Teaching the Future Today :: Education Teachers School Essays

Teaching the Future Today School is often not enjoyable as one grows up and sometimes it is even dreaded. So many children will make any excuse in the world not to attend school. Students will begin to skip school and inevitably, they will drop out of school if they are able to. I, however, loved going to school. I remember while growing up school was always something I looked forward to everyday. Throughout my school years, I participated in everything I was able to when it came to school activities. Though, towards the end I was getting excited about graduation and all of the senior events, I was also saddened because I did not want these days to end. Many people often wondered why it was that I had such a love for school. I even wondered at times what it was that made me feel so compelled to go to school. I was not the most popular person in school, though I had many great friends. I kept my grades up the best I could but I was never the most academic student in school. There was sti ll something that made my school days the best memories of my life. Teachers, my teachers were what made my days flow by happily as they helped me grow educational and morally. Teachers are sometimes the only thing that makes school fun and enjoyable. School is obviously about education and learning and meant to teach one the basics of education, allowing them to grow mentally. There is however such a thin line between educational and moral growth. To teach one without the other uprooting is nearly impossible. Growing up I was so luck to have been taught by the finest teachers out there and I can honestly say that I never had a teacher in school that made me feel uncomfortable or inadequate. Learning was fun to me and that is mostly thanks to my upbringing and having wonderful educators. I have been taught as a student in many different states such as Florida, Michigan, North Carolina, Oklahoma, and West Virginia and in these states I have always been blessed with fine educators.

Alien And Sedition Acts :: essays research papers

ALIEN AND SEDITION ACTS   Ã‚  Ã‚  Ã‚  Ã‚  In 1798, when Congress passed both the Alien and Sedition Acts, it was very much constitutional. These acts were definitely in the best interest of America. America was a significantly young nation, at the time, and could not afford to create problems caused by foreigners coming to America. They did not have enough national power to sustain order if everyone was attacking the newly created laws, and many of those rebels being citizens from foreign countries, nevertheless.   Ã‚  Ã‚  Ã‚  Ã‚  These acts were, of no questions asked, surly constitutional. The Federalist Party presented these acts, later consequently passed by Congress, because they were and fair and just laws in accordance to the nation at that time. For the sake of argument, the nation and government was very inexperienced, and did not know what to expect in their near future. John Adams became the second president of the United States of America, subsequently, having to accept many challenges and responsibilities to fulfill the job in office. He had the task of making sure that the newly founded nation kept running smooth. That is a big burden if there are activities going on in the country that one has no control, nor knowledge of (i.e. foreigners coming into the nation and starting trouble by disrupting the form of government, or having radicals trying to protest and perturb the running government in office-Federalists, at this time). John Adams was smart enough to realize the signif icance of these factors. Thus, taking his duty of President of USA seriously, he, along with the Federalist-controlled Congress, took action to protect the new country. Hence, were the creation and passing of the four, debate-causing laws (Naturalization, Alien, Alien Enemies, and Sedition Acts).   Ã‚  Ã‚  Ã‚  Ã‚  These all made sense to be in effect for the time and date because many of the immigrants coming to the USA were Irish exiles (for plotting against British rule), British radicals, and French people (wanting to rebel against Adams). On these grounds, and many more, President Adams and the Federalist-controlled Congress had reason to believe that they had to protect their country from stirring troubles. In view of that, the government was permitted to the authority of deporting or imprisoning any foreigner that he saw fit. This is a very sensible power that the president ought to have had back then, given the particular situation. They also were entitled to enforce such laws to protect against from just any, unintelligent foreigners from intruding in their country to vote and such for legally binding decisions of the nation.

