Analysis of Aristotle and Platos Thoughts Essay - 985 Words

Philosophers are all known for questioning and exploring Ideals; taking a look at all options and what is most important. While Aristotle and Plato both take a plunge into the unknowns of a political state, Aristotle demonstrates a state for individuals, to rule as equals, contrary to Plato’s strict utopian structure and group over individual hierarchy view of the ideal state. Plato’s ideal state is strictly structured through a utopian ideal. Everything within Plato’s ideal state has a place and purpose, and everyone within it is aware of that. While the state works for the people as a whole instead of individual, Plato also proposes the idea of propaganda to mold even the lowest of his utopia into model citizens for the†¦show more content†¦Aristotle and Plato are both at opposite sides of the political spectrum. As Plato â€Å"Rejected individualism and democracy and argues for the subordination of the individual to the supreme power of the state,† (â€Å"Ideal† 54) Aristotle instead argues that â€Å"Both governors and governed have duties to perform; the special functions of a governor to command and to judge. But if the citizens of a state are to judge and to distribute offices according to merit, then they must know each other’s characters,† (Politics 1). In Plato’s politics the i ndividual citizens only job is being ruled by the government. Citizens of the state are subordinate â€Å"to the supreme power of the state,† (â€Å"Ideal† 54), however, for Aristotle’s state bothâ€Å"governors and governed have duties to perform,† (Politics 1). Plato’s state works for the whole in a way that benefits the state. Aristotle’s state works together with the people to achieve individual happiness. Structure of a state is the essence of the state. For Plato,, the structure is purely a hierarchy, with those more capable of rule at the top and everyone else subordinate. As for Aristotle, the structure of his ideal state is a rotation of power between equal free men. Plato’s hierarchy coincides with the tripartite soul in his ethics, â€Å"Like theShow MoreRelatedReconciling The Divergence Of The Nature Of Man Between Classic And Modern Thinkers1425 Words   |  6 PagesReconciling the Divergence of the Nature of Man between Classic and Modern Thinkers Within Book 2 of Plato’s work The Republic, Socrates’ companion Glaucon describes the tale of the ring of Gyges, challenging Socrates on the nature of man. Within the ring of Gyges scenario, Glaucon posits that when an individual has the power granted by a ring of absolute invisibility that grants impunity, â€Å"no one [†¦] would be so incorruptible that he would stay on the path of justice or stay away from other people’sRead MoreAbsolute Realism Vs. Hylemorphism1309 Words   |  6 Pagesancient thinkers in the history of philosophy, their works continue to have great historical value. In the realm of metaphysics, Plato and Aristotle are both regarded as realists, and their philosophical ideas hold some similarities, but Aristotle is more considered as â€Å"moderate realist,† compared to Plato as an â€Å"absolute realist.† Generally speaking, Plato’s interpretation of â€Å"what is real,† reflected in his absolute realism, differs from that of Aristotle’s, reflected in his hylemorphism, to aRead MoreCritical Analysis of Plato and Aristotle1634 Words   |  7 PagesPAPER ON POL 311 (HISTORY OF POLITICAL THOUGHT) TOPIC A COMPARATIVE ANALYSIS OF PLATO AND ARISTOTLES POLITICAL THOUGHT WRITTEN BY OKWOR, STEPHEN USHIE 09/ED/EF/814 DEPT OF EDUCATIONAL FOUNDATIONS (POLITICAL SCIENCE UNIT) FACULTY OF EDUCATION SUBMITTED TO DR. EJERE DEPT OF POLITICAL SCIENCE AND PUBLIC ADMINISTRATION FACULTY OF SOCIAL SCIENCE UNIVERSITY OF UYO, UYO AKWA IBOM STATE MAY, 2012 A COMPARATIVE ANALYSIS OF PLATO AND ARISTOTLES POLITICAL THOUGHT In order to compare these great philosophersRead MoreAristotle And Plato s Philosophy1688 Words   |  7 Pages) Professor Armstrong CC 5 October 2015 Aristotle and Plato are famous for their many works in the philosophical field. Specifically, the Republic by Plato and Nicomachean Ethics by Aristotle seem to be their most popular works. In these works they discuss things that are needed to achieve the â€Å"good life† both on an individual level and on a societal level. There is some variance between what the two philosophers think can create the â€Å"good life.