Provider of Online Academic Tutorials :: Business Plan

Section 1 Executive Summary: As the title suggests, this business is about providing tutorials to pupils and/ or students on any subject given in a course curricula. The key to operating the business is a customized server where client pupils/ students key in their questions/ assignments and sent out; and the server in turn, provides the answers/ solutions in interactive mode. The server is a storage bin and at the same time an â€Å"information refinery† where all school books and teacher lesson plans are put to order. The money part of this business is in subscription fees. The fees will vary from one tutorial program to another and on the need and time service of an online tutor. Section 2 Business Description: Mission Statement: â€Å" To be the best providers of Online Academic Tutorials† As students, we have been through all the struggles of having to manage time. We students do not only devote ourselves into our academics. We have other certain things to do like e.g. Extracurricular Activities, Leisure Time and etc. In fact, most students nowadays get so stressed out that they are not able to perform to their utmost capacity so we have thought of creating an Online Academic Tutorial. This would not occupy much of the student’s time since it enables students to focus on their vital topics/ areas they are concerned about and it would actually result in to making them more efficient and productive rather than studying the entire scope of the topic, which are advocated in tutorial centers. Proposed Legal Form; Partnership of three people for a start and as subscriber base reaches a critical mass will convert into a corporation. Our entry strategy will be person-to-person solicitation of accounts/ subscribers/ advertisers tie up with schools for group discount rates and as for product research and development, we will develop a product niche in so- called exact Sciences; Physics, Mathematics, Algebra, Calculus and Geometry. Section 3 Marketing Analysis: The trade of education services; Philippine education has been the object of several studies over the past decades. Most of these studies were focused on issues concerning access and equity, quality and excellence, relevance and responsiveness, financing, and governance.

Enron collapse A look back Essay

Enron collapse: A look back Introduction                   Enron was formed as a result of merging with another company and it became a successful corporate. The joy of the business owners is to see how it grows fast and to attract more investors. There are rules and regulation that governs the corporate financial report that is open for inspection by potential investors (Folger, 2011). The audit of these financial reports should disclose the accurate financial state of the company and this should be made known to the stakeholders of the company. The stakeholders of a company play an important role in progress of the business and the going concern of the company (Sterling, 2002). The company of Enron did not manage its debts and therefore looked for means of hiding the truth from its stakeholders so as to continue making profit.                   The aim of a business is to make profit and be able to pay the debts of the creditors and also attract investors who are interested in the business. Most investor relay on the financial statement to determine whether to invest or not to invest (Folger, 2011). The Enron Company was a big company that was famous and successful before its fall. The corporate attracted many investors since they financial report showed how the business was growing at high rate (Bauer, 2009). However the corporate management did not disclose the true and fair view of the financial reports. The financial report of a company should not mislead the shareholders or its members.                   Moreover, in the Enron scandal there were some cases in which it showed misconduct of its financial reporting since the corporate did not display true and fair financial accountings to its stakeholders. The corporate used financial fabrication and mark- market accounting to hide its actual debts and real financial situation (Folger, 2011). These reports made the investor believe that the corporate was making profit while it was making losses in real sense. It is also a form of fraud to stakeholders since it cannot meet all its debts and in case of winding up majority of the investors and shareholder would suffer greatly. The Enron scandal was deemed to be great since it had huge debts to settle and its assets could not settle these debts.                   Indeed, financial misconduct affects a large group of stakeholder and leaves a great mark that cannot be erased (Sterling, 2002). For example the shareholders of Enron corporate were highly affected and suffered a loss of billions that were not recovered since the corporate went bankrupt and the assets of the business were also false in existence. The investors also suffered greatly from these financial misconduct, they lost their resources. In addition, the employees suffered greatly by losing billions of pension benefits due to the misconduct of financial reports which led to the bankruptcy of the Enron therefore could no longer pay them (Folger, 2011).                   