IFRS and GAAP Convergence Essay Example | Topics and Well Written Essays - 750 words

IFRS and GAAP Convergence - Essay Example ich have been adopted by the International Accounting Standards Board and comprise of IFRS, IAS (International Accounting Standards) and Interpretations. The term GAAP refers to the Generally Accepted Accounting Principles used by the CPA firms and companies in order to present their financial statements. These are also referred as the rule-based accounting standards. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are jointly functioning in numerous cooperative assignments intended to enhance the compatibility of US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), and eventually converge both the standards with each other. (PWC) The convergence of IFRS and the GAAP will largely impact the public companies, accounting firms, and small and medium companies together. The affects which the convergence will have are discussed in detail below. The public companies will be largely affected as the convergence will alter the reporting requirements of the companies and greater disclosures will be required as per the disclosure requirements if IFRS. The convergence will also have impact on the revenue recognition as the IFRS provides a different and assorted way of treating revenues from different transactions. This convergence will also impact the banking industry with regards to computation and accounting of gain, impairment of financial assets and hedging etc. This convergence will give new dimensions to the work of the accounting firms as they will have to reassess the reporting requirements and the financial disclosures for which they have to give their opinion. CPAs as well as the accounting firms will be required to obtain considerable knowledge and training to cope up with the converged standards in line to make the move while educating their clients as well. (Convergence Is Coming: How Your CPA Firm Should Prepare ) The convergence will require

What do good leaders do to Motivate people Research Paper

What do good leaders do to Motivate people - Research Paper Example It is their ability to influence and motivate others that made them highly successful leaders. From business and organization behavior perspectives, leaders are those who influence, motivate and control people with a view to cultivate social capital and employee vigor (Carmeli, Ben-Hador, Waldman & Rupp, 2009). ‘Motivation’ is undeniably one of the most significant resources that leaders should make use to achieve organizational objectives, attain high performance working and ensure competitive edge. This piece of research attempts to present theoretical perspectives of leadership and to explain what and how leaders do things differently to motivate people. This paper, presenting succinct details on different leadership models, exemplifies ways and strategies that leaders take in to account to motivate their subordinates and get them involved in achieving organizational goals. Leadership is a unique personal and professional quality. It is necessarily an inborn quality according to some researchers and it is ‘made’ according to some other researches. Trait theory of leadership, one of the earliest theories of leadership that gave way to the Behavioral theory and Contingency theory, viewed that distinctive physical and psychological characteristics account for leadership and its effectiveness. Various physical and psychological traits such as height, intelligence, attractiveness, self-reliance, creativity etc were studied and analyzed. Basic intelligence, clear and strong values and high level of personal energy were always listed in the main traits for effective leadership (Manning, Curtis and Manning, 2003, p. 16). In recent years, some researchers argued that leaders are ‘made’ and not born. Warren Bennis is one of the most important names who contributed much to leadership studies. He strongly disagreed with the concept that leadership is an innate ability. He defined leadership as â€Å"the capacity to translate vision in to reality† (Corcoran, 2008, p. 3). Being the founding director of Warren Bennis tried to avoid the traditional view about leadership and the concepts of trait-theories, as he argued that leaders are made from training, education, developmental program and learning experiences. Based on this view, leaders can become still more effective leaders and develop their skills further by testing and applying various strategies and techniques to better influence and motivate their followers. Influence and motivation are important matters to leadership. From the fact that leaders’ effectiveness is influenced by training and developmental program, it can be understood that leaders can try several ways to motivate their people and thus to improve their leadership effectiveness. Effective