Nursing Ethics and Values - 1885 Words

Individual Analysis As a registered nurse practicing in the state of California I am responsible for practicing within my states legal regulations and nursing scope of practice. My concern for the welfare of the sick and injured allows me to practice ethical provisions of nursing. These are required if I am to carry out competent and effective nursing care. Nursing encompasses the prevention of illness, the alleviation of suffering, and the protection, promotion, and restoration of health in the care of individuals. Therefore, as health care professionals we must be familiar with the different philosophical forces, ethical principles, theories and values that influence nursing. At the same time, we must be respectful to our patient’s†¦show more content†¦In addition, I attend monthly charge nurse meetings which consist of other charge nurses and the clinical director to discuss topics on ways to improve the overall safety and nursing standards of the unit. Other important provisions to uphold are provisions eight and nine. These two provisions are very closely linked because provision eight requires that the nurse collaborates with other healthcare professionals in efforts to improve the quality of health care. This ties in with provision nine because it states that â€Å"the nurse also collaborates with other health care professionals and the public to promote community, national, and international efforts to meet health needs and for shaping social policy.† (Fowler, 2010, p. 124). For example, I am upholding provision eight by volunteering as a co-chair of a council partnership meeting (CPM) in the hospital that I work for. In CPM, we meet once a month to formulate ways to improve patient’s safety. At the same time, I am able to meet the standards of provision nine because we collaborate with others to conduct research to reform our policies and procedures to benefit our patient’s needs. To further illustrate, we recently have adopted the John Hopkins fall risk assessment score because research studies have shown that it has proven to be more effective in screening the patients based on their fall history, elimination of bladder and bowel, how many fall risk medications they are on,Show MoreRelatedEthics, The Ethics And Values Of The Nursing Profession1059 Words   |  5 PagesEthics, the rules and principles that guide right behaviors or conduct, are foundational to the field of bioethics, which focuses on ethical issues in healthcare (Mclennon, Uhrich, Lasiter, Chamnes, Helft, 2013). Nurses are faced with ethical decision making principles daily when caring for their patients, some days more than others. According to Yoder-Wise (2011), ethics may be distinguished from the law because ethics is internal to an individual, looks to the ultimate â€Å"good† of an individualRead MoreCode Of Ethics : Nursing Values And Ethical Responsibilities1602 Words   |  7 PagesI. CODE OF ETHICS IN NURSING There are seven primary fundamental values in the code of ethics for registered Nurses These values are entitled as â€Å"Nursing values and Ethical Responsibilities.† (Centennial Edition, 2008) ï  ¶ Nursing Values and Ethical Responsibilities 1) Providing Care Nurses should be able to provide safe, skilled and proficient, solicitous care to the patients. The relation between the nurse and the patient. 2) Promoting Health and Well-Being Nurses should be enable to work withRead MoreNursing Code Of Ethics, Personal And Societal Values, And The Legal Aspects Of The Nursing1251 Words   |  6 PagesWorking in the nursing profession, nurses must be prepared to assess and support the diverse needs of the patient and their family. Every nurse, regardless of his or her specialty, encounters ethical challenges. However, public health nurses may face unique challenges in their distinct focus on the health of the population in addition to individuals (Haugh Mildon, 2005). In this research paper, I will consider two case studies from the perspective of the nursing code of ethics, personal and societalRead MoreEthics And Values Play A Major Role Of Nursing Professionalism1338 Words   |  6 PagesEthics and values play a major role in nursing professionalism. Nursing professionalism is the way that nurses interact with other professionals and apply knowledge from the basic principles of nursing to better care for their patien ts. The professional values of nursing include altruism, autonomy, human dignity, integrity, and social justice (â€Å"Essentials,† 2008). These values provide guidelines that accurately describe a compassionate and ethical nurse. One of the values that relates to me as wellRead MoreThe Importance Of Acting Ethically When Working As A Nurse1318 Words   |  6 Pagesimportance of acting ethically when working as a nurse. Introduction: Ethics is an essential aspect of health care practice and those working in the nursing profession are often subject to frequent ethical dilemmas. It is essential for all nurses to be aware of the importance of ethics in health care and to practice within the ethico-legal parameters that govern the profession. However, while this is relatively easy