Linguistic Essay Example | Topics and Well Written Essays - 250 words

Linguistic - Essay Example Although OED describes itself as descriptive by taking a more objective approach: allowing English users to utilize words according to which way they think is more appropriate; somehow, it is not as descriptive as other dictionaries like Merriam Webster’s or American Heritage considering that it subdues itself from adopting slang, newly-created words. For example, both Merriam Webster’s Dictionary and OED recognizes the word â€Å"skunk†; nevertheless, OED sticks with the original meaning while Merriam Webster’s Dictionary takes a new definition of the word which means â€Å"an obnoxious or disliked person† (Merriam Webster’s Dictionary, â€Å"Skunk†). OED claims that "it traces the development of English from the earliest records, and formally from 1150 AD, up to the present day" (Oxford English Dictionary, â€Å"Guide to The Third Edition of the OED†). Anyone can nod as to the looseness of the rules in this dictionary, but still, it has the slightest leanings towards prescriptivism. Acocella (5) asserts â€Å"the most curious flaw in the descriptivists’ reasoning is their failure to notice that it is now they who are doing the prescribing.† OED and other descriptivist dictionaries are becoming more of a trendsetter rather than an agency to respond to the changing needs of the society. However, OED’s belief that it’s a descriptivist dictionary but claims it â€Å"does include information on which usages are, or have been, popularly regarded as ‘incorrect’† may just be a sign that it’s not fully descriptivist

International Financial Reporting Essay Example | Topics and Well Written Essays - 5500 words

International Financial Reporting - Essay Example The notion â€Å"true and fair view† has originated from British accounting. There has numerous definition of â€Å"true and fair view† as there is no exact definition available of the term either by the standard setters or in law or even through court verdicts. The notion â€Å"true and fair view† has never been defined officially and as the principle is dynamic, it is neither desirable nor possible to give an exact definition for the concept. (Evans 2003:312) However , in a French case that was decided in 1994 did mention about the phrase that termed it as a trust on adhering with accounting regulations, which does not automatically guarantee a true and fair view. IASB demands that financial reports should offer a true and fair view. US accounting regulation's demand that accounts should be presented as per generally accepted accounting principles. (Walton & Aerts 2006:69). As per IFRS, the general intention of financial reports is to offer a just and fair presentation of the modification or changes in the financial performance and position of a business organisation or a company. The Conceptual Framework of IASB advocates that fair presentation could also be mentioned as offering a â€Å"true and fair view†. However, IAS 1.15 standard specifically states that publication of financial reports, which is based on the chief hypothesis that the application of IFRS with further or additional dissemination, if needed, is supposed to present financial reports mirroring a â€Å"fair presentation.† ... needed, is supposed to present financial reports mirroring a â€Å"fair presentation.† Further, IAS 1 demands in the same tenor an unreserved and explicit of adherence with IFRS to be comprised in the notes to the accounts. (Walton & Aerts 2006:69). As per Walton, the three classes of significance of â€Å"true and fair view† are a residual, legal clause; a generally accepted accounting concept and an independent concept. Further, under the view of GAAP, the proposition for European harmonisation is that before the fourth directive, each member nation had its own â€Å"true and fair view.† Thus, to establish a synchronized â€Å"true and fair view† would need a common meaning or GAAP; and that it should be noted that actual words are just signifiers only. As regards to â€Å"true and fair view†, Walton’s general view is that it is having both a probable large political meaning and an operational meaning, when accountants are enhancing or defe nding their professional position. The notion â€Å"true and fair view† has been formulated in the UK footed on the following three fundamentals namely an independent concept; a legal residual clause and generally accepted accounting principles. (Evans 2003). A† true and fair view â€Å" is needed to accomplish â€Å" the goal of financial reports â€Å" which is to offer info about the status of the financial standing , financial performance and any modification or change in the financial status of a business or a company that is advantageous to a broader choice of stakeholders or users in arriving at financial decisions. (ISAB: IAS Framework 2001). In financial reporting, the â€Å"true and fair view† can be mirrored by four qualitative uniqueness namely undesirability; relevance; comparability and reliability. Financial reporting is the