Power Tool Market Analysis Essay Example | Topics and Well Written Essays - 500 words

Power Tool Market Analysis - Essay Example Finally, the difference in the estimates is not material. The projected values represent a decline of approximately 11.5% over the last year's figure of 1.8 million units by U.S. Census Bureau. The values for the last 5 years show a continuous declining trend. The following table summarizes the historic actual values. From the above statistics, it can be concluded that the demand for power tools in this sector may not increase in 2007 as the economic activity is declining. The demand may infact decrease since lesser number of houses will be developed. The expenditure for residential construction is expected to be at $504 billion as per Realtor, and $434 billion as per Haughey, in 2007. This shows a declining trend as the last year's (2006) figures show that the expenditure was $581 billion and $608 billion for 2005 (Realtor, 2007). The actual historic data is shown in the table below (U.S. Census Bureau: 930 - Value of Private Construction Put in Place: 1995 to 2005, 2007). This declining trend indicates that this sector will have less demand of power tools in 2007 than it was in prior years. This is because the expenditure for construction will decrease and power tools industry provides the tools that are used for construction. Hence, demand will be negatively affected for this market. The expend

Reading response paper Essay Example | Topics and Well Written Essays - 750 words

Reading response paper - Essay Example Indeed, it acts as effective weapon of sexism, especially for women because they live in men dominant society where their personal desires play secondary role to the wider expectation from family and social institutions like marriage. Lesbians and even gays are not accepted and treated with overt and covert violence. Homophobia develops because their preferred sexual identity would make them social outcast and they would be deprived of family, financial aid, safety, community and also stripped of credibility! Most interestingly, as Pharr says, if women even ask for the right to equality vis-a-vis employment, wages, social status, they are liable to be treated as lesbians! Feminism for them is equivalent to man-hater and therefore not acceptable within the broader framework of conservative society. Women surrender their lesbian sexuality out fear and it is time that power and control of social fabric become more equitable. The reforms in the social institution of society must focus on the root cause and not the peripheral issues of women. (words:259) ‘Cat’ by Julie Blackwomon has touched the awareness of burgeoning sexuality amongst girls when they enter their teens. In fact, author has shown that gender differentiation and sexuality among children does not rear its dirty head till parental control become more emphatic and visible. In this case, the protagonist, ‘Cat’ is confused as to why her mother does not want her to play with neighborhood boys. Her insistence to befriend girls of her age, especially one like ‘Sheila’ makes Cat more rebellious. Her adolescence becomes a cause of shame as it would bring in physical changes that would make her gender differences more visible and may alter her relations with her friends who are boys. The author has shown how sexual awareness could challenge social norms imposed by dominant male bastion. The innocent love between two girlfriends gradually turns into sexual awareness leading to lesbian behavior. Indeed, it is very important aspect of our conservative society as it disapproves friendship between genders in adolescents. The restraining environment and parental control may lead girls to experiment their sexuality with themselves as was the case with Cat and Sheila. If children are not forced to segregate in their teens because of the gender, the need to experiment deviant sexual behavior could be averted or atleast minimized. It is important for parents to become more open in their explanation of sex and empower children with information. It would help children to confide their fears and their doubts with their parent rather than explore sexuality in secret and develop preferences which otherwise could have been avoided. (words: 262) ‘Older women: The realities’ by OWL or Older Women League is highly relevant article because it has shown that sacrifices made by women as carers within family are not appreciated by society, especially when they become old. It reveals that in America, women above the age of 65 and above live six years longer than men and mostly alone. Despite spending most of their life in caring for other, they are relatively poor in their old age and live in poverty, unable to support their physical and medical expenses. Due to their family constraints they have lower or no pension, insufficient Medicare and most importantly low social security because they were unable to pay for it during their short employment period. The

The Battle of Somme Research Paper Example | Topics and Well Written Essays - 1750 words

