African-American History Research Paper - 1812 Words

: Question 1: Utilizing specific examples from both books, explain how the actions of African Americans damaged the institution of slavery and ultimately led to its demise. African Americans damages the institute of slavery by escaping and participating in rebellions. On average, 1,000 slaves escaped per year. They wanted freedom so bad that they took the chance of being caught and whipped by their masters. Harriet Tubman was a slave who ran away and returned to plantations several times to rescue the rest of her family, as well as other slaves. It is said that she returned nineteen times and rescued more than 300 slaves. (Kelley and Lewis 2005, 194) The Underground Railroad also contributed to the damaging of the institution of†¦show more content†¦Question 3: While Nash argues that many colonial Americans supported the idea of ending slavery, he suggests that there were a few major challenges to making this a reality. What were these challenges and what suggestions did abolitionists make to overcome these challenges? Be sure to include specific plans for ending slavery such as can be found in chapter 1 and 2 of Race and Revolution and source s such as can be found on pages 146-165 of that book. The two major challenges of abolishing slavery were economic and social. The first was economic; how would slaveowners be compensated? The second was social: how would freed slaves be fit into the social fabric of the new nation? (Nash 2001, 35) In 1790, the Quakers and the Pennsylvania Abolition Society, known as the Foster Committee, got together and petitioned Congress to use their powers to end slavery. The petitions arrived shortly after Congress had taken up Secretary of the Treasury Alexander Hamilton’s Report on Public Credit, which proposed that the federal government assume and fund the Revolutionary War debts of the states. (Nash 2001 38) The Foster committee specified how inhumane slavery was and how everyone deserved to be free; despite the color of their skin. The Southerners defended slavery, stating the slave trade rescued blacks from African savagery. They also stated how Congress was unable to emancipate slavery until 1808. The support from theShow MoreRelat edAfrican American History Research Paper1044 Words   |  5 PagesAfrican American History Research Paper The history of West Africa has its inhabitant traces is almost 6000 years ancient, but the earliest human beings who came here first were almost 12000 BCE. The enhancement in the farming took place after the arrival of a modern ancestor in the fifth millennium. After making connections with other civilizations like Mediterranean ones, the development of iron industry took place in every use of daily life. The common or traditional business of trade for themRead MoreCivil War Movement : Martin Luther King Jr Malcolm X1212 Words   |  5 Pages Research paper History 11.21 December 23, 2014 Civil War Movement: Martin Luther King Jr/ Malcolm X Many years after blacks had received citizenship and the right to vote there was still much bias against them. Because of their skin color African Americans hadn’t been treated fairly and did not have the same rights as whites. In theRead MoreEthnic And Of The United States935 Words   |  4 Pagesare living in it without giving control to big powers that can decrease the representation of the people. They placed laws in making the American constitution that protect all the people of America. However, these amendments were mostly protecting the White Americans which not approved to Native Americans, Asian Americans, Latin Americans, and African Americans. Laws and amendments kept being added to the constitution so that the rights of every person who lives in the United States remains protectedRead MoreEssay about Race Assignment787 Words   |  4 PagesChris Lankford History Report on Race 24 March 2012 For purposes of this paper, I am choosing African American, and also choosing to write this paper from the view point of someone that is this group and is writing a letter to someone outside of the group. Dear Preston, I’m writing you to inform you of the history of my racial group and also to inform you of some of the steps and process’s that our government has implemented to help out this racial group. I hope that this letter reachesRead MoreHow Black Codes And Jim Crow Laws1605 Words   |  7 PagesAlready Knew and What I Wanted to Know For my research topic I chose â€Å"Black Codes and Jim Crow Laws.