Grief And Williams Essays - Emotions, Death, Grief, Undertaking

Grief And Williams In C. K. Williams' "Grief," the speaker explores the all too common experience of losing a loved one. The speaker describes the pain involved in sitting helplessly by, only able to watch, while another human being slowly withdraws into death. The poem "Grief," like many of C.K. Williams' poems, is a maelstrom of memories, thoughts, emotions, and other human experiences. In this particular poem, the speaker is torn by the slow death of his elderly mother. His attempts to console himself and his family leads him to believe that she has lived a full life, and is now released from her suffering, headed toward a place of serenity and repose. How does this phrase "peace of the earth," (32) suggest a release from the suffering of dying? In the poem entitled "Grief," by C. K. Williams, the reader is taken through one man's painful experience of watching his mother's slow death. Williams is renowned for his ability to capture the emotions and concepts of the human spirit. Perhaps The Boston Globe's critic, Jonathan Aaron, put it best in his review, stating: A matchless explorer of the burdens of consciousness, C. K. Williams has always written brilliantly about human pain, that which we inflict upon others and upon ourselves, and that which we experience in dreading what we're fated for. Williams does not dispute that death is not a natural thing, in fact it is something that we are all "fated for", however he attempts to illustrate the pain and human emotion that are associated with death. In the poem "Grief," Williams is also successful in demonstrating the transition from the anguish experienced while a loved one withdraws into death, to the eventual rest the deceased enter. The phrase "peace of the earth" is suggestive of the body's final resting place, in which the soul is liberated from the body in death, and the individual experiences a release from suffering. Throughout the poem, the speaker attempts to identify and understand exactly what grief is. His mother's suffering torments him, and when she finally comes to death she enters the peace of the earth. The word peace means a state of tranquillity of quiet. A state of such tranquillity and quiet, like that which is associated with death. When one is dead, it is believed that the body is laid to rest and the soul is freed to a state of tranquillity. The word peace also refers to a relief from disquieting or oppressive thoughts or emotions, and harmony in personal relations. These meanings can be applied in two very differing situations. On the one hand, it is the deceased mother who comes to experience peace through death, however, on the other hand the son too undergoes a sense of peace or calming sense of mind after his mother's suffering has ended. In this poem, Williams also focuses on the symbolism of life and death in association with the word earth. In reality, the word earth denotes soil. Yet In all practicality, this reference to the soil in which the dead are interred has, however, a more symbolic meaning -- the sphere of mortal life. The mind frame that Williams sets is one where the earth is a mortal world in which physical suffering exists and the body is unprotected against it. Eventually the body gives way to death, and the final outcome of the "mortal earth" is a death that delivers us from suffering into peace. Many religions identify earth with the human body and its origin. The word earth also literally means the mortal human body, and in faiths such as the Christian tradition, man is believed to have been borne of ashes [earth], and to ashes he will return. Thus is Williams' argument that death's inevitability has caused the grieving process to become such a normality that we are often unsure as to whether we even experience it. Other figurative language used in this poem that can be directly correlated to Williams' depiction and identification of grief, is the phrase "countenance of loss" (32). These words are portray the demeanor of has suffered the loss of another, and undergone the grieving process. The countenance, or mental composure, is one of suffering and anguish which results from the loss of the loved one. Death's natural occurrence is one that affects us all. Whether its influence is felt personally, or through the suffering of others, the greatest endurance against death's melancholy is the cleansing process of grieving. Bibliography Aaron, Jonathan, review of The Vigil, by C.K. Williams, The Boston

Idioms and Expressions Using Have for ESL

Idioms and Expressions Using Have for ESL The following idioms and expressions use the verb have. Each idiom or expression has a definition and two example sentences to help your  understanding of these common idiomatic expressions with have. English Idioms and Expressions Using Have have a big mouth Definition: somebody who tells secrets, who is a gossip Dont talk to Mary she has a big mouth.If you didnt have such a big mouth, Id tell you my secrets. have a bee in your bonnet Definition: have an obsession, something that always remains in your thoughts and efforts She has a bee in her bonnet that health care must change.If I have a bee in my bonnet, I have to do everything I can until I can make it happen. have a bone to pick with someone Definition: have something (usually a complaint) that you want to discuss with someone I have a bone to pick with you. Just a moment, lets talk.Toms looking for Pete because hes got a bone to pick with him. have a brush with something Definition: have brief contact, or experience with someone or something I had a brief brush with Jack and I didnt like it.Hes had a brief brush with unemployment. have a chip on your shoulder Definition: be in a bad mood and challenging people to fight Dont take him seriously, he just has a chip on his shoulder.Yes, I have a chip on my shoulder! What are YOU going to do about it?! have a close call Definition: be close to danger I had a close call yesterday and was almost in an accident.Shes had a few close calls in her life. have a familiar ring Definition: sound familiar, as if youve heard it before That story has a familiar ring. Did we read that last year?Her experiences have a familiar ring. I guess everybody goes through that. have a good head on your shoulders Definition: have common sense, be sensible Jack has a good head on his shoulders. Dont worry about him.I think you have a good head on your shoulders. You should trust your decision. have a green thumb Definition: be very good at gardening Alice obviously has a green thumb. Look at that garden!My wife has a green thumb, so I let her do all the gardening. have a heart Definition: be compassionate or generous and forgiving with somebody Dont hold that against her. Have a heart!I think hell have a heart and forgive you. have a heart of gold Definition: be generous and sincere Mary has a heart of gold. I just love her.The teacher has a heart of gold with her students. have a heart of stone Definition: be cold and unresponsive, unforgiving Dont make him angry. He has a heart of stone.I cant believe how he treats his children. Hes got a heart of stone. have an ax to grind Definition: complain about something often He has an ax to grind against his health care provider.I know you have an ax to grind against Agatha, but stop complaining! have an in with someone Definition: have special access to someone (often used at work) She has an in with the boss. Let her ask him for permission.I wish I had an in with the director so I could get a promotion. have a one-track mind Definition: always thinking about one thing He has a one track mind. He cant talk about anything besides golf.Do you have a one-track mind? have a soft spot in your heart for someone or something Definition: love or adore a thing or person Ive got a soft spot in my heart for Maria Callas.He has a soft spot in his heart for pinball! have a sweet tooth Definition: like sweets too much I know you have a sweet tooth, but you need to be careful.I need to watch my weight, especially because I have a sweet tooth. have clean hands Definition: to without guilt, guiltless Dont blame him, he has clean hands.The man claimed to have clean hands in the crime. have egg on ones face Definition: be embarrassed after having done something very stupid I had egg on my face after I asked that stupid question.I dont think he realizes he has egg on his face. have eyes in the back of your head Definition: seem able to follow everything that is going on, even though you do not focus on it She has eyes in the back of her head. Be careful!The students believed their teacher had eyes in the back his head. have mixed feelings Definition: to be uncertain about something or someone Janice has mixed feelings about Ken.Brad has mixed feelings about buying a new car. have money to burn Definition: have an excess of money Dont worry about it! Shes got money to burn.Do you think I have money to burn?! Of course, I cant buy you a diamond ring. have your hands tied Definition: be prevented from doing something Im afraid I have my hands tied and cant help you.Peter told me he had his hands tied on the Franklin deal. have your head in the clouds Definition: to not pay attention to what is going on around you Doug had his head in the clouds all the time he was at university.Do you have your head in the clouds?! Pay attention! have your tail between your leg Definition: be afraid of something, not have the ​courage to do something He just couldnt approach her. He seemed to have his tail between his legs.Janet went to her father with her tail between her legs and asked for forgiveness. have other fish to fry Definition: have more important things to do, have other opportunities Look. I have other fish to fry, so just say yes or no.Susan had other fish to fry and left her position at the bank. have someone or something in your hands Definition: have the responsibility for someone or something I have the project in my hands. If you have any questions, come to me.She had her boyfriend in her hands. She could do anything. have the Midas touch Definition: have the ability to easily be successful Hell succeed. Hes got the Midas touch.Ask her to approach those difficult clients. She has the Midas touch. have the presence of mind to do something Definition: stay calm in a dangerous or frightening, or emergency situation He had the presence of mind to cover her up before he went to find help.Alice has the presence of mind to take along some extra food before setting out on the hike.

