Getting Published on Kindle

Getting Published on Kindle Getting Published on Kindle Getting Published on Kindle By Simon Kewin Getting your work distributed onto Amazon’s Kindle eReader is actually quite easy.â Maybe you’re an author intrigued by independently publishing a portion of your work. Or on the other hand you may essentially need to get familiar with the ePublishing transformation and how to get included. In either case, doing so is in reality clear. Since January this year, Amazon’s Digital Text Platform (DTP) has been accessible in all nations, permitting you to transfer your work and distribute it in Amazon’s Kindle store. Also, since there are assessed to be 1.5 million Kindles being used, this speaks to a huge potential market.â To begin you simply need a standard client Amazon account. You sign in with this at the DTP site and from that point begin transferring. You give your original copy in Microsoft Word or HTML organization and Amazon will consequently change over it into the arrangement utilized by the Kindle. You likewise need to give some additional data about your work : title, portrayal, language, watchwords, classes, value, distributing dateâ , etc. You likewise have the alternative of giving some spread fine art, which is suggested as it will make your distributed work significantly more eye-catching.â The entire procedure of giving these subtleties is smooth and cordial. There is additionally a great deal of help accessible on the off chance that you stall out, as FAQs and gatherings. You don’t need to get everything right first time. You can review what you’ve transferred, change things and afterward, when you’re content with all the fixings, click Publish. Doing so costs you nothing †in spite of the fact that Amazon will take a cut of any business you make.â It can take a day or two for your work to at long last show up in the Amazon store, yet once it’s there clients can begin getting it for their Kindles. Each work gets its own page on the Amazon site, total with all the standard alternatives, for example, peruser audits and ratings.â Actually, distributing your work onto the Kindle is the simple part. The critical step is pulling in possible perusers to your work. Amazon’s framework helps in that the depiction and classes you give make it simpler to likely perusers to discover you. In any case, to draw in numerous perusers, you should invest energy into publicizing your work yourself.â Regardless of whether â€Å"self-publishing† (or, as some want to call it, â€Å"indie publishing†) like this is a reasonable move for you as an author is something no one but you can choose. You ought to know that a traditional distributer presumably wouldn’t be keen on dealing with a book that has just been independently published along these lines as first distribution rights wouldn’t be accessible. Be that as it may, you may think it’s advantageous to independently publish a few bits of work in the expectation of working up a readership keen on discovering progressively about you and your other work.  This article just covers the Amazon Kindle and there are, obviously, different eReaders out there (the iPhone, for example). There are different administrations on the web, like Amazon’s, that permit you to independently publish your work for these different gadgets. Be that as it may, Amazon’s DTP gives a decent spot to begin if you’re keen on investigating the universe of ePublishing. Need to improve your English in a short time a day? Get a membership and begin accepting our composing tips and activities day by day! Continue learning! Peruse the Freelance Writing classification, check our mainstream posts, or pick a related post below:English Grammar 101: All You Need to KnowHow to spell in lieu ofKn-Words in English

The Bank of Canada essays

The Bank of Canada papers Canadas national bank, the Bank of Canada, is a to a great extent obscure establishment to most of Canadians. In spite of its little size and lack of clarity, notwithstanding, the Bank of Canada assumes an essential job in the countries economy. With a spending that is predominated by most minor government organizations, the Bank keeps up an approach limit that permits it to play a quick and viable job in impacting Canadas monetary atmosphere. The Bank is given self-rule that is unmatched by different organizations, exemplified by the way that the Governor of the Bank is designated to multi year terms in which he/she is incredibly protected from political weights. The inward structure of the Bank advances the impact of the Governor, albeit every single money related choice must consider worldwide conditions and inflationary objectives. The Bank of Canada was made in 1934 with the death of the Bank of Canada Act. The poor financial conditions during the downturn provoked requests for government mediation into the economy, and the making of the Bank was a route for the legislature to deal with money related strategy. Canada was similarly late in making a national bank: the United States having done as such in 1913 and the UK route in 1694. The first order of the Bank, as spread out in the Bank of Canada Act, was to direct credit and money, shield the estimation of the dollar from undue variances and advance the monetary and budgetary government assistance of the Dominion . The targets given to the bank were wide and surrendered significantly over to the desire of the Governor. The first proprietorship structure of the Bank was comprised of private investors who couldn't work in the budgetary part. The purpose was to make a partition between the Bank and the money related network, just as the Bank and the administrati on itself. The legislature, trying to deal with fiscal arrangement, nationalized the Bank in 1938 creation it a crown organization. All through I... <!

