My Writing Skills in English Essay Example | Topics and Well Written Essays - 500 words

My Writing Skills in English - Essay Example I was worried, and thinking deeply about what prevents me to improve writing skills in English. I realized that it is my passion and compulsive preoccupation with football. I came to a decision that I should put my passion in the back burner and set my goal to improve my writing skills. Goals are an important milestone in everybody’s life and without goals, we are directionless to reach our destination in life. My goal is very significant in the aspect that it will enhance the opportunities in my future career and better prospects in my life. However, my passion for football poses a greater threat to achieving my goal and distracts my attention to reach the goal. Each person is passionate about something or other in life. Their passion for these things are taken as indulgences which are necessary for life, otherwise, the life will become boredom. However, these petty indulgences are harmless as long as they are not coming in the way of achieving the goals in one’s life. One of my friends was obsessive with baseball. He was almost a compulsive neurotic; he gave topmost priority for baseball than any other things in his life. Result- he was careless in his studies and was thrown out of the school. His future is bleak at present with nowhere to go. Being a witness to this happening I realize that my goals in life are more important than the passion for some other interests.

My Inspirational Leader An Effective Leader Management Essay

My Inspirational Leader An Effective Leader Management Essay Whilst considering someone who is an effective leader I researched well-known historical individuals such as Churchill, Gandhi or Napoleon all of which had completely different personalities and attitudes. After careful consideration I then decided to focus my attention on Sir Winston Churchill (Churchill) his unique story of success provides an excellent example of someone who is an effective leader. During Churchills years in politics he developed his leadership skills and mental abilities and at the beginning of the Second World War these matched the requirements of the situation better than those of his political contemporaries. During the 1930s Churchill spoke out vigorously on the rise of the Nazi party. This ensured that when conflict between Britain and Germany unsurprisingly occurred, Churchill stood out as a statesman who had fought against the threat of Nazism for many years while other politicians had tried to appease Adolf Hitler. At this point in time Neville Chamberlain, the Prime Minister of the time, lost the confidence of Parliament and resigned and new national support was given to Churchill the British public felt that he was a politician who understood the situation and someone who could be trusted to lead the country in a difficult time, it was clear at that point that Churchill had the skills and spirit to unite and lead the nation. Churchill used his personal skills and patriotism to motivate and inspire the British public to endure the hardships they faced with good humour, strength and resourcefulness. Churchill also used his extensive diplomacy and communication skills to forge alliances between nations with differing political and social philosophies, such as the communist Soviet Union and the capitalist United States. Churchill played a major role in the outcome of the Second World War, he had confidence in himself and was able to handle the crisis and he fully trusted his leadership abilities. He knew that would solve the problems, (Kotter, J. P., 1990), and so also will lead the people who trusted him. There is no doubt that his central leading style (Kotter, J. P, 1990) was nothing but excellent. One of the main properties Churchill had as a leader was the capability of inspiring people, regardless of the circumstances; he challenged people to make a unified effort.   Let us go forward together (Churchill 1940) this was his favourite slogan. Churchill had a skill of inspiring people to delivery and contribute above their limits, making them deliver more to a situation. Churchill constantly demonstrates enthusiasm, determination and optimism. Churchill used his personality to encourage individuals to work hard and excel in the jobs they were given. An effective leader accepts that challenge is a corporate asset and they have a legitimate responsibility to their followers (Howell and Shamir, 2005). When challenge is met with appropriate leader responsibilities the appropriate meaning leaders just need to get the job done, but in a way that encourages vision and considers cultural values (Kouzes-Posner, 2007). Winston Churchill was a man of immense  courage  and  creativity,  these and his other qualities shaped the war during Britains darkest hour without such a strong leader results could have been very different. Question 1b Forms of Leadership There are two forms of leadership:   Firstly, transformational leadership (Burns, J.M., 1978) that focuses on what a leader delivers rather than on their personal characteristics and their role within the team. Secondly, transactional leadership (Burns, J.M., 1978) demonstrated by leaders this involves directing followers motivating them motivating to appeal to their own self-interest. Transactional leaders often comes from formal responsibility in a company. The main goal of the follower is to carry out the instructions of the leader. Churchill encouraged people to find a way to win the world war and created an environment that persuaded thinking and instinct. He also emphasized methodical problem solving, rethinking, and gave careful reasoning rather than giving unsupported opinions (Kouzes-Posner, 2007). Churchill made a big change for Britain by saving the nation that almost had no chance to win the war against Germany. Transformational leaders are inspiring because they expect the best from team members as well as themselves. This approach to leadership often leads to high productivity and commitment from everyone in their team. The drawback of transformational leadership is that while the leaders enthusiasm is passed onto the group the leader needs to be supported by people as a result often transactional and transformational leadership styles are used. Transactional leaders ensure that routine work is carried out reliably, whereas transformational leaders look after initiatives that develop and add enhancements to a situation. Transformational leaders appeal to followers higher sense of morality, ethics and vision. Typically a Transformational leader must encourage the same motivational values they believe and allow followers to share similar beliefs. Churchill motivated followers to action by encouraging people to shared values and by satisfying their aspirations and expectations. Transactional leadership is based an exchange of something of value in which the leader possesses or controls in substitution for the followers return for their services, i.e. jobs for votes, subsidies for campaign contributions. The transactional style is typically what happens in a contracting scenario. In contrast, transactional leadership is a more conventional style in which work is exchanged for resources. A transactional leader influences subordinates by rewards in exchange for their efforts, follows workers closely and takes corrective actions when required. Transactional leaders ensure that routine work is done reliably, while transformational leaders look after initiatives that add new value to a situation. Word count: 910 My Progress as a Leader Question 2a Inquiries and Opportunities My inquiries to date have been focused around my part-time job in Tesco. Since TMA01 I have received feedback from my manager about my performance since joining the team and my efforts are being recognised and are helping me to progress further within the company. I have been working with Tesco for two months now and since starting I have been working for all of the different departments, this is now giving me the experience I need to achieve my goal as a Team Leader. Lots of my time has dealing directly with customers, often working very long hours and sometimes weekends. I am currently working with five people and I plan to apply for the team leader role within the next few months. My career goals of becoming a team leader will require strong management practices as well as strong leadership practices. My current activities and interests will help to educate myself and become a stronger leader. I will monitor the competition as well as the industry changes and if changes are made in the company I will understand why because I will have the knowledge of what is going on in the market sector. I will integrity inspire people with a shared vision of the future, set clear goals and motivate people towards them, manage delivery, communicate well w ith a teams (Kouzes-Posner, 2007).   If promoted I will continue to make decisions based on what is best for the company and customers. When making these decisions I will make sure they will coincide with our companys vision and values along with the companys strategy. When change is necessary I will ensure that I am proactive about making the change as well as positive about the change to minimise resistance. Question 2b Aspects of Leadership Leadership is ultimately about getting things done. It is the ability to influence, motivate and provide support others so that they can best contribute towards the successful attainment of the goals of their community or organisation. Productive inquiry is about taking action (Ramsey 2010). Recently I moved to another area within the company focusing on customer service, since moving I soon realised that there were many things that could be done much better. I quickly adapted to the environment, decided on taking corrective actions; helped developed operational goals and daily objectives to measure our success. The first item I noticed was that the morale was very low, people were pointing fingers and the productivity was awful, people were spending lots of time complaining rather than focusing on ways to improve the situation. Straightaway I implemented some changes after observing what was going on and after two weeks colleagues attitudes started to change and morale has become much better. I feel that by using all the practices of leadership and management described above I will excel in my current position as well as leverage myself into a better position within my company. Word count: 491

To Kill a Mockingbird by Harper Lee - Themes :: Kill Mockingbird essays

To Kill a Mockingbird - Themes Although the character of Boo Radley does not reveal himself until the end of the novel, he is important to all of the themes present in `To Kill a Mockingbird' One of the more dominant themes is prejudice. There are three main types of prejudice that are explored in the novel; racial prejudice, social prejudice and fear of the unknown. Racial prejudice is present throughout the novel in the people of Maycomb's everyday life, as it is a novel set in the `deep south' of America in the 1930's. This is a period shortly after the American civil war, so slavery's abolishment had occurred not long ago. Because this had not been around for long, most people's attitudes towards Negroes had not changed, despite efforts towards change. The situation that shows the best examples of racial prejudice is the trial of Tom Robinson. In his trial, Tom Robinson is misjudged and mistreated because he is black. One of the most prominent examples of this is the way in which Mr. Gilmer, Tom's prosecutor, calls Tom "boy." He uses a tone of voice, which one would use when talking to the lowest creature on earth, towards Tom and makes him look foolish. This is all because Tom is Black. The worst example of racial prejudice is Tom Robinson's trial verdict. All of the evidence produced by Atticus makes it clear that Tom is innocent, yet Tom is found "guilty". This verdict is clearly based on the fact that Tom is black, but also that he, a black man, felt sorry for a white woman. "I felt right sorry for her" This statement would have brought any jury of Southern America to outrage in the 1930's. To them it was not right for a Negro to feel pity for any member of the white community. Another example of racial prejudice in the novel is at Aunt Alexandra's `lady's meeting'. It also shows the hypocrisy that took place in Maycomb. Miss Merriweather goes on to explain the "sin and squalor" that is suffered by "those poor Mrunas" and makes herself seem most ethnically aware, but the she refers to Helen Robinson as; "That darky's wife" The way that Miss Merriweather uses this term as if it is everyday language shows that Negroes are not respected, and are given quite offensive names.

Analyses of Little Red Cap Story

Almost the whole story takes place somewhere in a village surrounded by dense forests. Story is set rather in the past time, but as I see it, it’s imaginative which makes it impossible to decide really when this actually occurred. Nature is well described and there are even some good detail descriptions. For instance; â€Å"†¦. sunbeams dancing here and there through the trees†, which made the best impression on me. Description of the nature was undeniably very important. Mainly because I think that by describing the nature well, the writer wanted to scare kids away from lonely forests. Little Red-cap can be described as a young, innocent girl that is going trough a period of time, where everything seems right. She seems to be well nurtured, which is shown in the text when she accepts her moms favor. In the same time she makes some bad decisions (ex. letting the wolf know everything) which shows her obvious immaturity. She is loved by everyone. The relationship between her and the grandmother are maybe strongest one of them all. If she really develops at the end the story is hard to say. It is true that she says in the very last lines of the text that she will from now on listen better to her mother. However, story ends with little Red-cap saying this, so what she actually does afterwards remain unknown. Symbols can be seen from different perspectives. According to me Little red-cap represents a immature human being, with proper behavior but also with a lack of knowledge. Unable to see evil herself, she opens herself up, and gives information to others, not thinking about the possible consequences. Wolf is the â€Å"unseen† evil, that represents trouble for the human being. The huntsman represents help. He is mature and he is aware of evilness. In a way he could be seen as God. He is giving the human being a second chance. Although the wolf caused trouble for the human being, in a way he helped her. Without him and his acts, the human being would perhaps still make same mistakes, which is, not listening to elders. The language used in the story is a bit odd and old. The writer used words like whither, craftily, nosegay, thou, thee. I didn’t found it hard to read, but I believe that the story could be a bit more interesting if the writer used more modern and frequent words and phrases. The good thing about the text is that it was both narrative and had some dialogues in it. It is more interesting that way. The story is not exactly emotional, neither is the used language. This however doesn’t stop it from being a good version of Little Red Ridding Hood. When I read this fairy tale I didn’t felt anything, simply because of the fact that it is a fairy tale. In the mean time it made me think about my childhood and the days when I was sitting in front of TV for hours, watching Little Red Ridding Hood. I remember it was one of my absolute favorite fairy tales. It felt nice to rewind that time. Right now, I don’t really have much to say about it. I personally haven’t learnt anything about life by reading this fairy tale now, but I know that it changed my thinking when I read it and saw it on TV as a child. Little Red RiddingHood is a great fairy tale for kids because in the same time as it entertains it is informing kids to be more careful with the strangers. Not only that, it also conveys a message that if you don’t want to get in trouble, then you should listen to elders and be more obedient.

