Culture Schock Essay - 1171 Words

Culture in ancient times was defined as â€Å"the sum total of the equipment of the human individual, which enables him to be attuned to his immediate environment on the historical past on the other†. It reflects in effect what humans have added to Nature. It comprises the spiritual, material, intellectual and emotional features of a society and includes, in addition to the arts and letters, the value systems, traditions, modes of life and beliefs of the society. It also absorbs from other cultures and undergoes changes with time, sometimes beneficial, sometimes regressive. (Barlas, 15). Culture shock is a severe psychological reaction that results from adjusting to the realities of a society radically different from one’s own. The actual†¦show more content†¦(Marx, 5). In his original article, Oberg lists six main aspects of culture shock: 1. Strain caused by the effort to adapt. 2. Sense of loss and feelings of deprivation in relation to friends, status, prof ession and possessions. 3. Feeling rejected by or rejecting members of the new culture. 4. Confusion in role, values and self-identity. 5. Anxiety and even disgust/anger about foreign practices. 6. Feelings of helplessness, not being able to cope with the new environment. Culture shock in all its diverse form is completely normal and is part of a successful process of adaptation. Oberg also developed a model of adaptation that suggests that going abroad or working internationally put you through or cycle of distinct phases on the way to final adaptations. The first stage is the honeymoon phase, where all encounters in a new place are seen as exciting, positive and stimulating. The new life is viewed as providing endless opportunities and the manager is usually in a state of exhilaration. There is openness and curiosity, combined with a readiness to accept whatever comes. Most importantly, at this stage judgment is reserved and even minor irritations are suppressed in favor of concen trating on the n ice things about the job, the country, the colleagues, the food, etc. In the second phase, culture shock sets in- the manager realizes that something is not quite right. This experience of foreignnessShow MoreRelatedJohn Rawls Justice is Fairness1525 Words   |  7 Pagesphilosopher and a leading figure in moral and political philosophy. John is most known for his book titled: A Theory of Justice published in 1971, the book is now known as one of the primary texts in political philosophy. Rawls received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999. His work in political philosophy starts at a compelling argument that states the most reasonable principles of justice are ones that everyone would accept and agree with. HeRead MoreThe Communist Manifesto Calling On The Workers Of The World2994 Words   |  12 Pagessupport and enhance legitimacy was first discussed in Stephan and Chenoweth’s findings on the success rate of such movements. It is a similar notion highlighted as well by Timothy Ash in that he allows that the significance of religious ideology, culture, and value systems on a broad scale may also influence strategic decisions to either adopt or reject nonviolence. He further uses the example more fit for the Politics of Resistance in the Middle East, of Islam: â€Å"Islam is currently associated in manyRead MoreImmigration to the United States8027 Words   |  33 Pagesimmigration, linked in part, it appears, to economic concerns.† †¢ National Academy of Science study: Smith, James P. Barry Emondston, eds., â€Å"The New Americans: Economic, Demographic, and Fiscal Effects of Immigration† (1997) Biggest Threat: Jobs, Culture or Security? Economic Concerns †¢ By the end of 2012, there were approximately 11.2 million undocumented immigrants in the United States, and that number remained constant into 2013 with 11.3 million undocumented immigrants. †¢ Currently, 62 percent

Essay about How did King George III lose his 13 American...

