William Shakespeare s Everyman As An English Morality Play

â€Å"Everyman† is an English morality play whose author is unknown. It dates back to the 16th century and was first seen in England. The play depicts a man who is caught up in a secular world and is more concerned with worldly riches than nurturing his spiritual life. He seems content until Death is sent to tell him his life is over and he must now give an account to God of how he lived his life. The author uses allegory characters to describe moral qualities and abstractions in Everyman’s life. (Allegory, 2010) The central character in the play is Everyman; the author uses him to represent a typical human being. Death is a messenger in the play who has been sent by God to summon Everyman. God is of course our Creator. At the beginning of God’s first speech in the play we know right away that he is angry with us when he says â€Å"I perceive here in my majesty, how that all the creatures be to me unkind, living without dread in worldly prosperity: Of ghostly sight the people be so blind, drowned in sin, they know me not for their God; In worldly riches is all their mind all creatures to me be unkind†. (Anonymous) He talks about how people live to please themselves and have neglected to think about him. Disappointed in mankind, God calls upon Death and refers to him as a â€Å"mighty messenger†. He says that death is instructed to deal with everyone who â€Å"liveth beastly.† People who worship wealth and worldly goods instead of God will essentially be sent to hel l unless he has an account of

The, By Andrea Di Michele Cioni - 1836 Words

Throughout the ages art has played an important part in shaping societies and the ideals of them as a whole. But what you may not of realized or thought about is that powerful art pieces and the context of them can actually create an image of strength and act as a deterrent from outside countries and foes. Looking back on the high Renaissance in Florence, a time in which religious devotion was the central focus of the people and unrest and civil disorder were commonplace. Two differing sculptures of David were commissioned and sculpted, one by Andrea di Michele Cioni nicknamed Verrocchio meaning true eye in the late 1400s and the other by Michelangelo in the early 1500s. Both pieces were commissioned because of Florence’s favoring of the†¦show more content†¦And looking at Florence today it definitely lives up to that expectation of being small but mighty, being one of the most populated areas in Tuscany. But back then in the late 14th and early 15th century, they wer e not very substantial in numbers. They Probably numbered no more than 15,000 during the 15th century and would have surely fallen if attacked in an all out war, so they had to rely on other tactics. This is in my opinion where the idea of not only finding hope in David and his similarities to that of Florence came into play, but also the idea of creating an image that Florence though small like David can defeat the greatest of enemies with the help of God. It kind of reminds of the idea of using brains over brawns, instead in this case just avoiding the fight altogether by creating the sort of image that Florence like David can overcome the greatest of hardships. David was to the people of Florence at the time a symbol of hope and perseverance and acted as a deterrent to those potential â€Å"Goliaths†. The small city-state had little means of fending off an army and as a major art Center it didn’t really have a reputation for being all that powerful or having any sor t of exceptional military. The Davids of Florence may have changed this acting as a

Mexican Drug Cartels Problem of the Past or Indication of...