Of Pandas, People, and Propaganda Essay Example | Topics and Well Written Essays - 1500 words

Of Pandas, People, and Propaganda - Essay Example This holds that the acquisition of knowledge can be explained by justified true belief. Justified true belief was defined by Plato in his work Theatetus. This says that in order for anyone to truly know a thing, that thing: must be true; we must believe it; and there must be sufficient evidence for it (i.e., it must be justified). "If a belief is justified, there is something which justifies it. The thing which justifies a belief can be called its justifier. If a belief is justified, then it has at least one justifier What sort of thing can be a justifier Three things that have been suggested are: beliefs only; beliefs together with other conscious mental states; and beliefs, conscious mental states, and other facts about us and our environment (which we may not have access to)" (Answers.com, 2005). Gettier posed the question: "Is justified true belief knowledge" In his paper, Gettier set forth conundrums which he believed demonstrated a fallacy with justification of belief into know ledge. d. Jones is the man who will get the job, and Jones has ten coins in his pocket. Smith's evidence for (d) might be that the president of the company assured him that Jones would in the end be selected, and that he, Smith, had counted the coins in Jones's pocket ten minutes ago. Proposition (d) entails: Let us e. The man who will get the job has ten coins in his pocket. Let us suppose that Smith sees the entailment from (d) to (e), and accepts (e) on the grounds of (d), for which he has strong evidence. In this case, Smith is clearly justified in believing that (e) is true. But imagine, further, that unknown to Smith, he himself, not Jones, will get the job. And, also, unknown to Smith, he himself has ten coins in his pocket. Proposition (e) is then true, though proposition (d), from which Smith inferred (e), is false. In our example, then, all of the following are true: (i) (e) is true, (ii) Smith believes that (e) is true, and (iii) Smith is justified in believing that (e) is true. But it is equally clear that Smith does not know that (e) is true; for (e) is true in virtue of the number of coins in Smith's pocket, while Smith does not know how many coins are in Smith's pocket, and bases his belief in (e) on a count of the coins in Jones's pocket, whom he falsely believes to be the man who will get the job" (Gettier, 1963). Gettier demonstrated that knowledge is not acquired as simply or straight-forwardly as philosophers had assumed for over 2000 years. Factual knowledge is not as simple or self-evident as it so often seems to be. Thus, the process of learning cannot be taken for granted. Questions about learning and the acquisition of knowledge need to be posed that can apply to all disciplines, including the natural and social sciences, history, the arts, mathematics, and language. Definitive answers are hard to come by. "'What is Truth' said jesting Pilate, and would not stay for an answer," wrote Francis Bacon in his Of Truth, Essays or Counsels Civil and Moral (Theory of Knowledge, 2005). Philosophers have studied the topic of epistemology ever since the time of Plato. Several different theories of the learning process have gained hold in Western

Connecticut local Government Research Paper Example | Topics and Well Written Essays - 250 words

Connecticut local Government - Research Paper Example ne at the Lincoln Basset School in four areas: academics, culture, talent and climate and operations noted that the school was below standard in most areas. Shahid (2014) stated that divide among staff, lack of basic resources, such as white boards and projectors and chronic absenteeism among students was the reason for the poor performance. The school was added to the State Commissioner’s Network for underperforming schools so as to significantly improve through collaborations between the state Department of Education and local stakeholders.(Shahid , 2014) Prior to finding the article I did not know that it was an issue within my community. When reading the article what amazed me was how the afterschool program has impacted positively to the kids as it serves as a catalyst for them to indulge into other avenues other than being closed with no exposure. I believe I feel this way because the program can help chronically low performing school rise. If I lived in my classmates’ community, I would ensure that they make use of their afterschool time to be doing something productive and impact their lives positively. I am saying this because many at times students engage themselves into bad behaviors like smoking and drinking alcohol. Shahid. A, Karim (2014).New Haven after-school program aims for positive life outcomes forparticipants .Retrieved from

Who or what is the main beneficiary of globalization Essay

Who or what is the main beneficiary of globalization - Essay Example These years have as well observed a complete alteration within the former centrally designed nations of Europe. At the same time, globalization has been connected with a number of other alterations, for instance, industrial growth, moderation and deregulation. It is rather impractical to divide the economic impacts of globalization, yet distinct, from those of the earlier issues. There is the additional complexity starting from the time period during which the analysis is completes. The instantaneous as well as interim impacts may become extremely different from those of the average as well as long-standing. Regardless of these requirements, it is essential to stress that the processes of globalization are likely to generate certain socio-economic effects (Boudreaux, p. 65, 2007). Focusing initially on the economic impacts, along with the key concerns are the outcomes of globalization on competence, development and circulation. It is apparent that globalization has supported competen ce benefits in a number of ways. Static benefits increase whenever market alterations are condensed or removed. Globalization has been linked with comprehensive lessening in obstacles to the movement of goods, services in addition to parts of production. The bigger competition caused by globalization has as well formed active competence benefits via enhancements in administration as well as technology. Similarly, the substitution of state ventures by private companies has resulted in competence benefits. The value of competence benefits is obviously bigger when they take place during times of complete use of resources than when they just increase unemployment and surplus capacity. The concurrence of globalization with financial catastrophe and stagnation has intended that in the majority of nations the competence benefits because of better resource distribution seem to have highlighted the issues of poverty, unemployment as well as discrimination (Scholte, p. 344, 2005). Increased c ompetition, nationwide, as well as worldwide, possibly works in the similar direction for the majority of nations. A raise in the pace as well as level of resource flows, development of trade as well as internationalization of manufacturing can be likely to have substantial effects on revenue distribution. Nations that are successful in drawing foreign resources, savings and technology, and in enhancing growth of output as well as exports, are likely to experience increasing employment and earnings, and perhaps lessening in discrimination. On the other extreme, less competitive plus more unsound nations may go through from outflows of resources, savings, expertise and free enterprise. They possibly get trapped in a descending spiral of manufacturing, employment as well as salaries, worsening both poverty as well as discrimination (Lechner & Boli, p. 391, 2003). The general impact of these alterations is expected to be harmful on the lower class in most nations. In the industrialized nations, employment as well as earnings is stressed from three sources: 1. Bigger competition internally and from a foreign country 2. Industrial development 3. Internationalization of production The fortune of the lower class in the industrialized nations would be even poor if there were no constraints on labour resettlement. Similarly, owners of several small and medium sized ventures may endure bigger nationwide as well as worldwide competition. The main beneficiaries from globalization are individual human beings. Every year, more or less 6 million new companies are being formed around the

