of all the subsidiary’s assets

Professional Partnerships And Increase Communication Essay

Learning Activities: For the remainder of my time with Dr. Kilgore, my objectives are to work with her regarding team building strategies which will aid in the creation of professional partnerships and increase communication. We will also be working on my final objective of articulating a vision for nursing practice. Analysis – Final Journal During my time with R.K., we will end with the final two core competencies. First, shared decision making, effective communication, and relationship building. Second, knowledge of the health care environment, understanding of shared governance, evidence-based practice, patient care delivery models, and work design knowledge (AONE, 2011). Because of our limited time left, gave me homework to read about TeamSTEPPS training and to identify strategies, skills, and tools that will enhance teamwork. TeamSTEPPS training from the U.S. Department of Health and Human Services / Agency for Health Care Research and Quality (AHRQ). TeamSTEPPS is a program that is intended to increase the safety, quality, and efficiency of health care. This program is built on over 25 years of research on teamwork, culture change, and team training. After doing my research on TeamSTEPPS, I met back with R.K. with what I had found so that she and I could go over my findings. The info rmation I found was surrounding the curriculum of leadership, situation monitoring, mutual support, and communication. The program puts an emphasis on defining team skills,Show MoreRelatedFeatures Of Partnership Working1696 Words   |  7 Pageshome is quality focus, open and honest communication and partnership working.† – Hannah Parry Introduction I am currently Acting Manager of a 49-bedded nursing home. I manage a team of nurses, carers, domestic staff, kitchen staff, administrator and activities coordinator. Before being promoted to Acting Manager I was a trained Registered General Nurse (Clinical Lead/Deputy Manager) within the home. During this time I have gained experience of partnership working and its benefits for both serviceRead MoreA Healthcare Partnership in the Community: Discussion Questions903 Words   |  4 Pagesï » ¿Healthcare Partnership Discuss an example of a healthcare partnership in your community and specifically cite examples that show how nurses, both individually and collectively, influenced the care provided. What obstacles were/are confronted, and what strategies were/are employed in order to effectively overcome them? Relate aspects of your policy priority to this community partnership and its goals, barriers, strategies, and political issues.   A healthcare partnership inside the community isRead MoreA Research Study On Physical Therapy1484 Words   |  6 Pagesconducted on the therapeutic partnership, and researchers have discovered a wide array of challenges in forming these relationships. These challenges are especially true among physical therapists and their patients. Patients in physical therapy experience their own challenges like temporary, chronic and permanent states of pain and disability (Sargeant Newsham, 2012). Physical therapy patients are already in very vulnerable state and may be reluctant to form partnerships with their therapists. ManyRead MoreThe Parental Engagement : Iep Program, Implications And Recommendations885 Words   |  4 Pagesrelated to the CLD parental engagement in IEP program, implications and recommendations are also discussed corresponding to those themes. Theme 1 Knowledge of CLD Families Families’ attitudes and understandings of children’s exceptionality. To increase the degree of participation, involvement, and engagement of CLD parents in special education and IEP, besides support from outside environment, the key point is the change of consciousness of each family. Understanding, accepting, respecting, andRead MoreThe Importance Of Knowledge Program836 Words   |  4 Pagesassessment. Improving the residence hall experience In response to a survey of residence hall students that measured outcomes of activities outside the classroom and inside residential properties, residence hall coordinators created new marketing and communication strategies. One such strategy, the Nighttime Knowledge Series, will engage students on educational topics using infographic displays at nighttime entry points, complemented by timed social media posts. Exam excellence Illinois State students exceededRead MoreSpecsavers - marketing1665 Words   |  7 Pagesstrong brand. The company was established as a joint venture partnership where each Specsavers opticians is legally a separate business, with 50 per cent of the shares owned by the Specsavers Optical Group. The way of integrated marketing led to increase the partnership as well as sells and profits. Today is Specsavers leaders of most its markets with its strategic objectives bring and drive more customers year to year. The idea of partnership with optometries and manufacturers gave Specsavers competitiveRead MoreYoung People Essay893 Words   |  4 Pagesworking in partnership with others is important for children and young people Partnership is driven by a desire for collaborative advantage and