The Social Contract Of The Middle East Essay - 1431 Words

The social contracts of Hobbes, Locke and Rousseau constructed a basis upon which governments have expressed their validity and purpose. This can be observed most prominently in the Western world, due to the development of these social contracts alongside that of governments of Western nations. But the abstract roots of these theories on the foundation of government are applicable to all peoples. The Middle East is of particular interest due to the recent outcries and protests against governments in the region. Looking at these nations and events through the lens of these social contracts is complicated by the historical lack of consent on part of the people, an elementary component in each of the three philosophers idealizations of a social contract. Though the arguments of stability and security that Hobbes conceives as a basis for government are much abused through the history of the Middle East, the ideas of Locke and Rousseau shed more light upon much of the political developm ent of the region. Much of the Middle East s modern history has been filled with governments bearing similarities to Hobbes formulation of the social contract. Hobbes takes as a starting point a state of nature in which chaos and violence reign in the conflict of each man s self-interest. He notes that in this war of every man against every man [...] nothing can be unjust and that notions of morality do not exist (Leviathan. Page 85). So it is entirely out of self-interest thatShow MoreRelatedEthical Issues for Advertising Tobacco Products Across1129 Words   |  5 PagesEthical issues for advertising tobacco products across borders. 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PERSONALITY, ATTITUDES AND JOB PERFORMANCE - 1021 Words

Brainstorming Danika George BU105 W15 Section 7 Management Principles Dwayne Payne March 29, 2015 Miller-Motte College Online Programs I will be writing my paper on personality, attitudes, and job performance. This subject(s) caught my eye because I am currently working in a job (field) where I deal with people every day. We all have different personalities and attitudes and we all have to learn how to deal with them if we are going to manage or work in these types of environments. Also, we have to be satisfied with our jobs to have good job performance. Studies show that the number of people who are satisfied with their jobs is currently declining because people are not enjoying their jobs. So, I will write my paper on†¦show more content†¦An attitude survey is a test or survey on the feelings of a population on a specific product, or company. These surveys can be useful for recognizing markets, and learning what demographics a company needs to concentrate on to uphold or increase sales, and measuring the market effect of announcements or events. Consistency is looked for more among attitudes and behavior. Job satisfaction consists of how the employee feels about their job. When other people talk about employee attitudes, they are linking this with job satisfaction. Job Involvement and Organization Commitment are similar because they are the gradation to which an employee relates with their job. The only difference is that job involvement is the degree to which an employee relates with their job, actively participates in it, and considers their job performance to be important to their pride and organization promise is the degree to which an employee relates with their job and its goals and wishes to maintain membership in that organization. Employee Engagement is when managers want their employees to be connected to, satisfied with, and enthusiastic about their goals. Self-esteem is part of adjustment. Locus of control is part of conscientiousness. Introversion and extraversion are part of sociability. Dogmatism and authoritarianism are part of intellectual openness. Traits are continua. People may be high, low, or in-between. Most people are in-between. Attitudes do not

Adult And Child Motivation Free Essays

string(118) " must be able to tell when the students amotivated and through the personal research to identify the causes for such\." Earlier understanding on human motivation was based on early psychological milestones: Freudian Theory of Id, Behaviorist Theory of Watson, Humanistic Theory of Maslow. For example, according to Freud, the basic biological urges, that he called â€Å"id† were instinctive by nature and drove human behavior according to uncontrollable urges, i.e, â€Å"negative† urges that humans needed to learn how to control. We will write a custom essay sample on Adult And Child Motivation or any similar topic only for you Order Now Freud speculated further that human â€Å"ego† was there to â€Å"subdue† (i.e. control) those â€Å"negative† urges thus rendering the owner more socially adaptable (Pelham, 1997). Under the same umbrella, there are instinct theories of human motivation, so progressively mentioned in the work of Stacey, DeMartino, Stacey, and DeMartino (1958). In it, these particular authors take the readers back to what was known Evolutionary Theory (a.k.a. Pawlov’s Theory of Evolution), and yet, so masterfully suggest that human motivation can be viewed through these lenses.   