Comparison of IFRS and US GAAP Essay Example | Topics and Well Written Essays - 2500 words

Comparison of IFRS and US GAAP - Essay Example A financial statement must provide details with regard to financial position, changes in position and operations of an enterprise which may be useful for decision making. International Accounting Standards Board is development of International Accounting Standards Committee (IASC) created in 1973 with the objective of developing the uniform standards of accounting. IASB and US Financial Accounting Standards Board (FASB) congregated the IFRS and US GAAP in 2002 as part of the Norwalk agreement making their existing financial reporting standards compatible and practicable and coordinating their future work programme to ensure compatibility. The IASB provided two accounting standards for financial reporting frame works like International Financial Reporting Standards (IFRS) developed by The International Accounting Standards Board (IASB) and Generally Accepted Accounting Principles (US GAAP). The US GAAP was acknowledged extensively as the international set of standards to make certain best quality financial statements. This standard was mostly used in the US and also elsewhere, but with the entry of IFRS a debate on the virtual class of both authoritie s has taken place. GAAP is exceptionally comprehensive on what is acceptable and unacceptable. IFRS is used by more than hundred countries as their standard set of guidelines and principles. Still more countries, like Canada and India are projecting to follow IFRS from 2011. This paper is intended for providing some explorative information on the IFRS / US GAAP and also some demarcation and comparison of the two standards of financial reporting. More specifically, the purpose of the current study is to investigate the properties of IFRS versus US GAAP standards of accounting using the accounts of National Grid Plc that is listed both in EU and US Stock Exchange. And most importantly, the paper identifies the difference between the rules and principles of two accounting standards through the accounts of National Grid Plc and its usefulness to various stakeholders of the organization. IFRS and US GAAP - Significant differences in National Grid Plc National Grid is an energy production organization which owns and operates the electricity transmission system in England and US. National Grid distributes gas to 11 million homes and businesses in UK. The company is also engaged in business of wireless infrastructure along with other businesses like National Grid Metering, Onstream, National Grid Grain, property, etc. The main areas of operation of the company are UK and US which was created by the restructuring of UK gas industry in 1986 and electricity industry in 1990 and entered the US market in the year 2000. (www.nationalgrid.com) According to annual report for the year 2005/06, it is revealed that the group has achieved 25% increase in the revenue from 7382m to 9193m. And according to the same reports, operating profits have also increased from 2142m to 2439m (2005/06) which is 14% higher. National Grid has also entered into acquisition and merger with some companies like Keyspan Corporation. The company with its base in US and UK, the countries which adopt two different standards of accounting principles, has to prepare accounts conforming to the rules and regulations of that particular nation. However,

Relations between teachers and principalsfrom teachers perceptions Essay

Relations between teachers and principalsfrom teachers perceptions - Essay Example Training and qualifying them and raising their social rank are one of the most important issues and priorities of the authorities responsible for education in the world. The school manager has a leading role in dealing with teachers, as s/he must work seriously to facilitate the obstacles and difficulties in order to make the teachers achieve their goals for the interest of the educational operation in the school. S/he should be an effective and interactive manager keen on assisting occupational growth and providing the proper atmosphere for the educational operation. S/he should also accommodate the teachers in the major decisions related to student’s education (Hargreaves & Bascia, 2000). The school manager holds a unique position in the administration of the school. In a way, the manager is needed by all and is gifted with the knowledge and skills so that they not only manage the other people that come under their umbrella effectively, but also perform their assigned tasks (Nakpodia, 2010). In order to perform the task smoothly the manager has to show good leadership behaviour. This managing power helps them to handle the relationship with the teachers perfectly. Likewise, they are also able to run and excel the organization. In case when the manager fails to run the school smoothly, this means they are not able to show leadership qualities with their teachers (Maleke, 2003). The main aim of the research is to explore the nature of the relationship between the teachers and the principals and the impact of their relationship on the learning of the students. Research questions: 1. What is the nature of the relationship between teachers and the principal? 2. How, if at all, does this impact on student learning? 3. In what ways, if at all, are teachers rewarded for their work? b- The Country and the School: The teaching profession is considered one of the most important, dangerous, and responsible professions in all countries because the teacher actually is the one who prepares the country and its generations to be able to bear burdens of work, building, and development in all fields required for the nation. Therefore, the school manager has many duties in developing the teachers and their capabilities through educational efficiencies that include two important aspects: the knowledge aspect and the behavioural aspect (Al-Khatib, 2003). The recent educational reforms by the Saudi Arabian government have focused on the leadership role of the managers. This is because the responsibility of initiating school improvement efforts and the maintenance of the school effectiveness lies with the managers of the school. Additionally, the research designates that the manager is a key leader in development of the excellent schools, and in due course good educational institutes will ultimately give a constructive hand in the development of excellent country. Hence, the managers of the schools should adopt their complex roles so that they can be ab le to work with the teachers in harmony and dig out the best out of them. Moreover, the teachers should also understand the importance of the skills that will help them to excel in the school. Thus, the development of such skills can help them to become a significant factor in building a productive and fruitful environment of the school. 2- Previous Studies: There was a variation in the studies, both