Ancient Greek and Ancient Egyptian Art Compared Essay

Egyptian art comes from the paintings the Egyptians created in the tombs of rich people when they died. These pictures were supposed to help the dead person out when he or she reached the next world, where the Egyptians thought you lived after you died in this world. At first, carvers had a hard time painting the pictures but in about 2160 B.C. they started taking short cuts and made their work sloppier. Greek art was much different from the Egyptians art. One of their styles of art was sculpting. In Crete, between about 1700 and 1450 BC, the Minoans produced a lot of medium-sized figurines, mainly made of metal and ivory. The Greeks learned how to make big stone statues from the Egyptians. At this time many Greek men were working in Egypt as soldiers, and so they had a chance to see Egyptian statues and learn how they were made. One Egyptian technique is to have a triangle for the face and two upside-down triangles for the hair. This makes the hair help support the neck, which otherwise might be too thin to hold up the head. Another Egyptian idea is to have one foot a little in front of the other, which also helps the statue to stand up and not fall over. One difference is that the Greeks always made their statues nude (without clothes), while the Egyptian statues always wore clothes. This is because the Greeks thought that men’s bodies were sacred and that the gods liked to see them. In the Severe style, sculptors began to make statues more true to life, and with more feeling in their faces and their movements. Instead of all being standing straight up and looking sacred and peaceful, now statues began to do things: drive a chariot, carry something, throw a spear, or ride a horse. And sometimes they looked sad, or frightened, or nasty, depending on who they were supposed to be. At the same time, sculptors took more interest in making the muscles and bones look true to life too. The Severe style didn’t last very long, and after about thirty years it was replaced by the Classical style. Greek sculptors began to experiment with honoring the gods by showing the beauty and grace of the human body, especially the bodies of young, athletic men (women’s bodies were still not shown without their clothes). The sculptors also became more interested in the three-dimensionality of sculpture: people being able to  see it from all different sides, and not just from the front. At the end of the 400’s BC, Greece, and especially Athens, was devastated by a terrible war which involved nearly all the Greek city-states, the Peloponnesian War. The end of the war left Greeks too poor for much sculpture, but when people did begin creating new sculpture again it was in a new style. There is more emotion, especially sad feelings like grief. There is more interest in women, who are sometimes shown without clothes now. Portraits of individuals also became more popular. As you can see, Greek art was different from Egyptian art in many ways and Greeks had many forms of art work unlike the Egyptians.

The Royal Proclamation act essays

The Royal Proclamation act essays The Royal Proclamation Act of 1763 was issued by the British government in the name of King George III to prohibit settlement by British colonists beyond the Appalachian Mountains in the lands captured by Britain from France in the French and Indian War/Seven Years' War and to end exploitative purchases of aboriginal land. It established requirements that had to be met before aboriginal land could be purchased, including one that the purchase must be approved by a meeting of all members of the people selling the land. The motivation for the proclamation was a desire to avoid the expense of further wars with Native Peoples. The proclamation was largely ignored on the ground (in particular in settlements already established in the prohibited area) but its very existence created a large amount of resentment among the British colonists. After the American Revolutionary War, the Royal Proclamation of 1763 became a dead letter in the United States, but continued in force in Rupert's Land, which later became part of Canada. The proclamation forms the basis of land claims of aboriginal peoples in Canada: First Nations, Inuit, and Metis The Royal Proclamation of 1763 is mentioned in the Canadian Charter of Rights and Freedoms. It appeared that the Proclamation of 1763 had nothing but the most noble intentions. In fact there were some flaws in it at the time, and other ones that have developed recently. For example, it declared that the Crown was best suited to alienate Indian lands. This meant that all leases and sales of Indian lands would be forever conducted through the Crown as an intermediary. Responsibility and control thus lay with the governing officials and the Indians, conveying a hierarchical relationship rather than an equal partnership. This inequality was also evident in the Proclamations implicit preference for written treaties. Unlike the Europeans, who had recognized written agreements for several centuries, North Am...

Increased diversity has significantly increased individual and collective agency.

Increased diversity has significantly increased individual and collective agency. Free Online Research Papers What we know as our social existence is determined by the overall structure of our society. Structure refers to the social norms and institutions that shape us human beings and society as a whole. Can limit or influence the choices and opportunities that we possess. Norms and institutions include class, religion and economic forces. Agency on the other hand refers to the capacity that individuals possess to act independently and make personal choices, its more free willed. Diversity embraces acceptance and respect, based on the understanding that each individual is unique and recognizes individual differences, like race, ethnicity, gender, sexual orientation, socio-economic status, age, physical abilities, religious beliefs, political beliefs, or other ideologies. My essay will focus on two issues, increased diversity has significantly increased and decreased individual and collective agency. How a person acts and lives is shaped by social structures in which they find themselves. It was quite noticeable in this course and from our daily lives that in some cases social change has brought about exploitation, political exclusion, unequal access to resources, more so in recent years. Therefore creating a system of winners and losers in which case people are trapped in a particular social situation. Basic human needs go by unmet, certain groups are excluded from decision-making and have inadequate access to resources, this in turn contributes to discrimination, lack of education and inadequate employment opportunities. These changes have brought about more opportunities for some members of society and some continuities for others. We explore the changes from Golden Age to the Contemporary UK. What was known as a job for life has deteriorated, can also be seen as something of the past. A clear shift is noticed here from what was then a certainty. The traditional manufacturing/mining industry that was the main source of income for majority households has been taken over by the service, IT industry. Majority of jobs that were readily available to the last generation are non-existent and have been replaced by jobs that require a different skill, this skill is not possessed by members of particular communities. The post war years can be described as an era low of crime, full employment(secure social tability). Agricultural, extractive sectors of the economy steadily shifting in favour of the service industry(Bell et al., 1973. p.129). In some instances these mining sites are now tourist attractions hence improving the economy from a monetary point of view but what about the unemployed? Most people were left jobless and poverty stricken thus turning to state benefits beca use they had no choice in the matter, mining was all the knew. If this occurrence was recent, there would be more choice, a change of occupation, unemployment, self employment. This is a clear indication of how times have changed whereby people are far more knowledgeable due to new information being readily available. Are people so knowledgeable that expertise will be a thing of the past? A wide range wide of experts are now readily available, relationship experts, therapists, counsellors this was not the case fifty years ago. People were more dependent on herbal remedies or advice from their parents. Nowadays society in so knowledgeable because of technological advances. Who then is an expert? A person that has extensive knowledge or ability based on research, experience or occupation in a specific area of study, superiorly qualified to exercise their work. We explore the difference in thinking among experts due to their specialised field using the SIDS case study(Woodward et al., 2004, p.31). Dr Steinschneider discovered that this is a genuine medical condition, gaps in breathing that last too long in an infant can result in death. Norton a forensic pathologist concluded that one death might be SIDS, two deaths should be questioned and three deaths are multiple murder. The emphasis here is that knowledge comes in different forms, there are competing systems of knowledge and conflict between discourses. Theres tensions between agency and social structures with structures that constrain interpretation and use of knowledge. TV06 Mother knows best? depicts how a mother just by gaining additional knowledge on MMR arrives at a conclusion different from that of a health professional. Mother realised after searching the net, reading books and general research that the MMR vaccine had side effects and it was like an over-doze of illness on her infant. She weighed the risks , looked at conflicting and contradictory information that was relayed to her. Taking the vaccine had its pros and cons, infants have died due to measles but none died after they took the vaccine although some infants had serious health conditions afterwards. Who do you trust? Can you still trust an expert because they know best or do you challenge their decision because you as a parent wants the best for your child? If something does happen to your child how wou ld you react? Society is so bombarded with information about every and anything that they somehow feel that they do know best but can we as parents put this into practise? In some cases we do but mostly we do put our trust in experts because we are more confused than ever before due to information overload and associated risks. Being knowledgeable(public knowledge) does not make an individual an expert but yes you do have a choice and thats yours to make. All this information from the internet and books that we read were all produced by individuals themselves, is this adding to the uncertainty and confusion that already exists or is this more a means of job reation/profit making for the ones producing it? I sometimes wander if all this information overload has created a need for specialised experts like counsellors, in the golden age they were no computers/internet and no counsellors, simpler with less choices, increased knowledge has created more experts, choices and confusion but on the other hand has made us more knowledgeable so we can choose what to acquire and how to use it. New knowledge has also created new technologies. Ive lived in the UK for ten years now and have seen big changes in respect of Britishness, ethnicities, cultural diversity, transformation of lives, more cultural goods being readily available and the change of rural and city living. There definitely is an increase of interconnectedness of the world, be it with communication different brands of consumer goods, arts, music and so on. A while back I could not obtain spices here but now its readily available. One can argue that cities have become more diverse by having more cultural consumer goods, Indian, Chinese takeaways and clothing ranges on the high street compared to fifty years ago but have become less diverse in a way because all cities do have similar restaurants or stores theres not much that has changed in that regard. Skype is also a new software introduced whereby you call a person via computer and you can talk to them and see them at the same time where as two years ago it was chatting just typing messages to the recipient. Times are fast changing and this is mostly depicted in our daily living, more so with technology and communication, most households possess a computer/internet, they hunger for knowledge whereas in the golden age this wasnt h eard of. This indicates that the golden age seemed more secure whilst the present offers more choices and uncertainties. Knowledge about pollution, toxins have scared people out of city living and commuting to and from work, as they consider their health most important and would not bring danger to it. There are more risks at present because we are more knowledgeable therefore dangers are known to us. In conclusion my view is quite simple, yes I do think that increased diversity in some ways have increased agency, greater knowledge has brought about more choices with regards to awareness of illnesses, medication, general information but this has also definitely brought about more confusion and uncertainty. It leaves me asking more questions like why has information become so readily available whats in it for the authors/,IT professionals, state or is it just a means of making money or manipulating people. UK has become more diverse with different ethnicities, risks, globalisation, this is a way forward. This era has transformed a lot of lives and has challenged experts and professionals, this in my eyes is a good sign because people should not just believe what they hear but investigate and research before making a choice especially with life changing decisions. People have become more knowledgeable and can decipher what to action/practise and what risks are involved, when to turn to experts. It is clear that changes in knowledge systems and social changes are inextricably linked. References: 1. Woodward, K., Goldblatt, D and Watt, S. (2004) Science in society: Knowledge in Medicine, in Goldblatt, Knowledge and the Social Sciences: Theory, Method, Practice, London, Routledge/The Open University 2. DD122 DVD, TV Programmes, BBC for the Open University Research Papers on 'Increased diversity has significantly increased individual and collective agency.'PETSTEL analysis of IndiaMoral and Ethical Issues in Hiring New Employees19 Century Society: A Deeply Divided EraInfluences of Socio-Economic Status of Married MalesAssess the importance of Nationalism 1815-1850 EuropeTwilight of the UAWDefinition of Export QuotasRelationship between Media Coverage and Social andThe Relationship Between Delinquency and Drug UseAnalysis Of A Cosmetics Advertisement