Classical and Positive Theory Essay

Classical Philosophy emphasizes on human rationality and freedom. Some classical writings are written by Plato, Aristotle, Boethius and St. Thomas of Aquinas. These writers of the ancient and medieval school are still relevant to the philosophical thoughts of today. Nation begins to turn from feudalism and the modern world based its governance on rational decision making. Classical thinking also compels justice system to give varying degrees of swift punishment to offenders. Classical school of rational thoughts believes that suffering is an integral part of human existence and since man is ordained the highest among the created things he is lord over them which means that what controls man is his free own will. His freedom is based on the fear of pain and death or punishment which makes him control his behavior. Since man is free it means free to choose what is good as dictated by the moral norms and the authority governing its people. In this way, the State ought to enforce law in an organized and equitable way. Being free does not intend to do what one wishes to do but choosing what is right. It’s relevance in today’s happening is the way how truth is safeguarded in this present society in which sometimes sins becomes a virtue. The classical minded protagonist’s defended and defined what is rational and irrational; it distinguishes the upright conscience from the deformed and seemingly lax consciences. Man is therefore relegated to its higher end and in the belief that life is worthwhile. 2) Positivist Theory What factors contributed to the intellectual heritage of positivism? How does the positivist theory apply in the modern world today, if at all? Positive theory is a search of multiple factors that causes human behavior (â€Å"CLASSICAL AND POSITIVIST SCHOOLS OF CRIMINOLOGY,† 2005). Positivism is a way of seeing things around us based on the actual happenings in the material world. That human endeavor has a pattern in which a person can discover in the natural way. Once the patterns are discovered we can deduce the information into small portions where we can analyze and learn the facts about the whole thing. The method of learning is perceived objectively, open minded view to the world. Positive law can be used to change an organization based on the observable scientific data. The application of natural sciences is applied to the study of human behavior. Positive theory as applied in the modern world could be environmental and biological and sometimes evolutionary which means that traits can be passed on through heredity. A positivist’s judge rejects the idea that criminal behavior is a result of free will but sought the understanding of the bad action through scientific method. However some psychologists believed that we could diminish the criminal populace by partial elimination which advocates death for those with permanent psychological abnormalities. The first indicates that man is not responsible of his action and the later concept is contrary to the moral norms and is not acceptable to a humane and free society. References CLASSICAL AND POSITIVIST SCHOOLS OF CRIMINOLOGY [Electronic. (2005). Version]. Retrieved 05 November 2007, from http://faculty. ncwc. edu/toconnor/301/301lect02. htm

Discussing The Theoretical Perspective Of Socialization

Socialization has different perspectives for viewing the social world. Perspective is how the world is looked at and theory consists of principles or propositions that are interrelated and give explanation or an answer to a phenomenon. Sociological theories explain about the social world where we live in. theoretical perspective of socialization explain the causes and possible solutions to social problems. Structural-functionalist perspective Society is considered as a system of parts that are interconnected and work to maintain state of social equilibrium and balance for everybody.For example, every social institution have an important function to the society, a family participates in reproducing, socializing children and nurturing them. Education provides knowledge, skills and shared beliefs to the youths. Politics governs the society and economics helps in production and consumption of goods. (Bacal, 1985 pp20-27). Structural-functionalist lay emphasis on interconnectedness of eve ry society by looking at how different parts influence and are influenced by others.For example, number of children who do not perform well in school has increased due to the increase in number of single parents and families who are dual earners because; parents are not available to supervise their children as they do their homework. Change in technology has resulted to colleges offering technical programs where many adults go to learn new skills required in their place of work. When number of women increase in the work place, there are policies formed against discrimination in jobs and sexual harassment.There is use of functional and dysfunctional in describing effects social elements have on the society. Functional elements make contribution to social stability and it is dysfunctional if there is disruption to social stability. Society may have aspects that are functional and dysfunctional. For example, crime is considered as dysfunctional because of being involved with fear and p hysical violence but Durkheim consider it as functional because of creating heightened awareness of moral bonds that are shared and social cohesion.According to social pathology, when there is sickness in the society, social problems arises just the way body of human being become ill when systems and organs are not functioning normally. When the structure and culture of society do not perform properly, society becomes ill. For example, crime, poverty and violence break families and leads to decline in religious institutions. (Baker, 1995 pp19-23). According to social disorganization, society norms are disrupted by rapid social change.When norms conflict or become weak, society becomes anomie and people may engage in drug abuse, rape and deviant behavior because of the weak and conflicting norms that regards their behavior. The pace of social change should be slowed down and strengthen social norms to solve the social problem. For example, when teenage use alcohol it violates social norm in society. The media show young people taking alcohol which make teenagers buy it using identification cards that are fake and parents make their children drink alcohol by drinking after work.Norms should be strengthened against taking alcohol through public education. (Storer, 1977 pp30-38). Conflict perspective The society is made up of different groups which have interests that compete to get power and resources. Conflict perspective looks at the group with power and is able to benefit from social arrangement. According to Karl Marx, in a society, there are stages involved in economic development. Societies change from being agricultural to industrial and become more concerned in making profit rather than meeting their basic needs.Industrialization results to people who own factories and businesses