nbsp;nbsp;nbsp;nbsp;nbsp;There is a common misconception that the sole cause of the American Revolutionary War was the taxes imposed on the colonies by Britain. If a closer look is taken at the history of the Americas, however, it is easy to see that idea of freedom had been pulsing through the colonies for years. Just how did His Majesty King George III lose his American colonies? The answer is a chain of events stringing from the French and Indian war to the day George Washington handed over his troops to the Continental Congress, officially ending the War for Independence. nbsp;nbsp;nbsp;nbsp;nbsp;Before the French and Indian War, Britain had used a system of Salutary Neglect with the colonies, giving them a sense of freedom.†¦show more content†¦These acts put a limit on the colonist’s westward expansion, while simultaneously barring their trading ports and limiting their imports and exports (Intolerable Acts). nbsp;nbsp;nbsp;nbsp;nbsp;This punishment was the last straw for the colonists. Fueled by their desire to free themselves of King George III’s ‘unfair’ ruling, the Declaration of Independence was written on July 4, 1776. This document declared the colonies’ freedom from Britain and detailed their reasons, thus beginning the war for freedom. nbsp;nbsp;nbsp;nbsp;nbsp;Enter George Washington, who at the time was not the â€Å"father of the country† or the first president of the United States. Washington was the commander-in-chief of the Continental Armies and eventually led our troops to victory, but not before experiencing set backs that made the colonists and even the British question the outcome of the Revolution. While Washington and his men had not had a very successful beginning, the theme of the Revolution slowly began to take on a new feeling, especially after the battle of Saratoga. It is arguable to say that the battle of Saratoga is the actual point in the war where King George III truly lost his colonies. The British should have been able to defeat the colonists in a very short amount of time, retaining control of them. After the battle of Saratoga, however, this task would become increasingly difficult. The Battle of Saratoga, fought in the fall of 1777 was the turningShow MoreRelatedThe Thirteen Colonies2989 Words   |  12 Pages 13 English Colonies Georgia, South Carolina, North Carolina, Virginia, Delaware, New York, Massachusetts, Pennsylvania, New Jersey, Rhode Island, New Hampshire, Connecticut, Maryland were the thirteen colonies all had a different reason to be a colony. The thirteen colonies were divided into three different areas. The middle colonies were Pennsylvania, New York, New Jersey, and Delaware. The southern colonies were Maryland, Virginia, North Carolina, South Carolina, and Georgia. and the northernRead MoreAmerican Exceptionalism By George Washington1320 Words   |  6 PagesAmerican Exceptionalism is the term that imperialists in the United States regularly use to claim that their country is unusual or amazing. American exceptionalism defend to the exceptional character of the United States as an inimitably free country centered on democratic principles and personal liberty. American Exceptionalism is an issue that has been existed from early years and George Washington is one of the key pieces in this issue. The U.S history maintenance the idea of American ExceptionalismRead MoreDeclaration of Independence9744 Words   |  39 Pagesway, we can shed light both on its literary qualities and on its rhetorical power as a work designed to convince a candid world that the American colonies were justified in seeking to establish themselves as an independent nation.(2) The text of the Declaration can be divided into five sections--the introduction, the preamble, the indictment of George III, the denunciation of the British people, and the conclusion. Because space does not permit us to explicate each section in full detail, weRead MoreHow English Literature Affects the Monarchy2997 Words   |  12 PagesVII at Greenwich Palace (BBC News). In his early age, he was very interested in the arts and enjoyed reading literature. In 1509, Henry VIII succeeded his father Henry VII (1457-1509), but had originally become heir to the throne after his older brother, Prince Arthur, died in 1502 (Henry VIII (r.1509-1547)). He reigned during the House of Tudor monarchy when he was only eighteen years old until he died in 1547, having Edward VI succeed him. Throughout his years of reign, he married six women including:Read MoreThe American Character Essay1814 Words   |  8 PagesWashington Irving expertly reflects American history in his piece of 1819 â€Å"Rip Van Winkle.