The Mexican drug war began in the 1960s, with America’s love for illegal drugs fueling the fire. Narco-violence has claimed the lives of thousands of citizens in recent years. Drug cartels have become comparable to Mafia figures, and have resorted to Mafia-style violence to prove to the Mexican government that they remain in control. The violence caused by drug cartels is rumored to lead Mexico to become a failed state. George W. Grayson, regular lecturer at the United States Department of State, has made more than one-hundred and twenty-five research trips to Mexico, and is considered an expert on U.S.-Mexican relations. A recent book by Grayson, Mexico: Narco-Violence and a Failed State, describes the depressing situation provoked by†¦show more content†¦As stated by Grayson, the average number of monthly abductions is sixty-four. Sadly, an academic study confirms the conventional wisdom that families do not inform police of the abduction because they believe the po lice may be involved in the crime. The abductions range from children of prominent wealthy citizens to American anti-kidnapping specialists. Drug cartels have been known to harass American citizens traveling in borders states, while threatening them with violence or abduction. Especially unsettling is the participation of the police in the capture and ransom of the victims. Furthermore, drug cartels have expanded their power by the infiltration of authorities. Corruption exists in the Mexican police force, army, and border patrol agents. According to Grayson, the cartels have even infiltrated U.S. Border patrol officers. Narcos are willing to pay American officials substantial rewards to minimize the risk of losing the merchandise. This has expanded into the formal NAFTA economy; which is beneficial to the cartels as there are nearly 5 million semi-trucks that cross the U.S.-Mexico border each year. Also, crimes have become so brazen that the media is afraid to report cartel violenc e. Fear of assassinations of journalists and bombings of printing plants has prompted El Manana chain, which publishes editions in border cities, to eliminate coverage of narco-crimes. For example, the abduction and execution of editor Miguel Angel Villagomez Valle inShow MoreRelatedMexican Cartels1869 Words   |  8 PagesWhat is the impact of Mexican drug cartels in the United States? Andres F Urueta Dr. Maugh LIB-495-GS001 December 5, 2014 Abstract This research paper examines the impact of Mexican drug cartels in the United States. Most Americans are not aware of how far reaching these cartels are in the United States. Their power has an influence in our government and communities. This project examines who the Mexican Drug cartels are, what their purpose is, where they have influences, and when did theyRead MoreAmerica s Government Or Legal System At Ground Zero? Essay2420 Words   |  10 PagesArizona along the Mexican border to cover as much ground as possible on American soil to avoid the poor highway conditions crossing Baja California. Then once entering Sonora through the Mexico/US border in Sonoyta, we continue our route to Puerto Penasco. On the way to our destination we must pass a couple of military checkpoints with armed soldiers that are widely known as â€Å"watchos†. These checkpoints are there to † make sure people on the highways aren’t carrying any contraband or drugs†, but most ofR ead MoreDamodaran Book on Investment Valuation, 2nd Edition398423 Words   |  1594 PagesValuation Implications Chapter 30: Valuing Equity in Distressed Firms Chapter 31: Value Enhancement: A Discounted Cashflow Framework Chapter 32: Value Enhancement: EVA, CFROI and Other Tools Chapter 33: Valuing Bonds Chapter 34: Valuing Forward and Futures Contracts Chapter 35: Overview and Conclusions References 1 CHAPTER 1 INTRODUCTION TO VALUATION Every asset, financial as well as real, has a value. The key to successfully investing in and managing these assets lies in understanding not only

Strategic Information System Virgin Mobile â€Myassignmenthelp.Com

Question: Discuss About The Strategic Information System Of Virgin Mobile? Answer: Introduction Virgin Mobile is a remote correspondences mark utilized by eight autonomous brand-licensees around the world. Virgin Mobile marked remote interchanges administrations are accessible in Australia, Colombia, the United Kingdom, Canada, Chile, France, Saudi Arabia, United Arab Emirates, Poland, South Africa, Mxico, and the United States. Virgin Mobile marked administrations tends to offer in Singapore, India and Qatar (Malley 2017). Segments of the company include home improvement, department stores the objective of the paper is to analyse the strategic information system of Virgin Mobile Company through evaluating the current organizational structure of the company. The paper also intends to analyse operational problems faced by the company. Moreover, system flowchart for sales procedures will be selected for the company along with realising any control problems and fraud within the system. Current Organizational Structure Figure 1: Organization Structure of Virgin Company (Source: Ling 2014) Rather than the high multi levelled organization structure, an effective authoritative