XYZ Corporation transition to IAS

XYZ Corporation transition to IAS Executive Summary Following the plan of XYZ Corporation to transition from GAAP to IAS, this report will explore the major areas that the corporation should take into account and recommend areas of importance. IAS reporting standards are universal reporting principles that will ensure the uniformity of financial reporting internationally. The major findings include that there will be a dramatic change in the names of financial statements.Advertising We will write a custom essay sample on XYZ Corporation transition to IAS specifically for you for only $16.05 $11/page Learn More The corporation should engage sound audit and reporting practices in their reporting mechanisms. The transition will come with heavy investments in the costs of developing employees and changing reporting structures. However, XYZ Corporation’s transition will offset the costs borne after it starts realizing the benefits of the transition. The report concludes that investing in t he transition will be a heavy investment with long term benefits thus a worthwhile development. Introduction The International financial reporting Standards (IFRS) were introduced in 2001 replacing international accounting standards (IAS) (Tweedie, 2004). The standards were offered by the IASB (International Accounting Standards Board). The standards are mandatory for all public companies listed on stock exchanges including the NYSE (New York Stock Exchange). The standards are implemented for the consolidated accounts reporting of companies (Gordon, 2008). Before the transition to IAS, every country had its own standards for guiding the calculation; GAAP (Generally Accepted Accounting Principles) standards. The rationale for the shift to IAS was based on the need to eliminate the incapacity of investors to reach informed decisions from the records drawn on the basis of GAAP (Beuren, Hein and Klann, 2008). Research Findings Making the transition to IAS will affect the financial recor ds of XYZ Corporation The transition from GAAP to IAS by XYZ Corporation will cause significant changes in the financial records of the corporation (Kwok and Sharp, 2005, p. 75). The changes include the significant change in the format of the financial records prepared, as opposed to those prepared under GAAP standards (Benzacar, 2009, p. 29). The statements of the corporation will change in the different areas mentioned. Next, the title of the corporation’s balance sheet will change from ‘balance sheet’ to ‘group balance sheet’, and the name fixed assets will change to non-current assets (Benzacar, 2009, p. 29; Tsalavoutas and Evans, 2010, p. 820). Capital and reserves are renamed as equity; profit and loss accounts are renamed to retained earnings, and the total capital invested is renamed as total equity (Benzacar, 2009, p. 29). Through the change of the names, the name titles of financial records will coincide with the information presented in ot her records, which will make it easier for outsiders to evaluate the financial health of the company in question (Benzacar, 2009, p. 29-30). The rationale behind the need to change names includes increasing the comparability of different financial records:Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The new names will show a cohesive financial representation of the corporation’s activities allowing the readers to see the relationship between the items presented in different financial statements, demonstrating that the statements complement each. Through the change of names, information will be disaggregated so that it can help a reader foresee the future cash flows of corporations like XYZ. With the names showing a better association between the information presented in the different records, readers will be able to evaluate the liquidity, as well as the financial flex ibility of organizations like XYZ Corporation (Benzacar, 2009, p. 29-30; Benzacar, 2009, p. 29-30). The shift to IAS will require the development of a universal accounting language by the IASB, which may not be possible The development of a universally accepted language should form a major component of the objectives of the IASB while enforcing the transition into the IAS, which XYZ Corporation is pursuing (Stittle, 2004, p. 139). As a result, even with the adoption of the IAS, XYZ corporations should realize that it may not receive maximum benefits from the transition as language plays one of the most critical roles in the generation of the varied accounting models for related areas (Evans, 2004, p. 235; Jacob and Madu, 2009, p. 356). The issue that will face XYZ Corporation in its shift to IAS will include the limitation it will face due to the inaccuracy of the IASB in translating accounting statements and concepts from one language to the other (Jacob and Madu, 2004, p. 356). T his limitation is supported by Evans (2004, p. 235) who argued that an exact transfer