Uniformity of Accounting Standard and Conceptual Framework Essay Example for Free

Uniformity of Accounting Standard and Conceptual Framework Essay Uniformity of Accounting Standard and Conceptual Framework Executive summery Harmonization of the accounting standard and conceptual framework is emerging as a requirement for of the international community. As business cross national boundaries so the transecting parties need uniformity in the financial reporting for better understanding of the business conditions. The process of harmonization gets accelerated by the initiative of the two major standard setting body of the world IASB and FASB. Although the two authoritative bodies try to uniform the accounting standard but the major concern arises here is the biasness of the influencing nations. In the assignment, pros of the harmonization process is discussed which is essential for international business community. The process is also disturbed by taking into account no consideration of the society and judgment of the professionals. In the assignment some recommendations are made for accelerating the harmonization process. Contents Introduction Economics and politics are the two major elements that shape the accounting standard of a nation. As each and every nation varies in their economic condition, customized accounting standard gets its appeal. Nowadays business is not confined in the national boundaries. With the integration of the worldwide market and the economic forces the process harmonizing the accounting standard has become an emerging issue. In the process independent rather than governmental organization is most appropriate. If we account for the advantages and disadvantages of the harmonization process then in the pros side of the ledger high quality standard of the FASB is the achievement and in the cons side I will posted the biasness of the standard setters. The process reduces the cost of the international community because adding an additional member in the process tends to zero marginal cost of standard setters. Why uniformity in the accounting standard and conceptual framework? With the widespread integration of the markets and policies all over the world, nowadays it becomes inevitable for the financial institutions all over the world to follow a uniform standard for financial reporting. Following the high quality accounting standard tends to a higher standard financial reporting. The pros for informing standard all over the world are as follows: (Ball, ,2005) Maintaining uniformity in financial data presentation: standards are set to guide the contracts of the financial institutions. In the case, if the financial reporting of the entities is different, it causes problem for both the contracting parties in the maintenance of the conditions of the contracts. For example- Company X lends money from Bank Y on the condition that landed amount must not exceed 60% of the total tangible. In the situation valuation techniques of the firms are different then it affects the contract adversely. So following a uniform standard for valuation of tangible asset is a solution of the problem Uniform presentation of financial performance: investors make investment decision based on the financial performance of any firm. In the situation, if the firms follow different standard to represent profitability then it becomes misleading for the investors. Following a uniform standard for reporting can resolve the problem (Lammle, ,2005) Adopting uniformity in the accounting standard offers the society the following three benefits: 1. Uniform accounting standard offers the benefit of economics of scale. Standard once are set, the cost of adding additions user is zero 2. The auditors tasks get easy because all the financial institutions follow uniform policy and procedure for reporting 3. Comparability can be made which reduce the cost of the firms contracting each other Extended cross border transactions: nowadays cross border transaction has been increased. Information about the foreign products and the financial information of the business are now available in internet. As a result, investors invest in foreign firms. In the situation uniform financial reporting gets very important (Buys, ,2011) Uniform financial reporting offers the investors the following benefits: IFRS standards offer a more accurate presentation of the financial data than that of the national standards. Information of some firms is not readily available. In the situation uniformity in accounting standard reduce risks in decision making Usually small investors cannot evaluate all the information than that of professionals. Following the IFRS standard improves the quality of information which ultimately gives the investors more information for access Following the uniform accounting standard serves the purpose of comparability and information accessibility cost gets reduced In IFRS standard emphasis is given for the comparability of information and it becomes more accessible. So integrating the entire world standard with IFRS yields the investors the above benefits. Some other passive pros of uniform accounting standard are as follows: Improve usefulness of financial data Increase transparency which ultimately benefits stakeholders The above two factors tend to reduce agency costs of the firms The above are some of the benefits of harmonization of the accounting standard. The process of harmonization is fueled by the process of globalization. As transactions occurs across national boundaries, there create a need for uniform accounting standard. In today’s business world, transactions cross national boundaries. As a result uniformity in reporting financial data gets very important. IFRS standard