and workers who earn salaries and wages. People who have their own means of production benefit from division of society into classes of people. Employees who earn subsistence wag es do not have access to resources that wealthy owners have. Marx theory deals with social conflict due to economic inequalities and non-Marxist theory is about social conflict from competing values in social groups. In Marxists, inequalities that are inherent in capitalist system may cause social problems.A system where some people have and others do not have may benefit those who have and translate to poverty for people who do not have. Physical health and low achievement in education and crime are caused by poverty. Marxist theory of conflict focuses on alienation and powerlessness in lives of people. Societies that are industrialized have workers with little power and control of their jobs and are powerless in their lives. Specialized work requires repetitive tasks to be performed which make employees feel their lives to be meaningless because they perform tasks that are very limited.Alienation occurs in workplace and classroom where students do not have power if they find a cur riculum with no meaning. Alienation leads to low achievements in education, suicide and violence. (Basch, 1999 pp35-39). According to non-Marxist, when there are opposing interests in groups, conflict may arise. For example, activists of antiabortion emphasize on life of unborn embryos while pro-choice activists emphasize on women having the right to control their body and make reproductive decisions.This shows different interpretations of what make a social problem. Availability of abortion is social problem to antiabortionists while restriction of abortion is a social problem to pro-choice advocates. In order to solve problems brought about by competing values. Conflicting groups must understand the views of each other and get solution to their differences through mediation. The solution should satisfy both groups and should be win-win. Power influences outcome of conflicts where the group with most power influences the outcome.For example, when the congress could not increase the age of legal drinking to twenty one voluntarily in all states, it threatened to remove all the funds for federal highway from people who refused to comply. Symbolic interactions perspective Symbolic interactions talks about how definitions and meanings from interacting with others influence human behavior. Meaning and consequences of social behavior is important and human being should define the situation instead of the objectives of the situation because consequences of the situations are the ones that make the situations become real.Social interaction shapes our identity and self concept is developed by observing interaction of other people and how people view us. (Coburn, 1998 pp22-26). Perspective of symbolic interaction has implication on research conducted by scientists. To understand behavior of individual or group, social scientists looks at world from eyes of the individual or group. They understand how other people view reality and subjective aspects of experiences they h ave gone through which includes beliefs, symbols and attitudes. For a condition to become a social problem, it must be defined as a social problem.There are different stages of development of a social problem. It begins with societal recognition where social problem is born such us drunk driving. The next is social legitimating where larger community recognizes social problem which include schools and media. The other stage is mobilization for action when groups and individuals try to respond to social condition which results to development of a plan to deal with problem for example having checkpoints in highway to check drivers who drive while drunk. Explaining the role of social psychologistsSocial psychologists predict behavior and explain it. They give explanation of behavior in terms of its social forms. The components of behavior are thought, feeling which is emotional and action that are observed. The study of social psychologists deals with how people think about others and social emotions of loving each other and getting attracted to each other and being social through aggression and helping other people. Social psychologists at group level explain behavior in terms of social and biological groups where people belong and processes that are used to mould these groups.Biological groups include sexes and species and social groups are religious, ethnic and cultural groups. They classify families as social and biological group and process of cultural and biological evolution and changes in social groups. The current social situation is taken to be the cause of behavior. Individuals have hypothetical factors inferred from their behavior such as attitudes, personality traits and consciousness. Social psychologists have experiments that raise questions about measurements and ethics in researching about social psychology.Empirical data and theories organize data and predict behavior of people. Good theories have predictive utility and data can support or disap prove data and bring about interesting research. (Dewald, 1987 pp30-34). Social psychologists studies the formation of attitudes, how attitude is structured, changes in attitude, how attitudes function and how attitude is related to behavior. This is because, situations influence people and general attitudes can not predict behavior.Due to various reasons, environment may be valued by a person on a particular day and attitudes are always remembered and are at the center of our self concept since they result to behavior and general attitudes predict behavior over a given period of time. Social psychologists study how people remember, perceive and think about information of others. They assume that in social recognition, reality is complex and easy to discern and world is seen as image of reality. They study attitudes involved in every discipline which includes social perception.Attitudes are learned and they influence how a person thinks and takes action where there is expression of approval or disapproval of what is liked or disliked. (Merton, 1973 pp17-23). Social psychologists deals with phenomenon which is self related. They lay emphasis on cognitions. Self concept is where a person understands himself and is a cognitive component called self-schema and evaluative component called self-esteem. The center for human motivation is self-esteem and self efficacy is where an individual expects that the task performed will be effective.Social psychologists ensure that people are able to develop self concepts through getting feedback from others and social comparison. Social psychologists studies group related phenomena and behavior people in a crowd. They study reduced self awareness caused by dangerous behavior which occurs in mobs due to dark environment or disguise. When people work as a group, productivity and performance can be affected because people work harder when in presence of others which improve the way simple tasks are performed. (Fosshage, 1995 pp51 -56).

