Pride and Prejudice Analysis Essay Example for Free

Pride and Prejudice Analysis Essay Elizabeth Bennet receives two proposals; one from Mr Collins and one from Mr Darcy. Mr Collins was a tall and heavy looking man of twenty-five years. Although he was polite and well mannered he was also pompous and had a self-inflated ego. He always made never ending speeches about nothing and bored everyone to death. Mr Collins flattered everyone constantly but sometimes inappropriately. He begged to know which of his fair cousins the excellence of its cooking was owed. -By this, Mrs Bennet was offended and assured him they were in fact able to keep a good cook. This showed his lack of judgement in when to compliment. He was also quite absurd and Mr Bennets sarcasm often went completely unnoticed. For example, on page 54, Mr Bennet asked if his flatteries were prepared and Mr Collins admitted that sometimes he would think of them for his amusement! Lady Catherine de Bourgh who was his patroness employed him. He grovelled to her constantly as she paid his way; because of her, he was middle/upper class. He was a clergyman at Hunsford near Rosings, Lady Catherine de Bourghs home. When Mr Bennet dies, Mr Collins will inherit Longburn, as Mr Bennet cannot leave the house to his wife; women couldnt inherit. In Mr Collins letter, he proposes to make peace with the family. Mr Darcy on the other hand was very good looking. He soon drew the attention of the room by his fine tall person, handsome features, noble mien He is also described as a fine figure of a man. But he was soon to be discovered to be proud above his company. He was clever, but at the same time he was haughty, reserved and fastidious. He owned Pemberly Estate and got one thousand a year. -He was upper class and he knew it; He had seen a collection of people in whom there was little beauty and no fashion for none of whom he had felt the smallest interest. Darcy and Bingley had a good friendship despite many differences. Bingley was sure of being liked wherever he appeared; Darcy was continually giving offence. Darcy had no sense of humour and admitted it. He couldnt see the funny side of life whereas Bingley was light hearted and liked to enjoy everything he did. In the past Wickam and Darcy had a disagreement. Mr Darcys father had promised Wickam a place in the church but when he died Darcy refused to help him. Mr Collins first hints on his future plans in his letter to the Bennets when he writes; I cannot be otherwise than concerned at the means of injuring your amiable daughters, and beg leave to apologise for it, as well as to assure you of my readiness to make them every possible amends. On the first day of staying at Longburn, he, in a conversation to Mrs Bennet said; I can assure the young ladies that I come prepared to admire them. -Here he gave Mrs Bennet a small glimpse of his intentions. Jane Austin then gave it away saying that now having a good house and income; Mr Collins was in want of a wife. He was also pleasing Catherine de Bourgh who thought he should marry. So for the first evening Jane was the settled choice being not only the eldest, but the prettiest -this was, until he was informed by Mrs Bennet that she was soon to be engaged to Bingley (exaggeration). Then at the Netherfield Ball he asked Lizzy to dance several times and she realised she was the chosen one out of the five sisters. Mr Darcy on the other hand was far from admiring Lizzy at first and when Mr Bingley suggested he dance with her at the Meryton Ball he replied that he had not the least intention of dancing. -Bingley was dancing with the only good looking girl in the room. Here he was referring to Jane. He said Lizzy was tolerable, but not handsome enough to tempt me. Then at Sir William Lucass party, William tried to pair up the two of them and Darcy did not resist, but Lizzy brushed him off with; I have not the least intention of dancing. -this was pay back. It was at this party that Darcy realised his true feelings for her. At Netherfield when Jane went to stay, she fell ill and Lizzy being worried came to visit. Here, she noticed that Darcy was constantly watching her. Miss Bingley who secretly liked Darcy, in seeing that he was drawn to Lizzy tried to turn him against her. But all in vain, for whatever she said, he just stuck up for Elizabeth. Miss Bingley, in Mr Darcys defending her said; I am afraid Mr Darcy that this adventure has rather affected your admiration for her fine eyes. I think when she says this shes half-teasing and half jealous of him liking her. Before proposing, Mr Collins said to Mrs Bennet, May I hope madam, for your interest with your fair daughter Elizabeth, when I solicit for the honour of a private audience with her in the course of this morning? -Here, he was basically asking Mrs Bennets permission to propose. He then launched straight into his speech. Mr Darcy came to visit Lizzy and at first made light conversation, asking about her health. Then there was an awkward silence where he must have been trying to think of how to start before proceeding. -Differences are already showing through. Mr Collins first said hed chosen Lizzy almost as soon as hed met her (which was a lie) and went on to specify his reasons for marrying her. He, as a clergyman wanted to set an example to the rest of the parish, he thought it would make his happy and he was following Lady Catherine de Bourghs advice. Hed obviously planed out his speech carefully but in his reasons, he had not mentioned that he was in love with her! Darcy on the other hand offered his hand in marriage because he did love her and his opening sentence expressed this clearly; In vain I have struggled. It will not do. My feelings will not be repressed. You must allow me to tell you how I admire and love you. Mr Collins also made several insults to Lizzy when proposing to her without even realising it! For instance, he said that if she refuses, she my never get another offer. He also reminds her that if she stays single, all she may ever be entitled to is twenty-five pounds when her mother dies. Darcy put his foot in it too. After saying how much he loved her, he went on to say that it was not his wish to do so with her connections and status; His sense of inferiority -of the family obstacles which judgement had always opposed to inclination. When he was turned down he thought she was just offended; Could you expect me to rejoice in the inferiority of your connections? -To congratulate myself on the hope of relations, your connections? He also admitted to trying to split up Jane and Darcy and even rejoiced in his success of doing so. In response to rejection, Mr Collins thinks Lizzy is playing hard to get and says this is to be expected of a lady. He goes on to say all the good materialistic reasons to marry him forgetting to mention things like love. He acts as