Environmental Systems Essay Example | Topics and Well Written Essays - 750 words

Environmental Systems - Essay Example as the key determinants of economic growth and thus have a direct though complex effect on how the other natural resources such as water, forests, pasture and biodiversity have been made use of from time to time. In spite of the negative general relation that is present between poverty and the environment, the focus for the better part has remained on the current development policy whilst keeping in mind peoples strengths. Even though natural resources and access to the land have remained as a main source of rural income, the two need to be seen in the wider scheme of things. The positive effects of diversification have been seen as being on the higher side as compared to the negative ones. The same have included the reduction of risk as well as vulnerability through spreading assets, in essence a generalized and elaborate use of family and household labor, cash generation for the purpose of investment in human and physical capital and in improvement of the environment due to minimal pressure courtesy the natural resources. Primary Gross and Net Productivity is mapped with the additive approach in an area that is marked with intensively managed agricultural land especially in the Midwest United States. To produce the required land cover map, a Landsat ETMz image dating from 29 July 1999 was acquired from the MODIS Land Team. Therefore, care was taken to locate the positional accuracy of the image and the same was measured by direct comparison with USGS digital orthophoto quadrangles concerned with the study area. Moving further ahead, land cover mapping was performed in such a manner that used unsupervised clustering of the six ETMz reflectance bands. After the same had taken place, clusters were assigned to five different classes which included water, urban and built, barren and sparsely vegetated, corn and last but not the least, soybean. This was performed with reference to the DOQs, air photographs, interpreter knowledge as well as the spectral

Describe slavery in the US especial black women in bondage .use Essay

Describe slavery in the US especial black women in bondage .use annotated bliliography that include primary and secondary source - Essay Example Through the mid-19th century, westward expansion of America, beside with a rising abolition movement in North-America would arouse a long discussion over slavery that could have divided the nation during the American Civil War (1861-65). After the end of this bloody war, though the Union’s victory freed four million slaves of the nation, but the inheritance of slavery sustained to influence the history of America, from the chaotic years of Reconstruction (1865-77) to the movement of civil rights (1960s), that came out a century after the end of slavery. Slavery in America In beginning of the seventeenth century, European colonists of Jamestown Virginia, in North America were the first who turned towards African slaves. (Alexander, and Rucker  55-56) These slaves were considered as a cheaper, extra hard working alternative of indenture servants. ("Slavery and Indentured Servants:Law Library of Congress.") These indenture servants were mostly poorer Europeans. Twenty African m en and women were transported by a Dutch ship to a British colony, slavery stretch all over the American colonies. Although it is not possible to give exact number, it is estimated by some historians that around six to seven million slaves were transported to the New World during the eighteenth century alone, divesting the continent of Africa from large number of its healthy and able men and women. Both men and women slaves experienced an equally devastating time. Both were deprived from a family and land of origin. Together were forced to carry out tough labor, subjected to psychological and physical humiliation, and were also denied of their very basic rights. During slavery these men and women were beaten cruelly, divided from loved ones randomly, and despite of gender, treated as private property in the eyes of the law.   African Women Early on, females slave were available to buyers in the colonies for working on their fields. These female slaves were available lower prices. Actually, skillful labor, like carpentry and blacksmith, was allotted only to men slaves; that further reduced the number of black men available for agriculture work. As an outcome, men were outnumbered in the field by women slaves.   On farms having a small agricultural area, only women slaves were forced to perform labor equal to men slaves. On large farms, field and plantations, work was divided amongst both genders, while male groups were given physically tough tasks. Commonly, men were assigned plowing while women were given hoed task. Motherhood of Enslaved Women Major role of women in Africa was that of mother. While in slavery, this primary role of African womanhood was dishonored. Inside the plantation system of America in the 18th century, women slaves during their pregnancy were considered as an economical advantage for their masters as a number of labor pool are multiplied. (Gilchrist) While in Africa birth of a child brought in respect for these black women. The avera ge age of enslaved woman giving first birth was nineteen years old and afterward, used to give a new birth every two years. As this cycle was advocated by the master, was also benefiting the mother. During pregnancy, she was given more food and lower working hours. She was also no likely to be sold as tested fertility made her more precious for her master Harassing the Dignity of Black Women Black women slaves were expected to

Brain Development Essay Example for Free

