Interview Questions - 3962 Words

Interview Questions This page is here to help us all be prepared for the types of questions that are typically asked during an interview. We have tried to break them down into the categories listed below as best as possible. Personal Questions - Finance Questions - Accounting Questions - Other Questions [pic] Personal Questions Q. Spend 5 minutes and walk me through your resume. A. The first question you will most likely be asked. On the surface it seems like an easy question, but you will need to be clear and concise with your response. This is something you will need to practice repeatedly so that you can SUCCINCTLY talk about yourself and relate your background to the job. Try to start after you finished undergrad. and talk†¦show more content†¦Q. What specific area are you interested in? A. Obviously you want to display an interest in some area, but also need to be able to talk in detail about that subject area so they dont think you are trying to bullshit them. If you want to work in equity research covering telecommunications you should be able to talk now (as of 12/15/2000) about how telecomm. firms are struggling and what are some of the problems they face. Q. In 1 sentence, tell me why we should hire you? A. Dont just blurt out an answer. Take your time and use commas. Q. Look outside my office. Down the right side of the building are offices of bankers that all went to Harvard Business School. Down the left side are all bankers that went to Wharton. I get hundreds of resumes every year - mostly from Harvard, Wharton, Chicago, and Columbia. Theres a long track record of success here from those schools - if I take a chance on an HBS grad, and it doesnt work out, nobody will second-guess me. However, in your case, if I take a chance and you dont work out, Ill have some explaining to do about my judgment. How are you going to convince me to hire you over the hundreds of resumes I get every fall? Q. Is there anything else, that is not your resume that I should know about? A. Try to highlight personality traits. You could talk about work ethic, being a team player, and how you are an easy-going person who is great to work with. [pic] Finance Questions Q. What are the threeShow MoreRelatedInterview Questions On A Interview1132 Words   |  5 Pages Interview Questions Assessment Bus 4045 3/4/2015 Samantha Rudisill â€Æ' Questions that are pretty basic and straightforward are called rapport-building questions. They are questions that you do not have to over complicate. These are questions that create positive feelings and positive emotional reactions with people. These interview questions are designed to ease the candidate into the interview and reduce the amount of stress the candidate feels during the process. An example of a rapport-buildingRead MoreAn Interview Questions On Career Development859 Words   |  4 Pagesto see what positons were held and are used to review the QSEK. This assignment contains two sections first this is my personal job search, building of a resumes and the second section contains developing an interview questions and how the interview questions applies in a real-life interview. Building a Resume I am seeking my Master’s degree in Management and for this assignment; I conducted the job search using Indeed Job Search (IJS) in CSU-Global (2015) Student Career Center; IJS job searchRead MoreBusiness: Interview and Questions1073 Words   |  4 PagesIntroduction The interview process is the gateway to basically fill a position from a company. The function of an interview is to assess candidate’s skills to pertinent questions that are necessary to fill in the needs of an organization. Fact of the matter is, structuring an effective and efficient interview process is not really basic, for it entails ethical, legal and moral considerations with each question asked. Since we would cover up ten questions in this elective, the two criteria’s thatRead MoreSwot, Posttest, And Interview Questions Essay954 Words   |  4 PagesPretest, Posttest, Interview Questions: The pre-test (Show What You Know) and post-test (Show What You Have Learned) that I designed had similar questions to what the students were going to see within the lesson. When giving them the pre-test a few students got neverous but I assured them that this is for my own information so I can better teach everyone. I told them to all at least try and answer the questions to the best of their ability. Both the pre-test and post-test are attached at the endRead MoreInterview Questions and Answers16418 Words   |  66 Pagesto Tough Interview Questions Tell me about yourself. This is really more of a request than a question. But these few words can put you on the spot in a way no question can. Many quickly lose control of the interview during the most critical time- the first five minutes. This is not the time to go into a lengthy history or wander off in different directions. Your response should be focused and purposeful. Communicate a pattern of interests and skills that relate to the position in question. ConsiderRead More333 Helpful Interview Questions25702 Words   |  103 Pages333 HELPFUL INTERVIEW QUESTIONS Adapted   from    333   Interviewing   Questions    by   the   Council   on   Education   Management.    Published   by   Borgman   Associates,   1993. Table of Contents Interview Questions for Any Position Initiative†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Page 2 Stress†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Page 3 Motivation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... Page 5 Goal Orientation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Page 6 Attendance/Punctuality†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Page 8 Creativity and Innovation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... Page 9 ProblemRead MoreBehavioral And Situational Interviews Questions1565 Words   |  7 Pagesâ€Å"An interview is a conversation between two or more people where questionnaire asked by the interviewer to elicit facts or statements from the interviewee.† (Interview) It provides a good opportunity and platform for interviewer and interviewee to communicate intimately, and can usually lead to a better mutual understanding. â€Å"The job-relatedness of the traditional selection interview, which typically follows no particular pattern, is generally regarded as low. Interviews are still the most widelyRead MoreInappropriate Interview Questions Essay962 Words   |  4 PagesDuring the interview process the interviewer and interviewee must be aware of questions that may be illegal, discriminatory, or inappropriate. Summarized below are a few examples of those types of questions and how to answer them appropriately and professionally if asked. Interview Questions That Cannot Be Asked Age Questions pertaining to age such as, â€Å"How old are you?† are forbidden and is considered illegal if asked during the interview process (Raisbeck, 2010). Other questions relating toRead MoreInterview Questions On Behavioral Interviewing858 Words   |  4 PagesInterview Questions and Prepared Answers. Behavioral interviewing is a relatively new, but widely used mode of job interviewing. The behavioral interview technique is used by employers to evaluate a candidate’s experiences and behaviors in order to determine their potential for success. This approach is based on the belief that past performance is the best predictor of future behavior. In fact, behavioral interviewing is said to be 55 percent predictive of future on-the-job behavior, while traditionalRead MoreJob Interview Questions and Sample Answers1444 Words   |  6 PagesAds Strong Interview Answers www.InterviewSuccessFormula.com The 3 Things You Should Never Say in a Job Interview. Check Them Out! Best Interview Answers www.InterviewAdvisers.com Secrets to Help You to Get Hired in Your Next Job Interview. Start Now! The Best Interview Answer CareerConfidential.com/FreeEbook Answers Top 50 Interview Questions DownLoad Free Ebook Now. See More About job interview questions and answers job interviews interview questions job interview tips Ads How To Speak English

