Mutual Exclusion in Multiprocessor Systems Essay

Mutual Exclusion in Multiprocessor Systems - Essay Example This issue can be resolved by employing an appropriate mutual exclusion of the programs and their resources so that no two programs would request for the same resource if one of them is using it already. Therefore, under many occasions, it is important for the programs to recognise the usage of any of the resources and should provide for resolving the same at the earliest possible opportunity. This paper aims at studying the possible mutual exclusion algorithms that are employed in a uni-processor system and in a multi-processor system. With reference to the execution of a code or a section of a code, these should not be executed by two processes at the same time. They are to be critical code. Assuming that there will be multiple processes running on multiple processors, there could be more than one process requesting for the same resource. It is important for all the requesting processes to allow one process to run at a time. Mutual exclusion algorithms should ideally provide lee-way for the following options: 1. Freedom from deadlock: Locking is the simplest way of avoiding repeat use of critical processes. While locking can be effective for stopping execution of a job, when another one is running, it might not be fool proof. For instance, if process 1 locks a critical section A for its use and it makes use of section B for execution of the section A and suppose process 2 locks section B and for its execution if it needs section A which is locked already by process 1, then a dead lock occurs. (Figure 1). Any successful mutual exclusion should also avoid deadlocking. 2. Freedom from Livelocking: This is a desirable requirement for the algorithms offering the mutual exclusion. This would ensure that there is no permanent lock existing for any process; a corollary of the deadlocking. But it also says that if some process wants to enter a critical section, one such process will enter the critical section. This implies that the one

Investigation of Restaurant Finance Essay Example | Topics and Well Written Essays - 4500 words

Investigation of Restaurant Finance - Essay Example The restaurant has to offer high quality dishes as per cuisine menu because they are tested and people have gained trust to them. In this restaurant, range of products will be offered including, POSTRES and DESSERTS, ALA KARTA dishes, PLANTAINS and FRIED TANGS, HOT and cold salads, SANDWICHES’, BEVERAGES among other acceptable dishes as per cuisine menu. Having decided on what type of the restaurant is needed, the remaining part is getting the funds from most effective sources that will facilitate in any way possible to the success of the restaurant. Personal saving – in this, someone needs to think of the idea in quite reasonable time and develop an account of saving towards the venture. The magnitude of saving depends mostly on the size of restaurant one want to start and one will save proportionately towards the venture approximated cost. This type of funding is most convenient because one is assured that the fund is there. One may also save with the intention of getting more finance from a financial institution that offer loans on the basis of saving in the account. One of the challenges of this form of financing is that it may take centuries before one accumulates enough funds to start off the venture. Bank loan- the second option available as a source of fund is acquiring loan at the bank. With bank loans, one can be able to acquire enough capital to start off at age. It also gives one ample time to repay the loan as per agreement. The challenge of this form of finance is that limited to the policy of the bank and in one case or another one may qualify under the policies, one may not be granted the funds. Some limiting factors in this form of finance are needed for a guarantor, the need for collaterals that can be taken to repay the loans and also one may be required to have saved with bank some amount and for a specific time. If one does not meet these entire requirements, automatically one disqualify from getting the

European Efforts for the Empowerment of Talent Essay Example for Free

European Efforts for the Empowerment of Talent Essay The author gives the tremendous account for the efforts put by the European Commission in empowering its talent by facilitating, sponsoring, and being a driving force behind its universities. There is high stress on innovation, research, promotion of research, and association of research into teaching for the last two decades. There is also serious effort put by the European Commission in nurturing the link between its universities and industry so that talent empowerment can be up to the latest requirement by developing curricula through research and collaboration of industry and universities. There are considerable programs being run by the European Commission to meet its set targets which seem well organized as compared to the rest of the world in relation with empowering the youth through education in globalization. There is also great effort put by the same region on the development of distance learning programs that aim to foster the back benchers of society. Additionally, information and communication technologies and continuing education or learning as a lifelong process are other milestones that European Commission is set to cover. Among a number of programs, the very recent ones are: the European Research Area (ERA), the European Credit Transfer System (ECTS) and the European Higher Education Area (EHEA)/Bologna process . Thus, by putting efforts on the reformation of the ways of education today the world can be rightly globalized in a positive way that can benefit all the nations and peoples. This way, universities can play a more vital role as important, indeed, as it was in the past. The global approach to education calls for â€Å"research on strategic and monitoring planning to manage globalization and technological and scientific change. To properly manage this, a more holistic view and a better interface across all relevant knowledge areas is necessary† .