plays a vital role in the process of harmonization and many of the European nations follow IFRS. In the process an initiative is taken by USA to harmonize GAAP with IFRS. (HINES, ,2005) Arguments against uniform financial reporting Uniformity in financial reporting is made at the expense of the society. Culture differs in different nations, as a result in the process of uniform accounting reporting cultural aspects are considered. Economic condition of different nations also varies, for example- some are big, and some are small. Uniformity ignores the judgments of the professionals. The process also discourages research in the field and also discourages different ways of financial reporting. Shortcomings of uniform financial reporting are as follows: (Sunder, ,2007) Application of the concept uniformity: the concept of uniformity can never be defined specifically so that the standard setters can apply it in financial reporting. For example- in case of reporting the R D expenditure, management discretion is ignored. In recording the expenditure economic nature of the firm is considered. But the economic condition of the firms is not feasible in many cases. As a result, the uniformity issues creates problem Social norms: the process of uniformity in accounting standard barely considers the issues like cultural, social and political differences in the nations. As a result the process of implementation is affected largely. (Madawaki, ,2012) In applying the standard in the society the standard setters face the following three problems related with the practice in the society: 1. Information problem: in the process of developing standards, the stand makers have very little information about the social circumstances. Standard are set to replace the previous one but the process is very complex. Involvement in the social norms provide more information which is largely ignored in the process 2. Problem in design the standard: in designing standard, it becomes very important to attain representation, impartiality and consistency. The professionals set the standard may not be impartial. In the process, the influencing stakeholders try to influence the standard setting for their benefit. This influence distorts the proper standard setting of the standard setting body. 3. The gaming problem: the development of the standard alters the decision environment of the business firms. Standard also paves some new opportunities. The standard setters do not possess all the information for desired chances as a result misunderstanding arises. The standard setters should ensure that the standards ensure the mutual understanding between the standard setters and the business firms Legal situation of a nation: in the cases where standard is conflicting the low of the nation the jurisdiction of the nation imply it invalid to impose Education and research: in the process of uniformity new standards are set. As a result, the professional teams of the standard setting body have to train the local the professionals in the new standards. In the educational programs also the subject concern with the topic should be amended. This means that the whole system such as: educational materials, accounting software, reporting system all have to be restructured (Agrawal, ,1987) The process of uniformity is questioned by the dominance of some countries. Many nations argue that the head of IASB is the representative of USA. It is a major defense against the standard setting process. In some cases, the judgmental areas of the business firms vary. In the situations, uniformity is somehow impossible. Harmonizing standard with the US GAAP in the uniform of standard is also a major shortcoming. Recommendation The process of harmonization of the two standard setting bodies FASB and IASB has already been started. The process benefits the transactions across national border. Cost of providing information is also reduced. In the situation the process can be successful if it can maintain the following standards: (Barbu, ,2007) To cope with the changing global marketplace, the standard setting body should update the accounting standard in a regular basis and should communicate it with the related parties for implementation The standard setting body should be private and independent to avoid any political pressure of the government which ultimately ensures democracy. In case of governmental standard setting body, there is a chance to be biased in formulating accounting standard In setting the standard the economic variety of the nations should be considered There should be some areas for professional judgment because of the economic variety of the nations To implement the process of uniformity a monitoring sell should be developed. The department oversees the maintenance of the accounting standard. If any nation does not follow the prescribed standard then the department can panelize the nation (Buchanan, ,2007) Conclusion The process of harmonization gets appeal of the international community in the last ten years. The process gets accelerated by the Europeans as they are currently following IAS and IFRS for financial reporting. United States is also a pioneer in the issue by creating a bridge with the international standard with GAAP. In the process the stakeholders gets advantaged by sharing a uniform financial reporting. The cross border relationship is emerged in a new horizon now. The audit process gets the justification in the harmonization process.  But the process is not without some problems also. The process reduces the independent judgment of the auditors. The major stakeholders also influence the standard setting process. An independent private standard setting body is a possible solution to the problem.