Success in Life Does Not Need a Degree

A large portion of the insights says that pretty much every individual who prevailing in his life and became acclaimed additionally notable was anomalies, in science, creation or organizations. For instance, Albert Einstein, the most well known mathematician ever, he dropped from school not school and turned into a good example likewise a symbol. In the article as the writer referenced that being effective and rich doesn’t need us to attend a university complete our examinations and have a testament in the field that we are energetic about, we simply need to drop school and begin chipping away at our passion.She is somewhat saying that school put down our bounce, confidence in our self and our latent capacity, and committing us to go in it to sit around idly while we can work uninhibitedly on our own business. Truth to de said she did great inquires about and searched up for incredible individuals, for example, Bill Gates, Steven Jobs and Cameron Johnson that others think of t hem as a good examples and admire them, yet she didn't examine profoundly in their own life. For instance, did she talk with them? Did she ask them who they met to help them?Who established them? Thought the creator †Lauren Drell †referenced some great insights regarding their life and what have they experienced to persuade us to drop school so as to begin chipping away at our enthusiasm, I can't help contradicting her in light of numerous reasons. First significant explanation, these individuals are gutsy, for instance, when Cameron Johnson dropped out from school, despite the fact that his folks couldn't help contradicting him, and being acknowledged in any school isn't simple, he overlooked them and tunes in to his mind.As guardians they were apprehensive on their sun future since they know how the life is troublesome without an endorsement, falling flat and turning out to be jobless is hard thing to live with. Dissatisfaction, disappointment and coming up short may pro mpt some significant issue could devastate your life Furthermore dropping school in the wake of getting in it won’t be as simple as it sounds, since groundwork for it, meet the prerequisites and getting an endorsement as an endorsement saying that we are versed and expert in the significant that we like, is an option that could be superior to prevailing in it without a certificate.But his guts and his request to accomplish his objective drove him to that achievement. I imagine that he gain the inert and got valiant, was a direct result of his folks. â€Å"Johnson credits his business aptitudes to his folks â€Å"as the writer referenced in the article. Another explanation, these individuals are enthusiastic and genuine about what they like. For instance, when Tom Szaky worked all through his spring break that as well as he was a first year recruits, he was keen on making a medication from a weed â€Å"yes that sort of weed† like the creator stated.Which imply that it was risky to his wellbeing; he could have been get injured while he is preparing and making the medication, yet he couldn't have cared less. Adding to that he was in his first year, so having some good times and making the most of his time may been his primary action. However, his energy, his dedication and his aspiration were the things driven him to achieve what he was planning to. I imagine that his insight just as his agreeableness took part in his progression. Other model, when Jeri Ellsworth showed herself how to make chips without considering and learning the skills.This sort of abilities need the suitable condition, gear and expert coach to clarify the strategies and provides the specific guidance to make it effectively. Furthermore, have the option to utilize it later on. Third explanation is they never abandoned their fantasy and desire. For instance, when Ellsworth got dismissed by numerous organizations and would not embrace her work. She may have been minimal disillusi oned, however she never halted her work. Continue working and accomplishing her objective was the reason, until a customer toke the benefit of attempting and inspecting her in invention.After that achievement and the customer were satisfied with her work, she got celebrated and that was her beginning stage to be known by others. †Ã¢â‚¬ I realized I needed to continue organizing, shaking hands and sharing my story at strike shows† Ellsworth expressed †in the end one individual faced a challenge on her† said Lauren Drell. Furthermore, I am certain that different milliners bombed in some piece of their way, yet that didn’t stop them. Last explanation, they wanted to contribute in their societies.Helping your nation and taking an interest in the advancement something you will always remember it regardless of to what extent you lived and it is a heritage and respecting accomplishment will be added to their profession life. For example, Bill Gates developed a program that a large portion of the globe utilizes, in houses, schools and organizations. The equivalent occurred with Steve occupations and his commitment in his general public when he made ‘Apple’ items. These sorts of creation will place them in their nations best innovators list and there as well as on the world rundown since the development arrived at the globe.Their knowledge additionally helped them in their achievement in programming gadgets. Since not every person can do it that effectively, it isn't only a formula and you with follow the noteworthy measure of fixings and it will work, yet you must have regular abilities and autonomous contemplations to have the option to make, alter and create PC program. To summarize typical individuals probably won't handle the weight and the trouble that they will confront. Also ordinary individuals will for the most part have typical knowledge so that is another point we shouldn’t overlook.On the other hand these moguls are some way or another Lucy; they met a few people in the correct time right and spot this is a point that the creator missed. Likewise their knowledge with their social conditions took an interest in their prosperity. I concur that they are a decent model and individuals should admire them, however we mustn’t neglect that they are valiant, energetic, never surrendered and their craving to contribute in the general public picked up them the force and the request to achieve their fantasy. What's more, I said prior they are â€Å"outliers†.

Write An Essay That Will Be A Hit With Your College Class

Write An Essay That Will Be A Hit With Your College ClassThinking about writing an essay requires you to keep a few things in mind. First of all, you need to understand that you can write your own research paper and if you are not an excellent writer, then the professor will be the one to write the essay for you. The professor will provide you with enough information to make it a great essay, but you will have to do the necessary work of finding a good topic, developing a plot, making a good beginning and ending, and deciding how long the essay should be.College essay topics tend to be unique, but they also tend to be wide and varied. It is essential to make your topic unique so that you will stand out in the crowd of students writing on the same topic. Additionally, if you know what type of essay to expect, then you can begin to prepare yourself mentally and prepare yourself to be successful.Students will read the paper and then the professor will give them a wide variety of differe nt points to think about. The professor will need the student to do research to find a topic. The student needs to be able to think logically and come up with an essay that will take them to another level of thought. The ideas in the essay should also flow so that the essay is well written.Writing an essay for college requires some research. You may decide to choose an essay topic that you think has no relevance to your major, but remember that the professor is there to judge and is looking for original thought. Therefore, you should keep your topic relevant to your major and you should find a topic that will draw from other topics in the class.When you write an essay for college, you must be aware of the limits of your abilities. The professor will not force you to write for a specific time frame, but she does expect the essay to be well written. You need to be self-motivated, but you need to find the time to put into the task. You should not try to finish the essay in less than tw o weeks, but you should be able to complete the piece within one month.It is helpful to have a college essays writing guide. This guide can help you focus your attention on some topics that you may want to look at. Once you have done a few research projects, you will probably want to do more.Remember that the professor will give you more time frame for the assignment. She will not force you to complete the piece in less than two weeks, but she will want to see that you are dedicated to the task and that you are well prepared. Your plan of attack will depend on how much research you want to do, how long you want the essay to be, and what format you want to use.All you need to do is take the first step towards writing a good essay and you will soon see results. The student that comes closest to being successful in this field is the student that comes to class prepared and is looking to take an active role in the planning process. You should take an active role and write a complete out line and the assigned task will move along smoothly.