Women Entrepreneurs May Be Defined Business Essay

Women Entrepreneurs May Be Defined Business Essay The Indian women are no longer treated as show pieces to be kept at home.They are also enjoying the impact of globalisation and making an influence not only on domestic but also on international sphere.Women are doing a wonderful job striking a balance between their house and career. Dr. Kiran Mazumdar-Shaw, Chairman Managing Director of Biocon Ltd., who became Indias richest woman in 2004, was educated at the Bishop Cotton Girls School and Mount Carmel College in Bangalore. She founded Biocon India with a capital of Rs.10,000 in her garage in 1978 the initial operation was to extract an enzyme from papaya. Her application for loans were turned down by banks then on three counts biotechnology was then a new word, thecompany lacked assets, women entrepreneurs were still a rarity. Today, her company is the bigget biopharmaceutical firm in the country. Neelam Dhawan, Managing Director, Microsoft India, leads Microsoft India. She is a graduate from St. Stephens College in 1980,and also passed out from Delhis Faculty Of Management studies in 1982. Then she was keen on joining FMCG majors like Hindustan Lever and Asian Paints, both companies rejected Dhawan, as they didnot wish to appoint women for marketing and sales. STATUS OF WOMEN ENTREPRENEURS IN INDIA Women entrepreneur as defined by the Government of India is an enterprise owned and controlled by a women having a minimum financial interest of 51 % of the capital and giving atleast 51 % of the employment generated in the enterprise to women.   On the basis government offers incentives and concessions to women entrepreneurs.   However, women entrepreneurs severely criticize this definition which sets out a condition of employing more than 50 % women workers.   They point out that this is discriminatory and any enterprise set-up by women should qualify for the concessions offered to women entrepreneurs. Women entrepreneurs are no longer as hard to find as they were a few decades ago.   However, a lot still remains to be done before the impediments in their way, in the form of unfavourable policies, hostile attitudes or lack of opportunities, are removed and women can function shoulder to shoulder with men.   Non-government organizations promoting women entrepreneurship play a critical role in removing obstacles.   Women as entrepreneurs have to play a key role in the overall economic development of the country.   It is estimated that presently women entrepreneur comprise 10 % of the total entrepreneurs in India with the percentage rising every year and it is likely in another five years, women will comprise 20 % of the entrepreneurial workforce.   This figure is given by Global Entrepreneurship Monitor (GEM) as 39.4 %. With corporates eager to associate with women-owned businesses, and a host of banks and NGOs keen to help them get going, there has rarely been a better tim e for women with zeal and creativity to start their own business.   Traditionally, women in India were associated with tiny enterprises called 3Ps Pickles, Pappads and Pepper.   In urban cities of India, more and more women are successfully running day care centres, placement services, floriculture, beauty parlors and fashion boutiques.   Of late, technically and professionally qualified females are launching their small and medium enterprises (SMEs) in click and portal areas like information technology, multimedia, telecommunication and some have become very successful knowledge entrepreneurs.   Even in rural areas, self-help groups (SHGs) are empowering women to start their own business enterprises. Endowed with the famous female intuition that helps them make the right choices even in situations where experience and logic fail, the Indian women have innate flair for entrepreneurship.   Although men and women may be motivated by different goals and expectations, women entrepreneurs are just as competent, if not better, than their male counterparts.   Connie Glaser reports in her famous book When Money Isnt Enough, that male entrepreneurs are motivated by the potential to earn lots of money, while women start their own companies (SMEs) because they seek greater control over their personal and professional lives.   The capabilities and environment with which men and women operate are completely different.   Moreover, women have a few problems in pursuing their SMEs which their male counterparts do not.   If we really want to promote entrepreneurship among women we have to necessarily differentiate entrepreneurship on the basis of sex. Let us look at the key changes for the Indian women entrepreneurship over the last five decades.   Women entrepreneurs of The Fifties, took to entrepreneurial business activity where there was no income generating male or took charge of enterprise her husband had left.   In The Sixties, many women educated in schools and colleges began to have business aspirations and set-up SMEs.   Women entrepreneurs of The Seventies, was the critical mass of women who educated professionally and some set-up their own SMEs in emerging and new areas.   The women entrepreneurs of 50s, 60s, and 70s had accepted both their social and occupational roles.   They played the two roles and tried to balance both.   However, in The Eighties, the women were educated in highly technological and professional disciplines and they set-up their more sophisticatedly managed SMEs.   