The financial statement of a company is very important to the investors, it gives an over view of the stability of the business and its ability to pay debts. The Enron corporate failed to disclose true and fair view financial statements by hiding its real financial reports and the investors were misled and also due to many investments made by the company lead to its bankruptcy (Sterling, 2002). The purpose of accurate financial reports is to help the investors and also the company to know to what extent they should contract or invest in other businesses. It also helps in managing of the company’s debt thus making profit but the Enron was only interested in making a lot of profits that led to their down fall.                   Ethics are rules that govern every business and its members on how to conduct their daily roles in the company (Brady, & Dunn, 1995). In other words, the managers of this corporate owe their loyalty to its stakeholders and their interest ought to be the interest of the business (Bauer, 2009). In deontology of the Enron corporate, the management had a duty and obligations to display the true statement of finance and also to operate the business in the interest of the stakeholders and not their interest. As the leaders they ought to make sure that the going concern of the business is kept and the assets of the company are secured. In addition, the duty of the Enron managers was to disclose the true and fair view of financial reports (Bauer, 2009).                   On other hand, utilitarian is a form ethic that is used to show the positive side of the organization, for example by disclosing the false statement to stakeholders thus blinding them of the real situation (Folger, 2011). The Enron leaders used different methods to conceal the truth about its debts and faked the profits. They made the business look attractive and therefore more investors invested in the business. At the end, the ethics rules were violated and the leaders had a role to play .Enron had a role to disclose the truth which could have rescued the company (Bauer, 2009). If at the beginning, the company revealed the truth it would not have ended bankrupt and the employees would have secured their jobs. Finally, the company had a duty to disclose the true financial statements and also save the company from falling and the scandals would have been avoided. The companies should put into practice the ethics governing the corporates. Therefore, to pr event any future happenings such as the past frauds in the company, there has been an enhanced regulation as well as oversight in the company (Folger, 2011). References Bauer, A. (2009). The Enron scandal and the Sarbanes-Oxley-Act. München: GRIN Verlag. Brady, F. N., & Dunn, C. P. (1995). Business meta-ethics: An analysis of two theories. Business Ethics Quarterly, 385-398. Folger, J. (2011). The Enron collapse: A look back. Investopedia, December 1. Retrieved October 25, 2014, at http://www.investopedia.com/financial-edge/1211/the-enron-collapse-a-look-back.aspx Sterling, T. F. (2002). The Enron scandal. New York: Nova Science Publishers. Source document

Descriptive Essay About My Grandma - 765 Words

My Grandma Death. Something everyone deals with in their life. It’s the end of your story. People handle death in many different ways, from completely losing it, to it not affecting them at all. For me death hit very hard. I had never experienced the death of a loved one until my Grandpa had past. I was never close with my Grandpa but seeing him in that hospital bed that he wasn’t going to leave really upset me. This was the first death in my family. It was a horrible event but the death that has really affected me to this day was when his wife, my grandma, passed away. I wake up on a wonderful Saturday morning. It’s the middle of summer and the sun is shining through my window right into my eyes. I wake up and get ready for the day. I†¦show more content†¦I’m going to stay at Connors to get my mind off of it. Keep me posted.† â€Å"Okay. I’ll talk to you later.† When I was told that my Grandma had an aneurism in her brain she told me not to worry about it. She said when it burst it will kill her instantly and she won’t feel a single thing. It’s what she wanted. Sadly, this did not happen. She lived for 5 more day until she passed away. There was one point after her aneurism burst that she became conscious. She had one thing to say. â€Å"They lied.