if marrying would be a good investment for Lizzy or something. He then assured her that both of her parents approved of the marriage. Mr Darcy in response to rejection is shocked and angry but manages to control himself. He asked why he had been refused and thought she must be offended by what he had said earlier; Could you expect me to rejoice in the inferiority of your connections? But after saying these words he accepted her answer. Both proposals were made for very different reasons; Mr Collins obviously proposed for convenience, whereas Mr Darcy was in love. Both men also reacted in different ways when turned down; although Mr Collins couldnt take the rejection, he was not actually bothered about anything other than having his male pride hurt. -Darcy must have been extremely upset, to him Lizzy was the woman he wanted to spend the rest of his life with but he tried not to show his emotions. They both involved a lot of snobbery in their proposal speeches. They thought that Lizzy would not reject someone of the higher class and she should be grateful that she was chosen out of all the other girls; both reminded her constantly about her status. Mr Collins was more personal mentioning both what would happen when her mother and father died but Lizzy got more angry at Darcy because of things he has said and done in the past. Mr Collins and Mr Darcy both said in much detail all the pros and cons of the marriage. In conclusion, both proposals have some similarities but they differ in the essential requirement of love.

Awesome Ball Girl and Perception Essay Example for Free

Awesome Ball Girl and Perception Essay In the short video of â€Å"Awesome Ball Girl†, there is a young ball girl working in the field that makes such a great catch, most professionals would not have been able to make. At the start of the video you would think that you are about to see a home run after a great hit, but my eyes were drawn elsewhere; just like the crowd and two teams. This shows the first stage in the perception process: selection. Selection occurs when one or more of your senses are stimulated, where your mind and body help you choose what stimuli to attend to (Floyd 109). Of my five senses, this video affected my vision and my hearing since I was watching a screen; more senses would have been affected if I would have been in the crowd. We do not necessarily make conscious decisions about which stimuli to notice and which to ignore. Research indicates that there are three characteristics that make a particular stimulus more likely to be selected for attention. (Floyd 109) The first characteristic is that something unusual or unexpected will make a stimulus stand out. Second, that repetition or how frequently you have been exposed to something will make it stand out. Third, the intensity of a stimulus will affect how much you take notice to it. From the video â€Å"Awesome Ball Girl†, two of the characteristics that stood out the most for me were repetition and intensity. I do not watch baseball often so since I am not exposed to that sport often, it stood out to me. In addition to not watching that sport often, the intensity of the crowd made me more interested because I knew something big was happening due to hearing the cheering and gasping. By the end of the video, all of my attention was focused on the young ball girl who just made an amazing catch. Once you have noticed a particular stimulus the next step of the perception process is to classify it by organization, the second stage of the perception process. Organization is the process of categorizing information that has been selected for attention – the mind will apply a perceptual schema to it for a mental framework for organizing information (Floyd 109). Perceptual schemas help us organize sensory information in some meaningful way so that we can move forward with the process of perception. There are four types of schema that help to classify the information we notice about people: physical constructs, role constructs, interaction constructs and psychological constructs. (Floyd 110) Physical constructs emphasize appearances and objective characteristics (height, age, ethnicity, body shape) as well as subjective characteristics (attractiveness). Role constructs emphasize social or professional position (teacher, accountant, father, community leader). Interaction constructs emphasize behavior (outgoing, shy, aggressive, sarcastic, considerate). Psychological constructs emphasize thoughts and feelings (angry, insecure, jealous, worried). (Floyd 110) Looking back on watching this video, I feel like I could apply all of these constructs to the young ball girl. She was a younger white female; her appearance was average height for a woman, not tall and not short with an athletic build – which is known to be attractive. The announcer for the game calls her the ball girl as well as the title of the video which gave the role construct. The interaction I could see was that she was a â€Å"go-getter† and that she was not shy about going after the ball that the professional player missed. After the catch, she was walking back to her seat; she seemed insecure and or worried like she was thinking maybe it was a bad idea to catch the ball now that all attention is on her. Stage one, selection, helped me with stage two, organization because I knew what caught my attention. Seeing a girl running down the side of the field, hearing the crowd cheering and the announcer going crazy made me realize that something spectacular was happening even though I don’t watch baseball often. Once my attention was focused on the ball girl, I was able to use the types of schemas to classify the information that my mind noticed. The third and final stage of the perception process is interpretation. Interpretation in the perception process is assigning all of the information from selection and organization and forming a personal meaning. Three factors: experience, knowledge and closeness can all affect how you interpret something that you perceive (Floyd 111). Every person’s interpretations will most likely differ. For me, experience plays the biggest role since I used to play softball. I know how hard it can be to catch a ball at the rear of the outfield, let alone trying to scale a wall before catching the ball; which proves to me that this young ball girl has a lot of talent. To some people that may be avid baseball fans that attend a lot of games, this could be an event they will never forget, but for me, it is just a very impressive video that I will probably potentially forget about due to my lack of interest in baseball. I do not have doubts that this video is not real or accurate. Crazier things happen every day! After going step by step through the perception process, I see a very talented young girl that has the potential to be a great player on a ball team.

