Final Thoughts: COM 102

Over the summer semester, I took Com 102. Coming into this communications class, I did not feel I was a good writer. My senior year of high school, I took a college prep writing course. Then my freshman year of college, I took a basic writing class. Neither of these classes really seemed to broaden my horizon. I feel that I did well in Com 102.

I feel I did better in this class. Before, when I had written a research paper that had to be 7 pages, I felt my writing was not strong. Today, after writing a 10 page paper on the Switch from GAAP to IFRS, I feel my writing has improved greatly. I think I improved in organization and the flow of the paper. Everything seemed to transition smoothly. Also, in the introduction area. Before it was all about making a thesis statement.. blah blah blah… same thing over and over again. I also think that in general, I tried harder. After, for the first time in my life, receiving a failing grade, I quickly had a mind-set adjustment. For the past year, I have been putting more effort into class and trying harder. I think my efforts have been paying off.

One outcome that I feel I achieved was creating connections among texts discussed and other texts. For one, my major is accounting, and my paper was about an accounting topic. I made connections between the chatterguide and texts I looked up and used for my trend paper. I even made connections in articles and texts read for my paper, and my previously taken accounting courses.  This is something important to know, because it is being able to relay information. How can one understand something on one text, and not on another? It is being able to understand something and execute the skills, which is something I feel is important for a successful career in any field. I achieved this by connecting topics in the chatterguide to information used for my trend paper.

I did enjoy this class. It made the class more fun because it was not all book work and lectures. I am not a fan of just sitting and listening to a professor lecture, and the students trying to follow and figure out what information to take notes on. I also thing all the presentations were a good thing. Today, communication and speaking with others is a huge part of our world. Not all people have these skills, and are something that needs to be practiced. I also liked having meetings with you as the teacher, because I think that you have the best advice for us. It is your job to help us! I also liked only writing one long research paper. I liked that you had us link it to our majors. I think this was a great idea, because if they did link it, it can greatly help us in the future. I know mine will help me! The thing I liked least was peer reviews, but at times I do understand how it helps. Most of the times, students don’t actually take time to actually review it, so I do find them pointless. However, it all depends on who you have review it. The second time, I had my brother review it. My brother is very smart and has a better sense of connecting words, and a better vocabulary than I do. He really helped me out! The only thing I think should be more emphasized in class, is MLA structure.

Overall, I think that class was a success. It will help me in the future in many ways. It helped keep my communication skills strong and it helped me to learn more about my major. Both things an account needs to be strong in. It was also was fun and creative. I did like the blog as well, because it gave you more freedom to write, when you want, but I wish it had more formatting technology! Great Class Overall!

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R&R: Elevator Chats

There were many different subjects discussed in Wednesday’s Elevator Chats. First, Collette talked about the Value of a dollar. She talked about how she never understood, untill you had her daughter, and now spends around $600 a month on her. Next, Kiki talked about how the Business economy crashed.  She gave examples of companies trying to promote their business, like Starbucks and the afternoon deal. Then, Carmen spoke about online dating and how it is more socially acceptable today. She said her uncle and aunt met online and are very happy. Moose then talked about how professional athletes are playing more for the joy of winning, and turn down bigger moneys. Caitlin talk about the morality of plastic surgery and how there are many emotional effects. People are never satisfied with their appearance. I then talked about how the US is switching from GAAP to IFRS. Next, Kasie talked about the 2010 World Cup and how it was marketed. Similarly, Bobby was next and talked about how sports instant replay is becoming popular. Last, Mario talked about health informatics and how they might switch to health information online.

One of the topics I personally really liked was the Morality of Plastic Surgery.  Many people who receive plastic surgery, get diagnosed with a disease called Body dimorphic Disorder.  I think its interesting because people constantly over do it. They are never satisfied with themselves. I can relate to this not because of plastic surgery, but when I was younger, I was overweight. I lost over 20 pounds, and was not overweight anymore, but I was never satisfied. I eventually gained weight back, however now I do not care. I also found the Value of the dollar interesting. It relates to almost everyone in the world right now, because of the recession.  Today, everyone has to be more frugal with their money.

