Reflection on Financial Statements Essay

Reflection on Financial Statements Essay IAS 1 requires that at the minimum, any business should prepare four types of financial statements. Balance sheets indicate what the entity owns and owes at that particular point in time. They include assets, shareholder’s equity and liabilities. Assets are the properties that the companies own that can be valued while liabilities are the amounts owed to others. Income statements are different in that they only indicate what the business entity has made and spent over a fixed period. Cash flow statements show the exchange or flow of cash between the business entity and the economy. The difference between an income statement and a cash flow statement is that the latter shows whether the company has generated cash while the former indicates whether it has made profits. The statement of shareholder’s equity shows the changes to the equity component of the balance sheet that includes shares, retained earnings and other forms of comprehensive income. Analyzing financial statements is an important part of decision making because finances and the valuation of profits and losses are the most important drivers in business. They are used to diagnose weak spots in the current strategy in an internal perspective, key in making decisions to mitigate against such losses. For external decision makers, reviewing the components of financial statements are important in ascertaining the situation at the company, the effects of the current decision-making strategies. Such analysis can only be relevant when relevant data is used and when such data is correct and timely. The decision-maker should then make the decision in time to reinforce the strengths and solve the weak spots. Decision makers who use financial statements assess the effects of certain activities to reveal the internal forces within the company. They look for ways of increasing the effectiveness of the activity and the productivity of the factors of production. Horizontal analysi s of financial statements is where the components are compared over a period. Vertical analysis, on the other hand, is whereas component is compared to another within the same accounting period. The Sarbanes-Oxley Act (2002) was enacted as a response to financial scandals at WorldCom and Enron that resulted in loss of investments from shareholders. It applies to all public companies in the US as well as their subsidiaries, all foreign companies that trade shares in US stock exchange. Under this law, the ultimate responsibility of ascertaining the financial statements is placed on the CEO and the CFO. In Section 404, the Act also requires that these executives have control over the finances of the company and should therefore have evaluated the effectiveness of the current systems, process and measures for financial control. The 11-Title Act addresses almost all aspects of financial reporting and control. It means that companies now have to ensure that any process that has a financial implication is correctly documented in real-time and accounted for. The standard data-entry system also means that an ethical and easy-to-understand financial practice is in place.

Improving Patient s Safety Investigating Risk Factors For...

