Globalization of Financial Reporting Essay Example | Topics and Well Written Essays - 1250 words

Globalization of Financial Reporting - Essay Example Globalization of Financial Reporting As such, the structure should be â€Å"contingency based, taking into account the variables of that particular system at that specific point in time.† The most important variables to consider are the firm’s strategy, size, technology, and environment of those countries in which the country operates. In addition, other relevant variables that affect the company’s operations are: geographic dispersion, time differences, language, culture and business practices. These could actually be classified according to resources (man, materials and market), the processes, the controls and incentives and the culture of the organization as well as that of the host country. These variables interact consistently to ensure that the global company maximizes the utilization of its resources and assure its profitability. Thereby, each and every component or variable is important in defining the success of the firm’s international operations. In this regard, this essay is written with the objective of proffering the ways in which globalization has affected one of the critical areas in an organization’s operations – its financial reporting. In addition, as the process of globalization continues, the discourse would determine The effect of globalization to organizational structure, particularly financial reporting and accounting practices are tremendously being evaluated triggered by the need to standardize reporting concepts and practices for international users.

How would the working class transform society according to Marx Essay

How would the working class transform society according to Marx - Essay Example It was just that which Marx sought to do: end social and economic injustice. Writing at the outset of industrial society, his theories addressed the control of wealth and capital by the few at the expense of the many. Central to his various theses regarding the history (and future) of human social development were the concepts of class and capital. It was Thomas Hobbes who claimed that man exists in a state of nature epitomized by ‘War of every one against every one’1 (Hobbes 2201, p. 100). Marx in his own right approached the history of man in a civilized state as a similarly bellicose one. Only for Marx, the violence was not of one man against another, as was the case with Hobbes, but rather one of whole classes fighting against one another in a struggle which defined human history itself. The history of all hitherto existing society is the history of class struggles...Freeman and slave, patrician and plebeian, lord and serf, guild-master and journeyman, in a word, oppressor and oppressed, stood in constant opposition to one another, carried on an uninterrupted, now hidden, now open fight, a fight that each time ended, either in a revolutionary reconstitution of society at large, or in the common ruin of the contending classes. (Marx 1997, p. 219) Along with class stood Marx’s formulation of capital. According to him, the breakdown of modern society was not terribly complicated. There were those who had capital and those that did not. ‘The circulation of money, as capital is, on the contrary, an end in itself...The circulation of capital has no limits. Thus the conscious representative of this movement, the possessor of money, becomes a capitalist’ (Marx 1952, p. 72). The capitalists controlled the means of production. The working classes were merely ‘cogs in the machine’. The struggle of the capitalists and the proletariat drew all other remaining classes