In The Nineties, women entrepreneurs were qualitatively different breed of women.   They were qualified, capable, compet ent and assertive.   They made better choices of opportunities and ideas, and set-up SMEs which they managed to grow their professionism. Women in The Nineties have often questioned their traditional coding of their roles and have become conscious of the voice of their identity.   The women entrepreneurs of The 21st Century, set-up businesses in IT, Telecom, and financial sectors and they were pioneers and mavericks.   In this millennium, the Indian women world has to cross a major threshold and enter an unknown land.   They have to walk a path where none existed with the sense to discover and fathom new heights with their effectively managed and technically sophisticated SMEs. Among the 94.57 lakhs SMEs owned by men functioning in India, 86.92 % are unregistered and registered units amount only to 13.08 %. In the total number of SMEs owned by men in India more than forth-fifths of the SMEs (86.92%) are unregistered. PERSONAL ENTREPRENEURIAL CHARACTERISTICS OF MALE AND FEMALE ENTREPRENEURS General Characteristics   General characteristics of the Indian male and female entrepreneurs that have been noted in this study areas follows: Female Entrepreneurs Women tend to be more cautious and avoid risky ventures that would increase their vulnerability and expose them to possible loss of savings, more so when the impetus to become an entrepreneur arises from circumstances such as loss of job, divorce or death in the family. Business ventures are therefore kept small and products are quite diversified, rather than specialized. Activities are focused on household commitments, namely, to improve living conditions and consumption levels of their families and to educate their children, rather than focused on profit-driven motives. Hence they tend to choose businesses that allow them to balance family and business responsibilities. Sectors to which they gravitate generally exhibit lower growth potential and lower profits. Womens attraction to the services sector is thought to be linked to the view that women are inherently maternal and see themselves as providers for their families, hence their predisposition to enter this sector. The creative capacity of women, which is seen to be greater than that of men, allows them to be more responsive to market conditions, thereby contributing to their survival. Not unrelated to this is the tendency of women to underestimate their skills compared to men. As a result, they are more eager to avail themselves of opportunities for self-improvement through skills upgrading and confidence building. Male Entrepreneurs Male entrepreneurs are generally perceived to be more self-confident and possess better business skills. Men tend to be more profit-oriented, and are greater risk-takers with expectations of greater financial returns. Overall, men have access to a better support system, partly because of their longer experience in the business arena, but more so because of the strength of their networking, and the male bonding phenomenon, variously known as the old boys club. In addition, men generally hold positions of power in organizations and political institutions and have greater control over the decision-making processes (loan approvals etc.). Men enjoy a clear advantage with respect to accessing credit and investment capital, and acquiring market information, which together facilitate their entry into more profitable, high growth sectors. The mobility of men tends not to be as constrained by domestic responsibilities. Difference between Personal Entrepreneurial Characteristics    Based on general information gathered from respondents the main differences in personal entrepreneurial characteristic between female and male entrepreneurs are as follows: Female Entrepreneurs Many female entrepreneurs are said to be in business out of economic necessity. Women tend to underestimate their skills in comparison to men. They are very eager to take advantage of opportunities such as seminars, bazaars, etc. to help them to upgrade their skills and business capabilities, as well as to build up their level of confidence. Women tend to be more cautious in their approach to business in the sense that they are more patient than men, and are willing to wait for a longer period of time for their businesses to grow. Motivation between men and women seems to be different. Women tend to operate in small business and maintain a clear focus on their additional duties and obligations to their family/household. Hence, their main priority is in having adequate finance in hand to meet family commitments, even if they do not obtain an income or salary at month end. Women tend to be largely in the services sector. One view advanced by a key informant is that as women are inherently maternal and intrinsically see themselves as providers for their families, they have a predisposition to enter this sector. Women tend to start businesses that they can manage adequately and financially, bearing in mind that they may also be heading the household in the absence of a male figure. In this case, womens time has to be appropriated prudently between business and familial responsibilities. Women tend to have an aversion to debt, particularly if they have started their business from a position of disadvantage. The view suggests that women entrepreneurs tend to avoid potentially risky business activities that may increase their vulnerability and expose them to