What is Justice? :: essays research papers

Of course I looked â€Å"justice† up in the dictionary before I started to write this paper and I didn’t find anything of interest except of course a common word in every definition, that being â€Å"fair†. This implies that justice would have something to do with being fair. I thought that if one of the things the law and legal system are about is maintaining and promoting justice and a sense of â€Å"fairness†, they might not be doing such a spiffy job. An eye for an eye is fair? No, that would be too easy, too black and white. I could cite several examples where I thought a judge’s or jury’s ruling was not fair, but I won’t because frankly, we’ve all seen those. I actually believe in our legal system and I believe in justice. I believe in justice as an ideal that we strive for and that is what it means to me. The legal system, when looked at closer is not justice but instead - judgment. You can be punished when found guilty, in a number of ways, but who knows if they’re â€Å"fair† punishments, it’s all a matter of opinion. Is life in jail, say 25 years, going to be enough punishment for the parents charged with brutally murdering their daughter Farah Khan? Her life was brief, but whoever killed her also mutilated her body parts. The possibilities for her life were endless, she could have lived to the old age of 95. So is 25 years enough for her killers? They’ll be able to walk free at the end of their term, and perhaps few will remember them then and what they did. Why is justice important then? Because although the legal system is not always right, it needs that lofty ideal of justice as something to strive for, something to hope gets accomplished, the hope for every victim of a crime of any nature. The seeking of justice is a tiring and long quest akin to the seeking of truth, for they are closely linked and without one there may not be the other. Without the understanding of what really happened in an event or place and time justice is not being sought out and can’t be dealt to those that need it. We all have felt wronged, at one time or another, in one form or another and I feel that is why we all have a common interest in seeking justice.

First Time in College Essay

College is extremely different from high school – creating new friends, dealing with more school work, and being responsible. In some ways it can be a good thing but it can be a frightful thing as well. It is one of the biggest challenges most teenagers will encounter to be successful in life. After all those four years of high school, it is now the time to join the ranks of the high school graduates who have chosen to achieve a higher education. Some might think it is very exciting while others might have a different opinion about it. Regardless of how they feel, being able to attend college is the primary step to the real world. As what Jason Rich, author of The Everything College Survival Book, has mentioned, â€Å"This is the time when you are making that life transition from living at home with your parents to becoming an adult.† It is most likely that these intimidating words will haunt a high school graduate’s mind until the first day of college. Still, there are plenty of ways to deal with the hardships a student may face while walking into college the first time. One of the foremost things on any student’s mind is that you do not know anyone, unless you have a couple of friends that decided to take the same program as you. The thing is, so does everyone else! You can see this as the perfect opportunity to meet and make new friends that can help you get through this last chapter of your studying days. Like everybody else, many students are nervous and no one talks to anyone on the first day of classes. However, students try to overcome that fear and take a risk. In the end it will all be worth it and as each semester passes by, most of them might become the best of friends or even roommates if they live away from home. If for some reason it does not work out during the first week, try to attend on-campus events or sign up for extracurricular activities. This way you can meet and connect with a bunch of great people, not only from your program but also from the entire school. Another difficulty many students may deal with is feeling overwhelmed by the sheer volume of work they may receive during the first month. During those 30 days, the course load is much harder compared to the amount of work in high school. For example, on the first day, the professor has already designated an assignment that will be due in the next couple of classes. In addition to that, another instructor from a different class might say there will be a test on the same day the assignment is due. Hearing this right after a long summer break will definitely overwhelm a student’s mind, especially if he has come directly out of high school. Therefore, before the stress keeps piling up, students may have to find a way to make adjustments to their old study habits. A great deal of effort must be put in each of their work and must not waste time. After all, no one would spend a huge amount of money on college just to fail. In addition, going to college will expose you to brand new freedoms that require a higher level of maturity and responsibility. In comparison to high school, no one is going to check if you have done your homework or if you have studied for a major test. If the instructor says when the due date is going to be, that is the only day you can submit your work and there will be no exceptions; unless there is an emergency then that will be a different story. There is a very limited opportunity that an instructor will take his time assisting hundreds of students. Although college life is about meeting new people, it is extremely important to know your boundaries and do not let your social life interfere with your studies. Managing your time well and being able to organize properly will be a great help to be able to go through college without a problem. As previously mentioned, there are various differences between high school and college. Attending classes could become more difficult due to the unusual atmosphere and having more independence. However, despite the numerous challenges that come with having a fresh start in college, believing that you belong is the best way to overcome them. Given the time to adjust to all the changes, sooner or later, students will start to feel right at home in the new environment. College will be a way to help students shape their individuality and prepare them for the worst possible scenarios in the competitive world. Thus, high school graduates that decided to cross the bridge to attend college are one step closer to become successful in life.

