Free Essays on The Life And Times Of Gianni Versace

Years of designing for the theater earned him a respectable reputation in the fashion industry, but his collaborations with American photographer Richard Avedon helped Versace become one of the world's elite designers. His 1982 collection introduced metallic garments that would become his trademark and his elaborate stage costumes for Hollywood’s finest. Versace had an extensive empire that included boutiques, fragrances and household products. Versace became one of the world’s most prestigious fashion designers of all times. His impeccable taste and attention to detail made him superior to all other designers. Gianni Versace was born on December 2, 1946 in Reggio Calabria, Italy. In the earlier days, his mother supported the family with her small tailor-shop. There, an eighteen-year-old Gianni learned everything about making clothes and soon he designed apparel himself, which he sold at his mother’s shop. In 1972, at the age of twenty-five, Versace decided to move to Milan and where he worked as a fashion designer. There he acquired additional skills working in fabric procurement positions. He got his first chance to show his skills when designing a collection for Fiori Fiorentini, a Lucca, Italy-based company. In the following years, Versace kept designing for labels such as De Parsi, Genny, Callaghan, Alma, and presented hi first leather collection for Complice. On March 28th, 1978 marked the first collection for women signed with his own name in a fashion show at the Palazzo dellaPermente, in Milan. In the same year, he opened his initial boutique in Milan’s Via della Spiga. Versace, who always paid great attention to his image, started collaboration with an American photographer named Richard Avedon. Soon, with the growing popularity of the style, boutiques started to spread across the country. Versace wins the first of a series of awards that would crown his career: â€Å"LÃÅ'Occhio dÃÅ'Oro† for the best fashion des... Free Essays on The Life And Times Of Gianni Versace Free Essays on The Life And Times Of Gianni Versace Years of designing for the theater earned him a respectable reputation in the fashion industry, but his collaborations with American photographer Richard Avedon helped Versace become one of the world's elite designers. His 1982 collection introduced metallic garments that would become his trademark and his elaborate stage costumes for Hollywood’s finest. Versace had an extensive empire that included boutiques, fragrances and household products. Versace became one of the world’s most prestigious fashion designers of all times. His impeccable taste and attention to detail made him superior to all other designers. Gianni Versace was born on December 2, 1946 in Reggio Calabria, Italy. In the earlier days, his mother supported the family with her small tailor-shop. There, an eighteen-year-old Gianni learned everything about making clothes and soon he designed apparel himself, which he sold at his mother’s shop. In 1972, at the age of twenty-five, Versace decided to move to Milan and where he worked as a fashion designer. There he acquired additional skills working in fabric procurement positions. He got his first chance to show his skills when designing a collection for Fiori Fiorentini, a Lucca, Italy-based company. In the following years, Versace kept designing for labels such as De Parsi, Genny, Callaghan, Alma, and presented hi first leather collection for Complice. On March 28th, 1978 marked the first collection for women signed with his own name in a fashion show at the Palazzo dellaPermente, in Milan. In the same year, he opened his initial boutique in Milan’s Via della Spiga. Versace, who always paid great attention to his image, started collaboration with an American photographer named Richard Avedon. Soon, with the growing popularity of the style, boutiques started to spread across the country. Versace wins the first of a series of awards that would crown his career: â€Å"LÃÅ'Occhio dÃÅ'Oro† for the best fashion des...

