Morality, Virtue and the Public Figure Essay - 2080 Words

Morality, Virtue and the Public Figure Introduction According to the dictionary Grand Robert, the term â€Å"public† means â€Å"what concerns people as a whole and what belongs to the social or political community and is done in its name†; a public figure is defined as â€Å"a person who is invested with an official function or plays an important role in the social or political life of his or her country†. In relation to these definitions, it is possible to identify different categories of public figures with more or less important roles : a political figure such as a government Minister who creates laws and take important decisions for his country; an intellectual and a star who is defined as an artistic performer or athlete whose leading role or†¦show more content†¦B) Differences between morality and virtue The same word can mean both a morality principle and a virtue but there is a fundamental difference between the two. If we take the example of generosity, the idea is a moral concept, which means that we have a duty to give back a part of what we received. On the other hand, the effort of giving this generosity is the concern of virtues and it is not limited to give money but also give time, comfort and shared competences. However, morality can lead decision-makers to act in a way that could have terrible consequences. For example, in the name of democracy, human rights and liberty, the president of a country could choose to lead his nation to war, and all this for a transcendental idea. In this case, the government is the decision-maker, but the people of the country have to follow it and share the same values, like for example Churchill during the Second World War, who said that the only thing he could offer his nation was blood, labour, sweat and tears. And when these political figures lack this moral principal called courage, like Daladier in France during the Second World War, it allow people like Hitler to come to power. As Machiavelli argues in â€Å"The Prince†, â€Å"it is necessary for a prince who wishes to maintain his position to learn how not to be good† (----), which means that a Prince could be required to lie, betray, steal or kill if it secures the greatest happiness for the greatest number ofShow MoreRelatedThe Movie Crash Film Analysis1473 Words   |  6 PagesHollywood films always attach virtue to the well-off middle and upper classes this is not always the class. Media and Hollywood films are guilty of assigning privilege to some and strife to others, however, the characters in the movie Crash played by, Chris Bridges, Brenden Fraser, and Michael Pena all from different economic classes display different types of class and virtue. For reference, virtue is defined by Merriam-Webster as ‘conformity to a standard of right: morality’ and class as high qualityRead MoreMorality and Success Essay964 Words   |  4 Pagesa contradiction between our demand that our children be honest and moral persons and our demand that they be successful? Present the argument that there is a contradiction, and see if you can answer it. Morality has taken a backseat to success. Today’s parents preach the same line of virtues to their children as did their parents and many parents before them; be honest and work hard and good things will come to you. But today’s children are pressured to obtain their success, by their parentsRead MoreFeminist Thought and Ethics of Care Essay993 Words   |  4 Pagesimportant, is usually disregarded in the interests of the male partiality present in the male creators of many ethical theories. 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It takes the person s morals, name along with determination into consideration when status a silly along with irregularRead MoreThe Reprehensible Story Of The Enron Corporation1680 Words   |  7 PagesThe reprehensible story of the Enron Corporation’s rapid rise to success followed by their consequential disgraceful fall is one that has captivated the attention of the public for more than a decade. Not only was this scandal highlighted largely due to the widespread publication of the Enron Corp’s actions in the newspapers and television but must notably their substantial contradictory actions against not only basic ethics but Enron’s published Code of Ethics. 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As seen in my essay, the society contributed towards defying this norm through uplifting the state of woman, whereby she was viewed as an important figure in the

Developmental Psychology Major Models Of Psychosocial...

