Research Methods Essay Example | Topics and Well Written Essays - 2000 words - 5

Research Methods - Essay Example Nevertheless, this report point towards the expanding trend in full figure retail among the clothing fashion industries. According to this report, it had several strengths in exploring the future trend of plus sized female clothing. For instance, there was the full use of good presentation skills in presenting the main ideas. The recent data collected in the report prove that retailers who forego the need for dwelling in plus size fashion will fail to enjoy the market profits. There was proper use of English and flow of ideas in explaining the crucial themes of research. More so, the report shows that the average sizes for women dresses have improved from size eight to fourteen. Nevertheless, there were several weaknesses of the report in delivering the data collected. For instance, there was no proper presentation of the online or offline businesses that adhere to the requirements of the full figure customers. This is unlike the market of skinny women that retail in numerous clothes of all kinds. For a long time, clothing and fashion industries have neglected the plus sized market to cater for women who are size 14 and above. The report could curb the weakness by having a proper plan and time while collecting data. Opportunities for the research relate to a need for additional retailers of plus size clothes. Since the average size of most people is changing from size 12 and above, retailers should foresee a means of making profits. The increasing full figure people increases the demand for such clothes that manufacturers and fashion industries should take note. The challenges faced relates to the process of collecting data. The report had limited information from the library and local shops regarding the retailers of plus size clothes. Such a challenge requires a plan for the next research regarding plus size fashion and clothing. For instance, the research could try and use visitations to the

Brief a case Assignment Example | Topics and Well Written Essays - 250 words

Brief a case - Assignment Example The nephew assigned Louisa Hamer (P) the funds. P brought suit against the executor of Willian E. Story (the uncle) estate, Franklin Sidway (D). During the judgment, the case was ruled in favor of P but later on appeal reversed in favor of D. P appealed (1967). Yes. Mere abstention from a legal conduct that is permissible is sufficient consideration to seal a promise that is based on forbearance of a valid contract. Consideration is not taken as a benefit to the person who promises. When a someone’s offer is ambiguous regarding whether accepting it shall be in form of exchange of promises or performance, determining if the person who offered was indifferent to whether accepting be in form of performance or promise is realized by interpreting the language for the offer under the circumstances it was given. According to the court’s rule concerning this case, the language of the offer was clear that the uncle sought acceptance not by a promise to perform but by performance. D argued that the contract was not valid for it did not have consideration, and there is no consideration unless there is a benefit to the person who promised. Refraining from a thing that someone is entitled to do is enough to create an enforceable contract. Under the bargain test for consideration, Hamer forbearance was somehow a benefit to Sidway and a detriment to him. D benefited by having his nephew refraining from a conduct he did not like and P faced a detriment by denying himself the conduct’s

History Of The Muscle Car English Language Essay

History Of The Muscle Car English Language Essay when most people think of a muscle car they think of a mid-size model car, with V8 engines, generally produced between 1960 and 1973. Most muscle cars were current mid-size models being produced [The passive voice is a form of be (being) and a participle (produced). Over-use of the passive voice can make paragraphs tedious to read and officious. Try to use the active voice most often, e.g., the student completed the paper on time. The passive voice versionThe paper was completed on time by the studentSee eCampus>CWE>Tutorials Guides>Grammar Writing Guides>Active passive voice] by car manufacturers, and they added a large V8 engine, special trim, and usually better handling and performance options like suspension, braking, etc. intended for maximum acceleration on the street or in drag racing competition. It is [It is is an awkward phrase if it is not clearly a thing] distinguishable from sports cars, which were customarily considered [Passive voice] smaller, two-seat cars, intende d for high-speed touring and possibly road racing. But really [Clearer writing suggestionreal or really means existing in actualityit adds little to the meaning (and using it to mean big, very, or genuine is slang); replace it with a more expressive word] the firs muscle car every made was a 1949 Oldsmobile Rocket 88. But it wasnt tell 1951 that the Oldsmobile Rocket 88 got [Doctoral rule (although good advice for any academic writer)got is informal English and can mean many things; in academic writing, use forms of arrive at, can, could, grows, is able to, etc.] really famous with the creation of the Hudson Hornet the first of the American muscle car to be a famous race car. How can you [Eliminate second person (you, your) in academic documents and avoid addressing the reader directly. Use third-person pronouns (he, she, it, they)] tell if a car is a Muscle Car? [Unless in a quote, avoid rhetorical questions in academic writing] First the particular car would likely be a limited production version of a street car, like the Boss 302 Mustang and the Mach 1/GTs. It had some kind of performance suspension designed for going from 0 [Write out numbers under 10] to 100 as quickly as possible or to handle well on a track and often to do both. Second it will have some kind of high output motor or the biggest motor that could be stuffed [Passive voice] under the hood, Till [Check spelling: Although often used interchangeably, for greatest clarity in academic writing, use until to mean a length of time yet to lapse, till to mean turning the soil, and avoid til altogether] the end of 1950s, car manufacture was monopolized [Passive voice] by England, France, Italy, and America, etc. But during the 1960s they saw a drastic change in the market as European manufacturers started adopting better technology that resulted in innovative models. Meanwhile, Japan too started successfully manufacturing automobiles in a major way, starting with its Keicar. The most common muscle car you [second person] think of is probably the Ford Mustang. But the mustang wasnt always made by ford originally it was made by Shelby. Then in Mustang debuted in 1965, but did [Remove comma if the following is not an independent clause] you [second person] know that it wasnt the firt muscle car envented the first mucsle car was an Oldsmobile Rocket 88 car companies have been fighting trying to see who could think of a way to make the most powerful and fastest car ever since the first car was produced [Passive voice] in 1885,. then in 1949 Oldsmobile accomplished that goal with the creation of the Oldsmobile Rocket 88 the very first muscle car to be produced. [Passive voice] After that Performance stayed the for the next 6 [Write out numbers under 10] year. But Then in 1955 Chrysler invented the C-300 on of the classics putting them on top with there performance. The C-300 had a 300 horse power Hemi engine the most powerful engine at that time making the C-300 American fastest and mots powerful car manufactured in 1955 which [Use that for a restrictive phrase (or place a comma before which)] included the Ford Thunderbird, the Corvette, and the Chevy Bel Air. The reason the C-300 was more powerful then all those other cars was that the Hemi engine could could [Typographical error: eliminate duplicate word (if on the same line)] go from from [Typographical error: eliminate duplicate word (if on the same line)] zero to sixty [Express numbers higher than nine in digits (when not the first word in the sentence)] in 9.8 seconds and it had a top speed of 130 mph. But these performance numbers were nothing compared to what they would see during the next decade. Because as the other car companys climbed up in the competition, the cars became mor e powerful. There for the American muscle car era was born. The muscle car era coincided with the baby boom generation at the end of World War II, as the soldiers came home there babies were everywhere! And [In academic