Water and oil separator Essay Example | Topics and Well Written Essays - 1750 words

Water and oil separator - Essay Example Water and Oil separators that are appropriately, planned, worked and introduced can give a treatment framework to be utilized in treatment of slick wastewater. This can help forestall any section of an unsuitable degrees of defilement to either a clean sewer framework or tempest sewer (Grigsby 54). In any case, water and oil separators are never intended to help separate high convergence of oils or solids from water, for example, huge amount of ooze or oil that is poured or spilled in the clothes washer narrows channel. It is, in this manner, significant for the individuals entrusted with releasing wastewater into water and oil separators to comprehend their standard of activity, and their impediments. This will help forestall contamination of the earth. This paper talks about the normal kinds of water oil separator frameworks. The emphasis is on their rule of activity, and the regular properties of ordinary water and oil wastewater streams. Presently, there are two kinds of oil water separators (U.S. Armed force Aberdeen Test Center, 27). These two exist in shifting structures. The principal plan, which is additionally the most established, is known as the traditional/gravity detachment or API separator, and the combining structure or equal layered plate. The customary/gravity configuration gives a specific tank width, profundity and length that gives a wide, and calm spot inside the pipeline. This occasions for the oil to rise. This API configuration relies upon the enormous water volume and can give around 100 ppm release oil focus on a 150-micron bead size. This associates with the size of the tank, which can conceivably hold multiple times the size on estimated combining separator. Then again, the blending structure or equal layered plate has a huge surface region that is in contact with mixing plates (the waste stream). This structure has a combining media, which makes the size of the tank decrease. It additionally builds proficiency of its exhibition. The division procedure

Expansion of Molson Coors Molson Canadian Premium Research Paper

Development of Molson Coors Molson Canadian Premium - Research Paper Example This is notwithstanding an expansion in deals of a contender. It obviously sketched out how Molson Coors had lost it in issues concerning promoting and different techniques relating its deals. One of the significant brands that Molson Coors has as a main priority to advance is the Molson Canadian, one of the three lager marks that it possesses. Molson Canadian is a top notch ale. One of the potential reasons with regards to why it is the result of decision to be focused for development is its expanding notoriety among lager brands around the world. It is now a hit in its local nation of creation, Canada, and the organization has significant designs for it.â Ranking The positioning of the nations in the request for the best market to the most noticeably awful is: 1. China 2. Mexico 3. Czech 4. France China There are a few reasons with respect to why China is the best potential market for extension of Molson Canadian premium ale. One is the notoriety increase of premium beverages amo ng the Chinese populace (6% in 2010) and its promising consistent advancement. They particularly incline toward drinks that have quality and have some status. Premium ale drinks fit impeccably in this depiction. An inclination is slanted towards imported premium ale brands given the tendency of the Chinese toward the Western nations culture. This is in actuality an ideal open door for the Molson Canadian premium ale, given its cause and flawlessness. The Chinese market has a promising future market, both in the present and later on. This is given its more youthful generation’s capacity to spend more on extravagance products. The youthful Chinese consequently hold the future market for the Molson Canadian lager brand. Mexico could have been the best choice if at all it had a little gleam in its economy development, which is its fundamental frustration while considering the best nation for Molson Canadian Premium Lager. This in actuality was the primary explanation with respect to why they had a drop of 2% of brew volumes sold in 2010. Poor people economy is a danger in that the populace may organize other fundamental needs because of the rising costs of brew and the general expanded swelling that read 4.4% in 2010 up from 3.6% in 2009. For the most part, Mexico has a helpful market for premium lager with the thought that an enormous rate (94%) is focused on brew among every mixed beverage. The age gathering of the customer base is additionally great; in the scope of 20 †29 years which is likewise the future market of the brand. Measurements likewise show that brew would in the end swap soda pops for men given the pattern it had taken. Of the 3% ale imports that are expended, 90% includes premium ale. This leaves most likely that Mexico is the second best alternative for Molson Canadian premium brew development plan. Czech Anyone who didn’t have the insights would have no uncertainty picked Czech as the ideal nation for this speculation plan. This would have been absolutely off-base on the grounds that in spite of Czech positioning among the best five in brew utilization, a large portion of the upheld brands are nearby brands. This is in spite of the imports that it gets from Slovakia and Poland. Its ongoing monetary investigation and the wellbeing and wellbeing refinement are likewise intended to expand mindfulness and therefore a high possibility of lessening its market.â â