in theory, ethics is not a black and white subject and often one’s culture, upbringingRead MoreNursing Philosophy and Code of Ethics Essay872 Words   |  4 Pagesadequate nursing care that was in the scope of their religion. One has also encountered an experience with a nurse from a different religious background. This particular nurse’s religion had a prayer ritual that required her to pray at different times throughout the day. One respected that nurse and watched over her patients while she was away. As a nurse, one must be respectful and accommodating to another. One’s philosophical forces go hand-in-hand with th eir philosophy of practice. Ethics and valuesRead MoreEthics : Ethics And Ethics1569 Words   |  7 Pages Ethics In Nursing Rayda M. Garcia Fairleigh Dickinson Universityâ€Æ' Ethics In Nursing The study of ethics, or applied ethics, is necessary for healthcare professionals who often face dilemmas that are not experienced by the general population. The fast-paced growth of medical technology has made the study of ethics even more relevant. The study of bioethics, or biomedical ethics, refers to moral dilemmas due to advances in medicine and medical research. Since medical law and ethics are oftenRead MorePersonal Ethics974 Words   |  4 PagesPersonal ethics What personal, cultural, and spiritual values contribute to your worldview and philosophy of nursing? How do these values shape or influence your nursing practice? Ethics and values form the basis of nursing. Nurses provide nursing care by preventing illness, reducing suffering and promoting restoration of health in individuals, families, societies and communities. Nursing involves technical skills and abilities, duty and service to others with compassion and efficient decision-makingRead MoreNursing Code of Ethics Essay1052 Words   |  5 PagesNursing Code of Ethics Introduction Butts and Rich (1-26) point out that effective nursing requires both broad knowledge and a set of well developed abilities and skills. The required tasks, are many and varied and in order to do them properly, care must be taken to respect each patients rights and sensitivities. This is why, according to the authors, nursing care must be guided by a code of ethics. The purpose of this paper is to provide an overview and discussion of the Code of EthicsRead MorePersonal Ethics889 Words   |  4 PagesPersonal Ethics Ethics is a moral guide that helps a person understands right from wrong. A person’s moral guide is developed by how they were raised, the books they read, the experiences they have lived through, religious beliefs, and cultural beliefs. These experiences allow a person to learn right from wrong, good from bad through their own and other’s experiences and creating their own set of ethics. People take their set of ethics into their personal and professional life and continue to

Rights Procured through Independence Essay - 721 Words

Generally speaking, most everyone desires insurance over his or her rights, but cannot obtain it easily. A paragon of this could be seen in the cause of the American Revolution, where the British imposed several acts of maltreatment upon the colonists, who had already won their independence. These acts limited the colonists’ lives, forcing them to abide by Britain’s every order and sacrifice their goods and imports for their mother country’s sake. Confining the lives of the colonists unfairly, major acts and events such as the French and Indian War, Intolerable Acts and Boston Tea Party were leading factors in precipitating the American Revolution, and had they not been issued nor forced, none of this warring would have occurred. The first†¦show more content†¦That night, the colonists robed in American-Indian attire and boarded the ship, dumping all of the tea overboard and tarring the ship owner. We refer to this event as the Boston Tea Party, and it was a fountainhead of the inception of the American Revolution. This nonsense disgusted King George III, and therefore he responded by imposing acts labeled, â€Å"The Intolerable Acts,† which completely confined the lives of the colonists, making sure they had no escape from suffering. These acts were completely unnecessary, causing for strife that could have been settled in a much more behavioral fashion. Many components of the Intolerable Acts caused the colonists to feel flouted, such as when the port of Boston was completely closed off until the Dutch East India Company accrued enough money to compensate for the tea’s destruction. Also, the government of Massachusetts was purely under British jurisdiction, and thus, almost all court cases averse to the colonists were called guilty due to geographical bias, as no colonist peers were able to attend. At this point in time, the colonists had an unstable relationship with the British, which caused the First Continental Congress to be established, attempting to force peace between the two parties; sadly, in the end, it failed. In a rather short period of time, the Second Continental Congress was established, making a swift endeavor at law and orderShow MoreRelatedConstitution1289 Words   |  6 Pages Constitution Paper University