Summary paper Essay Example | Topics and Well Written Essays - 500 words - 1

Summary paper - Essay Example The article further explains the way of life in the Akan society beginning with the process of creating a village, which then grows into a town. An Akan village has a head while a town in Akan has a stool of power and a chief as the center of the power. The article entitled The Akan people by Adu-Amankwah provides basic information about the Akan people. The article explains that the live in central Ghana and speak the Akan language which is a collection of various dialects. The dialects they speak influence their identity since the people are often categorized in such groups. Among the existing groups based on the variety of dialects, include Wassa, Asante, Fante, Bono, Akyem, Kwahu and Akuapem. The author of the article cites several historians as he provides a detailed of the Akan people. He explains that the lived in independent kingdoms founded by refugees from Kumbu, a kingdom that consisted of twenty-seven states and was destroyed by Songhay in 1470. The economic activities of the Akan people include hunting, farming and fishing. The article, Akan kinship terms, provides a detailed analysis of kinship in the Akan society. In doing this, the article explains that the Akan people believe in extended family system. The system is material in nature. With such an exciting yet informative introduction, the article proceeds to provide translations of some basic kinship names to English despite admitting that most of such names have no direct equivalent in English. Such terms include papa for father but the term Agya may refer to father too. Maame is for mother while Eno /Awo is an equivalent for affection though not directly transplanted as such. Nua is for sibling, kunu refers to a husband and yere for wife. A child is a significant individual in a society and the Akan refer to a child as ba. Greetings on the other hand is an article that discuses the type of greetings in the Akan society. The article begins by acknowledging that greeting is a personal

Hallenges and potential advantages in adopting the International Research Paper

Hallenges and potential advantages in adopting the International Financial Reporting Standard for - Research Paper Example Besides that, the users of the financial statement of the SMEs are also benefitted from this, since the information provided can be compared with the international standards as the SMEs are also seen to deal with the venture capital firms, credit rating agencies, customers, suppliers, financial institutions and investors who are operating outside the home countries of the SMEs. However, the extant IFRSs cannot be used to meet the need of SME financial statement comparable to the international standard as they are designed especially to meet the financial reporting needs of the large businesses, that are operating in the globalised financial market and very little in regards to the economic compliance burden on the smaller businesses (Devi, 2003; IASB, 2009; Thompson, Sian & Roberts, 2006). Moreover, the SMEs cannot be considered as the smaller version of large businesses, which suggests the way that users will utilize the financial statement and accounting expertise along with their ability to bear the cost of financial reporting, which also differs from those of the large publicly traded companies (IASB, 2009). There are enough literatures that provide evidences regarding the appropriateness of IFRS for the SMEs (Chand, Patel & Cummings, 2006; Eierle, Haller & Beiersdorf, 2007; MAZARS, 2008; Sian & Roberts, 2008; Fu? lbier & Gassen, 2010; Neag, Masca & Pa?scan, 2009; Van Wyk & Rossouw, 2009) but there is need of additional research, since most of the researches were restricted only to some specific context. Therefore, this research focuses on the advantages and challenges that the SMEs of UAE will face on adopting the IFRS. Research Question The research question that this study will try to answer is the benefits that the small and medium sized enterprises, along with the suppliers of fund, will enjoy due to closure of the information gap. This information gap is produced as most of the SMEs are following non-standardized financial reporting techniques in UAE, which makes the evaluation of the performance of the enterprises more difficult. Literature Review Factors that lead the SMEs to adapt to the IFRS While developing the IFRS for the SMEs, the IASB has taken into consideration the important firm-level aspects. IASB has argued that there is a requirement for the global SMEs to prepare their financial reporting as per the international standards because of the users of their financial statement and the international structure and activities, in which the SMEs are engaged (IASB, 2009). In this context, the board has argued that the extant IFRS fails to meet the need of the financial reporting of the SMEs compared to the international standards, since they are complex in nature and poses significant amount of economic burden and compliance on the SMEs. Therefore, the following sections look at the prior literatures and highlight the characteristics of the firm, which will attempt to find the necessity of IFRS for the SMEs and its appropr iateness for financial report