San Juan City Fast Facts Essay Example for Free

San Juan City Fast Facts Essay * On February 17, 1590, during the Spanish era, San Juan was established as an encomienda for Franciscan missionaries. * It was formerly known as San Juan del Monte, its name was derived from its patron saint, San Juan de Bautista, and del Monte after its hilly landscape. * San Juan was formerly part of Manilas Sta. Ana de Sapa. * The town was burned by rebels during the Chinese uprising of 1639. * In 1793, it was separated from Sta. Ana de Sapa and made into a separate municipality. * From 1847 to 1894, the town was governed by gobernadorcillos * From 1895 to 1897, the Capitan Municipal headed the government. * On August 30, 1896, during the revolution, 800 Katipuneros attacked the 100-man garrison at the Spanish polvorin (known then as Almacen de Polvora). The Spanish commander was killed and the rest of the garrison withdrew to El Deposito (the old Manila water reservoir). The arrival of Gen. Bernardo Echaluces Regiment 73 turned the tide against the rebels. 153 patriots were killed and 200 others, including Sancho Valenzuela, were captured. * The town joined General Emilio Aguinaldos revolutionary government on August 6, 1898. * The Philippine-American War began on February 4, 1899 when a Filipino soldier was killed by an American private at San Juan Bridge. In retaliation, Filipino troops opened fire on the American line. On daybreak of the next day, the American fleet bombarded Filipino trenches north of the town, causing much havoc on the Filipino troops. The Nebraska Volunteers charged up heights of the heights of the town and captured El Deposito. * On June 11, 1901, San Juan was made part of the newly created province of Rizal through Act No. 94. * In 1903 it became part of San Felipe de Neri (now Mandaluyong) * San Juan became an independent municipality on March 27, 1907 through Act No. 1625. * On January 2, 1942, during World War II, it was occupied by the Japanese * On August 6, 1942, San Juan was incorporated into the Japanese-sponsored Greater Manila Area by virtue of Exec. Order No. 76. District Chiefs were appointed to handle municipal affairs. * On November 8, 1975, San Juan was incorporated into the newly formed Metro Manila which was created by Presidential Decree No. 824. * It was converted into a highly-urbanized city on by virtue of Republic Act No. 9388 and ratified by a plebiscite held on June 16, 2007.

Estimation of Desloratidine and Montelukast by UV

Estimation of Desloratidine and Montelukast by UV SIMULTANEOUS ESTIMATION OF DESLORATIDINE AND MONTELUKAST IN COMBINED PHARMACEUTICAL DOSAGE FORM BY UV SPECTROSCOPY ETTA.NAVEEN KUMAR*, D.SIREESHA, VASUDHA BAKSHI. ABSTRACT: A simple, accurate,precise and economical procedure for simultaneous estimation of Desloratidine and Montelukast in combined tablet dosage form has been developed utilizing concept of simultaneous equation method. The method is based upon determination of Desloratidine at 269nm and Montelukast at 283nm in methanol. Different analytical parameters such as linearity, precision, accuracy and ruggedness were determined according to ICH guidelines. Deslortidine and Montelukast at their respective wavelength shows linearity in the concentration range of 5-30 mcg/ml and 2-22mcg/ml.respectively.The method was validated statistically. The results of analysis formulation given as percentage of label claim were found to be 100.4% and 101.% for Desloratidine and Montelukast respectively. Therefore, the proposed method can be used for the routine analysis of both drugs simultaneously in quality control laboratories. Keywords : Desloratidine, Montelukast,simultaneous estimation, methanol INTRODUCTION: Desloratidine(DES) is chemically 8- chloro-6, 11-dihydro-11-(4-piperdinylidene)- 5H benzo[5,6]cyclohepta[1,2-b]pyridine.Desloratidine is a anti- histamine clinically effective drug in the treatment of Asthama. It is soluble in methanol, ethanol, water and practically insoluble in acetonitrile. Montelukast (MON),is2-[1-({[(1R)-1-{03-[(E)-2-(7-chloroquinolin-2-yl)ethenyl]phenyl}-3-[2-(2-hydroxypropan-2-)phenyl]propyl]sulfanyl}methyl)cyclopropyl]acetic acid is a widely used as Anti-arrhythmatic and Anti-asthamatic agents. Montelukast and Desloratidine is available in combined dosage forms as film coated tablets (MONDESLOR). Each tablet contains 10mg of Montelukast and 5 mg of Desloratidine. It is used for the treatment of Asthma. For this combination derivative spectroscopic methods and reverse phase liquid chromatographic methods are reported. However ,there is no work reported on combination of these drugs by simultaneous equation method. Hence fast, simple, and accurate spectrophotometric method was developed by applying simultaneous equation method, for the simultaneous estimation of both the drugs in tablet dosage form by uv spectrophotometry. MATERIALS AND METHODS: INSTRUMENT SPECIFICATIONS: UV Spectrophotometer, Shimadzu, model 1800 CHEMICALS AND REAGENTS: Methanol obtained from local market, manufactured Pure Deslortadine and Montelukast were obtained as gift sample from Gujarat organics Ltd,Gujarat;The tablet dosage form