I Agree With Aarvik s Comment - 1642 Words

1. I agree with Aarvik’s comment. This quote (I had used this previously in my reflection letter but I think it is appropriate to use it again) spoken by Albert Einstein reinforces Aarvik’s argument and my point of view. â€Å"The world will not be destroyed by those who do evil, but by those who watch them without doing anything.† Those who do nothing are no better, if not worse, than those who commit the crimes. Like Aarvik stated, it is our lack of sympathy, concern, and emotion, otherwise known as indifference, which makes us the evildoers as well. Our indifference hardens our hearts to the suffering of others. In the past, a UN general Romeo Dallaire condemned the United States, the French, and the British for their indifference concerning the Rwandan genocide of the Tutsi people. A more relatable situation would be the issue of bullying. We often focus on the bullies, but what about those who stand around and watch rather than taking the initiative to aid a nother person? 2. Everyone has a different story to tell. The relationship between our experiences and our identities is that everything we have willingly (and unwillingly) experienced has shaped us into who we are. Our identities are the results of choices made in the past. Some examples in works we have read in the past are Jean Valjean, Javert, and almost all of the characters in Les Miserables. Spending the majority of their lives in the galleys fundamentally shaped who they became later on: Javert who allowed for no

Sexual Love And The Freedom And Happiness Shared By Two...

The Song portrays the virtue of sexual love and the freedom and happiness shared by two lovers. The Song speaks of a sexual love between man and woman who stands equally before each other in the privacy of their intimacy with no consciousness of the hierarchies of their public world. Equal standing in its most encompassing meaning—neither one is superior nor inferior, but equally ready to initiate and invite, equally desiring and eager to please and be pleased, both transparent about fantasies and pleasures received, equally vocal to endear and arouse, same sense of wholeness and brokenness, of shamelessness and abandon. Passion is matched with passion; longings are returned with the same intensity--no holding back and no concern for anything except to ravish each other, both take pleasure, and absorbed in each other in their own Eden. Thus, sex is honorable, pleasurable, and paradisal. The Song is devoid of any â€Å"patriarchal† mindset; the woman exhibits a conscious ness of being highly valued. If she’s in a patriarchal society, then she has learned to be counter –cultural, just as the Hebrew Bible is counter-cultural with ANE and other ancient literature. She neither sees herself oppressed nor in a subordinate position. She values her sensuality and sexuality and sees herself as good as anyone else, even if her â€Å"patriarchal† world refuses to offer equal opportunity for her kind. Or perhaps she truly lives in a heterarchical culture? She does not strive to be equal with menShow MoreRelated Comparing Awakenings in Chopins The Storm and The Story of an Hour1260 Words   |  6 Pagessubjects. Chopin is famous for her progressive depiction of the female characters in her stories. Two such stories, The Storm and The Story of an Hour, examine and refute the long held ideal of the subservient wife. The Storm, written in 1898 but not published until later because of its provocative content, describes the passionate extramari tal affair between Calixta and Alcee, a former lover. The Story of an Hour follows Louise Mallard as she deals with the death of her husband. Chopin usesRead MoreIs There Love in Her Heart?1399 Words   |  6 Pages What is love? There are many opinions and definitions of love. One meaning of love is, â€Å"an intense feeling of deep affection† and another is â€Å"a feeling of warm personal attachment or deep affection.†(Dictionary.com) Love is an emotion and feeling that can only truly be experienced. It is not something that you can just pull from a hat, you must want it and even work for it. Kurt Vonnegut said, â€Å"A purpose of human life, no matter who is controlling it, is to love whoever is around to be loved†Read MoreThe Storm And The Story Of An Hour Comparison Essay847 Words   |  4 Pagesabout lovers who have found new relationships but were once had love for each other. Chopin died in August 1904 from a hemorrhage. I chose to write about two of Kate Chopin’s short stories titled â€Å"The Storm† and â€Å"The Story of an Hour†. The comparisons that stood out to me in her two stories were the theme, the gender roles, and the independ ence the women came to. Kate Chopin used a guilt in marriage for a theme in her short stories name â€Å"The Storm† and â€Å"The Story of an Hour†. Both stories shared someRead MoreNature in Sons and Lovers by D.H. Lawrence2490 Words   |  10 Pagesglorified union with nature along with its corollary, sexual fulfilment. His experience growing up in a coal-mining family provided much of the inspiration for Sons and Lovers, his third novel, also considered his ‘crowning achievement’ (Qamar Naheed, 1998). Written in 1913, it is considered a