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The Switch from GAAP to IFRS

The Switch from GAAP to IFRS
“Things alter for the worse spontaneously, if they be not altered for the better designedly”

Since the beginning of time, countries have differed in languages, religions, governments, and many other factors. Over time, countries have worked together to create systems that the entire world can use. For example, in the late 1700’s, the French adopted the metric system, a system of units of measurements. Today, the entire world, except three countries, uses the metric system (A Brief History of the Metric System). The accounting system currently being spread is the International Financial Reporting System (IFRS). The question on everyone’s mind is: Will the United States keep their current accounting standards (GAAP), or switch to IFRS?

There have always been financial standards that companies and businesses have had to follow. As we can tell from the events of the Great Depression, the standards in place have not always been followed. Since then, the U.S. has created and enforced rules to try and carry on our country in good standing. The only thing that might harm our country with our current standards is that the majority of the world uses a different financial standard.

The United States currently uses Generally Accepted Accounting Principles (GAAP). After the Great Depression, the federal government created an organization identified as Securities and Exchange Commission (SEC). SEC was created to enforce GAAP. This led to the foundation of the Financial Accounting Standards Board (FASB), whose duty is to regulate accounting found in financial statement and continue improving GAAP. “Generally Accepted Accounting Principles are uniform minimum standards and guidelines to financial accounting and reporting. GAAP establishes appropriate measurement and classification criteria for financial reporting.” (State Administrative and Accounting Manual Chapter 80 Accounting Policies).

Over 131 countries currently follow International Financial Reporting Standards (IFRS), which permits people to see a range of businesses from all these different countries, consistently on the same plate.
“The IFRS Foundation is an independent, not-for profit private sector organization working in the public interest. Its principal objectives are: to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the International Accounting Standards Board (IASB); to promote the use and rigorous application of those standards; to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and to bring about convergence of national accounting standards and IFRSs to high quality solutions.” (IFRS).
The essential objective of IFRS is to decrease costs for multi-national corporations, and to let investors make valid judgments between companies across the world.

The trend towards IFRS has developed around a universal arrangement to coordinate accounting standards world-wide. It is viewed as more than just a way to bestow an international accounting standard; it is also a chance to inspect the reliability and value of management during exposure of financial statements. The IFRS foundation has greater potential in making available a general policy for investors and companies to evaluate financial statements (GAAP VS IFRS).

Even though there are numerous differences between GAAP and IFRS, there are also similarities. The general principles, conceptual structure and financial results are all similar, if not the same. The two sets of principles are overall more comparable then they are different.

One of the main differences between the two sets of standards is that IFRS is more likely to be principle-based. GAAP on the other-hand is rule-based standards. Rule-based standards are more easily applied and implemented when put side by side with principle-based standards. Principle-based standards structure makes it more likely to have different ways to interpret similar transactions. This entails uncertainty and involves widespread disclosures in the financial statements. Although principle-based might be harder to interpret, the areas of debate can be simplified by the standards-setting board. Due to these clarifications, principle-based standards present less exception than rule-based. IFRS is comprised of positions and direction that can be measured as sets of rules instead of sets of principles. (Is IFRS That Different From U.S. GAAP? ) These rules are wider and have less detailed guidance applications, and can effortlessly be manipulated by motivations a company may have.

Many say that the switch from GAAP to IFRS is a must for the United States. This is so we can have the same financial standards as the rest of the countries currently using and implementing IFRS. Also, as more countries become developed, humanity becomes more and more globalized. This produces the strong need for the same financial standards. It will help countries be able to compare financial reports with one another. This will give American markets and businesses easier contact to foreign companies, and give everyone a better chance generate foreign capital. If the United State made the modification, it would also help investors. It would give them a better chance to completely compare American and oversea companies, which is something that has been hard in the past. This could direct the way to a heavily enhancement in foreign investment.