The Advantages And Disadvantages Of Colonialism

The Advantages And Disadvantages Of Colonialism The colonialism has a lot of advantages and disadvantages which will be explore in this essay but before going to that let know what colonialism is a lot about. Colonialism is the total control or governing influence of nation over a dependent country or people or condition of being colonial. The colonized countries were mostly Africans because of the way they lived and behave so the colonizers were using the excuse of them not civilized and religious. But the colonial masters aim was to exploit the colony economy and move them to their country making the colony depend on them. The disadvantages of colonialism is far more than its advantages, the main advantage is the civilization while the disadvantage is the economic dependent. But let talk of the advantages before its disadvantages. Advantages of Colonialism However, the advantages are the stop of killing twins especially among the Igbos and the reason behind the killing of them was the beliefs which says is against nature and inherently evil just because it rare occurrence. So when the colonial masters came it was seen as an act of early age practice, which needed to be stopped because, is in human. Also the equality among the men and women in a public opinion with education for everyone in Christian theology and academic field. In particular the education because is the best aspect of the colonialism, most of early age people were not educated, dress themselves with leaves hunt food in forest and so on. Why education is important part of colonialism is that it brings about civilization because when the people are educated they will definitely be civilize and the country too because they both work together. Also the newborn and toddler deaths that were dealt with because the death of young children and infants were seriously occurring a nd the Africans do not know the cause of them more or less prevent or cure it because of lack of education, so the coming of the colonizers help the Africans to solve the problem. Also, the way women were treated by sexism and violence was stopped, they were treated like property to the men, they were not allow to speak in public nor listen to their opinion and they were harass by the men. So when the colonial maters came they saw that as an act of immorality because both men and women are humans with equal rights and they stopped it too. Another advantage is the development from the colonizers such as infrastructure that is electricity, telecoms roads and water which impacted a lot to African people because all this were not in advanced in the country. And in the field of medicine is was very important because the infants death was cure through it, the African people now buy preserved food which are manufactured with development in agriculture, mining and manufacturing which stopped the hunting of food because they hunt before they can eat. All this happen with the help of modern farming methods and food security that were invented to the country. There was a lso development in politics bringing democracy system of government which is to make everyone vote and be voted for. There were trade opportunities making the African people to have access to external trade around the world which expose them to other ways of trading. There are advantages but some of the important ones were explored in the essay. Disadvantages of Colonialism Moreover, the disadvantage are far more than the advantages been through with the advantages let move on to the disadvantages. There was loss of culture because the colonial masters were trying to bring their ways of life, behave and culture making the African cultures to go down living their own ways. The African way was the loyalty to the royal rulers with members of parliament and followers among the ethnics groups but the coming of the colonial masters made them to have complete loss of culture. With that happening it brought about lack of respect for Africans traditions with submission to the colonizers ways and behavior. Another disadvantage is the lost of land which were forcefully collected from Africans with guns on their heads making them to have nothing on their own and some of them are with families to feed but for their lives they have to let go of the land which were given to the Europeans un Africa. On snatching those lands making them homeless and struggling to surviv e the colonial masters imposed tax on them which forced the Africa to work for some of the colonizers settling in Africa to enable them pay the taxes which made them loss ownership in general of their land. With that there were more and more settlers in Africa which was making them to be exposing to new diseases such as ablepsy, malarial fever, yellow fever, malnutrition and so on. Those diseases were also killing the Africans because they are yet to develop medically to know what those diseases are and to treat them. There was economic dependent; before the colonial masters came they were managing their economy and the recourses the way they came without having problem but when the colonizers came they started exploiting the recourses to their country. Furthermore, the Africas economy was very good but they do not exploit what they cannot use, knowing this by the colonial masters they decided to come and exploit using the excuse of not civilize and religious on doing that it makes the Africans to depend on them when the land is owned by them. There was also the dominant class that is the ones to rule them with the aid of the rulers and also spy on Africans to know whether they are doing what they are asked which made them called the natives savages that is uncivilized people. At that time the living conditions in Africa changed a lot with the forced culture imposed on them bringing their own ways making the people to be westernized that are dressing, clothing, behavior and act of doing everything in their ways. There was also slave trading; Africans were carried from their homes to the colonial masters country to go and work for them and also fight in wars for them which when they will come back they will only given recommendation but if it is their countrymen they were treating them like they fought actively than the Africans while they know it was not so. Also lack of moral compass that is not been concern with rules of right conduct within the determined directions by colonial masters and paying allegiance to them. Finally, some of this disadvantages are still in existing in Africa especially Nigeria because we are still paying the loyalty to the colonial masters. There are more disadvantages but the little of them was explored in the essay and as for the advantages it really has impacted a lot on African people. In medical field; the African people are trying their possible best to be like the colonizers, most of the diseases in Africa are from them such as measles, malaria and recently Hiv/Aids but both the colonizers and their colony are working on the treatment. In Nigeria colonialism ended when it got is independent which a lot has improved such areas are industries, mining, agriculture and so on but the first two are the one focused on making agriculture to go down which is not suppose to be so because Nigeria is a fertile land. So if agriculture is given attention too will also improve the economy of the country because there are both political and economical instability in the country s o the only way is to improve in more aspect of the economy and they should also be a nationalist in whole Africa to make it a better continent. The advantages and disadvantages of colonialism is a very good aspect of history because it made someone to know what happened in the past and what is still happening in the country.