Personal Leadership

There are the same number of administration methods of reasoning as individuals and which is all well and good. Every individual is novel in their own particular manners with explicit character attributes and aptitudes which make them what their identity is. While a few people are more normally slanted towards initiative than others, most of pioneers are created through the kept sharpening of their authority aptitudes. Along their initiative Journeys individuals obtain different aptitudes and standards permitting them to expand and put forth a concentrated effort past their own common abilities.While individuals can't change their hereditary cosmetics, they a make explicit move and settle on specific choices to assist them with being a compelling pioneer. In this paper I will talk about three authority ideas (individual honesty, changing administration, and empowering and empowering others) which pass on my initiative way of thinking. At long last, I will outline how the adjustment o f these three ideas would enable an individual to lead their association all the more adequately. Individual INTEGRITY There are numerous pioneers and administrators in our reality who are given titles, yet neglect to lead, manage, or join their constituents since they neglect to show their expectations.In The Leadership Challenge, Kouzes and Posner (2002) start a conversation of displaying by saying â€Å"Titles are in all actuality, yet it's your conduct that successes you respect† (p. 14). While compensations and titles may have some close to home estimation toa pioneer, they mean little to their subordinates and may even be an objective for analysis for a few if a pioneer needs uprightness. As a pioneer, it is basic to display the way and move forward with worker authority. Worker administration is not quite the same as the conventional force based authority in numerous ways.Robert Greenleaf (2005) characterizes and distinguishes the oals of hireling initiative by saying this: â€Å"The contrast shows itself in the consideration taken by the worker first to ensure that others' most noteworthy need needs are being served. The best test, and hard to manage, is: Do those served develop as people? Do they, while being served, gotten more beneficial, more shrewd, more liberated, progressively self-ruling, more probable themselves to become hirelings? What's more, what is the impact on the least advantaged in society?Will they advantage or if nothing else not be additionally denied? † (p. 25) The focal point of hireling pioneers is on the raising up and development of constituents through displaying. As opposed to doling out an assignment and anticipated an outcome, hireling pioneers will come nearby constituents showing them the best approach to achieve the errand and simultaneously imparting the estimations of servanthood and displaying in them. powerful initiative and more noteworthy compatibility among constituents. Yukl (2006, p. 210) composes that â€Å"Integrity is an essential determinant of relational trust.Unless one is seen to be reliable, it is hard to hold the devotion of the adherents or to acquire participation and backing from companions and bosses. † Without the help and eamwork of constituents, a pioneer will neglect to meet the set objectives. The Center for Creative Leadership found that the nonappearance of uprightness legitimately related with the disappointment of pioneers and the other way around (p. 211). For a pioneer to create uprightness among their constituents, they should be considered genuine, dependable, faithful, and maintain confidentiality.The advancement of a pioneer's respectability requires time, vitality, and persistence put resources into their laborers through displaying and hireling administration. John J. Gardiner sums up this skillfully in saying â€Å"integrity originates from sublimating our self images nd giving ourselves totally to life† (Spears, 1998, p. 1 19). C hanging LEADERSHIP Many various ideal models of administration exist and are helpful instruments for directing gatherings of individuals to progress, however changing authority offers a fantastic general view and structure for pioneers to utilize when working with individuals of various qualities and persuasions.James MacGregor Burns says the changing pioneer â€Å"looks for potential intentions in the adherents, looks to fulfill higher needs, and draws in the full individual of the supporter,' which results in ‘a relationship of common incitement and levation' for both pioneer and follower† (Carey, 2008, p. 7). By having experiences into the constituents' demeanor towards the association, the changing pioneer can create customized systems to assist laborers with drawing nearer achieving both the objectives of the associations and their own aspirations.In the subsequent module, the five casings of reference were depicted delineating the interruption causes without anyon e else embeddedeness. Being stuck in a solitary edge of reference can turn into an issue for a laborer when required to work with those stuck in different edges of reference. At the point when the fractional realities contained in one of the individual the edges are mistaken for every bit of relevant information, at that point whatever esteem there is in the casing's viewpoint becomes distorted† Carey, 2008, p. 2). At the point when a pioneer works exclusively inside a solitary casing of reference, their bends sway the objectives and laborers of the organization.Transforming pioneers move from their unique casing of reference towards a â€Å"fundamental choice for self-transcendence† which â€Å"pulls the person toward the logos and, accordingly, toward either value-based or changing leadership† (Carey, 2008, p. ). While value-based administration is now and then important to achieve middle objectives and straightforward errands, the change of laborers to pioneer s through changing initiative will be bound to achieve long haul accomplishment for both the association and its constituents.I have never experienced an individual who has guaranteed they have gotten a lot of support. I have additionally never met anybody that has without any assistance made their association fruitful. As it were, pioneers should be encircled with individuals joined in reason for their association to be effective. Perhaps the most ideal approaches to adjust constituents to your vision and objectives is through shaping connections through support. â€Å"Giving support expects us to draw near to individuals and show that we care†¦ t's bound to achieve something different types (of criticism) can't: reinforcing trust among pioneers and constituents† (Kouzes and Posner, 2002, p. 321). Futhermore, Freire (2000) depicts the advantages of an energized and empowered gathering of laborers when he composes: â€Å"This adherence matches with the trust the individ uals start to put in themselves nd in the progressive heads, as the previous see the devotion and legitimacy of the later.The trust of the individuals in the pioneers mirrors the certainty of the pioneers in the individuals. † ( p. 150) Encouraging and empowering constituents is continuous errand that requires a nonstop responsibility of changing pioneers. Notwithstanding, the fulfillment and achievement that accompanies driving a supported group of laborers empowered to carry out their Responsibility well is unparallel and basic to the general accomplishment of organizations.†Leadership isn't an issue of the head. Administration is an undertaking of the heart† (Kouzes and Posner, 2002, p. 99) It is with those words that The Leadership Challenge finishes up and we are reminded that changing authority all starts with the heart and honesty of the pioneer. Notwithstanding, character and trustworthiness are insufficient as changing pioneers are required to comprehend d ifferent edges of reference, yet additionally pull constituents towards the logos empowering them to work outside their characteristic casing of references and in the process become changing pioneers themselves.When driving with respectability, a changing pioneer who energizes and empowers positions themselves, their constituents, and their association for progress.

