Social costs Essay Example | Topics and Well Written Essays - 250 words

Social costs - Essay Example ce, the long-term unemployed people in these countries become discouraged and exit the labor force market prematurely instead of continuing to search for the jobs that have evaded them for a long while (Junankar, 2009). This is mainly likely for the older generation who are unemployed because they take quite longer to get jobs.   Most persons in these countries who have been unemployed suffer certain erosion in their acquired job skills since they haven’t been applying them. This is apparently a much bigger social problem for the individuals who have been out of employment for a long time. The erosion is even worse for individuals with skills in specific fields which change more rapidly (Junankar, 2009). Much unemployment also involves a waste of time as well as the country’s productivity.   The most noticeable difference in social costs of unemployment in the USA and Canada is in health care. Canadas healthcare performance is of higher quality on most factors than in the USA. Additionally, healthcare attention is universal for all Canadians. In the United States, the complaint is that most people are uninsured; therefore, do not have access to most basic health care amenities which Canadians are entitled to. This creates a burden on the emergency chamber services in the States which in turn increases healthcare costs significantly (Junankar,

Be able to evaluate the financial performance of a business Assignment

Be able to evaluate the financial performance of a business - Assignment Example Investors often use financial analyses for making appropriate investment decisions. Financial Institutions: In order to arrive at suitable decisions regarding granting a company with extended debt  securities  like debentures or long-term  bank loan, or new  working capital  etc, financial institutions will need to verify the financial statements of companies. Government Entities: They need to verify these statements to determine the correctness and accuracy of  taxes  and further duties stated and paid by a business. Such statements will also help them in ensuring that the company is operating within the framework of relevant statutes and are complying with all statutory obligations. Vendors: Financial statements help them evaluate the creditworthiness of the company so as to enable them to take appropriate decisions. Media and the General Public: Financial statement allows this interest group to evaluate the performance with respect to ethical trading, compliance of e nvironmental spending etc. IAS 1 modified the financial statements title as they will be used in International Financial Reporting Standards: Balance Sheet' will amend as 'statement of financial position’ Income Statement' will amend as 'Statement of Comprehensive Income' The revised International Accounting Standards (IAS1) has come into effect from the year 2009. However, it is not obligatory on the part of firms to use the latest titles in the financial statements. The Components of the Financial Statements: An entire set of financial statements as specified in the International Accounting Standards comprises: 1. Profit and Loss Account: Also known as Statement of Comprehensive Income, this statement for a specific period reflects the profit or loss for that particular period with other comprehensive income documented in that period. The standard is now using 'profit or loss' instead of the descriptive term 'net profit or loss' for the foot line of the income statement, co nsequent to the 2003 revision to IAS1. â€Å"All items of income and expense recognised in a period must be included in profit or loss unless a Standard or an Interpretation requires otherwise† (Accounting Standard (AS) 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies n.d., p. 50). 2. Balance Sheet: Statement of Financial Position: This contains the detailed description of a company's  assets,  liabilities and  ownership equity  at a given point in time. Information to be presented in the statement of financial position IAS 1 specifies the minimum information which must be reflected on the balance sheet. 3. Cash Flow Statement: Cash flow statement after the reissue of IAS 1 is termed as Statement of cash flows and it presents a company’s cash flow activities, mainly it is operating, financing and investing activities. Besides, it also offers users of financial statements with a foundation to evaluate the companyâ€℠¢s capability to create cash and cash equivalents and the concern’s requirement to utilise their inward and outward cash flows. IAS 7 specifies requirements for presenting and disclosing cash flow information. PART B: AC 4.2 Compare appropriate formats of financial statements for different types of business. Different types of