† My Grandma always had a very weird sense of humor. When my family heard her say this, we knew that she was still there. What affected me the most when my Grandma passed was that it happened so abruptly. One weekend I’m playing games with her and planning the next weekend. The next weekend I’m seeing her on her death bed. I have so many memories of playing games with her but I feel like I never spent enough time with her. I never got to know her how I wish I could have. I wanted to learn more about her childhood and how she met my Grandpa but it’s too late. As a kid, I felt like she would be around forever and when I grow up I will learn more about her. I didn’t know death was so real. Her passing has helped me realize something. I realized that family will always be there for you but they won’t be here forever. I feel I have not spent enough time with my family and who knows when they could be gone. If I spend time with them now, I won’t feel as badShow MoreRelatedDescriptive Essay About My Grandma1364 Words   |  6 Pagesit was the hardest year of my life. It was a beautiful, sunny day on August 3; however this day was a tragic one that I will never forget. Some think of their grandma as just a relative; mine was my other half, my best friend, my hero, and I could never be the same without her. This depressing event affected me greatly, and now it is difficult for me to live my life without her. My new responsibilities were devastating and challenging, but if it meant helping my grandma, I would have done anythingRead MoreDescriptive Essay About My Grandma1264 Words   |  6 Pagescan be such a small amount of time but it can effect such a large part of your life. I was always very close to my grandma. My mom would always tell me that I would often times not want her when I was upset and I would only want my grandma. She had lived just a few minutes down the road from us. She was always there for me and I was always there for her. I would never call her grandma. I always called her â€Å"Mawmaw†. I had no clue what I would do without her. She meant so much to me. We would go outRead MoreAnalysis Of O Connor s A Good Man 869 Words   |  4 Pages My first reaction to â€Å"A Good Man is Hard to find† was that of sadness and I felt that it was tragic of what happened to the family in the story. I felt really bad for the grandma because no one seemed to be pleased with her or listen to her. I felt like the son was almost tired of dealing with his own mom, or that is the feeling I got from his reactions to her. Even the children did not seem to respect the old lady. O’Connor’s story was very de scriptive. Throughout the whole story there wereRead MoreA Good Story By Anne Mccaffery1838 Words   |  8 Pagesgood story? More specifically, what is a good short story? A good short story should have intriguing characters that provide the readers with a rollercoaster of emotions. To make the characters as interesting as possible, there is also a need for descriptive language and specific sensory details. The events in the story should engage the reader and lead them into another world, they should let readers journey through the story with the characters one page at a time. This applies to all stories, butRead MoreDescriptive Essay2920 Words   |  12 PagesJennifer Schacht ENG-090 2/10/2011 Descriptive Essay Final We have been waiting nine long months, and we have had much preparation to do before the arrival of our daughter. Of all the things we have prepared for her, I am most proud of her room, my mother and I painted it and sat it up with all the accessories together. I sat on the floor and taped off the stripes to be painted, and my mom painted. It was a great team effort, and we are so happy how it turned out. With flowers and butterfliesRead MoreW1 Active Adj14109 Words   |  57 Pagesaccess to a wealth of information that can help the selection of the appropriate word or phrase in a variety of situations. Not only are the words and meanings given descriptive labels, for example formal or informal, AmE (American English) or BrE (British English), humorous, old-fashioned, but now they have the added information about relative frequency in spoken and written language. Take for example the verb book (in the meaning of book a table at a restaurant). It is marked as S2 – one of t he top

Why Dont I See My PHP Code When I View Source

Web developers and others who are knowledgeable about web pages know you can use a browser to view the HTML source code of a website. However, if the website contains PHP code, that code is not visible, because all the PHP code is executed on the server before the website is sent to a browser. All the browser ever receives is the result of the PHP embedded in the HTML. For this same reason, you cannot go to a .php file on the web, save it, and expect to see how it works. You are only saving the page produced by the PHP, and not the PHP itself. PHP is a server-side programming language, meaning it is executed at the web server before the website is sent to the end-user. This is why you cant see the PHP code when you view the source code. Sample PHP Script When this script appears in the coding of a web page or .php file that is downloaded by an individual to a computer, that viewer sees: My PHP Page Because the rest of the code is just instructions for the web  server, it isnt viewable. A view source or a save simply displays the results of the code—in this example, the text My PHP Page. Server-Side Scripting vs. Client-Side Scripting PHP isnt the only code that involves server-side scripting, and server-side scripting isnt limited to websites. Other server-side programming languages include C#, Python, Ruby, C and Java.   Client-side scripting operates with embedded scripts—JavaScript is the most common—that are sent from the web server to a users computer. All the client-side script processing takes place in a web browser on the end-users computer.

