The Evolution of the Farm Tractor

The first engine-powered farm tractors used steam and were introduced in 1868. These engines were built as small road locomotives and were handled by one operator if the engine weighed less than 5 tons. They were used for general road haulage and in particular by the timber trade. The most popular steam tractor was the Garrett 4CD. Gasoline Powered Tractors According to the book Vintage Farm Tractors by Ralph W. Sanders, Credit goes to the Charter Gasoline Engine Company of Sterling in Illinois for first successfully using gasoline as fuel. Charters creation of a gasoline-fueled engine in 1887 soon led to early gasoline traction engines before the term tractor was coined by others. Charter adapted its engine to a Rumley steam-traction-engine chassis and in 1889 produced six of the machines to become one of the first working gasoline traction engines. John Froelich Sanders book Vintage Farm Tractors also discusses several other early gas-powered tractors. This includes one invented by John Froelich, a custom Thresherman from Iowa who decided to try gasoline power for threshing. He mounted a Van Duzen gasoline engine on a Robinson chassis and rigged his own gearing for propulsion. Froelich used the machine successfully to power a threshing machine by belt during his fifty-two day harvest season of 1892 in South Dakota. The Froelich tractor, forerunner of the later Waterloo Boy tractor, is considered by many to be the first successful gasoline tractor known. Froelichs machine fathered a long line of stationary gasoline engines and, eventually, the famous John Deere two-cylinder tractor. William Paterson J.I. Cases first pioneering efforts at producing a gas traction engine date back to 1894, or maybe earlier to when William Paterson of Stockton, California came to Racine to make an experimental engine for Case. Case ads in the 1940s, harking back to the firms history in the gas tractor field, claimed 1892 as the date for Patersons gas traction engine, though patent dates suggest 1894. The early machine ran, but not well enough to be produced. Charles Hart and Charles Parr Charles W. Hart and Charles H. Parr began their pioneering work on gas engines in the late 1800s while studying mechanical engineering at the University of Wisconsin at Madison. In 1897, the two men formed the Hart-Parr Gasoline Engine Company of Madison. Three years later, they moved their operation to Harts hometown of Charles City, Iowa, where they received financing to make gas traction engines based on their innovative ideas. Their efforts led them to erect the first factory in the United States dedicated to the production of gas traction engines. Hart-Parr is also credited with coining the word tractor for machines that had previously been called gas traction engines. The firms first tractor effort, Hart-Parr No.1, was made in 1901. Ford Tractors Henry Ford produced his first experimental gasoline-powered tractor in 1907 under the direction of chief engineer Joseph Galamb. Back then, it was referred to as an automobile plow and the name tractor was not used. After 1910, gasoline powered tractors were used extensively in farming. Frick Tractors The Frick Company was located in Waynesboro, Pennsylvania. George Frick started his business in 1853 and built steam engines well into the 1940s. The Frick Company was also well known for sawmills and refrigeration units.