writing, avoid starting a sentence with a conjunction ] cars during WWII and after were pretty [Vague wordingpretty is a weak word (old Fifties slang) if used to mean very. It means attractive. Use very or another adjective.] conservative in their styling and speed. So the Chop Shops and performance shops sprung up quickly as the war came to an end, leading to the birth of the hot rod. But the only problem was that it was to [Misspelling: too] expensive, and took a lot of [Only commercial shipments and real estate are measured in lots. To use a lot of to mean many, much, or a large amount is a colloquialism (not universally clear). Use another term.] effort and time to modify a car. But It was not economical possible for most people at that time. But it was a lot [Avoid using lots or a lot of] cheaper to make a muscle because of the factory maintenance so they was able to sell the muscle cars for a lot [Avoid using lots or a lot of] less so which [Use that for a restrictive phrase (or place a comma before which)] is what made muscle cars such successful sellers with the new baby boomers. But since [Check word choice: Since is more precise in referring to time (after that); otherwise use because] it was cheaper certain models lacked in power and speed. But by the 1960s [Check spelling: if the preceding is a year, following the year with apostrophe-s means possessive; leave out the apostrophe before s] that all changed This is the decade [Passive voice] that built the muscle car specifically for the drag racing crowds. Its [Check spelling: If meant to be it is, avoid contractions in formal writingwrite it out; if meant as the possessive of it, remove the apostrophe. The possessive form of it is its] also the decade that made the muscle cars we [Use we, us, or our to mean yourself and coauthors, not general humanity (or yourself and the reader)] think of today was invented. [Passive voice] Such as [Beginning with these words, the following is most likely a sentence fragment] [Check word choice: such as refers to things that are exactly what you are discussing; like means something similar to what you are discussing] the charger, GTO, Chevelle, Mustangs, Firebird, and Camaros. In the early 60s [Check punctuationSingle quotation marks are only for a quotation within a quotation. Otherwise, use double quotes ] the only American sports car that was counted [Passive voice] as a muscle car was the Chevy Corvette at a price that was way too high for most. The Ford Thunderbird had grown into a large luxury car (and Ford heard many complaints about this). Imported sports cars, mostly from England, were selling well. Within a few years the post-war baby boomers would be buying their first car. The Mustang II concept car generated a lot of [Avoid using lots or a lot of] excitement and led directly to the first Mustang less than a year later. The 1960s also saw the opportunity of pony cars and muscle cars in America, where [If not referring to a place, use in which] performance of vehicles mattered the most. The Ford Mustang was another popular car of this period and enjoyed a great deal of fanfare till Chevrolet released its Camaro Z28 in 1967, to compete with it. Ford in turn accepted the challenge and brought forth the Mustang Boss 302 and the Mustang Boss 429 in 1969, which again was lapped [Passive voice] up by people in general. Then in 1964 Pontiac made one of the big brake through in muscle car history with the Pontiac Tempest. The GTO package on this model added a 389 V8 engine, and a floor-shifted transmission, as well as [No comma before as well as (which means in addition to and is not a conjunction the equivalent of and)] special trims and GTO badges being [Doctoral rule (but good advice for any academic writer)If not a noun (as in human being), the word Being is hard to imagine; it means existing. Try to rewrite this without using beingwith words like attending, working, living, experiencing, simply asor even removing being completely] the fastest muscle car made that year. The only problem was that GM Corporate had a policy at this time [Wordiness: these words mean simply now] that did not allow anything other than a full size model to have anything larger than a 330 cid engine. So Pontiacs engineers decided to work around that policy by offering the 389 cid engine as an option as well, instead of c reating a new model for it. Pontiac planned on selling 5,000 GTOs that first year; but instead they ended up selling 32,450 GTOs that first year putting them way over there goal. In 1967 GMC decided to come out with the Chevrolet Camaro. After watching ford two years making money off the Ford Mustangs success, General Motors finally launched its entry into the high performance [Spellingas an adjective, these two words should be a single hyphenated word] pony car segment introducing the Chevrolet Camaro. Although available with a mediocre six cylinder for volume sales, the Camaro also could be equipped [Passive voice] with several V8s and a bunch of performance options. the [A sentence begins with a capital letter (or is this an incomplete sentence?)] Z/28- would change the industry of muscle card view of fast pony cars forever. the [Needs capital letter] Camaro was named [Passive voice] after the French word for comrade, even no some peaple argued that it was actually [Clichà ©: actual and actually are weak words whose meaning is nothing more than in point of fact. They are often used as intensifiers but usually can be deleted with no change in meaning ] Spanish for a type of shrimp. Not exactly a good name for a new pony car. Luckily, the Camaro had the muscle to back it up. The Camaro was based [Passive voice] on the 1968 Chevy Novas model and it featured a uniqe [Word choiceuse an] body structure from the windshield and firewall back, with a separate steel rail subframe for everything up front. The Camaro was available from the start in hardtop coupe and convertible body styles, and could [Punctuation: remove the comma if the following is not an independent clause (could not be a sentence by itself) OR is not the last element in a series of more than two] be order with nearly 80 factory options and it had up to 40 different dealer accessories options, including three main option packages and a choice of four different engines. The RS package included numerous cosmetic changes including a blacked out grill with hidden headlights, revised parking and tail lights, upgraded interior trim, and RS badging. Of greater interest to enthusiasts was the SS package which [Use that for a restrictive phrase (or place a comma before which)] included as standard equipment a modified 350 cid V8 (the first 350 engine Chevy ever offered) with an available 396 cid big block producing 325bhp (L35) and later a 375bhp version, along with simulated air-intakes on the hood, special bumble bee striping, and a blacked out grill. It was [Avoid it is, etc.] possible to order both the RS and SS packages, and get a RS/SS Camaro, in which case the RS badging took precedence. Camaro popularity soared when a RS/SS Convertible with the 396 paced the 1967 Indianapolis 500 race. In December 1966, Chevrolet then quietly released one of the most famous options codes of all time, option Z-28. Unpublicized and unknown by most of the buying public (and most Chevrolet sales people [The preceding two words are spelled as one word] for that matter) and not mentioned in any sales literature, the only way someone could order the Z-28 package was to order a base Camaro with the Z-28 option, mandatory front disc brakes with power assist, and the Muncie 4-speed transmission. You [second person] could not order the SS package, automatic transmission, air conditioning, or the convertible. What you [second person] got was a unique 302 cid small block (Non-California emission cars were labeled [Passive voice] MO while [Clearer writing suggestionWhile is accurate in linking simultaneous events (in the sense of during)otherwise use although, whereas, and, or but] California emission engines were labeled [Passive voice] MP) that was created [Passive voice] by taking the 327 blo ck and installing the short-stroke 283 crank. Specifically designed to compete in the Club of America Trans Am racing series which [Use that for a restrictive phrase (or place a comma before which)] placed a 305 cid limit on its entries, the Z-28 was available to the public solely to qualify the car for racing. Advertised horsepower was listed [Passive voice] at just 290bhp, which was not very impressive until one hooked it up to a dyno and got actual [see above] readings of 360-400 bhp. The Z-28 also came with a competition suspension, broad