† Unbeknownst to Rip Van Winkle, the colonies are now free of British rule as Irving writes, â€Å"Here a general shout burst from the bystanders—‘A Tory! a Tory! a spy! A refugee! hustle him! Away with him’† (Matthews, 2007, para. 36). Rip enters the village armed, ignorant of the fact that he presents the look of a loyalist. The question of being a refugee is preferable to accusations of being a Tory, as a colonistRead MoreAmerican Revolution: What Range of (Long and Short Term) Causes, When Combined, Provides a Satisfactory Explanation for Why the American Revolution Broke Out in 1775?2127 Words   |  9 PagesAmerican Revolution What range of (long and short term) causes, when combined, provides a satisfactory explanation for why the American Revolution broke out in 1775? In the period from 1756 to 1765 England was fighting the French in the Seven Years War in Europe. The English also fought the French in North America. The English won both at home and abroad, but at a high financial cost. The English government decided to make the American colonists pay for their protection against the French andRead MoreThe War Of 1812 Was Terrible For Americans2959 Words   |  12 Pagesfor Americans because of disunity and there was no angry spirit like the Chesapeake incident, but nationalism emerged 2) On to Canada over Land and Lakes a) The soldiers in the War of 1812 were ill-trained and were not prepared for war. b) The strategy used for attacking Canada was poorly planned because instead of attacking Montreal, the center of population, the plan was spilt into 3 invasions of Detroit, Niagara, and Lake Champlain c) The British and Canadians had captured the American fortRead MoreGreat Inventors Changed our World3233 Words   |  13 Pageswith a degree in engineering. Eli Whitney is an American inventor who is best known for his invention of the cotton gin as it was one of the most influential inventions during the Industrial Revolution shaping the economy of the Antebellum North and South. The invention of the Cotton gin made cotton into one of the most profitable crop, which it reinforced the economic foundation of slavery in the United States. After his invention, he later turned his attention into manufacturing muskets for the newlyRead MoreMandinka Empire21578 Words   |  87 Pagesadditional information about this article http://muse.jhu.edu/journals/hia/summary/v032/32.1schaffer.html Access Provided by your local institution at 03/10/13 1:43PM GMT BOUND TO AFRICA: THE MANDINKA LEGACY IN THE NEW WORLD MATT SCHAFFER I I offer here a theory of â€Å"cultural convergence,† as a corollary to Darwin’s natural selection, regarding how slave Creoles and culture were formed among the Gullah and, by extension, supported by other examples, in the Americas. When numerous speakers from differentRead MoreModern History.Hsc.2012 Essay25799 Words   |  104 Pages * black Thursday November 24 1929 * the jazz age * a speakeasyyyyyyy How significant were the Republican policies in causing the great depression? The significance of the republic policies were great, they brought a lot of growth in the 20’s allowing the market to strive over lots of trading and the purchase of shares, but was also an unstable market, as the government had no control over what it did and was left up to the private sector almost to run the market. Entry of the United

Events Leading Up to the American Revolution Free Essays

Events Leading to the American Revolution The American Revolution was a gradual process. It did not happen overnight. We were gradually pushed there by the English. We will write a custom essay sample on Events Leading Up to the American Revolution or any similar topic only for you Order Now They first gave us the right to govern ourselves, and implement our own laws such as the no taxation without representation law in Pennsylvania. Only then to impose trade restrictions like the Navigation Acts, Sugar Act, and the Stamp Act. The British also set limits on where the Colonists could settle as in the Proclamation of 1763, and finally new taxes which there were many that the English imposed. The people in America had left Europe to get away from the monarch’s supreme rule and persecution. The monarch granted the settlers with royal charters which allowed them the same rights as they would have in England. Only to have the monarch in the end take away their rights and freedoms as Englishmen, and to abuse the British right to collect taxes with our proper representation. All of this pushed us to make our stand against the tyranny of Great Britain, and to assert our Independence in the American Revolution. Early on in the settlement of the Colonies there was a shift in priorities from finding gold to a society that valued family. Therefore you have an increase in the population where there is now a need for more schools, churches, and other town infrastructure. With these advances there became a more educated population that helped aid in the advancement and growth of new modern thinkers such as Benjamin Franklin and his contributions to the Colonies during the Age of Enlightenment. Due to the growth in population people began settling further and further west encroaching on French and Indian lands causing friction that would later led to the French and Indian War. A dispute over land in the American Ohio Valley between the Indians, French, Pennsylvanians, and Virginians brought about the French Indian seven year war. The first battle in the Seven Year War happened in May of 1754 where the Mingo Chief led a small group of George Washington’s men to a French encampment where he led them to victory. Washington was weary of retaliation so he had his group erected a makeshift fort called the â€Å"Fort of Necessity†, to which he later fled from due to the impending French retaliation. The end of the war was signified by the Proclamation of 1763, which the Colonists ignored because it limited where Colonists