MONDESLOR( claim: 10mg Montelukast and 5mg Desloratidine) was procured from local market. PREPARATION OF STANDARD STOCK SOLUTIONS: The 10 mg of standard Montelukast and Desloratidinewere weighed accurately and transferred into 100 ml volumetric flasks seperately. They were dissolved in methanol and diluted up to the mark by using the solvent methanol to obtain a final concentration of 100ÃŽ ¼g/ml. The resulting solutions were used as a working standard solutions. The aliquot portion of stock solutions of Montelukast and Desloratidine were diluted approximately with methanol to obtain concentration of 10 mcg/ml of each drugs.These solutions were scanned in the range of 200-400 nm in 1cm cell against blank .From the overlain spectra the wavelength selected for the estimation are 269 nm and 283nm for montelukast and desloratidine respectively. PREPARATION OF SAMPLE SOLUTIONS For analysis of commercial formulations 20 tablets (MONDESLOR) each cantaining 10mg of montelukast and 5mg of desloratidine were accurately weighed and the average weight was calculated and finely powdered.A quantity equivalent to 10mg of montelukast dissolved in methanol in 100ml volumetric flask and to it 5mg of desloratidine was added(standard addition method). sonicated to dissolve it completely and volume was made to the mark with methanol .mixed well and filtered through 0.45Â µm filter to get the final concentration of 100Â µg/ml. finally 10mcg/ml working concentration of each desloratidine and montelukast was prepared. This solution was scanned over the range of 200-400 nm ,using two sampling wavelengths 269nm and 283nm determined the concentration of these drugs in tablet formulation Using the formula. CDES = A2ay1-A1ay2/ax2 ay1-ax1ay2 CMON = A1ay2 A2ax1/ax2ay1-ax1ay2 A1 = absorbance of formulation at 269nm. A2 = absorbance of formulation at 283 nm. ax1 = absorptivity of Desloratidine at 269 nm. ax2 = absorptivity of Desloratidine at 283 nm. ay1 = absorptivity of Montelukast at 269 nm. ay2 = absorptivity of Montelukast at 283 nm. CDES = concentration of Desloratidine. CMON = concentration of Montelukast. VALIDATION OF THE METHOD: 1) LINEARITY: Standard stock solution of Montelukast and Desloratidine: 10 mg of montelukast and desloratidine were accurately weighed and transferred into a clean and dry 100 ml volumetric flasks, dissolved with sufficient volume of methanol seperately .The volume was then made up to 100 ml with methanol to obtain the concentration of 100 ÃŽ ¼g/ml. Working standard solution: The aliquot portion of the stock solution was diluted approximately with methanol to get a concentration of 2-22 mcg/ml of montelukast and 5-30mcg/ml of desloratidine. Serial dilutions of concentration range were prepared from the working standard solution. These dilutions were scanned at the detection wavelength of 269 nm and 283nm using methanol as blank. The regression equation, Y- intercept and correlation coefficient were calculated. The linearity was thus determined and the concentration range was selected. 2) LIMIT OF DETECTION AND LIMIT OF QUANTITATION: The LOD and LOQ were separately determined based on calibration curve. The residual standard deviation of a regression line or the standard deviation of y- intercepts of regression lines were used to calculate the LOD and LOQ. I. Formula for LOD (ÃŽ ¼g/ml); LOD = 3.3 x SD / S Where, SD = The standard deviation of the response S = The slope of the calibration curve (mean) II. Formula for LOQ (ÃŽ ¼g/ml); LOQ = 10 x SD / S Where, SD = The standard deviation of the response S = The slope of the calibration curve (mean) 3) ACCURACY: The accuracy of the method was ascertained by carrying out recovery studies using standard addition method. The recovery studies are performed to determine if there was any positive or negative interference from excipients present in the formulation. The percentage recovery results revealed that the values were near to 100%, which indicates that the proposed method is accurate as the results are within the official limits. It also reveals that the commonly used excipients and additives in the formulation were not interfering with the proposed method (Table no:4) 4) PRECISION: Precision was found by carrying out the analysis of the standard drugs at two different concentrations in the linearity range of drugs for three times on the same day. Each concentration was applied in duplicate and % RSD was calculated (Table no :5) RESULTS AND DISCUSSION: Montelukast and Desloratidine showed maximum absorbance in Methanol at 269 and 283 nm.The proposed method for simultaneous estimation of both the drugs was validated as per the ICH guidelines The linearity was observed in the concentration range of 2-22 mcg/ml for montelukast and 5-50mcg/ml for Desloratidine with regression co-efficient of 0.998 and 0.998.Amount of drugs estimated by the proposed method was in good agreement with the label claim.The accuracy of the method was assessed by recovery experiments . Recovery was close to 100% for both the drugs. CONCLUSION: The present study comprises a UV spectroscopic method of analysis for the simultaneous estimation of montelukast and