Brain Development Essay At birth there are about 100 billion brain cells produced and they are beginning to connect with each other. At the first week of age, brain development starts with conception. It is important to reach the age of an infant and practice the ten principals. In the early years, young brains produce almost twice as many synapses as they will need. By age two, the number of synapses a toddler has is similar to that of an adult. By three the child has twice as many synapses as an adult. The infant brain develops through the interaction with the world around, especially the interaction with adults. At the first few months, an infant cannot response to praise or punishment. Emerging research on brain development indicates that the degree for responsive care giving that children receive as infants and toddlers positively affects the connections between neurons in the brain (Brain Cells), and the architecture of the brain itself. The first three years of life are the period of growth in all areas of a baby’s development. Consistent, responsive relationships enable infants and toddlers to develop secure attachments. Infants and Toddlers develop knowing and understanding by perceiving experiences directly with the senses. For infants to acquire the ability to comprehend this sensory information they must b able to distinguish between the familiar and the unknown; later they will begin to consider, to formulate, and to form mental images in this process of experiencing and clarifying the environment. Infants begin by exploring the world with their bodies. They internalize what they take in through their senses and display it in their physical movements. Infants gather vital information through such simple acts as mouthing, grasping, and reaching. The knowing process also involves language abilities. As young children use their senses to experience the world, they need labels to categorize and remember these experiences. By creating these labels, children increase their ability to communicate and begin to control their own behavior. These expanded abilities give young children additional opportunities to understand the world (Infant, Toddlers, and Caregiver Ninth Edition). Recent brain research supports the goal of building a total person instead of concentrating on cognitive development alone. Providing a rich environment with interesting things to do is desirable and stimulates cognitive development. But that does not work without working on physical, social, and emotional development at the same time. What make differences are the day-to-day living, the relationships, the experiences, the diapering, the feedings, the toilet training, and the free play and exploration that contribute to intellectual development. Early experiences matter, and shape brain architecture. Advances in brain research have provided great insight into how young children’s experiences have profound impact on genetic predispositions and thereby share the processes that determine whether their brains will have adaptations or maladaptations for later learning, memory, reasoning, executive functioning, expressing a full range of positive and negative emotions, socialization, behavior control and lifelong health. The thrust of this element is to close the gap between what we have learned and what we do with infants and toddlers. Experiences that prepare the developing brain to function optimally include having warm, nurturing, attentive social interactions and conscientiously buffering young children from the adverse impact of toxic stress. Lack of these kinds of experiences can have devastating, long-term effects on brain development including cognitive functioning and social-emotional competencies. For example, unpredictable or chaotic routines or lack of consistent caregivers may jeopardize children’s foundation for identity development or self regulation, or few language experiences, toys, and opportunities to explore impede the development of neural connections and pathways that facilitate learning (Essential elements of Quality-Infant-toddler Program). To deliver high quality care giving, adults need to understand and recognize key developmental processes that help them understand and support infants and toddlers. Since this essential element explicitly identifies knowledge about key developmental processes threats to them as a factor in quality infant-toddler program, three terms are defined as important pieces of a wider knowledge base about brain development that informs practice: serve and return, executive functioning and toxic stress. Serve and return is the interaction between young children and their parents and caregiver is a key to healthy brain development. It helps to create neural connections that build later cognitive and emotional skills. Executive functioning represents the cognitive skills that enable a child to focus on, hold, and think about information, filter distractions; and divert their attention to something new. The foundation for executive functioning is laid in infancy and is facilitated through early experiences. Acquiring the early building blocks of (executive functioning) skills is one of the most important and challenging tasks of the early childhood years. Toxic stress is defined as strong, frequent, and/or prolonged adversity without adequate adult support. Toxic stress disrupts brain development. While some experience with manageable stress is important for healthy development, prolonged, uninterrupted, overwhelming stress; toxic stress without the buffering relationships a child needs, can result in damaged, weakened systems and brain architecture that can have negative long-term effect (Essential Elements of Quality-Infant-Toddler Program). Environments make a difference in brain development. Environments that provide proper nutrition and regularly scheduled periods of sleep and physical activity consistently promote warm, nurturing, attentive social interaction; and conscientiously buffer young children from the adverse impacts of toxic stress. Lack of adequate nutrition, physical activity, appropriate sensory stimulation or social-emotional developmental experiences disrupt brain architecture and can have a decisively negative Impact on future development (Essential Elements of Quality-Infant-Toddler Program). Finding about the impact of early experiences on brain development highlight the importance of intervening early with highly stressed infants and toddlers and their families. Infants and children who are rarely spoken to, who are exposed to few toys, and who have little opportunity to explore and experiment with their environment may fail to fully develop the neural connections and path ways that facilitate later learning. Despite their normal genetic endowment, these children are at a significant intellectual disadvantage and are likely to require costly special education or other remedial services when they enter school. Fortunately, intervention programs that start working with children and their families at birth or even prenatally can help prevent this tragic loss of potential. While high-quality infant and toddler programs are not necessarily intervention programs. When caregiver and parenting practices are grounded in knowledge of early brain development, caregivers and parents are much more effective in providing experiences that facilitate optimal development including strong brain architecture (Essential element of Quality-Infant-Toddler Program).