Critical and Significant Accounting Policies

Critical and Significant Accounting Policies After Enrons scandal, accounting world underwent dramatic changes. Lots of acts were proposed or released. On May 10, 2002, the Securities and Exchange Commission (which is SEC) proposed a document, that Disclosure in Managements Discussion and Analysis about the Application of Critical Accounting Policies. One year later, SEC released final rule No.72, Interpretation: Commission Guidance Regarding Managements Discussion and Analysis of Financial Condition and Results of Operations. First one introduces the framework for critical accounting policies; second one describes how to actually interpret critical accounting policies in the section off Managements Discussion and Analysis (MDA). However, even till now, people are still in confusion of the differences between those accounting policies: critical accounting policies or estimates and significant accounting policies, a way to actually and precisely disclose these two. In a more efficient way, I will go through the definition of these two accounting policies first. After that, I will introduce the intent of these two, why we use them. The last but not least, I will use a 10-K form from Apple Inc. to make an example, how we present their contents and formats appropriately. Definitions In the accounting standard codification, Financial Accounting Standards Board (which is FASB) has a definition to significant accounting policies, which is Accounting principles and methods are judged by the appropriate circumstances to present fairly financial position, according to GAAP make financial statement. (Codification, 235-10-05-3) This is very general presentation of financial statement. While, in contrast to significant accounting policies, the critical accounting policies and estimates are defined by SEC, which is Critical accounting built on assumption about uncertain matters, including period and affect Companys financial condition (SEC, 2002). It is very obvious, that just from the definition of latter: the critical accounting policies and estimates describe only uncertainties of future changes that also have material impacts. The Differences of Disclosure Intent The information of significant accounting policies is important and essential for entities financial statement users. The significant accounting policies and estimates, which is vital part of the entities financial statements, disclose fairly financial position, etc. (Codification, 235-10-50-1). Meanwhile, they are a major component of the financial statements as well. They interpret what accounting policies the entity is currently adopting. FASB also states that, the significant accounting policies can affect entitys financial position, and can be used for making economic decisions (Codification, 235-10-05-4). Because of Enron scandal, Securities and Exchange Commission intends to give more information of the entity to investors. The quality of corporate disclosures needs to be improved. I believe the intent of critical accounting policies is to disclose the accounting policies needed management judgments and estimations with the uncertainties. The critical accounting policies are the vital components in note of the managements discussion and analysis. SECs FR-60 interpreted as followed: Financial position may imply precisions, continuities and certainties that can be rapid changed in the financial status and operating environment. Thus, even general accepted accounting principles (GAAP) maybe more or less fail to present important information if it is not appropriate accompanied or clear analytic disclosed to facilitate an investors understanding of the companys financial condition, and the possible changes in the operating condition (SEC, 2001). According to above information, we should be aware of that, not only the definitions are different, but also the intents of using these two accounting policies are substantially distinct from each other. FASBs purpose of significant accounting policies cannot be served for SECs critical accounting policies and vice versa. Contents Presentation The significant accounting policies defined by FASB for the applications of accounting principles and methods have a wide range of general description. In contrast of that, critical accounting policies and estimates that proposed by SEC only estimate some of the substantially uncertain and material accounting policies. FASB specifies the disclosure of significant accounting policies should identify the accounting principles and the methods that will materially affect the financial position, and results in different operations, or cash flow. They include judgments, whether principle appropriate between revenue and asset cost during current or future period (Codification, 235-10-50-3). In this paper, I used Apple annual report as an example. In the Form 10-K/A of Apple Inc. (filed in Jan 25, 2010) include presentation and preparation, fair value measurements, financial instruments, inventories, property plant and equipment, asset retirement obligations, goodwill, foreign currency translation and remeasurement, revenue recognition, shipping costs, allowance for doubtful account, warranty expense, software development cost, income taxes, stock-based compensation, advertising costs, earnings per common share, comprehensive income, segment information. For example, Apple disclosed inventories item at (LCM) lower the of cost, or market, calculated with FIFO (first-in, first-out) method. In recognition item, the Company recognizes revenue when delivery has occurred or any persuasive evidence of an agreement exists. Moreover, in revenue recognition item, for multiple-element arrangements which may include tangible products that contain software that is essential to the ta ngible products functionality and undelivered software elements that relate to the tangible products essential software, the Company allocates revenue to all deliverables based on their selling prices (Form 10K/A, 2009). Before application, there are requirements that the critical accounting estimates should meet: at the made time of accounting estimates, the uncertain assumption; another is, any kinds of estimates used during current period and changes made in the estimate should impact the financial condition materially. There three elements that are involved in the accounting estimation: the first is to understand the accounting estimates; the second is to give a clearer comprehending to the financial condition for normal investors; the third is to disclose management discussed development (SEC, 2002). Furthermore, the critical accounting policies and estimates should be as the supplements of notes of financial statements, but not duplicate any related information that already presented. The critical accounting polices disclosure should provide relevance information deeply (SEC, 2003). From the secs intention, accountants should take strongly responsibility for the risk of estimates and changes. Moreover, accountants should be able to explain how they came out with the results and estimates. If last year a bank made a lot of relative new loans, so the report would look good. But if many of those borrowers later failed to pay, then this years report would look very bad. So for the next year, the bank management will be required to estimate how many borrowers would fail to pay, maybe a percentage, and put it in the notes of MDA. In the last years Form 10-K/A of Apple Inc. the critical accounting policies and estimates are related to inventory valuation and inventory purchase commitments, revenue recognition, income taxes, valuation of marketable securities, warranty costs, allowance for doubtful accounts along with the legal and other contingencies. In the section of inventory valuation, Apple Inc. emphasize the critical accounting estimate as followà ¯Ã‚ ¼Ã… ¡ The Company must order components for its products and build inventory in advance of product shipments. The Company records a write-down for inventories of components and products, including third-party products held for resale, which have become obsolete or are in excess of anticipated demand or net realizable value. The Company records accruals for estimated cancellation fees related to component orders that have been cancelled or are expected to be cancelled. Consistent with industry practice, the Company acquires components through a combination of purchase orders, supplier contracts, and open orders based on projected demand information. These commitments typically cover the Companys requirements for periods ranging from 30 to 150 days. (Form 10K/A, 2009à ¯Ã‚ ¼Ã¢â‚¬ ° The inventory item that disclosed in the significant accounting policies is very straightforward and simple, like lower cost or market cost. However, here the company estimates the future inventory by forecasting, and later, if the consumers or markets demand changed, which is unpredicted, the company would write-down the records, when it needed. Also, in revenue recognition section analyzes the possible reductions to revenueà ¯Ã‚ ¼Ã… ¡ Management was making estimates based on historical experience. If a greater proportion of customers redeem the incentives other than estimated, the Company would record credits to revenue, which would have a decrease on revenue.à ¯Ã‚ ¼Ã‹â€ Form 10K/A, 2009à ¯Ã‚ ¼Ã¢â‚¬ ° Although, the revenue reduction is estimated by historical records, the future market condition may change, for example, the incremental price protection obligations incur. The additional reduction to revenue would be resulted in. Additionally, the company gave an estimation of unspecified software upgrade revenue: if the Companys ESP for the software upgrade rights related to iPhone would have been fluctuated either higher or lower, the Companys net sales of year 2009, would have decreased or increased up to $50 million as compared to that of last year (Form 10K/A, 2009). Furthermore, compare with just one sentence in significant accounting policies, the allowance for doubtful accounts section in the critical accounting and estimates presents the very detailed information. Besides the historical experience, the company also considers about the future economic environment, the financial condition. If there is a deterioration of financial condition, the company will have to adjust the allowance accounts, which means the adjustments are going to be made. The formats The formats of two accounting policies are significant different, because one is by FASB, and another is by SEC. The significant accounting policies are disclosed in the notes of the financial statement of item 8 in form 10-K. Under FASB codification: the disclosure format of significant accounting policies is in a summary of significant accounting policies at the very beginning of the notes of the financial statements (Codification, 235-10-50-6). Normally, there is a boilerplate of the disclosure for the significant accounting policies. Compare to the boilerplate formatted significant accounting policies, the critical accounting policies and estimates are normally presented in plain language. The disclosure format should be clear, that the investor could understand easily (SEC, 2002). With a different disclosure place, the critical accounting policies and estimates are only disclosed in MDA. Conclusion After studying both accounting policies, I find out the significant accounting policies and critical accounting policies and estimates are substantially generated by separate individuals with different disclosure purposes. Furthermore, as the supplementary of significant accounting policies, critical accounting policies and estimates normally describe some needed adjustments, if the future economic environment and customers or market financial conditions change. Post Enron period, SECs has taken a very clear-cut stand, for fear of more accounting scandals, by providing more contents about how the uncertainties, assumption, approximation and estimation would affect the companys financial statement in critical accounting policies.

