Wednesday, August 26, 2020

Corporate Accounting for J.P Morgan Chase Bank - myassignmenthelp

Question: Talk about theCorporate Accounting for J.P Morgan Chase Bank. Answer: Alloted Name of the Company Related Party Category Sort of Related Party Transaction Related Party Amount J.P. Morgan Chase Bank Related Party Buy $15,070,316 J.P. Morgan Chase Bank Related Party Buy (Common Stock) $13,147,745 J.M Smucker Company Related Party Buy (Common Stock) $164,211 American Century Related Party Move under account understanding $3,386,703 Basic assessment of the related party exchange of J.P Morgan Chase Bank and J.M Smucker Company: The related party exchange of Procter and Gamble speaks to a specific arrangement of the organization for interest in portions of common subsidizes that is overseen by the J.P Morgan Chase Bank. It merits referencing that J.P Morgan Chase Bank is the trustee that is characterized by the arrangement and along these lines, the above expressed exchange qualify as the gathering in-premium exchanges. Moreover, the measure of expenses that is paid identifying with the venture the board administration were incorporated as the decrease of the arrival earned on every one of the store (Roth 2016). A related gathering exchange can be viewed as the exchange that can be viewed as the exchange of assets, administration or some other types of commitments in the midst of the revealing element alongside its related gathering (Fang et al. 2016). A related individual exchange will be viewed as affirmed if after the total divulgence of the related party enthusiasm for the exchange approved in consistence with the principles has been gone ahead under area II and the procedure set out under segment III. The panel of Procter and Gamble Australian Private Limited may endorse a related gathering exchange introduced to it given on the off chance that it just introduced to all the data introduced. The exchange isn't conflicting with wellbeing of the organization as the entire (Balsam, Gifford and Puthenpurackal 2017). The council may in its sole bearing, force such terms and conditions as they consider fitting on the association or related with the related parson in relationship with the endorsement of the related party exchange. All the related party exchange of Procter and Gamble are inspected by the outer sanctioned bookkeeping firm so it can ensure that exchanges are as per the conventional course of the business. The exchanges ought to be founded on a safe distance and should be put before the review advisory group with the end goal of quarterly audit. The related party exchanges that are gone into by the organization are in wellbeing of the association and are as per the arrangement of the AASB 124. Interest in protections are typically presented to various hazard as premium hazard, credit hazard and in general market unpredictability. The related party exchanges are esteemed at showcase cost for Procter and Gamble with the goal that it can make an incentive for its partners. Consistency of Disclosures: Exposure that is made by the Procter and Gamble Australia Private Limited is in accordance with the AASB 124. Speculation that is made in the normal stock are recorded at cost and the related party exchange are continually estimated at cost. The arrangement overseer didn't recognized any type of disallowed party in speculations or exchanges at the time detailed during the year finished 2016. On seeing any structure exchange including a related gathering exchange, the boss legitimate official would assemble the required proof concerning the exchange and decide if it is identified with individual exchange inside the domain of the strategy (Jia, Shi and Wang 2013). The review advisory group as per the AASB 124 supports the related party exchange that is conflicting with the wellbeing of the association as the entire and it is consistence with the applicable enactment. Enthusiasm starting from the immediate and circuitous possession by the related party progress is collected of lower than 10% value will be esteemed to be a material enthusiasm for different firms which speaks to a related gathering exchange. The related party exchanges strategy has been embraced by the organization to ensure that they are in consistence with the RTP strategy and the equivalent is explored before the review council on quarterly premise. The review advisory group surveys the divulgence of any sort of related gathering exchanges on quarterly premise preceding the accommodation of the board for endorsement. Reference List: Amber, S., Gifford, R.H. what's more, Puthenpurackal, J., 2017. Related Party Transactions, Corporate Governance and CEO Compensation.Journal of Business Finance Accounting,44(5-6), pp.854-894. Tooth, J., Lobo, G.J., Zhang, Y. what's more, Zhao, Y., 2017. Reviewing Related Party Transactions: Evidence from Audit Opinions and Restatements.Auditing: A Journal of Practice and Theory. Jia, N., Shi, J. what's more, Wang, Y., 2013. Coinsurance inside business gatherings: Evidence from related gathering exchanges in a developing market.Management Science,59(10), pp.2295-2313. Roth, M., 2016. Related gathering exchanges.

