International Financial Reporting Standards For Cross...

As more business entities continue to get involved in cross-border capital investments, globalization intensifies and considerable costs are applied to the translation of financial statements prepared under different accounting standards into a comparable form. Multiple number of accounting systems exist which create these differences and accounting is the language of business created by society to present information which reveals the economic health of a company. Like any other language there are many different accounting languages used across various regions of the globe to present this information. The intensification of globalization and the resulting costs of translation have created a demand for an internationally comparable set of†¦show more content†¦For this framework culture can be thought of as the shared values of a society that influence its behavior. It is obvious significant differences in these values exist internationally, and that these differences have an overwhelming effect on all the components of society. With that being said, accounting, as a societal creation, is influenced by these significantly different values as well. Given the objective of adoption and comparability internationally, it is important to look at the effect that culture can have on the implementation of IFRS and the obstacles it presents. After a thorough examination of IFRS and the obstacles it faces because of culture, IFRS will not be able to attain its objective of international adoption and comparability any time soon. The influence of culture on international accounting standards cannot be analyzed without some sort of framework where accounting and social values can be linked. The foundation of this framework begins with the cross-cultural study of Geert Hofstede (1980; 1983). Hofstede’s study tried to distinguish significant aspects of culture that had an effect on people’s behavior in a professional capacity. He did this through a survey of people’s values across 50 different countries and three regions. Values were analyzed on the collective level and were thought to be the most

Briefly Present The Aim Of The Article Or Book Chapter

Briefly present the aim of the article or book chapter and summarize the main findings/key points, along with a limited number of examples. The article that I chose relates to sundownng and tips that can be used to reduce it from the Mayo Clinic Website. Sundowning occurs with dementia patients and can cause a variety of issues and behaviors such as confusion, wandering, and aggression to name a few examples. In addition, there were many articles on this subject and from looking at several of them it can be confusing because this is one topic that requires more research because many things are unknown about sundowning syndrome. â€Å"The term sundowning refers to a state of confusion occurring in the late afternoon and spanning into the†¦show more content†¦What new insights I have gained is that it is important to look at the factors that may cause sundowning in each person because factors that may be a part of sundowning could be different for each resident and it must no t be looked at the same for everyone. For example, if a resident has a urinary tract infection or some other medical condition that contributes to sundowning that would need to be addressed. If another resident has different factors that aggravate late-day confusion different methods might need to be used to help them that are not the same. Of course, sundowning can affect people differently such as types of behaviors that might occur and it would be important to know what those behaviors are especially if it is aggression. The social worker, nurses, CNA’s and others that work with the resident would need to be careful if someone gets aggressive and know what to do for safety reasons. In addition, by knowing to look for the factors that could be causing it measures can be taken to try to address it or prevent it beforehand that would be the best practice. Tips for reducing sundowning: †¢ Try to maintain a predictable routine for bedtime, waking, meals and activities. †¢ Plan for activities and exposure to light during the day to encourage nighttime sleepiness. †¢ Limit daytime napping. †¢ Limit caffeine and sugar to morning hours. †¢ Keep a night light on to reduce agitation that occurs when surroundings are dark or unfamiliar. †¢ In the evening,Show MoreRelatedHow Does The Refrigeration Be Considered An Artificial Cold Person Can Not Live Without?1372 Words   |  6 Pageswho was a British-American, and he had published a book called, â€Å"How We Got to Now.† In the novel, Johnson presented six- part series where it had amazing explored legacies that passed on great ideas. In each of the chapter titles had six sessions are: Glass, Cold, Sound, Clean, Time, and Light. 