Harmonisation of International Accounting Standards | Essay

Harmonisation of International Accounting Standards | Essay In an increasingly global business environment, issues such as how companies account for their relevant financial positions in different jurisdictions gain greater importance. Many companies are international in their scope with several different subsidiaries in multiple jurisdictions making the interpretation of accounts particularly difficult. Accounting standards in every country are developed with the background of that country’s individual social and economic circumstances, which results in a range of differing standards being developed across the globe[1]. As a result, it is very difficult for accounts to be read accurately and to make suitable financial decisions on investment by entities from other jurisdictions. Comparing performances and consolidating accounts without at least a degree of international harmonisation would prove very difficult, if not impossible. The Importance of Harmonisation As a result of the problems mentioned above, a uniform set of International Financial Reporting Standards (IFRS) have been developed with the view to mitigating or, in some cases, eliminating divergences in the way that accounts are reported in different jurisdictions. It is recognised that a blanket standardisation is simply impossible; countries need the flexibility and freedom to allow influences from their own social and economic backgrounds to come into play. For this reason, a process of harmonisation has been established. By having a guideline for the ways in which companies from different countries must deal with certain corporate issues, it makes the position of managers and investors much easier. Having a foundation of standards allows allocation choices in terms of resources and time to be made across jurisdictions. In order to do this, a like for like comparison must be possible and this can only be achieved with a degree of harmonisation. In particular, the area of taxation has gained a great deal of attention from international accounting standard setters. For example, Financial Reporting Standard 19 states how a company should deal with deferred taxation situations, i.e. where the point of realising the asset and the corresponding liability are different and how this can be accounted for in the company accounts. By ensuring companies across the globe are broadly following the same principles, it is much easier to ascertain the true financial position of the company in question. The International Accounting Standards Board The International Accounting Standards Board (IASB) is a wide group of people who are independent and are involved in the development and management of the International Financial Reporting Standards. The work of the IASB is supervised by the International Accounting Standards Committee and has additional support from external advisory committees. In total, there are fourteen board members, representing nine different countries, thus ensuring geographical diversity and representation during the standard setting process. The main work of the IASB is to work with the various different national accounting standard setters in a bid to ensure that there is a worldwide convergence of accounting standards being put in place. As mentioned previously, the aim is not to force nations into following one set of distinct rules, but rather to encourage a union of standards. The work of the IASB has been widely recognised, with more than 100 countries across the world either requiring or at least allowing the use of international accounting standards. This substantially increases the freedom of trade and investment on an international scale. International companies are able to ensure that consolidated accounts are prepared to produce useful and accurate accounts of the way in which the company is performing. This ability to draw accurate comparison is vital for the truly international scope of modern business[2]. Structure and Processes of the IASB Gaining harmonisation and convergence of accounting standards is clearly an important and useful element of international business. Achieving this is, however, a particularly difficult task. No international financial reporting standard can be passed and agreed on without the due process being followed. International agreement is vital, if such convergence is going to be efficiently attained across the globe. The process is carried out in six stages, each of which is open to debate and is overseen by the executive committees. Firstly, the agenda is set. During this process, the IASB will look at the issue being raised, the current approaches being taken by the various different countries and the realistic possibility of achieving greater harmonisation. On the assumption that further harmonisation is thought possible, the IASB will then consider and set out the scope of the international standard that is envisaged. Secondly, the project of establishing the accounting standard is planned fully to ensure the maximum possible buy-in from the various countries. Crucially, at this point, the IASB will decide if it is going to act alone in establishing the standard or whether it requires the assistance of other standard setting bodies[3]. Thirdly, once the project is fully understood, a discussion paper is published. This will state the issues as the IASB sees it and the possible solutions that exist for the problem. This is absolutely crucial. The work of the IASB relies almost entirely upon the agreement of the participating countries and, therefore, opening the discussion up