† They explore the concepts of eudaimonia, virtueRead MoreConceptions of the Soul Essay1161 Words   |  5 PagesPlato (in Phaedo) and Aristotle (in De Anima) present two fundamentally different conceptions of the soul. Through an analysis of their frameworks and genre, and whether their methods are plausible, it can be concluded that Aristotles formulation of the soul is more compelling than that of Plato. According to Plato, the body and the soul are separate entities. The soul is capable of existing before life of the body and after death of the body and it is constant, unchanging and non-physicalRead MoreHistorical Views of Leadership: Plato and Aristotle1320 Words   |  6 Pagesbegin with Herodotus of ancient Athens, it is not surprising that we should examine the historical views of leadership through the eyes of two titans of Greek thought: Plato and Aristotle. Both men lived in 4th century BCE Athens, so much of their background and experience was shared. Aristotle was the younger of the two, and he was Plato’s student. Where leadership is concerned, both philosophers agreed that the â€Å"best men† should rule, and that the purpose of leadership was the betterment of theRead MoreEssay about Comparison of Plato and Aristotle’s Philosophies1217 Words   |  5 PagesAristotle’s Philosophies Plato and Aristotle are both great philosophers in their own regard. Both agree that the world has a purpose, and that it’s not just an accident. Both also hate materialists since in their (materialists’) interpretation of the world, value, choice, and freedom are not plausible outcomes, and so morality and rationality do not make sense. And both ask the same question, what does it take to be a good, moral person? Yet, even though Aristotle was a student of Plato, each philosopherRead MoreThe Development of Ancient Greece through Philosophic Evolution732 Words   |  3 Pagestoward a material aspect on the physical nature of things, Socrates and his disciples established an influential analysis into philosophy as the modern world knows it today, which spurred into stoicism, epicureanism, skepticism, and Neoplatonism during the time. This analytic foundation provides the basis for today’s metaphysics, epistemology, ethics, and logic. This revolution of thought began with the pre-Socratics. Initiated by Thales of Miletus, others who followed him (Anaximander, AnaximenesRead MoreAristotle Impact on Law765 Words   |  4 PagesAristotle (384 - 322 BC), was a Greek philosopher, logician, and scientist. Along with his teacher Plato, Aristotle is generally regarded as one of the most influential ancient thinkers in a various ways. Aristotle was born in Stagira in northern Greece, and as a young man he studied in Platos Academy in Athens. After Platos death he left Athens to proceed in philosophical and biological research in Asia Minor and Lesbos, and he was then invited by King Philip II of Macedonia to tutor his youngRead MorePlatos Influence on the Western Civilization950 Words   |  4 Pagestheoretical appearances, and analysis, and posting of theories and precepts, which gave birth to the present knowledge in psychology, religion, and other disciplines of study in the world. It is with immediate agreement tha t Plato had a lot of influence on the western civilization. Plato had an extensive relation to western civilization (Mason, 2010). Plato is seen as an important figure in western civilization in many ways. For instance, early Christianity is a product of Platos activities and contributions

Eine Kleine Nachtmusik painting Free Essay Example, 1500 words

The doll that leans on the door is very tired and it is evident that she is half naked. She holds one petal of the sunflower in her hand and one can only guess that she had a fight with the aggressive sunflower or a confrontation of a certain kind. In front of the girl are some sepals that she has to confront if she wants to go and move towards the room with light. She has to work extra hard in order to move towards it. Peter Porter in his poem named Eine Kleine Nachtmusik argues that when one has lost whatever is to lose one goes to the House of Tatterdemalion proofs. It in this house that reality is adjacent to itself and Blake’s sunflower is stranded. The poem is based on the Eine Kleine Nachtmusik by Dorothea Tanning’s painting. However, it is imperative to understand that Porter presents a completely new aspect of the painting. He brings the perspective of partygoers and argues that the door 210 is ajar waiting to receive someone. Instead of the mysterious light being an intrigue, Porter argues that the door is just another open door and that there is nothing special about it. We will write a custom essay sample on Eine Kleine Nachtmusik painting or any topic specifically for you Only $17.96 $11.86/pageorder now However, just like the painting, the poem emphasizes the concept of determination and in fact it shows that one cannot dream without determination as there is a need for one to have rage in order to run the dreams. This is the rage that the girl needs to use in order to cross to the other side of the aisle. It can be argued that the tattered state of the clothes that are worn by the dolls show indeed that there has been some sort of a struggle encounter with powerful forces. In fact, the girl’s