Are Human Rights a Western Concept?

Are Human Rights a Western Concept? Do you agree that human rights are a western or modern concept, if not please cite two imperial examples of universal Human Rights in practice during pre-historic times. And the unending challenges in conflict with diversity, culture and religion in contemporary times? This essay will defined, explore and analyse the historical, theoretical and philosophical concept of universal human rights with comparative analysis of international instruments and its applications of human rights both in theory and context with empirical examples from different countries, culture and religion. The evolution of Human Rights in terms of its enduring challenges and successes will also be explored. The crux of this essay will focus on the controversial clash of culture and religious in practice against the backdrop in adapting to the concept of universal human rights. For example, this essay will attempt to present both opposite views and justification from a cultural and religious perspectives and against the practice of Female Gentile Mutilation (FGM) in Sierra Leone, and the violation of certain womens rights in Saudi Arabia, from a universal human rights perspective, which others tend to view as western liberal ideology. The first part of this essay will focus on the historical and theoretical aspect of human rights with comparative analysis of contemporary challenges and success in an attempt to juxtapose universal human rights against national laws and its direct challenge to cultural and religious justification in national defence with respect to these controversial topics, with an example of which both national activists and International actors continue to campaign against cultural practice such as FGM around the world with a direct focus on Sierra Leone. The Third section will explore and analyses human rights in Saudi Arabia and the cultural and religious influence with respect to the conflicting laws and individual rights challenges, particularly women. The fourth section will draw comparative analysis with Western countries like UK and USA in an attempt to explain cultural relativism with respect to the differences and common accepted human rights practices among these states. Human right history has been a long and controversial subject that stem from little known concept and history of human rights before 1945 around the same period the United Nations was established. Before then, certain intellectuals tend to hold the view that contemporary human rights history stems from the United Nations concept. The international convention on Economic, Social and cultural rights, is known as one of the fundamental declarations adopted by the General Assembly of the UN in the Declaration of Human Right, with provision for everyone to take part in cultural life, to enjoy the benefit of scientific progress and its applications, and to enjoy the protection of scientific, literary or artistic works. Article 13 points the rights of everyone to education, which shall be directed to the development of human personality and the sense of its , (UNESCO: 1998; 1). Although cultural rights are also indicated in numerous UNESCO conventions and recommendations, likewise in severa l other international documents, there is yet an unending challenges to implement cultural rights to its full potential. There is a clear evidence to suggest that there is a common relation between cultural rights and fundamental freedoms and individual rights such as freedom of belief and religion, the right to education, freedom of association and freedom of expression. (1998; 1). On Lockes view in his famous and influential Letter Concerning Toleration 1689 the state is concerned with external acts of human beings and not with the care of their souls and hence has no right to restrict individuals liberty in matters of faith. Churches are to be be understood as a voluntary societies for the public worship of God. Their members do not surrender their natural liberty in matters of religion to their church and so the church has no right to coerce its members beyond that of expelling them for appropriate reasons. (Charvet and Kaczynska- Nay: 2008; 29) The major theorist of the seventeen century who invented the individualist doctrine of natural rights were all Northern European protestants: Hugo Grotius of the Netherlands, Thomas Hobbs and John Locke of England and Samuerl Pufendorf of Germany. They developed a new understanding of the idea of natural law that was to serve as the foundation of a legitimate social and political order. Hugo Grotius who is widely known as the founder of modern natural law theory is also accepted as the originator of modern theory of international law, which is grounded on the law of nature, which is also grounded of the domestic theory. However, there is also a more inquisitorial common view of a long human right history way beyond contemporary history of human rights, which many refers to as a much better approach. Even though it is plagued with controversy, but it gives an opportunity to search beyond 1945 and challenge the former position with respect to the historical and philosophical aspects and concepts of human rights. Some argues that the concept of Human has a universal history in the various religious and philosophies of the world. The code of Hammurabi (c.1792-50 BC), King of Babylon, is said to be the oldest surviving text establishing the rule of law, Cyrus the Great (died 529 BC), King of Persia, proclaimed a policy of religious tolerance and abolished slavery. The Buddhist King Ashoka of India (c.264-38 BC) also proclaimed a policy of religious tolerance, provided for the health and educations of his people, and appointed officials to prevent wrongful punishments (Weeramantry 1997: 7-8). (Freeman 2011: 15-16). There are numerous challenges towards the view that human right is a western concept, such as the self evident of protections with non western cultural settings, which weakens the position of those claiming human rights to be a western concept. In1979, the UN General Assembly adopted the convention on the Elimination of all Forms of Discrimination Against Women (CEDAW), the realization of this document stemmed from a cummulation of over three dacdes of work by the UN Commission on the Status of women including years of efforts by Womens rights activist and governments. This was initially commission in 1947 under the Commission of Human Rights as a sub-commission, with unending demands from women activists it was eventually promoted to a full commission, This is seen as the authoritative instrument of Womens bill of rights, which seek to protect women around the world. The Convention defines discrimination against women as: Any distinction, exclusion or restriction made on the basis of sex which has the effect or purpose of impairing or nullifying the recognition, enjoyment or exercise by women, irrespective of their marital status, on a basis of equality of men and women, of human rights and fundamental freedoms in the political, economic, social, cultural, civil or any other field (Article 1), (2008;201) Whiles most states have ratified CEDAW, there have been an exceptionally high number of reservations made to it by states ratifying, several countries have entered reservations to Article 2 and 16 in particular; for example, Bangladesh and Egypt on grounds that they conflicts with Sharia law (Bangladesh subsequently withdrew its observation to Article 16). Saudi Arabia entered a general reservation stating that: [i]n case of contradiction between any term of the convention and the norms of Islamic law, the Kingdom is not under obligation to observe the contradictory terms of the convention. An Elimination of Discrimination Against Women stated: Article 2 and 16 are considered by the committee to be core provision of the convention. Although some states parties have withdrawn reservations to those articles, the committee is particularly concerned at the number and extent of the reservations entered to those articles. The commission holds the view that article 2 is central to the objec ts and purpose of the Convention. States parties which ratify the Convention do so because they agree that discrimination against women in all its form should be condemned and that the strategies set out in article 2, subparagraph (a) to (g), should be implemented by States parties to eliminate it. Neither traditional, religious or Cultural practice nor incompatible domestic laws and policies can justify violations of the convention. The Committee also remains convinced that reservations of article 16, whether lodged for national, traditional, religious or cultural reasons, are incompatible with the Convention and therefore impermissible and should be reviewed and modified o withdrawn. (2008; 204) In 1517, Martin Luther pinned his famous ninety-five these stacking Catholic practices and beliefs to a church door in Wittenberg, which eventually led to the unbelievable split of the Christian Church in the West known as the Reformation. Because of the anxiousness exhibited by leaders