In class short essay- cl Essay Example | Topics and Well Written Essays - 500 words

In class short - cl - Essay Example ankine, opens a record of easygoing bigotry that is conveyed in the second individual in an exceptional casual move where the utilization of â€Å"you† by the speaker is liquid. In the vast majority of the cases, it is simply the speaker, yet in certain cases, it includes the peruser or an alternate character with frequenting results. The beautiful structure in this work can be considered as an appearance of the partition that is clear in American lives with respect to imperceptible prejudice and different angles. In the sonnet Brain on ice, standing like â€Å"terrorized† and â€Å"horror† depict a furious and enthusiastic state of mind in the view of the storyteller on the El Train, with the line â€Å"Of being looted, wounded, raped† sharpening the superimposed subject of the sonnet (Warr). The portrayal of the sonnet begins with a record of the El Train involvement in the storyteller making himself the psychological militant in the perspective on others paying little mind to being naturally honest. What makes the sonnet fascinating is the way that it doesn't have an anticipated course and its language makes open allegories including the vacant seat that it alludes to as â€Å"undefiled seat† (Warr). The seat isn't messy since in the musings of the creator, all the self observers and pulled back travelers will see the person who sits on it as being perhaps grimy. Dread is typically illogical and dependent on a lacking of information, and the artist knows about th is just as the way that individuals can't get away from it. On the other hand, operating at a profit Tar, as Son and Jadine meet up, the contribution isolates the impressions just as self-misdirections that were holding together the world just as how individuals related with one another at the domain. They venture back to the US to look for a spot where they will have a feeling of having a place just with find that their homes have show disdain toward for one another. The writer writes in what can be considered as dark vernacular while obtaining interesting expressions and expressions that are selective to the network where she was

Harmonization of Accounting Standards - Free Essay Example

Vol. 2, No. 2 International Business Research Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off. ) ext 253, 01819289589 (M) Dr. Bhagaban Das P. G. Department of Business Management, Fakir Mohan University P. O. : Balasore, Pin. : 756019, Orissa, India E-mail: [emailprotected] com Alok Kumar Pramanik Department of Commerce, Bhatter College P. O. Dantan, Pin. : 721426, Paschim Medinipur, West Bengal, India E-mail: [emailprotected] com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP , UK GAAP, IAS etc. ) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and guided by a single set of standards giving it a status of legal discipline in true sense. The paper focuses on this harmonization issue, its current status, challenges with special reference to Indian perspective. Keywords: Harmonization of Accounting Standards, International Accounting Standards, International Financial Reporting Standards, Generally Accepted Accounting Principles, Securities and Exchange Commission, International Accounting Standards Committe e, Convergence of accounting standards. 1. Introduction Harmonization of accounting standards has become a highly demanded issue of discussion and debate among accounting professionals around the globe. Accounting Standards are the authoritative statements of best accounting practices issued by recognized expert accountancy bodies relating to various aspects of measurements, treatments and disclosures of accounting transactions and events, as related to the codification of Generally Accepted Accounting Principles (GAAP). These are stated to be the norms of accounting policies and practices by way of codes or guidelines to direct as to how the items, which make up the financial statements, should be dealt with in accounts and presented in the annual accounts. In fact, such statements are designed and prescribed to improve and benchmark the quality of financial reporting. They bring about uniformity in financial reporting and ensure consistency and comparability in the data publ ished by enterprises. These are aimed at furnishing useful information to different users of the financial statements, such as shareholders, creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies and society at large. The process of harmonization gives the global community a single entity. The diversity of stockholding doesn’t matter today if the accounting system can generate general purpose financial statements in real sense. Thus, along with the process of globalization, the awareness of investors in capital markets has increased manifold and the size of investors 194 E-mail: [emailprotected] com International Business Research April, 2009 is multiplying. Foreign institution investors (FIIs) are investing in significant volume globally, as also are several Indian companies through GDRs (Global Depository Receipts) and ADRs (American Depository Receipts). Hence, the need for harmonization of accounting standards has been stro ngly advocated globally in order to faster the economic decision-making process. Accounting has already bagged the status of the’ language of the business’ that requires reporting of the affairs in a commonly understandable way. At the World Bank Conference held in 1999, Jules W. Muis aptly states â€Å"†¦. power to control the language of business is important. Standard setters will come ahead as the world grows smaller, and economic independence is no longer an ption but a reality. So it happens that today a good observer can see the preparations of battle for the control of the international language of business slowly unfolds†¦Ã¢â‚¬  In this context, the statement of Harvey Pitt, US SEC Chairman at SEC Conference, (2002) is worth mentioning, â€Å"High quality global accounting standards are needed to improve the ability of investors to make informed financial decisions. Companies must keep pace with this progress in order to promote and protect their business credibility in the international market place. It is for this reason that the convergence of accounting standards is so important. The process of convergence is accepted as the key factor to implement a single set of accounting standards across the globe. The paper follows a scholarly search approach to discuss the recent status of harmonization in accounting practices. 2. Objectives The objectives of current study are very straight forward. The very basic issue is to explain the need of harmonization in practices. Later on, it focuses on the regulatory authorities who are working actively to bring the convergence into practice. The paper also presents the success stories in the process of harmonization with the challenges ahead. Indian status has been addressed separately to report the situation of a developing county. 