Challenges in Adoption of Ifrs in Nigeria - 3452 Words

JORIND (9)1 June, 2011. ISSN 1596-8303. www.transcampus.org/journals. www.ajol.info/journals/jorind THE CHALLENGES OF ADOPTING INTERNATIONAL FINANCIAL REPORTING SYSTEM IN NIGERIA Anthony O. Garuba Department of Accounting and Finance, Western Delta University, Oghara, and Pat Donwa Department of Accounting, University of Benin, Benin City E-mail: anthonygaruba@yahoo.com Abstract Nigeria is going to adopt International Financial Reporting Standard (IFRS) from 1st January 2012. Globalization and Information and Communication Technology (ICT) has reduced the world to a global village. This has given rise to the continuous integration of the world economy and capital markets which has in turn given rise to increase in the interdependence of†¦show more content†¦EU member states may however, permit non-listed companies in their jurisdiction to use IFRS. This has been the practice in EU countries like the United Kingdom, Australia, Ireland, Slovenia and France. While in countries such as Malta, Slovakia and Cyprus which are EU member states, non-listed entities are required to p repare IFRS based financial statements. Other EU member states likePoland, Lithuania and Latvia require non-listed companies to use local GAAP and prohibit them from using IFRS. This goes to show the extent to which countries are careful about adopting IFRS in its totality. Countries that have adopted IFRS in its totality have done so in a gradual and coordinated manner, allowing for transition periods. For example in Brazil financial institutions had between 2007 and 2010 to comply with IFRS. As for Korea, the Financial Supervisory Commission and the Accounting Standards Board of the Republic of Korea, after years of consultations and ground work, announced in 2009 to permit all companies other than financial institutions to apply IFRS as adopted by Korea, but set 2011 for IFRS to become mandatory in the country. In the case of India, it commenced IFRS transition in early 2007 when the Institute of Chartered Accountants of India formed an IFRS convergence task force to look into the various convergence issues and prepare a roadShow MoreRelatedThe Adopting Process of International Financial Reporting Standard (Ifrs) on a Developing Economy5475 Words   |  22 PagesAbstract The study focused on the adoption process of International Financial Reporting Standards (IFRS) on a developing economy, with particular reference to Nigeria. The paper is based on the data obtained from literature survey and archival sources in the context of the globalization of International Financial Reporting and the adoption of International Financial Reporting Standards (IFRS).Nigeria has embraced IFRS in order to participate in the benefits it offers, including attracting foreignRead MoreThe Effects of Credit Management on the Profitability of Manufacturing Companies in Nigeria (a Case Study of Guiness Nigeria Plc3653 Words   |  15 Pagespractices will provide a â€Å"level playing field† for all companies worldwide (Murphy, 2000). IFRS are standards and interpretations adopted by the International Accounting Standards Board (IASB). They include: International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretation originated by the International Reporting Standards Interpretation Committee (IFRSIC) (Oyedele, 2011). 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The ICAB has adopted the latest version of IFAC code of ethics, all the 8 IFRS as BFRS and 28 IAS as BAS then published those standards in the context of Bangladesh. It also introduced Chartered Accountancy education for the English stream students with GCSE A-Level backgrounds. During 2007 the Institute of Chartered AccountantsRead MoreNokias Human Resources System144007 Words   |  577 PagesStandards as adopted by the European Union (â€Å"IFRS†). In accordance with the rules and regulations of the US Securities and Exchange Commission, or SEC, we do not provide a reconciliation of net income and shareholders’ equity in our consolidated financial statements to accounting principles generally accepted in the United States, or US GAAP. We also furnish the Depositary with quarterly reports containing unaudited financial information prepared on the basis of IFRS, as well as all notices of shareholders’Read MoreGsk Annual Report 2010135604 Words   |  543 PagesFinancial statements The ï ¬ nancial statements provide a summary of the Group’s ï ¬ nancial performance throughout 2010 and its position as at 31st December 2010. The consolidated ï ¬ nancial statements are prepared in accordance with IFRS as adopted by the Europea n Union and also IFRS as issued by the International Accounting Standards Board. Shareholder information This includes the full product development pipeline and discusses shareholder return in the form of dividends and share price movements. 58

Fuel Usage Of Electric Vehicles - 1389 Words