the loss of their savings sometimes life savings. A possible additional risk for women could be the fear or embarrassment of being viewed as a failure within the context of a perceived male-dominated society. Womens creative capacity is seen to be greater than that of their male counterparts. Women can diversify more quickly than men in order to remain viable within the market even though this market is small in many cases and they are seen to be more flexible than men as well. Male Entrepreneurs Male entrepreneurs are perceived to be more confident than their female counterparts. They have a better support system, principally because they have more experience in business activities. They are perceived to possess more and better business skills than women. They are seen to be more systematic than women. They tend to be more enterprising in terms of taking higher risks with the expectation of attaining higher financial returns on their investments. Challenges of women entrepreneurs Women are subjected to discrimination in their entrepreneurial endeavours due to various gender-related causes. This discrimination has adversely impacted on their ability to raise or secure capital, to acquire and further managerial talents, and to capture market opportunities. Women are often subjected to greater scrutiny as they approach traditional lending institutions for assistance. This has resulted in many women being discouraged from venturing into business activities on their own. However, it needs to be mentioned that those women who have done so have been quite successful at managing and operating the respective businesses. This refers in particular to women who have been successful in areas such as basketry, food vending, hair dressing, clothes designing, and food manufacturing such as pepper sauces, making syrup and the packaging of various spices. No clearly defined policy framework existed for SME development. In this case, in the views of key informants, there seemed to be gender discrimination in favour of male entrepreneurs. One example given speaks to the issue of males obtaining loans more easily and readily than women from commercial banks to finance their business ventures which, in some cases, were similar to those of women. The Indian Governments recent policy framework has sought to redress some of these imbalances. A wide range of credit facilities is available. However, SMEs persons including women, experience numerous difficulties in accessing funds. There is a lack of readily available information on opportunities for investing in SMEs.   In this regard, women who are starting from a perceived situation of disadvantage in the market especially if they are operating at the periphery of the formal economy are constrained in relation to maximizing their economic potential. The absence of an entrepreneurial culture has permeated all levels of society.   This has resulted in the SME sector being regarded as a less attractive investment option in India. When combined with other barriers, few women find SMEs an attractive career pursuit. Female entrepreneurs may lack business management, marketing and accounting skills.   These skills may be very weak. This may be compounded by the lack of resources and in some cases the will to upgrade these skills. The educational system does not include entrepreneurial education, training and development in the curricula as a crucial area for national economic development. Women who would otherwise benefit from this educational emphasis are inevitably denied early access to the rudiments of business in India6. Major Problems of Women Entrepreneurs The major problem observed are as follows : Women face intensive financial constraints as loans not easily available to them being females a gender bias. Women have over-dependence on intermediaries, middlemen and brokers who exploit rather than helping them. Women face the problem of scarcity of raw materials and depend upon suppliers and middlemen who exploit them charging higher prices. Cut-throat competition in entrepreneurship creates more hurdles to women entrepreneurs. In the case of women entrepreneurs, the cost of production goes high as compared to industries run by their male counterparts.   This creates problems of marketing due to high prices. Women have low mobility as compared to male entrepreneurs because of social hurdles, family responsibilities and discrimination by family members. Women give more priority to family ties and relationships than economic aspects.   This prevents them from becoming successful in entrepreneurship. India being a patriarch society, female daughters dont have rights over the property of their father and hence discriminated by financial institutions. Female entrepreneurs cannot get sales tax number without a male partner which causes a great problem for them.   This is male chaunism that is also in the beginning of the 21st Century. Because of lack of information networks, education and training, potential and existing female entrepreneurs are exploited by unscrupulous agents and brokers7.   There are numerous other problems and challenges which discourages women to undertake entrepreneurship and self-employment as a career option in India as well as many other developing countries of the world.   The government must come-up with clear policies in favour of women entrepreneurs so that female entrepreneurship development can be promoted and further encouraged making them as equal partners in the society.