3. Rationales of Harmonization of Accounting Standards To allow the gains from the global economy to be fully realized, it is argued that accounting poli cy should be standardized among nations. This harmonization of accounting standards will help the world economy in the following ways: by facilitating international transactions and minimizing exchange costs by providing increasingly perfect information; by standardizing information to world-wide economic policy-makers; by improving financial markets information; and by improving government accountability. However, some specific points are presented below addressing the rationality of harmonization. A harmonization of accounting policy would help provide a level playing field globally. Regulators and auditors will be receiving the same information, facilitating the evaluation process. In the absence of free trade, international accounting standards will allow nations tariffs, quotas and other trade restraint mechanisms to be more accurate and less risky for those engaged in trade. Investors and managers will be able to make more valuable decisions. World resources will be bett er managed and allocated. The recent expansion of international capital markets and availability of instantaneous global communication have placed on accounting the onus to provide useful and comparable information across international boarders (Rivera, 1989). On many stock exchanges, currently, foreign listings are a large percentage of total listings (https://www. fibv. com). As per ICAI estimates, 20% of total listing on New York Stock Exchange (NYSE) is of foreign origin. In case of London Stock Exchange, this is 16% and in Luxembourg, the percentage is 82%. On 12 March 2002, the European Parliament voted overwhelmingly in favor of the EU Commission’s proposal that all EU listed companies must follow standards issued by the International Accounting Standards Board (IASB) in their consolidated financial statements starting no later than 2005. Over 7,000 EU listed companies are directly affected by this proposal (Samir, 2003). The rapid growth of international trade a nd internationalization of firms, the developments of new communication technologies, and the emergence of international competitive forces is perturbing the financial environment largely. Under this global business scenario, the residents of the business community are badly in need of a common accounting language that should be spoken by all of them across the globe. A financial reporting system of global standard is a prerequisite for attracting foreign as well as present and prospective investors at home alike that should be achieved through convergence of accounting standards (Hati and Rakshit, 2002). ICAI president K. S. Vikamsey (2001) is of opinion that ‘People who invest overseas naturally want to be able to keep track of the financial health of the securities issuers. Convergence of accounting standards is the only means to achieve this. Only by talking the same language one can understand each other across borders. ’ With the absence of harmonization in accounting standards the additional cost of financial reporting along with the difficulties that multinational groups faces in the manner in which they undertake transactions becomes critical. It is quite possible for a transaction to give rise to a profit under one accounting standard, whereas it may require a deferral under another standard. Thus, multinationals working in both the US and the UK face a good deal of trouble to prepare consolidated financial statements. When a multinational company has to report under the standards of both of the 195 Vol. 2, No. 2 countries it might lead to some extremely odd results. For instance, International Business Research Daimler Benz, who was the first German to secure stock market listing in the United States, reported a net profit of DM 158m for the six months to June 1998 based on German GAAP. The U. S GAAP reconciliation statement revealed that the company had incurred a loss of DM. 949m. Similarly, British Telecom Inc. reported a net profit of ? 1767 for the year ended 31-3-1994 under the UK GAAP but under the US GAAP reconciliation, the net profit reduced to ? 1476. Harmonization is not an end by itself, but it is a means to an end. Adoption of different accounting standards causes difficulties in making relative evaluation of performance of companies. This phenomenon hinders the valuation and consequently the decision making process. There are numerous instances in India and around the world of bad accounting practices leading to corporate failures. Corporations wish non-recurrence of another Enron and like. Another significant benefit that is expected to accrue from global convergence of accounting standards relates to cross–boarder mergers and acquisitions facilitation. Last though not the least, it improves the quality of financial reporting throughout the globe. 4. Institutional Efforts of Harmonization A number of international organizations are working to reduce the differences in accou nting standards between nations and trying to eliminate all necessary differences (Nair and Frank, 1980). The concept of convergence of accounting standards relates back to 19th century when the idea of â€Å"International Accounting Standards† was germinated in the first International Congress of Accountants held at St. Louis in 1904. Again in 1957, when 7th International Congress of Accountants held in Amsterdam, Mr. Jacobkraayenhof, spoke on the need of international accounting cooperation and standardization. Latter in 1966, discussions were made among the various professional bodies like the Institute of Chartered Accountants of England and Wales, Canadian Institute of Chartered Accountants and Association of the Institute of Certified Public Accountants of America. The discussions were led by Sir Henry Benson, the then President of the Institute of Chartered Accountants of England and Wales and ultimately a study group was ormed to conduct comparative studies on the accounting thoughts and practices among participating countries. It conducted about twenty studies on accounting and auditing topics during its eleven years lifetime. Ultimately, the senior officers of the study group decided to establish international standards. The meeting was held in 1972, and in the 10th International Congress of Accountants at Sydney, the International Coordination Committee for Accounting Profession (ICCAP) was formed to lay the groundwork for the establishment of a formal organization for the International Accounting Standards. The International Accounting Standards Committee (IASC), now International Accounting Standards Board (IASB) came into existence as a result of an agreement by 16 accounting bodies representing 9 nations, i. e. , Canada, Australia, France, Japan, Germany, Mexico, Netherlands, United Kingdom and the United States of America on 29th June 1973, with its secretariat and head quarters at London (https://www. iasplus. com). At present IAS C has 153 accounting bodies representing 112 countries. It has so far issued 41 standards to harmonize the diverse accounting standards and policies at present in use in different countries. Barring Canada, Japan and the US, all countries have accepted these standards. The Organization for Economic Co-operation and Development (OECD) has approved a code of conduct for multinational enterprises for harmonization of national and international bodies. The UN Commission on Transnational Co-operation made efforts to establish disclosure standards for multinational corporation operating in the Third World Countries. The Accountants International Study Group (AISG) publishes fifteen comparative studies in order to harmonize financial accounting practices. The international Federation of Stock Exchanges has recommended that its members make compliance with the IASC accounting standards as a condition for listing stock (Most, 1984). These are undoubtedly some milestones on the way of h armonization. 