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Humans The Worlds Most Social Animal Essay - 1993 Words

As humans we believe that in all of the world there is no creature superior to us. We believe that our capabilities of coherent thought makes us masters of the earth. The issue with that mentality is that we don’t recognize our flaws and fallacies. We begin trying to decide which type of human is superior, creating divides amongst ourselves, to the point where we are almost no better than the animals we look down upon. Always, in these ever changing situations, will there be leaders. The â€Å"top of the chain† who see fit to keep their affluent positions, and keep the masses under their control. Those who herd the masses like sheep, shrouding their vision and influencing their judgment. People’s opinions are affected and formed by their†¦show more content†¦Daisy, who kills someone in Gatsbys car, simply allows Gatsby to take the fall for her, and never sees him again, even avoiding his funeral. After the entire ordeal of her affair with Gatsby, claimi ng that she loved him so much, she intends to let him suffer the consequences of her mistake. Tom ends up making choices that are even more despicable and disgusting than Daisy. Tom defends his actions to the very end, honestly not aware of his wrongdoings, as if he were innocent. When Nick confronts Tom about Wilson killing Gatsby all Tom has to say is, What if I did tell him? That fellow had it coming to him. (Fitzgerald 178). He feels absolutely no remorse about having a man killed, just blatantly and indirectly takes a life, and as if to add to his count of sins, he has affairs but refuses to let his wife go, not out of love, but out of a possessive competitiveness. Tom does not love Daisy, he sees her as a possession no one else can have. Despite his physique and tough talk, Tom is nothing but a dishonest coward, who goes through life with no heed to anything he destroys, because in his world everything is replaceable, even people. They were careless people, Tom and Daisy -the y smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made... (Fitzgerald 179). Still another eyesore onShow MoreRelatedIs Captivity Detrimental On Global Animal Ecology And Health? Essay1356 Words   |  6 PagesFor several generations, animals have been entertaining humans. From sitting in zoo exhibits to being paraded around in flashy circuses, animals, especially exotic ones, have drawn large audiences. A close look at a ferocious lion or a dancing elephant wearing a headdress is often what captivates people, since these spectacles are often unusual and fascinating. However, for lions to be viewed up close and elephants to dance, they must be held captive and trained for desired behavior. This captivityRead MoreEnvironmental Aspects Of The World s Ecosystem1374 Words   |  6 Pagesentire world’s biodiversity. This makes it an impo rtantly major part of the world’s ecosystem. Australia is over 2 million square miles and houses a population of around 22 million. The arid climate, large expanses of unused land, and wasteful uses of water all lead to a plethora of water related issues. Australia relies on both its freshwater and saltwater for environmental, economic, and social reasons. Environmental aspects of water in Australia affect everything from plants, to animals, to humansRead MoreHuman Overpopulation Essay1109 Words   |  5 PagesHuman Overpopulation Increasing human overpopulation throughout the world is one of the biggest global issues addressed in the 21st century. This concept negatively affects almost every aspect of society: extinction of plants/animals or habitats, over use of natural resources, climate change, and other environmental problems (â€Å"As World’s Human†). This continual predicament needs to be corrected by intensified human productive abilities and a global law that will stimulate positive outcomes acrossRead MoreHealth Decline and Population Growth of the Neolithic Revolution 909 Words   |  4 Pagesdomesticated foods (Kottack 2011:234). These Neolithic economies, whose primary diet consisted of agriculture, were associated with substantial changes in daily life. Until recently, scientists believed that these changes were for the improvement of human life. Most anthropologists and archaeologists agreed that hunter-gatherer societies were far more labor-intensive, disease-filled, and gener ally a had lower quality of life. This has all changed with new studies and characterizations in the fields of anthropologyRead MoreTechnology Has Improved The Quality Of American Lives1197 Words   |  5 Pagesmedical innovation. Many worry that even with the new technologies happening they may not ever benefit from them due to the high cost. Technology has not just affected the human population through finances and medical costs. It has also become problem in the world of farming. A side of farming that people never look at is the animal agriculture and the diversity it forms. This is the leading cause of deforestation, water consumption and pollution. It is liable for more greenhouse gases than the transportationRead MoreOverpopulation can be described as the failure of the world’s resources to sustain the population.1600 Words   |  7 PagesOverpopulation can be described as the failure of the world’s resources to sustain the population. The limited natural resources have increased challenges for countries facing this. This paper covers the effects of overpopulation in the world today. The current worlds population is approximately six billion people, and the amount of time that it takes for the population to increase by another billion is decreasing with each billion. It is estimated that they will be about eight billion people byRead MoreLimiting Meat Consuming For The World s Future1749 Words   |  7 PagesLimiting Meat Consuming for The World’s Future Delvon Allie Dr. Williams 18 May 2016 ELA 12/3 Table of Content Abstract†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 History†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 4 Problem†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Methodology†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Data†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 Summary.