The Definition of a College Super Senior

The Definition of a College Super Senior The term super senior refers to a student who attends a four-year institution (either high school or college) for more than four years. Such students are sometimes called fifth-year seniors, as well.   The name stems from the fact that high school and college students typically take four years to get their diplomas. Each year of school has its own name: Your first year is your freshman year, your second year is your sophomore year, your third year is your junior year and your fourth year is your senior year. But theres another category of student that doesnt fit those labels: People who arent done with college after their senior year.   Enter the term super senior. Perhaps because its becoming increasingly common for students to take 5 (or more) years to finish college, the term super senior is becoming increasingly common as well. Who Qualifies as a Super Senior? The connotations of super senior vary a bit and depend on an individual students situation. Calling someone who is double majoring in chemistry and biology and then planning on going to medical school a super senior merely acknowledges they are in their fifth year. In contrast, calling someone a super senior because theyve failed multiple classes  and perhaps enjoy the party scene rather than work to finish in four years is, indeed, a bit of a put down. There can be legitimate reasons why people take more than four years to finish college. Classes, particularly at bigger schools, can be difficult to get into, making it a challenge to complete your degree requirements by the end of senior year. That becomes even more  difficult if youve changed your major a few times, effectively cutting down the amount of time you have to get everything done. And from time to time, people encounter personal challenges or medical situations that delay their ability to graduate. Sometimes being a super senior is part of the plan. There are a variety of schools and programs that offer things like dual degrees, a fifth-year masters degree, or a fellowship that requires extra enrollment beyond four years. Or maybe youll come across a great semester-long internship program that requires you to take a reduced number of credits: Taking the job may mean you graduate later than planned, but youll do so with experiences and a resume that will make you more competitive in the job market. Super seniors are simply another part of a college community. Is It Bad to Be a Super Senior? Taking more than four years to graduate college isnt inherently bad - employers generally care whether or not you got the degree, not how long it took you to earn it. That being said, one of the greatest consequences of taking longer to complete college is the financial burden. Scholarships are sometimes limited to the first four years of study, and there are limits on federal student loans to undergraduates. No matter how you figure out how to pay for it, an extra year or more of tuition payments wont come cheap. On the other hand, doing a fifth-year masters program could actually help you save money. In the end, the most important thing is that you reach whatever goals brought you to college in the first place.

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

Rifa - Essay Example Key Words financial terms, jargons, financial methods and techniques Discussion a) Jonny 1) According to Turner’s 2004 report, pension crisis is caused by two major factors. These are the downturn in financial markets and unpredicted improvement in longevity (Whitaker 1997, pg. 16). Of course there are other factors as well, but these two elements have the biggest role to play in anybody’s descent into pension crisis. Bill Murray should therefore watch them closely if he wants to avoid being caught up in the cobweb that is pension crisis. 2) A money purchase scheme is a variation of defined contribution pension schemes (Hearn 2004, pg. 32). It is normally created by employers as a pool from which they can pay their retired employees income. Despite the employer sponsoring it, it is managed by a board of trustees (with the only exception being public sector schemes). The Trustees are in charge of paying death and retirement benefits. The amount of income payable depends on the amount of contributions made to the scheme by an employer or member, the performance of investment funds and the annuity rate at the time one is retiring. 3) Jonny is not too young to think about pension schemes. In fact, at the age of 30, he should be ready to start putting money in a pension scheme. The reason for this is that he has 30 years or less of gainful employment, after which he will retire. Contributing consistently for 30 years in any pension scheme (especially a money-purchase scheme) is enough to sustain him for possibly the rest of his life. Pension Crisis Pension is a contract made in a regular basis to a person with a fixed sum on the retirement from service (Rein & Schma?hl 2004, pg. 69). Pension crisis can be defined as the predictable difficulty found in the payment for the federal, corporate and the state pensions in Europe caused by the difference between resources and the pension obligations used in funding them. Causes of Pension Crisis Underfunded Pe nsion Plan Pension funds have to maintain a funding status or the assets value to liabilities in order to be able to afford the retirement benefits for their employees. An underfunded pension plan has fewer assets used to afford its liabilities. This is mainly caused by mismanagement as the pension schemes rely on the amount of cash being contributed from the sponsor which can be an employer (Rein & Schma?hl 2004, pg. 71). This management has a negative impact to the employees because there pension money has not been well handled. Shifting Demographics have also led to the lower ratio of workers per retiree. These are caused by the number of people retiring thereby causing employers to spend a lot of money on them compared to the profit gain of the company. The lower birth rates are also seen as a major factor as it leads to the decreasing labor force that is the number of workers. Money Purchase Scheme A money purchase scheme includes stakeholder and other occupational pension plan s among others (Rein & Schma?hl 2004, pg. 73). Its benefits depend on contributions to the pension fund and also the investment of the assets placed which can be positive or negative. When one retires the amount of money depending on the two factors is what will lead to the income one will get on retirement. Money

How dose Hydropower energy effect the environment in the State of Essay

How dose Hydropower energy effect the environment in the State of Wyoming - Essay Example This paper will discuss some of the most common ways through which hydropower energy affects the environment in the state of Wyoming. The movement of water downstream in the plant facilitates the creation of kinetic energy which can be converted into electricity. In the past, hydropower energy plants were quite reliable and efficient than most of the other sources of energy. The hydropower energy majorly depends on precipitation and changes in elevation. The construction and operation of the hydropower dams substantially affect the natural river systems. In most cases, the power plants are usually regulated by the state and federal laws to care for the surrounding and human health (Edwards 15). However, there are other environmental impacts which are closely associated with the power generation technologies. Various studies highlight that hydropower energy is an environmentally clean and safe method of producing electricity. In fact, hydropower energy is more efficient as compared to most of the other sources of electricity. In addition, hydropower energy plants do not contribute to global warming or the formation of acid rain. In the state of Wyoming, there are minor air emissions that are produced by the hydropower energy plants. This is because the amount of fuel which is burnt at the hydropower energy plants is quite negligible. These emissions can also be produced by the vegetation which is located along the riverbed of the dam. These plants can decay in the man-made lake hence releasing methane which is one of the greenhouse gases (MacKay 18). Further analysis proves the bacteria contained in the vegetation can transform mercury which is contained in the rocks in the reservoir into a soluble form. This mercury also affects the aquatic life and poses a serious threat to the citizens of Wyoming. The hydropower energy stations in Wyoming also require the use of man-made lakes, which usually affects the

Women in US politic society from 1950-2014 Essay

Women in US politic society from 1950-2014 - Essay Example Hanna counters the men’s criticism reiterating that her essay is not a myth and in the same context supports its logicality. The society anticipated change within a span of a hundred years. Traditional men dominance started at least 500 years ago with the women empowerment campaigns and programs giving the women confidence and courage to challenge men. The women gained courage and confidence to undertake the tasks perceived to belong to men. In the same period on Europe fields of battle show up, the musketeers used cumbersome and brave knights. Their use of heavy machinery was because of lack of knowledge of the existence and usage of lighter weapons like swords. Musketeers fought using sticks, which made exposures. The mode of fighting they employed was the conventional means that was usable on a regular basis during that era. Men displayed more strength and masculinity that capably positioned them superior to the females. Revolution over time occurred and knight sheathed their swords. The season of stronger men elapsed as judgments and rating then began to base on mental capability and the intelligence quotient. The society eventually started to value education, inte llect, and adaptation to new and modern techniques. Many transformations occurred at this time, which was the duration before the setting of the day of the women. In addition, one more reason to involve in those changes is second-wave of feminism. Feminism-Socio-political movement, whose goal was to protect all women, discriminated against of sex, race, orientation, age, ethnicity, social status, full social rights. The movement founded in the middle of 19th century and has three waves. Second Wave refers to a span of feminist activity at the beginning of middle 20th century until the end of the 1980s. Second-wave feminists show cultural and political inequalities between man and woman and help to understand how politicized is the sexist society in US. The feminist activist Carol

Social Psychology - Theory Essay Example | Topics and Well Written Essays - 750 words

Social Psychology - Theory - Essay Example A group gives each of its members an identity and a role. Group identity gives an individual improved self-esteem, confidence level and sense of belonging. The individual is also socially and culturally influenced by the group. This study was conducted in 1971 by Philip Zimbardo of Stanford University, California, along with a group of researchers. It was a dramatic simulation of prison life conducted to study the behavior of good people when placed in an evil setting, to learn if humanity would prevail over evil or vice versa, etc. (Zimbardo). The independent variable in the study was the conditions the participants were assigned, the dependent variable being their consequent behavior (Haney, Banks and Zimbardo). The study was stopped halfway through due to the grim effects seen in the participants where the "guards" had become sadistic and the "prisoners" extremely depressed. The experiment was funded by the US Navy with a view to study the causes of conflict between the guards and prisoners in the naval prisons. Up until then, there was a belief that the guards entered their jobs with a "guard mentality" and were basically sadistic and insensitive whereas the prisoners were aggressive people with no respect for law. The study, however, disproved this dispositional hypothesis. Though the participants knew that they were part of a study, from the moment the "prisoners" were caught and arrested unawares from their homes and from the moment the "guards" were initiated into their roles a day before the prisoners were brought in, the participants fell so perfectly into their roles and they were affected by them so much that they seemed to believe in their assigned roles or positions. The participants were not preconditioned on their form of interactions and were free to interact in any way. Yet, their "encounters tended to be negative, hostile, insulting and dehumanizing" (Haney, Banks and Zimbardo). The negative emotions showed that the participants, both the prisoners and the guards, had internalized the situation or that they had started to believe in the situation. Though physical violence was strictly not allowed, forms of less direct aggressive behavior were noted. Another instance where the participants' internalization was evidenced was when five of the prisoners had to be released due to extreme depression. Though the prisoners were fully aware that they were only playing a role and could quit the study if they so wished, only two of the rest were ready to forfeit their earnings in consideration of "parole." When the study was terminated earlier than planned, the prisoners were delighted while the guards were disappointed. This was because the guards had grown to enjoy the power that they now held. Even the "prison officials," meaning the research team, had started behaving in a manner they thought was befitting the roles they played. The styles of responding to and coping with the new situation differed from individual to individual. While a few prisoners had to be released, a few endured the atmosphere. While some guards were "tough but fair, some went far beyond their roles to engage in creative cruelty and harassment" (Haney, Banks and Zimbardo). The preliminary personality tests done on the participants had not predicted this manner of a behavior

