Document Interpretation 1 Upload Coursework Example | Topics and Well Written Essays - 500 words

Document Interpretation 1 Upload - Coursework Example According to the story teller, those Natives looked much exited. They danced and signaled the strangers to come to their home. This shows that these natives were friendly and were willing to make friends with strangers whom toured their land. Despite their hospitality, Jacque did not trust them. This is symbolized by the fact that he was afraid to go to their home because his crew had only one boat. May be he was afraid since they had no back up and things could go wrong. The Natives did not let go and made sure that they followed them. They were exited and very happy indeed to have seen the strangers. According to the writer, the Natives showed that they were in need of their friendship. Jacques shot at them and they were afraid since that was strange to them, hence the fled (Sympatico). Jacques and his crew slowly learned how friendly the Natives were. They got closer and closer to them as time went by and soon they were exchanging goods; skins for metallic goods among other goods. After all, the wild people were not such bad people. Despite that they did not have much to offer, they could offer everything that they had. Jacques admired their hospitality and even that he could convert them to his religion. The only problem is that what the wild people offered for trade was of no value (Wisconsin Historical Society). Later, Cartier erected a 30 foot wooden cross which had a fleur-de-lys shieldas well as plaque with â€Å"Vive-le Roi- de France† which means â€Å"long live the king of France,† which had been engraved in it as well as knelt in prayer. Donnacona became upset with the fact that his land was being taken away from him and his people. He showed signs that the land belonged to his people. However, Cartier lied to him that this cross was just a marker of the way and since Donnacano could not read what had been written, Cartier managed to trick him in this way

Making a Choice in US News Media's Top Stories Essay

Making a Choice in US News Media's Top Stories - Essay Example Each news network must present what the viewers like hearing thus, Fox presents more of Iraq success than CNN and MSNBC. This is because many of the republicans do not like stories that pertain to the Iraq war. The US media is facing blames for its lack of consistency and validity. True to mention, celebrities are what the growing generation likes to hear. There are issues that every citizen should be aware of. It is the duty of news media to present and use their time appropriately, as they present what is of essence to the citizens. The book written by Schechter Danny and Dadge David tells a story of a war that should have been presented to the citizens but instead has been abetted by what the authors refer to as the nominally â€Å"free† media. It appears that the government has power to limit what the US citizens should here. Instead of allowing for the presentation of the news, it turned to be a place of bullying of the representatives of the news media to disrupt any cri tical reporting. Since the administration well understood how the media operates, it put in place strategies that disrupted any counter-narrative that emerged with the aim of challenging the storyline presented by the administration. This shows how citizens are hindered from receiving stories that would be beneficial to them. As Schechter and Dadge wrote their book, the Iraq war was still in progress and believed that the coverage leaves so much that citizens can desire. The authors wish for an opportunity through a campaign to tell the truth as pertain to the war. This book shows how news media are denied the opportunity to present the truth to the citizens. The authors, in introducing their book... Today's news media refers to all forms of mass communication ranging from television, newspapers, radio, magazines, and the internet. It is through these forms that people gain access to information and news. It is evident as times change that media plays a bigger role in the lives of people all over. As media performs these roles and technology advancing so fast, there are numerous issues surrounding the efficiency, integrity, and limits of media. An understanding of the issues will help every nation to regulate news media effectively. This essay focuses on criticizm, that the today's media faces for its inefficiency in addressing issues and failure to uphold integrity, with each type of media working tirelessly to compete effectively in the market. With the uneven distribution of technological advancement, news to citizen varies with the news network. With more concern directed to what news media refer to as â€Å"hot stories†, citizens in the US are denied access to importa nt happenings that they should be aware of. In conclusion of this essay, the researcher used a few articles to prove that it is crucial for citizens to make right choice of news media depending on the news they would like to hear. This is because each media has its target. News media must understand that US citizen need to stay informed of local and foreign news. Therefore, addressing top stories helps in keeping citizens updated. Implementation of these issues will see the media go a long way towards realization of its goals.

Characters in Hamlet Essay Example for Free

Characters in Hamlet Essay William Shakespeare uses various elements, themes and connections between them to present ideas of enduring value in ‘Hamlet. His character development in Hamlet Claudius and use of dramatic techniques present values in ‘Hamlet’ those of which are timeless. These enduring values include guilt, corruption and life death. Shakespeare has used various dramatic techniques to express his idea and enduring value of guilt. In Act 1, as Polonius talks about ‘the devil hiding’, Shakespeare uses a dramatic technique as Claudius acknowledges his conscience in an aside, â€Å"how smart a lash that speech doth give my conscience†. Claudius is the villain of the play, however Shakespeare has a created a complex character with a working conscience and serious feelings of guilt. Claudius sense of guilt emerges through the use of the dramatic technique, soliloquy. Furthermore, it also makes him a more ‘rounded’ character in his development, not merely evil or lacking in human qualities. His guilt is emphasized when he attempts to ‘pray’, and he finds that as a sinner, he cannot, while he still desires the fruits of his crime, these being Gertrude and the crown, â€Å"Forgive me my foul murder? That cannot be since I am still possess’d of those effects for which I did the murder. †Shakespeare has used metaphor and alliteration in, Oh bosom black as death† as Claudius, concedes that he is not really capable of praying. From this point, as a development of his character, his villiany increases as he becomes desperate to eliminate Hamlet and ultimately plotting his death. Gertrude can also be played as experiencing guilt throughout until she concedes her guilt and claims it will not go away, â€Å"I see such black and grained spots/ As will not leave their tinct†. Claudius and Gertrude share the guilt for what goes wrong in the play, as theirs