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So with my aims in mind I drafted my questions and had them checked for clarity. They were adjusted and published to participants by social media with the focus on receiving teenagers’ response and a small group of adults to compare with. The data collected from my questionnaire verified my aims. I achieved these aims by enquiring about participant’s age, working status and how they valued or viewed negative andRead MoreThe Business Of Human Rights Essay2199 Words   |  9 Pages0 Summary Chapter 9 of the book â€Å"The Business of Human Rights† edited by Voiculescu and Yanacopulos (2011), is dedicated to â€Å"Business in zones of conflict: An emergent corporate security responsibility?† based on the content present in the book â€Å"Corporate Security Responsibility? Corporate Governance Contributions to Peace and Security in Zones of Conflict† by Nicole Deitelhoff and Klaus Dieter Wolf (2010). 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A Managerial Approach to Marketing Free Essays

The product that I will be proposing in the meeting will be a video game called FaDream. FaDream’s platform will be connected to the FaDream Game Portal. This website will have a collection of downloadable games for the users. We will write a custom essay sample on A Managerial Approach to Marketing or any similar topic only for you Order Now The users of FaDream will have to get the membership to the FaDream Game Portal in order to gain access to numerous games of all sorts. They will be charged with membership fees every month in order to stay connected. Besides this they will have to get a platform with remotes, virtual gaming equipment, etc. There have been video games in the past but what makes this one different from the rest is that this video game will only work once it is connected to the internet. It will be linked to a website called www.FaDream.com/gameportal which will have a collection of downloadable games. People might argue that such technology is nothing new because of the online games present on the internet through the computer. FaDream cannot be compared with online gaming because the experience that the players will get with FaDream will be unmatched. What makes this product new is the quality, availability and variety of games present at all times. There will be no more hassle of buying expensive CDs from the store and taking care of them. There will be no more hassle of repairing the sensitive lens in the video game platform. All the users will need is the platform and an internet connection. The technology will be successful because of widespread use of internet already all over the world. Another factor which makes this different from everything else in the market is the affordability. FaDream will be Entertainment with Affordibiltiy. The price of the platform will be a fraction of what is paid for other video games in the market and this is what makes this product is feasible. To be more precise the price range of the platform will fall within $80 to $90 and besides this the membership fees will be approximately $7 per month. This is all about the product and price of FaDream. This project will be joint venture with XYZ Company which already has a name in the market in order to gain confidence of its audience. The target audience that we will be satisfying with this technology will be middle class males and females within the age range of 8 to 30 years. The age range is so large because of the variety of games available on the FaDream portal. It has games for every gender and age. It will be advertised in magazines all over the world. Other mediums of advertisement that will be used will be the internet and television. The logo which will be used for advertisement will be Entertainment with Affordability. After an intense advertisement campaign which will inform the audience about the product, FaDream will be launched worldwide. After this launch, the advertising strategy will be changed and the advertisements will become persuasive. Once the audience has knowledge about the product, they will have to be convinced that they need to have it with them. In conclusion, this product is totally new in the market and this is its strength but we must not forget that the market has been taken over by very strong competition. Getting people to recognize FaDream from among every other video game will be a threat and a challenge. We must ensure that the marketing strategy that will be employed by us must have no limitations because a good marketing strategy will be our only opportunity. Â   How to cite A Managerial Approach to Marketing, Essays

Tax Compliance Structure and Compliance †MyAssignmenthelp.com