long hair is propped up high into the air as if a powerful gust of wind has just pushed it up. The painting therefore, seems to be about confrontation, the girl and the doll seems to have been in confrontation with several forces. However, it is imperative to understand that the sex of the doll cannot be established, this is because the clothes that it is wearing are unisex and do not in any way depict the male or female species. Sunflowers can be described as the most aggressive of flowers and this might be the reason as to why the flower is used in the painting. It contributes to the overall aggressiveness in the painting and energy which exists in the painting. The painting represents life, while people do not always have giant aggressive flowers to contend with, they often have stair ways, hallways, and private theatres that have suffocations as well as finalities are being played out.

Fairy Tales Analysis - 1136 Words

Fairy tales have been read to children for many years by parents hoping these tales of heroines and heroes would provide a fun and interesting way to teach moral and values. Fairy tales provide children with a fun and entertaining way to deal with strangers. Children learn that when you don’t follow the rule and talk to mysterious strangers you’re put into situation that can cause pain or suffering to others. Fairy tales such as the Brothers Grimm version of â€Å"Little Red-Cap† provide a great deal of morals and values. The tale begins with a young, pretty girl that goes to take cake and wine to her ailing grandmother. Little Red- Cap was illicitly told by her mother to walk nice and quietly, not to run off the path or she might break the†¦show more content†¦Fairy tales are meant to present children how live should be. Fairy tales teach children of the good things and the bad things people can do. For example William Kilpatrick writer of the book â€Å"Books That Build Character† states â€Å"We think many parents want books for their children that are not simply a good read but good in the other sense of the word- books that not only capture the imagination, but cultivate the conscience as well (18)†. Many parents want their children not to just be entertained but also want them to develop a sense of good and bad. Children also develop unconscious messag es from fairy tales. Child begin to realize the underlying messages as they begin to grow and think of themselves as the characters in the tales and begin to put themselves in the different scenarios that the characters encounter. For many young readers stories make all the difference in developing a taste of what the world is like, good or bad. Fairy tales provide a child with a look into a world of good versus evil and introduces them with their own views of the world and give them hope of a world that isn’t all that bad or helps them escape problems at home or dealing with abusive step parents or evil strangers. The world of make believe is a world of escape for most all children used to deal with life at such a youngShow MoreRelatedFairy Tale Analysis731 Words   |  3 PagesWhen I was a young girl I was a big fan of reading and watching fairy tales. During that time I could have retold almost any one of my favorite fairy tale stories. My favorite fairy tale would have to be â€Å"Beauty and the Beast.† Although there were several versions growing up, I was only familiar with Walt Disney’s version of the story. As we grow up stories and how we remember them are important because peop le are able to relate to the characters and possibly teach us about different life lessonsRead MoreAnalysis Of The Book Fairy Tale 810 Words   |  4 Pagesrobes. In usual time, the black robes they wear usually use red sash and trim to decorate as a symbol of the willingness to sacrifice for faith. (Dilloway, 2006) 2.2 The definition of fairy tale and nonsense literature Fairy tale is a kind of short story that transfers from folkloric and fantasy characters. Fairy tales are based on the thoughts of ancient society. They take places in a magical world and the time and space are differing from reality. (Zipes, 1999) There are talking animals, enchantingRead MoreAnalysis Of The Fairy Tale 1580 Words   |  7 Pagesthese moralistic works of literature have existed and evolved throughout human history. Fairy tales are whimsical tales of a character’s journey, usually intended for children. Fables on the other hand are short stories that tells a moral through the protagonists; the purposes being to provide a means for early man to endure the hardships of life. In ancient Greek, Egyptian and Roman civilizations superficial tales have been documented. Even biblical stories have been categorized as fables. EventuallyRead MoreAnalysis Of The Poem Fairy Tales 1841 Words   |  8 PagesFairy tales are full of tropes and stereotypes that exist from story to