pioneering work for its realism, vivid characterisation, treatment of sex complications and faultless control over tone and narrative method. Sons and Lovers is referred to as a Kà ¼nstlerroman (a version of theRead MoreGeoffrey Chaucer’s The Wife of Bath’s Tale1379 Words   |  6 Pagesmust control everything in order to have a happy marriage; however, her life experience and the story she shared should tell her otherwise. Throughout Alison’s life, she believed that women had the same rights as a man and that personal happiness did not mean for person to be celibate if not married or view sexual desires in women as a moral sin. Alison’s outlook in life enabled her freedom to marry often and not let society or her husband’s dictate weather she was a capable individual withoutRead MoreA Comparison Between the Victorian and the Contemporary Couple in A.S Byatts Possession3530 Words   |  15 PagesByatts Possession Possession contains two love stories: a contemporary one and a Victorian one whose plots are interlaced, and not as its subtitle suggests a single one: A Romance. It is a novel about a pair of young scholars who trace the correspondence between two Victorian poets. The contemporary love story between Roland Mitchell and Maud Bailey develops in parallel with and is intermingled with the story of the Victorian lovers, Randolph Henry Ash and Christabel LaMotteRead MoreThe Shipm An Older Man Who Walked With The Most Subtle Essay2324 Words   |  10 PagesWithout having ever intended it, Fendrel and the Lady of the Water had fallen in love. Yet their romance was not able to continue, not aboard the ship. Each day that she stayed, the men of the crew became more curious and more hungry for the same attention it was rumored their captain received. Fendrel knew, if he wish to protect her from their treachery, she would have to depart from the ship. Tearfully, the lovers said their goodbyes late at night when the crew slept, with only a kiss to end theirRead MoreThe Depiction of Male/Female Relationships in Tolstoys War and Peace1929 Words   |  8 Pagespart Russian gentry. Increasingly relaxed social mores in the â€Å"developed† world, including the greater freedom to choose to whom one gets married to as well as increased women’s sexual rights, were much more uncommon during the time that War and Peace takes place. Tolstoy, an outspoken critic of arranged marriages, uses the characters in his novel as a way of exploring the various types of love, and in general the interactions between men and women of t he time. This essay will attempt to focus onRead More The Wife of Bath’s Tale2902 Words   |  12 Pagescould assume this was programmed into her by her influential mother and her own religious doctrines. Accordingly, Alisoun argued that the woman must control everything in order to have a happy marriage; however, her life experience and the story she shared should tell her otherwise. The widow Alisoun was seamstress by trade as well as a liberated older woman of her time in thought and action; for that reason, she traveled unescorted with a caravan of many diverse individuals toward the town of CanterburyRead More Contrasting Native Son and Their Eyes Were Watching God Essay4128 Words   |  17 Pages  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚   This paper examines the drastic differences in literary themes and styles of Richard Wright and Zora Neale Hurston, two African--American writers from the early 1900s. The portrayals of African-American women by each author are contrasted based on specific examples from their two most prominent novels, Native Son by Wright, and Their Eyes Were Watching God by Hurston. With the intent to explain this divergence, the autobiographies of both authors (Black Boy and Dust Tracks on a Road) are

Qualitative Paradigm - 2550 Words

The Qualitative Paradigm The design of a research study begins with the selection of a topic and a paradigm. A paradigm is essentially a worldview, a whole framework of beliefs, values and methods within which research takes place. It is this world view within which researchers work. According to Cresswell (1994) A qualitative study is defined as an inquiry process of understanding a social or human problem, based on building a complex, holistic picture, formed with words, reporting detailed views of informants, and conducted in a natural setting. Alternatively a quantitative study, consistent with the quantitative paradigm, is an inquiry into a social or human problem, based on testing a theory composed of variables, measured with†¦show more content†¦Ã‚ · The researcher must consider whether to study a single case or multiple cases. The study of more than one case dilutes the overall analysis; the more cases an individual studies, the greater the lack of depth in any single case. When a researchers chooses multiple cases, the issue becomes How many?