How Geometry is used in Construction :: essays research papers

I have conducted my research through interview with someone familiar with construction and development as how geometry is used in these fields.   Ã‚  Ã‚  Ã‚  Ã‚  The first step to development is to survey the property in order to document and draw the bounds and land surface shapes. The property will be represented by various geometry elements such as points, lines, arcs, circles, and other defined geometry shapes. Surveyors use scope on tripods witch use projection of line Referenced point on a stick in order to measure the variations of the heights on the ground. This tool uses various angel theorems and postulates to find location of property boundaries, property corners, utilities and building layouts on the property. The surveyor uses the data collected to draw the property layout on a 36†x 24†sheet of paper.   Ã‚  Ã‚  Ã‚  Ã‚  After completion of this step the architects use the surveying drawing to develop a working drawing for the building. In these drawing you will see triangles, rectangles, squares, arches and other geometry shapes and forms to create their design. The architects through our history have used these shapes to create famous structures all over the world. If you go back to Roman historical sites you will see such examples like the great Coliseum. A great example can be seen is the famous Egyptian pyramid. Some other famous structures are the Eiffel Tower which is in Italy, and Chrysler building in New York. If you look around your neighborhood houses, you will see these shapes.   Ã‚  Ã‚  Ã‚  Ã‚  The structural engineers use geometry in their design in order to calculate the spacing of their columns and beams for proper strength for the building.   Ã‚  Ã‚  Ã‚  Ã‚  The construction phase would not be possible without the knowledge of basic geometry. Points, lines, measurements and angles are often used to lay out the building in accordance to the architect drawings.