Question: Discuss about the Tax Compliance Structure and Compliance. Answer: Introduction: Taxation is without any doubt the lifeblood of any economy which has tremendous implications for both the underlying people and the government. Most commonly, the taxation system is seen as a mechanism to raise revenue for the government so that it can meet the various responsibilities bestowed on the same especially. However, a key objective of the taxation system is also to alter the consumption of resources through the creation of incentives and disincentives for the same (Feldstein, 2008). A case in point is the high rate of tax levied on cigarettes as the government wants to ensure that lesser resources are spent on the same. Further, taxation system is also a potent means to address the inequalities in income through the imposition of a progressive tax system especially in direct taxes where a higher tax would be levied on individuals with higher income levels (Gregory, Weinzierl and Yagan, 2009). In wake of the above objectives, it is essential to highlight the utility of taxa tion for people, government and the economy as a whole. For the people, taxation is very important. One of the main reasons is that through taxation linked revenues, the government is able to provide social security to some extent and also provide various infrastructure in terms of healthcare, education and other basic amenities which can cater to the mass population. The magnitude of revenue through taxation is as highlighted below (Index Mundi, 2012). For certain services, there are alternatives available in the private sector but purchasing power remains a barrier for the majority of the population and hence the only resort for a sizable people is the government run centres which run on taxation revenues. Also, through taxation, the people are able to utilise their resources and income in a productive manner. For instance, there are deductions available for interest on home loans and additional schemes which promote housing and hence owing to the taxation incentives, people tend to look for their own houses which lead to asset formation. Similarly, the tax system provides disincentives in form of high tax burden on consumption of certain products such as cigarettes tend to lower the consumption of cigarettes and hence promote better health outcomes of the people. Also, the extent of social security system available in an economy to an extent is linked with the underlying tax revenues which is apparent from the experience of the d eveloped nations of the West where even though the tax rates are comparatively higher but the social security system is much more comprehensive as compared to Malaysia (Loo, 2006b) For the government, taxation revenues are vital to perform the various functions which have grown in the past decades owing to the popularity of welfare state. This is especially true for a country like Malaysia where affordability of even basic amenities could be an issue and hence intervention from the government is required for ensuring the same. Also, the government also has the objective of minimising inequality in society by redistributing the income which is ensured through the taxation system where the revenue from the rich acts as welfare or support payments for the needy and vulnerable population. This support provided by the state ensures that stability in the society is maintained or else there could be potential uprising by the poor (Taha, Nanthakumar and Colombage, 2011). Also, the government through the fiscal policy is expected to ensure that the limited resources available with the nation are deployed in the most productive manner possible thereby ensuring that maxim um utility can be served. In fulfilling this objective, a critical role is played by the tax system which the government uses to alter the preferences of the consumers. Besides, there are a host of basic services such as law order, defence which every government including the Malaysian government needs to be provide which cannot be enabled in the absence of taxation system (Piketty, 2015). The taxation system has critical effect on the economy. One way this happens in through government expenditure which sets the foundation for economic growth through the providing of requisite infrastructure and also allowing for higher purchasing power of the people. Further, through the prevalence of an effective taxation system, the productivity of the economy improves as the poor people are able to contribute to the production based upon their underlying skill (Hines, 2007). Lack of social support and basic amenities to these people would create additional hurdles for these people to join the labour force. Further, the fiscal policy of the government is critically dependent on taxation and the outcome in this regards tends to impact various macroeconomic indicators such as inflation, GDP growth and unemployment. Also, the currency exchange rate is impacted by the taxation policy which is pivotal for Malaysia considering the rising dependence on trade especially in the past couple of years. Thus, it is apparent that an efficient taxation system is inevitable for the government to play an enabling role in economic development through the support of domestic and foreign investors (Hubbard, 2015). Considering the above, it would be appropriate to conclude that a sound taxation system plays a critical role in the stability and development of a nation and it stands true for Malaysia as well. The objective is to determine if the personal and business tax rates that are prevalent in Malaysia fair or not. The personal income tax rates that are applicable