racing stripes on the hood and trunklid and could be combined [Passive voice] with the RS option package. There was [There was is an awkward phrase if there is not clearly a location] no Z-28 badging at all, lest it attract to much attention. The Z-28 proved to be difficult to launch on the street because its high reving engine was lethargic under 4000rpm and worked best when it was shifted [Passive voice] at 7500rpm (!). Once it got going, the Z28 was tough to beat and boosted a 140mph top speed and numerous racing victories. Only 602 Z-28s were sold in 1967, making it a truly [Clearer writing suggestiontruly means in a true manner (as opposed to a false or lying manner), and this does not appear to be the intention. In casual conversation this word can mean accurately, most clearly, or indeed, but avoid it in academic writing or especially an international business communication] desirable collectable. But the each year, muscle cars kept on getting bigger and heavier, due to [Check word usage: This phrase is most accurate in referring to something owed ($5 due) or an arrival time (due at 6:00)try because or because of] added options. This lead [Check spelling: unless this is a noun (as in team lead) or a present/future verb (they will lead the charge), the past-tense verb is spelled led (as a noun, lead is the metal in cannon balls)] to a new breed of stripped-down muscle cars, such as the Plymouth Road Runner and Dodge Super Bee. These were designed [Passive voice] to cost less than most the other models, without the extra options and plush interior. They were designed [Passive voice] to be cheap race car, that [Remove comma before that preceding a restrictive phrase (otherwise replace that with which)] way there you could go race the same day you bought the car without any modifications and still win! Chrysler introduced the viable pony cars in 1970 with the introduction of the Challenger and the newly designed Barracuda. The 1970s [Check spelling: if the preceding is a year, following the year with apostrophe-s means possessive; leave out the apostrophe before s] started out good. It was [Avoid it is, etc.] consider by most as the pinnacle year for the classic muscle cars. Then the world changed when the fuel prices began to rise, the insurance companies started raising rates and the economy began to slow down. By 1975, most muscle cars had been discontinued [Passive voice] or heavily downgraded, effectively ending the muscle car era. Because performance was no longer a consideration for the automotive customer was looking for fuel economy, and not [Punctuation: remove the comma if the following is not an independent clause (could not be a sentence by itself) OR is not the last element in a series of more than two] power and [Check punctuationinsert a comma before this word if this is the last in a list of more than twoor if it begins a new clause] speed in there performance. Because of that the Hemi Cuda and Challenger stopped getting manufacturer, and The Chargers and Chevelles were now [Clearer writing suggestionUnless you are making a philosophical statement (Now is the time to improve myself) or mean as of the present time (the business is now known as Ajax Corp.), consider removing nowsince this is being read after the time you wrote it, now is in the past] sold as mid-priced luxury cars. The only cars to continue the tradition were the Firebird and the Camaro. Even no, they werent as powerful as they had been just a few years earlier. Nothing much happened to change that until the Ford Mustang was reintroduced [Passive voice] in 1979 as a performance model. When Henry Ford decided that the market had rested long enough. Then in 1982 the mucsle car era came back when a new Camaro and Firebird were manufacterd. Then In 1984 Chevrolet introduced a new Corvette. So Buick decided to shake things [Vaguenessthings is a wording gimmick to avoid further description] up with the Grand National. So by 1987 the Grand National had become one of the best muscle cars ever. Power and speed was back. So Muscle cars continued to improve all the way to the turn of the century. The cars kept getting better and better by the late 1990s [Check spelling: if the preceding is a year, following the year with apostrophe-s means possessive; leave out the apostrophe before s] these new muscle cars out did their classic muscle cars in every category. Performance, comfort, reliability and fuel consumption were all much better than they were in the 1960s. surprisingly, no one was worried that the Sales went down on all the muscle cars across America. Because General [A job title is not capitalized unless it is the first word in a sentence or associated with the name of a person or institution, e.g., Certified Public Accountant John Doe. If not, it is just a label, such as auto mechanic, nuclear physicist, fry cook, brain surgeon, professor, etc.] motors even stopped production of the Camaro and Firebird in 2002. The fourth-generation Chevrolet Camaro debuted for the 1993 model year on an updated F-body platform. It would retain the same characteristic since [Check word choice: Since is more precise in referring to time (after that); otherwise use because] the first-generations introduction back in 1967; 2-doors, 2+ [Write out numbers under 10] 2 seating, available as a coupe (with optional T-top roof) or , [Avoid leaving a space before a comma] rear-wheel drive, and a choice of V6 and V8 power plants [The preceding two words are spelled as one word] . The 1998 model year was refreshed [Passive voice] and revised with both exterior and engine changes. The fourth-gen Camaro would last up through the 2002 model year when General Motors discontinued production due to [Avoid due to, try because or because of] slow sales, a deteriorated sports coupe market, and plant overcapacit. Resources http://www.anythingaboutcars.com/1960s-muscle-cars.htm http://www.timelessrides.com http://www.musclecarclub.com http://www.musclecarrestorations.com http://www.musclecars.net http://carsnet.blogspot.com http://www.isnare.com http://www.chevellesrus.com http://musclecarfacts.net http://www.ehow.com http://www.articlesbase.com http://www.bharatbhasha.com http://www.carmemories.com http://www.t-ce.com http://www.conceptcarz.com http://musclecarfacts.net http://cars.about.com http://www.anythingaboutcars.com http://www.automotivelog.com http://www.car-part.ws

Freedom :: Essays Papers

Freedom This book was written in the middle to late twentieth century. Generally, this book dealt with Indians living in East Africa. The book is set in native Tanzania where Vassanji was raised after his family moved from his birthplace Nairobi. This book is a collection of short stories that chronically move from the narrator’s early childhood until he returns to his homeland years later to find that much has changed from his childhood. There are many issues that are intertwined into the text that Vassanji incorporates to relay his stories. Being a part of the lower class Indian community in Tanzania during the 1950’s, there is much class struggle. There is an instance early in the book where massive discrimination is evident in the book. â€Å"Schools went through preparation and drill for the royal visit.† â€Å"But to my great disappointment only the higher forms were allowed to welcome the princess.† The narrator overcame this discrimination by working through the crowd and essentially got a glimpse of the young queen. This was one of the more symbolic scenes in the book. The narrator overcame oppression here on a small scale as he later will by leaving Africa and going to a University in North America. The market place called the â€Å"Mnuda† was a place of massive thievery and just not a good place to go. However, many members of the â€Å"community† would go to the â€Å"Mnuda† to pick up odds and ends. The point is that this is a low class society we are dealing with. Later on there is a mention of green government trucks that randomly show up in the streets of Tanzania during the night. Green government trucks just give the impression that the government has something to fear if they are sending out â€Å"watchdog† trucks to keep an eye on the demos or population. This example just shows the kind of totalitarian government that was in place during the mid-twentieth century in this part of Africa. Just a reminiscent of 1984 and the concept of â€Å"big brother † mentioned in that novel. It seems this type of ruling is in place around the narrator at this time. The family of the narrator would go on to have their own lives. When the narrator prepares for going to the University, he talks about his sisters already married.