Saturday, August 22, 2020

Pipeline Systems Essay Example for Free

Pipeline Systems Essay Disadvantages of the Pipeline for Alberta Oil mining is the column business in Alberta and building pipeline framework is the most productive approach to move oil into different zones. Be that as it may, regardless of whether pipeline frameworks are proper innovation has been bantered for a long time. Proper innovation implies the ‘technology that is planned with thought to the ecological, moral, social, social,political, and efficient parts of the network it is proposed for. ’ [1] Many individuals accept that the Conduit System pipeline isn't suitable innovation. The explanation is that however it is productive , it diminishes the inspiration of growing new natural amicable force frameworks. Likewise a portion of the First Nations think it is so ludicrous to sell the valuable assets which is given by our predecessors and nature. In addition it's anything but a naturally gainful framework. This paper will bolster the perspective that the channel framework is really an improper innovation by showing models in such three viewpoints. In the first place,the venture is absolutely â€Å"a colossal showcase of the foolhardy thinking†[2] on the grounds that it just ponders the brief timeframe monetary increase without thinking about the ecological issues. Likewise the development of Pipeline framework diminishes the inspiration of growing new natural agreeable force frameworks. When the conductor framework pipeline is constructed up,more and more organizations would follow and manufacture a greater amount of the pipelines, since it is a productive and a most simple approach to moving oil. Notwithstanding, when the pipelines are set up, the organizations needs to run it quickly, in any case the development cost could never be recuperated. Under this circumstance, it restrains the economical economy advancement . Along these lines the development of pipeline framework are unequivocally discommended. Besides, the conductor framework pipeline prompts differences and clashes with the Canadian culture, particularly between the First Nation and the legislature. Each person and social gathering has their own conviction and lifestyle. We don't bolster this pipeline venture. We accepted that the venture can possibly hurt our condition ,just as our lifestyle. We trust that our voice is heard and mulled over. †[3] said by the First Nations pioneers. It repudiates the economy development esteemed by the Conduit organization, just as the legislature, subsequently confits shows up. Subsequently, clearly the Conduit organization pipeline would trigger debate between First Natio ns and other social gatherings. In conclusion, it isn't ecologically helpful for humankind to construct the pipeline framework in the long haul. Oil spilling is a genuine test for oil moving industry, particularly for significant distance pipeline framework. The Enbridge oil slick [4] is a solid model, more than 190000 liters oil leaked out. The effect of oil slick is calamitous. Carbon dioxide will be discharged to climate progressively, the green-house-impact will be increasingly genuine. Simultaneously the eco-framework will be destroyed, the fields can not be developed in 10 years or more. It is a debacle for both human and nature. â€Å"An oil slick from this pipeline will have significant media inclusion, which would viably demolish Canada’s notoriety. †[5] said the legislator. Moreover the oil of Alberta is non-sustainable power source asset, it can not be delivered in thousands years. In spite of the fact that the pipeline framework is the most proficient approach to ship the assets, what we can leave to our next ages if the oil is depleted. By and large, clearly the channel framework is really not a suitable innovation for Alberta. As indicated by the models and investigations over, the pipeline framework is a juvenile innovation which makes social conflict,damages the planet and departs much progressively natural issues to the more youthful ages. [6] Consequently, the applying of the course framework despite everything needs more thought. (1)Engineers Without Borders - Case Study Conduit Systems https://eclass. srv. ualberta. ca/mod/asset/see. php? id=551299 (2)http://www. cbc. ca/news/canada/story/2012/07/28/enbridge-wisconsin-spill-pipeline-shut. html (3)Engineers Without Borders - Case Study Conduit Systems https://eclass. srv. ualberta. ca/mod/asset/see. php? id=551299