Desloratidine in tablet dosage form.From the study of validation parameters,itwas observed that the method is specific,accurate,precise,reproducible .The proposed method could be applied to routine analysis in quality control laboratories. Table No.1 Calibration data of deslortadine. Concentration (Â µg/ml) Absorbance at 269nm Absorbance at 283nm 5 0.187 0.111 10 0.386 0.212 15 0.559 0.309 20 0.772 0.423 25 0.960 0.520 30 1.12 0.650 Table No.2 calibration data of montelukast. Concentration (Â µg/ml) Absorbance at 269nm Absorbance at 283nm 2 0.075 0.088 6 0.204 0.248 10 0.347 0.418 14 0.512 0.618 18 0.675 0.817 22 0.798 0.971 Table No:3 Results of analysis of tablet formulation. BRAND LABEL CLAIM(mg/tablet) %LABELCLAIM Mondeslor Montelukast(10mg) 100.4% Deslortadine(5mg) 101.% Table no:4 Results of recovery studies Drug Amount added (mcg/ml) Amount recovered (mcg/ml) % Recovery DES 80( 8) 7.96 99.5 100(10) 9.8 98 120(12) 12.2 101.6 MONT 80(8) 8.1 101.2 100(10) 9.9 99 120(12) 11.8 98.5 Table No:5 Results of precision studies. Drug Concentration (Â µg/ml) wavelength Absorbance %* RSD DES 10 269nm 0.382 0.385 0.387 0.65 10 283nm 0.214 0.218 0.216 0.92 15 269nm 0.560 0.565 0.569 0.79 15 283nm 0.303 0.308 0.304 0.86 Drug Concentration (Â µg/ml) wavelength Absorbance %* RSD MON 10 283nm 0.413 0.415 0.418 0.60 10 269nm 0.348 0.346 0.349 0.43 14 269nm 0.510 0.509 0.512 0.29 14 283nm 0.613 0.616 0.618 0.40 * mean of three observations Fig-1 Selection of wavelength Fig-2 Calibration curve of montelukast: Fig 3:calibration curve of deslortadine REFERENCES: FDA Guidance for Industry. Analytical Procedures and Methods Validation (draft guidance), August 2000. ICH guidelines Q1A (R2). Stability Testing of New Drug Substances and Products (revision 2), November 2003. ICH Q2 (R1). Validation of Analytical Procedures: Text and Methodology. International Conference on Harmonization of Technical Requirements for the Registration of Pharmaceutical for Human Use, Geneva, Switzerland. (2005). International Conference on Harmonization. Photo stability testing of new drug substance and products Q1B. International Conference on Harmonization, IFPMA, Geneva, 1996. ICH Guidance on Analytical Method Validation, in: Proceedings of the International Convention on Quality for the Pharmaceutical Industry, Toronto, Canada, and September, 2002. Konam K, Hariprasad P, Lukaraju PS, Sirajudeen MA, Fareedullah MD, Ahmed I. Determination of Montelukast sodium and Levocetrizine hydrochloride by using HPTLC method. Elixir Online J. 2012 Feb; 16. Kumar BVVS, Mathur P, Rajesh N, Rao ND, Satyanarayana P. Analytical method development and validation of Levocetirizine hydrochloride and Montelukast sodium in combined tablet dosage form by RP-HPLC. Int J Adv Pharm Res. 2011 July; 2(7): 380-96. Choudhari V, Kale A, Abnawe A, Kuchekar B, Gawli A, Patil N. Simultaneous determination of Montelukast sodium and Levocetirizine dihydrochloride in pharmaceutical preparation by derivative spectroscopy. Int J Pharm Tech Res. 2010 Jan-Mar; 2(1) Radhakrishna T, Narsaraju A, Ramakrishna M, Satyanarayna A, (2002) simultaneous determination of Montelukast and Loratadine by HPLC and derivative spectrophotometric pharmaceutical formulation. J Pharm Bio Anal.2003;31:359-68 Bondili S, Reddy SP. Spectroscopic method for determination of Desloratadine in bulk and its tablet dosage forms. Int J Pharm Res. 2011; 1(2): 131-4. Mallapu Rani E, Ahad HA, Sreenivasulu R, Rani M, Mandava G, Reddy B. KK, Kranthi G. Spectrophotometric determination of Desloratadine in pharmaceuticals by using difference spectrophotometric method. J Pharm Res. 2011; 4(3): 730-1.

The 1920s Essay -- essays research papers

The 1920’s The 1920's were a decade of enjoyment, employment, and for some disappointment. It was a decade classified as the "roaring twenties." Men returning from World War I had to deal with unemployment, wheat farmers and oil companies were striking it rich, new modern conveniences were being thought up, and fashion was a major issue among the rich. During the twenties the economy had a definite impact on the society. It benefited some, but hurt others. The people that benefited were the prairie farmers and the oil companies. The people who didn’t benefit were American soldiers returning from WW1. Around the middle of the twenties, a wheat farmer was the person to be. Business was booming for all the wheat farmers, places like Europe, which were in war, were hungry for American’s wheat and contributed tremendous business to the American wheat industries. Farmers began making more money than ever before, and they started buying farm machinery to take place of their cattle and horses. Prices of wheat were at an all time high, which gave America’s wheat industry an even bigger advantage and a bigger form of money making in our economy. American soldiers on the other hand who had returned from war were expecting to be employed when they returned, but not even after fighting for their country could they get a job . It was very hard to get a job because women and immigrants had taken them all during the war. American soldiers were surprised at how difficult it was to...

