International corporate reporting issues Essay Example | Topics and Well Written Essays - 2250 words

International corporate reporting issues - Essay Example International corporate reporting issues The objective of this standard is to frame the foundation for the presentation of financial statements. The standard is to ensure the compatibility with the company’s financial performance in previous years as well as with that of its competitors. US GAAP is the framework that offers Generally Accepted Accounting Principles, which are used by United States organisations or the companies listed on Wall Street. This set of standards is developed by the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants. The framework is a combination of authoritative standards introduced by the responsible authorities, as well as the accepted ways to carry out accounting and reporting activities. These standards are constructed solely by input of US organisations rather than any outside influences. The key objectives of accounting standards are identification, measurement, and reporting of financial information of the organisational entities to the interested stakeholders. Financial accounting is a process culminating in the preparation of the financial reports of the organisations. These are done for the use of both the internal and external stakeholders. These financial statements include balance sheets, income statements, and statements of the owner’s equity and cash flow situation including assets and expenses. In the United States, the most significant source of influence on accounting standards is politics. The most substantial factor in the political arena is user groups. These groups include the parties most affected by accounting standards, rules, and regulations. â€Å"Accounting standards are as much a product of political action as they are of careful logic or empirical findings† (Wiley, 2002, p.14). These groups of stakeholders require accounts and re ports regarding company finances which are essential to successful business planning and strategizing. Groups know the best way to influence these standards in order to have a more favourable outcome financially is to participate in the framing of those same structures or to try to influence or persuade the authorities more directly responsible for the formulation and amending of the standards. In the US there are many authoritative bodies responsible for the formulation and development of the generally accepted financial standards; FASB is the significant and major contributor in this development. Undoubtedly, the board faces intense amounts of pressure and efforts to incorporate and influence the changes in the present standards and in the development of new ones. Moreover, the situation gets complicated with the involvement of two

White House Architecture Essay Example | Topics and Well Written Essays - 750 words

White House Architecture - Essay Example One of the most famous buildings in the history of mankind is the American White House. The construction of the landmark house started by simple laying of the foundation stone in October 13, 1792, and was devoid of any ceremony as was the case to state constructions. The foundations and the main residence were built by black American laborers, slaves and other professionals from the larger European continent. Most of the construction work was carried out by immigrants who had not yet gained citizenship status. The sandstone walls of the white house were the work of Scottish immigrants under the employment and supervision of Hoban. According to Seale (2008), he was also responsible for the construction of the garland decorations and high relief rose that are found on the upper part of the north entrance. The pattern resembling fish scale constructed under the pediments of the window hoods were also carried out by the Scottish immigrants. Architectural composition of the white house Th e initial construction of the white house took a period of eight years at a estimated value of about $232,371.83. Even though the white house was not complete by then, it was partially ready for state functions as at November of 1800. The construction of the white house was marred by shortages of labor as well as raw materials hence forced the engineers to alter the original plan as was constituted by Pierre Charles L'Enfant, a French engineer for the building to be a place, which was to be more than five times of what was settled for. The completed structure of the building therefore contained two central floors as opposed to the original plan of three floors. The lining for stone facades was done by cost-effective bricks and when the construction was completed the porous sandstone walls were effectively coated with a mixture of casein, lime, rice glue, and lead thus offered the house its fundamental name and color. The architectural composition of the White House was magnificently designed, thus the main facade of the White House with the north front having eleven bays and three floors. The ground floor of the house is intentionally hidden by a parapet and a carriage ramp thus somehow raised hence the facade gives a fall picture of two floors. The main three bays are located behind what is called a prostyle portico, which was an addition effected latter (Fazio, W.M & Snadon, A.P , 2006). The windows fitted on the four bays at the first flour flanks the portico, which are segmented and pointed pediments. The pediments at the second flour are flat flat. When one looks at the main entrance there are two striking architectural work, thus there is a lunette fanlight erected at the centre of the portico and above the entrance is found a sculpted swag. It is also noticeable that roofline is characteristically hidden from view by a balustraded parapet. The southern facade mansion presents a combination of the neoclassical and Palladian styles of architecture. It has three floors that are highly visible. The ground floor is unique in the sense that it has been rusticated in regard to the Palladian style of architecture. The facade’s centre is marked by a neoclassical projecting bow supported by three bays. The bow is substantially flanked by 5 strong bays. The windows located towards the north of the facade have alternating pointed as ell as segmented pediments at the first floor. The bow also has a ground floor fitted with a double staircase that leads to what is known as a Doric colonnaded loggia thus leads to the south portico, also known as Truman Balcony located at second floor. The third floor which looks more modern is also hidden by a balustraded parapet and essentially plays no meaning role in the facade composition (Fazio & Snadon, 2006). The side walk has also been included in the buildings design and usage; it was very significant as it served as a queuing bay for the numerous pilgrimages to the