Is Bullying Within The School - 1936 Words

Well to begin, most of you know me as a high school graduate from the class of 2016. However, I am writing to you to help your institution hear the unheard cries for help. How I would like to help make this school a better place for those who have been in situations that would make them think otherwise. The issue I would like to speak on is bullying within the school, Some schools have problems with it, some don’t. After having hands on experience within the social life as a high school student in your institution, I can actually say there is a problem with bullying. Most of my time was spent at Duval, where I have been able to see students harass one another purposely just to get a laugh. People intentionally hurt people’s feelings†¦show more content†¦For you guys as an institution of children from the ages of 13-19 the main base for bullying between teenagers is through social media which is mainly known as cyberbullying. Cyberbullying is not just a small is sue that will go away. It is something that affects the social life of the victim and the victimizer. Within the past year Stop bullying.gov stated that 20% of U.S. students in grades nine through twelve experienced bullying and that 15% of high school students grades nine through twelve were electronically bullied in the past year. From my perspective, those numbers are too high because out of those numbers, some of them will go on into depression because they don t know how to express their feelings toward their issues in bullying. Also, Jessie Klein the author of The bully society in which she stated how if bullying is left alone and not stopped can lead to suicides, school shootings, and the school to decline academically due to violence and the feel of the institution not being a safe place. Klein is the assistant professor of Sociology and Criminal Justice at Adelphi College. However, Duval had multiple deaths of students from myShow MoreRelatedBullying Among Students Within Schools1946 Words   |  8 PagesThis chapter will be examining schools in context, including bullying. To start this there will be a review of what basic bullying is. There will be an explanation of the Zero-Tolerance policy. Specifically, the different forms of bullying that occur in the school context. There was a study done by Taylor Francis Group with â€Å"An analysis of bullying among students within Schools†¦Ã¢â‚¬  After there will be a description of someone who is a potential target for bullying and how to handle it , if you areRead MoreThe Effects Of Bullying On Students Within The School System920 Words   |  4 Pagesor children carry. Bullying. Bullying over the course of the years still plays a role in the education system. Although the form of bullying has changed from the past to now, it still has an effect on students within the school systems. In the past there was the physical form of bullying where â€Å"jocks† would push the â€Å"nerds† into lockers or their books out of their hands. Another typical term used by bullies that anybody can recognize is, â€Å"give me your lunch money,† but bullying has evolved over theRead MoreSticks and Stones May Break My Bones, but So Much More Can Hurt Me: Negative Impacts of Bullying Within Todays Schools1110 Words   |  4 PagesSticks and Stones May Break My Bones, but So Much More Can Hurt Me Remember when school yard teasing was really just harmless tick for tack, pig tail pulling, dares to â€Å"cross this line† and double-dog dares to â€Å"knock this block off of my shoulder†? Well, those days are long gone. Bullying has taken on a new and more extreme form since the days of old and it appears to be getting disturbingly worse every day. There seems to be no escape from hearing reports being given on the daily morning, eveningRead MoreA Treatment of Solutions to Bullying in Schools Essay1177 Words   |  5 PagesBullying has always been present within the United States. Although the issue has been around for a long time, it continues to grow and become more of problem. It is said that about 160,000 children within the United States are refusing to go to school because of bullying. Another statistic is that within American schools alone, there are an estimated 2.1 billion bullies and 2.7 billion victims (Dan Olewus, MBNBD). The numbers presented here ar e outrageous and although there are organizations toRead MorePersonal Effects Of Bullying Essay1739 Words   |  7 Pages Bullying is a set of harmful behaviors that children and adults impose on others to gain a false sense of empowerment. Bullies are often intensely insecure themselves and will do anything in their power to make another human being feel worse than they currently do about themselves. Bullying is a problem within schools, workplaces, and even a family’s home. Bullying can have life long consequences for both the bully and their victim. Many children are the victims of bullies, and some take such stepsRead MoreCyber Bullying : Bullying And Bullying1290 Words   |  6 PagesModern Literature 5 May 2014 Bullying Bullying is like a disease, it stays within the schools, and community and people are trying to stop it. It destroys the victims that get bullied. Bullying has always been around and there are people trying to prevent it from happening. Bullying is being prevented by clubs and by people taking action. Bullying damages the victims and the computers can cause cyber-bullying also the victims have problems after being bullied. Cyber bullying and it keeps people hookedRead MoreShould Bullying Be Long Term?847 Words   |  4 Pagesthat around 46% of young people, have witnessed or been the victim of bullying during their childhood (Choices, 2016). Although there is no official legal definition of bullying, it is suggested that it is a repeated and negative behaviour which is deliberately used to hurt someone either physically or emotionally (Lives, 2013). There are many form of bullying including the most common; physical, verbal, relational