† I chose this topic because I have heard about Jim Crow Laws many times through television, books, and history classes but never in depth. I wanted to know more about the topic, along with black codes, which I have never heard about and didn’t know existed. Choosing this topic allowed me to gain more knowledge on both of these topics. Before this paper, my knowledge of Jim Crows laws was that theyRead MoreHistorical Report on Race Eth/125 Essay904 Words   |  4 Pagesletter that you were writing a research paper on the African American history in the United States, and you were hoping I could share some of my experiences and knowledge of my race for your paper. I would love to offer my insight to you for your research. You may be surprised to find out that the first Africans came to North America a full year before the Mayflower ever landed at Plymouth Rock. The first slave cargo arrived in Williamsburg, Virginia in 1619 with Africans that forced to aid in theRead MoreThe Impact Of History And Counseling Theories1046 Words   |  5 PagesThe Impact of History and Counseling Theories We are in a time where countless individuals are under extreme forms of stress, etc. The National Alliance on Mental Health cites nearly Approximately 1 in 5 adults in the U.S., or 43.8 million, experiences mental illness in each year. Minority growth is increasing at a rapid pace in the United States. There is a growing need for culturally competent, sensitive therapists can interact with various diverse ethnic groups, LGBTQ, and the disabled. UnfortunatelyRead MoreThe Black Panther Party : A Decade Like The Sixties1708 Words   |  7 Pagessolutions. A lot of different life changing events and organizations were taken place in the sixties. One major organization that took place in the sixties was The Black Panther Party. The major goal for this organization was to protect the African Americans and provide them with equal rights and opportunities. The Black Panthers used violence to get what they want. When The Black Panthers Party was formed there was a lot going on at the time. The creation of The Black Panthers was the result ofRead MoreComparative Article On Slavery During The Monument Of Commemorating Africa Slavery From A Politics Perspective938 Words   |  4 PagesComparative Article Paper Slavery is a contentious topic for scholars. Authors of both two articles discussed in this paper focus on different issues related to slavery, while they get access to issues on slavery from various perspectives. On the one hand, Alderman examines the inscription in the monument of commemorating Africa slavery from a politics perspective. On the other hand, Lambert discusses the development of Atlantic slavery in the historical geographic areas. In this paper, I aim to focusRead MoreRace, Hegemony, and Cultural Participation1699 Words   |  7 Pagesexperiences and perspectives within a society and a culture. This paper will outline some of the experiences of African American women through American history. The paper connects sociological theories as a way to explain and contemplate hegemony, equality, and social relations. The paper analyzes two quotations from real and fictional characters that aptly circumscribe their experience in relation to White American hegemony. The paper concludes that theories such and Hegemony Theory, Functionalist

History Of Downsizing The Grand National Staircase

Recently there has been much controversy in Garfield county due to talk of downsizing the grand national staircase. One of, if not the, most visited sites in Escalante, Utah Is the Grand Staircase National Monument. Stretching, right now, at about 1.9 million acres, the monument consists of beautiful slot canyons, national parks, and multiple lakes and/or rivers. With Utah being known for its national parks and beautiful scenery there is a lot of commotion being brought up with this new resolution to downsize. Named as resolution, HCR 12, county commissioners argue that the lack of space is destroying the industry and economic livelihood of Garfield county. Utah citizens disagree, and many argue that the cost of reducing the land size will†¦show more content†¦Not only is Utah HCR 12, effecting the citizens of Garfield county, people from all over the world are posting on social media, emailing, petitioning, and blogging with strong feelings towards this topic. Peter Scott w rote a petition to Governor Gary Herbert, stating that the concurrent resolution, â€Å"is an illogical assault on one of the crown jewels of Americas National Monument†¦ The overall investments in the communities of the Garfield county since 1996 have been directly connected to the designation of the Monument† (Thepetitionsite.com). Agreeing with Peter, citizens against HCR 12 argue that the monument brings in millions of dollars in tourism each year, and by decreasing the size will, in turn, do more harm to the economy than good. Petitioners argue that there is no comparative advantage to building here as opposed somewhere else. These people believe the benefits from unemployment decreasing if the resolution passes, are not enough for the opportunities lost. Unemployment The main reason that commissioners are arguing for the resolution to pass is due to the amount of employment opportunities that it will bring to Garfield county. By using that land of the Grand National Staircase, more buildings and businesses can be built therefor, increasing the job supply, economy, and industry. The unemployment rate will decrease as job opportunities increase and the economy will boom. All three types of unemployment, frictional,Show MoreRelatedMarketing Mistakes and Successes175322 Words   |  702 Pagesbeers, higher priced even than most imports. Notwithstanding this—or maybe because of it—Boston Beer became the largest microbrewer. It proved that a small entrepreneur can compete successfully against the giants in the industry, and do this on a national scale. Marketing Wars Pepsi and Coca-Cola for decades competed worldwide. Usually Coca-Cola won out, but it could never let its guard down; however, it recently did so in Europe. Now a Organization of this Book †¢ 5 trend toward noncarbonated