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 Resolution†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 8 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreThe Earth Charter : A Declaration Of Fundamental Principles1460 Words   |  6 Pagesdevelopment of the emerging global civilization. It is designed to inspire people to have a new sense of global interdependence and shared responsibility for the well-being of the humanity, life, and future generations. It is an urgent call for major social and economic change as well as an expression of hope. The principles in the Earth Charter were developed over a decade long, world-wide, multi-cultural study on common goals and shared values. The Earth Charter can also be viewed as a people’s treatyRead MoreGenetically Modified Organisms And Its Impact On The Environment1622 Words   |  7 Pagestheir environmental, social, and economical harmful effects. GMOs should be prohibited due to their detrimental impact on the environment. The debate over the environmental impact of GM crops is growing increasingly complex, intense, and extremely emotional. GMOs are causing biodiversity loss, affecting organic agriculture, and inhibiting sustainable agriculture. In his book, Beyond Evolution: The Genetically Altered Future of Plants, Animals, the Earth and Humans, Bioethicist Dr. MichaelRead MoreIn 1953, Scientists James Watson And Francis Crick Revealed1590 Words   |  7 Pagesmodified organisms (GMOs) should be banned in the United States because of their environmental, social, and economical consequences. GMOs should be banned because of their harsh impact on the environment. They are causing biodiversity loss, affecting organic agriculture, and inhibiting sustainable agriculture. In his book, Beyond Evolution: The Genetically Altered Future of Plants, Animals, the Earth and Humans, Bioethicist Dr. Michael W. Fox states, â€Å"Some costs and losses—like biodiversity, wildlife

Bead Bar E Commerce Free Essays

Bead bar is a company which specializes in making beads jewellery for the customers. They have three divisions’ namely studios, franchises and bead bar on board. The E-Commerce site would enable all its customers and employees to collaborate evenly for synchronization of activities and operations. We will write a custom essay sample on Bead Bar E Commerce or any similar topic only for you Order Now The customers get a chance to design their own jewellery using the beads of different dimension and nature so that it is completely custom-built and inline with their preferences. The employees in turn get all the proposed designs and contact customers for their info and other details. The e-commerce site would arrange for online payments and delivery of ones products safely with ease. E-Business for Bead Bar: Bead bar is expanding its wings in the market and wishes to capture the eyes of the customers at large. Building an e-commerce would make the Bead Bar stores to be in synchronization with resources and would be able to capture the essence of internet. Connecting all its stores and departments always forms a crucial portion for sharing information and quickening its operations. An intranet in place would facilitate all the connection of all its departments and divisions but would incur extra costs for getting the large bulk of customers all over the world. It is on a mission to cater its jewellery services to all and decided to make facility for online payments and delivery. The primary component is that the customers must be facilitated to make their own designs and are able to do that at anytime at their own convenience. They are provided with several options to pick and choose several options for making and designing their own product. Furthermore the site would be able to allow purchase options for the clients so that they can order their designed products and purchase it online. Delivery options are also facilitated at the site. Bead Bar can use e-business to market their website in other commercial sites for providing the customers with enough knowledge about their services and facilities it provides. It can cater to the entire world to fetch customers. Its online presence would create an anytime anywhere environment for accessing its services by the customers. Tracking the orders online and updating of inventories would be quite possible for Bead Bar. Time and effort would be capitalized for every customer and employee for making their operations planned, organized and decisive. The customer would also be freed from location dependent problems and Bead Bar in turn would create a world class facility for every customer giving them a feeling that the entire store is for them and they would get equal assistance and status in getting any services from the enterprise. Building an e-business also helps them to cater to large number of customers at the same time with no problems of call-waiting and poor support for orders. The online store would take that all relevant information is put up and make each customer feel that they own the store. Technology The technology required for the Bead Bar to become an e-business would require the creation of a website which would bring every resource in one page. The site must envelope all the company details and features which would provide enough background for every service the company is rendering and the striking features which make it unique in the internet marketplace in its own segment. The primary requirement is the creation of website which would include all the web technologies like HTML, DHTML, XML, ASP, JSP, PHP and may others. HTML and DHTML would be required to create the static and dynamic pages respectively. Other technologies like XML, JSP and others would be required for fetching data from a warehouse and provide dynamic updation of information. These