and cyber bullying. It is often motivated against specific groups, including religionRead MoreCyber Bullying Is A Phenomenon That Has Largely Been Examined From The Perspective Of The Individual Essay1149 Words   |  5 PagesSummary: Cyber bullying is a phenomenon that has largely been examined from the perspective of the individual. Robin Schott, a philosopher and researcher and Dorte Sondergaard a professor of social psychology aim to challenge this perspective, examining cyber bullying occurring as a group. Stefani Germonotta, also known as Lady Gaga, visited Harvard University in Massachusetts to be interviewed by Oprah Winfrey in 2012. At this interview, she openly discussed the cruelty she received from peers asRead MoreHow Children Being Bullied Can Not Only Affect Them1021 Words   |  5 PagesWhen one thinks of bullying, they usually associated it with the phrase, â€Å"Sticks and stones may break my bones, but words will never hurt me† those â€Å"sticks and stones† may not only just break those bones, but can undoubtedly leave a lasting impact on a person and make those hateful words and actions hurt that much more to a point that the person would not know how to deal with them. Bullying has become a problematic issue in today’s society, especially where school age children is concerned. BulliesRead MoreBullying : A School Based Program For The Baltimore County Public School System934 Words   |  4 PagesA Rationale for â€Å"Be a Buddy not a Bully†: A School Based Program for the Baltimore County Public School System in Maryland In recent years the problematic circumstances of bullying has been brought to attention as a widespread problem. Most bullying takes place on school grounds and outside school grounds, affecting numerous students. Bullying is any unwanted aggressive behaviors of youths or groups of youth who are not current dating partners or siblings that involves a perceived or observed power

Heidrick Struggles International, Inc Free Essays

Strategic Recruitment is critical to the success of an organization in meeting its goals and mission because the organization needs people that can think out of the box and grasp concepts that are different from the normal. An organization is only as successful as it is able to keep up with change. By bring in strategic and aggressive people it allows the organization to bring in new and fresh ideas to motivate the current staff that maybe stale with confident from tenure. We will write a custom essay sample on Heidrick Struggles International, Inc or any similar topic only for you Order Now Summary of the Case Kelly, CEO, has been running Heidrick Struggles making sounds, low risk, and financial investments in order to get his company to the next level; he now looks to more high risk, but yet higher dividend investment into technology. The technology investments do not have a long track record of dividend which concerns the company of its financial stability. How can Kelly convent them, that he is making an aggressive decision in order to get his company to the next level? Issues The company probably has for years been buying stocks and bonds, and these investments are low risk and low pay out investments. Kelly no longer wants to maintain the organization, but he wants to grow the organization instead. Alternate Courses of Action There are likely better investments with a proven financial track record. I am sure that the organization trust Kelly’s judgment but simply wants more proven assurance that the decision being made are wise decision. Being able to track an investment returns over a longer time period can be proof enough of it financial worth. Recommendations My recommendations are to do more research on more technology funds in the technology field, look for companies with tenure within management and strong financial security. Even thought technology may be the current investment venture I would do more research to predict future market trends so that I could stay ahead of the curve. Conclusion Kelly wants to see his organization grow, but in the future make sure homework is done and brought to the table first for consideration. Kelly must be to do his homework and is able to actually believe in his research before he will be able to convent anyone else of his idea. How to cite Heidrick Struggles International, Inc, Essay examples

Reliability Makes Accounting Relevant

Questions: 1. Explain why principles-based standards require a conceptual framework? 2. Why is it important that the IASB and FASB share a common conceptual framework? 3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning? 4. What is meant by a 'cross-cutting' issue? Suggest some possible examples of crosscutting issues? 5. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP ? 6. What do you think of the principle' ... accounts must reflect economic reality' as a core principle of measurement in accounting? 7. How would you measure economic reality? 8. What is reliability in accounting? 9. How do you think companies would go about estimating such a provision? 10. What aspects of the requirements were used by US companies to defer recognition of a liability? 11. In what ways does the recognition of the liability in relation to future restoration activity affect net profit in the current year and future years; and cash flow in the current and future years? 