Ias 11 Free Essays

string(106) " with an overall profit margin; and the contracts are performed concurrently or in a continuous sequence\." IAS 11 International Accounting Standard 11 Construction Contracts In April 2001 the International Accounting Standards Board (IASB) adopted IAS 11 Construction Contracts, which had originally been issued by the International Accounting Standards Committee in December 1993. IAS 11 Construction Contracts replaced parts of IAS 11 Accounting for Construction Contracts (issued in March 1979). Other IFRSs have made minor consequential amendments to IAS 11. We will write a custom essay sample on Ias 11 or any similar topic only for you Order Now They include IAS 23 Borrowing Costs (as revised in March 2007) and IAS 1 Presentation of Financial Statements (as revised in September 2007). IFRS Foundation A613 IAS 11 CONTENTS from paragraph INTERNATIONAL ACCOUNTING STANDARD 11 CONSTRUCTION CONTRACTS OBJECTIVE SCOPE DEFINITIONS COMBINING AND SEGMENTING CONSTRUCTION CONTRACTS CONTRACT REVENUE CONTRACT COSTS RECOGNITION OF CONTRACT REVENUE AND EXPENSES RECOGNITION OF EXPECTED LOSSES CHANGES IN ESTIMATES DISCLOSURE EFFECTIVE DATE 1 3 7 11 16 22 36 38 39 46 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION ILLUSTRATIVE EXAMPLES Disclosure of accounting policies The determination of contract revenue and expenses Contract disclosures A614 Â © IFRS Foundation IAS 11 International Accounting Standard 11 Construction Contracts (IAS 11) is set out in paragraphs 1–46. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 11 should be read in the context of its objective, the Preface to International Financial Reporting Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. IFRS Foundation A615 IAS 11 International Accounting Standard 11 Construction Contracts Objective The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usuall y fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed. This Standard uses the recognition criteria established in the Framework for the Preparation and Presentation of Financial Statements1 to determine when contract revenue and contract costs should be recognised as revenue and expenses in the statement of comprehensive income. It also provides practical guidance on the application of these criteria. Scope This Standard shall be applied in accounting for construction contracts in the financial statements of contractors. 2 This Standard supersedes IAS 11 Accounting for Construction Contracts approved in 1978. Definitions 3 The following terms are used in this Standard with the meanings specified: A construction contract is a contract specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated o r interdependent in terms of their design, technology and function or their ultimate purpose or use. A fixed price contract is a construction contract in which the contractor agrees to a fixed contract price, or a fixed rate per unit of output, which in some cases is subject to cost escalation clauses. A cost plus contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee. 4 A construction contract may be negotiated for the construction of a single asset such as a bridge, building, dam, pipeline, road, ship or tunnel. A construction contract may also deal with the construction of a number of assets which are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use; examples of such contracts include those for the construction of refineries and other complex pieces of plant or equipment. 1 IASC’s Framework for the Preparation and Presentation of Financial Statements was adopted by the IASB in 2001. In September 2010 the IASB replaced the Framework with the Conceptual Framework for Financial Reporting. A616 Â © IFRS Foundation IAS 11 5 For the purposes of this Standard, construction contracts include: (a) contracts for the rendering of services which are directly related to the construction of the asset, for example, those for the services of project managers and architects; and contracts for the destruction or restoration of assets, and the restoration of the environment following the demolition of assets. (b) 6 Construction contracts are formulated in a number of ways which, for the purposes of this Standard, are classified as fixed price contracts and cost plus contracts. Some construction contracts may contain characteristics of both a fixed price contract and a cost plus contract, for example in the case of a cost plus contract with an agreed maximum price. In such circumstances, a contractor needs to consider all the conditions in paragraphs 23 and 24 in order to determine when to recognise contract revenue and expenses. Combining and segmenting construction contracts 7 The requirements of this Standard are usually applied separately to each construction contract. However, in certain circumstances, it is necessary to apply the Standard to the separately identifiable components of a single contract or to a group of contracts together in order to reflect the substance of a contract or a group of contracts. When a contract covers a number of assets, the construction of each asset shall be treated as a separate construction contract when: (a) (b) separate proposals have been submitted for each asset; each asset has been subject to separate negotiation and the contractor and customer have been able to accept or reject that part of the contract relating to each asset; and the costs and revenues of each asset can be identified. (c) 9 A group of contracts, whether with a single customer or with several customers, shall be treated as a single construction contract when: (a) (b) the group of contracts is negotiated as a single package; the contracts are so closely interrelated that they are, in effect, part of a single project with an overall profit margin; and the contracts are performed concurrently or in a continuous sequence. You read "Ias 11" in category "Essay examples" (c) 10 A contract may provide for the construction of an additional asset at the option of the customer or may be amended to include the construction of an additional asset. The construction of the additional asset shall be treated as a separate construction contract when: (a) the asset differs significantly in design, technology or function from the asset or assets covered by the original contract; or the price of the asset is negotiated without regard to the original contract price. b) Â © IFRS Foundation A617 IAS 11 Contract revenue 11 Contract revenue shall comprise: (a) (b) the initial amount of revenue agreed in the contract; and variations in contract work, claims and incentive payments: (i) (ii) to the extent that it is probable that they will result in revenue; and they are capable of being reliably measured. 12 Contract revenue is measured at the fair value of the consideration received or receivable. The measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. The estimates often need to be revised as events occur and uncertainties are resolved. Therefore, the amount of contract revenue may increase or decrease from one period to the next. For example: (a) a contractor and a customer may agree variations or claims that increase or decrease contract revenue in a period subsequent to that in which the contract was initially agreed; the amount of revenue agreed in a fixed price contract may increase as a result of cost escalation clauses; the amount of contract revenue may decrease as a result of penalties arising from delays caused by the contractor in the completion of the contract; or when a fixed price contract involves a fixed price per unit of output, contract revenue increases as the number of units is increased. b) (c) (d) 13 A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. A variation may lead to an increase or a decrease in contract revenue. Examples of variations are changes in the specifications or design of the asset and changes in the duration of the contract. A variation is included in contract revenue when: (a) (b) it is probable that t he customer will approve the variation and the amount of revenue arising from the variation; and the amount of revenue can be reliably measured. 4 A claim is an amount that the contractor seeks to collect from the customer or another party as reimbursement for costs not included in the contract price. A claim may arise from, for example, customer caused delays, errors in specifications or design, and disputed variations in contract work. The measurement of the amounts of revenue arising from claims is subject to a high level of uncertainty and often depends on the outcome of negotiations. Therefore, claims are included in contract revenue only when: (a) (b) negotiations have reached an advanced stage such that it is probable that the customer will accept the claim; and the amount that it is probable will be accepted by the customer can be measured reliably. A618 Â © IFRS Foundation IAS 11 15 Incentive payments are additional amounts paid to the contractor if specified performance standards are met or exceeded. For example, a contract may allow for an incentive payment to the contractor for early completion of the contract. Incentive payments are included in contract revenue when: (a) (b) the contract is sufficiently advanced that it is probable that the specified performance standards will be met or exceeded; and the amount of the incentive payment can be measured reliably. Contract costs 16 Contract costs shall comprise: (a) (b) costs that relate directly to the specific contract; costs that are attributable to contract activity in general and can be allocated to the contract; and such other costs as are specifically chargeable to the customer under the terms of the contract. c) 17 Costs that relate directly to a specific contract include: (a) (b) (c) (d) (e) (f) (g) (h) site labour costs, including site supervision; costs of materials used in construction; depreciation of plant and equipment used on the contract; costs of moving plant, equipment and materials to and from the contract site; costs of hiring plant and equipment; costs of design and technical assistance that is directly related to the co ntract; the estimated costs of rectification and guarantee work, including expected warranty costs; and claims from third parties. These costs may be reduced by any incidental income that is not included in contract revenue, for example income from the sale of surplus materials and the disposal of plant and equipment at the end of the contract. 18 Costs that may be attributable to contract activity in general and can be allocated to specific contracts include: (a) (b) (c) insurance; costs of design and technical assistance that are not directly related to a specific contract; and construction overheads. Â © IFRS Foundation A619 IAS 11 Such costs are allocated using methods that are systematic and rational and are applied consistently to all costs having similar characteristics. The allocation is based on the normal level of construction activity. Construction overheads include costs such as the preparation and processing of construction personnel payroll. Costs that may be attributable to contract activity in general and can be allocated to specific contracts also include borrowing costs. 9 Costs that are specifically chargeable to the customer under the terms of the contract may include some general administration costs and development costs for which reimbursement is specified in the terms of the contract. Costs that cannot be attributed to contract activity or cannot be allocated to a contract are excluded from the costs of a construction contract. Such costs include: (a) (b) (c) (d) 21 general administration costs for which reimbursement is not specified in the contract; selling costs; research and development costs for which reimbursement is not specified in the contract; and depreciation of idle plant and equipment that is not used on a particular contract. 20 Contract costs include the costs attributable to a contract for the period from the date of securing the contract to the final completion of the contract. However, costs that relate directly to a contract and are incurred in securing the contract are also included as part of the contract costs if they can be separately identified and measured reliably and it is probable that the contract will be obtained. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs when the contract is obtained in a subsequent period. Recognition of contract revenue and expenses 22 When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract shall be recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. An expected loss on the construction contract shall be recognised as an expense immediately in accordance with paragraph 36. In the case of a fixed price contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied: (a) (b) total contract revenue can be measured reliably; it is probable that the economic benefits associated with the contract will flow to the entity; both the contract costs to complete the contract and the stage of contract completion at the end of the reporting period can be measured reliably; and 23 (c) A620 Â © IFRS Foundation IAS 11 (d) he contract costs attributable to the contract can be clearly identified and measured reliably so that actual contract costs incurred can be compared with prior estimates. 24 In the case of a cost plus contract, the outcome of a construction contract can be estimated reliably when all the following conditions are satisfied: (a) it is probable that the economic benefits associated with the contract will flow to the entity; and the contract costs attributable to the contract, whether or not spe cifically reimbursable, can be clearly identified and measured reliably. b) 25 The recognition of revenue and expenses by reference to the stage of completion of a contract is often referred to as the percentage of completion method. Under this method, contract revenue is matched with the contract costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed. This method provides useful information on the extent of contract activity and performance during a period. Under the percentage of completion method, contract revenue is recognised as revenue in profit or loss in the accounting periods in which the work is performed. Contract costs are usually recognised as an expense in profit or loss in the accounting periods in which the work to which they relate is performed. However, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 36. A contractor may have incurred contract costs that relate to future activity on the contract. Such contract costs are recognised as an asset provided it is probable that they will be recovered. Such costs represent an amount due from the customer and are often classified as contract work in progress. The outcome of a construction contract can only be estimated reliably when it is probable that the economic benefits associated with the contract will flow to the entity. However, when an uncertainty arises about the collectibility of an amount already included in contract revenue, and already recognised in profit or loss, the uncollectible amount or the amount in respect of which recovery has ceased to be probable is recognised as an expense rather than as an adjustment of the amount of contract revenue. An entity is generally able to make reliable estimates after it has agreed to a contract which establishes: (a) (b) (c) each party’s enforceable rights regarding the asset to be constructed; the consideration to be exchanged; and the manner and terms of settlement. 6 27 28 29 It is also usually necessary for the entity to have an effective internal financial budgeting and reporting system. The entity reviews and, when necessary, revises the estimates of contract revenue and contract costs as the contract progresses. The need for such revisions does not necessarily indicate that the outcome of the contract cannot be estimated reliably. Â © IFR S Foundation A621 IAS 11 30 The stage of completion of a contract may be determined in a variety of ways. The entity uses the method that measures reliably the work performed. Depending on the nature of the contract, the methods may include: (a) (b) (c) the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs; surveys of work performed; or completion of a physical proportion of the contract work. Progress payments and advances received from customers often do not reflect the work performed. 31 When the stage of completion is determined by reference to the contract costs incurred to date, only those contract costs that reflect work performed are included in costs incurred to date. Examples of contract costs which are excluded are: (a) contract costs that relate to future activity on the contract, such as costs of materials that have been delivered to a contract site or set aside for use in a contract but not yet installed, used or applied during contract performance, unless the materials have been made specially for the contract; and payments made to subcontractors in advance of work performed under the subcontract. (b) 32 When the outcome of a construction contract cannot be estimated reliably: (a) revenue shall be recognised only to the extent of contract costs incurred that it is probable will be recoverable; and contract costs shall be recognised as an expense in the period in which they are incurred. (b) An expected loss on the construction contract shall be recognised as an expense immediately in accordance with paragraph 36. 33 During the early stages of a contract it is often the case that the outcome of the contract cannot be estimated reliably. Nevertheless, it may be probable that the entity will recover the contract costs incurred. Therefore, contract revenue is recognised only to the extent of costs incurred that are expected to be recoverable. As the outcome of the contract cannot be estimated reliably, no profit is recognised. However, even though the outcome of the contract cannot be estimated reliably, it may be probable that total contract costs will exceed total contract revenues. In such cases, any expected excess of total contract costs over total contract revenue for the contract is recognised as an expense immediately in accordance with paragraph 36. Contract costs that are not probable of being recovered are recognised as an expense immediately. Examples of circumstances in which the recoverability of contract costs incurred may not be probable and in which contract costs may need to be recognised as an expense immediately include contracts: (a) that are not fully enforceable, ie their validity is seriously in question; 34 A622 Â © IFRS Foundation IAS 11 (b) (c) (d) (e) 5 the completion of which is subject to the outcome of pending litigation or legislation; relating to properties that are likely to be condemned or expropriated; where the customer is unable to meet its obligations; or where the contractor is unable to complete the contract or otherwise meet its obligations under the contract. When the uncertainties that prevented the outcome of the contr act being estimated reliably no longer exist, revenue and expenses associated with the construction contract shall be recognised in accordance with paragraph 22 rather than in accordance with paragraph 32. Recognition of expected losses 36 When it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately. 37 The amount of such a loss is determined irrespective of: (a) (b) (c) whether work has commenced on the contract; the stage of completion of contract activity; or the amount of profits expected to arise on other contracts which are not treated as a single construction contract in accordance with paragraph 9. Changes in estimates 8 The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs. Therefore, the effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate (see IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors). The changed estimates are used i n the determination of the amount of revenue and expenses recognised in profit or loss in the period in which the change is made and in subsequent periods. Disclosure 39 An entity shall disclose: (a) (b) the amount of contract revenue recognised as revenue in the period; the methods used to determine the contract revenue recognised in the period; and the methods used to determine the stage of completion of contracts in progress. (c) Â © IFRS Foundation A623 IAS 11 40 An entity shall disclose each of the following for contracts in progress at the end of the reporting period: (a) the aggregate amount of costs incurred and recognised profits (less recognised losses) to date; the amount of advances received; and the amount of retentions. b) (c) 41 Retentions are amounts of progress billings that are not paid until the satisfaction of conditions specified in the contract for the payment of such amounts or until defects have been rectified. Progress billings are amounts billed for work performed on a contract whether or not they have been paid by the customer. Advances are amounts received by the contractor before the related work is perform ed. An entity shall present: (a) (b) the gross amount due from customers for contract work as an asset; and the gross amount due to customers for contract work as a liability. 2 43 The gross amount due from customers for contract work is the net amount of: (a) (b) costs incurred plus recognised profits; less the sum of recognised losses and progress billings for all contracts in progress for which costs incurred plus recognised profits (less recognised losses) exceeds progress billings. 44 The gross amount due to customers for contract work is the net amount of: (a) (b) costs incurred plus recognised profits; less the sum of recognised losses and progress billings or all contracts in progress for which progress billings exceed costs incurred plus recognised profits (less recognised losses). 45 An entity discloses any contingent liabilities and contingent assets in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Contingent liabilities and contingent a ssets may arise from such items as warranty costs, claims, penalties or possible losses. Effective date 46 This Standard becomes operative for financial statements covering periods beginning on or after 1 January 1995. A624 Â © IFRS Foundation How to cite Ias 11, Essay examples