Food Chain, Food Web and Ecological Pyramid Free Essays

GAYATRI VIDYA PARISHAD COLLEGE OF ENGINEERING (AUTONOMOUS) MADHUARAWADA, VISAKHAPATNAM – 530048 ASSIGNMENT SUBMITTED TO: S. V. RAMANA ————————————————- DEPARTMENT OF ENGLISH NAME OF THE STUDENT: VAMSI KRISHNA G ROLL NUMBER:12131A0533 TITLE OF THE ASSIGNMENT: TECHNOLOGY ON EDUCATION ————————————————- DATE OF SUBMISSION: 15-04-2013 INTRODUCTION: The impact of technology on education is immense. We will write a custom essay sample on Food Chain, Food Web and Ecological Pyramid or any similar topic only for you Order Now In olden days students used to get confined to libraries for any information on the topics given to them but now a days the technology has been improved , students carry portable devices with them such as laptops, mobiles etc. they are also provided with Ebooks which are much more advanced than the textbooks. KEY POINTS: 1. As the technology have been increased productivity tools such as databases, spreadsheets, graphic programs etc allow students to independently organize, analyze, interpret, develop, their own work 2. Projectors are playing a major role in an students life as teachers have adopted e learning techniques due to which students are understanding the concepts easily. It has lessen the burden of a teacher 3. Technology have been increased so well that the application of scientific calculators have lessen the burden of the engineering students. 4. students can set up language lessons with a native speaker who lives in another country and attend the lessons via videoconferencing 5. With a simple assignment and access to technology, researching and also producing a product that would communicate, students are able to do deep learning on a concept that wasn’t even addressed in their textbook, and allow other people to view it and learn from it. 6. E-books is an electronic device which consists of a lot of information more than a textbook. Hence e-book has replaced the textbook . 7. 3D learning has become a reality especially for medical , architech , biology students as it increases their understanding and are able to grasp the concept very easily. . Now a days students are not restricted to libraries and classrooms as they are equipped with portable learning devices such as laptops, pendrives, smartphones etc. 9. In olden days students used to refer a number of books by going to library but now students can get any information on any topic on web for example Wikipedia. 10. Assistive technology can help students who have mental retardation along with stude nts who are low performers, at-risk students or have any learning disability. 11. There are a number of websites such as expert tutorials, mock testes, online testes which increase the confidence of the students facing any type of exams. 12. Presently, classroom learning is increasingly dependent on the integration of technology thus enhancing learning. The current technology uses email systems, data processing and laptop audio/videos webinars. 13. youtube is a great example for homegrown ingenuity as it has many different venues such as entertainment, learning and even commercialization of products. 14. The improvement in technology has been a great help to students in many fields for instance, in the field of fashion technology , one can use different colour patterns , 3D designing etc. so that they can have immediate evaluation. 15. The textbooks have also become very attractive with fine quality and much more advanced than the olden day’s textbooks, which help the students to update the information accurately. 16. In olden days students used to write the information from different textbooks which was a time taking process but now a days students can get any type of information printed instead of writing. 7. Students can incoperate pictures,matter with the help of scanner in their presentation. 18. Open air class room techniques have been implemented so that students engage in hands on learning related to nature topics. 19. Virtual reality technology is an important tool for the monitoring anomalies in structures and to assist decisions based on visual analysis of alternati ve solutions. It is mostly used in civil engineering. 20. The technology has made it possible for the distance education students to persue degree with good universities. CONCLUSION: Hence increase in technology has brought a great change in education. Students are getting more confident and are able to face the world with no fear. Computers assist in education by providing a wide range of resources, and by tailoring instruction to the individual student, which can seldom be done in the normal classroom. VAMSI KRISHNA G 15-04-2013 SIGNATURE (WITH DATE) How to cite Food Chain, Food Web and Ecological Pyramid, Essays