who were desperate to free themselves from the interference of the pope and emperors, they seized the opportunity to affirm their total independence by embracing the new protestant version of Christianity, which had achieved wide spread popularity. During this period the liberty of religious conscious was never acknowledged by the Medieval Catholic Church, violent persecution of heretical beliefs was frequent by the state. This eventually led series of suppression and war in the West. It has to be said that Protestant were not really reacting to the persecution by the Catholics. The main reformed churches, Lutheran, Calvinist and Anglecan, were as ardent persecutors of those who did not accept the true faith as the catholics. The indirect influence of the Reformation on the movement for the huge and continuing scale of the religiously inspired carnage and the direct influence of the Reformation on support of toleration came from the radical protestant sect such as; the Anabapitists and Baptist, Socinians and Unitarians. The main natural rights theories were directly involved in these concerns. Their main argument was that the naturalness of radical disagreement between human beings over religion and their idea of natural law was that it constitutes common ground in abstraction from areas of disagreement. Thus, they supported a minimalist view of Christian dogma and both Pufendorf and Locke wrote widely read works specifically on toleration using an argument from natural liberty. (Charvet and Kaczynska- Nay: 2008; 29) The complexity and contradiction of human rights law is nothing new when it comes to the human rights law and the relationship with the subject of culture and religious with respect to oppression and injustice, which is not always compatible. Human Rights law may have operated and practice around the world, but there is a disparity in terms of its universal acceptance and approaches different member States, which sometimes operates more or less in the same context, but sometimes produce inconsistent results. The process of ratification or legalizing human rights law have proved to be challenging, especially the subject of Womens rights and its relationship with religion, Culture and traditional resistance. Particularly the parochial world that view such move as threats to male privilege or centuries old practices, which others interpreted as an attempt by Western liberal to subjugate their culture, religion or traditional heritage. The 1993 Vianna World Conference on Human Rights can be noted as another defining moment in the struggle of Womens rights history to gain the recognition of womens rights and Human rights, which is another result derived from the complex and contradictory quagmire of legalizing womens rights. It is a heterogeneous project which precludes any formulation of grand theory. Its commonality lies in providing critical and necessary challenges to explanations about womens subordination that have been furnished by liberal and Western feminist positions, especially those that come to occupy the international human rights arena in their understanding and articulation of concerns of Third World women. Post colonial feminism furnishes the tools for exposing the imperial and essentialist assumptions about the Third World women and culture and a reliance on a centre-periphery model or world culture that have come to inform lrgal responses to womens human rights concerns. (Kapur 2005). (Meckled-Garcia and Cali: 2006;103) Women and the veil However, the cantering of a womens claims to social justice to human rights, the law has also have some serious limitation. The pursuits of women human rights has come to focus on laws and legal strategies, encouraging the view that the law is the exclusive language in which to express claim to social justice and emancipation and consequently marginalize the benefit of others/emancipatory and vocabularies (Kennedy 2004; 5). It encourages the belief that freedom and emancipation lie in the objectivity, universality and rational basis of human rights laws. (106) These claims made in and through Human rights law ultimately rely on a universal subject: a subject that resembles the uncomplicated subject of liberal rights discourse. Cultural essentialism tends to reinforce the notion of human rights as a primary concern with relation to the law, with main focus on the consequences and effects of violence against women in third world countries. Alhough they are invariably portrayed as victims of their culture, reinforcing stereotyped and racist representations of that culture and privileging the culture of the West. Many human rights law textbooks address the issue of violence against women in other contexts, primarily in a chapter on universality and cultural Relativism implying that universality is not a cultural concept that emerged from a specific historical and political context, and reinforcing the inaccurate assumption that the primary wary in which women in the Third world experience violence is through some particularly egregious cultural practice. This portrayal of women in Sierra Leone that practice FGM or (Bondo society) for example is encouraged by traditional and some influential members of that country, even though others vehemently opposed this practice as proposed by some feminist and human rights activist particularly in the international realm, which reminiscent of imperial interference in the lives of na tive people, which they often interpret as the backwardness of African culture and women society and uncivilized culture. It recreates the imperialist move that views the native subject as different and civilizationally backward (Sinha: 2000). And this culture is cast in opposition to the universal project of human rights. Some Cultural practices have come to occupy our imaginations in ways that are totalizing of a culture and its treatment of women, and are nearly always overly simplistic or a misrepresentation of the practice. For example, the multiple meanings of the veil, through different cultural and historical contexts, get subsumed in the legal arguments that focus on almost exclusively on veiling as an oppressive and subordinating practice that typifies Islam and its degrading treatment of women. It is read in a uniform, linear manner as an oppressive practice because it erases womens physical and sexual identity and is symbolic of the subjugation of women in Islam. For som e it does not represent honor, and an effective mechanism on avoid tempting men. More significantly, the veil has also been a very empowering symbol for muslim women in some countries. In Iran it was the sign of rebellion and rejection of the shah and Western imperialism. Amongst immigrants communities in the West, it is the symbol of an exclusive cultural space, where women are often marginalised. (Merinissi: 1994; 112-22). This complexity has been obscured in several recent attempts to ban or uphold the ban on headscarves. The European Court on Human REoights in Strasbourg has recently upheld the ban on the wearing of headscarves in class at University of Istanbul. It upheld Turkish Constitutional Courts ruling that wearing of a headscarves was in contravention of the principle of secularism and gender equality and that the upholding of such a ban did not violate rights to religious freedom and practice. One of the factors considered by the Court was the fact that there were extremist political movements in Turkey which sought to impose on society as a whole th eir religious symbols and conception of a society founded on religious (Meckled-Garcia and Cali: 2006;106) Conclusion

Hmong Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  The traditional Hmong live a horticultural society they depend on domesticated plants, they are well-adapted on soils of the tropical rain forests and poor soil places which are unsuitable for intense agriculture. Prehistoric Hmong are thought to have moved from Eurasia and made a few stops at Siberia. As their custom they settled in the highlands (mountains) from Vietnam and Laos and later in Thailand. They inherited the name â€Å"Miao†, from living in the mountains. Today Five million Hmong reside in China, more than any other country. The Hmong people have straight black hair and have a short, sturdy stature. In the southern margins of the Sahara Desert, going southward toward East Africa are tall, rather thin dark skin peoples called the Nuer. To the Nuer horticulture is degrading toil. The Nuer live the pastoral mode of production with their primary dependancy on animal husbandry, cattle. Although the cattle is not raised for the meat, unless they become barren, or injured they eat them under special conditions. Usually adapt in dry grassland with short growing seasons. Although they do eat/grow crop it is very little. Milk is one of the main foods of the Nuer. Both cultures sacrifice animals to heal souls. The Hmong believe in the dab as the evil spirit, the Nuer believe in the evil eye. The evil eye is a person with supernatural power who causes damage to people who look at them. For the Hmong the most common cause of illness is soul lo...