or equivalents of meaning during translation is often almost impractical in financial reporting. Consequently, it will not be possible to realize total homogeneity or to convey the exact meaning of the IAS accounting standards from one language to the other (Stittle, 2004, p. 139; Evans, 2004, p. 235; Salamudin et al., 2010). This limitation of the language used by the IASB is likely to cause confusion in the comprehensibility of the financial data presented by different organizations including that presented by XYZ Corporation after it is translated into other languages like German, Spanish, and Vietnamese (Evans, 2004, p. 235). Therefore, international investors intending to invest in organizations like XYZ corporations are likely to get the wrong picture about the financial health of institutions as translations may eliminate the weighty nature of the financial concepts and the variables in the statements (Evans, 2004, p. 235; Stittle, 2004, p. 139-140). The XYZ Corporation is likely to develop its financial records on the basis of distorted statements drawn from the records of other organizations due to the limitation (Evans, 2004, p. 235; Stittle, 2004, p. 139,140). In extreme cases, the information presented by XYZ corporations and that of other organizations is likely to be distorted through translation. This is likely to result in concerns over the reliability of IAS standards (Stittle, 2004, p. 139,140). The cost will be a major consideration among the companies making the transition to IAS The cost will be a far-reaching aspect when deciding whether to change from GAAP to IAS. As noted by Ballas, Skoutela, and Tzovas (2010, p. 934), the transition will entail more than special knowledge among the accountancy team of corporations. This will also lead to the alteration of the information models of the organizations.Advertising We will write a custom essay samp le on XYZ Corporation transition to IAS specifically for you for only $16.05 $11/page Learn More This presents the need to invest in the training of the staffs alongside the transition (Gordon, 2008 p. 232). As a result, the transition to IAS becomes quite expensive to XYZ Corporation both in the short and long term as there will also be a need to invest in the continuous development of the company’s accounts (Pickard, 2007; Gordon, 2008, p. 232). The major areas of investment during the transition include dedicating funds for software development. Thus, the corporations will require their software development team whether internal or external to develop new software that meets the standards of IAS accounting (Gordon, 2008, p. 232). Apart from the development and maintenance of the financial records software, the employees of the company should be trained in the areas of using the software in formulating financial records that are in line with the new and em erging standards (Pickard, 2007, p. 36). Some of the areas that will need major investments in XYZ Corporation will include the development of an employee-base and the maintenance of the infrastructure available at the company (Ballas, Skoutela and Tzovas, 2010, p. 934). Recommendations While undergoing the transition from GAAP to IAS, the XYZ Corporation should note that the criteria for its endorsement should be explored in an in-depth manner. In this case, it should draw clear differences between the decisions related to standard setting and adoption, as well as the endorsement of the standards (Benzacar, 2009). Additionally, during and after the transition, the interpretations of IAS should be reserved under the directives of IFRIC (International Financial Reporting Interpretations Committee (UNCTAD, 2012). The transition to IAS should be accompanied by the key concern of engaging sound audit consultants, practices and standards, as well as reinforcing the accounting mechanisms of the corporation. This will ensure that the corporation meets the expectations of the IAS standards in executing its audit and accounting functions (Jacob and Madu, 2009). The transition to IAS will require a heavy investment in funds to be employed in the transition, change of present accounting mechanisms, as well as contracting consultants to help in the transition and its maintenance (Jacob and Madu, 2009). However, apart from the costs incurred by the corporation during and after the transition, the benefits of the transition will outweigh the costs of the transition, as well as improve the standing of XYZ Corporation globally. Conclusion IAS is an integrated set of financial reporting standards developed on the basis of internationally articulated financial principles. The transition from GAAP to IAS was intended to eliminate the difficulties experienced by international investors. The transition should be accompanied by sound audit consultations and practices so as to ensur e that the new standards are observed. Despite the heavy investment during the transition, the benefits will outweigh the costs borne by XYZ Corporation in the long term.