are established standards for creating a website. Once the website details are figured out one requires figuring out the entities of the system, both internal and external entities, so that their association is mapped. Once all the entities are found and decided upon, the properties of the entities are established, meaning their attributes which define the entities. Once the planning and analysis stage is done the association is mapped into a schema diagram and relations are normalized and then inputted into the database. A RDBMS such as DB2, Oracle, SYBASE or any other can be used to create the database. Connecting databases with the site is the next step where PHP and other technologies can be used. The Java technologies and other server technologies are used so that they facilitate making the online payments and delivery information’s (Cooke, 1997). The above discussed technologies would provide enough content to describe and market the company services and features. It would also facilitate necessary dynamic updations, make arrangements for designing their own jewellery and facilitate payment procedures and delivery options. Website traffic Website traffic is defined in the sense of generating clicks on the website and actions taken. It is also taken for the path traveled by the customers in the website. The following can be attributed for making the website traffic smooth and consistent: †¢ Creating publicity in other sites as flash images †¢ Giving promotion offers and discounts †¢ Offering seasonal packages in jewellery by experts †¢ Online support and chat facilities with the experts in design and organization †¢ Offering more options in custom design in terms of other related items and accessories Electronic payment capabilities The online payment capability for the Bead Bar is taken care well in the e-commerce site. The use of secure socket layer (SSL) technology is used for facilitating the secure means of payment and encryption of data. The use of secure connections would make sure that data is exchanged with ease and online databases must be adjusted well in accordance to handling credit card and other financial information of the customers. Encryption The encryption of the information presented in the website and the handling of financial information for verification and payment is done through the use of encryption techniques so that it is not stolen in the process for malicious intent and the customer is also safe and has no worries for any misuse of information. The financial data is encrypted for changing their content when transferring them to other sites for checking purposes. All such personal data and preferences are also tracked and kept in an encrypted form so that they are not prone to changes or modifications. Conclusion The recommended technological suggestions would make Bead Bar to establish them well in the e-business and make sure customers’ and other agents maintain their level of trust. The usability features would make the site in accordance to the best of standards and make sure that every resource is captured and nurtured well. The web technologies would bring all the divisions of the company on the same page and synchronize all the activities and the life cycle efficiently function. References / Bibliography Cooke, M. (1997). Java e-commerce: technologies for distributed enterprise computing. Lynch, P. Horton, S. (1999). Web Style Guide, Basic Design Principles for Creating Web Sites. How to cite Bead Bar E Commerce, Papers

Accounting Policies And Reliability

Question: Discuss about the Accounting Policies And Reliability? Answer: Introduction The report starts with a discussion on harmonisation of accounting standards. How and why the harmonisation process is useful has been explained. Harmonisation is then compared and contrasted against the process of convergence. The convergence of IFRS into GAAP has been briefed a little in the report. The impacts of such convergence on various economies in EU have been briefly discussed. The aim of the report is to explain the importance of uniform accounting practices for the companies that are operating in global economy. The report then goes on to discuss the qualitative and fundamental aspects of financial reporting and why is it useful to have reporting that are fundamentally strong and sound. International accounting standards Harmonisation basically means bridging the differences in financial reporting. The purpose of harmonisation is to make the accounting standard uniform so that all the disclosures are done in the same way by all the companies. If financial reports are prepared in different ways by all the companies, it becomes difficult for the reader to understand each and every aspect of the financial reporting. So, there are some standard rules and procedures that are to be followed by all the companies which is known as harmonisation of accounting standards. According to Combs, Samy and Myachina (2013), Harmonisation of accounting may vary from country to country. Thus for international investors, it becomes difficult to understand the accounting standards of other countries. Here the term convergence comes into picture which means creating a harmony between accounting standards that are followed by different regulatory bodies. An example of this would be international Accounting standards (IAS) and US Accounting standards (GAAP). This would enhance the confidence of international investors while making investment decisions. Harmonisation takes into account the comparability of the reports and to ensure that the chances of occurrence of any reporting as well as reading errors are minimum (Nobes, 2014). With the help of harmonisation reading complexity of all the financial statements is reduced. Harmonisation also tries to ensure that the process of auditing is smoothened out and the audit reports are prepared uniformly across a country (Jannelli and Tesone, 2013). On the other hand, convergence takes into account, harmonisation of international accounting standards. Harmonisation