The Standard Setting Process of Accounting in the Philippines Essay Example

The Standard Setting Process of Accounting in the Philippines Paper The Accounting Standard Council was created by the PICPA to formalize the accounting standard setting function in thePhilippines. The main function of the ASC is to establish and improve generally accepted accounting principles in the Philippines. The approved statements of the ASC are called â€Å"Statement of Financial Accounting Standards† or SFAS. In 1996, the Philippine accounting standards had been changed and based on IASC Accounting Standards. The International Accounting Standards Committee or IASC is an independent private sector which establishes the uniformity of the accounting principles in business organizations around the world. After changing into IASC accounting standards, a decision was made to move totally to International Accounting Standards (IAS) in 1997. The objective of the ASC in the Philippine Accounting Standards is to develop an understandable and enforceable accounting standard that require high quality, transparent and comparable information in the Financial Statements. From 1997 to 2000, the ASC developed accounting standards that were already based on IAS. But it is in the year 2001 that sweeping revisions of Philippine accounting standards are made in conformity with their counterpart in the IAS. The ASC set the year 2005 for the full adoption of the International Accounting standards in the Philippines. However, even before the Philippines had made full adoption of the International accounting Standards, improved and revised IAS and IFRS have been developed and promulgated. To monitor the revisions and redrafting of the IFRS and to ensure that improvements in the IFRS are being made effective in the Philippines, the Financial Reporting Standards Council (FRSC) was established in 2006. We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It succeeded the ASC in its main function of establishing generally accepted accounting principles in the Philippines. In November 2006, FRSC formed the Philippine Interpretations Committee (PIC) to assist the former in establishing the financial reporting standards of the Philippines. Its main function is to recognize, measure, present and disclose requirements dealing with transactions and events that are important in the financial transactions. Other than the FRSC, the Board of Accountancy closely monitors the implementation of the PFRS.

The Mai Lai Massacre essays

The Mai Lai Massacre essays The Mai Lai Massacre was most likely the best-known act of violence of the war against communists of Vietnam. The Objective of the American military mission was clear:search and destro the Mai Lai hamlet of Son Mai village in Quang Ngai Province of South Vietnam. What was not clear was what to do with all the civillians who might be encountered at Mai Lai. On March 16, 1968, Captian Ernest Medina ordered Cahlie Company into combat. The 150 soldiers, led by Lieutenant William Calley, stormed into the hamlet, and within four hours more than 500 civilians-unarmed woman, children, and old men-were dead. Charlie Company had not encountered a single enemy soldier, and only three weapons were confiscated. When the soldiers in Charlie Company pushed into the hamlet, they expected to be locked into fierce combat with a Viet Cong battalion believed to be at Mai Lai. Charlie Company met no resistance-there were no Viet Cong soldiers at Mai Lai. Calley then ordered the slaughter of the civilians. People were rounded up into ditches and machine-gunned. They lay five feet deep in the ditches; any survivors trying to escape were immediately shot. When Calley saw a baby crawling away from a ditch, he grabbed it, threw it back into the ditch and opened fire. Some of the dead were mutilated by having "C Company" carved into their chests, adn some were disemboweled. An army helicopter piloted by Chief Warrant Officer Hugh Thompson arrived in the Mai Lai area, and noticed dead, dying civilians all over the village. He saw young boys and girls being shot repeatedly at point-blank range. Thompson immediately reported the wanton killing to the brigade headquarters. Right after reporting the killing, Thompson kept seeing bodies in ditches, including people who were still alive. He quickly landed his helicopter and told Calley to hold his men there while he evacuated the civilians. He put himself between Calley's men and the Vietnamese. ...

Human Resources management Essay Example | Topics and Well Written Essays - 2500 words

Human Resources management - Essay Example This tough economic reality in today’s businesses is causing many HR professionals to re-examine existing HR policy and benefits structure in an effort to recognise cost reduction or enhance incentives-based HR programmes to muddle successfully through the economic turmoil. In difficult economic recessions, many business strategies look for â€Å"tangible, quantifiable problems and ignore softer issues such as employee engagement† (Nielsen, 2009, p.13). This would tend to suggest that cost reduction issues and changes to internal operational strategy are often the focus to combat negative outcomes stemming from tough economic conditions, somewhat obscuring less tangible needs such as creating a sense of belonging within the organisation, building job security, and ensuring that employees maintain a positive sense of self-identity related to the organisational environment. This paper highlights what steps are available to contemporary human resources professionals to gai n competitive edge and improve workplace relationships during periods of difficult economic growth and where slow recovery seems to be on the HR agenda. The effects on actions of key stakeholders will also be identified. A recent survey of 522 different HR managers identified that nearly all HR professionals believed their organisations had been negatively affected by the current financial environment (Khakti, 2009). At the strategic level, this creates considerable pressure by senior executive leadership to recognise areas of cost savings whilst also dealing with employee sentiment related to areas of job security. In order to meet these business pressures, nearly 81 percent of today’s HR managers have begun reviews of their bonus and benefits structures to identify a new methodology which meets with both employee satisfaction and organisation-wide cost reduction. Since â€Å"employees consistently rate benefits