In the same arena the readers can place what contemporary psychologists understand under Need Theory of Human Motivation. Referring back to Maslow, they might recall that he developed that particular milestone under guidance of human needs. In particular, he saw the hierarchy of human needs in the form of the pyramid in which the bottom portion occupied the most primary ones. According to Pelham, (1997), Watson and his followers maintained that humans are born with a â€Å"blank state† which, as the human child grows, his mind is filled with the content influenced by the environmental factors. To extrapolate, their perspective suggested that external stimuli are responsible for the human motivation. It is curious to inquire further, would the human produce motivational impulses if completely isolated for an extended period of time? If the human motivation is viewed only from behaviorist perspective, the answer to this question can become logical as follows. If deprived from any external stimuli from his/her birth, the human will be completely and absolutely amotivated in every aspect of his or her life. Such supposition was evidenced as wrong through and with research on stimuli deprived children (Pelham, 1997). Pelham (1997) also argued that humanistic psychologists discussed human motivation from the self-actualization point of view. He made a case that every one of us has the internal need to learn to naturally develop self be it conditioned or vicarious learning situations. Maslow and Rogers gave a thrust to a completely new group of psychologists who began considering a combination of cognitive, social-cognitive, and social-behaviorists angles on the human motivation. The names of the motivational theories, as descriptive as they are, imply on important differentiation. Each framework refers to the specific perspective, as in human consciousness being the great part of the motivational impulse, or human consciousness being influenced by a social structure, or even social structure having a full impact on the human motivation thus his or her behavior. From this perspective, one would find a great point of interest to consider that humanistic and Gestalt theories tend to view the human being as the whole with implied emphasis on the positive state of mind (i.e. mental health versus mental illness) whereas behaviorist and Freudian theories view human behavior from the point of view on the negative state of mind (i.e. mental illness versus mental health). Obviously, to view human motivation through either lenses would shift the educator’s approach.   According to Stacey et al. (1958), especially, there is an interest in note of the fact that Gestalt psychologists argued in favor of free will as the necessary ingredient of human motivation. Cognitivists defended the position of the necessity of good memory and importance of perception in order for the learner to develop a strong motivational impulse. Theirs gave birth to the Learning Theory of Human Motivation. With the more insight, cognitivists and humanists alike started considering integration of different theoretical perspectives. For example, Pelham, (1997) wrote in one of his articles that an individual as the wholesome being can be better understood from the point of view of social, cognitive, conative, affective, and biological perspective. The attention here is placed more on emphasis of how mind configure and organize the external and internal experiences. Learning theory suggests that learning is a need and thus must be met. Usually it is most prevalent through and with vicarious mode. A young child is in the constant learning when observing and trying to copy others. Thus, there is a constant motivation of the said child to be with others, to copy from others, to learn from others. Naturally, the name of the Learning Theory implies that such is either practiced or observed in the classroom situation. In the above-mentioned work it was upheld that this particular theory is viewed from the perspective of three components, as in a) cognitive function, b) stimulus-response relationship, and c) human interaction. Certainly, it would be naà ¯ve to attribute such a complex human activity as learning to one and only domain, as in vicarious learning. It is integration and combination of different modes, that is different ways to absorb, relate, and react to the external stimuli. The cognitive theory provides a window into a conjecture that the human has a need to develop cognitively. Thus, these theories might explain why people have such a strong motivation to read, to discuss what they read, to apply what they read. The intrinsic motivation to learn in children differs from that in adult learners. It is propelled by curiosity, fantasy, and flight of imagination. The skilled teachers long noticed that they get the best results in teaching young students when they integrate the element of story telling into their instructional input. The young students most often respond with increased interest, desire, and motivation (Pajares, 2001). Adult learners are driven by pragmatism. Their presence in the classrooms are more defined of the present or future need of the information they are receiving. Alderman (1999) looked at motivation as the educator’s tool to develop the learners’ potentials. Obviously, such motivation (any degree of it) must be recognized first and then manipulated to higher levels. The knowledgeable and intuitive educator must be able to tell when the students amotivated and through the personal research to identify the causes for such. You read "Adult And Child Motivation" in category "Papers" The causes of motivation can vary but specific identification of them can mean the whole difference for the students. Alderman   divided various causes of amotivation into the specific frameworks. For example, Effort and Ability Framework groups the causes that are personal by nature. Students with such causes created a construct of self, being unable to achieve and unable to