Sula by Toni Morrison Essay examples -- Black Community Racism Racist

Sula by Toni Morrison In the novel Sula, by Toni Morrison we follow the life of Sula Peace through out her childhood in the twenties until her death in 1941. The novel surrounds the black community in Medallion, specifically "the bottom". By reading the story of Sula’s life, and the life of the community in the bottom, Morrison shows us the important ways in which families and communities can shape a child’s identity. Sula not only portrays the way children are shaped, but also the way that a community receives an adult who challenges the very environment that molded them. Sula’s actions and much of her personality is a direct result of her childhood in the bottom. Sula’s identity contains many elements of a strong, independent feminist character. However, the people in Medallion do not see Sula in a positive light. When she returns to Medallion as an adult Sula is seen as evil and regarded with much fear. The reason Sula outcast from the community is specifically due to the fa ct that she is a woman who refuses to contain herself in the social norms set up for the town. She refuses to marry and frequently sleeps around. The characters that exist around Sula serve as a point to compare the different ways the community treats those who are different. Specifically the way the characters, Shadrack and Hannah are treated by the community can be compared to the way the community treats Sula. In one way or another, Sula, Shadrack, and Hannah are outcast from the community in the bottom. Shadrack and Hannah however are not regarded with near as much fear or resentment the town feels towards Sula. The difference between the way the town treats Hannah and Sula is particularly alarming. After the death of Sula’s father, Hannah has no real relationships with men. She sleeps only with the husbands of her friends and neighbors husbands. Although Hannah sleeps with married men the people in Medallion have a certain respect for her. "The men, surprisingly, never g ossiped about her. She was unquestionably a kind and generous woman..."(p 2013). Hannah has affairs with the same men over and over again. Because of this most often the wives of those men take it as a compliment when Hannah sleeps with them. Hannah is Sula’s mother and has indirectly taught a young Sula to view sex as a source of pleasure. "Seeing her step so easily into the pantry and emerge looking precisely ... ... views on life to any man. There is an imagination in Sula and an intelligence which can be seen in all her actions. This imagination allows her to look closely at the community surrounding her and rise above it. She sees herself not so much in the community but separate from it, and the town does make a separate place for Sula. She doesn’t take what is given to her, she doesn’t blindly accept the social norms the community has set for women. In the end of the novel, right before Sula dies, Nel, Sula’s old best friend, sums up why the whole community has viewed her as evil, a roach, a bitch and feared her so greatly. "You can’t do it all. You a woman and a colored woman at that. You can’t act like a man. You can’t be walking around all independent-like, doing whatever you like, taking what you want, leaving what you don’t." (p2057). Throughout the novel however, that is exactly what Sula does. She attempts to live her life the most free she can. Free from the social norms of a patriarchal community who sees a woman solely in relationship to a man. If a woman doesn’t have a relationship with a man and take up socially accepted responsibilities, she is seen as evil, inconceivable.

San Andrea Fault Essay example -- science

San Andrea Fault Introduction The San Andreas Fault is a geologic fault zone between two tectonic plates that runs from San Francisco south to San Diego in California. It is an area of frequent earthquakes caused by the plates sliding past each other. It is so called because it runs along the San Andreas Valley. The San Andreas fault was brought dramatically to world attention in 1906 when sudden displacement along the fault produced the great San Francisco earthquake and fire. This earthquake was but one of many that have resulted throughout its life of about 15-20 million years. Body The entire San Andreas fault system is more than 800 miles long and extends to depths of at least 10 miles within the Earth. The fault is a complex zone of crushed and broken rock from a few hundred feet to a mile wide. Many smaller faults branch from and join the San Andreas fault zone. The Pacific plate is moving northwest in relation to the North American plate, and it is believed that the total displacement along the fault since its formation more than 30 million years ago has been about 350 mi. Movement along the fault causes earthquakes; several thousand occur annually The basic science is pretty straightforward. The earth lurches from time to time because its outer shell is broken into huge, solid plates floating on a layer of molten rock that has the consistency of Silly Putty. These tectonic plates are constantly jostling each other, like rafts crowded into a...

