Political Economy of Media Essay Example | Topics and Well Written Essays - 2250 words

Political Economy of Media - Essay Example He also looks at the economic and cultural globalization and their relation with the global commercial market (2001, p.1). The global commercial media do promote cultural globalization. McChesney looks at the technological revolution that is defined mainly by the radical development in computing and digital communication. He concludes that the cultural globalization and economic globalization would be impossible without global commercial media. Technological revolution has made the media empire lucrative and realistic; this new image of the media company is one that was unimaginable in the past. The emerging technologies in the media economics play a role in encouraging competition among the media companies. In pursuit for profits and economy improvement media, companies embrace the new technology in the market to ensure that they provide satisfactory service to their consumers (McChesney, 2001, p.3). The relation between media economy, technological revolution can be better understo od if we consider the role of advertising. Advertising is a business expense that large firms invest in to commercialize their business. The concept of globalization was made possible through advertising, the media benefits from advertising in the sense that three quarters of the earning from advertising is for the media company. The internet for instance is one of the technological advancement that has been embraced by the media company. McChesney observes that companies like the AT&T, Microsoft, telefonica, and AOL have become media players. The integration of the media system, telecommunications and the computer industries forms a global communication system. It is true that the global media plays a crucial role in the promotion of expansion of global and regional sale of goods and services; the global media functions to promote cultural industry. Patrick looks at the cultural industry in the age of globalization and concludes that culture is increasingly being shared. Many natio ns concentrate on transitioning cultural industries and national interests. Grant states that the cultural industry exists to enforce the capitalist ethos. He describes that culture is a tool for the capitalists to exercise control of an individual’s consciousness. Let us consider television as a part of the culture industry. The television has changed the society these days. However, Grant does not view the change as revolutionary but rather as a progression. It is, however, through the television, that advertising has been made a vital part of marketing by many industries. The media achieve the success of advertising when cultural expectations are aligned with the investors’ expectations, the purpose of technological innovators and the goals of entrepreneur ism. Technology has seen the penetration of various cultures into the mainstream. It is necessary to note that culture forms the spirit and soul of the every nation. It is also crucial to note that culture also fo rms the foundation of national development. Yan lei suggest that there is a relationship between culture and economic growth. This he concluded after carrying out various studies that explained the impact of culture on economic development, and technology (2008.p.23). Lin yei observes the cultural industry contribution to the Guangdong province, and he compares it to the contribution by the other industries such as agriculture, and the industrial industry. Lin yei states

Accounting theory practice Essay Example | Topics and Well Written Essays - 2000 words

Accounting theory practice - Essay Example This revised IAS 1 is applicable to all entities whether those are profit oriented or not- for profit entities. ‘Not- for profits entities in both the public and private sectors can apply this standard, however they may need to change the description used for particular line items within their financial statements and for the financial statements themselves. This standard applies to those entities that present consolidated financial statements and those that present financial statements as defined in IAS 27: Consolidated and Separate Financial Statements. It does not apply to the structure and contents of condensed interim financial statements prepared in accordance with IAS 34: Interim Financial Reporting.’ (Barry and Jermakowicz, page 22)2. In other words IAS 1 is applicable to all financial statements that cater general purpose needs. ‘General purpose financial statements are those intended to meet the needs of users who are not in a position to demand reports t ailored to meet their specific information needs. They include statements presented separately or those within another public document, such as annual report or prospectus.’(David Alexander and Simon Archer, 3.04)3 IAS 1 revised in September 2007, issued by International Accounting Standard Board (IASB), is the first of the series of expected revisions on the standard. While issuing the revised IAS 1, IASB (2007)4 stated in the press release that ‘the changes made are to require information in financial statements to be aggregated on the basis of shared characteristics and to introduce a statement of comprehensive income. This will enable the readers to analyze changes in a company’s equity resulting from transactions with owners (such as dividend and share purchase) separately from non- owner changes (such as transactions with third parties)’. This indicates that the basic objective of changes is to present each financial