Equity in the Workplace :: Workplace Essays

Equity in the Workplace  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Employment, Inc is committed to a policy, as stated by the Federal Employment Equity, of achieving equality in the workplace so that no person is denied employment opportunities, pay or benefits for reasons unrelated to ability. Employment, Inc is therefore committed to equal employment opportunities, as stated by the Civil Rights Act of 1964, for all applicants and employees without regard to age, race, color, religion, national origin, sex, physical or mental disability or any other unlawful grounds. In order to ensure an equitable workplace, Employment, Inc abides by a number of objectives as required by law. These objectives consist of::Workforce Survey - a collection of data on existing employees and determine those that fall into one of the designated categories. Workforce Analysis - compares the levels of representation of the designated groups on staff to representation numbers in the general population from which the company hires and record any gaps that might exist. Employment System Review - determines potential barriers to hiring, promotion and retention of employees from the designated groups, particularly where gaps exist. Elimination of Barriers- puts short-term measures in place to remove systemic barriers that exist as identified in the Employment System Review. Accommodation - puts measures in place that allow employees to request special consideration, up to the point of undue hardship to the company, to accommodate physical accessibility issues. Positive Policies and Practices - ensures employment equity goals are met. The policies are aimed at improving opportunities for under-represented groups. Hiring and Promotions Goals - addresses areas where under-representation exists for designated groups. Monitoring, Review and Revision of Plan - ensures that it remains current. In addition, the monitoring process is backed up by full managerial accountability for the success of the plan. Provision of Information - keeps employees and prospective employees aware of Employment, Inc’s Employment Equity initiatives. Consultation - seeks input from employee groups on the development, implementation and revision of our Employment Equity plan. Maintenance of Records - ensures all Employment Equity records are maintained in a secure fashion to ensure strictest confidentiality. In order to achieve the objectives listed, Employment, Inc has taken on a number of initiatives including: Completion of Workforce Surveys and Analysis Completion of Employment System Review and ongoing exploration of additional barriers for specific designated groups Continual work to remove physical and attitudinal barriers through: Management and employee sensitivity and diversity training, anti-harassment training and other educational initiatives

Lily’s Reflections in Virginia Woolf’s To the Lighthouse Essay

Lily’s Reflections in Virginia Woolf’s To the Lighthouse Embodying the spirit of the female artist, Lily Briscoe in To the Lighthouse examines critical issues pertaining to her role in Virginia Woolf’s novel. In Part Three of the novel, Mrs. Ramsay’s legacy plays an especially important role in Lily’s thinking processes. Flowing experimentally like the sea that day, Lily’s thoughts encompass the novel’s themes of the passage of time, the role of the woman, and the role of the artist. Though time can break down physical matter, its prodding cannot disperse vivid memories. In the beginning of Part Three, Lily feels that Mrs. Ramsay’s death signals the deadening of emotions over time, for she can feel â€Å"nothing, nothing – nothing that she [can] express at all† (125). Lily feels that without Mrs. Ramsay’s art of bringing people together, everything becomes â€Å"aimless†, â€Å"chaotic† and â€Å"unreal† (126). Lily echoes Mr. Ramsay’s sentiments of having â€Å"perished† and wishes Mrs. Ramsay were in charge of the household again (126). Although Lily is a friend of the Ramsays, she is deeply affected by the unravelling of the Ramsay’s family life and remarks, â€Å"The empty places. Such were some of the parts, but how bring them together?† (126). Lily is able to solve this dilemma at the end of the story; however, for the moment, she can only imagine Mrs. Ramsay saying â€Å"life sta nd still here,† for this is the older woman’s way of turning a moment into something permanent (138). Later in her mind’s eye, Lily sees Mrs. Ramsay through William’s eyes and thinks â€Å"beauty had this penalty – it came too readily, came too completely. It stilled life – froze it. One forgot the little agitations; the flush, the pallor, some queer distortion, some light or s... ...izes it on the canvas. Lily is no longer a passive woman confused about her artistic abilities. Time’s passage is inevitable, but Lily learns that she can match wits with time by using her artistic talents. Mrs. Ramsay had shown Lily that time can be stopped with beauty, but Lily opts for a more realistic capture of time with artwork that transcends all ages. As a female artist, Lily dashes Mrs. Ramsay’s hopes as well as overcomes the societal expectations for her to become married. Not only does Lily redefines what it means to be a woman, she also renews the image of the artist. Intertwining her reflections on time, womanhood, and artistry, Lily emerges as a more mature person in the end of Woolf’s novel To the Lighthouse. Work Cited Woolf, Virginia, To the Lighthouse. Edited by Susan Dick. Oxford, United Kingdom: Blackwell Publishers 1992.