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Ballas, A. A., Skoutela, D., and Tzovas, C. A. (2010). The relevance of IFRS to an emerging market: evidence from Greece. Managerial Finance, 36 (11): 934-935. Benzacar, K. (2009). IFRS brings a radical change to financial statement presentation. Retrieved from knowledgeplus.org/pdfs/CMA_IFRS_statements_February09.pdf Beuren, I., Hein, N., and Klann, R. (2008). Impact of the  IFRS and US-GAAP on economic-financial indicators. Managerial Auditing Journal, 23 (7): 632-634. Evans, L. (2004). Language, translation and the problem of international accounting Communication.  Accounting, Auditing Accountability Journal, 17 (2): 235. Gordon, E.A. (2008). Sustainability in global financial reporting and  innovation in institutions.  Accounting Research Journal, 21 (3): 232. Jacob, R.A., and Madu, C.N. (2004). Are we approaching a universal accounting language in five years? Foresight, 6 (6): 356. Jacob, R. A., and Madu, C.N. (2009). International financial reporting stand ards: an indicator of  high quality?  International Journal of Quality Reliability Management, 26 (7): 718-719. Kwok, W., and Sharp, D. (2005). Power and international accounting standard setting Evidence from segment reporting and intangible asset projects. Accounting, Auditing   Accountability Journal, 18 (1): 75. Pickard, G. (2007). Simplifying global accounting.  Journal of Accountancy, 204 (1): 36. Salamudin, N., Bakar, R., Ibrahim, M. K., Hassan, F. H. (2010). Intangible Assets Valuation in the Malaysian capital market. Journal of Intellectual Capital, 11 (3): 393. Stittle, J. (2004). The reformation of European corporate reporting: Towards a model  of Convergence or confusion?  European Business Review, 16 (2): 139,140. Tsalavoutas, I., and Evans, L. (2010). Transition to  IFRS in Greece: financial statement effects and auditor size. Managerial Auditing Journal, 25 (8): 820. Tweedie, D. (2004). Looking ahead at 2004: a global standard-setters perspective. Balan ce Sheet, 12 (2): 5. UNCTAD. (2012). IFRS Implementation. Web.

How to Write a Poem 8 Fundamentals for Writing Poetry Thats Meaningful

How to Write a Poem 8 Fundamentals for Writing Poetry Thats Meaningful How to Write a Poem: 8 Fundamentals for Writing Poetry Thats Meaningful Learning how to write a poem is debatably one of the hardest forms of creative writing to master- there are so many â€Å"rules†, but at the same time, no rules at all.Confusing, right?Despite the challenge, writing poetry is a very fulfilling creative venue, and we have exactly what youre looking for to learn how to nail this art form.Because poetry is so specific to the artist, knowing how to write a poem in your own way can be tricky.Heres how to write a poem using our fundamentals of poetry:Understand the benefits of writing poetryDecide which type of poetry to writeHave proper poem structureInclude sharp imageryFocus on sound in poetryDefine the poems meaningHave a goalAvoid clichà ©s in your poemsOpt for minimalistic poemsRefine your poem to perfectionIf youre ready to learn what it takes to write (and then potentially publish a book of) good poetry, weve got the help you need.NOTE: We cover everything in this blog post and much more about the writing, marketing, and pu blishing process in our VIP Fiction Self-Publishing Program. Learn more about it hereBenefits of Learning How to Write a PoemEven if you aren’t looking to become a full-time poet, or even attempt to publish a single poem, writing poetry can be beneficial in several ways.It strengthens your skills in writing solid imagery. Poetry is a very image-based form of writing, so practicing poetry will improve your imagery in other forms as well.Poetry is concise and impactful- it uses strong language, and no more words than are necessary. If you have an understanding of how to write a poem, your prose when writing a novel will become crisper and stronger.Poetry helps you to connect with emotions in a tangible way. Other forms of writing have the plot to hide behind- with poetry, all you’ve got are emotions. (Unless it’s a narrative poem, of course.)Types of PoetryNot all types of poetry are the same, and that means learning how to write a poem involves being familiar wit h the different types.Here are the different types of poetry:Narrative this kind of poem relies on a story. It tells an event and there are often a few extra elements, such as characters, a plot, and a strong narration.Lyrical a lyric poem is similar to a song, and it tends to describe a specific feeling, scene, or state of mind.You may be familiar with these different types of poetry. For example, a lyrical poem is actually a song. Listening to your favorite radio station is just like hearing a collection of your favorite poems being read to you with some background music.A narrative poem is, as mentioned above, more like a story told in poetic prose.Heres a small example of a part of Edgar Allen Poes famous poem, The Raven:8 Fundamentals for How to Write a PoemPoetry can often be subjective. Not every poem will speak to every person.That being said, there are different attributes that you should learn if you want to know how to write poetry well regardless.