Marriott Case Study - 2572 Words

1. Are the four components of Marriott’s Financial Strategy consistent with its growth objective? Marriotts sales grew up by 24% and its return on equity stood at 22% in the year 1987, the sales and earnings per share has doubled over the previous year as stated in the case study. The company operates in three divisions: lodging, contract services and restaurants which represents 41%, 46% and 13% of sales in 1987 respectively. Marriott is determined to develop and to enhance its position in each division and remain a premier growth company as stated in the annual report (1987). This key objective implies to become the most profitable company, be the preferred provider as well as preferred employer. Analysis the four key elements of†¦show more content†¦The risk free rate used is 4.27% which is the long term US Government bond returns, 1926- 1987. The reason of choosing 4.27% is the underlying assumption that since Marriott is involved in hotel and related operation it will use the long term rate for the company as a whole in the financial risk rate. in addition, I decided to select the rate covering the period 1926- 1987 as this period is long enough to consider various phases of economic and business life cycle that took place during the period like depression, recessions, inflationary tendencies, world war, etc. b) Risk Premium used and justification for its use Risk Premium = Market Return(Rm) – Risk Free Rate (Rf) = 9.90%- 4.27% = 5.63% Referring to the assumption in part A above, that Risk Free Rate is obtained from long term US Government bond return (i.e 4.27%), we have to determine the Market Return Rate. 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Philosophical Ethics versus Professional Accounting Ethics Essay Example For Students

Philosophical Ethics versus Professional Accounting Ethics Essay Outline1 Introduction2 The American Institute of Certified Public Accountants3 Egoism vs. AICPA4 Utilitarianism vs. AICPA5 Deontology vs. AICPA6 Virtue Ethics vs. AICPA7 The Securities and Exchange Commission8 Egoism vs. SEC9 Utilitarianism vs. SEC10 Deontology vs. SEC11 Virtue Ethics vs. SEC12 The Public Company Accounting Oversight Board13 Egoism vs. PCAOB14 Utilitarianism vs. PCAOB15 Deontology vs. PCAOB16 Virtue Ethics vs. PCAOB17 The International Accounting Standards Committee Foundation18 Egoism vs. IASC19 Utilitarianism vs. IASC20 Deontology vs. IASC21 Virtue Ethics vs. IASC22 Decision Introduction Since the beginning of awareness, the true construct of right and incorrect is one that has eluded human existences. Though there exists some general consensus as to the cardinal base of these constructs, seldom do people as a whole to the full agree on the constructs of moralss and morality. While some people and companies use faith and jurisprudence to steer their ain ethical behaviour, the inquiry remains whether worlds are genuinely born with these constructs embedded into their mind, whether they can be learned, or whether they are rational at all. Different civilizations, life experiences, and upbringings have driven different forms of human idea to the point that it is extremely dubious that one common land can of all time be reached. It is because of this phenomenon that philosophers have developed several typical schools of idea in an effort to steer and apologize certain facets of human ethical and moral behaviour. Egoism, utilitarianism, deontology, and virtuousness morals s are merely a few illustrations of these schools of idea. Egoism is an thought based entirely in self-interest. Advocates of this school of idea believe that one should make merely what is in one s ain best involvements, irrespective of how any peculiar action affects others and whether such behaviour is ethical or unethical. In contrast to egoism, utilitarianism provinces that any action should be one that provides the greatest benefit the greatest sum of people. Like egoism, whether or non the action is ethical or unethical is irrelevant ; utilitarianism is merely concerned with the result. Unlike egoism and utilitarianism, which are merely concerned with results, deontology is merely concerned with the morality of the peculiar action that is taken. Deontology advocates that one should ever handle others with regard and to handle people as an terminal, neer as a agency. The result of such an action is irrelevant every bit long as the regulation is followed and purposes are wholesome. Finally virtue moralss, in contrast to the three antecedently mentioned schools of idea, topographic points accent on the moral character of the individual perpetrating the act. Virtue moralss contends that virtuous people act morally. However, virtuousness must foremost be defined to give significance to the virtuousness moralss place. Grecian philosopher Aristotle defined four central virtuousnesss that society should be built upon ; wisdom, justness, bravery, and moderation ( self control ) . A professional life by these four virtuousnesss will hold sufficient cognition and apprehension of their peculiar country to pattern it, will hold a thorough apprehension of his/her responsibilities with respects to justness and how it should be executed, will hold the bravery to make the right thing under any circumstance, and will hold