Articles International Accounting Journals â€Myassignmenthelp.Com

Question: Discuss About The Articles International Accounting Journals? Answer: Introduction: FASB has introduced and recommended various accounting standards, as it allows exposure drafts and comments from various industries and corporate firms. The proposal, which is under discussion, considers the accounting standard to update the stock-based compensation and it has the topic number of 718. More particularly, the standard is Improvements to Non-employee Share-Based Payment Accounting. In order to assure cost reduction, it is needed for improving the non-staff share-based payment. However, certain complexities are related to prepare and maintain the usefulness of information, which is laid out in the financial statements of the organisation (Lodhia Hess, 2014). Finally, the report would concentrate on the various agreed and non-agreed comments about the initiation of such standard to improve the procedure of accounting for ascertaining its idealness. Proposal: It has been found out that progress in non-staff share-based payment accounting are critical to maintain the sentiments of the staffs for conducting the business operations in an effective fashion. This standard has laid forward numerous ideas for encouraging each organisation to participate in the comment process for gaining feedback (Lubbe, Modack Watson, 2014). The FASB has depicted the modifications in the form of questions and the companies are required to comment on the same for obtaining their views. Along with this, the companies are needed to provide comments on those questions, which are related directly to their overall business operations. Few questions of the standard comprise of tax benefits and deficiencies, complexity and cost along with maintaining information evident in the financial statements. Moreover, they take into account the relation between additional tax benefits and cash inflows, permission for the entities to undertake the accounting policy election, tax payment procedure and proposed expansion of the business. By accumulating the feedbacks, the usefulness of these modifications could be determined for the entire economy. Debate so far: The answers that have been gathered from the chosen four respondents are discussed briefly as follows: Heiskell and MacGillivray and Associates: It is an accounting and auditing firm in Australia and it has agreed to the elimination of the accounting tool of PIC to minimise the level of cost and issues in the process of accounting. Moreover, it has shown its agreement to incorporate compensation expense in the income statement, which needs the implementation of tax deficits and benefits. In case of the third question related to tax cash flow classification, it agrees that these actions could be considered in the form of operating activity. Hence, the organisation has agreed with all the modifications, which FASB has proposed, since these questions are in line with the public interest and the standard of accounting is crucial for both the staffs and organisations (Smith, 2017). Raytheon Company: Raytheon Company is a leading technological and innovation firm, which has developed its brand image in the global market due to defence technologies, software related to civil market and security tools. It is an US-based organisation intending to form effective corporate governance. The organisation has answered the questions 2, 3 and 5, which are present in the exposure draft. It has not agreed with Heiskell and MacGillivary and Associates about identifying the additional tax benefits and deficiencies in the income statement. Instead, it has suggested the symmetrical equity approach to obtain effective outcomes. This is because such realisation would only accomplish the public interest; however, the organisational interest would be ignored completely. Moreover, this would not be identical with the capture theory as well. However, it has been agreed that the taxable cash flows could be considered as operational activity and it has allowed the stored amount to the highest marginal ra te of tax applicable (Marton, 2017). The organisation is a global leader related to online payment technology intending to improve the international procedure of payment. It has been assessed that the modifications would provide several benefits; however, the disagreement is associated with the identification of additional tax deficiencies and benefits in the income statement (Zhang et al., 2016). These modifications would reduce complexities for majority of the organisations; however, the volatility of expense related to income tax might be enhanced. Hence, these modifications accomplish the overall public interest and organisational interest except the rejected one. American Bankers Association: This is an entity where the participants in the bank operate in USA and they tend to enhance the overall banking system and operating activities. The company has shown its agreement with all the FASB changes; however, it has compared the tracking of additional tax benefits and deficiencies in the income statement. The cause behind such disagreement is that it would lead to differences in the expenses of compensation and financial statements. Hence, in accordance with this relationship, most of the suggestions would be helpful in assuring both private and public interest. Significance of the proposal: This proposal is crucial to improve the procedures of stock compensation of the international organisations. It has intended to enhance the preparation of the financial statements along with reducing the pressure of the accountants and payments of cash related to the employers for tax holding. The primary problem identified in the proposal is the detection of additional tax benefits and deficiencies in the income statement of the organisation. This is because it would help in ensuring the overall public interest to enhance the economy. However, it is required in assuring private interest along with enhancing the proposal validity even though the public interest is achieved fully. Conclusion: Based on the above evaluation, it has been evaluated that Heiskell and MacGillivray and Associates has agreed with all the modifications pointed out on the part of FASB. However, the other respondents have failed to agree with the identification of additional tax deficiencies and benefits in the income statement of the organisation. The reason behind this is that it might raise the volatility of expense associated with income tax. Hence, it could be concluded that it is necessary for FASB to assure public interest along with enhancing the validity of the proposal, even though it helps in accomplishing the overall public interest. References: Bebbington, J., Larrinaga, C. (2014). Accounting and sustainable development: An exploration.Accounting, Organizations and Society,39(6), 395-413. Blayney, P., Kalyuga, S., Sweller, J. (2015). Using cognitive load theory to tailor instruction to levels of accounting students' expertise.Journal of Educational Technology Society,18(4), 199. Chatfield, M., Vangermeersch, R. (2014).The history of accounting (RLE accounting): an international encylopedia. Routledge. Henderson, S., Peirson, G., Herbohn, K., Howieson, B. (2015).Issues in financial accounting. Pearson Higher Education AU. Hodder, L. D., Hopkins, P. E. (2014). Agency problems, accounting slack, and banks response to proposed reporting of loan fair values.Accounting, Organizations and Society,39(2), 117-133. Kanodia, C., Sapra, H. (2016). A real effects perspective to accounting measurement and disclosure: Implications and insights for future research.Journal of Accounting Research,54(2), 623-676. Klimczak, K. M., Krasodomska, J. (2017). The role and current status of IFRS in the completion of national accounting rulesEvidence from Poland.Accounting in Europe, 1-6. Lodhia, S., Hess, N. (2014). Sustainability accounting and reporting in the mining industry: current literature and directions for future research.Journal of cleaner production,84, 43-50. Lubbe, I., Modack, G., Watson, A. (2014). Financial Accounting GAAP Principles.OUP Catalogue. Marton, J. (2017). The role and current status of IFRS in the completion of national accounting rulesEvidence from Sweden.Accounting in Europe, 1-10. Smith, M. (2017).Research methods in accounting. Sage. Zhang, X., Yan, C., Sun, X., Xiang, Y. (2016). Research Issues and Methods of Contemporary Accounting Research and the Progress in Internationalizing Accounting Research in China: An Analysis of Research Articles in International Accounting Journals During 2009-2013.Contemporary Accounting Review,1, 001

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