Difference Entre Ifrs Us Gaap Swiss Gaap Fer

IFRS US GAAP Swiss GAAP FER Summary of similarities and differences 2007/2008 Edition 1 IFRS – US GAAP – Swiss GAAP FER Summary of similarities and differences 2007/2008 Edition This PricewaterhouseCoopers publication is for those who wish to gain a broad understanding of the key similarities and differences between IFRS, US GAAP and Swiss GAAP FER. No summary publication can do justice to the many differences of detail that exist between IFRS, US GAAP and Swiss GAAP FER. Even if the guidance is similar, there can be differences in the detailed application, which could have a material impact on the financial statements. It needs to be stressed that this brochure deals with the main differences only. Many more pages would be needed to be more comprehensive, but that was not our objective with this publication. This publication focuses on the measurement similarities and differences most commonly found in practice. When applying the individual accounting frameworks, readers should consult all the relevant accounting standards and, where applicable, their national law. Listed companies should also follow relevant securities regulations. IFRS and US GAAP are globally acknowledged accounting standards for which a broad range of theoretical background, interpretations and literature is available. Swiss GAAP FER focuses on accounting for small and medium sized organisations and groups based in Switzerland; if there are questions that are not answered by a respective standard, the general principle of a true and fair view should be applied. This summary is based on IFRS and US GAAP developments up to August 2007 and on Swiss GAAP FER as applicable from January 1, 2007. It does not cover Swiss GAAP FER 14 Consolidated financial statements of insurance companies, Swiss GAAP FER 21 Accounting for charitable, social non-profit organisations and Swiss GAAP FER 26 Accounting of pension plans. We trust you will find this publication useful in helping you identify the key differences between IFRS, US GAAP and Swiss GAAP FER. SUBJECT Accounting framework Historical cost or valuation IFRS US GAAP Swiss GAAP FER Generally uses historical cost, but intangible assets, property, plant and equipment (PPE) and investment property may be revalued to fair value. Derivatives, certain other financial instruments and biological assets are revalued to fair value. Full retrospective application of all IFRS effective at the reporting date for an entity’s first IFRS financial statements, with some optional exemptions and limited mandatory exceptions. Reconciliations of profit or loss in respect of the last period reported under previous GAAP, of equity at the end of that period and of equity at the start of the earliest period presented in comparatives must be included in an entity's first IFRS financial statements. No revaluations except for certain types of financial instrument. Basically, historical cost convention applies. However, for several balance sheet positions Swiss GAAP FER defines deviations from that convention (fair value) or allows choices between two options. First-time adoption requires a presentation of the prior year balance sheet in compliance with Swiss GAAP FER only. First-time adoption of accounting framework First-time adoption of US GAAP requires retrospective application. There is no requirement to present reconciliations of equity or profit or loss on first-time adoption of US GAAP. Financial statements Components of financial statements Two years’ balance sheets, income statements, cash flow statements, changes in equity and accounting policies and notes. Similar to IFRS, except three years required for SEC registrants for all statements except balance sheet. Specific accommodations in certain circumstances for foreign private issuers that may offer relief from the three-year requirement. Entities may present either a classified or non-classified balance sheet. Items on the face of the balance sheet are generally presented in decreasing order of liquidity. SEC registrants should follow SEC regulations. Similar to IFRS. Balance sheet Does not prescribe a particular format. A liquidity presentation of assets and liabilities is used, instead of a current/ non-current presentation, only when a liquidity presentation provides more relevant and reliable information. Certain minimum items are presented on the face of the balance sheet. Does not prescribe a particular format. A current/noncurrent presentation of assets and liabilities is used unless a liquidity presentation provides more relevant and reliable information. Certain minimum items are presented on the face of the balance sheet. A minimum structure is required. Several items have to be disclosed separately on the face of the balance sheet or within the notes. Income statement Present as either a single-step or multiple-step format. Expenditures are presented by function. SEC registrants should follow SEC regulations. A minimum structure is required, either by nature or by function. Several items have to be disclosed separately on the face of the income statement or within the notes. 3 SUBJECT Exceptional (significant) items IFRS Does not use the term but requires separate disclosure of items that are of such size, incidence or nature that separate disclosure is necessary to explain the performance of the entity. Prohibited. US GAAP Similar to IFRS, but individually significant items are presented on the face of the income statement and disclosed in the notes. Swiss GAAP FER Does not use the term exceptional, but significant items are to be disclosed separately. Extraordinary items Defined as being both infrequent and unusual, and are rare. Negative goodwill is presented as an extraordinary item. Total comprehensive income and accumulated other comprehensive income are disclosed, presented either as a separate primary statement or combined with the income statement or with the statement of changes in stockholders’ equity. Similar to IFRS except that US GAAP does not have a SoRIE, and SEC rules permit the statement to be presented either as a primary statement or in the notes. Defined as being extremely rare in the context of the ordinary operations and as being not predictable. Not addressed. Statement of recognised income and expense (SoRIE)/ Other comprehensive income and statement of accumulated other comprehensive income A SoRIE can be presented as a primary statement, in which case a statement of changes in shareholders’ equity is not presented. Alternatively, it may be disclosed separately within the primary statement of changes in shareholders’ equity. Statement shows capital transactions with owners, the movement in accumulated profit and a reconciliation of all other components of equity. The statement is presented as a primary statement except when a SoRIE is presented. In this case, only disclosure in the notes applies. Standard headings but limited guidance on contents. Use direct or indirect method. Statement of changes in shareholders’ (stockholders’) equity Similar to IFRS except SoRIE alternative. Certain minimum disclosures of components of equity and changes in equity. Cash flow statements – format and method Similar headings to IFRS, but more specific guidance for items included in each category. Direct or indirect method used. Similar to IFRS, except that bank overdrafts are excluded. Similar to IFRS, but with more guidance regarding contents and with examples of noncash transactions. Cash includes cash equivalents with maturities of three months or less from the balance sheet date and may include bank overdrafts. Similar to IFRS. Cash flow statements – definition of cash and cash equivalents Cash includes cash equivalents with maturities of three months or less from the date of acquisition and may include bank overdrafts. No exemptions. Cash flow statements – exemptions Changes in accounting policy Limited exemptions for certain investment entities and defined benefit plans. Similar to IFRS. Comparatives and prior year are restated against opening retained earnings, unless specifically exempted. Prior year financial statements have to be restated. The notes need to disclose why the accounting principle has changed, the nature of the change and its financial impact. Prior year financial statements have to be restated. Explanation and quantitative disclosure of the effects of errors within the notes. Correction of errors Comparatives are restated and, if the error occurred before the earliest prior period presented, the