The Minor Post Exilic Prophets Essay -- essays research papers fc

Before the Babylonian exile, Biblical prophesy reached its highest point. Prophets such as Jeremiah and Ezekiel changed and molded the scope of Israelite religion. Their writings were intelligent, insightful, well developed, and contained a great spiritual meaning. Following the Babylonian exile, however, prophesy took a depressing downward turn. There are many post exilic prophets, yet their writings are usually short, mostly irrelevant, repetitive, and, for the most part, anonymous. Though this is the case for many of these prophets, their works cannot be overlooked. Haggai and Zechariah were leaders in the cultic reform of the Israelite people. Malachai calmed their fears, and assured them of God's love. Still other prophets told of a new, Messianic time when the word of the Lord would be held in its former glory. These were the most important works, as post exilic Israel needed not only protection, but spiritual guidance to sustain their society. The prophet Haggai was in integral figure in uniting the Israelite people. Upon return to their homeland, the Israelites found most of the infrastructure in a state of disrepair, with the people uncaring for their moral and social responsibilities, to say nothing for their religious practices. (OVC) Even the temple of the Lord had been destroyed. Haggai emphasized the return to a more cultic society. Through Haggai, God explained the plight of the Israelite people, as in Haggai 1:6: "You have sown much, but harvested little; you eat, but there is not enough to be satisfied; you put on clothing, but no one is warm enough...Why? Because of My house which lies desolate while each of you runs to his own house." (Haggai 1:9) The word of Haggai is accepted as the word of God, and the temple is rebuilt in less than four years. "I am with you," said the Lord,in Haggai 1:13 when the temple was finally built. (EIB) The prophesy of Haggai did not end with the building of the Lord's temple. He offered a message of hope to the people of Israel. Haggai said that the promises made by God would be kept, now that He had a dwelling place within the city. God inspired the people of the newly reformed city, saying: "Who is left among you who saw this temple in its former glory?...Does it not seem to you like nothing in comparison? The latter glory of this house will be grea... ...he post-exilic period have lasted in Israel for hundreds of years. I found it ironic, however, that after the nation healed itself, it immediatly began to discuss plans for war with other nations. Throughout the Bible, there are discussions of prosperity and pease, but does it have to come at the expense of other nations? It would have been more economical for the Israelites to at least establish a solid medium for trade, and a constant source of manpower and funds before they began to wage war on other cities. In researching this paper, I found the OVC to be especially helpful. It contained a verse by verse breakdown of the entire book, as well as historical backgrounds. Scripture quotations are from my New American Standard Bible. Works Cited Carstensen, Roger N. The Book of Zechariah. From The Interpreter's One Volume Commentary on the Bible. Abingdon Press, 1971. Achtemeier, Paul J. Harper's Bible Dictionary. Harper and Row, 1985. Carey, Gary. Cliff's Notes on Old Testament. Cliffs Notes, Inc, 1995. Barker, William P. Everyone in the Bible. Fleming H. Revell, 1966. Brownrigg, Ronald and Comay, Joan. Who's Who in the Bible. Crown Publishers, Inc, 1946 and 1952.

Being a Good Leader in the Marines Essay -- Marines Leadership Counsel

Being a Good Leader in the Marines â€Å"In order to be a good leader, there are two things to remember. Lead from the Front and always set the Example. From these two leadership principles, everything else will fall into place.† These are the words that have ended all of my counseling sheets with since I began writing them as a Corporal and will continue to do as long as I counsel Marines. I was brought up in the Marine Corps with this philosophy and have adopted it as my own. Leading from the front is often times one of the leadership principles that is easier said by some than actually done. Those so called leaders that would tell their Marines to do something that ‘they’ would never really do themselves. Coming in font of your Marines on a Monday morning without a fresh haircut or pressed uniform and actually having the nerve to address them on how ‘unsatisfactory’ they appear. I have actually had the unpleasant experience of witnessing this, from a receiving perspective. Is this what anyone would call Setting the Example? I have had both the pleasure and discomfort of being led by good and bad leaders. The way I simply define leadership is by being able to do as you say. Lead from the front and Set the example. There are several different items that I have stored in my leadership â€Å"bag of tricks†. The one that I find myself applying the most is the ability to be both stern but flexible. I am a true believer in the statement that no one is perfect. As a leader I feel tha...

