Advanced financial accounting Essay Example | Topics and Well Written Essays - 2750 words

Advanced financial accounting - Essay Example With increasing rate of globalization,it is quite essential to introduce required changes in the accounting standards to incorporate international uniformity.Until 2006,different nations had enjoyed the freedom to use distinctive financial accounting standards that best suits the requirement of their local stakeholders. However, with businesses becoming international, the distinction between domestic and foreign stakeholders should be resolved. This can only be possible if uniformity can be introduced in existing accounting standard. Considering such requirement, International Accounting Standards Board (IASB) and Financial Accounting Standards Boards (FASB) had decided to develop a commonly conceptual framework for financial reporting. These two organizations worked hand in hand to develop the discussion paper. In May 2006, they issued the discussion paper as Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Quali tative Characteristics of Decision-useful Financial Reporting Information. The board (IASB & FASB) asked people to provide their suggestion about the conceptual framework. Initially people resisted this proposal because the approach of UK and US financial standards are different from each other. Both these have a different definitional for stewardship. In the given proposal, the concept of stewardship has given second priority that disturbed the investors’ confidence. Considering the response received from different organisations and people, the board (IASB and FASB). After considering the response received from the investors and other bodies, board has published an improved Conceptual Framework for Financial Reporting in form of exposure draft. This draft covers the objectives as well as the qualitative characteristics of financial reporting information. The final version of both Chapter 1 and 2 was formulated by September 2010 and it got finally published in November 2010. While publishing the final version, board has also published the feedback received on exposure draft. In the given easy, the development of proposal given by IASB will be discussed in further details. The responses received by this proposal will also be discussed so that one can understand how and why people criticised the proposal when it was offered by the board. For better understanding, it will be compared with ASB Statement of Principles (1999) to determine what will be the implication of the changes on different stakeholders in US as well as in UK. Development of IASB proposals After considering the changing global business environment, in October 2004, International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) decided to jointly develop a conceptual framework that will be based on existing IASB framework as well as FASB Conceptual Framework (International Accounting Standards Board-a, 2006, p.8). As per the plan, the project would f ocus on concepts that are applicable on business entities operating in the private sector. The plan was to expend the proposal to cover other sectors such as ‘not for profit organisation’ operating in the private sector. The project was to be executed in two segments, at first the board was supposed to develop convergence in the conceptual framework and improving areas like â€Å"objectives, qualitative characteristics, elements, recognition, and measurement† associated with the framework. In the second half, priority would be given to issues that should yield short term benefit to the board. The board decided to formulate and to present the finding in a summarised manner for further discussion (Deloitte Global Services Limited, 2010, â€Å"

Translation theories Essay Example | Topics and Well Written Essays - 2250 words

Translation theories - Essay Example zes, and utilizes translation principles to arrive at three main translation categories that are translation theories founded on source-oriented perspectives, linguistic translation theories, and recent translations. While source-oriented translation approaches developed from the 2nd century B.C to the 20th century A.D., the linguistic translation theories began during the second decade of the 20th century and lasted for 50 years. However, the last three decades of the 20th century led to the birth of the descriptive branch of translation that was subdivided into process-oriented, function-oriented, and product-oriented translations. The recent translation includes the target-oriented approach to translation that includes Toury’s norms in translation (Venuti, 2000, p. 198). Different translation theories are used in different translation purposes. This paper evaluates the differences between Gideon Toury’s Norms in translation theory and Lawrence Venuti’s translator’s invisibility theory. The comparison begins by placing the norms in translation theory in wider context, offers a description of the translator’s invisibility theory, compares the two theories, and finally, performs an assessment and evaluation of the implication of the two theories for practical translation. At the start of the present translation period was the descriptive translation branch in Israel since 1970s. During this period, Israeli researchers affiliated with descriptive research used the polysystem theory by Even-Zohar in 1990, and the aspect of norms established by Gideon Toury in 1995 (Benjamins, 2008, p. 64). Since Israeli is a multilingual and multicultural state, translation of other languages into Hebrew was committed to a target-oriented approach. The polysystem theory of literature and culture involves all cultural, literary, linguistic, and social aspect, but did not account for single-text translations. Instead, polysystem viewed single-texts as a system operating