of Phoenix 3/29/15 America is glorified as a land of freedom. As a country we have certain rights and Privileges gained simply by the fact that we are American citizens. We are also fortunate that these rights are protected through what is called the Constitution and the Bill of Rights. These Documents protect our truths and rights as a citizen. This wasn’t always so. There had to be a Time before the Constitution and in that time it was a verbal war betweenRead MoreCommon Sense By Thomas Paine1036 Words   |  5 PagesCommon Sense is a pamphlet written by Thomas Paine that inspired people in the Thirteen Colonies to declare and fight for independence from Great Britain. It was actually first published anonymously. Thomas Paine’s basic theme throughout Common Sense is that government is a â€Å"necessary evil†. His argument begins with more general reflections about government and religion, then progresses onto the specifics. There is a quote from the first page of Common Sense that lays out Paine s general conceptionRead MoreJustification of the American Revolu tion1339 Words   |  6 PagesThe American Revolution was the uprising of the existing thirteen American colonies to gain independence from Britain in the mid 1700’s. The American colonists began questioning Britain’s authority as early as the French and Indian War. 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This astonishment was reflected in the reviews her novel received; male readers(both white and black) generally dismissed herRead MoreThe Cult Of Domesticity By Charlotte Perkins Gilman And Kate Chopin Essay972 Words   |  4 Pagesnew beginnings through the open window of her bedroom, as symbolized by the tops of trees with new spring life, the delicious breath of rain, and the notes of a distant song (425). Her freedom is realized in a future void of Mr. Mallard. Ironically, this glimpse of freedom is viewed from Mrs. Mallard’s bedroom, the confined space deemed by society where the wife is to be dominated by her husband. Accordingly, the protagonist of Gilman’s â€Å"The Yellow Wall-Paper† views life through barred bedroomRead MoreWhen Examining The Roots Of The South’S Secession From1647 Words   |  7 PagesUnion. Lincoln, who would become President during one of the most tumultuous times in U.S. history, argued strongly against the beliefs of Calhoun, arguing that preserving the Union was of the utmost importance, and that states had no constitutional right or authority to secede from the Union. In Lincoln’s opinion, rule was based on the will of the majority, and a minority of states could not decide to end a Union that pre-existed themselves. Ultimately, both men’s arguments help show one of the mostRead MoreArticle Breakdown On Dr. King And Non Violence Essay1199 Words   |  5 Pageson Dr. King and Non-violence The main purpose of Billy O. Wireman’s article â€Å"Martin Luther King Jr. and Mohandas Gandhi: God’s Co-Workers for Justice† is to connect Dr. King’s influences to the concept of non-violence. King led the American Civil Rights Movement with the realization that hate couldn’t exist within the hearts of those who wanted to produce change. 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Although the Treaty of Versailles did not permanently weaken the German state, many Germans perceived the treaty as a demeaning continuation of the war by political means. Post-war, through the 1920s and early 1930s, Germany s economy suffered greatly because of the harsh conditions of the Treaty of Versailles, the impact of the Great Depression, and a long succession of unstable governments (Thompson 550). During an era when EuropeanRead MoreThis Paper Delves Into The Realm Of Political Issues, Specifically1514 Words   |  7 Pagescan be divided up into four different sections, that when combined, provide a detailed insight into the broad spectrum of â€Å"gun control.† These sections provide a brief yet insightful history, explore both pro and con stances and present statistics procured from surveys and tests. Gun Control: The Big Picture Introduction The gun control debate has been a long standing and much avoided topic. As 2017 Oscoda High School graduate Gabriel Rayes once said, â€Å"The values, morals and thoughts of every

Short Essay About Sports and Education Free Essays

The great Duke of Wellington, of Waterloo Victory fame, once saw the boys of Eton public School playing on the field and was moved to say, There our great battles were won† He meant that young lads acquire on the playground not only physical stamina but discipline, the habit of obedience, the will to win, -and these virtues make them good soldiers when their country calls them to the field of battle. It is good to enjoy the delight of running about in the open field and to ‘feel life in every limb’. But that only makes the lesson that we learn, of discipline, obedience and tenacity, all the more pleasing. We will write a custom essay sample on Short Essay About Sports and Education or any similar topic only for you Order Now To develop character not by arid and dry moral lessons, but in the course of our enjoyment of games, is a privilege which we must set store