opening balances of assets, liabilities and equity for the earliest prior period presented are restated. Similar to IFRS. 4 SUBJECT Changes in accounting estimates IFRS Reported in income statement in the current period and future, if applicable. US GAAP Similar to IFRS. Swiss GAAP FER Changes in accounting estimates are to be reported in the income statement in the current period and future, if applicable, and to be disclosed within the notes. Consolidated financial statements Consolidation model Based on control, which is the power to govern the financial and operating policies. Control is presumed to exist when parent owns, directly or indirectly through subsidiaries, more than one half of an entity’s voting power. Control also exists when the parent owns half or less of the voting power but has legal or contractual rights to control, or de facto control (rare circumstances). The existence of currently exercisable potential voting rights is also taken into consideration. Consolidated where the substance of the relationship indicates control. A bipolar consolidation model is used, which distinguishes between a variable interest model and a voting interest model. The variable interest model is discussed below. Under the voting interest model, control can be direct or indirect and may exist with less than 50% ownership. ‘Effective control’, which is a similar notion to de facto control under IFRS, is very rarely if ever employed in practice. Control rinciple applies. Control is presumed to exist when parent owns, directly or indirectly through subsidiaries, more than one half of an entity’s voting power. Control also exists when the parent owns half or less of the voting power but has legal or contractual rights to control (e. g. shareholder commitment contract, majority in the supervisory body/management body). Special purposes entity (S PE) Variable interest entities (VIEs) are consolidated when the entity has a variable interest that will absorb the majority of the expected losses, receive a majority of the expected returns, or both. A voting interest entity, in which the entity holds a controlling financial interest, is consolidated. If a SPE meets the definition of a qualified SPE (QSPE), the transferor does not consolidate the QSPE. Organisations with a differing business activity are to be considered in the scope of consolidation. This also applies, as a matter of principle, for SPEs. Definition of associate Based on significant influence, which is the power to participate in the financial and operating policy decisions; presumed if 20% or greater interest. Equity method is used. Share of post-tax results is shown. Detailed information on associates’ assets, liabilities, revenue and profit/loss is required. Similar to IFRS, although the term â€Å"equity investment† is used instead of â€Å"associate†. Comparable to IFRS. Voting rights ;= 20% and ; 50% and control cannot be exercised. Presentation of associate results Disclosures about associates Similar to IFRS. Similar to IFRS. Comparable to IFRS. Not addressed. However, significant balance sheet information of non-consolidated organisations has to be disclosed if the value of those investments exceeds 20% of the group’s equity. If associated organisations report goodwill such goodwill will need to be disclosed within the notes. 5 SUBJECT Associate’s accounting policies IFRS Adjustments are made for consolidation purposes to the associate’s policies to conform to those of the investor. Both proportional consolidation and equity method permitted. Consolidated where substance of relationship indicates control (SIC-12 model). Entity’s own shares held by an employee share trust are accounted for as treasury shares. US GAAP No adjustment to accounting policies is required if the associate follows an acceptable alternative US GAAP treatment. Equity method required except in specific circumstances. Similar to IFRS except where specific guidance applies for Employee Stock Ownership Plans (ESOPs) in SOP 93-6. Swiss GAAP FER Similar to IFRS. Presentation of jointly controlled entities (joint ventures) Employee share (stock) trusts Similar to IFRS. Not addressed. Business combinations Types: acquisitions or mergers All business combinations are acquisitions, thus the purchase method is the only method of accounting that is allowed. Assets, liabilities and contingent liabilities of acquired entity are fair valued. If control is obtained in a partial acquisition of a subsidiary, the full fair value of assets, liabilities and contingent liabilities, including portion attributable to the minority (non-controlling) interest, is recorded on the consolidated balance sheet. Goodwill is recognised as the residual between the consideration paid and the percentage of the fair value of the business acquired. Liabilities for restructuring activities are recognised only when acquiree has an existing liability at acquisition date. Liabilities for future losses or other costs expected to be incurred as a result of the business combination cannot be recognised. Purchase method – contingent consideration Included in cost of combination at acquisition date if adjustment is probable and can be measured reliably. Stated at minority’s share of the fair value of acquired identifiable assets, liabilities and contingent liabilities. Similar to IFRS. Not addressed. Purchase method – fair values on acquisition There are specific differences to IFRS. Contingent liabilities of the acquiree are recognised if, by the end of the allocation period: †¢ theirfairvaluecanbe determined, or †¢ theyareprobableandcan be reasonably estimated. Specific rules exist for acquired in-process research and development (generally expensed). Some restructuring liabilities relating solely to the acquired entity may be recognised if specific criteria about restructuring plans are met. Comparable to IFRS. Net assets taken over in an acquisition are to be valued at fair values. Goodwill is recognised as the surplus of acquisition cost over the newly valued net assets and to be capitalised as an intangible asset. Contingent liabilities and restructuring liabilities not specifically addressed. Generally, not recognised until contingency is resolved and the amount is determinable. Stated at minority’s share of pre-acquisition carrying value of net assets. Not addressed. Purchase method – minority interests at acquisition Not addressed, but treatment would need to be disclosed as part of the consolidation principles. 6 SUBJECT Purchase method – intangible assets with indefinite useful lives and goodwill IFRS Capitalised but not amortised. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually at either the cash-generating unit (CGU) level or groups of CGUs, as applicable. US GAAP Similar to IFRS, although the level of impairment testing and the impairment test itself are different. Swiss GAAP FER Goodwill: Either capitalise and amortise over useful life (normally five years; disclose the goodwill separate in the balance sheet or within the notes) or allocate directly to retained earnings at acquisition date only (in this case separate disclosure within the statement of changes in equity necessary and the effects of a theoretical capitalisation as well as of any impairment and ordinary amortisation have to be presented within the notes). For intangible assets with a useful life that cannot be clearly determined an amortisation period of five years is applied, in justified cases a period of twenty years at the most. Purchase method – negative goodwill The identification and measurement of acquiree’s identifiable assets, liabilities and contingent liabilities are reassessed. Any excess remaining after reassessment is recognised in income statement immediately. Not specifically addressed. Entities elect and consistently apply either purchase or pooling-of-interest accounting for all such transactions. Any remaining excess after reassessment is used to reduce proportionately the fair values assigned to noncurrent assets (with certain exceptions). Any excess is recognised in the income statement immediately as an extraordinary gain. Generally recorded at predecessor cost; the use of predecessor cost or fair value depends on a number of criteria. Not addressed, but treatment would need to be disclosed as part of the consolidation principles. Business combinations involving entities under common control Not addressed. Revenue recognition Revenue recognition Based on several criteria, which require the recognition of revenue when risks and rewards and control have been transferred and the revenue can be measured reliably. Similar to IFRS in principle, although there is extensive detailed guidance for specific types of transactions that may lead to differences in practice. Comparable to IFRS. Income is the inflow of benefits in the reporting period through increase of assets and/or decrease of liabilities that increase shareholders’ equity without receiving an investment from the shareholders. Income is only recognised if the related changes of assets and/or liabilities may be reliably determined. Not addressed. Multiple-element arrangements Revenue recognition criteria are applied to each separately identifiable component of a transaction to reflect the substance of the transaction – e. g. to divide one transaction into the sale of goods and to the subsequent servicing of those goods. No further detailed guidance exists. Arrangements with multiple deliverables are divided into separate units of accounting if deliverables in arrangement meet specified criteria outlined in EITF 00-21. Specific guidance exists for software vendors with multiple-element revenue arrangements. 