#1 Structure of writi ng a poemThe structure of a poem can refer to many different things, but we’re going to discuss some different forms of poetry, how to use punctuation, and last words.Form of a PoemThe form of your poem is the physical structure. It can have requirements for rhyme, line length, number of lines/stanzas, etc.Here are different types of poetry forms:Sonnet A short, rhyming poem of 14 linesHaiku A poem of 3 lines where the first is 5 syllables, the middle is 7 syllables, and the last is 5.Acrostic A poem where the first letter of each line spells a word that fits with the theme of the poem or exposes a deeper meaning.Limerick This is a 5-live witty poem with the first, second, and fifth lines rhyme as do the other two with each other.Epic This type of poetry is a lengthy narrative poem celebrating adventures or accomplishments of heroes.Couplet This can be a part of a poem or stand alone as a poem of two lines that rhyme.Free verse This type of poem doesnt follow any rules and is free written poetry by the author.The majority of poets, specifically less experienced ones, write what’s called free verse, which is a poem without a form, or with a form the poet has made up for that specific piece.A poet may decide to have a certain rhyme scheme or might make their poems syllabic.With a free verse poem, you can set up any theme or pattern you wish, or have none at all.The great thing about poetry is that you can even start with a specific poem form, and then choose to alter it in order to make it unique and your own.Poetry PunctuationWriting a poem is difficult because you never know what the appropriate punctuation is, because it can be different from punctuation when writing a book.There are essentially three ways to punctuate your poetry:Grammatically this means you use punctuation properly for every grammar rule; if you removed the lines and stanzas, it would work as a grammatically correct paragraph, and this even includes writing dialogue in your poem.Stylistically this means you use punctuation to serve the way you would like the poem to be read. A comma indicates a short pause, a period indicates a longer pause, a dash indicates a pause with a connection of thoughts. Using no punctuation at all would lend to a rushed feeling, which you may want. Your punctuation choices will depend on your goals when writing a poem.A combination. Maybe you want to mostly follow punctuation rules, but you have a certain line you want read a certain way. It’s totally fine to deviate from standard rules if it serves a purpose- you just need to do whatever you’re doing intentionally. Know the rules before you can break them.In poetry, punctuation serves as the conductor. It sets the beat of a line or a stanza, telling you where to pause for breath. Conversely, enjambment- running lines of poetry together by not ending them with punctuation- can be extremely powerful, when used correctly. It keeps the line flowing without a pause or a full stop. Krystal Blaze DeanLast words of a poemThe last word of a line, the last word of your poem, and the last line of your poem are very important- these are the bits that echo in your reader’s head and have the most emphasis.Ending with punctuation (dash, period, comma) versus ending without punctuation will give you a dramatically different read, so consider the effect you’d like to have.Tip for last words: read the poem out loud a few times to see where you’d like the inflection and emphasis to fall.#2 ImageryImagery is a literary device thats a tangible description that appeals to one of the five senses.The more imagery in a poem, the more the reader can connect with it.Tip for imagery: focus on details. Instead of going for the obvious description, really put yourself in that moment or feeling- what details are the most impactful and real?Here are some examples of imagery:Pungent fumes lifted from the floor beneath her.Burning light paint ed the insides of his eyelids red.Hair from her ponytail bit at her face, swept into a frenzy by the furious winds.Crackling popped in rhythm to the dancing flames.