Stakeholder Analysis on Bp

Assignment # 1 Stakeholder analysis on the British Petroleum oil spill disaster Stakeholder: UK and USA Government The British Petroleum (BP) oil spill in the Gulf of Mexico flowed unabated for three months in 2010. It is the largest accidental marine oil spill in the history of the petroleum industry. This event affected individuals and groups, know as stakeholders, in different ways according to the impact that the catastrophe meant to their situation.The stakeholders treated in this case are the U. S. and UK government, which first we would like to define their position on the disaster then to find the links with ethical traditions and finally to mention the positive aspects and limits of these two with three theoretical propositions (Stakeholder Theory, CSR & Ethics of discussion). The positions of the governments were on their own particular way to deal and manage the situation of the BP oil spill. The U. S. overnment took an offensive position against BP and made it responsible of the incurred damages as a result of the oil spill, likewise, indirectly blamed the UK government as the main regulator of the companies from their country. In response, the UK government took a defensive position about the responsibility of the damages and for the hostile side that U. S. took against. However UK government wanted to manage the situation by the side of the cocerns of their people interesr and BP involment to develop the best and fastest solution for the situation.The reason why the U. S. government took an aggressive position came from its role as representative of a nation that should give solutions to the problems and complaints of the individuals and groups (business, organizations, etc) concern of US nation. But seeing it on the other side, the same particular reason came with the UK government. Now, the question relies on: why they went on different sides? or more precisely, what made them to take a position different from each other? if their objectives wer e basically the same.The interest of both governments were mostly on the same page, but there were some differences. The U. S. government seek to be the victim of the incident with the reason of solidarity with those affected but also be the one to go forward in search of a solution and satisfaction of all involved as it? s leader role. As well, the U. S. government was responsible for establish appropriate regulations to prevent such damage. This put it on the exterior â€Å"inocent† role but indirect accomplice for the mistake done.Furthermore, the UK government seek not be involved in the incident, likewise even pretended to find a speedy solution to be the lowest impact to its stakeholders and its oil industry that implies BP mainly in the economial and relationships between nations. Its role was primarily mediator in the dispute of the guilt of the oil spill in the Gulf of Mexico with the intention of the most healthy solution of all. References: Urbina, I. (2010, May 24 ). Inspector general’s inquiry faults regulators.The New York Times. Retrieved from http://www. nytimes. com/2010/05/25/us/25mms. html? pagewanted=all&_r=0 Thompson, P. (2010, June 7). Stop blaming uk for bp oil spill disaster: Cable hits out at america read more. Mail online. Retrieved from http://www. dailymail. co. uk/news/article-1284125/Stop-blaming-UK-BP-oil-spill-disaster-Cable-hits-America. html White House. (2010, August 14). Deepwater bp oil spill. Retrieved from http://www. whitehouse. gov/deepwater-bp-oil-spill Alfano, S. (2010, June 5).Bp oil spill not our fault, british government official says, calls criticism extreme and unhelpful'. Daily News. Retrieved from http://articles. nydailynews. com/2010-06-05/news/27066339_1_oil-spill-bp-rig Wray, R. (2010, July 27). Bp oil spill: Uk taxpayers face gulf clean-up loss. The Guardian. Retrieved from http://www. guardian. co. uk/business/2010/jul/27/bp-oil-spill-taxpayers-clean-up-costs Plante, B. (2010, May 23). Oil sp ill sparks call for aggressive gov't role. CBS News. Retrieved from http://www. cbsnews. com/8301-18563_162-6510144. html

Accounting Standards Essay

INTRODUCTION Accounting Standards are employed to build the application of accounting practice. The actual financial position of the company can not be presented accurately and precisely with adhering to the principles and standards. Due the evolution of time, the concept has changed to suit the needs of the industry and is also continuously to changing to needs. With rapid change and development of wealth, trade and technology, there was a need to account the business transaction due to intricacy involved. Due to the mode of writing and numbers which facilitated the accounting process. It is accountants who helped in the development of economic and commerce by providing valuable services to the community. See more: Satirical essay about drugs HISTORY AND EVOLUTION OF ACCOUNTING STANDARD: Pacioli is being considered the father of the Accounting. The first double entry book-keeping was developed around 1200 B.C   in Italy followed by first book on double entry was written by Luca Pacioli in 1494. Due to the advent of Industrial Revolution around 1750, business expanded rapidly which catapulted mass transportation, invention of new products and new markets, development of capital markets and as the result, the role of accountant become inevitable to any industry. As development of trade grows, the need for professional accountants also nurtured in a fast pace. Society of Accountants was established in 1854 in Edinburg which was accorded a royal charter which recognized the profession’s role in the trade and commerce. In U.S, the first such professional society was the American Association of Public Accountants, chartered by the state of New York in 1887. Cost accounting was developed to augment the efficiency in the manufacturing Units. Management Accounting was developed to advise the business to make strategic business decisions. During 20th Century, United States has overtaken the British and become the leading industrial power in the world. The growth of industries like U.S. steel and Standard Oil demanded more classy accounting systems to keep track record of expanding business divisions within these huge business corporations.   