FaulknersRose for Emily Essay Example For Students

FaulknersRose for Emily Essay A Rose for Emily is one of William Faulkners famous stories. The antagonist of it is Miss Emily Grierson, which was forced by her dominating and repressive father to grow up alone. She was raised to adhere to a certain standards. So, she stocked with the old souths rules. Miss Emily was raised with the belief that no man was suitable for her. And her father is the cause of her superior feeling. After her fathers death, she wanted to live her life her way, but every body in the town including the authorities make her feel that her life of living is unacceptable, and that based on old south and new south traditions and beliefs. Her relation ship with the Colonel Sartoris to make her exempt from paying taxes is suspicious. But, he did not realize that once he is gone, there would be some one else to put her in the right track. Miss Emily tried to do some changes in her life when Homer showed up. But her feeling of loosing him made her start with a plan that kept him close until her deat h. Many analysts give attention to the story since the first time published. Petry mentioned two reasons for making A Rose for Emily a special. First, the disordered chronology, Second the end of the story which is definitely a shocking ending to every reader. So we can see how the narrator starts off telling that Miss Emily was dead and everyone in the town went to her funeral. Then, he went back to tell about Emilys life, which ended by killing Homer and keeping his body in the bridal bed. (52-54)Loneliness can be a terrible thing to prey on someones mind. Apparently no man was good enough for Emily, that why she never got married and was by self Her father gone and now she is alone, even though she still have Tobe to help her with the market and other chores. Then, the foreman Homer Barron showed up in her life. He was sent by the Construction Company to pave the sidewalks. But, his job did not finish there. He is the only one left, a northerner that would love her despite of all the southerners who were scared of her weird family. Truly, Homer can not give her what she is looking for neither did her father. The need for companionship is the basis of courting Homer Barron. When the work finished and Homer left town, Miss Emily was once again alone. And the insanity began to set in. Even though her cousins stay with her for a short while, this is not what Emily wants. When Homer came back, her chance for everlasting companionship was available. So, she killed him to secure the fact that she will always have him by her side, and she will never be alone again. Blythe think that the most provocative aspect in the story is the motive in killing Homer Barron. And he suggested that homosexuality is the reason for Emily to poison him. Homer himself said that he only like men, and whether this means he is gay as his last name would imply, or he simply is just like to be around men, he will not settle down. Emily could not stand the thought of loosing another man; she wa nted to save face, her pride, and loneliness (49-50). In the other hand, Wallace mentioned in one of his articles that he denied the knowing that Homer Barron is a gay, because he is wandering how the narrator know all of the details in the story. Beside that, he did not get to write about Emily until fifty years passed, which will make every thing he says is suspect. The narrator just wants to trap us (105-107). .u9e9b432dd609fdccbea1655474fd4170 , .u9e9b432dd609fdccbea1655474fd4170 .postImageUrl , .u9e9b432dd609fdccbea1655474fd4170 .centered-text-area { min-height: 80px; position: relative; } .u9e9b432dd609fdccbea1655474fd4170 , .u9e9b432dd609fdccbea1655474fd4170:hover , .u9e9b432dd609fdccbea1655474fd4170:visited , .u9e9b432dd609fdccbea1655474fd4170:active { border:0!important; } .u9e9b432dd609fdccbea1655474fd4170 .clearfix:after { content: ""; display: table; clear: both; } .u9e9b432dd609fdccbea1655474fd4170 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9e9b432dd609fdccbea1655474fd4170:active , .u9e9b432dd609fdccbea1655474fd4170:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9e9b432dd609fdccbea1655474fd4170 .centered-text-area { width: 100%; position: relative ; } .u9e9b432dd609fdccbea1655474fd4170 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9e9b432dd609fdccbea1655474fd4170 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9e9b432dd609fdccbea1655474fd4170 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9e9b432dd609fdccbea1655474fd4170:hover .ctaButton { background-color: #34495E!important; } .u9e9b432dd609fdccbea1655474fd4170 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9e9b432dd609fdccbea1655474fd4170 .u9e9b432dd609fdccbea1655474fd4170-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9e9b432dd609fdccbea1655474fd4170:after { content: ""; display: block; clear: both; } READ: Stop The Deforestation EssayMiss Emily is a southern lady. She was raised to adhere to certain standards by stocking to the old souths rules. She locked herself in her house and refused to see any one but her servant. She represents the past south (a fallen monument). In the story we can see how Miss Emily tried her best to keep the southern tradition, she write on note paper

Look Me in the Eye My Life with Asperger’s Essay Sample free essay sample

Look Me in the Eye: My Life with Asperger’sis a traveling autobiography of John Elder Robison. A narrative of endurance. it recounts how he was able to get the better of the odds of turning up with dysfunctional parents and unwittingly populating with Asperger’s Syndrome. He portions spots and pieces of a troubled childhood. remembering how he befriended a miss by petting her with a stick. It turned out to be the first in a series of rejections he was to see manner into his grownup life. at some point doing him turn inward. With every narrative. Robison cites his defects and the lessons he gleaned the difficult and painful manner. from an Aspergian’s point of position. He acknowledges his deficiency of empathy. his inability to do clear distinction between a immature individual and a moderate-sized Canis familiaris. and his repeating trouble to efficaciously pass on with other people. We will write a custom essay sample on Look Me in the Eye: My Life with Asperger’s Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page whether through oculus contact. existent conversation. or merely picking up societal cues. Nonetheless. all these did non halt him from detecting his endowment for electronics. He flitted in and out of sets. joined the corporate universe of video game technology. rose up the ranks. but quit his occupation and became a auto trader and refinisher. Robison’s developmental hold. as he had to happen out at the mature age of 40. was due to Asperger’s Syndrome. In the book. he invariably explains the inclinations and idiosyncracies of autistic people. and narrates how his status. while estranging him from friends. familiarities. co-workers and higher-ups at work. besides motivated him to endeavor difficult. explore and finally emerge exultant both in his calling and his ain household. Aside from John Elder Robison. the primary characters in his book.Look Me in the Eye: My Life with Asperger’s. include his parents. John and Margaret Robison ( who became a professor and poet. severally ) ; his brother Christopher ( who became Augusten Burroughs. a notable writer ) ; the childs and instructors at Philadelphia’s Mulberry Tree Nursery School ; vicinity familiarities ; Dr. Finch ; set members ; friends that include Jim Boughton and TR Rosenberg. John Elder Robison’s parents presumptively had the most impact on his life. While they were depicted to hold shown parental attention and responsibility. their downward spiral into depression ( for his male parent ) and lunacy ( for his female parent ) took its toll non merely on their ain wellness but besides on the proper upbringing of their childs. which in bend impeded the latter’s smooth and easy passage into mainstream society. Although John Elder recalls sing the household healer. Dr. Finch. wi th his household during his teenage old ages ( Robison. 2007. p. 55 ) . they finally backed out when Dr. Finch’s â€Å"increasingly eccentric behavior† ( Robison. 2007. p. 86 ) surfaced. As his mother’s mental status deteriorated. John Elder and his brother were forced to cover with the world that their parents were of a different cast. In a manner. it drove him and his brother to larn to fend for themselves at a immature age. The matrimonial prostration of his parents. which he saw coming. terrified and pained John Elder Robison. He impotently saw his male parent bend to alcohol and transform into a indurate adult male. while his female parent became a confused individual who would masticate on coffin nail butts and horrifyingly show her paranoia to the extent of stating his boy that devils were watching her. John Elder Robinson’s affliction with Asperger’s Syndrome frustrated non merely himself but besides those he wanted to befriend. every bit good as his parents and wise mans. He was misjudged and made to experience like he had a major defect. The ill will. in some manner. made him turn to puttering with machines. music and authoritative autos. which suited him good. Probably because of the book’s lighthearted tone. the impact of John Elder Robison’s status as an Aspergian on other pe ople’s lives did non look to be every bit grave as the reverberations that usually torment most other households with an autistic member. While being an Aspergian did badly compromise his societal and communicative interactions. the restrictions created by his upset did non. after all. hinder him every bit far as doing the most of himself and prosecuting his involvements were concerned. There were household issues that his immediate household members had to postulate with because of John Elder Robison’s upset. Fault-finding. concern and concern from his parents that he was non subscribing to behavioural conventions created strain on household dealingss. John Elder’s Aspergian head dictated that things be done in a certain extremely logical mode. As a child. when he got physical with one of his friends for what he perceived as disorderly drama wonts. it caught the anger of his parents. who failed to grok that the anti-social inclinations were stemming from an undiagnosed upset. As a effect of this upset. John Elder was regarded as a flawed single by those around him. and he was left with no pick but to stop formal schooling. It is a corroborated fact that many people with Autism or the less stigmatized Asperger’s Disease do non readily obtain entree to allow medical attention. particularly since few physicians have the specialized cognition to singlemindedly go to to victims of such conditions. Fortunately for John Elder Robison. he proved that he can happen his topographic point and map in the normal universe. even if his medical issues were non attended to early in his life. Not all Aspergian persons. though. may turn out every bit positively as John Elder did. given late. small. or no medical intercession. Furthermore. the medical community’s involuntariness to turn to a signifier of Autistic upset that does non suit snugly into the box of a more accepted medical forte puts many stricken childs in a agonizing state of affairs. their households torn apart or fumbling for medical replies. John Elder Robison himself expressed misgiving for the medical profession as shown by his hesitating stance when he described his family’s interaction with Dr Finch: â€Å"Sometimes it seems like he calmed things down. and other times it seems like he fired my parents up† ( Robison. 2007. p. 86 ) . He gives recognition to the bizarre healer. though. for being instrumental in controling the physical assault inflicted on him by his male parent. On the other manus. a therapist-friend in the individual of TR Rosenberg served like visible radiation at the terminal of a tunnel for John Elder Robinson. TR Rosenberg confirmed what many other autistic and Aspergian Syndrome sick persons and their concerned households genuinely want to hear: that Autism. or Aspergian Disease. can be treated. TR Rosenberg’s attack of jumping on John Elder Robison the truth about his status by demoing him a book may hold been galvanizing. but overall. his insightful diagnosing mirrors the immense positive impact a medical practician may hold on a patient. Robison clearly expressed gratitude for it. TR Rosenberg’s words to John Elder Robison. in refering to the Aspergian Syndrome. that â€Å"It’s non a disease†¦ It’s merely how you are† ( Robison. 2007. p. 236 ) mean the reassurance. alleviation and hope that most Aspergians and autistic people are in great demand of from medical practicians chew overing over su ch conditions. There are parts in the book when some readers will feel the apathy from the medical community. like in the chapter called â€Å"The Nightmare Years† where he cited the household healer Dr. Finch’s quaint behaviour. There is besides a part in the book when he coolly recalled. â€Å"For 10 old ages I had listened to my foremans that I could non pass on or work with other people† ( Robison. 2007. p. 214 ) . I feel that in such cases. the medical community failed the patient and his household. Existing in a society bereft of edifying medical literature or some other enlightening agencies that may cast visible radiation on a small understood upset. Aspergians – as with most other persons with developmental upsets – normally receive more than their just portion of obstructions to cope with. On the whole.Look Me in the Eye: My Life with Asperger’sis a good read worth urging to others. because it illustrates how. even with a potentially tormenting st atus and confusing deficiency of changeless parental nurturing. a individual can predominate. Mention Robison. J. ( 2007 ) .Look me in the oculus: my life with Asperger’s. New York: Crown Publishers.

