The Public Disclosure Of Information Essay - 1687 Words

As per Lindblom, and Dowling, and Pfeffer, the public disclosure of information in spaces like the annual reports can be made use of by a business to apply legitimation strategies i.e. to elevate the legitimacy and reduce legitimacy gap. This principle has been adopted by several researchers across the globe. Through Annual reports a firm can disclose information to offset any previous negative news or provide information to relevant parties regarding positive features of the organization that was not known beforehand, awards and recognitions received, initiatives executed etc. Even though such disclosures might not necessarily mean there has been any real change brought about by the organization, according to Ashforth and Gibbs (1990), the use of substantive management techniques might require real, objective change in organizational goals, structures, and procedures and practices. Consistent with the conclusions of Lindblom and Dowling, and Pfeffer, Hurt (1970) has deduced that one of the primary functions of accounting as well as accounting reports, is to legitimate the existence and operation of the business. Such views focus on the strategic nature of financial statements and relevant disclosures. Importance of Internal and External Accountability Effective accountability requires a statement of goals, transparent decision-making and relationships, and honest reporting of resource use and achievements, which can emphasize the honesty and efficiency with whichShow MoreRelatedWhistleblower: Protected Disclosure1062 Words   |  5 Pagesdesigned to protect the public interest by: †¢ exposing serious public sector wrongdoing; †¢ ensuring public organisations are responsible and accountable; and †¢ protecting whistleblowers from detrimental action and protecting their privacy. How do I become a whistleblower? 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Forward-looking information is essential for the investors, as their decisions are largely determined by the future prospects of a company. Forecasting is, however, an intricate process, which is further impeded by the information asymmetry between investors and the company‟s management. Investor-orientedRead MoreEssay on Case Study-Infosys790 Words   |  4 PagesDiscuss the reasons why Infosys might want to disclose additional information voluntarily. As learned in class, accounting principles and disclosure regulations differ between countries and there is often a lack of transparency, especially in merging economies. There are several reasons why Infosys might want to disclose additional information on a voluntarily base. 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Mouldy Bread Free Essays

I. Abstract This experiment was run to see how fast molds grow on bread in 3 different dry location, such as indoor room, fridge and freezer. The samples in a plastic container at room temperature showed mold in fewer days than the samples that kept in low temperature place as fridge and freezer. We will write a custom essay sample on Mouldy Bread or any similar topic only for you Order Now I think that this is because it was a better environment for the molds to grow. The breads that is kept cool will last longer on the plate than bread in normal room temperature. II. Introduction The purpose of the experiment was to know in what conditions the mold most grow and how fast. I thought that this would help people to find the best place to store the bread so that it would stay fresh and last longer. I also was curious about which factors do most affect the mold’s growth. I learned from my food science subject that mold is a tiny spores in the air that fall into damp food especially bread and grow by producing chemicals that root down the food, which also causes a bad taste for the food. If you look under a high power compound light microscope, you can see these microscopic look like threads that seem to be spread out thickly on the bread. Bread mold is found in many different types, shapes and colours. The most common bread molds are Penicillium and Aspergillus family. Penicillium and Aspergillus molds usually appear to be similar with spherical shape, also green and grey in colour, but both are different. Aspergillus mold have fine hairs that contain large balloons with spores inside. Some molds cause allergic reactions and respiratory problems. And a few molds such as Aspergillus produce mycotoxins, poisonous substances that can make us sick. The molds can be controlled by many different factors, such as the temperature, Ph (acidity and bases range), and the moisture. The optimum temperature for molds growth is around 20 – 35 oC and terminated at 100oC. The Ph range for growth is around 2 (acid) to 8. 5 (base), which means that it is extremely hard to control its acidity. They also need moist ground to grow on the surface, but it depends on how much free water particles inside which will changed into solid when the temperature reach 0o C. I have oticed that food left on the counter in the summer molds faster than food left out in the winter, this is the proof that mold likes warm environment. I also found out that the mold grows on the bread even in the dry place, which means that mold just need a very low moisture. My hypothesis is that the bread inside room temperature will grow faster than other samples that inside the refrigerator, because the amount of free water molecules will be decreased or even become soli d. III. Materials * 3 slice of Wonder Whole Meal ( White loaf bread ) * 2 Plastic plates 1 Plastic container * 1 Fridge * 1 Freezer * 1 Eye dropper * Water IV. Methods 1. Take out the bread of the package 2. Place one piece on each plastic plates and plastic container 3. Labeled the plastic plates ( B and C ) and the plastic container (A) 4. Take 30 ml amount of water into the eye dropper 5. Drop every 5 drops into each samples, once a day 6. Seal the plastic container 7. Place the plastic container on the counter 8. Put the other plates inside the fridge and freezer 9. Check back every plates every days for a weeks ( around 10. 