story, one of the main ones being the â€Å"happily ever after† ending. Most fairy tales, especially the traditional Perrault or Grimm versions, fall prey to this trope where the main goal is for the princess to find her prince, get married, and live happily ever after. Many critics, particularly feminist critics, find this trope to be problematic because of the extreme emphasis placed on marriage as women’s main, if not only, objectiveRead MoreEssay about An Analysis of Fairy Tales1684 Words   |  7 Pagesprincesses, beauty, magic, and love, fairy tales like Snow White and Cinderella among others have become children’s favorite bedtime stories. However, as parents tuck their sons and daughters in, they fail to realize that there is a much more daunting purpose to these stories. American writer and poet, Jane Yolen suggests that fairy tales indicate life values. Furthermore, Yolen insists that these tales are â€Å"thumbprints of history† (Yo len 27). Studying fairy tales in depth, she proves that the â€Å"functionsRead MoreFairy Tale And High Fantasy Analysis1064 Words   |  5 Pages With that fantasy takes the form in clusters of styles, there are Many different styles of fantasy like Fairy-Tale and High Fantasy. Fairy-Tale Fiction is one type of the five rings of tradition. Fairy tales have important features that help identify them. One feature of fairy tales deals with personal transformation. The second feature is the home setting. The home setting in the fairy tale explores the comforts of home and what happens when the limitations of those comforts are overstepped. HighRead MoreAnalysis Of Disney s Fairy Tales 847 Words   |  4 PagesOriginally, Grimm’s Fairy Tales were intended for children to read. However, because they contained remarkably dark elements, parents soon believed these stories were too violent for their children. Eventually, only adults read the tales. In the 1950s, Walt Disney cr eated a non-violent version of the classic Grimm fairytale, Cinderella. Walt Disney’s cinematic version is more accessible to a wider audience than the Grimm tale because Disney removed most of the violence and simplified the tale while maintainingRead MoreAnalysis Of The Article Grim Variations From Fairy Tales926 Words   |  4 PagesThe article â€Å"Grim Variations from Fairy Tales to Modern Anti-Fairy Tales†, the author Wolfgang Mieder identifies fairy tales plays a significant value in people’s life. The article argue that fairy tales are not only just for children, but they are also for adults, even though fairy tales may be refer to as children stories. According to scholars, these tales are traditional narratives for adults. Within these tales there are lessons on how people should behave and other aspect of life, which onlyRead MoreAnalysis Of The Book Fairy Tales And Modern Stories By Bruno Bettelheim1772 Words   |  8 PagesThe thrill and excit ement created in fairy tales are ideal for entertaining young children. Important life lessons may seem subtle in fairy tales, but if one pays attention closely, there are obvious messages a story is communicating to the reader. In the article â€Å"Fairy Tales and Modern Stories† by Bruno Bettelheim, Bettelheim provides a series of examples of the effect fairy tales have on a reader. The sole effect a fairy tale has on a reader is based upon which story is read and the challengesRead MoreAnalysis Of The Article Grim Variations From Fairy Tales932 Words   |  4 PagesIn the article â€Å"Grim Variations from Fairy Tales to Modern Anti-Fairy Tales†, the author Wolfgang Mieder identifies that fairy tales has a quite significant value in people’s life. The author argues that fairy tales are not only just meant for children, but they are also meant for adults, even though fairy tales may be refer to as children stories, according to scholars these tales are tradi tional narratives for adults. Within these tales there are lessons on how people should behave and other aspect

Smarts Over Strength in Homer´s Odyssey - 605 Words

In High school being physically strong is important. Your chances of being bullied will be minimized , and you will be successful in athletics. However, this with no sense is the case With Homers’ book the Odyssey ; when applied to reasons for Odysseus’ success . In fact, throughout the Odyssey one can notice that Odysseus succeeded because of his unmatched guile; Not by strength, which is something that we know he is not lacking. He shows that cunning is more important for his success when facing the problem of the suitors ravaging his home, when he defeats the Cyclops Polyphemus, and when he has to make shrewd decisions. To begin with, Odysseus is able to defeat Polyphemus by his cunning. Odysseus’ men are eaten alive by Polyphemus. Odysseus wants to attack Polyphemus right there and then, but he is able to think ahead and know that only the