Is human development different from economic development?

our site – HRM DISSERTATION EXAMPLE – CUSTOM ESSAY WRITING Abstract Can the concepts of human and economic development be separatedThis study assesses the value of each development type independently and then together. The evidence presented illustrate the fact the human and economic development share elements, yet are different aspects of civilization. This essay will be of value to any researcher studying this development. 1 Introduction Can the process of economic and human development be separatedThis essay will assess to what degree to the two concepts can be differentiated. Beginning with an overview of human development and economic development will create a defining point from which to begin. Following this section with an overview of literature that illustrates the position and process behind each of these concepts will enable a demonstration of impact. The combination of the first sections of the paper will enable a reasonable assessment of the nature of both systems. In the end, this essay will have considered past definitions, modern practice and future potential of both human and economic development with the stated goal of determining the degree of difference that is present between them. 2 Human Development versus Economic Development2.1 Human DevelopmentSen (1999) defines human development as an expansion of capacity that has the potential to improve human lives. This theory illustrates the benefits that can be created by measuring capabilities of the population. Development is the capacity to overcome issues in life that might include ill health, illiteracy or political or civil freedoms (Sen 1999). Concerned with the dual aspects of people and development this approach consistently utilizes key human components as signal posts for progress and increased accuracy of public policy. Alkire (2005:32) contends that human capabilities are what people can actually do and be in life. Utilizing a pattern of comparison, this vision touches on the capacity to compare cultures and determine the best overall means of fostering and enhancing these basic human capabilities.2.2 Economic DevelopmentEconomic development is the not the concept of the quantity or use of utility but a s a measure of the potential expansion of valuable capacities (Alkire 2005). Others describe economic development as the potential for continued business centred expansion (Sen 1999) illustrates that governments have utilized the denial of basic human need and rights as a means to spur rapid economic development. This approach directly ties the perception of the population to the ability for the economy to function and grow. Economic development is tied to a multi-tiered influences that include underlying security concerns (Sen 1999). A fundamental approach taken illustrates that the economic development of any given region is founded on the process available and the opportunities for the population to accomplish the intended goals.2.3 Human Development and Economic DevelopmentWith the increase in technology and development potential there has been an increase in the need to promote both economic and human development (Fukuda Parr 2011). Modern instrument including the Sen (1999) ba sed Human Development Reports tie the state and capacity of the population to the effectiveness of any development options. Further Fukuda Parr (2011) contend that the alteration or state of politics has a direct impact on the manner in which a population influences the overall state of development. Nussbaum (2011) ties the concept of basic human rights to the capabilities of a population. This argument illustrates that the basic ideals of social justice and human rights are embodied within a government, which in turn provides development opportunities for the population. Further, the concept of capabilities is directly complementary to the notion of human rights and the need to make each citizen equal under the law (Nussbaum 2011). It is the instrument of human rights that has the capability to drive a nation into the next era of development. Sen (1999) argues that a determination of population capabilities will lead to the manner in which to implement positive change. This approach emphasizes that the condition and opportunities available to the population will have a direct impact on the overall economic development. The lack of opportunity or resources creates a form of deprivation which is detrimental to the associated development process (Sen 1999). Using famine as a teach ing tool, this approach clearly outlines the potential available by highlighting the positive aspects of the civilian population. With the absence of freedom and action and the lack of nourishment, the capacity for the farmers to develop was curtailed, thereby impacting the entire region (Sen 1999). This concept uses the creation or absence of the means to accomplish a task as a measurement of true capability. Simply because the United States citizen has the right to vote, lacking the means to get there or read the literature, will still fail to vote (Sen 1999). This is based on the person’s capabilities, which can then in turn be interpreted in a policy form in order to enhance the operation of the governing body. The Human Development Index, or HDI, was created in order to ascertain the population position of development when compared to other nations (Sen 1999). This gauge was created in order to gauge how development issues impacted a national policy picture. This concept sought to move away from the revenue centered concept to a people and skill oriented system based on capabilities (Sen 1999). With several different elements that differentiated social opportunity the system created an accurate illustration of the possibilities. The HDI system is based on the three separate elements including life expectancy, or the rate of recorded health of the local population , the element of education has the potential to impact development at every level, and finally the basic standard of living (Sen 1999). In each case the perception of positive or negative development is based on the foundation of civilian capability. Robeyns (2006) cites the capabilities system as gaining in use over the course of the past generation due to the perception of realistic components. The core of this argument revolves around a person’s ability to function, such as their state of being. This argument directly links the capacity of the human development with the overall economic development (Robeyns 2006). This argument contends that the development of any economy is based on the capabilities of their workforce. Ranis (2011), however, argued that the scope of the created capabilities paradigm is short and lacking in fundamental depth. This argument contends that there are substantially more than three areas that must be considered in order to accurately gauge the interplay between economic and human development (Ranis 2011). Utilizing this approach to human development incorporates over 31 separate categories that must be assessed in order to determine the rate of development. Alkire (2002) illustrates the any attempt to gauge either human development or economic development is intimately intertwined. From a philosophical perspective, the separation of one from the other would make the ability to illustrate an accurate culture picture incomplete. The aspect of human development touches on every element of economic development (Alkire 2002). Every element from the amount of money spent to the products consumed as well as the associated capability to sustain this consumption is critical to any economic development. The Sen (1999) capability approach defines poverty as the lack of capabilities or freedoms that have value or give the citizens cause to value. A bleak economic outlook can cause a substantial impact to associated human development, in that services including health care, education and food and water may be restricted or denied (Alkire 2007). This form of economic impact can serve to create a cycle of destruction that will stifle any form of devel opment. 