is the corruption that infects Denmark. Corruption is another prominent value in ‘Hamlet’. In Act 1, the dramatic technique, monologue is used as Claudius addresses his court and celebrates his coronation and marriage to Gertrude to reconcile the grieving for Old Hamlet. His speech, â€Å"mirth in funeral and dirge in marriage† is commonly known as ‘spin’ today. There is a notion that Claudius’ motive for killing Old Hamlet is envy, strictly a lust for power and to be king however this cannot be interpreted as Claudius consistently shows true love for Gertrude and displays qualities of a good king. Consequently, it is plausible that the function of the marriage is genuine however also essential for Claudius’ agenda which makes his reign corrupt. Shakespeare demonstrates the idea of corruption, that if the king reigns on false or evil grounds, hence the whole kingdom suffers, as Marcellus says, â€Å"Something is rotten in the state of Denmark†. Furthermore, through Hamlet’s main source of distress of the thought of his mother remarried too soon, and to his uncle, he introduces the theme of corruption with the technique, imagery, â€Å"unweeded gardens†. Hamlet interprets news of Old Hamlet’s ghost as a reflection of the corruption in Denmark, â€Å"My father’s spirit in arms! All is not well†. He believes that foul deeds will rise and that evil will inevitably unravel. The use of Hamlet’s development of a complex multi-faceted persona demonstrates Shakespeare’s idea on life and death, conveyed through the use of the dramatic technique, soliloquy. Hamlet’s situation in the play is relevant today because circumstances force him from being a critical observer of the world to being a participant, an experience that is universal. The flaw in Hamlet’s character lies in the involutions of his character. He is guilty of â€Å"thinking too precisely on th’event†, a man who â€Å"continuously resolves to do, yet does nothing but resolve†. It is assumed Hamlet is honest and open in his soliloquys. At other times he is puts on a ‘faà §ade’, the main purpose is to hide his true state of mind and intentions often portraying himself as ‘mad’. In Hamlet’s first soliloquy he is already contemplating about the desire to disappear or commit suicide, â€Å"O that this too too solid fle sh would melt†. Hamlet rejects the idea of trying to predict the future and reaches a point of acceptance of life, death, and everything more, â€Å"Not a wit, we defy augury†¦ the readiness is all†. This expresses the idea that what is destined is inevitable and what is significant is ‘readiness’. Hamlet acknowledges this when he holds up Yorick’s skull. The dramatic technique of visual imagery of Hamlet looking at Yorick’s skull is one of the most enduring images in all of literary history. It is a human confronting the truth, contemplating death and decomposition that even the greatest of humans are subject to. His speech on ‘readiness’ is all about his own death. It is this, which he must become ready for, something, which is presented as central sad truth of human life. ‘To be, or not to be, that is the question’ is definitive on life and death. It provides a stark contrast to the intense confrontation with Ophelia as it is contemplative, intellectual and uncharacteristic for someone who is supposedly ‘mad’. Shakespeare implies through Hamlet’s character development that the reason people do not commit suicide is because of the fear of the after life which is unknown and could potentially be worse. Hamlet ponders the question as a matter of philosophical debate. Yet though the play is thus rooted in its own time, ‘Hamlet’ seems to have a rapport with all ages and centuries. It speaks eloquently to the twentieth century as it did to the 17th 18th and 19th. Reasons for the play’s enduring appeal is attributed to the values Shakespeare has expressed. How smart a lash that speech doth give my conscience Forgive me for my foul murder? This cannot be for I am still possess’d of the effects for which I did the murder I see such black and grained spots/ as they will not leave their tinct Something is rotten in the state of Denmark Mirth in funeral, dirge in marriage O that this too too solid flesh would melt Not a wit we defy augury My father’s spirit is in arms! All is not well Unweeded garden To be or not be, that is the question

Indian Accounting Standards: Barriers and History

Indian Accounting Standards: Barriers and History Introduction In the year 2005, European Union made it mandatory for all the companies which were listed have to comply with International Financial Reporting Standards (IFRS) requirements when presenting their financial statements. This marked the beginning when International Accounting standard Board (ISAB) was professed as â€Å"legitimate’’. Ever since then IFRS has spread swiftly across the world. Initially there were few hindrances like by the end of year 2004 â€Å"full text of endorsed IFRS was not even available in several EU languages’’. This research examines the evolution and obstacles to convergence of Indian Accounting Standards to IFRS starting 1st April 2011 when all the listed companies in India, will be required to present their financial statements in accordance with IFRS regulations. This research also highlights the need for the country like India, to converge their Local GAAP to IFRS. American Writer Mark Twain once commented on  India and said  Ã¢â‚¬Å"the cradle of the human race ,the birthplace of human speech ,the mother of history ,the grandmother of legend, and the great grandmother of human speech of the tradition.’’ India is now seen as one of the fastest growing economies in the world. The increase of number of Indian companies being listed at various stock exchanges may it be NASDAQ, NYSE or LSE, the takeovers of companies like Corus by TATA or the exponential increment of Foreign Direct Investment in the country does indicate that India is now the destination where everyone wants to be a part of it. The strong economic growth, technological advancements, inflows of foreign exchange and the ever-increasing interest of almost every nation to be a part of this growth embraces the requirement of a common language in financial statements. (Purvis, gernon, and Diamond [1991]). Various studies done by researchers have concluded that â€Å"principle based standards are better enforced than rule based† and this becomes one of the reasons why harmonisation is becoming more and more essential. As far as advantages and disadvantages in adhering a common accounting rule there are still concerns within a country leave apart the issue of international convergence (Ray Ball, 2006). Only time will tell whether this convergence really serve the purpose or it was just a decision made in haste to be a part of so called IFRS â€Å"brand names’’ countries. IFAC Compliance Programme IFAC was founded in 1977 with New York as its Headquarters. Its initial purpose was â€Å"the development and enhancement of a coordinated worldwide accounting profession with harmonised standards†(brennan,1979). Presently it is â€Å"a global organisation for the accountancy profession† and as at 10th August 2009 IFAC has 158 members from 122 countries representing 2.5 million accountants. â€Å"Its formal mission is stated