by. The most important lesson that sports of all kinds teach us is a sense of discipline. A good sportsman must always learn to obey the rules of the games and the orders of the captain. He knows the value of the proverb – â€Å"He who knows how to obey will know how to command†. Discipline goes hand in hand with duty. On the playground, each individual has an allotted duty to perform. He has to carry out his share. It is his duty to help in winning games by obeying his captain and maintaining teamwork through concerted movement and display of spirit de crops (team spirit). Another great virtue, which sports help us acquire, is the will to win. Life is a struggle, a constant fight against difficulties. The week-willed man resigns himself to what he calls his fate. Hr belongs to the ranks of the defeated. He is not a sportsman. For a sportsman takes defeats and disappointments as a true part of the game in its stride. Today he is defeated, but he knows that tomorrow he may win. He knows also how to take defeat in a sporting spirit, and to prepare for a greater fight. The true sportsman knows also the value of unity in action. Look at the rowers in a boat from the cockswain to the helmsman, how harmonious and concerted are their strokes. If one of them misses his rhythm, the harmony is destroyed. How often have we not seen on the football ground, a splendid opportunity lost by the selfish desire or individualistic effort of one man to score! It is the same in the cricket field; the same everywhere, not individualistic display for record but to play for the team. Sports should teach us another lesson, which is often ignored, to obey the umpire or the referee whether he is right or wrong. In the hard battle of life, we do not always get justice. Often the verdict goes against us through no fault of ours. A true sportsman takes these ‘slings and arrows of outrageous fortune’ as in the course or part of the game. He is not disheartened but prepares for a further effort; for he is not to question why in defiance. So sports of all kinds are not only good for the body, but they are good for the mind and for the moral make-up, i. e. that is, conducive to building the character. The lessons learnt on the playground will make better soldiers of us in the battlefield of life, in our war with adversity, illness, opposition and destiny itself. How to cite Short Essay About Sports and Education, Essays

Financial Accounting and Reporting

Question: Describe about harmonization against convergence, merits and demerits of harmonization, adoption of IFRS in EU and conceptual framework for financial reporting. Answer: Introduction The main aim of assignment is to examine the financial reporting standards based upon IFRS and European Union. In this particular study, explanation on harmonization and convergence gives detailed understanding on important attributes dealing in various areas. This attributes includes cultural values, ethical consideration (Alfredson et al. 2012). International Harmonization mainly brings out the essential globalization aspects on capital markets. It involves enhancing potential investors for future business activities. It mainly assesses regulatory bodies and maintaining extreme level of quality analysis in the near future. This comparison helps in predicting the consistency and efficiency pattern from financial statements. The next section of the study explains the adoption of IFRS in European Union. It helps in viewing at the transparency level for measuring increased level of comparability analysis in and around countries. Introducing IFRS accounting standards helps in ascertaini ng the financial position of European countries (Wang 2014). Harmonization against Convergence Definition of Harmonization Harmonization is the process for increased compatibility over the accounting practices on setting limits. These standards are free and concerned with logical conflict for improving the level of compatibility (Fayza 2011). It requires essential financial information from various countries in and around the world. This particular accounting standard mainly supports theory on essential harmonization aspects in accordance with IFRS. Harmonization is one of the popular accounting standards for solving the current issues for overcoming the obstacles faced in the near future. Harmonization is a continuous process that accepts Generally Accepted Accounting Principles for future analysis purpose. It ascertains alignment in accordance with best international accounting principles for the same. This particular accounting standard relates with convergence of concepts on GAAP and IFRS. International harmonization acquires creation of globalization factors in capital markets (Dyckman, Magee and Pf eiffer 2011). It enhances ability for potential investors in decision-making process. Useful information ensures asymmetric reflective analysis for assessment of lower cost of capital. This particular accounting standard requires essential research on harmonization techniques that are qualitative in nature. It is important to understand the fact that qualitative research involves advantages and implications