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Electronic Surveillance of Employees

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In today’s turbulent economy we know that revenues are needed to keep the world operating. Revenues are a vital part of our economic system. Without generated sales of goods and services there would not be any revenue. As we all have heard in the news lately that the security exchange commission is planning on switching U.S. companies accounting principles to international financial reporting standards. What this mean is that we will no longer operate our business sector the way things use to be. IFRS and GAAP has gotten together to restructure the tradeoff between relevance and reliability in standard setting. This proposed switch has caused some controversy from many professions. For instance, some accountants now wonder will they need more training to continue taking care of their business clients. If so, who will have to take care of the cost? This paper will discuss the advantages and disadvantages to international financial reporting standards. However, both parties may have some similarities and differences. For example, international financial reporting standards define revenue has the gross inflow of economic benefits during the period arising in the course of ordinary activities when those inflows result in increases in equity, other than increases relating to contributions from equity participants. In contrast, U.S. standards do not use equity method dividends as revenue. International standards are much less specific with respect to recognition of revenue and they rely more on general principles.
Revenue is recognized under international standards when the following criteria are met: The amount of revenue and costs related with the transaction can be measured reliably; for the sale of goods, the seller must have transferred to the buyer the risks and rewards of ownership, and does not effectively manage or control the goods. Also, the

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