for 2016 assessment year are highlighted as follows (PwC, 2016b). From the above tax rates, it is apparent that the highest marginal tax that is applicable is 28%. Also, the personal income tax applicable for low income i.e. lesser than RM 50,000 annually is quite less at 10%. It is evident that the taxation rates seem biased towards the rich even though the system might seem progressive but empirical evidence suggests that post taxation, the relatively poor are left worse than the rich and not the other way around. This is primarily because the marginal tax rate which is levied for the rich is quite low in comparison to other countries. For instance, in India (a country comparable in terms of development), the marginal tax rate for anyone having an annual income in excess of RM 65,000 is 30%. In comparison, the marginal tax rate applicable for the same is about 16% in Malaysia. Also, the highest marginal tax rate is low and the slab has been kept at very high value. Further, the marginal tax rates till couple of years ago stood at only 25% for the highest income groups and it is only recently that amendments have been done. Further, considering Australia as an example of a developed nation, the highest marginal tax applicable is 37.5% (PwC, 2016b). A developing nation like Malaysia needs to garner higher revenues from the rich in order to enhance wealth distribution but the current system does the opposite and hence there have been regular clamours for reforms from various economists (Chen, 2012). In wake of the above facts, it would be appropriate to consider that the current Malaysian personal income tax system is not fair and is not effectively progressive even though it may seem so from the periphery (Zahid, 2017). Coming to the business income tax or corporate income tax, a similar trend is observed. The prevalent corporate tax rates are summarised below (PwC, 2016a). It is apparent from the above that the highest marginal tax is 24% and thus, the average tax rates ignoring any concessions would be lower than 24%. The highest marginal corporate tax rate prevalent in India is in excess of 30%. The developed world has still higher tax rates which exceeds 35%. Even the various global hub for foreign businesses do not offer tax rates as lucrative as Malaysia. Additionally, it needs to be considered that the government has lowered the tax rate further even though this is not aimed at foreign firms. Thus, it is apparent that the government tends seems to be exceptionally pro-business which seems odd considering that the highest marginal tax rate for individuals is higher than the corporate tax rates (Pomerleau, 2015). Hence, it is apparent that the corporate tax rates seem to be unfair and there is a case to increase the higher bracket of the marginal corporate tax rate so as to enhance the corporate tax collections which then can be used for economic d evelopment and providing of requisite infrastructure in the small cities and rural areas. As a result, tax reform is required in corporate taxes as well which seem biased towards businesses at the cost of the national development (Chen, 2012). An additional statistic which highlights towards the non-fair taxation system in Malaysia is the decreasing tax collections as a % of GDP indicated below (Inde Mundi, 2012). Tax compliance means complying, following or adhering to the various provisions which have been highlighted in the relevant tax statute (for instance ITAA 1967 for Malaysia) and to pay taxes in accordance with the highlighted provisions. However, within the ambit of tax compliance, the taxpayer does have the right to utilise the available concessions in order to lower down the taxes payable. Any tax avoidance not authorised by the statute and any tax evasion would lead to non-compliance. Hence, non-compliance in effect implies not obeying the tax rules that are applicable in a particular geography in relation to computation of tax liability and filing of the same on a timely basis. Non-compliance does not always have to lead to an economic benefit to the underlying taxpayer. Failure to file tax returns (when the law of the land require the same) even when no tax would be payable could be termed as non-compliance (Dom, 2013). It is apparent that there are various statutory provisions in place by the ITA 1967 in relation to non-compliance which lead to punishments ranging from financial fines to imprisonment. The effect of these fines and penalties on the compliance rate of taxpayers needs to be analysed to determine the underlying effectiveness of these provisions. It would be excepted based on common sense and available literature in this context that erection of fines and penalties typically leads to higher rate of compliance even though there are certain exceptions and the absolute increase witnessed may be quite variable according to various underlying circumstances and other parameters at play (Loo, 2006a) Empirical studies that have been conducted in the Malaysian context have indicated that compliance tends to remain low despite the implementation of fine