The Battle of Somme - Research Paper Example Anglo-French in nature, the Somme offensive aimed at shattering the powers of Germany. The British army led the allied forces consisting of a major part of British and French army. The German army which awaited them retaliated harshly. The first day of the battle proved the most fatal for the British army. At the end of the day, the British army had lost 60000 of its men (Gilbert, pp65-78). Despite the heavy human loss of almost 1 million from both sides, the British Generals of the time have been criticized for the battle. At the end of the battle, the British army had succeeded in capturing only 12 kilometers from the Germans. The allied forces were still 5 kilometers away from Bapaume which had been termed as a major objective of the battle while Germany was still maintaining much of its frontline. One view however favors the offensive that the battle caused a severe blow to the Germany ultimately bringing its defeat in 1918. At the start of battle, the balance in composition amon g the British and French was 20 British and 13 French divisions. Though majority of the composition was British, it had earlier been decided that the attack on German army would be primarily a French offensive. The German onslaught at Verdun forced the French to depute a huge manpower of its army. The Somme offensive aimed at draining the German forces of reserves and the territorial target was the secondary objective. The Verdun onslaught changed the nature of the Somme offensive completely. The aim had then become to shift German resources from Verdun to the defense of Somme (Doughty, p291). The heavy bombardment was planned to precede the attack which began on June 24. It was believed that the fierce bombardment would destroy the German front line. After the destruction of the front line, the allied forces would become able to walk into the no man’s land and take edge over the Germans. Both the British and French artillery had an equal share in the 3000 guns for bombardmen t. After the bombardment, it was planned that a creeping barrage would lead the advancing infantry towards the front line of the Germans then consecutively towards the second and third trench lines. In addition, Rawlinson’s Fourth army was heavily loaded with arms and ammunitions which had the task of consolidation. During the course, the whole Fourth army would attempt a sudden breakthrough by using the cavalry to catch the gap in the German defense lines. After the possession of the German front line, the plan was that the British army would break through to Cambrai and Douai which meant the breakup of German line into two. 750000 soldiers from 27 divisions went into the offensive. About eighty percent of the army was from the British Expeditionary Force (BEF). The figures comparison favored the attacking allied forces as only 16 Divisions German army defended the battlefield of Somme (Keegan, pp290-292). What Happened? The bombardment began and continued for eight consecut ive days. The allied forces of British and France had however looked down upon the strengths of the German army and its strong arrangements. The bombardment had failed to destroy either of the German front line’s barbed wire or the strongly built concrete bunkers. It was evident that the Germans were alert for all of the enemy’s onslaughts. Besides, the munitions and explosives used by the British were defective. Many of them did not explode.

Is Cultural Pluralism a Viable and Valid Way to Deal with Diversity in Research Paper

Is Cultural Pluralism a Viable and Valid Way to Deal with Diversity in the United States - Research Paper Example The present research has identified that the colonists were unified in their opposition to taxation without representation and other impositions that they felt membership in the British Empire was imposing on them. However, beyond that shared belief there was already a great deal of diversity in the United States. First, there were the indigenous peoples and the African-American population. Both of these groups were excluded from participating in the governance of the new nation (as were women). This alone is evidence of diversity. On another level, even the European immigrants newly arrived in North America brought with them diverse cultures. Many were religious dissenters such as William Penn and the Quakers that founded Pennsylvania and the Puritans that had founded the Commonwealth of Massachusetts. Manhattan had been founded by the Dutch and there was still a large number of people of Dutch heritage who spoke Dutch in the area at the time of the Revolution. The Constitution itse lf also speaks to the diversity within the United States over 200 hundred years ago. In light of the diversity of the newly formed United States, the Constitution specifically ruled out the establishment of a state, official religion and guaranteed freedom of religion. The first phrase in the First Amendment states, â€Å"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof.† Religious diversity was an aspect of American national identity from the birth of the United States. The Constitution also recognizes that the former colonies, now states, are each unique.

Would Odysseus be considered a hero today Essay Example | Topics and Well Written Essays - 500 words

Would Odysseus be considered a hero today - Essay Example Odysseus can be considered as a modern day hero because he has all the qualities of a hero and even though the values have changed over the time, he has a heroic character which is inspiring. The most common trait of a hero is bravery and courage which is present in Odysseus greatly (Homer 32). He is on a long trip where he is stuck on an island, and battles it out to get back to his wife and son. He has battled and fought against many witches and sea monsters. He goes through a lot but never seems scared or frightened and tends to portray bravery in every gesture (Morden 26). A hero like Odysseus is put in many troubles by the people who are jealous or lower to him, but he manages to overcome all troubles using his witty mind and bravery (Barnouw 16). The second characteristic of Odysseus was his love for his people; his friends and family (Bittlestone 65). He was trapped but carried out the journey and overcame all hurdles just to get back to his family. He also fought for his wife at the end of the story showing how much he loved her. This is a heroic quality which is needed and admired in every culture in every era (Beye 55). The third characteristic is his fine nature and noble qualities. This can be seen when in the end he fights the suitors of his wife and orders to take care of the women’s doorway, and lock it so that no one shall see the woman’s face (Montiglio 25). This shows his honourable character and his respect for women. This is the characteristic because of which he is a hero and is admired by all. This reveals the soft spot and gentle side of his character (Connolly 32). Odysseus’ story is mostly about his fighting and battles with monsters and other people to save himself and his family. However, these traits are not seen in heroes of today as open wars are not anymore common (Nortwick 31). Heroes have to use their intellect and imagination to

