The Gig Economy is here to stay. Various sources agree that by 2020‚ roughly 40 percent of the work force will be made up of contingent workers‚ such as freelance or contract workers. Some people view this as a problem for workers‚ but it doesn’t have to be. It can also be an opportunity‚ assuming it is handled properly. For a long time‚ a good job was one where the company took full responsibility for the worker. A good job was full time with benefits‚ including retirement benefits. This worked
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Comparing IFRS to GAAP Craig Ronquillo ACC/291 8 December‚ 2014 Joseph Bailey Comparing IFRS to GAAP I will be comparing IFRS to GAAP‚ and be discussing many ways these two get along with each other and see what they do differently as well‚ they both have their ways of doing things which are easier but sometime even harder. IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed
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Summary Discussion on IFRS versus GAAP Jayne Egharevba ACC/291 January 26‚2015 Business Management Summary Discussion on IFRS versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down
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shortage of trained and experienced workers * Organizations are turning to non-traditional sources of employees including Contingent workers‚ H-1B workers and Outsourced offshore workers * And Here is the ethical decision to make whether to recruit new and more skilled workers from these sources or to develop their own staff to meet the needs of their business Contingent Workers * A job situation in which an individual does not have an explicit or implicit contract for long-term employment
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skills that meet their needs; these sources include contingent workers. 3.1 Contingent Workers An individual does not have an explicit contract for long-term employment. In other words‚ workers who work for an organization on a non-permanent basis. Includes: freelancers‚ independent professionals‚ temporary contract workers‚ on-call or day laborers‚ on-site workers 3.1.1 Contingent workers in the work field A firm is likely to use contingent IT workers if it experiences fluctuations in its
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Discuss the effect of the Statement of Principles for Financial Reporting on current UK financial reporting practice. The ASC was set up in the 1970’s‚ where at the time there was no clear statement of accounting principles‚ accept that the accounts should be prudent; consistent; follow the accrual accounting procedures and be based on the assumption that the entity would remain a going concern. Up until 1990 standards were set by the ASC; a body made up of six professional accounting bodies
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Comparing IFRS to GAAP Fair value accounting‚ sometimes known as mark to market accounting‚ has been around for many years and has applied to many types of assets and liabilities accounts. But‚ special attention has been placed on fair value reporting due to expanding use( or misuse) of financial instruments. FASB and IASB have issued exposure drafts focused on differences between international and U.S. Generally accepted accounting principles with respect to fair value accounting. Different
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probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of the obligation can be made. Q2.What is a contingent liability? What is the financial reporting treatment for contingent liabilities? Contingent liabilities are defined in IAS 37 as one of the following: • Possible obligations that arise from past events and whose existence will be con- firmed by the occurrence or nonoccurrence of a future event
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increase the company’s debt ratio and net income. Therefore‚ the company could defer some liabilities until next year in order to increase its debt ratio and net income for the current year. 6. Sometimes‚ the amount of contingent losses could be material. Auditors should figure out any contingent losses that may result in a material effect on the FS. Auditors could seek evidence of
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element 8‚ estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position‚ AASB136 Impairment of Assets‚ AASB138 Intangible Assets and AASB137 Provisions‚ Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined in regards to the standards examined. From this analysis‚ differences can be determined in the ways SRG applies the relevant standards and the requirements
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