Monday, August 17, 2020

Top 5 Halloween Costumes for the Socially Anxious

Top 5 Halloween Costumes for the Socially Anxious Social Anxiety Disorder Coping Print Top 5 Halloween Costumes for the Socially Anxious By Arlin Cuncic Arlin Cuncic, MA, is the author of Therapy in Focus: What to Expect from CBT for Social Anxiety Disorder and 7 Weeks to Reduce Anxiety. Learn about our editorial policy Arlin Cuncic Updated on January 29, 2020 Social Anxiety Disorder Overview Symptoms & Diagnosis Causes Treatment Living With In Children Imgorthand / Getty Images Halloween is the time of year when children go trick-or-treating as ghosts and goblins and adults dress up to attend grown-up costume parties. If you live with social anxiety disorder (SAD), the thought of drawing attention to yourself with an outlandish costume might be scarier than any Halloween scene you could conjure up. If you have been invited to a Halloween party  or plan to get dressed up to hand out candies on Halloween night, choosing a costume will be your first task. Below are costumes matched to how far along you are in conquering your social anxiety. Moderate to Severe Social Anxiety The Hide-Your-Face Costume Halloween is the one day of the year you can totally hide your face from view and no one will think twice. If you really feel like hiding  this Halloween, grin and bear it by choosing a costume that allows you to at least hide your face a little, such as an animal or monster costume with a full head mask or a Zorro costume in which part of your face is obscured. Just make sure that whatever face-covering costume you choose still gives you  plenty of room to see and make eye contact with others during the night. Andâ€"try to build up to a more revealing costume next year. Continually hiding could be considered a safety behavior, which will only make social anxiety worse in the long run. If you feel yourself start to relax, you could even remove your mask to challenge yourself a little. The Mute Costume If you dont feel much up to making conversation this Halloween, consider dressing as a character who would be expected to be quiet or mute. Costumes such as Edward Scissorhands or Charlie Chaplin allow you to be a  little quiet and eccentric for the evening without anyone questioning your behavior. Remember though, if you feel the urge to break out of character and join in the conversation, Halloween is a great night to relax and let go of your social fears. Mild Social Anxiety The Group Costume Sometimes the best way to blend in during Halloween is to dress up as part of a pair or a group. Examples of pairs and group costumes include Batman and Robin, The Wizard of Oz, and The Flintstones. Another advantage of dressing up as a pair or group is that it gives you a chance to connect with others and have companions for the evening. Make sure that your costume is obvious enough to stand on its own, or you might end up getting puzzled looks all night. The Conversation-?Starter Costume If you are feeling bold this Halloween, consider dressing in a costume that is an easy conversation starter. Costumes that are quirky fit the bill, such as a garbage can. Also, consider unique costumes such as the dinosaur with a caged man  or obscure costumes such as a character from Dr. Who. Conversation-starter costumes are a great way to break the ice, make people laugh  and show your creativity and originality. Social Anxiety Well Under Control The Be-Someone-Youre-Not Costume If you really feel like breaking out of your shell this Halloween, try a costume that is in complete opposition to your usual personality. Examples might include superheroes, gypsies, french maids  and other bold characters. If you arent sure whether you can pull off an attention-getting costume, remember that Halloween is a night that you can be someone else. Take the opportunity to play a different part for the night and try out a different personality. No one expects you to be yourself, so this is a chance to really take some risks and push your usual boundaries.

Sunday, May 24, 2020

A Study On Chinese Schools - 1036 Words

CHINESE CRAM SCHOOLS Stress is something that everyone experiences. Pressure to excel at what you do, pressure to impress others, pressure to succeed in life: these are all stresses that we deal with on a daily basis. Our school-related stresses usually have to do with grades, our teachers, and our peers. But look halfway around the world, and you’ll find that our stresses seem miniscule compared to those of Chinese students. In an education system that bases admission to colleges off just one exam, it is no mystery why so many Chinese teens devote all their time to studying. The Gao Kao is the one test that determines the future of so many Chinese students. It is a 2-3 day long standardized test that is the climax of Chinese†¦show more content†¦And for some, a 7am to 11pm school day with only a few breaks (usually spent studying or eating), isn’t enough. If they do not pass the Gao Kao and get accepted into university, their only option is manual labor. High schools students dedicate their entire lives to passing an immensely challenging exam. It’s so upsetting to hear about what these teens go through. Students who attend the Cram Schools usually are lower/middle class, and their parents have to invest in their children’s future by trying to pay for their tuition. This likely means working extra hours and living in tiny homes, in hope that their child will have a better life. The pressure put on Chinese students is almost unimaginable to us. AN EDUCATION WALK THROUGH Elementary school in China is quite similar to how it is in America. School generally begins at 8, and ends around 3, with a break for lunch where students in most areas can go home for. Some Chinese elementary schools ends at 5, which is a very long day for these young kids to have. They learn how to speak Chinese, math, geography, and a little bit of natural sciences. Study of the English language usually begins in 3rd grade. There are also some special classes, such as music, painting, and gym. With middle school comes the beginning of test-prep. Middle schools generally run from 8-5, then have a break for dinner, and students return from 7-9