Winston's advertising Term Paper Example | Topics and Well Written Essays - 1500 words

Winston's advertising - Term Paper Example Advertisements involve a number of techniques to attract consumers. Some advertisers focus on a particular age group and design the advertisement on their perception about what the people of that age group would like to see (Haase, 1931 pp 67-80). On the other hand, other advertisers use a different approach to target their customers. They make up a plan to target their customers by dividing them in the gender groups. Some also target the customers using a cultural diversification approach and target people belonging to a particular culture. There is a wide range of techniques which are used to target audience for different products. The common theme of those advertisements is the use of texts and visuals to attract the customers. Designing an advertisement campaign for children would require the marketers to use cartoon characters, colourful pictures and creative art work to attract them, whereas, such an advertisement would fail to grab the attention of professional people to sale machinery or equipments. Hence, the use of symbols, language and illustrations is of immense importance in targeting audience and increasing sales. This paper aims to analyze the advertisement of Winston Cigarette. The advertisement under consideration is published in various magazines like Popular Mechanics, Times Magazines and so on. The advertisement targets the teenagers and males aged between 20 and 30. The symbols, metaphors and textual details are all attractive to the male counterparts of these age ranges. The Role of the Media Used: The advertisement is published in Popular Mechanics magazine November 2004 (p. 41). Magazines are a great source of profit for the companies as they help in gaining and retaining customers. People like reading magazines in their spare time and go through the creative advertisements and try to avail the best product in the available resources. Moreover the promotional campaigns make the most of magazine advertisements which allow the consumers to avail their desired product with favourable packages or discounts. Magazine advertisements further help in directly targeting the target groups. For instance, if a business requires a marketing plan which is mostly encountered by children, children magazines and books may be successful in achieving this goal. Hence we can say that magazine advertisements are highly targeted to the desired population and may reduce the likelihood of being unsuccessful. If the advertisement is not creative enough to capture a large population it is still safe as it will reach to the targets view. The next advertisement may help reducing the losses of the existing marketing campaign. The advertisements by media are very important to get the message of the manufacturer to the consumers. Semiotic Analysis The semiotic analysis is helpful in evaluating the success of advertisements in capturing the attention of consumers by the use of symbolic and textual information. The symbolic features of an advertis ement also give some information about the product. The advertisement under consideration carry many features that worth an in depth semiotic analysis. Firstly the advertisements contain eye-catching pictures and excellent colour contacts to grab the attention of the consumers. The advertisement has made use of different font styles and sizes to make it look more unique. The use of font sizes and styles greatly depend on what the advertiser really wants to tell the customer and what is necessary or obligatory to include but not desired by the advertiser. The advertisement is designed for the marketing of Winston, a cigarette brand. This advertisement involves more textual features than the visual ones. It contains a number of creative and clever sentences that provide a sense of winning and uniqueness. Underneath the product image in this advertisement are the words â€Å"Additive free – Naturally smooth†. These tricky words do not mean that it is safe to smoke these c igarettes or they are not

Wannsee conference, was it the place where the final solution was Research Paper

Wannsee conference, was it the place where the final solution was decided - Research Paper Example Essentially, Hitler’s regime had decided to exterminate the entire global population of the Jews. This would be the second time the Jews were facing persecution in Europe. The first significant period of persecution has to be the period of the Black Deaths. This is the time when they were perceived to be the ones accountable for the extensive spread of the plague. Apparently, they achieved this by poisoning the water. During this period, the Jews were suffering the persecutions as the only victims of continental rage. However, during the Holocaust, aside from the Jews, the disabled, the homosexuals, gypsies and at times twins were the recipients of these persecutions. These cleansing expeditions by the Nazis resulted in approximately six million deaths. This is aside from the emotional torture that it subjected to those who were lucky enough not to die. The extensive damage to the human race attributed to the Holocaust is as a result of proper planning by a team of German inte llectuals. The meeting in which they designed and formulated the strategy of this genocide is referred to as the Wannsee Conference. It is the ambition of this paper to give an extensive view of this Conference. This will be realized through the study of seven texts that focus on this Conference. Analysis Gerlach, Christina. "The Wannsee Conference, the Fate of German Jews, and Hitler's Decision in Principle to Exterminate All European Jews." The Journal Of Modern History, 1998: 759-812. The Wannsee Conference has been highlighted as the place where the decision of cleansing Europe of Jews took place. However, what has not been highlighted upon is the political pressure that had characterized Germany prior to the Holocaust. Gerlach illustrates this by stating the political pressure Hitler faced: â€Å" Hitler was reacting to political impulses and initiatives that originated from within the administration and within the party apparatus.