End-to-End Hiring Initiative Assignment Example | Topics and Well Written Essays - 1250 words

End-to-End Hiring Initiative - Assignment Example With these types of unanswered questions to keep in mind, most organizations cannot really put a final closure to the duration of the hiring period. Because of the expectation that the right applicant has not been interviewed, the notice of a job opening is not yet closed. Another concern faced by the organization during this period is "how many managers are available to help out with this task?" The task of hiring is not included in the daily function of managers. They are normally busy with their daily workloads. A related question would be "how can the organization hire effectively under such circumstances?" To resolve such predicament, strategically integrating and re-engineering the five components established in the hiring process validate personnel selection procedures. The five components consist of; workforce planning, recruitment, hiring, security and suitability, and orientation. The entire process starts with the first component; workforce planning as its foundation. Work force planning, being a system process in identifying which individuals will be beneficial to the organization, these selected few can meet the establishment’s mission and goals. The second step procedurally moves on to recruitment, which is an on-going process. If job vacancies exist, this is where the hiring process becomes active. It can overlap into the next component, which is security and suitability where the candidate is assessed if his or her character, abilities, and behavior are in favor of the organization’s welfare. If the candidate for the job proves appropriate for the position, the organization’s responsibility is making sure the person is oriented to their rules and regulations.  

IFRS AND GAP CONVERGENCE Essay Example | Topics and Well Written Essays - 1000 words

IFRS AND GAP CONVERGENCE - Essay Example GAAP stands for General accepted accounting principles and are the set of standards developed by US, keeping their needs in mind. On the other hand, IFRS stands for international financial reporting standards are standards developed by UK. In the past financial statements were relevant to these respective countries only but globalization has called for the need of one set of standards. Convergence of international accounting refers to the goal and the path taken to reach one set of standards that are followed throughout the world. The goal is to eliminate the differences and to improve the standards. Various accounting textbooks now feature a mixture of both standards, by presenting financial statements in both formats. The aim is to inform students about the difference in language and presentation so that they apply the relevant standards in future. Currently both organizations aim to converge GAAP of US and IFRS of UK and later they plan to develop one set of standards for the worl d. ... This is because these companies often have to prepare two sets of financial statements to satisfy different stakeholders. The convergence process has helped improved standards to a large extent but there are various differences that have not yet been eliminated. DIFFERENCES Revenue recognition Under the US GAAP the revenue is recognized according to fixed prices or prices that are determinable therefore the results are not recorded as revenue until the contingency is resolved. Under IFRS however depends on the ability of the entity to measure the revenue that is being considered and the economic benefits associated with the revenue. This often results in a difference in â€Å"revenue recognition† as the revenue is recognized earlier under IFRS and later under GAAP. Sale of goods- continuous transfer Another major difference is that GAAP does not allow cost to cost revenue recognition and the revenue under GAAP the revenue transaction is usually deferred if the revenue cannot b e measured on a reliable basis. IFRS on the other hand only defers revenue in instances only when an act is more significant than others. The level of significance depends on the situation in hand. Barter transactions Under GAAP the fair value of goods and services is used when the value surrendered is not clearly evident under the barter transaction. Under IFRS the fair value of goods and services is used only when the value is not determinable. SIMILARITIES Barter transactions In both IFRS and GAAP companies are required to use the fair value of goods and services as the starting point when measuring a barter transaction Accounting policy: The prior and comparative years are restated in both sets of