can offer many positive outcomes, like benefits for staff and services such as less replication between different service providers. It helps them see others point of view and it keeps them from being selfish, it helps young people interact with others to achieve a goal, and it helps them develop socially. It’s important to work in partnership with othersRead MoreThe Benefits Of Pr Planning936 Words   |  4 Pagespractitioners to execute a campaign effectively in areas such communication, budgeting, monitoring progress, key learnings and identifying areas of improvement, which in turn demonstrate credibility, alignment to organisational goals and return on investment (Public Relations Institute of Australia 2015). PRIA (2015) recommends as best practice planning for PR programs to include research, measurement and evaluation processes. Setting communication goals and objectives in the PR planning process outl inesRead MoreNational Institutes Of Deafness And Other Communication Disorders1326 Words   |  6 Pagesis approximately 37.5 million and exponentially growing (Holcomb, 2013; Emond et al., 2015; National Institutes of Deafness and other Communication Disorder [NIDCD], 2015; World Health Organization, [WHO] 2015). The challenges continue to lie in the inadequate health care provision needed to implement better care for this underserved population caused by communication barrier, extremely low health literacy, and high illiteracy (Kuenburg, Fellinger, Fellinger, 2015; Mckee, Mckee, Winters, Sutter,Read MoreMy Reflection on Mentoring, Coaching and Collaboration1345 Words   |  6 PagesI believe that the meaningful work that comes from collaborative professional development will positively impact on student learning in the classroom. The partnership principles create a safe, professional learning environment that is most likely to be effective if the process as outlined in our res ources is followed. I believe that everyone wants to be successful and given the appropriate support and tools is the way to increase the likelihood of their success. I am encouraged by Jim Knight’s

Loss Of A Friend Essay Example For Students

Loss Of A Friend Essay Loss of a FriendToday in society many people rely on computers as much as they rely on their lungs to keep breathing. If Y2K had occurred, modern life would have collapsed into a world of chaos. People would not know what to do with themselves or their families. Three main problems supercede the rest in the amount of chaos they would bring to life; peoples life savings would no longer be accounted for, the government would not be able to monitor the activity of other countries activities, and people would line the streets looting for all they can hold. The first problem is that people who had worked so hard to save money for their children would have lost all of the money they had saved. The banks keep al of their records on computers and there would be nothing anyone could do to save their money. The people would storm the banks trying to get their money back. People need to have the security of that much money to fall back on in case something happened but when something finally did happen it would not only take away their security but the money they had invested. Americans invest money in hopes to get rich or to have so money put aside for retirement but with no computers they cant prove that they had stocks in the first place. People would start to get angry and then violent. The second problem facing this now primitive society is that the government would have no way of knowing if a strike from an adversary was eminent. Any group of people that wished to send a few nuclear warheads wrapped in pretty red bows over to the white house would have no problems doing so. All of our military intelligence would be lost and global chaos would soon follow. Peoples insecurity would soon overtake them and they would feel the way Freud explains when he speaks of the id that lives inside of every human being. These wild feelings lead to the third social problem that would develop. The third problem that would occur almost immediately after the computers shut down is looting. After every major event where the immediate outcome was negative looting soon followed. People realize that all of the things that they never had that they always wanted is at their fingertips. All they have to do is walk down to the nearest store, throw something heavy through the window and suddenly everything is free. People cant fight the urge to take. The police would not have anyway to control all of the looters and once again chaos would prevail. In conclusion, life is like a city with many different avenues. Computers are the center of so many peoples lives. The only way that having no computers would can occur without being a problem is if people stop making themselves so dependent on them. People need to go back to the way things were where things were written down. Then and only then people will no longer have to worry about Y2-anything. Miscellaneous

System Analysis Tele-Health Project Tests