†1 According to the author, the Conferen ce had not been mandated with the extermination of the entire Jewish population rather, the Conference had been purposed to decide on who to classify as a Jew. This is crucial given the fact that the Holocaust persecuted not only the Jews, but the homosexuals, the gypsies, the disabled and t extreme levels also twins. This is a rather astounding given the fact that the initial decision was only to cleanse Europe of Jews. The world has over time insinuated that Hitler acted alone in his narcissistic acts of dehumanization. However, Gerlach gives evidence that the political structure of Germany was all a long instrumental in the actions. She writes of the actions of Hitler in deporting the eastern Jews as being as direct urging by the political structure. Author cites documents that are believed to have originated from the Hitler administration showing aliasing of ideas on how to deal, best, with the Jewish community. In light of this, the fact that the idea of exterminating the was d irectly and only from the Hitler becomes suspect. The Conference proceedings were established with the primary motive of deliberating on vital political and economic issues that were pertinent to Germany at the time. To give additional evidence of the vital nature of the Conference, the author illustrates that Hitler approved the deportation of the Jews2. If he was the one who orchestrated all the terrors that were realized due to this continental discrimination, then he would have simply carried

Judaism paper Research Example | Topics and Well Written Essays - 1000 words

Judaism - Research Paper Example Certain varieties of Judaism consider the idea that all Jewish teachings must strictly be adhered to (Wylen, 2000). Although, there are other forms of Judaism that believe teachings that encourage on how to usher a morality in human lives are obligatory, much less, essential; others can be considered as discretionary or optional. For the reason that Judaism is an assorted religion with an extensive range of beliefs and practices, it must not be presupposed that a Jew has certain types of beliefs or follows precise forms of religious practice (Eisenberg, 2004). Various types of Judaism are linked by an intense impression of "peoplehood" (ICS, 2013), a shared inheritance, tradition or custom, and collective values and standards. Judaism gives Jews with guidance on how to carry out their religion and inspire good values (ICS, 2013). These instructions descend from numerous bases that include Jewish sacred texts such as the Bible and the Talmud (ICS, 2013). Other Jewish texts such as the subsequent literary works written by rabbis and philosophers are also being used. Judaism is one of the most important religions that are still being practiced today. Thus, it sensibly important to dig in deeper to its historical derivations, and the significant figures, observance, teachings, and events that can be relatively associated with it. This paper shall elaborate on these categories, which should provide readers a general overview of Judaism. Judaism and Abraham One of the fundamental teachings of Judaism is the belief that there is only one God, a belief that is also known as ethical monotheism (Wylen 2000; ICS, 2013). Judaism teaches that there is a lone God who created the universe and everything that is in it; a Supreme Being who cherishes and tends humanity; a God who desires that His people will live ethical lives (ICS, 2013), which makes it a strong cause that having a profound understanding of Judaism is crucial in appreciating the historical lineage of the world. The Old Testament confirms that Abraham started off monotheism or the belief in one God, and was the first person to refuse idol worship. Abraham is a fundamental component of Judaism in that he was considered to be the Father of the Jewish people and that it was through him and his offspring that a covenant was handed on to succeeding generations (Pellach, 2006). The Abrahamic Covenant, which can be found in Genesis 12-17, elaborates three main issues: (1) God would bestow Abraham the Land of Canaan and make him the father of all nations and of his progenies; (2) God would create a great nation through him; and (3) God would yield a blessing to those who consecrate him and curse those who curse him. In Genesis 12:3 God says, â€Å"I will bless those who bless you, and I will curse him who curses you; and in you all the families of the earth shall be blessed† (New International Version). Abrahams covenant is particularly important because it serves as the source to the Bible and world history (Pellach, 2006). The basis of almost all Christian teachings is rooted on the belief that God has a chosen people, which will reveal themselves in the last days of the earth. Although, some people in various civilization and cultures believe that the covenant no longer applies today, the Bible reaffirms that Abrahamic covenant is still in effect. The Bible says, â€Å"He [God] remembers his covenant forever, the word which he commanded,