- Typically, however, the researcher chooses no more than four cases. What motivates the researcher to consider a large number of cases is the idea of generalizability, a term that holds little meaning for m ost qualitative researchers. Qualitative Methods of Data Collection People’s words and actions represent the data of qualitative inquiry and this requires methods that allow the researcher to capture language and behavior. The key ways of capturing these are: * Observation – both participant and direct * In-depth interviews * Group Interviews * The collection of relevant documents * Photographs and Video Tapes The Interview The interview is one of the major sources of data collection, and it is also one of the most difficult ones to get right. In qualitative research the interview is a form of discourse. According to Mischler (1986) its particular features reflect the distinctive structure and aims of interviewing, namely, that it is discourseShow MoreRelatedQualitative Paradigm2538 Words   |  11 PagesThe Qualitative Paradigm    The design of a research study begins with the selection of a topic and a paradigm. A paradigm is essentially a worldview, a whole framework of beliefs, values and methods within which research takes place. It is this world view within which researchers work. According to Cresswell (1994) A qualitative study is defined as an inquiry process of understanding a social or human problem, based on building a complex, holistic picture, formed with words, reporting detailedRead MoreTypes Of Research Paradigms Or Design, Qualitative And Qualitative Essay1842 Words   |  8 Pages(Greenhalgh, 2001) â€Å"A methodological scope will influence either the types of documents in the review or the way in which these documents are discussed† (UNC, 2015). There are two major categories of research paradigms or design, the Qualitative and Qualitative designs. The qualitative research is empirical because it is based on observation and experience. Observation because it deals with more realistic situations. With the quantitative research, we identify the population of interest, variablesRead MoreA Qualitative Case Study : An Interpretive Research Paradigm1583 Words   |  7 PagesThis is a qualitative case study conducted under an interpretive research paradigm. From an ontological perspective, unlike the position of the positivist paradigm in which there is the belief that there is only one truth and that objective reality does exist independent of human perception, this study employs the constructivist view of reality and the essence of phenomenon. The constructivists view truth as relative and dependent on one’s perspective. This paradigm â€Å"recognises the importance ofRead MoreExamine the Fields of Qualitative and Quantitative Research and the Advantages and Limitation of Each Paradigm.1089 Words   |  5 Pageslimitations between qualitative and quantitative research methods, it can be said that this issue has been debated to death with many spending years proving which methods is the best. Qualitative and quantitative researches are the two basic research categories which are used in psychology, with both these type of research having advantages and best limitations to their use in researching. For quite a while there has been some discussion around which method of distinctions between Qualitative research andRead MoreManagement Research According to Badewi (2013), there are two approaches for conducting a600 Words   |  3 Pagestype, scholars try to find a reality, however in the problem solving approach, there is no single reality, and it is based on qualitative and descriptive analysis. One of the most advanced research paradigm used today in conducting research starts with Ontology, epistemology, Methodology, methods and technics and structure (Easterby-Smith, 2012, p. 18). The research paradigm follows the literature review, and evaluates it by using its advanced philosophy. Ontology is the belief about the realityRead MoreEthical Issues In Networks Systems Design: A Reflection1190 Words   |  5 Pagesselected positivist research paradigm for use in my research process. Based on the nature of this research process , I opted to employ the paradigm duo its positive approach and its close relevance to the nature of research topic. This research topic also dictate that a positive approach be used in order to arrive at the ethical issues of concern being investigated. There is also the need to give the reality an objective manner. Furthermore, the positivist research paradigm is suitable for use in socialRead MoreNew Medi New Digital Age1254 Words   |  6 Pagestransformations in the society. In this paper, I argue that new media has contributed to all aspects of the paradigm shift. As it is constantly remediating its predecessors, it shapes new modes of subjectivity and changes the way we perceive knowledge. Although these changes create disruption in t he society, literacy has become the solution to the problems that we are facing in the shift of new paradigm. New media constantly remediates itself from old media technologies. While some people argueRead MoreMaking Differences Matter8932 Words   |  36 PagesA NEW PARADIGM FOR MANAGING DIVERSITY BYLINE: by David A. Thomas and Robin J. Ely; David A. Thomas is an associate professor at the Harvard Business School in Boston, Massachusetts. Robin J. Ely is an associate professor at Columbia University s School of International and Public Affairs in New York City. Their research and teaching focus on the influence of race, gender, and ethnicity on