7 SUBJECT Construction contracts IFRS Accounted for using percentage-of-completion (PoC) method. Completed contract method is prohibited. US GAAP Similar to IFRS; however, completed contract method is permitted in rare circumstances. Swiss GAAP FER Accounted for using the PoC method. Completed contract method required if preconditions for PoC method are not met. Expense recognition Interest expense Recognised on an accruals basis using the effective interest method. Interest incurred on borrowings to construct an asset over a substantial period of time is capitalised as part of the cost of the asset. Employee benefits: pension costs – defined benefit plans Projected unit credit method is used to determine benefit obligation and plan assets are recorded at fair value. Actuarial gains and losses can be deferred. If actuarial gains and losses are recognised immediately, they can be recognised outside the income statement. Similar to IFRS. Not addressed, in practice similar to IFRS. Interest incurred on borrowings to construct tangible fixed assets and inventories including long-term contracts may be capitalised. Swiss GAAP FER make use of the financial statements of the respective pension fund, if any. An organisation has to assess annually whether an economical benefit or economical obligations from a pension plan (and from a patronage fund) exists. Swiss GAAP FER alternatively allow the application of an international accounting standard (e. g. IFRS, US GAAP) in presenting the economical impact of pension obligations; however, entities applying this option only use respective prescriptions for pension obligations. Not addressed. Similar to IFRS with some differences in the detailed application. Similar to IFRS but with several areas of difference in detailed application. Actuarial gains and losses cannot be deferred and are recognised in accumulated other comprehensive income with subsequent amortisation to the income statement. Employee share-based payment transactions Expense for services purchased is recognised based on the fair value of the equity awarded or the liability incurred. Termination benefits arising from redundancies are accounted for similarly to restructuring provisions. Termination indemnity schemes are accounted for based on actuarial present value of benefits. Similar model to IFRS, although many areas of difference exist in application. Termination benefits Four types of termination benefits with three different timing methods for recognition. Termination indemnity schemes are accounted for as pension plans; related liability is calculated as either a vested benefit obligation or according to the actuarial present value of benefits. Termination benefits are accounted for as provisions and do not fall within the scope of Swiss GAAP FER 16 Pension benefit obligations. 8 SUBJECT Assets Acquired intangible assets IFRS US GAAP Swiss GAAP FER Capitalised if recognition criteria are met; amortised over useful life. Intangibles assigned an indefinite useful life are not amortised but reviewed at least annually for impairment. Revaluations are permitted in rare circumstances. Similar to IFRS, except revaluations are not permitted. Capitalised if they yield measurable economic benefits over several years. Amortisation over useful life. If the useful life cannot be clearly determined an amortisation period of five years is applied, in justified cases one of twenty years at the most. For intangible assets related to individuals the useful life may not exceed five years. Capitalisation allowed if recognition criteria are met. Swiss GAAP FER also mention expenses which cannot be capitalised (e. g. asic and applied research, internally generated goodwill). Comparable to IFRS. Internally generated intangible assets Research costs are expensed as incurred. Development costs are capitalised and amortised only when specific criteria are met. Unlike IFRS, both research and development costs are expensed as incurred, with the exception of some software and website development costs that are capitalised. Historical cos t is used; revaluations are not permitted. Property, plant and equipment Historical cost or revalued amounts are used. Regular valuations of entire classes of assets are required when revaluation option is chosen. Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. A non-current asset classified as held for sale is measured at the lower of its carrying amount and fair value less costs to sell. Comparative balance sheet is not restated. A lease is a finance lease if substantially all risks and rewards of ownership are transferred. Substance rather than form is important. Amounts due under finance leases are recorded as a receivable. Gross earnings allocated to give constant rate of return based on (pre-tax) net investment method. Impairment is a one-step approach under IFRS and is assessed on the basis of discounted cash flows. If impairment is indicated, assets are written down to higher of fair value less costs to sell and value in use. Reversal of impairment losses is required in certain circumstances, except for goodwill. Non-current assets held for sale or disposal group Similar to IFRS. Not addressed. Practical interpretations comparable to IFRS. Leases – classification Similar to IFRS, but with more extensive form-driven requirements. Comparable to IFRS. Leases – lessor accounting Similar to IFRS, but with specific rules for leveraged leases. Not addressed. Impairment of long-lived assets held for use Impairment is a two-step approach under US GAAP. Firstly, impairment is assessed on the basis of undiscounted cash flows. If less than carrying amount, the impairment loss is measured as the amount by which the carrying amount exceeds fair value. Reversal of losses is prohibited. Similar to IFRS. 9 SUBJECT Investment property IFRS Measured at depreciated cost or fair value, with changes in fair value recognised in the income statement. US GAAP Treated the same as for other properties (depreciated cost). Industry-specific guidance applies to investor entities (for example, investment entities). Swiss GAAP FER Measured at historical cost or market value. Revaluation adjustments on fixed assets kept for investment purposes and recognised at market value must be recognised in the income statement. Comparable to IFRS, except that besides FIFO and weighted average method also LIFO and other methods are allowed to determine cost. Inventories Carried at lower of cost and net realisable value. FIFO or weighted average method is used to determine cost. LIFO prohibited. Reversal is required for subsequent increase in value of previous write-downs. Similar to IFRS; however, use of LIFO is permitted. Reversal of write-down is prohibited. Not specified. Generally historical cost used. Comparable to US GAAP. Biological assets Measured at fair value less estimated point-of-sale costs, with changes in valuation recognised in the income statement. Depends on classification of investment – if held to maturity or loans and receivables, they are carried at amortised cost; otherwise at fair value. Gains/ losses on fair value through profit or loss classification (including trading instruments) are recognised in income statement. Gains and losses on available-for-sale investments, whilst the investments are still held, are recognised in equity. Financial assets are derecognised based on risks and rewards