framework is described by generally some layers or just a single administration level. Accordingly, the levels of leadership from best to the employees are short. The importance of such kind of authoritative structures is certain adequacy and development and strengthening. Approaches are less demanding and faster to actualize and increased coordination is present. This clarifies the reason for which Virgin inc. is popular for specific skill in accounting software implementation and development. Operational Problems Faced by Virgin Mobile Because of Organizational Structure It should be considered that if there are adjustment in authority or culture, they can be dealt with harming repercussion as certain aspect of the key structures might not be suitable. In such situation when Jobs expelled and all the descendants battled with the company until the point when he was restored later. The authoritative structure in Virgin is additionally a useful structure for the organization is present within useful line (Mihret 2014). In practical structure, people are employed based on their basic skill, experience along with assets. Representatives within useful divisions of the company play out a particular arrangement of undertakings. It can represent that; it could result in absence of correspondence among organizational gatherings like the case in Virgin. Likely System Acquisition Method Virgin main role behind receiving an ERP framework was a need to build achieves gainfulness and data accessibility (Kogan et al. 2014). Virgin was concentrating on fast worldwide development with offices, industrial facilities, fabricating plants and deals workplaces in various geographic areas. Their operations were composed in a way that item outlines, conveyances and manufacturing plant contracts were overseen through their central station in Beaverton, Oregon. Attributable to this reality Virgin had created 27 distinctive request administration frameworks that were exceedingly modified and scarcely conveyed to each other or to home office. Therefore an incorporated framework was critically required to expand Virgin reach to various parts of the world. ERP frameworks are exceptionally incorporated consequently can be utilized as a brought together framework in different topographical areas. Failure to get to ongoing data from various request administration framework so that breaking down of the companys total inventory network. Requests were missed and shipments deferred bringing about enormous misfortunes. Virgin in this manner required a framework that could convey continuous data with high exactness; this prerequisite could be effortlessly met by usage of an ERP framework (Knechel and Salterio 2016). Sales Procedure Flowchart for Virgin Mobile Virgin offers in-store pickup for large portions of the things accessible on Virgin.com and the Virgin Store App. Certain items and instalment strategies, in any case, may not meet all requirements for in-store pickup. Just you or the individual assigned by you may get the item(s) acquired. An officially sanctioned personal ID and request number will be required for pickup. Virgin will advise you when your request is prepared and the date by which you have to get your things (Lu 2015). Virgin claims all authority to change costs for items showed at the Virgin Store whenever, and to revise valuing blunders that may unintentionally happen. Extra data about evaluating and deals impose is accessible on the Payment and Pricing page. In the occasion you have been charged more than the posted cost for an item in a Virgin Retail Store, please observe a Manager for a discount of the cheat. Figure 2: Sales Procedure (Source: Chiu, Liu and Vasarhelyi 2014) Control System and Fraud Types in the System Numerous ERPs give a few alternatives to computerize controls. These, thus, help deal with a portion of the extortion chances in business and IT forms. These computerized control choices are not generally naturally incorporated with the ERP framework so they require design and customization. Numerous ERP integrators don't address this, leaving organizations with a misguided feeling that all is well and good which makes their procedures and frameworks defenceless against mistakes and extortion (DeVellis 2016). The execution of an ERP is likewise to a great degree confounded, frequently making another arrangement of dangers in business and IT procedures, for example, and spontaneous setup. This licenses work around functionalities and complex security structures which give free access to frameworks. In the event that such disgraceful get to isn't satisfactorily controlled, the open door for extortion by means of ERP secondary passages will altogether increment. However all in all, there are three distinctive hazard situations identified with misrepresentation chance that might be tended to amid an ERP Implementation (Abdullatif 2016). Development and Adoption of Accounting Software Packages A Conference Room Pilot (CRP), regularly just alluded to as a 'Pilot', serves as a deliberate way to deal with understanding the foreseen process of the accounting programming framework or venture asset arranging (ERP) application keeping in mind