career dynamics and organizational effectiveness. ABSTRACT: MAKING DIFFERENCES MATTER: A NEW PARADIGM FOR MANAGINGRead MoreImpact of Science on Society38421 Words   |  154 Pagesmost apparently immutable system or structure may be experiencing change even as you look at it. By change I mean, of course, not just change in the sense of bigger and better models and new ways of doing the same things you were doing before, but qualitative chan ge in the structure and behavior of the society in which you live. I mean new philosophies as well as new gadgets. I’m not saying that the appreciation of change is easy; far from it, particularly today. As one of your more respectable socialRead MoreEvaluating Kuhn ´s Theory of Scientific Development Essay1545 Words   |  7 Pageson the history and philosophy of science. One of such is the Kuhn theory of science development postulated by Thomas Kuhn. His theory brought about a new perspective where scientific theories are placed in an umbrella of a grand theory called the paradigm. Thomas Kuhn who was born in 1922 in Cincinnati, studied physics at Harvard, graduating summa cum laude in 1943, applied his knowledge of quantum physics to humanities of science developing the Kuhn theory of science development (Bird, 2012). Although

Option and Major Studios Free Essays

FIN 4414 – Financial Management – Spring 2009 â€Å"Arundel† Case Assignment Due: March 23, 2009 Case: â€Å"Arundel Partners: The Sequel Project,† HBS, Case # 9-292-140, Revised 12/92. Main Question: Is $2million per movie a fair price? Why or why not? Additional Questions 1. Provide a brief overview of the proposed venture. We will write a custom essay sample on Option and Major Studios or any similar topic only for you Order Now Clearly describe the relevant time line. 2. Why do the proponents of this venture believe that Arundel Partners can make money buying movie sequel rights? Why do they propose buying a portfolio of rights rather than negotiating the purchase price on a film-by-film basis? Why do they propose to purchase the sequel rights at t=0 (before the first film is released) rather than at t=1? 3. Assuming a discount rate of 12% (risk free rate of 6% and a risk premium of 6%) calculate the NPV for all the sequels. Use the expected negative costs and the expected revenues given in Table 7. 4. Using the â€Å"decision-tree† approach, calculate the per-movie value of the sequel rights to the entire portfolio of 99 movies released in 1989 by the six major studios. . Assume that a maximum of ten sequels can be made in any given year. Using the same decision-tree approach, what would you estimate to be the per-movie value of the sequel rights to the entire portfolio of 99 movies released in 1989 by the six major studios? 6. Using the Black-Scholes approach, calculate the per-movie value of the sequel rights to the entire portfolio of 99 movies released in 1989 by the six major studios. Assume once again that there is no maximum to the number of sequels that can be made in a given year). You must provide details of how you estimated the inputs to the B-S formula. a. Asset value b. Exercise price c. Volatility of asset returns d. Time to maturity e. Risk-free rate HINT: Note that the time to maturity of the options is when uncertainty is resolved not necessarily when the sequel is made. The asset value is what you will get if you exercised the option to make the sequel. Again use average values for all the sequels. Similarly use the average value of the cost to make the sequels for the exercise price. Estimating standard deviation is a little trickier. Note that you do not have past information on returns to each sequel to estimate volatility for a sequel. However, you have information on a portfolio of sequels and you know the returns to these sequels and you could use these to estimate a standard deviation based on a cross-section of returns (DO NOT USE PRICE LEVELS). Also the standard deviation should be based on all 99 sequels – that is it should be based on the entire distribution. 7. Carry out a sensitivity analysis of the value of the option to the values of the underlying asset, exercise price, and volatility. 8. What problems or disagreements would you expect Arundel and a major studio to encounter in the course of a relationship like the one described in the case? What contractual terms and provisions should Arundel insist on? How to cite Option and Major Studios, Papers

Accounting Theory The Reporting Process