Various Influences on the Development of Social Policies Term Paper

Various Influences on the Development of Social Policies - Term Paper Example The death penalty was also part of the Fourteenth Century B.C.'s Hittite Code; in the Seventh Century B.C.'s Draconian Code of Athens, which made death the only punishment for all crimes; and in the Fifth Century B.C.'s Roman Law of the Twelve Tablets. Death sentences were carried out by such means as crucifixion, drowning, beating to death, burning alive, and implement. (Randa, 1997). Britain influenced America the use of the death penalty. When European settlers came to the new world, they brought the practice of capital punishment. The first recorded execution in the new colonies was that of Captain George Kendall in the Jamestown colony of Virginia in 1608. Kendall was executed for being a spy for Spain. In 1612, Virginia Governor Sir Thomas Dale enacted the Divine, Moral and Martial Laws, which provided the death penalty for even minor offenses such as stealing grapes, killing chickens, and trading with Indians. Laws regarding the death penalty varied from colony to colony. The Massachusetts Bay Colony held its first execution in 1630, even though the Capital Laws of New England did not go into effect until years later. The New York Colony instituted the Duke's Laws of 1665. Under these laws, offenses such as striking one's mother or father, or denying the "true God," were punishable by death. (Randa, 1997). Media is a powerful source of information. There are cases wherein cases are being trialed publicly thru media. This has influenced the development of policy in the death penalty. Before death penalty execution is being seen by people thru television. After that incident a lot of people reacted differently, some agree and some think that it is inhuman.  