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer Essay

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer - Essay Example George Saintsbury has rightly pointed out that â€Å"we perceive in the Canterbury Tales the completion of his command of verse† (George, 129). All the characters in the poem are individuals, reflecting the men and manners of the people of Chaucer’s time. His realistic vision embraces all, rich and poor, bringing out their inmost qualities through careful external descriptions. In this paper I have done an analysis of the â€Å"Miller’s Tale†, examining all the characters in it in order to see Chaucer’s attitude to love and sex. Miller is a down-to-earth man. When the Knight completed his story the Monk wanted to tell his story. But the Miller would not allow him. The host at the inn had doubts about Miller’s skill in narrating a story, and it was also not proper to give Miller the next chance after a Knight who holds respectable place in his society had just finished his noble story. The Miller was badly drunk too. He insisted that he must tell his story. I think here Chaucer cleverly manipulates the plot to escape from the moral responsibility of inserting a bawdy story immediately after narrating one which deals with courtly love. Chaucer is, however, praised for his realistic approach to literature. He believes that all should be given equal place in life and the success of the story lies in variety and contrast, be it moral and immoral. The best narrative devices are, he knows, humor and contrast. Hence, the Miller gets his chance immediately after the Knight. Chaucer is also able to use Miller to challenge the conventions deciding values in life or literature. Therefore, the study of Chaucer’s approach to love and lust reflected through the Miller’s story becomes significant. Though the Miller’s tale looks like a parody to the story narrated by the Knight, it deals with the serious subjects like marriage, love, and sexual relationships. I think Chaucer likes Alison

An industry analysis of HMV company in the UK Essay

An industry analysis of HMV company in the UK - Essay Example Consumers have various products to choose from, either purchasing in blu-ray disc formats or on-line music downloads in MP3. Challenges of piracy and illegal downloading in the market have been playing a great role in the physical sale of music. Plans for dealing with piracy and illegal downloads would be to increase growth of live entertainment and ticketing, as stated on the HMV group website. As stated on Complete Music Update (2012) home page, HMV competitively shared the market for music entertainment with Amazon, with HMV having 19.9% and Amazon, 19.2%, though HMV’s percentage growth of its market share has faced considerable challenges from play.com, iTunes and supermarkets. Like any other company going through the various stages of growth which are market introduction, growth, maturity and saturation and decline, HMV has gone through different growth stages since its opening in 1921, which marked its market introduction stage. The company progressively grew, expanding its markets and consequently increasing sales, human resources and advertising, competition being minimal at the time (Reynolds et al., 2004). In the 1960s, HMV experienced tremendous growth. It expanded and doubled in size so that by 1976, HMV was the leading retailer in the UK, specializing in music and other entertainment products. Despite the completion which was slowly arising in the market at the time from the likes of Virgin Megastores and Our Price, HMV was more popular and somewhat unbeatable compared to its competitors. HMV purchased Waterstone’s book store chains in 1998 and joined it with Dillons. HMV saw its floatation in the London Stock Exchange in 2002, which was a significant indication of its maturity. However, it started trading poorly from 2003. Other competitors in the market arose, more so online music stores which competed with HMV for the same market share and saw its decline in the market share. This eventually led to low sales, low profits and closur e of some HMV outlets. HMV still bought some book store chains and music retailers, for example, Ottakar’s and Zawi. HMV’s performance in the market deteriorated progressively, some of its shares were up for sale so as to purchase other outlets, but its sales kept going down up to the selling of most of its outlets in London, including Waterstone’s chains. This marked HMV’s decline stage due to high costs of running, low sales and minimal profit margins. See the appended map of HMV Product Life Cycle. The main competitors of HMV, who offer a similar line of products, are Amazon.com, iTunes, supermarkets and Play.com, which have online music stores besides other online retail products. Amazon has a wide range of music and digital products and has been a stiff competitor of HMV, competing for the same market share but more so doing it online. iTunes by Apple Inc. also provides products along the same lines. HMV’s move to digitizing their music and vi deo clips has helped to catch up with the market trends and technology as its competitors in the market. Play.com deals in online retail of similar products as HMV and Amazon.com. With the tremendous innovation in technology and online trading, HMV’s competitors’ venture into online trading put them ahead of HMV which is embracing online trading. Supermarkets also offer competitive products though HMV provides a considerable wider product range than supermarkets, which would often

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer Essay

The Miller's Tale From Canterbury Tales by Geoffrey Chaucer - Essay Example George Saintsbury has rightly pointed out that â€Å"we perceive in the Canterbury Tales the completion of his command of verse† (George, 129). All the characters in the poem are individuals, reflecting the men and manners of the people of Chaucer’s time. His realistic vision embraces all, rich and poor, bringing out their inmost qualities through careful external descriptions. In this paper I have done an analysis of the â€Å"Miller’s Tale†, examining all the characters in it in order to see Chaucer’s attitude to love and sex. Miller is a down-to-earth man. When the Knight completed his story the Monk wanted to tell his story. But the Miller would not allow him. The host at the inn had doubts about Miller’s skill in narrating a story, and it was also not proper to give Miller the next chance after a Knight who holds respectable place in his society had just finished his noble story. The Miller was badly drunk too. He insisted that he must tell his story. I think here Chaucer cleverly manipulates the plot to escape from the moral responsibility of inserting a bawdy story immediately after narrating one which deals with courtly love. Chaucer is, however, praised for his realistic approach to literature. He believes that all should be given equal place in life and the success of the story lies in variety and contrast, be it moral and immoral. The best narrative devices are, he knows, humor and contrast. Hence, the Miller gets his chance immediately after the Knight. Chaucer is also able to use Miller to challenge the conventions deciding values in life or literature. Therefore, the study of Chaucer’s approach to love and lust reflected through the Miller’s story becomes significant. Though the Miller’s tale looks like a parody to the story narrated by the Knight, it deals with the serious subjects like marriage, love, and sexual relationships. I think Chaucer likes Alison

Assignment 3 Essay Example | Topics and Well Written Essays - 500 words - 1

Assignment 3 - Essay Example Since working on hypermedia systems requires taking action and regular evaluation, it enables the development of critical faculties in students. It also helps in cultivation of written skills as students learn to modify information for a hypermedia project. In case of teachers, the use of these systems helps them track the methods employed by students for projects. Hypermedia authoring tools comprise instructional software, presentation software video production and editing, virtual reality systems and other immersion tools. Using hypermedia sources like audio, video, photographs graphic, text and even the latest feature – hyperlinks, students and teachers can display information in a professional and an effective manner. These systems also help teachers design evaluation packages, which will enable self-assessment and help students perform better and expand their level of understanding. However, research studies have clearly stated that learner style determines the impact of hypermedia. Students with low learning levels find the cues offered by hypermedia useful whereas students with higher learning must have the learner control (Dillon and Gabbard, 1998) to help them learn better. Thus with easy-to-use authoring systems and online formats, hypermedia has found widespread acceptance among teachers and students. One of the most famous and widely used multimedia software is the PowerPoint presentation software. The presentation tool has come a long way from being en electronic slide show and has evolved into multimedia authoring tool that incorporates audios, videos, graphics and also Internet links (Roblyer, 2006). This software, which is extensively used in classrooms, has come under criticism especially after Tufte’s (2003) remarks. His remarks accuse the software of heavily compromising on content more emphasis on a glamorized look. The presentation does not allow any interaction between the audience and the presenter. It’s clipped

External environment analysis for Toyota PLC

External environment analysis for Toyota PLC Automotive industry is a large scale of business that the market has altered quickly because of technology, economics, etc. This report is concern about Toyota (GB) Plc that is a large multi-national corporation, which main strategic issues are to be a leader of automotive global market and automotive innovation with respecting environment. Firstly, this section will analyze external environment by the PESTE framework. Secondly, it concern about automotive industry which examined by the five forces framework. Thirdly, it reveals estimation of profitability and efficiency for firms. Finally, it will conclude the assessment of company and recommend the strategy plans for future practice. Company and Industry context For Toyota (GB) Plc, the main activities of the company are distribution, selling and servicing vehicles of Toyota and Lexus brands. Most companies in this geographical market are authorized dealers such as Volkswagen, Ford and BMW and some companies are retail that they sell many brands of vehicle such as Lookers Plc and Arnold Clark Automobile Co., Ltd. Furthermore, the activities provide after sell service, maintenance and selling parts to customers. The macro-environment There are many causes that affect the macro environment concern with automotive industry. Analyzing the external environment, the PESTE framework is used as tools to consider major factors, which affect the business and to create key driver of change (Johnson, Scholes and Whittington, 2008). This can identify influential effects in each area, which can consider key success factors of company. 1.1 Political This factor is most related government policy such as taxation policy and trade tariff. Because manufactures import some vehicles and parts from other countries, firms need to pay for the tariff for buying. Costs of products will be increase, if government increase import tariff. This is the challenge that company faces fluctuation of cost. 1.2 Economics Economic growth affects spending of people by changing buying power, for example, the economic crisis impact decrease of salary, increase of unemployment that people are difficult to buy products because they have less income. 1.3 Social For social factor, some people select to buy products since they can reveal the social status of consumers and some people are still reputation in brands. Moreover, the trend of family structure has changed and customer needs will be different. For example, people who are in nuclear family need to buy the products that can suitable for their family function. Toyota has not only positioned itself in middle market by using the Toyota brand but also launched Lexus for luxury brand which firm has wide range of product. 1.4 Technology Technology is one of the important factors of environmental impact on organizations, technologies change quickly while companies have invested in research and development to respond needs. Innovative technology can provide more opportunities in particular energy conservation issues such as fuel consumption and alternative energy technology. 1.5 Environment The essential of environmental issues is global warming. Many companies try to produce eco-friendly product for following the issues. People concern more about reducing the environmental impacts that companies need to adapt their product to support consumers such as low emission vehicles. Industry sector By using Porters five forces framework, it can analyze the changing of factors and assess profitability of company in industry (Porter, 1998). Focusing on industry sector, it will concern about potential of firms operating similar activities or providing similar products and influence of both suppliers and buyers to quantify the potential of company. Suppliers Threat of new entry Substitutes Competitors rrar Buyers Figure 1: Porters five forces diagram 2.1 Buyer power In automotive industry, it is low switching cost which customers can select variety of products in the same range of price. Each brand provide good offering for propensity customers. Furthermore, buyers have many ways to compare products information. Thus, buyers have high bargaining power. 2.2 Supplier power This subject is not much influence for the firms because Toyota (GB) plc is subsidiary of Toyota Motor Corporation Japan. Toyota Motor Manufacturing (UK) Ltd is main supplier to produce vehicles for supporting this company. It can be consider a strong supplier. 2.3 Competitive rivalry The automobile has more diversity of competitors which have strong brands of cars in the same class. Ford and Vauxhall dominate UK car market that each of them gains approximately 13% of market share while Toyota has 4.4% in 2010 (AM, 2010). Moreover, the other brands such as Mercedes-Benz, BMW, Audi and Volkswagen are also significant competitors because they offer the same range of price and service maintenance cost. Therefore, companies which 2.4 Threat of substitutes The most influence substitute in this industry is Public transportations such as rail, underground subway and bus. These transportations can facilitate people who need to travel that they are not only convenience but also economical price. Thus, it can decrease demand for buying car. 2.5 Threat of new entry It is difficult for new entry to enter into business in this sector since the investment costs are high. For automotive industry, research and development technologies are crucial for gaining advantages that new entrants cannot develop easily. Moreover, firms which are already in market have large effectively distribution channels. Hence, the threat for new entry is high. Company performance Figure 2: Toyota (GB) Plc (Return on capital employed: ROCE) From figure 2, it show that ROCE ratio had a sharp decrease from 2008 to 2009 because of economic crisis, however, in 2010, it continue increase slightly. It seem to be that company can get more return Conclusion For the external environment, this report shows that company should plan to cope with economic change which can affect buying power. However, using technology in the market, Toyota has own advance technology such as technology of hybrid car that can gain more opportunities because people are more conscious about environmental issues. Concern with industry sector the bargaining power of buyer is high and there are more competitors producing similar products that people have more choice to select products. Firm should provide variety of products especiallyà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦

Classic Tales Of Tom Sawyer :: essays research papers

Classic Tales of Tom Sawyer   Ã‚  Ã‚  Ã‚  Ã‚  Grudgingly going through the motions of reading page after page of a book while pretending to be interested is not a pleasurable way to spend time. Reading a book with a weak plot, dull setting, and lifeless characters requires much effort. Unfortunately, many books are like this. Some books are not as difficult to read and enjoy, but only a tiny percentage of books deserve enough to wear the classification of â€Å"classic,† like The Adventures of Tom Sawyer by Mark Twain.   Ã‚  Ã‚  Ã‚  Ã‚  Finding out what makes a piece of literary work a â€Å"classic† is essential to fully understanding the significance of the books. In The Adventures of Tom Sawyer, Twain successfully brings the story alive and makes it a pleasure to read. This book has gained the respect of people all over the world and earned itself this special distinction, because it contains the necessary substance. These integral ingredients of a classic are the vivid descriptions of the physical aspects of the story – the characters and setting, an entertaining and eventful plot, and the lasting truths the story's themes express.   Ã‚  Ã‚  Ã‚  Ã‚  The most vivid memories of this story come from the striking descriptions of the physical aspects of the story. Mark Twain immediately brings the story to life with his introduction of the characters and their surroundings. From here, the familiarity of the characters and setting continues to grow. The depictions of the characters, both in mannerisms and dialogue, are so picturesque that Tom's superstitions and fantasies soon cause no great surprises, Aunt Polly's religious sayings and hidden affection for her â€Å" mischeevous† Tom come to be expected, and Sid's sly attacks on Tom appear deserving of Tom's revenge.   Ã‚  Ã‚  Ã‚  Ã‚  The unique setting of St. Petersburg on the Mississippi River provides a suitable background for all of the characters' adventures. With McDougal's Cave's â€Å"vast labyrinth of crooked aisles† nearby, the pirates' hideaway island along with the old haunted house, Tom is situated in a setting worthy of his activities.   Ã‚  Ã‚  Ã‚  Ã‚  The second needed portion of a classic is a captivating plot that appeals to people of all ages. The Adventures of Tom Sawyer has no lack of this enchantment. Tom's â€Å"giddy and harum-scarum† devilment, his romance with Becky Thatcher, and Aunt Polly's masked feelings for Tom all provide for an especially entertaining and humorous sample of life on the Mississippi River in the 1800s. As the story progresses, despite the many changes of scenery, the reader relates comfortably with the characters, their personalities and the surroundings.   Ã‚  Ã‚  Ã‚  Ã‚  Disguised in the events of the plot are the themes the author wishes to express. These themes in The Adventures of Tom Sawyer are not explicitly stated,

Kurt Cobain :: essays research papers

Many people have their own theories about the 5th of April is 1994, for those of you who don't, know that this is the day Kurt Kobain's body was found in the garage of his home. Some critics have come to the conclusion that Kurt had tried to make himself a legend by killing himself. But such ideas seem to overshadow the tragedy of the death of one the most popular and influential musicians of the 1990's. (Melody Makers, web2.epnet.com 12/08/2001) There is no question of Kurt Cobain's death. Many people think he was murdered, many people think it is pretty impossible to shot yourself in the head with a shotgun, but truly it isn't. Kurt Cobain was found on the floor of his garage, when he was found he had been dead for some time from a single "self administered shotgun wound to the head." Around him on the floor were some personal possessions and a had written suicide note which read "I have it good, very good, and I'm grateful, but since the age of seven I've become hateful towards all humans in general" (Iain Shedden, "Smells Like a Dead Man"). Cobain had grown up in a small town named Aberdeen. Washington. His childhood was disrupted by the divorce of his parents when he was eight. The success of Nirvana gave Kurt the authority to be the "spokesman" of his generation. Nirvana's music gave way to hundreds of other underground bands, but with this success came the media's attention and the almost total loss of privacy that came with it (Kurt Kobain's Obituary). Kurt had secretly suffered from an illness that caused severe stomach pains for more that seven years, which caused him to contemplate suicide almost everyday. This constant abdominal pain led to deep "melancholic depression verging of schizophrenia, and frequent bouts of narcolepsy" (Kurt Kobain's Obituary). Doctors were of no help to him, so he found escape in heroin. For years he fought his addiction, but compared to the severe stomach pains, heroin was unimportant (Kurt Kobain's Obituary). Kurt Cobain's wife, Courtney Love, and their daughter, Frances, brought some real happiness into his life. But the media's constant prodding and increasingly frequent period of depression finally pushed him over the edge. In the end, death was the only thing that he saw that could relieve his pain (Kurt Cobain's Obituary). A famous photograph of Kurt Cobain after a concert in 1991 shows a disturbed young man trying to gain control of his life. Kurt Cobain :: essays research papers Many people have their own theories about the 5th of April is 1994, for those of you who don't, know that this is the day Kurt Kobain's body was found in the garage of his home. Some critics have come to the conclusion that Kurt had tried to make himself a legend by killing himself. But such ideas seem to overshadow the tragedy of the death of one the most popular and influential musicians of the 1990's. (Melody Makers, web2.epnet.com 12/08/2001) There is no question of Kurt Cobain's death. Many people think he was murdered, many people think it is pretty impossible to shot yourself in the head with a shotgun, but truly it isn't. Kurt Cobain was found on the floor of his garage, when he was found he had been dead for some time from a single "self administered shotgun wound to the head." Around him on the floor were some personal possessions and a had written suicide note which read "I have it good, very good, and I'm grateful, but since the age of seven I've become hateful towards all humans in general" (Iain Shedden, "Smells Like a Dead Man"). Cobain had grown up in a small town named Aberdeen. Washington. His childhood was disrupted by the divorce of his parents when he was eight. The success of Nirvana gave Kurt the authority to be the "spokesman" of his generation. Nirvana's music gave way to hundreds of other underground bands, but with this success came the media's attention and the almost total loss of privacy that came with it (Kurt Kobain's Obituary). Kurt had secretly suffered from an illness that caused severe stomach pains for more that seven years, which caused him to contemplate suicide almost everyday. This constant abdominal pain led to deep "melancholic depression verging of schizophrenia, and frequent bouts of narcolepsy" (Kurt Kobain's Obituary). Doctors were of no help to him, so he found escape in heroin. For years he fought his addiction, but compared to the severe stomach pains, heroin was unimportant (Kurt Kobain's Obituary). Kurt Cobain's wife, Courtney Love, and their daughter, Frances, brought some real happiness into his life. But the media's constant prodding and increasingly frequent period of depression finally pushed him over the edge. In the end, death was the only thing that he saw that could relieve his pain (Kurt Cobain's Obituary). A famous photograph of Kurt Cobain after a concert in 1991 shows a disturbed young man trying to gain control of his life.

Analysis of “Eat at My Restaurant †Cash Flow” Essay

Understanding the flow of cash within an organization is critical to knowing the health of an organization. Without this understanding, a business may run into a situation where even though they are profitable, they may not have enough cash on hand to meet their obligations. This paper will look at the case study Eat at My Restaurant – Cash Flow (Gibson, 2013) and will analyze the difference between net cash provided by operating activities and net income and determine which a better indicator of long-term profitability is. It will then provide an analysis of the cash flow ratios for each of the firms contained in the case study. Finally, this paper will conclude with a determination of if one of the companies in the case study has a cash flow problem. Net Cash versus Net Income Net income is derived from the Income Statement, which is based on the accrual method of accounting. Under the accrual method, revenue is recognized when earned and expenses are recognized when incurred. Net cash provided by operating activities uses the cash method of accounting where cash and expenses are recognized when received and paid. For example, under the accrual method, which net income is based on, a company would recognize revenue for services delivered based on the delivery of services instead of when a customer actually pays the invoice for these services. This is an important distinction because from an income perspective, the company will eventually receive that money, the company will not actually have that cash in-hand to pay expenses or make investments until receipt of payment from their customer. This could create a situation where although the company looks profitable, in reality they cannot make their short-term commitments. When considering whether net cash provided by operating activities or net income is a better indicator of long-term profitability, the writer feels that the words â€Å"long-term† are critical to that decision. While net cash is  critical to determine the ability of the organization to meet its immediate requirements, the non-cash factors that are included in the net income calculation portray a more accurate view of the long-term profitability. Also because of the timing differences between when revenue and expenses are recognized, the accrual method behind the net income model will produce visibility that is more accurate. For example, a month that produces low volume of sales and a high volume of receivable could produce a positive cash flow when in reality that low sales volume will negatively affect the subsequent months. This variance wou ld be visible in the net income but would not be visible in net cash. Case Study Company Comparison Yum Brands, Inc. In the two years presented in the case study (2009-2010), Yum Brands, Inc. saw a significant decline in its operating cash flow/current maturities of long-term debt and current notes payable. This indicates that they are less able to meet their current debt obligation. However, when looking at operating cash flow/total debt, there is an increase of 7.3% showing that Yum Brands, Inc. is more able to cover its debt with operating cash. A review of the operating cash flow per share shows an increase of $1.14 showing an improvement in its ability to make capital expense decisions and pay dividends to its shareholders. Finally, Yum Brands, Inc. a .9 increase in operating cash flow/cash dividends. This shows that they are more able to pay dividends with its yearly operating cash. Panera Bread During the same two-year period (2009-2010), Panera Bread did not have any long-term debt mature or have any current notes payable. They did however have 17.27% decrease in their ability to meet their total debt burden with operating cash. Panera Bread did show an increase of $0.74 in operating cash flow per share indicating an improved ability to make capital purchase decisions and pay dividends to its shareholders. Panera Bread did not make any dividend payments in either year. Starbucks In 2009 and 2010, Starbuck also did not have any long-term debt mature or have any current notes payable. However, they did show a 7.94% increase in their operating cash flow/total debt ratio. This indicates an improved ability to cover their total debt with operating cash flow. During this same period, Starbucks had an increase of $0.37 in operating cash flow per share indicating an improved ability to make capital purchase decisions and pay dividends to its shareholders. Although they did not pay any dividends in 2009, they did show an increase of 9.97 in operating cash flow/cash dividends in 2010. This shows that they are more able to pay dividends with yearly operating cash. Cash Flow Woes While Panera Bread does show an increase of 28.5% in net income-including noncontrolling interest, they are only showing an increase of 10.6% in net cash provided by operating activities. This combined with a 17.27% decrease in their operating cash flow/total debt ratio could indicate potential challenges meeting debt. Furthermore, although Panera Bread does show an improvement of $0.74 in operating cash flow per share, they have not issued any dividends. This could indicate that Panera Bread is trying to invest in growth or potentially they are having difficulty meeting cash obligations. For these reasons, the writer believes Panera Bread may be experiencing a cash flow problem; however, a deeper look into their financial statements, balance sheets and cash flow statements over a broader timeframe would be required to assess their true position. Conclusion Net Cash and Net Income are both critical elements allowing a view to the health of an organization. While it is imperative that a business has visibility to the cash available to pay debt, make investments, make capital purchases and pay its shareholders, it is equally important to have visibility to all revenue and expenses. While each tells their own story, in the end it is when used together that they bring the most value. References Gibson, C. H. (2013). Financial Reporting & Analysis. Mason: South-Western Cengage Learning.