Question: Discuss about the Accounting Theory for The Reporting Process. Answer: Part A Issue Financial statement presentation Reducing complexity in Reporting financial statements The main that is involved with the financial statements is the reporting process. This has been stated by auditors and various users of financial statements. Therefore, it has been urged by many to the US financial accounting board and IASB to generate new standards of financial reporting that will help in reducing the complexity and will strive toward principle based approach. The discussion stretches to the main cause of complexity in terms of reporting the financial instruments. The discussion is even followed by the long term approaches that aim to eliminate the complexity. The main issue is the associated rules that are complex in nature and are used to evaluate the financial instruments[1]. There are innumerable possibilities that put the users and prepares in difficulty. It becomes difficult to understand which study should be considered. This discussion will undertake various approaches that will help in reducing the problem. The possible intermediate steps that can be taken to reduce the complexity involve several steps. The approaches that can be taken in this regard is to replace the standards that are existing with the fair value measurement principle and to have some exceptions that are optional in nature. Secondly, the measurement requirements can be amended that is the number of categories of the financial instruments can be reduced[2]. Moreover, hedge accounting can be simplified that will lead to a better understanding. All the three approaches can be taken into consideration or a combination can be used for an optimum result. This project is being undertaken to achieve a long-term solution that will help in eliminating the complexity. Long term solution is highly needed that will evaluate all kind of financial instruments that will further establish standard for financial statements[3]. In this manner many rules that are associated with financial instruments can be eliminated. This will lead to a measurement attribute that is useful for every financial instrument and will enable smooth comparison between the entities and the accounting period. Fair value can be treated as the best measurement attribute that leads to all kind of information for the financial instruments. In reality, fair value is an apt example of current value. IASB has undertaken various projects that produce general principles in determination of the fair value. The concerns that are addressed through the discussion are earnings volatility, presentation of gains and losses that are unrealized in nature. Further the study is undertaken to give effect to the class of financial instruments. It is difficult to ascertain the class of financial instruments[4]. This project is undertaken so that it comes to the forefront that there are various classification and it needs to be noted that which financial instruments should be treated a s equity, which instruments should be derecognized, etc. The discussion stress that the measurement requirements of various types should be eliminated that will provide a better exposure and will not be complex in nature. Issue - Fair value measurement Accounting is considered as an important tool in business that helps the entity to assess the assets and settles the monetary factor that includes the aspect concerned with the real value of the assets. The main issue that crops is the fact that there are various accounting properties that helps in delivering the best result. However, the presence of different methods puts the users in a fix. The most popular of them all is the fair value. The method is defined as an essential prospect of the business. The main difficulty that is involved with the method is the value reversal. There are various challenges that arrive when the measurement is used like the market condition. When the market is uncertain, a huge volatility exists. The value of the assets and liabilities fluctuates. Hence, utilization of the fair value might lead to revaluation of the assets and liabilities. Large swings are noted that do not go in the good books of the user. When the market strengthens or pacifies then t he value return to the original form indicating that the fair value has flaws when it comes to fluctuation of the market[5]. Moreover, the use of fair value measurement might impact the down market in a negative manner. When the asset is revalued in a down market, the revaluation might lead to a huge selling pressure. Without fair value measurement, companies do not indulge in selling the assets. Therefore, it is an important factor when it comes to assets and its valuation. It is important to eliminate the deficiency so that the companies do not suffer from such a limitation. The main motive of the discussion lies in the fact that fair value comprise of many citations and the modern market or business is present with different practices. The various parameters like values of depreciation and market value are unable to provide a credible amount into the computation of fair value. The values are computed on the growth prospect and financial risk assessment. The complex situation of the market and various other parameters has made the accounting insignificant. However, the existence of values is still present in accounting as a coefficient value. The fair value measurement is influence by the external value and hence, it is not completely correct in all respect. In the present scenario there has been a question on the transparency point of the measurement and hence subjected to innumerable controversies. This project is undertaken to shed light on the inefficiency of the fair value measurement. There are certain sections that are effectively dealt by the mea surement but certain assessments are not complete in the scope. An apt example that can be cited in this regard is the