Within the global environment there is much discussion regarding moving from US GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards). We know that corporations are global now more than ever, which results in a diverse group of professional accountants worldwide working together for a common goal, which is to report information for both internal and external users. This diversity does result in variations in practice however the principles and guiding rules and regulations proposed under IFRS will allow for uniformity on a global basis. This move to IFRS from GAAP is not yet finalized however much debated.

Prepare a PowerPoint presentation with a minimum of 7 slides with an abstract for references and a reference slide.

• Articulate the positions on moving from US GAAP to IFRS.
• Build an argument in an influential way to include but not limited to a discussion on the similarities and differences between GAAP and IFRS specifically around the potential effects on the stockholder’s equity section of the Balance Sheet.
• Articulate at minimum three advantages and disadvantages of adopting IFRS specific to the Stockholder’s Equity section of the Balance Sheet.

Recent analysis of US labor market data from the last 3 decades shows the following 4 trends. Describe how each one of these trends might reflect allocation of labor supply (labor force participation, desired work hours and utility) responses to underlying changes in wage rates (applying net substitution and income effects) in the paid labor market:

A) among the relatively lower paid (below median) work force, there is both an increase in annual work hours among those who have some attachment to the work force while also a rise in those worked zero annual hours (i.e., non-labor force participation);

B) average annual hours among salaried workers are lengthening more than the hours among hourly-paid workers;

C) rates of labor force participation among teenagers has declined;

D) rates of labor force participation among women with children rose markedly but then leveled off (became constant)

Let us examine the financial implications of decision making. What we also learn from the reading materials is that financial outcome of decision could have far reaching implications. Are there situations in which outcomes of decision making are not financial? Please discuss your answers.

from urllib import request
import json

"""
Complete this program that calculates conversions between US dollars and other currencies. (Please use Pyton 3.8)

In your main function, start a loop.
In the loop, ask the user what currency code they would like to convert to
And, how many dollars they want to convert.

If you scroll down, you can see an example response with the available 3-letter currency codes.

Call the get_exchange_rates() function. 
This function returns a dictionary with another dictionary inside it. 
You'll need to get the exchange rate from the dictionary.

If the user enters a currency code that is not in the dictionary, your program should not crash.
It should print a message saying the code was not found, and repeat the loop so they can try again.

Then, do the math. For example, if the user wants to convert $100 to Euros (EUR), 
and the exchange rate is 0.874, then you need to multiply the US Dollar amount by 
the exchange rate to get the amount in Euros. So to convert $100 to Euro, 100 * 0.874 = 87.4 Euro.

Display the result to the user. Format the number to 2 decimal places.

Don't modify the get_exchange_rates function or the example_exchange_rates function. 
These functions get data from exchangeratesapi.io. If this site is not available or your 
computer is not online, then get_exchange_rates will return an example dictionary that is the 
same structure as the exchangeratesapi.io response. This is not an error - your program will
do the same thing for real data as it does for example data.

"""


def main():
    # TODO write your code inside this main function.
    print('Remove this print statement, and then write your code here.')




# You do not need to modify any code below here.  There's a call to main at very end of this file.

def get_exchange_rates():
    """" Connect to the exchangeratesapi.io server and request the latest exchange rates,
    relative to US Dollars.  Return the response as a dictionary. """

    url = 'https://api.exchangeratesapi.io/latest?base=USD'

    try:  # Attempt to connect to the exchangeratesapi server
        response = request.urlopen(url).read()   # and get the server's response
        data = json.loads(response)   # convert the response to a Python dictionary
        return data # return the dictionary
    except:  # this code runs if there's any error fetching data.
        # It returns some example data, that has the same structure as real data, to use instead
        # So it's no problem if you don't have an internet connection or the exchangeratesapi server is down.
        print('There was an error fetching real data. Perhaps you are offline? Returning example data.')
        return example_exchange_rates()