Wednesday, May 13, 2020

The French Expression Aller Is Integral

The French verb aller, which means to go, is used in many French idiomatic expressions. Learn how to go fishing, get to the bottom of things, go away and more with this list of expressions with aller. Theres a good reason why so many expressions use aller; its one of the most common and important verbs in the French language. There are a few basics to keep in mind with aller.  First, its an irregular verb, so it doesnt follow typical conjugation patterns. You just have to memorize its many forms. Second, the very common passà © composà © tense of aller uses the auxiliary verb à ªtre. (Je suis allà © means  I went, I have gone). This means that the past participle in this instance, has to agree with the Je,  or the I thats speaking. So If a girl said that, the past participle would have an additional e at the end of the participle to indicate a feminine subject: Je suis  allà ©e.   Another important peculiarity of aller is its use in constructing the near future. Combine the present tense of  aller the infinitive of an action verb to make the near future, or  le futur proche. The construction means  to be going to or to be going to do something. Common French Expressing Using Aller French Expression English Translation aller à   la pà ªche to go fishing aller à   la rencontre de quelqu'un to go meet someone aller à   pied to go on foot aller à   quelqu'un to be becoming, to suit aller au-devant de quelqu'un to go meet someone aller au fond des choses to get to the bottom of things aller avec quelque chose to match; to go with something aller chercher to go get; to get; to fetch aller de pair avec to go hand in hand with aller en voiture to go by car aller sans dire; à §a va sans dire to go without saying; that goes without saying Allez-y! Go ahead! Allons donc! Come on then! Allons-y ! Let's go! Ça va ? Comment allez-vous ? Comment vas-tu ? How are you? On y va ? Shall we go? On y va ! Let's go! s'en aller to go away