as being â€Å"To serve the public interest,IFAC will continue to strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high quality professional standards ,furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. To carry out this mission ,we work closely with our member bodies and regional accountancy organisations and obtain the input of regulators, standard-setters, governments and others who share our commitment to creating a sound global financial architecture†(IFAC,2006). IFAC does not set International Financial Reporting Standards (IFRSs) are not set by IFAC rather these are set by International Accounting Standards Board (IASB) . The IFAC Board formed â€Å"the Member Body Compliance Program† to ensure that all the members adhere to the standards set by IFAC for its membership. The primary objective of which was to encourage members and strive for improvement in this area of compliance. The IFAC Compliance program is overseen by the Compliance Advisory Panel. The primary objective of Compliance Advisory panel is to make sure that the IFAC compliance program is properly implemented as well as properly operated by the staff members of IFAC. Statements of Membership Obligations The IFAC Board through its Statement of Membership Obligations (SMOs) issue guidelines for the members to assist in implementation of â€Å"International standards† which are issued by IFAC and International Accounting Standard Board (IASB). The motto of SMOs is to provide pre-requisites for â€Å"quality assurance† and to investigate any disciplinary actions against any members. All the IFAC members also have to participate in a program which is in three parts. The main purpose of this programme is that it â€Å"seeks to understand whether and how the SMO requirements are being fulfilled†.  The information from this program helps the compliance committee to evaluate whether the members have prudently adhered to all the SMO requirements. These responses by the Members are taken on a periodical basis. Any changes in â€Å"legal and regulatory environment† or any other development made by any member is to be informed to this committee. This information is also updated in a questionnaire which is available online, by all  the members and if there are any changes  than the members are supposed to inform  the compliance committee which publishes these updated responses on IFAC website. Part 1 of this questionnaire is â€Å"Assessment of the Regulatory and Standard-Setting Framework†.  This Questionnaire provides information  from its members about their â€Å"regulatory and standard-setting framework in their jurisdiction†. Part 2 is â€Å"SMO Self Assessment† which requires members to fill  up a â€Å"self assessment questionnaire† which indicates how the members have incorporated or  implemented  international standards which are issued by IFAC and the IASB. This questionnaire also helps the committee to know whether all the members have adhered to professional standards set by the governing bodies. Part 3, of the questionnaire is about â€Å"Action Plans†. This questionnaire requires that members to â€Å"to develop action plans, including identifying tools, resources, and regulatory changes to address areas identified through the Part 2 self-assessment†. Part 1, Part 2 and Part 3 questionnaires are accessible to public at large. Literature Review â€Å"Harmonization, standardization, and uniformity are all terms used in the literature and in previous research† (Iordanis N.Floropulos, 2006). According to Van der  Tas (1988): â€Å"Materially measurable harmonization is an increase in the degree of comparability and means that more companies in the same circumstances are applying the same accounting method to an event or giving additional information in such a way that the financial reports of more companies can be made comparable.’’ Harmonisation can be understood as a procedure by which the gap between different accounting practices are reduced (Doupnik,1987). Sir David Tweedie, Chairman of International Accounting Standards Board said â€Å" If they all use the same methods and the accounting for one transaction is the same in Sydney, as in Seattle, as in Strasburg, and in Sheffield , then they will know where they are, and there is a demand for that type of certainty.†(FEI 2001). Mark T.Bradshaw and Gregory S.Miller(2007) also reiterated the same and argued that the evidences are in favour of a single set of Accounting Standards which will â€Å"increase the comparability of accounting information across the countries that differ economically, politically ,and culturally†. Emphasising the need for a â€Å"common set of accounting standards† IASB, laid three broad objectives: a)  Improvement : Improvement in existing standards, b)  Convergence : Reducing the gap between different accounting standards followed in different geographical regions, c)  Leadership : Addressing issues not resolved and developing new standards( Geoffrey Whittington,2005) â€Å"The principles behind the adoption of International Accounting Standards by different countries have always been the subject of controversy in accounting literature† (D.Zeghal, K.Mhedhbi, 2006).India’s decision to converge to IFRS is perceived by many researchers as premature decision. Although harmonisation of accounting standards not only enhances the quality of financial reporting, increases the comparability of financial statements but without considering of â€Å"country specific environment factors† the logic/reasons for such convergence will be forfeited. Talaga and Ndubizu (1986) insisted â€Å"that a country’s accounting principles must be adapted to its local environmental conditions†. In fact, Perera(1989a) went much ahead and stated that â€Å"the accounting information produced according to developed countries is not relevant to the decision models of less developed countries†. Case studies by different researchers with respect to developing countries have not reached any consensus whether the convergence or so called â€Å"follow the Bandwagon approach† for IFRS’s will have or is having any positive effect on economic growth. It is yet to be seen that whether India will adopt IFRS or will converge its accounting standards to IFRS. Larson (1993) studied the economic growth effect of African countries with and without these standards. His results show a positive correlation in economic growth rate with adoption of IFRS’s when adapted with â€Å"country’s local condition†. But Woolley (1998) researched the effect of such convergence or adoption of IFRS’s in Asian countries and he concluded that there are â€Å"no significant differences in the economic growth rates†. This again emphasises the fact that researchers have distinct opinion on whether IFRS adoption results in better economic growth or does not have any significant role. Researchers like Wolk, Francis ,and Tearney (1989) argued that ,harmonisation of accounting standards is â€Å"beneficial for developing countries because it provides them with better-prepared standards as well the best quality accounting framework and principles†. Chamisa (2000) studied the â€Å"usefulness of IAS’’ for developing countries. In his case study of Zimbabwe, he argued that these standards do have a positive impact on the emerging financial markets in the developing countries. â€Å"Economic conditions are a major determinant in the development of a country’s accounting system† D Zeghal, K Mhedhbi (2006). No doubt with the present economic growth in India  which is presuming better than in any other developing nation, IFRS will definitely boost this growth. India, by adopting IFRS gives a platform for itself where the financials can be compared easily with the peers across the globe.  