One thing that most people are wondering is: When is this substitute going to take place and how long will it take? FASB Chairman Robert Herz says, “Most people seem to be arguing (for) continued convergence until the two sets of standards get identical. I think trying to get every nooks and cranny, particularly all the nooks and crannies of U.S. GAAP, could take quite a long period of time.”(Pickrell) In 2008, SEC created a plan on the transition from GAAP to IFRS after the FASB and London-based International Accounting Standards Board (IASB) signed a shared memo of understanding (Alcaro)(Pickrell). By the end of 2010, they hope to have a tangible roadmap. Then in 2011, a concluding authorization to allow the change will trigger a line of events. Some changes have already begun taking place. “About 110 companies – those that are among the 20 largest global companies in their industries, and for which a large number of competitors currently apply IFRS”, have been allowed to apply the global standards beginning with any financial statements issued after December 15, 2009 (Mulligan). The timetable allows other large companies to apply IFRS with their financial records beginning in 2014. The smaller firms can start the next year, in 2015 and the minor publicly reporting companies would make the change in 2016 (Mulligan). Back in 2008, it was said that “There is a broad bipartisan political support for the shift, making it likely that this programme will go forward even if, as expected, Cox soon resigns.” (Mulligan) As expected, SEC chairman, Cox did resign. Mary Schapiro is the current SEC chairman, and is continuing on with the transformation as far as we know. However, the final decision will not be made fully until 2011.

There are many disadvantages to switching to International Financial Reporting Standards. One main disadvantage is the conversion. Since the United States currently uses GAAP, they will have to gain knowledge of the International Standards. They will have to find a way to educate and prepare current employees for the change, along with new employees. The United Kingdom just transitioned to IFRS as well in 2002. It only took the U.K. three years to completely transition. Due to some of our rules already in the processes of convergence, some say it should be easy for the United States to completely adopt IFRS. FASB Chairman Herz does not think this is the case at all. He says, “I hear some are saying it would be easier for us, I don’t think that’s the case. We have the most complicated reporting system in place.” (Johnson).

Another disadvantage will be Business college courses. They will all need to need to completely change. Not only will the student’s curriculum be changed so that they are learning International Standards instead of Generally Accepted Accounting Principles, Professors will need to be trained as well. One of the most difficult time periods will be the in between, from now until the final agreement that the U.S. will convert to IFRS. Do professors teach GAAP to students or do they start teaching IFRS? The transition will be hard for all at first, but will become easier as graduates start coming out well trained in IFRS.

Another drawback to switching to IFRS is that diminish current U.S. power over accounting. The United States currently has two organizations that are associated with GAAP, but Congress and the court precedents also have authorities within GAAP. Our accounting standards are set by the Financial Accounting Standards Board and enforced by the Securities and Exchange Commission. SEC currently maintains significant jurisdiction over the standards and must approve any recent regulations the FASB creates. If the U.S. replaces GAAP with IFRS, it will no longer be in our control. The London-based International Accounting Standards Board sets IFRS. “SEC’s relationship with that body is more as an adviser, than an overseer.” (Mulligan). Due to this, the Commission’s capability to manipulate accounting standards will strongly be belittled. It will also diminish the FASB because they are not the ones creating our financial standards. Many American companies are worried that with IASB creating everyone standards, that our wellbeing and interests will not be pursued as well as they were by the FASB.
Another detriment could be cost. The transition can be very expensive for a number of companies, especially for businesses that are not prepared for the change. This period will be very difficult, and create confusion for investors who only are knowledgeable about GAAP.

However, in the long run, there could be considerable cost savings if the projected altercations are approved. Many companies that have domestic and foreign operations create two sets of financial records; one under GAAP and the other under IFRS (Alcaro). For companies that make these two financial records, they can cut costs by not having to make two. They will only have the one book with IFRS instead of having that one, and one for GAAP. It will make it easier for investors to make oversea comparisons as well.
The main advantage of the U.S. switching to IFRS is that American businesses will have a better understanding of the foreign markets. This will help us understand better because the financial statements are all comparable. We will finally be able to compare financial records to all the other countries using these same accounting standards and know exactly what it means. It will also give companies better access to global markets and create a better opening to generate foreign capital. Not only will companies benefit from the switch, investors will as well. They will now be able to completely compare American and global businesses in order to decide which is the better investment. This could also lead to a heavy improvement in foreign investment (Alcaro).
However, along with IFRS helping to create a worldwide financial reporting system to make it easier, there is a downfall. Since IFRS incorporates the value decision of an accountant in its financial reports, these results can be easily influence. They can be manipulated by incentives of a company, or by what different countries think they need, causing a number of ways to implement IFRS (Yoon). This ultimately defeats the purpose of creating a global standard.
Even though the U.S. has already begun to converge, there are still many big differences that need to be addressed. One is that the International Financial Reporting Standards does not allow the inventory costing method that the U.S. GAAP permitted, the Last in First out (LIFO) method. Another is that GAAP allowed a two-step method for impairment write downs, while IFRS permits a single-step method. This makes write-downs more likely. Also, IFRS has different probability threshold and measurement objective for contingencies. Another is IFRS does not allow curing liability covenant violations after the year is over. To conclude these examples is IFRS guidance regarding proceeds recognition is less extensive than GAAP and contains relatively modest industry-specific instruction (AICPA IFRS Resources). These are the few chosen as an example to show, but certainly not limited to.

