Financial accounting standards board Research Paper

Financial accounting standards board - Research Paper Example However, after the approval of the amendment, entities going through mergers and acquisitions are obliged by the Financial Accounting Standards Board to implement this change in their financial reporting. This is to ensure consistency in the application of these standards among the entities affected. Accounting for any combination taking place after the approval date must be in accordance with the provisions of this standards. In addition, full implementation must be observed, that is, once an entity decides to use these standards, it must be applied fully, ensuring compliance with every paragraph of the standard and not partial compliance (FASB, p14).The board may permit early application to implement the standard by entities undergoing combinations. They can simply apply to the board if they are certain about using the standard. The board may however choose to accept or reject such applications. When the board is sufficiently satisfied that the applicants can implement this standar d, it grants the permission for an early implementation. When such permission is granted, the applicant must comply with the requirements of each provision of the standard as partial compliance is prohibited. They must ensure recognition, measurement, and disclosure are as per the requirements of the standard (FASB, p18).The proposed amendment would result in more relevant information as compared to the current standard on disclosure of identifiable intangible assets. Firstly, this standard limits the separate recognition to non-cancelable contractual terms and other legal rights.

Contemporary Management Issues Essay Example | Topics and Well Written Essays - 2500 words - 1

Contemporary Management Issues - Essay Example The company’ s business is a large-scale business accounting almost all of the country’s natural gas supply and for more than 70% of its crude oil productions (Petroleum Development Oman, 2014). In order to perform its operational activity at more than 5,000 producing wells the company employs about 6  000 people and works with more than 35, 000 contractors (Petroleum Development Oman, 2014). Taking into consideration this type of business and the number of people involved, the company has extremely huge social and environmental responsibility for its activity. There are two key objectives of the assignment. The first one is to provide an overview of the theories of business ethics to stakeholders and critical analysis of how Petroleum Development Oman Llc develops and sustains business ethics and how the company conducts business ethics to its stakeholders (including shareholders, employees, customers, suppliers, and government). The second objective is to review different elements of corporate social responsibility (CSR) and to provide critical evaluation of the rewards/benefits of CSR obtains the Petroleum Development Oman Llc while implementing CSR. There are many various definitions and interpretations of the term â€Å"business ethics†. One of the most common interpretations is that business ethics or values set the definitions of good and bad, right or wrong in business environment (Payne, & Landry 2006). Further, these definitions become generally accepted standards in the business context (Gavai 2010). Thomas Garrett explains that business ethics is â€Å"concerned primarily with the relationship of business goals and techniques to specific human needs† (cited by Gavai 2010, 4). There are recognized two traditional theories of business ethics: Raiborn and Payne principles and the Kantian analysis (Payne, & Landry 2006). The idea of the