Critically Asses the Views of Paul Tillich on Religious Language

Critically Asses The Views Of Paul Tillich On Religious Language Paul Tillich was a renowned American Protestant theologian born in Prussia 1886. As a self-proclaimed philosophical theologian, Tillich saw the very nature of Christian faith expressed in religious symbols that demanded constant reinterpretation. He was famous for believing that it is possible to speak meaningfully about metaphysical concepts and therefore came up with the theory that religious language, because it is symbolic in nature, has an overwhelming effect upon humans.Tillich argued that religious language is symbolic. This means that religious symbols communicate the most significant values and beliefs of human beings. In his theory, Tillich firstly establishes the difference between signs and symbols and he does this by saying signs are something that point towards a statement and have no other effect as this therefore means that without understanding that sign, it is meaningless to you. An example would be a road sign indicating that you can now travel at the national speed limit and has no other effect of meaning.On the other hand, symbols possess much more meaning and power according to Tillich as they are actually involved and take part in what they are symbolising thus having an impact on it. For example the Cross that represents Christianity, Not only does it stand as a marker for that religion, but it also makes a powerful statement. It immediately reminds Christians of the sacrifice they believe Jesus to have made on the cross for them; it also reminds them of their beliefs about God and his plan for the salvation of human beings.After the distinction between the two had been made, Tillich claimed that religious language worked as a symbol for those who use it as it has meaning and impact on what it represents. He maintained that religious faith is best expressed through symbolism because a symbol points to a meaning beyond itself and best expresses transcendent religious beliefs . He believed that any statement about God is symbolic and participates in the meaning of a concept.Tillich famously used the example of a national flag to illustrate his point: a flag points to something beyond itself, the country it represents, but also participates in the meaning of the country. He believed that symbols could unite a religious believer with a deeper dimension of himself as well as with a greater reality. He also believed that symbols must emerge out of an individual collective unconsciousness, and can only function when they are accepted by the unconscious.For Tillich symbols cannot be just invented, but instead live and die at the appropriate times. Also Tillich suggests that religious faith, can express itself only in symbolic language, because â€Å"whatever we say about that which concerns us ultimately†¦ has a symbolic meaning† presumably because it is of greater concern and import than the mere language, which can only point towards it. â€Å"T he language of faith is the language of symbols†Tillich then went onto develop his idea of a symbol further by outlining the functions in which a symbol carries out which are Point to something beyond themselves, Participate in that to which they point, Open up reality that otherwise are closed to us and finally They also open up the levels and dimensions of the soul that correspond to those levels of reality. Tillich furthermore argued that symbolic language operates in a similar way that a piece of music, art work or poetry might.This is because they can heave a deep overwhelming effect upon us that we can’t explain or can only explain in a limited way and therefore, the person listening will not understand the effect unless they have felt the same effect of the same piece of art. Also, symbols, like artwork can open up new levels of reality for us and offer a new outlook on life that we would not previously of had, without looking at the symbol/art. Tillich Finally t alked about how religious language acts as a symbolic way of pointing towards the ultimate reality, the vision of God which he called ‘Being-Itself. Being-Itself is that upon which everything else depends for its being and Tillich believed that we came to knowledge of this through symbols which direct us to it. One critique of Tillich is the English philosopher of religion and theologian John Hick who argued that Tillich does not make clear how the symbol participates in that to which it points and claims in failing to do so produces a simplistic theory. Also he claims that there are religious statements which do not appear to â€Å"unlock dimensions and elements of our soul†, which is part of Tillich’s definition of a symbol.

Fair Value Accounting: Its Impacts on Financial Reporting and How It Can Be Enhanced to Provide More Clarity and Reliability of Information for Users of Financial Statements