12. The article refers to changes in disclosure requirements relating to environmental liabilities in many countries around the world. How important is it that companies recognise the liability? To what extent is disclosure about the liability sufficient? Answers: 1.Conceptual framework in principle-based standards According to Detzen (2014), a conceptual framework is essential in the attempt of defining the purpose and nature of accounting while considering the theoretical concepts as well as the conceptual issues that surround financial reporting that can underpin the development of accounting standards. The same study denotes that principle-based standards have become more complex and increasingly detailed while attempting to map financial activities and statements. As a result, a conceptual framework can be used as it applies to many disciplines and specifically related to financial reporting. In principle-based accounting standards, Walton (2014) denotes that conceptual framework are viewed as statements of the accepted accounting principle forming a base of reference in evaluating the present practices as well as the progress of new strategies and accounting practices. Within the principle-based standards, conceptual framework provides vital information on the basis of economic decision-making as it forms a theoretical foundation for the determination of the measurement process of transactions and reporting regarding the current and historical values. In his study, Zijil (2015) denotes that conceptual framework has several benefits as it ensures accounting principle-based standards are consistent with every other principle mainly in the role of prudence and accruals. On the other hand, the absence of a strategic conceptual framework has resulted into the proliferation of rule-based accounting systems with the primary aim of treating all accounting transactions under a detailed specific requirement or rules Wells (2011, p. 304). It is a very inflexible and proactive but has a financial statements attraction being more consistent and comparable. On the contrary, adopting conceptual frameworks can result into a principle-based system where the standar ds of accounting can be designed from the conceptual basis agreed in meeting the relevant objectives. Sunder (2011) points out that the major aim of the framework is to identify the relevant and strategic objectives of the selected financial statements. It is hence used as a reporting entity in noting parties that adopt financial statements while evaluating the qualitative characteristics adopted within the financial statements as well as the characteristics of the qualitative accounting that makes the financial statements useful. 2. Importance of sharing a common conceptual framework In his study, Ritchie (2013) denotes that there are various benefits of sharing a similar conceptual framework. For instance, IASB and the FASB adopting a similar conceptual framework in their accounting strategies will be essential in; Assisting the development of the future IFRS while reviewing the available standards by setting various basic concepts. Promoting accounting standards harmonization and regulations while reducing other alternative accounting treatments Assisting the financial statements preparation in applying for IFRS including dealing with accounting transactions without an established accounting standard. 3. Comparison of the benefits of a conceptual framework for different parties The development and adoption of conceptual frameworks have over the years led to the progress of different accounting standards for different parties and companies that adopt them. Depending on the party, conceptual frameworks are set to provide a set of transparent and high-quality global standards that they are tended to achieve towards the consistency in comparing the possible results for the parties involved. In his study, Wells (2014) denotes that the frameworks have been produced incorporation with other globally known standards that aspire to achieve consistent global convergence. Such parties hence have their financial statements audited regarding the international standard of auditing with an enhanced reputation and status. It hence means that the benefits will depend on the strategies adopted by the company in adopting the conceptual framework in their performance. 4. Cross-Cutting Issues Cross-cutting issues are understood to be issues touching on the general principles affecting the well-being of the society such as gender equality, human rights and democracy, good governance, environmental sustainability, and HIV/AIDS. These are issues that directly affect the society and require a clear attention so that they can be addressed effectively to oversee the effective existence of the society in general as pointed out by Detzen (2014, p. 675). For instance, good governance t is necessary for the social and economic development process for every society and hence inherently linked to the IASB and the FASB project agendas and effective performance. Good governance is based on the different principles based on responsiveness, accountability, transparency, efficiency and effectiveness, as well as inclusiveness while following the rule of law. On the other hand, sustainability development is known to be a framework for long-term sustainability mission in which social cohesio n, environmental protection, and economic growth work together. It hence focuses on meeting the needs of the present generation without compromising the requirements of the future generation according to Sunder (2011, p. 350). Sustainability development is hence focused on the economic, social, and environmental dimensions as its pillars of performance. 5. Fundamental challenges with financial statements on the basis of the historical cost principle under the US GAAP Historic cost is the measure of the value adopted in accounting where the price of a property or an asset in the balance sheet is dependent on the nomnal or original cost in a company inquiry process. As an accounting method, the historic cost method is adopted for assets in the US under the GAAP (Generally Accepted Accounting Principles). In his study, Gjoni (2015) denotes that based on the historic cost principles, financial statements comes with various challenges. For instance, most assets held on any balance sheet need to be included in the historic cost even though they might have changed significantly in their value with time. However, not every asset is held within the historical cost such as marketable securities held at the balance sheets market value. Regarding the case study, critics contention on the GAAP is flawed since some professionals in different facets of accounting pronounce that some financial statements are often irrelevant to the financial analysts community. It is for this reason that individuals like Robert Hert (2002) have the assurance that only fair value can be an answer to the financial statement in a far clearer picture of any companys economic state. Additionally, in the absence of an active market, valuing assets can be very subjective hence making the financial statements very unreliable leading to the rise in disputes in the definition of the liabilities and assets. 