Supply and Demand and Larger Societal Forces

â€Å"The microenvironment consists of the actors close to the company that affect its ability to serve its customers – the company, suppliers, marketing intermediates, customer markets, competitors and publics. The macroenvironment consists of the larger societal forces that affect the microenvironment – demographic, economic, natural, technological, political and cultural forces. † (Kolter, 2008) We stated on this website that marketing was about meeting needs and providing benefits and the customer should be the central focus of the business.The companies marketing strategy should be focused around this concept, however, there are factors within the companies marketing environment which can constrain this activity. These factors are both controllable and uncontrollable and have to be carefully monitored by the organisation. The companies marketing environment can be defined as the ‘controllabe and uncontrollabe elements that influence the strategic direc tion of the company'. The companies marketing environment can be analysed in two broad levels.The macro environment involves looking at uncontrollabe variables that influence company strategy. This is is discussed further in PEST Analysis. Political Influences Relationships between coffee producing nations and US State & Local government controls Economic Influences Constant demand for food and beverages Changes in disposable income could influence purchase levels There is an importance of economic indicators to the strategic planning process in any organization is the ability to benchmark economic conditions that contribute to improve profitability, business growth and market size.Starbucks have succeeded several economic factors as well as price elasticity of demand. Price elasticity of demand can be determined by the percentage change in the quantity demanded with the percentage change in price. They should consider household income that people are willing to spend more on food a nd beverages when household income increases. Starbucks innovation in joint ventures has opened new markets and opportunities increasing product use among different demographics.Starbucks has proven to be highly innovative in business culture that offers prepaid cards, priced from ?5 to ?500. Joint ventures with Pepsi Company, Dreyer's Grand Ice Cream Inc and inspiring entertainment with the launch of â€Å"Hear Music† have developed Starbucks with great success. Starbucks has shown their values, leveraging market power, resources, and capabilities to achieve returns higher than their competition (Investment Group, 2001).

Individuation Process Essay

* Individuation process the process of beeing aware of oneself and the way to discover one’s true, inner self. * According to jung:The ego. This is the conscious mind. * The personal unconscious. This includes forgotten or suppressed memories from our own personal lives. * The collective unconscious. This is shared by all people. It is the collective memory of human thought and experience, from ancient to modern times. This includes the basic human instincts and the archetypes. * The Self is that what we are in essence. In psychological terms, it includes the conscious, the unconscious, and the ego. The Self is the central archetype in the collective unconscious, Archetypes The collective unconscious is shared by us all. This means that it is present in each of us, a vast reservoir of the archetypes of the whole of humanity. It is accessible to everyone. The collective unconscious consists of characteristics that many people have in common and which each of us inherit at birth. The content of the archetype is basically unconscious. It undergoes a transformation when it becomes conscious or when it is being perceived. An archetype is experienced as image and as emotion. It is especially recognizable in such typical and important human situations as birth and death, adolescence, extreme fear or a fearful experience. During such life phases and experiences archetypes will often appear clearly in dreams Archetypes cannot be brushed aside. They will always manifest. Individuation Individuation means that one becomes a person, an individual, a totally integrated personality. It is a process of self realization during which one integrates those contents of the psyche that have the ability to become conscious. It is a search for totality. It is an experience that could be formulated as the discovery of the divine in yourself, or the discovery of the totality of your Self. This does not always happen without pain, but it is necessary to accept many things that normally we would shy away from. Once a person has accepted the contents of his unconsciousness and has reached the goal of the individuation process, he is conscious of his relationships with everything that lives, with the entire cosmos. The individuation process begins with becoming conscious of the Persona, the mask we take on in our every day life. After this we become conscious of the Shadow, the repressed characteristics of the ego. Then we become conscious of the Anima, the inner woman in each man, or the Animus, the inner man in each woman. Then the image of the old wise man, or the old wise mother appears, after which the experience of the Self happens. The shadows The Shadow is all those uncivilized desires and emotions that are incompatible with the norms of society and with our ideal personality. It is all we are ashamed of, that we do not wish to be. when confronted with yhe shadow we feel guilt and shame for the parts of ourselves which we keek hidden. The Anima is the female aspect present in every man. Another anima trick is pseudo-intellectual dialogs which prevents a man from feeling life closely and coming to real decisions. He thinks so much about life that he cannot live, and he losses all spontaneity and the flow of life. The dark aspect will most likely appear when a man has suppressed or underestimated his female nature, treating women with contempt or carelessness. The Animus The animus in women is the counterpart of the anima in men. Like the anima, the animus has three roots: the collective image of a man that a woman acquires, her own experiences with men in her life, and the latent male principle in herself. The Old Wise Man The old wise man appears in the form of king, hero, medicine man, savior, magician, saint, ruler over man and spirits, God’s closest friend and so on. This archetype is a real danger for the personality, because once it has been aroused, a man can easily believe that he possesses ‘mana’, real magical power, and wisdom. He who is possessed by this archetype believes he is gifted with great (maybe esoteric) wisdom, prophetic gifts, the ability to heal and so on. Such a man can gather followers, as he has entered the unconscious way further than anybody else. The archetype has a fascinating power, intuitively felt by people and not easily resisted. They are fascinated by what he is saying, but after analysis it is often not intelligent. The power of the old wise man can be destructive as it forces a man to act above his power and capacity. He does not posses the wisdom he claims. In reality it is the voice of the unconscious that should be subjected to criticism and analysis. The Great Mother In a woman the archetype of the great mother acts in a similar way to the old wise man in a man. Any woman possessed by this archetype, believes that she is gifted with an unlimited capacity to love and to understand, to help and to protect, and she will exhaust herself in service to others. The archetype can be destructive when the woman is fixated on the belief that anybody within her sphere of influence are ‘her children† and therefore they are helpless or dependent on her.