Big Time Toy Maker Essay Example for Free

Big Time Toy Maker Essay Chou and BTT had a contract at the point they agreed to all the terms. By including the obligations of the parties and the terms of the agreement, the manager showed objective intent. A written contract was not necessary since this was a contract primarily dealing with services to distribute the game, not a production contract or a sales contract. Had it involved a goods contract to buy or sell, which under the Statutes of Frauds would not be a contract until all the terms were laid out in writing; that occurred when the manager from BTT emailed the terms which would have included his electronic signature and thus would have sealed the contract between the two. Also, if the contract is under common law, then the mailbox rule would say it went into effect when it was sent, not received. What facts may weigh in favor of or against Chou in terms of the parties’ objective intent? There are a few facts that weigh in favor of Chou. First, three days prior to the end of the 90 day exclusive negotiation rights agreement, they reached an oral agreement and then shortly thereafter, a business email from a BTT management representative was sent to Chou with the specifics of the agreement. The email stated â€Å"that all of the terms had been agreed upon. † BTT also subsequently requested Chou to send them a draft distribution contract spelling out the specifics of the agreement that the email from the BBT manager sent to Chou. Finally, distribution of Strat would have exceeded the 500. 00 limit (Amended UCC  § 2-201(1)) of the Statute of Frauds. The fact that may weigh against Chou is that the contract never had an actual signature on it. Does the fact that the parties were communicating by e-mail have any impact on your analysis in questions 1 and 2? Yes, communication via email in today’s business world is considered a normal mode of business communication. The UETA, the Uniform Electronic Transaction Act states that electronic correspondence is a valid form of communications while conducting business, and that electronic signatures and documentation satisfy the need for written records or signatures. When the terms and specifics of the agreement were laid out via email and both parties agreed upon the agreement through email, it then became a written agreement, and therefore enforceable. What role does the statute of frauds play in this contract? None, since it is a services contract for distribution rights. The Statute of Frauds only comes into play if it is a goods contract. If it is deemed by the court to be a goods contract then the written requirement, the all terms included requirement and the signed by the sender all have been met by the email with its electronic signature of the manager representing BTT. Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defense that would allow the contract to be avoided? No, since a mistake is required to involve a â€Å"basic† assumption involving the terms on which the contract was made. BTT would not try to argue that they were mistaken on the price, time frame and obligations of both parties since their manager had sent an email stating that both parties where in agreement in all those areas. Generally, in the absence of disagreement on one or several of the essential terms, the courts will not allow a unilateral Mistake to be considered and expects mutual mistake. Chou might try to avoid the contract if he had a better offer he could just let the matter be dropped since BTT wanted out of the contract Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? Chou would benefit by having his product distributed for sale throughout the network of retail and wholesale outlets that BTT as a board game company had at their disposal. BTT would benefit by charging their cut for distributing the game to these outlets. At the end of the scenario, BTT states that it is not interested in distributing Chou’s new strategy game, Strat. Assuming BTT and Chou have a contract, and BTT has breached the contract by not distributing the game, discuss what remedies might or might not apply. Compensatory damages – Chou could recover actual out of pocket which may include the original $25,000 due to BBT not acting in good faith but would also include loss of estimated potential profits. b. Specific Performance – Since this is a services contract the court may order BTT because of their total breach to fulfill their obligation to distribute the game OR substitute performance under the doctrine of accord and satisfaction where they might agree to product the game instead of distribute it OR they could agree to a discharge through novation where BTT finds an acceptable 3rd party who agrees to distribute the game. . Delegation – BTT could substitute another company to distribute the game but as delegator BTT would still be liable if their delegate failed to perform. d. Injunctive Relief – The court could issue and injunction forbidding BTT from distributing a similar game, producing a similar game or financially benefiting from a similar game to pr otect Chou from suffering due to their intimate knowledge and trade secrets relating to the disclosures during initial negotiations.