Organization behavior analysis of Merck Company Inc Essay Example

Association conduct examination of Merck Company Inc Essay Example Association conduct examination of Merck Company Inc Essay Association conduct examination of Merck Company Inc Essay Presentation Association conduct examination alludes to the deliberate assault in dissecting and utilization of human conduct as people or gatherings inside an association their conduct and the outcome this conduct impacts on the association and its closures. It is the examination of single and gathering conduct inside an association. It improves better connections to achieve human points, associations points and cultural points. The association s esteems closures and human progress are completely connected in such a way, that there is incorporating between the workers individual finishes and the association s closes. Authoritative conduct investigations connections between factors ( McKenna, 2001 ) . The build of hierarchical conduct depends on the hypothesis that the earth directs the human conduct ( Duncan, 1982 ) . It covers an expansive extent of subjects that incorporate human conduct, adjustment, driving and open introduction. It includes breaking down conduct from a single degree, a gathe ring degree and an authoritative degree, where the three are someway join. The investigations outcomes to increasingly proficient and solid associations. The organization: Merck Company Inc. Association conduct incorporates dissecting conduct that outcomes from outside natural powers. An amalgamation and conceivable anthem offs are factors that would hold an effect on Merck s representatives practices and this conduct would hold an effect on the associations productiveness. This paper will go to these subjects comparable to the modifications in Merck s A ; Co. after the organization converged with Schering-Plow and during the organization s rebuilding plan, which includes stifling 15 for every centum of the representatives found comprehensively ( Schepp, 2010 ) . Merck is one of the biggest pharmaceutical open organizations known to man. The central stocks incorporate clinical claims to fame, vaccinums, natural treatments, shopper and vivify being stocks. The organization has its caput office in New Jersey and works in 140 states found around the world. The organization is recorded in the New York Stock Exchange. Merck late converged with Schering-Plow Company. One of th e impacts of the amalgamation was lying off of around 15 for every centum of the new organization s representatives. The issue Fitting to Appelbaum chiefs should contemplate association s conduct during and after an amalgamation. Numerous amalgamation and obtaining disappointments can be ascribed to miss of legitimate authoritative conduct investigation. One of the negative consequences for workers conduct during and after an amalgamation is that it can take to frailty and uncertainness among representatives ( Appelbaum, 2000 ) . During an amalgamation the course should go to the effect it would hang on the representatives and offer help and support to the workers, examining mentalities, qualities and individuals s practices and how they are influenced by the earth. The association will require to investigate arranging, framing, taking and ordering. Break down occupation maps, designation of assets, and work process processs. Train the representatives to remain focussed and consoling them of their occupation security will help with making stableness and continuation. Control alludes to the course s emotional and equitable evaluation of the accomplishment of finishes. The bearing ought to perceive that there is an interest to go to fear for change. Appelbaum et Al. ( 2000 ) suggests three assaults thus toing association conduct during an amalgamation, imparting, corporate human progress and modification. Correspondence During the change technique, it is extremely of import for the course to hold detached speaking with the representatives. This will be extremely useful in holding the organization s development. Absence of legitimate imparting to the workers during an amalgamation may take to bits of gossip which may bring down representatives spirit as they become distracted with their ain single