Is Project Accounting Really That Important - 1217 Words

Is Project Accounting really that Important? Project accounting is a practice that is used by businesses and organizations of all sizes. During the process of completing this system, leaders use the information gathered to create, plan, manage and control projects that are being completed by the organization. The goal of project accounting is to track the progress of these projects through financial reports. This information is then used to determine if the project is on-track, staying within budget and whether the project needs adjustments to the overall plan and structure of the project. One common concern that business leaders have is that the time, effort and money that is spent utilizing project accounting is not as valuable as one†¦show more content†¦This is also a process that is able to analyze every step stage of the project. This is beneficial because it helps businesses to know that they are staying on budget and whether the project will be completed on time. Along with budget, project accounting is also a crucial process that helps to determine ROI. Without the data provided by a project accounting system, a company would never be able to determine how much income was generated from a project. Project Accounting in Real Life There is really no denying that project accounting is something that is a laborious task. However, without it, research has shown that businesses aren t nearly as successful. One prime example of this concept comes from government agencies. According to PMI research, barely half of government strategic initiatives are able to meet their original goals and intent of the projects that they are completing. One reason that this is the case is because only a third of the agencies included in this research truly understand the value of project management. For those agencies that did understand and embrace project accounting, there were notable differences in the results of their projects. The most notable organizations that were affected by project accounting were the Social Security Administration, The Bureau of Indian Affairs and the Federal Aviation Administration. Here were a few of the ways that these organizations were able to see success for their projects. Hands On Leaders This

Immigration Of The United States - 1619 Words

Throughout the history of the United States, immigration has become a part of our country’s hearts and souls, which began centuries ago. In the United States alone, there are almost 70,000 foreigners that migrate here daily. Within those 70,000 people, over 60,000 of them are businessmen, travelers and students. In the United States currently, we have about 5,000 people that are illegal immigrants; with 2,000 legal immigrants. Illegal immigrants have been to this day outnumbering the number of legal immigrants, which has been going on since the 1990’s. Mostly because of this matter, U.S lawmakers are now made a tremendous amount of attempt to enforce the immigration laws. Ellis Island was an immigration center where people mostly from†¦show more content†¦On the date of January 2, 1892, a Federal US immigration station opened up on Ellis Island in New York Harbor. In 1903, revisions and correction were made to the 1891 Act. The US immigration Act of 1907 reorg anized the states that bordered Mexico which at the time were Arizona, New Mexico and a chunk of Texas. Between 1917 and 1924 there were a series of laws that were ratified to limit the number of new aliens. These laws established the Quota System and forced passport requirements. They also expanded the categories of excludable aliens and banned all Asians except the Japanese. A 1924 Act was created to reduce the number of US immigration visas and allocated them on the foundation of national origin. In 1940, The Alien Registration Act required all non-U.S. citizens within the United States to register with the Government and receive an Alien Registration Receipt Card, which was later called a Green Card. The Passage of the Internal Security Act of 1950 depicted the Alien Registration Receipt Card. Legal immigrants had their cards replaced with what commonly became known as the green card. The 1952 Act is what started the modern day US immigration system. It created a quota system th at inflicts limits on a per-country basis. It also set up the preference system that awarded priority to family members and people with special skills. In 1968 an act eradicated US immigration discrimination based on

Team Reflection Summary free essay sample

In recent years there have been many highly publicized financial accounting scandals. Enron, WorldCom, and AIG are a few of the well- known corporate companies that have been involved in financial reporting scandals. United Sates regulators and lawmakers made known their concerns of mistrust in corporate accounting, because of unethical financial reporting. In 2002 Congress formed the Sarbanes-Oxley Act to certify that publically traded companies were reporting their finances honestly. The Sarbanes-Oxley Act specifies the requirements for financial reporting for public Corporations. The Securities and Exchange Commission oversees the financial reports from these companies. The Sarbanes-Oxley Act calls for all publicly traded corporations to follow firm requirements for financial accounting, and reporting. Although there are many differences between the accounting reporting standards of the United States and each country, the global business world requires a unique consideration. Other countries do not have such high levels of accounting criteria, and when the United States deals with them, extra caution is needed. We will write a custom essay sample on Team Reflection Summary or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The Sarbanes-Oxley Act created problems in the business environment during the first year, auditing cost rose to staggering proportions, and many public firms went private as a way of avoiding the cost of complying with this law. The SOX Act was intended to improve corporate governance an increase transparency of financial audits. The act was to restore public confidence in Corporate America, change the way accountants did business, set standards, and enforce stricter criminal penalties. In the role of internal control in complying with (SOX) federal regulations have been revised to constrict responsibility dealing directly with directors, officers, and auditors. The revision obligates companies that are publicly traded to incorporate three precise reports within their annual financial reports to include the following: 1. Statement that outlines the management’s responsibilities on generating and reinforcing acceptable internal controls, arrangements, and techniques. 2. Evaluations of management’s internal controls arrangements and techniques efficiency in relations to the company’s end of the current fiscal year. 3. Requires verification by an auditor non-affiliated with the company, on the efficiency of the internal controls arrangements, and techniques of financial reports. It is essential that the reports are in accordance to the standards founded by the Public Accounting Company Oversight Board. In conclusion, effective financial reporting depends on moral and ethical behavior. It is of moral obligation to adhere to written codes of ethics. With this in mind, lawmakers can depend on the (SOX) Act to certify the accuracy of financial reporting, and ensure that fraud will not occur. ?