According to Alhashim and Arpan (1992), who argued that â€Å"environmental forces influencing accounting are economic forces, social forces, the legal system, culture, and the political system†.   Though the legal structure or political system or culture might have an impact of financial reporting but there are other factors which have greater impact than these. One of these can be the education standards of the professionals in a country. As IFRS are more principle based so lots of prudence will be required from the professionals .  Cooke and Wallace (1990) added to these and argued that factors such as Size of business, education level, history of country, level of wealth, their development of financial markets may have influence on accounting standards. Accounting standards are governed by economics and politics( Watts,1977 ; Watts and Zimmerman,1986) so convergence has more or less enhanced integration of markets and politics across the borders (Ball,1995). D Zeghal, K Mhedhbi (2006) gave five hypotheses on the basis of these environmental forces. In his first Hypothesis he argues that if the country economic growth increases then the chances of adoption of the International Accounting Standards increases. This hypothesis correlates with the present status of a country like India which is exponentially growing. To maintain this growth rate it needs to be in line with global standards which will increase it â€Å"legitimacy†. As a result of which the foreign investments will increase. In the second hypothesis he argues that the probability of adoption of IFRS increases with the increase in education level. This simply means that there is a positive relationship between educational level and the competence of the professional accountants. This hypothesis indicates that â€Å"in countries where the educational level is low and expertise is weak, there is a real barrier to the adoption of IAS†.  This infers that if a country wants to adopt IFRS then it needs to strengthen its educational level. This raises few concerns if test this hypothesis with the current situation in India where there is scarcity of experts who have good knowledge of IFRS. In his third Hypothesis which states that if a developing country has â€Å"high degree of external economic openness it will be more inclined to adopt IAS†. India being one of the fastest growing nations with increasing foreign investments is an ideal case for adoption of IFRS’s as per this hypothesis. Sir David Tweedier, IASB Chairman restating uniformity of accounting standards argued â€Å"As the world’s capital markets integrate, the logic of a single set of accounting standard is evident. A single set of international standards will enhance comparability of financial information and should make the allocation of capital across the borders more efficient. The development and acceptance of international standards should also reduce compliance costs for corporations and improve consistency in audit quality.† Abdelsalam and Weetman (2003) argued that a factor like â€Å"familiarity and language† seems to favour countries which are Anglo-American because of obvious reasons. One being Anglo-American predominantly had a greater influence in the formulation and development of IASB and the other being, English being language of communication. Chamisa (2000) found that he anticipates that the developing countries which have â€Å"Anglo-American culture† will find it easier to adopt IFRS. This becomes the Fourth Hypothesis. In his Fifth and final hypothesis D Zeghal and and K Mhedbi states that developing countries which have capital markets are most likely to adopt/converge to IFRS. This hypothesis emphasises the need and why India as a country should adopt IFRS. With the present scenario where all capital markets are hitting new lows, Indian markets are performing far better than any other markets across the globe. But one should always In a recent report by world bank, it has been reported that Asian countries are recovering from the present financial crises.  Research done by Adhikari and Tondkar (1992) showed the similar results, that adoption of a â€Å"particular accounting system† is effected by the existence of capital market. Adhikari Tondkar (1992) specifically argued that â€Å"country’s level of economic growth has a positive effect on the development of accounting system and practices†. L.L.Rodrigues, R.Craig(2007) in their research by using â€Å"Hegelian dialectic concept of thesis, antithesis and synthesis† gave  innovative approaches for convergence of  local accounting standards with IFRS’s. They went on to and argued that â€Å"in modern society, the global harmonization of accounting standards might be regarded as uncontroversial, unremarkable, and inevitable†. Hegel in his â€Å"theory of dialectic† laid a concept which states that â€Å"contradiction is regarded as the root of all change† (hegal, 1969). He argued that change is inevitable and brings in a new structure or a concept( a thesis) which always have contradictions, which is always opposite to what stated (antithesis) but which brings in something new which is in-between both the concepts(synthesis). Referring to this concept L.L.Rodrigues, R.Craig argued that A thesis to be a â€Å"support for globalization of accounting† and Antithesis can be said to be â€Å"conflict area† that means opposing globalization of accounting. As a consequence of thesis and antithesis another view is generated this is referred as synthesis. They outlined few proposals which arose due to thesis and antithesis.  In one of the proposals they argued that all the companies should follow their national accounting standards and prepare their financial statements accordingly. At the same time these companies should also enclose few annexure in the form of reconciliation with the International accounting standards (hoarau, 1995). In their second proposal they argued that countries should â€Å"seek regional harmonization of accounting standards† (European Union or ASEAN countries). Analysing the â€Å"regional paradigm† of harmonisation of accounting standards, Saudagaran and Diga (1997, p.2,16-7) claims that in 1997 European Union supported the idea of regional harmonisation and also in the year 1992-1993 AFA â€Å"pursued regional  harmonization as a policy objective†. Referring to The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) which is an â€Å"an Islamic international autonomous non-for-profit corporate body that prepares accounting, auditing,  governance, ethics and  shari’a standards for Islamic financial institutions and the industry†. These standards â€Å"are either mandatory or used as guidelines by the regulators in.the kingdom of Bahrain, Dubai International financial centre ,Jordan, Lebanon, Qatar, Sudan and Syria (http://www.aaoifi.com/overview.html). These arguments are in favour of â€Å"dual standards†. Also many countries have adopted IFRS but not for all companies rather they have two tier system. One for big corporate houses and the other for small and medium-sized entities (SMEs). Because it is the cost factor which is bothering these smaller entities. But this view is not supported by the big international accounting firms, who caution that â€Å"a two standard system, where some companies continue to use national GAAP ,may be difficult to maintain in the long run.