00 PM ) 10. Record the data by measure the amount of mold by percentage (%) covered on each pieces of bread. V. Results Over a week and 7 days studies, I saw a slight difference in the amount of mold that grew on every pieces of bread. The bread in the plastic container grew much more than the other samples; even I can barely see the differences between the bread inside the fridge and the freezer. I measured the percent covered by mold on the top side of the bread. Data on % coverage can be seen below. The chart can be seen below in figure 1. Day 1, A=0% B=0% C=0% In the first day, I prepared all the materials and put them on the counter, fridge and freezer. Day 2, A= 0% B=0% C=0% In the second day, I don’t see any difference on the breads either. In this step I believe that it still need more time before the result comes up. Samples B and C become fragile. Day 3, A=4% B=0% C=0% In the third day, the sample A start to show the mold activities, it covered a small area around the corner of the side and start to shrink a little. But there is no difference on the others samples. The samples B accidently cracked because I put something on it. Day 4, A=11% B=0% C=0% In the fourth day, the molds on the sample A keep spreading around the surface, its colour is dark green and produce some bad smell, while the other samples still clean. Day 5, A= 15% B=0% C=0% In the fifth day, I saw a little difference in the mold’s area size but the bread really shrinks, the others two stay the same. In this day I try to not put some water into the samples. Day 6, A=15% B=0% C=0% In the sixth day, I can’t see any difference on all the samples which I came up with a conclusion that the mold really needs water to keep grow in the dry situation like Melbourne. Day 7, A=20% B=0% C=0% In the seventh day, the last day of my study, I found out that the threads of mold keep spreading around the top side o the bread and have a lot more verity of color, such as navy green, dark green and black. In contrast, the other 2 samples showed us that there is no single activity of mold appears but in exchange the bread become so hard and fragile. Figure 1. Percentage of mold coverage on bread VI. Discussion The mold grew a lot more on the bread in the container which stay at the room temperature and there are not even a single mold on the breads that stored inside the fridge and freezer. I think this is because the free water molecules inside become solid in a day and cause the mold growth to stop. In the seventh day the mold was starting to show a lot of different color. There was pale green, dark green and black color showing up at the end. I think if it kept going, the whole piece would be covered in a month. The bread that stays at room temperature is out of my expectation, because it should be mold faster than this. I believe it was caused by the cold temperature these days, as we entering the winter season. It kept the mold from grows as the free water molecules decreased. If the bread that you buy is moist and you keep it inside the plastic bags it will mold. So to prevent it from molding you can store it inside the refrigerator, either fridge or freezer is okay. It is still unclear from this experiment about how to slow down the growth of mold other than froze the bread. The frozen bread as the result of stored it inside the fridge will make lose its softness and it was getting as hard as the pores got dry. It can’t return to its original characteristic anymore. The other way is to dry toast it; it won’t mold more than a week since the progress is the same as the refrigerator. It didn’t look like it could let any more molds to grow. Also, the rate of coverage stopped increasing on the dry bread, so it might be done. VII. Conclusion Mold grows better in a moist environment than it does in a dry environment. The plastic container kept the moisture in and allowed the bread to mold. The temperature is also taking a big part in this experiment which means the lower the temperature, the longer it will stay edible. It seems to be sure that fridge and freezer is one of the best solution to kept the bread stay last longer. VIII. References In a major study of Food Industry (Bee May, 2012), it was found that the Mould is one of the micro organism that cause food poisoning and spoilage. * * Ezine Article. (2005). Bread Mold. Retrieved from http://ezinearticles. com/? Bread-Moldid=405845 * Abigail’s Bakery. (No Year). Bread Mold Causes. Retrieved from http://www. abigailsbakery. com/bread-recipes/bread-mold-causes. htm * True Visions Microscopes. (2005). Looking at Bread Mold Under the Microscopes. Retrieved from http://www. truevisionmicroscopes. com/looking-at-bread-mold-under-the-microscope. html How to cite Mouldy Bread, Papers

Financial Accounting Financial Framework Assistant