Analysis of Wilfred Owens The Last Laugh Essays

Analysis of Wilfred Owens The Last Laugh Essays Analysis of Wilfred Owens The Last Laugh Paper Analysis of Wilfred Owens The Last Laugh Paper Essay Topic: Poetry Wilfred Owen is well known for his portrayed war poetry on the trench and gas warfare. Owen wrote many poems during his lifetime and one of them is called ‘The Last Laugh’. ‘The Last Laugh’ is very short but incredibly effective because it’s from the weapon’s perspective and from his first hand experiences of war. The main idea Wilfred Owen wanted to convey was that it’s not the soldier’s who get the last laugh since many people died and many soldiers would not laugh about it. He shows that the machinery of the war is the master of the soldiers and that the weapons had the last laugh. In this essay I will talk about how Wilfred Owen conveys his feelings on war by his use of imagery, his choice of language, the structure of the poem and the voice and tone of the poem. First of all, Owen creates images that really convey his experiences of WW1. The poem starts off with a solider that shouts â€Å"Oh! Jesus Christ! I’m hit. † This solider is either just swearing because he was hit or he could have actually been crying out to God because he is religious. In the last stanza Owen shows an image of a solider who â€Å"slowly lowered, his whole face kissed the mud. You can really picture an image of a solider that just got shot and is about to die and the last thing he thinks of is his loved one. You can imagine him closing his eyes and thinking of her and just imagining that he is with her and kisses her, when he is actually kissing the mud. The soldier is not described at all only his actions are described. The lack of details of the soldier shows that he doesnt need any details because the reader already knows how the soldier is, a young man who just wants the war to end. Owen also uses personification to describe the weapons and make them look like they are alive by giving each weapon a capital letter just like they have names like humans. The weapons are also given physical features that a human would usually have. For example, the Bayonets have â€Å"teeth. † The bayonet has a human feature, which is teeth but not just normal teeth, â€Å"long teeth,† which makes the bayonets look like beasts. The weapons are very descriptive with detail and the soldiers are lacked in description and this shows how the weapons are dominant and that there were so many soldiers that died that there is no need for them to be described. Not only are the weapons personified like humans but also the bullets are personified. Owen used personification by giving the bullets voices. â€Å"The Bullets chirped,† This shows that the weapons have taken over of the war. Owen uses a metaphor when he compares the shrapnel from an exploding bomb to a cloud. This metaphor helps the reader use his or her imagination. In the poem ‘The Last Laugh, imagery was used to really convey Owens thoughts on WW1. Secondly, Owen’s choice of language conveys his experiences of WW1. Owen uses an interesting word to describe the bullets in the first stanza; he uses the word â€Å"chirped. † This makes it seem like the bullets are like flying birds, because it is the noise that birds make. Also you can imagine the bullets like birds flying freely through the air. On the other hand, the men have no freedom whereas the weapons do. Owen repeats the word â€Å"vain,† and this emphasizes that whatever the soldiers try to do and defend themselves, no matter what they try it won’t work. Another word that Owen repeats is the onomatopoeic â€Å"tut-tut. This makes it sound like the machine guns are telling off the soldiers, like a parent would to their son when they do something wrong. The weapons are telling off the soldiers for them trying to stay alive in front of them and they have no match for the weapons. The weapons are mocking the soldiers throughout the poem. In the line â€Å"The Big Gun guffawed,† the word â€Å"guffawed,† shows that the gun is mocking the soldiers and cannot stop laughing. As well, it is very weird to smile just before you die. However in the second stanza, the soldier â€Å"smiled. The soldier was probably described as smiling because maybe he was happy that he was dying due to the fact he was fed up with the war. This description of a dying soldier smiling before he dies confuses the reader and makes the reader think why is the soldier smiling. There were many young soldiers fighting for their country and Owen tells us by using the word â€Å"childlike. † Also, the soldier in the second stanza was crying out for his mother and father, tells us the soldier is young and all he wants his mother and father like a normal young kid would want and have when young. In most of his poems, he always refers to how young some of the soldiers were because he probably thought it was crazy how young the some of the soldiers were. The young soldiers didnt have a normal childhood like kids do today. A word that makes it look like the Shrapnel-cloud is a human is the description that it â€Å"leisurely gestured. † It suggests that the Shrapnel-cloud has arms because he is gesturing in a very relaxed way, just like a human would. The word â€Å"leisurely’ stands out because you think why would a cloud gesture something in an unhurried manor. The weapons were not only personified as humans but also as animals; we see this in the last sentence of the last stanza with â€Å"The Gas hissed,† where the onomatopoeic ‘hissed’, makes the gas sound like a snake. Gas makes a hissing sound and snakes hiss makes the gas sound like an evil weapon. Owens choice of language shows his attitude to WW1 and shows what he thinks about it. Thirdly, Owen’s choice of structure in the poem is very unique and conveys his experiences of WW1. Each stanza is five lines long and the first two lines of each stanza are about humans and the last three are the weapons response to the humans. The weapons have more to say then the humans and it makes it look like the weapons are the masters of the soldiers and are superior. Owen doesnt give an identity to the humans but he gives an identity to each weapon by giving it a capital. For the humans, Owen uses pronouns. There is also a very abrupt death to each soldier. â€Å"I’m hit, he said: and died. † It doesnt describe how he died; he just died like many other soldiers did. Also Owen makes it look like the deaths of the soldiers don’t really matter. â€Å"Whether he vainly cursed, or prayed indeed. It doesnt matter if he cursed or if he was praying, he still died. Owen also makes the three soldiers described in the poem are just fed up with the war, by using words like â€Å"said,† â€Å"sighed,† and â€Å"moaned. † These words described how the soldiers are speaking and they all sound like they are happy that they are dying because they are fed up with the war. The first soldier is crying out to God or cursing. The second soldier is crying out for his mother and father and the last one is thinking of his loved one. After each soldier speaks, there are weapons mocking the soldier that just died. The shortest line of the poem is the very last line, â€Å"and the Gas hissed. † World War 1 was when gas warfare was first used on a large scale. The gas is the thing that haunts Owen most and it is the last weapon he describes since its the weapon that he will remember for the rest of his life. Owen conveys his experiences of WW1 by choosing a certain structure of the poem. Fourthly, Owen conveys his experiences of WW1 by the voice and tone used in the poem. The last laugh sort of has a fun tone of voice to it. It is consistent throughout most of the poem until the last line, where it had more of a serious tone. I think this was done because gas was a very serious topic for Owen and he doesnt want to make it sound like it wasnt serious. There are different tones of voices for each weapon that speaks. For example, the Shrapnel-cloud has a very deep voice since its a massive big cloud so you can just imagine a deep tone of voice linked to the cloud. The language is more colloquial to formal because the poem has a fun tone of voice to it. Owen uses irony in the poem because the title â€Å"The last laugh† can be thought of as the last ones alive. The weapons were all in one piece and were unharmed, whereas the soldiers died. It’s also ironic because he says that the weapons had the last laugh however the weapons can’t even laugh. Owen expresses his feelings of WW1 by the tone and voice used in the poem. In conclusion, I think that Owens poem ‘The Last Laugh’ is a great poem and he was very successful at expressing how he feels about World War 1. The poem was effective in conveying Owens feelings because of all the techniques used in the poem. I would never think about the weapons having the last laugh, it would be the last thing I would think of. It was a very smart poem, how he personified the weapons to make them like humans. Every single thing was well thought of and I love how the humans have two lines and the weapons have three lines and how they respond to the humans. The last line also made me really think of gas and how it caused many harsh and painful deaths that I cannot even imagine. Overall, the poem was a great poem because it really conveyed Wilfred Owens experiences of WW1 by his use of imagery, choice of language, the structure of the poem and the voice and tone of the poem.

Acute Care Of Diverticulitis

Acute Care Of Diverticulitis On Thursday night February 25, 2010, DC, a 64 year old female Caucasian came to the emergency room complaining of chills, abdominal pain, vomiting x 2days and diarrhea x3days. DC is 5’6†³ and weighs 239 pounds. She stated that after eating dinner on Tuesday night she began to feel abdominal pain that worsened and then developed vomiting and diarrhea. DC’s pain ranged from 5/10-10/10 and complained of tenderness over her entire abdomen, that was worse midline. DC has a left brachial cephalic A/V fistula that has a palpable thrill and a good bruit. Upon being admitted to the Emergency Department DC’s vital signs were BP 136/79, T 97.9, HR 101, R16 and O2 sat 95% on room air. DC’s lung sounds were clear to auscultation and she denied being short of breath. Blood urea nitrogen (BUN) and creatinine were both elevated. An x-ray and a CT scan both showed evidence of a small bowel obstruction with perforation with evidence of diverticular disease of the colo n (see medical management for details). It was at this time that DC was transferred to E300. Primary Diagnosis and Priority Secondary Diagnosis The primary medical diagnosis is diverticulosis/diverticulitis, with a small bowel obstruction. The secondary diagnosis is chronic renal failure (CRF). Patient History DC has a history of hypertension, atrial fibrillation (AFib), end stage renal disease (ESRD), past peritoneal dialysis (2.5 years), and peritonitis. She has been on a Monday, Wednesday, Friday hemodialysis schedule for the past 2 years. PATHOPHYSIOLOGY OF THE PRIMARY DIAGNOSIS AND PRIORITY SECONDARY DIAGNOSIS Diverticula are pouch-like herniations of the mucosa through the muscular wall of the small intestine or colon. Diverticulosis is the presence of many diverticula in the wall of the intestine. Most people with diverticulosis have no symptoms and remain symptom free for a lifetime. Diverticulitis is used to describe when one or more of the diverticula become inflamed. Dive rticula occur most commonly in the sigmoid colon, although they may occur in any part of the small or large intestine. The musculature of the colon hpertrophies, thicken and becomes rigid, and herniation occurs through the colon wall. Diverticula occur at points of weakness in the intestinal wall, where blood vessels interrupt muscular continuity. The muscle weakness develops as part of the aging process (Ignatavicius & Workman, 2006). Diverticula usually cause few problems. If undigested food or bacteria become trapped in the diverticulum blood supply will diminish and bacteria invade the diverticulum. Diverticulitis occurs when the diverticulum perforates and a local absess forms (Ignatavicius & Workman, 2006). Diets with small amounts of fiber have been linked to the development of diverticula due to the fact that they cause less bulky stool and constipation. However fiber is not proven to be a preventative measure (uptodate.com). Only one of five people with diverticulitis will actually display symptoms (Ignatavicius & Workman, 2006). Exactly how diverticula become inflamed is not clear. One theory is that increased pressure in the colon can lead to breakdown of the wall of the diverticula leading to infection. Another theory is the openings of the diverticula may trap fecal matter, which can lead to infection. Or, an obstruction in the narrow opening of the diverticulum may reduce blood flow to the area which may lead to inflammation. In the past, medical professionals thought that nuts, seeds, popcorn and corn played a role in causing diverticulitis. However, recent research has found that these foods aren’t associated with an increased risk of diverticulitis (mayoclinic.com).