def example_exchange_rates():
    """ In case the exchangeratesapi.io is not available, the program will use this example data.
     This data has the same structure as real data, so your program doesn't need to worry if real data
     or example data is used. """
    example_data = {
       "base": "USD",
       "date": "2019-01-30",
       "rates": {
          "ISK": 119.8705048561,
          "CAD": 1.3221629189,
          "MXN": 19.0960713973,
          "CHF": 0.9977250853,
          "AUD": 1.3898853793,
          "CNY": 6.7168606177,
          "GBP": 0.7642050923,
          "USD": 1.0,
          "SEK": 9.0859217779,
          "NOK": 8.4817569341,
          "TRY": 5.2750021874,
          "IDR": 14130.0026249016,
          "ZAR": 13.6043398373,
          "HRK": 6.4953189255,
          "EUR": 0.8749671887,
          "HKD": 7.8451308076,
          "ILS": 3.6677749584,
          "NZD": 1.4632076297,
          "MYR": 4.1057835331,
          "JPY": 109.4408959664,
          "CZK": 22.5759034036,
          "SGD": 1.3510368361,
          "RUB": 65.9388397935,
          "RON": 4.1605564791,
          "HUF": 276.9533642488,
          "BGN": 1.7112608277,
          "INR": 71.1794557704,
          "KRW": 1118.1905678537,
          "DKK": 6.5314550704,
          "THB": 31.3798232566,
          "PHP": 52.3002887392,
          "PLN": 3.7540467232,
          "BRL": 3.7091609065
       }
    }

    return example_data


main()

Please give us one example from your research, work, or personal life of an application whilw Describing what concepts of Financial Economics and the contexts within which it is practiced. Describe the elements of financial statement analysis and how they are applied Explain the principles of Finance Describe how these principles apply in managerial and economic contexts.

Ram Singh is employed by OM Inc., a public corporation, as an internal auditor. Information relating to his employment for the year 2019 is as follows:-

i.            In 2019 Ram received a salary of $130,000. The employer withheld $33,000 for income taxes, $2,700 for Canada pension contributions and $750 for Employment insurance. Other withholdings from the paycheck were $6,000 for contribution to the Company’s Registered Pension Plan, $600 for contributions to the Group Term Life Insurance, $1,400 for contribution to the Group Disability Plan.

The employer also contributed $6,000 to Ram’s RPP and $600 to the Group Term Life Insurance Plan.

ii.           Because Ram had to travel to various Company’s locations away from his regular workplace, the employer provided him with a yearly travelling allowance of $7,000.

iii.          OM provides three of its senior executives with an allowance to attend conventions of their choice. In 2019, Ram received $2,000 for this allowance and was not required to account for the costs. He attended one convention and incurred costs of $2,200.

iv.          Ram was provided with a car by the employer for use in business. The car was purchased in 2019.

Details relating to this car are as follows:-

                             Cost of car (including all taxes)………………………………………………$41,000

                             Operating cost paid by employer (including HST)……………………. ........ 8,400

                             Total kilometres driven…………………………………………………………15,000

                             Kilometres driven for employment purposes…………………………….......10,000

                             Re-imbursement to Company for use of car……………………….…….......$2,400

vi.          In June 2019, OM announced a new employee stock option plan. The plan allowed each employee to purchase 2,000 shares of OM at $14 per share. At the time of the announcement the shares were trading at $15 per share. On July 1^st, Ram purchased 1,000 of the shares when the shares were trading at $18 per share. On October 15^th of the same year, Ram exercised his rights and purchased the remaining 1,000 shares when the shares were trading for $20 per share.

In December Ram and his spouse wanted to go to Europe for Xmas and he sold 500 of the shares at $25 per share so that he can have funds for this trip.