Wednesday, May 6, 2020

Tutorial solutions Free Essays

string(63) " will need to be made by a person wishing to start a business\." Customer’s business name, address and contact details Type of information (economic / other) Other – details ensure business exists and invoices can be posted to the correct address . Years customer has been in this business Other – establishes track record and history 3. Total assets and estimates of values of assets in the business Economic – establishes size of asset base of business 4. We will write a custom essay sample on Tutorial solutions or any similar topic only for you Order Now Total liabilities (total commitments) Economic – establishes how much the business currently owes others to assess the extent of claims against assets 5. Profits of the business for the most recent and previous periods Economic – used to assess whether the business generates sufficient profits to cover the payments that will have to be made of their account 6. Credit references Other – enables Ashley to follow up with other businesses the customer already has accounts with, to assess whether the customer has paid their accounts in time and in full 7. Details Of any collateral or security that can be provided should the customer default on their payments Economic and other – Ashley will want to ensure that the business will be able to recover any unpaid amounts by claiming from a third party or having a claim over the assets of the business Page 2 of 19 Exercise 1. 7 Factors in making a government decision Consult the relevant business journal or newspaper article and identify the acts of your case involving an important government decision. Identify the key government decision involved. Discuss the impact of the decision and its relevance to the press and community. Factors to be taken into account in arriving at a government decision include: 2. 3. 4. 5. 6. 8. 9. 10. 11. 12. 13. 14. The nature of the government decision. The government policy dictating the decision. The political impact of the decision. Identifying all parties affected by the government decision. Identifying all the stakeholders (I. E. Parties to which the decision will have a positive or negative impact). Identifying any particular lobby or special interest groups involved with the Issue. Identifying the available funding or resources available for the government decision. How is the government initiative to be funded? Identifying the cost of the initiative. Was the decision made in a consultative manner? Was there much political debate or commentary? Possible gains or losses anticipated to be experienced by the community. Possible alternatives which could have been employed by the government. Was the resultant decision considered to be the most efficient use of community resources? Page 3 of 19 Exercise 1. Economic decisions made by management Required: Provide examples of economic decisions that the following people would need to make with the use of accounting information: ; A manager in a sales department Of a shoe store ; A factory manager ; The manager of a state cricket team ; The manager of an animal shelter which relies on donations for funding Manager of a sales department: Decisions about number of staff required, and when the busy times are (for additional staffing); type and quantity of stock to purchase (based on historic sales figures), cost of inventory researched (for deciding on selling prices and specials / discounts / sales during the coming season); average length of time for which stock is held; stock on hand at any point in time (for purposes of re-ordering); latest fashion trends; information about the demographics of the customer base to enable appropriate stock to be held and appropriate prices to be set. Factory manager: Decisions about appropriate factory staff levels; appropriate plant and machinery capacity to run the factory; costs of raw materials, labor and overhead, such as electricity, in order to make decisions bout goods to be manufactured, production mix; costs of occupational health and safety to make decisions about the most cost effective way to achieve compliance. Manager of a state cricket team: Decisions about the selection and costs of players and coaching staff; appropriate playing and training Venues and their location to the centre of the city; sponsorship enticements and entitlements; purchase of appropriate sporting equipment for training and match days. Manager of an animal shelter: Decisions about the cost of collection systems to receive donations and the most appropriate method of obtaining nations; the cost of maintaining animals in the shelter such as food and veterinary costs; overheads such as electricity, insurance and premises; the costs of full-time employment in the shelter, and the management of volunteers. Page 4 of 19 Exercise 1. 10 The small business owner What types of economic decisions would a person wishing to start their own small business be required to make? How could an accountant assist in making these decisions? The following are examples of the types of economic (financial) and non-financial decisions a small business owner would have to make: A clear definition of the product or service that is to be provided (non- financial), and what the business will charge for these products or services (financial) – this will determine the projected or likely income ; How the business will be funded – will the owners put all the money in or will there be other owners or lenders (non-financial and financial)? ; How the business will market its product or service (non-financial), and how much it will cost to do this? Financial) ; Where the business will be located (non-financial), and what the rental cost will be (financial) How much staff will be required, what skills do they need to perform their jobs properly (non-financial), and how much will they be paid (this will have to be benchmark against other businesses in the same indus try or using staff with similar skills and experience) ; What equipment or other assets are required to start the business (non- financial), and how will these be acquired and at what cost (financial)? ; Will the business be registered for SST? ; What accounting and information systems are required for the business (non-financial and financial)? This should be adequate to provide information o the owners, and accurately capture transactions that take place, (including any SST components thereof) The above are just some examples of decisions that will need to be made by a person wishing to start a business. You read "Tutorial solutions" in category "Papers" There are many others, and it should be noted that many decisions