first; control is secondary test. Financial assets – measurement Similar accounting model to IFRS, with some detailed differences in application. Financial assets (â€Å"Finanzanlagen†) are to be recognised at acquisition value. Securities as part of current assets are to be valued at fair value. Receivables are valued at par value. Liabilities are normally recorded at par value. Derivatives have to be valued depending on their classification (trading, hedging or other than trading or hedging). Derecognition of financial assets Significantly different model to IFRS and derecognition is based on control. Requires legal isolation of assets even in bankruptcy. Only derecognition of derivatives addressed. Liabilities Provisions – general Liabilities relating to present obligations from past events recorded if outflow of resources is probable (defined as more likely than not) and can be reliably estimated. Restructuring provisions recognised if detailed formal plan (identifying specified information) announced or implementation effectively begun. Similar to IFRS. However, ‘probable’ is a higher threshold than ‘more likely than not’. Similar to IFRS. Provisions – restructuring Recognition of liability based solely on commitment to plan is prohibited. In order to recognise, restructuring plan has to meet the definition of a liability, including certain criteria regarding likelihood that no changes will be made to plan or that plan will be withdrawn. General recognition criteria apply also for restructuring provisions. Decisions taken may allow recognising provision, also before detailed formal plan is announced. 10 SUBJECT Contingencies IFRS Disclose unrecognised possible losses and probable gains. Full provision method is used (some exceptions) driven by balance sheet temporary differences. Deferred tax assets are recognised if recovery is probable (more likely than not). Recognised as deferred income and amortised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Entities may offset capital grants against asset values. Finance leases are recorded as assets and obligations for future rentals. Depreciated over useful life of asset. Rental payments are apportioned to give constant interest rate on outstanding obligation. Operating lease rentals are charged on straight-line basis. Profit arising on sale and finance leaseback is deferred and amortised. If an operating lease arises, profit recognition depends on whether the transaction is at fair value. Substance/linkage of transactions is considered. US GAAP Similar to IFRS. Swiss GAAP FER Contingent liabilities need to be disclosed within the notes. Comparable to IFRS. Deferred tax assets on temporary differences and on tax losses carried forward may only be capitalised if it is probable that they an be realised in the future through sufficient taxable profits. Not addressed. Deferred income taxes – general approach Similar to IFRS but with specific differences in application. Government grants Similar to IFRS, except when conditions are attached to grant. In this case, revenue recognition is delayed until such conditions are met. Long-lived asset contribu tions are recorded as revenue in the period received. Similar to IFRS. Specific rules should be met to record operating or capital lease. Leases – lessee accounting Comparable to IFRS. Leases – lessee accounting: sale and leaseback transactions Timing of profit and loss recognition depends on whether seller relinquishes substantially all or a minor part of the use of the asset. Losses are immediately recognised. Specific strict criteria should be considered if the transaction involves real estate. Application of the US GAAP guidance may result in significant differences to IFRS, for example, certain redeemable instruments are permitted to be classified as â€Å"mezzanine equity† (i. e. outside of permanent equity but also separate from debt). Conventional convertible debt is usually recognised entirely as a liability, unless there is a beneficial conversion feature. For finance leases, profit arising on sale and finance leaseback is deferred and amortised. Losses have to be recognised immediately. Financial liabilities versus equity classification Capital instruments are classified, depending on substance of issuer’s contractual obligations, as either a liability or equity. Mandatorily redeemable preference shares are classified as liabilities. Not addressed. Convertible debt Convertible debt (fixed number of shares for a fixed amount of cash) is accounted for on split basis, with proceeds allocated between equity and debt. Liabilities are derecognised when extinguished. Difference between carrying amount and amount paid is recognised in income statement. Not addressed. Derecognition of financial liabilities Similar to IFRS. Not addressed. 11 SUBJECT Equity instruments Capital instruments – purchase of own shares Derivatives and hedging Derivatives IFRS US GAAP Swiss GAAP FER Show as deduction from equity. Similar to IFRS. Similar to IFRS. Derivatives not qualifying for hedge accounting are measured at fair value with changes in fair value recognised in the income statement. Hedge accounting is permitted provided that certain stringent qualifying criteria are met. Similar to IFRS. However, differences can arise in the detailed application. Derivatives for trading purposes are to be recognised at fair value. For derivatives for hedging purposes, the same valuation principles as for the underlying hedged position can be applied instead of the valuation at fair values. Derivatives held for other motives than hedging or trading are to be valued at fair values or according to the lower of cost or market principle (in all cases consistent criteria for valuation have to be applied). Other accounting and reporting topics Functional currency definition Currency of primary economic environment in which entity operates. If indicators are mixed and functional currency is not obvious, judgement is used to determine functional currency that most faithfully represents economic results of entity’s operations by giving priority to currency that mainly influences sales prices and currency that mainly influences direct costs of providing the goods and services before considering the other factors. When financial statements are presented in a currency other than the functional currency, assets and liabilities are translated at exchange rate at balance sheet date. Income statement items are translated at exchange rate at dates of transactions, or average rates if rates do not fluctuate significantly. Similar to IFRS. Not addressed. Functional currency – determination Similar to IFRS; however, no specific hierarchy of factors to consider. In practice, currency in which cash flows are settled is often key consideration. Not addressed. Presentation currency Similar to IFRS. Financial statements in a foreign currency that are consolidated must be converted to the currency of the consolidated financial statements. Balance sheet items are to be converted at the exchange rates at the balance sheet date (alternatively use of average exchange rate for the last week or for the last month of the business period). Income statement and cash flow statement items may be converted at the exchange rates at the balance sheet date or at an average exchange rate for the period. 