does not deal with the quality of reporting but convergence deals with the quality of reporting. Convergence also aims to ensure that the international financial reporting that all the companies could use for national and international reporting. Harmonisation aims at increasing agreements in the accounting standards and rules between parties. But it does not involve standardisation of accounting practices (Beke, 2010). Convergence leads to standardisation of accounting process across countries. In harmonisation, as long as there is no logical conflict in the financial representation, or a conflict between the set accounting rules, it would be accepted and followed. But in convergence, the accounting processes and rules are standardised and are to be followed globally. There cannot be any difference because of different boundaries. Convergence can also be defined as an effort of IASB to promulgate the different national accounting standards and use the expertise of these standards to promulgate the best possible international accounting standards. It ensures compatibility in all the international reporting. Convergence tries to remove the barriers for financial reporting when they try to move across boundaries. However harmonisation aims at producing synergistic results within the boundaries of a single economy. It aims at making the reporting uniform so that readers can compare the performance by using similar performance indicators. Advantages and Disadvantages of Harmonisation The advantages and disadvantages of harmonisation is discussed in the table below. Advantages Disadvantages Harmonisation aids comparability of the financial reports irrespective of the industry and thus acts as an important tool in the hands of the investors. Harmonisation does not take into account international scenario and thus is subjected to condemnation. The quality of reporting by the companies operating in under developed economies may not be explicit enough. Financial reporting appears to be more consistent because of harmonisation. Harmonisation ignores the fact that the conditions for accounting may be different and thus uniform reporting on uniform features makes it difficult for the companies a lot of times. Harmonisation aids the process of investment and various analysis can be performed by the experts. So all the investments that are made are informed investments. Harmonisation cannot provide a fool proof answer to the questions posed by the operators in a global economy (Bradshaw and Miller, 2008). The Adoption of IFRS in the EU Any business enterprise that is operating in EU is supposed to use IFRS accounting standards for the purpose of reporting. From the year 2015, endorsement has been made compulsory by regulatory authorities in EU(Shim, Siegel and Shim 2012). Since then EU has been one of the major contributors to IFRS in terms of market capitalisation. No account consolidation is possible without following principles of IFRS in EU. As per a research conducted by Biondi (2014) still there are a few companies who are following the principles of GAAP. Adoption of IFRS made financial reporting process more transparent, comparable and encouraged liquidity, more capital inflows. The markets in the European Union became more investment friendly as international investors were able to make informed investments. (Source: European commission, 2015) The endorsement process of IFRS was made public so that every change that is incorporated in the system is transparent. The monitoring board made direct interaction with IFRS foundation which in turn put the issues of IASB and IFRICs. It was made sure at each levels that the responsible authorities are providing unbiased opinions and there are no vested interests as such. IASB also proposed to develop a conceptual framework wherein they agreed to respond to the demands of stakeholders of these policies as well as respond to the concerns of the regulatory bodies. The role that was to be played by each committee member was made clear by IASB but at the same time the concerns related to standards were to be addressed by EFRAG(European Financial Reporting Advisory Group). The committee would also prepare a report on the expected economic effects of the changes and on the other financial indicators of the economy. Then it would go ahead and propose the draft to the other team members of the board. If any of the team members want to oppose to any changes that are made in the reporting standards then they need to do so within the three months. Else it would be assumed that the proposed draft has been accepted. The regulatory bodies basically had two main concerns. They wanted to address the concerns of investors as well as the concerns raised by taxation authorities. The standards should be Anglo-Saxon and also should be able to address the queries of creditors. In a study conducted by Terzungwe (2012) on Nigerian firms it was noticed that by converging into IFRS, the firms could get better opportunities at international level. They gained on cross border listing, had better competitiveness and they could eliminate the need for reconciliation of information that was reported by their financial accounts. In another study conducted on Italian firms by Cordazzo (2013), it was found out that there existed huge discrepancy between the GAAP and the IFRS. The impact of different accounting rules in the financial accounts created big differences in net income as the treatment of intangible assets and taxes. Another implication for Convergence of IFRS in EU was cost that was to be incurred in training the professionals for the new accounting standards. The diversities that existed in EU in the accounting standards made the convergence a tedious and complex process however it came out with a lot of advantages (Harper, Leatherbury, Machuca and Phillips, 2012). The Conceptual Framework for Financial Reporting The conceptual framework for financial reporting explains the rules and procedures that are to be followed while making financial