have both a financial and non-financial component – it is therefore often difficult to make non-financial decisions without considering the financial implications and impacts of those decisions. Accountants can help small business owners With the selection of an appropriate accounting system, with regulatory’ acquirement such as registering for SST, registering a business name, and applying for tax numbers and other tax obligations (such as PAYS) as required – this will depend on the size of the business and what staff will hired. They can also assist by providing the financial information and assisting in the drafting of a sound business plan that covers all the likely financial impacts of the decisions to be made. They can provide book-keeping and page 5 of 19 accounting services to maintain accurate financial records for the business and assist in preparing income tax returns, SST returns and other regulatory porting requirements. Accountants can also help a small business owner prepare a budget for the business, forecast cash flow requirements, and make decisions about which assets to purchase and how best to finance them. CHAPTER 2 FINANCIAL STATEMENTS FOR DECISION MAKING DISCUSSION QUESTIONS SOLUTIONS 2. Define the terms, assets, liabilities, and equity. Are these terms related in anyway? If so, how? Assets are defined in the Framework as resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Liabilities are defined in the Framework as present obligations of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Liabilities require future payments from assets, generally in the form of cash, or the performance of services to cancel them. Equity is the owner’s claim to (or the residual interest in) the assets of the entity after deducting all its liabilities. The basic accounting equation (Assets = Liabilities + Equity) indicates the relationship between assets, liabilities and equity. From the equation, the total assets of the entity equal the total claims against those sets by creditors and owners. Creditors’ claims take precedence over owners’ claims, and owners are seen as the ultimate risk-takers in the entity. Thus, equity is a residual claim on the assets of the entity after liabilities are fully paid, and the basic accounting model which expresses this idea clearly is: Assets – Liabilities = Equity 3. A local restaurant is noted for its fine food, as evidenced by the large number of customers. A customer was heard to remark that the secret of the restaurant’s success Was its fine chef. Would you regard the chef as an asset of the business? If so, would you include the chef on the balance sheet of the business and at what value? Suggested topics of discussion: Asset definition – â€Å"Assets are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. † Does the chef provide future economic benefits to the entity? Yes. Is the chef controlled by the entity? In Page 6 of 19 many cases, it is evident that he/she could not be controlled by the entity (e. G. He/she can resign when he/she likes, can take sick days). He/she cannot be â€Å"acquired† or â€Å"sold† by the business, I. . They do not have rights to possess him/her. How would you value the chef as an asset? Usually you have some idea of the â€Å"life† of the asset, however, the restaurant would not know how long the chef would be working for them (this argument relates back to controlling the asset). 6. Discuss the significance of the following assumptions in the preparation of an entity financial statements: (a) entity assumption (b) accrual basis assumption (c) going concern assumption (d) period assumption (a) Entity Assumption If the transactions Of an entity are to be recorded, classified and summarized onto financial statements, the accountant must be able to identify clearly the boundaries of the entity being accounted for. Under the accounting entity assumption, the entity is considered a separate entity distinguishable from its owner and from all other entities. It is assumed that each entity controls its assets and incurs its liabilities. The records of assets, liabilities and business activities of the entity are kept completely separate from those of the owner of the entity as well as from those of other entities. The accounting entity assumption is important since it leads to the derivation of the accounting equation. ) The Accrual Basis Assumption Under the accrual bas is of accounting, the effects of transactions and events are recognized in accounting records when they occur, and not when the cash is received or paid. Hence, financial statements report not only on cash transactions but also on obligations to pay cash in the future and on resources that represent receivables of cash in future. It is argued in the Framework that accounting on an accrual basis provides significantly better information about the transactions and other events for the purpose of decision making by users of financial statements than does the cash basis. C) The Going Concern Assumption According to the Framework, financial statements are prepared on the assumption that the existing entity is expected to continue operating into the future. It is assumed that the assets of the entity will not be sold off and that the entity will continue its activities; hence, liquidation values (prices in a forced sale) of the entity assets are not generally reported in financial statements, as this assumes that an entity is to be wound up. When management plans the sale or liquidation of the entity, the going concern assumption is then set aside and the financial statements are prepared on he basis of estimated sales or liquidation values. The significance of the going concern assumption is in the valuation Page 7 of 19 placed on the assets of an entity in the mentis financial statements. The statements should identify clearly the basis upon which asset values are determined – going concern? Or liquidation? (d) The Period Assumption For financial reporting purposes, it is assumed that the total life of an entity can be divided into equal time intervals. Hence, the financial performance of the entity can be determined for a given time period, and the financial session of the entity can be determined on the last day of that reporting period. As a result of this assumption, profit determination involves a process of recognizing the income for a period and deducting the expenses incurred for that same period. Together, the period assumption and accrual basis assumption lead to the requirement for making balance day adjustments on the last day of the reporting period. These adjustments will be considered in a later chapter. How to cite Tutorial solutions, Papers