Who, Where, When and How

The case of James Hardie Industries (JHI) Limited caught an international attention. JHI immigrated into Australia during the close of the 19th century (Welsh, 2009). During this time, the company was involved in the importation business mainly focusing on oil and animal hides.Advertising We will write a custom essay sample on Who, Where, When and How specifically for you for only $16.05 $11/page Learn More Since the 1930s, most of the company’s operations were conducted by its subsidiary companies. This included the manufacture, processing and distribution of asbestos. Despite the fact that this was among the most profitable ventures of the company, James Hardie and Coy and Herdie-Federo, subsidiary companies to the James Hardie group conducted the asbestos mining activities (Haigh, 2006). However, the condition under which this practice was carried out was questionable. This is because the mining and processing of asbestos was conducted in poorl y ventilated factories. This increased the risk at which workers could contract chronic pleural abnormalities such as cancer and asbestosis (Gunz and Van der Laan, 2010). Despite these claims, JHI claimed that it offered its workers with conducive working conditions. However, during the late 1970s and early 1980s, JHI acknowledged the fact that asbestos was dangerous and by 1987, the company stopped mining and processing asbestos. However, it is during this time that former employees started to lodge complains against the company. These individuals filed legal suits against the company for endangering their health due to poor working conditions resulting into chronic diseases. At this very time, JHI had ventured into the American market. However, the operations of JHI in the United States were hindered by the legal suits that the company had back in Australia. To eliminate its asbestos liabilities, JHI came up with a strategy of creating an independent company that would carter for the needs of its asbestos victims. This led to the incorporation of Medical Research and Compensation Foundation (MRCF) in 2001 (Gunz and Van der Laan, 2010). MRCF was valued at A$ 293 million. The purpose of this fund was to meet the future needs of asbestos victims that the company had valued at A$ 286 million.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Since MRCF and JHI were separate entities, JHI stated that it would not be involved in the funding of MRCF whatsoever. After MRCF was commissioned, JHI moved its residence to the Netherlands from Australia. Before changing its nationality, JHI needed to assure the Australian Judicial System that MRCF was capable of meeting its obligations. Given the fact that David Minty, an actuary at Trowbridge consulting had valued the claims at A$ 286 million and JHI had funded MRCF with A$ 293 million, the courts were satisfied and granted JHI it s move. With time, it became clear that MRCF was underfunded. This came about because of the ever-increasing claims that were laid against the company. A few months after JHI moved to the Netherlands, the claims that were laid against MRCF were valued at A$571 million. Shortly afterwards, this figure was revalued at A$ 751 million. By the close of 2002, MRCF legal liabilities against its asbestos victims were valued at A$ 1.6 billion, a figure that rose to A$ 2.2 billion. Being unable to meet its legal liabilities, MRCF sought financial assistance from JHI. In 2001, JHI offered to fund MRCF with A$ 18 million. This fund was to be in the form of assets. Given the fact that this was minimal to meet its legal needs, MRCF refused the offer. With MRCF facing more and more legal liabilities, the management of JHI came to a conclusion that the company shall no longer be involved in any issues that affected the running and management of MRCF. This included its legal obligations. The managem ent of JHI argued that JHI and MRCF were two separate entities with separate rights and obligations. On legal grounds, JHI and MRCF were legal entities. However, looking at the situation from an ethical point of view, the liabilities that MRCF was facing had originated from the operations of JHI. Thus, it was an ethical obligation for JHI to ensure that all the asbestos victims are compensated.Advertising We will write a custom essay sample on Who, Where, When and How specifically for you for only $16.05 $11/page Learn More It is with regards to this that the government of New South Wales commissioned a judicial inquiry. The results of this inquiry revealed that the asbestos victims valuation report had not been properly calculated (Jackson, 2004). The model that was used to value victims liabilities did not consider a number of conditions. For instance, the actuary did not put into consideration the outcome of JHI separating with its subsidiary compani es (Jackson, 2004). This highly undervalued the financial obligations that JHI had against its asbestos victims. However, the inquiry could not tie these obligations to JHI since all these liabilities had been transferred to MRCF, a separate legal entity. Despite the fact that JHI could not be held accountable for these actions, the company started to face a lot of criticism and pressure from its trading partners, trade unions, and international governments. This left JHI no option but to come up with a compensation scheme in 2004 (Welsh, 2009). This scheme became operational from 2006 when the federal government lifted the tax against the fund. In addition to this, senior management officials of JHI were charged with breaching the Corporation Act 2001 (Welsh, 2009). It was argued that the management acted without diligence and care. References Gunz, S and Van der Laan, S 2011, ‘Conflicts of Interest and Professional Independence: The Case of James Hardie Industries Limitedâ⠂¬â„¢, Journal of Business Ethics, vol. 98, pp. 583-596 Haigh, G 2006, Asbestos House: The Secret History of James Hardie Industries, Scribe Publications, Melbourne Jackson, D 2004, ‘Report of the Special Commission of Inquiry into the Medical Research and Compensation Foundation’, Commonwealth of Australia, New South WalesAdvertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Welsh, A 2009, Killer Company, The Walkley Foundation, New York This essay on Who, Where, When and How was written and submitted by user Trey Dillon to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.