International Journal of Business and Social Science Vol. 2 No. 20; November 2011 Fair Value Accounting: Its Impacts on Financial Reporting and How It Can Be Enhanced to Provide More Clarity and Reliability of Information for Users of Financial Statements Ashford C. Chea School of Business, Kentucky Wesleyan College 4721 Covert Avenue, Evansville IN 47714 USA Abstract The author begins the paper with a brief historical development of the Statement of Financial Accounting Standards (FAS 157) and its impact on fair value accounting.This is followed by the methodology employed in the research. Next, he reviews the literature on major issues in fair value accounting and financial reporting, and presents his findings from the study. The researcher ends the paper with recommendations to enhance the usefulness of fair value accounting and draws implications for financial reporting and users of financial statements.Keywords: Fair Value, Measurement, Financial Instruments, Market 1. INTRODUCT ION In December of 2001, accounting standard-setters around the world published a consultation paper (Financial instruments and similar items) that proposes fundamental changes to the way financial instruments are reported in the accounts of companies.In particular, the paper proposes, inter alia, that all financial instruments should be measured at fair value. The banking sector has long argued that such an approach is not appropriate for banks and that, to the extent that there are weaknesses in the way that banks currently account for their financial instruments, those ills are better addressed through incremental, than fundamental , change (Ebling, 2001).The Financial Instruments Joint Working Party of standard setters (JWP) main proposal are that: (a) all types of entity should measure all their financial instruments at fair value, and should recognize all changes in those fair values immediately in the profit and loss account; (b) the fair value of an instrument should be its estimated market exit price; (c) no exceptions should be made for financial instruments used in hedging arrangements (i. e. there should be no hedge accounting for financial instruments( Bies, 2005)).In other words, a financial asset for which an active market exists should be carried in the balance sheet at its market bid price and changes in that bid price should be recognized immediately in the profit and loss account. This would be the case regardless of the reason why the instrument is being held –for example, even if it is being held as a hedging instrument or being held until it matures—and regardless of the cause or nature of the market price change involved (Ebling, 2001). FAS 157 – Statement of Financial Accounting Standards No. 57, Fair Value Measurements—defines fair value and establishes a frame work for measuring fair value in generally accepted accounting principles (GAAP). While previous pronouncements involving valuation focused on what t o measure at fair value, FAS 157—issued by the Financial Accounting Standards Board (FASB) on September 15, 2006—focuses on how to measure fair value (Sinnett, 2007). What is fair value? FAS 157 are quite prescriptive, defining it as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement dates (Chambers, 2008).FAS 157 put in place a framework for fair value measurement and disclosure. Perhaps the most important feature in FAS 157 is the requirement to set out financial statements in three levels that describe the reliability of the inputs used to establish fair value. Fitch describes it as the fair value hierarchy. So Level 1 is quite straightforward, as the price used are identical to the input and discovered in something like a public exchange. It gets quite complicated for Level 2 assets and liabilities, because the prices used might be inferred from an index or another secu rity with similar attributes to the one being measured.Fair value measurement in Level 3 assets are purely model-driven, consisting of unobservable inputs, and have understandably swollen as markets have grown increasingly illiquid and disorderly (Chambers, 2008). For many years, users of financial statements have sought relevant and timely information about financial instruments and off-balance sheet items and activities. It is believe that fair value measurements and recognition of these values in the financial statements, along with adequate disclosures, will provide necessary information to evaluate properly an enterprise’s exposures to financial risks, as well as rewards (Anonymous, 2002). 2  © Centre for Promoting Ideas, USA www. ijbssnet. com This is because fair value reporting reflects the economic reality by showing the volatility inherent in the values of financial instruments given changes in market conditions and operations of the enterprise. Historic cost-base d accounting smoothes these effects, thus, obscuring this volatility and masking the economic impact of various positions held in financial instruments (Anonymous, 2007). 2. METHODOLOGY This paper relies on the literature review of current relevant articles focusing on accounting for fair value.Except where a source was needed specifically for its perspective on broad issues relating to fair value accounting, the author screened by ? fair value accounting? and by numerous variants of keywords, focusing specifically on fair value accounting and financial reporting in firms. Source papers included refereed research studies, empirical reports, and articles from professional journals. Since the literature relating to fair value accounting is voluminous, the author used several decision rules in choosing articles.First, because the accounting profession is changing fast in today’s environment, especially for financial instruments, the author used mostly sources published 2002-2010 , except where papers were needed specifically for their historical perspectives. Second, given the author’s aim to provide a practical understanding of the main issues in fair value accounting, he included, in order of priority: refereed empirical research papers, reports, and other relevant literature on current firms’ fair value reporting practices.To get some perspective on the current state of fair value accounting, the author begins with a literature review of some of the most important issues relating to the concept. 3. LITERATURE REVIEW 3. 1. Statement of Financial Accounting Standards (FAS 157) FAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This definition abandons a longstanding practice of using the transaction price for an asset or liability as its initial fair value.In other words, fair value will no longer be base d on what you pay for something; it will now be based on what you can sell it for, also known as its ? exit price.? Just as important, this definition emphasizes that fair value is market based— requiring the consideration of what other market participants might pay for something—and is no longer entityspecific. Valuation will now be determined by a skeptical, rather than optimistic, buyer. In turn, the level of data available to measure fair value will determine how the valuation of an asset or liability is determined.Common valuation techniques identified by FAS 157 are the market approach, income approach and/or cost approach. These models require inputs that reflect assumptions that market participants would use for pricing an asset or liability. Observable inputs would be based on market data obtained from independent sources, such as stock exchange prices. Meanwhile, in the absence of an active market for an asset or liability, unobservable inputs reflect the rep orting entity’s own assumptions.The standard provides a fair value hierarchy that gives highest priority to quoted prices in active markets (defined as level 1) and lowest priority to unobservable inputs (level 3) (Sinnett, 2007). 3. 2. Mark to Market Mark-to-market accounting refers to the accounting standards of assigning a value to a position held in a financial instrument based on the current fair market price, rather than its original cost or book value, for the instrument or similar instruments. Fair value has been part of U. S. generally accepted accounting principles (GAAP) since the early 1990s.Investors demand the use of fair value when estimating the value of assets and liabilities. This has been influenced by investors’ desire for a more realistic appraisal of an institution’s or a company’s current financial position. Mark to market is a measure of the fair value of accounts that can change over time, such as assets and liabilities. For examp le, financial instruments traded on a futures exchange, such as commodity contracts, are marked to market on a daily basis at the market close (Metzger, 2010). When banks mark to market, they follow two steps.First, they estimate the net realizable value of their portfolio of asset-backed securities. This involves discounting the cash flows of these assets. Then under fair value accounting, they have to take a haircut on these values that takes into account the price at which they could sell the assets. When the market is not functioning, of course, this haircut is very large. This is important because it suggests that the huge decline in the value of bank assets is not due to a decline that has certainly occurred—but rather to the market’s judgment about the risk of resale by a purchaser.It is this risks that—when combined with fair value accounting—has forced the write-downs in bank assets (Wallison, 2009). 3. 3. Relevance 13 International Journal of Bu siness and Social Science Vol. 2 No. 20; November 2011 The debate of fair value accounting basically revolves around the issues of relevance and reliability. Before discussing the issues of relevance of fair value, the author looks briefly at how fair value and relevance are generally defined.Fair value is defined in the FASB’s Preliminary View documents as an estimate of the price an entity would realized if it has sold an asset or paid if it had been relieved of a liability on the reporting date in an arm’s –length exchange motivated by normal business consideration. Relevance is defined in the glossary of the FASB Statement of Financial Accounting Concepts No. 2 as the capacity of information to make a difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm or correct expectation (Poon, 2004). 3. 4.Reliability and Measurements Reliability is defined in the glossary to the FASB Statemen t of Financial Accounting Concepts No. 2 as the quality of information that assures that information is reasonably free from error and bias and faithfully represented what it purports to represent. Fair value as an estimate of exit value under normal market condition is well defined and noncontroversial when there are well-established liquid markets. What if there is no liquid market? This is the situation in which an estimation of fair value will inevitably involve prediction of future cash flows and selection of appropriate discount rates.These estimates depend on management’s assumptions and measurement error. This has the potential to mask deliberate miscalculation and manipulation of the numbers. Both the FASB and the JWG acknowledge that some significant measurement issues must be resolved and they are working on developing more guidance regarding estimating fair value and establishing appropriate controls. However, it should be noted that the use of estimate is an esse ntial part of preparation of financial statements, e. g. the ubiquitous use of estimates in pension accounting (Poon, 2004).If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would be reliable information useful in the decision-making process. However, because many assets and liabilities do not have an active market, the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations less reliable (Bies, 2005). 3. 5. Verification As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value estimates.However, verification of valuations that are not based on observable market prices is very challenging. Many of the values will be on inputs and methods selected by management. Estimates based on these judgments will likely be difficult to verify. Both auditors and users of financial statements, including credit portfolio managers, will need to place greater emphasis on understanding how assets and liabilities are measured and how reliable these valuations are when making decision based on them (Bies, 2005). 3. 6.Disclosure The FASB states that the proposed update would change the wording used to describe the principles and requirements in U. S. GAAP for measuring fair value and for disclosing information about fair value measurements. Specifically, the proposed update would include amendments to (a) clarify FASB intent about fair value application of existing fair value measurement and disclosure requirements, and (b) change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements (Elifoglu et al. 2010). 3. 7.Financial Instruments Financial instruments versus nonfinancial instruments—many see fundamental inconsistency between measuring financial instruments at fair value and nonfinancial items largely on historic cost basis. Standard-setters reco gnize that whenever a boundary is drawn between financial statement items with different measurement attributes some inconsistencies and complexities often results. It is argued that there is economic logic in drawing a line between financial instruments and nonfinancial items, and more so than drawing a line including some inancial instruments but not others (Hague, 2002). Conceptually, the periodic returns on financial instruments can be separated into three components with distinct sustainability or certainty. The first two components—amortized cost interest and the difference between fair value interest and amortized cost interest-sum to fair value interest. It is useful to distinguish these two components of fair value interest because amortized cost interest is both sustainable and certain, whereas the difference between fair value interest and amortized cost interest is sustainable but uncertain.The difference between fair value interest and amortized cost interest is sustainable because unexpected changes in interest rates and the resulting unexpected changes in fair values affect fair value interest calculations throughout the remaining lives of financial instruments. 14  © Centre for Promoting Ideas, USA www. ijbssnet. com For example, an unexpected gain on a financial asset due to a decrease in interest rates in the current period reduces expected fair value interest revenue on the asset throughout its remaining life.This third component of the periodic returns to financial instruments is the unexpected change in their fair values during the period. Unexpected changes in the fair values of financial instruments are both unsustainable and uncertain (Ryan & et, al. , 2002). 3. 8. Financial Reporting The reporting of financial assets and liabilities is an election on a contract-by-contract basis and not mandatory. Therefore, not all instruments will necessarily be reported at fair value.In order to distinguish instruments that are reported at fair value from those that employ some other measurement, firms will have one of two reporting options on the statement of financial position. A firm may display the two classifications, fair-value and non-fairvalue carrying amounts, as separate line items on the statement of financial position. The second option for reporting is parenthical disclosure where the firm presents the aggregate of the two classifications and discloses the amount of the fair value parenthically (Schneider & McCarthy, 2007). . 9. Critics of Fair Value Critics argue that fair value accounting has created a false short-term visibility in the case of pension funding and hastened the demise of defined benefit schemes. More generally, critics argue that the financial crisis demonstrates the pro-cyclicality of fair values when accounting is tightly coupled to prudential regulatory systems, and the unreliability of marking to model in less than liquid asset markets, especially for assets which are being held for the long term (Power, 2010).They also add that the impact of fair value accounting (FVA) is likely to be more restrictive lending policies, and more demanding loan covenants, than are necessary for sound risk management, together with pricing which will be higher than is economically necessary (Allatt, 2001). Moreover, several commentators remarked on the fictional and imaginary nature of fair value and bemoaned their subjectivity and potential for manipulation and bias.Regardless of whether these criticisms have substance, it is also the case that if enough people believe in fictions, then they can play a role in constituting markets (Power, 2010). Many are comfortable with historic cost/realization accounting on the grounds that it is familiar and provide a more stable basis for prediction of future accounting than fair values. They argue that fair value based earnings cannot be predicted in the same way because of the effects of uncertain future events and see this as a significa nt drawback in being able to prepare budgets, forecasts, etc. nd to manage analysts’ expectations (Hague, 2002). Nevertheless, many critics of the subjectivity of fair value miss the real point. The very idea of reliability is being reconstructed in front of their eyes by shifting the focus from transactions to economic valuation methods, and by giving these methods a firmer institutional footing. Deep down the fair value debate seems to hinge on fundamentally different conceptions of the basis for reliability in accounting, making it less of a technical dispute and more of the politics of acceptability (Power, 2010). . 10. Proponents of Fair Value Few will question the relevance of information based on market prices as historical cost information is based on market prices at which assets were initially acquired and liabilities were initially incurred whereas fair value are based on current market prices. Fair value reflects the effects of changes in market conditions and cha nges in fair value reflect the effect of changes in market conditions when they take place. In contrast, historical ost information reflects only the effects of conditions that existed when the transaction took place, and the effects of price changes are reflected only when they are realized. As fair value incorporate current information about current market conditions and expectations, they are expected to provide a superior basis for prediction than outdated cost figures can since these outdated cost figures reflect an outdated market conditions and expectations (Poon, 2004).Proponents of fair value in accounting often appeal to notions of telling things as they are and of improving transparency. They point to areas such as pension accounting or the savings and loans industry in North America where fair values would have made problems (deficits, poor performing loans) visible much earlier, thereby enabling corrective action. An often heard trope is that one should not shoot the me ssenger of poor asset quality (Ebling, 2001). 4. FINDINGSWhile there is a large number of assets and liabilities reported or disclosed in financial statements, the percentage of these items and the dollar impact on earnings may not have been exorbitant for most companies, except for financial institutions. 15 International Journal of Business and Social Science Vol. 2 No. 20; November 2011 In 2008, only 27% of the total assets of the S&P 500 companies that had adopted FAS 157 were actually reported at fair value (Zion et al. , 2009). While this represents about $6. 