3 Conclusion Can the process of economic and human development be separatedThis essay has assessed what degree to the two concepts can be differentiated and produced several interesting concepts. The presented evidence clearly illustrates that both economic and human development is closely related and share many elements. Economic development is dependent on the capabilities of the population and human development is based on the presence of resources and opportunity that the economy creates. Economic development is deeply and fundamentally impacted by a populations education and related social structures in order to thrive. This is continued indication of the close companionship that exists between both concepts. Further, lacking a solid economy, the population’s opportunity to achieve a better foundation is weakened, adding to any perceived economic difficulty. The lack of these basic elements can lead to long term poverty which can in turn lead to long term economic failure. On a philosophical note, the ability to assist those that need help through policy or programs only enhances the social infrastructure, which will in turn build a better economy. In the end, while the concepts of human and economic development are separate concerns, their shared elements make this a critical issue to address for each one. It will be the recognition of this fact on a global scale that will lead to the human development opportunities of the next era. 4 References Alkire, S. 2005. Valuing freedoms. Oxford: Oxford University Press. Alkire, S. 2002. Dimensions of human development. World development, 30 (2), pp. 181–205. Alkire, S. 2007. Choosing dimensions: The capability approach and multidimensional poverty.Chronic Poverty Research Centre Working Paper, (88). Fukuda-Parr, S. 2003. The human development paradigm: operationalizing Sen.’s ideas on capabilities. Feminist Economics, 9 (2-3), pp. 301–317. Nussbaum, M. C. 2011. Capabilities, entitlements, rights: supplementation and critique. Journal of Human Development and Capabilities, 12 (1), pp. 23–37. Ranis, G., Stewart, F. and Samman, E. 2006. Human development: beyond the human development index. Journal of Human Development, 7 (3), pp. 323–358. Robeyns, I. 2006. The capability approach in practice*. Journal of Political Philosophy, 14 (3), pp. 351–376. Sen, A. 1999. Development as freedom. New York: Knopf.

Harmonization of Accounting Standards - Free Essay Example

Sample details Pages: 19 Words: 5677 Downloads: 1 Date added: 2017/09/24 Category Advertising Essay Type Narrative essay Did you like this example? Vol. 2, No. 2 International Business Research Harmonization of Accounting Standards through Internationalization Nikhil Chandra Shil, ACMA (Corresponding Author) Department of Business Administration East West University 43, Mohakhali C/A, Dhaka – 1212, Bangladesh Tel: 9887989(Off. ) ext 253, 01819289589 (M) Dr. Bhagaban Das P. G. Department of Business Management, Fakir Mohan University P. O. : Balasore, Pin. : 756019, Orissa, India E-mail: [emailprotected] com Alok Kumar Pramanik Department of Commerce, Bhatter College P. O. Dantan, Pin. : 721426, Paschim Medinipur, West Bengal, India E-mail: [emailprotected] com Abstract The journey to have a common set of accounting standards started long before to give it a professional shape and essence. And accountants all over the world feel the necessity to shorten the gap among different streams of accounting practices through harmonization. Still, we have a couple of strong variants of accounting practices (say, for example, US GAAP, UK GAAP, IAS etc. ) over the world existed and practiced simultaneously. These variants are working as threats towards harmonization of accounting practices. However, the profession has also witnessed some improvements in recent years in the process of global convergence putting some ray of hope. International and even local standard setting bodies have come up with projects of harmonization and in most of the cases became successful. The day is not far away when we will observe that accounting world is controlled and guided by a single set of standards giving it a status of legal discipline in true sense. The paper focuses on this harmonization issue, its current status, challenges with special reference to Indian perspective. Keywords: Harmonization of Accounting Standards, International Accounting Standards, International Financial Reporting Standards, Generally Accepted Accounting Principles, Securities and Exchange Commission, International Accounting Standards Committee, Convergence of accounting standards. 1. Introduction Harmonization of accounting standards has become a highly demanded issue of discussion and debate among accounting professionals around the globe. Accounting Standards are the authoritative statements of best accounting practices issued by recognized expert accountancy bodies relating to various aspects of measurements, treatments and disclosures of accounting transactions and events, as related to the codification of Generally Accepted Accounting Principles (GAAP). These are stated to be the norms of accounting policies and practices by way of codes or guidelines to direct as to how the items, which make up the financial statements, should be dealt with in accounts and presented in the annual accounts. In fact, such statements are designed and prescribed to improve and benchmark the quality of financial reporting. They bring about uniformity in financial reporting and ensure consistency and comparability in the d ata published by enterprises. These are aimed at furnishing useful information to different users of the financial statements, such as shareholders, creditors, lenders, management, investors, suppliers, competitors, researchers, regulatory bodies and society at large. The process of harmonization gives the global community a single entity. The diversity of stockholding doesn’t matter today if the accounting system can generate general purpose financial statements in real sense. Thus, along with the process of globalization, the awareness of investors in capital markets has increased manifold and the size of investors 194 E-mail: [emailprotected] com International Business Research April, 2009 is multiplying. Foreign institution investors (FIIs) are investing in significant volume globally, as also are several Indian companies through GDRs (Global Depository Receipts) and ADRs (American Depository Receipts). Hence, the need for harmonization of accounting standards has b een strongly advocated globally in order to faster the economic decision-making process. Accounting has already bagged the status of the’ language of the business’ that requires reporting of the affairs in a commonly understandable way. At the World Bank Conference held in 1999, Jules W. Muis aptly states â€Å"†¦. power to control the language of business is important. Standard setters will come ahead as the world grows smaller, and economic independence is no longer an ption but a reality. So it happens that today a good observer can see the preparations of battle for the control of the international language of business slowly unfolds†¦Ã¢â‚¬  In this context, the statement of Harvey Pitt, US SEC Chairman at SEC Conference, (2002) is worth mentioning, â€Å"High quality global accounting standards are needed to improve the ability of investors to make informed financial decisions. Companies must keep pace with this progress in order to promote and protec t their business credibility in the international market place. It is for this reason that the convergence of accounting standards is so important. The process of convergence is accepted as the key factor to implement a single set of accounting standards across the globe. The paper follows a scholarly search approach to discuss the recent status of harmonization in accounting practices. 