[and] governments and national setters [should] develop formal convergence plans to eliminate these dual standards†(Larson and Street ,2004,p.113). L.L. Rodrigues and R.Craig also argued that companies might think full adoption of IFRS but practically it will more like to have â€Å"ostensible compliance† that is â€Å"in the form of window dressing to appease capital markets or other users of financial information†. Chand (2005) throws a caution on Developing countries who are tempted to be a part of so called IFRS compliance members without evaluation the â€Å"cost and benefit involved in implementing IFRS†. He also emphasises the need to â€Å"improve the level of professional expertise in IFRS† before adoption or convergence to IFRS. Similar caution was advised by Shyam Sunder (2009) in his commentary â€Å"IFRS and the Accounting Consensus† stating â€Å"Get aboard if you do not wish to be left behind on the platform† cannot be a reason to converge or adopt IFRS. He argues that the standards should be developed not just as rules but rather it should be restricted to principles. Secondly a single set of accounting standards should be applied to companies especially those which are traded as it helps investors/stakeholders to compare them with their peers across the globe. Further he argues that there should be a body which must be consisting of professionals and experts which can act as a regulatory just as Securities Exchange Commission (SEC) does in United States. He emphasis the need of educating professional to a level that they can interpret IFRS’s in a prudent manner. Financial Accounting Standard No. 157 (FASB 2006) which states that the companies can value their assets in any one of the three methods given in this standard. These methods are mark-to-market or mark-to-model or mark-to-judgement. The last method gives liberty to companies to value â€Å"as they deem fit†. Warren Buffet called this as â€Å"mark-to-myth†. Clarifications on such concept of â€Å"fair† valuation are needed as it gives an opportunity for accountants to mislead the users of the financial statements. He argues that the standard setters should minimize this â€Å"need for judgement† by properly responding to the queries/objections/sug gestions raised by the professionals on these standards. Shyam Sunder (2009) also stated a practical reason as far implementation of IFRS’s goes. He states any professional anywhere across the globe â€Å"who has been drilled to memorize the specifies† of their own national accounting standards will find it quite difficult to now thoroughly understand and cope up with the clauses of IFRS’s. Also there is only one language in these internationally acceptable accounting languages and that is English only. So those nations like China, Japan or say Italian or German would not find exact version of these standards. And we are talking about a common language of Financial Reporting. One of the past presidents of The Institute of Chartered Accountants (ICAI) states â€Å"people who invest overseas naturally want to be able to keep track of the financial health of the securities issuers. Convergence of accounting standards is the only means to achieve this. Only talking the same language one can understand each other across borders†. N.C.Shil (2009) argues that though harmonisation will give an effect in the form of â€Å"global community as a single entity†. But there are major concerns when it comes to adoption of IFRS’s in United States where US GAAP is still functional. And it is yet to be seen as how far they will converge or they will just adopt. Secondly, different countries have â€Å"different legal, economic, social and cultural environments† and it is very essential to analyse these differences as they just cannot be written off just to make sure that we are in line with internationally acceptable reporting standards. Thirdly, they emphasised the need of implementation not just adoption. It is quite a tedious task to implement without adequate  regulatory authority. IFRS’s are principle based standards so again load of prudence will be required by the professionals who were implementing rules based accounting standards till date. Another issue which is inevitable is the scarcity of skilled manpower in developing countries. China has reported a â€Å"shortfall of 300,000 qualified accountants and is likely to require a further three million† in times to come (N.C.Shil, 2009). More or less the same is the condition if we talk about India. At present with the current state of affairs â€Å"The ROC Mumbai has over 150,000 registered companies out of which approximately 50 percent file their documents. Over 5,000 new companies are registered every year.ROC Mumbai has 4 staff who are employed to scrutinize these fillings, none of them of whom are Chartered Accountant or Company Secretaries’’.  Analyse the situation of now if India without a proper infrastructure (skilled manpower) adopt or converge to IFRS.   The concern at this hour is whether the adoption is â€Å"merely as a label† or there is a serious commitment to it. If the IFRS’s are adopted with such an  intension then this will lead to increase in  transparency , substantially  decrease â€Å"information asymmetry, uncertainty and estimation risk†, and as a will result in  Ã¢â‚¬Å"lower cost of capital and higher market liquidity†(Leuz and Verrecchia, 2000; Lambert et al., 2007a). This hypothesis was analysed by H.Daske,L.Hail,C.Leuz and R.Verdi (2007) who examined IFRS adoption by 24 countries between 1988 to 2004  and concluded that these the firms show a substantial decrease in cost of capital and exhibit â€Å"higher market liquidity† after converting themselves from their Local GAAP to IFRS.  