Essays --

Molar mass is a fundamental and must-know term in chemistry. Anyone who studies chemistry begins the journey with this term. The molar mass of a substance is defined as â€Å"the mass of one mole of any substance where the carbon-12 isotope is assigned a value of exactly 12gmol-1. Its symbol is M. Molar mass is important because of its usefulness in various calculations. To chemistry students, it is a tool to solve many problems and exercises, as molar mass can be used to calculate the mass or the amount of a sample of a certain substance. Obviously, the most popular way to determine a substance’s molar mass is by using its chemical formula. Another way is to use a sample of that substance and calculate from the mass and the amount of substance. However, not many people would think of using titration and back titration to calculate the molar mass of a substance. Titration is the addition of a known-concentration solution, or the titrant, to a known-volume of a solution of unknown concentration, or the analyte, until the reaction reaches the equivalence point, which would be indicated vis...

Pollution Essay examples -- essays research papers

Pollution has become a major issue over the years because it contaminates the Earth’s environment and affects human health. While some environmental pollution is a result of natural causes such as volcanic eruptions, most is caused by human activities. The increase of various types of pollution has made cancer pollutant more prevalent among the people, raising the risk of getting cancer. After being exposed to theses pollutants, the effects may be immediate or delayed. Some of the delayed effects, due to the exposure, can go unnoticed for many years. Another major issue that pollution creates is the tremendous cost for preventing and cleaning it up. However, we can not regulate the pollutants to the extent where there are no more possible threats. The most we can do is to minimize the effects of the potential risks, which we may encounter as a society. We can approach this matter by conducting different types of test from animal studies and epidemiological studies.   Ã‚  Ã‚  Ã‚  Ã‚  To regulate pollution, we first have to have an idea of what type of effects it will have on the general population and then determine the acceptable amount of exposure level. Since the specific risk here is that the individual will get cancer, after being exposed to a pollutant, possibly leading to their death, we have to consider a few factors such as age, sex, and their health status. Depending on how old the person is, if they are relatively young then he or she may not be affected by the pollutant because their immune system can probably fight off the pathogens. Gender can also make a difference, since males and females have different biological anatomies, thus the pollutant may be resistant to females but not the males or vice versa. Finally, the health status of a person also has to be considered. If a person is healthy and fit then maybe age might not matter and it will decrease their potential threat from the pollutant. After all of these factors are take n into account we have to regulate the carcinogenic pollutant and determine an acceptable level of risk. To determine what the effects are after an individual has been exposed to this pollutant and gets cancer, we can perform animals or epidemiological studies. Even though the animal studies will not be deterministic since we are not using human subjects to collect the data, it will give us an idea on how a... ... an acceptable exposure level; again this can not be done without some degree of subjectivity. As a result, I believe that an appropriate exposure level to cancer, due to this pollutant, should be one in a million. This is acceptable because every one person out of a million that is affected by this pollutant can get treated and cared for. By setting it at this level I think that there it would eliminate the shortage problems at hospital or at any care centers when providing treatments to the infected people. Thus, everyone who gets cancer from this pollutant will have the opportunity to take care of themselves and not have to worry about the lack of resources.   Ã‚  Ã‚  Ã‚  Ã‚  Everyone takes risk in particularly in everything they do. The best thing to do is minimize the effects of the risks as much as possible. The cancer causing pollutant in this case can be regulated by using some type of preventive measures. Without being oblivious about the moral issues, we have to set certain risks and exposure level of the pollutant. I set my risks and exposure level after determining several issues and came to conclusion after what I thought was the most optimal conditions.