associations. Correspondence will help with crossing over the spread between the individual s contributions and the associations inclusions during the gathering method. This will help in coordinating of the two hierarchical developments, in this case Merck s and Schering-Plow Company. Merck s course accomplished this through publicizing the organization s concern conspire in the 2009-2010 Corporate Responsibility Review study ( Merck, 2010 ) . The program included consolidative, fusing and cultivating progress. The plan included pass oning the progression to the representatives and different partners ( Merck A ; Co Inc. ) . One of the manners in which that conveying can be efficacious is through rehash of data however various signifiers of media ( Appelbaum, et al. , 2000 ) . The interest for smooth incorporating of the amalgamation between the two organizations was imparted through grouped investigations in the Merck s site. These investigations incorporate the Code of Conduct and the 2009-2010 corporate organization contemplates. The messages of honestness, transparence and loosened conveying are reflected in the greater part of the organization s arrangements, demoing the complement the organization has on detached imparting. Authoritative Culture At the point when two organizations converge, there are potential outcomes of social shared restrictiveness. This may follow to battles. An associations human advancement can be perceived through antiquities, for example, the organization Son, the organization esteems and standards and through essential verifiable in premises. It envelops casual and formal strategies of doing assurance in the association. This incorporates the force chain of importance and how workers who are in better places cooperate with one another. At Merck there is basic respect for workers and they are urged to build up their achievements and they are subsequently dedicated to high open introduction. This implies they can be trusted to do conclusions without needfully holding to hang tight for their directors assent. The organization takes into consideration some incorporation in the assurance formulating technique, however workers in distinction are to portray their hard feelings to their bosses before they go to every other person. In this way Merck design popularity based driving way ( Miner, 2007 ) . In add-on to this, representatives should hold individual to trust in about their interests for an amalgamation. At Merck organization heading, anybody with a distinction on any issue ought to portray it to the parts Human Resources agent. The organization other than has Merck Office of moralss where the individuals who might fear their ain directors and human asset agents should take their inquiries and concerns. In add-on to this the organization has a codification of conduct that goes about as a rule to anybody with any kind of obligation in the organization including workers and the supervisors. The codification of conduct incorporates moral requests and the methodology one ought to use in assurance conceiving. This shows receptiveness and giving representatives obligation to do judgments. This outcomes to upbeat representatives who are increasingly gainful. An organization that is in the post-merger situation should hold a progress that is obviously characterized. There ought to be regular land for the two organizations after which another human progress will be created. Merck Co. Inc. is in by and by in the post-merger stage. The bearing has built up a program that would ensure a smooth incorporating of the two civic establishments. This is specified in the organization s concern motivation which incorporates joining the two human advancements, fusing them and developing the new progress. An associations development can be resolved from the organization s statements of purpose, and in its qualities, moralss and standards which all structure segment of association conduct. The organization s esteems depend on moralss and solidarity. Merck s statement of purpose peruses To gracefully progressed, run of the mill stocks and administrations that spare and improve lives and satisfy customer request, to be perceived as an extraordinary topographic point to work and to flexibly financial specialists with an unrivaled pace of return ( Merck Co. Inc. , 2010 ) . This statement of purpose shows the significance at which the association esteems the workers part to the developing of the house. This ought to be a start of motivation for the representatives who stayed at Merck s organization after the amalgamation. A similar significance is reflected in the organization s moralss and standards proclamations. On moralss and standards, Merck s organization has a principle similarity office to ensure that Merck s organization agrees to all the statutes as required internationally. The congruity official other than guarantees that the organization designs moral concern designs what's more