Consistent Application of IAS on European on Companies Essay

Consistent Application of IAS on European on Companies - Essay Example The Europe Union has been aiming to have an efficient capital market (Toporowski, 2000; Davis, 1997; Dermine and Hillion, 1999) for its Member States through an efficient and effective financial information system in a transparent European capital market even prior to the Enron scandal in 2002.   The subsequent US scandals in securities market may have triggered the early adoption of IAS in 2002 to require its application to all listed companies in Europe as of 2005. For EU, the issue of efficient capital market is of course broader than the issue of these international standards. Attainment of EU’s purpose therefore under this field is part of its desire for economic advantages (Carroll, Thomas, 1983; Slavin, 1996; Samuelson and Nordhaus, 1992)   of its   member states in the global economy as it hastens its economic integration (Graetz, et. al, 2006; Halkos and Salamouris, 2003, European Economic Integration, 1994). The Enron scandal cannot be separated from the failur e of the US generally accepted accounting principles (GAAP) on financial reporting (Choi and Fisch, 2003) that became the basis for the European Union (EU) members to be unable to find their trust on said accounting rules and conventions.   Persuading the US to change its GAAP with the IAS due to ineffectiveness of the former in the Enron scandal is part of the process. With European Commission having urged the SEC to adopt IAS in February 2002, an overwhelming adoption of the IAS by European Parliament in March 13, 2002 was evident by a vote of 492 for, 5 against and 29 abstentions. The European Parliament endorsed the Commission’s proposal for all EU listed companies to follow standards issued by the International Accounting Standards Board in their consolidated financial statements not latter than 2005.   Non-listed companies on the other hand were permitted to decide whether to adopt IAS. Member States were also given the option to exempt some companies temporarily fr om IAS requirement under some cases until 2007. The option is only available in the case listed companies in the EU and in on a non-EU exchange and are following another set of internationally accepted standards and in the case of   companies that have only publicly traded debt securities (Deloitte Touche Tohmatsu, 2008e).  

America became a culturally distinct place from England during the Essay

America became a culturally distinct place from England during the seventeenth and eighteenth centuries. Using information about decorative arts, architecture, - Essay Example One of the cultural differences that emerged between England and America was in speech. Americans no longer carry even a hint of a British accent. The Americans created a new unique form of English. Several reasons can explain this phenomenon. First and foremost Americans wanted to show their lack of class. Classes such as nobility, middle, and lower classes had their own accents in England. America wanted everyone to be equal. Thus by speaking slurred English, Americans showed their solidarity with one another (Larkin, 1989: 154). The melting pot of cultures that came to America also contributed to the unique English. Germans, Italians, Irish, African, and many other cultures collided with their accents making the American accent. Americans did not want to create an English Colony, they wanted to create a new country with a new language. American English is also written differently than British English. For example, Americans write center, whereas the British write centre. The British do not write words ending in er, but use re. The lack of reading material in the beginning of the Colonies might have contributed to the misspelling of words, which in turn created this whole new distinctive English (Larkin, 1989: 36). Words for common things also became different. In England, a queue is a line in America. This could be created to the illiterate, which spelled the words wrong, with a new generation adopting them, or a deliberate attempt to leave their English roots behind. The Americans created a new version of English that is still around today. Art in America reflected the culture that the artist came from. Pictures of farmers, landscapes, and hardships started appearing in the seventeenth and eighteenth century (Larkin, 1989: 176). These paintings were exclusively American, since they depicted American life. American Gothic, Old Virginia Home, and The Declaration of