#3 SoundWhile imagery is for the mind, sound is for the ear. How do your words and lines sound when read out loud? The most basic sound style is a rhyme, however, you should never force a rhyme! If you try for exact rhymes on every line, it becomes â€Å"sing songy,† and this is a big, red mark of an amateur. Sticking to a strict rhyme scheme can severely limit your word choice and creativity.Instead of going for exact end rhymes, here are some options to achieve that appealing auditory effect of rhyming when writing poems:Assonance the repetition of a vowel sound in non-rhyming, stressed syllables. Assonance gives you the fun sound effect of a rhyme without sounding campy. An example of assonance is: Hear the mellow wedding bells by Edgar Allen Poe.Alliteration the repetition of a consonant at the beginning of words. Specifically hard consonant sounds like T, ST, and CH have a hard, staccato effect that a lot of poets like to use.Internal rhymes words inside of lines rhyme, rather than the end words. Like assonance, you get the effect of a rhyme without sound like a Dr. Seuss ripoff.Tip for sound in poetry: Focus on beautiful, crisp imagery to carry your poem, rather than strictly relying on the sound and structure of it.#4 MeaningStructure, imagery, and sound work together to make up the technical excellence of a poem. But if your words are empty of a deeper meaning, what’s the point in writing a poem at all?Poetry is a form of storytelling. The key to writing is making the audience feel. Give them something to remember and hold onto. Brookes WashingtonMany new writers latch onto clichà ©s and tired topics (peep that alliteration) for their poems, because they think that’s what they’re supposed to do.But emulating something someone else has done, or some idea of what you should think a poem should be about, isn’t going to give you a genuine, emotional piece that other people can connect to.So write the poem that only you can write.Tips for how to write a poem with meaning: Brainstorm poetry topics by looking at your own experiences. What do you know? When is a time you felt very deeply about something? Can you put that feeling into words? Can you make that feeling an image other people can see through your words? That is the poem you write.You don’t need some grand, dramatic emotion to write about- think about the ordinary things that make us all human.Nothing ever ends poetically. It ends and we turn it into poetry. All that blood was never once beautiful. It was just red. Kait Rokowski#5 Have a goalHave a goal with writing a poem- what do you want your audience to feel?Are you just writing for fun or for yourself? Poetry is often a very personal form of writing, but that doesnt mean you shouldnt think about your audience a t the same time.If you want to publish your poetry eventually, there are a few things to think about in terms of your goals.What emotion or moral do you want to convey? What are you trying to express?These are important questions to answer in order to write an impactful and memorable poem.#6 Avoid cliche phrases when writing poetryThere are many clichà ©s you want to avoid when writing poetry.Nothing really marks an amateur poet like clichà ©s (and forced rhymes, like we mentioned before).Despite the temptation, avoid clichà © phrases. Go line by line and make your language as crisp and original as you can.If there are pieces in your poem that seem like youve read or heard them before, try to reword it in order to make it more original.#7 Opt for minimalismErr on the side of minimalism. Once you have a draft, cut it back to the bare, raw necessaries.Every word should be heavy with emotion and meaning, and every word should be absolutely essential. If your poem seems long-winded to you, imagine what that would be like for your reader. Be ready to edit your poem to get it down to its best form.Poetry is just word math. Every piece has mean something, and there can’t be any extraneous bits otherwise it gets confusing. It just becomes a puzzle made out of all the words that make you feel something. Abigail Giroir#8 Refine your poemThe real magic of poetry happens in the revising and refining.Revise the ever-living heck out of it. To paraphrase an old professor of mine: Don’t be afraid to sit with it. For weeks, months, years- as long as the poem needs. It’s great to have writing goals and timelines, but don’t rush a poem before you know it’s ready.Avoid abstractions. An abstraction is a word that can only refer to a concept or feeling- it’s not a concrete, tangible thing. Some examples of this are liberty, love, bondage, aggression.Abstractions make every person picture something different, so they are weak words, a nd they will weaken your poem. Instead of using an abstraction, think of what imagery you can use to convey that emotion or concept. Liberty can become chains breaking or birds flying. Love can be bringing your spouse coffee in bed, petting a dog, cleaning a gravestone.Think of the best images to convey your idea of that abstraction, so every reader can be on the same page with you.Don’t pigeonhole yourself into a form that will stifle your creativity, utilize imagery and sound, have a meaning and a purpose for every poem, and revise until your fingers bleed.Ready to start now?Dont forget about our free training we put together for you.If youre ready to learn what it really takes to write and publish a book- yes, including works of poetry- this will help you make it happen.