adequate ego control to defy the negative enticements of mundane life. If these four cardinal virtuousnesss are used as a templet for virtuousness moralss, t he place can be used to measure whether a individual is moving within the confines of this peculiar school of idea. Different accounting and scrutinizing standard compositors and fiscal regulators around the universe effort to supply the fairest and most ethically sound criterions that they perchance can. The American Institute of Certified Public Accountants ( AICPA ) , Securities and Exchange Commission ( SEC ) , Public Company Accounting Oversight Board ( PCAOB ) , and the International Accounting Standards Committee Foundation ( IASC ) are a few illustrations of such organisations. The AICPA develops auditing criterions for private companies in the United States. The SEC is a federal organic structure that enforces federal securities Torahs and regulates stock exchanges and public companies the United States. The PCAOB is standard compositor created straight under the SEC s umbrella that oversees U.S. public company auditing criterions. Finally, the IASC efforts to make a standard set of accounting rules that can be used by states worldwide in an attempt to advance comparing in an increasing p lanetary concern scene. Though these four regulating organic structures strive to supply the most ethical counsel possible, they follow no peculiar school of idea. When taking the four antecedently mentioned schools of idea into consideration, one can see possible similarities and differences with each regulating organic structure s set of rules. The undermentioned subdivisions of this paper discuss in depth each ethical school of idea s possible influence on each of the several government organic structures. The American Institute of Certified Public Accountants The American Institute of Certified Public Accountants ( AICPA ) provides its meembers with ethical counsel through its Code of Professional Conduct and Ethical motives Decision Tree . The Professional Ethics Executive Committee ( PEEC ) is in charge of interpreting and implementing the AICPA Code of Professional Conduct ( AICPA, 2010 ) . The PEEC besides facilitates the procedure of deliberation that takes topographic point for new moralss criterions, which includes deriving input from the populace. In add-on to these beginnings, the AICPA has an moralss hotline that members may name when they are faced with an ethical quandary. While these resources do supply counsel for members sing their professional duties, the AICPA is sometimes criticized for non offering a model to assist with ethical inquiries that autumn outside of the regulations of the Code of Professional Conduct. ( AICPA, 2010 ) The AICPA Code of Professional Conduct offers aid for doing ethical determinations every bit good as regulations for the profession that all members must follow including those in public accounting, industry, authorities, and instruction. There are two subdivisions of the Code. The first subdivision, the Principles, are the foundation upon which the 2nd subdivision, the regulations, are built. The Principles set up a model for what is considered ethical behaviour for members of the AICPA. The regulations are more specific and set up how professional services should be performed. The Professional Code of Conduct besides includes readings of the regulations which clarify the range of the regulations and how they are to be applied, and moralss opinions, which are official opinions of the PEEC on the application of regulations to specific state of affairss. ( AICPA, 2010 ) The AICPA Code of Professional Conduct Principles are unity, objectiveness, independency, and due attention. Harmonizing to the AICPA unity involves honestness, confidentiality, service to the populace, seting self-interest last, and adhering to accounting rules. Harmonizing to the codification, unity is measured in footings of what is right and merely ( AICPA, 2010 ) . Objectivity and independency go manus in manus to guarantee nonpartisanship, honestness, and freedom from struggles of involvement. In order to be independent members must avoid relationships that cut down objectiveness every bit good as 1s that appear to make so. Due attention is the quest for excellence ( AICPA, 2010 ) . It is comprised of competency and diligence in the members professional work. Competence requires the degree of instruction and experience connected with being a certified public comptroller. Diligence requires members to ever make their best and work for their clients involvements while keepi ng their duty to the populace. The regulations are based on these rules and like all regulations give more specific counsel. The Ethics Decision Tree was designed to assist members of the AICPA navigate through ethical quandary that the regulations do non talk to straight. The thought behind the determination tree is sound because there is no manner to hold regulations to turn to every ethical state of affairs. However, the AIPCA s determination tree fails to supply much counsel to its members. The determination tree advises members to follow a company s moralss policy and speak to directors, the moralss commission, the audit commission, and the board of managers until a satisfactory ethical determination