Accounting Answers

Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia, Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have â€Å"limited liability†. This confers on shareholders a limit on their liability in the event of a winding up of the company to the amount (if any) unpaid on their shares. (S516). In the case of a partnership no such limitation applies (unless the partnership specifically adopts limited liability) and the insolvency of one or more partners can result in other solvent partners having to contribute any losses and debts out of their own private assets. 2. Distinguish between a proprietary company and a public company. A public company is one in which there is usually a substantial public interest in that the ownership of the company's share capital is widely spread. Public companies are entitled to raise capital through a share issue by issuing a disclosure document which entitles them to have their shares or debentures etc. listed on a stock exchange, such as the Australian Securities Exchange, to facilitate transferability. Proprietary companies on the other hand have specific limitations in terms of the amount and restrictions on its fundraising activities. Specific features of a proprietary company include the need to have a share capital (unlike a public company which may be limited by guarantee and not merely shares): †¢ a requirement to have at least one shareholder and only one director (three directors for a public company) and not more than 50 shareholders (not including employee shareholders) †¢ not required to restrict the transfer of its shares (however it may elect to do so) †¢ the use of the designation â€Å"Pty† or â€Å"Proprietary† in its name †¢ a requirement not to engage in any fundraising activity which would require it to lodge a disclosure document with ASIC. . Distinguish between a large and a small proprietary company. What are the implications of being classified large rather than small? A small proprietary company is defined in Section 45A of Corporations Act 2001, as amended, as one which meets 2 of the following three criteria: *consolidated annual revenue less than $25 milli on *consolidated gross assets at the end of the financial year is less than $12. 5 million #l the companies and the entites it controls have fewer than 50 employees at the end of the financial year. * These figures must be determined in accordance with accounting standards Part-time employees measured at appropriate fraction of full-time If these criteria are not met the company will be a large proprietary. Small proprietary companies do not have to prepare formal financial statements or have them audited. However, they must keep sufficient accounting records to allow preparation and audit of accounts if either 5% of their voting shareholders or ASIC request this to be done. Large proprietary companies, must prepare accounts in accordance with accounting standards, have them audited, send them to shareholders and lodge them with ASIC (Section 292) 4. Outline the special features of a no-liability company. Companies engaged in the more speculative area of mining exploration are most often registered as no-liability. Such companies have NL at the end of the company name and have the advantage of being more attractive to potential investors as unlike companies limited by the unpaid amount on their shares, there is no such liability on the part of shareholders to contribute to the debts and liabilities of the companies. 5. What is the purpose of a certificate of registration? A certificate of registration is issued by ASIC as a part of the registration procedure. Provided the company complies with S117 of the Corporations Act, ASIC will: †¢ give the company an ACN Number †¢ register the company †¢ issue a certificate that states the company's name, ACN No. etc. Once registered, the company is capable of performing all the functions of a corporate body. 6. What are replaceable rules and how do they differ from a constitution? Replaceable rules are the set of internal rules (contained in the Corporations Act) governing the conduct of its operations between the company and its member directors and between members themselves [see example of such rules in ch 1 Section 1. . 3]. If the rules are not adopted by the company then they must draw up a constitution which will cover much of the same issues covered by the replacement rules but may be extended or modified by the promoters of the company. 7. Outline the main features and purpose of a disclosure document. A disclosure document, particularly the prospectus, contains all the infor mation necessary for investors to make an informed assessment of the company's future prospects and other relevant matters including: †¢ rights and liabilities attaching to securities financial position, performance and prospects of the body issuing the securities †¢ interests of each director, proposed director, promoter, stockbroker and their professional advisers in any property acquired or proposed to be acquired with the funds derived from the securities issue. †¢ whether the securities issued will be quoted on a Stock Exchange. 8. In administering a company, the Corporations Act requires the keeping of various books, registers and records. Outline these and briefly discuss their content. There are a range of records required to be maintained by a company including: (Minute books of the proceedings and decisions made at all directors’ and shareholders’ meetings as well as all resolutions passed without a meeting (s. 251A). If the company is a proprietary company with only one director, any declarations by this director must be minuted. (Financial records that will enable financial statements to be prepared and audited from time to time in accordance with the Act (ss. 286, 292, 302 and 303). (Register of members, or share register, giving each member’s name nd address, and the date on which the entry of the member’s name is made on the register. If the company has a share capital, the register must also show the date on which an allotment of shares takes place, the number of shares in each allotment, the shares held by each member, the class of shares held, the share numbers (if any), the amount paid on the shares, and whether or not the sha res are fully paid (s. 169). (Register of option holders to record the names and addresses of the holders of options over the shares of a company. The register must include the number and description of the shares over which options were granted, details of any event that must happen before the options can be exercised, and any consideration for the grant of the options and for the exercise of the options (s. 170). Copies of documents which grant an option over shares must be kept with this register. (Register of debenture holders to record each debenture holder’s name and address, and the amount of the debentures held (s. 171). (Register of charges to record the details of any secured charges over the assets of the company (s. 271). This register must be open for inspection by any creditor or member of the company, without charge. 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend, carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued, the shareholder is liable to pay calls on the shares (except in the case of no-liability companies). A company also has the right to issue preference shares, but may only do so either if there is a statement in its constitution setting out the rights of these shareholders or if these rights have been approved by a special resolution of the company. Not all preference shares are the same. Classification of preference shares as equity or liabilities depends on the rights and features of the shares – judgment is required re which classification is appropriate. For example, redeemable, cumulative 10% preference shares, which are to be redeemed on a set date, are definitely liabilities. Preference shares redeemable at the option of the company may or may not be liabilities, depending on the probability of the company redeeming them. Debentures are issued by the company raise funds but are borrowings, not equity. Debentures may be secured. A trust deed/trustee must be established to protect the rights of debenture holders. 10. What are the main reasons for the development of accounting regulations? The history of accounting regulation had its origins in the industrialised European settlement of the late 18th century. The social, political and economic changes which occurred saw the gradual decline of the importance of family enterprises and the separation of ownership from control as the control of entities was delegated by owners to agents. The growth in the number and size of ‘joint stock companies in the late nineteenth century prompted the rise of disclosure although, initially, this focused on stewardship. The greater complexity of organisations in the mid to late twentieth century gradually led such disclosure to develop into a more sophisticated form of financial reporting, which remains an ongoing process. 11. Does a company have to comply with accounting standards in order to show a ‘true and fair view’ of its financial affairs? Discuss. Before the early 1990s, the directors of a company could elect not to comply with an accounting standard issued by the AASB if they believed the particular standards would cause the accounts not to present a true and fair view. This ‘true and fair override' no longer exists and directors must now comply with applicable accounting standards and add any additional information in the notes to the financial statements if they believe adherence to the standards does not present a true and fair view. Compliance with standards therefore has become the norm, resulting in an increased interest, both positive and negative, in the requirements of accounting standards by different lobby groups, particularly among those required to prepare financial statements. 12. What are the current arrangements for setting accounting standards in Australia? The AASB under the auspices of the Financial Reporting Council is entrusted with the task of making accounting standards both for the purposes of the Corporations Act and for the public and not-for-profit sectors in Australia. See Figure 1. 1 in section 1. 7. 5]. 13. Distinguish between the following organisations and their roles in the regulation of financial reporting in Australia: (the Financial Reporting Council (FRC) (the Australian Accounting Standards Board (AASB) (the International Accounting Standards Board (IASB) (the International Financial Reporting Interpretations Committee (IFRIC) (the Australian Securities and Investments Commissio n (ASIC) (the Australian Securities Exchange (ASX) (the Financial Reporting Panel (FRP). Financial Reporting Council (FRC) The main role of the FRC is to act as an overseer and advisory body to the standard setter, the AASB. The main functions of the FRC under the ASIC Act 1989, s. 225 as amended in 1999, are to: (oversee the process for setting accounting standards and give the Minister reports and advice on that process (appoint AASB members (other than the chairperson) (approve and monitor the AASB’s priorities, business plan, budget and staffing arrangements (determine the AASB’s broad strategic direction give the AASB directions, advice or feedback on matters of general policy and procedures (monitor the development of international accounting standards and the accounting standards that apply in major international financial centres, and –further the development of a single set of accounting standards for worldwide use with appropriate regard to international developments –promote the adoption of international best practice accounting sta ndards in the Australian accounting standard-setting process if this is in the best interests of both the private and public sectors of the Australian economy (monitor the operation of accounting standards to ensure their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy, as well as the effectiveness of the AASB’s consultative arrangements (seek contributions towards the costs of the Australian accounting standard-setting process (monitor and periodically review the level of funding and funding arrangements for the AASB (establish appropriate consultative mechanisms advance and promote the objectives of standard setting as specified in the Act (perform any other functions that the Minister confers on the FRC by written notice to the chairperson. A major policy direction of the FRC that has affected the agenda of the AASB is the formalisation of a policy of adopting the accounti ng standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. (This includes also the adoption of Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) for use in the Australian context. ) Australian Accounting Standards Board (AASB) The functions of the AASB, according to s. 27(1) of the ASIC Act 1989, are to: (develop a conceptual framework (not having the force of an accounting standard) for the purpose of evaluating proposed accounting standards and international standards (make accounting standards for the purpose of the Corporations Act (formulate accounting standards for other purposes, e. g. for non-companies, the public sector and the not-for-profit sector (participate in and contribute to the development of a single set of accounting standards for worldwide use (advance and promote the main objectives of developing accounting standards. The AASB must develop accounting standards not only for the corporate sector but also for other sectors, such as the public sector and the not-for-profit sector. The objectives of developing accounting standards are (1) to facilitate the development of accounting standards that require the provision of financial information that: (allows users to make and evaluate decisions about allocating scarce resources (helps directors to discharge their obligations in relation to financial reporting (is relevant to assessing performance, financial position, financing and investment (is relevant and reliable (facilitates comparability (is readily understandable. (2) to facilitate the Australian economy by: (reducing the cost of capital (enabling Australian entities to compete effectively overseas (having accounting standards that are clearly stated and easy to understand. (3) to maintain investor confidence in the Australian economy (including its capital markets). In performing its functions, the AASB is required to follow the broad strategic directions determined by the FRC. The AASB may formulate accounting standards which are of general or limited application, in that the Board may specify the entities, time, place or circumstance to which the standard applies. Furthermore, as long as it is practicable to do so, the AASB is required to conduct a cost–benefit analysis of the impact of a proposed accounting standard before making or formulating the standard. However, the cost–benefit analysis is not necessary where the standard is being made or formulated by issuing the text of an international standard. The AASB conducts its meetings in a forum open to the public, which (hopefully) increases faith in the due process system of standard setting. In line with the FRC’s main function of overseeing the process of setting accounting standards, the AASB is required to adopt IASB standards. The Australian accounting standards and their international counterparts are identical, with three exceptions: – Where some international accounting standards provide a range of optional treatments, the Australian accounting standard may not allow all options. However, the disallowance of any IASB optional treatments in Australia is rare, as evidenced by the AASB’s behaviour since 2005. Some Australian accounting standards may require more information to be disclosed in the notes to the financial statements than that required by the equivalent IASB standard. –Australian accounting standards contain, where applicable, extra paragraphs relevant to entities in the not-for-profit sector. IASB standards are written for application within the business sector only. Besides issuing accounting standards that are equivalent to the IASB’s standards, the AASB has continued to issue accounting standards relevant to the public sector, as well as accounting standards that relate solely to the Australian legal environment, e. g. AASB 1046 Director and Executive Disclosures by Disclosing Entities. International Accounting Standards Board (IASB) The IASB’s mission statement is described as follows on its web site: The International Accounting Standards Board is an independent, privately-funded accounting standard setter( The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with national accounting standard setters to achieve convergence in accounting standards around the world. Following the direction given by the FRC in 2002, the AASB has adopted the standards issued by the IASB as from 1 January 2005. Hence, the financial statements prepared by Australian companies are comparable with those prepared by entities in other countries which also have adopted IASB standards. This should allow for greater understanding of financial statements worldwide, and lead to a more efficient flow of capital acros s national boundaries. The IASB has signed an agreement with the Financial Accounting Standards Board (FASB), the body responsible for issuing accounting standards in the United States. The agreement requires both bodies to work together towards convergence of global accounting standards. The aim is to agree on high-quality solutions to existing and future accounting issues. If such agreement could be reached, potentially there would be one set of global accounting standards. Arguably, for better or worse, the result of this agreement appears to be a gradual adoption of FASB standards by the IASB as its own. International Financial Reporting Interpretations Committee (IFRIC) The IFRIC has the task of reviewing on a timely basis, within the context f existing international accounting standards and the IASB framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus as to the appropriate accounting tre atment. The IFRIC considers issues of reasonably widespread importance, and not issues of concern to only a small set of enterprises. The interpretations cover: (newly identified financial reporting issues not specifically dealt with in IFRSs (issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the appropriate treatment. The AASB has adopted the Interpretations issued by the IFRIC for use by Australian companies as from 1 January 2005, and modifies them if necessary for the not-for-profit sector in Australia. Australian Securities and Investments Commission (ASIC) The ASIC is an independent government body set up to enforce and administer the Corporations Act and financial services laws to protect consumers, investors and creditors. ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. The Australian Securities and Investments Commission Act 2001 requires ASIC to: (uphold the law uniformly, effectively and quickly promote confident and informed participation by investors and consumers in the financial system (make information about companies and other bodies available to the public (improve the performance of the financial system a nd the entities within it. One of the roles of ASIC is to reduce fraud and unfair practices in financial markets and financial products so that consumers can use them confidently and companies and markets can operate effectively. In an accounting context, as part of its role, ASIC also attempts to ensure that a company’s financial statements lodged with it under the requirements of the Corporations Act comply with accounting standards, if applicable. Australian Securities Exchange (ASX). The ASX is a public company operating Australia’s share markets. It oversees both the shares and future exchanges. In an accounting context, it is particularly concerned with improving the disclosure of information in the financial reports of companies listed with it on the various stock exchanges throughout Australia. It exercises its influence by way of the Listing Rules — a set of rules with which companies must comply if they wish to be listed, and remain listed, on the stock exchange. Financial Reporting Panel (FRP) The FRP, established in 2004, has the function of resolving disputes between the Australian Securities and Investments Commission and companies concerning accounting treatments in their financial reports. The purpose for establishing FRP is to remove the need to initiate legal proceedings in Court in order to resolve a financial reporting matter. FRP is designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns about the courts' limited understanding of accounting standards. 14. To which entities do accounting standards apply? Discuss the nature of a reporting entity, and consider reasons for the concept being replaced by one of public accountability. Accounting standards apply to the general-purpose financial statements/reports of entities which are â€Å"reporting entities† and also to those entities which decide to prepare general-purpose financial statements even if they are not reporting entities. The AASB, in SAC 1, provided the following definition of a reporting entity: Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users who rely on the entity’s general purpose financial report for information that will be useful to them for making and evaluating decisions about the allocation of scarce resources. There is no definition of a reporting entity in the IASB’s Framework at this stage. All reporting entities are subject to accounting standards when preparing their general-purpose financial statements. Entities such as small proprietary companies, family trusts, partnerships, sole traders and wholly owned subsidiaries of Australian reporting entities will normally not be required to prepare general purpose statements in accordance with accounting standards. Following the release of the IASB’s Exposure Draft of a Proposed IFRS for Small and Medium-Sized Entities, (SMEs) published in February 2007, the AASB issued, in May of that year, Invitation to Comment ITC 12, proposing to revise the differential reporting regime in Australia by switching the focus away from whether an entity is/is not a reporting entity to whether the entity (subject to a size test) is required to prepare a general-purpose financial statement/report and is publicly accountable. â€Å"Public accountability† is defined in the IASB’s ED on SMEs as accountability to those present and potential resource providers and others external to the entity who make economic decisions but who are not in a position to demand reports tailored to meet their particular information needs. An entity has public accountability if: (a) it has issued (or is in the process of issuing) debt or equity instruments in a public market; or (b) it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension (or superannuation) fund, mutual fund or investment bank. The implications are that if an entity is publicly accountable or satisfies a size test then it will be required to apply Australian equivalents to IFRSs in its general-purpose financial statements. If it is not publicly accountable, and does not meet the size test, then the entity need apply the Australian equivalent of IFRS for SMEs only. See figure 1. 3 in section 1. 9. 2 of the text for a flowchart showing the ITC 12 proposed changes, which, at the time of writing, are expected to be accepted by the AASB for 2009 and beyond: CASE STUDIES Case study 1: Legal obligations Visit the website of the Australian government’s Attorney-General’s Department dealing with the law (www. comlaw. gov. au) and find the Corporations Act 2001. Assuming that you are the director of a small proprietary company, find the â€Å"small business guide† and learn of your obligations under the Act for managing your business. Prepare a brief report for the tutorial class. The Small Business Guide in the Corporations Act can be found following Section 111J. The guide summarises the main rules in the Corporations Act (the Corporations Act 2001) that apply to proprietary companies limited by shares—the most common type of company used by small business. The guide gives a general overview of the Corporations Act as it applies to those companies and directs readers to the operative provisions in the Corporations Act. Students, in their capacity as would-be directors, are required to present a report to the class, summarising the requirements of the Guide. Such topics to be covered include: †¢ The meaning of registration, including shareholders’ and directors’ liabilities †¢ Rules for internal management of a company †¢ Company structure and setting up a new company †¢ Continuing obligations once the company is set up †¢ Company directors, secretaries and shareholders †¢ Who can sign company documents †¢ Funding the company’s operations †¢ Returns to shareholders Annual financial reports and audit †¢ Disagreements within the company †¢ Companies in financial trouble Case study 2: The AASB Visit the website of the Australian Accounting Standards Board (www. aasb. com . au) and find out the following items: †¢ Who is the Chairman of the AASB? †¢ Who are the members, and which organisations do they represent? †¢ Which accounting standards have been issued in the past year? †¢ Why are there differences in the numbering systems for current accounting standards (eg. AASB x, AASB xxx and AASB xxxx)? †¢ What are the current projects (if any) that the AASB is working on in cooperation with the IASB? Assuming that you already have access to the AASB website: Chairman of the AASB Go to AASB Board, then Current Board Members . Current chairman is David Boymal Members of the AASB and organisations represented Stay in the same location and the names and organisations represented on the AASB are all shown. Don’t forget to include the observers as well. Comment: too many people from Melbourne No academics on the board? Accounting standards issued in the past year: On the AASB website, go to Quick Links, then Standards. Read from Table 1 all of the standards issued in the last year. Different numbering systems for standards See Pronouncements for information, plus the section 1. 7. 4 in the text. AASB x represent those standards adopted by the AASB from the IFRSs of the IASB AASB xxx represent those standards adopted by the AASB from the IASs of the IASB and its predecessor the IASC AASB xxxx represent those standards issued exclusively by the AASB for companies in the Australian context In addition, the AAS standards consist of standards issued by the AASB for special organisations e. g. superannuation plans, government Current projects On the AASB website, go to Work in Progress, then Projects. It would appear that there are no specific projects at the moment being worked on by the AASB in cooperation with the IASB. The AASB is one of several standard setting boards that liaise with the IASB and merely provide submissions to the IASB on various topics. See also AASB Submissions to the IASB on the website. Also check the News section and Latest News on the website. Case study 3: Setting up a company Visit the website of the Australian Securities and Investment Commission (www. asic. gov. au) and find the form(s) that you must fill out to start a company, assuming that you wish to set up a small proprietary company to take over your current successful business, which has been operating as a partnership (with three partners) in the past. On the website of the ASIC, go to Download forms, select the form 201 for Registering a company. Students should print the form and fill it out as if they wish to set up a proprietary company, with more than one owner shareholder. Case study 4: The IASB Visit the website of the International Accounting Standards Board (www. iasb. org. k) and find and report to the class on the following pieces of information: †¢ The Memorandum of Understanding of 2005 between the IASB and the FASB of the United States †¢ Which accounting standards have been changed as a result of the Memorandum of Understanding †¢ The membership of the IASB and whic h countries the members come from †¢ The goals of the IASB 1. Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. In relation to the Memorandum the IASB website states: After their joint meeting in September 2002, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their Norwalk Agreement in which they ‘each acknowledged their commitment to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, the FASB and the IASB pledged to use their best efforts †¢ to make their existing financial reporting standards fully compatible as soon as is practicable and †¢ to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained. At their meetings in April and October 2005, the FASB and the IASB reaffirmed their commitment to the convergence of US generally accepted accounting principles (US GAAP) and International Financial Reporting Standards (IFRSs). A common set of high quality global standards remains the long-term strategic priority of both t he FASB and the IASB. 2. Accounting standards changed/ to be changed as a result of the Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. Not many standards have yet been changed, but plenty of standards are on the agenda for change. From the Memorandum , the topics for short-term convergence include: To be examined by the FASB |To be examined by the IASB | |Fair value option* |Borrowing costs | |Impairment (jointly with the IASB) |Impairment (jointly with the FASB) | |Income tax (jointly with the IASB) |Income tax (jointly with the FASB) | |Investment properties** |Government grants | |Research and development |Joint ventures | |Subsequent events |Segment reporting | |FASB Note: |IASB Note: | |*On the active agenda at 1 July 2005 |Topics are part of or to be added to the IASB’s short-term | |** To be considered by the FAS B as part of the fair value |convergence project, which is already on the agenda. |option project | | Longer term projects include the following, from the Memorandum of Understanding: The boards set the following goals for 2008 for convergence topics already on either their active agendas or the research programmes: |Topics already on an Active Agenda | |Convergence topic |Current status on the FASB |Current status on the |Progress expected to be achieved by 2008 | | |Agenda |IASB Agenda | | |1. Business combinations |On agenda – deliberations in|On agenda – |To have issued converged standards | | |process |deliberations in |(projected for 2007), the contents and | | | |process |effective dates of which to be determined | | | | |after taking full account of comments | | | | |received in response to the Exposure Drafts. | |2. Consolidations |On agenda – currently |On agenda – no |To implement work aimed at the completed | | |inactive |publication yet |development of converged standards as a | | | | |matter of high priority. | |3. Fair value measurement |Completed standard expected |On agenda – |To have issued converged guidance aimed at | |guidance |in the first half of 2006 |deliberations in |providing consistency in the application of | | | |process |existing fair value requirements. 1 | |4. Liabilities and equity |On agenda – no publication |On agenda (will follow |To have issued one or more due process | |distinctions |yet |FASB’s lead) |documents relating to a proposed standard. | |5. Performance reporting |On agenda – no publication |Exposure draft on a |To have issued one or more due process | | |yet |first phase |documents on the full range of topics in | | | | |this project. | |6. Post-retirement benefits |On agenda – deliberations |Not yet on the agenda |To have issued one or more due process | |(including pensions) |underway on the first phase | |documents relating to a proposed standard. | | |of multi-phase project | | | |7. Revenue recognition |On agenda – no publication |On agenda – no |To have issued one or more due process | | |yet |publication yet |documents relating to a proposed | | | | |comprehensive standard. | The objective of the goals set out above is to provide a time frame for convergence efforts in the context of both the objective of removing the need for IFRS reconciliation requirements by 2009 and the existing agendas of the FASB and the IASB. The FASB and the IASB will follow their normal due process when adding items to the agenda. Items designated as convergence topics among the existing research programmes of the boards include: |Topics already being researched, but not yet on an Active Agenda | |Convergence topic |Current status on the FASB|Current status on the IASB|Progress expected to be achieved by | | |Agenda |Agenda |2008 | |1. Derecognition |Currently in the |On research agenda |To have issued a due process document | | |pre-agenda research phase | |relating to the results of staff | | | | |research efforts. | |2. Financial instruments |On research agenda and |On research agenda and |To have issued one or more due process| |(replacement of existing |working group established |working group established |documents relating to the accounting | |standards) | | |for financial instruments. | 3. Membership of IASB and member countries Go to the IASB website and see, About us. Click on About IASB and there you will find the information about the Chairman, currently Sir David Tweedie, the Vice-Chairman and all members of the IASB, and the countries from which they came by reading each person’s information sheet. 4. Goals of the IASB Go to the IASB website and see About us. Click on About IASB and there you will find the IASB objectives. Case study 5: ASIC Visit the website of the Australian Securities and Investments Commission (www. asic. gov. au) and find out and report to the class on the following: †¢ Who the ASIC is and its role †¢ The tips given to prospective shareholders regarding the reading of a company’s prospectus †¢ A list of the policy statements and practice notes issued by the ASIC †¢ â€Å"What’s new† to the website. 1. ASIC and its role On the ASIC website, go to About ASIC and look up Our Role 2. Tips to prospective shareholders re prospectuses From the ASIC website visit FIDO, the ASIC’ s consumer website. From there, go to check our lists and click on prospectuses. The ASIC has information about prospectuses which changes quite regularly. See what tips you can find about prospectuses, assuming that you are a prospective investor. 3. Policy statements and regulatory guides issued From ASIC’s home page, go to Publications and then to Policies. Both the policy list and the regulatory guides are accessible here. 4. What’s new See ASIC’s home page, and What’s New features on the home page.