Daniel Orozco’s “Orientation”

The new employee is unimportant in Daniel Orozco’s â€Å"Orientation† The short story â€Å"Orientation† by Daniel Orozco is a unique story. Orozco never introduces the narrator or the audience. The story appears to be, just as the title specifies, an orientation for a person entering a new job. The story, however, delves deep into the lives of several employees throughout the story. The lives of these employees and their interactions become the most important part of Orozco’s work and the main character that is being spoken to becomes an unimportant observer in an intricate atmosphere. The story is told in the first person voice.The narrator is talking to one particular person; He refers to this character in the second person voice. â€Å"This is your phone. † The narrator is talking directly to the new employee, the main character. The main character never speaks. It is implied that dialogue exists. â€Å"That was a good question. Feel free to as k questions. † The narrator has acknowledged that the listener has asked a question. The reader never actually sees the question that the listener asks, though. Instead, the narrator rephrases the listener’s question and repeats it back to him. By having the narrator do this, Orozco makes the listener less important.His/her dialogue is not even important enough to include in the text and must be repeated by the narrator in order to be included in the story. However, contradictory to the listener’s seemed unimportance, the narrator urges the listener to ask more questions. The specific job that the listener is being oriented to is not important to the story, either. The setting is a generic office atmosphere. â€Å"These are the offices and these are the cubicles. † By using this stereotypical and conventional setting, Orozco makes the things that happen to individual employees even more outrageous.The outrageous events create a contrasting tone. The typica l office orientation situation is invaded by shocking situations such as Amanda Pierce’s. Pierce’s husband â€Å"subjects her to an escalating array of painful and humiliating sex games. † Describing very personal aspects of an employee’s life creates a very uncomfortable feeling in this situation. This type of information is not supposed to be talked about in an office setting. Adding to the inappropriateness of the information, this could very well be the first meeting between the narrator and the listener.It is highly unusual to speak of sexual escapades in a business setting alone, and it could be very embarrassing to either party. Because it is possible that this is the first meeting between the narrator and the listener, the narrator does not know how comfortable the listener will be with the information, and is risking embarrassing the listener by divulging it. The narrator keeps a professional air about him, which makes the information that he is giving seem very important. The narrator makes no sexual comments about Pierce’s situation; he merely states what her husband does to her.The narrator also speaks frankly of what the listener can and cannot do â€Å"There are no personal phone calls allowed. † The narrator goes on to tell the consequences of doing something that is prohibited. â€Å"If you make an emergency phone call without asking, you may be let go. † This straightforward method of speaking also creates a professional feeling, which adds to the contrast in the story between the professional feeling and the uncomfortable, mysterious feeling. The blunt detail used by the narrator adds to the uncomfortable, painful sense of the work environment. â€Å"Anika Bloom’s left palm began to bleed.She fell into a trance, stared into her hand, and told Barry Hacker when and how his wife would die. † The details make the employees’ lives seem surreal. The reader is told that Anika Blo om’s palm begins to bleed, but the reason for the blood is not given. The blood is the only important detail because it signifies pain and suffering. Other words such as â€Å"fell† and â€Å"stare† create a distanced, unstable feeling. Even more disturbing is the line that signifies when someone will die. Orozco painfully jolts the reader back to reality, the office setting, no matter how disturbing the described experiences of an employee have been.This is evident in the passage about Kevin Howard, the serial killer. The carnage inflicted is precise: the angle and direction of the incisions; the layering of skin and muscle tissue; the rearrangement of the visceral organs; and so on. Kevin Howard does not let any of this interfere with his work. He is, in fact, our fastest typist. The disturbing description of the serial killer is recited without any waver whatsoever away from the intent only to divulge information. The narrator makes no personal comment and ex presses no opinion about Howard.After the narrator has given the information to the listener, the narrator leads the train of thought right back to the work environment. The idea of a horrible mass murderer is interrupted by his typing ability. This continued contrast now goes past unstable and borders on psychotic. The far-fetched is made believable only because of the narrator’s complete professional facade. By itself, speaking of a mass murderer’s typing ability does seem psychotic, but the narrator has so completely described every aspect of the listener’s new surroundings that any individual part of the surrounding does not seem overly important.The characters are merely present and described as they are. This description does not affect any character, so there is no real action to be deemed unusual, unstable, or psychotic. The description is the only important part of the story. Orozco uses both a professional tone and a dark, uncomfortable-feeling descrip tion to create a highly contrasting reality between the work setting and each character’s personal life.

Ifrs Adoption And Financial Comparability Accounting Essay

Globalization of fiscal markets has meant an increased focal point on international criterions in accounting and has intensified attempts towards a individual set of high quality, globally acceptable set of accounting criterions. Fiscal statements prepared in different states harmonizing to different set of regulations, mean legion national sets of criterions, each with its ain set of reading about a similar dealing, doing it hard to compare, analyse and interpret fiscal statements across states. A fiscal coverage system supported by strong administration, high quality criterions, and steadfast regulative model is the key to economic development. Indeed, sound fiscal coverage criterions underline the trust that investors place in fiscal coverage information and therefore play an of import function in lending to the economic development of a state. Needless to advert, internationally accepted accounting criterions play a major function in this full procedure. An approaching economic system on universe economic map, India, excessively, decided to meet to International Financial Reporting Standards ( IFRS ) . With the acceptance