break the certain level of standard. As the result, their self-efficacy is low and their self-perception is that of a person who cannot achieve. When students are in the classroom situation, they cannot avoid comparing themselves (their personal achievement) to that of others. If the classroom climate was set for competition there are always going to be students who create low effort, low ability self-construct. Understanding this, the effective instructor must change the class climate transforming it into the mutual supportive, no inter-student-competing, and focus-on-personal achievements milieu. Those students who already have a low efficacy construct must be dealt with individually. The instructor’s duty in this case is to pay more attention on the student’s inner construct giving him/her tasks broken down into smaller increments. Such increments become easier to master and when mastered, the personal sense of achievement becomes the only mechanism to change the low-efficacy construct into the high-efficacy construct. The student will feel that his ability improved, and his/her approach to the whole of educational experience will start transforming. With that, the motivation will jump to the new higher levels that, in turn, will manifest with more participation in class. Alderman (1999) separated lack of effort into another content for the framework, but if to look analytically for the causes of the lack of effort one might discover the cause behind it – low motivational drive. When the student experiences high-efficacy construct, the higher motivational drive will transform lack of effort into the strong effort for he or she will start feeling able to achieve. It is worthy to notice the comparison between American and Chinese (or Japanese) students (Alderman, 1999). While American students operate from the inner sense of personal ability, their Asian counterparts view the personal success from the perspective of applying more effort. In the former case, the students are difficult to motivate if they have a low-ability construct of themselves. The Asian students know that all they have to do to achieve higher results is to apply more effort. Such difference in perception of self as a student can be as well cultural. The higher-effort perspective is practiced in Japanese/Chinese families from within of their micro-culture with children growing up believing that all they need is more effort. Another obstacle that is mentioned by this researcher is the student disengagement. Certainly and logically, such should be noted more often among the high school students than their post-secondary counterparts. The pragmatism on the post-secondary education levels should act as an effective deterrent to students’ disengagement from their studies. However, this is not always the case. Sometimes, even higher-level university students loose their pragmatic goals and become trapped by non-educative elements of campus life. In such a case, it is the job of their instructors to identify the outside interests and redirect their attention to the initial goal of them being in a class. Covington (2000) focused his readers’ attention on the motivating properties of set academic and pragmatic goals. He pointed out that motivation is rather a criterion for academic success and thus has to be in the center of any education establishment. From this perspective, this researcher viewed the dynamics behind identifying and working with the students’ motivation as three causal effects: 1) students’ personal perception as far as their own attitudes toward their own social and academic goals, 2) how strong these goals motivate them toward their academic success, 3) what is available (set up by the instructor) as the reward structure to influence the students’ personal achievement. These three criteria can be viewed as the circle-oriented continuum in which the reward structure promotes students’ personal perception on his or her academic success. Examining carefully this continuum, the instructor can notice what specific types of the external reward system are more influential in its affect of the personal student perception. Basically, it can be rephrased into what elements of the reward system affect the student’s perception of self-worth. It is logical than to assume that students of all ages will benefit from the correct set up and implementation of the reward system: one just have to know how to individualize its elements to achieve highest possible affect with each student in his or her classroom.   For example, certain students’ self-worth will scientifically improve if the instructor will design successful experiences. Smaller increments of comprehensive input without significant gaps in between the complexity steps with frequent opportunity to practice and self-correct of the practical applications of the subject matter will do wonders to the personal self-worth. Insensitive instructors, however, undermine the students’ development of self-worth when try rushing with the content and do not give the students an opportunity to clarify their confusion. Nuckles (2000) called such teaching as student-centered approach. From its name, this approach is centered on the students, driven by the students, and modified by the students. His pro-humanistic values make it obvious his views on who is responsible for the students’ motivation bringing into the central focus the skills and aptitude of the instructor. The implication here directs the attention on the instructor’s ability to a) identify the students’ motivation level, b) if low with individual students, identify the causes (discussed earlier in this paper) which practically means to view and approach each student as an individual, c) devise a plan of intervention to raise each student’s motivational drive by eliminating the obstacles (the causes) one-by-one, d) evaluate the class climate and decide whether there are counterproductive elements, e) transform the class climate into more of each-student-driven success mode by celebrating and talking about each student’s achievement, f) the latter can be practiced in cognizant fashion by purposely comparing the yesterday’s achievement with the today’s achievement of the same student thus diverting the students’ attention from inter-student competition, g) and finally (but not the least), set up time to personally meet and have an individual discourse with each and every student of the class. The above elements and actions of the student-driven classroom render their instructor to become skilled and knowledgeable in cognitive and inter-personal psychology. It cannot be otherwise; the times passed when an instructor was perceived as a mere medium to transfer knowledge on to his or her students. One might argue that there seem to be no need for such intense and time-consuming practice in the societies of China, Japan, and other alike. This discourse is not contradictive or suggestive to other than Western cultures. It is of the opinion of this writer that such approach will serve as the â€Å"corrective† measure to produce results similar in the Asian education establishments. There, the teachers do not have to find the ways to manipulate with the students’ motivation drives – the students have been brought up skilled in that themselves. If they feel the fall of their motivational impulse or social diversion taking their attention away from their purpose, they self compensate by deliberately increasing amount of effort. Their American (and Western?) counterparts cannot do that due to the fact that their internal perception is tied up with the self-evaluation of their own ability level.   In other words, they come into the education milieu with already preset self-concept or psychological construct of their own self judged by their own ability. They are far away from mere â€Å"turning on† the engine of their effort to produce more man-hours at the specific task. They simply believe that their ability level is set to the certain level and nothing will change it. Returning to Alderman (1999), such believe simply manifests itself as the set construct of their own ability: â€Å"Why to try (produce more effort) if this is what I am capable of?† Such attitude is self-defeatist and thus needs the external mechanism in order for it to be manipulated with. Such an external mechanism is the instructor who performs with the double duty of a psychologist. That leads to the more careful review of type of instructors Western teacher preparation programs produce. The number and quality of psychology content in their course work is simply inadequate. No wonder, why only experienced and seasoned professionals come up with the logical outcome (that is they continually searching for self-improvement) that such an external mechanism is the way they set up the class climate and retrain their students to look at themselves from a different perspective. Such external mechanism becomes a motivation faucet in the hands of the skilled instructor. The practical application of such approach can lead to a variety of strategies. One thing to remember, however, that the instructor always must act as the facilitator, not necessarily as the source of knowledge. Only when the students will discover the knowledge through their own effort because they felt motivated to do so, that knowledge becomes relevant to their purposes and important/practical in their lives. The variety of strategies can be as simple as small group instructional regime (Brewer, Klein, and Mann, 2003) or paired work – it does not have a particular significance or preference. What is important is the perspective of the instructional design that is that external mechanism needed to manipulate the students’ motivational drive. How to cite Adult And Child Motivation, Papers

International Financial Reporting Standards Management and Governanc

Question: Discuss about the Report for International Financial Reporting Standards of Management and Governance. Answer: Executive Summary People recently all over the world are familiar with IFRS as an international accounting standard. IFRS was formerly Known as International Accounting Standards (IAS), but it was not until 2001 that the International Accounting Standards Board (IASB) took over and was responsible for setting the international standard. The organization since then continually came up with standards under the name IFRS. Many countries worldwide use IFRS as a standard measure of accounting. This essay is going to explore the history of IFRS and India as a country that has adopted the IFRS accounting system. History of IFRS The history of IFRS dates way back into the history of international accounting standards. This mainly points back to the 1960s when companies in the United Kingdom were required to present their statements of accounts using the international standards. The International Accounting Standards history began in 1966. This was after a proposal was presented to come up with an International Study Group which consisted of three main institutes (Paglietti, 2009). The Institute of Chartered Accountants of England and Wales (ICAEW), the American Institute of Certified Public Accountants (AICPA) and the Canadian Institute of Chartered