LEGAL AND FINANCIAL ENVIRONMENT Assignment Example | Topics and Well Written Essays - 1000 words

LEGAL AND FINANCIAL ENVIRONMENT - Assignment Example This is the proportion of work done at the end of that period. UITF 40 method increases profits and tax. A single charge for service providers results in high financial difficulties and may lead to closure of the business. This affects service providers where a large amount of revenue is earned by owners and not employees. In case the contract is short-term, revenue is earned after selling or after working. Sometimes it may take place after delivery of the goods and their acceptance by the customers. Identification of UITF Abstract 40 has the highest benefits to proprietors who have contributed the highest value of the contract. Prior year adjustment accounts require a review of WIP for the earlier years which includes opening and closing balances, goodwill in the balance sheet that has been written off or amortised for any contracts that are in progress. All previous year’s figures are restated. All unaudited company accounts are added. While calculating incomes, ACCA advises that owners should deduct any incomplete work that is not billed in debtors-accrued income. Deduct all unclear balances of any contract; write off all insignificant amounts or any balances. Time records, diaries assess recovery records. The value of debtors is calculated as unbilled contracts. This contract contains all conditions agreed upon. They may include payment, working hours, overtime work and pay and resignation notices. Grace and Taylor require a written employment contract since they are many and work in various departments. According to Crmraeg (2014), employment contract contains employees’ employment conditions, their rights, responsibilities, and duties. Contracts are effective from the beginning of the work offer. The commencement of work indicates that the worker has agreed to the terms of the contract with the employer. Contracts will benefit this company since it contains details of payments, holidays,

The effect of the recent financial crisis and regulatory implications Essay

The effect of the recent financial crisis and regulatory implications for ( your jurisdiction of choice ) but not US or UK ((( I would prefer Dubia ))) - Essay Example the structure and the principles of the financial markets have been proved to have a critical role in the increase of the pressure against the economies internationally; however, there are countries, like Dubai, which managed to keep their economy strong; The effects of financial crisis can be divided into two different categories: a) the effects referring to the national economy and b) the effects related to the firms and individuals that have interests on specific investments. Failures in the regulation of crisis in regard to the economy and the private sector have been identified; these failures have led to the instability of the markets or firms involved1; at the next level, the financial crisis have led to the differentiation of the role of risk – as a decisive factor in the development of financial policies. In this context, it can be noted that the financial crisis has led to the differentiation of the political decisions in regard to the rules that govern the markets worldwide. On the other hand, Claessens et al. (2010) supported that current crisis has many similarities with the financial crises of the past2; under these terms, the countries that have faced similar crises in the past should be more ready to face the c urrent recession; however, in the case of USA the above ‘rule’ has not been verified. Moreover, the view of Claessens et al. (2010) can lead to the assumption that countries with no previous experiences of financial crisis are likely to fail in handling the recent recession; Dubai had not face such a crisis in the past; the crisis hit the country recently, i.e. after having affected all other countries; this fact cannot be easily explained. However, through the case of Dubai it was revealed that experience in crisis does not guarantee the effectiveness against a crisis; the country managed to exit the crisis even if the relevant pressure was extremely strong. Dubai is country characterized for the power of its economy; the financial