International Accounting Standards Board Essay Example | Topics and Well Written Essays - 1000 words

International Accounting Standards Board - Essay Example The IASC Foundation is managed by 22 Trustees. The Trustees include highly experienced public and private sector professionals who belong to various parts of the world (IASB, n.d.). The IASC was established in 1973. The goal of IASB is "to provide the world's integrating capital markets with a common language for financial reporting" (IASB, 2008). Main objectives of the IASB, as defined by IASC Foundation constitution, include the following (IAS Plus, 2009): As shown above, IASB is appointed by IASC Foundation (which is appointed by and reports to the Monitoring Board). ISAC Foundation also appoints other advisory bodies that advise IASB on various activities. These include Standards Advisory Council, Working Groups for Major Agenda Projects, and International Financial Reporting Interpretations Committee. IASB develops IFRS using a standard 'due process'. IASC can review the process of standards development during any/ all step(s). The main steps of the process are described below (IASC Foundation, 2006. pp. 8-13): 1. Setting the agenda: The agenda is set with a view to address needs of most of the users of financial statements; mainly the investors. Some factors which are considered include the relevance and reliability of information that can be provided to users, availability or pre-existing guidance on the topic and possible convergence, resource constraints and the expected quality of potential standard. 2. 2. Project planning: At this stage, it is decided whether to do the project alone or as a joint project with other standard setting bodies. The project team is identified, assembled and finalized during this stage of the due process. 3. Development and publication of a discussion paper: Although not mandatory, but IASB usually publish a discussion paper to seek public comments and suggestions on the topic, agenda, and the targets. The comments are analyzed to determine if any improvement can be made. A discussion paper is developed after preliminary research on the topic and similar standards. 4. Development and publication of an exposure draft: Exposure draft development and publication is a mandatory step in the process. The exposure draft is developed after extensive research and details the proposal, agenda, and recommendations for the standard. Once developed, it is published to obtain comments. The comments are then analyzed to make required modification in the standard,

Emplyment Relation Essay Example | Topics and Well Written Essays - 1000 words

Emplyment Relation - Essay Example Another problem which is aggravating the situation is the arrangement of finances for the back-pays and the future wage increases by the councils. The dispute resolution process can be divided into three phases based on the types of grievances. All the three phases will be at work simultaneously with three separate HR teams working on the assignment. The first phase will address the issues of the employees who have been subjected to salary cuts. It is apparent that no employee will accede to their salary cut on the pretext of social justice. However, the financial prudence of implementing the equal pay policy requires that some financing of hike in wages be done through some salary cuts. So, the first thing that can be done is to re-evaluate the grades of those employees who have been subjected to salary cuts. This will be a time consuming exercise, however it will help in avoiding any further litigation. Some time can be saved by looking at data from previous litigations by such employees. It has been observed that some particular jobs had been upgraded after going into litigation. This data can be helpful in re-grading. A ta rget time can be set for this phase and during this time the salaries and other employment terms remain unchanged. For those whose grades are upgraded after the re-evaluation exercise, arrears can be paid at a later agreed-upon time. With this step the problems of the most aggrieved section of employees can be addressed. The time period for this re-evaluation of grades should not be more than 9 months. For those whose salaries will be upgraded after the re-grading exercise, there will be appropriate salary raise. For others whose grades still need to be revised towards the lower side, there will be no reduction in salary but only grade change. There other benefits will be downgraded but not the salary. They will be given a signing bonus in the form of 2.5% of their salary increment. These