Accounting Standards Update 2014-09 Revenue from Contracts with Research Paper

Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) - Research Paper Example the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) agreed upon modifying the existing standard of revenue recognition (Accounting Standards codification 605) in Generally Accepted Accounting Principles (GAAP) and publish Accounting standards update 2014-09 (AICPA, 2014). The paper aims at understanding the implications of the update in context of revenue recognition in a broad manner. Alongside, it will also highlight impact of the new development in terms of improvement in financial reporting. Revenue is a very crucial element of the financial statement as it helps investors and other interested parties of an organisation in assessing the financial performance as well as position of the company with respect to others in an industry. It was observed that significant differences existed between revenue recognition principle of US GAAP and that of International Financial Reporting Standards (IFRS). It was also ascertained that both the standards required certain improvements so as to improve the overall quality of financial reporting (Gallistel, et al., 2012). The previous revenue recognition guidelines in the US GAAP integrated broad concepts with various revenue requirements that were industry-specific; this process complicated the overall system of reporting. Contrastingly, IFRS revealed very limited information which made it difficult to account for complex transactions. The new revenue recognition guidance replaces transaction specific and industry specific revenue reco gnition measures with a principle based approach which is more specific in nature (Ernst & Young, 2014; PWC, 2014a). The boards, FASB and IASB, responded to the above mentioned challenges by developing a converged set of requirements that meet existing issues in US GAAP and IFRS. The guiding principle of the new standard aims at ensuring that companies recognise revenue for depicting transfer of goods and services to consumers in an amount which

Patients with Do-Not-Resuscitate Orders Undergoing Surgery Article

Patients with Do-Not-Resuscitate Orders Undergoing Surgery - Article Example It was not a life-saving technique. DNR orders are interventions which are meant to extend the life of the patient; these are not interventions which are meant to lend her comfort from her symptoms (Blankenship, 2008). The patient’s words also indicate that she is allowing other interventions which are meant to save her life. At this point, the DNR is revoked (Schwab and Gelfman, 2005). The daughter cannot expect the DNR order or the living will be applied anymore because the patient herself is still mentally competent enough to revoke it. The daughter is also not the legally authorized proxy who can make the decisions for the patient. Proxies are usually assigned where patients are unconscious or mentally incapacitated to make sound decisions about their health (Schwab and Gelfman, 2005). In this case, the patient is conscious and is able to express her wishes coherently, logically, and with a sound mind. The patient has the right to authorize a DNR order and also to revoke it. Under these conditions, such right cannot be transferred to the family members, in this case, her daughter. The nurse must, therefore, follow the patient’s orders (Newkirk, 2009). The nurse and the physician must also honor the patient’s right to self-determination by upholding the DNR order unless and until the patient revokes it. The patient still has the proper faculties to make decisions regarding her care. Nevertheless, it is still part of the nurse’s duty to clarify the patient’s request, discussing what she wants to be done and mentioning if she means to revoke her previous DNR orders (Newkirk, 2009). Whatever measures which the patient has chosen must then be respected and implemented. Under acute conditions, other health professionals would be in the room to assist in the patient’s care and they can also support the fact that the patient has revoked her previous DNR o rder.