I personally think that the switch from GAAP to IFRS will benefit us in some ways and hurt us in others. I have taken some accounting course and understand most of this; however, my interpretation of these two systems lacks specificity due to what I think is very general and broad understanding of the systems. I think that the world all using the same accounting system will definitely make it easier to compare markets all over the world. However, I think that having the same system will also hurt some countries in the long run, depending on who adopts IFRS. The world has become more elite and more globalized each year. There are some countries that are so technologically advanced, and others that still running markets the same as decades ago. As for the U.S., the most advanced country in the world, I don’t understand how we could have the same financial records as some countries, like the third world countries. Also, since the IASB is creating these standards, I would agree that they have to take the entire world best interests to heart. Whereas under GAAP, the FASB only has to take into consideration what would be best for the United States. I also think that with the economy being so bad, and the unemployment rate being so high, that this could hurt us in some ways. Since the Financial Accounting Standards Board and the Securities and Exchange Commission will eventually have no control and eventually no purpose, there will be even more job losses. We will ultimately have no control over the accounting rules made for our country to follow. On the other hand, since the standards will be the same, I think that businesses in general will create more revenue due to the fact that they better understand foreign affairs. I also think that because IFRS has a more principle approach and that people can easily manipulate the standards to fit their company, that the point of similar financial standards will be defeated. There are some creative people out there that might manipulate it the wrong way.
(The countries in blue already allow or require IFRS. The countries in grey are in the midst of converging to IFRS) (IFRS adoption and use around the world).

“The goal of the IFRS Foundation and the IASB is to develop, in the public interest, a single set of high-quality global accounting standards. In pursuit of this goal, the IASB works in close cooperation with stakeholders around the world, including investors, national standard-setters, regulators, auditors, academics, and others who have an interest in the development of high-quality global standards.”(IFRS) It seems as most countries are trying to get in the loop, and adopt the International Financial Reporting Standards. Countries such as Canada, Japan, Mexico, and India are currently in the midst of switching over. The United States has already converged some of the IFRS rules. There are advantages and disadvantages to adopting the global accounting standard, and many more differences that need to be compared. Will they continue until GAAP is extinct and the U.S. is completely following IFRS, or will they only adopt some rules and keep GAAP? . The Answer is coming in 2011.

Works Cited
A Brief History of the Metric System. 20 July 2010 .
AICPA IFRS Resources. 15 July 2010 .
Alcaro, John. Should the U.S. switch to IFRS? 20 July 2010 .
Bacon, Francis. Famous Quotes and Authors. 15 July 2010 .
Corporate Compliance Insights. 14 July 2010 .
GAAP VS IFRS. 14 July 2010 .
IFRS. 13 July 2010 .
IFRS adoption and use around the world. 26 July 2010 .
Investopedia. 13 July 2010 .
Is IFRS That Different From U.S. GAAP? . 15 July 2010 .
Johnson, Sarah. Could you switch to IFRS in 3 years? 17 December 2007. 19 July 2010 .
Mulligan, Carey. UNITED STATES: SEC adopts global accounting rules. 20 July 2010 .
Pounder, Bruce. IFRS Risk: Not What You Think. 14 May 2010. 13 July 2010 .
State Administrative and Accounting Manual Chapter 80 Accounting Policies. 13 July 2010 .
Wikinvest. 13 July 2010 .
Yoon, Nara. Advantages and Disadvantages of switching for U.S. GAAP to IFRS. 2009. 16 July 2010 .