Cyclops can move the prodigious boulder. In doing so, Odysseus is able to control his rage and come up with a new scheme that will lead to their success. Next, Odysseus put his plan into play, and when asked by Polyphemus what his name is Odysseus replies by saying â€Å"Nobody†. This shows that cunning is important to Odysseus success. As he is again able to think ahead, and know that when Polyphemus calls for help he will be saying Nobody is killing him. Thus taking away the threat of the other Cyclops coming to Polyphemus’ aid, and allowing Odysseus to succeed. Odysseus cunning also shows when he tells his men to cling onto the sheep asShow MoreRelatedEric Moore. Mr. Howell. World Literature Final Draft .1742 Words   |  7 PagesSymbolis m in The Odyssey In each story, the themes and symbols in them can bring a diverse look on the way the story is interpreted and told. The Odyssey was written by the poet Homer dating all the back to the 8th century. In the Greek epic poem, Homer tells the story of the main character Odysseus’ journey home from the Trojan War. Many themes relating to the human condition are prevalent in the various adventures faced by Odysseus, his men, and his family over the ten year journey. Homer uses symbolismRead MoreThe s The Odyssey, Lysistrata, And Clytemnestra1530 Words   |  7 PagesIn the time of Ancient Greece, Greek women were restricted to living within the society s norms fulfilling mostly guided roles like housework. While some works of the time presented women as mere housewives, others often put them in the position of political leaders, heroines, and murderers. The women that receive major roles in the stories such as Penelope in Homer s The Odyssey, Lysistrata in Aristophanes Lysistr ata, and Clytemnestra in Aeschylus Agamemnon are major characters with importantRead MoreAnalysis Of The Odyssey 3033 Words   |  13 Pages Vivian Tse Brother Pearce FDCA 206 5 November 2014 The Odyssey The Odyssey is one of the earliest epics that exists but is still a highly revered and relevant piece of literature in modern culture. This classic survives because the entire tale of Odysseus’ adventure is symbolic of our human lives and experiences—it is life mythologized. Not only does The Odyssey highlight the heroic and triumphant side of the characters, but it also emphasizes the struggle between heroes’ ethos and their human failingsRead MoreThe Odyssey Major Work Data Sheet4410 Words   |  18 PagesTitle/Author: The OdysseyBy: HomerDate of Publication/Genre: unknown; epic poem | Biographical information about the author: Next to nothing is known about Homer. He probably lived in the late eighth and early seventh centuries. He was blind and he also composed Iliad. | Historical information on the period of publication: The time was very influential to the story. During this time, all stories were passed on by word of mouth. People who were gifted with a silver tongue were held in high regard

The Social and Legal Aspects of Homosexuality in Hong Kong Free Essays

The social and legal aspects of homosexuality in Hong Kong In 1988, there was an intense argument on whether to legalize homosexuality. Different groups expressed their views on public discussion hold in Victoria Park. A group of homosexual men declared that they have the same contribution to the society as others. We will write a custom essay sample on The Social and Legal Aspects of Homosexuality in Hong Kong or any similar topic only for you Order Now The existed law infringes on their human right. On the other hand, Dr. Philemon Choi who opposed decriminalization was afraid of the impacts of decriminalization such as the increase of male prostitution although he agreed to lower the penalties. Besides, the Law Reform Commission had also discussed on this topic for 8 years but the progress was very slow. The main consideration was that homosexuality was not about legal issues but morality; therefore, the commission suggested loosening the law. However, it did not mean the Acceptance of homosexuality. Many people still thought some criminal offences were related to homosexuality and it was against the morality. Moreover, Despite the relation between Hong Kong and Britain, the liberation movement of homosexual laws was restricted because of the International Covenant. One of the options from consultation paper from LRC was maintaining the existed law. It argued that it was a waste for the police to put so much focus on homosexuality instead of other more serious cases. What I think is totally different from the essay since there is about 20 years culture gap. People now are open-minded and more willing to accept others. The discrimination is less common in the modern society, and I hope all the people will accept homosexuality. REF: Louis Lee. â€Å"The social and legal aspects of homosexuality in Hong Kong† The HKU scholar Hub, (1988) 117-122,web. 9 Apr 2013 How to cite The Social and Legal Aspects of Homosexuality in Hong Kong, Papers