the end goal to see how the data framework functions or must work along with deciding how to design the application for arranged targets preceding the go-live cut-over (Kogan et al. 2014). Pilots frequently start with an organized bookkeeping programming or ERP programming instructional class which shows the centre abilities of the application programming. The Pilot stage would then be able to be utilized to design, control, test and approve the organization's business forms inside the new ERP programming framework. The Pilot ought to finish up with measured outcomes outlining utilitarian fit or distinguishing the crevices and zones requiring a more definite plan exertion preceding full execution. A few Pilot objectives are featured underneath (DeVellis 2016). To investigate business process and system choices and assess business process changes To prepare extend colleagues in the new ERP framework (negligible preparing ought to incorporate programming arrangement, setup parameters, exchange stream techniques, interior controls, adjustment capacities and standard reports) To pick up a reasonable comprehension of qualities and shortcomings of business programming application To assess ERP or accounting programming for fitting and connecting the framework where conceivable To analyse and affirm business process outline options for fit and effect To help build up arrangement for information transformation and framework joining Various essential choices can be made while actualizing ERP programming modules. For every business programming application, there ought to be dependable topic master (SME) or business support that will accept responsibility for arranged application and certain operational usage (Abdullatif 2016). Ordinarily, the product maker or outsider specialist will give programming execution counselling to encourage the venture group in settling on major choices while gathering the Pilot condition. The Pilot setup might need a harmony between organization's operational wants and product's capacities. Moreover, the accounting system fused into most Pilots incorporate the accompanying: ID, assessment and affirmation of the material along with business process exchange streams Selection of new improved or streamlined techniques and TFR's (exchange stream audits); this errand is frequently encouraged with application programming's work process plan tool(s) Investigation and affirmation of essential key plans, (for example, outline of record design or astute constructions for Customer ID, Item SKU, Vendor ID, Territory Keys, and so on.) It must be considered that incorporating insight with essential key blueprints where it bodes well - you might need to section these keys or drive certain sorts of characters or qualities to disentangle information passage and diminish transposition blunders Likewise perceive the lastingness of most essential key esteems - as a rule these information esteems are not effortlessly changed as the history should likewise be refreshed for investigation and similar detailing (in this manner requiring an information transformation of the verifiable information) Mapping the electronic information change process is necessary. It's essential to test and check the cleanliness of the verifiable information; scour the information as important and after that play out another examining before starting the real change and compromise. Try not to wrongly convert grimy information with the expectation of tidying it up after it is in the new data framework Investigation of setup and document support programming parameters; design choices can likewise by and large be controlled to accomplish business process (that is another option to programming customization) Realization of numerous venture group and client testing situations; business process arrangements ought to be tried first by extend colleagues and after that by irregular real clients. Current Market Size Virgin lost ground to Virgin in total cell phone advertises for second quarter of 2015, for general advancement rate for the gadgets impeded. Considered by purchase of huge size phones, Virgin's offer worldwide cell phone deals increased to 14.6 percent within the quarter contrasted in 12.2 percent a year sooner. Offers of phones totalled 48 million within second quarter along with 35 million in within quarter (Kogan et al. 2014). Market Leaders and Their Competitive Advantages The level of rivalry within organizations that contend specifically with Virgin in the innovation part is high. Virgin is in coordinate rivalry with companies, for example, Google, Inc., the Hewlett-Packard Company, Virgin Electronics Co., Ltd. Along with Amazon, Inc (Abdullatif 2016). These companies use critical capital on innovative work (RD) and showcasing, along with Virgin. In addition, the focused drive inside business is effective. One thing which ensures that business so profoundly focused is generally decreased exchanging cost. It does not needs a significant venture for a purchaser to jettison Virgin's phone for tablet PC. The commercial risks centre rivalry that is key thought for Virgin, it has managed necessarily through constantly increasing new and remarkable items to increasing