Question: Describe about the System Analysis for Tele-Health Project Tests. Answer: Introduction The project aims to develop a health care application that provides self care management to patients with long term medical conditions such as diabetes, hypertension, thyroid etc. The regular tests and monitoring of such patients can be headache for the patients. The application provides solution to such patients by giving them home access to such activities. The report is divided into three sections. The first section of the report provides non functional requirements of the application. The second section discusses which SDLC approach will be suitable for the application. The third section of the approach discusses the advantages and disadvantages of cloud based environment by considering project requirement and needs. 1: Non-functional requirements Functional and non-functional requirements are most important element in software requirement specification. The functional requirement of an application defines what operations software will be providing and non-functional requirement of SRS defines quality of operations. These requirements are associated with security, performance and behavior of functions (Cao, 2010). The project is based on remote healthcare system that can deliver care, can reduce unplanned medical visits, and can help patients suffering from long term diseases to manage their life with ease. Non functional requirement of the project has been defined below: Compatibility on all devices: the project is designed to serve patients for managing their health at home and that needs easy accessibility. So it is necessary that it is compatible with all devices such as smart phones, tablets etc. The core requirement is that it should work on all smart phones. The application should be hybrid app so that it can access native functionality like calendar. Time is a crucial element in healthcare management so application must support accurate time management (Ahmed, Gani, Khan, Buyya, Khan, 2015). Speed of application in performing operations, showing results and uploading inputs has to be good so that patients dont get irritated while using the application. They can quit taking tests and other measurement if speed of the application is slow. Therefore, speed has to be good. Offline authentication can be proved a very good feature to customers so that they can access the application while they are offline. This will improve the usability of the application. Security of customer data is another important concern in application. Encryption of patient confidential data should be provided. The application is developed in cloud based environment which raises more security concerns as it depends on third party (Sanaei, Abolfazli, Gani, Buyya, 2014). Authorization is another important non-functional requirement of the project. The patient data should be completely confidential from internal and external resources as well. The roles should be provided to internal resources for avoiding confidential issues. 2: Review of mobile and cloud based solutions Strengths of cloud based mobile applications According to Fernando, Loke, Rahayu (2013) the major advantage of mobile and cloud based solutions is the flexibility of accessing data from anywhere using any mobile device. This flexibility also provides the advantage of accessing real time data instantly. As third party users manage data and applications, updating user data and accessing it real time is very convenient. Mobile based cloud applications also enable multiple platform support. In addition, the upfront costs are minimal in such applications. Cloud based mobile applications also provide high level of scalability to the developers. This will enable developers to deploy mobile applications as per the demands of users due to flexible resource provisioning (Yi Xu Shiwen Mao, 2013). Service and applications can be easily expanded or added by service providers will minor constraint on resource usage. Mobile and cloud solutions also provide opportunities of multi tenancy. Costs and resources can be shared by service provider s to support large number of users and different applications. Ease of integration is also high in these solutions. Different service providers can integrate multiple services through internet and cloud to meet the demands of customers. With mobile and cloud based solutions, the customers need not reply on single service provider and also they will not be limited to the phones limited storage capacity. Further, even if the mobile phone is lost, the customers/users can re-access their data through cloud (Sanaei, Abolfazli, Gani, Buyya, 2014). Weaknesses of cloud based mobile applications Security is the major weakness of mobile and cloud based solutions. Sensitive information is shared by mobile users and if this data is unprotected it can lead to security breach. Various mobile networks are characterized by less reliable connections, higher error rates and lower bandwidths. A requirement on delay and latency differs from each application and this will affect the efficiency of use for the customers (Thanapal Saleem Durai, 2014). In addition, dependency on interne will be high in such applications and in spite of having a good service provider, customers may not be able to use the applications due to poor internet connection. Vendor lock-in is another weakness of cloud based applications. The customers might subscribe for a particular vendors services and he might be charged high fees for porting to a new vendors application. The service provider might also find it difficult to maintain the integrity of database if it changes quickly of if it is too complex (Dinh, Le e, Niyato, Wang, 2011). 