2. Objectives The objectives of current study are very straight forward. The very basic issue is to explain the need of harmonization in practices. Later on, it focuses on the regulatory authorities who are working actively to bring the convergence into practice. The paper also presents the success stories in the process of harmonization with the challenges ahead. Indian status has been addressed separately to report the situation of a developing county. 3. Rationales of Harmonization of Accounting Standards To allow the gains from the global economy to be fully realized, it is argued that account ing policy should be standardized among nations. This harmonization of accounting standards will help the world economy in the following ways: by facilitating international transactions and minimizing exchange costs by providing increasingly perfect information; by standardizing information to world-wide economic policy-makers; by improving financial markets information; and by improving government accountability. However, some specific points are presented below addressing the rationality of harmonization. A harmonization of accounting policy would help provide a level playing field globally. Regulators and auditors will be receiving the same information, facilitating the evaluation process. In the absence of free trade, international accounting standards will allow nations tariffs, quotas and other trade restraint mechanisms to be more accurate and less risky for those engaged in trade. Investors and managers will be able to make more valuable decisions. World resources will be better managed and allocated. The recent expansion of international capital markets and availability of instantaneous global communication have placed on accounting the onus to provide useful and comparable information across international boarders (Rivera, 1989). On many stock exchanges, currently, foreign listings are a large percentage of total listings (https://www. fibv. com). As per ICAI estimates, 20% of total listing on New York Stock Exchange (NYSE) is of foreign origin. In case of London Stock Exchange, this is 16% and in Luxembourg, the percentage is 82%. On 12 March 2002, the European Parliament voted overwhelmingly in favor of the EU Commission’s proposal that all EU listed companies must follow standards issued by the International Accounting Standards Board (IASB) in their consolidated financial statements starting no later than 2005. Over 7,000 EU listed companies are directly affected by this proposal (Samir, 2003). The rapid growth of international trade and internationalization of firms, the developments of new communication technologies, and the emergence of international competitive forces is perturbing the financial environment largely. Under this global business scenario, the residents of the business community are badly in need of a common accounting language that should be spoken by all of them across the globe. A financial reporting system of global standard is a prerequisite for attracting foreign as well as present and prospective investors at home alike that should be achieved through convergence of accounting standards (Hati and Rakshit, 2002). ICAI president K. S. Vikamsey (2001) is of opinion that ‘People who invest overseas naturally want to be able to keep track of the financial health of the securities issuers. Convergence of accounting standards is the only means to achieve this. Only by talking the same language one can understand each other across borders. ’ With the absence of harmoniza tion in accounting standards the additional cost of financial reporting along with the difficulties that multinational groups faces in the manner in which they undertake transactions becomes critical. It is quite possible for a transaction to give rise to a profit under one accounting standard, whereas it may require a deferral under another standard. Thus, multinationals working in both the US and the UK face a good deal of trouble to prepare consolidated financial statements. When a multinational company has to report under the standards of both of the 195 Vol. 2, No. 2 countries it might lead to some extremely odd results. For instance, International Business Research Daimler Benz, who was the first German to secure stock market listing in the United States, reported a net profit of DM 158m for the six months to June 1998 based on German GAAP. The U. S GAAP reconciliation statement revealed that the company had incurred a loss of DM. 949m. Similarly, British Telecom Inc. re ported a net profit of ? 1767 for the year ended 31-3-1994 under the UK GAAP but under the US GAAP reconciliation, the net profit reduced to ? 1476. Harmonization is not an end by itself, but it is a means to an end. Adoption of different accounting standards causes difficulties in making relative evaluation of performance of companies. This phenomenon hinders the valuation and consequently the decision making process. There are numerous instances in India and around the world of bad accounting practices leading to corporate failures. Corporations wish non-recurrence of another Enron and like. Another significant benefit that is expected to accrue from global convergence of accounting standards relates to cross–boarder mergers and acquisitions facilitation. Last though not the least, it improves the quality of financial reporting throughout the globe. 4. Institutional Efforts of Harmonization A number of international organizations are working to reduce the differences in accounting standards between nations and trying to eliminate all necessary differences (Nair and Frank, 1980). The concept of convergence of accounting standards relates back to 19th century when the idea of â€Å"International Accounting Standards† was germinated in the first International Congress of Accountants held at St. Louis in 1904. Again in 1957, when 7th International Congress of Accountants held in Amsterdam, Mr. Jacobkraayenhof, spoke on the need of international accounting cooperation and standardization. Latter in 1966, discussions were made among the various professional bodies like the Institute of Chartered Accountants of England and Wales, Canadian Institute of Chartered Accountants and Association of the Institute of Certified Public Accountants of America. The discussions were led by Sir Henry Benson, the then President of the Institute of Chartered Accountants of England and Wales and ultimately a study group was ormed to conduct comparative studies on the accounting thoughts and practices among participating countries. It conducted about twenty studies on accounting and auditing topics during its eleven years lifetime. Ultimately, the senior officers of the study group decided to establish international standards. The meeting was held in 1972, and in the 10th International Congress of Accountants at Sydney, the International Coordination Committee for Accounting Profession (ICCAP) was formed to lay the groundwork for the establishment of a formal organization for the International Accounting Standards. The International Accounting Standards Committee (IASC), now International Accounting Standards Board (IASB) came into existence as a result of an agreement by 16 accounting bodies representing 9 nations, i. e. , Canada, Australia, France, Japan, Germany, Mexico, Netherlands, United Kingdom and the United States of America on 29th June 1973, with its secretariat and head quarters at London (https://www. iasplus. com). At pre sent IASC has 153 accounting bodies representing 112 countries. It has so far issued 41 standards to harmonize the diverse accounting standards and policies at present in use in different countries. Barring Canada, Japan and the US, all countries have accepted these standards. The Organization for Economic Co-operation and Development (OECD) has approved a code of conduct for multinational enterprises for harmonization of national and international bodies. The UN Commission on Transnational Co-operation made efforts to establish disclosure standards for multinational corporation operating in the Third World Countries. The Accountants International Study Group (AISG) publishes fifteen comparative studies in order to harmonize financial accounting practices. The international Federation of Stock Exchanges has recommended that its members make compliance with the IASC accounting standards as a condition for listing stock (Most, 1984). These are undoubtedly some milestones on the way of harmonization. 