6 trillion in assets, it is still a relatively small percentage of the assets.Because of the mixed attribute model used in U. S. Generally Accepted Accounting Principles (GAAP), some assets are measured using fair value while others—even very similar assets are measured at cost, or amortized cost, or by some other measure. The nature of the assets held by these companies determined, to a large extent, their exposur e to risk in the credit crisis. Companies in the financial sector had a much larger number of fair valued assets (39%) then did, for instance, companies in consumer staples (2%).Even within the financial sector, investment banks and insurance companies, most of whose assets are reported at fair value, were impacted more than commercial banks, whose largest assets is generally loans, which are not reported at fair value (Casabona & Shoaf, 2010). In addition, there is ample empirical evidence to support the relevance of fair value information of financial instruments. For example, Barth (2006) finds that fair valuation of investment securities influences the share price indicating that it provides extra information to investors.Additional discussion of findings of research on accounting for fair value of financial instruments can be found in FASC 1998 study (Poon, 2004). 5. ANALYSIS AND DISCUSSION While most people agree that fair values are the most relevant measure for financial ass ets and liabilities that an entity actively trades, some (most notably, those in the banking industry) argue that historical cost is the more appropriate measure if management intends to hold an asset or to owe a liability until maturity.The rationale for accounting on a historical cost basis is that it better reflects the economic substance of the transactions and the actual cash flow over time. They argue that fair value information, on the other hand, would reflect the effects of transactions and events in which the entity would not participate and thus is often irrelevant. The question here is whether management’s decision to hold assets or to continue to owe liabilities in light of changed market condition is relevant in evaluating the entity’s financial position and performance (Poon, 2004).Some also argue that the outcome of fair value accounting on entity’s financial liabilities is counterintuitive if its credit risks changes. The fair value of a financi al liability will decrease when the issuing entity’s credit risk deteriorates because the interest rate on the initial issue date would now be lower than what it would be if the liability was issued today. Conversely, if an entity’s credit rating improves, an increase in the fair value of its financial liability will result.However, as explained in Barth and Landsman (1995), changes in the credit rating represent wealth transfers between creditors and stockholders. It is not counterintuitive to see a decrease (an increase) in the value of a financial liability when there is a wealth transfer from creditor (stockholders) to stockholders (creditors) corresponding to the deterioration (improvement) of the credit rating of the issuing entity. Therefore, the outcome of fair value accounting is not readily counterintuitive.But as illustrated in Lipe (2002), financial statement users must be better educated about the impact of fair value accounting on financial liabilities. I n particular, a decrease (an increase) in the fair value of financial liabilities should not be interpreted as positive (negative) if it is due to deteriorating (improving) credit quality. In addition, loan covenants have to be revised and financial ratios involving financial liabilities have to be analyzed accordingly (Lipe, 2002).Still another argument against fair value accounting is the induced volatility of earnings if changes in fair values are reported in earnings. Some believe that this volatility of earnings may not correlate to management’s performance and that this would make it more difficult for users to predict future performance. First, this is not a reliability issue since fair values can be reliably measured but still vary a great deal from one period to another.Second, the requirement of fair value reporting does not have to go hand in hand with the requirement of recognizing changes in fair values in reporting earnings (Poon, 2004). For this reason changes in fair value should be separately reported based on causes such as the passage of time, changes in market conditions, changes in the entity’s financial health, changes in estimate, and changes in valuation techniques.Requiring fair value information as supplemental disclosures instead of financial statement recognition also addresses some of the concerns (e. g. , volatility of reported assets, liabilities, and earnings) of the opponents of fair value accounting. In addition, this will allow financial statement users to decide on their own how much reliance they will put on and how to use fair value information (Poon, 2004).FSP FAS 175-4 provides application guidance to assess whether the volume and level of activity for asset or liability have significantly decreased when compared with normal market conditions. However, this assessment should consider whether there are factors present that indicate that the market for the asset is not active at the measurement date, such as : (a) there are few recent transactions based on volume and level of activity in the market, (b) price quotations are not based on current information , 16  © Centre for Promoting Ideas, USA www. ijbssnet. com c) price quotations vary significantly either over time or among market makers , (d) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) (e) There is a significant decline or absence of a market for new issuances (Casabona & Shoaf, 2010). Research by Federal Reserve staff shows that fair value estimates for bank loan can vary greatly, depending on the valuation inputs and methodology used. For example, observed market rates for corporate bonds and syndicated loans with lower-rated categories have varied by much as 200 to 500 basis points.Such wide ranges occur even in the case of senior bonds and loans when obligors are matched. Moreover, the FASB statement on the proposed fair v alue standards that reliability can be significantly enhanced if market inputs are used in valuation. However, because management uses significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue (Bies, 2005) 6. RECOMMENDATIONS In order to provide more relevant information to financial statement users, fair value information should be reported for all financial assets and liabilities.Given that there are still some important conceptual and practical issues relating to the reliable determination of fair value, it is better to first require full fair value disclosures before contemplating a shift to full fair value recognition in financial statements. That would enable investors, creditor, preparer, auditors, and regulators to learn from experience. When the issues relating to the reliable determination of fair values are resolved, they will be ready for full fair value recognition in financial statements (Poon, 2004).T he author concords with the SEC recommendations, which are expected to impact the FASB’s future activities, including (a) improve fair value accounting standards (b) improve the application of existing fair value requirements (c) readdress the accounting for financial asset impairment s (d) establish formal measures to address the operation of existing accounting standards in practice (e) implement further guidance to foster the use of sound judgment of practitioners (f) address the need to simplify the accounting for investments in financial asset (Casabona & Shoaf, 2010).The first priority seems to be to work in close co-operation with users and preparers of financial statements to further consider the practicality of the proposals and to demonstrate or refute the relative merits of fair value and historic cost based reporting of financial statements for users’ analysis purposes. Such work should involve rigorous testing to consider how fair value information would b e used in decision models, as well as to stimulate the preparation of fair value information to understand better the extent of many of the practical concerns (Hague, 2002).Second, implementation of the proposals would provide more useful, relevant and transparent information about an enterprise’s use of financial instruments than is available today. The full benefits, however, will only be understood with careful study and education about how to use the new information. A somewhat different mindset and base of expertise (from that appropriate to traditional recognition and historical cost-based accounting for financial instruments) is also necessary. This includes integrating knowledge of certain finance and capital-markets concepts and practices with financial accounting objectives and concepts (Hague, 2001).Third, financial instruments should be grouped and displayed on the balance sheet based on the underlying characteristics of the instruments, such as unconditional righ ts to receive or obligations to deliver, and by major classes within these groups. Detailed, descriptive information about the nature and terms of these financial instruments, as well as management’s policies pertaining to them, should be disclosed in the notes to the financial statements in a manner consistent with the balance sheet (Anonymous, 2002). Fourth, fair values reflect point estimates and by themselves do not result in transparent financial statements.Hence, additional disclosures are necessary to bring meaning to these fair value estimates. FASB’s proposal take a first step toward enhancing fair value disclosures related to the reliability of fair value estimates. Additional types of disclosures should be considered to give users of financial statements a better understanding of the relative reliability of fair value estimates. These disclosures might include key drivers affecting valuations, fairvalue-range estimates, and confidence level (Yonetani & Katsu o, 1998). Finally, another important disclosure consideration relates to changes in fair value amounts.For example, changes in fair value of securities portfolio can arise from movements in interest rates, foreign-currency rates, and credit quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given adequate disclosures about what factors caused the changes in fair value (Bies, 2005). 7. IMPLICATIONS FOR FINANCIAL REPORTING AND MANAGERIAL DECISION-MAKING Several implications are drawn from this paper. 17 International Journal of Business and Social Science Vol. 2 No. 20; November 2011First, standard-setters and regulators would be required to provide more specific guidance on how to determine fair value for financial statements. Perhaps, they can list some common valuation techniques and indicate their appropriateness in various circumstances. Disclosure requirements would include disclosure of fair value of all financ ial instruments along with method adopted to determine fair values, any significant assumptions used in their estimation, some indications of the sensitivity of the estimated fair value to these assumptions, and discussion of risk exposure and issues associated with the estimation of fair value (Poon, 2004).Second, the role of external financial reporting is to portray an enterprise as if seen through the eyes of management—that is, that financial reporting should be consistent with internal management practices. It is, obviously, desirable that there be as much compatibility between the two as possible. However, it is difficult to see how accounting that is driven by the manner in which an enterprise chooses to manage its financial instruments and risks can provide information to financial statement users that are consistent and comparable between enterprises (Hague, 2002).Third, the objectives of financial analysis are to discern and assess the effects to an enterprise†™s performance and financial condition, including those that result from its risk management policies and decisions that involve financial instruments. In addition, financial statement users want to assess how well an enterprise effectively applies these policies in managing the risks of the enterprise. Therefore accounting and disclosure requirements related to financial instruments must be designed to explain (a) risks inherent in a given business (b) hedging strategies employed and (c) outcome(s) of such hedging activities.In other words, financial and nonfinancial disclosures should provide sufficient information for users of this information to discern and answer question, such as these: (a) what are management’s policies and procedures for using certain financial instruments? (b) How extensively does the enterprise use these financial instruments as part of its risk management? (c) What are the timing and the magnitude of the effects of the instruments on fair values in the balance sheet and changes in these values reflected in the income statement? d) How effective, or ineffective, are the position in these financial instruments as hedges in managing the risk exposure of the enterprise? And (e) what portion of the gains and losses reported in the balance sheet and income statement is realized and unrealized? (Anonymous, 2002). Fourth, the fact that management use significant judgment in the valuation process, particularly for level 3 estimates, add to the concern about reliability. Management bias, whether intentional or unintentional, may result in inappropriate fair value measurements and misstatements of earnings and equity capital.This was the case in the overvaluation of certain residual trenches in securitizations in recent years, when there was no active market for these assets. Significant write-downs of overstated asset valuations have resulted in the failure of a number of finance companies and depository institutions. Similar problem s have occurred due to overvaluations in nonbank trading portfolios that resulted in overstatements of income and equity. The possibility of management bias exists today. There continue to be new stories about charges of earnings manipulation, even under the historical cost accounting framework.It is believe that, without reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements will be even greater (Bies, 2005). Fifth, three fundamental goals of accounting that are likely to have influenced the choice of fair value accounting for all financial firms. One of these objectives is to minimize what is called management bias. Management has an obvious incentive to inflate the value of a company’s assets, and many ways to do it. Marking a company’s assets to market is an effective way of taking his element of financial statement manipulation out of management’s hands (Wallison, 2009). Finally, the opt ion to use fair value for certain assets and liabilities will provide more relevant information to the users of financial statements. However, since the fair value usage can be elected for some financial assets and financial liabilities and avoided for others, there is a loss of consistency in the financial statements between entities and even within a single entity. Also the new standard imposes additional disclosure requirements (Schneider & McCarthy, 2007). 8. CONCLUDING REMARKSCurrent methods of accounting for financial instruments have been of concern to accounting standard-setters around the world for some time now. These concerns about financial instruments start from the observation that markets now exists for either the instruments themselves or the various financial risks that arise from the instruments, and the availability of those markets enables entities to actively manage the financial risks and, thereby, to realize some or all of the market value of their financial i nstruments with ease. (Ebling, 2001). 18  © Centre for Promoting Ideas, USA www. ijbssnet. comIt has been argued that different conceptions of what is for an accounting estimate to be reliable underlie the fair value debate as it has taken shape in the last decade. The language of subjectivity and objectivity is unhelpful in characterizing what is at stake; it is more useful to focus on the question of how certain valuation technologies do or don’t become institutionally accepted as producing facts (Power, 2010). However, the shift in accounting principles will not come without some additional effort by all capital market participants, including preparers, auditors, regulators, and users of this information.It is realized that accounting and reporting based on fair value principles, in comparison with historical cost-based principles, require more extensive and detailed analysis of the methods and assumptions used to determine values recognized in the financial statements. This in turn, will require market participants to redesign the current financial reporting model and to educate themselves in the application of these new principles. Nonetheless, transparency of the true economic consequences, i. e. isks and rewards, resulting from the use of financial instruments justifies the movement to a fair value based model for financial reporting (Anonymous, 2002). Certainly, mark-to-market reporting has its drawbacks, especially for derivatives. First, fair value based on market prices can be difficult to determine for complex and lightly traded instruments. These types of derivatives are the level 3 type mentioned above. These derivatives are usually measured using a mark-to-model process, which can be arbitrary at best and fraudulent at worst.Next, there is the theoretical issue, as banks successfully argued, as to whether market price does indeed represent fair value. Also, the relevance of market prices can be challenged with respect to intent. Some ob servers challenge the relevance of market prices because they believe that, if government officials do not intend to trade derivatives but rather hold them to maturity, as is usually the case with derivatives used for hedging, then the time and expense of determining fair value may not be worthwhile.Still, using fair value accounting is proper for derivative reporting because it enhances the following qualities or objectives of financial measurement and reporting: accountability, transparency, consistency, inter-period equity, and risk management (Metzger, 2010). REFERENCES Allatt, G. (2001). Fair value accounting: Examining the consequences. Balance Sheet, 9, 22-26. Anonymous (2007). Statement of financial accounting standards No. 159: The fair value option for financial assets and financial liabilities. Journal of Accountancy, 203, 96-101. Anonymous (2002). Financial instruments: Fair values and disclosure.Balance Sheet, 10, 12-20. Bath, M. (2006). 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Fair value debt turns deteriorating credit quality into pos itive signals for Boston Chicken. Accounting Horizons, 17, 169-181. Metzger, L. (2010). Mark to market governments. The Journal of Government Financial Management, 59, 16-20. Poon, W. W. (2004).Using fair value accounting for financial instruments. American Business Review, 22, 39-44. Power, M. (2010). Fair value accounting, financial economics and the transformation of reliability. Accounting and Business Research, 40, 197-211. Ryan et al. (2002). Reporting fair value interest and value changes on financial instruments. Accounting Horizons, 16, 259-268. Schneider, D. K. & McCarthy, M. G. (2007). Fair value accounting broadened with FAS-159. Commercial Lending Review, 45, 28-36. Sinnett, W. M. (2007). New fair value standards stress HOW not just WHAT. Financial Executive, 23, 33-36. Wallison, P. J. (2009).Fixing fair value accounting. OECD Journal on Budgeting, 9, 99-105. Yonetani, T. & Katsuo, Y. (1998). Fair value accounting and regulatory capital requirements. Economic Policy Rev iew, 4, 33-44. Zion, D. , Varshney, A. & Cornett, C. ( June, 2009). Focusing on fair value. Credit Suisse Equity Research, 4, 18-20. 19 Copyright of International Journal of Business & Social Science is the property of Centre for Promoting Ideas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.