The problem faced even by European countries was the lack of clarity at the time of first-time adoption of IFRS. This issue still persists and there are still no clarifications on â€Å"tra nsactions of specific nature such as pension and other post-retirement benefits† (R.K.Larson, D.L.Street 2004). â€Å"The focus tends to be on what the rules say, not on how they are implemented in practice’’  (Ray Ball, 2006). In practice this has been a major concern even in Europe where implementation is still a major concern. Developing countries like India need to understand that mere restructuring or reorganisation of the standard setting body would not resolve this crisis. But including Government agencies on their board will overcome this tedious task of implementation (Peter Carlson,1997). â€Å"The harmonisation of such standards is regarded to be neither practical nor truly valuable† (Goeltz, 1991, p.85) possibly because â€Å"investors may have developed adequate coping mechanism so that their financial decisions are not impeded†(Choi and Levich,1991,p.2) Because different users require different information it is difficult to satisfy their financial reporting needs with the constraints of a set of inter national accounting standards. A survey of 112 companies in India ,by Ernst Yong showed 67% of them welcomed the decision of convergence to IFRS. But majority of them were susceptible with the deadline set by the Institute of Chartered Accountants of India and the reasons stated were quite obvious. One being the cost, whether it up gradation of IT software or cost of skilled manpower. The other reason was the jugglery in the statutory laws. The Tax laws, Companies Act 1956  and all other statutory laws are yet to be modified and in a manner that they are in line with the IFRS regulations. Taking a clue from the nations who have already transited to IFRS India as a country needs to analyse the cost benefit ratio before implementing these IFRS regulations. â€Å"UK companies recorded an average of  £ 625,000 for IFRS conversion training in 2005†. Also Securities Exchange commission has reported that â€Å"average US corporation will spend nearly $ 32 million in IFRS adoption cost†. Also there is a mixed feeling of whether India will follow full IFRS regulations or will opt for â€Å"modified country specific version† like in European Union ,Singapore, Japan or Australia. Ray Ball(2006) on â€Å"International Financial reporting Standards: Pros and Cons† argued that without any doubts the â€Å"high quality† standards have now been  adopted by more than 100 countries is in itself commendable. On the other side he predicts the problems with the â€Å"fascination† of IASB and FASB with â€Å"fair value accounting†. When market prices are available, for any assets, then the opportunity of manipulation by managers decreases. However there is a flaw that the managers can still manipulate by using â€Å"mark-to-model† accounting. This particular clause in IFRS increases gives an opening to managers to fabricate the valuations as per their discretion. However , IASB and FASB are determined to go move ahead with â€Å"fair value accounting† and FASB member L.Todd Johnson commented â€Å"The Board has required greater use of fair value measurements in financial statements because it perceives that information as more relevant to investors and creditors than historical cost information. Such a measures better facilitate assessing their past performance and future prospects. In that regard, the Board does not accept the view that reliability should outweigh relevance for financial statement measures† Ball, Robin and Wu(2003) investigated â€Å"the relationship between accounting standards and the structure of other institutions on the attributes of financial reporting system†. The study was based on four Asian countries namely Hong Kong, Singapore, Malaysia and Thailand. They argued that these countries have a greater influence towards International Accounting Standards which as a result should produce high quality financial reporting. But the â€Å"institutional structures that provide incentives to issue low quality reports† (Robert W. Holthausen, 2003). Hence Ball, Robin and Wu predicted that outcome of such structure will have a negative impact of financial reporting. Researchers are also of the view that the manner in which the European Union is formed, in the same manner Asian Countries can come together and come to a common consensus which allows â€Å"free mobility of capital, Labour and enterprises across the national borders of its member countries†.( Peter Carlson, 1997). Inida History and Overview India is a Sovereign, Secular, Democratic Republic country. It has a Government or rather â€Å"Parliamentary system of Government†. The President is the constitutional head .In the states it is the Governor who acts as a representative of the president. There are 28 states and 7 Union territories. Each and every part of the country has a different and unique â€Å"demography, history and culture, dress, festivals, languages etc†. India is â€Å"seventh-largest country by its geographical area, second most populous country and the most populous democracy in the world†. In India, responsibility of maintaining high standards in accounting, auditing and ethical standards are bestowed on the Institute of Chartered Accountants of India (ICAI). The Institute was established in 1949 under an act of Parliament. The headquarters of this accounting body is in New Delhi. The Institute also has five regional offices situated in Mumbai, Chennai, Kanpur, Kolkata, and New Delhi, along with these regional offices the Institute has 117 branches across the country. The Institute has also 19 chapters outside India and an office in Dubai. Presently the Institute has enrolled 350,000 students and 140,000 members. The Institute of Chartered Accountants of India is presently the Second largest accounting Body in the world. The Institute has maintained high standards of applicability of Accounting and Ethical standards in India. Except the recent saga of Satyam Computers no major incidence of this stature had ever been reported from India. Applicability of IFRS in India Under the new system the following companies or entities will have to comply with the IFRS requirements: a)  Companies which are listed in any of the recognised stock exchanges. b)  Banks, Insurance companies and Financial Institutions c)  Companies which in the preceding year had a turnover or more than Rs 1 billion. d)  Companies which in the preceding year had borrowings in excess of Rs 250 million. e)  Holding or subsidiary of any of the above companies At present IFRS is not applicable to SME’s. Differences between the prsent regime under local GAAP and IFRS There are issues which really putting doubts in the mind of professionals or the users of financial statement which needs immediate attention. Following are few of them: 1)  As per the companies act 1956, there are specified rates for depreciation to be charged to assets by every company. The clause states that every company must charge a minimum rate of depreciation to each and every asset held. IFRS does not recognise this concept of â€Å"minimum depreciation†. 2)  In India, every amalgamation must be approved by the High Court. There is no such obligation in IFRS regulation. 3)  Clause 41 of the listing agreement clearly states that there should be a separate presentation of  extraordinary items in the financial reporting of the listed companies whereas IFRS prohibits such presentation of extra-ordinary items. 4)  IFRS conversion will have a direct impact on the reporting of Indian Banks. The transition to IFRS will affect reported net-worth, capital adequacy and available capital for all Indian Banks.  Report on â€Å"IFRS convergence: Challenges and Implementation Approaches for Banks in India† argues that there will be a â€Å"significant impact† on the Banking industry in India particularly in the reporting of Financial Instruments, Derivatives and provisions to be made in case of loss on loans and advances. The† Financial parameters† such as Capital Adequacy Ratio (CAR) and â€Å"valuation metrics† on the basis of which the analysis is done, predictions on future aspects of the company are made will change drastically once IFRS is implemented.

