Issues In Financial Reporting Essay Example | Topics and Well Written Essays - 2000 words

Issues In Financial Reporting - Essay Example IASC has seven members which "have formal liaison responsibilities with the national standard-setters in their respective countries" (Carrol and Dixon, 2003). These countries are the United States, Canada, the United Kingdom, France, Germany, Japan, Australia and New Zealand (the last two being represented by the same liaison member). Earlier the Australian Financial Reporting Council supported the policy of international harmonization in the sphere of accounting standards; Australian government launched one of the most effective programs of compliance with the IFRS in the world; at the same time Australia had a very developed accounting system which allowed to effectively monitor the firm's condition. However, recently the Australian Financial Reporting Council (AFRC) proclaimed the policy of adoption of IFRS. Such radical change has caused a lot of debates whether this decision will be a benefit to Australia or will worsen its position. This essay is dedicated to analysis of advantages and disadvantages of the AFRC's decision. Since globalization is one of the main tendencies in international economy, the interaction between Australian companies and foreign firms is increasing. It is common knowledge that volumes of international trade are growing rather in geometrical than in arithmetical progression. The countries which will be the first to open their economies to international trade, will receive the chance for significant economical growth. One of the necessary demands of international trade is the compliance of accounting standards and maximal ease of financial reporting. Adoption of IFRS, according to Collett et al. (2001), will lead to the increase of capital flow to the national market, and will also give the possibility to export the capital to other countries with lower cost for this and with simplified procedure. On one hand, these arguments are evident; the increased flow of capital is likely to benefit economical growth of the country. On the other hand, the expansion of foreign capital means a challenge to the national companies; it can also be doubted that national capital will quickly flow to other countries; this can be true only for countries with less developed economical and financial system than the Australian one. In my opinion, it is difficult to determine whether this argument belongs to advantages or disadvantages of IFRS adoption since the flows of capital depend on many other factors. 1.2. Improvement in capital market efficiency There exists an opinion that adoption of IFRS will lead to better accuracy of capital pricing and to higher efficiency of Australian

London Olympics 2012 - China Diving Team Essay Example | Topics and Well Written Essays - 2750 words

London Olympics 2012 - China Diving Team - Essay Example It is worth mentioning that London was the first country to have hosted the modern Olympic Games event three times having previously done in 1908 and 1948. With the growing competition amid different nations at the global level, strategies are also being made to excel in field of education and sports. China as a leading global sporting nation is considered to be the most populated country, which has over the past two decades established a successful niche for itself in the Games. The subsequent results that are evidently showing in Olympic Games from Chinese participants especially diving team has been propagated by significant contributions from the government which is taking adequate steps to develop and convert the inherent skills of the sports persons to successful results and medals through a precise focus on team development. In this regard, it is observed that ‘Team Success/Failure Model’ is a crucial determinant and continuum to ascertain to inherent perspectives related to a team’s strengths and team members characteristics. The China diving team has been able to create history in the Olympic Games in the year 2012. The diving competitions in the Olympic Games (London) took place at the Aquatics Centre. It was one of the most attractive aquatic sports that took place at the games. Apart from diving, China also took part in other aquatic sports that comprised synchronized swimming, water polo and swimming. However, the China diving team was able to become the most successful country that topped the medal table with six gold, one bronze and three silver in total (BBC, â€Å"Medals in Diving†). THESIS STATEMENT The main objective of this study is to analyze the different facets associated with Chinese Olympic diving team which participated in 2012 summer Olympic Games with a special focus on synchronized diving. The study will be evaluated based on ‘Team Success/Failure Model’, which will enable to determine the key constituents of success achieved by the Chinese diving team. TEAM GOAL OR TASK Diving is considered to be a sport that primarily involves leaping or dropping into water from a raised area or launch pad on occasion while executing acrobatics. Diving is an internationally recognized sport since it acceptance in the Olympic Games in 2000. Although it is viewed that countries such as the United States ruled worldwide competitive diving events in the twentieth century however the sport is being accepted by many countries after it gained international recognition from IOC in the year 2000. China is observed to be one of the leading sporting nations, which has excelled in the sport of diving. The sport was accepted by the people when it was transfigured by national coach Liang Boxi (International Olympic Committee 1-9). Other noted counties that are adapting significant amount of strategies to uplift the sport include Russia, Great Britain, Italy and Australia among others. China is consi dered to be among the most revered participating nations in diving in the Olympic Games since the early 1980s. China won its first Olympic medal in diving in the 1984 Los Angeles Games. Again, in the year 1988, the nation gained two out of four gold medals in the diving category in Seoul which continued to grow as it was able to gain five gold medals from Sydney and six in Athens. Chinese divers quickly became accustomed to victory having