Vodafone and the Use of Internet Essay Example | Topics and Well Written Essays - 2000 words

Vodafone and the Use of Internet - Essay Example As it operates in the telecommunication sector, it has optimal internet applications and those applications heighten its power, even while nullifying the threats. It uses internet not only for its operations but also as part of marketing tool, with its website being its main marketing tool. Vodafone UK’s Website is aptly designed providing detailed information about its products and services, but still more interactive can be incorporated. Its B2B model is working aptly benefiting both them and their partners. From ethical angle, Vodafone has included restrictions on adult content for children, so they do not become morally corrupt. Thus, Vodafone’s e-business initiatives through internet are working effectively, with need for only few optimization strategies. E-Business background Vodafone is the world’s largest firm in terms revenues earning more than 45 billion pounds and is the second-largest in terms of subscribers having close to 450 million subscribers as on December 2011. (Vitorovich 2012). In all those operations, internet technologies played and are playing optimal role in Vodafone. Vodafone’s major e-Business achievements include launching the first prepaid analogue package in the UK in 1996, acquiring the largest 3G license available in the UK by 2000 and launching their 3G service in 2004. (Further examples in Appendix A). In terms of services, Vodafone offers Mobile Broadband, Pay As You Go, etc. (Appendix B). As far as products are concerned, Vodafone do not build the phones paired with their service contracts, instead they collaborate with certain manufacturers to create Vodafone-branded phones. According to the Porter’s 5 Forces analysis (Complete analysis in Appendix C), the suppliers of Vodafone have less bargaining power due to the availability of similar handsets from many different manufacturers. On the other hand, the buyers have more bargaining power in relation to Vodafone because with strong alternati ves, they can switch to new networks without major financial burden. In addition, with internet offering the buyers the option to compare the various service providers or competitors and their services, buyers have sizable power. (Campbell 2007). There is a fairly low threat of new entrants thanks to the high costs and infrastructure including IT related ones required to compete with the big providers like Vodafone. (Thiele, Blakeway and Hosch 2010). There is a threat of substitutes in the form of mobile internet and the related services like Skype for phone calls, and other social networking options like Facebook, mails, etc., for other communications, but still there will be adequate space for Vodafone to operate. Vodafone faces high competitive rivalry from O2, 3, Orange, T Mobile, Virgin Mobile, Asda Mobile, etc. as they offer internet enabled services and products with good features and at competitive prices. E-Marketing analysis As part of e-marketing, Vodafone carry out optim al marketing strategies through various mediums particularly the internet. With internet as the ‘foundation’, Vodafone does e-marketing through its official websites, other Third Party websites in the form advertisements, press releases, etc., and also through social networking websites. Personalization: The Vodafone’s official website features all its products and services, as well as the benefits of using them, thereby providing the customers to personally choose what they

Strategic management of MC DONALD and how they maintain their succeses Essay

Strategic management of MC DONALD and how they maintain their succeses over the years - Essay Example There are few challenges and problems that the company faces which would be discussed in this study. The biggest challenge for McDonalds is to overcome the increase in competition, maintain its quality and keep a strict check and balance on the customer satisfaction as the company has more than half of the business depends on franchising. In the SWOT analysis of the company it has been found out that McDonalds occupies a very strong position in the market. Special attention paid to hiring potential staff has been a key to its success. As we know in the food and hospitality industry the major role is to be played by the internal customers (that are employees) as they will be the source of satisfaction for the external customers (the real customers). So keeping the internal customers satisfied and properly training them is what McDonalds has been doing. This has been a key success factor for the company. The concept of franchising has also been fruitful for the company as it generates 60 percent of its sales through franchising (Gallagher, 2008). McDonalds focuses on five main things that are its drivers for success namely people, product, price, place and promotion. PESTLE Analysis Following is the Pestle Framework application to McDonalds. PESTLE framework includes the political, economical, social, technological, environmental and legal factors that relate to McDonalds. Political Factors While McDonalds plans to expand its business it has to keep a lot of political factors in mind like the taxation and licensing issues (Ghemawat, 1991). During international expansion the analysis of the political situation of the other country happens to be of critical importance. Economical Factors Economic factors are of concern to McDonalds, because they are likely to influence demand, costs, prices and profits. Amongst the economic factors the high unemployment levels are one the most influential factors as it reduces the demand for a lot of goods and also the food industr y. Inflation is one other thing that has impacted almost every business in the world and so is the case with the food industry. The economic factors mentioned above are mostly beyond the company’s control but at the same time their effects related to the marketing mix and performance can be reflective. Social Factors The awareness of the health issues is increasing amongst the consumers' day by day and the attitudes they hold towards food is continually changing. The quality that McDonalds has provided to its customers over these years has helped the company earn a good repute and thus a strong position in the society (Schlosser, 2008). Technological Factors New technologies profit company and the customers both. The adoption of the new technology by the company and always keeping everything updated has helped the company in attaining this strong market position (Vignali, 2001). Upgrading of its equipments and the machinery used have also served as a source of satisfaction fo r the internal and external customers both. Environmental Factors McDonalds has always focused on healthy and clean environment and this has helped the company in winning the trust of the customers. Legal Factors The policies of government in order to control monopoly and the reduction of power of buyers can lead to putting a limit to entry in this sector by putting controls such as license requirements and limitation to access the

Robert Frosts “Mending Wall” Essay Example for Free

Robert Frosts â€Å"Mending Wall† Essay The â€Å"Mending Wall† by Robert Frost is forty five lines long and is structured into a single paragraph verse. There are no stanzas and visually looks like and metaphorical represents a wall. Frosts writes this poem in first person with the use of â€Å"I† which makes the poem narrative – as if the narrator is speaking directly to the reader. The intimate conversation happening between the narrator and the reader is further supported by the use of presence tense in the text of the poem and the casual speech of the narrator. The â€Å"Mending Wall† is literally about a physical wall that lies between his far and his neighbors farm. The narrator walks along the decaying wall describing in detail the nature and structure of the wall. He often compares the wall to himself and his neighbor. The narrator ponders again and again â€Å"what makes good neighbors†. The narrator plays with the idea that perhaps the wall between their farms is the key to a great relationship. This implies that for people to maintain a safe and proper relationship they must be isolate from each other. Through the use of vivid imagery Frost explores how people relate to each other and suffer through isolation. The central image in the â€Å"Mending Wall† is the wall itself. As the wall decays, the narrator and his neighbor repair, which maintains their relationship. However, the wall is also used by Frost as an symbol. The wall symbolism the metaphoric wall which human build to keep themselves safe and other out. Frost asserts that â€Å"There were it is we do not need the wall† (23) implying that while emotional wall exists, they are not needed. He believes that â€Å"something there is that doesnt love a wall† (1). Narrator cleverly explores that idea that if people were truthful with themselves they would have to confess they do not like the wall which separates one life from another. Perhaps this is the reason for the falling stones and the constant decay of the wall over time. Frost has the unique ability to bring together metaphysical thought and the beautiful New England landscape in rhyming text. There are several minor images within the poem which add to the mood and tone of the poem. The setting of the poem is springtime and can be seen in â€Å"frozen ground swell† (2), â€Å"spring mending time† (11), â€Å"in the sun† (3), and â€Å"spring is the mischief in me† (28). Spring is the time when life begins anew and there is great hope for the future. Frost, through the use of imagery, explores the theme of human isolation and asserts that â€Å"walls†, emotional or physical, need not exist. That â€Å"something† in the universe hates these walls and actively works to destroy them which is why the physical wall in the poem is in need of constant repair. Through the narrators casual speech, Frost advices the reader that perhaps he or she should take into consideration the subtle hints and let the walls between human souls be destroyed. Work Cited Frost, Robert. The Mending Wall Literature and the Writing Process. Comp. Elizabeth McHahan. New York: Prentice-Hall , 2005. 449.

The Legalization of Marijuana Essay -- Legalization Marijuana Drugs Es

The Legalization of Marijuana The legalization of the drug marijuana is a hot topic nowadays. Many people want this substance to be legalized and regularly available like cigarettes. But what some people do not know are the serious health risks involved when using marijuana. There is a lot more to marijuana than just smoking it. Marijuana can have very damaging affects on a person?s brain. It can impair a person?s short-term memory, decision-making and signal detection (Cannabinoids). ?In one study conducted in Memphis, TN, researchers found that, of 150 reckless drivers who were tested for drugs at the arrest scene, 33 percent tested positive for marijuana? (Marijuana). After having used marijuana a person?s driving skills are impaired. A person is not able to safely drive after having used marijuana, even up to 24 hours after use (Marijuana). This drug is very dangerous, and has longer lasting affects than people may think. Not only does marijuana cause damage to the brain, it can also harm a person?s heart as well. Using marijuana can cause an alteration of heart rate, cause intense anxiety, panic attacks or paranoia (Fact Sheet, par. 7). This could worsen pre-existing heart conditions that people may or may not know about. Smoking marijuana, in some ways, is like smoking cigarettes. Marijuana can produce airway injury, coughing and wheezing, some of the symptoms of cigarette smoking (Marijuana). But the downfall to smoking marijuana is it contains almost 50% more benzopyrene (the cancer-causing chemical in tobacco) than a cigarette (?Fact Sheet?). ?Marijuana contains cancer causing agents and toxic particles that can lead to bronchitis, emphysema, and lu... ...juana. 1998. PBS. 1 Oct. 2001. http://www.pbs.org/wgbh/pages/frontline/shows/dope/body/effects.html - Here are the Straight Facts . . .About Marijuana. The National Clearinghouse for Alcohol and Drug Information. 2 Oct. 2001 http://www.health.org/govpubs/rpo884/#marijuana - Marijuana: Facts for Teens. 13 Mar. 2001. National Institute on Drug Abuse. 1 Oct 2001 http://www.nida.nih.gov/MarijBroch/Marijteenstxt.html - The Redwood City Police Department. Cannabinoids (Marijuana) Fact Sheet. Drug Abuse Resistance Education. 1 Oct. 2001 http://www.darebox.com/marijuana.html - What to Teach Kids About Marijuana. Minneapolis: Johnson Institute-QVS, Inc., 1998. http://www.netlibrary.com/ebook_info.asp?product_id=50286&piclist=1 9799,19811,19812,19813,19814,19815,19890,25982,25984,25986,25989,39743,39744,39755

Ethical dilemmas can international psychologists

The list below though not exhaustive but have been potential dilemmas that international psychologists ace during the execution Of their services in a culturally diverse population: Linguistic competencies- A case in point of such a situation is where immigrants travel in host community and want to use the health opportunities of that community. The medium of exchange for the host community is mainly English and say the immigrant is from a Chinese background.The children of most immigrants tend to adjust quickly in terms of linguistic abilities and therefore are most often interpreters for their parents. A parent of such cultural background seeking mental health services ill rely on the children to interpret for them. The dilemma here is the international psychologist is bound by law not to expose a patient's sensitive document to a third party and also how can the international psychologist ascertained that the patient clearly understood the informed consent interpreted by the child .The steps taken in such a scenario is the need for bilingual staff to facilitate the care of culturally diverse patients (Congress, 2004). Practitioners legal obligation versus workplace policies- Davidson, (201 0, up. 70) reported that workers within the social services will be unfrosted by the dilemma between acting in the ethical best interest of direct service recipients and acting according to the law.For instance, an international psychologist working with an organization in a culture where children or minors work to fend living for their parents will be faced with a dilemma as to whether he is legally obligated to report this illegal activities of the organization or has an obligation to the organization to report. Using individual participants to represent the whole population- In his voice thread, Dry. Larsen (2014) noted that most hypothesis used in testing cross cultural research uses individual participants as a unit of analysis to aggregate an overall score for each cu lture.We are cautioned by the video on cross cultural competence that when working with culturally diverse population, we should delve into the demographics and composition of the group so that at the end all benefits and risk should be proportionately distributed. The ethical issue that arises when we stereotype or generalize the attribute of one culture to encompass the whole is that relationships among the measured rabbles in one culture will not necessarily translate to the same relationship in another culture.