As insiders of the industry took advantages by stock manipulations, price fixing and other questionable business practices mainly to derive benefits thereby depriving the interest of gullible investors. All the states of the U.S.A and Puerto Rico and the District of Columbia stipulates through law that an accountant should have specific educational and experience requirements and should passes an qualifying examination and will be granted a title known as Certified Public Accountants. [CPA]. Now, CPA’s have structured in to State and national societies. In United States, American Institute of Certified is the prime body representing accounting profession, which is the contemporary successor organization of the American Association of Public Accountants and the American Accounting Association organized in 1916. In United States , the Financial Accounting Standards Boards [ FASB] , an independent non-governmental organization supported by financial-reporting industry groups , is the nodal institution accountable for establishing accounting standards and rules whereas the International Accounting Standards Boards [ IASB] formulates rules and standards that are recognized and used by many nations. With fast growth of corporate activity, the need for sophisticated accounting methods has increased and accounting has witnessed many improvements in theory and techniques. The ever changing tax laws and regulations is causing change in accounting methods frequently as it is necessary to maintain homogeneous accounts for governmental statutory requirements or public scrutiny. A series of exposures pertaining to accounting firm’s failure to detect or openly challenge irregularities or fraud as in the case of World.com and Enron, when auditing finances of a number of corporations compelled Congress to establish the Public Company Accounting Oversight Board in 2002. Securities and Exchange Commission has been allocated power to appoint the above board to register and regulate accountants and firms to act as auditors. It sets standards for auditing and is responsible for reviewing audits and disciplining accountants and accounting firms.   [1] SIGNIFICANCE OF ACCOUNTING STANDARDS: Accounting standards are significant as they guarantee improved public accountability and offer effective and efficient functioning of the trade and commerce of a nation. They play a vital role for complete understanding of political, economical and social consequences of allocation and proper utilization of government resources both at the federal and at the State levels. Improper and bad accounting may lead to serious long term consequences .Accounting standards can be misused to offer misleading information of a business. FREE MARKET APPROACH OF ACCOUNTING STANDARDS: It refers to a method applied by private sector wherein creation of an economic market in which business is ruled by the laws of supply and demand and not by the unwanted government interference, subsidy or regulation. Under this accounting standard, voluntary disclosure of activity -based cost data which offers a new approach of functional process and provides more alternatives for decision makers. In a real free market, accounting standards would enhance as corporations and accountants vie to offer the best information to shareholders. In a free market, the aspiration for profit is satisfied by long-range, honest, rational behavior thereby innovating, by employing best employees, by offering quality products and by providing accurate information to investors. Business is required to provide accurate information to investors else it would loose its reputation and credibility in the market. The current FASB is so cumbersome and complex that an ordinary lay man finds it difficult to interpret the same. Most companies in U.S.A now started to follow dual reporting. For instance, AMD and Intel release two sets of accounting reports: one as per FASB guidelines which is mandated by the regulation and other based on simple accounting standards that they deem that it being more informative to shareholders. There are certain existing statues which refuse the shareholders to overthrow existing corrupt or incompetent management. For instance, Anti-hostile takeover legislation which was passed in 1968 has made it complex to replace incompetent management .Arcane regulations passed in 1930 limit the capacity of the financial entities such as insurance companies, pension funds and mutual funds that own major shareholding in corporations to participate in the board for decision taking and for joint deliberations. Hence, the opportunity to safeguard the interest is being denied by arcane regulations. If the U.S government is really interested in the healthy stock market, it should exhibit it by deleting, not adding, regulations and building the market truly free. PRIVATE SECTOR REGULATION OF ACCOUNTING STANDARDS Stock Exchange Commission [SEC] supports on an independent, private sector standards –setting process mainly through open and deliberate. Though the commission has the statutory authority to frame accounting principles , it has not do so for the last 60 years .Instead it has assigned the onus to the private sector for leadership in establishing and enhancing the accounting standards. It is the private sector standards-setting process, as supervised by the SEC has resulted in existence of a quality accounting standards and strong capital markets in USA as of today. EVOLUTION OF REGULATORY APPROACH: After the end of the First World War in 1919, there was spurt in investment in securities by investors. Around 1920, more than .02 billion large and small shareholders availed the benefits of post-war affluence and ready to avail sudden wealth from stock market and due to boom, more than $ 50 billion worth in new stock was floated during this time. The famous stock market crash in 1929 which was notoriously known as â€Å"Black Friday† resulted in loss of faith by investors on the capital markets. Many investors were turned as pauper over a night. It was observed that if at all economy was to recover, the public’s confidence on capital market required to be refurbished. Congress was forced to find out a solution for this problem and it held many deliberations on the subject and finally passed the â€Å"Securities Act of 1933 â€Å"and the â€Å"Securities Exchange Act† of 1934. The prime goal for the establishment of Securities exchange commission was mainly to enforce the fresh security laws, to build confidence, to provide stability to the market and last but not the least to offer protection to investors. Stock Exchange Commission [SEC] was toothed with mandate to formulate accounting principles and standards. It is to be