and maintain its piece of total industry position. Gaps Faced by Accounting Software Users and Necessary Suggestions Numerous ERPs give a few alternatives to computerize controls. These, thus, help deal with a portion of the extortion chances in business and IT forms. These computerized control choices are not generally naturally incorporated with the ERP framework so they require design and customization. Numerous ERP integrators do not address this, leaving organizations with a misguided feeling that all is well and good which makes their procedures and frameworks defenceless against frauds and extortion (Abdullatif 2016). There are three approaches to attain further into business esteem ERP can attain: Comprehending the ERP programming is focussed on the reason to utilizing it Considering the opportunity to develop ERP by process reengineering Developing and maintaining a constant change procedure Conclusion The paper intended to analyse operational problems faced by the company. Moreover, system flowchart for sales procedures will be selected for the company along with realising any control problems and fraud within the system. It was gathered from the paper that Virgin's corporate culture is a one of a kind corporal style that is appropriate for Virgin. Measuring against the customary established hierarchical culture, one might say that Virgin's impromptu approach is outdated. This licenses work around functionalities and complex security structures which give free access to frameworks. The paper also revealed that Numerous ERPs give a few alternatives to computerize controls. These, thus, help deal with a portion of the extortion chances in business and IT forms. These computerized control choices are not generally naturally incorporated with the ERP framework so they require design and customization. Reference List Abdullatif, M., 2016. Auditing Fair Value Estimates in Developing Countries: The Case of Jordan.Asian Journal of Business and Accounting,9(2). Alles, M.G., Kogan, A. and Vasarhelyi, M.A., 2013. Collaborative design research: Lessons from continuous auditing.International Journal of Accounting Information Systems,14(2), pp.104-112. Anderson, U.L., Gaynor, L.M., Hackenbrack, K.E., Lisic, L.L. and Wu, Y.J., 2014. Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on PCAOB Release No. 2013-009, Proposed Rule on Improving the Transparency of Audit: Proposed Amendments to PCAOB Auditing Standards to Provide Disclosure in the Auditor's Report of Certain Participants in the Audit: Participating Committee Members.Current Issues in Auditing,8(2), pp.C1-C7. Broberg, P., Umans, T. and Gerlofstig, C., 2013. Balance between auditing and marketing: An explorative study.Journal of International Accounting, Auditing and Taxation,22(1), pp.57-70. Chiu, V., Liu, Q. and Vasarhelyi, M.A., 2014. The development and intellectual structure of continuous auditing research.Journal of accounting literature,33(1), pp.37-57. Dai, Y. and Handley-Schachler, M., 2015. A Fundamental Weakness in Auditing: The Need for a Conspiracy Theory.Procedia Economics and Finance,28, pp.1-6. Davidson, B.I., Desai, N.K. and Gerard, G.J., 2013. The effect of continuous auditing on the relationship between internal audit sourcing and the external auditor's reliance on the internal audit function.Journal of Information Systems,27(1), pp.41-59. DeFond, M. and Zhang, J., 2014. A review of archival auditing research.Journal of Accounting and Economics,58(2), pp.275-326. DeVellis, R.F., 2016.Scale development: Theory and applications(Vol. 26). Sage publications. Knechel, W.R. and Salterio, S.E., 2016.Auditing: Assurance and risk. Taylor Francis. Kogan, A., Alles, M.G., Vasarhelyi, M.A. and Wu, J., 2014. Design and evaluation of a continuous data level auditing system.Auditing: A Journal of Practice Theory,33(4), pp.221-245. Ling, J.I.N., 2014. Study on the Logic Starting Point of Auditing Theory Structure.Value Engineering,30, p.117. Lu, Q., 2015. A Review of Auditing Quality Research in the West: Based on IAASB Framework of Auditing Quality. InAccounting Forum(Vol. 1, p. 008). Malley, A. 2017.Dick Smith collapse raises more questions for accounting profession. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/retail/dick-smith-collapse-raises-more-questions-for-accounting-profession-20160721-gqagz5.html [Accessed 1 Jul. 2017]. Mihret, D.G., 2014. How can we explain internal auditing? The inadequacy of agency theory and a labor process alternative.Critical Perspectives on Accounting,25(8), pp.771-782. Mohammadi, S., 2015. Full development of the theory of accounting and auditing.International Journal of Accounting and Economics Studies,3(1), pp.7-9. Nagar, V., Rajan, M.V. and Ray, K., 2016. The Role of Auditing in Mediating Firm Conflict. NewsComAu. 2017.I wanted to support an Australian company. [online] Available at: https://www.news.com.au/finance/business/retail/dick-smith-shareholders-launch-class-action/news-story/2e5df4b5d580e9d205c5cad77e3b04ec [Accessed 1 Jul. 2017]. Ridley-Duff, R. and Bull, M., 2015.Understanding social enterprise: Theory and practice. Sage. Stewart, D.W. and Shamdasani, P.N., 2014.Focus groups: Theory and practice(Vol. 20). Sage publications.