Competitive Advantage of Wal Mart Essay

Every company is trying to avoiding failure and the goal is to have a sustaining competitive advantage. But when do companies have a sustainable competitive advantage? It depends on three factors: the barriers to imitation, the capability of competitors and the dynamism of the industry development. In the 1970s Wal Mart lost their competitive advantage. Sears had a better positioning like Wal Mart. Therefore Wal Mart distinguished the situation and improved its distribution system. It created new trade channels to save costs and invest in new information technology to improve their situation. Wal Mart found a way to change their strategies and structures to change their competitive conditions. Over time, Wal Mart got strong partnerships with suppliers. This was a key element to improve their performance on the market and it`s not easy to imitate. Those partnerships work now since a long time and other competitors might lack the volume of purchases Wal Mart can offer. With some diversifications like Sam’s Club, a new way of supercenters or their plan for the international expansion Wal Mart was able to confine from their competitors. Wal-Mart was the first low price company and retailer which expanded around the world. The CEO of Wal Mart focused on small-town markets and ignored the national discounters. So, Wal Mart has huge distribution capabilities and this is very difficult to imitate from competitors. The most significant advantage of Wal Mart is their using of the satellite system. They are using this system to compress their costs and get a distinguished communication system with all employees to every time. The overall achieved employee satisfaction has the advantage of highly motivated employees. This is an overall management issue and when the employees are motivated, the customers are feeling good and well served. In future, Wal-Mart was committed to find new ways to have the competitive advantage of the market. They invest in different strategies like trendy fashions, offering organic food and remodeling stores to achieve a high satisfaction during the shopping by customers. So, they were able to use the economic crisis to win new customers. A lot of people search after low price shopping possibilities. So investors cheered at Wal-Mart and the company outperformed both rival target and the S&P 500 index. Wal Mart holds its quality due to the constant low priced policy. This EDLP is not easy to replicate unless you can offer consistently low prices. On account of the points Wal Mart is able to secure a sustaining competitive advantage at the moment. They are reacting directly and design their company with the time and respond on their employees and customers. Their competitors are able to imitate their policies but this can`t happen within the next year because Wal Marts` advantages are way to complex. As long as Wal Mart is always developing its competencies and keeping on track with the environmental changes, they do have a sustainable competitive advantage in the US.

The Blues Meaning and Significance

The Blues Meaning and Significance What is the blues? It seems that the answer to this question can be easily found while examining its peculiarities as the music style, but this issue remains to be one of the most controversial questions which are associated with the blues as the music and philosophy.Advertising We will write a custom essay sample on The Blues Meaning and Significance specifically for you for only $16.05 $11/page Learn More Moreover, the attempts to define the blues as a notion gave the start for the discussions of the blues as the expression of the African-Americans’ identity and the possibility to play this music by white people. Thus, can white people play the blues? To examine the problem and give the reliable answer, it is necessary to pay attention to the blues as the cultural phenomenon and to its ethical significance. In his work â€Å"The Blues as Cultural Expression†, Phillip Jenkins gives the answer to the question and discusses the blues from severa l approaches to it as the cultural and aesthetical phenomenon. Jenkins states that it is necessary to differentiate between two understandings of the blues in order to be right while answering this provocative question. Thus, he accentuates the blues as â€Å"the cultural expression† and as â€Å"the musical form†[1]. When people speak about the blues as the cultural expression it is important to focus on the fact that white people cannot play the blues because they do not have those national identity and historical, social, and cultural experience and background which the African-Americans have. However, when we speak about the musical form it is possible to state that â€Å"the blues is really nothing more than sound patterns or forms that require only the ability to manipulate the instruments (including the voice) in the right way†[2]. That is why white people can follow the blues techniques and play it. Nevertheless, is it a real blues? In their work â€Å" Even White Folks Get the Blues†, Douglas and Nathaniel Langston argue the first one of Jenkins’s principles and support the second statement about the blues as the possibility of white people to play the blues as the musical form[3]. Their argument is based on the idea that it is unnecessary for people to be black, if they come from the South and feel the blues as the African-Americans do. Moreover, the blues can exist in the world of white people as the specific form known as the white blues[4]. That is why Jenkins’s thesis can be considered as rather controversial.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More The blues is the music which traditionally reflects the feelings and emotions of the African-Americans in relation to their state in the country, the peculiarities of their living and visions of their life. Thus, the main ideas of the blues are closely con nected with the issues of justice and liberties in the society. That is why it is possible to discuss the blues in the context of social and ethical significance. To understand this significance, it is useful to refer to Michael Sandel’s ideas about social liberties which reflect some which are typical for the blues. Social justice can be based on individual rights and the freedom of choice[5]. This idea is close to the ethics of the blues because the blues is the music of freedom of will, choice, and desires which are not limited by restrictive social norms. It is difficult to define the blues as a notion and to develop strict considerations about its meaning and significance because the blues is the music of the souls which freedom cannot be limited by any social, cultural or philosophical norms. Jenkins, Phillip. â€Å"The Blues as Cultural Expression†. Blues – Philosophy for Everyone: Thinking Deep About Feeling Low. Ed. Jesse R. Steinberg and Abrol Fairwea ther. USA: John Wiley and Sons, 2011. 38-49. Print. Langston, Douglas and Nathaniel Langston. â€Å"Even White Folks Get the Blues†. Blues – Philosophy for Everyone: Thinking Deep About Feeling Low. Ed. Jesse R. Steinberg and Abrol Fairweather. USA: John Wiley and Sons, 2011. 167-176. Print. Sandel, Michael J. Justice: What’s the Right Thing to Do? USA: Farrar, Straus and Giroux, 2010. Print. Footnotes Phillip Jenkins, â€Å"The Blues as Cultural Expression†, Blues – Philosophy for Everyone: Thinking Deep About Feeling Low, ed. Jesse R. Steinberg and Abrol Fairweather (USA: John Wiley and Sons, 2011). Phillip Jenkins, â€Å"The Blues as Cultural Expression†, Blues – Philosophy for Everyone: Thinking Deep About Feeling Low, ed. Jesse R. Steinberg and Abrol Fairweather (USA: John Wiley and Sons, 2011) 40. Douglas Langston and Nathaniel Langston, â€Å"Even White Folks Get the Blues†, Blues – Philosophy for Everyone: Think ing Deep About Feeling Low, ed. Jesse R. Steinberg and Abrol Fairweather (USA: John Wiley and Sons, 2011). Douglas Langston and Nathaniel Langston, â€Å"Even White Folks Get the Blues†, Blues – Philosophy for Everyone: Thinking Deep About Feeling Low, ed. Jesse R. Steinberg and Abrol Fairweather (USA: John Wiley and Sons, 2011). Michael J. Sandel, Justice: What’s the Right Thing to Do? (USA: Farrar, Straus and Giroux, 2010).

Change and Development in the English Language Bachelor Essay

Change and Development in the English Language Bachelor - Essay Example ..is evidently Germanic." (Domingue, 90) Topic Sentence 2: The Middle English phonological component, as against that of the Old English, exhibits significant innovations such as the addition of a French stress pattern carried by the lexical loans and the reinforcement of a phonemic status for the voiced fricatives which also contributed to the development of the Middle English. Topic Sentence 3: Another chief characteristic that helped in the formation of the Middle English is the lack of any specific standards as in the Old English and "the fact that there was no written standard in Middle English as in Old English gives us evidence that these changes took place at different times in different areas..." (Trips, 7) Topic Sentence 4: Syntactic differences between Old English and Middle English can be apparently comprehended and "While (classical) Old English had a rather elaborate inflectional system for both verbs and nouns, much of this had withered away by early Middle English, and further reductions took place in the course of the Middle English period." (Fischer, 69) There have been significant changes in the Middle English phonology and syntax compared to Old English which helped the development of Middle English.

Mod Culture and Fashion Research Paper Example | Topics and Well Written Essays - 2750 words

Mod Culture and Fashion - Research Paper Example The paper "Mod Culture and Fashion" concerns the connection between Mod fashion and designs. The leaders of mid 1960s style were the British. As the Mods strongly influenced the fashion in London, 1960s fashion in general set the mode for the rest of the century as it became marketed to young people, who, at the time, were gaining tremendous influence in affecting everything from clothes to the media, particularly the lifestyle of Mods as popularly reflected in their music and fashions. British rock bands such as â€Å"The Who,† children of the working class, gave up their nine to five jobs to become icons in the rock music world. It was not until 1964 when the Modernists were truly recognized by the public that women really were accepted into the group. Girls had short, clean haircuts and often dressed in similar styles to the male Mods—a trend which initiated UniSex design. As opposed to the 50s grease look, Mod style was classy, mimicking the clothing and hairstyles of continental Europe with tight-fitting suits and a more suave dressed appearance. They were the working classes with a sophisticated city look-- the clothing of a new forward-thinking generation. Mod from the longer version of Modern developed as a subculture from the original beatnik culture born in the coffee houses of the 1950s, where disenchanted young intellectuals met to enjoy the new modern jazz, read poetry and share political views. The new Mod culture that eventually evolved from it, however, was less intellectual.

Health Promotion Plan Essay Example | Topics and Well Written Essays - 1250 words

Health Promotion Plan - Essay Example Compared to the mortality rates from all races, deaths from malignant neoplasms are higher among African Americans as the mortality rate of malignant neoplasms from all races is only 321.2; meanwhile, hypertension is cited as the 10th most common cause of death among African Americans and the ever-present predisposing factor for diseases of the heart, cerebrovascular diseases, diabetes, and kidney diseases (HealthyPeople.gov, 2012, n.p.). With the identification of hypertension as the problem of the population or the underlying determinants of certain chronic diseases, health promotion will be geared towards addressing hypertension among African Americans aged 55 years and older, promoting multi-sectoral policies and programs to improve health and reduce health disparities, and educating the public about evidence-based interventions to prevent, treat and control hypertension. In addition, it is easy address hypertension than malignant neoplasms among African Americans as hypertension is a modifiable, controllable risk factor. Objective In the Healthy People 2020 Objectives for heart disease and stroke, a 10-percent improvement from baseline is set to determine efficacy of health promotion, intervention, or treatment. The proportion of adult African Americans who died from hypertension is 23.4; thus, the main objective of this paper is to reduce the proportion of adults (aged 55 years and older) who died from hypertension from 23.4 to 21.1 (HDS-5.1). Aspects of Collaboration To prevent hypertension and promote health, collaboration from government, local community, clinicians, other health care professionals, nurse-managed hypertension facilities, public health workers and community outreach workers, and patients is a must. Each of the following care professionals has their own aspects of collaboration of how to promote health and prevent hypertension. Government agencies are responsible for implementing policies and programs to address hypertension and in fundi ng for the general health of the population. Community aspects of collaboration include civic, philanthropic, religious, and senior organizations that could provide locally focused orientation to the health needs of the diverse target population. Clinicians and other health care professionals influence or reinforce instructions to improve patient lifestyles and blood pressure control. Nurse-managed hypertension facilities also contribute to better hypertension control. Public health nurses and community outreach workers screen, identify cases, refer and track follow-up appointments, and educate patients. Meanwhile, patient is at the central core of collaboration as their motivation and compliance to treatment facilitate better blood pressure control and reduction of incidence of hypertension. Therefore, collaborative groups’ shared roles in preventing hypertension and promotion of health include reinforcing awareness of hypertension risks, conveying the importance of blood pr essure management, and educating effective lifestyle interventions, pharmacologic therapies, and treatment adherence (U.S. Department of Health and Human Services, 2004, 62). . Organizational/Policy Changes The Ottawa Charter for Health Promotion stated that health promotion action means building healthy public policy which puts health on the agenda of policy makers in all sectors and at all

Accounting Standards Boards Essay Example | Topics and Well Written Essays - 1000 words