The Future Of Intelligence :: essays research papers

An argument between two scientists ,one of them wanting to alter ageing in humans ,and generating life into a controlled environment: A* well, that was in 2000 wasn’t it? But they could not see this happening †¦it was debated, but legalized in 2004. But this is outrageous. C* I haven’t slept for the last 89 hours†¦and I don’t feel numb†¦ A* But how long will it go on ? Will there be any more children ? Would any one want them? Will it end? People may live but will the earth live as long as them†¦.? C* That is true†¦the people will live as long as they desire. They will die only when they wish to ,by damaging their own organs and not replacing or implanting newly made ones into themselves . Children will come only when anyone wants them. The idea of marriage will be lost as any person will be able to create for himself , what I would call a ‘sex object’ which could be a person of desired characteristics based on the desire of the user. the user will then be able to program his own psyche to develop varied sexual interest after introspective moments where he studies his requirements and selects his mood. He will be able to accelerate the growth of this object to feed his hunger If he does change this desire , his earlier sexual interests will be wiped out of his memory ,thus rejuvenating him and urging him to carry on . this would cause a large portion of people to become anti-social and they will draw into reticence . But then , they will be those who will program their minds to make them want to convince people that they should live in harmony and coexist together. They will form societies preaching the lack of communication amongst each other. These societies will have leaders who will play the same role that the pope did in 2000 ,when dolly was cloned . Thus, at the organisational level , life on eath will be same as what it was in 2000 ,or for that matter in any age you wish to consider . A* But then , what reason will people have to live ? What purpose will they define ? C* You cannot imagine this society with same intent as that which was there in earlier years. People will bear relatively same feeling but will have different forms of expression .

Adoption of Ifrs

ADOPTION OF IFRS: IT`S BENEFITS AND IMPACTS ON FIRMS AND COUNTRIES AROUND THE WORLD The IASB was established in 2001 and since have assumed the responsibility of the standard setting from its predecessor body, the International Accounting Standards Committee (IASC) and began issuing International Financial Reporting Standards (IFRS). IFRS has recently been dominating the regulatory changes in accounting for listed companies around the world. Through the years, over 100 countries have adopted IFRS reporting, some of which include Australia, the European Union, India, Japan, South Africa, Russia and most recently Canada.In addition, the U. S. Securities and Exchange Commission (SEC) are working towards the final element of a work plan to incorporate IFRS into the U. S. financial reporting jurisdiction. In November 2007, the SEC voted to allow foreign issuers that report in IFRS to file their financial statements with the SEC without reconciling to U. S. generally accepted accounting st andards (GAAP). Accounting standard setters anticipate that the use of IFRS will improve the comparability of financial statements, improve reporting transparency, and increase the quality of financial reporting which in turn will lead to greater investor confidence.From an economic perspective, some believe that it’s challenging to perceive that such expectations will be achieved as a result of converting to IFRS. However according to proponents of IFRS, publicly traded companies believe that applying these principles will allow for a single set of high quality accounting standards as this will contribute to better functioning of the capital markets (Quigley 2007).In the following paper I will discuss the reasons why firms around the globe have adopted IFRS in relation to the financial reporting and disclosure quality, comparability across firms and countries, and the costs and benefits associated with reporting improvements. Most countries are in favor of adopting IFRS, fro m the viewpoint that IFRS standards are more capital market oriented, which in turn provides higher quality information that will benefit constituencies of financial statement users as supposed to local GAAP (Daske and Gebhardt 2006).If this statement is true, one way to validate it is through recommendations by empirical studies that suggest firms engaging in IFRS implementations should see an increase in market liquidity followed by a decrease in the firm’s value of cost of capital. According to Leuz and Wysocki (2008), they have provided some evidence in relation to the effects of reporting quality on market liquidity. They indicate the issue regarding information asymmetry, where investors who possess less knowledge of a firm’s reporting structure or policies, are concerned about trading with the better informed investors.They indicate how these non-informed investors are to lower the price at which they are willing to buy, to protect themselves from losses incurre d from trading with better informed investors. Hence investors that possess less information about a stock are less likely to trade. These effects of adverse selection and information asymmetry reduce the liquidity of securities market. Therefore, IASB strongly encourages essential financial disclosure. This will alleviate the adverse selection problem and will result in increased market liquidity by leveling the playing field among all market participants.In addition, other studies have shown that improvements in financial reporting and disclosure can affect the cost of