Introduction In 2015, transport energy demand in New Zealand was up 2305.56 GWh, the largest annual increase in 20 years (MBIE, 2016). This energy came from non-renewable fossil fuels, and as such is not sustainable in the long term. The subject of this research is to investigate the impact of targeting 20% of the light passenger fleet being electric. The current electric vehicle fleet is less than 1% of the light passenger fleet, which consists mainly of petrol and diesel vehicles (Ministry of Transport (MoT), 2016). If the New Zealand government hopes to increase this figure to 20%, one of the main driving factors is reducing fossil fuel consumption. At face value, electric vehicles are the solution to reducing fossil fuel usage in the†¦show more content†¦Vehicle fleet data (MoT, 2015) reveal that 29,249 million kilometres were travelled by 2,811,703 light passenger vehicles (LPV) on petrol. Hence, the average km travelled per LPV was:29,249 million kilometres2,811,703 LPV=10402.69 km/LPV The average light petrol fleet fuel economy in 2015 was 9.59 L(petrol)/100km (MoT, 2015). Thus, on average, each LPV used: 10402.69 km/LPV9.59 L(petrol)/100km =997.91 L(petrol)/LPV Hence, the total petrol consumed by 20% of vehicles in the LPF is: 997.91 L(petrol)/LPV603,624 LPV=602.36 million L(petrol) Consequently, this means that electric vehicles will save about 600 million litres per year if they replaced 20% of the LPF. Furthermore, in terms of CO2 emissions this equates to: 22.9619.59 L/100km10402.69 km/LPV603624 LPV=13,826,796.2 kgCO2 not emitted from petrol consumption per year. Total fossil fuel offset While electric vehicles do not directly burn fossil fuels, electricity production does. As a result, the total fossil fuel offset from electric vehicles is less than the fossil fuels burned when using petrol vehicles. A popular electric vehicle in NZ is the Nissan Leaf (MoT, 2017). The following calculations use the specifications of this car, which has an energy consumption rate of 18.7 kWh/100 km (US Department of Energy, 2017). For an electric vehicle (EV) to travel the same distance annually as a typical light passenger petrol vehicle, the amount of energy consumed is: 10402.69 km/EV18.7 kWh/100Show MoreRelatedInternal Combustion Engines And Its Effect On The Environment1324 Words   |  6 Pagesatmosphere, turns the planet into a green house and traps the temperature. Factories, electronic appliances used at home are sources of release of carbon particulates. However the primary source of carbon emissions has been motor vehicles that run on petroleum or diesel as fuel. Earlier the number of cars was less and the emission norms were not formed to control the excessive carbon emission. Today the number of cars has risen drastically. 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Not only do consumers have the choice between different brands of automobile manufactures; manufacturers are also offering different types of fuel-efficient cars. Some fuel-efficient cars use traditional internal combustion engines alone; others offer the option to use alternative fuel sources like diesel and biodiesel; and others yet offer the opportunity to drive a car with an electric or a hybridRead MoreWhy Stay with Gasoline Engine Cars When You Can Go Electric? Essay963 Words   |  4 Pagesmoney since their only focus is gas vehicles. Musk named his company Tesla because of Nikole Tesla. He knew when he created Tesla Motors major problems would come with it, but that did not stop him from creating greatness. 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Scientists predict that the worlds oil reserves will not last for long and we need toRead MoreSmart Research Statement748 Words   |  3 Pagesdesign is an essential for electric transportation, smart grid, microgrid, and renewable power generation. My research interests consist of multi-level multi-objective design optimization of the LIBs, the battery management system, the battery state estimation as well as the EV powertrain and power management system design. The battery performance was first studied in its most important application: electric vehicles. As an example, a fuel cell hybrid vehicle contains both fuel cells and battery cellsRead MoreCorrelations Between Population and Pollution993 Words   |  4 Pagesthe air pollution caused from population growth. NASA scientists performed an experiment to examine how the amount of pollution is influenced by the population density in countries with huge population. 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Life And Work Of Jasper Johns Art Essay Example For Students

Life And Work Of Jasper Johns Art Essay Jasper Johns ( born 1930 ) , American painter and sculpturer, helped interrupt the clasp of abstract expressionism on modern American art and cleared the manner for pop art. Versatile in several different artistic Fieldss, he has given the universe sculptures, lithographs, and prints, every bit good as pictures. Jasper Johns was born in Augusta, Georgia, in the center of the Great Depression, to Jean Riley Johns and her hubby, Jasper, Sr. He was a twelvemonth old when his female parent left his alcoholic male parent. Shortly afterwards, he had yet another disturbance when his female parent found herself unable to back up him and left him with her male parent in Allendale, South Carolina. He was nine old ages old when he lost his gramps, and thenceforth, he was shuttled back and Forth between his female parent and assorted relations on his male parent s side. In Search of Focus After graduating from high school in 1946, Johns drifted without noticeable focal point for some clip. He spent a desultory three semesters at the University of South Carolina, so moved on to New York, where he entered a commercial art school in 1949. Here he stayed until 1951, dropping out when told that his work did non deserve a scholarship for which he had applied, but that it would however be granted to him on evidences of demand. Wholly on his ain, he worked foremost as a courier, so as