Developmental psychology recognizes three main models of psychosocial and cognitive development. The first theory, presented by developmental psychologist and philosopher Jean Piaget, addresses cognitive development. The second theory, presented by psychologist Lawrence Kohlberg, focuses on the development of morality. The third theory, proposed by developmental psychologist and psychoanalyst Erik Erikson, outlines psychosocial development. All three theories are applicable from birth to death. Piaget believe that children are active thinkers. He recognized that the mind develops through a series of irreversible stages. He also acknowledged that a child’s maturing brain builds schemas that are constantly assimilating and accommodating to the world around them. Piaget’s theory of cognitive development is split into four stages: sensorimotor, preoperational, concrete operational, and formal operational. The sensorimotor stage occurs from birth to nearly two years of age. At this stage, infants learn about the world around them by sensing it and interacting within it. It is also in this stage that the idea of object permanence develops, that is, the awareness that things continue to exist even when they are not being observed. In my personal life, I am certain that in this stage of development I would have enjoyed peek-a-boo, because if I didn’t see it, to my developing mind, it wasn’t there at all. The second stage, preoperational, lasts from two y ears of age to seven years ofShow MoreRelatedLifespan Development : Cognitive, And Personal And Social Development1717 Words   |  7 PagesLifespan Psychology Introduction Lifespan Development is the field of study that examines patterns, modes of growth, change, and stability in behavior that occur throughout the entire lifespan of an individual. There are so many things to keep in mind about Lifespan Psychology; 1. Lifespan Psychology is a scientific, developmental approach that focuses on human development. 2. Scientists who study the lifespan know that neither heredity nor environment alone can account for the full range of humanRead MoreEssay on Psychology1023 Words   |  5 Pagesin an objective way. †¢social learning theory/cognitive behaviourism †¢attachment theory †¢evolutionary theory †¢behavioural genetics †¢Piaget’s theory of cognitive development †¢Erikson’s theory †¢developmental systems Define and describe the following research methods †¢correlational study †¢experimental study †¢cross sectional study †¢longitudinal study Study Questions 1. Define cohort and briefly summarize at least one major difference in how different cohorts, past andRead MorePiaget s Theory Of Cognitive Development1828 Words   |  8 Pagesapproaches in regards to cognitive development. Firstly, Piaget’s theory of cognitive development describes the changes in logical thinking of children and adolescents. Piaget suggested that children proceed through four stages that are based on maturation and experience. Piaget managed numerous intelligence tests to children and this led to him becoming interested in the types of faults children of different ages were most probable to make. Piaget hypothesized that cognitive development proceeds in fourRead MoreArticle Summary : Developmental Potential1071 Words   |  5 PagesArticle Summary The article â€Å"Developmental Potential in The First 5 Years for Children in Developing Countries† is a research about the major risks of the children who live in developing countries. This article highlights the relevance of the children’s 5 first years of age, through the evaluation of different psychological and physical cases around the world to proof the impact of poverty in their development (Grantham-McGregor et al., 2007). Hypothesis/Research Questions The research question inRead MoreReview of Articles on Childrens Developmental Theories761 Words   |  3 PagesChildrens developmental theories explain how attachment is a major part of psychosocial development. Duhn (2010) explains how touch can help augment creation of more positive attachment models like secure attachment, while Brown, Manglesdorf, and Neff (2012) show important fatherly attention is in generating secure attachment as well. The first article is Duhns (2010) examination of the importance of the human touch in caring for children as they go through the cognitive development journey. DuhnRead MoreThe Problem Of Human Development1536 Words   |  7 Pagescenturies attempting to obtain the secrets of human development and identify the exact science behind it. Experts have not been able to discover any exact influences of normal human development, nor have they been able to uncover the exact causes of developmental abnormalities (Disabilities). What they have found can seem quite confusing and has caused much debate among those trying to tackle the answer to the question. Is ones developmental trajectory determined by the highness of their geneticsRead MoreChild Development Developing Countries : Article Critique Essay1157 Words   |  5 Pages Child Development in Developing Countries Article Critique Jimena Renteria Liberty University Introduction The article â€Å"Developmental Potential in The First 5 Years for