Contemporary Accounting TheoryInternational Finance

Question: Discuss about the Contemporary Accounting Theory for International Finance. Answer: Introduction: International Financial Reporting Standards (IFRS) Language of business in accounting and financial reporting is regarded as a medium through which language of accounting is communicated form one business to another. Accounting as well as the financial reporting has been regulated by the International Financial Reporting Standards (IFRS). IFRS has been issued by the International Accounting Standard (IAS). It provides recognition, presentation, disclosure, measurement requirements in respect to the events which are presented in the financial statements. In 2001 IFRS was developed by the International Accounting Standard Board (IASB). These IFRS were developed to safeguard the interest of the public. It is single guide which assures high quality; inform accounting principles and understandable standards. Due to globalization, finance is gaining a worldwide growth. IFRS is regarded as a reliable manner through which financial information can be exchanged in a meaningful as well as in the trustworthy manner. Investor before investing g oes through the financial statement before making the investment decisions. Thus it is essential from investor's point of view that it reflects right information. IFRS are accounting standards which has been developed by IASB(Ilott, 2016). Today IFRS along with their fundamentals(Mathur, 2011)and principles have been applied in more than 100 nations around the globe. From 2005 onwards it has covered almost all European countries, it a non profits organization, monitoring board was also established to measure its activities and ensure the high quality service (Siddiqui, 2011). International Accounting Standard Committee (IASC): this committee was established in 1973 by France, Germany, Canada, Netherlands, Mexico, Japan, Australia, United Kingdom, USA, and Ireland through an agreement. The professional accountancy bodies of these nations formed a committee known as IASC, subsequently other members were added to the organization, and by 1982 all the members of International Federation of Accountants (IFAC) were also the sponsoring members of IASC. The major components comprised of: IASC(Basu Saha, 2013) Board, consultative group, advisory council, standing interpretations committee, steering committee. The vision of ISAC is to provide more high quality globally accepted accounting standards as a result they changed the structure in 2000 and this committee was renamed as IASB. Thus from 2000 onwards functions of IASC are now performed by IASB(Deloitte, 2016).Initially international accounting standard were issued. IASs were issued by the IASC(Narayanswamy, 2014). These standards were issued between 1973 to 2001. In April 2001 there was change in the IASC which was taken over by the IASB. Now the responsibility for publishing new accounting standards vests with the IASB instead of the IASC. First meeting was conducted and it was decided that IASB will adopt the existing IAS (international accounting standard) as well as the Standing Interpretations Committee stan dards (SICs)(Shodhganga, 2016). IASB was established and formed in 2001, it was considered as the part of the IASC Foundation. In 2010 IASC was renamed as IFRS Foundation. Governance of IFRs foundation is vested upon the 22 trustees. IFRS foundation is responsible for appointing the IASB members, taking care of the financing of the company and associated committee. Standards issued by the IASB were known as the IFRS (Unegbu, 2014). Presently IFRS is applicable in many parts of the world including the Malaysia, European Union, GCC countries, Hong Kong, South Africa, Turkey. IFRS is applicable in more than 100 countries. IFRS is regarded as a common global language; through this accounts are comparable as well as understandable in the global world. Set of international accounting standard is known as IFRS. IFRS have been issued by the IASB. It states the procedures that how an accountant should maintain and report their accounts. IFRS (international financial reporting standards) maintains transparency as well as the stability in the finance world. IFRS are globally accepted standards. It provides a global marketplace(Rashid1 et al., 2012). It helps in accessing world capital markets. It also assists in promotion of new business. Quality of reporting internal communication within the organization will be enhanced as it provides a consistent methodology for financial reporting that will assist multinational corporations (MNC) to apply and use common Accounting standards for its subsidiaries as well as holding company including its parent company. It also enhances the decision making process. IFRS provides the facility to benchmark its company against the various peers around the world. Investor can analyze the growth of the organization globally. Evaluation process of performance with respect to competitors is simplified. It enhances comparability within companies of the same industry(Zakari, 2014). Capital of the business enterprise is efficiently priced. IFRS is always regarded as a trending topic. IFRS gained its importance when the European Union has decided to convert or converge their financial reporting according to the IFRS(Barry J. Epstein, 2008). Earlier European Union used to follow US GAAP. Manifestation of globalization is represented by the IFRS. IFRS