could settle. This is one of the ways in which the Colonies and Great Britain’s relationship begins to deteriorate. During this time period England was involved in wars all over the globe, and because of it had racked up a large debt funding the various wars. They needed money to cover their expenses, so the King started to evaluate the Colonies and recognized that he needed to implement new laws in order to control the trade, and create new revenue. Some of the various ways Parliament and the King of England implemented trade restrictions, and imposed taxation were through the Navigation Acts, Sugar Act, Stamp Act, and Townshend Duties. Each one of these in various ways angered the Colonies because they never had a chance to vote on any of them, due to the fact that they were not represented in England. Under your rights as a citizen of Great Britain you were supposed to be represented, but Parliament and the King did not care that they were implementing laws that would go against the royal charters and the basic rights of their citizens in the Colonies. Another way Great Britain undermined its relationship with the Colonies was through the implementation of the Coercive Acts, otherwise known as the Intolerable Acts. All of the Acts mentioned above worked to create a lot of tension and strife between the Colonies and Great Britain. To further aid in the problem the people in the Colonies are now fourth or fifth generations, and have never been directly under the King’s rule or they have never visited England. So the Colonists start to get angry at this ruler whom they do not know, and start to get frustrated with Great Britain’s interference in their lives. From this uprising the Colonies start to get organized and form various different Militias. The most famous group that impacted the direction of the American Revolution was The Sons of Liberty. The Sons of Liberty helped to get the Colonists organized. They staged several events that demonstrated the Colonist anger and frustration toward Great Britain and the laws that Great Britain imposed on the Colonies. The Sons of Liberty were not a passive easy going group their demonstrations were very extreme, but they were effective in the repealing the Stamp Act and organizing the Colonists against the tyranny of British rule. One such way the Sons of Liberty incited the masses to unite was when one of their founding members, Samuel Adams coined the term the Boston Massacre after the fight in Boston broke out between eight British army officials and the town’s people. The Colonists are beginning to become more unified. The Colonist formed the First Continental Congress in response to the Coercive Acts. Where they implemented a total boycott of all British goods, declaration of rights to Parliament, and gave Great Britain a time limit of six months to respond. During the waiting time the Continental Congress advised its delegates to go home and start drilling their men to get them ready if they were needed. The Sons of Liberty were also instrumental in the Boston Tea Party, which was in response to Tea Acts. All of this helped to fan the roaring fire of the spirit of the American Revolution. Finally the last incident that really showed the British how organized and how serious the Colonies were was when Thomas Gage landed in Boston harbor with 400 British soldiers. He was going to lead his troops to Concord to capture Samuel Adams or John Hancock, and locate a supply house to take away the Colonists weapons. They made it to Lexington were the British encountered a group of armed Colonists. Gage commanded that they lay down their weapons, but someone, we don’t who, fired their gun. That shot is called the Shot that was heard around the world. Gage went on to Concord, but was unable to locate anything except a bucket of bullets and a barrel of flour. On his way back to his ship Minute Men were posted along the trail, and the Minute Men ended up taking out over half of Gage’s men. The Colonists were organized, educated, and willing to die for their rights. The British kept on pushing the envelope to see what the Colonists would take, and eventually they pushed too hard and the Colonists reacted. There are many events leading to the American Revolution, but the one thing that they all have in common is the right to Liberty and Freedom. The Colonies stood up to Great Britain, and they were successful in the American Revolution. ——————————————– [ 1 ]. Bruce and William Catton, The Bold and Magnificent Dream, (Garden City, NY: Doubleday Company, Inc, 1978) 72. [ 2 ]. Ibid. , 74. [ 3 ]. Library of Congress, The American Revolution, posted January 2010 http://www. loc. gov/teachers/classroommaterials/presentationsandactivities/presentations/timeline/amrev/rebelln/. [ 4 ]. US Department of State Office of the Historian, Milestones in American History posted Feb 2011 http://history. state. gov/milestones/1750-1775/FrenchIndianWar. [ 5 ]. Bruce and William Catton, The Bold and Magnificent Dream, 261. How to cite Events Leading Up to the American Revolution, Essay examples Events Leading Up to the American Revolution Free Essays Events Leading to the American Revolution The American Revolution was a gradual process. It did not happen overnight. We were gradually pushed there by the