capital in a variety of ways. Some of which include, investors that require a higher return from less liquid securities and lower estimation risk as this makes it easier for the investor to estimate a firm’s future cash flow. This in turn, will improve risk sharing in the economy by making investors aware of certain securities or by making them more willing to hold them (Leuz and Verrecchia, 2004). Hence redu cing the cost of capital.As important as it can be for firms to disclose essential information to investors, other firms can also benefit from these disclosures for the purpose of decision making and will help reduce the agency problem existing between shareholders and management. For example, â€Å"disclosure on operating performance and governance arrangement provides useful benchmarks that help outside investors to evaluate other firms managerial efficiency or potential agency conflicts and, in doing so, lower the costs of monitoring† ( Leuz and Wysocki, 2008).In addition, the information environment has improved as firms switch over to IFRS, which has also contributed to the increase in higher quality financial reporting. According to Mary E. Barth (2006) firms that voluntarily adopted IFRS generally seek lower earning management, lower cost of capital, and more value relevant of earnings. All of which interpret evidence of higher accounting quality. Barth indicates that the accounting quality could be mproved by removing other accounting methods that are not reflective of a firm’s performance and which are used by managers to manage earnings. As part of his testing, he compared firm’s earnings management between those firms reporting under IFRS and firms reporting according to their local GAAP. As a result of his study, it was indicated that after firms had adopted IFRS, they had larger volatility swings in net income, increase ratio of variance in cash flows, higher correlation of accruals and cash flows, small positive net income, and increased occurrence of larger losses.Opponents argue that a single set of internationally accepted high quality financial reporting standards may not be appropriate for certain firms as they are exposed to different cultural, political and legal differences as this might continue to impose major obstacles in the progress towards the harmonization of standards. These differences however may not provide for any greater value relevance and reliability. For example a study conducted by Ball (2006) indicates that pension accounting may be subject to earnings management in countries that have less developed pension systems.Another empirical study indicates that managers can take advantage and use different assumptions to manipulate financial statements (Soderstorm and Jialin Sun, 2006). Proponents of IFRS argue that using common accounting standards across countries will make it more cost efficient for investors to identify earnings management. When accounting standards are uniformed and relevant disclosure is provided, investors are more likely to understand the different assumptions used by management to calculate such pension accounting, which will limit the chances of management to engage in earnings management.The second important factor as to why countries have chosen to adopt IFRS, is mainly because of its increase in accounting comparability across firms. The advantage of a gl obal movement towards IFRS reporting makes it easier for investors and stakeholders to compare different firms and the relevant information to help them assess the company objectives. Comparative reporting will enable users of financial statements in identifying which firms are more or less profitable.Firms that are exposed to high or low risk of return as a result, will reduce investors information asymmetries and lower estimation risk. Moreover, the improvement in comparability across firms allows for increase market liquidity and reduces firms cost of capital (Luez et al. 2008). Studies have suggested that prior to adopting IFRS, firm’s local GAAP standard which were tailored to the needs of analysts and investors would in theory reduce biased information and build investor confidence.A study conducted by Tan, Wang and Welter in 2009, indicated that once firms had adopted IFRS, their foreign analysts had increased significantly more for those who had the greatest level of GAAP differences. There have been a number of studies conducted to test whether IFRS adoption does in fact increase comparability. The outcome of these studies are mixed. Bielstein et al. (2007) concluded that IFRS adoption, results in greater foreign investment for countries that have strong reliability and comparability.Other empirical studies claim that cultural, political and business differences continue to impose significant obstacles in increasing the comparability of accounting information. Lang Maffet and Owens (2010) find that accounting comparability does not improve for IFRS adopters relative to a control group of non-adopters. The two conclude that there is little evidence that IFRS adoption increases comparability. Overall, from the research obtained, there is little empirical evidence proven on the effects of reporting comparability than reporting quality.The third important factor for countries adopting IFRS, are the costs and benefits associated in producing high qu ality accounting standards and the improvement in comparability across firms. As mentioned previously, the ultimate benefit a firm receives by adopting IFRS reporting is from the increase in market liquidity followed by a lower cost of capital. In order to achieve this high standard, there are costs that a firm is exposed to. Such incurred costs include transitional costs, ongoing costs of compliance to the firms, and enforcement costs relevant