The Link Between Friendship and Moral Development Essay -- Teaching Ed

The Link Between Friendship and Moral Development The study of morality is molded by an intricately linked set of tangential issues each of which has a unique effect on moral development. Friendship and peer groups in particular play an indisputable role in helping to shape the path of moral development in children and adolescents. In evaluating various philosophical and psychological perspectives on morality, two principal arguments emerge concerning the link between friendship and moral development: in the first argument, friendships act as a positive force in fostering moral development, as they provide a background upon which children can formulate their own moral rules and values. In direct contradiction, the second argument espouses friendship and morality as inherently antithetical, relying heavily on the idea that friendship encourages subjectiveness and impartiality. The potential negative influence of peer influence on moral development is perhaps most clearly manifested in the prevalence of aggression and violence in the lives of many children and adolescents. In studying the link between friendship and moral development, then, it is crucial to consider both the positive and negative consequences that peer relations can have on a child’s struggle to develop his own individual sense of morality. The Definition of Friendship and its Relationship to Moral Development In exploring the effects of friendship on moral development, particularly in children and adolescents, it is necessary first to establish the ways in which these phenomena are related. Traditionally, friendship and morality have been viewed as separate entities independent of one another; consequently, there is little research pertaining to the specif... ... York: Cambridge University Press, 1996. Cairns, Robert and Beverley. Lifelines and Risks: Pathways of Youth in our Time.Cambridge: Cambridge University Press, 1994. Eron, L., Gentry, J., & Schlegel, P. Reason to Hope: A Psycholosocial Perspective on Violence and Youth. Washington, D.C.: American Psychological Association, 1994. Friedman, Marilyn. What Are Friends For? London: Cornell University Press, 1993. Garbarino, James. Lost Boys. New York: The Free Press, 1999. Henry, David B. "Peer Groups, Families, and School Failure Among Urban Children: Elements of Risk and Successful Interventions." Preventing School Failure, 44:3, 97-105. Piaget, Jean. The Moral Judgment of the Child. London: Routledge & Kegan Paul, 1932. Pinderhughes, Howard. Race in the Hood: Conflict and Violence Among UrbanYouth. Minneapolis: University of Minnesota Press, 1997.

Difference in Us Gaap and International Accounting

IS IFRS a better Accounting Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards, hereafter known as IFRS, is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities, primarily financial in nature, which are useful for economic decision making (FASB, 1999; IASB, 2008).International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have been extremely involved in making IFRS the international Accounting Standard. The Securities and Exchange Commission (SEC) has been working on evaluating the implications of incorporating IFRS into the US financial reporting system, currently known as US GAAP. More than one hundred countries have moved to IFRS reporting, or have decided to require the use of these standards in the near future. (SEC,[2007]).Financial reports are a combination of four different key statements. They are balance sheets, income statements, cash flow statements and the statements of shareholders equity. Currently, the FASB is the highest authority in establishing generally accepted accounting for public and private companies in the United States. Financial reports are a necessary tool used by current and prospective investors to see how a company function and stands financially. It is also used to analyze and assess a company’s potential areas of growth as well as its areas of weakness.US GAAP has many guidelines and rules to follow whereas IFRS is more based on basic principle. Comparing the US Generally Accepted Accounting Principle (GAAP) and IFRS might help to understand which standards will better serve the Goal of achieving good financial reports. Both IFRS and US GAAP have many rules in common and are significantly similar due to the conjunction efforts of both officials over the years. Despite this, numerous differences between US GAAP and IFRS also exist. The big four audit firms have been instrumental in developing a difference between the standards.The followings are the comparisons of rules between IFRS and US GAAP to remotely see the difference between two accounting standards in three different areas. The areas are A) Revenue Recognition, B) Business Combination and C) Inventories. A) Revenue Recognition: US GAAP revenue recognition guidance is extensive and includes a significant number of standards issued by the Financial Accounting Standard Board (FASB) and the US Securities and Exchange Commission. The guidance tends to be highly detailed and is often industry-specific.One of the most common general revenue recognition issues has to do with the determination of when transaction with multiple deliverables should be separated into components and how the revenue gets allocated to the different components. Under US GAAP, detailed separation and allocation criteria is focused whereas IFRS focus on the economic substance of the transactions (Ernst & Young, 2011). Revenues are likely to increase with less detailed guidance under IFRS. B) Inventory Valuation: The US GAAP permits last in first out (LIFO), first in first out (FIFO), and weighted average cost.The inventories carried are recorded at the lower of the cost or market price. According to IFRS, first in first out and weighted average cost are only permitted. Companies that use last in first out must revalue inventory, which could result in tax liabilities due to the IRS’s last in first out conformity rule. C) Business combination: Business combination refers to the takeover of one enterprise by another. Business combinations are one of the important business activities carried out in current capital market (Bohusova, 2009). More than 13000 M&A transactions were carried out worldwide in 2006 (IASB, 2006).Although US GAAP has largely converged with IFRS