Free College Essays - The Mood of Othello in Shakespeares Othello :: GCSE Coursework Shakespeare Othello

The Mood of Othello  Ã‚      Othello is a play that evokes many emotions from a reader’s mind. The mood is changing, yet throughout, it demands a lot of contempt for the villain, Iago. Beginning with act one, there is an immediate setting for suspicion which will remain characteristic throughout the whole story. There is a touch of happiness for the newlyweds, Othello and Desdemona, which quickly disintegrates with the mighty villains lies and deceit. There is a feeling of empathy for Othello when his extreme, yet falsely founded jealousy causes him to lose his mind, and his beloved wife. The mood is sad and frustrating when poor innocent Desdemona is being punished for a crime she didn’t commit. And at the end there is a slight feeling of satisfaction that Iago’s plan was revealed, yet the mood is overwhelmingly depressing because Othello and Desdemona both suffered severely and died. Iago introduces suspicion in the very first scene. He is discussing how he hates Othello, yet he must feign loyalty for his position. This is already a clue to the reader that Iago cannot be trusted. This feeling of mistrust is vital in the mood of the play because it is most ironic that Othello trusts Iago as much as to murder his own wife. This ironic plot creates a frustrating feeling for the reader which is felt throughout the play. The mood is tense when we find out that Brabantio is angry that Othello has taken his daughter. He i s determined that Othello must have tricked Desdemona into loving him. Othello defends his love for her, and she in turn vows her love for him. This situation of a forbidden relationship is romantic, it makes the reader feel a great deal of respect and happiness for their mutual love. When Iago begins poisoning Othello’s mind with false suspicion of Desdemona’s fidelity, the mood is extremely frustrating. The reader is aware of Iago’s lies, yet Othello is being easily led to believe them. This also evokes anger towards Iago, he is evil in his constant lying, yet he is referred to by Othello as kind and honest. This irony is painful to the reader because it is so blatant. Othello’s extreme jealousy causes the reader a combination of emotions. Jealousy is a very painful emotion, and the reader sympathizes with Othello. Yet, since the reader is aware of the falseness in the roots of the jealousy, they feel a little disgusted by how easily Othello is being tricked.

The News Essay -- Personal Narrative News Television Media Papers

The News Watching the news on television has always been a wearisome chore for me. There is constant competition for my attention between the presentation of the news and the actual facts reported. At times, I question the accuracy of the news presented. I don't believe the reporters purposely broadcast stories which are untrue - but I believe some stories are either reported before getting all the information, which could result in a false story, or are slanted towards a certain major corporation or political candidate, and I mistrust the motive of the network. In addition, I feel television news has become concerned with being entertaining. In my opinion, the news is not the forum for entertainment. A news show is intended for providing information that at most may affect the viewer, or in the least provide informative facts. We do not need to coincide this with entertainment. On January 14, 1997, I watched Channel 7's 5:00 pm ABC Eyewitness News Local Broadcasting with Diane Burtone and Al an Krashesky. For 30 minutes I was charmed by these two suave, sophisticated acting, professional looking, young news reporters. This politically correct, racially balanced Caucasian male and African-American female duo teamed up to present the local news. The news started out immediately with the first story about a woman who was found dead in her burned down house. What appeared to have been an "open and shut case" turned into a mystery. Evidenced surfaced that indicated this woman may have been killed before the house was set on fire. While this story was being reported, shots of the fireman rifling through the debris was shown as a background to a near full screen picture of the deceased woman with the words "home torched" across t... ...t the news it is because I do not like being emotionally forced, and I feel this news cast tried to force me into feeling a certain way - remorse for the deceased woman, warm for the "person I should know", cozy at the end of the broadcast with three happy stories shoved down my throat. That is why I prefer to read my news. I just want the facts, not the decoration. And I don't need a laugh track to tell me when to laugh, or a deceased woman's picture flashed across the screen when I should be sad. Reading the news seems to be more professional, less social, and more informative. When I watch the news I find myself watching the reporters, paying less attention to the actual news. The forced camaraderie between the reporters overpowers the news. Besides, if I want to be entertained during the news, I can always watch reruns of Ted Baxter doing the Minneapolis news.