12 SUBJECT Earnings per share – diluted IFRS IAS 33 is prescriptive about the procedure and methods used to determine whether potential shares are dilutive. ‘Treasury share’ method is used for share options/ warrants. US GAAP Similar in principle to IFRS, although there are differences in application. Swiss GAAP FER Not addressed. Related-party transactions – definition Determined by level of direct or indirect control, joint control and significant influence of one party over another or common control by another entity. Name of the parent entity is disclosed and, if different, the ultimate controlling party, regardless of whether transactions occur. For related-party transactions, nature of relationship (seven categories), amount of transactions, outstanding balances, terms and types of transactions are disclosed. Disclosure of compensation of key management personnel is required within the financial statements. Applies to public entities and entities that file, or are in the process of filing, financial statements with a regulator for the purposes of issuing any instrument in a public market. Reporting of operating segments is based on those segments reported internally to entity’s chief operating decision-maker for purposes of allocating resources and assessing performance. Disclosures for operating segments are profit or loss, total assets and, if regularly reported internally, liabilities. Other items, such as external revenues, intra-segment revenues, depreciation and amortisation, tax, interest income, interest expense and various material items, are disclosed by segment where such items are included in the segment profit/loss or are reported internally. For geographical areas in which the entity operates, revenues and noncurrent assets are reported. Disclosure of factors used to identify segments and about major customers is required. Similar to IFRS. Comparable to IFRS. Related-party transactions – disclosures Similar to IFRS except that disclosure of compensation of key management personnel is not required within the financial statements. Disclose a description, the volume and other significant conditions of the transaction. The identity of the related party has to be disclosed only if this is necessary for the understanding of the transaction. Related parties with whom no transactions have been carried out during the reporting period do not need to be disclosed. Segment reporting – scope and basis of disclosures Applies to SEC registrants. Basis of reporting is similar to IFRS. Geographic market and business segment information necessary if business sectors differ significantly. Geographical markets may comprise more than one country. Segment reporting – disclosures Similar disclosures to IFRS. Breakdown of net sales from goods and services by geographic and business segments only. 13 SUBJECT Discontinued operations – definition IFRS Operations and cash flows that can be clearly distinguished for financial reporting and represent a separate major line of business or geographical area of operations, or a subsidiary acquired exclusively with a view to resale. At a minimum, a single amount is disclosed on face of income statement, and further analysis disclosed in notes, for current and prior periods. Financial statements are adjusted for subsequent events providing evidence of conditions that existed at the balance sheet date and materially affecting amounts in financial statements (adjusting events). Non-adjusting events are disclosed. Contents are prescribed and basis should be consistent with full-year statements. Frequency of reporting (e. g. quarterly, half-year) is imposed by local regulator or is at discretion of entity. US GAAP Wider definition than IFRS. Component that is clearly distinguishable operationally and for financial reporting can be a reportable segment, operating segment, reporting unit, subsidiary or asset group. Similar to IFRS. Discontinued operations are reported as separate line items on face of income statement before extraordinary items. Similar to IFRS. Swiss GAAP FER Not addressed. Discontinued operations – presentation and main disclosures Not addressed. Post-balance-sheet events Similar to IFRS. Interim financial reporting Similar to IFRS. Additional quarterly reporting requirements apply for SEC registrants (domestic US entities only). Interim reporting requirements for foreign private issuers are based on local law and stock exchange requirements. Preparation of an interim report optional, it might be required by local regulators. Condensed income statement and condensed balance sheet as a minimum. Those must include at least the major captions and subtotals that were reflected in the most recent annual financial statements. Financial information contained in the interim report must be prepared on the basis of the same principles as the annual financial statements. 14 Contact Daniel Suter, Partner, Basel Tel. 058 792 51 00 E-Mail: daniel. [email  protected] pwc. com PricewaterhouseCoopers (www. pwc. com) provides industry-focused assurance, tax & legal and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across our network connect their thinking, experience and solutions to develop fresh perspectives and practical advice.  © 2008 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. www. wc. ch Aarau Bleichemattstrasse 43, 5000 Aarau Tel. 058 792 61 00, Fax 058 792 61 10 Basel St. Jakobs-Strasse 25, 4002 Basel Tel. 058 792 51 00, Fax 058 792 51 10 Berne Bahnhofplatz 10, 3001 Berne Tel. 058 792 75 00, Fax 058 792 75 10 Chur Gartenstrasse 3, 7001 Chur Tel. 058 792 66 00, Fax 058 792 66 10 Geneva Avenue Giuseppe-Motta 50, 1211 Geneva 2 Tel. 058 792 91 00, Fax 058 792 91 10 Lausanne Avenue C. F. Ramuz 45, 1001 Lausanne Tel. 058 792 81 00, Fax 058 792 81 10 Lucerne Werftestrasse 3, 6005 Lucerne Tel. 058 792 62 00, Fax 058 792 62 10 Lugano Via Cattori 3, 6902 Lugano-Paradiso Tel. 58 792 65 00, Fax 058 792 65 10 Neuchatel Place Pury 13, 2001 Neuchatel Tel. 058 792 67 00, Fax 058 792 67 10 Sion Place du Midi 40, 1950 Sion Tel. 058 792 60 00, Fax 058 792 60 10 Saint Gall Neumarkt 4/Kornhausstrasse 26, 9001 Saint Gall Tel. 058 792 72 00, Fax 058 792 72 10 Thun Balliz 64, 3601 Thun Tel. 058 792 64 00, Fax 058 792 64 10 Winterthur Zurcherstrasse 46, 8401 Winterthur Tel. 058 792 71 00, Fax 058 792 71 10 Zug Grafenauweg 8, 6304 Zug Tel. 058 792 68 00, Fax 058 792 68 10 Zurich Birchstrasse 160, 8050 Zurich Tel. 058 792 44 00, Fax 058 792 44 10 16

Last Chance Securities Essay

Situation: The IT director opened the department staff meeting today by saying â€Å"I’ve got some good news and some bad news. The good news is that management approved the pay- roll system project this morning. The new system will reduce clerical time and errors, improve morale in the payroll department, and avoid possible fines and penalties for noncompliance. The bad news is that the system must be installed by the end of December in order to meet new federal reporting rules, costs must be within the bud- geted amount, the new system must interact with existing systems, and the vice presi- dent of finance insists on approving the final design.† 1. Name the constraints and indicate whether each is present, future, internal, external, mandatory, or desirable. The Constraints are: IT Director (internal), new system (future), Approved payroll system project (present), Cost (future), management (internal), approving the final design (mandatory), reduce clerical time and errors (desirable), improve morale (desirable), payroll department (internal), the budgeted amount (mandatory), avoid possible fines and penalties for noncompliance (desirable), must interact with existing systems (mandatory), vice president (external), good news (internal), bad news (internal) 2. Explain why it is important to define the payroll project’s scope. Explain how to define project scope. You will define project scope by identifying what initiated the request for a new product or service. It’s useful to quantify objectives–â€Å"This service will increase the end user’s efficiency by 15%.† It’s a good idea to characterize difficulties you’ve experienced without the product or service and what will happen if the project is not approved. You must describe what you are creating, how much money you will need, how much time it will take, and how many people you will need. The authorizing body will also want to know the limitations of your project as well as the risks involved. It is important to define the payroll project’s scope, because scope is bound to change, and this is to be expected. As the detail becomes clearer, more complications creep in. These are not foreseeable at the start and hopefully  we build in a contingency for what we cannot see. The scope changes that usually cause problems are those where the perception of what was in and out of scope was different between various parties. The Project Manager assumed there would only be four or five reports, and the business assumed ten to twenty. Nobody felt it was worth talking about because they assumed the other person thought the same way they did. 3. Identify tangible and intangible benefits of the new payroll system. Tangible benefits- avoid possible fines and penalties for Noncompliance, costs must be within the budgeted amount. Intangible benefits- reduce clerical time and errors, improve morale, new federal reporting rules. 4. What topics should be included in a report to management at the end of the preliminary investigation? The topics that should be included in a report to management at the end of the preliminary investigation are: †¢ The scope †¢ Present vs. Future †¢ Internal vs. External †¢ Mandatory vs. Desirable †¢ Analysis †¢ Project usability, cost, benefit, and schedule data.