Do the Current Accounting Standards Live Up to Their Objectives

Question: Do the current accounting standards live up to their objectives? Critically discuss. Answer: Executive Summary This report covers the most crucial aspect of the introduction of the current accounting standard i.e. whether the same has been able to deliver what it promised. The main purpose of implementing such a detailed accounting standard theory was simply to give a more comprehendible overview to the end users and the investors. Also the financial crisis that took in the year 2008 , the effects of which are still being felt by the economies world wide has led to the introduction of a more stringent accounting standard. Some of the important standards that have undergone a change are standards on leases, consolidation of financial statements and accounting for financial instruments. The new accounting standard although has delivered what it supposed to yet there are some complexities attached to it which needs to be addresses. The most important is adequate training to the people, cost factors and the implementation in a more phased manner. The report below clearly describes the various obj ectives that some of the important standards have been able to meet and some glitches attached to it though not to influential so as to defeat the entire objective of the said standards. Introduction The current accounting standards which is recognized and followed worldwide is the International Financial Reporting System IFRS. This standard enables comparison of the business activities across the globe via a common global financial language which puts all entities with similar business lines on the same platform. The main objective for the introduction of the same was especially for the listed entities so that there reporting of the financials is easily comparable across all the jurisdictions of the various countries. The said reporting language was introduced and made mandatory for the larger entities because they had dealings across the globe. It was first introduced in the European Union but the concept of harmonization which the standards offered soon forced the other countries also to adopt the same. The current accounting standards thus enable easy comparison and better dependability on the financial statements published by the various entities for the end users. However e ven though the current accounting standards have been able to live up to the objectives yet there are some hurdles and blockages which still need to be taken care of (Galuszka, 2008). Ifrs 16 Lease Accoutning Some of the standards spelt out in the current accounting standards live up to the objectives but not fully. It has some glitches which should be addressed to on time before the same fails. Lease accounting has always been the most debatable one of all. The current accounting standard IFRS 16 on lease accounting replaces IAS 17. IFRS 16 is an improved version of the lease accounting that is adopted. The said standards is mandatorily to be applied from the year 2019, however if companies decide to apply the same before that then they are to compulsorily also apply IFRS 15 i.e. revenue from contracts with customers also. The lease accounting has undergone substantial changes such as it has spelt out directions regarding reporting the leases in the balance sheet and the measurement criteria for leases. The main objective for the introduction of this accounting standard was to ensure that the users of the financial statements are not mislead anymore. An estimation of US$1.25 trillion of off balance sheet leases was made by the SEC in the year 2005 which raised concerns regarding transparency about lease transactions within the entities (Deloitte, 2016). Therefore a revolutionary change was introduced in the accounting for leases which ensured that the assets and the liabilities arising from the leases should be recognized clearly in the balance sheet irrespective of the type of lease transaction. The unavailability of the information about the lease transact-tions in the balance sheets of the companies befitted the concept of true and fair view as it was difficult for the users and the investors to compare two companies one who purchase assets based on borrowed funds and the other who acquire assets on lease but do not make any adjustments in the balance sheet (Ifrs.org, 2016). Thus the objective of the said standard was to get operating lease and finance lease on an equal platform. As per the said standard a leased asset is capitalized by taking out the NPV of the lease payments to be made in future. The NPV is shown as a leased asset or made a part of the property plant and equipment category in the balance sheet. Further the leas e payments that is to be made is shown as a financial liability of the concern. This will have a material effect on the leverage ratios of the companies who are mainly using leased assets. However there has been one exception to this standard. The short term leases and the leases which are of a lower value are exempted from this