and penalties provisions is because of the ineffective enforcement of these rules which tends to diminish the integrity of the enforcement agency (Inland Revenue Board of Malaysia (IRBM)). Also, a key finding from the prior researches has been that taxpayers tend to have a high rate of voluntary tax compliance and thus for enhancing the compliance rate further, it makes sense to enhance the positive attitude rather than address the incidence of non-compliance. This has been found to be true for Malaysia as well on the basis of empirical studies (Loo, 2009). This is particularly significant for salaried employees as there is automatic salary deduction in line with the tax deduction scheduler which has been outlined by the IRBM. Besides, in certain cases it has been observed that the compliance costs are significant which proves to be deterrent for a taxpayer who wants to be compliant. This is particularly true when the underlying tax payable is lesser and thus it makes economic sense for such taxpayers to risk being caught and fined rather than filing their returns. Also, tax compliance rates amongst the voluntary complying people do not make any significant difference as reflected by the available literature both in Malaysian context and also in global context (Loo 2010; 2006b). Infact, it has been found that in actuality implementation of provisions regarding fines and penalties may tend to have an adverse impact on the compliant people who may not tend to highlight a lower compliance rate (Yussof, 2016). Besides, it has been observed that tax compliance has been adversely impacted due to the incorrect wording of the provisions such as one that dealt with incorrect returns (Kuan, 2014). There has not been any significant improvement in the tax compliance rate observed for businesses and individuals taxpayers owing to stricter implementation of fines and penalties as these tend to be counterintuitive at times. Consider for instance any delay by a company in filing the tax returns by even a week can attract a very high penalty ranging from 20% to 35% of the total tax which the entity had to pay and clearly such fines could be back breaking for a business. Further, in Malaysia the businesses are required to pay taxes in a monthly manner based on the potential estimates of future income and hence, there is a tendency for the companies to overestimate their revenues so as to avoid any tax related issues with the IRMB on account of underestimation. Hence, in such an environment, it is apparent that the tax compliance rates for various taxpayers would not improve using the system of penalties and fines (Lim, 2011). The five reasons why taxpayers tend to evade taxes despite effective exemptions and rebates offered are outlined as follows. The compliance costs tend to be significant which acts as a significant deterrent for those who tend to have very small taxable income or tax payable. For these taxpayers, in economic terms it is better to evade taxes rather than paying the same as the compliance costs would be a significant percentage of the tax payable (Lim, 2011). The existing loopholes in the tax provisions encourage the taxpayers to leverage the same in a creative manner in order to not only avoid taxes but also evade the same (Dom, 2013). The weak state of enforcement in relation to tax matter is another reason for non-compliance and tax evasion. The taxpayers feel confident that even if they are caught, the prevalent enforcement system would allow them with options to escape with minimal fines which would be significantly lesser than the taxes saved. Also, the integrity of the enforcing agency is thought to be weak and compromised due to which tax evaders feel that through bribes and other favours, the tax evasion practice can continue resulting in financial gains (Loo, 2010). Prevalence of cash economy is another factor which promotes tax evasion. This is because the income obtained in cash is at the discretion of the taxpayer for reporting purposes as often the trail for such payments is lacking. This is quite difficult in case of bank transactions or white economy where each payment has a trail and hence evading income is comparatively more difficult (Dom, 2013). Lack of awareness amongst the taxpayers is also one of the reasons which does contribute to the evasion of tax. Thus, this can be minimised by ensuring that the law are simplified, people are made more aware about the utility of taxes and common sources of income that ought to be taxed in accordance with the underlying regulations (Dom, 2013). It is essential that in order to enhance the tax compliance, more focus should be on building the positive attitudes rather than tackling the negative attitudes through the use of penalties. The various measures in this regards are detailed as follows. Simplifying the tax regulations in order to lower down the overall compliance costs associated with filing of returns. This is expected to boost the compliance rate amongst the majority of the taxpayers who want to comply with the tax regulations. Currently, the cost of