Chicago Essay Example | Topics and Well Written Essays - 2000 words

Chicago - Essay Example From this study it is clear that the theory of the central places has been criticized for unreality. Static theory, not taking into account the temporal aspect in the development of the central places was also criticized. Furthermore, the theory is well illustrated in practice, when it comes to agricultural areas, but not for industrial or post-industrial areas due to the diverse nature of the various services and the distribution of a variety of natural resources in them. Numerical studies of the evolutionary model, which are based on the ideas of Christaller showed that symmetrical distribution is unstable. Small fluctuations are enough in order to areas with a high concentration of activity appear and cause an outflow of population and reduction of activity in other zones.This essay highlights that  the theory of production location (the theory of location) studies placing of productive forces as the allocation process on the territory of objects and phenomena; it is included in the subject of the regional economy. The location theory describes the geographical placement of the economic activity; it has become an integral part of economic geography, regional economics and spatial economy. The theory examines which economic activity is located there, where and why. The theory is based on the whole accommodation on microeconomics, on the assumption that agents act in their own interests.

Introduction of international financial reporting standards(IFRS) in Essay

Introduction of international financial reporting standards(IFRS) in Australia - Essay Example The IASC was established in the year 1973, at London, as an independent private-sector body. It sought to lay down comparable and harmonising standards for accounting, in the context of International Financial Transactions. These set standards were commonly termed under International Accounting Standards (IAS). The membership of the IASC involves about one hundred and forty three organisation in one hundred and four member countries. The main body that undertakes the formulation of a set standard for financial accounting, amongst the member nations, is the IASC Board, comprising sixteen member countries. In the year 2000, on May 20th, the member countries felt the need to renew the IASC structure and unanimously voted in support of the same. This new structure came into force on April 1st, 2001 and was termed the International Accounting Standards Board (IASB). The new structure comprises two distinct bodies within the IASB, namely, the Trustees and the Board. The trustees perform advisory functions and also raise funds. The Board on the other hand, performs the sole function of setting accounting standards. On the lines of the IAS as enforced by the IASC, the IASB has come up with the International Financial Reporting Standards (IFRS), as the standards for accounting and financial reporting. Thus, the IFRS is the new standard for accounting and financial reporting, being adopted by the members of the European Union (EU) and other countries like Australia, China, etc. Reasons for its adoption in Australia Global markets have become integrated and extremely inter-dependent due to the increase in multilateral business ventures and investments. Thus, acknowledged and approved standards of accounting facilitate easy trading and also increase the trust factors amidst countries. Australia, too, is no exception to this growing globalisation and growth, since it cannot remain aloof from world activities. Therefore, it needs to adopt the same standards of accounting and financial reporting, as wet by major countries and international organisations. Here are some of the important reasons as to why Australia has adopted the International Financial Reporting Standards: Increased Transparency: IFRS facilitates increased transparency and clarity in global financial undertakings and accounting. Investors can carry forward and implement their investment plans in Australia, without fear of any risks. This would increase Australia's revenue, while also strengthening its multilateral relations. Greater Comparability: Since the IFRS are the global standards set by IASB, there is bound to be greater comparability between the financial reports of Australia, with other