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Trend Paper working draft

Claire Malinowski

COM102 001

Mr. Shermak

15 July 2010

The Switch from GAAP to IFRS

A wise English philosopher, Francis Bacon, once stated, “Things alter for the worse spontaneously, if they be not altered for the better designedly” (Bacon).  This is exactly what the United States is thinking of doing, altering our financial standards in order to better our economic standing.             Since the beginning of our country’s birth, there have always been financial standards that companies and businesses have had to follow. As we can tell from the events of the Great Depression, they have not always been followed. Since then, the U.S. has created and enforced rules to try and carry on our country in good standing. The only thing that might harm our country with our current standards is that the majority of the world uses a different financial standard.

The United States currently uses our own Generally Accepted Accounting Principles (GAAP). After the Great Depression, the federal government created an organization identified as Securities and Exchange Commission (SEC). SEC was created to enforce and regulate GAAP. This led to the foundation of the Financial Accounting Standards Board (FASB), whose duty is to regulate accounting found in financial statements, also known as GAAP. “Generally Accepted Accounting Principles are uniform minimum standards of and guidelines to financial accounting and reporting. GAAP establishes appropriate measurement and classification criteria for financial reporting.” (State Administrative and Accounting Manual Chapter 80 Accounting Policies).

Over 131 countries currently follow International Financial Reporting Standards (IFRS). “The IFRS Foundation is an independent, not-for profit private sector organization working in the public interest. Its principal objectives are: to develop a single set of high quality, understandable, enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body, the International Accounting Standards Board (IASB); to promote the use and rigorous application of those standards; to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs); and to bring about convergence of national accounting standards and IFRSs to high quality solutions.” (IFRS).

The essential objective of IFRS is to decrease costs for multi-national corporations, and to let investors make valid judgments between companies across the world.

The trend towards IFRS has developed around a universal arrangement to coordinate accounting standards world-wide. It is viewed as more than just a way to bestow an international accounting standard; it is also a chance to inspect the reliability and value of management during exposure of financial statements. The IFRS foundation has greater potential in making available a general policy for investors and companies to evaluate financial statements (GAAP VS IFRS).

Even though there are numerous differences between GAAP and IFRS, there are also similarities. The general principles, conceptual structure and financial results are all similar, if not the same.  The two sets of principles are overall more comparable then they are different.

One of the main differences between the two sets of standards is that IFRS is more likely to be principle-based. GAAP on the other-hand is rule-based standards. Rule-based standards are more easily applied and implemented when put side by side with principle-based standards. Principle-based standards structure makes it more likely to have different ways to interpret similar transactions. This entails uncertainty and involves widespread disclosures in the financial statements. Although principle-based might be harder to interpret, the areas of debate can be simplified by the standards-setting board. Due to these clarifications, principle-based standards present less exception than rule-based. IFRS is comprised of positions and direction that can be measured as sets of rules instead of sets of principles. (Is IFRS That Different From U.S. GAAP? )

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R&R: Criticism

This article talks mostly about the types of criticism and how to react to it. In order for the writer to deal with criticism, they must learn to value criticism, write without thinking about criticism, learn to criticism openly and respond to it effectively. One must learn to value criticism because it can help a writer improve their paper. Most of the time, people try to avoid criticism due the fact that they feel they did a bad job, or the fear of being hurt and thinking they are not good enough. They must write without thinking about it because then they lose the main focus of the writing and focus on how good it is. Criticism is a healthy way to review and edit a paper and one must learn how to do it and how to respond to it. It also talks about the different kinds of criticism.

I did like this article because I think it is true. A person really can only learn from constructive criticism. Also, in the sense that some criticism some people do dread hearing and that it hurts when it is not constructive. This article does relate to me in many ways. In a professional way, because I am a manager at the Lemont Park District Outdoor Pool and sometimes I need to correct the lifeguards. I try to use constructive criticism in these situations, so i do not hurt ones ego. It also pertains to me being a student. As a student I look up to people such as my teachers, advisors and peers to help lead me in the right direction and tell me what I am doing wrong, by constructive criticism. I think this article was a good piece of writing because it definitely brought up many valid points and explained them well.