Free Essays on Graduation Speech

â€Å"Time sneaks up on you like a windshield [does] on a bug,† said the celebrity John Lithgow. For the student, our first day of school here at the Lewis F. Cole middle school seems like only yesterday. In only two short years, we have accomplished so much more than we thought we could on that first day when we were all strangers in a strange new world. But maybe fate decided how we would end up, and maybe it was fate that dictated to what extent we would be successful in achieving many of our goals. Perhaps it was also due to fate that we all made the mistakes we made. And conceivably, it may be fate that I was chosen to stand here addressing you the students, your parents, and our teachers. Before I go further, I should first congratulate the class of 2003 on surviving their two year crash course in social growth and express our classes’ deepest thanks to the devoted teaching staff who patiently guided us through all those academic thickets. We are who we are. I choose no more to be male than my mother did to be female. Perhaps fate controlled my life in its course so far, and perhaps it is fate that I have made it this far in life. Yet I believe fate is not in total control of my life; it has merely provided me with loose guide lines for getting through these two short but memorable years at the Lewis F. Cole Middle School. As students, we are constantly evolving. We are who we are, but we can change who we are through our actions and our values. As students, we changed not only ourselves, but also changed and affected many of those around us. In only two years, many of us have greatly matured socially and as such have become different people. Maybe fate had in store what we choose to change. I have developed what you might call a love-hate relationship with our middle school. I love this school for its competition, while I hate it for that very reason at the same time. The student competition here at the Lewis F. Cole middle s... Free Essays on Graduation Speech Free Essays on Graduation Speech â€Å"Time sneaks up on you like a windshield [does] on a bug,† said the celebrity John Lithgow. For the student, our first day of school here at the Lewis F. Cole middle school seems like only yesterday. In only two short years, we have accomplished so much more than we thought we could on that first day when we were all strangers in a strange new world. But maybe fate decided how we would end up, and maybe it was fate that dictated to what extent we would be successful in achieving many of our goals. Perhaps it was also due to fate that we all made the mistakes we made. And conceivably, it may be fate that I was chosen to stand here addressing you the students, your parents, and our teachers. Before I go further, I should first congratulate the class of 2003 on surviving their two year crash course in social growth and express our classes’ deepest thanks to the devoted teaching staff who patiently guided us through all those academic thickets. We are who we are. I choose no more to be male than my mother did to be female. Perhaps fate controlled my life in its course so far, and perhaps it is fate that I have made it this far in life. Yet I believe fate is not in total control of my life; it has merely provided me with loose guide lines for getting through these two short but memorable years at the Lewis F. Cole Middle School. As students, we are constantly evolving. We are who we are, but we can change who we are through our actions and our values. As students, we changed not only ourselves, but also changed and affected many of those around us. In only two years, many of us have greatly matured socially and as such have become different people. Maybe fate had in store what we choose to change. I have developed what you might call a love-hate relationship with our middle school. I love this school for its competition, while I hate it for that very reason at the same time. The student competition here at the Lewis F. Cole middle s...