Accounting Principles and Practices Performed by Small Businesses in the Philippines

College of Business Administration Abstract: This research aims to gain the knowledge and awareness on the accounting practices done by small businesses. It aims to inform and learn about small businesses’ and their compliance to the standard practices of accounting in the Philippines, whether or not these businesses are following the basic accounting principles and what alternatives of accounting do they perform.And lastly, to provide recommendations to the businesses owners and other persons involved, on what accounting practice is more suitable for small businesses. Through the use a variety of reference materials, such as reference books, text books and internet sources, information related to the study has been compiled and put together to form the appropriate knowledge needed for the study.Through the findings, the researchers classified two types of accounting practices performed by small businesses: Formal Accounting, this accounting practice is based on the actual Phi lippine accounting standard provided by the IFRS, and a Semi-Formal Accounting, a combination of the IFRS accounting and the Single entry record system. Keywords: Accounting, Accounting Principles, Accounting Practices, Small Business, Small Business Accounting Introduction There are more than a million businesses spread throughout the Philippines.From high rising commercial entities in the big cities, to the smallest businesses found in the front yard of residential homes in rural or urban areas. Business can be defined as a person, partnership, or corporation that seeks to provide goods and services to others at a profit (Dias and Shah, 2009) Businesses are among one of the factors affecting the economic growth in the country. Generally, taxes and investments earned by these businesses, through the purchases of their consumers, are paid to the Government. Small and medium-scale enterprises (SMEs) play a significant role in developing economies.Among their contributions are as foll ows: (a) they address poverty by creating jobs and by increasing incomes; (b) they disperse economic activities in the countryside, and provide broad-based sources of growth; (c) they serve as suppliers and providers of support services for large enterprises; (d) they stimulate entrepreneurial skills among the populace; and (e) they act as incubators for developing domestic enterprises into large corporations. SMEs typically comprise the bulk of business enterprises in both developed and developing countries.They also employ a large segment of a country's workforce, and contribute significantly to national output (Habaradas, 2008) However, not all businesses contribute to the economic growth of the country especially for small independent businesses in private homes. Such examples are self-employed proprietors and street vendors whose businesses are not registered to the Bureau of Internal Revenue (BIR). Legally registered businesses (small businesses) on the other hand, contribute to the economic growth through payments of taxes collected by the Bureau of Internal Revenue.Such businesses record transactions or accounting information to keep track and allocate assets, liabilities and the owner’s equity. Through this accounting information, the owners will be able to allocate their assets for the expenses of tax payments. It may be said that the accounting practice is for formalities and usually performed by large business entities. However it is important for small businesses to apply the accounting practices in order to easily keep track and record important transactions especially those which concern large amounts of money.Accounting is important in achieving success in any business, especially a small one. Accounting is tied to the business’ financial well bing, without it, it will be hard to determine whether there is a positive or negative increase to the profit of the business. Accounting records must accurately reflect the changes occurrin g in the firm’s assets, liabilities, income, expenses and equity. The continued operation of a business depends on maintaining the proper balance among its investments, revenues, expenses and profit.Because profit margins are so critical to the success of a business, any decline should trigger an immediate search for the cause. Thus, the owner must rely on the accounting information to search this cause (Byrd and Megginson, 2009) The purpose of a business is to make a profit; proper business accounting helps determine how well the business runs. Accounting is the general process of tracking income and expenses and then using that data to examine the financial status of a business. (Strauss, 2005) The accounting practices performed by larger businesses are usually formal, specific and detailed and done by certified accountants.Small business accounting may be performed in various styles, with no formality and proper structure, and usually done by the owners themselves. A varie ty of accounting styles maybe derived from the informal accounting performed by small businesses. Some styles may have the same structure, making it similar to other businesses thus having slight uniformity. Review of Related Literature Small Businesses A small Business is any business that is independently owned and independently owned and operated, is not dominant in its field, and does not engage in many new or innovative practices.It may never grow large, and the owners may not want it to, as they usually prefer a more relaxed and less aggressive approach to running the business. They manage their business in a normal way, expecting normal sales, profits, and growth. In other words, they seek a certain degree of freedom and ideally a certain degree of financial independence. (Byrd ;amp; Megginson, 2009) Accounting Accounting is a service activity; Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be us eful in making economic decision.Accounting includes several branches, for example, financial accounting, managerial accounting, and government accounting. This statement deals with financial accounting for business enterprises, the branch of accounting that focuses on the general-purpose reports on