The SEC's Condorsement Proposal Research Paper Example | Topics and Well Written Essays - 750 words

The SEC's Condorsement Proposal - Research Paper Example In this study, I would discuss about the IASB as well as the FASB and their relationship with each other. I would then evaluate the SEC proposal and express my opinions about the same. IASB & FASB and Their Relationship with Each Other In year 1973, the International Accounting Standards Committee (IASC) was set up for the purpose of maintaining standardization in the accounting principles all over the world. In 2001, the International Accounting Standards Board (IASB) was constituted subsequent to the restructuring of the IASC. The main goal of the IASB was to prepare and issue standards to be observed in the development of financial statements and also to encourage the global recognition and adherence of those standards. The IASB had hitherto issued various standards known as the International Financial Reporting Standards (IFRS) on different accounting subjects (Deloitte, 2011). The Financial Accounting Standards Board (FASB) was formed in 1972, as a nominated institute in the pri vate sector for setting up standards of financial accounting as well as reporting in the USA. The local firms in the United States that are listed with the Securities Exchange Commission (SEC) are required to file their financial reports exercising the Generally Accepted Accounting Principles of the United States (US GAAP) (Financial Accounting Standards Board, n.d.). The FASB and the IASB are fundamentally built under the same theoretical framework. Nevertheless, there are certain major dissimilarities between the standards issued by the IFRS and the US GAAP. The IASB standards are broader and have restricted interpretive assistance for their implementation, as compared to those of the US GAAP. The IASB does not usually issue interpretations of the IFRS, and rather lets the International Financial Reporting Interpretations Committee (IFRIC) and the individual auditors to put into practice the principles embodied in the IFRSs. While the US GAAP standards, as a result of the strong l egal and regulatory surroundings in the US, have a more prescriptive policy. Consequently, the US standards enclose the underlying principles, complete implementation direction as well as the industry interpretations (Ernst & Young, 2010). Evaluation of the SEC Condorsement Proposal The Condorsement Proposal made by the Securities Exchange Commission (SEC) is a combination of the convergence approach and the endorsement approach for the amalgamation of the IFRS with the US GAAP. The condorsement framework summarized by the SEC consists of three phases of convergence and an ongoing process of endorsement where the FASB assesses the necessary and appropriate modifications in the IFRS for utilization by the US companies. The first phase of convergence consists of the completion of the projects under their Memorandum of Understanding (MoU) by 2011. In the subsequent two phases the FASB would devise arrangements to amalgamate dynamic IFRS schemes into the US GAAP and also merge all the o ther IFRSs into the US GAAP, in a period of 5-7 years (Lamoreaux, 2011). I think that the condorsement approach is significant because such an exclusive hybrid approach would probably lessen the tension on the financial reporting method. The condorsement strategy necessitates the classification of the current US GAAP standards into various

Marketing Project Essay Example | Topics and Well Written Essays - 3250 words

Marketing Project - Essay Example ‘University of Chicago Medical Center’. In present day, the expenditure on health expenses has increased considerably. Advanced technology has made it much easier to test various health scans through imaging center. The imaging center service is a profitable business as people will become sick and thus there will be demand for the imaging scanning services. The report will describe the market analysis as well as the company analysis of University of Chicago Medical Center and its strengths and weaknesses in the health care industry of Chicago, its competitors and market environment. Further, the report will provide an insight about the marketing plan of the services of Cardiac Imaging Center. The marketing plan comprises of marketing mix and forecasted sales of the Cardiac Imaging Center. Table of Contents 1.0 Abstract/Executive Summary 2 Table of Contents 3 2.0 The Challenge 4 3.0 Situation Analysis 4 3.1 Company Analysis 4 3.2 Customer Analysis 5 3.3 Competitor Analysi s 5 3.4 Environmental Analysis 9 3.5 Porter’s Five Forces Model 11 4.0 Market Segmentation 13 5.0 Alternative Marketing Strategy 13 6.0 Selected Marketing Strategy 13 6.1 Product 13 6.2 Price 14 6.3 Distribution/Place 14 6.4 Promotion 15 7.0 Short-Term and Long-Term Projections 15 8.0 Conclusion 17 9.0 References 18 Marketing Project 2.0 The Challenge The challenge of Cardiac Imaging Center of University of Chicago Medical Center is to provide imaging scanning services to the customer with superior quality while maintaining the cost and profitability. The Cardiac Imaging Center will offer solution to various diseases such as heart, lung among others by the experienced doctors and advanced machinery. The University of Chicago Medical Center is already famous for their specialization in Heart, Cancer, Gastroenterology, Diabetes and Neurosurgery. The clients of Cardiac Imaging Center will get advantage from the exceptional teamwork of medical experts. The Cardiac Imaging Center will perform by mutual association of both cardiologists and physicians which will make the cardiac center successful. The Cardiac Imaging Center will implement an incorporated approach for accomplishing the goal to offer accurate test for right person at right moment. Cardiac Imaging Center will provide full range of advanced imaging technologies such as CT scan which is a strong and quick imaging instrument that creates three dimensional pictures of the heart or Cardiac MRI scan which will provide detail picture about the beating of heart (The University of Chicago Medical Center, 2011). 3.0 Situation Analysis 3.1 Company Analysis The University of Chicago Medical Center is known as one of the top hospitals in Chicago city as well as in the USA. With regard to treating diseases such as cancer or diabetes the hospital is listed in the top 50 hospitals. The hospital’s operations are quite transparent and it provides every possible support to the customers regarding any enquir y. According to â€Å"The University HealthSystem Consortium† the University of Chicago Medical Center has effectively displayed performance compared to other medicinal services (The University of Chicago Medical Center, 2011). 3.2 Customer Analysis The facilities of ‘Cardiac Imaging Center’ will target the major insurance agents of insurance companies, famous doctors or physicians and various clinics of Chicago city as they can influence and motivate the patients or customers to use the ‘University of Chicago Medical Center’ for scanning and imaging purposes. The value driver of University of Chicago Medical Center will be to acquire customers through physicians, doctors and insurance agents. The patients will surely go to the imaging center according to their preference. 3.3 Competitor Analysis