in this area, certain important differences have remained. The business combination standards under US GAAP and IFRS have two major differences: (1) Full goodwill and (2) the requirements regarding recognition of contingent assets and contingent liabilities. Different requirements for impairment testing and accounting for deferred taxes are among the most significant. The Business combination project has contributed to Mergers and Acquisition recording harmonization and to comparability of financial statement in the area of business combination (Svoboda, 2009).Importance of Good Financial Reporting: Financial reporting and disclosure quality are very important because it is linked with various economic consequences such as market liquidity, firms’ cost of capital, and corporate decision making (Daske, 2006). It is relatively impossible to compute all of the economic consequences that may have cause due to corporate decision. Additionally, all the effects a re not properly understood nor will there be supportive evidence. Investors depend upon the financial reports provided by the companies for investment opportunities.Financial reports provided by the companies are the only evidence of the effectiveness of reporting quality. Less informed investors are worried about the better informed investors. This causes less informed investors to lower the price of the security to protect against the losses from trading with better informed financiers. The unwillingness of the less informed investors reduces the liquidity of the securities market. Corporate disclosure can alleviate the problem and increase market liquidity by leveling information among investors (Verracchia, 2001).Good reporting and disclosure can affect the cost of capital. Better disclosure can improve risk sharing in the economy, either by making investors aware of certain securities or by making them more willing to hold them, which again reduces the cost of capital (Diamond and Verrecchia, 1991). It is also very likely that better reporting improves corporate decision making. For instance the efficiency of firm’s investment decision would improve. There have been a number of studies conducted suggesting that better reporting leads to higher investment efficiency.However, the evidence on the effects of reporting quality on corporate decisions is still in its early stages (Biddle et al, 2008). The disclosure of one firm can be very useful to other firms for decision-making purpose but it can also help reduce agency problems in other firms. The disclosure of operating performance and governance engagements provides useful standards that help outside investors to evaluate other firm’s managerial efficiency or potential agency conflicts and doing so lowers the cost of monitoring. Another very important element of corporate reporting is its comparability among firms.Corporate reporting can be precisely useful to the investors and other stakehol ders if they are using similar accounting standards. More comparable reporting makes it easier to differentiate between less and more profitable firms, which in turn reduces information asymmetries among investors and provides lower risk to the investors. These improvement resulting from greater comparability can also increase market liquidity and reduce firms cost of capital (Daske, 2006). Better comparability can also have positive effects on corporate decision making.More comparable reports allow firms to make better informed investment choices due to a better understanding of competing firms, both within a country and across countries. Growing numbers of firms with comparable financial reports increases the number of two ways communication linkages in the â€Å"Financial reporting† network. This enhances the value of the overall network to both the investors and firms (Meeks and Swann, 2008). Although there are many benefits of more comparable reporting and disclosure, th ere are also costs to improving corporate reporting.The reporting and disclosure costs include the preparation and certification. Regulators should carefully weigh the convergence of costs and benefits to firms, investors, and other parties in the economy. The benefit of high quality and more comparable reporting may also vary significantly across industries and markets. Impact of IFRS in Foreign Countries: Financial reporting quality is affected by many factors other than just the accounting principle adopted. These include legal and political systems, reporting incentives and other market incentives. Ball, Robin, & Wu, 2003). The quality of financial reporting also depends on the relevance and reliability of the financial and non-financial information recognized and disclosed (Ferrari, Momente, and Reggiani, 2011). Empirical research conducted by Ferrari, Momente and Reggiani studied the earning quality in relation between the German companies practicing IFRS and German companies practicing German accounting standards (HGB). This research has been conducted based on German companies, excluding financials and utilities listed on the Frankfurt stock exchange.German is the only large country in Europe with a strong set of local GAAP where a substantial quantity of firms applied IFRS on a voluntary basis before 2005. Out of 746 German companies 368 were following IRFS and 378 companies were following HGB (SEE APPENDEX 1). The mathematical finding articulates that the analyses supports the idea that the IFRS adopter are generally characterized by a level of earnings management lower than or equal to the HGB adopters. Another study conducted by Daske, Hall, Leuz and Verdi looked for evidence on economic consequences after mandatory IFRS Reporting.The analyses were based on market liquidity and cost of capital in 26 different countries. Their research provides us with the synopsis on the capital market effects after introducing the IFRS in 26 countries around the w orld. The study analyzes the effects in stock market liquidity, cost of equity capital, and equity valuations. The results propose that the mandatory adopters experience statistically significant increases in market liquidity after IFRS reporting becomes compulsory. These research and results indicate that results have mixed results on quality changes after the adaption of IFRS in different countries.Whether IFRS can work properly in markets that are disciplined mainly by regulators rather than the market