Story vs. Plot Definitive Differences Between Them - Freewrite Store

Story vs. Plot Definitive Differences Between Them - Freewrite Store Today’s guest post is by Jackie Dever, associate editor at  Aionios Books, a small traditional-model publisher based in Southern California.    One afternoon a few years back, as I was rowing merrily down my stream of consciousness, a big ol’ rock appeared through the mist, rearing up so fast there wasn’t time to navigate around. My paper boat crashed and crumpled, leaving the SS Plotin a disintegrating, broken mess on the Great Story River. In this personal test of story vs plot, the latter came out a wreck. Even as the events leading to the story’s conclusion continued to flow past that damned rock, my unstable craft just couldn’t get around the monolith. Reckoning with the nature of imagination can be intimidating. But half the battle is understanding the elements. Aren’t story and plot synonymous, though? Can’t we count on those items for automatic symbiosis, happily married in a thrilling rush of prose? Well†¦nope. What’s the Difference Between Story and Plot? A story is the requisite timeline of events present in any narrative. No story? No novel. Because any novel, however abstract must report events of some kind. A plot expresses rationale and informs the reader why a specific list of events belongs together, what the timeline is ultimately meant to communicate. The classic example by E. M. Forster in his collected lectures, Aspects of the Novel, still says it best: â€Å"‘The king died and then the queen died’ is a story. ‘The king died, and then the queen died of grief’ is a plot.† When reading a story, Forster explains, we wonder â€Å"and then?† When evaluating a plot, we ask â€Å"why?† (PaweÅ‚ Furman) These questions sometimes fire up in the same breath, so understanding their separate sources is tricky. But as naturally as the components may appear to support each other, it’s really an author’s skill that makes them seem that way. Which means that whenever I or you or Stephen King sit down to write, we’ve got to manage both. We’ve got to keep readers engrossed in a pattern of wonderful wondering about what next? and why? for as long as we want their attention. How Plot Supports Story Nobody wants to keep asking infinitely â€Å"and then? And then? Annnnd thennn?† We’re nosy creatures; we need to know why. Unfortunately, when plot is missing from or accidentally discordant to story, the real question on a reader’s mind is â€Å"huh?† Plot delivers the nifty tricks that reassure us there’s a point to storytelling. Plot sets up the cause and effect that gives readers a sense of rightness in the story’s conclusion. The same story can be plotted in multiple ways: The king died, and then the queen died avenging him in battle. The king died, and then the queen died from the communicable disease he had spread to her when he spoke his final words close to her face. The king died, and then the queen, eager to free the lover whom the king had jealously locked in the dungeon, slipped on an icy cobblestone and died.    How Where You Begin Helps Determine Where You’ll End Up On each new fiction project, I draw broad inspiration from either a story-focused or a plot-focused angle. Both starting points have their benefits and their challenges. Starting with Story When a story inspires me, I formulate a series of events that leads to a fixed conclusion. I may not know precisely my characters’ motivations or the logic in their decisions, but I can envision the stops they’ll make along their trip. In other words, I’ll know that the queen’s death follows the king’s. The relationship between the events? To be determined. It can be a big relief to sort story out first. When I have the comfort of parameters, I can train myself to a tangible goal. And I enjoy the intellectual exercise of connecting events in a believable sequence. Still, there’s always a catch.   Even with an endpoint clear to me, I need strong supporting evidence (i.e., an effective plot) to justify my events. A few years ago, I decided to write a story about a man who sells a cottage on the beach for the sum of one penny. I savored each of the scenes I created, but in the end, I had only a weakly conceived fairy tale. The imaginative verve delighted me, but no matter how I maneuvered, I was unable to match the plot to the currents of the story. Wipeout. Starting with Plot When a plot stirs my creative juices, I know characters’ feelings and intentions. I take on my writing like a righteous but undirected college kid- searching, motivated, assured of core values and reasons, but clueless as to where the hell I’m going to end up. I’m less concerned, in fact, with where I end up than with why I end up there, so the itinerary is subject to change. Not all who wander are lost. I enjoy making narrative progress along such an organic route. Plotting my way into a story lets me be guided by emotional responses, not by a sightseer’s list of stops. I careen over waterfalls on the strength of my anger, hilarity, or wild joy. And when that passionate feeling is synchronized with the story, I praise my muses and trust the currents. But when I let emotional connections alone be my guide, I begin to wish I’d made some reservations or at least studied the map before heading out. It always sounds noble to speed off for adventure, rely on instincts to take me where I need to be. The reality hits only once I’m shivering in the rain and have no idea where I can pull ashore for the evening. Although too much predictability is stifling, it’s frustrating to lose my mental compass entirely. There’s No Wrong Way to Start It’s hard to classify any real-life creative burst quite as strictly as I’ve done above. Flashes of  both elements are usually blended in that aha! moment. But understanding the elements of each- and how they affect the writing process- is always what prepares me for the excursion ahead. Will I need to focus extensively on my characters’ whys and wherefores to guide my plot? Or will I do better to ensure that their motivations can be satisfied by the events I allow them to experience? We all write differently. As we commit to our writing practice, patterns emerge in our process and style. I happen to be a story-focused writer. Moving the plot from one moment to the next, validating my story with a logical core, is my primary struggle. (Toa Heftiba) Whatever our personal tendencies, though, recognizing  the connected-yet-distinctive elements reminds us all that we can, if necessary, experiment. You may attempt to match several stories with an intriguing plot before everything falls in place. Or you may decide to remain patient with a great story whose plot lacks the sturdiness to carry you through, search the banks of the river for a new entry point, a more fitting course. It’s okay to take apart and rearrange, to radically transplant ideas. That constant reconfiguration is the source of diverse and sparkling literature, even as the same themes repeat themselves through the ages. The love and the death, the surprise, the resignation, the magic. None of these will ever grow trite when there’s such a big world to experience and so many ways to communicate the timeless ideas. I’ll approach the many crisscrossed rivers of my fiction from a thousand angles, strapping on mechanical wings for an aerial perspective or poking down a parallel back road in a coughing Model T. Wherever (and however) we roam, may we all learn to appreciate the view.    We'd love to hear your  thoughts of the differences in the comments!      Jackie Dever is an editor and writer in Southern California. She has edited blogs, corporate materials, academic texts, novels, and biographies. She is an associate editor at  Aionios Books, a small traditional-model publisher based in Southern California. She recently finished proofreading the 2017 San Diego Book Award–winning memoir  A Few Minor Adjustments  (September 2017) by Cherie Kephart. She blogs about writing and publishing, millennial lifestyle trends, and outdoor sports.

AN INTRODUCTION TO INFORMATION AND CYBER SECURITY Thesis - 1

AN INTRODUCTION TO INFORMATION AND CYBER SECURITY - Thesis Example Primarily, security is protection from danger. There are various types of security e.g., operation, communication and network security. While information system is made up of hardware, software, data, people, procedures and networks. According to the committee on National Security System, Information security is defined as the protection of information and its critical elements, including the system and hardware that use, store, and transit that information. It includes the broad areas of information security management, computer, data, and network security (Whitman & Mattord, 2012). There are three characteristics of information that gives it value to organization: availability, integrity and confidentiality. Therefore, these three elements have to be secured since they are vital to an organization. However the threats to the characteristics of information have evolved into a vast collection of events including accidental, intentional damage, theft, and unauthorized modification. He nce there is development of a more robust model of information security that addresses this threats ,the model consist of critical characteristics of information :availability,accuracy,authenticity , possession, integrity ,utility and confidentiality.Therefore,upper management drives a top-down and the traditional system development life cycle approach in order to implement security in organizations. Finally information security can also be described as both an art and science as it also comprises aspects of social science (Shimeall & Spring, 2014). Global perspective in security entails the dynamic security environment and its intrinsic challenges. It includes all the current issues in information security and how they can be managed.Idealy, there are six major aims of security and they are divided into six major categories. Table 1.1[1] There are various types of attacks that information security can come across. One of them is protocol stack, i.e fig 1.1[2]

Supply chain management Essay Example | Topics and Well Written Essays - 2000 words - 1

Supply chain management - Essay Example English wine possesses a specific supply chain design and process, which is extremely different from that of the supply chain followed in Ham production and marketing. To be specific, it has been widely accepted that English wine possesses a unique supply chain design. It is primitively and traditionally produced from the grape. Thus, the supply chain of English wine begins from grape production. At the onset, grapes are collected from the producers, i.e. the farmers or cultivators of quality grapes, preferably in Europe. It is then supplied to be crushed and steamed in wine factories. In the stemming stage, the grapes are reacted with potassium, which decreases the acid level of the grapes and sweetens it while being processed, leaving the impurities when moving ahead to the next stage of the production. In the crushing process, phenolics are extracted from the first extract of grape juice, which is then supplied to the fermentation department followed by the clarification departmen t, where the product is purified through the number of filtration processes. Post maturation, the product is then supplied to the packaging department. The prime objective of the packaging department is to preserve the quality of the product so that the consumers can attain maximum satisfaction, as it helps to reduce the gap persistent between the customers’ need and the offered benefits. The packaging of the product is also considered with utmost care such that the product quality is not affected through the distribution process.