Convergence of US GAAP and IFRS Essay

The Norwalk Agreement refers to a Memorandum of Understanding (MOU) which was signed in September of 2002 in Norwalk, Connecticut between the United States Financial Accounting Standards Board (FASB) and the International Accounting Standard Boards (IASB) The MOU was an agreement between the two organization to, â€Å"use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as is practicable and (b) to coordinate their future work programs to ensure that once achieved, compatibility is maintained.† The original agreement called for all differences between US GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting System to be eliminated by January 1, 2005, but problems quickly surfaced in this approach and according the US Securities and Exchange Commission (SEC) currently has a timeline of 2016 for all US corporations to adopt the IFRS. Before discussing what the effect of these changes are on US Corporations, one must first understand the history of both the FASB/US GAAP and the IASB/IFRS. The Financial Accounting Standards Board was established by the SEC in 1973 to take over the role of establishing standards for financial accounting from the American Institute of Certified Public Accountants (AICPA)’s Accounting Principles Board (APB). The US GAAP are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. The US Government does not directly set accounting standards, instead believing that the private sector has a better ability to set these rules. The US GAAP is not formally written into law, but is instead codified into the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. The FASB has four major types of publications it uses to make changes to the US GAAP: 1. Statements of Financial Accounting Standards: the most authoritative US GAAP setting publications. 2. Statements of Financial Accounting Concepts: Part of the FASB’s conceptual framework project, these are fundamental objective and concepts that the FASB will use in developing future standards. They are not a part of the US GAAP, but instead represent future goals of the GAAP. 3. Interpretations: Interpretations modify or extend existing standards and are a part of the US GAAP. There are currently 48 interpretations available 4. Technical Bulletins: These are guidelines on applying standards, interpretations, and opinions. They usually solve a very specific accounting issue that does not have a significant, long-lasting effect. The International Accounting Standards Board (IASB) is an independent, privately funded organization founded in London, England on April 1, 2001 with the stated objective to: â€Å"develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles.† To achieve these objectives the IASB has developed the International Financial Reporting Standards (IFRSs) and aggressively promoting the use of these standards. As of today over 120 countries either require or permit the use of IFRSs and all members of the G20 have established time lines to adopt the IFRSs in the near future (including the United States.) The IFRSs consist of the standards, interpretations, and frameworks issued by the IASB, and include many of the standards formerly known as International Accounting Standards (IAS) which were issued by the now defunct International Accounting Standards Committee (IASC) which existed from 1973 until 2001. The IFRSs are principle based standards (as opposed to the US GAAP which uses rules-based standards) that establish broad rules but generally leave specific treatments open to some interpretation. IFRSs consist of: 1. International Financial Reporting Standards (IFRS) – All standards issued after the IASB was founded in 2001. 2. International Accounting Standards (IAS) – Standard issues by the IASC prior to 2001. 3. Interpretations from the International Financial Reporting Interpretations Committee (IFRIC) – Interpretations issued after 2001. 4. Standing Interpretations Committee (SIC) – Interpretations issued before 2001. 