Question: Describe about the Financial Accounting for Financial Framework Assistant. Answer: 1. The Framework for Preparation and Presentation of Financial Statements assists the preparer in applying the Accounting Standards on preparation of financial statement. The Para 5, states that the different element of the financial statement is defined in the Framework. It also deals with the measurement and recognition of various items of financial statement (Macve 2015). In the given case the treatments of various items in the financial statement of Queenslander Ltd is discussed based on the AASB conceptual Framework. a) The Para 60, of the Framework states that the present obligation is an important characteristic of liability. The obligation is defined as a duty or liability that is enforceable by law. The Para 61, of the Framework states that it is required to make a distinction between the obligation and commitment. In the Para 91 of the Framework it is provided that the liability should be recognized when it is certain that the outflow of economic resources will be necessary in settling the present obligation (Henderson et al. 2015). Therefore, commitment should not be recognized as liability as there is no present obligation. In the given case, Queenslander ltd has provided guarantee for bank loan on behalf of an employee and it is expected that the employee will make default in payment of loan. As the employee has not yet defaulted in making payment so, it is still a commitment and no present obligation has arisen. Therefore, it can be concluded that it is not required to be recognized in t he financial statement of the Queenslanders Ltd. However within the meaning of contingent liability as provided in Para 10 of the AASB 137 the possible obligation should be disclosed in the financial statement in the form of note as provided in the Para 86 of the same standard. b) In the Para 53 of the Framework it is stated that an assets provides future economic benefit that flows to the enterprise. In Para 59 of the Framework it is stated that there is a close relationship between generating assets and incurring but they do not generally coincidences. Therefore, in the absence of expenditure an item should be recognized as an asset if it fulfills the definition of the assets. In the Para 89 of the Framework it is stated that if it is probable that the future economic benefit will flow to the eEnterprise then it should be recognized as assets (Weil et al. 2013). In the given case Queenslanders has received a gift of 500 shares from the customer and as the shares can be sold at market price, so economic benefit is probable to the enterprise. Therefore, it can be concluded that shares should be recognized as assets in the financial statement at the current market price. c) The Para 99 of the Framework states that the process of determining the monetary amount for the items to be recognized in the financial statement is known as measurement. The Para 100 of the Framework provides the basis on which the items of financial statements are measured and this are Historical costs, current cost, realizable value and the present value. Therefore, it implies that if an item cannot be measured in any of the basis stated in Para 100 then the item cannot be recognized in the financial statement (Zhang and Andrew 2014). In the given case, the company directors view that certain view attracts customers is a non-financial item and cannot be recognized in the financial statement.2. The AASB 116 is applicable for the accounting of plant, equipments and property as per Para 2 of the standard. The Para 6, of the standard states that Property, Plant and Equipments include all the tangible assets that are held by the entity for using it for more than one year. The recogn ition criteria is provided in Para 7 of the standard. If a Property, Plant and Equipment is qualifies for recording as an asset then the assets should be calculated at cost as per Para 15 of the standard. After the asset is initially recognized then as per Para, 29 of the standard the entity can follow the cost model or revaluation model as the accounting policy (Rahman 2013). In the Para 31 of the standard it is stated that if reliably the fair value of the asset is measureable then after recognition an asset can be carried at amount that is revalued. The amount with which the assets is to be carried is calculated after reducing the accumulated depreciation form the revalued amount of the asset (Brown et al. 2014). It is provided in the Para 50 of the standard that the depreciable amount of the asset is to be distributed over the useful life of the assets on a systematic basis. It is clearly provided in Para 52 of the AASB 116 that depreciation should be provided even though the fa ir value is more than the amount with which the asset is carried. The same Para also states that if the carrying amount of the assets is less than the residual then there is no requirement to recognize depreciation. In the given case Many ltd has decided to adopt the revaluation model for measuring its machinery. It was found the during the current period the value of the machinery has increased so it was argued by the directors not to provide depreciation on machinery. On the basis of the above analysis of AASB 116 it can be concluded that as per Para 52 of the standard the company is required to recognize depreciation. Therefore, the board should not adopt the directors advice of not recognizing depreciation. 