5. Fast Facts in the Process of Convergence The International Accounting Standards Committee (IASC), constituted in 1973 has passed through many phases of its journey to come to this present stage. It is felt pertinent to discuss all these here briefly for the knowledge of our esteemed readers. In the year 1995, IASC entered into an agreement with International Organization on Securities Commission (IOSCO) on a mission to complete â€Å"comprehensive core set of Standards† that could be used for cross-boarder and national listings. In fact, this was due to growing recognition of the need for global accounting standards. To give proper direction on how to interpret these standards led to the setting up of the Standards Interpretations Committee (SIC) in 1997. In December 1999, the board of the International Accounting Standards Committee has approved proposal to make changes in the structure of the committee with a view to achieve global convergence . On May 2000, one most important breakthrough was reached when the International Organization on Securities Commission (IOSCO) accepted 30 core International Accounting Standards. This backing by IOSCO for the use of International Accounting Standards by member stock exchanges led to the acceptance and recognition of the 196 International Business Research April, 2009 International Accounting Standards Committee (IASC) as a worldwide standard setter. Further, it was followed by the reformation of IASC to International Accounting Standards Board (IASB) in 2001. Consequently, IAS is now renamed as International Financial Reporting Standards (IFRS), have brought into limelight. Consequently, in the same year the US Securities and Exchange Commission (SEC) suggested the acceptance of IAS for use in cross-border listings in the US, without reconciliation to results under the US-GAAP (Madan, 2002). In 2001, the international fraternity of accountants took stock of the situation and constituted the International Accounting Standards Board (IASB) to evolve and prescribe norms for treatment of several items in the preparation and presentation of financial statements. IASB adopted all the 41 standards issued by the IASC till 2001. These standards were thoroughly revised and updated in view of the changes in industry and the need for rationalization. In October 2002, a Memorandum of Understanding (MOU) was signed between the IASB and the FASB, the two major players in the accounting standards arena, which is well known as Norwalk agreement. The two grand bodies agreed to put their best efforts to make their financial reporting standards fully compatible. The Norwalk agreement was welcomed throughout the accounting circles including the Securities and Exchange Commission (SEC). The International Financial Reporting Interpretations Committee (IFRIC) was constituted to replace the SIC. This committee meets periodically to discuss and spell out their interpretation s. It deals with matured as well as emerging issues. The former are those covered by existing standards but not satisfactorily practiced, and the latter are new topics relating to an existing IAS but not considered while developing the standard. The last milestone in the process of convergence was done on 12 March 2002, when the European Parliament voted overwhelmingly in favor of the EU Commission’s proposal that all EU listed companies must follow standards issued by the International Accounting Standards Board in their consolidated financial statements starting no later than 2005. This put an â€Å"end to the current Tower of Babel in financial reporting†. This decision also seems to have placed IAS firmly in the driver’s seat as the eventual global standard. Canada, Australia, and a number of other countries have announced intention to adopt IAS. United States, which has shown a preference for maintaining its independent standards setting body for a pr etty longer period, is evidencing interest in convergence of accounting standards. 6. Present Global Scenario The countdowns to the harmonization of national and international accounting standards and an improvement in the quality of financial reporting at a global level are best tracked chronologically. The current world scenario on the subject of harmonization gets going on 12 March 2002, when the EU Commission directed all European companies trading in the European Securities Market to adopt IAS in 2005, and all non- European companies (following US GAPP or any other standards) up to 2007. In June 2004, the Australian Accounting Standards Board (AASB) had issued standards and interpretations that all accounting standards of Australia that are equivalent to International Financial Reporting Standards (A IFRS) must be adopted from 2005 in their country. Many countries like Korea, Barbados, Trinidad and Tobago, Zimbabwe, Mongolia, Malta, and Uganda are adopting IAS. The inform ation about accounting principles applicable in Syria and Tunisia indicates that they are similar to international accounting standards. At present, all companies and banks in Russia are required to prepare their financial statements in accordance with IAS. New Zealand’s Accounting Standards Review Board (ASRB) and Financial Reporting Standards Board (NZ FRSB) have adopted 36 new accounting standards and 12 interpretations in January 2005. And these formed New Zealand’s equivalent of the International Financial Reporting Standards (NZ IFRS). It is going to implement IASB standards with effect from 1st January 2007. Hong Kong is an important international financial hub. Its stock market ranks second largest in Asia and eight largest in the world in terms of market capitalization. The Hong Kong Institute of Certified Public Accountants (HKICPA), the standard setting body of Hong Kong has been pursing the policy of aligning its standards with IAS since the early 1990s. Most recently, HKICPA has further committed time and resources to support convergence. Philippines have also adopted national standards that are identical to IFRS from 2005. Singapore has adopted many accounting standards from IFRS that essentially word for word. Now these are known as Singapore’s equivalents of IFRS (S IFRS). Japan, the major player in the global capital market and the second largest capital market in the world, is a strong supporter of IASB. The Japanese Institute of Certified Public Accountants is now working in collaboration with the IASB to make the Japanese standards essentially equivalent to international standards. Japan too has undertaken a joint project in collaboration with IASB to remove the differences between Japanese Accounting Standards (JAS) and IFRS by January 2005. 