of IFRS by Indian houses, the comparing of two fiscal statements becomes easier and besides expects to ensue in better quality of fiscal coverage due to consistent application of accounting rules and betterment in dependability of fiscal statements. Again, one of the major pre-requisites of acquiring listed on European markets is readying of histories as per IFRS demands. Meanwhile, the proposed convergence with IFRS is likely to make important challenges to the accounting patterns in industrial and fiscal sectors. While regulators, standard compositors and jurisprudence shapers sit together to rollout the route map for execution of International Financial Reporting Standards ( IFRS ) in India, a broad subdivision of the industry is already debating the impact and the execution challenges of transitioning into IFRS. A A singular and of import component of smooth passage into IFRS is the convergence of RBI guidelines with the rules laid down in IFRS.A In other words, the successful acceptance of IFRS is based on flexibleness and acceptableness of IFRS by RBI. Banks will hold to shortly set to accounting alterations that are enforced by IFRS.A It is by and large expected that IFRS acceptance worldwide will be good to investors and other users of fiscal statements, by cut downing the costs of comparing alternate investings and increasing the quality of information Companies are besides expected to profit, as investors will be more willing to supply funding. Companies that have high degrees of international activities are among the group that would profit from a switch to IFRS. Companies that are involved in foreign activities and puting benefit from the switch due to the increased comparison of a set accounting criterion. Comparison in fiscal statements is critical for investors to pull sensible decisions about the comparative public presentation of entities. However for a assortment of grounds an entities fiscal statements may non be as comparable to its rivals as preparers or users would prefer in the close term. Another manner to heighten comparison is to see handling the fiscal statements non merely as an accounting exercising but besides an exercising in pass oning of import elements that in fact affect the year-to-year comparison of fiscal statement informations. Adoption of IFRS, the new planetary coverage criterions, would better comparison, transparence and credibleness of fiscal statements and in a globalised universe, would take to greater economic efficiencies. Research suggests that cultural differences cause comptrollers in different states to construe and use accounting criterions otherwise. Translation of IFRS into assorted linguistic communications poses another menace to comparison. A It will be of import for transnational corporations and planetary audit houses to beef up cultural consciousness preparation. This could profit transnational corporations and their hearers by doing them cognizant of possible prejudices held by their international staff and by co-workers in their international offices, and by assisting professionals recognize their ain state ‘s cultural accounting inclinations and better understand how these values affect their ain readings and judgements. Most significantly, the initial and on-going IFRS convergence will impact reported net worth, available capital and capital adequateness for Indian Bankss. Further, the finalised roadmap for the convergence of Indian Accounting Standards with IFRS, with regard to banking companies, requires all scheduled commercial Bankss to change over their opening balance sheets as of April 1, 2013. RBI has besides emphasised to Bankss that they need to pitch up to follow the new criterions. Therefore, there is ever a demand to hold an appraisal of the possible chances and challenges for Bankss in India while meeting to IFRS. Subsequent to the proclamation of the proposal by the Institute of Chartered Accountants of India ( ICAI ) to meet the Indian accounting criterions ( Indian GAAP ) with IFRS effectual April 1, 2011, there has been important argument among the criterion compositors, regulators, corporate India and professional accounting houses, on the roadmap to convergence and its deductions .2. Review of LiteratureSince European Union was the first to follow IFRS across the Earth, most of the researches have been carried out on IFRS analysing the information from member states of EU. Research workers have given assorted sentiments on the public-service corporation of acceptance of IFRSs across the Earth as a individual set of coverage criterions. Existing literature supports this position of research workers that acceptance of IFRS as individual set of coverage criterions improves the quality of fiscal information and besides ensures timely loss acknowledgment. Summarily, following individual set of fiscal coverage criterions bring many benefits to describing entities, Investors, bankers and other interested parties as in this period of international boundaries acquiring eliminated, they will non hold to mention to describing statements prepared on the footing of different coverage criterions. Harmonizing to Epstein & A ; Jermakowicz, ( 2010 ) IASBaˆYs Framework for the Preparation and Presentation of Financial Statements states that the nonsubjective usage of fiscal statements is to show the broad scope of users of these fiscal statements with information about the entityaˆYs fiscal place, public presentation and the alterations in fiscal place. This helps in better fiting the users with more suited economic determination devising. Elliott B. & A ; Elliott J. , ( 2002 ) explains that ab initio, regulated fiscal statements were needed on state degree in order to guarantee that all the companies present their fiscal statements in a similar and consistent manner. But the gait with which globalisation is taking topographic point, the demand for internationally comparable fiscal studies were brought frontward. Therefore, in order to diminish the national differences and the differences in fiscal coverage, the international compositors and regulators, for illustration, Financial Accounting Standards Board ( FASB ) and International Accounting Standards Board ( IASB ) have issued accounting criterions such as Generally Accepted Accounting Standards ( GAAP ) and International Financial Reporting Standards ( IFRS ) , severally. Chorafas D. ( 2006 ) says that IFRS is considered by direction think-tanks as a stage displacement in the general accounting, balance sheet place ratings and fiscal coverage techniques. Harmonizing to Drury and Tayles ( 1997 ) there is a demand for more in-depth instance survey to research the linkage between external fiscal coverage and direction accounting. This survey regards the IFRS ‘ acceptance as an chance to develop the overall planning systems of a company instead than a narrow coverage system. Fiscal accounting and direction accounting are seen as systems complimentary to each other. Gordon ( 2008 ) notes that the harmonisation of fiscal coverage, which has led to comparable accounting and fiscal