over the standard setters for future analysis purpose (Gomez and Ganuza 2011). Harmonization of accounting standards involves realization of comparable financial statements and presentation in detailed format. It involves recognized multinational corporations for setting efficient rules as well as analyzing the financial statements for final decision-making process. Definition of Convergence Convergence mainly involves the process for harmonizing the accounting standards in the most appropriate form. It assesses affiliation from recognized international financial reporting for generating final course of action (Williams 2012). Convergence mainly focuses on high quality assurance in accordance with financial reporting standards. It is important to understand the fact that high quality international accounting standards helps in correcting domestic and cross-border financial analysis. It is important to understand the fact that convergence principles complies of sets of accounting standards for future analysis purpose. It mainly attains professional and academic literature for adopting in IFRS accounting standards for the same. Possible convergence policies tend in achieving required sets of objectives and enhancement of high quality information in an overall manner. Distinction between Harmonization and Convergence Harmonization is the process that helps in increasing the level of capacity especially on accounting practices (Perry 2011). On the contrary, convergence is the process that recognizes harmonizing of accounting standards. Harmonization of accounting standards gives proper blending and combined ways for practices in production of synergistic results. On the other hand, convergence refers to set of accounting standards that mainly provides conceptual ideas. It ensures high level of compatibility from the financial statements (Yano and Honryo 2011). Harmonization of accounting standard provides International Harmonization of accounting processes in bringing out different systems altogether. On the contrary, convergence belongs to particular accounting standard revolves low barriers in free movement among experienced accountants especially in business for jurisdiction (Nobes 2011). Harmonization is the process on reporting standards for proper facilitation on globalization especially in the capital markets. On the other hand, Convergence mainly allows different companies in ensuring lower cost of capital and reflects in the financial statements. Merits and Demerits of Harmonization Merits One of the advantages of harmonizing accounting standards helps entire world economy. It mainly deals with high level of investment decision for globalized economic growth. Harmonization of accounting standards access full accounting information for interpreting risk investment decisions to the concerned experts in the most appropriate form This particular process includes wide usage of tools in relation with financial analysis statement for making the comparative analysis (Deegan and Unerman 2011). It helps in providing essential financial information for same kind of business activities in the near future. One of the advantages of harmonization is the credit stock exchanges. It is noticed that countries possess relative scarce resources for advantageous international accounting standards (Leung 2011). It helps companies for investing in resources for creating regulatory measures for setting the national agencies in an overall manner. Harmonization in International accounting standards mainly reveals reduced cost for association in recognized Multinational Corporation. Demerits This particular accounting standard faces various limitations in culture role for developmental national accounting standards. Harmonization of international accounting standards actually possesses excessive compliance issues. It affects threats to the nationalism for other countries as well (Previts, Walton and Wolnizer 2011). One of the major issues for harmonization includes major underdeveloped countries in superior economies in the most appropriate way. One of the criticisms regarding harmonization of international accounting standards involves greater flexibility. It involves dealing with dilemmas for recognized nations. Adoption of IFRS in EU In accordance with European Union, various accounting regimes revolve adoption of IFRS for the same. Adopting the IFRS process refers directly as endorsement. European Union involves adopting international accounting standards especially in the year 2005 (Needles and Powers 2012). Adopting IFRS in European Union affected large campaign association for attaining various global financial reporting standards in an overall manner. It is understandable that EFRAG reveals the required consideration for various endorsements attributes for future analysis purpose. It mainly helps in encountering positive economic effects for European Union. European Commission consultation mainly affects IFRS in final adoption of IFRS international accounting standards (Scott 2011). Addition to that, adopting IFRS accounting standards revolves around other countries in risk assessment for high level of