CONTINENTAL MODEL is an accounting model. There are other accounting systems which differ from the U.S. accounting model. U.S. GAAP and FASB standards are not the only accounting principles used internationally; for example, many countries reverse the U.S. debit and credit system. Many countries with high rates of inflation account for inflation in financial reports much more than the U.S. does. Also, for any company operating internationally there is the currency exchange translation problem when consolidating financial statements.
INITIATIVE is a key action program developed to achieve objectives or close gap between measures performance and targets. Initiatives are often known as projects, actions, or activities. They differ from objectives in that they are more specific, have stated boundaries (beginning and end), have a person/team assigned to accomplish them, and have a budget. Several initiatives taken together may support a specific objective or theme. It is important for an organization to define the boundaries for Initiatives, such as “all strategic projects over $500k in size”. It is also important that Initiatives be strategic in nature, and not “operations as usual” projects, such as “Recruit a new Sales Rep." Example: “Develop Quality Management Program”, “Install ERP System”, “Revamp Supply Chain Process”, “Develop Competencies Model."
UNDERWRITERS SPREAD see UNDERWRITERS DISCOUNT.
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