International Financial Reporting Standards Essay

International Financial Reporting Standards - Essay Example It includes the diversification from GAAP to IFRS which have to be adopted by the US in order to compliance with the Security and Exchange Commission, also provides knowledge why and how conversion enhances the reporting quality. The framework for the preparation and presentation of the financial statements adopted by the International Accounting Standard Board (IASB) is known as International Financial Reporting Standard, IFRS provides a procedure norms, rules and regulation that how to prepare and present the financial statements, what data must be included and what should be omitted. Most of the standards which come under the umbrella of IFRS are previously known as the International Accounting Standard (IAS). IAS was issued between 1973 and 2001 by the International Accounting Standard Committee. While General Accepted Accounting Principles (GAAP) is also a standard framework of financial reporting, it includes the standard, convention, rules and regulation an accountant must follow in recording and summarizing transactions and in the making of financial statements. IFRS and GAAP have some similarities and differences which we will discuss later. IAS 2 elaborates the accounting treatment for inventories. The issue which arises often in this standard is when we intend to recognize the cost as an asset and carried forward it until related revenues are recognize. The cost formula assign for the cost of inventory is also prescribed in IAS-2. Basically there are two main methods of inventory valuation. i) First In First out (FIFO) which means the organization has to utilize its stocks which they have first in line. ii) Last In First out (LIFO) which means organizations have to use the last purchase stock first. Generally FIFO is for low Cost of Good Sold (COGS), high ending inventory so ultimately the bottom line will show a high net profit, while as far as LIFO is concerned, is for high COGS , low ending inventory and low net profit. Darrell Mullis and Judith Orloff elaborates practical examples of FIFO and LIFO in their book namely "The Accounting Game" which shows how FIFO leaves a positive impact over the net income and LIFO condensed the net profit or the profit after tax (PAT), Usually Companies uses LIFO method in order to save the Taxes. Differences are there between IFRS and GAAP, like adoption of LIFO method in IFRS is prohibited while under U.S GAAP, companies have the choice between LIFO and FIFO method. Some sort of similarities are also there between IFR

Fabrication in architectural design process Thesis Proposal

Fabrication in architectural design process - Thesis Proposal Example If a 3d printing or other fabrication method is employed, then there is the need to convert into a particular file for the sake of digital models. Digital fabrication tools are very essential in architecture because of attainable mitigation of the building costs. Free form shaped design in the design stage for countless unique components need some rationalization of the structural constituents so that they are materialized into buildings. In post-rationalization period, the structural system has been assigned to the already polished designs that at times need compromising final form of design (Laseau, P, 1980). The egg shaped form had to be reshaped with the use of Planar Quadrilateral Strips for it to meet the criteria for fabrication. While the relationship between design objects and the fabrication parameters has been explored previously, their independent was quite limited to integration of manufacturing constraints into developing a form, as it is the case of co-rationalized and pre-rationalization design approaches. In consideration of the application of a particular digital fabrication method, this paper proposes a research to be conducted to investigate the design-fabrication relation, approaching it from a different angle. This is in an attempt to respond to the question inquiring how the manufacturing parameters are integrated in the design process in facilitating the design-to-production communications. Design rationalization parameters, in this respect, are the driving force of any design in a generative procedure having imbedded fabrication. Digitally driven Architectures has significantly influenced the modernist architecture, as well as contemporary architecture (Malcolm, M, William, J, & Patrick, P, 1990). The influence of digital media, as well as Information Technology on the architectural education