shielding the individual s privateness. This shielding of the individual s privateness shows the respect the organization has on the individual. This can move as a persuasive factor for the representatives. The worker feels increased in value, hence turns out to be increasingly profitable which improves the representative s open introduction. An organization that has viable corporate organization is in many occasions straightforward in the entirety of its tasks. Corporate organization other than includes valuing that the individuals in an association are the vast majority of import resources in that association ( Blair, 1995 ) . Merck s organization has an efficacious corporate organization development. The Chief Executive Officer ( CEO ) is named by the Board and the Board other than decides his pay. The Chairman is liable for the Board. There is a review commission which is open to all. In add-on to this the organization has informants insurance arrangements. These realities are turn excursion of transparence. As such the workers should hold affirmation in the organization and conform to the progress of the new organization. Changes An amalgamation prompts sev

Top Guide of Operant Conditioning Essay Samples

Top Guide of Operant Conditioning Essay Samples The Essentials of Operant Conditioning Essay Samples That You Will be Able to Benefit From Starting Today Consequently, staff have to be trained to give tokens fairly and consistently even whenever there are shift changes like in prisons or inside a psychiatric hospital. Children continuously make an effort to ride a bike till they are finally able to keep on the bike without falling off or wrecking. The key consideration to keep in mind is that with any kind of learning, it can at times take time. The Premack principle basically states that whenever you're picking out a reinforcer, you must consider the individual who's receiving the reinforcer. The key point to understand however is that you want to use positive reinforcement strategies that are particular to your pet fish. An excellent illustration is when a parent agrees with her or his child that should they don't find great grades they will pay the parent a particular sum of money. The Lost Secret of Operant Conditioning Essay Samples Use Positive reinforcement in Operant Conditioning to acquire more of what you need and less of what you wish to prevent. Therefore, the conditioning was successful. In adults, aversive conditioning is often utilised to combat addictions like smoking or alcoholism. Classical conditioning generally happens when the subject learns to associate two stimuli. There are some different techniques of dog operant conditioning that may work to your canine companion. Be clear regarding the specific procedures the therapist would utilize. In more specific provisions, it's a type of classical conditioning therapy that's created by Joseph Wolpe who's a South African psychiatrist. Two giants in the specialty of psychology were spearheading he debate. New Questions About Operant Conditioning Essay Samples Operant conditioning may be used to explain wide array of behaviors, from the practice of learning, to addiction and language acquisition. It occurs when an association is made between a particular behavior and a consequence for that behavior. By comparison, classical conditioning is every time a stimulus automatically triggers an involuntary reaction. Also, remember that it is passive on the part of the learner, while operant conditioning requires the learner to actively participate and perform some type of action in order to be rewarded o r punished. When a behaviour does not have any consequences, it is going to occur less frequently. Finally, the invertebrate will be conditioned to keep on the side that doesn't undergo a temperature change. In real life, behavior isn't constantly reinforced. The behavior was extinguished. There are two sorts of punishment. Your dog is a fantastic companion, but in order to make the desired behaviors you are going to have to learn how to communicate in a language which he can understand. In the event the client values life or their loved ones or children the adverse effects of smoking might just be the trigger they should stop. A good example could be when an infant is hungry it's viewed as an uncomfortable state in their opinion. The essentials of positive reinforcement are employed in all kinds of animal training. Shock electrodes are put into the tibialis anterior muscle. On the flip side, negative reinforcement has different varieties of rewards and may also be effective. In different instances, rewards and punishments could be consciously doled out as a way to create a shift. Most individuals believe positive reinforcement is more effective because somebody is more inclined to repeat a behavior if there's a reward involved. Especially in regards to dealing with behaviors. Simply deciding to block the behavior isn't always enough.