financial position and results of operations known as financial statements. This Statement has two broad purposes: (A) to provide a basis for enhanced understanding of the broad fundamentals of financial accounting, and (B) to provide a basis for guiding the future development of financial accounting. n. d. , 1998) Financial statements are prepared and presented for external users by many entities around the world. Although such financial statements may appear similar from country to country, there are differences which have probably been caused by a variety of social, economic and legal circumstances and by different countries having in mind the needs of different users of financial sta tements when setting national requirements.The accounting conceptual framework, formerly known as the Framework for the Presentation of financial Statements by the IASC, serves as the foundation for the development of accounting standards by the International Accounting Standards board. It’s main objective is to narrow the differences in financial statements of different entities by harmonizing regulations, accounting standards and procedures relating to the preparation and presentation of financial statements. (Robles ;amp; Empleo, 2007) Structure of the Philippine AccountingThe Framework for the preparation and presentation of financial statements adopted in the Philippines is based on the International Accounting Standards Committee’s (IASC) Framework for the Preparation and presentation of Financial Statements. This was approved in the Philippines on January 26, 2000 by the unanimous vote of the members of the Accounting Standards Council (ASC). The ASC was the fun ctioning accounting standard setting body in the Philippines, when the Philippines decided to adopt the International Accounting Standards.The same Framework was upheld by the International Accounting Standards Board, when the latter succeeded the International Accounting Standards Committee in 2001. In the Philippines, the ASC was succeeded by the currently functioning Financial Reporting Standards Council (FRSC). The FRSC assists the Board of Accountancy in the latter’s function of adopting and promulgating the International Financial Reporting Standards. Thus, both the IASB and the locally functioning FRSC in the Philippines are guided by the same Framework. Robles ;amp; Empleo, 2007) The IFRS for SMEs The Philippine Institute for Public Accountants (PICPA) now recognizes the International Accounting Standards Board's (IASB) recently released International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs), as an official set of accounting sta ndards to be audited against. (Brozovsky, Christie & Hicks, 2010) The IFRS for SMEs was adopted in the Philippines effective January 1, 2010, and is known as the Philippine Financial Reporting Standards for Small-Medium Entities (PFRS for SMEs).The Philippine Securities and Exchange Commission (SEC) adopted a definition of â€Å"small and medium-sized entities† that includes a size criterion. As defined by SEC, an entity is an SME if: it is not in the process of filing its financial statements for the purpose of issuing any class of instruments in a public market and, it is not a holder of a secondary license issued by a regulatory agency, such as bank (all types of banks), an investment house, a finance company, an insurance company, a securities broker / dealer, a mutual fund and a pre-need company.The Philippines has been acknowledged by political scientists and economists as a newly industrialize nation. The country is experiencing rapid economic growth usually export -oriented and on-going industrialization. The Accounting Standards Council (ASC) is responsible for establishing and improving generally accepted accounting standards. Development of such standards are based on existing practices in the country, as well as statements and studies issued by other standard setting bodies like the International Accounting Standards Committee (IASC) and the Financial Accounting Standard Board (FASB).The ASC, which was renamed as the Financial Reporting Standards Council (FRSC) decided to replace its US-based standards with International Accounting Standards (IAS), later referred to as IFRS. The Philippines also adopted the International Financial Reporting Standards in 2005. It modified its accounting practices slightly to adjust to Philippine policies making the Philippine Financial Reporting Standard (PFRS), and the Philippine Accounting Standards (PAS).Businesses are fully aware of the changes from GAAP to IFRS, which now apply the new IFRS procedures , and modifications that were implemented taking effect in 2009. These companies are now preparing their financial statements in compliance with the PFRS. The Philippines has fully implemented the IFRS. In April 2010, The Philippines adopted IFRS for SMEs referred to as Philippine Financial Reporting Standard for SMEs. These standards can be used by an entity that is not a listed company, a large unlisted company, and a financial institution or public utility. (Ibarra & Suez-Sales, 2011)The International Accounting Standards Board ( IASB ) was established in 2001 as part of the International Accounting Standards Committee ( IASC ) Foundation. One of the objectives of the IASC foundation and of the IASB is: to develop, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that are require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world’s capital markets and other users make economic decisions.The IASB also develops and publishes a separate standard intended to apply to the general purpose and other financial statements of, and other financial reporting by, entities that in many countries are referred to by a variety of terms, including small and medium-sized entities (SMEs), private entities, and non-publicly accountable entities. That standard is the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs).SMEs often produce financial statements only for the use of tax authorities or other governmental authorities. Financial statements produced solely for those purposes are not necessarily general purpose financial statements. (Alliance of Accounting and Auditing Researchers, n. d. ) Accounting Policies The IFRS