2.1 Introduction to Occupational Pension Schemes Pension provision in Ireland has evolved since the introduction of the old age pension over 100 years ago. It comprises of two main Pillars. The First Pillar is the Social Welfare system which provides a minimum income in retirement for all, and the Second Pillar consists of voluntary supplementary pensions. (Hutch, 2001:263) For the purposes of this study, focus will be on the latter Pillar. The Second Pillar comprises of three main types of p...
This report will focus on the role of the audit committee. Recent high profile failures such as Enron, Worldcom certainly brought the spotlight onto the role of the audit committee. This report will examine the role of the Audit Committee over the years and who exactly they are and what they do. Recent current issues that have highlighted areas of weakness with the audit committee shall be assessed and it will also look into finding out what remedies if any there have been to correct them. Me...
Budgetary control is part of overall organization control and one of the most important tools used for planning, controlling and co-ordinating organizations. It is a tool to achieve financial control of organization and compare actual result for a defined period of time with the budgeted (flexed) results. Any differences are being investigated and corrective actions are taken to make sure that the actual activities do not deflect from the budgeted. Majority of world's most successful companie...
Discuss the reasons why we need a regulatory framework for financial reporting. What are the advantages and disadvantages of making accounting rules by law as opposed to using IASB standards? The body of rules which determine how financial accounts will be compiled in any particular situation are known as the Generally Accepted Accounting Principles (GAAP); these are drawn from a number of sources. The first of these are legal; the main sources of these include the Companies Act 2006, as well...
Absorption Costing and Activity Based Costing: Advantages and Disadvantages It is vital to have a proper costing system in place to offer services at competitive prices. This is all the more important in the current economic environment as the UK government is likely to curtail public expenditure in the future to rein in the fiscal deficit and this will increase the competition for public sector contracts. There are two important costing systems - absorption costing and activity based costing...
Oriental Steel Pipe Sdn Bhd (OSP) was incorporated under the Companies Act 1965, Malaysia and commences its operations on 1st January 2008. OSP as a private company is limited by shares. It is a subsidiary of the Oriental Castle Sdn Bhd Group. OSP is principally specialized in the structural pipe piles for retaining structures especially waterfront structures, channelization and tunneling (Oriental Steel Pipe, 2010). Its success projects include (1) ICTSI Berth 6, Manila, Philippines, (2) Mar...
This article is mainly about an opinion given by Philip Broadley about an article written by Stephen H. Penman regarding the fair value measurement issues. Philip Broadley is a finance director of Prudential plc and also Chairman of the Hundred Group of Finance Directors. He was invited to give opinion from preparer's perspective on Stephen H. Penman's paper, whether fair value helps on the quality of financial reporting. Upon on it, Philip Broadley thinks that preparer take an intense intere...
Adhering to the International Financial Reporting Standards has become common practice in recent years. According to L. Murphy Smith, in his research summary Key Differences between IFRS and U.S. GAAP: Impact on Financial Reporting, " [o]ver 100 countries now require IFRS as the basis of financial reporting by their publicly-traded companies. In the U.S., convergence of U.S. GAAP to IFRS has been ongoing for many years." The Taiwan government also has been working on adopt IFRS step by step s...
Avoiding taxes is, when done legally, one of those things that almost everyone truly enjoys. the most attractive feature of Annuity is "Tax-Deferred Growth". Deferred Annuity is a type of contract that delays payment of income installments or a lump sum until the investor elects to receive them. This type of annuity has two main phases, the savings phase (in which you invest money into the account) and the income phase (in which the plan is converted into an annuity and guaranteed payments...
Many firms attempt to manage the exposure and publicity of their native currency through hedging. Currency Hedging is used to an approach intended to deal with the severity of the risk that may occur when involved in a foreign investment tactic. Basically, the construction of a Currency Hedging method would attempt to reimburse any alterations or changes in the comparative value of the currency. The purpose of Currency Hedging schemes is that by minimizing the publicity of the investors to ne...