noted that even though SEC was accorded the power to supervise the accounting practice, SEC is of the opinion that the private sector is having ample resources and ability to build up suitable accounting standards. The American Institute of Certified Public Accountants [AICPA] had been in the field since 1887. As a federation of state societies, American Society of Certified Public Accountants was established in 1921 and later merged with the Institute during 1936. Due to persuasion from the SEC, the AICPA appointed the committee on accounting procedure in 1939. Committee on Accounting Procedure [CAP] released about 51 accounting research bulletin between 1939 and 1959. Though, these bulletins were able to solve the problems now and then as they emerged but could not address the issues relating to accounting principles. To resolve the accounting principles issues, AICPA established a new standard setting body in 1959 namely the â€Å"Accounting Principles Board† [APB].The main goal of the APB is to establish appropriate practices, formulate accounting principles and to minimize the discrepancies in practices. Though the APB released about 31 opinions between 1959 and 1973, it was dissolved for absence of productivity. Generally Accepted Accounting Principles [GAAP] are an anthology of conventions, procedures and rules that describe accepted accounting practices. Though it is not accorded as mandatory by any statute, SEC advises that it should be followed in all financial reporting of publicly traded companies. GAAP can thus be explained as a cluster of conventions and objectives that have been developed over time to oversee how financial statements are being prepared and presented. The three nodal authorities’ viz. the American Institute of Certified Public Accountants, The Financial Accounting Standards Boards and Exchange Commission offer regulation concerning acceptable accounting practices. The GAAP is founded on four basic assumptions as per the details below: Economic Entity concept- It stresses the business as a separate entity and to segregate income and expenses of business from that of personal. Going concern assumption which assumes that business will carry on for a longer period to validate the methods of capitalization of assets, provision for depreciation and amortization. Monetary unit assumption which fixes US dollar as the monetary unit for accounting purpose Periodicity assumption facilitates recording of business operations and separating into different periods. This is mainly to facilitate for comparison between past and present performance of the business.   FASB’s basic principles are detailed below: Historical Cost Principle- This requires business to account and report on cost of acquisition basis rather than present market value of the assets and liabilities. Financial reports and statements are prepared in accordance with set of rules , procedure and standards for reporting financial information known as the â€Å" Generally Accepted Accounting principles† (GAAP) , as established by the Financial Accounting Standard Board ( FASB). This standard stipulates that a company â€Å"account for all of their assets or economic resources according to their historical cost.† (Horngreen, Stratton & Sundem, p.6) Revenue Recognition principle or accrual basis of accounting requires business to record when the revenue is realized or earned and not when the cash is earned. Matching principle – Expenses has to be matched with the revenues where it is possible Full disclosure principle- Business should offer all the significant information relating to the company though it may not affect company’s financial statements. For instance, Tax disputes, lawsuits, takeover information and possible contingent liabilities of the business are to be disclosed by way of footnotes to the financial reporting. INHERENT DISADVANTAGES OF THE FASB Cost –benefit relation ship: It emphasizes that benefit of offering financial information should also be weighted against cost of providing it. Materiality- It refers to the significance of the item reported and it is to be weighed amount reported will have impact on third party’s decision based on the information provided. The Industry Practice Constraint – Conservative approach stresses that it is better to understate the financial statements rather than overstating it. The after effects of Enron, WorldCom, Inc have forced the Congress to enact Sarbanes Oxley Act in 2002.   The other accounting reforms announced is the creation of Public Company Accounting Oversight Board [PCAOB] to supervise the audits of the Public companies. PACOB has been entrusted with wide authority to regulate the auditing profession. PACOB has been toothed with powers like imposing civil penalty and to impose permanent revocation of an auditing firm’s ability to audit public companies. 8, SWITCHING TO PRINCIPLES BASED ACCOUNTING SYSTEM: There is strong suggestion from various quarters that U.S should abandon the current â€Å"rules-based† system in favor of a â€Å"principles-based accounting†. If that happens, the critics are of the view that all the current difficulties being faced by U.S financial reporting would be alleviated or eliminated. Further section 108 of the Sarbanes –Oxley Act of 202 stipulates that SEC to conduct a study on the adoption of a principle based accounting system. [2] CONCLUSION: Globalization offers both impetus and opportunity and it is time to streamline the FASB guidelines in tune with changing scenario.[3] It is to be noted that FASB has recently issued special report on Leases thereby implementing a new approach, is recognition of the need to review existing standards. Hence it is necessary not only to review its leases guidelines but for all current standards. The current FASB is high technical and complex in nature and may not help the investing public to understand the same without the guidance of professionals on the subject. When most of the countries around the globe have switched from complex to simpler guidelines, U.S can also follow them. In setting standards on national or global basis, technical correctness is regarded as less important than the comparability among reporting entities. Globalization in commerce here has become the order of the day and U.S accounting standards must reflect true global interests. Sticking to technically sound accounting standards would not help to develop acceptable, meaningful international standards. FASB should take avail this opportunity to update and even change the standards. The accounting profession and accounting standard setters should unite together in their effort to assure simpler, more beneficial and easy to understand U.S and worldwide accounting standard. BIBILIOGRAPHY Van Riper, R. 1994, Setting Standards for Financial Reporting: FASB and the Struggle for Control of a Critical Process. CT: Quorum Books. Westport. Hartgraves, A. L., & Benston, G. J. 2002, â€Å"The Evolving Accounting Standards for Special Purpose Entities and Consolidations†. Accounting Horizons, 16(3), 245+. Barker, Richard, 2004, â€Å"Reporting Financial Performance.