Changing Accounting Essay Example | Topics and Well Written Essays - 1500 words

Changing Accounting - Essay Example siness was usually owned by individuals through shareholding, in Germany businesses were mainly owned by families whose capital had been providing by financial institutions. These differences in ownership structures have been led to the development of accounting standards that are geared towards shareholders in Britain and towards creditors in Germany. This paper will look at some why the accounting standards are different in Germany and in the United kingdom, in addition, it will also discuss the reasons why the the 4th directive had minimal effects on German’s accounting standards and why the 7th directive had more impact. One of the differences between German and UK accounting standards is the format of the financial statements. While in the two countries it is mandatory for companies to prepare a balance sheet and profit and loss account, in Germany, these are supposed to be accompanied by a note to the accounts, which explain the details in those accounts. In preparing a balance sheet, the UK accounting standards have allowed for two formats; one is the vertical format where current assets are deducted from current liabilities to show net current assets, the other format is the two sided format where liabilities and assets are placed on opposite sides with the easily liquefiable at the end. According to German standards, balance sheets can only be prepared using the two-sided format with assets being divided into current and fixed assets. In preparation for profit and loss accounts, United Kingdom allows for four formats two of which are vertical and two of which are horizontal. In the vertical formats, one formats puts expenditure as a cost of sales, distribution or administrative cost therefore, giving the gross profits while the other vertical formats gives a more detailed view of expenditure. On the side of the horizontal formats, expenses are put on one side and income on the other side with one of the format giving more details about the expenses.

10.What was the impact of the French Revolution on the European system Essay

10.What was the impact of the French Revolution on the European system - Essay Example There was â€Å"a vast peasantry accounting for one in seven or one in eight of the population, most of whom were legally free but bound to their seigneur †¦ by a myriad of services and obligations surviving from the medieval past. †¦ And, in cities, †¦ a great urban population of innumerable crafts and occupations, for the most part poor and depending for survival on cheap and plentiful bread† (Rude 1995). When they rose up against their king, overthrew their monarchy and established a new social order, the French did something no other country on the European continent had done, which had a profound effect upon the other European nations who sat watching to see what would happen. This small war completely contained within the country and lasting only 12 years would send ripples throughout Europe and have consequences that would reach as far as North America and the Dutch East Indies (Taylor, 2006). The changes brought about by the French Revolution were cultur al, social and political. As the rumors spread regarding the fall of the Bastille, people in twenty-eight of the largest thirty cities in France were reported to have staged uprisings and hundreds of thousands of peasants in the rural areas attacked lords’ manors and destroyed other symbols of the seigneurialism system throughout the summer of 1789. This gave rise to a wide-spread wave of mass panic, known now as the â€Å"Great Fear†, in which the people pulled down the old system of French feudalism â€Å"and the state machine of royal France lay in fragments† (Hobsbawm 1969) as the bourgeoisie drafted the Declaration of the Rights of Man and the Citizen and limited the King’s power. â€Å"Between 1789-1791, the victorious moderate bourgeoisie, acting through what had now become the Constituent Assembly, set about the gigantic rationalization and reform of France †¦ its policy for the peasantry was the enclosure of common lands and the encouragement of rural entrepreneurs, for the working-class,