English. We will write a custom essay sample on Events Leading Up to the American Revolution or any similar topic only for you Order Now They first gave us the right to govern ourselves, and implement our own laws such as the no taxation without representation law in Pennsylvania. Only then to impose trade restrictions like the Navigation Acts, Sugar Act, and the Stamp Act. The British also set limits on where the Colonists could settle as in the Proclamation of 1763, and finally new taxes which there were many that the English imposed. The people in America had left Europe to get away from the monarch’s supreme rule and persecution. The monarch granted the settlers with royal charters which allowed them the same rights as they would have in England. Only to have the monarch in the end take away their rights and freedoms as Englishmen, and to abuse the British right to collect taxes with our proper representation. All of this pushed us to make our stand against the tyranny of Great Britain, and to assert our Independence in the American Revolution. Early on in the settlement of the Colonies there was a shift in priorities from finding gold to a society that valued family. Therefore you have an increase in the population where there is now a need for more schools, churches, and other town infrastructure. With these advances there became a more educated population that helped aid in the advancement and growth of new modern thinkers such as Benjamin Franklin and his contributions to the Colonies during the Age of Enlightenment. Due to the growth in population people began settling further and further west encroaching on French and Indian lands causing friction that would later led to the French and Indian War. A dispute over land in the American Ohio Valley between the Indians, French, Pennsylvanians, and Virginians brought about the French Indian seven year war. The first battle in the Seven Year War happened in May of 1754 where the Mingo Chief led a small group of George Washington’s men to a French encampment where he led them to victory. Washington was weary of retaliation so he had his group erected a makeshift fort called the â€Å"Fort of Necessity†, to which he later fled from due to the impending French retaliation. The end of the war was signified by the Proclamation of 1763, which the Colonists ignored because it limited where Colonists could settle. This is one of the ways in which the Colonies and Great Britain’s relationship begins to deteriorate. During this time period England was involved in wars all over the globe, and because of it had racked up a large debt funding the various wars. They needed money to cover their expenses, so the King started to evaluate the Colonies and recognized that he needed to implement new laws in order to control the trade, and create new revenue. Some of the various ways Parliament and the King of England implemented trade restrictions, and imposed taxation were through the Navigation Acts, Sugar Act, Stamp Act, and Townshend Duties. Each one of these in various ways angered the Colonies because they never had a chance to vote on any of them, due to the fact that they were not represented in England. Under your rights as a citizen of Great Britain you were supposed to be represented, but Parliament and the King did not care that they were implementing laws that would go against the royal charters and the basic rights of their citizens in the Colonies. Another way Great Britain undermined its relationship with the Colonies was through the implementation of the Coercive Acts, otherwise known as the Intolerable Acts. All of the Acts mentioned above worked to create a lot of tension and strife between the Colonies and Great Britain. To further aid in the problem the people in the Colonies are now fourth or fifth generations, and have never been directly under the King’s rule or they have never visited England. So the Colonists start to get angry at this ruler whom they do not know, and start to get frustrated with Great Britain’s interference in their lives. From this uprising the Colonies start to get organized and form various different Militias. The most famous group that impacted the direction of the American Revolution was The Sons of Liberty. The Sons of Liberty helped to get the Colonists organized. They staged several events that demonstrated the Colonist anger and frustration toward Great Britain and the laws that Great Britain imposed on the Colonies. The Sons of Liberty were not a passive easy going group their demonstrations were very extreme, but they were effective in the repealing the Stamp Act and organizing the Colonists against the tyranny of British rule. One such way the Sons of Liberty incited the masses to unite was when one of their founding members, Samuel Adams coined the term the Boston Massacre after the fight in Boston broke out between eight British army officials and the town’s people. The Colonists are beginning to become more unified. The Colonist formed the First Continental Congress in response to the Coercive Acts. Where they implemented a total boycott of all British goods, declaration of rights to Parliament, and gave Great Britain a time limit of six months to respond. During the waiting time the Continental Congress advised its delegates to