investment in the most appropriate way. Endorsement Process in European Union Adoption process is mainly carried out by European Union in final endorsement process. In response with commission, it is evident in understanding the fact that Board outlines main functions performed by International Accounting Standards Board (Wahlen et al. 2011). It is important to consider the fact that IFRS comparison possesses difficulty for wide regulatory changes in an effective way. It includes academic research profiles and feedback from experienced members in relation with stakeholders. It is essential to view at the financial reporting standards for ensuring insurance accounting policies in the near future (Deegan and Unerman 2011). As far as International Accounting Standards is concerned, it resolves the complexity issues for disclosing projects for future analysis purpose. Adopting IFRS in European Union indicates figures in the consolidated financial statements for recognized companies. These regulations are shown in the securities markets for proper trading of investment attributes in an effective manner. European Union adopts IFRS especially in financial reporting standards for various consolidated financial statements figures of business organization (Alfredson et al. 2012). Most of the European countries focus on debt and equ ity securities traded especially in the European markets. International Accounting Standards revolves certain undergoing changes in the regulatory markets. Member State influences as well as proposes the potential investors for comparison purpose in creditor protection orientation. Securities Exchange in European countries relates directly with the regulatory exchanges in the most appropriate way (Bloomfield et al. 2015). Adopting IFRS in financial reporting and taxation ways helps in solving various drawbacks in the most appropriate form. Drawbacks of Adopting IFRS in European Union One of the drawbacks in adopting IFRS standards is huge compliance costs. It reduces the ability in contrasting with major companys performance in and around countries (Fayza 2011). International recognition engages in popular convergence programs with operational functions in US. Conceptual Framework for Financial Reporting Conceptual Framework helps in describing the main objectives and concepts on accounting financial reports for future analysis purpose. This particular framework is a tool that ensures: Assistance with Board of Development in IFRS Standards for the various concepts for high level of consistency Preparing various developmental procedures especially on the accounting policies in accordance with IFRS International Accounting Standards Interpretation of important Standards and making the necessary changes for the same It is important to understand the fact that conceptual framework ascertain various financial reporting analysis for further analysis for particular business organization (Gomez and Ganuza 2011). It involves building various popular conceptual frameworks that serve the purpose in filling the gaps from respective aspects in the most appropriate form. Qualitative characteristics Qualitative characteristics involve the qualitative aspects from the above conceptual framework satisfying the major characteristics in an overall manner. This particular characteristic mainly provides required financial information for the same (Leung 2011). It is noted that fundamental qualitative characteristics assess various relevant information on verifiability, timeliness and comparability. Fundamental Qualitative characteristics help in providing essential financial information for users in the decision-making process. It helps in predicting values on conceptual framework insisting on materiality component for future business activities (Mackenzie 2011). International Accounting Board focuses on material specified aspects in covering the main issues for future analysis purpose. Faithful representation helps in bringing various reliability attributes for assessing the economic characteristics on neutrality in an overall manner. Conceptual framework involves various limitations that give rise to intrinsic uncertainties and estimations (Nobes 2011). Attributes in Qualitative characteristics Some of the Qualitative characteristics are as follows: Time factor- One of the qualitative characteristics is the timeliness factors that focus on rendering information on timely manner. It requires enough time for final decision-making process by the financial analyst of particular business organization (Perry 2011). It involves competent decision makers for viewing at the level of competency and control over the decisions undertaken on timely manner. Verify - One of the qualitative characteristics involves checking on the verifiability attributes for future analysis purpose. It focuses and provides well-informed financial information for attainment of faithful representation in an overall manner (Previts, Walton and Wolnizer 2011). Understandability- One of the qualitative characteristics involves ascertainment of understand ability attributes and providing essential information in user understandable