to these countries is vital. Fourthly, once the discussion stage has been duly undertaken, an exposure draft is issued with details of the proposed solution. This is essential as it will be at this point that many countries will raise objections or make further suggestions. Fifthly, all of these processes are put together and the standard itself is drafted and published. It takes into account all comments and issues raised during the discussion paper and exposure draft. Finally, after the standard has been issued, the IASB will review the uptake and the way it has been applied by the various countries. It may be that further amendments or new standards are needed and the process will then restart. The entire process is based on discussion and co-operation, which is vital if any form of harmonisation can be truly efficient[4]. Challenges to Harmonisation Harmonisation is clearly beneficial for international trade and businesses. However, such large scale convergence is going to be difficult to manage and achieve; firstly, as the standards have to be incorporated into the national standards set by every individual country. This requires the relevant countries to be on board and prepared to support the various international standards being developed. Naturally, the support that is being shown for this is different between the various countries, with the more affluent countries being able to comply more readily because of their advanced accounting structure[5]. Secondly, the changing of the way in which accounts are presented is not always a quick or cheap process, which can cause difficulties for some smaller companies. In some cases, the adoption of certain international standards will result in the reported profits of the company falsely appearing substantially lower than the previous year. For this reason, some companies will naturally be slower or more hesitant to adopt the new standards. Where there is resistance, the IASB does not have the power or teeth to enforce the standards. This lack of ability to enforce can ultimately make the process of ensuring total international harmonisation extremely difficult and potentially impossible. Conclusions The IASB plays an absolutely vital role in the move towards gaining an internationally harmonised set of accounting standards. All of the work undertaken by the IASB is mindful of the need to achieve co-operation between all countries and, as such, has been structured in the way that it establishes standards through the process of discussion and explanatory documents, encouraging the accession of all relevant parties, at every step of the way. In doing so, the chances of international harmonisation are much greater and this will bring with it all of the benefits of internationally usable accounts. Bibliography Bazaz, Mohammed S., International Accounting: A Global Perspective, Issues in Accounting Education, Vol. 20, 2005 Collins, Katherine, International Accounting Rate Reform: The Role of International Organizations and Implications for Developing Countries, Law and Policy in International Business, Vol. 31, 2000 Fleming, Peter D., The Growing Importance of International Accounting Standards; Arthur R. Wyatt, Chairman of the International Accounting Standards Committee, Heralds International Harmonization, Journal of Accountancy, Vol. 172, 1991 Gornik-Tomaszewski, Sylwia, Mccarthy, Irene N., Cooperation between FASB and IASB to Achieve Convergence of Accounting Standards, Review of Business, Vol. 24, 2003 Heely, James A., Nersesian, Roy L. Global Management Accounting: A Guide for Executives of International Corporations, Quorum Books, 1993 Holmes, Geoffrey Andrew, Sugden, Alan, Holmes, Geoffrey, Gee, Paul, Interpreting Company Reports and Accounts, Pearson Education, 2004 Larson, Robert K., An Empirical Investigation of the Relationships between International Accounting Standards, Equity Markets and Economic Growth in Developing Countries, Journal of International Business Studies, Vol. 25, 1994 Nobes, Christopher, Parker, Robert, Comparative International Accounting, Pearson Education, 2006 Rider, Barry, in Villiers, Charlotte (ed.), Corporate Reporting and Company Law, Cambridge University Press, 2006 Rodgers, Paul, International Accounting Standards: From UK Standards to IAS, an Accelerated Route to Understanding the Key Principles of International Accounting Rules, Butterworth-Heinemann, 2007 Sale, J. Timothy, Salter, Stephen B, Sharp, David J., Advances in International Accounting, Elsevier, 2004 Schipper, Katherine, Principles-Based Accounting Standards, Accounting Horizons, Vol. 17, 2003 Schwartz, Donald, The Future of Financial Accounting: Universal Standards, Journal of Accountancy, Vol. 181, 1996 van Greuning, Hennie, Koen, Marius, International Accounting Standards: A Practical Guide, World Bank Publications, 2001 Footnotes [1] Holmes, Geoffrey Andrew, Sugden, Alan, Holmes, Geoffrey, Gee, Paul, Interpreting Company Reports and Accounts, Pearson Education, 2004 [2] van Greuning, Hennie, Koen, Marius, International Accounting Standards: A Practical Guide, World Bank Publications, 2001 [3] Collins, Katherine, International Accounting Rate Reform: The Role of International Organizations and Implications for Developing Countries, Law and Policy in International Business, Vol. 31, 2000 [4] Rider, Barry in, Villiers, Charlotte (ed.), Corporate Reporting and Company Law, Cambridge University Press, 2006 [5] Rodgers, Paul, International Accounting Standards: From UK Standards to IAS, an Accelerated Route to Understanding the Key Principles of International Accounting Rules, Butterworth-Heinemann, 2007