go home and start drilling their men to get them ready if they were needed. The Sons of Liberty were also instrumental in the Boston Tea Party, which was in response to Tea Acts. All of this helped to fan the roaring fire of the spirit of the American Revolution. Finally the last incident that really showed the British how organized and how serious the Colonies were was when Thomas Gage landed in Boston harbor with 400 British soldiers. He was going to lead his troops to Concord to capture Samuel Adams or John Hancock, and locate a supply house to take away the Colonists weapons. They made it to Lexington were the British encountered a group of armed Colonists. Gage commanded that they lay down their weapons, but someone, we don’t who, fired their gun. That shot is called the Shot that was heard around the world. Gage went on to Concord, but was unable to locate anything except a bucket of bullets and a barrel of flour. On his way back to his ship Minute Men were posted along the trail, and the Minute Men ended up taking out over half of Gage’s men. The Colonists were organized, educated, and willing to die for their rights. The British kept on pushing the envelope to see what the Colonists would take, and eventually they pushed too hard and the Colonists reacted. There are many events leading to the American Revolution, but the one thing that they all have in common is the right to Liberty and Freedom. The Colonies stood up to Great Britain, and they were successful in the American Revolution. ——————————————– [ 1 ]. Bruce and William Catton, The Bold and Magnificent Dream, (Garden City, NY: Doubleday Company, Inc, 1978) 72. [ 2 ]. Ibid. , 74. [ 3 ]. Library of Congress, The American Revolution, posted January 2010 http://www. loc. gov/teachers/classroommaterials/presentationsandactivities/presentations/timeline/amrev/rebelln/. [ 4 ]. US Department of State Office of the Historian, Milestones in American History posted Feb 2011 http://history. state. gov/milestones/1750-1775/FrenchIndianWar. [ 5 ]. Bruce and William Catton, The Bold and Magnificent Dream, 261. How to cite Events Leading Up to the American Revolution, Papers

Issue International Accounting Standards †Myassignmenthelp.Com

Question: Discuss About The Issue International Accounting Standards? Answer: Introduction International Accounting Standard Board was previously known as International Accounting Standard Committee before April 2001 (Iasplus.com, 2017). It was established in 1973 and was the complete authority to issue international accounting standards. In 2001 international financial reporting also came into its ambit (Ifrs.org, 2017). It has amended many of the old standards and started making new ones by itself which came to be known as International Financial Reporting Standards (IFRS). IASB is set up as Monitoring Board at the top to approve and oversee trustees followed by IFRS Foundation containing 22 trustees (Ifrs.org, 2017). The next layer contains IFRS Advisory Council, IASB and IFRS Interpretations Committee. And at last it has its Working Groups. Discussion about IASB and Its Goal IASB Framework is deployed for making financial statements and business (Iasplus.com, 2017). The main goal of IASB Framework is to provide guidance and support to the IASB in the development of revised and renewed standards of financing and mitigating the issues which crop up in making financial statements which cannot be addressed by the accounting standards. IASB has full discretion in developing and pursing the technical aspects of Standards with consultation with the trustees (Iasplus.com, 2017). It has to prepare and issue the IFRS and even exposure drafts using the guidelines given in the Constitution. It also issues and approves the Interpretations made by the IFRS Interpretation Committee. IASB is known to be associated with the stakeholders closely all across the world (Iasplus.com, 2017). Its goals are to have universal reception of a group of international financial reporting standards, to fulfill the standard-setting work through a transparent and open process with public ation of documents such as exposure drafts and discussion papers. What is conceptual framework? In financial reporting Conceptual Framework is basically a theory of accounting compiled by the standard making bodies such as IASB against which the problems which are faced in practicality can be tested and tackled objectively (Iasplus.com, 2017). It is also known as Concepts Statements which is defined as body of interrelated fundamentals and objectives. Identification is done by objectives of the aims and goals of the financial reporting and fundamentals help to achieve those objectives (Zhang Andrew, 2014). A conceptual framework deals with the basic issues of Financial Reporting and contains the characteristic that makes information of accounts useful such as assets, liabilities, expenses, equity and income. This information assist in selecting the transactions, circumstances and events to be accounted for and the method of their recognition, measurement and the format of summary and report in which will be presented (Zhang Andrew, 2014). It can be stated that it is an analyt ical tool with much options and variations at its disposal to make organized distinctions and frame ideas