IFRS ( international financial reporting standards) Essay

IFRS ( international financial reporting standards) - Essay Example Resulting from this difference, IFRS gives the management flexibility and discretion in preparing the financial statements of a company. In the recent past, most nations have moved towards adopting a common globalized accounting standard. As such, use of IFRS in many parts of the world has gained widespread prominence and popularity. Regions such as the European Union, Australia, Hong Kong, Singapore and Russia, and other countries have adopted the use of IFRS. In January 2011, Canada adopted the use of IFRS officially; consequently, many countries switched from their accounting standards and adopted the IFRS standard of Canada. The widespread acceptance of International Financial Reporting Standards portrays a fundamental change in the accounting profession. This stems from the fact that the use of IFRS has become a common phenomenon in the accounting profession (Nandakumar et al 2011, p. 3). About 100 countries either allow or require publicly held companies to use IFRS while preparing their financial statements. The Securities and Exchange Commission (SEC) in America has considered setting a date in order to allow U.S. public companies to adopt the use of IFRS. The process of setting international standards started several decades back. Industrialized nations saw the need to devise standards, which could be adopted by small and developing nations unable to come up with their own standards for accounting. With the globalization of business, investors, regulators, auditing firms and large companies realized the vitality of adopting common standards that could apply in all aspects of financial reporting (Kirk 2008, p. 2). The adoption of IFRS has some considerable benefits to the company and the investors who adopt these standards. The adoption of international standards allows the governments, and investors and organizations to have a comparison of the financial statements

Cakes case study on ops & supply chain management - 1

Cakes on ops & supply chain management - Case Study Example nufacturing industry, the manner in which resources are handled, among them time, provides a measure of how productive the business model is and how much it is able to make use of 100% of the resources to result to 100% value and quality management. On the other hand, the retail industry which provides final consumers with consumer products makes use of the lean concept through the consideration of factors such as the channels of ordering, the human resource required, and the number of other factors to be considered between the time of order placement to the time of delivery to the consumer (Maleyeff, 2012). In the application of the lean concept, several factors are considered. Among these are resources that are directly in control of the business model at hand. This means that internal operations are the only operations the business model can control. However, it is observed that various considerations have to be considered when handling internal operations. For instance, it is observed that the number of factors affecting the productivity within a business model include time management. Time management and the utilization of other resources go hand in hand. The lean concept points that the operations of a company or a business model can be manipulated in manner that processes use the optimal resources under a defined and well strategized timeframe. In this case, while processes such as those involved in a bakery or confectionary companies, require various inputs aimed at bringing out one outcome. Under this example, it is observed that processes such as the ordering of ingredients fr om the companies’ inventories must ensure that orders are on time and dispatch of the ingredients is at par with other processes’ schedules. While processes such as the cleanup of equipment as well as the preparation of the next batch make use of time management and material management (Barrad, & Sipper, 1988). On the other hand, while inventory is a major component of the