Accounting Standards Essay Example for Free

Accounting Standards Essay INTRODUCTION Accounting Standards are employed to build the application of accounting practice. The actual financial position of the company can not be presented accurately and precisely with adhering to the principles and standards. Due the evolution of time, the concept has changed to suit the needs of the industry and is also continuously to changing to needs. With rapid change and development of wealth, trade and technology, there was a need to account the business transaction due to intricacy involved. Due to the mode of writing and numbers which facilitated the accounting process. It is accountants who helped in the development of economic and commerce by providing valuable services to the community. See more: Satirical essay about drugs HISTORY AND EVOLUTION OF ACCOUNTING STANDARD: Pacioli is being considered the father of the Accounting. The first double entry book-keeping was developed around 1200 B.C   in Italy followed by first book on double entry was written by Luca Pacioli in 1494. Due to the advent of Industrial Revolution around 1750, business expanded rapidly which catapulted mass transportation, invention of new products and new markets, development of capital markets and as the result, the role of accountant become inevitable to any industry. As development of trade grows, the need for professional accountants also nurtured in a fast pace. Society of Accountants was established in 1854 in Edinburg which was accorded a royal charter which recognized the profession’s role in the trade and commerce. In U.S, the first such professional society was the American Association of Public Accountants, chartered by the state of New York in 1887. Cost accounting was developed to augment the efficiency in the manufacturing Units. Management Accounting was developed to advise the business to make strategic business decisions. During 20th Century, United States has overtaken the British and become the leading industrial power in the world. The growth of industries like U.S. steel and Standard Oil demanded more classy accounting systems to keep track record of expanding business divisions within these huge business corporations.   As insiders of the industry took advantages by stock manipulations, price fixing and other questionable business practices mainly to derive benefits thereby depriving the interest of gullible investors. All the states of the U.S.A and Puerto Rico and the District of Columbia stipulates through law that an accountant should have specific educational and experience requirements and should passes an qualifying examination and will be granted a title known as Certified Public Accountants. [CPA]. Now, CPA’s have structured in to State and national societies. In United States, American Institute of Certified is the prime body representing accounting profession, which is the contemporary successor organization of the American Association of Public Accountants and the American Accounting Association organized in 1916. In United States , the Financial Accounting Standards Boards [ FASB] , an independent non-governmental organization supported by financial-reporting industry groups , is the nodal institution accountable for establishing accounting standards and rules whereas the International Accounting Standards Boards [ IASB] formulates rules and standards that are recognized and used by many nations. With fast growth of corporate activity, the need for sophisticated accounting methods has increased and accounting has witnessed many improvements in theory and techniques. The ever changing tax laws and regulations is causing change in accounting methods frequently as it is necessary to maintain homogeneous accounts for governmental statutory requirements or public scrutiny. A series of exposures pertaining to accounting firm’s failure to detect or openly challenge irregularities or fraud as in the case of World.com and Enron, when auditing finances of a number of corporations compelled Congress to establish the Public Company Accounting Oversight Board in 2002. Securities and Exchange Commission has been allocated power to appoint the above board to register and regulate accountants and firms to act as auditors. It sets standards for auditing and is responsible for reviewing audits and disciplining accountants and accounting firms.   [1] SIGNIFICANCE OF ACCOUNTING STANDARDS: Accounting standards are significant as they guarantee improved public accountability and offer effective and efficient functioning of the trade and commerce of a nation. They play a vital role for complete understanding of political, economical and social consequences of allocation and proper utilization of government resources both at the federal and at the State levels. Improper and bad accounting may lead to serious long term consequences .Accounting standards can be misused to offer misleading information of a business. FREE MARKET APPROACH OF ACCOUNTING STANDARDS: It refers to a method applied by private sector wherein creation of an economic market in which business is ruled by the laws of supply and demand and not by the unwanted government interference, subsidy or regulation. Under this accounting standard, voluntary disclosure of activity -based cost data which offers a new approach of functional process and provides more alternatives for decision makers. In a real free market, accounting standards would enhance as corporations and accountants vie to offer the best information to shareholders. In a free market, the aspiration for profit is satisfied by long-range, honest, rational behavior thereby innovating, by employing best employees, by offering quality products and by providing accurate information to investors. Business is required to provide accurate information to investors else it would loose its reputation and credibility in the market. The current FASB is so cumbersome and complex that an ordinary lay man finds it difficult to interpret the same. Most companies in U.S.A now started to follow dual reporting. For instance, AMD and Intel release two sets of accounting reports: one as per FASB guidelines which is mandated by the regulation and other based on simple accounting standards that they deem that it being more informative to shareholders. There are certain existing statues which refuse