Energy saver Research Paper Example | Topics and Well Written Essays - 750 words

Energy saver - Research Paper Example Literature Review During the 2008 presidential election campaign green energy became an important issue as never before in presidential elections. Both the candidates strongly supported an economy which gave strong support for green energy over fossil energy. The difference lay in that John McCain favored the use of market-based approaches towards this objective Obama emphasized the use of governmental initiatives. (2). Thus progress towards greater use of green energy under the Obama administration would depend on the governmental initiatives put in place and the support levels and success of these initiatives. On Inauguration Day the keenness of the Obama administration can be seen in these words of the White House, â€Å"the energy challenges our country faces are seve3re and have gone unaddressed for a long time. Our addiction to foreign oil doesn’t just undermine our national security and wreak havoc on our environment – it cripples our economy and strains the bud gets of working families all across America. President Obama and Vice President Biden have a comprehensive plan to invest in alternative and renewable energy, and end our addiction to foreign oil, address the global climate crisis and create millions of new jobs. (3, p.64). Words were translated into action by the Obama administration. ... (4). Towards this end the EPA was asked to look into California’s long standing request to set strict tailpipe emissions to restrict the greenhouse gas emissions. In addition, the Department of Transport to develop the regulations to enable the implementation of a 2007 law that required elevated fuel efficiency benchmarks for automobiles and light commercial vehicles by the year 2020. (3). Within the first month of assuming office the Obama administration got the economic stimulus bill passed by Congress. The bill though targeting the severe recession faced by the country, contained several important provisions towards the green energy and environment initiatives. $45 billion within the historic $787 billion bill was meant for energy efficiency, alternate energy programs ad tax breaks towards the use of green energy. $20 billion was set aside for the development of renewable energy power, while $18 billion was meant for environmental projects, and $2 billion towards R&D for ca rbon capture and storage. Tax cuts of up to $7,500 were also provided for those purchasing plug-in hybrid cars. (3). While these initial successes may point to the Obama administration succeeding in its drive towards growing dependence on green energy and lowering dependence on imported oil, the going has become tough, because of the bi-partisan politics involved in it. The Republican party as demonstrated by the John McCain is more oriented to market corrections to lead the way in energy dependence (2). This means that there will hardly any support from the party towards the policy and actions of the Obama administration for increasing use of green energy through government action. This will

IFRS and GAAP Convergence Essay Example | Topics and Well Written Essays - 1000 words

IFRS and GAAP Convergence - Essay Example When the financial statements are available in annual reports, it is the responsibility of the managers to evaluate and discuss results of company performance. External parties use these financial statements to analyze the company’s financial performance. Therefore, external users of financial statements are requires to be familiar with the tools and techniques which are used in financial performance analysis (Needles, Powers and Crosson, 2010, p.1270). Financial analysis includes the analysis of income statement and the assets and liabilities in the balance sheet. It can be done by implementing various tools and techniques such as: common size financial statements, comparative financial statements, ratio analysis, trend analysis, fund flow statement and cash flow statement (Murthy and Gurusamy, 2009, pp.8-9). Accounting Convergence A single set of global accounting standards has to be developed that would be used internationally for international and domestic financial report ing. In order to persuade this practice, the International Accounting Standard Board (IASB) and the US Financial accounting Standard Board (FASB) signed a memorandum of understanding, honoring their commitment towards the convergence of International Accounting Standards and the U.S. ... After the IASB and FASB liberated their disclosure draft on revenue recognition, they got many comments which include the lack of transparency about the transfer of control of services, the accounting for warranties, difficulties in recognizing and separating performance obligations, and the model proposed for licenses of intellectual property. It is found that the proposed standard will cause in the considerable shift in how revenues is documented in many situations. Most respondents believe that the proposed standard will have high impact on their financial reporting and in the process of implementing this standard, additional technology and resources will be required. More or less 41% of the respondent agrees upon the implementation of the IFRS in either 2015 or 2016. Difference between U.S. GAAP and IFRS There are many differences between the U.S GAAP and IFRS rules regarding the revenue recognition, provisions and contingencies, income taxes, leases, financial instruments, intan gible assets, interim financial reporting, and the financial statement presentation. But the most important difference would be in the financial statement presentation. Under the US GAAP rules, normally comparative financial statements are prepared, though a single year may be accessible in certain events. For the public companies, balance sheets for the two most current years are needed, whereas other statements must contain three year period which should be ended on the balance sheet date. Under IFRS rules, comparative information must be revealed with respect to the prior period for all amounts which are shown in the financial statements. Under US GAAP rules,