FINANCIAL REPORTING & ANALYSIS Essay Example | Topics and Well Written Essays - 1500 words

FINANCIAL REPORTING & ANALYSIS - Essay Example counting standards include a constant approach towards solving of problems and do not present a sequence of ad hoc reactions that deal with the accounting issues. The main function of the framework is to support the International Accounting Standard Board in the progress of consistent and coherent accounting standards. The conceptual model is not referred to a standard, although it directs in the preparation of financial statement in order to facilitate them to determine accounting issues. It is an extremely influential and important document which helps the users to understand the function as well as the limitation of the financial reporting (Ruppel, 2010). The conceptual framework is an existing subject because it is being amended as a combined project with the International Accounting Standard Board’s American Counterparts; the FASB (Financial Accounting Standard Board). However, the conceptual framework is being criticised for not accomplishing its functional goals, mainly that of offering a base for directing standard-setting and resolving accounting arguments. The main rationale behind this project is to highlight the criticism of financial accounting and problems with prevailing conceptual framework. The aims of universal purpose financial reports are also taken into consideration. The purpose of the theoretical/conceptual framework is to build up an enhanced framework which offers a sound base for developing the future accounting models. Such a structure is crucial in fulfilling the Board’s objective of developing benchmarks that are value based, internally reliable, and that show the way to the financial reporting; which gives the information to the capital providers who requires to make judgments in their capability as wealth providers. Moreover, the new Financial Accounting Standard Board framework will be constructed on the prevailing framework (Fasb, 2014). Although the prevailing conceptual framework has assisted the International Accounting

The Lottery by Shirley Jackson Essay Example | Topics and Well Written Essays - 500 words

The Lottery by Shirley Jackson - Essay Example The story reveals the misguided beliefs of the villagers and their specific customs. The day, in which the lottery was conducted, Mr. Summers, an old man in the village, gives guidance for the villagers. He arrives in the village square carrying a black wooden box with slips of paper in it and Mr. Graves, a young man in the town, follows Mr. Summer, carrying a three- legged stool. People keep a distance from the box and the reader can see that the villagers show their willingness as well as their hesitations towards the rituals. Amelia Tibbet observes that â€Å"Basically, the story revolves around the misguided belief that if the villagers sacrifice one of their own to what readers are led to believe is a Rain God, then they will have good crops the next year† (Tibbett). The villagers believe that if they fail to follow the tradition of the lottery, they will face some tough consequences like starvation, poverty and drought. Before the lottery is conducted, various lists had to be made, such as the heads of households, heads of eminent families, and the members of each family. The old man keeps and classifies all the details and begins the lottery. From the words of the old citizens in the town, the reader can see that there had been a ritual solute which the officials of the lottery used to practice. They had addressed each and every person who come up and draw from the box. Examining the procedures, the reader can see â€Å"there had been a recital of some sort, performed by the official of the lottery, a perfunctory, tuneless chant that had been rattled off duly each year† (Jackson). After the drawing, the winner is stoned to death by the villagers, and their activity exposes their superstition and brutality. Here, the modern reader may feel the situation as absolutely ironic because they have positive expectations