for SMEs is indented for the use of small and medium sized entities (SMEs). Small and medium-sized entities are entities that do not have public account ability, and publish general purpose financial statements for external users.Examples of external users include owners who are not involved in managing the business, existing and potential creditors and credit rating agencies. Accounting policies are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. If this IFRS specially addresses a transaction, other event or condition, an entity shall apply this IFRS. However, the entity need not to follow a requirement in this IFRS in the effect of doing so would not be material.If this IFRS specifically address a transaction, other event or condition, an entity’s management shall use its judgement in developing and applying an accounting policy that results in information that is relevant to the economic decision-making needs of users, and reliable, in that the financial statements represent faithfully the financial position, financial performance and c ash flow of the entity; reflect the economic substance of transactions, other events and conditions, and not merely the legal form; are neutral, i. . free from bias; are prudent; and are complete in all materials respects. An entity shall select and apply its accounting policies consistently for similar transactions, other events and conditions, unless this IFRS specifically requires or permits categorisation of items for which different policies may be appropriate. If this IFRS requires or permits such categorisation, an appropriate accounting policy shall be selected and applied consistently to each category.An entity shall change an accounting policy only if the change is required by changes to this IFRS, or results in the financial statements providing reliable and more relevant information about the effects or transactions, other events or conditions on the entity’s financial position, financial performance or cash flows. (Alliance of Accounting and Auditing Researchers, n. d. ) Need of Accounting Information for Small Businesses In order to operate a business effectively, the owner should be informed as to the nature and amount of each asset, each liability, and the amount of owner’s equity.For purposes of planning and controlling business operations, the owner should also know when, why and how frequently changes occurs in the various assets, liabilities and the owner’s equity of the business. Without written records, business owners are not able to keep track of the nature and the amount of the assets, liabilities, and owner’s equity and the changes that occur in their composition. A good record keeping system is usually essential to provide the necessary information.This system of record keeping should show the effect of each transaction on the assets, liabilities and owner’s equity of the business. (Taylor, 2003) Proper Business Records There are several reasons (and advantages) for keeping good business records, an d many of them are a real a real advantage: (1) to show financial standings, (2) to help make important financial decisions, (3) to help control VAT – collecting it in and paying it out, (4) to help audit in certain cases, and keep the auditing costs down, (5) to discuss your financial position with other people.Unless the owners decide otherwise, there is no legal need for an annual audit of the records of a sole trader or a partnership. There is, however, a legal obligation for an annual audit of the accounts of most limited companies. There will be some expenses which are partly for business and partly for private purposes. Recording of business transactions also depends on the size of the business. There can be no hard and fast categories for size of a business. But obviously a national chain store will have a more sophisticated accounting system than a local trader with a market stall.The point at which more complicated records needed, will also depend partly on the type of trade. There are three types of entity commonly found running a business. These are: Sole traders, Partnerships and Limited Companies. Sole traders are persons owning the business which he is running in his own right. Since the person is trading in his own right he is personally responsible for any debts his business incurs. Partnerships are groups of people owning and running the business. It is the individuals in the partnership who are responsible for the partnership debts.Limited Companies are businesses which are owned by at least two people who may or may not also be involved in the day-to-day running of the business. The owners have a limited personal liability for the debts incurred by the company which is a separate legal ‘person’ or entity. The day-to-day running of a limited company is entrusted to its directors. The directors of a company may also be the shareholders. (Taylor, 2003) Businesses can also be classified into three broad categories: public co mpanies, private companies, and small businesses.The distinction between the latter two is the size of the company. Though small, these businesses are important in the aggregate as the major creator of new jobs. Small businesses also constitute a major source of clients for local and regional CPA firms. The need for accounting reports varies among the three classes of businesses. Accounting reports are used to comply with various government reporting requirements. Primary among these is the need to report a business's income, personal property, and payroll to the necessary tax authorities.The relative importance of different uses of accounting reports varies with the size of the business. (Brozovsky, Christie ;amp; Hicks, 2010) Accounting Principles and Practices Most businesses typically use one of two basic accounting methods in their bookkeeping systems: cash basis and accrual basis. While most businesses use the accrual basis, the most appropriate method for a company depends on the sales volume, whether or not you sell on credit, and your business structure. The cash method is the most simple in that the books are kept based on the actual flow of cash in and out of the business.Income is recorded when it is received, and expenses are reported when they