197 Vol. 2, No. 2 International Business Research The Canadian Accounting Standard Board (CASB) has also announced its intention to adopt International Financial Reporting Standards (IFRS) in five years. Canada’s decision to adopt IFRS means that out of original G4 nations, US is the only member that has not gone over to international standards. In Egypt, Egyptian Accounting standards have prepared to comply with international accounting standards except for certain minor differences to adopt Egyptian economic environment. Therefore, all companies listed in the Cairo Stock Exchanges must follow IAS. Kuwait adopted IAS as its national standards. Therefore, all Kuwaiti companies are following IAS for the purpose of listing. All companies in Jordan, both domestic and foreign, listed in the Amman Stock Exchange must follow IAS. However, in Turkey, oreign companies may follow any one out of three standards, such as, International Accounting Standards, UK GAAP and US GAPP for listing in Istanbul Stock Exchange. In the Middle East, most of the countries have welcomed the International Accounting Standards. For cases in point, Bahrain, Qatar, Leban on, and Oman are considering IAS as the replacement to their domestic standards. Of course, Iran and Israel had shown reluctance for the use of International Accounting Standards. In Iran, all companies to be listed in Iranian Stock exchange must have to follow Iranian accounting principles. Similarly all companies must have to follow Iranian accounting principles, if they want to be listed in Tel Alive Stock exchange. On January 1, 2007, more than 1,100 Chinese companies switched to new accounting standards that brought their books in line with international norms. From next year, the companies will have to apply a new set of 38 standards, under the China Accounting Standards System, that are basically in line with IASB (International Accounting Standards Board) norms. But, there is far more at stake than improving accounting practices at China’s listed firms. Chinese companies are increasingly looking overseas for funds and acquisitions. Adopting international standar ds will make this easier by increasing their transparency and credibility. In Bangladesh, the Institute of Chartered Accountants of Bangladesh (ICAB) set standards for the country through its Technical and Research Committee. Till date, it has adopted all eight IFRSs and twenty six IASs. In terms of standards, the gap between IASs and the standards as followed in Bangladesh is insignificant though some national laws give contradictory prescription in single situation. Another milestone reached by Bangladesh is that it has enacted the Financial Reporting Act 2008 to control financial reporting activities and, at the same time, to do the watchdog function of the accounting and auditing profession that will further strengthen the harmonization process. From above deliberations, it can be believed at this moment that, the IOSCO’s endorsement of the IASC standards has paved the way for unification of accounting standards globally and emergence of the true artificial language de signed for global use in the field of accounting (Srkant, 2005). Today the world of accounting feels that International Accounting Standards should be that language, as it is the only set of standards that has been prepared through wide international consultations and participations. 7. What will happen if USA does not adopt IAS? Now it is realized that, barring very few, almost all countries of the world are interested to follow IAS as their accounting standards. USA is the only main country reluctant to adopt it. Now question arises what will happen if super-power of the world and a highly developed economy like USA does not adopt IAS? Executive search firm, Russell Reynolds’ survey of chairmen across 145 European companies has found: (a) over half the chairmen of companies with US listings said they would consider de-listing because of Sarbanes-Oxley, in spite of the difficulties in taking shares off the US exchanges; (b) 70% of those heading companies not yet listed in the US said Sarbanes-Oxley would dissuade them from seeking a US listing. With the relatively tighter regulation in the US, several large companies are understood to be evaluating other capital markets that accept IFRS (Memani, 2006). While such situations provide an opportunity for IFRS to flourish, it would still be inappropriate to stay limited to that perspective. This is because IFRS stands a fair chance on its own, with its acceptance by EU, and also given the fact that many countries have traditionally followed IFRS or IFRS-inspired national accounting standards. 8. Harmonized Accounting Standards: Issues and Challenges In spite of all, achieving global convergence in accounting standards is not an easy task. There are a number of issues to overcome. First of all, there seems to be a reluctance to adopt the International Accounting Standards Committee (IASC) norms in the US. This is definitely a problem. The US is the largest market and it is important for IASC stan dards to be harmonized with those prevailing there. The US lobby is strong, and they have formed the G4 nations, with the UK, Canada, and Australia (with New Zealand) as the other members. IASC merely enjoys observer status in the meetings of the G4, and cannot vote. Even when the standards are only slightly different, the US accounting body treats them as a big difference, the idea being to show that their standards are the best. However, except US all other members of G4 has adopted the IAS more or less to some extent. 198 International Business Research April, 2009 Second, accounting standards have been developed in different countries under different legal, economic, social and cultural environments. For this reason there exists such diversity in accounting standards among the countries through the globe. If convergence is to be achieved, it is first necessary to arrive at an agreement as to the central objective of financial reporting. The IASB standards are oriented to s erve the needs of investors and capital markets. Countries that have a different financial reporting philosophy would find it extremely difficult to harmonize their domestic standards with International Financial Reporting Standards. Third, the quality of financial reporting depends on the quality of accounting standards as well as the effectiveness of the process by which those standards are implemented. Adequate regulatory and other supports are necessary to ensure proper implementation of standards. Implementation of accounting standards is not an easy task. In spite of convergence, there is no assurance that they will be implemented with same amount of vigor in every jurisdiction. Last, convergence of accounting standards with international approach will inevitably raise the questions of rules versus principles. IASB standards are principles-based. Thus the countries that have rules-based standards are expected to experience considerable difficulty in harmonization of their s tandards with IFRS. There are challenges that IASB and nations adopting IFRS need to address in the coming days. One big challenge for countries adopting IFRS is the shortage of manpower and more particularly, IFRS-trained manpower. For case in point, with just six months to go before China’s listed companies adopt IFRS, demand for accountants is rising and could run into millions in the coming years, if the new standards are rolled out for all of the country’s companies and not just the listed ones. Accountants say that the challenge for China, as it scrambles to meet the accounting shift deadline, will lie in getting its over-1,100 listed companies to establish the appropriate financial reporting systems and in training enough qualified accountants by January. The risk is that some of these companies may fail to make the transition on time. Estimates reveal that China has a shortfall of 300,000 qualified accountants and is likely to require a further three mill ion over the coming years to keep pace with its current rate of economic growth. . Status of Indian Accounting Standards India is a member of IASC. The Institute of Chartered Accountants of India (ICAI), the apex body of accounting and auditing, constituted an Accounting Standards Board (ASB) on April 21, 1977, to pronounce standards on various items of the financial statements. The current Indian accounting standards are of good quality in most instances and in fact, are practically the same as IASs. The statutory audit was the only enforcement mechanism till 1999. It was in 1999 when the Government of India constituted the National Advisory Committee on Accounting Standards (NACAS), an advisory body on accounting standards by inserting Section 210A in the Companies (Amendment) Act 1999. So far, the NACAS has advised the adoption of 27 accounting standards developed by ASB. In support of its commitment to adopt IAS; the ASB is examining the various standards revised by IASB to i nitiate revision in its corresponding. This Board has been releasing standards from time to time. Certain of the standards have also been revised/deleted/curtailed in the light of new and additional standards as well as the experience of the industry. Moreover, the Board has also prepared a comparative statement listing the IAS with corresponding Indian Accounting Standards, and also the standards which are irrelevant in the context of present economic and business scenario (Chowdhury, 2000). Till now, 29 Accounting Standards have been issued by the ICAI as against the 41 International Accounting Standards. There are also five International Financial Reporting Standards (IFRS). In India, since the ASB is not yet functional, the accounting standards as pronounced by the ICAI are adaptable by every entity whose financial statements are subject to audit. 