QUESTION 1 Essays - Economy, Business Economics, Accounting

QUESTION 1 Essays - Economy, Business Economics, Accounting QUESTION 1 ICPAK NATURE OF ICPAK The Institute of Certified Public Accountants of Kenya (ICPAK) was set up in 1978. The Institute is an individual from the Pan-African Federation of Accountants (PAFA) and the International Federation of Accountants (IFAC), the worldwide umbrella body for the bookkeeping calling. The Vision of the Institute is 'A world class proficient bookkeeping organization', while the Mission is 'To create and advance globally perceived bookkeeping calling that maintains open enthusiasm through powerful control, researc h and development'. The Institute is guided by the accompanying center esteems: Credibility, Professionalism and Accountability. The Institute draws its command from the Accountants Act (no 15 of 2008). The Act endorses the accompanying as the elements of the Institute: To advance benchmarks of expert ability and practice among individuals from the Institute To advance research into the subject of bookkeeping and fund and related issues, and the production of books, periodicals, diaries and articles in association therewith; To advance the global acknowledgment of the Institute. To prompt the Examination Board on issues identifying with examinations guidelines and strategies; To exhort the Minister on issues identifying with monetary responsibility in all parts of the economy; To do some other capacities endorsed for it under any of alternate arrangements of this Act or some other composed law and To do anything accidental or helpful for the execution of any of the previous capacities. Role of ICPAK The Accountants Act No 15, 2008 endorses the accompanying as the elements of the Institute: To advance gauges of expert ability and practice among individuals from the Institute To advance research into the subject of bookkeeping and back and related issues, and the production of books, periodicals, diaries and articles in association therewith; To advance the worldwide acknowledgment of the Institute. To exhort the Examination Board on issues identifying with exa minations norms and strategies; To prompt the Minister on issues identifying with monetary responsibility in all divisions of the economy; To complete some other capacities recommended for it under any of alternate arrangements of this Act or some other composed law and To do anything coincidental or helpful for the execution of any of the former capacities. Nature of IFAC IFAC is the overall association for the bookkeeping calling. Established in 1977, the association is contained 164 individuals and partners in 125 nations and pu rviews, speaking to additional than 2.5 million bookkeepers utilized out in the open practice, indus try and trade, government, and academe. Role of IFAC IFAC's part is triple: to build up and elevate adh erence to great global models, to encourage coordinated effort and collaboration with part bodies, and to fill in as representative for the worldw ide calling on applicable open approach issues. IFAC's part is triple: to set up and elevate adherence to amazing universal measures, to encourage coordinated effort and participation with part bodies, and to fill in as representative for the worldwide calling on important open approach issues. IFAC's sheets se t the accompanying principles: Intern ational Standards on Auditing, Affirmation Engagements and Related Administrations Inte rnational Standards on Quality Control In ternational Code of Ethics for Proficient Accountants Int ernational Education Standards International Public Sector Bookkeeping Standards Nature of IASB IASB was previously known as the International Accounting Standards Committee (IASC) until April 2001, when it became the IASB. The International Accounting Standards Board (IASB) is an autonomous, private-part body that creates and endorses International Financial Reporting Standards (IFRSs). The IASB works under the oversight of the IFRS Foundation. The IASB was framed in 2001 to supplant the International A ccounting Standards Committee. As of now, the IASB has 14 individuals. Role of IASB Under the IFRS Foundation Constitution, the IASB has finish obligation regarding every specialized matter of the IFRS Foundation including: full circumspection in creating and seeking after its specialized motivation, subject to certain conference prerequisites with the Trustees and people in general the planning and issuing of IFRSs (other than Interpretations) and presentation drafts, following the due procedure stipulated in the Constitution the endorsement and issuing of Interpretations created by the IFRS Interpretations Committee. B.) Importance of Accounting Standards Acknowledgment: How resources, liabilities, incomes, and costs are perceived on monetary proclamations Estimation: How

3 Reasons to Buy Your Real Christmas Tree Early

3 Reasons to Buy Your Real Christmas Tree Early The weekend after Thanksgiving is traditionally when​ most Christmas tree buying occurs. The decision to delay buying your holiday tree can certainly be determined by personal reasons including family tradition, religious doctrine and a post-Thanksgiving getting into the Christmas spirit barrage of media hype. If you are not bound by any of these or other personal preferences, you might want to consider shopping for and buying a Christmas tree a bit earlier in November. Buying early will pay off with less competition for higher quality Christmas tree selections and could ultimately result in a fresher holiday tree  if properly displayed and watered. Here are some of the reasons to buy a tree early. The Best Trees Are Harvested Early   You should consider mid-November as the  time to plan and follow through on your Christmas tree purchase. Christmas tree farms typically open during the middle of November and start cutting trees for lot sales. These are commercial wholesale farms (who often sell high-quality trees out the front door) and smaller tree farms catering to cutting your own tree. These types of Christmas tree farms promote early sales in designated sections where Christmas trees are of age and in prime shape. Obviously, these areas yield better trees at the beginning of the season, and its when you need to plan your visit. Farms selling trees online actually insist you place your order early in November. Although pricey, Ive found holiday trees purchased on the Internet to be of higher quality than even the premium selects growing on a tree farm. These trees are the growers best of the season crop and harvested first. Farms that supply online broker/sellers or farms that actually sell online take the best trees of their  plantation. They will arrive in perfect condition and are stand-ready (some farms even provide temporary stands with the tree). Instead of having to pick the perfect tree, you have professionals select the best for your holiday season. Get a Better Quality Tree Mounted in a Stand Most people dont realize that many Christmas trees bought on lots were cut in early to mid-November. So, when these trees are not purchased until after Thanksgiving, the drying process is well advanced and needle retention is often compromised. You are just as well off, and in our opinion much better off, buying the tree early and following our recommendations on how to prepare it for optimum freshness over the rest of the season. Although you just might luck out and get a fresh tree late in the season, you should not consider yourself getting a fresh tree by purchasing after Thanksgiving weekend. You just get a lower quality tree (picked over) with shedding needles as you delay your purchase. The sooner you get your Christmas tree in a watering stand after cutting, the longer will be the trees needle retention. The above reasons are the perfect excuse to buy a tree early and enjoying it during the Thanksgiving season. You should not consider yourself getting a fresh tree by purchasing later. The odds are that you just get a lower quality tree with shedding needles if purchased in December.   Avoid a Short Buying Season   Every year is different when it comes to Christmas tree availability. Christmas tree sales in numbers can vary annually because some years will have less shopping days between Thanksgiving and Christmas than others. This means that tree sellers will be busy over a shorter period of time and you will not have as many days to shop for a Christmas tree. Natural disruptions (insects, disease, fire, drought or ice) can cause regional Christmas tree shortages which can make certain Christmas tree species hard to find. In any event, buyers need to plan and purchase early to pick from the best holiday trees on the lot.