Major League Baseball Salaries: How Much is Too Much? Essay -- Argumen

Major League Baseball Salaries: How Much is Too Much? Twenty-five million dollars made per year. Over one hundred fifty-four thousand dollars made per game. Over forty-seven thousand dollars earned per at bat. Sounds a little ridiculous, does it not? That is what current Texas Ranger shortstop Alex Rodriguez earns to play the game of baseball (azcentral.com). Baseball is a game that children have been playing in schoolyards and fields for the past one hundred years. It may not be a game anymore. On the Major League level it has become a business. This is where the problem starts. Others associated with baseball do not see any problem. All businesses are entitled to the best employees they can afford. If the owner wishes to pay larger salaries, then he/she is at liberty to do this because he/she is in charge of the operations of the business. Baseball is no different. If New York Yankees’ owner, George Steinbrenner, chooses to spend $125 million on players’ salaries each year, who will stop him? If Minnesota Twins’ owner, Carl Pohlad, decides to only spend $25 million on players’ salaries, who tells him to spend more? The answer of course is nobody, because baseball is a business. Each franchise is run by an individual owner who makes the business decisions. Compared to long ago, baseball has transformed from being the sport people have a passion for to an egotistical business of super-agents and ten million dollar players (azcentral.com). This essay will introduce the situation that Major League Baseball is in with regards to its players’ salaries. It will also describe how the salaries escalating at the rate they are is hurting the game overall by pushing the fans awa... ...ball itself. Works Cited Holahan, William L, Kroncke, Charles O. â€Å"A Pedagogical Note on Baseball Stadium Economics: ‘Show Me the Money!’ † Social Studies Jan/Feb 2003: 44-45 Rosenthal, Ken. â€Å"Look What Happened to the Big Boys.† Sporting News 14 Oct. 2002: 47-48 Stein, Lisa. â€Å"Let’s Play Hardball.† US News and World Report 15 Apr. 2002: 14 Twenty-five Highest Paid Major League Baseball Players. 12 May 2002. Arizona Republic. 25 March 2003 http://www.azcentral.com/sports/diamondbacks/ top25salaries2002.html Verducci, Tom. â€Å"Conspiracy Theory.† Sports Illustrated 10 Jan. 2003: 22 Wilson-Smith, Anthony. â€Å"The Unsporting Life.† MacLean’s 17 Feb. 2003: 4 Baseball Salaries Database. 11 November 2002. USA Today. 25 March 2003 http://asp.usatoday.com/sports/baseball/salaries/default.aspx Kurson, Ken. â€Å"The Baseball Fallacies.† Esquire April 2001: 110