standard. This is due to the insignificant impact that the same would have on the users decision making tools. Thus companies who are basically working upon the model of off balance sheet funding will be effected the most (Ey.com, 2016). The main objective of the implementation of the said standard is to help the decision makers to take a more informed decision. The cost of borrowing or the liability of the concern will not change, it is the transparency which will have a positive impact on the decisions. The most sought after benefit for the entities is that the said standard will not deter the companies from leasing assets. The main reason for the introduction of the current accounting standards is that the accounting statements represent a true and fair view for the users and the investors. The application of this standard enables to provide a clearer picture about the various assets and the liabilities that the company owns and owes and also the leverage ratios and the data regards the capital employed are more transparent (Kpmg.com, 2016). The IFRS 16 thus has been able to live up to its objectives quite well addressing the most important concept of transparency however the shareholders and the investors are to be made to understood the benefits. Initial implementation costs are high as it needs proper training to the accounting staff, implementation of a new system, understanding the tax implications and preparing two types of statements initially so as to make the readers understand the changes and react in a positive manner. How has Ifrs 15 Helped in Meeting Curent Accounting Standard Objective Another very important accounting standard that is to be read with that of lease accounting is IFRS 15 ,revenue from contracts with customers. As stated above the application of the said standard becomes a mandate with immediate effect with leases are accounted for as per the IFRS 16 before 2019. Revenue recognition is one of the most significant requirements of any entity as this information will help the users to analyse the performance of the company and how much revenue is being generated from the assets deployed (Ifrs.org, 2014,). Limitation in the guidance spelt out with regards the recognition of the revenue made the introduction of the said standard. The said standard promises to deliver a better comparable data of the revenues generated by the entities from its customers. It also reduces the applicability of the various directives in addressing revenue recognition issues on a case to case basis and also improves the disclosure patterns thus providing information that is more useful and relevant. The said standard pronounces the fact that revenue should be recognized once the transfer of the goods and services has taken place to the requisite customer. The timing for the recognition was very unclear in the previous spelt out standards which has become clear in the current accounting standard (Pwc.com, 2014). Also one of the most significant issue that the standard addresses is that of accounting for variable consideration. It immediately estimates the value by expected to be received and then the same is made a part of the transactions price. The significance of the financing components in case of existence of a gap between the payment and the delivery of the good by the company mainly in case of contracting arrangements is accounted for in IFRS 15. Lastly the disclosure requirements are also very transparent in this standard. The revenue of the company can easily be correlated with the financial position stated as the standard requires disclosure of bo th qualitative as well as quantitative data (www2.deloitte.com, 2015). Thus IFRS 15 has very nicely been able to phase out the various kinds of contracts and how the revenue for the same should be recognized. Also the disclosure requirements are varied enough to help the investors understand the revenue in contract to the isolation that was prevalent in the earlier standards for revenue recognition (iasplus.com, 2016). Accoutning for Financial Instruments The next accounting standard that would help to analyse the fact as to how much has the current accounting standard helped to live up to the objectives is accounting standard on financial instrument i.e. IFRS 09. The entities implementing the said standard have made it very clear that implementation of the said standard fully in a strategic manner will take a ot of time as its application will impact the data, system and the various key performance indicators of the company. The banking sector is the one which will suffer a hit as the said standard is completely different with the one that used to exist, IAS 39 and the said standard is basically applicable in this sector mainly. Although the fact that all companies across the globe will have an impact with this standard cannot be ignored as well (ey.com, 2015). Appropriate classification and measurement of financial instruments is the crux of any financial instrument and to ensure that the same is done in an apt way, the said standard was introduced. The measurement criteria is different as per the said IFRS. The