Women Scientists Everyone Should Know

Is Witch Trails A Thing Of The Past - 923 Words

Being that the Salem Witch Trails date back to over three hundred years, many people believe witch trails are a thing of the past. However, modern day witch trails are still extremely prevalent. Modern-day witch-hunts are reported to still be happening in Africa, the Pacific, Latin America, even in the U.S. and Europe. According to a New York Times article, within the last fifteen years alone, more than 2,000 Indians have been killed after being accused of witchcraft. Almost all of the accused have been women, usually accused by a neighbor or due because of personal disputes about land rights or personal property. Not only are witch-hunts going on in India, but reports have also come in from Papa New Guinea. Starting in 2000, when a newspaper reported men were tortured with weapons, including iron rods, before being beaten and burned to death, there have been many accusations of people partaking in witchcraft. Not only are these accusations happening to woman, they are happening to m en, children, and the elderly. Causes for witch-hunts in Papa New Guinea are believed to have steamed from problems between men and the community, sparked because of the lack of educational and economic opportunities, also fueled by drug use. It is heavily debated that one of the reasons the Salem Witch Trials had such an impact on America is because modern day witch hunts have made what happened in Salem still relevant. One theory states that the witch scare was brought on by the ministers as aShow MoreRelatedNineteen One Deaths From The Salem Witch Trials847 Words   |  4 PagesTwenty-one deaths from The Salem Witch Trials (Callis) seems to be very minimal when compared to the 620,000 deaths that resulted from the Civil War, however, The Salem Witch Trials seem to stick out significantly in the minds of Americans. Why is this? 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Additionally, it is important to note that the Salem Witch Trials have been considered to be amongst some of the darkest periods in the American trial history. The reason why the trails

Regulatory Framework Existing In Australian And Convergence With Ifrs

Question: Discuss about the Regulatory Framework Existing In Australian And Convergence With Ifrs. Answer: Introduction Each company has their own regulatory framework as to how to function, how to present the financial statements in the particular manner, how to disclose the companys intentions of expansion of the business in future and how to comply with the statutory compliances and etc. For each of the work the governing country Government of the company develops such a regulatory framework which will not help the companies to formulate their financial statements but also will help the regulators to check whether the required companies are complying with the requirements of not. In this review, at first the regulatory framework in respect of the accounting has been explained. It has detailed how the regulatory framework has developed over the years and how the accounting standards have developed over the years and how its compliances have been made. The reference has been made to Finance Reporting Council, Australian Accounting Standards Board and Corporations Act 2001. Thereafter, in the next, co nvergence of Australian Accounting Standards with the framework set for International Financial Reporting Standard has been developed. How International Financial Reporting Standard has been formulated and how the Australian Government has standardized their processes to apply these. Thereafter, the study has been ended with the concluding paragraph stating that the review has been useful to the users of the financial statements. Regulatory Framework in Australia The financial system of Australia is governed by various components which in itself constitutes the regulatory framework. This regulatory framework reduces the chances of any working or incorrect information to be passed on to the users of the financial statements. Before proceeding with the regulatory framework, it is necessary to have an understanding of the accounting system and how the financial statements are made available to the users of the financial statements. An accounting is the process of identifying, classifying and recording the transaction of the company at one place. Thus, emerges the books of accounts. Keeping books of accounts in the good condition is one of the major objectives of each and every organization. From these books of accounts the companys financial statements including the balance sheet at the particular point of time, statement of profit and loss for the particular period, statement of changes in equity and the cash flow statement is prepared. Balance sheet describes the financial position of the company at the particular point of time, statement of profit and loss provides the value of the net profit earned or loss suffered during the year, statement of changes in equity provides the changes in the share capital and the reserves and surplus of the company during the year and the cash flow statement will depicts that the total cash inflows and cash outflows made by the company in three different activities namely ope rating, investing and the financing. These financial statements are then presented to the auditors of the company to report thereon. Thereafter in the annual general meeting of the company, the auditor report is approved and annual report is published of the company. The annual report of the company contains the financial statements of the company along with the auditor report and the notes to the financial statement of the company. These then are made available for the users of the financial statements. The users of the financial statements are those persons whose