Accountants (CICA). The organization later founded the Accountants International Study Group (AISG) in February of 1967. This newly establishes organization started publishing of papers on various important topics on accounting every few months and thus created a need for change An agreement finally was set up in the establishment of international accounting stan dards in March 1973 for international use (Argento, Kees Camfferman Stephen, 2008). It wasnt until June 1973 that the IASC came into existence. It was globally agreed that the stated intent released by the new international standards must be capable of quick acceptability and implementation worldwide. During its reign, the organization produced many comprehensive accounts articles dating back to the early history of International Accounting Standards. And between 1973 and before its collapse in 2001 the organization has been actively releasing a series of standards commonly known as International Accounting Standards (IAS). The identified their release with numerical sequence, beginning with IAS 1, and the last release was IAS 41 Agriculture published in December 2000 (Cotter, 2012). A Standing Interpretations Committee (SIC) was established in the year 1997 to deal with contentious accounting issues. These issues were unique because they needed authoritative guidance as a control measure to stop the widespread variation that was presently in practice. In the year 2000 on February, the United States Security and Exchange Commission (SEC) did issue a concept release mainly focused on International Accounting Standards. In a press release of May, 19th 2000, ICAEW stated that they had a vision into the future, a time when the financial statements prepared in with the stipulated international accounting standards shall be recognized in the stock exchange markets throughout the world. IAS was endorsed by the International Organization of Securities Commissions (IOSCO) to be used as a link with the cross-border listings. In August the same year, the ICAEW issued a policy statement regarding the endorsement and enforcement of IAS with EU (Borker, 2012). On April of 2001, the IASC did re-establish and restructured its organization which gave way to the birth of IASB. The IASB stated that it would take over the body of standard issued by the board of International Accounting Standard Committee. However, it stated clearly that any new standards would be published in International Financial Reporting Standards (IFRS). In July the 23rd the same year a meeting of the Standards Advisory Council tabled a proposal to rename the Standing Interpretations Committee (SIC) to International Financing Reporting Issues Committee (IFRIC). This was accepted. This change led to releases from IFRIC to be categorized as abstracts rather that interpretations. The Standing Interpretations Committee (SIC) in 2001 was reconstituted and named International Financing Reporting Interpretations Committee (IFRIC) (Latifah, Asfadillah, and Sukmana, 2012). In May of 2002, a publication of preference to International Financial Reporting Standards was issued by IASB. IASB said that it provided brief details of the main functions and purposes of the main structure regarding the new arrangements for setting worldwide standards. The European Council of Ministers on June 6th of 2002 did approve that would require all EU companies that had been listed on a regulated market to come up with accounts that were recognized by the International Accounting Standards for the accounting period that was to begin on or to other companies after January 1st, 2005. In 2003 there was the issue of the first standard by IFRS, named IFRS 1. The very same year is when countries like Hong Kong, Australia, New Zealand and South Africa adopted the IFRS system of standardization. It was not until 2005 that IASB completed a stable platform of the IFRSs. And consequently, in Japan, the ASBJ and IASB did agree on a joint measure with IFRS and GAAP. In 2006, China adopted the accounting standards with was in line with IFRS measure standards and had a goal of full convergence. The very same year is when the IASB and FASB in the United States of America decided to accelerate the convergence program of Memorandum of Understanding (MoU). It was not until 2007 that countries like Brazil, Chile, Canada, Israel and Korea established different timelines aimed at the adoption of IRS. However more than a hundred other countries that needed to adopt IFRS system required to have a permit of its usage. In the year 2008, FASB and IASB did form a Financial Crisis Group to facilitate a joint response when dealing with the crisis. The same year Mexico and Malaysia announced their intentions to adopt IFRS. In 2009, IFRS' established a branch called Foundation Monitoring Board, and it was tasked with the responsibility of ensuring and enhancing public accountability. The very same year a board of trustees did conclude the first part of the Constitution Review. They introduced a three-yearly public consultation on agendas of IASB. The same year G20leaders supported the IASB work and called for an immediate move towards worldwide accounting standards. Japan also did approve the IFRS roadmap which permitted a voluntary adoption of IFRS in the country. In 2010 a board of trustees began reviewing of strategies in parallel with Monitoring Board governance review. The IASB did initiate the launching of dedicated investor liaison program. It was not until 2011 that Canada commenced the use of IFRS. The same year nearly 80 countries had adopted the IFRS for SMEs or the least did plan to do so. The