to government agencies (Standish, 2003).Standish summarizes his findings in relation to cost and benefits of firms moving to IFRS that will tend to see lower transaction costs when preparing financial reports. They will only be reporting against a single set of accounting standards instead of multiple sets. In addition, he makes note of a â€Å"positive network externality† that arises through the use of a single set of accounting standards by all constituencies. This will save market participants from requiring additional time and ene rgy of having to learn, apply and understand multiple sets of standards.Other benefits that result from the transition to IFRS will improve comparability between firm’s financial statement for investors and shareholders. Thereby, making investment decision’s easier. According to Leuz and Wysocki (2008), there are direct and indirect costs associated with improving reporting. The direct costs include preparation, validity and circulation of accounting reports. These costs can vary and increase significantly. In addition, firms will require assistance and hire consultants that have expertise in IFRS reporting.These specialists help train key personnel in the organizations so that they are able to produce financial statements that are in accordance to IFRS reporting. The costs tend to be more difficult for smaller companies to finance such activities for disclosures and reports, as their profitability margins are small. Disclosure costs have characteristics of indirect co sts. Whereby a firm can reduce its monopoly power by providing too much detail to the market, as sensitive profitability information is assimilated to its competitors.Other empirical studies have noted that with these costs and cost-benefit trade-offs that firms are undergoing, it may not be suitable for them to obtain high quality reporting. Rather, encourage firms to provide certain disclosures which the cost of disclosing such information does not exceed their benefit. Moreover, it is of importance that the standard setters recognize the net benefits obtained from the high quality reporting and comparability, as they differ across firm industries and countries (Leuz and Wysocki, 2008).It’s relatively evident why most companies would like to switch over to IFRS due to the number of benefits that are associated with the transition as described above. One would automatically presume that a single set of accounting standards that are used universally by most firms within diffe rent countries would deliver comparability, increase reporting transparency, allow for foreign investments, hence increasing market liquidity and low cost of capital. However, there is very little empirical evidence that claim these characteristics as being true after conversion.Having said that, Ball (2006) has noted that IASB has been successful in serving the public by developing comprehensive set of high quality standards that have convinced over 100 countries to adopt these principles for the purposes of financial reporting. There are some advantages of having a single set of accounting standards unified. As such, these standards contain characteristics of a â€Å"public good†, for example, the investor can use this information in an annual report without eliminating its usefulness to other investors. In other words, the marginal cost for another investor viewing these annual reports would be zero.A second advantage of unifying accounting standards and disclosure practic es is to reduce management from using their own judgement in financial reporting, by reducing the risk of altering the reports to mislead capital market participants. Moreover, these uniform standards provide protection for auditors against firms. These standards are to also be enforced by auditors, whereby the firm has very little opportunity to shirk, hence reducing information asymmetry and increasing investors and stakeholder’s confidence of the firm. Lastly, unifying these standards will increase the accounting comparability across firms.If each firm or country were to implement different local accounting standards, this can impose high costs for both the firm and its external users, such as investors as this will create negative externalities and will reduce domestic investments which can impact countries trade volume profitability, where the majority of countries main source of income is driven from. Opponents of IFRS adoption feel that a single set of accounting stand ards do not benefit all firms and countries. These differences in countries arise from cultural, economic, political and legal systems.For example, firms may have to respond to political pressures from the government due to balance sheet volatility, as a result of fair valuing. The IASB should review accounting standards as they are released to eliminate the possibility of political pressures on countries that are exposed to such tight regulation. One of the main reasons why countries and firms around the world adopt IFRS is due to the results achieved from reporting quality and disclosure practices. However, IFRS can occasionally produce ineffective reporting quality and disclosure.For instance, IFRS can lack in setting descriptive details in their guidelines that make it difficult for countries to follow. Some countries find their local GAAP easier to read and understand due to the level of detail and examples provided. These complexities in the rules creates havoc for firms that would like to report in IFRS, but find it challenging to exclusively follow these guidelines outlined by the IASB. As a result, this can lead to poor financial reporting quality. Other countries and firms conclude that fewer rules and guidelines will encourage management to produce effective accounting policies that will