IFRS includes high quality international principles of accounts that are easily understood, transparent, can be implemented and are thoroughly applied, (Shekhar and R.A., 2013). As a result, IFRS is a sign of globalization and also a technology through which globalization is organized, (Alfredson et al, 2005). IFRS is a common international accounting language for business activities so that the financial reports of a company can be easily understood and compared across the world. They are a result of increasing global trade and shareholding and are specifically designed for businesses that operate in many countries across the world, (Shekhar and R.A., 2013). The advantages of using IFRS system includes reduction in the capital cost of a firm, increasing efficiency in resource allocation, increased flexibility of capital, uniform and easy comparability of the financial reports of the companies and decline in the options for earnings management.
Globalization is the circulation of ideas and culture in a global scale. It has made the world become increasingly interconnected as a result of increased trade and cultural exchange. Culture can be defined as shared patterns of learned behaviour, attitudes and knowledge. Some of the positive impacts of globalization is that it helps spread culture globally, exposing other people to different cultures, it also instils common values and interest in people creating a more united society. However, globalization also diminishes the presence of local culture in favour of a more influential one and homogenizes society.
Globalization is countries around the world sharing their economical, social, political, environmental,and technologies with other countries around the world creating a diverse world . You may not think that globalization happens in you community, but most likely one thing that you are wearing, eating, or doing is the result of globalization. There for globalization plays a big role in the way our Identity is shaped, since it plays such a big role in our everyday lives. Globalization helps in creating a harmonious society, and an identity worldwide that focuses on capitalistic values, it also creates more diversification in culture and our identities. These three positions help us understanding just how big of an effect globalization has on our personal and collective Identities Some people may think that globalizations is threatening the unique and varied cultures in our society, but having a more common Identity through the world will help keep the peace between countries.
Essentially, globalization is about a close integration of countries and people worldwide which has been brought about by the freedom of mobility, development of various means of communication and elimination or at least reduction of barriers to the circulation of capital, knowledge and to a lesser extent people across borders. Globalization is an umbrella term for a complex series of social, political and economic aspects identified as an increasing interaction and integration between people and countries worldwide. This international interdependence is characterised by the continuously increasing international migration, elimination of obstacles of free trade and global economic integration which is one of the powerful driving forces of international businesses that move capital, goods and technologies, but also people across borders (Kritz and Zlotnik, 1992). International business refers to a wide range of business activities undertaken at the international level. Along with rapidly increasing globalization, international business has become a popular topic and has drawn the attention of business executives, government officials and academics.
CONCEPT OF GLOBALIZATION Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. It is the process of growing and expanding to exist throughout the entire world. The tendency to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization not only leds to increasing international trade, but also in cultural exchange. Globalization is both boon and bane.
With globalization, business has publicly become more competitive, responsive and service oriented. Sustainable business, growth of foreign investments and improved technology - these all together is possible only through Globalization and on the other hand terrorism, wars, inequality and environmental
Victoria Idele Student (LON) number: LON170920004 Contemporary Themes LSBM002 What are the advantages/disadvantages of globalisation? Advantages Globalization has increased free trade between countries. The increase in capital liquidity has allowed investors in developed countries to invest in developing countries. Large corporations from developed countries have great flexibility to work in other countries. According to (www.occupytheory.org), the flow of communication has allowed the global mass media to bind the the world together.
Globalization is the process by which “people across large distances become connected in more and different ways” (GLOBAL READER). The spread or advancement of these processes involves a deepening of shared experiences, and the unity of countries through the worldly concept of connectedness, and globalized linkage that globalization creates. As many activities become more similar worldwide, certain elements devalue the essence of diversity; presumably, displacing original norms and customs; ultimately, enabling people to fall distance from their basis, and become more common. Globalization is also the driving force of market expansion. Global expansion allows nearly no limits in a capitalist economy for countries that are developed with stimulated economies; on the contrary, it is bound to create a division of inequality amongst countries that struggle to advance their economies.
I. Introduction ‘Globalization’ is a buzzword in the communications of today, rampantly, forcefully and glowingly used. It is in an economic context that we hear it most, followed closely by that of cultural cross-pollination in this, the Information Age. However, the phenomenon of globalization also has implications in the field of labour administration. The fundamental forces of globalization – the ever-increasing stresses of economic competition and spectacular advancements in technology – have led to a dramatic change in the nature of the marketplace and the manner in which it functions.
Globalization is right for sure countries, along with the ones within the evolved world or global North where wealthy countries just like the U.S., united kingdom, and Germany can sell extra products and items to new markets inside the global South or poorer nations which include the Philippines and Indonesia. Globalization plays a vital function in presenting no longer only products and services but also method of living and the manner of boom and improvement. the following are some of the monetary benefits of globalization in connection to overseas groups: • Reduces worldwide poverty via imparting work to people. • Contributes to the spread of era by way of introducing new techniques of development. • Provides to the profitability of companies and agencies via earnings and global income.