Also, at the time of granting the option, the employer arranged with a local credit union to make loans available to the employees who wanted to buy the shares at a rate of 4%(fair market value of interest rates for the year 2019 was 5%). Ram took the opportunity and bought the shares.

vii.         OM introduced a holiday cruise award for executives who gave special service to the Company. Ram qualified and won the award in 2019. In March 2020, he and his spouse went on the cruise which cost $2,150. The value of the award was $3,000.

x.           Other non-cash perks received from the employer:-

                             Contributions to the R.P.P……………………………………………....$6,000

                             Contributions to a group R.R.S.P……………………………………...$2,000

                             Dental Plan valued at……………………………………………………$1,500

                             Mandatory employer-paid provincial health tax………………...........$1,700

                             Membership in the local golf club…………………………………….....$2,000

                             Hard hat and safety glasses……………………………………………….$ 450

viii.        Ram and his spouse were provided with the company’s condo in the Bahamas for one week holiday during the winter. Such accommodation during this peak period would have cost them $400 as opposed to $100 actually paid by him.

ix.          OM paid $1,000 to the Certified Public Accounting Association for Ram’s professional fees for the year. They also paid $600 for him to attend a conference on new accounting standards to be implemented in the current year.

x.           Ram also had income from investments as follows:-

              Interest earned on a joint bank account with his spouse…………………………..$3,000

              Interest on his R.R.S.P, account………………………………………………………$1,500

              Interest earned on his 2018 personal tax assessment……………………………..$ 2000

              Interest on Govt. of Cda. Treasury Bills………………………………………………..$600

              Cash dividends received from investments in a Canadian resident Corp……......$3,000

              Cash dividends received from Amazon, a U.S. public Corp………………………..$5,100

                (15% withholding taxes)

              Interest paid on money borrowed to buy shares of Amazon……………………….$4,000

xi.          In 2019, Ram gave to each of his two children, aged 5 and 7, $2,000 each of Ontario Savings bonds paying interest at 2% annually.

Required:-Following S3 of the ITA, calculate Ram’s Net Income for the year.

(Show all your work papers)

QUESTION #3:

You are a pension adviser for the Bank of Montreal in Toronto. One of your duties is to meet with valued clients (portfolios over $1,000,000) to discuss and answer any questions the clients may have relating to their pensions.

You will be meeting with Jim Kim next week who has sent you by e-mail a number of questions he would like to discuss with you relating to pensions generally.

Below is the list of questions he has sent to you:-

              i.            What is meant by a contribution and deduction limit for R.R.S.P.

              ii.           What is the advantage of having a R.R.S.P. as opposed to having a T.F.S.A.

              III.          What are the advantages and disadvantages of having a spousal R.R.S.P.

              iv.          What are the tax implications if a withdrawal is made under the Home Buyers’ Plan.

Required:-

For each of the above situations, provide 5 bulleted points for you to discuss when you meet with the client.

1. Results of the Youth Risk Behavior Surveillance Survey indicate that 15% of young adults are heavy drinkers, 65% are moderate drinkers, and 20% are non-drinkers. The University of South Dakota conducts its own survey, and finds the following:      

Is the distribution of alcohol consumers on the University of South Dakota campus approximately normal? Use α = .05 as your level of significance.

An instructor at a major research university occasionally teaches summer session and notices that that there are often students repeating the class. Out of curiosity, she designs a random sample of students enrolled in summer sessions and counts the number repeating a class. She counts 105 students in the sample, of which 19 are repeating the class. The university enrolls 15,000 students.

A 95% confidence interval is given by:

(0.09, 0.272).

(0.107, 0.255).

(0.15, 0.23).

(0.345, 0.453).

In each of the following sets of variables, which are likely candidates to be treated as independent and which as dependent within a research study?

• Gender, alcohol consumption, and driving record In the following set of variables

• High school GPA (grade point average), university freshman year GPA, choice of university major (selected before enrollment), race/ethnicity, and gender

• Age, race/ethnicity, smoking habits, and occurrence of breast cancer

Explain each answer please.

For each of the transactions below, record whether it would result in an increase or decrease in assets, liabilities, and net assets.

An organization:

Earns revenue

Receives a donor pledge

Purchases supplies with cash

Purchases supplies on account

Takes out a loan

Repays loan principal

Receives payment on a pledge

Makes a payment on an amount it owes

Prepays for insurance

Uses prepaid insurance

Uses supplies

Uses a capital asset

Receives cash in advance of providing goods or services goods or services to a client.

Provides goods and services to a client in exchange for a cash payment that was made in advance.

Employs workers who earn wages

Pays employee wages that have been earned

Deems a portion of a pledge is uncollectible

Pays interest on a loan