Delay Research Methodology Example

Research Methodology Example Problem The number of construction projects facing delays is on the increase. In turn, the delays cause the original time and expenses to increase as the owners, consultants and many state projects face delays and thus break the shedule and spend more than it had been initially estimated. Delays are more frequent in the traditional kind of contracts where the lowest bidder is given the contract. Delay to the proprietor means losing revenue as there are no production resources availed, higher labour costs and even increment of the price of materials because of inflation. Thus, delaying of projects either by their extension or acceleration leads to extra costs being incurred. H: Project delays lead to project spending increase.

Understanding Legacy Status for College Admissions

A college applicant is said to have legacy status at a college if a member of the applicants immediate family attends or attended the college. In other words, if your parents or a sibling attend or attended a college, you would be a legacy applicant for that college. Why Do Colleges Care About Legacy Status? The use of legacy status in college admissions is a controversial practice, but it is also widespread. Colleges have a couple reasons for giving preference to legacy applicants, both having to do with loyalty to the school: Future Donors. When a family includes more than one person who attended a college, its likely that the family has greater-than-average loyalty to the school. These positive feelings often turn into alumni donations down the road. This financial side of legacy status shouldnt be underestimated. University relations offices fundraise millions of dollars a year, and their task is easiest when alumni families are highly committed to the schoolYield. When a college extends an offer of admission, it wants the student to accept that offer. The rate at which this happens is called the yield. A high yield means a college is getting the students that it wants, and that will help the school meet its enrollment goals. A legacy applicant is coming from a family that is already familiar with the college, and that family familiarity and loyalty typically leads to a better yield than the general applicant pool.   Do Grandparents, Uncles, Aunts, or Cousins Make Me a Legacy? In general, colleges and universities are most interested in seeing if your immediate family members attended. For example, if you are using The Common Application, the Family section of the application will ask you about the education level of your parents and siblings. If you indicate that your parents or siblings attended college, youll be asked to identify the schools. This is the information that colleges will use to identify your legacy status. The Common Application and most other college applications do not have a space for indicating if more distant family members attended, although some will ask a rather open question such as Have any of your family members attended our college? With a question such as this, it wont hurt to list a cousin or aunt, but dont get carried away. If you start listing third cousins twice removed, youre going to look both silly and desperate. And the reality is that in most cases cousins and uncles really arent going to play a role in an admissions decision (with the possible exception of a relative who is a million dollar donor, although you wont find colleges admitting the crass financial reality of some admission decisions). Some Common Mistakes Related to Legacy Status Assuming your legacy status will make up for a mediocre academic record. Highly selective colleges and universities are not going to admit students, legacy or not, who are unlikely to succeed. Legacy status tends to come into play when the admissions officers are comparing two equally qualified applicants. In such cases, the legacy applicant will often have a slight advantage. At the same time, this doesnt mean that colleges wont lower the admissions bar slightly for legacy applicants from prominent and/or extremely wealthy families (but youll rarely hear colleges admit this fact).Using the Additional Information section of The Common Application to draw attention to a distant connection to the college. You should use the additional information section of The Common Application to share important information not reflected in your application. You could use this section to explain extenuating circumstances that may have affected your grades, or you might use it to present interesting information about yourself that doesnt fit elsewhere on the application. This type of information can enrich your application. The fact that your great-great-grandfather attended Prestigious University is rather trivial and is an ineffective use of your opportunity to provide additional information.Making monetary threats. For good or bad, a colleges interest in your legacy status is often related to money. Family loyalty to an institution often leads to alumni donations. That said, it will reflect badly upon you if you suggest that your parents donations to the college might end if you arent admitted. The college already considers such possibilities when making admissions decisions, and raising the issue yourself will seem crass.Placing too much emphasis on your legacy status.  Aside from listing family members who attended the college or university, you dont need to draw more attention to your legacy status. The focus of your application needs to be you and your merits, not thos e of a parent or sibling. If you try to overplay your hand, you may look either desperate or obnoxious.   These Factors Matter More Than Your Legacy Status College applicants are often frustrated by the advantage that legacy applicants have. This is for good reason. An applicant has no control over legacy status, and legacy status says nothing about the quality of the applicant. But be sure to keep legacy status in perspective. Some colleges dont consider legacy status at all, and for those that do consider it, legacy status is just a small factor in admissions decisions, Colleges know that being a legacy is a rather dubious distinction. When a college has holistic admissions, several pieces of the application will almost always carry more weight than legacy status. First of all, you will need to have a strong academic record. Without it, you are unlikely to be admitted whether youre a legacy or not. Along similar lines, SAT scores and ACT scores are going to be important unless a school is test-optional. Selective colleges will also be looking for meaningful extracurricular involvement, positive letters of recommendation, and a winning application essay. Legacy status wont compensate for weaknesses in any of these areas.