same year the board of trustees did establish IASB Emerging Economic group. Reforms in governance were also made, and Hans Hoogervorst appointed the chairman of IASB and Ian Hackintosh, his vice president. In the year 2012 Mexico, Argentina, and Russia did commence the use of IFRS. IASB did complete its first three-yearly agenda consultation (Singh, and Newberry, 2008). In 2013 the board of trustee concluded major revisions to Due Process Handbook. The trustee also established an Accounting Standards Advisory Forum which was responsible for holding inaugural meetings. It was also in 2013 that IOSCO and IFRS foundations agreed on a joint statement of protocols to facilitate the consistency in the application of IFRS worldwide. The same year IFRS published jurisdiction profiles to charge the progress towards global accounting standards. India, a country that uses IFRS technique of standardizing Overview of IFRS The IFRS standards had been formulated and approved by International Accounting Standards Board (IASB). These had been put forward for all the standards financial statements of profit companies and organizations. This covered enterprises dealing in financial, commercial, industrial, insurance companies and other mutual co-operatives entities. The IFRS standards had been recognized as a globally accepted reporting norms for all financial statements. Countries like New Zealand, Australia, and Netherlands had started using thru IFRS standards and some of this countries had started to report the numbers in dual system that is, in the newly adopted IFRS system and their national AS. The IFRS standards provided a common standard platform and a worldwide scale to compare the different financial reports of different companies across different countries globally (Hoogendoorn, 2006) The adoption and implementation of IFRS in India Institute of Chartered Accountants of India (ICAI) is regarded as the national accounting body of India. The body was established on July 1st, 1949 under the Chartered Accountants Act. The body was charged with the responsibility of regulating the profession of Chartered Accountancy in the country. ICAI holds as the only licensing regulatory body of accountancy professional and financial audit in India. Initially, the ICAI had set targets of the implementation of IFRS in India in the year 2007. By this time the IFRS international standards had been widely accepted and used in more than a hundred companies all over the world. Prime economies like Japan and Brazil had already initiated a roadmap for the convergence of IFRS. The USA was paving its way for the standards to be implemented in early 2014 (Ionascu, Ionascu, Sacarin, and Minu, 2014). The accounting standard board based in the Institute of Charter Accounting in India (ICAI) formulated the accounting standards that were to apply to Indian companies. The standards were introduced to the country as a form of a recommendation. However, as time went by they were made compulsory. The amendment of companies Act that dated back in 1956 was amended in 1999 to pave the way for the provision of legal sanctity the adopted accounting standards. This Act stipulated that all companies in the country were required to follow standards and guidelines put forth by the central government of India. The government of India's Ministry of Corporate Affairs prescribed Accounting Standards 1 to 7 and then nine all the way o 29 which had been laid down by ICAI (Ray, 2012). The ministry also issued amendments to the regulations to harmonize the old and the newly adopted Accounting Standards published by ICAI. Due to the above minor changes made on the regulatory framework, the recently adopt ed Accounting Standards were implemented and made ready for the financial statements starting from the 7th of December 2006. To ascertain their implementation, there was the issue of notices to the three regulatory authority Reserve Bank of India (RBI). The other to receive an issue was Insurance Development and Regulatory Authority (IRDA), and the last t receive was Security Exchange Board of India (SEBI). These three were to ensure enforcement of the newly adopted accounting standards in the country. ICAI being a member of International Federal of Accountants (IFA) developed means of integrating the doctrines of International Financial Report Standards (IFRS). However, there were not fully adopted as ICAI made some modification on some norms mainly contributed to the Indian conditions. ICAI in accordance to the central government of India issued new guidelines focused on the implementation of IFRS in the country hence bridging the gap between the IFRS and Indian AS (Kinkela, Harri s, and Malindredos, 2010). The ICAI had proposed the implementation of IFRs to kick off in 2011 in India. In the first phase, IFRS will be adopted and made applicable to banks, large sized companies, listed companies, and insurance companies. The ICIA had another proposal to tweak the IFRS in accordance to the Indian suitability for SMEs. However, this will only happen after a successful implementation of IFRS in other companies, and this makes the IFRS implementation into SMEs to be expected to begin in 2017. Benefits of convergence with IFRS Studies show that there are many benefits that the country has gained since the convergence between the Indian GAAP and IFRS. Studies show that there are seven benefits of this convergence. There was an increased in access to worldwide market, there was the improvement of the brand value, there has been an increased transparency in financial reporting, there has been a real reflection of acquisition