3: SDLC Approach: Predictive vs. Adaptive Software Development Lifecycle (SDLC) refers to the procedure of planning, creating, testing and implementing information system. According to Kannan, Jhajharia, Verma (2014) SDLC approach plays a major role in the success of a project. Tele-health project can be approached through either predictive SDLC or Adaptive SDLC. They are analyzed below: Predictive SDLC Predictive SDLC refers to the process in which project development is done step by step sequentially. The main merit of Predictive SDLC is that it provides a clear plan and vision to the developers. As this approach requires extensive planning, projects can be completely within the budget and estimated time. The documentation and records also ensure security of the project (Sharma Singh, 2015). Nevertheless, the main demerit of this approach is its inflexibility and rigidity. Change in project scope might require entire redoing of the previous phases. Once the project is completed it becomes impossible to make the changes (Balaji Murugaiyan, 2012). Adaptive SDLC Under this approach, the different phases required to complete the project are executed simultaneously. The main merit of adaptive SDLC is the flexibility in its approach. Development and feedback takes place simultaneously which ensures that the clients requirements are met efficiently. Changes can be implemented easily in this approach due to its flexibility. It also encourages interaction and communication which is very important for final output. However, the main demerit of this approach is its unpredictability. As there is no specific plan under this approach, projects might derail from budgets and timelines. It is also highly time-consuming as active and continuous communication is required with the stakeholders of the project (Kannan, Jhajharia, Verma, 2014). Chosen approach- Adaptive SDLC Adaptive SDLC should be followed for Tele-health project because it overcomes the disadvantages of predictive approach. Further, this method id highly flexible and changes can be implemented easily. Tele-health project requires constant consideration of changing environment and it will affect the project. In such dynamic environment, adaptive approach will enable the adoption of changes easily into the project. Adaptive SDLC also enables continuous improvement in the project. Agile SDLC should be adopted for Tele-health project. Conclusion Thus, Tele-health project should be compatible to all devices, with high speed of application, offline authentication and should ensure security to customer data. Mobile and cloud based solutions have various strengths such as flexibility, accessing real time data, low upfront costs and high scalability. However, security threat remains the major weakness of such applications. Further, Adaptive SDLC should be followed for the development of project due to the complexity of project and high flexibility of approach. References Ahmed, E., Gani, A., Khan, M., Buyya, R., Khan, S. (2015). Seamless application execution in mobile cloud computing: Motivation, taxonomy, and open challenges. Journal of Network and Computer Applications,52, 154-172. https://dx.doi.org/10.1016/j.jnca.2015.03.001 Balaji, S. Murugaiyan, M. (2012). Waterfall Vs V-model Vs Agile: A Comparative Study on SDLC.International Journal Of Information Technology And Business Management,2(1), 26-29. Cao, L. (2010). Dynamic capability for trustworthy software development. Journal Of Software: Evolution and Process,24(7), 837-850. https://dx.doi.org/10.1002/smr.511 Dinh, H., Lee, C., Niyato, D., Wang, P. (2011). A survey of mobile cloud computing: architecture, applications, and approaches.Wireless Communication Mobile Computing,13(18), 1587-1611. https://dx.doi.org/10.1002/wcm.1203 Fernando, N., Loke, S., Rahayu, W. (2013). Mobile cloud computing: A survey.Future Generation Computer Systems,29(1), 84-106. https://dx.doi.org/10.1016/j.future.2012.05.023 Kannan, V., Jhajharia, S., Verma, S. (2014). Agile vs waterfall: A Comparative Analysis.International Journal Of Science, Engineering And Technology Research (IJSETR),3(10), 2680-2688. Sanaei, Z., Abolfazli, S., Gani, A., Buyya, R. (2014). Heterogeneity in Mobile Cloud Computing: Taxonomy and Open Challenges.IEEE Communications Surveys Tutorials,16(1), 369-392. https://dx.doi.org/10.1109/surv.2013.050113.00090 Sharma, P. Singh, D. (2015). Comparative Study of Various SDLC Models on Different Parameters.IJER,4(4), 188-191. https://dx.doi.org/10.17950/ijer/v4s4/405 Thanapal, P. Saleem Durai, M. (2014). A Survey of Mobile Cloud Computing for Extending Energy of Mobile Devices.AMM,573, 549-555. https://dx.doi.org/10.4028/www.scientific.net/amm.573.549 Yi Xu, Shiwen Mao,. (2013). A survey of mobile cloud computing for rich media applications.IEEE Wireless Commun.,20(3), 46-53. https://dx.doi.org/10.1109/mwc.2013.6549282