Children in Developing Countries†, published in 2007 by several authors, is a research about the major risks of the children who live in developing countries. This article highlights the relevance of the children’s 5 first years of age, through the evaluation of different psychological and physical cases aroundRead MoreThe Issue Of Child Onset Schizophrenia Essay1612 Words   |  7 Pageswith a higher occurrence of more severe symptoms, child onset schizophrenia is a complicated issue because children are being prescribed psychotropic medications at an early age during a period of critical brain development (Butcher, Mineka, Hooley, 2014). This greatly affects development and exposes children to very severe side effects of the medication, resulting in a lot of patients refusing medication and the treatment they deserve. As social workers, it is important to look at different behavioralRead MoreDevelopmental Psychology : An Introduction2958 Words   |  12 PagesDevelopmental Psychology: An introduction Psychology is a field that is broken down into many subfields, each field distinctive in their nature. One of the most studied fields is developmental psychology. Before I explain the field in depth, it is important to understand what developmental psychology is, and how it came to be. Developmental psychology is mainly a scientific approach, which aims to explain how children and adults change overtime (Lerner, Lewin-Bizan, Warren, 2011). Most uniquelyRead MoreInfluence Of Childhood Attachment On Moral Leadership2432 Words   |  10 Pagesstages in development they may occur. The fundamental development occurs in three stages. Theses stages are physical, cognitive and psychosocial in which all human life goes through. While these stages inherently create human functions, intelligence and social and other interpersonal traits, it encompasses the positive and negative attributes also from birth to adulthood. First, one must be able to understand the phase of developments, here is a brief overview of the phases: Physical development- During

Business and Corporate Law Relevant Laws and Applications

Question: Describe about Business and Corporate Law of Relevant Laws and Applications. Answer: This report analyses two different situation using relevant laws and applications to evaluate whether the contract is enforceable or not. 1. In the business and corporate law, consideration is a significant element in the formation of a contract. In a consideration contract and agreement, both parties (promisor and promisee) should receive some value in term of benefit, loss, responsibility and right (Poole, 2016). An agreement without valid consideration is an invalid contract. To the formation of a contract enforceable, there is required to an offer is made by promisor and its acceptance by the promisee. In the other words, consideration of a contract law refers to simply exchange of things between two parties where the value is also included. In the consideration of an enforceable agreement, the significant thing is the legality of terms and conditions. (A) In this case, Jane is going to abroad, so she offers to give her Lotus Super 7 sports car to jack and Jack accepts the offer of Jane. In the market, the value of this type of care is approximately $25,000. Thus, the issue is whether the consideration is presented in this case or not. According to the concept of the consideration, this case is unenforceable agreement; due to there is the lack of fulfilment of the consideration legal principal (Harris, 2015). In the consideration, it is essential to both parties receive some value in the agreement. But in this case, Jack is getting the benefit as Lotus Super 7 sports car, which is offered by the Jane. Jane is not receiving anything type of profit or money against this. In additionally, Jack is also not doing any promise to give return against Janes offer. Thus, it can be concluded that this case is not involving the consideration in the agreement and it is an unenforceable agreement. In this case, consideration will present when the Jack promises to Jane to give a value against to car that should be meet the market value of the care (Morgan, 2012). (B) In this case, Jane offers to Jack sell her Lotus Super 7 sports car for $25 000 and Jack accepts Janes offer. At the same time, in the market value of this care is approximately $25,000. In this case, the issue is that weather consideration is presented or not. As per principle of the consideration, in this situation consideration is presented because both parties in the agreement are agreed to exchange some values. In the given case this, Jane is selling her car for $25000 and Jack accepts Janes offer without made any reduction in the offer price. It proves that this is a considerable case. Along with this, jack has not made any reduction in this price. The missing aspect in the last case is now major aspect. It is because both parties are getting benefit in this situation. Jack is getting the benefit of Lotus Super 7 sport; on the other hand, Jane is getting benefit in monetary term. It means that this agreement is completing the legal formalities of the sale and purchasing contract act (Bartsch, 2016). On the behalf of this, it can be identified that this case is legal in terms of consideration and the buyer has an enforceable agreement. (C) According the case, Jane is offering a Lotus Super 7 sports car for $2500 to Jack and Jack buys her car without make any changes. At the same this, the actual value of the care is $25000 in the market. In this situation, the issue is created that whether the consideration is presented in the case or not. In this case, the consideration is presented in the agreement but, it is not with proper justification. The principle of the consideration depicts that both parties should receive adequate benefit from their actions (McKendrick, 2014). In the existing case, Jane is offering her sports car only for $2500, but the market value of it is $25000. As concerning this consideration principle, Jane should receive the adequate value of its car that can be approximately $25000. But, at the same time, it is Jane self-offer and decision. There is not any kind of pressure upon the Jane to sell its car for $2500. It depicts that consideration is presented in this case and Jack has an enforceable agreement in the court (Hart, et al., 2012). At the same time, it is also found that the contract between Jane and Jack is not affected by any public policy and civil law. It provides strength to the contract and proves that contract is enforceable. In this agreement, both parties have a legal obligation to fulfill their commitment regarding the law of consideration. Beside of this, in the contract law, an agreement may be unenforceable if, the promise is impossible to finish. In this situation, the agreement cannot be registered in the court (Hillman, 2012). In the context this agreement between Jane and Jack, the offer is given by Jane for selling her car only for $2500; this agreement is not fair due to the inadequate value of the sports car. It is because the actual market price of the care is $25000, which is by far from the offer price. In this manner, it is inadequate for Jane due to the price of the sports car is not according to the market price. At the same time, it is also found that to make a contract valid and enfo rceable; three elements are essential in an agreement, which is consideration of law, a legal or valid offer and its acceptance and mutual assent (Bozeman, 2015). The agreement between Jane and Jack is unenforceable due to this agreement does not fulfil the requirement of an enforcement contract. In the study of this case, it is found that Jane has not offered valid agreement to the Jack. It is because the market value of the car is $25000 while Jane is offering it only $2500. Due to this, it is affected by the rules business and corporate law. But, at the same time, conformity and willingness of the Jane show that it is legal agreement in terms of consideration and it is also an enforceable agreement for Jack (DiMatteo and Hogg, 2016). 2. This case is seemed as case of duress in completing the objective of the case. According to the presented case, North Ocean Tankers have contract with shipbuilder for producing a tanker. This contract has done in the US currency and it will not contain any alternation in the future due to change in currency value. Unfortunately, in the mid of contraction of the tanker, the value of the US dollar has devalued approximately 10 percent. Due to this, the shipbuilder is observed that there is a loss in contraction of tanker and it is demanded to pay extra US$3 million otherwise, it can punctuate the work. In this case, the buyer has agreed to pay the excess money due to it had a charter regarding the tanker. So, it is essential for it to make the delivery on the time. After complete this agreement, the North Ocean has not tried for recovering its additional amount till nine months. Thus, the issue in this case is that whether the buyer has legal obligation to recover its excess amount. According the principles and rules of the contract law, duress is an illegal term in the contract and agreement (Habermas, 2015). Many times, it is seen that one party of the contract is used threat and violence against to another party of the contract. It is because; first party tries to compel for achieving contract objective. In this case, there is involuntary of the buyer to pay the exceed amount, which is occurred due to devalue in US currency. It is also analyzed that threat in the contract is also a reason in making contract illegal (Schwenzer, et al., 2012). In this, the shipbuilder treats the North Ocean Tankers to pay extra amount otherwise, it will stop the work of contraction of the tanker. It proves that threat of the shipbuilder to complete the contract is illegal. Duress in the contract law is defined as a threat of a party against to another party's willingness or assessment (Harris, 2015). All kinds of the illegal threats come in duress of the law that makes the agreement illegal. There are two types of duress in the contract law, which are physical duress and economic duress. In this, physical duress includes the person duress and goods duress. Murder and kidnapping such as activities are come in duress of person. Duress of goods refers to