Mix Coursework Example | Topics and Well Written Essays - 500 words

Mix - Coursework Example One of the worst scenarios of drug abuse is violence and insecurity in the family life. In fact, children who experience violence, neglect and insecurities due to substance abuse by their parents are observed to be caught into the vicious cycle of the drug abuse and not only carry the stigma of disturbed family but very often become victims of the circumstances and themselves become abuser in their later life. Drug abuse also results in crimes committed against innocent people in the society and disrupts the peaceful co-existence within and outside the community. Substance abuse amongst students results in increasing dropout rates and juvenile crime. It promotes vicious cycle of drug abusers and crimes that become a perpetual threat to the security of the common man. Hence, one can justifiably argue that substance abuse must be made serious offence and carry stringent punishment for the promoters. 9/11 was a black day in the history of America when terrorists’ attack had shown the cracks in the government’s strategy to protect its citizens and safeguard their interests. The ugly face of terrorism knows no human decency and the government must display innovative strategy to combat any future terrorists’ attacks. Terrorists are people or individuals who commit intended violence against the innocents with the sole intention of harming the public and destroying the property in order to make them meet their vested political goals and religious fanatics’ demands. The counter terrorism mechanisms cannot solely rely on the state of the art technology but must incorporate the psychology of the deviant mind that can think in the worst terms vis-Ã  -vis destruction of tangible and intangible assets of mankind. I believe that the terrorists have become extremely tech savvy, using latest technology. Thus, while their larger agenda may be extreme aggression against state and innocent people, science and technology has greatly empowered them, equipping

Conceptual framework for financial reporting Essay

Conceptual framework for financial reporting - Essay Example This made accounting standards haphazard, and many scandals could be witnessed (Alexander et al. 2007, p.150). This saw the introduction of ‘a conceptual framework for financial reporting.’ The aim of this paper is to examine what a conceptual framework for financial reporting is, and discuss the usefulness of such a framework. In addition, the paper will assess whether conceptual frameworks such as the International Accounting Standards Board for the preparation and presentation of financial reports has succeeded in achieving the stated objectives. What is a conceptual framework for financial reporting? The conceptual framework for financial reporting refers to a set of standards that public sector entities use to guide them in preparing financial statements. The standards in a conceptual framework establish the guidelines to be used in developing International Public Sector Accounting Standards, as well as other concepts that give guidelines about information that will be contained in financial reports (IASB, 2010). The conceptual framework focuses on the financial statements that business enterprises, including state owned corporations, should prepare and present annually in order to meet the information needs of users of financial statements (Zeff 2000, p.8). The IASC Board approved the Conceptual Framework for the Preparation and Presentation of Financial Statements in April 1989; the framework was later published in July the same year. In April 2001, the IASB adopted the framework (Bragg 2010, p.16). Why the Conceptual Framework for financial Reporting may be considered useful The conceptual framework for financial reporting can be considered useful based on the benefits derived from the use of such a system. First, use of the conceptual framework decreases the risk of inconsistency in financial standards. As such, the framework ensures that there is an objective that guides the preparation of financial statements by organizations (Barth et al. 2001, p.81). The conceptual framework is also useful as it incorporates a statement of the functions and roles played by financial statements. This helps to improve the process of setting standards, enhances consistency in financial reporting, and facilitates the development of future standards in the field of accounting (Barth 2008, p.1161). The framework can also be considered useful since it assists users of financial statements to interpret the information in financial statements. This is because it enhances understanding of the princ iples upon which the statements are prepared (Deegan, 2009). The conceptual framework of financial reporting can also be considered useful since it helps accounting bodies to review the International Accounting Standards already in existence. Moreover, the framework plays an essential role in assisting the IASC Board to promote the harmonization of accounting standards, regulations, as well as procedures that relate to the presentation of financial statements (Ellwood & Newbury, 2006). Another role played by the conceptual framework includes assisting national bodies that set standards to develop national accounting standards. The framework may also be considered useful as it helps auditors to form opinions on whether an organization’s financial statements conform to the International Accounting Standards (Greuning 2009, p.2). The conceptual framework also assists users of financial statements to interpret the information contained in financial statements, which conform to In ternational Accounting Standards (Macve, 1997). Critical Assessment whether conceptual frameworks have succeeded in achieving their objectives A look at the conceptual fr