a transportation clerk, and eventually, after come ining college for merely one twenty-four hours, he got a occupation as a clerk in the Marlboro Bookstore. In 1954, he was introduced to Robert Rauchenberg, an artist five old ages older than he was, and the two of them shortly became steadfast friends. Both set up studios in the same edifice, and both supported themselves by making montages, drawings and pictures for window shows used by luxury shops such as Tiffany and Bonwit Teller. A Developing Artist For the first clip in his life, Johns was back uping himself with his art. This alteration from parttime picture and parttime bookkeeping represented a profound alteration in the manner he viewed his ain profession and his ain hereafter. Before, whenever anybody asked me what I did, I said I was traveling to go an creative person, he told Michael Crichton, the writer of his life. Finally, I decided that I could be traveling to go an creative person forever, all my life. I decided to stopA becomingA and toA beA an creative person. He was, in kernel, reinventing himself, and as ever when drastic steps are undertaken, there was both good and bad in his attack. One of the first things he did was to rend up and destruct every piece of his early work.. Fortunately, four pictures survived this action to give art-lovers an thought of his early originative old ages. He began to develop a definite subject and a method all his ain. Intensely interested in experimentation, he learned to work with encaustic a method which combines pigments and hot wax before they are applied to the surface of a picture. Plaster dramatis personaes of different types besides began to look on assorted pictures. The plants most normally associated with this period were his pictures of flags and of marks. The topics he chose were oftentimes objects which are frequently seen, but are normally excessively commonplace to be closely noticed. Then, he proceeded to give them individualism by adding encaustic textures and other elements which both enhanced and lessened their acquaintance at the same clip. Originaljiffynotes In 1955, his paintingA Green TargetA was exhibited in the Judaic Museum as a portion of theArtists of the New York School: Second GenerationA show. But this was non the lone topographic point Johns pictures were to be seen. Along with other creative persons providing images and drawings for Bonwit Teller s shows, he was invited to demo two of his flag pictures in their Windowss. Johns had the first of many one-person shows in 1958. Paintings of flags, Numberss and marks abounded, and all were sold, three of them to New York s Museum of Modern Art. The twelvemonth 1958 was notable besides for his first sculptures, called, A FlashlightA andA Lightbulb I.A But possibly one of the twelvemonth s most abiding accomplishments was a picture calledA Three Flags, A which would be sold to the Whitney Museum in 1980 for the amount of __BODY__ million. Dada in Development In 1959 Johns met the creative person Marcel Duchamp for the first clip. Duchamp, 40 seven old ages Johns senior, had long been one of the art universe s most influential figures. He was a advocate of the school known as Dada, which, before deceasing out in 1923, had sought to destruct preconceived impressions of what was or was non artistically acceptable. Duchamp himself had contributed to the motion, mostly by picturing what he called ready-mades, ( useful articles such as snow shovels and bottle racks ) subscribing the resulting images, and showing the consequence as objects of art instead than objects made for mundane usage. Business Ethics EssayIn decision Jasper Johns is a popular creative person. On February 15th, 2011 he received theA Presidential Medal of FreedomA from PresidentA Barack Obama, going the first painter or sculpturer to have a Presidential Medal of Freedom sinceA Alexander CalderA in 1977. BIBLIO www.dropbears.com/a/art/HYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html biographyHYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html /HYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html JasperHYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html _HYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html JohnsHYPERLINK hypertext transfer protocol: //www.dropbears.com/a/art/biography/Jasper_Johns.html .html hypertext transfer protocol: //www.leninimports.com/jasper_johns_bio.html hypertext transfer protocol: //www.jasper-johns.com/ hypertext transfer protocol: //www.artchive.com/artchive/J/johnsbio.html hypertext transfer protocol: //www.biography-center.com/biographies/6281-Johns_Jasper.html hypertext transfer protocol: //www.imdb.com/name/nm0424326/ hypertext transfer protocol: //www.google.ca/search? um=1HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns hl=enHYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns rl z=1C1AVSA_enCA422CA422HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? 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um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns tbm=ischHYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns oq=jasper+johns+HYPERLINK hypertext transfer protocol: //www.google.ca/search? um=1 A ; hl=en A ; rlz=1C1AVSA_enCA422CA422 A ; prmdo=1 A ; biw=1366 A ; bih=667 A ; tbm=isch A ; oq=jasper+johns+ A ; aq=f A ; aqi=g10 A ; q=jasper Johns amp ; HYPERLINK hypertext transfer protocol: //www.google.ca/search? 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