A Divided World and a Divided Self

Synge’s Playboy of the Western World is essentially a play of opposites. The tension between tradition and individualism is the active force that drives the characters toward the comic conflict.Shawn and Christy embody the masculine half of this equation while Pegeen Mike and the widow Quinn exemplify the feminine. Interestingly, the conflicts of the characters in isolated situations throw a brighter light on their motives than when secondary characters are present in the scene.While much of the play’s actual humor derives from the chorus-like responses of subordinate characters (notably when the pub patrons question Christy about his father’s supposed murder), the inner lives of the four main characters are explored in greater detail in direct dialogue exchanges.For this reason, it is important to consider Playboy of the Western World as a psychological as well as a social inquiry into the early 20th century Irish mind.The moral, social and familial institutions at work in the lives of the characters are inseparable from the behavior of the characters themselves and their behavior, in turn, affects the ways they perceive and challenge the institutions that establish a collective social identity. Synge’s satire, then, is fundamentally subversive. By undercutting a prevalent strain of Irish romanticism Synge effectively exposes the difference between the real and the ideal in Irish opinions about their own history and customs.The influence of religion is at the heart of Synge’s concern. Shawn’s reluctance to stay with Pegeen Mike overnight testifies to his fear of the priest’s, and by extension, the community’s censure. This is confirmed when he admits, â€Å"I'm afeard of Father Reilly; and what at all would the Holy Father and the Cardinals of Rome be saying if they heard I did the like of that?† Shawn is unable to take the passionate leap in terms of his affection for Pegeen Mike, being overly con cerned with outward appearances.Though his presence at the pub overnight will not be breaching social etiquette in any way immediately revealed by the opinions of the pub house patrons, he worries about the possibility that some vague â€Å"other† will entertain harsh opinions. For this reason, Shawn is repeatedly unable to take a stand for what he purportedly desires—marriage to Pegeen Mike.While religion is key, Shawn also demonstrates a pronounced avoidance to action of any kind. He is fearful of what he perceives as Christy’s passionate and unpredictable nature. The threat of violence is abhorrent to Shawn. However, his pacifism is not the result of moral objection but rather a product of physical cowardice.Christy, in contrast, is not concerned with the price of taking extreme action. Despite his meek exterior, his story of parricide is told with earnest, and he behaves first in such a way that he seems shell shocked by committing the murder. Later, of cour se, this turns into something else, when he begins to celebrate his action as proof as his own manliness.This is an important turn in the play because he moves from a fear of the social judgment of his illegal and immoral action into a defiant assertion of his own individualism. This shift occurs because he senses the positive (and perverse) effect his reputation as a murder has on the members of the community in general and on Pegeen Mike in particular.Once Christy recognizes the advantages he has when perceived as â€Å"dangerous† he quickly adopts a romantic and celebratory posture. His pride in the matter is exactly what sets him up for his serio-comic fall when his father, the elder Mahon, appears miraculously â€Å"raised† from the dead.Another pair of characters defined by their opposing views is that of Pegeen Mike and the Widow Quin. Their pronounced division is related to domesticity. While the Widow Quin is perceived as an outsider and generally shunned by t he community, she is more of a realist. This is evidenced when Mahon arrives and the widow does not reject Christy as a potential love interest.As an older and more mature woman, the Widow Quin is not as easily swayed by the romantic appeal Christy’s story of murder offers. She is more interested in his companionship and status as a help-mate. She is eminently practical.Pegeen Mike, however, is far different. For the twenty year old barmaid, the idea of a savage killer for a husband is alluring. Shawn’s proposal disgusts her when compared to that of Christy because he lacks the essential brutishness that defines her idea of an appropriate mate.Consider the hastiness of her words when she says, â€Å"Wouldn't it be a bitter thing for a girl to go marrying the like of Shaneen, and he a middling kind of a scarecrow, with no savagery or fine words in him at all?† She is not concerned with the pragmatic reality of what it means to be married to a man who has defied t he law. Her head is full of high romance and flattered by Christy’s sentimentally poetic use of language.

Women s Rights Of Women Essay - 1734 Words

Women have continuously fought for their right for over 40 years. The battle is an upward journey that slowly is progressing so the world can view how strong women are as individuals. 30 years ago Society only views women as homemakers or the wife of some male. The women in the early and late nineteen hundreds begin to fight and created the women right movement so they could have the right to vote as men do. In today s society you can find that a lot of women are very competitive against males as they continue to prove that they have the same capabilities as a man. â€Å"We define â€Å"traditional masculinity† and traditional femininity† as relatively enduring a charteristics encompassing traits, appearances, interests, and behaviors that have traditionally been considered relatively more typical of women and men, respectively (adapting the definitions provided by Constantinople, 1973) (Kachel;Steffens;Niedlich, 2016).†This issue has found its way into the justic e system because that a female employee from Wal-Mart sue the company for discrimination, unequal pay and the roles of job. The three major issues that women have been dealing with since the early 19th century and still today which are The Stereotype of a woman s role, equal pay, and discrimination in the workplace. 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