Commonwealth Bank Business Report Essay

Section 1: Executive summary CBA has put record profit of $8.68 billion dollar although the company is facing Royal Commission inquiry with regard to Financial Planning scandal (Yeates 2014). At present, CBA is a dominant leader in the retail-banking sector across the Australian financial services industry with premium price trade due to its largest customer base in Australia with its disruptive technology (Rose 2014). However, it is important for CBA to invest in service improvements and innovation to maintain its current market leadership position. Therefore to identify the success factor behind CBA, it is important to assess Australian Financial industry as a whole to examine the attractive features of Australian Banking sector and the internal strength of CBA to clarify its competitive advantages and capabilities. Industrial life cycle Australian Financial industry has exhibited the characteristics of shakeout stage lifecycle stages (Shapiro 2014). In shake out stage cycle, competition and price-war between financial institutions have intensified since big four banks are imposing discounts on variable interest rates available to a broader range of borrowers and lowering their fixed rates on mortgage offers (AAP 2014). Since then, services offered by big four banks become difficult to differentiate each other and this has helped the customers to broaden their option to have selective acquisition with the major banks. Further analysis will explain CBA’s clients and competitors power change due to industry evolution and its regional expansion strategy. Then, the further report will analyze the reason behind CBA to attain premium stock price over competitors and its ethical implication in financial industry. Section 2: Environmental Analysis External Analysis To analyze the external industrial environment that lead CBA to stay ahead of competitors, overall Australian Financial industry will need to be analyzed in term of Porter’s five forces followed by PESTLE model to observe how the competitiveness of the Australian Financial environment and macroeconomics factors have changed within the industrial structure (Thomas 2007). PESTLE Model Political-Legal Conservative supervisory of APRA, which approached more intensive than the Basel II minimum requirement, has assisted Australian Financial Institutions to have minimum impact during the 2008 GFC period (RBA 2014). Moreover, Four Pillar Policy which prevents mergers between Australian’s big four banks to main competitive financial environment at low risk had also shielded the Australian Banking System from the worst of 2008 GFC (Durie and Gluyas 2009). Consequently, Australia’s strong and dynamic financial policies have favoured sustainable growth even in the hard time to former government owned incumbent CBA to withstand attack from aggressive competitors under a well-regulated financial environment (Brisden 2012). Economical During the pre GFC time, RBA’s interest rate has increased from 5.50% in 2000  to 7% in 2008 (RBA 2014). These inclining rates have favored big four banks during the crisis period since the high interest rates increased the bank’s deposit and helped Australian Banks to fund their debt in the hard time (Kerr 2011). Beltratti and Stulz (2009) also stated that the larger banks within strict regulations with more deposit financing at the end of 2006 had significant high return during the GFC. Therefore, during the crisis, the effect of GFC on Australian Financial Institutions were considerably low compare to other developed economies and CBA had also came through the economic turmoil with strong gain in deposit share by delivering $4.72 billion full-year net profit in 2008 (Leyden 2009). This has clearly showed that favorable Australian economical scape has favored CBA to retain premium share over competitors in post and pre GFC periods. Technology Eyers (2014) stated that Fintech (Financial Technology) scene is expanding rapidly in world financial centers. Financial Technologies are also challenging existing business models of financial institution since non-traditional players in Australian financial sectors are leveraging new innovation to deliver flexible services to consumers in a more convenient way (Wade 2014). However, CBA is operating efficiently in the dynamic technological environment. This is because, CBA has set its strategy to capitalize on the difference between its three big rivals by injecting $1.1 billion upgrade to its core banking system and invest $300 million a year in the high-tech modernization program (Smith 2012). So, this has clearly clarified that technology is one of the factors that lead CBA in a dynamic business environment to stay two to three years ahead of competitors (Faherty 2013). Porter’s five forces Next, Porter’s 5 forces will be used to determine the financial industry’s profitability, which influence over the success of CBA in Australian financial market. The threat of new entrants Nowadays, the digitalized financial system appears to be reaching maturity and every major big four banks are utilizing different channels of entrants to capture the market share (Eyers 2014). Consequently, there is a high threat from competitors in financial market beyond APRA’s highly regulated  financial systems since potential competitors from overseas and domestic (e.g woolworths/Coles) could have used technologies to offer virtual and physical financial services in Australian Financial Market (Eyers 2014). Since then, this could eventually challenge the growth of CBA’s physical banking in the long run. However, CBA is still a major incumbent in a financial industry, which captures majority of market share with strong domestic presence in Australia (CBA 2014). Bargaining power of customers In Australian Financial industry, there is a high bargaining power of customers since Australian major big banks have brought similar financial packages with competitive rates to expand their market share in a concentrated market. As Australian market is favoring customers to bargain on the best rate, CBA has dynamically influenced the bargaining power of the market by offering an aggressive rate at low risk to itself for such customers by dropping its five years fixed home loan rate to record-low 4.99% in 2014(Yeates 2014). Rivalry among existing competitors Todays, the financial market in Australia appeared to be reaching maturity. Mason (2014) stated that financial industry in Australia has developed at compound annual growth rate of 13% over the past decade and ranked among the most profitable banks in the developed world (Australian Trade Commission 2011). Nevertheless, Australian Financial industry is considered as Red Ocean since big four banks could potentially face more mortgage competition each other for the concentrated market share (Janda 2014). Thus, if market leader CBA failed to maintain its current competitiveness in an aggressive market, the market share could be missed out and it will be given away to competitors. Section 2.2: Internal Analysis Strategic Resources Harrison (2014) stated that combination of tangibles and intangible assets of which control by the CBA could be identified as key resources to execute its strategic capabilities. Resources include teamwork among managers and Past/Present Chief executive officers, firm’s reputation among customers and its strong balance sheet has helped CBA to attain premium share price over competitors. The possession of CBA’s strategic resources ahead of  competitors has favored its long-term survival and alleviated its competitive advantage. The strategic resources of the CBA will be demonstrated by using the value Chain framework. Value Chain Analysis Primary activities Operation Efficiency Smith (2012) stated that CBA appears to be ahead of competitors in its IT development strategy and this has induced CBA to attain not only cost and operational efficiency but also improve customer satisfaction. As a result, due to its new modernization in core banking system with best in class online banking platforms, CBA has attained the biggest improvement in its customer satisfaction score out of big fours and achieved Money magazine’s best innovative awards in 2014(News 2014). Moreover, CBA’s strong shareholder with a resilient balance sheet has also empowered full funded acquisition from internal and external stakeholders (Letts 2014). CBA’s significant balance sheet growth with high earning assets and deposit has empowered organic capital growth and investor’s confidence in investment. Therefore, it is assumed that strong financial strength with high profit return has amplified CBA to stay ahead rivals and trades its shares at premium over their dom estic competitors. Outbound Activities CBA’s strong acquisitions with Aussie Home loan and concrete financial brokers network have improved its home loan supply to the new customers in the financial market (Elsworth 2014). Moreover, CBA’s 1000 plus extensive branch network in Australia with highly efficient technology platform has also aided CBA to gain solid netbank customer loyalty bases in Australia (CBA 2014).