Contemporary Issue in International Accounting Capital

Question: Discuss about theContemporary Issue in International Accountingfor Capital. Answer: Introduction: Today, countries trade with each other leading to flow of revenue and capital among them. International accounting standards have become a necessity to provide clarity and transparency between trading countries. International Financial Reporting Standards and Australian Accounting Standards are internationally accepted standards with country wise modifications. The paper opens with the necessities of international accounting systems keeping these two systems in light. Application of IFRS in some other economies has also been exemplified during the course of discussion followed by its role in international trade, investment and consumer satisfaction. The importance of IFRS to multinational companies has also been illustrated. The Australian Accounting Standard Board (AASB): According to Securities and Exchange Commission of the United States of America, the globalization of companies has given rise of flow of capital and revenue between countries (Sec.gov 2017). Today, the companies and individual investors invest abroad for capital appreciation. Hence, it has become important to have a set of common accounting standards to maintain transparency and liquidity in the accounting systems. The need for internationally maintained and followed standard of accounting has brought the accounting bodies in the world to come together and make new standard system of accounting. The Australian Accounting Standard Board (AASB) is the body that follows the Australian Securities and Investment Act 2001 and makes the accounting standard to be followed by the public and private companies in the country. The companies in Australia are required to follow Australian Accounting Standard according to the procedures laid down by the Common Wealth, state or local government bodies. The Certified Practising Accountants, Australia, the Institute of Chartered Accountants, Australia and the Institute of Public Accountants, Australia are under statutory compulsion to ensure that the companies following their systems of accounting comply with the Australian Accounting Standard (AAS) (Aasb.gov.au, 2017). International Financial Reporting Standards (IFRS): The Australian Financial Reporting Council directed Australian Accounting Standard Board to comply with the International Accounting Standard Board. The International Accounting Standard Board set down International Financial Reporting Standards (IFRS) which serves as the language of accounting in international business around the world. IFRS started as a method to standardize accounting in the European Union but spread to the rest of the world due to its applicability (Erdemoglu 2015). IFRS recognizes assets, liabilities, income and expenses, equity, contributions and distributions by owners and cash flow (Capkun and Collins 2016). The fair and transparent system of IFRS recognizes the organizations in the following ways: The system recognizes each organization as a going and continuous operating concern unless they are winded up. The system recognizes the items of assets, liabilities, expenses and so on if they suffice the definition and the criteria for their recognition. Each item is considered before accounting which allows grouping of items of similar nature together. This makes accounting more transparent and easier. IFRS requires the companies to at least present the financial statements once a year for financial review. This allows the review of the financial position of the company, ensures that IFRS norms have been adhered and accounting presentation has been done as per IAS 12. IFRS requires entities to present comparative statement for all the amounts of the previous periods. The statement should also have the narrative and description information to support the current financial figures. IFRS requires entities to follow the same standard procedure for accounting unless the entitys operation changes an item as per definition or there arises a necessity to change the accounting style. The Necessity of International Accounting Standard: The globalization of economies and the global expansion of companies into multiple countries have made it necessary to have a uniform accounting standard for all the countries. The IFRS came into being as a uniform accounting standard for the EU countries but has gained importance in most of the countries. This is due to the following reasons: Comparability: Today trades between countries have necessitated the governments to ensure that the companies with their domain follow a uniform accounting and reporting style. The Institute of Chartered