is used to create an image which is in consistent with the developed nation as well to the multinational corporations. At present 115 countries such as EU, South Korea, Russia etc. have adopted the IFRS. IFRS are the most acceptable standards in the world. It represents true picture of the financial statements of the company. IFRS is based on certain principles which ensure that financial statements are comparative as well as updated for analysis purpose. IFRS is used in building the confidence of the investor(Kirk, 2009). IFRS has harmonized the accounting system across the globe. It is a process through which international standard has been set in the financial world. IFRS provides common platform for(Sharma, 2016) the developing nations and the developed nations. IFRS gives accurate, comprehensive as well as the timely information relating to the financial statements. Information provided by the IFRS is relevant at domestic level and at international level. IFRS makes the reporting standards easy for understanding purpose. It also reduces the risks associated with the financial statements. It is prudential to the interest of the public. It assures the higher quality of the financial information(Duarte, 2015). India's Current Accounting Regulatory Framework and its Progress Towards Standardizing the IFRS Under the supervision of the ASB (Accounting standard board) accountings standard are issued in India. In 1977 this body was constituted. ASB committee has been constituted under ICAI (Institute of chartered accountant of India). It involves representatives from professional bodies such as ICSI, FCCI, and government departments. Initially in India, Companies act 1956 was applicable but later on it was replaced by the Companys Act 2013. According to the section 133 of the conies act 2013 it is essential for the business enterprises to follow accounting standard which has been issued by the NFRA (national financing reporting authority) in consultation with Central Government and ICAI. In India premier accounting body which deals directly into the accounting standards is ICAI. Till now the council of India has issued 32 accounting standards. Out of 32 accounting standards AS 8 related to the "Accounting for research and development" is not applicable presently because it has been withdrawn by the ICAI. Instead of that AS 26 has been amended. Thus, effectively there are 31 accountings standards. At the early phase business transaction of the nation is quite limited. In order to compete in the global world it is very essential for the nation to have uniform accounting policy so that financial statements are comparable and understandable at global platform. In order to indulge IFRS IND AS has been issued by the ICAI which are in consistent with the IFRS. This is the big step of the nation towards the adoption of the IFRS. IND AS has been issued so that business operations in India are familiar with the basic fundamental of the IFRS. These IND AS has been specified in sec 133 of the company's act 2013(PWC, 2016). Indian accounting standards are based on certain principles which are familiar with the IFRS principles that are to give complete information to the investor relating to the performance, cash flow, and position of the financial decisions(Mirza et al., 2010). India has chosen to go for IFRS convergence rather than going for the IFRS adoption. Therefore, IND AS has been prepared which are basically and primarily based on the IFRS. Further, there are some carve outs which represent major difference between the IFRS and the IND AS(PwC, 2016). Transitional previsions which are stated under each IFRS have not been stated under IND AS. Rather a separate IND AS named as Ind S 101 has been issued which contains almost all the relevant previsions relating to the transitional provisions. IND AS 101 is related with the First time adoption of the Indian accounting standard(Unegbu, 2014). This IND AS 101 is correlated with the IFRS 1 i.e. First time adoption of the International Financial reporting standard(Mackenzie et al., 2013). IND AS and IFRS have some different terminology for instance IFRS's Statement of financial position is called as balance sheet in the Ind AS. Further in IND AS statements of profit and loss is used instead of the statement of comprehensive income(Weygandt et al., 2010). India is going for the IFRS because it will improve the comparability of the financial information with the global peers. Moreover, financial performance of the financial information can be ensured according to the industry standards. It will enhance the transparency within the financial reporting. This process will be beneficial for the key stakeholders, investors and the customers. This will ensure the better quality of the financial reporting. It will enhance the trust and confidence of the investors in the financial statements. Indian Accounting Standards which has been Issued in Respect to IFRS are as follows- Indian accounting standard 1: Related with the presentation of the financial statements Indian accounting standard 2: Related with the inventories in the business Indian accounting standard 7: This standard is related with cash flow statements Indian accounting standard 8: This is related with the change in accounting Estimates as well as errors, accounting policies (ErnstYoung, 2016). Indian accounting standard 10: This is related with the material events and transactions which occur after the balance sheet