value, this merge has also enabled benchmarking with Indians, global peers, has also lowered the capital cost and has allowed the avoidance of multiple reporting (Firoz, Ansari, and Akhtar, 2011). Other studies have associated this convergence into categories of; confidence level, risk evaluation, economy, investors, accounting professionals and the industry (Thomas, 2009). A study on the industry proves the benefits of the convergence with IFRS. This has been associated with the increased confidence in investors minds aiming at India. The benefit also is seen with a reduction in load of financial reporting. This convergence has also been associated with simplifying the process of generating individual or group financial statements. The other benefit is the reduction in costs associated wth the generation of the numerous financial reports. This benefits as studies shows will enable India as a growing economic country to generate capital from the international markets at very reduced costs (Malwitz, 2009). This mainly is as a result of investors gaining confidence in the country and their financial reports as they are in agreement with the worldwide used accounting standards. This is in the aftermath of the minimized workload of financial statements due to the low costs of preparing individual or group financial statement. From this point of view, it can be reasoned out that the financial investors massively save on costs that would have been incurred while using different sets of accounting standards in an attempt to generate that statement. India has also benefited with a boost in the cross-border merger and acquisition as a result of the adoption of IFRS accounting standards (Kieso, Weygandt, and Warfield, 2010). Benefits with the accounting professionals; the convergence was somehow associated with problems at the initial phase however with time India has helped in the accounting professionals as they can now sell their accounting expertise across the border. This shows that India has given its accountant's population a free ticket to sell their expertise to other countries because the accounting standards are the same, and this has helped with the unemployment problem in the country (Jain, 2011). Investors and the corporate world; this merger has enabled India to receive timely and relevant accounting information that has been compared with varying legal framework given the fact that it is based on common accounting standards. This has helped those who want to invest outside India as it improves the confidence of these investors. In the past, this was a huge trouble as the accounting standards were different and this was mainly associated with increased costs. Therefore, it can be concluded that the convergence with IFRS has improved the countrys investors confidence and understanding in quality financial reporting (Ball, 2006). In a report released about the convergence, it showed that it had improved the country's relationship and reputation with Indian's corporate world and the vast global community. Economy; from all the above discuss aspects of the benefits of the convergence the ultimate attribute is to the economy of India since all of this points at the improvement of the industrial sector in India. They stipulate how corporate houses and accounting professionals will benefit and also shows how investors confidence improved due to the little risk involved with the IFRS compliant nations. It also indicates that the country has benefited from the available extended global market as its adoption of IFRS has enabled the country to grow in the global business (Daske, Hail, Leuz, and Verdi, 2008). Challenges facing India after adopting the IFRS IFRS did present a challenge to the corporation in its initial stages of adoption as there was an elevated cost due to dual reporting before the full convergence was achieved. A problem in the accounting framework was noted as it necessitated a change in the taxing structure that was present in the Income Tax Act and Company Act in the attempt to make the financial statements acceptable (Poria, and Guides, 2009). A challenge was also seen when the accounting sector had to train their auditors, tax authorities, stakeholders, and regulators in the attempt made to achieve consistency and uniform application of IFRS. The option also came with additional costs that must be incurred during the second reporting exercise before a company fully adopts the IFRS and costs associated wit training and adjustments of quantity and quality fo products. Enterprises that took the IFRS standard incurred new expenses in the IT modifications for data collection which was a major requirement if the new st andard had to be fully implemented (Jain, 2011). The convergence with IFRS also proved a challenge in the consistency regarding the prevailing of the legal and regulatory requirements in India. For example, the Accounting Standards (AS) 25 did not allow the disclosure of interim statements of finance due to Clause 41 however by the adoption of the IFRS standard this was a requirement to present a format of half-yearly or the quarter-yearly financial results (Paul, and Burks, 2010). Conclusion The IFRS standards are the world most trusted and recognized standard as shown by a report released. Countries that have accepted and adopted the IFRS standards do benefit from the availability of large markets for their products and the benefits of foreign investors who create job opportunities this country. The convergence and adoption of IFRS by the India were a brilliant move. 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