decision can be affected by the annual report of the company and includes shareholders, banks and financial institutions, employee and government authorities under which the company performs its function and other stakeholders. The users take the decision on the basis of the analysis of the financial statements they made and the interpretations thereon. In this way, the accounting is very important for every organization whether it is big or small (Deegan, 2010). For keeping and maintaining the books of accounts there shall be defined framework. Framework is the structure, plan or layout of how to proceed and complete the work in an effective and efficient manner. Framework is regarded as the platform which has been defined as per the need and requirements and the work is done accordingly. Similarly for accounting also there has been framework which has been developed by the Australian Government. The need of the intervention arises in the nineteenth century only. Prior to this there has been no accounting framework. In the thirteenth century the double entry book keeping has been experienced in Italy and with the passage of time in the fifteenth century almost all the countries have started following the double entry system of book keeping. After the establishment of the professional bodies chartered accountants, public accountants and society for accountants the company the need for having the financial statements duly prepared by the manag ers and duly certified by the auditor and adopted by the members of the company has arisen. Although the financial statements have been prepared and authenticated by the company but the contents of the annual report have still not be prepared. In the year 1998, Australias financial regulatory framework has laid down the three elements which are described as three agencies which regulates the financial system of the companies operating in Australia: APRA Australian Prudential Regulation Authority The authority which has the responsibility of supervising and controlling the prudential aspect ASIC Australian Securities and Exchange Commission It has the responsibility of protecting interest of the investors by regulating the market in good condition RBA Reserve Bank of Australia It has the authority and responsibility of regulating the financial system of whole of Australia by defining and laying down the fiscal and monetary policies including the budget formulation for the whole of county and declaring and expecting the GDP rate and other growth rates (Australian Government Official Website, 2017 and Reserve Bank of Australia, 2017). Australian existing regulatory framework consists of four major components: Prudential Framework Consumer Protection Corporate and Market Regulation and Market Discipline Market Discipline - This component is the base of the Australian Regulatory framework. Market of the every country has been the complex in nature from the very starting. With the complexity and the quantum of the transactions that have taken place or will take place only, the persons who are going to have or gain loss will be the best to understand the market conditions. Thus, this component is best framed by the presence of the customers, investors, shareholders, creditors and other similar parties. Also the effectiveness of this component will depend up on how far the company provides the information to the users in order to determine the risk and return relationship and the trade offs of any. Corporate and Market regulation The major aim of this component is to ensure that the companies provide all the information to the users of the financial statements in an accurate manner and that too in timely manner. The corporate regulation framework is under the direct control of the Australian Securities and Investment Commission. It provides the rules and regulations for registration of the company, defining and establishing its objectives and how the company will work in accordance with the defined objectives, filing of annual financial statements of the company along with the director and the auditor report and majorly for the protection of the interest of the investors, shareholders and the outside liability owners. In the directors report the board of directors have to mention at the end of each year whether the company will be able to pay off its debt in the near future. Thereafter, the auditor will have to check the accounts of the company on an independent basis without any bias and issues his report thereon. Further within this component, it is mentioned that if the companies wants to get their securities listed on the stock exchange then they have to follow some more formalities that will mandate for the company to provide more and extensive information for the shareholders and the other investors. The stock exchange like requires the listed entities to disclose all the relevant information related to the company affairs on the timely basis that have the positive or negative effect on the share price of the company. This direction and monitor entails that the financial position of all the companies are under close scrutiny Consumer Protection This component deals with the proper transmission of the financial and non financial information of the company to the prospective customers. Customers generally are unaware from the risk that may happen in the normal course of market. It is because of the fact that the customers are generally informed with the inaccurate figures and which does not correspond to the actual figures through which proper risk assessment can be done. For instance the customer purchases the insurance product from the company having the information that this product is vulnerable to market risk and will only give the profit. But in actual the same is in loss as at the current date. In this way, customers