Monday, May 4, 2020

Limitation Of Historical Cost Accounting -

Question: Discuss about the Limitation Of Historical Cost Accounting. Answer: Introduction The learnings of the study intend to find the measurement with the concepts associated to the historical and fair value measurement of costs. The study has encompassed several aspects associated to the benefits of the historical and the fair value accounting system. The different types of the other facets of the study is abet to discuss the various concepts for the identification of PPE and intangibles. The learnings have identified whether the estimate practices for PPE and intangibles are consistent with the different types accounting standards followed in other countries. This aspect of the study is evaluated in terms of the selection of three companies based on New York Stock Exchange, USA, Australian Securities Exchange and London stock exchange. Measurement of concepts in relation to historical cost and fair value accounting The application of IFRS 13 Fair Value Measurement is applicable to the IFRSs to permit the fair value measurement and the exposures which offers a single IFRS framework for measuring costs. The fair value consideration of the exit price notion considers fair value hierarchy which results in market based factors rather that the measurement of the specific entities. The original issue of IFRS 13 was done in May 2011 and is applicable to the annual period commencement or after 1st January 2013 (Bizfluent. 2018). There have been significant types of the differences which pertain to the assessment of the elements consisting of non-current assets as per various bookkeeping models used worldwide. In some of the historical cost accounting standards, asset revaluation is not permitted. For instance, US GAAP, PRC GAAP, German GAAP, JP GAAP and French GAAP do not allow revaluation of the assets. In addition to this, Spanish PGC does not reflect the revaluation model either, however the fixed assets may not be values in terms of historical cost method as there have been specific laws identified which voluntarily reflect on the updated values for the inflated assets (Learn Accounting: Notes, Procedures, Problems and Solutions. 2016). On the contrary country such as Australia contemplates with the revaluation model which in compliance to IFRS 13 and IASB model. This consider the models of both historical cost and fair value model. In terms of the evaluation of the IASB standards the fair value accounting considers valuation of non-financial fixed assets as per IAS 16 Property, Plant and Equipment (PPE). In addition to this, this includes IAS 40 Investment Property which refers to the non-current assets which are not held for manufacture, however it is anticipated to earn the rentals for capital appreciation with the consideration of leases. The importance of IAS 38, Intangible Assets is considered for the non-monetary assets which has no physical substance. The inclusion of IFRS 5 Non-current assets maintained for sale is evident with this ruling. The assets expected for sale is less than year and the same is considered for the accomplishment with a series of standards which are classified in this manner. Moreover , the treatment of these assets is not same as fixed assets ( 2018). Benefits and challenges of using historical cost and fair value accounting for PPE and intangibles The benefit of applying the historical cost on the balance sheet for the PPE recognition is considered with the cost incurred while of purchase along with the contracts, invoices, payments and transfer taxes. The historical evaluation of plant and equipment is also evaluated as per the amount of the depreciation and reporting of the same in the income statement. The accumulation of the depreciation amount is also shown with the deductions made from the assets historical cost which is depicted in the companys balance sheet. In case of historical cost, the considerations are made as per independent of asset depreciation in terms of the physical assets wear and tear in long term use of asset ( 2018). The main challenge of the historical cost on the balance sheet for the PPE and intangibles recognition is identified with non-consideration of the present values. Henceforth, the users of the financial statements who are willing to know the present values are at a difficulty. The main benefit of the implementation of IAS 16 Property, Plant and Equipment enumerates the bookkeeping treatment for general property, plant and equipment. The PPE is initially recognised with price subsequently measured with revaluation model and this allows for depreciable amount to be allocated on a systematic basis as per the useful life. Despite of the significant benefits, IAS 16 does not include the portion of the assets which is considered for amortization and needs to be maintained for the recognition of the financial statements pertaining to the mineral resources and biological assets ( 2018). The IAS 38 Intangible Assets allows for the recognition of the intangible assets amortization over the period during which more economic benefits could be derived. However, the economic benefits derived from the intangible assets are uncertain ( 2018). Identification of valuation practices for PPE and intangibles Identification of the valuation Practices as per historical cost Caltex Australia The main consolidation of the financial report is prepared as per the historical cost basis except for the financial instruments restrained at fair value. As per the financial statement of the company the property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. In a similar way the intangible assets are acquired as per recognition of fair value of the assets received and recorded on acquisition. The intangibles are amortised over the remainder of the agreement term. Identification of the valuation Practices as per fair value accounting Associated British Foods PLC The recognition of PPE in A.B. Foods is seen with the amendments which are based on the early adoption of IAS 16 Property, Plant and Equipment and IAS 41 Agriculture. This acquisition process is considered with the remaining minority stakes. As per the assessments made in the annual report published in 2014, the non-current biological assets decreased from 266m to 251m. This is reduced as per consolidation in the net assets amounting to 45m