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Read and React: Audience Analysis

Both of these articles are talking about the transition from Analog television to Digital television. The way that it is working now, is when you have an analog television, depending on the type, can only receive cable, satellite and over the air. Digital on the other hand, can receive any service. They are trying to diminish over the air analog televisions. The way that one will be able to watch over the air programs, is to be a digital tuner that will convert. This is the only way to avoid television loss. They plan on making this change to be done by March 1.

The article from the Los Angeles was much easier to understand than the article from Cnet. This is most likely due to the Los Angeles knows they have a general audience.  Whereas Cnet has people who prescribe to their articles, so they think they have some prior knowledge. What I liked about the Los Angeles article was how is put everything in a simple format and flat-out told you that with what time of tv one has, what they can get out of it. I don’t know much about all of this, but from this article I can get a basic understanding of what is going on.

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Chatterguide R&R

The chatterguide for a great resource for the trend paper assignment. It not only can be used to refresh our memories for what we already know, but also is a tool available for what we didn’t know. It is a great way to use other people’s knowledge as a resource as well. The chatterguide did affect my topic for my trend paper. At first, I did not understand what types of things could be trends in the business area. However, looking through news articles reflected many trends. My topic I chose did not come from a google news search article, but it was a keyword and it was something I had heard about in the past. Also, it is something that will affect my career in the future, so it is something that have knowledge about can only benefit me in the end. I would not make any changes to this project. It was very effective the way it was. The best source I think that we found in the chatterguide was the google news searches because they brought up many trends that could be available to use in our trend papers. Same with the journals from the database, they also can be used to help with our trend papers. All the information gathered from the project will be helpful to the trend paper.

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Chatterguide Business Group

Keywords:

GAAP: are accounting policies used to prepare, present and report accurate financial statements.

Balance Sheet: is a financial statement that gives an overview of a company’s assets, liabilities, and shareholder’s equity at a specific period in time.

Budget: A summary of estimated expenditures for a specific period of time with proposals of financing them. Also a list of all planned expenses and revenues.

Marketing: The process of promoting, selling, and distributing a product or service from the producer to the consumer.

Accounting: The process of recording and summarizing business and financial transactions.

Entrepreneur: A person who organizes, manages, and takes upon the risks of a business.

Shareholders: A person who owns or holds their own share in a specific property.

Unemployment rate: is the number of unemployed workers divided by the total civilian labor force, which includes both the unemployed and those with jobs (all those willing and able to work for pay).

Websites:

http://www.fasab.gov : The Federal Accounting Standards Advisory Board; The FASAB makes federal accounting standards after considering certain needs of residents and executive agencies, such as financial and budgetary information. This website allows access to newsletters, meetings, projects and Generally Accepted Accounting Principles (GAAP).

http://www.business.gov: is the official business link to the U.S. government. It provides many quick links such as loans and grants, business law, start a business, register a business and run a business. It also includes a search function in case one has something specific they need to find that is not in the quick links.

http://www.entrepreneurship.gov/: The EDA-Economic Development Administration is known for being united by the power of ideas of entrepreneurship. The EDA is an updated website that offers a variety of different links as well as articles related to a specific topic. This website offers recent news related to innovations in the American Regions in which helps their users access both a region’s strengthens and weaknesses. What differentiates this websites from other’s is their link that allows access to several different videos relating to the topic of entrepreneurship.

http://www.news-gazette.com: The News Gazette: Is a small town paper of Illinois discussing how the unemployment’s rates are still high but shortly dropping in certain counties. Such as the Danville metropolitan area had the third highest unemployment rate of the state’s metro areas. Its rate of 11.1 percent was exceeded by Rockford’s 13.9 percent and Kankakee-Bradley’s 11.7 percent. This cites keeps one informed about East Central Illinois rates of unemployment monthly.

Google New Search:

“Shareholders”. A Google news search of shareholders brings up many interesting topics. One interesting one states that the Toyota president apologizes to its shareholders. This was done at the Shareholders’ meeting, which was closed to the media. President Toyoda states that the company is about doing things the right way and that they are deeply sorry for the concerns they caused. He believes the most important task is to regain customers trust.