Accounting Standards Boards - Essay Example This convergence was done in order to improve the two main US accounting principles i.e. IFRA and GAAP. China and Japan also worked in this coverage of two boards. In accordance with the 2010 reports, the Securities and Exchange Commission’s have issued a statement of global accounting standard and convergence in order to direct the SEC staff. This was done to make a work plan which should be used to incorporate IFRA standards in US financial reporting system (Colson, Robert H, 2003, p.22). A brief history on the relationship of these two boards is described below: Interest of international accounting began in 1950s due to the integration of World War II and due to the increase of capital flaws in the systems. An international congress of accountant was hosted by American Institute of Certified Public Accountants in 1962. It discussed the steps for the development of accounting, auditing and other reporting standards. The first textbook of international accounting was publishe d in 1967 which was written by a member of FASB. IASB and FASB relationship was informal one. But in 1988 FASB became a member of IASC which meant that FASB was able to participate in the meetings of IASC. In 1993 FASB and its counter party conducted a joint venture project. This resulted in the improvement of in the relationship and standards of these two boards. In 2000 use of international accounting standards increased rapidly due to which IASB and FASB decided to collaborate and explore US international standards. IASB and FASB finally decided to collaborate and work together in order to improve the US accounting standards. This partnership has been mentioned in â€Å"The Norwalk Agreement.† A memorandum of understanding was issued by both of the boards in 2006. It described the targeted performance they hope to achieve by 2008. In this MOA they shared their common objective with high quality accounting standards. Both the boards completed the first joint project and iss ued a converged accounting standard on business combination in 2007. FASB and IASB updated its memorandum of understanding in 2008 in order to establish convergence goals of 2011. FASB reported the status of their project in order to converge and improve UC GAAP accounting standards in 2010. First quarter congress report was issued by both the boards which reported modification of their joint work plan. A progress report was issued by both the boards in 2011. It reported the progress of the convergence work program. In this report it gave priority to the three main areas i.e. leasing, financial instrument and revenue recognition. 1.2 IASB equivalents of the FASB original pronouncements FASB and IASB mainly establish standards in relation to finance and accounting which helps nongovernmental organizations to prepare financial statements. FASB major pronouncement is to develop the principles of general accounting, while IASB focuses on international financial reporting analysis. This indicates that IASB is not equivalent of the pronouncements of the other board. There exists difference in the practices of both the boards. FASB uses a rule based approach, which differs from the principles of IASB; it focuses on techniques, processes and organization. In spite of these differences in the original pronouncement, both the boards have agreed to converge for the best interest of financial economy. This means that the main reason of the convergence was to set universal standards of accounting. In order to reduce these differences meetings were conducted by auditors to ensure the success of both the boar