5. Fast Facts in the Process of Convergence The International Accounting Standards Committee (IASC), constituted in 1973 has passed through many phases of its journey to come to this present stage. It is felt pertinent to discuss all these here briefly for the knowledge of our esteemed readers. In the year 1995, IASC entered into an agreement with International Organization on Securities Commission (IOSCO) on a mission to complete â€Å"comprehensive core set of Standards† that could be used for cross-boarder and national listings. In fact, this was due to growing recognition of the need for global accounting standards. To give proper direction on how to interpret these standards led to the setting up of the Standards Interpretations Committee (SIC) in 1997. In December 1999, the board of the International Accounting Standards Committee has approved proposal to make changes in the structure of the committee with a view to achieve global convergence. On May 2000, one most important breakthrough was reached when the International Organization on Securities Commission (IOSCO) accepted 30 core International Accounting Standards. This backing by IOSCO for the use of International Accounting Standards by member stock exchanges led to the acceptance and recognition of the 196 International Business Research April, 2009 International Accounting Standards Committee (IASC) as a worldwide standard setter. Further, it was followed by the reformation of IASC to International Accounting Standards Board (IASB) in 2001. Consequently, IAS is now renamed as International Financial Reporting Standards (IFRS), have brought into limelight. Consequently, in the same year the US Securities and Exchange Commission (SEC) suggested the acceptance of IAS for use in cross-border listings in the US, without reconciliation to results under the US-GAAP (Madan, 2002). In 2001, the international fraternity of accountants took stock of the situation and constit uted the International Accounting Standards Board (IASB) to evolve and prescribe norms for treatment of several items in the preparation and presentation of financial statements. IASB adopted all the 41 standards issued by the IASC till 2001. These standards were thoroughly revised and updated in view of the changes in industry and the need for rationalization. In October 2002, a Memorandum of Understanding (MOU) was signed between the IASB and the FASB, the two major players in the accounting standards arena, which is well known as Norwalk agreement. The two grand bodies agreed to put their best efforts to make their financial reporting standards fully compatible. The Norwalk agreement was welcomed throughout the accounting circles including the Securities and Exchange Commission (SEC). The International Financial Reporting Interpretations Committee (IFRIC) was constituted to replace the SIC. This committee meets periodically to discuss and spell out their interpretations. It de als with matured as well as emerging issues. The former are those covered by existing standards but not satisfactorily practiced, and the latter are new topics relating to an existing IAS but not considered while developing the standard. The last milestone in the process of convergence was done on 12 March 2002, when the European Parliament voted overwhelmingly in favor of the EU Commission’s proposal that all EU listed companies must follow standards issued by the International Accounting Standards Board in their consolidated financial statements starting no later than 2005. This put an â€Å"end to the current Tower of Babel in financial reporting†. This decision also seems to have placed IAS firmly in the driver’s seat as the eventual global standard. Canada, Australia, and a number of other countries have announced intention to adopt IAS. United States, which has shown a preference for maintaining its independent standards setting body for a pretty lon ger period, is evidencing interest in convergence of accounting standards. 6. Present Global Scenario The countdowns to the harmonization of national and international accounting standards and an improvement in the quality of financial reporting at a global level are best tracked chronologically. The current world scenario on the subject of harmonization gets going on 12 March 2002, when the EU Commission directed all European companies trading in the European Securities Market to adopt IAS in 2005, and all non- European companies (following US GAPP or any other standards) up to 2007. In June 2004, the Australian Accounting Standards Board (AASB) had issued standards and interpretations that all accounting standards of Australia that are equivalent to International Financial Reporting Standards (A IFRS) must be adopted from 2005 in their country. Many countries like Korea, Barbados, Trinidad and Tobago, Zimbabwe, Mongolia, Malta, and Uganda are adopting IAS. The information ab out accounting principles applicable in Syria and Tunisia indicates that they are similar to international accounting standards. At present, all companies and banks in Russia are required to prepare their financial statements in accordance with IAS. New Zealand’s Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (NZ FRSB) have adopted 36 new accounting standards and 12 interpretations in January 2005. And these formed New Zealand’s equivalent of the International Financial Reporting Standards (NZ IFRS). It is going to implement IASB standards with effect from 1st January 2007. Hong Kong is an important international financial hub. Its stock market ranks second largest in Asia and eight largest in the world in terms of market capitalization. The Hong Kong Institute of Certified Public Accountants (HKICPA), the standard setting body of Hong Kong has been pursing the policy of aligning its standards with IAS since the early 1990s. Most re cently, HKICPA has further committed time and resources to support convergence. Philippines have also adopted national standards that are identical to IFRS from 2005. Singapore has adopted many accounting standards from IFRS that essentially word for word. Now these are known as Singapore’s equivalents of IFRS (S IFRS). Japan, the major player in the global capital market and the second largest capital market in the world, is a strong supporter of IASB. The Japanese Institute of Certified Public Accountants is now working in collaboration with the IASB to make the Japanese standards essentially equivalent to international standards. Japan too has undertaken a joint project in collaboration with IASB to remove the differences between Japanese Accounting Standards (JAS) and IFRS by January 2005. 197 Vol. 2, No. 2 International Business Research The Canadian Accounting Standard Board (CASB) has also announced its intention to adopt International Financial Reporting Standar ds (IFRS) in five years. Canada’s decision to adopt IFRS means that out of original G4 nations, US is the only member that has not gone over to international standards. In Egypt, Egyptian Accounting standards have prepared to comply with international accounting standards except for certain minor differences to adopt Egyptian economic environment. Therefore, all companies listed in the Cairo Stock Exchanges must follow IAS. Kuwait adopted IAS as its national standards. Therefore, all Kuwaiti companies are following IAS for the purpose of listing. All companies in Jordan, both domestic and foreign, listed in the Amman Stock Exchange must follow IAS. However, in Turkey, oreign companies may follow any one out of three standards, such as, International Accounting Standards, UK GAAP and US GAPP for listing in Istanbul Stock Exchange. In the Middle East, most of the countries have welcomed the International Accounting Standards. For cases in point, Bahrain, Qatar, Lebanon, and