disclosures. It helps in providing help to the regulatory authorities to develop standards that would assure consistency in the disclosures as well as interpretation ways. This has to ensure that the reporting is clear and concise and there does not exist any scope for any loopholes for fraud and misrepresentation (Teixeira, 2015). Qualitative Characteristics Qualitative characteristics that are to be described are comparability, transparency, integrity, verifiability and timeliness. Fundamental Qualitative Characteristics All the financial disclosures that are made by the companies must be done keeping into mind the users requirements. So apart from addressing the fundamental needs of the financial reporting, it should be able to provide suitable explanations to the varieties of concerns that are raised by various stakeholders. The fundamental qualitative characteristics are materiality, relevance and faithful representation. Apart from this other factors that are to be kept into mind are verifiability, comparability, timeliness and understandability. The fundamental aspects can be explained as follows. Relevance: The financial reporting should contain only those data that could be used as information for at least one set of stakeholders. The reporting should add value to the decision making process of the reader. Faithful Representation: People who have invested money and have some kind of interests attached with any business organisation would certainly like to have a clear picture about the firm. So the financial data that are represented should be free from error, complete and unbiased. Materiality: This characteristic ensures that the data that are represented are entity specific and pertain to a specific time period. The reader should be able to clearly understand the purpose and time period of the disclosure. Enhancing Qualitative Characteristics Since the quality of accounting does not have any fixed definition that all are supposed to follow, the quality of reporting would generally be understood by looking at some fundamental principles. The others are value additions which act lie cherry on the pie and supports stakeholders requirements. The determinants of the financial reporting would be the analysts who are using the information provided by the companies to lure the investors, the legal system who would want to have fair tax revenues, the debtors and the capital providers. The regulatory authorities want this reporting to be uniform so that financial audits and financial performance can be judged uniformly (Abbas and Al-abdullah, 2012). The enhanced qualitative characteristics can be explained as follows. Reliability: The reader of the data should be sure that whatever is being disclosed is reliable and being prepared by someone who has required knowledge about the same. A completely reliable accounting reporting would be one where all the depictions that are being made have required information and the user is being able to understand the phenomenon that is being depicted. Comparability: From investors perspective it is very important to be able to choose between options. They should also be able to compare the past performance with the current performance so that they can decide on the growth path of their investments. The feature comparability also enables users to compare between different companies in the same industry and also between two firms in completely different industry. Consistency: The accounting procedures that are used should be consistent over the years. Same items should be treated in the same way over the years. The ways of treating each and every item should be uniform. Verifiability: The reader of the information should be sure that all the information that has been depicted in the accounts are free of errors are completely unbiased. At any point of time, if anyone wishes can verify the data using appropriate channels. The reader should be sure that the information depicts only reality and nothing else (Ball, Li and Shivakumar,2015). Timeliness: The availability of data at the correct time is of utmost importance. There is no point of having an information when is significance has been lost. So, timeliness is one important aspect of financial reporting. Understandability: The conceptual framework of reporting affirms that if the data is presented in a clear and concise manner following all the guidelines would be understood in the correct way. Conclusion The above discussion puts a light on the importance and usage of harmonisation of accounts. The importance of harmonisation over convergence has also been explained. The convergence of IFRS in the EU economies has significant effects in terms of net income and equity of the users of accounting standards. Finally the paper has put light on the fundamental and other qualitative characteristics of financial reporting. The aspects like relevance, comparability, faithfulness, understandability, verifiability are emphasised in the paper. The paper explains the purpose of accounting from various stakeholders point of view. References Abbas, B. and Al-abdullah, R., 2012. Are IASB's Qualitative Characteristics Reflected in IFRSs? IAS 29 as a Case Study. Research Journal of economics, business and ICT. 5. Ball, R., Li, X. and Shivakumar, L., 2015. Contractibility and transparency of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption.Journal of Accounting Research,53(5), pp.915-963. Beke, J., 2010. Accounting Management by International Standards. International Journal of Business and Management.5(5). Biondi, Y., 2014. Harmonising European public sector accounting standards (EPSAS): issues and perspectives for Europes economy and society.Accounting, Economics and Law,4(3), pp.165-178. Bradshaw, M. T., 2008. Will Harmonizing Accounting Standards Really Harmonize Accounting? Evidence from Non-U.S. Firms Adopting U.S. GAAP. Journal of accounting, auditing and finance. 23(2). Pp 233-264.Combs, A., Samy, M. and Myachina, A., 2013. 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