are actually paid. The cash method is used by many sole proprietors and businesses with no inventory. From a tax standpoint, it is sometimes advantageous for a new business to use the cash method of accounting. That way, recording income can be put off until the next tax year, while expenses are counted right away. With the accrual method, income and expenses are recorded as they occur, regardless of whether or not cash has actually changed hands. An excellent example is a sale on credit.The sale is entered into the books when the invoice is generated rather than when the cash is collected. Likewise, an expense occurs when materials are ordered or when a workday has been logged in by an employee, not when t he check is actually written. The downside of this method is that payment of income taxes on revenue are made before actually receiving it. The accrual method is required if annual sales exceed $5 million and the venture is structured as a corporation. In addition, businesses with inventory must also use this method.It also is highly recommended for any business that sells on credit, as it more accurately matches income and expenses during a given time period. The cash method may be appropriate for a small, cash-based business or a small service company. (Leonsky, 1998) Accounting is the general process of tracking your income and expenses and then using that data to examine the financial status of your business. The basic accounting tool is the general ledger. It is the place where you keep track of all the business’ financial transactions.That information is then used to create financial statements such as balance sheets and income statements. (Strauss, 2007) An accounting system structures the flow of financial information to provide a complete picture of a firm’s financial activities. There are two types of accounting systems performed by small businesses: (1) the single-entry system and (2) the double-entry system. The single-entry record-keeping system is occasionally still found in the very small business. It is not, however, a system recommended for firms that are striving to grow and achieve effective financial planning.A single entry-system neither incorporates a balance sheet nor directly generates and income statement. A single-entry system is a check book system of accounting reflecting only receipts and disbursements. A double-entry system is a type of accounting system that provides a self-balancing mechanism in the form of two counterbalancing entries for each transaction recorded. It can be done with the record-keeping journals and ledgers found in most office supply retail stores. However, the relatively simple accounting softwa re programs designed for small firms are preferable. Longenecker, 2006) Conclusion Based on the information gathered by the researchers, the researchers have come up with a conclusion to the stated problem. The researcher has classified two types of accounting practice/principles performed by small businesses namely: Formal Accounting and Semi-Formal Accounting. Formal Accounting practice are based on the standards of the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) The IFRS for SMEs is indented for the use of small and medium sized entities (SMEs).Small and medium-sized entities are entities that are defined as not having public accountability, and do not publish general purpose financial statements for external users. The Semi-Formal Accounting practice is a combination of the Formal Accounting Practice (based on the IFRS for SMEs), and the Single-entry record keeping or booking keeping system. In the Single-Entry system, mostly pe rformed by small businesses, business owners record only the most important or essential transactions for the business which usually contain only the following: cash, accounts receivable, accounts payable and taxes.However, by performing this system, the owners still apply some of the standards given by the IFRS for SMEs. Most businesses however, perform only the Single-entry system. It is a much easier and convenient accounting practice that is preferable by the owners of small businesses because of its comprehensiveness in storing only the important accounting information needed by such businesses. Recommendation The Single-entry system, for most business owners, is mostly performed for its convenience and completeness. The researcher recommends, however, for the owners to apply the Formal accounting practice.The IFRS for SMEs, established by the IASB, was made specifically for small businesses to use. This accounting standard is best recommended for small businesses to attain uni formity among all other businesses alike. This will not only provide advantage to the owners but also to the users of the accounting information. It is still reminded that smaller businesses; such as vendors, sari-sari stores, restaurants or eateries; are not recommended to perform such complicated accounting practice but, they are still advised to record accounting information.The recommended accounting practice for such businesses is the Single-entry system. The researchers provide further recommendations toward the persons involved: 1. To the Business Owners of small businesses, they must obey and follow the accounting standards of the International Financial Reporting Standard for Small-Medium Entities (IFRS for SMEs), mentioned in this research, to attain uniformity among other small businesses which practice the accounting standard of the IFRS. 2.To the College of Business Administration and its faculty members, in which they can use this research as an instructional material or instrument in teaching their students about topics relating to the research. 3. To the Graduates of the College of Business Administration, who plans to have their own business or put up a small business; that this research may serve as a reference and as a guide for their first steps in being entrepreneurs. 4. To the Students of the College of Business Administration, in which they can use this research as a reference material to their academic studies.Bibliography 1. Alliance of Accounting and Auditing Researchers. (n. d. ). 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A comparison of the International