The Standard Setting Process of Accounting in the Philippines Essay Example

The Standard Setting Process of Accounting in the Philippines Paper The Accounting Standard Council was created by the PICPA to formalize the accounting standard setting function in thePhilippines. The main function of the ASC is to establish and improve generally accepted accounting principles in the Philippines. The approved statements of the ASC are called â€Å"Statement of Financial Accounting Standards† or SFAS. In 1996, the Philippine accounting standards had been changed and based on IASC Accounting Standards. The International Accounting Standards Committee or IASC is an independent private sector which establishes the uniformity of the accounting principles in business organizations around the world. After changing into IASC accounting standards, a decision was made to move totally to International Accounting Standards (IAS) in 1997. The objective of the ASC in the Philippine Accounting Standards is to develop an understandable and enforceable accounting standard that require high quality, transparent and comparable information in the Financial Statements. From 1997 to 2000, the ASC developed accounting standards that were already based on IAS. But it is in the year 2001 that sweeping revisions of Philippine accounting standards are made in conformity with their counterpart in the IAS. The ASC set the year 2005 for the full adoption of the International Accounting standards in the Philippines. However, even before the Philippines had made full adoption of the International accounting Standards, improved and revised IAS and IFRS have been developed and promulgated. To monitor the revisions and redrafting of the IFRS and to ensure that improvements in the IFRS are being made effective in the Philippines, the Financial Reporting Standards Council (FRSC) was established in 2006. We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Standard Setting Process of Accounting in the Philippines specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It succeeded the ASC in its main function of establishing generally accepted accounting principles in the Philippines. In November 2006, FRSC formed the Philippine Interpretations Committee (PIC) to assist the former in establishing the financial reporting standards of the Philippines. Its main function is to recognize, measure, present and disclose requirements dealing with transactions and events that are important in the financial transactions. Other than the FRSC, the Board of Accountancy closely monitors the implementation of the PFRS.

The Effects Of Music On People essays

The Effects Of Music On People essays The other day, driving down the road, I noticed a party in action. As I was getting closer a giant roar of sound was coming out of their inhabitants. It did not seem like any real normal party (what ever normal is) and the sound was rough and tough. It looked like people running in circles going round and round, and then I stopped and realized they were slam dancing to Death Metal music. What an insane view it was indeed. It made me wonder about the effects of music on people. Not only are the effects of music on people displayed in dancing but in other areas as well. Such as, learning, stress reduction, and aggression, as we shall see. It is safe to say that learning plays a major part in peoples lives daily. Everyday someone learns something new. People can learning to swim, play a different sport, or simple learn the new video game on the block. Whether one is aware of it or not, one is always learning something new. It is continuous and none ending. According to Kristian David Olson (1996): One solid way to increase the speed at which people learn is with music. People learn through music and their minds grow faster because of it. Some music, when implemented properly, can have positive effects on learning and attitude. Music is a powerful thing, and when we understand its significance, it can bring dramatic changes both positive and negative into our lives. (p.1) Children can also benefit from learning music at an early age. According to Kristian David Olson (1996): The earliest stages of learning for young are the most important. The fundamentals of learning are instilled into a child at a very young age and how much importance is placed on these fundamentals can have dramatic affects on a childs learning and help them in many ways. (p.1) Background music can also play a role in the learning process. Steve N. Kelly and Mike Manthei (n.d.) mention, With the advent of electronically repr...