mechanism can be verified by observing the adoption of IFRS by China (DING & SU, 2008). What’s more, a single set of standards may not be suitable for all settings and thus may not improve reliability due to differences among countries (Soderstrom & Sun, 2007). The adoption of IFRS in the Chinese economy has significantly improved the quality of accounting and reported earnings (Liu el at, 2001).Evidence also reveals that value significance of reported earnings increased whi le earning leveling decreased with the standard change. Empirical evidence showed by Daske et al. ’s (2008) claim that quality improvement from IFRS adoption is expected to be higher for adopters with poorer quality as firms audited by the Big Four before the standard change. This clearly shows that IFRS has been the preferable accounting standards for foreign countries. Is Conversion to IFRS economically advantage? Quality reporting and more comparable reporting and disclosure can create economy-wide benefits.Therefore it is safe to say that it makes economic sense for regulators to access the current reporting environment within a market or country to determine if any changes to the reporting environment could move reporting quality and comparability closer to the peak. My question is, what role the accounting standards play in achieving good quality and comparable reporting practices? How will policymaker achieve these goals? The capital markets and investors appreciate hi gher transparency and high quality reporting.However, the evidence from academic studies suggests a limited role of standards in influencing reporting practices (Daske, 2006). To further support this point, we need to highlight the role of reporting incentives and institutional frameworks in shaping firms’ reporting practices. We can also assume that changing the accounting standards can also lead to undesirable effects depending upon the economy. Studies steered by Ball and Shivakumar (2005) illustrated the importance of firms reporting incentives, rather than accounting standards, as key drivers of observed reporting quality.The studies identify that accounting standards give firms considerable reporting choice because the application of the standards involves considerable judgment since accounting measurements rely on management’s private information and involve an assessment of the future, making them subjective demonstration of management’s evidence set. Fi rms reporting inducements are molded by many factors which includes the capital market forces, the law of the nation and a firm’s compensation on performance to the management.It is relevant for the IFRS debater that the studies show that even the firms with the same accounting standards, reporting practices fluctuate considerably across firms and countries (Ball and Shivakumar, 2005). Studies also shows that even if these standards are strictly enforced and implemented, moving to a single set of accounting standards is not enough to produce comparability of reporting and disclosure practices (Ball and Shivakumar, 2005). This proves that accounting standards are more limited than often thought.They are just one of many factors which help shape actual reporting and disclosure practices. Accounting standards are a very important organized element that affects financial reporting practices in a country. In a good economy, these elements are most likely to help one another becaus e accounting information plays an important role in financial contracting (Ball, 2001). Investors in public equity markets use financial statements to witness their entitlements, make speculations, or use their rights at shareholder meetings.Therefore, it is practical to think that corporate reporting improvements in conjunction with other institutional factors to enable financial transaction and contracting (Ball, 2001). IFRS is favored because of the idea behind its effects on capital market and investors. Another thing to consider is that the adoption of IFRS can also improve financial reporting to outside investors. We can conclude that IFRS leans more toward capital markets which is more relevant to investors. Tightening the accounting standard can reduce the level of earning management and improve reporting quality (Soderstrom, 2007).Hence, IFRS helps to lower the quantity of reporting discretion comparative to many local GAAP. However reducing the level of reporting discretio n can also makes it more difficult for management to track their private information through the financial statements. Using a similar accounting standard across the world likely improves foreigner’s ability to notice earnings management and accounting manipulations. Hence, a shift to IFRS does in fact increase the comparability of a firm’s report, and it can also improve market liquidity. In contrary, Daske et al. 2008) verifies that the capital market effects around the mandatory IFRS reporting are not evenly distributed across countries because countries with weak law enforcement and reporting incentives are most susceptible to remain substantially unaffected by the IFRS mandate. There is evidence of constructive capital market outcome by the IFRS mandate in several countries. However, there is significant variance in the effects across firms and countries. IFRS adoptions in the US economy rests on whether the quality of US firms reporting fluctuate in the capital m arket.Therefore, it is necessary to acknowledge such changes in reporting quality are likely to occur. IFRS is now similarly compared with US GAAP and the remaining differences are minor (Krishnan el at 2012). Both standards have a similar fundamental viewpoint and capital market positioning. In 2002, the two standard setting bodies issued a Memorandum of Understanding (â€Å"Norwalk Agreement†), agreeing to make the two financial reporting standards more compatible and to coordinate their future work program in order to maintain compatibility (FASB (1999).IFRS and US GAAP have converged in many areas bringing both standards closer to each other. The US is one of the largest economies in the world. The institutional framework of the US economy is very unique. US firms typically rely heavily on publicly traded external finance (Juang el at, 2012). Directly or indirectly, a larger portion of US household hold debt and equity securities through mutual funds compare to other coun tries. Retirement savings represents