6. Accounts reflecting the economic reality principle In financial accounting, it is necessary that accounting reflects corporate as well as economic realities as they exist. The principle hence suggests that it is necessary that accounting presents both economic and corporate realities. For this reason, Gjoni (2015) denotes that it is often claimed that reality cannot often be reflected in accounting as a result of the possible technical limitations reflected from the double entry book keeping as well as fair value accounting. It is hence clear that despite the ability of accounting to simply paint a picture of the reality, it can as well show the real effect on the economic status of a business or a country. For instance, real economic consequences can be considered when financial statement readers later with their actions or opinions as a result of possible and relevant changes in the accounting standards used. 7. measuring economic reality Economic reality is a test method that is adopted in determining the nature of the business transaction through the examination of the totality of the available commercial circumstances. In their study, Cordery and Zijl (2014) point out that economic reality is a test that determines if a certain instrument can be an investment contract. It can as well be used by the court in determining or ascertaining if an individual becomes the independent contractor or the employee and hence known as the common law of agency test. In measuring the economic reality, Lee (2016) denotes that the stock market can be used for the evaluation of the stock prices that will at the end give a true reality of the economic status of the market. However, Brien and Saeed (2014) denote that even though there is a link between the stock prices and the economic activity, it is sometimes tenuous as its not true that a good progress in the economy will result in an increase in the stock prices and vice versa. The primary reason is that the factors that drive stock prices are too complex, contradictory, and complex for a simple down and up correlation to apply. It is hence advisable to use other economic indicators in understanding the stock market that will give a clear reflection of the economic reality of business. For instance, Nurunnabi (2015) in his review denotes that a fall in the interest rates will lead to the purchase of the stock that will result in an increase in the economic stability. Other indicators such as the exchange rates can as well be a reflection of the economic reality depending on the business cycle as well as the market index, and fluctuations. 8. Reliability in accounting Reliability in accounting is the process of the verification of financial information and its consistency use by creditors and investigators with the same results. In their study, Prasad and Green (2015) denote that reliability refers to the trustworthiness accorded to the financial statements. In other words, in case the decision makers do not have trust on the content of the financial statements, the financial reports are then regarded as useless. Reliability of information hence occurs when a user can depend on the information provided if its materially accurate as it faithfully represents the data that it supports. It thus means that any significant omission or misstatements in the financial statements can reduce the reliability of the information it contains. For example, a business enterprise can be sued for damages by another rival company in a settlement that can threaten the company regarding its financial stability. In such a case, the non-disclosure of such information is likely to render the financial statements of the company very unreliable. In his study, Minoli and Bell (2012) point out that reliability in financial accounting is enhanced by adopting the following accounting concepts, issues, and principles; Prudence Completeness Faithful representation Neutrality The concept of single economic entity 9. Estimation of the provision by companies Apart from the satisfaction of the definition of liability, a conceptual framework employed by the companies both in the US and the Asia in the case study can as well adopt certain criteria to meet a liability recognition process on the financial statements. Evaluation of the resource outflow that embodies the economic benefits from the entity so as to ensure that the process is probably as well as measuring the liability of the value or cost of the obligation are the major steps to be followed according to Schoemaker (2013, p. 31). Regarding the first test, Yazd (2016) denotes that it is logical recognizing a liability only if there is the likelihood that the entity will be necessary for settling it. On the other hand, measuring the value of reliability is essential in ensuring that only liabilities that be measured objectively should be recognized within the financial statements. In other words, if an obligation meets the liability definition and fails in meeting its criteria for r ecognition, it is referred to as the contingent liability. In such a case, Husted and Young (2016) denote that it cannot be provided as a liability in the statements of the financial positions but just disclosed in the financial statement information. 