the shareholders to overthrow existing corrupt or incompetent management. For instance, Anti-hostile takeover legislation which was passed in 1968 has made it complex to replace incompetent management .Arcane regulations passed in 1930 limit the capacity of the financial entities such as insurance companies, pension funds and mutual funds that own major shareholding in corporations to participate in the board for decision taking and for joint deliberations. Hence, the opportunity to safeguard the interest is being denied by arcane regulations. If the U.S government is really interested in the healthy stock market, it should exhibit it by deleting, not adding, regulations and building the market truly free. PRIVATE SECTOR REGULATION OF ACCOUNTING STANDARDS Stock Exchange Commission [SEC] supports on an independent, private sector standards –setting process mainly through open and deliberate. Though the commission has the statutory authority to frame accounting principles , it has not do so for the last 60 years .Instead it has assigned the onus to the private sector for leadership in establishing and enhancing the accounting standards. It is the private sector standards-setting process, as supervised by the SEC has resulted in existence of a quality accounting standards and strong capital markets in USA as of today. EVOLUTION OF REGULATORY APPROACH: After the end of the First World War in 1919, there was spurt in investment in securities by investors. Around 1920, more than .02 billion large and small shareholders availed the benefits of post-war affluence and ready to avail sudden wealth from stock market and due to boom, more than $ 50 billion worth in new stock was floated during this time. The famous stock market crash in 1929 which was notoriously known as â€Å"Black Friday† resulted in loss of faith by investors on the capital markets. Many investors were turned as pauper over a night. It was observed that if at all economy was to recover, the public’s confidence on capital market required to be refurbished. Congress was forced to find out a solution for this problem and it held many deliberations on the subject and finally passed the â€Å"Securities Act of 1933 â€Å"and the â€Å"Securities Exchange Act† of 1934. The prime goal for the establishment of Securities exchange commission was mainly to enforce the fresh security laws, to build confidence, to provide stability to the market and last but not the least to offer protection to investors. Stock Exchange Commission [SEC] was toothed with mandate to formulate accounting principles and standards. It is to be noted that even though SEC was accorded the power to supervise the accounting practice, SEC is of the opinion that the private sector is having ample resources and ability to build up suitable accounting standards. The American Institute of Certified Public Accountants [AICPA] had been in the field since 1887. As a federation of state societies, American Society of Certified Public Accountants was established in 1921 and later merged with the Institute during 1936. Due to persuasion from the SEC, the AICPA appointed the committee on accounting procedure in 1939. Committee on Accounting Procedure [CAP] released about 51 accounting research bulletin between 1939 and 1959. Though, these bulletins were able to solve the problems now and then as they emerged but could not address the issues relating to accounting principles. To resolve the accounting principles issues, AICPA established a new standard setting body in 1959 namely the â€Å"Accounting Principles Board† [APB].The main goal of the APB is to establish appropriate practices, formulate accounting principles and to minimize the discrepancies in practices. Though the APB released about 31 opinions between 1959 and 1973, it was dissolved for absence of productivity. Generally Accepted Accounting Principles [GAAP] are an anthology of conventions, procedures and rules that describe accepted accounting practices. Though it is not accorded as mandatory by any statute, SEC advises that it should be followed in all financial reporting of publicly traded companies. GAAP can thus be explained as a cluster of conventions and objectives that have been developed over time to oversee how financial statements are being prepared and presented. The three nodal authorities’ viz. the American Institute of Certified Public Accountants, The Financial Accounting Standards Boards and Exchange Commission offer regulation concerning acceptable accounting practices. The GAAP is founded on four basic assumptions as per the details below: Economic Entity concept- It stresses the business as a separate entity and to segregate income and expenses of business from that of personal. Going concern assumption which assumes that business will carry on for a longer period to validate the methods of capitalization of assets, provision for depreciation and amortization. Monetary unit assumption which fixes US dollar as the monetary unit for accounting purpose Periodicity assumption facilitates recording of business operations and separating into different periods. This is mainly to facilitate for comparison between past and present performance of the business.   FASB’s basic principles are detailed below: Historical Cost Principle- This requires business to account and report on cost of acquisition basis rather than present market value of the assets and liabilities. Financial reports and statements are prepared in accordance with set of rules , procedure and standards for reporting financial information known as the â€Å" Generally Accepted Accounting principles† (GAAP) , as established by the Financial Accounting Standard Board ( FASB). This standard stipulates that a company â€Å"account for all of their assets or economic resources according to their historical cost.