premium and discount[6]. Therefore, the discussion clearly states that the inefficiencies of the fair value must be effectively dealt with the help of new standards. It is important that the regulators must consider the proposal and seek to address the point that has inefficiency. Case Study 2 A Steward can be explained as the person that acts on the employers behalf. When it comes to local authorities they are stated as the government representative and needs to state that the assets held by the government are maintained in an effective manner and custody is strong. It is a fact that the major emphasis of IFRS is on the fair value, the ascertainment of the assets as per fair value projects the steward efficiency. Beyond question, IFRS is based on the concept of disclosure and hence, relevant in areas like accounting of lease, derivatives and schemes of PFI. The need of lease accounting under the old system was based on classification as operating or financial lease was based on scenario, but IFRS is not based on it. The theory of embedded derivative is needed when the agencies of the government need to test the financial instrument definition and then ascertain if a separate accounting is required depending on the fair value of the derivative. In link to the scheme of PFI , the original contract and the financial model needs to be ascertained. The gap between the land and building and various other disclosures needs to be done. Hence, it is evident from this that the need of recognition is stringent in nature followed by the measurement and disclosure concept. The financial scenario when the developments of the historical standard were done was completely apart from the scenario in the current scenario and hence the IFRS implementation needs immense effort and thereby subjected to huge variations. Considering such arguments, it can be commented that IFRS does not consider stewardship. IFRS is designed for the corporate sector that has huge class of investors who are needed to take decisions for buying and selling, etc. There are many factors that does not make it meaningful. At times it is seen that there is no presence of investors in the local authority because they do not give return and not displayed for sale. The financial statement users are no t present and the main uses are for academic or informational needs. The decision making by the local authorities is not linked to the financial statements. Hence, for the mentioned reasons, it can be said that IFRS cannot be the best resource for the local authorities. In reality, IFRS was floated by IASB and implemented in the listed companies. Secondly, it was done in the secondary market. Further this, there was no other place and hence IFRS was implemented in the local authorities[7]. Hence, considering the discussion above I am satisfied with the statement that IFRS is correct in its stand and provides an equal treatment whether it is corporate or a local authority. Even after the IFRS implementation, the local authorities will not find a great improvement. The comparability of financial statements does not take a strong stand in the case of local authorities. Hence, it can be said that it is inviting for a disaster in the coming scenario. 4. many authors opine that IASB does not work in the interest of the public and therefore, a private tool that is promoted for the advantage of the Big 4. This statement reflects that the accounting forms are using the measure for their private interest and duping innumerable corporations that are using their services. Many authors have claimed the fact that IASB has provided advantage to small accounting firms however, it aided the big four firms in their accomplishment. In fact, IASB i composed of fifteen members that projects nine different countries and includes country like US, India, etc. A unity between the IASB and FASB was witnessed in 2002 with an aim to merge the knowledge and develop a set of accounting practices that are of high value. This is the main reason that goes in favour of the fact that IASB and Big 4 firms are the main player in the enhancement of the IFRS[8]. Beyond question, the Big 4 firms have a strong edge when it comes to the resources, skills, diversific ation, etc. IASB states that useful information as that needed by the investors to ascertain if shares should be buying or sold. It does not play any role in financial reporting. Hence, when it comes to UK, the entire focus of IFRS shifted from GAAP that was based on reporting of profit. It cannot be said to be a small concern because GAAP of UK was based on accrual system so that there is a match between transactions and helps in knowing what happened amidst a period. Moreover, in this procedure balance sheet is a strategy that is residual in nature. Hence, the GAAP was based on financial ability, stewardship and actions. On the contrary, IFRS is measurement of value at a point of time and differentiating it with another period[9]. Therefore, it can be commented that balance sheet is predominant while profit ad loss account is secondary in nature. In a different manner, it can be said that IFRS gives due emphasis to the investors that are selected to be the main users of the accounting