Article: The Black Friday Effect
http://www.victoriaadvocate.com/news/2009/nov/28/jo_after_black_friday_112909_75900/?business&local-business
Summary: Black Friday is the day after the US Thanksgiving with signals the start of the holiday shopping season. It is also one of the biggest days for retailers in the US. Stores would offer huge discounts from anything to games, to toasters, to LCD TVs at huge discounts to boost sales.
Connections: This year has been very disappointing for retailers because of the state of the global economy. People are spending less than they have in previous years. This means that retailers have to offer huge discounts on Black Friday until Christmas Eve to encourage customers to open their wallets.
Reflection: Although prices throughout stores in America were very cheap, it was still hard to get discounts. Some people lined up days in advance of Black Friday just to make sure they were one of the first in the store. This resulted in most of the extremely discounted items to be sold in minutes.
Monday, November 30, 2009
Wednesday, September 16, 2009
Chapeter 1 - Accounting Rules
Article: Accounting Changes need Global Reach
Summary: Accounting should be changed to make to be the same worldwide. Now that the recession is ending, the U.S is calling for changes in the accounting system to make it consistent with everywhere else in the world. The SEC is in the process of making U.S companies change their accounting procedures by 2014. The U.S would use the IFRS (International Financial Reporting Standards) instead of the current GAAP (Generally Accepted Accounting Principles)
Connections: GAAP is a set of rules that accountants in the United States currently follow. The IFRS is an accounting system that is being adopted in some countries like Russia and Canada. Accounting rules are important for fair practices and having them consistent throughout the world is important for companies that want to enter the U.S market. Accountants would also only need to learn one of the two procedures which would make it easier to do accounting in other countries.
Reflection: I think that it is important for accounting procedures to be the same all over the world. It would make accounting simpler and less complicated. The only downside I could possibly see from this is that it would be expensive to switch procedures. If this were to be enforced to all companies in the United States, it could be expensive for the small businesses to adapt to the changes.
Summary: Accounting should be changed to make to be the same worldwide. Now that the recession is ending, the U.S is calling for changes in the accounting system to make it consistent with everywhere else in the world. The SEC is in the process of making U.S companies change their accounting procedures by 2014. The U.S would use the IFRS (International Financial Reporting Standards) instead of the current GAAP (Generally Accepted Accounting Principles)
Connections: GAAP is a set of rules that accountants in the United States currently follow. The IFRS is an accounting system that is being adopted in some countries like Russia and Canada. Accounting rules are important for fair practices and having them consistent throughout the world is important for companies that want to enter the U.S market. Accountants would also only need to learn one of the two procedures which would make it easier to do accounting in other countries.
Reflection: I think that it is important for accounting procedures to be the same all over the world. It would make accounting simpler and less complicated. The only downside I could possibly see from this is that it would be expensive to switch procedures. If this were to be enforced to all companies in the United States, it could be expensive for the small businesses to adapt to the changes.
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