rompt them to make appropriate judgement calls. Information asymmetry and agency costs play a significant role in relation to the disclosure and financial reporting quality. The key motivating factor for any firm is, the more disclosure provided will create a positive signal to investors and hence, will reduce the information asymmetry and agency costs. Companies will see increases in investor confidence while earning high profitability levels. Moreover, firms adopting IFRS, chances are that they are subject to fewer opportunities to part take in earnings management or deceive investors.Studies have indicated that countries which have adopted IFRS do not all achieve the same degree of benefit. The study implies to those countries which have a weak structure in place for investor protection, will tend to see the most benefits from adopting of IFRS. In contrary, countries that have a strong structure in place for investor protection will see marginal benefits. The increase in benefits received by a country whether small or large will improve investor protection and provide for more comparable and comprehensive financial reporting.The cost and benefits of a firm converting to IFRS can be substantial depending on how one views it. The benefit driven through the implementation of IFRS will include lower cost of capital, increases firm value and creates a stable level of investors’ confidence. In addition, as discussed above, the benefits will also increase as a result of better financial reporting quality and cross country comparability for foreign investors, auditors and other constituencies. These benefits obtained through adoption of IFRS are not free. The cost of implementing such an accounting standard can cost firms millions.There are various types of costs that are incurred in the different processes a firm undergoes. The transition costs can be significant in relation to auditing fees. The cost of auditing work will increase, due to testing and validating accounting data as most of the assumptions used by firms are judgemental. Other costs involve training key personnel to apply applicable standards in practice. Companies tend to have shortages of staff that have ever been exposed to IFRS accounting, this is more apparent in Canada. As a result, these companies struggle as they need to learn and apply these new standards.Moreover, the cost related to the risk involved of manipulation of accounting standards, as these standards do not provide strict reporting rules for companies to follow, can impose a huge cost on the firm, if the auditor refuses to provide an unqualified opinion on the firm. Overall, the costs are generally higher during the first couple of phases through the transition. In the long run, costs tend to decline as employees are more aware of the standards and a basic foundation has been developed by IFRS consultants and auditors. At the present moment IFRS reporting is widely used by many countries across the globe.Based on the studies gathered above, countries and firms are optimistic about replacing their local GAAP to IFRS accounting standards. By moving towards a universal set of high quality accounting standards this will lead to improving the firm’s performance, by increasing shareholders wealth though investors’ confidence, lower cost of capital hence reducing information asymmetry. In addition, other benefits include comparability across all nations, this will help facilitate in better understanding by investors of accounting information released in public financials.Comparability will result in an increase of auditors understanding in the types of po licies and assumptions companies implement. This will help ensure that companies are not partaking in earnings management. Comparative accounting standards can be most beneficial to analysts. This will enable analysts to predict the firm’s future forecast of cash flows in comparison to the industry average. As mentioned above, the IFRS accounting standards are costly to implement. Studies have made reference to these transition costs as extremely pricy to develop, however, in the long run their costs tend to decline.This may in fact be true, however, for those companies that have incorporated IFRS standards, will continue to see new accounting pronouncements issued by the IASB, as they work to improve their guidelines. As a result, firms will continue to spend in areas of training and seeking professional advice on how these new standards will impact their firm. References 1. Bielstein , 2007. How the IFRS movement will affect financial reporting in the U. S. : Article: KPMG 2. Daske andGebhardt, 2006. Discussion of Daske and Gebhardt, Journal ofAccounting Finance and Business Studies. 3. Lang, Maffet and Owen, 2010. Earnings Movement and Accounting Comparability, the Journal of Accounting Research 4. Leuz and Verrecchia , 2004. Firms Capital Allocation Choices, Information Quality and the Cost of Capital 5. Luez and Wysocki, 2008. Economic Consequences of Financial Reporting and Disclosure Regulation, Journal of Accounting Research 6. Mary E. Barth, 2006. Accounting Quality : International Accounting Standards, The Journal of Accounting Research 7. Ray Ball, 2006.International Financial Reporting Standards (IFRS): Pros and Cons for Investors, Journal of Accounting Research 8. Soderstorm and Jialin Sun, 2007. IFRS Adoption and Accounting Quality: A review, The Journal of Accounting Research 9. Standsih, 2003. Evaluating National Capacity for Direct Participation in International Accounting Harmonization, Journal of Accounting Research 10. Tang, Wang and Welkor, 2011. Analyst Following and Forecast Accuracy After Mandated IFRS Adoption. Journal of Accounting Research. 11. William R. Scott, Fifth edition , 2009. Financial Accounting Theory