refuse to deliver goods. On the order hand, economic duress includes the no reasonable alternative, wrongful and improper threat and financial distress (Hillman, 2012). From the study of the given case, it is identified that the shipbuilder has created pressure on the buyer to retain involved in the contract with paying US$ 3million extra money. The reason behind this is that the shipbuilder is in loss due to the US government devalued its currency by 10 percent (Mattila, 2016). So, on the basis of given detail, it is analyzed that North Ocean Tankers has paid excess payment amount of US$ 3 million to the shipbuilder under the duress. It leads to economic duress in the agreement as well as duress of goods. It ensures to North Ocean Tankers to recover its extra money from the shipbuilder. Additionally, in this case, it is also found that shipbuilder has not given the alternative option to the North Ocean Tankers for accomplishing the objective in determined agreement (Cartwright, 2016). In this situation, the law is said that undue commercial pressure in the agreement is a kind of treat that is illegal in terms of the law. The court is required to take effective action for solving this type of issue with the carefully analysis of the case. In this case, the court will find that the shipbuilder has made pressure on the North Ocean Tankers for retaining in agreement and paid excess payment. In the other words, it will be said that the contract has completed in the under the duress of agreement (Butler, et al., 2013). On the basis of this discussion, it can be concluded that the buyer is able to recover its excess amount and for this, it can be applied in the court. For the example, an earlier duress case is studied of North Ocean Shipping Co. Ltd v Hyundai Corporation Co Ltd. In this case, Hyundai was shipbuilder and the payment of the deal had done in five instalments. But, Hyundai was demanded to give 10% extra of the deal due to some default in the payment and shipbuilder was stopped the delivery of the ship. North Ocean was said that they will pay excess money to maintain the relationship. In this case, the high court was taken action as to refund the extra amount to North Ocean. The court was said that amicable relation was not the good consideration but, instead of this, increasing the letter of credit was a good consideration (Bix and Bix, 2012). This agreement was void due to the involvement of physical duress in the contract. Along with this, the study of the law depicts that duress in the contract leads to make contract voidable, which provides strength to a party that is treated by another party (Mattila, 2016). The law also provides right to infected parties to get the compensation in against loss in the agreement. From the case study of North Ocean Tankers and shipbuilder, it is said that buyer has right to go to court for recovering US$3 million from the shipbuilder. Reference Bartsch, R.I. (2016) International aviation law: a practical guide. UK: Routledge. Bix, B. and Bix, B.H. (2012) Contract law: rules, theory, and context. UK: Cambridge University Press. Bozeman, A.B. (2015) The future of law in a multicultural world. USA: Princeton University Press. Butler, D.A., Christensen, S., Dixon, B. and Willmott, L. (2013) Contract Law Case Book. USA: Oxford University Press. Cartwright, J. (2016) Contract law: An introduction to the English law of contract for the civil lawyer. UK: Bloomsbury Publishing. DiMatteo, L.A. and Hogg, M. eds. (2016) Comparative Contract Law: British and American Perspectives. USA: Oxford University Press. Habermas, J. (2015) Between facts and norms: Contributions to a discourse theory of law and democracy. USA: John Wiley Sons. Harris, P. (2015) An introduction to law. UK: Cambridge University Press. Hart, H.L.A., Raz, J., Green, L. and Bulloch, P.A., (2012) The concept of law. USA: Oxford University Press. Hillman, R.A. (2012) The richness of contract law: An analysis and critique of contemporary theories of contract law. Germany: Springer Science Business Media. Mattila, H.E. (2016) Comparative legal linguistics: language of Law, Latin and modern lingua francas. UK: Routledge. McKendrick, E. (2014) Contract law: text, cases, and materials. UK: Oxford University Press. Morgan, J. (2012) Great Debates in Contract Law. UK: Palgrave Macmillan. Poole, J. (2016) Textbook on contract law. UK: Oxford University Press. Schwenzer, I., Hachem, P. and Kee, C. (2012) Global sales and contract law. USA: Oxford University Press.

Uniformity of Accounting Standard and Conceptual Framework free essay sample

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. We will write a custom essay sample on Uniformity of Accounting Standard and Conceptual Framework or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 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. Uniformity of Accounting Standard and Conceptual Framework free essay sample 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. We will write a custom essay sample on Uniformity of Accounting Standard and Conceptual Framework or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 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.