† (Horngreen, Stratton Sundem, p.6) Revenue Recognition principle or accrual basis of accounting requires business to record when the revenue is realized or earned and not when the cash is earned. Matching principle – Expenses has to be matched with the revenues where it is possible Full disclosure principle- Business should offer all the significant information relating to the company though it may not affect company’s financial statements. For instance, Tax disputes, lawsuits, takeover information and possible contingent liabilities of the business are to be disclosed by way of footnotes to the financial reporting. INHERENT DISADVANTAGES OF THE FASB Cost –benefit relation ship: It emphasizes that benefit of offering financial information should also be weighted against cost of providing it. Materiality- It refers to the significance of the item reported and it is to be weighed amount reported will have impact on third party’s decision based on the information provided. The Industry Practice Constraint – Conservative approach stresses that it is better to understate the financial statements rather than overstating it. The after effects of Enron, WorldCom, Inc have forced the Congress to enact Sarbanes Oxley Act in 2002.   The other accounting reforms announced is the creation of Public Company Accounting Oversight Board [PCAOB] to supervise the audits of the Public companies. PACOB has been entrusted with wide authority to regulate the auditing profession. PACOB has been toothed with powers like imposing civil penalty and to impose permanent revocation of an auditing firm’s ability to audit public companies. 8, SWITCHING TO PRINCIPLES BASED ACCOUNTING SYSTEM: There is strong suggestion from various quarters that U.S should abandon the current â€Å"rules-based† system in favor of a â€Å"principles-based accounting†. If that happens, the critics are of the view that all the current difficulties being faced by U.S financial reporting would be alleviated or eliminated. Further section 108 of the Sarbanes –Oxley Act of 202 stipulates that SEC to conduct a study on the adoption of a principle based accounting system. [2] CONCLUSION: Globalization offers both impetus and opportunity and it is time to streamline the FASB guidelines in tune with changing scenario.[3] It is to be noted that FASB has recently issued special report on Leases thereby implementing a new approach, is recognition of the need to review existing standards. Hence it is necessary not only to review its leases guidelines but for all current standards. The current FASB is high technical and complex in nature and may not help the investing public to understand the same without the guidance of professionals on the subject. When most of the countries around the globe have switched from complex to simpler guidelines, U.S can also follow them. In setting standards on national or global basis, technical correctness is regarded as less important than the comparability among reporting entities. Globalization in commerce here has become the order of the day and U.S accounting standards must reflect true global interests. Sticking to technically sound accounting standards would not help to develop acceptable, meaningful international standards. FASB should take avail this opportunity to update and even change the standards. The accounting profession and accounting standard setters should unite together in their effort to assure simpler, more beneficial and easy to understand U.S and worldwide accounting standard. BIBILIOGRAPHY Van Riper, R. 1994, Setting Standards for Financial Reporting: FASB and the Struggle for Control of a Critical Process. CT: Quorum Books. Westport. Hartgraves, A. L., Benston, G. J. 2002, â€Å"The Evolving Accounting Standards for Special Purpose Entities and Consolidations†. Accounting Horizons, 16(3), 245+. Barker, Richard, 2004, Reporting Financial Performance. Accounting Horizons 18, no. 2 157+. Bekesford, Dennis R. 1999,Its Time to Simplify Accounting Standards. Journal of Accountancy 187, no. 3: 65. Beresford, Dennis R. 2001,Congress Looks at Accounting for Business Combinations. Accounting Horizons 15, no. 1: 73. Derieux, Samuel A. 2000,Lets Reassess Accounting Standards. Journal of Accountancy 189, no. 5: 82. Dye, Ronald A., and Shyam Sunder. 2001,Why Not Allow FASB and IASB Standards to Compete in the U.S.? Accounting Horizons 15, no. 3: 257. 1992,The Financial Accounting Standards Board. Journal of Accountancy 173, no. 6: 4. Fleming, Peter D. 1991,The Growing Importance of International Accounting Standards; Arthur R. Wyatt, Chairman of the International Accounting Standards Committee Heralds International Harmonization. Journal of Accountancy 172, no. 3 100+. Gornik-Tomaszewski, Sylwia, and Irene N. McCarthy. 2003,Cooperation between FASB and IASB to Achieve Convergence of Accounting Standards. Review of Business 24, no. 2: 52+. Hartgraves, Ai L., and George J. Benston. 2002, The Evolving Accounting Standards for Special Purpose Entities and Consolidations. Accounting Horizons 16, no. 3: 245+. Herrmann, Don, and Ian P.N. Hague. 2006, Convergence: In Search of the Best CPAs Should Understand How U.S. and Foreign Accounting Standards Influence Each Other. Journal of Accountancy 201, no. 1: 69+. Houston, Melvin, and Alan Reinstein. 2001, International Accounting Standards and Their Implications for Accountants and U.S. Financial Statement Users. Review of Business 22, no. 1: 75. Monson, Dennis W. 2001, The Conceptual Framework and Accounting for Leases. Accounting Horizons 15, no. 3: 275. Nobes, Christopher W. 2005,Rules-Based Standards and the Lack of Principles in Accounting. Accounting Horizons 19, no. 1: 25+. Radig, William J., and Brian Louder milk. 1998,Leading the Way to Uniform Accounting Principles. Review of Business 19, no. 3: 22+. Schipper, Katherine. 2003, Principles-Based Accounting Standards. Accounting Horizons 17, no. 1: 61+. Silliman, Benjamin Rue. 2005,Convergence of Accounting Standards: A Comparative Analysis of the U.S. Revised Standard on Share-Based Payment and the International Accounting Standards Boards IFRS 2. Review of Business 26, no. 2: 24+. Wyatt, Arthur R., and Joseph F. Yospe. 1993,Wake-Up Call to American Business: International Accounting Standards Are on the Way. Journal of Accountancy 175, no. 7: 80+. [1] Encyclopedia Article Title: Accounting. Encyclopedia Title: The Columbia Encyclopedia, Sixth Edition. Publisher: Columbia University Press. Place of Publication: New York. Publication Year: 2004. [2] Article Title: Principles-Based Accounting Standards. Contributors: Katherine Schipper author. Journal Title: Accounting Horizons. Volume: 17. Issue: 1. Publication Year: 2003. Page Number: 61+. [3] Article Title: Lets Reassess Accounting Standards. Contributors: Samuel A. Derieux author. Journal Title: Journal of Accountancy. Volume: 189. Issue: 5. Publication Year: 2000. Page Number: 82