for accounting standards. Why is conceptual framework required? In the context of financial reporting, conceptual framework includes establishment of exact definitions that helps in financial discussions of the issues of accounting. It provides guidance required by the makers of accounting standards when they review and develop rules of financial reporting (Eccles, Rogers Serafeim, 2012). They establish the fact that reporting standards are consistent internally. They help the auditors to mitigate financial reporting problems in where there are no accounting standards for a particular issue. The most important assistance is to decrease the number of accounting standards by giving an overarching theory which may be applied to all accounting standards to solve specific reporting problems. Only FASB is not benefited by the Conceptual Framework. It enhances the credibility of financial reporting when the objectives and fundamentals are used to establish the rules of reporting (Doukakis, 2014). It helps in the operations of standards that are not onl y internally consistent but are also consistent externally. It also helps in understanding the limitations of financial standards of reporting so that the issue does not go beyond the scope of a standard. Issues dealt with the conceptual framework. Exposure Draft of IASB mentions issues that are there in the conceptual framework which makes it a bit tainted. Exposure Draft proposes some of the solutions or changes which are to be made in the existing Conceptual Framework for issue mitigation (DeFond, Hung Li, 2014). ED proposes that the definitions of essentials in financial statements should be revised, derecognition and guidance should be included in the framework. The discussions should be held on the bases of measurement, principles should be made for incorporating items in Other Comprehensive Income (OCI) which are to be related with performance reporting and high level concepts of disclosure and presentation should be revised (Iasplus.com, 2017). Issues covered by IASB in its ED are: Requirement of General Purpose Financial Reporting (GPFR) Qualitative feature of valuable financial information Reporting entities of GPRF Fundamentals of Financial Statements Recognition and de-recognition Measurement Disclosure and Presentation Concepts of Capital and Capital Maintenance Evaluate the role of the conceptual framework plays in the development of IFRSs and IASs Conceptual framework may provide the preparers with a fallback provision for much needed judgment for the development and application of any accounting policy (Iasplus.com, 2017). This issue is discussed separately in IAS 8, which allows the Framework to have an authoritative body to guide the preparers to keep in mind the definitions, criteria of recognition and concepts of measurement such as assets, liabilities, expenses and income in the framework if other guidelines are absent (Iasplus.com, 2017). Conceptual Framework is extended to discuss the presentation, reporting entity and disclosures and it needs to be addressed that these new chapters will be included in IAS 8 or not (Iasplus.com, 2017). It can be said that Conceptual Framework plays a pivotal role in making rules and standards for IFRSs and IASs (Ifrs.org, 2017). Conclusion From the above discussion, it can be concluded that Conceptual Framework has been a guiding light in making the financial and accounting standards at international level since last few decades. It has helped the policy makers and experts to come out of the issues where there was no accounting standard to help them out. It covers almost all the issues related to financial reporting taking the issue holistically into its ambit. It provides solution to almost each problem faced in standard making. Conceptual Framework needs to be revised from time to time to be updated as per the changing needs of accounting and financial reporting. Reference Barker, R., Lennard, A., Nobes, C., Trombetta, M., Walton, P. (2014). Response of the EAA financial reporting standards committee to the IASB discussion paper A review of the conceptual framework for financial reporting.Accounting in Europe,11(2), 149-184. Barth, M. E. (2013). management in financial reporting: The need for concepts.Accounting Horizons,28(2), 331-352. Bertoni, M., De Rosa, B. (2013). Comprehensive income, fair value, and conservatism: A conceptual framework for reporting financial performance. DeFond, M. L., Hung, M., Li, S., Li, Y. (2014). Does mandatory IFRS adoption affect crash risk?.The Accounting Review,90(1), 265-299. Doukakis, L. C. (2014). The effect of mandatory IFRS adoption on real and accrual-based earnings management activities.Journal of Accounting and Public Policy,33(6), 551-572. Eccles, R. G., Krzus, M. P., Rogers, J., Serafeim, G. (2012). The need for sector?specific materiality and sustainability reporting standards.Journal of Applied Corporate Finance,24(2), 65-71. Iasplus.com. (2017).International Accounting Standards.Iasplus.com. Retrieved 12 September 2017, from https://www.iasplus.com/en/standards/ias Ifrs.org. (2017).IFRS.Ifrs.org. Retrieved 12 September 2017, from https://www.ifrs.org Zhang, Y., Andrew, J. (2014). Financialisation and the conceptual framework.Critical perspectives on accounting,25(1), 17-26.