Compare and Contrast how feelings of fear and confusion are conveyed :: English Literature

Compare and Contrast how feelings of fear and confusion are conveyed through the use of imagery and other poetic techniques. I am going to compare the use of poetic devices to portray fear and confusion in 3 different poems, they are; Patrolling Barnegat by Walt Whitman, On the Train by Gillian Clarke, and Storm on the Island by Seamus Heaney. These poems all portray a feeling of confusion, often it is linked with the theme of war. In Patrolling Barnegat, Walt Whitman uses repetition to enhance the power of the storm he is describing. "Wild, Wild the storm, and the sea high running" The repetition of wild in this line helps to enforce the power of the storm and nature. Whitman also uses personification in this line where he compares the movement of the sea to a person running, as if he is saying that the sea will move for nobody. He is also making it sound as if the sea is rushing to get somewhere as if it is on a mission. Whitman also incorporates rhyme in his poem. This gives his poem a strong rhythm and this rhythm ties in with the image of the rolling sea, and gives this image more effect. In Storm on the IslandSeamus Heaney also describes a vivid, powerful storm. He describes the storm like he has learnt from past experience. He describes preparing for the storm as if he has gone through it many times before. "Can raise a tragic chorus in a gale" Here Seamus Heaney is comparing the storm to a tragic chorus, which could be associated with an opera - a form of entertainment. Seamus Heaney is using 2 opposites to help describe the ferocity of the storm and give the reader a clearer picture of what it would be like to be where he is. Also Heaney uses no punctuation at the end of his lines, so it is like reading a continuous sentence. Despite the lack of punctuation, the poem still has a definite rhythm, and because of the lack of punctuation, an unusual style. Gillian Clarke's poem On the Train describes the Paddington rail crash of October '99 She uses many poetic techniques to describe what it must have been like for people waiting to find if their relatives that had been travelling on the train that day were safe or not. "The wolves howl into silent telephones" Here Gillian Clarke is talking about the people who have lost someone in the crash. She uses the metaphor of a wolf to describe the people trying to phone their loved ones, only to get silence, or an answer

Big Two-Hearted River Essay

Big Two-Hearted River is a two-part short story by Ernest Hemingway about a returning soldier’s fishing trip. The story is composed entirely out of description of what Nick Adams, the protagonist and only character in the story, is doing while on his fishing trip. Although it is not explicitly stated in the short story, it can be inferred that Nick Adams is a war veteran returning to his hometown to try to enjoy his life as he used to before the war. The story may seem nothing at first and may appear as mere descriptions of every action and thoughts of the character, but a closer look would reveal that the story is like an iceberg—hiding the majority of what the author is really trying to say. Deciphering the Story A good deal of reading between the lines would have to be done in interpreting Hemingway’s short story, for a casual, non-critical reader would not find any meaning in the narration of the story. The short story suffers from excessive amounts of description. Every detail of the environment and actions is described vividly. Hemingway does this so much in the story to the point that it almost gets boring. Yet, beneath the surface of the descriptions lies the story’s significance. The whole thing about describing in excess may have been intentional. Hemingway may have intended this to show how distracted the mind of Nick is—Nick is unable to focus on anything except to react on what is upon him. Probably, the only time when he has thought of an idea outside of fishing is when he recalls his memories of Hopkins. â€Å"He could remember an argument about it with Hopkins, but not which side he had taken† (Hemingway 4). The part where Nick thinks about Hopkins show clues that they have been to the war. â€Å"Hopkins went away when the telegram came. That was on the Black River. It took eight days for the telegram to reach him. Hopkins gave away his 22–caliber Colt automatic pistol to Nick† (Hemingway 5). The telegram that Hopkins received was probably a telegram saying that he has been drafted in the army, like most men of proper age during the war. Hopkins probably died in the war because they never saw him again. Symbolism in the story best describes the hidden meaning of the short story. The grasshoppers Nick found symbolize the soldiers and their condition during the war. â€Å"The grasshopper was black†¦They were all black†¦they had all turned black from living in the burned-over land (Hemingway 2). The black grasshoppers symbolize the soldiers who all wear the same uniform, and when they returned home, they either find out that their towns have been decimated or they have been permanently scarred by the traumas of the war, or if they are unlucky enough, both. Nick said to one of the grasshoppers clinging on to his sock, â€Å"Fly away somewhere† (Hemingway 2). It symbolizes what Nick is actually doing at the river—he is trying to escape the traumas of the war. One particular line in the story symbolizes the condition of the soldiers at war. â€Å"They flew when they hopped. At first they made one flight and stayed stiff when they landed, as though they were dead† (Hemingway 5). The grasshoppers represent the soldier—soldiers are flown in battle, but the horrors of war shock them. Conclusion The story appears to be nothing but a description of what a man is doing in his fishing trip, but like an ice berg, about 90% of its mass, or in this case, meaning, is not seen because it is hidden beneath the narration. Only moderate clues and close reading of the text would reveal the rest of story that gives it significance. Work Cited Hemingway, Ernest. â€Å"The Big Two-Hearted River. † Olearyweb. com. 28 Apr. 2009 .

Ethical Issues Associated With Religion - 949 Words

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