protection is the third major component of the Australian regulatory framework. Prudential Framework The most important role of the prudential regulations is that the chances of getting the operating companies as failure will be less. To carry on with the prudential framework the Australian Government has laid down the APRA Australian Prudential and Regulation Authority. There are four major elements in the prudential framework Regulation This element will help in defining the standards to have in place for the Mentioning the acceptable behavior of the companies prevailing in the market and to advocate the process of having the sound risk management in the company. Supervision This wing will help in facilitating the speedy and the early detection of the financial difficulties if any being faced by the operating companies and to ensure the adequate compliance with the regulations. Intervention of APRA There will be the ways through which the authority can enter to operate the companies effectively by either changing the management of the company of by affecting the demerger of the loss segment or the merger with the large company or the acquisition of the competitor company to have synergies. Winding Up Last component has been described as the winding up of the company. In case the company stops the functioning and is not able to perform as per the two components and even after the intervention of APRA then the company shall apply for winding up or shut down (Reserve Bank of Australia, 2017). Also the in the year of 1997, Australian government has moved for following Setting of the body for preparing the accounting standard The members of the body shall act in an independent manner The council will be formed which will regulate the functioning of the accounting standard setting body. And finally to make the standards applicable for all the companies working in Australia. Thereafter the regulatory framework have been further developed by the Corporations Act 2001 which have focused on the true and fair view of the financial statements along with the application of the relevant and applicable accounting standards in the full spirit. In this manner, the regulatory framework is operating in the country of Australia. Convergence with IFRS International Financial Reporting Standards have superseded the relevant accounting that is being applied by the companies operating in Australia. Australian Government has laid down their accounting standards. But the International Financial Reporting Standards setting body has laid down that in addition to the financial statements prepared in accordance with the Australian accounting standards, the company have to follow the International Financial Reporting Standards framework as it has been made mandatory for globally. International Financial Reporting Standards have become applicable from first of January two thousand and five. It comprises of the following two major portions: Series of accounting standards will run parallel. One is International Financial Reporting Standards and other one is International Accounting Standards. Interpretation of both the committees One by the Standing Interpretations committee for old standards and second by the International Financial Reporting Interpretations committee. Through the direction of the regulatory body Financial Reporting Council, the International Financial Reporting Standards has made mandatory for the companies listed under the Corporations Act, 2001 and will begin from the period starting from first of January two thousand and five. Thus, the financial statements so prepared by the company in accordance with the Australian Accounting Standards shall also be prepared in accordance with the International Financial Reporting Standards. As per the Australian Accounting Standards, any transaction or event that has taken place in the profit making entity or no profit entity, the recording of the transaction will be the same and will be entered in the same manner. Whereas while complying with the relevant International Financial Reporting Standards, the difficulties have been faced in case of no profit entity and therefore the specific needs have been satisfied (AASB, 2017). Australian Government has prescribed two tiers of reporting requirements which is helpful in creating the General Purpose Financial Statements. There are as follows: Australian accounting standards and Australian accounting standards with the reduced or less disclosure requirements. International Financial Reporting Standards have stepped into the tier 1 structure of accounting standards. Tier 2 structure specifies the ways of measurement, recognition and the presentation of the financial statements of the company. Thus, an International Financial Reporting standard has become the tier 1 in the structure and its disclosure requirements and other specification have been mentioned as per the tier 2 structure. Tier 1 structure are mandatory to be applied by the Profit making companies who possess the public accountability The Government funds, state and local governments including the local authorities. The following entities may apply tier 1 or tier 2 structures: Profit making companies who do not possess the public accountability No profit making entities and Public sector undertakings other than the Australian government, state or local authorities like government owned companies. As already discussed, tier 1 companies have to comply with the International Financial Reporting Standards along with the application of the relevant Australian accounting standards and shall contain the explicit statement that the company has complies with the International Financial Reporting Standards. Few International Financial Reporting Standards have been applied universally irrespective of the fact that whether the compliant company