Bridging Accounting Assignment - 2562 Words

a) Describe the general purpose of the statement of comprehensive income. In addition, explain the terms income and expenses as defined by the Conceptual Framework for Financial Reporting. According to the International Financial Reporting Standards (IFRS), an entity shall present its total comprehensive income for an accounting period either in a single statement or two statements where all items of income and expenses recognized in that particular accounting period are presented however for two statements, except those that are recognized in total comprehensive income outside of profit or loss as permitted or required by IFRS. The comprehensive income is a statement inclusive of all income and expenses including revenue, profit and†¦show more content†¦Losses include those resulting from natural disasters and disposal of non-current assets. Losses by definition also include unrealized losses like effects of increases in the exchange rate for a foreign currency from borrowings so when losses are recognized in the income statements, they would usually be displayed distinctly as knowledge of them is useful for purpose of making economic decisions and are often reported net of related income. b) Describe the general purpose of the statement of financial position. In addition, explain the terms asset, liability and equity as defined by the Conceptual Framework for Financial Reporting. The financial position is a statement also known as balance sheet, presents the financial position of an entity at a given date – i.e. as at 31st December 2013. It consists of three main components; assets, liabilities and equity. The statement of financial position facilitates users in assessing the financial soundness of an entity in terms of liquidity risk, financial risk, credit risk and business risk. 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Corporate Accounting and Reporting and Regulations