10. Grounds of Diversity between Indian Accounting Standards and IAS India is slowly entering into the arena of accounting stan dards. But the progress of formulation of accounting standards has been very slow as compared with the developments at international levels. However, some of the accounting standards in India conform to the International Accounting Standards. Still there are significant variations between these two. Efforts are on to counterpart Indian accounting standards with the IAS. A study of their variations would be crucial for bridging the gaps (Reddy, 2000). For India, the multiplicity of standard setters leads to delay and lack of direction. The increased complexity of the fair valuation models as prescribed by international standards requires extensive valuation/objective professional judgments, integrity and uniformity of approach, which may not be easily achievable across all countries—particularly in the emerging economies like India. It may be noted that in several important areas, when the Indian Standards are implemented, the accounting treatment in these areas could le ad to differences in the restatement of accounts in accordance with IAS. Some of these areas include: a) Consolidated financial statements, b) Accounting for income taxes, c) Financial Instruments and d) Intangible Assets. Another reason for the prevailing divergent accounting practices in the Indian Accounting Standards is the provisions of 199 Vol. 2, No. 2 International Business Research he Income Tax Act 1961 and Indian Companies Act 1956. They do not go together. Sometimes, the prescriptions are contradictory on a similar issue. 10. 1 Company law and Accounting Standards In India, though accounting standards setting is presently being done by ICAI, one could discern a tentative and halfhearted foray by company legislation in to the making of accounting rules of Measurement and reporting. This action by itself is not the sore point but the failure to keep pace with the changes and simultaneously not allowing scope for some one else to do it is disturbing. A study of the requi rement of company law regarding the financial statements reveal several lacunae like earning per share, information about future cash flows, consolidation, mergers, acquisitions etc. 10. 2 Income Tax Act and Accounting Standards The Income Tax Act does not recognize the accounting standards for most of the items while computing income under the head Profits Gains of Business or Profession. Section 145(2) of the I. T. Act has empowered the Central Government to prescribe accounting standards. The standards prescribed so far constitute a rehash of the related accounting standards prescribed by ICAI for corporate accounting. On a close scrutiny of these standards one is left wondering about the purpose and value of this effort. Examples are application of prudence substance over form, adherence to principles of going concern etc. 10. 3 Other regulations and accounting standards In respect of banks, financial institutions, and finance companies the Reserve Bank of India (RBI) pronou nces policies among others, revenue recognition, provisioning and assets classifications. Similarly the Foreign Exchange Dealers Association (FEDAI) provides guidelines regarding accounting for foreign exchange transactions. Since the Securities Exchange Board of India (SEBI) is an important regulatory body it would also like to have its own accounting standards and in fact, it has started the process by notifying cash flow reporting format. It is also in the process of issuing a standard on the accounting policies for mutual funds. It appears as if several authorities in India are keen to have a say in the matter of framing accounting rules of measurement and reporting. The tentative and half-hearted legal and regulatory intervention in accounting in India has come in the way of development of robust, continuously evolving and dynamic accounting theory and standards (https://www. icai. org). In spite of this, India’s adoption of IAS is inevitable. When the whole world is adopting one language, it will be simply impossible on the part of India to hold it out for a too long period. 11. The Conclusion Harmonization is the process by which differences in practices among countries are reduced (Doupnik, 1987). The case of harmonizing accounting practices and principles at the international level is stronger today that it has ever been (McComb, 1982). Even, the IASC itself is concerned with removing unnecessary differences in accounting principles and practice throughout the world (McComb, 1982). Overwhelmingly, the harmonization of accounting practices suffers from a lack of synchronization between the issuance of standards at the national level in different countries and the formulation of standards by the IASC (Rivera, 1989). At the same time, both success and failure exists in the process of harmonization. For example, the American Institute of Chartered Accountants (AICPA) adopts the view that US GAAP being superior to IASs and its member mu st necessarily comply with the former (Most, 1984). As we know that it is an age of globalization, there is no conceptual boundary among the nations. And this is not difficult at all to choose superior standards through the current process of setting the standards. The attainment of a single set of accounting and reporting standards is the demand of the time. We will fall behind if this harmonization process takes more time. Many of the initial hurdles in the process of harmonization have been overcome and much progress towards convergence of accounting principles and procedures among countries has already been achieved. Convergence initiatives are now working much more effectively than ever before. Differences are still there but they are narrowing. It is expected that the pace of progress in the sphere of convergence will accelerate further in the coming years. In Indian perspective, it will continue to adopt IASs/IFRSs in the near future with few modifications to cater to t he requirements of local climate. Setting IFRS under new regulatory framework is also a notable success in harmonization. IAS permits some alternative practices that has been reduced in IFRS to make the prescription common to all so that following same standards cannot generate varying practices. We expect that this process will ultimately set new benchmark for achieving harmonization in both national and international level. 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The Financial Express, July 27, 2006. Most, K. S. (1984). International Conflict of Accounting Standards, A Research Monograph, No. 8. The Canadian Certified General Accountants Research Foundation. Reddy, K. R. (2000). Accounting standards and Gaps in Practices in India. Management accountant, ICWAI, April 2000. Rivera, J. M. (1989). The Internationalization of Accounting Standards: Past Problems and Current Perspectives. International Journal of Accounting, 24(4), 320-342. Samir, M. S. (2003). Harmonization of Accounting Standards. Chartered Accountant, ICAI, Januar y 2003. Srkant, S. (2005). Accounting Standards – will the World be talking same language? Chartered Accountant, ICAI, February 2005. 201 Don’t waste time! Our writers will create an original "Harmonization of Accounting Standards" essay for you Create order