Ifrs : The Transition Cost Associated With Adoption

The United States is currently going through a big decision. It is deciding on whether to fully adopt International Financial Reporting Standards (IFRS), or to stay with the current U.S Generally Accepted Accounting Principles (GAAP). Since this is such a major decision, now would be an opportune time to take a look at what the pros and cons would be of switching to this new way of financial reporting, and in doing so, show why I believe the costs (both financial and otherwise) are too high to adopt a new set of reporting standards.

The SEC was created due to the stock market crash of 1929 which led to the great depression. The SEC was created to protect investors in security exchanges such as the stock market. It is responsible for oversight of both private investment and corporate investment dealings.

The Securities and Exchange Commission (SEC) establishes and improves standards of financial accounting and reporting for the guidance and education of the public.

There are many sides and opinion about adoption, me coming from the adoption system highly agrees with adoption. In this paper, I 'm going to explain the history of adoption, the rules you have to follow, the pros and cons of adoption and the process of adoption, and stories of adoption. Also, I will talk and explain about the system and what could be improvements to the system.

In the last four decades, the concept of the American family has undergone a radical transformation, reflecting society 's growing openness. Among all segments of society, there is a greater acceptance of a variety of family structures from single parenting to blended families to same sex parenting of children. The introduction of openness into the process of adoption offers new opportunities for children in need of a parent or parents and prospective parents wishing to create or expand their families. Meeting the requirements to become eligible to adopt no longer means being constrained by the conventions of an earlier generation.

The SEC is the administrative agency responsible for regulating the sale of securities under both the 1933 and 1934 acts (Jennings, 2012). The Sec is responsible for issuing injunctions, institute criminal proceeding; bring civil suits and etc. (Jennings, 20104). The SEC gives organizations exemptions such as the Exempt Securities, Exempt Transactions and the offering of securities.

Adopting a child into your family can be a joyous, rewarding experience. However, the journey is not without its hurdles. Knowing what to expect throughout the adoption process will help you determine the best path forward while helping you avoid common pitfalls. Below, a Lake St. Louis, MO family law attorney from Coyne, Cundiff & Hillemann, P.C. discusses what you need to know with regard to the adoption process and eligibility.

During the pre-adoption process, many are thrilled to be moving towards their ultimate goal of adopting a child, but alongside the thrill is another common emotional reaction to the process: anxiety. It’s completely normal to feel anxious while navigating the adoption process. Once the paperwork is completed and the adoption is finalized, you’ll finally have the child under your care. Everything will work out fine. You and the child will quickly develop an amazing, loving and trusting relationship. It’s the expectations many hang all their hopes on. The problem is that many expect to fulfill all these expectations without any type of timeline provided for the time it will take to get there once the adoption is complete.

“The Securities Act of 1933 was the first federal legislation used to regulate the stock market” (Investopedia). This Act was to prevent fraud and require investors to have access to a company’s financial records. As well, the Act of 1933 required all securities sold, within the United States, to be registered with the Securities and Exchange Commission. This assisted in giving investors a more transparent look into the company while ensuring the securities were not fraudulent.

In the US alone, there are over four hundred thousand children without permanent families and over one hundred thousand waiting to be adopted (U.S. Department of Health and Human Services, 2015). Couples who cannot have children and are looking for ways for to have children can adopt. Children in foster care are alone and in desperate need of someone to love them unconditionally, showing them that no matter what they are wanted. Adoption is one of the ways couples can have children, through the adoption process, couples can rescue a child from a life in the child welfare system, giving them a family and a hope of a better life, even through the contentious issue of interracial adoptions.

The process of International Adoption raises passionate emotions and arguments on different factors involving the process. Although organizations and groups are present in support of mainly the proponent side, some are swayed by policies involved. Bethany Christian Services believes in performing international adoptions as long as they follow the U.S policy involving court’s consent and the foreign countries policy. Whereas UNICEF will only perform international adoptions if the process is done through the Hague Convention.

Susan gave a brilliantly unique perspective about being a parent. It really gave me a new pair of glasses, seeing adoption from an entirely different point of view. I loved the sense of person-ability that she had in her writing, especially when she spoke of her love for Cassie and her troubles of getting pregnant, something that many women face. Open adoption can be a very challenging door to open in some cases, but Bordo almost described her scenario as it was something natural. She really gave her audience a sense of honestly when describing her feelings towards Cassie when she first met her, something that I think a lot of viewers, including myself,

The Securities Exchange Act in 1934, made the SEC (Securities and Exchange Commission) in light of the share trading system accident of 1929 and the Great Depression of the 1930s. It was made to ensure U.S. speculators against misbehavior in securities and budgetary markets. The motivation behind the SEC was and still is to complete the commands of the Securities Act of 1933: To ensure financial specialists and keep up the trustworthiness of the securities market by correcting the present laws, making new laws and seeing to it that those laws are upheld. Amid the 1920s, around 20 million Americans exploited post-war flourishing by acquiring shares of stock in different securities trades. At the point

The mission of FASB is to “improve reporting, focus on traits that are important and reliable and on quality of comparison and consistency, to keep up to date with current trends to reflect modifications in methods used and economic changes, and to improve the common understanding of the purpose and content within financial report” (FASB, 2008). The FASB has an obligation to uphold ethical standards as well as to ensure rules and regulations are followed in the way of financial reporting. The FASB uses input from other agencies when developing or amending standards such as the SEC. Before the Great Crash of 1929, little was done to regulate the securities market (SEC, 2008). Two laws were created to help improve investor confidence: “Securities Act of 1933 and Securities Exchange Act of 1934” (SEC, 2008). According to SEC (2008) the purpose of these laws is to make sure companies display accurate data about their financial accounts, the securities that are sold and involved risks and for the brokers who sell and trade to treat investors with respect by being fair and honest. A more recent law signed in by President Bush in 2002, was the “Sarbanes-Oxley Act of 2002” (SEC, 2008). This act created changes in improving responsibility, disclosures and

Securities regulations began when Congress enacted the Securities Act of 1933 in reaction to the 1929 Stock Market Crash—the infamous start of the Great Depression. The legislature created the 1933 Act to safeguard the economy from experiencing another event like the Great Depression. The objective of the Securities Act of 1933 was to “require that investors receive financial and other significant information concerning securities being offered for public sale; and prohibit deceit, misrepresentations, and other fraud in the sale of securities.” In other words, the Securities Act of 1933 required issuers to fully disclose all material information that a reasonable shareholder would require in order to make up his or her mind about a potential investment. The Act focuses on governing offerings by issuers and creating transparency between issuers and investors so that investors receive more protection than prior to the Act.