The Impact of the Internet on Traditional News Media Research Paper

The Impact of the Internet on Traditional News Media - Research Paper Example Here is an attempt to analyze the changes brought about by the advent of internet in the field of TV and print media. Introduction The widespread use of internet has drastically changed the conventions of different news media. The cyber world has hastened the pace and spread of news in an amazing manner which downgraded even the scope of scoops. The advent of internet has thus marked a lot of changes in news media and subverted even the concepts of news upside down. The impact of internet on TV and Print media The vast and ever spreading world of cyber space contributed a lot to the growth of news media and triggered a revolution in the field of communication system. For a journalist, let him associate with either print media or visual media, internet is a powerful source to collect news. In olden days, as we know, the exchange of messages was carried out by the so-called messengers. Later postal system came into exist which made the communication system a little bit comfortable to s hare something between two people of different corners. The inventions of telegraph and wireless technological system opened the new vistas of exposition and exchange. In modern epoch, for any person who wants to know more about a topic or a news event can easily find out the detailed information by logging on websites. Thus, internet is undoubtedly a good source of news for both the reader and the journalist. In olden days the prime source of news for the newspapers was only the reporters deployed in the different places. The quick access into the cyber world and its updating facility in every second is one of the prominent features of online news portals. This has created a lot of changes in mass media by compelling the media persons to broadcast breaking news in visual media because the world is changing rapidly and the people are eager to know about those changes in the world. The different media across the globe compete each other in providing latest information for its readers /viewers keeping vigil on each and every change in the world. All the TV channels and print media keep their own website, on which, they publish breaking news or news flash. As Seema Shrikande maintains in her essay titled Internet Impact on Media, a â€Å"major influence of internet has been to remove geographical limits on the reach of media outlets and no longer are news media restricted to one city or region†Ã¢â‚¬ ¦(Shrikande,Seema- http://www.omnilogos.com/2011/06/14/internet-impact-on-media). Even local news papers have their online editions and they are available to the readers in every corner of the world. Again this feature also, will mount pressure on the newspaper persons as they have to survive in the world of competition. So they are supposed to attract their readers by means of captivating designs, swift covering of news events, providing arresting captions etc., to compete in international level. All these are common features of any local newspaper of vernacula r languages. The ever spreading and changing nature of cyber world has marked such changes even in the matter of local news papers. The popularity of the social network sites like Facebook opened up new horizons of public opinion tools. In many Facebook posts, media and its way of reporting are of serious concern. The use of FB posts will definitely affects the quality and objectivity news media as common man can easily put their comments on even very big news channels and they can share it instantly among the friends. Before the advent of internet system, the people were not able to weigh and value of a news event beyond the account of newspapers. But nowadays,

INTRODUCTION TO ACCOUNTING Essay Example | Topics and Well Written Essays - 2000 words

INTRODUCTION TO ACCOUNTING - Essay Example This common set of recognized accounting standards are collectively known as Generally Accepted Accounting Principles (GAAP).These standards provide information in how to properly communicate economic events or transactions (Investorwords, 2011). The conceptual framework of accounting provides the required information and guidelines regarding the objectives of financial reporting, the qualitative characteristics of financial information, operating guidelines and composition and required elements of financial statements. According to Financial Accounting Standards Board (FASB) the goals of financial reporting are to provide information that: Its useful for making investment and credit decisions Is helpful in assessing the value of future cash flows Identifies assets, liabilities and serves to identify changes in those resources and claims (Obaidat, 2007). In order to make financial information useful there are certain qualitative characteristics that all accounting information must po sses to prove useful in the decision making posses. These characteristics are (Cliffnotes, 2011): 1. Relevance-the accounting information provided to the user must make a difference in their decision making. Relevant financial information has to provide either predictive value, provide feedback value or both. Predictive value helps the user forecast future events, such as predicting future stock valuation or future earnings. Information that provides feedback value focuses on confirming or corrects prior information or assumptions . In order for information to be relevant it must be provided in a timely manner so it can provide the right information and at the correct timeframe where it can help guide the decision making process. 2. Reliability-It is expected that financial information must be free of material errors or persona bias. In order to be reliable the information provided must be verifiable, in order to prove that it is free from material errors or bias. As an additional r equirement the substance of the information provided must be a faithful representation of the economic events which it summarizes. The last prerequisite of reliable information must be neutral or free of bias. 3. Comparability-the usefulness of financial information is maximized when it can be compared with similar accounting information of other businesses or enterprises. This comparability can only be achieved when the different companies adopt the same accounting principles. In general comparability extends to all accounting not to only financial statements but to all accounting procedures such as costing, inventory and expense recognition. Since there are variations in GAAP and procedures that can be utilized the company must fully disclose the accounting methods used for the recording of financial events or transactions. 4. Consistency-The principle of consistency simply means that a company must use the same accounting principles and methodology from year to year. If a company decides to change any of its accounting practices and adopts a new method, it is the responsibility of management to prove that the new method provides a more accurate or meaningful representation of the financial information. There are a series of operating constrains and guidelines that serve as the foundation to any financial account. These guidelines are classified as assumptions, principles and constraints (Investorwords, 2011).