Historical Cost and Fair Value

Historical Cost and Fair Value 1.0 INTRODUCTION There have been many discussions and debates concerning use of fair value accounting against use of historical cost accounting. Some prefer fair value whilst some have a preference for historical cost accounting. Both methods of valuation have been criticized and as well embraced. It is evident that a quality description and quantitative information about the nature of the financial asset is essentially important and the amount that is appraised from the chosen method of valuation is included in the financial statements. The question however remains as to which measurement method must one use to cope with todays complex financial instruments and risk management strategies. We must acknowledge that we are in an era where we use many complicated financial instruments and risk management strategies which render that yesterdays prices may have become obsolete and many people now demand historical cost be either abandoned, reviewed, modified or replaced by current cost system to reflect a more accurate financial reporting (Muller, K. A., 2008). The issue of assets and liabilities valuation has become more pressing now than it was ever before. The FASBÂ  [1]Â  is slowly modernizing the GAAPÂ  [2]Â  principles and in doing so, it is attempting to make financial statements more meaningful and bring books in line with the international standards. Historical cost and fair value methods of valuation have both been around for a long time. The choice of whether to switch to fair value method is interestingly an important decision where all perspectives have to be equally evaluated in considering the transition from an existing to a new method of financial asset valuation. History has proven that the historical cost principle has worked absolutely fine all this while. This now poses us a question as to why the consideration and speculation to switch to a new method of financial asset valuation. What theories and what basis should drive the motivation to choose a varying method of financial asset valuation and what could be ideally considered being the opportune time for the switch in choice of model. With the ever increasing concerns between both the public and private sectors pertaining to the adequacy of financial statement reporting by respective financial institutions, a considerable attention has been received by the FASB, SECÂ  [3]Â  and other regulating bodies. The adaption of the IFRSÂ  [4]Â  in the European Union with effect from 1st of January 2005 birthed a number of significant changes in how firms must report their financial positions (Muller et al 2008). Measurement of financial assets is the core issue of relevance in financial accounting and reporting today. In order to decide which method of valuation one must choose, it is imperative that there must be a sound understanding of the fair value and historical cost method of valuation for financial assets. This seminar attempts to carry out an in depth research on the fair value and historical cost method of valuation, understand the underlying assumptions of each, identify the strengths and weaknesses of both. Various companies has been researched and contacted in order to obtain feedback on their chosen method of financial asset and liabilities valuation. Responses received are summarized in analysis and findings section of this paper and has been deliberated upon in understanding how companies and organizations in Fiji are valuing their assets and liabilities for reporting in their financial statements. Also encompassed are various literature and resource materials that we have studied. These have been reviewed and key essence and aspects of topic under study has been entailed in section entitled Literature Review. 1.1 THEORETICAL UNDERPINNINGS Accounting is highly purposive field and any assumption, principle or procedure is accordingly justified if it adequately serves the end in view (Paton, 1922). There are many accounting conventions under the Generally Accepted Accounting Principles (GAAP) which is now known as IFRS. Historical Cost Convention is the conventional valuation concept whose resources are valued in accordance with the cost of acquisition by the enterprise (Glautier and Underdown, 1982). Assets are recorded at their original cost at the time of purchase. This convention is highly preferred for the historical cost method over fair value. The Conservatism Convention assumes that accountants are pessimistic in measuring revenues and expenses. Revenues are not recorded until they were virtually certain but expenses were recorded as soon as they become remote. If accountants had to choose for measurements of cost for assets and liabilities they would have chosen the lowest for assets and highest for liabilities mostly adopt historical cost method. The historical cost of method is well preferred over the fair value method as the Accounting as a Historical record is concerned at providing a faithful record of transaction of an entity rather to provide a valuation of the firm at a given period of time (Godfrey et. al, 2006 pg 18). While historical cost method may give some indication to shareholders of the stewardship of management in the management of costs and money capital under the control, the records give no indication of the real worth of the enterprise as a going concern except to the extent that operating profit is a predictive devise (Budge and Hendriksen, 1974). Objective of stewardship is based on agency theory. Managers choice of accounting method usually comes as agency theory. Agency theory provides a necessary explanation of why a selection of particular accounting method might matter, and hence was an important facet for the development of Positive accounting theory. It is assumed that under agency theory principals will assume that the agents (principal) will be driven by self interest and therefore the principals will anticipate that the managers, unless restricted from doing otherwise, will undertake self serving activities that could be detrimental to the economic welfare of the principals (Deegan 2002). Since the behavior of this principal cannot be predicted as their salaries are tied to accounting figures and monitoring the principal behavior is difficult. The preparers of financial reports will choose measurement basis for higher profit for the remuneration purposes. It could be better if the particular method such as historical cost is stated in the contract of the principal for reporting purpose. Watts and Zimmerman identified three key hypotheses that have become frequent in the Positive Accounting Theory literature to explain and predict whether an organization would support or oppose a particular accounting method. A higher profit is precise under the management hypothesis or bonus plan hypothesis. The preparers of the reports will use such accounting methods that increase current reported income. Such method increases the present value of bonuses if the compensation committees do not adjust for the methods chosen. This hypothesis predicts that if managers are rewarded in terms of performance with accounting figures than mangers will chose methods to increase accounting profit with an attempt to increase bonus. A higher profit is also preferred by Debt Equity hypothesis which predicts that the higher the firms debt equity ratio the more likely the managers use accounting methods that increases income. The higher the debt to equity ratio, the closer the firms to the constraints in debt covenant. The tighter the covenant constraint, the greater the possibility of a covenant violation and of incurring of costs from technical defaults. Mangers choosing income increasing accounting method relaxes debt constraints and reduces the technical defaults (Deegan 2002). The Political Hypothesis predicts the larger firms rather than small firms are likely to choose accounting methods that reduces reported profit. Reducing reported profit could decrease the possibility that people will argue that the organization is exploiting other parties by applying business practices that generate excessive profit for the benefits of owners while at the same time providing limited returns to others parties involved in the transaction. Chambers Theory of Continuously Contemporary Accounting made judgment about what people need in terms of information. Chamber makes an assumption about the objective of accounting is to guide future actions. He prescribed that all assets should be measured at net market value and that such information is more useful for informed decision making than information based on historical cost which could be misleading. A number of prescriptive theories were developed which adopted Decision Usefulness approach to Accounting Theory. Chambers Blueprint paper published in 1955 is arguably among the first to emphasis decision usefulness .He wrote: It is therefore corollary of the assumption of rational management that there shall be an information providing system, such as basis for decision and as a basis for reviewing the consequences of decision. It is suggested that accounting information should be relevant, verifiable, free from bias and quantifiable. The choice of Accounting Methods depends on factors such as reliability, relevance, timeliness and comparability. Finally, there are several other theories to accounting which could explain the choice for the kind of measurement base or method. Cost Attach theory, Investor theory, True income theory, Behavioral Accounting theory, Measurement theory, Accounting as Magic and communication theory and others. Measurement is a hub of Accounting which has a lot of accounting theory underlying measurement basis. The minimum requirement for giving theoretical justification to an allocation method are that it should be possible to specify unambiguously and in advance, the method to be used and to defend that choice against all competing alternatives. 2.0 LITERATURE REVIEW There has been much discussion about fair value accounting. Disclosing assets at their fair value as opposed to their historical cost is preferred by some but opposed by others. The use of fair value accounting has been around for decades primarily for financial assets. In recent years, both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have moved towards more extensive use of fair value accounting. According to Godfrey et al (2006) the use of historical cost for valuation of non-monetary assets has come from several sources, these include the 1940 book by Paton and Littleton, An Introduction to Corporate Accounting Standards. The book provides many of the theoretical arguments for the accounting. Historical cost is generally defined as the amount at which the asset or liability was originally obtained. Where the historical cost is expected to be different from the final value when the item is no longer on the balance sheet, some amortization or depreciation of the value is expected. This can result in an amortised cost or depreciated cost value. These values are generally more reliably determinable, but less relevant than fair value. Casonbona et al (2007) define fair value as the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arms length transaction. This assumes that it represents market value in a sufficiently robust and efficient market. Where no market exists, the fair value would need to be conceptually estimated. In making comparisons between the two, Toppe Shortridge et al (2006) refer to an argument of relevance over reliability. They argue that the proponent of fair value accounting believe that historical cost financial statements are not relevant because they do not provide information about current values. Theorists and practitioners against fair value argue that the information provided by fair value financial statements is unreliable because it is not based on arms length transactions. They contend that if information is unreliable it should not be used to make financial decisions. However they also argue that the proponents of fair value accounting would claim that it is more relevant to decision makers even if it is less reliable. These arguments include that fair value accounting would produce balance sheets that are more representative of the companys value. Specifically, unless the values of fixed assets are assumed to remain the same over time, historical cost information is rel evant only up on obtaining the asset. A number of studies have been conducted to argue that one method is more appropriate than another. Ebling (2001) argues that accounting rules around the world are moving steadily towards fair value accounting and away from historical cost accounting. In his study he argues that the banking systems figures would become more volatile. The banks would see their business managed against long term objectives and not short term measures and it is historical costs that better reflect the economic substance of the transactions, the actual cash flow and the earnings process. Chisnall (2001) also supports this view and argues that the banking industry as an example would be best to use modified historical cost as a better basis on which to measure banking book performance in primary financial statements. The issue of volatility has surfaced in recent times with the example of the collapse of Enron as an example. Barr (2009) reflects that fair value can be an accurate way to value assets but it needs time to be fully perfected. With Enron fair value accounting was used to mislead investors, regulators and the general public. Kemp (2008) argues that fair value accounting works best where the legal framework of society accepts the subjectivity of the market and thus divergent values as in Europe, as opposed the USA with its very open legal system. The disadvantages of fair value are also highlighted. It is argued that valuation is a subjective judgment and therefore as an example if two evaluators were to conduct the valuation process they may arrive at different estimates of the fair value although both would have followed the objectives of fair value measurement. There are many issues involved with fair value accounting. Some argue that fair value is beneficial to investors when they are trying to evaluate risk, return and valuation of a business. Dvorakova (2007) in her study of historical costs versus fair value measurement in financial accounting uses the example of non-financial assets. In her study she notes that IAS 41- Agriculture sets a precedent in application of the fair value measurement to biological assets and agricultural production. The study states that the fair value measurement has been required by IAS 41 because historical cost measurement is not able to cover the value of biological assets of enterprises in the market environment. Muller et al (2008) examine the cause of and consequences of investment property companies choice to use the historical cost or fair value standard to account for their primary asset, real estate. The examination exploits the European Unions adoption of International Financial Reporting Standards which require companies to make this choice under IAS 40 Investment Property. The study showed that companies are more likely to use the fair value standard when a company shows a greater commitment to reporting transparency. It showed that some companies however were also opportunistic in using fair value to report larger gains than companies using the historical cost standard. Christensen and Nikolaev (2009) studied whether and why companies prefer fair value to historical cost when they can choose between the two valuation methods. Their study show that with the exception of investment property owned by real estate companies, historical cost by far dominates fair value in practice. They state that fair value accounting is not used for plant, equipment and tangible assets. They found that companies using fair value accounting rely more on debt financing than companies that use historical cost. This evidence is consistent with companies using fair value to show asset liquidation values to their creditors and is not consistent with equity investors demanding fair value accounting for non-financial assets. This study was based on a sample of 1,539 companies. It identified each companys valuation practice by reading the accounting policy section in its annual report. No companies in the sample used fair value accounting for intangible assets. Only 3% used it for assets such as plant and equipment. With very few exceptions fair value is used exclusively for property. The study also looked the balance sheets of the companies and found that that the total assets and shareholders equity were, respectively, 31% and 88% higher on average for the companies using fair value as opposed to a matched sample of companies that only use historical cost accounting. The study also proves that a mixed approach is taken to the use of fair value under IAS 16 Property, Plant and Equipment. The study further states that companies that follow historical cost accounting must periodically test their asset for impairment. An asset is considered impaired when its carrying amount is higher than its fair value less the costs to sell and the present value of future cash flows it is expected to generate. With historical cost accounting companies will in practice value assets close to fair value if depreciated historical costs exceed fair value. In contrast under fair value accounting companies revalue assets either upwards or downwards depending on the change in the fair value estimate. Beier (2008) talks about measurement issues with existing mixed standard models. He states that mismatches may occur because some assets and liabilities are reported at historical costs and some are marked to fair value. Examples he gives include; Financial institutions report many assets at fair value and the debt used to finance those assets is reported at historical cost; Debt nominated in a foreign currency is translated at spot rate while assets financed with that debt is translated at historical rate; Derivative used to finance inventory are reported at fair value while such inventory is reported at historical cost. Grover (2008) in his look at the debate of fair value versus historical costs states that while there needs to be consistency in accounting it may be necessary to measure certain balance sheet items at fair value and other at historical cost. It can be argued from the literature and studies conducted that fair value and historical costs both have their place in accounting. There are many different and unique kinds of businesses so one universal standard for valuing assets may be suitable for some but not for others. Fair value is beneficial due to its ability to provide an up to date value of business assets, but fair value may also inaccurately inflate the value of a company due to mistakes or misrepresentations and in doing so can falsely increase the confidence of investors and therefore increase its capital. Historical costs are beneficial as it is widely understood by investors and companies. Historical costing does not rely on estimating the value of assets and thus allows less room for fraudulent activities to occur. However the use of this standard can underestimate the value of a company since an increase in the value of an asset is not recorded until the asset is sold or traded. Although this may cause investors to wary of a company who has a deflated value it does provide more stability in the market. If both accounting standards are used it can improve meaningful information for decision making. The use of fair value allows for an up to date value of assets and produces relevant costs. As an example if a company owned a building the fair value of that building will be the opportunity cost of that building in terms of it being sold or rented or used for something other the companies intended use. As historical value is more widely used and understood it can be used as an external use of reporting value of assets. Historical costs can be used as the base in reporting value and fair value used as an estimate or projected value of assets to investors. 3.0 RESEARCH OBJECTIVES AIM To discuss the rationale of historical cost and fair value methods of measurement and determine whether it is appropriate to use both methods when compiling a set of financial statements. OBJECTIVES The scope of our research aims to address the following issues; Discuss the rationale of historical cost method. Benefits and constraints of historical cost method. Discuss the rationale of fair value method. Benefits and constraints of fair value method. Whether it is appropriate to use both methods when compiling a set of financial statements. Benefits and constraints of using both methods. 4.0 RESEARCH METHODS In compiling this research project, we used the following techniques to obtain data which are as follows: Questionnaire Distribution We compiled questions and distributed to 30 reporting entities in Suva and Nasinu area. These were given specifically to financial statement preparers namely financial controllers and accountants. Review of literature We reviewed the research papers and journals carried out by several researchers on fair value and historical cost. Online Research Accessing the internet played a vital role in obtaining current and up-to-date Information regarding historical cost and fair value. 5.0 ANALYSIS AND FINDINGS Question 1: 1. What method of measurement does your company currently use? Upon analyzing the outcomes of the 25 received responses from the reporting entities, 1 uses fair value method, 17 companies adopt to using historical cost as measurement basis while 7 stated that they use both methods that is fair value and historical costs. The table below shows the methods used by the companies in compiling the financial statements. Key: HC Historical cost FV Fair value Both Historical cost and fair value What are the benefits (advantages) of historical cost did you consider prior to implementing this measurement basis? The responses received in regards to the advantages of historical cost method have been quite similar and we have analysed the advantages in the following categories showing the number of respondents. What are the constraints (disadvantages) of historical cost measurement basis that your company may have faced? The responses received in regards to the disadvantages of historical cost method have been quite similar and we have analysed the disadvantages in the following categories showing the number of respondents. The respondents of 68% (17 out of 25) agreed that the benefits of using historical cost (Question 2) as its measurement basis outweighs the constraints identified in Question 3 while 32% (8 out of 25) thought otherwise. The major reasoning being that historical cost is fairly easy to use and understand and also in Fiji, there is constraints for lack of active markets for some classes of assets, thus for valuation purposes, adopting to fair value becomes an expensive for task for entities. What are the benefits (advantages) of fair value did you consider prior to implementing this measurement basis? The responses received in regards to the advantages of fair value method have been quite similar for most companies and we have analysed these advantages in the following categories showing the number of respondents. What are the constraints (disadvantages) of fair value measurement basis that your company may have faced? The responses received in regards to the disadvantages of Fair value method have been quite similar and we have analysed these disadvantages in the following categories showing the number of respondents. Do you consider that the benefits outweigh the constraints in using fair value as the measurement basis? Considering that only 32 %- 8 (1 FV and 7 both) out of the 25 companies use fair value, they responded that the benefit of the fair value identified in Question 5 does outweigh the constraints in Question 6 while the 68% (17) thought otherwise. We consider that the major factor behind this is due to lack of active markets for some assets whereby this becomes a cost constraint for entities and the complex nature of the methods used in fair value. Do you consider that it is appropriate to use both methods when compiling a set of financial statements? If so, please outline the benefits and limitations of using both methods i.e. historical cost and fair value? Of the 25 respondents, 19 (76%) of them view that it is appropriate to use both methods i.e. historical cost and fair value when compiling a set of financial statements while 6 (24%) of them view otherwise. The major reasoning being that this would be more reliable and relevant for decision making process such as for assets like Property Plant Equipment, entities consider using historical cost basis of measurement since it is easy and efficient to use while for investments; they consider fair value since current and market valuation is needed. Furthermore, the entities (respondents) also outlined benefits and constraints of using both methods i.e. historical cost and fair value which is analysed as follows: 6.0 LIMITATIONS In carrying out our research we encountered some problems that we think have inherent this research and is outlined as: Difficulties were faced by the group in seeking responses to the questionnaires on the subject matter as some companies were reluctant to provide information due to the busy schedules of their employees and key players from whom information was required and also private companies have strict confidentiality policies which restricted us in obtaining responses. There is a possibility that questionnaires were likely to be filled out by accountants and account officers who do not have knowledge to that extend about their companys policies regarding measurement hence there is a chance for incorrect data. Several companies refused to participate as they required going through the protocol of seeking permission from human resource department which was time consuming. Out of 30 questionnaires given, only 25 responses were received. If all had responded, we would have been able to gather more information which would have enhanced our analysis and findings. Likelihood of sampling error as disadvantaged by geographical area. Due to time constraints we distributed the questionnaires only in Suva and Nasinu areas; hence the study of other reporting entities from other regions could not be taken. If the questionnaires had been distributed to other region, then this paper would have been more creditable and informative. Excessive information based on overseas markets. This is a limitation as findings to Fijis context could not really be made. Based on our readings, overseas markets have efficient markets whereas in the South Pacific it is limited to only one. Our group made an effort to interview some companies however it was futile since they were unable to find a mutually convenient time. 7.0 RECOMMENDATIONS AND CONCLUSION 7.1 Recommendations Based on the research and in support of our conclusion, we recommend that: That the professional accounting bodies should continue to address the issue of measurement to provide with a solution. Accounting professional bodies such as AASB, FASB and IASB should be specific in their conceptual framework which measurement method should be used for different assets and be consistent across all borders. Accounting professional bodies such as AASB, FASB and IASB should provide conceptual framework for measurement such as on scale of businesses that is small size business, medium size and large business. Further studies to be carried out on the mixed method model appropriateness, incorporating the views of other stakeholders such as users given our narrow scope of research as well as need to consult a more representative sample of all stakeholders given our small sample size. 7.2 CONCLUSION Paragraph 100 of the IASB Framework states that: A number of different measurement bases are employed to different degrees and in varying combinations in financial statements. However, there is a lack of guidance in the framework in providing criteria for selecting measurement basis for particular elements of financial statements. Although accounting practices have changed considerably, still an overwhelming large majority of transactions is recorded and reported based on historical cost as it was centuries ago (Ijiri, 1975). Our conclusion is that it is appropriate to use both historical cost and fair value when compiling a set of financial statements. This conclusion is based through prudent evaluation of previous researches and the findings from the responses to our research questionnaire and thus it is conclusive that there is no ideal method for asset measurement. There is satisfactory research to support that fair value provides and enhances the relevance of financial information especially to assets with existing markets. However, this study identifies that in Fiji historical cost is the most preferred method for most firms and this may be of the fact that Fiji has many small to medium scale of businesses. Although fair value is included in the conceptual framework of accounting, there is insufficient empirical evidence and literature that views it to be the best method. Historical cost method reduces a number of problems, including information manipulation by managers, which further affects its reliability in decision making. Furthermore, development of rigid accounting standards is imperative to increase reliability of fair value. Paragraph 101 of the IASB Framework states that in preparing financial statements historical cost is usually combined with other measurement bases. Given that the framework does not explicitly refute and dispute such approach, using both fair value and historical cost simultaneously is not exactly deemed to be unprincipled. By using fair value, information becomes more relevant to decision-making process as it reflects up-to-date information. Even though fair value may be relevant, its reliability is questionable due to its subjective nature of determination. Lastly, by using both methods we are able to enjoy the benefits inherent in fair value as well as historical cost. One can argue that by combining the two, the reports become open to disadvantages inherent in the two as well.