The role and structure of IASB Essay Example | Topics and Well Written Essays - 2000 words - 1

The role and structure of IASB - Essay Example This group formulating and developing accounting standards turned out to be the basis of the establishment of an independent accounting body for the purpose of issuing accounting standards to be used worldwide, which was named as International Accounting Standards Committee (IASC) (Knowledge Guide to International Accounting Standards, accessed 14.02.06). The International Accounting Standards Committee (IASC) was formed in the year 1973 in the pursuit of international community towards the development of accounting standards capable of being used throughout the world and IASC focused on this mission soon after its creation. Initially ten countries collaborated their efforts for the formation of International Accounting Standards Committee. During the reign of IASC, several accounting standards were developed but the goal of harmonisation could not be achieved due the lack of implementation of those standards. Furthermore, those standards provided great room for the manipulators to play around with the rules and regulation. It was in 1997 that IASC realised the significance of harmonised accounting standards and the increasing need for comparability of financial statements at a global level leading to the restructuring and remodelling of IASC. In the year 2001, the standard setting responsibilities of International Accounting Standards Committee was taken over by the new International Accounting Standards Board (IASB) with a view to restructure it to meet the challenges of the 21st century (Accounting: Introduction: background to the introduction of International Accounting Standards: a brief history, accessed 14.02.06). The International Accounting Standards Board (IASB) works under the supervision of International Accounting Standards Committee Foundation (IASCF), which was created in March 2001. The existing new structure consists of IASB, being given the responsibility to formulate and

Do you think advertising is always deceptive Can you ever trust an ad Research Paper

Do you think advertising is always deceptive Can you ever trust an ad - Research Paper Example Some company products may use a celebrity in their adverts. This endorsement then proves to be deceptive as the celebrity may not be using the products. The use of the celebrity is just a thing to lure the consumers into buying the products (Cross, 2007). With this, then my trust in advertisements is withdrawn and hardly can I trust the ads. Trust refers to the reliance on an entity or a person. Trust in this context refers to the reliance on the ability, quality and quantity of the product or service being advertised. A consumer may withdraw his or her trust from the adverts due to the deceptive adverts by the companies (Babin, 2010). Most companies may manipulate the measuring standards and units. This means that the product will be different in quantity and measurement. This can be shown by a company that deals with measurable items such as fluids and measurable solid materials. The company could state that products are packed in a liter bottle but in real sense the fluids could be less by some milliliters. The same case applies to the solid measurable items which may be deficient by a few milligrams. This then makes the consumers have little trust in the ads and so do I (Cross, 2007). These companies may also give misleading illustrations through indications of additional ingredients in the products more than ones used. This then gives wrong information about the product and the consumer unknowingly uses the product which later does not give the desired satisfaction (Babin, 2010). Some of these adverts may claim that there is no risk of using the product and that the company will refund you if not satisfied. This claim seems very false as the company may not even refund you the money. Some other companies may employ bait and switch where they advertise unavailable products then when the consumer comes to purchase, he or she is given a different product of a higher value. This makes consumers have little faith in the advertisements and neither can