comprised of which 17m was attributable to equity shareholders and 28m attributable to non-controlling interests. The assessment of the intangibles and goodwill is defined as per Business combinations and treated as per true and fair view override to compensate the significants necessity pertaining to the amortisation of goodwill as per Companies Act 2006. The intangibles other than goodwill is invoked as per cost less accumulated amortisation and impairment charges ( 2018). The property, plant and equipment are seen to be noted at cost as per fair value costing. The determination of depreciation is done as per straight line basis for buildings, leasehold for 2 to 40 years and for machinery and equipment for more than 2 to 15 years. The company is seen to perform annual impairment charged on the goodwill and intangible assets with indefinite lives. The events or charges included in the impairment is considered with the noteworthy changes in the commercial climate, operating results and planned investments. The changes or the events in the circumstances may trigger interim impairment which reviews the noteworthy changes in the operating environment, planned investment in the reporting units, divestitures as per the expected carrying value. The changes in the situations may trigger in-term impairment reviews included significant deviations business climate, operating reviews, planned investments and divestitures which may not be entirely considered as per the most conservative level of input along with the fair value measurement. A rationale for valuation practices for PPE and intangibles not reliable across the three companies The estimated practice for Associated British Foods PLC (Listed under FTSE 100) is following IAS 16 Property, Plant and Equipment and IAS 41 Agriculture. It is also determined the assessment of the intangibles and goodwill is defined as per Business combinations and treated as per true and fair view override to overcome the significants requirement pertaining to the amortisation of goodwill as per Companies Act 2006. Nike (Under NYSE) considers the fair value costing. The assessment of depreciation is done as per straight line basis for buildings, leasehold for 2 to 40 years and for machinery and equipment for more than 2 to 15 years The consideration of the intangible assets is taken into account with indefinite lives. Henceforth, the valuation practice for the recognition of PPE is not consistent across three companies. On the other hand, the valuation practice for Caltex Australia (ASX 200) considers the valuation with the historical cost basis excluding the financial instruments measured at fair value ( 2018). Estimation on the free choice between historical cost and fair value accounting for PPE and intangibles In my opinion historical cost accounting (HCA) suffers from various drawbacks. Particularly in economic environment where there is a constant increase in the prices as it is the case for most companies. In case of inflation, the value of money reduces and the monetary unit for the derivation of the standard amount does not have a constant shrinkage of the value. In addition to this, HCA overlooks the decline in money value and keeps adding the transactions assimilated at unlike dates and currencies based on fluctuating buying power. In addition to this, historical cost considerations may not match with the current revenues with the current costs of operations. In several occasions the revenues are measured in inflated currencies whereas the cost of production is seen with a mix of current and historical cost. The overstated profits may be harmful as per over-distribution of the dividends, settlement of the remuneration entitlements which the companies cannot afford. In most cases the historical cost concept does not consider the figures for the assets recorded in the financial statement at the time when they were acquired. Henceforth, they are seen to be doubtful to depict present day values as they cannot be summed up. The financial statement users will not be able to convincingly predict the future cash flows associated to those assets. The overstatement of the figures in many cases are seen to be taken into consideration based on the dependency on the measurement of the capital at different dates. In such a case the profit measurement may be reflected as outcome of comparing two pointless total of the capital figure which does not show the buying power of the shareholders. In addition to this the profit is usually measured by results for comparing the totals which do not reflect the figures of shareholders. The historic cost may have misleading implications on the capability of a firm to endure to function at a given level as the assets are undervalued. The inflation and the net attainable may be adjusted to maintain the stockholders' capital as per general or consumer buying power. The consideration of historic cost may mislead the impression on the financial trends of a company and the results may be restated by adjusted to the general price levels. Due to the aforementioned drawbacks the historical cost may be abandoned (HCA 2018). Conclusion The significant depictions made in the report has shown the pros of historical cost on the balance sheet for the PPE recognition is considered with the acquisition cost along with the contracts, invoices, payments and transfer taxes. The historical evaluation of plant and equipment is also evaluated as per the sum of the reduction and reporting of the same in the income statement. The disadvantage of historical cost on the balance sheet for the PPE and intangibles recognition is identified with non-consideration of the present values. The benefit of the implementation of IAS 16 Property, Plant and Equipment enumerates the accounting action for general property, plant and equipment. The PPE is initially recognised with cost subsequently measured with cost or revaluation model and this allows for depreciable amount to be allocated in a methodical basis as per the useful life. It needs to be further discerned that The IAS 38 Intangible Assets allows for the recognition of the intangible assets amortization over the period during which more economic benefits could be derived. However, the economic benefits derived from the intangible assets which are uncertain. Reference List (HCA), L. 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