form. The main aim of financial analyst is to interpret the financial reports in the particular business organization (Scott 2011). Addition to that, misleading information will affect the smooth functioning of business enterprise. It will lead to unfinished preparation of related financial reports for future business analysis. It is advisable to reduce and prohibit usage of misleading information that is understandable by the users. Proper information gathers examining financial reports analysis in understanding the concepts for economic activities in an overall manner. Comparison- One of the qualitative characteristics includes comparability attributes and generates reliable information for practical aspects. It assesses various cost information concerning business entities for regulatory bodies for future analysis purpose. Comparability ensures viewing at particular similarities and differences in accordance with financial reports on recognized business organization. Accounting Relevance Accounting Relevance helps in providing financial information to the potential users in financial decision-making process. FASB committees using financial reporting that provide enough relevance to the users in an overall manner. Accounting Reliability Accounting Reliability renders financial information for checking on the reliability attributes for future business activities. It refers enough trustworthiness of various financial statements for smooth functioning of business enterprise. FASB commits with reliability issues present in financial statement of business organization. Accounting Consistency Accounting consistency helps in providing accounting information to the end users. It will help in giving guidance on comparing with financial statements. Changed accounting treatment includes accounts receivable and it is difficult to compare balances in current year. Accounting consistency refers to various principles of companies by using accounting methods. These methods help in recording similar transactions over time. Conclusion At the end of the study, it is revealed that financial accounting reports provide essential financial information for future analysis purpose. First task comprises of two main concepts on Harmonization and Convergence based upon International Accounting Standards. On critical analysis, harmonization proves to be better accounting standards when comparing with convergence. Convergence fails to address the issues on aspects like cultural, ethical and economical attributes. It involves the regulatory requirements addressed in the financial reporting standards. In the particular study, adoption of IFRS in European Union explains certain drawbacks in the final financial reporting system. Conceptual framework mainly deals with financial reporting section highlighting IASB and FASB. This particular framework emphasizes on bringing the actual information indicating the qualitative characteristics in an effective way. Reference List Alfredson, K., Leo, K., Picker, R., Pacter, P., Radford, J. and Wise, V., (2012).Applying international accounting standards. John Wiley Sons. Bloomfield, M.J., Brggemann, U., Christensen, H.B. and Leuz, C., (2015).The Effect of Regulatory Harmonization on Cross-border Labor Migration: Evidence from the Accounting Profession(No. w20888). National Bureau of Economic Research. Deegan, C. and Unerman, J. (2011).Financial accounting theory. Maidenhead, Berkshire: McGraw Hill Education. Dudovskiy, J. (2013).Need for Harmonisation as a Reason for International Differences in Financial Reporting. Research Methodology. Available at: https://research-methodology.net/need-for-harmonisation-as-a-reason-for-international-differences-in-financial-reporting/ [Accessed 9 Mar. 2016]. Fayza Z, F. (2011). Harmonization in Indian Accounting System.IJAR, 3(2), pp.32-34. Gomez, F. and Ganuza, J. (2011). An Economic Analysis of Harmonization Regimes: Full Harmonization, Minimum Harmonization or Optional Instrument?.European Review of Contract Law, 7(2). Leung, D. (2011).Inside Accounting. Farnham, Surrey, England: Gower. Mackenzie, B. (2011).Wiley 2011. Hoboken, N.J.: Wiley. Nobes, C. (2011). IFRS Practices and the Persistence of Accounting System Classification.Abacus, 47(3), pp.267-283. Perry, L. (2011). Leadership as Harmonization.Asian Philosophy, 21(3), pp.291-301. Previts, G., Walton, P. and Wolnizer, P. (2011).A global history of accounting, financial reporting and public policy. Bingley: Emerald. Scott, W. (2011).Financial accounting theory. Toronto, Ont.: Pearson Canada. Wahlen, J., Baginski, S., Bradshaw, M. and Stickney, C. (2011).Financial reporting, financial statement analysis, and valuation. Mason, OH: South-Western Cengage Learning. Wang, C., (2014). Accounting standards harmonization and financial statement comparability: Evidence from transnational information transfer.Journal of Accounting Research,52(4), pp.955-992. Williams, J. (2012).Financial accounting. New York: McGraw-Hill/Irwin. Yano, M. and Honryo, T. (2011). Fundamental difficulty underlying international harmonization of competition policies.International Journal of Economic Theory, 7(1), pp.111-118.