date or in other words it can be said as events occurring after the balance sheet date Indian accounting standard 12: This standard is related with income taxes which includes deferred taxes(ICAI, 2016) Indian accounting standard 16: This standard is related with property, equipment and plant Indian accounting standard 17: This standard is related with leases which included both financial lease as well as the operating lease Indian accounting standard 19: This standard is related with Employee benefits Indian accounting standard 20: This standard is related with Government grants' accounting and government assistances' disclosure in the financial statements Indian accounting standard 21: this standard is related with Foreign exchange fluctuation and its impacts on the financial statements. Indian accounting standard 23: This standard is related with borrowing cost and its related disclosure in the financial statements Indian accounting standard 24 This standard is related with related party disclosure and it impact on the financial reporting Indian accounting standard 27: This standard is related with separate financial statements and its treatment(Deloitte, 2016) Indian accounting standard 28: This standard is related with Investments in the Associates as well as in the Joint Ventures Indian accounting standard 29: This standard is related with Hyperinflationary Economies reporting in the financial statements Indian accounting standard 32: This standard is related with Presentation of Financial Instruments: Indian accounting standard 33: This standard is related with earning per share which includes diluted earnings also Indian accounting standard 34: This standard is related with the interim financial reputing Indian accounting standard 36: This standard is related with impairments of the assets which includes the recovery value and the net sale value of the asset Indian accounting standard 37: This standard is related with the Contingent Assets, Provisions as well as Contingent Liabilities Indian accounting standard 38: This standard is related with Intangible Assets Indian accounting standard 40: This standard is related with the Investment Property Indian accounting standard 41: this standard is related with the Agriculture transactions and their impact on the financial statements. Indian accounting standard 101: This standard is related with the first time adoption and implementation of the Indian Accounting Standards Indian accounting standard 102: This standard is related with payments relating to the share based Indian accounting standard 103: This standard is related with the Business Combinations Indian accounting standard 104: This standard is related with the Insurance Contracts Indian accounting standard 105: This standard is related with the Non-current Assets which are held for Sale as well as the Discontinued Operations Indian accounting standard 106: This standard is related with the Exploration as well as Evaluation of Mineral Resources and their impact (ICAEW, 2016) Indian accounting standard 107: This standard is related with the Disclosures relating to the Financial Instruments and its impact on the financial reporting Indian accounting standard 108: This standard is related with the Operating Segments Indian accounting standard 109: This standard is related with the Financial Instruments Indian accounting standard 110: This standard is related with the Consolidated Financial Statements and its impact on the business (EY, 2016). Indian accounting standard 111: This standard is related with the Joint Arrangements with the business operations(IFRS, 2016). Indian accounting standard 112: This standard is related with the Revelation or disclosure of Interests in Other enterprises or entities Indian accounting standard 113: This standard is related with the Fair Value Measurement Indian accounting standard 114: This standard is related with the Regulatory Deferral Accounting system (Chua et al., 2016) Indian accounting standard 115: This standard is related with the Revenue from Contracts and the Customers(Ministry of Corporate Affairs, 2016) The above list clearly shows India's efforts towards the IFRS implementation and adoption in the nation. This will pervade better access towards the financial statements within the nation. It will also help in reducing the operation cost which is spent in making the financial statements comparable in the global market. It will enhance the reliability of the financial statements(Isabel, 2015). Conclusion Hence it can be said that IFRS provides the framework or guidelines for the financial reporting. It is regarded as authoritative standards. It states various ways and methods by which reporting of the accounting transactions can be done properly. Financial statements prepared on the basis of IFRS are sophisticated, potentially informative, and comprehensive. It precisely monitors the net position of the business. It helps in maintaining the stakeholders' trust. Risks relating to misrepresentation are reduced through IFRS. It safeguards the right of the shareholders as well as investors. IFRS is imposed on the company which ensures the minimum or low level of consistency. It covers revenue recognition and expenses recognition on accrual basis. It ensures the credibility and consistency of the financial statements. IFRS method is more appropriate as compared to any other method for accounting purpose. 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