comes under the category of tier 1 structure or tier 2 structures. These International Financial Reporting Standards are: Presentation of Financial Statements Statement of Cash Flows Accounting policies, changes in accounting estimates and errors Earlier to introduction of International Financial Reporting Standards, Australia has not adopted International Accounting Standard 26 on Accounting and reporting of the retirement benefit plans of employees. But after the introduction of International Financial Reporting Standards, the companies in Australia have to apply the International Financial Reporting Standards on retirement benefit plans of employees (IFRS Foundation, 2016). To have deeper knowledge of the standardization of International Financial Reporting Standards, the example of AASB 117 on accounting for leases has been selected. Thus standards states that there are two leases and while entering into any transaction, it shall be bifurcated and understood whether the lease is an operating lease or financing lease. In case of operating lease the lease rentals are charged to the profit and loss statement and have been expensed in the year in which it is incurred and paid. It does not recognize the corresponding asset or liability in the financial statements of the company at the yearend (Chua Y and Cheong C, 2012). The asset or liability if any arises is disclosed in the notes to accounts and remains as off the balance sheet item. In this the economic position of the company cannot be depicted in the real terms. Whereas as per the International Financial Reporting Standards number 16 on leases, there is no bifurcation is required to be made rather the asset or liability needs to be created at the end of the financial year. The financial position as well as the financial performance can be easily judged and the users can take maximum benefit of it. With the adoption of this International Financial Reporting Standards many airline companies and retail sectors will start having the true and fair view of the financial statements and moreover there will be no level playing field for them. Australian Government has now changed their perspectives and has standardized their function accordingly. Conclusion Every company shall have proper framework in which it can perform its function in an efficient and effective manner. In this literature review the history of the regulatory framework in respect of the accounting of the financial transactions of the companies have detailed with respect to the origin of the accounting, origin of institute of chartered accountants and thereby auditors, and then the development of Australian regulatory framework for accounting through the accounting standards body and Finance Reporting council. Thereafter the International Financial Reporting Standards have been explained in regard to its convergence with Australian Accounting Standards and have detailed how the Government of Australia have taken up the task of incorporating the International Financial Reporting Standards in their regulatory framework of two tier structures. In order to conclude the review has been the extensive and the users will have now more information about the company in their annu al report through the introduction of International Financial Reporting Standards. Executive Summary The financial statements are the backbone for each and every organization without which no company can function properly. It tells about the financial position of the company at the particular point of time and financial performance for the particular period end. If the financial statements have not been prepared in accordance with the framework of the accounting then the financial statements will be futile serving no purpose to the users of the financial statements. In this review the regulatory framework of accounting in the country of Australia have been explained and it has been detailed that how the framework have developed over so many years. What are the bodies which are regulating and monitoring the compliance of the prevailing regulatory framework? Whether the framework is being compiled by the applicable reporting entities or not in the full spirit? Further the regulatory framework has been extended to the International Financial Reporting Standards Application and it details that how Australia has standardized their framework and the accounting standards in accordance with the International Financial Reporting Standards in order to give uniform and correct picture of the financial statements. Thus, to summarize, the Australian regulatory framework has been fully standardized for adoption of International Financial Reporting Standards. References AASB, (2017), What is an IFRS and How does it affect Accounting in Australia, available on https://www.aasb.gov.au/About-the-AASB/For-students.aspx Australian Government Official Website, (2017), Strengthening the Financial Reporting Framework available at https://archive.treasury.gov.au/documents/403/HTML/docshell.asp?URL=Ch6.asp accessed on 27/04/2017. Chua Y and Cheong C, (2012), The Impact of Mandatory Adoption of IFRS on Accounting Quality : Evidence from Australia, available at https://www.aaajournals.org/doi/abs/10.2308/jiar-10212?code=aaan-site accessed on 28/04/2017. Deegan C, (2010), An Overview of the Australian External reporting Environment, available at https://www.slideshare.net/joshuatuisawau/deegan5e-ch01 accessed on 27/04/2017. IFRS Foundation, (2016), IFRS Application Around the World : Australia, available on https://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/Australia -IFRS-Profile.pdf accessed on 28/04/2017. Reserve Bank of Australia, (2017), Australias Financial Regulatory Framework, available on https://www.rba.gov.au/publications/annual-reports/cfr/2002/aus-fin-reg-frmwk.html accessed at 28/04/2017.