information across states and companies, continues to back up and progress the concern itself. Harmonizing to Soderstrom and Sun ( 2007 ) the voluntary acceptance of high-quality accounting criterions -IFRS included- is found to hold a positive impact on accounting quality. El-Gazzar et Al. ( 1999 ) province that houses adopt international criterions in order to spread out their gross revenues to foreign markets, to achieve more clients and to cut down political costs when spread outing activities into foreign markets. These companies see the benefits of using the IFRS transcending the costs of execution and in-usage. Meek and Thomas ( 2004 ) province that the coverage environment of a company besides affects the relevancy of fiscal coverage, non the accounting criterions entirely, i.e. the state in which the company operates may hold an impact on the relevancy of the information. It is argued, that even when using the International Financial Reporting Standards, the fiscal statement information may non be comparable among different states due to cultural differences ( Scott 2009 ) . Harmonizing to Ball ( 2006 ) companies may even confront a competitory disadvantage from an inefficient fiscal coverage theoretical account. Particularly, houses viing in p lanetary markets face turning force per unit area to use globally accepted fiscal coverage criterions. Cai and Wong ( 2010 ) in their survey of planetary capital markets summarized that the capital markets of the states that have adopted IFRS have higher grade of integrating among them after their IFRS acceptance as compared to the period before the acceptance. Paananen and Lin ( 2009 ) gave a contrary position to prior research that IFRS acceptance ensures better quality of accounting information. Their analysis of German companies describing showed that accounting information quality has worsened with the acceptance of IFRS over clip. They besides suggested that this development is less likely to be driven by new adoptive parents of IFRS but is driven by the alterations of criterions. The survey carried out by Callao and others ( 2007 ) on fiscal informations of Spanish houses revealed that local comparison is adversely affected if both IFRS and local Accounting Standards are applied in the same state at the same clip. The survey, hence calls for an pressing convergence of local Acc ounting Standards with that of IFRS. Therefore, based on the reappraisal it can be deduced that IFRS on fiscal instruments as being really complex, convergence with IFRS contributes to different subdivisions in the economic system viz. the investors, accounting professionals and the industry as a whole. As IFRS is in the infant phase there is demand for more specific surveies utilizing scientific methodological analysis so that the pros and cons of IFRS could be understood in a larger context.3. MethodsThe present survey is analytical in nature based on secondary informations collected from books, periodicals, commission studies and the Internet. For Bankss in India, convergence to IFRS is likely to present important challenges, as shown by planetary experience. Certain big Indian Bankss, which have the benefit of traveling through the procedure of international GAAP such as US GAAP in the yesteryear, have recognised the challenges of convergence and have already started be aftering their elaborate roadmap to accomplish a smooth convergence. It is clip for other Bankss to take the cue and follow suit. Critical to the successful execution of IFRS in the Indian context would be the degree of regulative sponsorship, the appropriate degree of investing in systems and procedures and consistence in market patterns for countries where judgement is critical. A move to IFRS can be compared to the mountain extremum which can surely be scaled if good planned and suitably executed. This is likely to hold a important impact on the fiscal place and fiscal public presentation, straight impacting cardinal parametric quantities such as capital adequateness ratios and the results of rating prosodies that analysts use to step and evaluate public presentation. In add-on to the fiscal accounting impact, the convergence procedure is likely to imply several alterations to fiscal describing systems and procedures adopted by Bankss in India. These alterations would necessitate to be planned, managed, tested and executed in progress of the execution day of the month. Despite the assorted hindrances to the proposed passage, until the clip IFRS is implemented, it would be worthwhile to measure its challenges and chances for the primary fiscal institutional apparatus in India, called Bankss.4. ConsequencesOpportunities for Banks in IndiaIndian Banks as an ea rly adoptive parent to IFRS enables to better pull off the outlooks of internal stakeholders such as Board of Directors and senior direction, regulators and internal investors and analysts associating to the impact on net incomes and equity. Banking companies are required to bring forth better quality information in the notes to fiscal statements and are obliged to uncover information non required antecedently. Publicly posted fiscal information allows for unfastened and crystalline treatment with clients and providers, employees understand better the fiscal wellness and way of the banking company and better fiscal notes allow stakeholders to do more in depth analysis of the fiscal statement. The commissariats of IAS 39-Financial instruments, acknowledgment and measurement- issued by the International Accounting Standards Board ( IASB ) , establishes the rules for acknowledging and mensurating fiscal assets and fiscal liabilities. This criterion is of peculiar importance to the Indian banking sector and NBFCs which deal chiefly in fiscal instruments. The same is being replaced as IFRS 9 in the convergence procedure. In Indian banking industry, the convergence of IFRS 9 is in three stages which will assist in cut downing complexnesss. The first stage was completed with the issue of the part of IFRS 9 which trades with the categorization and measuring of fiscal assets and fiscal liabilities. The 2nd and 3rd stages are in the country of hedge accounting and damage, where presently work is underway. At present, as per RBI ‘s prudential norms, Bankss have to put in authorities securities and history such investings at ‘amortised cost ‘ . Under IFRS 9, these securities may hold to be accounted for on a ‘fair value ‘ footing, with the just value changes taken to the income statement. This will assist Indian Bankss to exhibit the income statement on a ‘fair value ‘basis. Under RBI norms, investings in equity instruments ( other than subordinates, joint ventures ) are recorded at market value. Net losingss are recognized but net additions are ignored. Under IFRS 9, investings in equity instruments are just valued. The additions or losingss are either recognized in the income statement or in a modesty history. This makes the statement more accurate. That pick is required to be made at the origin, on an instrument by instrument footing, and is irrevokable. Training