financial instruments are either measured at amortization cost or fair value method via the profit and loss account or the comprehensive income account. The said standard also removed the cap with regards the cost exemption for the unlisted equity and the related derivatives where the fair value could not be determined accurately. Thus now the same is adequately measured and recognized at fair value (Vials 2012). The said standard provides transparency to such a level that it also measures the credit risk involved with various financial instruments and whether the same will lead to any default since recognition of the same in the financials of a company. If so the same is required to be disclosed adequately for the investors to get an overview of the various investments made by the company and how much sound are they. Financial Instruments are wary towards periodical impairments. The said standard enables to provide a wider scope of application of the same. The old model of expected losses in case of impairment is applied by this standard too however the difference in the model used for calculation for the amortised cost assets and the assets available for sale category (Tcs.com, 2014). IFRS 9 does not make the application of hedge fund accounting mandatory. However the standard clearly states that hedge accounting enables the entities to show the activities that it is undertaking so as to mitigate the various risks involved with respect to certain financial instruments. It correlates the gain or losses incurred due to hedging with regards the risk exposures that they are exposed to due to hedging (Silvia 2014). Thus this provides a very clear picture to the investors about the risk taking appetite of the entity. Finally what is important is the extent of disclosure requirements that a standard offers. From a laymans perspective the disclosures play a very vital role. The new accounting standard introduces various more areas of disclosures such as impairments, hedging and a more adequate and clearer classification and measurement methodology within the acceptable norms (Casplus.com, 2016). It ensures to portray a more realistic view of the financial instruments that the organization has invested into. How the various instruments are effecting the cash flows of an entity is what ultimately all the users look at. The investors are concerned about the soundness of the investment and this can be understood only via detailed disclosure requirements. However IFRS 9 is the most complex of all yet the objectives that it defines to meet is broad enough for meeting the expectations of the users of the financial statements. Though it requires adequate cost for implementation yet the benefit derived over shadows the cost involved drastically (Deloitte, 2014). Consolidation Ifrs 10 and Disclosures Ifrs 12 Another very important current accounting standard which is a good example to determine whether the current accounting standard live up to its objective is IFRS 10 and IFRS 12, Consolidated financial statements and Disclosure of interest in other entities respectively. The first one lays downs the various principles to be followed for the preparation and the presentation of consolidated financial statements while the latter spells out the various details to be disclosed by the reporting entity regarding its interest in the subsidiary, associate, joint ventures and other unconsolidated structured entities. IFRS 10 provides consistency in application of the consolidation procedure which is very important for comparing similar entities. While the other standard provides a more deep detailing of the controlling interest of the reporting entity. This was demanded by the users basically to enable them to be able to take a more informed decision before inve-sting. The importance of this sta ndard got recognition more after the world economic crisis in the year 2008 (Ifrs.org, 2011). IFRS 10 talks about control in any manner and provides a single accounting solution for all. The most important objective that these two standards serve is disclosure requirements. Clarity is attained with regards the disclosure of consolidated as well as consolidated entities. The most significant concept about IFRS 10 is that it does not introduce any new method of consolidation, instead improvises on the existing one only by adding some more guiding principles. Such as the financial reporting standard has a section defining the guidelines about the potential voting rights of an entity over companies that they control. It states that if the controlling interest is substantive enough to affect the entities financial statements then the potential voting rights hold importance. It has a wider outlook in analysing the controlling interest of an entity over the other entity (Higgins 2016). The main purpose that this standard serves is proper consolidation rather than the extent of consolidation. Another very important part that this standard clarifies is the meaning of control and what type of control calls for a consolidation. It is very similar to IAS 27 with only one difference that is of adopting a single