Accountants, India, SEBI and Ministry of Corporate Affairs has made preparation of financial statements in IFRS mandatory. Reserve Bank of India has made IFRS a mandate of all banking accounts which has helped multinational companies including banks to expand into Indian market (Srivastava and Gupta 2014). Transparency: Transparency is a very important factor that makes international accounting mandatory. Investors can compare between companies before investing in the shares to study its stability and financial strength. A transparent system of accounting followed y all countries helps the stakeholders and the board of directors to make future strategies. Relevance: A uniform system of internationally recognised system of accounting helps a company to use its financial statements in multiple host countries. Multinational companies can use these financial statements to prove its strength while entering a new market. Common Wealth Bank based in Sydney is engaged in business in India, China, Indonesia, London and so on. Incorporation of IFRS in AAS has made it possible for the bank to operate in diverse markets conditions by following a uniform accounting and reporting system in all its locations (Commbank.com.au 2017). Reporting and strategy making: Multinational companies can report financial information from various locations to the management. The management, in turn can use the information to make business strategies for various market locations. Such strategies are particularly important in order to introduce a new product. For example, China is an important trading partner of Australia and was following its own accounting system. However, with the acceptance of IFRS, it became easier for Australia to measure the revenue from the Chinese market (Miao, X., 2016). Helps in international trade: Multinational companies operate in various economic through various modes like branches, FDI and franchisee. A universally system of accounting makes it possible for these companies to compare between different locations and review their performances. It also helps a company to measure the risk and profitability in several domestic markets and also diversify the risk over various markets. Multinational companies like PepsiCo and Microsoft operate in various countries like Taiwan, Singapore and the US. Acceptance of IFRS allows the companies to report the stocks, expenses, profits, sales and other accounting transactions in different countries in a transparent way for reporting and decision making (Schibuola 2014). Consumer and investors benefit: Countries can trade easily with other by applying IFRS which makes variety of goods and services available to the customers. Individual investors too can also study the financial statements of foreign companies before investing in their shares. Thus, an internationally accepted accounting standard boosts consumer satisfaction and investments which boost the world economy (Tong 2014). Conclusion: The above study shows that international accounting standards are very crucial for international trade. These standards form the base of accounting procedures of the countries and yet allow modifications considering the unique features of each economy. They also lead to investment and consumer satisfaction, thus boosting the global economy towards growth. References: Aasb.gov.au. (2017). Australian Accounting Standards Board (AASB) - Home. [online] Available at: https://www.aasb.gov.au/ [Accessed 1 Feb. 2017]. Capkun, V. and Collins, D.W., 2016. The Effects of IFRS Adoption on Observed Earnings Smoothing Properties: The Confounding Effects of Changes in Timely Gain and Loss Recognition. Commbank.com.au. (2017). Personal banking including accounts, credit cards and home loans - CommBank. [online] Available at: https://www.commbank.com.au [Accessed 1 Feb. 2017]. Erdemoglu, E., 2015.The Economic Analysis of the Internationalization of Financial Reporting Standards: IFRS Internationalization from a Law and Economics Perspective(Doctoral dissertation). Gelter, M. and Eroglu, Z.G.K., 2014. Whose Trojan Horse-The Dynamics of Resistance against IFRS.U. Pa. J. Int'l L.,36, p.89. Miao, X., 2016. Issues Affecting Convergence of National Accounting Standards with Ifrs in a Transitional Country: The Case of China.Academy of Accounting and Financial Studies Journal,20(2), p.142. Schibuola, M., 2014.Internationalization of the firm through MA(Bachelor's thesis, Universit Ca'Foscari Venezia). Sec.gov. (2017). International Accounting Standards. [online] Available at: https://www.sec.gov/rules/concept /34-42430. htm [Accessed 1 Feb. 2017]. Srivastava, A. and Gupta, P., 2014. Adoption and Implementation of IFRS in India: A Corporate Experience.IUP Journal of Accounting Research Audit Practices,13(4), p.7. Tong, T.L., 2014. A Review of IFRS 15 Revenue from Contracts with Customers.