International Financial Reporting Essay Example | Topics and Well Written Essays - 1250 words

International Financial Reporting - Essay Example Before January 2013, IAS 19 under GAAP set off bookkeeping requirements for diverse kinds of benefits offered by an employer, often a company, to its staff members. These benefits extended to employment termination and retirement contexts. These benefits significantly affected employer’s fiscal positions and output because they attract the distinct attention of the users of fiscal statements. This paper further discusses the similarities and differences between IFRS and American GAAP for revising IAS 19 to analyze this issue extensively. The IAS 19 Standard Revision The rationale surrounding the revision of IAS 19 by the IASB is its main requirements. First, IAS 19 acknowledges both legal and positive commitments made to workers by their employers. The logic for amending this requirement is the delayed acknowledgement of profits and losses by the above acknowledgement. A revision of IAS 19 made sure the funded position of a given company will never be similar to the one reflected on its IASB balance sheet requirement (Price Water House Coopers, 2013). Second, IAS 19 requires the practice of Projected Unit Credit as just an actuarial costing technique. Adopting a change in IAS 19 resulted in the company acknowledging an asset for unfinanced packages and an obligation for excessively financed packages. Third, IAS 19 needed demographic and fiscal actuarial presumptions to be objective and mutually matched. A revision of IAS 19 assured the decrease of the comparability of options available today, as well as the limitation of their effectiveness to fiscal reports. Fourth, IAS 19 based fiscal presumptions on market anticipations. Revising this requirement made it hard to compare the impacts of the DB packages of various organizations.

Managing Construction Project Management Essay Example | Topics and Well Written Essays - 3000 words

Managing Construction Project Management - Essay Example Managing Construction Project Management It is clearly stated in the Standard Forms of Contract in UK that the building contractors are not made responsible for the building construction delays due to â€Å"exceptionally inclement weather†. However, the act of protecting the building contractors from project delays due to â€Å"exceptionally adverse weather conditions† is commonly used by almost all architects and building construction companies as a legal excuse for not completing a building project on a timely basis. Extreme changes in weather does not only cause delay on project deadline but also leads to the increase in mitigation costs, changes in the building technicalities, delayed completion of project payments, changes in the building design, and possible problems related to labour management. In line with this, Eggleston revealed that â€Å"an adverse weather should never be considered as a legal ground for contractors’ failure to perform their contractual obligations†. Building projects are usually defined by its scope, the available budget, and scheduling. Aiming to minimize the risk of future construction delays caused by adverse weather, this report will focus on discussing the significance of weather when making assumptions for the bidding and scheduling phases of the new construction project. Aside from discussing the partial and/or total ownership of risks associated with extreme weather events, the long-term extreme weather condition will be assumed based on the current scientific information that will be gathered and thoroughly discussed in this report.