method of consolidation. The consolidation standard addresses some issues clearly such as consolidation guidance in case there is a chance of control without having majority voting rights. This is a development to the previous accounting standard which was unclear with regards this situation. Further assessing of control with regards relation with various agents was also a matter of concern and vague in nature. The said confusion was curtained off by IFRS 10 which states clear guidance with regards the agent and principle relation and the situations which would help to determine the same. These two accounting standards have enabled and lived up to the objectives that it supposes to deliver. Although nothing comes without cost but the benefit of detailed and deep rooted disclosures, a proper assessment of controlling rights and interests and various transitional provisions is way above all. The confidence that the investors derive from such a clarity is beyond doubt. The disclosure requirements that IFRS 12 demands is more informed and organized. It detailing is such that valuations and equity analysis is easily comprehendible (Spector 2011). All the users are not well conversant as to how to interpret a financial statement but if the same is prepared with regards set principles and guidelines then the same can be of use to any investor. It is seen a general practice that the reporting entities involvement in other entities is not disclosed if the same is not a part of the consolidated structured entity. This is what the said standard clarifies that if there is a finan cial implication and interest then disclosure is a must (Briginshaw 2008). Further would like to highlight on the fact that the adoption of the current accounting standard has enabled to meet the expectations of the investors and the end users. It not only is beneficial for the outsiders but also for the various organizations, It helps in inculcating discipline amongst the entities also. The current accounting standards main purpose was to clarify the hiccups which the preparers as well the users had with regards presentation of information in a more informed manner. The global financial crisis 2008 was an eye opener for all. The inaccurate and incomplete disclosures and accounting by the entities led to uninformed investments, thus leading towards losses and increasing mis trust. It also affects the economical conditions world wide. The new standards are complex in nature but not all. Some enable more clarity such as IFRS 16 on leases which eradicates the entire concept of off balance sheet funding and does not classify leases into operating and finance an ymore. Though this has a negative effect on the entities but the users are benefited as now they do not have to re-consider these off balance sheet terms while taking investment decisions. The next was standard regarding revenue recognition which is of utmost importance. The standard clarifies the timing of recognition of the revenue which is the most crucial part while preparing the financials of an entity. This has a major implication over the profit and loss of the organization and its profitability ratios as well. Lastly the standard regards consolidation and disclosure is equally important. This standard enables better consistency and uniformity which was missing in the previous standards (Tokar 2015). Conclusion Thus it can be said that although he applicability of the said standards is limited to entities with a larger net worth and capital and those who are listed in the stock exchanges yet these are the ones which actually have a significant impact on the various economies. The cost involved is high but the same is not as much as the benefit that it provides. The application though requires education and training and better clarity but the same can be achieved through phased out implementation of it. The objective of providing a clearer and a more discrete picture of the financial position of the organizations is well met via the implementation of the current accounting standards though with some glitches which are too small to effect the advantages it offers. References: Deloitte, 2016, IASB Issues IFRS 16- Leases, Ey.com, 2016, Leases- A summary of IFRS 16 and its effects, viewed on 22 June 2016, Kpmg.com, 2016, IFRS 16 Leases A more transparent balance sheet, Ifrs.org, 2014, IFRS 15 Revenue from Contracts with Customers, viewed on 22 June 2016, iasplus.com, 2016, IFRS 15- Revenue from Contracts with Customers, viewed on 22 June 2016, Vials, A., 2012, The future of IFRS financial instruments accounting, IFRS Newsletter Financial Instruments, Casplus.com, 2016, IFRS in focus , IFRS 9: Financial Instruments high level summary, viewed on 22 June 2016, Ifrs.org, 2011, IFRS 10: Consolidated Financial Statements and IFRS 12 Disclosure of Interest in Other Entities, viewed on 22 June 2016, Higgins, K., 2016, A practical guide to implementing IFRS 10 Consolidated Financial Statements , viewed on 22 June 2016 Galuszka, P., 2008, Pros and Cons of IFRS, viewed on 22 June 2016, Pwc.com, 2014, Revenue from contracts with customers, viewed on 22 June 2016.