is a cardinal component of a successful convergence in the Indian banking sector. A workshop-based preparation demand to be provided to internal staff every bit good as high functionaries for more complex and specific facets of IFRS such as fiscal instruments or portion based compensation on income revenue enhancements, or different media such as web-enabled preparation to make a broader audience. Using an external adviser to all hard appraisals which are underestimated by internal staff will supply a great support during the existent transition procedure, doing the executing more successful. As the markets expand globally the demand for convergence additions. The convergence benefits the economic system by increasing growing of its International concern. It facilitates care of orderly and efficient capital markets and besides helps to increase the capital formation and thereby economic growing. It encourages international investment and thereby leads to more foreign capital flows to the state. Indian banking sector besides contributes to the economic growing through the convergence. Investors want the information that is more relevant, dependable, seasonably and comparable across the legal powers. Fiscal statements prepared utilizing a common set of accounting criterions help investors better understand investing chances as opposed to fiscal statements prepared utilizing a different set of national accounting criterions. For better apprehension of fiscal statements, planetary investors have to incur more cost in footings of the clip and attempts to change over the fiscal statements so that they can confidently compare chances. Convergence with IFRS contributes to investors ‘ apprehension and assurance in high quality fiscal statements. The Indian banking industry is able to raise capital from foreign markets at lower cost if it can make assurance in the heads of foreign investors that their fiscal statements comply with globally accepted accounting criterions. With the diverseness in accounting criterions from state to state, endeavors which operate in dif ferent states face a battalion of accounting demands predominating in the states. Convergence of accounting criterions simplifies the procedure of fixing the person and group fiscal statements and thereby reduces the costs of fixing the fiscal statements utilizing different sets of accounting criterions. Convergence with IFRS besides benefits the accounting professionals in Indian banking sector in a manner that they are able to sell their services as experts in different parts of the universe. The push of the motion towards convergence has come chiefly from comptrollers in public pattern. It offers them more chances in any portion of the universe if same accounting patterns prevail throughout the universe. They are able to cite IFRS to clients to give them endorsing for urging certain ways of coverage.Challenges for Banks in IndiaThe first challenge in execution of IFRS in banking sector in India is unity of informations and information. Most scheduled commercial Bankss in India have either already migrated or are in the procedure of migrating to Core Banking Sol utions ( CBS ) . In this context, informations unity and information cogency would be of critical importance particularly due to informations intensive demands of IFRS converged criterions. Preparatory work in this respect would enable Bankss to counter a basic challenge in their attempt towards IFRS convergence. Keeping ‘Ethical Standards ‘ and values is a cardinal portion of fiscal coverage. Without a strong codification of moralss and attachment to those moralss, fiscal coverage would neglect to animate and guarantee public and investor assurance in entities. Therefore, along with high degrees of proficient competency, accounting professionals besides need to hold unquestionable and faultless professional unity. Keeping ethical criterions will be a great challenge for Indian Bankss. The adaptability and compatibility of bing IT solutions used by Indian Bankss to the new demands imposed by IFRS convergence is besides a major challenge. Software which has been written maintaining in head Indian GAAP demands may hold to be modified well to integrate characteristics of IFRS demands. Similarly, compatibility between package and hardware would hold to be addressed to take attention of the new demand. The most of import factor which differentiates the successful and less successful transition undertakings is the presence and absence of undertaking direction sphere. A comprehensive preparation scheme and plan to human resource is a complex country and demands to be carefully considered. Failure to pass sufficient clip and energy on impact appraisal makes the transition more complex for Indian Bankss. In add-on to the general accounting criterions, Indian banking companies are presently required to adhere to the accounting policies and rules prescribed by RBI, doing the transition a boring procedure. The replacing of IAS 39 by IFRS 9, will present important complexness and application challenges which will ensue in important volatility in income statement of Indian Bankss. Indian Banking companies are capable to regulative reappraisals and review and are besides capable to minimal capital demands. But IFRS requires increased usage of opinion and extended usage of unobservable rating inputs and premises which makes the regulative reappraisal procedure more explanatory and complex. IFRS prescribes an impairment theoretical account that requires a instance to instance appraisal of facts environing the recoverability and timing of hard currency flows associating to recognition exposure. The bedrock of this impairment appraisal is the current guidelines of Indian Bankss, which requires a limited usage of judgement and are mechanistic in nature. Significantly different IFRS and GAAP in general lead Bankss in India to more cases of transportations neglecting the derecognition standards, thereby ensuing in big balance sheets, capital adequateness demands, lower return on assets, and recess of gains/losses on securitisation minutess.5. DiscussionsTo reason, as an early adoptive parent to IFRS it is expected that Indian Bankss enable to better pull off the outlooks of all its interest holders in many ways. The replacing of IAS 39 as IFRS 9 in the convergence procedure, execution of IFRS 9 in a phased mode, rating of investings in equity instruments on just value footin g, workshop-based preparation to internal staff for assorted facets of IFRS, etc will undeniably assist to run into their outlooks. Again, fiscal statements prepared utilizing globally accepted criterions enable Indian banking industry to raise capital from foreign markets at lower cost and besides help investors better understand investing chances globally. Though convergence with IFRS consequences some challenges viz. unity of informations and information, high degree of proficient competence and ethical criterions, amortisation accounting, frequent alterations in the policies of RBI etc, the challenges can non lessen its chances.