a substantial amount of those securities. Hence, the regulators have a great responsibility to support this financial system.Therefore, the current securities laws and the US GAAP primarily are geared towards supporting public debt and equity markets. The US economy and its capital market are diverse. Reporting outcomes under US GAAP are generally considered to be high quality because of its ability to reflect economic events in a timely manner (Ball et al, 2001). The public enforcement system is supplemented by robust private administration, intimidating lawsuit, and potentially substantial financial consequences for managers, directors, and corporations that engage in reporting crimes.FASB standards and additional SEC filing rules requires a more substantial amount of disclosure than in any other countries (SEC). Hence, a switch to IFRS can bring a dilemma weather to maintain disclosure requirements mandated by the SEC or stick to IFRS limited disclosure (SEC). Cost Analysis of Adopting IFRS-From the preceding discussion, the capital market benefits of IFRS and the effects on U. S reporting practices are likely to be small. However, let’s take a look at the cost consequences of adopting IFRS.In the first year of publishing IFRS reports, companies will have to train their employees in the preparation of IFRS financial statements. Hiring outside specialists and consultants and upgrading the software are other major expenses companies will have to bear. It should be noted that there will be additional revenue for the firms who does the advisory and auditing of those firms. Not surprisingly, many of the accounting firms take very optimistic attitude regarding the potential adoption of IFRS by the US. The cost for US firms would be substantial.According to ICAEW, 2007 per firm estimates ranging from 0. 31% of total sales for firms with sales below $700 million to . 05% of total sales for larger firms. This amounts to an average onetime cost of $430,000 for small firms and $3. 24 million for large firms. Based on these estimates, the US economy as a whole could cost up to $8 billion. The cost might go up if SEC requires firms to provide reports under both standards. Although the one-time conversion costs are likely to be substantial, there is no guarantee for any recurring cost.There might be periodic costs associated with inconsistencies within the US legal and institutional system (ICAEW, 2007). To my understanding issues like this wouldn’t be easily to fixed. One can argue that there are also many reasons to believe that adoption of IFRS could also save money because of a single global reporting system in the long run. The foreign US holdings multinationals often have to fulfill with the domestic reporting standards of their residence which is most likely to be IFRS. If foreign multinationals that use IFRS no longer have to maintain US GAAP reporting then they will save money on the conve rsion.The adoption of IFRS could save money to many US firms indirectly. Effect on Education System due to conversion: The accounting professionals and educators need to be brought up to speed in an adequately time frame in order for smooth conversion to IFRS. As mentioned earlier, China and Germany were able to convert the standard smoothly; the same should be possible in the U. S. The big four accounting firms have been releasing a number of reports that IFRS education is lagging behind. The big four accounting firm have reported that U.S. investors and issuers are not yet appropriately educated with IFRS, and that at present college curriculums, text books and other instructional tools do not adequately train students and other interested parties in IFRS proficiencies (Ernst & Young, 2007b; KPMG, 2008b). Writers Point of View: This research paper has mentioned a few times about the issues related to the compatibility of IFRS with the US institutional framework. The countryâ€℠¢s financial reporting system is a very important determinant of aggregate economic effects.Hence, the financial reporting system is one of the basics of country’s organized framework which is likely to detect the performance of a country’s financial and economic system. A switch to IFRS by US regulators can cause unwanted concerns for the US economy if there are any incompatibilities with other elements of the organizational framework, even when IFRS are thought to be high quality and perform well in other countries. Financial markets are a network where one is reliant upon others’ financial reports. It is difficult to ascertain and quantify the complexity that can caused due to the adoption of IFRS.As countries institutional frameworks play a key role in determining manager’s reporting inducements and the use of discretion, it is significant to know whether the amount of reporting preference in IFRS creates a problem for the US litigation system since i t is moderately exclusive. Because IFRS has less specific standards and guidance, executives have to apply more judgment in interpreting IFRS. IFRS could lead to uncertainty about litigation outcomes which could even induce executives to make conservative accounting decisions.A vital issue is whether a single set of accounting standards is necessary and would benefit firms, investors, and additional stakeholders. Striving for a single set of accounting standards can generate some cost savings and comparability supports, but the adoption of IFRS in the US would also eliminate the existing competition between IFRS and US GAAP. This could also mean the monopoly of IFRS. Monopoly has never been a good sign in the business world for a consumer. As I have mentioned earlier in my paper, US GAAP and IFRS have very small differences.Hence, it makes perfect logic that comparability of US GAAP is likely to increase globally because additional countries plan on adopting IFRS. US investors will be in better position if they are capable of understanding the IFRS due to growing adoption around the globe. Alternatively, FASB could keep up with the work on adapting the favorable principles of IFRS into the US GAAP yet not converting completely into IFRS. U. S investors and executives will have sufficient time to adapt with the change if U. S GAAP is slowly modified to converge with IFRS.This could possibly be the most inexpensive and least disruptive option for the US economy. 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