10. Requirement aspects that were adopted by the US companies to defer liability recognition The intent of ruling concerning the recognition of liability was a disclosure of the fair market value estimation conditional nature that causes corporations to side on positions so as to differ their liability indefinitely. As a result, companies in the US decided to effectively postpone the recognition of their environmental liabilities without the inclusion of the anticipated litigation as well as the absence of the pending litigation. 11. Effect of liability recognition on the net profit in both the future and current years relating to the restoration activity effect On the contrary, the Asian companies in their recognition of environmental reliabilities may as well soon emerge as the environmental issues may be de-relocated as an issue on economic development over the past decades. It is hence clear why the responsibilities for disclosing the future reliabilities towards the environment are clearly growing for the companies around the globe. However, it is difficult to estimate the cleanup cost accurately as a result of the unknown contaminants as well as other legacy liabilities that are related to the formerly operated property, unexpected claims, and regulatory changes related to the natural damage of resources. 12. Importance of recognizing liability by companies and the efficiency of its disclosure Liability is understood to be the present or current obligation of an enterprise arising from the first event where the settlements are expected to cause an outflow from the enterprise of resources that embodies the related economic benefits. According to Chen, Cho, and Pattern (2014), a liability must meet the above definition before it is recognized in the financial statements. As a result, the obligation of the transfer of economic effects may not just be legalized as a liability recognition with respect to the constructive obligation can as well be identified where the entity has created valid expectations on the basis of past practices in the minds of the relevant authority to fulfill the obligations. References Brien, P, Saeed, U 2014, 'Reliability Makes Accounting Relevant: A Comment on the IASB Conceptual Framework Project',Accounting In Europe, 11, 2, pp. 211-217, Business Source Premier, EBSCOhost, viewed 31 January 2017. Chen, J, Cho, C, Patten, D 2014, 'Initiating Disclosure of Environmental Liability Information: An Empirical Analysis of Firm Choice',Journal Of Business Ethics, 125, 4, pp. 681-692, Education Full Text (H.W. Wilson), EBSCOhost, viewed 31 January 2017. Cordery, C, Zijl, T 2015, 'The Purpose of Financial Reporting: The Case for Coherence in the Conceptual Framework and Standards',Abacus, 51, 1, pp. 116-141, Business Source Premier, EBSCOhost, viewed 31 January 2017. Detzen, D 2014, 'Inflation, Exchange Rates, and the Conceptual Framework: The FASB's Debates from 1973 to 1984',Accounting Horizons, 28, 3, pp. 673-694, Business Source Premier, EBSCOhost, viewed 31 January 2017. Gjoni, A 2015, 'Problems of Reliability and Informality in Financial Reporting of SME',Albanian Journal Of Agricultural Sciences, 14, 3, pp. 262-266, Academic Search Premier, EBSCOhost, viewed 31 January 2017. Herz R, 2002, The trend toward fair value accounting', Journal of Financial Service Professionals, May 2001, pp. 16-113 Husted, B, Yang, X 2016, 'Guest Editors Introduction: Ethics, Corporate Social Responsibility, and Developing Country Multinationals',Business Ethics Quarterly, 26, 3, pp. 301-315, Business Source Premier, EBSCOhost, viewed 31 January 2017. Lee, TA 2016, 'The FASB and Accounting for Economic Reality',Accounting The Public Interest, 6, pp. 1-21, Business Source Premier, EBSCOhost, viewed 31 January 2017. Minoli, D, Bell, J 2012, 'Composite Insurer Consideration and Attitudes on Environmental Management Systems Concerning Public Liability Policies for Pollution Risks',Journal Of Environmental Assessment Policy Management, 4, 3, p. 329, Business Source Premier, EBSCOhost, viewed 31 January 2017. Nurunnabi, M 2015, 'Tensions between politico-institutional factors and accounting regulation in a developing economy: insights from institutional theory',Business Ethics: A European Review, 24, 4, pp. 398-424, Business Source Premier, EBSCOhost, viewed 31 January 2017. Prasad, A, Green, P 2015, 'Organizational Competencies and Dynamic Accounting Information System Capability: Impact on AIS Processes and Firm Performance',Journal Of Information Systems, 29, 3, pp. 123-149, Business Source Premier, EBSCOhost, viewed 31 January 2017. Ritchie, F 2013, 'International access to restricted data: A principles-based standards approach',Statistical Journal Of The IAOS, 29, 4, pp. 289-300, Business Source Premier, EBSCOhost, viewed 31 January 2017. Schoemaker, J 2013, 'Estimating Environmental Liability: QUANTIFYING THE UNKNOWN',California Management Review, 37, 3, pp. 29-61, Business Source Premier, EBSCOhost, viewed 31 January 2017. Sunder, S 2010, 'Hicksian Income in the Conceptual Framework',Abacus, 46, 3, pp. 348-376, Business Source Premier, EBSCOhost, viewed 31 January 2017. Walton, P 2014, 'Response of the EAA Financial Reporting Standards Committee to the IASB Discussion Paper A Review of the Conceptual Framework for Financial Reporting',Accounting In Europe, 11, 2, pp. 149-184, Business Source Premier, EBSCOhost, viewed 31 January 2017. Wells, MC 2011, 'Framework-based Approach to Teaching Principle-based Accounting Standards',Accounting Education, 20, 4, pp. 303-316, Business Source Premier, EBSCOhost, viewed 31 January 2017. Yazd, Z 2016, 'The Effectiveness of Sale Methods in Liability Insurance for Physicians and Paramedics: Case Study of Asia Insurance Company in Sabzevar',International Journal Of Management, Accounting Economics, 3, 10, pp. 635-649, Business Source Premier, EBSCOhost, viewed 31 January 2017. Zijl, T 2015, 'The Purpose of Financial Reporting: The Case for Coherence in the Conceptual Framework and Standards',Abacus, 51, 1, pp. 116-141, Business Source Premier, EBSCOhost, viewed 31 January 2017.