5. Framework for the Preparations and Presentations of Financial Statements – A statement of the basic principles of the IFRSs. The framework serves as a guide to resolving accounting issues not specifically addressed in a standard. Having established the backgrounds of the major players to the Norwalk Agreement it is important to understand how this convergence project will affect US Corporations in their future financial reporting as the FASB / SEC begins their push towards full integration by the year 2016. As converged standards are introduced, many US Corporations will see major changes in all areas of their business activities ranging from financial statements to leasing to employee benefits and although covering all these changes is beyond the scope of this paper, we will present some of the more important changes. The largest major difference between the two regulations is in their scope, and level of â€Å"guidance† for companies in the area of revenue recognition. The US GAAP has developed detailed guidance for many different industries incorporating standards suggested by a multitude of accounting standards organizations in those specific industries. The IFRS, on the other hand, mentions two standards for revenue recognition for guidance and allows companies to determine which method they will use. Another major change for US Companies is in the area of inventory costing. Under US GAAP, companies may choose between using LIFO (Last-In-First-Out), FIFO (First-In-First-Out), or a variety of other inventory valuation methods, in accounting for cost of goods held in inventory. Once the switch is made to IFRS, the use of LIFO for inventory valuation will be prohibited so that all companies will be similar cost formulas. Several additional changes include: 1. The option to classify expenses based on either function or nature under IFRS vs. the requirement to classify expenses based on function only under US GAAP. 2. The requirement to present noncontrolling (â€Å"minority†) interest as a component of equity on the balance sheet under IFRS vs. the requirement under US GAAP to present noncontrolling interest outside of equity. 3. The ability to use either the proportionate consolidation method or the equity method of accounting for joint venture accounting under IFRS vs. the current requirement to use the equity method of accounting 4. IFRS will allow revaluation of assets for several different classes of assets, even requiring their revaluation on a regular basis whereas currently US GAAP does not permit revaluation under any circumstance. 5. Under IFRS, advertising and promotional cost will have to be expensed as incurred vs. the US GAAP which allows for costs to either be expensed as they are incurred, or expense when the advertising takes place for the first time, leaving the choice up to the individual company. While these changes are just a few of the changes which will impact company’s’ financial statements there are many changes coming which fall in areas outside financial statements. Nowhere is this clearer than in the area of US regulatory laws. As an article in the Wall Street Journal, â€Å"Closing the Information GAAP,† notes that, â€Å"If an accounting and reporting framework that relies on professional judgment rather than detailed rules is to flourish in the U.S., the legal and regulatory environment will need to evolve in ways that remain to be seen.† They suggest that laws in the US will have to move to accept more ambiguity in accounting, and that the change to IFRS could possibly provide new defenses to executives and accountants who try to do the right thing. A final change noted by both the PriceWaterhouseCoopers and Accenture case studies, is the updating, sometimes at a very high cost, of companies Accounting Information Systems to be able to collect, store, and analysis financial data in ways that will comply with the new IFRS standards. These two studies both believe that this activity will be the most painful and difficult for the majority of US companies to comply with. ——————————————– [ 1 ]. FASB. â€Å"FASB: Financial Accounting Standards Board.† Norwalk Agreement. Accessed June 29, 2010. . [ 2 ]. SEC. â€Å"SEC Proposes Roadmap Toward Global Accounting Standards to Help Investors Compare Financial Information More Easily.† Accessed June 29, 2010. < http://www.sec.gov/news/press/2008/2008-184.htm> [ 3 ]. FASB. â€Å"FASB: Facts about FASB.† Accessed July 03, 2010. [ 4 ]. IFRS Foundation. â€Å"Who we are and what we do.† Published July 2010 [ 5 ]. IASB. â€Å"About the IFRS Foundation and the IASB.† Accessed July 02 2010. [ 6 ]. IAS Plus. â€Å"Summaries of International Financial Reporting Standards.† Accessed July 03 2010. [ 7 ]. PriceWaterhouseCoopers. â€Å"IFRS and US GAAP similarities and differences.† September 2009. From the â€Å"IFRS Readiness Series.† [ 8 ]. Accenture. â€Å"Preparing for International Financial Reporting Standards: An Opportunity for Finance Transformation.† [ 9 ]. Ernst & Young. â€Å"US GAAP vs. IFRS: The Basics.† January 2009. [ 10 ]. The Wall Street Journal. â€Å"Closing the Information GAAP.† Accessed July 20 2010.