† Accounting Horizons 18, no. 2 157+. Bekesford, Dennis R. 1999,†It’s Time to Simplify Accounting Standards.† Journal of Accountancy 187, no. 3: 65. Beresford, Dennis R. 2001,†Congress Looks at Accounting for Business Combinations.† Accounting Horizons 15, no. 1: 73. Derieux, Samuel A. 2000,†Let’s Reassess Accounting Standards.† Journal of Accountancy 189, no. 5: 82. Dye, Ronald A., and Shyam Sunder. 2001,†Why Not Allow FASB and IASB Standards to Compete in the U.S.?† Accounting Horizons 15, no. 3: 257. 1992,†The Financial Accounting Standards Board.† Journal of Accountancy 173, no. 6: 4. Fleming, Peter D. 1991,†The Growing Importance of International Accounting Standards; Arthur R. Wyatt, Chairman of the International Accounting Standards Committee Heralds International Harmonization.† Journal of Accountancy 172, no. 3 100+. Gornik-Tomaszewski, Sylwia, and Irene N. McCarthy. 2003,†Cooperation between FASB and IASB to Achieve Convergence of Accounting Standards.† Review of Business 24, no. 2: 52+. Hartgraves, Ai L., and George J. Benston. 2002, â€Å"The Evolving Accounting Standards for Special Purpose Entities and Consolidations.† Accounting Horizons 16, no. 3: 245+. Herrmann, Don, and Ian P.N. Hague. 2006, â€Å"Convergence: In Search of the Best CPAs Should Understand How U.S. and Foreign Accounting Standards Influence Each Other.† Journal of Accountancy 201, no. 1: 69+. Houston, Melvin, and Alan Reinstein. 2001, â€Å"International Accounting Standards and Their Implications for Accountants and U.S. Financial Statement Users.† Review of Business 22, no. 1: 75. Monson, Dennis W. 2001, â€Å"The Conceptual Framework and Accounting for Leases.† Accounting Horizons 15, no. 3: 275. Nobes, Christopher W. 2005,†Rules-Based Standards and the Lack of Principles in Accounting.† Accounting Horizons 19, no. 1: 25+. Radig, William J., and Brian Louder milk. 1998,†Leading the Way to Uniform Accounting Principles.† Review of Business 19, no. 3: 22+. Schipper, Katherine. 2003, â€Å"Principles-Based Accounting Standards.† Accounting Horizons 17, no. 1: 61+. Silliman, Benjamin Rue. 2005,†Convergence of Accounting Standards: A Comparative Analysis of the U.S. Revised Standard on Share-Based Payment and the International Accounting Standards Board’s IFRS 2.† Review of Business 26, no. 2: 24+. Wyatt, Arthur R., and Joseph F. Yospe. 1993,†Wake-Up Call to American Business: International Accounting Standards Are on the Way.† Journal of Accountancy 175, no. 7: 80+. [1] Encyclopedia Article Title: Accounting. Encyclopedia Title: The Columbia Encyclopedia, Sixth Edition. Publisher: Columbia University Press. Place of Publication: New York. Publication Year: 2004. [2] Article Title: Principles-Based Accounting Standards. Contributors: Katherine Schipper – author. Journal Title: Accounting Horizons. Volume: 17. Issue: 1. Publication Year: 2003. Page Number: 61+. [3] Article Title: Let’s Reassess Accounting Standards. Contributors: Samuel A. Derieux – author. Journal Title: Journal of Accountancy. Volume: 189. Issue: 5. Publication Year: 2000. Page Number: 82 Accounting Standards Essay Now-a-days, more and more enterprises are being managed by the professionals. The persons who provide risk capital to the enterprise do not participate in the day-to-day affairs of the enterprise and their major source of information about the enterprise is the financial reporting made by it. Apart from the providers of risk capital, there are other stakeholders also which include prospective shareholders, bankers, creditors, etc. , who use the financial reporting made by the enterprise to make their economic and financial decisions. In such a scenario, it is absolutely essential that financial reporting of an enterprise is unbiased, comparable, transparent and free from bias. This necessitates the existence of a sound financial reporting system in country which is based on the Accounting Standards. Realising the need for establishment of sound Accounting Standards in the country, the Institute of Chartered Accountants of India (ICAI), being the premier accounting body in the country, established the Accounting Standards Board (ASB) way back in 1977. Since then, the Accounting Standards Board has been working relentlessly in this direction by formulating new Accounting Standards as well as by revising the existing Accounting Standards so as to bring them in line with the best international practices. With a view to improve the quality of financial reporting in the country in real terms, it is also essential that the issues that are arising in implementation of accounting standards are addressed appropriately so that all Accounting Standards are understood and applied in the manner intended. Keeping this in view and with a view to ensure effective implementation of these standards, the Institute has also issued various interpretations, revised existing interpretations and issued announcements on accounting standards. Keeping in view the continuous changes that are taking place in Accounting Standards, Accounting Standards Interpretations and announcements on accounting standards, it is imperative on the part of the Institute to make all such pronouncements/ announcements available in one single book and revise it from time to time. The Institute has, therefore, been publishing the Compendium of Accounting Standards which contains all new/ revised Accounting Standards and other related pronouncements/ announcements, issued upto the date of publication of the Compendium and which are existing on that date. I am happy to state that continuing this practice, the Institute is publishing this Compendium of Accounting Standards – As on July 1, 2006, which incorporates all latest developments in the field of Indian Accounting Standards. I firmly believe that this edition of the Compendium will be extremely useful not only to the members of the Institute in discharging their