Older adults living in long-term care facilities fall frequently and the rate will continue to increase. The purpose of this paper is to improve patient’s safety examining risk factors for falls using evidence based practice research studies. The studies suggested that falls are associated with many factors like impairments, medication, lack of exercise, and nursing intervention. Strategies for implementation of a fall prevention are listed, along with current nursing practice. Another essential step is to have a completed risk assessment of resident upon admission, modification of the environment assessment and implementing strategies to identified any potential risks. Introduction Preventing falls and injuries have consistently becoming an ongoing challenge in long-term care facilities. Falls related injuries happen frequently and repeatedly that can cause serious injuries and impact the quality of life. These injuries may lead to loss of independence, injuries, and even death. In adults age 65 and older, unintentional injuries represent the fifth leading cause of death and 66% of these deaths are fall related (Rubenstein, 2006). However, the surrounding alone is insufficient to cause falls, but other factors play a part like medication, cognitive impairment, poor balance, and lack of nursing intervention. Primary care providers must aim to reduce the fall rate and promote resident safety. There should be a continuing communication where nursesShow MoreRelatedBusiness Analysis of Little Falls Hospital1101 Words   |  4 Pagesmost basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or designRead MoreThe Duty Of Care Services1553 Words   |  7 PagesThere are 7 principles all care workers must follow in order to care for the service users effectively. I will be investigating the quality of care given by service providers in both a child and adult health and social care settings. if the duty of care is not followed, implications can occur, for example it is a carers duty of care to report any signs of abuse they may notice on a patient, reporting this to higher authority etc could possibly save that service users life. Service users have rightsRead MoreImproving Geriatric Health, Decreasi ng Healthcare Costs Essay1740 Words   |  7 Pagespessimism; changing the way patients and doctors currently deal with healthcare and prevention can reduce costly financial burdens and improve quality of life. 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Standards of treatment According to the American College of Rheumatology (ARC) (2012) and recommendations by the International Task Force of Rheumatologists (2010) treatment is aimed at remission, reduction of the inflammatory response, pain control, conserving joint function and preventing and/or halting joint destruction. Medications used to treat RA fall into two categories:Read MoreAre the Laws Regarding Mentally Disordered Offenders Adequate?5365 Words   |  22 Pagespsychiatric institutes in the 1980s resulted from therapeutic advancement and the advent of psychotropic medication, which in turn led to a need to provide care and treatment in the least restrictive setting (Geller et al, 2006 ; Morrow e al 2003). Many patients were discharged, starting part of the governments policy of care in the community, part of which Community Treatment Orders (CTOs) are. Introduced internationally since 1980, CTOs were introduced in England and Wales with the amendment to the 1983Read MorePhysical Restraint And Nursing Home Facilities5608 Words   |  23 Pagesfor using a physical restraint include: 1) a concern for the physical safety of the resident; and 2) physical or psychological needs expressed by a resident. A resident s fear of falling may be the basis of a medical symptom. Studies in the 1980’s indicated that restraints were more likely to cause harm rather than prevent it. Restraints caused many detrimental effects that included strangulation, bone loss or the patient becoming weak. Ultimately being restrained oftentimes caused an individualRead MoreA Case Study of Activity Based Costing6470 Words   |  26 Pagesthe organization under different perspectives, investigating reactions, behaviours and results in three subunits arising from the attempts at ABC implementation. The appropriateness of the method is unique as it differentiates this investigation from previous contributions to the ABC literature. The conclusion delved on the implications for implementation of novel accounting techniques in healthcare settings. The study identified a number of factors which influences the implementation of ABC, suchRead MoreGuidelines, Policies And Procedures Within Ownu.k Home Nation Affecting The Safeguarding Of Children And Young People10852 Words   |  44 Pagespolicies and procedures within own U.K home nation affecting the safeguarding of children and young people. Working together to safeguard children 2013 defined safeguarding as protecting â€Å"children form maltreatment, preventing impairment of children s health and development, ensuring that children grow up in circumstances consistent with the provision and effective care and taking action to enable all children to have the best outcomes.† Having safeguards in place not only protects and promotes the

Traditional Accounting Of Context Of Goodieâ€Myassignmenthelp.Com

Question: Discuss About The Traditional Accounting Of Context Of Goodie? Answer: Introducation The greater part of business capacities have grasped cloud-based accounting system and there is diversifying take-up. In relation to the process of bookkeeping, certain benefits are inherent that could replace the traditional accounting system. Cloud-based accounting system is involved in utilising the cloud to store accounting information (Asatiani et al., 2014). With the help of this system, the staffs and proprietors could avail the accounting-related data in the presence of internet access. On the other hand, traditional accounting system needs Goodierr Gumdrops to install a hard drive on which the programming related to bookkeeping is initiated along with recording of monetary information. The cloud-based accounting system provides the ability to utilise the kind of developing power beforehand accessible to diversifying organisations with a greater spending plan. As cloud bookkeeping arrangements and administrations are financially proficient, the firm having a tight plan of spending needs to consider cloud bookkeeping methodologies (Geerts O'Leary, 2015). The firms that use distant representatives could ascertain additional benefits with the arrangements of cloud bookkeeping in relation to comfort, adaptability and openness. The small and medium-sized organisations not having the capability to possess in-house information safety efforts could gain from information of military review with the help of cloud-based accounting system. The organisations, which lack in proficient staffs for dealing with the information technology issues and conventions of catastrophe administration aim to settle with the answers of cloud bookkeeping in order to ensure the value of client-related information. References: Asatiani, A., Apte, U., Penttinen, E., Ro?nkko?, M., Saarinen, T. (2014, January). Outsourcing of disaggregated services in cloud-based enterprise information systems. InSystem Sciences (HICSS), 2014 47th Hawaii International Conference on(pp. 1268-1277). IEEE. Geerts, G. L., O'Leary, D. E. (2015). A note on an architecture for integrating cloud computing and enterprise systems using REA.International Journal of Accounting Information Systems,19, 59-67.