3. The Para 8, of the AASB 138 states that assets are resources that are owned and managed by the entity and from this, it is likely that the entity will derive benefits of economic nature in future. The identifiable non-monetary asset that does not have physical substance is known as Intangible Assets. In Para 9 of the standard it is provided that few of the common examples of intangible assets are computer software, copy rights, patents, customer lists, franchise etc. The Para 10 of the standard provides that if any of the items does not fit into the definition of intangible assets then the expenses incurred for generating it internally or acquiring from outside should be recognized as an expenses (Wang 2014). The expenses should be recognized when it is incurred. It is provided in Para 11 of the standard the intangible asset should be identifiable and distinct from the goodwill. In Para 16 of the AASB 138 it is provided that an entity can gather by its efforts the portfolio of cus tomers or market share. If there is no legal rights then the entity is not in control over the expected future economic benefit from the relationship with the customer therefore the definition of the intangible assets is not satisfied. In the given case, Sharks Ltd incurred expenses in generating mailing list for the customer. The company also acquired a mailing list form its competitor. Further, the company has also capitalized the marketing cost as noncurrent assets. From the analysis of the AASB 138 it can be suggested that as per Para 16 as the company does not have any control over the future economic benefit (Chua et al. 2012). Therefore the company should not recognize the expenses as intangible assets and should be recognized as expenses in the year it is incurred as per Para 10 of the AASB 138. The company should recognize the marketing expenses and the current profit of the company should be $10 million. 4. The Para 10 of the AASB 137 provides the definition of contingent liability. Contingent liability is defined as probable obligations that arise from the past event and will be established by the occurrence and non-occurrence of future uncertain events (Horngren et al. 2012). The present obligations is also included in the definition of contingent liability but is not recognized, as the steady flow of resources will not be necessary to pay the present obligation or the amount that is required to settle the obligation is not been able to be estimated reliably. As per Para 27 of the standard a contingent should not be recognized but a disclosure is necessary to be provided in the financial statement (Parker 2013). In the given case at the time of issue of financial statement, it was not probable that the Bird Ltd would lose the case and economic resources will be necessary to settle the obligation. As a result, based on the analysis of AASB137 it can be concluded that, as the legal d amage is not probable as on 30 June 2017 so the company is not required to recognize it as liability but is necessary to be treated as contingent liability and a disclosure is required in the financial statement. The Para 10 of the AASB 137 states that liability is a present obligation that arise from events of the past and it is possible that the resources embodying economic benefit will be necessary to settle the obligation (Horngren et al. 2012). The provision is recognized for liability of uncertain timing. In the given case after two weeks of publishing the financial statement, the lawyer of the company finds that it is probable that the company will lose the legal case and the outflow of resources will be required to settle the obligation. There is no present obligation it is only a possibility that the company will lose the case. Therefore, it can be concluded that it is not a liability but a contingent liability. Reference Brown, P., Preiato, J. and Tarca, A., 2014. Measuring country differences in enforcement of accounting standards: An audit and enforcement proxy.Journal of Business Finance Accounting,41(1-2), pp.1-52. Chua, Y.L., Cheong, C.S. and Gould, G., 2012. The impact of mandatory IFRS adoption on accounting quality: Evidence from Australia.Journal of International Accounting Research,11(1), pp.119-146. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015.Issues in financial accounting. Pearson Higher Education AU. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015.Issues in financial accounting. Pearson Higher Education AU. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D. and Tan, R., 2012.Financial Accounting. Pearson Higher Education AU. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D., Tan, R. and Willett, R., 2012.Accounting. Pearson Higher Education AU. Macve, R., 2015.A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat?. Routledge. Parker, R.H., 2013.Accounting in Australia (RLE Accounting): Historical Essays(Vol. 58). Routledge. Rahman, A.R., 2013.The Australian Accounting Standards Review Board (RLE Accounting): The Establishment of Its Participative Review Process. Routledge. Wang, C., 2014. Accounting standards harmonization and financial statement comparability: Evidence from transnational information transfer.Journal of Accounting Research,52(4), pp.955-992. Weil, R.L., Schipper, K. and Francis, J., 2013.Financial accounting: an introduction to concepts, methods and uses. Cengage Learning. Zhang, Y. and Andrew, J., 2014. Financialisation and the conceptual framework.Critical perspectives on accounting,25(1), pp.17-26.