Oman are considering IAS as the replacement to their domestic standards. Of course, Iran and Israel had shown reluctance for the use of International Accounting Standards. In Iran, all companies to be listed in Iranian Stock exchange must have to follow Iranian accounting principles. Similarly all companies must have to follow Iranian accounting principles, if they want to be listed in Tel Alive Stock exchange. On January 1, 2007, more than 1,100 Chinese companies switched to new accounting standards that brought their books in line with international norms. From next year, the companies will have to apply a new set of 38 standards, under the China Accounting Standards System, that are basically in line with IASB (International Accounting Standards Board) norms. But, there is far more at stake than improving accounting practices at China’s listed firms. Chinese companies are increasingly looking overseas for funds and acquisitions. Adopting international standards will make this easier by increasing their transparency and credibility. In Bangladesh, the Institute of Chartered Accountants of Bangladesh (ICAB) set standards for the country through its Technical and Research Committee. Till date, it has adopted all eight IFRSs and twenty six IASs. In terms of standards, the gap between IASs and the standards as followed in Bangladesh is insignificant though some national laws give contradictory prescription in single situation. Another milestone reached by Bangladesh is that it has enacted the Financial Reporting Act 2008 to control financial reporting activities and, at the same time, to do the watchdog function of the accounting and auditing profession that will further strengthen the harmonization process. From above deliberations, it can be believed at this moment that, the IOSCO’s endorsement of the IASC standards has paved the way for unification of accounting standards globally and emergence of the true artificial language designed f or global use in the field of accounting (Srkant, 2005). Today the world of accounting feels that International Accounting Standards should be that language, as it is the only set of standards that has been prepared through wide international consultations and participations. 7. What will happen if USA does not adopt IAS? Now it is realized that, barring very few, almost all countries of the world are interested to follow IAS as their accounting standards. USA is the only main country reluctant to adopt it. Now question arises what will happen if super-power of the world and a highly developed economy like USA does not adopt IAS? Executive search firm, Russell Reynolds’ survey of chairmen across 145 European companies has found: (a) over half the chairmen of companies with US listings said they would consider de-listing because of Sarbanes-Oxley, in spite of the difficulties in taking shares off the US exchanges; (b) 70% of those heading companies not yet listed in the US said Sarbanes-Oxley would dissuade them from seeking a US listing. With the relatively tighter regulation in the US, several large companies are understood to be evaluating other capital markets that accept IFRS (Memani, 2006). While such situations provide an opportunity for IFRS to flourish, it would still be inappropriate to stay limited to that perspective. This is because IFRS stands a fair chance on its own, with its acceptance by EU, and also given the fact that many countries have traditionally followed IFRS or IFRS-inspired national accounting standards. 8. Harmonized Accounting Standards: Issues and Challenges In spite of all, achieving global convergence in accounting standards is not an easy task. There are a number of issues to overcome. First of all, there seems to be a reluctance to adopt the International Accounting Standards Committee (IASC) norms in the US. This is definitely a problem. The US is the largest market and it is important for IASC standards to be harmonized with those prevailing there. The US lobby is strong, and they have formed the G4 nations, with the UK, Canada, and Australia (with New Zealand) as the other members. IASC merely enjoys observer status in the meetings of the G4, and cannot vote. Even when the standards are only slightly different, the US accounting body treats them as a big difference, the idea being to show that their standards are the best. However, except US all other members of G4 has adopted the IAS more or less to some extent. 198 International Business Research April, 2009 Second, accounting standards have been developed in different countries under different legal, economic, social and cultural environments. For this reason there exists such diversity in accounting standards among the countries through the globe. If convergence is to be achieved, it is first necessary to arrive at an agreement as to the central objective of financial reporting. The IASB standards are oriented to serve the needs of investors and capital markets. Countries that have a different financial reporting philosophy would find it extremely difficult to harmonize their domestic standards with International Financial Reporting Standards. Third, the quality of financial reporting depends on the quality of accounting standards as well as the effectiveness of the process by which those standards are implemented. Adequate regulatory and other supports are necessary to ensure proper implementation of standards. Implementation of accounting standards is not an easy task. In spite of convergence, there is no assurance that they will be implemented with same amount of vigor in every jurisdiction. Last, convergence of accounting standards with international approach will inevitably raise the questions of rules versus principles. IASB standards are principles-based. Thus the countries that have rules-based standards are expected to experience considerable difficulty in harmonization of their standards with IFRS. There are challenges that IASB and nations adopting IFRS need to address in the coming days. One big challenge for countries adopting IFRS is the shortage of manpower and more particularly, IFRS-trained manpower. For case in point, with just six months to go before China’s listed companies adopt IFRS, demand for accountants is rising and could run into millions in the coming years, if the new standards are rolled out for all of the country’s companies and not just the listed ones. Accountants say that the challenge for China, as it scrambles to meet the accounting shift deadline, will lie in getting its over-1,100 listed companies to establish the appropriate financial reporting systems and in training enough qualified accountants by January. The risk is that some of these companies may fail to make the transition on time. Estimates reveal that China has a shortfall of 300,000 qualified accountants and is likely to require a further three million over the coming years to keep pace with its current rate of economic growth. . Status of Indian Accounting Standards India is a member of IASC. The Institute of Chartered Accountants of India (ICAI), the apex body of accounting and auditing, constituted an Accounting Standards Board (ASB) on April 21, 1977, to pronounce standards on various items of the financial statements. The current Indian accounting standards are of good quality in most instances and in fact, are practically the same as IASs. The statutory audit was the only enforcement mechanism till 1999. It was in 1999 when the Government of India constituted the National Advisory Committee on Accounting Standards (NACAS), an advisory body on accounting standards by inserting Section 210A in the Companies (Amendment) Act 1999. So far, the NACAS has advised the adoption of 27 accounting standards developed by ASB. In support of its commitment to adopt IAS; the ASB is examining the various standards revised by IASB to initiate revision in its corresponding. This Board has been releasing standards from time to time. Certain of the standards have also been revised/deleted/curtailed in the light of new and additional standards as well as the experience of the industry. Moreover, the Board has also prepared a comparative statement listing the IAS with corresponding Indian Accounting Standards, and also the standards which are irrelevant in the context of present economic and business scenario (Chowdhury, 2000). Till now, 29 Accounting Standards have been issued by the ICAI as against the 41 International Accounting Standards. There are also five International Financial Reporting Standards (IFRS). In India, since the ASB is not yet functional, the accounting standards as pronounced by the ICAI are adaptable by every entity whose financial statements are subject to audit. 