Question: Discuss about the Corporate Accounting and Reporting and Regulations. Answer: Introduction The following part of the study aims to present the concept on impairment test based on the regulations of international accounting standards. The discussion incorporates the purpose of impairment test according to the principles and requirements of Australian Accounting Standards Board (AASB) 136 on impairment of assets. Besides, the discussion includes the impact of goodwill on impairment test along with the relevant steps required to be followed in applying impairment test. Purpose of impairment test In order to conduct business operations, organizations need to own several assets that are classified as per various sections for profit making as well as non- profit making companies. Assets are classified as current assets, fixed assets and intangible assets that are recognized in the statement of financial position during the accounting year. Current assets are the assets used by the companies for conducting day-to-day business operations and pay off the current obligations (Christensen and Nikolaev 2013). Besides, fixed assets are the assets used as business resources held for more than one year while intangible assets are long- term assets that are either self-generated or purchased. Accordingly, with due course of time, the real value of the fixed assets as well as certain intangible assets like goodwill, begins to decline. Such reduction of asset value is tested for impairment as for measuring the asset valuation worth recognizing in the statement of financial position (Gros a nd Koch 2015). Therefore, impairment is an accounting regulation that measures the reduction in the assets value for fixed assets and goodwill by comparing the actual value and carrying value. However, it is essential to consider the impairment test for measuring the reduction value as per the value in use, future cash benefits or expected recoverable amount. Impairment of assets depends on various internal and external resources along with the determination of recoverable amount and future cash benefits (Lange, Fornaro and Buttermilch 2014). Certain external sources that provide information to impair the assets involve decline in market value of assets, adverse effect on the company or increase in the market interest rates. In addition, internal source of information for availability of asset obsolescence asset along with the significant changes in the organization requires impairment test (Aasb.gov.au. 2017). Hence, the primary purpose of impairment test is to measure the reduction in actual valu e of long- term assets. Impact of goodwill on impairment test Impairment test is conducted on long- term fixed assets that includes goodwill as intangible asset for the financial year. Impairment on goodwill is a measure recognized by the companies when the carrying amount of goodwill exceeds the fair value. The value of goodwill is recognized in the financial statements while acquiring assets and liabilities along with the payment of purchase price if the value exceeds identifiable value. Accordingly, impairment of goodwill arises if the ability of companys assets is lower than the book value in terms of generating cash flows or profitability (Chen, Krishnan and Sami 2014). Goodwill is an intangible asset acquired by the companies with respect to brand valuation or acquiring assets and liabilities in connection with merger or acquisitions. Accordingly, if the value of goodwill exists in the companys balance sheet then the management is required to assess the qualitative factors for the purpose of impairment test. Existence of goodwill affects the impairment test for identification of potential impairment factors in terms of cash flow benefits and value in use. Impairment test involves comparison of fair value and carrying amount, which is difficult to identify for goodwill since it is an intangible asset and varies as per the organizational values. For instance, if the fair value of reporting unit exceeds the carrying amount, then the goodwill cannot be impaired (Izzo, Luciani and Sartori 2013). Further, existence of goodwill affects the impairment test with respect to other fixed assets that considers market interest rates, market value as well as market rate of return implement the factors appropriately. Steps to be followed for application of impairment test For conducting impairment test, Longreach Ltd requires to follow several steps that are stated as under: Step 1: First step to be followed for application of impairment test is to identify the assets or cash- generating unit that should be impaired. It includes the identification and planning to measure the recoverable amount to measure the impairment loss. Step 2: Next step is to identify and analyze the internal sources for considering impairment of assets by evaluating the evidences on obsolescence or damage with respect to the long- term assets. Step 3: After analyzing the internal sources, external sources are required to be analyzed to assess the actual market value as well as the significant changes to evaluate the adverse effect (Knauer and Whrmann 2016). Step 4: On considering the required analysis on impairment test, recoverable amount is to be computed by deducting cost from the fair market value of the impaired assets. Step 5: Recoverable amount is then compared by the value of carrying amount to assess lower of actual value and recoverable value. Thereafter, the amount of impairment loss is allocated on goodwill first and the balance amount on other assets based on the percentage of actual values (Badia et al. 2017). Conclusion Impairment test is essential for the companies to determine the actual worth of the assets employed to run the business activities. The assets are recognized in the financial statements of the company to determine the financial position of the company during the financial year. Hence, it is important to determine the correct value after considering the impairment test as per the regulations of international accounting standards and AASB 136. The study covers the impact of goodwill on impairment test with respect to assessment of impairment factors and identification of potential impaired assets. Further, basic steps required to be followed for applying impairment test has been identified that the management of Longreach Ltd can consider during the financial year. The identified steps include identification of impaired assets, analysis of internal and external sources and determination of recoverable amount that requires to be compared to the carrying value to measure the impairment l oss. In the Books of Crossbow Ltd. Journal Entry as at 30 June 2015 Dr. Cr. Date Particulars Amount Amount ($) ($) 30/06/2015 Impairment Loss A/c. Dr. 2,60,000.00 To Goodwill A/c. 40,000.00 To Land A/c. 26,829.27 To Inventory Products A/c. 24,146.34 To Brand "Crossbow Shoes" A/c. 21,463.41 To Shoe Factory A/c. 93,902.44 To Machinery A/c. 53,658.54 (Being the net identifiable assets liabilities and goodwill impaired based on the recoverable amount) Income Statement A/c. Dr. 2,60,000.00 To Impairment Loss A/c. 2,60,000.00 (Being the amount of impairment loss on machinery transferred to Income Statement ) Working Note: Calculation of Impairment Loss Particulars Amount Carrying Amount of Assets (A) $16,80,000 Recoverable Amount of Assets (B) $14,20,000 Fair Value of Assets ( C) $1,71,000 Real Value of Assets (D = Higher of B C) $14,20,000 Impairment Loss (A-D) $2,60,000 Less : Goodwill on Acquisition $40,000 Impairment Loss Less Goodwill $2,20,000 Allocation of Impairment Loss Particulars Amount Percentage Impairment allocation Land 2,00,000.00 12% 26,829.27 Inventory Products 1,80,000.00 11% 24,146.34 Brand "Crossbow Shoe" 1,60,000.00 10% 21,463.41 Shoe Factory 7,00,000.00 43% 93,902.44 Machinery for Manufacturing Shoes 4,00,000.00 24% 53,658.54 TOTAL 16,40,000.00 100% 2,20,000.00 Reference List Aasb.gov.au., 2017. Australian Accounting Standards Board (AASB) - Home. [online] Available at: https://www.aasb.gov.au/ [Accessed 12 Jan. 2017]. Badia, M., Duro, M., Penalva, F. and Ryan, S., 2017. Conditionally conservative fair value measurements.Journal of Accounting and Economics,63(1), pp.75-98. Chen, L.H., Krishnan, J. and Sami, H., 2014. Goodwill impairment charges and analyst forecast properties.Accounting Horizons,29(1), pp.141-169. Christensen, H.B. and Nikolaev, V.V., 2013. Does fair value accounting for non-financial assets pass the market test?.Review of Accounting Studies,18(3), pp.734-775. Gros, M. and Koch, S., 2015. Goodwill Impairment Test Disclosures Under IAS 36: Disclosure Quality and its Determinants in Europe. Izzo, M.F., Luciani, V. and Sartori, E., 2013. Impairment of Goodwill: Level of Compliance and Quality of Disclosure during the CrisisAn Analysis of Italian Listed Companies.International Business Research,6(11), p.94. Knauer, T. and Whrmann, A., 2016. Market reaction to goodwill impairments.European Accounting Review,25(3), pp.421-449. Lange, C.D., Fornaro, J.M. and Buttermilch, R.J., 2014. Qualitative assessment of impairment for goodwill and other indefinite-lived intangibles.The CPA Journal,84(6), p.22.