professional duties but also to the preparers of financial statements and other users of accounting standards. New Delhi November 17, 2006 T. N. Manoharan President Preface In recent years, there has been an unprecedented increase in the awareness about the need for and importance of Accounting Standards in the country. The accounting standards which lay down sound and wholesome principles for recognition, measurement, presentation and disclosure of information in the financial statements improve substantially the quality of financial reporting by an enterprise. The accounting standards tend to standardise diverse accounting practices with a view to eliminate, to the extent possible, incomparability of information contained in the financial statements of various enterprises. The accounting standards also improve the transparency of financial statements by requiring enhanced disclosures. Realising the significance of accounting standards in improving the quality of financial reporting, the accounting standards have been granted legal recognition under the Companies Act, 1956, which require accounting standards to be followed by all companies. Apart from the Companies Act, 1956, various regulatory bodies, e. g. , the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDA) also require compliance with the accounting standards issued by the Institute by their respective constituents. This is a clear manifestation of the significance of the accounting standards and high quality of accounting standards being issued by the Institute. With so much faith being reposed by the law and various regulatory authorities in the accounting standards issued by the Institute, the responsibilities of the Institute as an accounting standard-setting body has increased tremendously. The Institute, through its Accounting Standards Board, has been trying to discharge these responsibilities by issuing new accounting standards as well by revising the existing accounting standards. Apart from ssuing new accounting standards and/or revising the existing accounting standards, the endeavour of the Institute has also been to address the issues arising in the implementation of accounting standards through issuance of new interpretations, revision of the existing interpretations and issuance of announcements on accounting standards. With the regular developments taking place in the area of acc ounting standards, there is a need to publish an updated version of the Compendium of Accounting Standards, which incorporates all the relevant developments that have taken place since the publication of the last edition of the Compendium. As compared to the last edition of the Compendium of Accounting Standards in 2005, this edition incorporates limited revisions to two accounting standards, viz. , AS 15 (revised 2005), Employee Benefits, and AS 29, Provisions, Contingent Liabilities and Contingent Assets; which were issued subsequent to the last edition. Besides this, one new Accounting Standards Interpretation, two revised Interpretations and six new Announcements on Accounting Standards have also been incorporated. The Compendium also includes a comparative statement of International Accounting Standards/ International Financial Reporting Standards and Indian Accounting Standards as on date, to apprise the users about the comparative status of Indian Accounting Standards vis-avis the International Accounting Standards/ International Financial Reporting Standards. I would like to take this opportunity to place on record my appreciation of the efforts put in by all the persons involved in the formulation of accounting standards at relevant times. Accounting Standards Essay In your opinion are accounting standards necessary and to what extent? Do you agree with the view that mandatory regulations stifle innovation ? why? Give reasons? * Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders (government, investors, shareholders, suppliers, lenders, customers and the general public). * These stakeholders use such information to take decisions and to assess the stewardship of people appointed to manage such organizations. If this information is not of a high quality standard, then the stakeholders would be unable to take effective decisions that will benefit them. For example, if a financial report is manipulated to show higher profits, investors would hold on to their shares with the belief that the company is doing well. See more: Is the Importance of being earnest a satirical play essay * Good and useful information should have the essential characteristics of understandability, comparability, relevance and reliability in order to play its role effectively. Accounting standards serve to promote the understandability , comparability, relevance and reliability of financial reports. * Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Here are other reasons why accounting standards are important to every business. Protecting Investors By employing accounting standards, investors’ interests are ensured as the documents they review are definitely accurate and genuine. As investors, they are interested to know that their money will eventually earn and go back to them. Accounting standards increase the investors’ confidence in the business. Regulatory Compliance Government regulators set accounting standards that have to be adhered to by all companies. This is both beneficial to the investor or business owner as well as to the customers or clients because it protects them from frauds in businesses. It also promotes transparency among the business’ transactions which will eventually lead to the improved efficiency of the markets. Following accounting standards set by the FASB and the IASB will help prevent a company or business from spending on legal actions initiated by the government against it. Assessing Business Performance The use of accounting standards will enable a business to see or assess its performance. By doing so, they can also compare and contrast their business’ performance with other companies or competitors. It further helps a business see its strengths and weaknesses. By also comparing past and current performances, a business can assess the success of its strategies. Businesses will either prosper or fall. Depending on the trends and the economy of the country, an investment may grow or go down the drain. But in the end, accounting standards will make a difference. That is why all businesses have to follow and strictly adhere to accounting standards.