10. Grounds of Diversity between Indian Accounting Standards and IAS India is slowly entering into the arena of accounting standards. B ut the progress of formulation of accounting standards has been very slow as compared with the developments at international levels. However, some of the accounting standards in India conform to the International Accounting Standards. Still there are significant variations between these two. Efforts are on to counterpart Indian accounting standards with the IAS. A study of their variations would be crucial for bridging the gaps (Reddy, 2000). For India, the multiplicity of standard setters leads to delay and lack of direction. The increased complexity of the fair valuation models as prescribed by international standards requires extensive valuation/objective professional judgments, integrity and uniformity of approach, which may not be easily achievable across all countries—particularly in the emerging economies like India. It may be noted that in several important areas, when the Indian Standards are implemented, the accounting treatment in these areas could lead to di fferences in the restatement of accounts in accordance with IAS. Some of these areas include: a) Consolidated financial statements, b) Accounting for income taxes, c) Financial Instruments and d) Intangible Assets. Another reason for the prevailing divergent accounting practices in the Indian Accounting Standards is the provisions of 199 Vol. 2, No. 2 International Business Research he Income Tax Act 1961 and Indian Companies Act 1956. They do not go together. Sometimes, the prescriptions are contradictory on a similar issue. 10. 1 Company law and Accounting Standards In India, though accounting standards setting is presently being done by ICAI, one could discern a tentative and halfhearted foray by company legislation in to the making of accounting rules of Measurement and reporting. This action by itself is not the sore point but the failure to keep pace with the changes and simultaneously not allowing scope for some one else to do it is disturbing. A study of the requirement o f company law regarding the financial statements reveal several lacunae like earning per share, information about future cash flows, consolidation, mergers, acquisitions etc. 10. 2 Income Tax Act and Accounting Standards The Income Tax Act does not recognize the accounting standards for most of the items while computing income under the head Profits Gains of Business or Profession. Section 145(2) of the I. T. Act has empowered the Central Government to prescribe accounting standards. The standards prescribed so far constitute a rehash of the related accounting standards prescribed by ICAI for corporate accounting. On a close scrutiny of these standards one is left wondering about the purpose and value of this effort. Examples are application of prudence substance over form, adherence to principles of going concern etc. 10. 3 Other regulations and accounting standards In respect of banks, financial institutions, and finance companies the Reserve Bank of India (RBI) pronounces pol icies among others, revenue recognition, provisioning and assets classifications. Similarly the Foreign Exchange Dealers Association (FEDAI) provides guidelines regarding accounting for foreign exchange transactions. Since the Securities Exchange Board of India (SEBI) is an important regulatory body it would also like to have its own accounting standards and in fact, it has started the process by notifying cash flow reporting format. It is also in the process of issuing a standard on the accounting policies for mutual funds. It appears as if several authorities in India are keen to have a say in the matter of framing accounting rules of measurement and reporting. The tentative and half-hearted legal and regulatory intervention in accounting in India has come in the way of development of robust, continuously evolving and dynamic accounting theory and standards (https://www. icai. org). In spite of this, India’s adoption of IAS is inevitable. When the whole world is adop ting one language, it will be simply impossible on the part of India to hold it out for a too long period. 11. The Conclusion Harmonization is the process by which differences in practices among countries are reduced (Doupnik, 1987). The case of harmonizing accounting practices and principles at the international level is stronger today that it has ever been (McComb, 1982). Even, the IASC itself is concerned with removing unnecessary differences in accounting principles and practice throughout the world (McComb, 1982). Overwhelmingly, the harmonization of accounting practices suffers from a lack of synchronization between the issuance of standards at the national level in different countries and the formulation of standards by the IASC (Rivera, 1989). At the same time, both success and failure exists in the process of harmonization. For example, the American Institute of Chartered Accountants (AICPA) adopts the view that US GAAP being superior to IASs and its member must neces sarily comply with the former (Most, 1984). As we know that it is an age of globalization, there is no conceptual boundary among the nations. And this is not difficult at all to choose superior standards through the current process of setting the standards. The attainment of a single set of accounting and reporting standards is the demand of the time. We will fall behind if this harmonization process takes more time. Many of the initial hurdles in the process of harmonization have been overcome and much progress towards convergence of accounting principles and procedures among countries has already been achieved. Convergence initiatives are now working much more effectively than ever before. Differences are still there but they are narrowing. It is expected that the pace of progress in the sphere of convergence will accelerate further in the coming years. In Indian perspective, it will continue to adopt IASs/IFRSs in the near future with few modifications to cater to the requi rements of local climate. Setting IFRS under new regulatory framework is also a notable success in harmonization. IAS permits some alternative practices that has been reduced in IFRS to make the prescription common to all so that following same standards cannot generate varying practices. We expect that this process will ultimately set new benchmark for achieving harmonization in both national and international level. 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