“Accounting”. A Google news search if accounting showed many different articles. The first one on the list was about the Federal Accounting Standards Board making a new rule. The FASB has been working with the International Accounting Standards Board to merge America’s Generally Accepted Accounting Principles. In doing so, together they created a new standard that states that will require companies to book leases as assets and liabilities on their balance sheets. This change is meant to stop off-balance sheet doings for leases.

“Marketing”. This website opens up by telling us that Electorlux’s, the vacuum maker is offering feedback to BP. They mention how BP geared their campaigns to going “green” after seeking to win over consumers. Electrolux mentions that the BP oil company changed its logo to a green and yellow sunflower in hopes to contribute to the green marketing campaigns of the green movement. Yet however, their attempts became little when millions of gallons of oil were spilled into the Gulf of Mexico. This site gathers ideas for using both the Electrolux vacuums as well as cleaning up BP’s oil spill. Facebook and twitter accounts have also been created in order to gain support from consumers.

“Budget”. A budget of $63 million was decided in the City of New York. It would eliminate roughly about 2,000 jobs at the luxury of not increasing their taxes. Several services would be cut such day care programs and less money for education. However, overall spending will increase by $3.6 billion, due to the rising pensions and health care costs. The website is broken down into several aspects and their contributions to making this budget cut possible. It also includes the steps in which they plan to take and the overall effect it will have on New York City.

“Unemployment Rate”. Person County’s unemployment rate remains at 10.6 percent during May: For the past two months unemployment rates has decrease in Person County’s. The rate of unemployed remains steady at 10.6 percent in May, according to the Employment Security Commission of North Carolina. In April, Person County’s unemployment rate dropped from 11.5 percent in March. One month prior, Person County’s jobless rate tumbled 1.2 percent from its February mark of 12.7 percent. According to the ESC numbers released Friday, unemployment rates decreased in 86 of North Carolina’s 100 counties. Jobless rates decreased in 99 of North Carolina’s counties in April after dropping in all 100 counties in March

Journals:

A methodology for the semi-automatic creation of data-driven detailed business ontologies: In this journal is used to talk about how companies feel the need to renew and optimize their information systems. The introduction of this article includes the methodology for integrating information in companies, which results in the creation of business ontology. It also includes a similarities and differences between business ontologies. In addition, this journal addresses the fundamental business concepts as a tool for those interested in learning how business works.

Marketing the Public Library’s Business Resources to Small Businesses: This journal addresses the public library’s services to small businesses. The public library’s contribution helps the economy as well as makes the public library as a whole more essential. This journal also goes into detail on how the business library can market itself and assist to adapting to change. Ways to market the business can be found in this journal, in addition to ways of marketing the business library.

Who Broke America’s Jobs Machine? : This Journal specifies why the unemployment rate is so high and the relate companies are ones the main ones to blame. As technology grows daily more and more jobs are being taken away. The journal has recent news about the unemployment’s rate.

To FASB or not to FASB?: This article talks about how the Financial Accounting Standards Board and the International Accounting Standards Board are on different paths in dealing with their financial issues. On May 26,2010, FASB release 214 pages of new proposals. If these proposals are approved, it would stir up banking by significantly enlarging the effect of fair-value accounting. The two accounting standards boards are working together to try to figure out what will be best for the economy.

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Tiger Town Blog

There were many different parts to this article. One main part was talking about how the economy is so bad. It explains how people don’t have the money to do the things they used to do. It focuses on the Detroit Tigers and how the people of Detroit will spend their money on tickets to the baseball games. Another main part is about the owner of the Detroit Tigers, Mike Ilitch. It talks about his past with the Red Wings hockey team, and the four Stanley Cups they won under his ownership. After he bought the Tigers, they had twelve consecutive losing seasons. It talks about his choice to keep General Motors advertisement, free of charge and how he turned the situation into a good one.
I did like the article, because it is very true. Sometimes, all people have to look forward to, is their towns athletic teams. It relates to me because the whole economy is doing poorly. I do not think that this is a research paper. I feel it was more of a short story, or a narrative essay. It did have some good facts in it, so research was done for it. I do not feel the paper as a whole was a research paper though.

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About Me

Hi! I’m Claire. I am currently enrolled in the COM102 class at MVCC. My intended major is Accounting. In the fall, I will be attending Southern Illinois University at Carbondale.

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