and as n o one have the will to invest in local authorities, the investors considered by IFRS are not present in the local authorities[10]. Therefore, IASB does not work in public interest and used as a medium for a financial disaster. Therefore, it brings more problems as compared to the solutions. Going by the very happening, it was decided that an alteration will be done in tune to the principles of IFRS[11]. Moreover, the IFRS implementation in India is postponed owing to huge changes in the companies Act, SEBI and FEMA. It completely depends upon the action and the manner in which the standard will be implemented in other countries. In short, there must be other nations that pay attention to the implication and ensure its implementation. Hence, the laws of the host country needs to be altered to attain a better implementation. 5. IFRS undoubtedly assumes a place of special importance and going by the benefits and pace it can be said that the implementation is essential in every country. Going by this fact, it can be said that adoption in IFRS is essential. Accounting standards undergoes immense change with the due passage of time. Changes happens so that the stakeholders are able to get proper set of information and hence, the decision making process is smooth. IFRS standard are endowed with innumerable and adoption of it will lead to a better external environment[12]. Adopting the IFRS system will bring immense advantages to the country (Australia) in terms of transparency and manner of reporting. This will disclose the information to the stakeholders in an effective manner and hence, will bring a greater result. Moreover, the policies will be standard in form and uniform in nature thereby facilitating an enhanced level of practice. The accounting system will be vastly influenced and a better progress wil l be witnessed. Reconciliation on a retrospective basis will prove to be of great help and this will match the company in its performance. It is one of the unique feature of IFRS that will bring additional benefits. The implementation of IFRS is endowed with ample advantages and hence going by this fact, Australia must implement IFRS. The information will be projected in a better fashion and will help in attracting the investors. This will lead to an overall positive advantage for the company. On the contrary cross border holding will be enhanced in the presence of such a standard. The processing cost of information will reduce thereby enabling a strong goodwill of the companies. This will create a balance and harmony that will attract the foreign funds[13]. The resources will be utilized to the optimum level. Moreover, it has been noted that when IFRS is implemented a strong change is seen in allocation, as well as ownership. Further, the comparison will be uniform in nature and an y chances of deviation will be eliminated. The implementation of IFRS will bring positive impact to the ASX too. The ASX will benefit in terms of foreign direct investment. One of the major positive point for IFRS is the pooling of capital and providing strength to the organization. Hence, it can be seen that the benefit of the IFRS is manifold and Australia is bound to get a strong support from the IFRS implementation. Teh overall economy will undergo immense change when the implementation of IFRS is done. Further, the protection of the investors is one of the major factors that need to be taken into consideration by any country and this is what IFRS is capable of. The benefits will persist in the economy for a longer time frame and hence, Australia must implement IFRS to avail numerous benefits[14]. Going by the above discussion it is clear that the IFRS standard is a vital requirement for progress and therefore should be adopted by the authorities of Australia. References Albrecht, Steve., Stice, Earl Stice, James, Financial accounting (Mason, OH: Thomson/South-Western, 2011) Brealey, Richard, Myers, Stewart, Principles of corporate finance (New York: McGraw-Hill/Irwin, 2011). Christensen, John, Good analytical research, European Accounting Review, 20(1), 2011, 41-51 Davies, Tony and Crawford, Ian , Financial accounting (Harlow, England: Pearson, 2011) Geoff, Meeks Peter Swann, Accounting standards and the economics of standards, Accounting and Business Research, International Accounting Policy Forum, 39(3), 2009, 23-44 Gordon, Lawrence A., Loeb, Martin.., Zhu, Wenjie, The impact of IFRS adoption on foreign direct investment, Journal of Accounting and Public Policy, 31(4), 2012, 374-398. Horngren, C 2013, Financial accounting, Frenchs Forest, N.S.W: Pearson Australia Group. Kaplan, R.S 2011, Accounting scholarship that advances professional knowledge and practice, The Accounting Review, vol. 86, no.2, pp. 367383. Libby, R., Libby, P. and Short, D 2011,Financial accounting, New York: McGraw-Hill/Irwin. Maria, Wieczynska, The Big Consequences of IFRS: How and When Does the Adoption of IFRS Benefit Global Accounting Firms?, The Accounting Review, 91(4), 2016, 1257-1283 Wayne R. Landsman,Edward L. MaydewandJacob R. Thornock, The information content of annual earnings announcements and mandatory adoption of IFRS, Journal of Accounting and Economics, 53(2), 2011, 34-54.