compliance is significantly high both for individual taxpayers and also for businesses (Kuan, 2014). Also, there is a strong case for tweaking the laws so as to lower the underlying ambiguity involved and make it oriented to resolve the practical issues faced by taxpayers. An example pertains to the use of incorrect tax returns which is also used when there is technical difference in interpretation and may attract fine which is clearly not desirable (Dom, 2013). Rather than enhancing the quantum of penalties and fines, in order to enhance tax compliance it is better to improve the enforcement mechanism so that the guilty are served with due fines and punishment so that they do not consider the system as weak with compromised integrity (Loo, 2010). The use of technology to allow for easy returns filing is also essential. Also, the skills and strength of the auditing officers need to be improved. Besides, measures must be taken by the IRBM in association with the government and other agencies to crack down on the cash economy and make attempts to slowly integrate the same in white economy which would lead to better compliance and higher tax revenues for the government (Dom, 2013). References Chen, K.Y. 2012, The Progressivity of The Malaysian Personal Income Tax System. Vol.30, No. 2, pp. 27-43. Available from: Kajian Malaysia. [19 October 2017]. Dom, H. J. 2013, Enforcement Trent and Compliance Challenges.Malaysias Experience. Available from: https://www.imf.org/external/np/seminars/eng/2013/asiatax/pdfs/malaysia2.pdf Feldstein, S. M. 2008, Effects of Taxes on Economic Behavior. Vol 61, no. 1, pp.131-139.Avaiable from: National Tax Journal. [20 October 2017]. Gregory, N., Weinzierl, M., and Yagan, D. 2009, Optimal Taxation in Theory and Practice. Available from: https://dash.harvard.edu/bitstream/handle/1/4263739/mankiw_optimaltaxationtheory.pdf?sequence=2 Hines, J. 2007. Taxing Consumption and Other Sins, Vol. 21 No. 1, pp. 67-74 Available from: Journal of Economic Perspectives [20 October 2017] Hubbard, G. 2015. Taking Capitals Gains: Capitals Ideas and Tax Policy in the Twenty First Century. Vol. 68 No. 2, pp. 409424. Available from: National Tax Journal. [20 October 2017]. Index Mundi, 2012, Malaysia-Tax Revenues: Tax revenue (current LCU). Available from: https://www.indexmundi.com/facts/malaysia/tax-revenue [20 October 2017]. Kuan, W.P. 2014, Time to Reform Tax Penalties?. Available from: https://www.pwc.com/my/en/assets/press/131012-focus-malaysia-time-to-reform-tax-penalties.pdf Lim, K. 2011, Late Filling Penalties and the high cost of tax compliance in Malaysia. Available from: https://lampiran2.hasil.gov.my/pdf/pdfam/penaltylate.pdf Loo, E. C. 2006a, Determinants of individual taxpayers' compliance behavior: Experience of the transition from pre to post self-assessment in Malaysia. In M. Walpole M. McKerchar (Eds.), Further global challenges in tax administration pp. 201-225. Available from: Fiscal Publication. [20 October 2017]. Loo, E. C., 2006b. Tax knowledge, tax structure and compliance: A report on a quasi-experiment. New Zealand Journal of Taxation Law and Policy, Vol. 12, no.2, pp.117-140. Loo, E. C., McKerchar, M., Hansford, A. 2009. Understanding the compliance behaviour of Malaysian individual taxpayers using a mixed method approach. Vol. 4 no.1, pp.181-202.Avaiable from: Journal of Australasian Tax Teachers Association. [20 October 2017]. Loo, E. C., McKerchar, M., and Hansford, A. 2010. Findings on the impact of self-assessment on the compliance behaviour of individual taxpayers in Malaysia: A case study approach. Vol. 1, no.2, pp. 1-22. Available from: Journal of Australian Taxation. [20 October 2017]. Piketty, T. 2015, Capital and Wealth taxation in the 21st Centaury. Vol 68, no. 2, pp.449-458.Avaiable from: National Tax Journal. [20 October 2017]. Pomerleau, K. 2015, Corporate Income Tax Rates around the world. Vol 2, no. 4, pp.124. Available from: Tax Foundation. [20 October 2017]. PWC, 2016a, 2015/2016 Malaysian Tax and Business Booklet. Vol. 3, No. 2, pp. 131. Available from: https://www.pwc.com/my/en/assets/publications/2016-malaysian-tax-business-booklet.pdf PWC, 2016b, Malaysia, Individual Taxes on Personal Income, World-wide Tax Summaries. Available from: https://taxsummaries.pwc.com/ID/Malaysia-Individual-Taxes-on-personal-income Taha, R., Nanthakumar, L. and Colombage, R.N. S. 2011 The Effects of Economic Growth on Taxation Revenue: The Case of a Newly Industrialized Country. Vol.7, no. 1, pp.319-329. Available from: International Review of Business Research Papers. [20 October 2017]. Yussof, H.S. 2016, The Impact of Threat of Punishment on Tax Compliance and Non-Compliance Attitudes in Malaysia. Available from: https://www.researchgate.net/publication/272390642_The_Impact_of_Threat_of_Punishment_on_Tax_Compliance_and_Non-compliance_Attitudes_in_Malaysia Zahid, J.S. 2017, Ahead of Budget 2018 economists call for fair taxation. Available from: https://www.themalaymailonline.com/malaysia/article/ahead-of-budget-2018-economists-say-higher-corporate-tax-should-replace-gst#2o3lH7qVtLzfCmfl.97