is made. If a satisfactory determination can non be reached the member is advised to vacate. While speaking to higher degrees of direction and following company ethical guidelines are wise things to make in an ethical quandary, this determination tree does non supply an existent model for doing ethical determinations. It advises members to speak to higher-ups, but non how to measure whether that higher- up s determination is ethical. Often AICPA members do non necessitate to utilize a determination tree because the issue they are confronting is straight addressed in the regulations. While the regulations do forestall the kind of ethical quandary that the determination tree is supposed to turn to, it might ensue in being every bit bad as the regulations allow ( Anderson ) . In order to avoid this outlook and supply an existent determination tree for ethical quandary, the AICPA must set up a model for ethical determination devising. One could reason that the AICPA really has this model wrapped up in the Principles subdivision of their Code of Professional Conduct. However, as evidenced by the determination tree, the organisation has non to the full recognized these Principles ability to be the needful model. The determination tree and even the regulations to a certain extent tend to sabotage the model established by the rules. Egoism vs. AICPA By comparing the rules established in the AICPA Code of Professional Conduct with the different schools of ethical thought one can analyse whether or non a sufficient model exists. The rules have similarities with all of the chief schools of ethical idea except for egoism. The egoist school of idea is based on the thought that there is merely one virtuousness, selfishness. Egotists believe that the lone manner to move ethically is to move in their ain ego involvement regardless of the consequence it has on others. This does non fit up with the rules in the AICPA Code of Professional Conduct. The rules are based on the thought that the professional comptroller has a responsibility to the populace, clients, and co-workers that supersedes opportunism. Harmonizing to the Professional Code of Conduct, the rules call for an undeviating committedness to honest behaviour, even at the forfeit of personal advantage ( AICPA, 2010 ) . This is the exact antonym of what person with an egocentric model would see ethical. Utilitarianism vs. AICPA The ethical school of idea of utilitarianism is based on the thought that one should make whatever is best for society as a whole. Supplying the greatest good for the greatest figure of people is the cardinal end of utilitarianism. This thought is cardinal to the AICPA Code of Professional Conduct every bit good. The rules that are intended to steer members actions are based on the thought that a professional comptroller has a responsibility to the populace, or society as a whole. These rules and utilitarianism are endeavoring for the same terminals. Harmonizing to the Code of Professional Conduct, trust imposes a public involvement duty on certified public comptrollers. The public involvement is defined as the corporate wellbeing of the community of people and establishments the profession serves ( AICPA, 2010 ) . Deontology vs. AICPA The ethical school of idea deontology is based on the thought that one should neer handle a individual as a agency to an terminal. Deontology is all about esteeming people and holding the right purposes, non merely the right result. Harmonizing to the Code of Professional Conduct, unity requires a member to detect both the signifier and the spirit of proficient and ethical criterions ( AICPA, 2010 ) . This thought of following the spirit of a criterion and non merely the signifier requires members to hold the right purposes when using criterions. It prevents the be every bit bad as the regulations allow ( Anderson ) outlook. The focal point on staying free from struggles of involvement expressed in the rules of objectiveness and independency besides serves to guarantee that members have the right purposes. The AICPA rules focus on a members responsibility to the populace instead than esteeming the populace merely because they are fellow human existences, but the terminal consequ ence is within the deontological position ; the populace is treated as an terminal non a agencies. Virtue Ethics vs. AICPA The virtuousness moralss school of idea claims that virtuous people do virtuous things. Therefore the focal point is on moving morally instead than on the effects of one s actions. Like virtuousness moralss, the Code of Professional Conduct focuses on the thought of a individual endeavoring to be virtuous. In the absence of specific regulations, criterions, or counsel, or in the face of conflicting sentiments, a member should prove determinations and workss by inquiring, Am I making what a individual of unity would make? Have I retained my unity? ( AICPA, 2010 ) . The chief job with virtuousness moralss is that what is considered ethical depends on how virtuousness is defined. Different definitions of virtuousness could take to really different actions being considered ethical. Aristotle, the laminitis of virtuousness moralss, believed that there were four central virtuousnesss: wisdom, justness, bravery, and self control. The rules in the AICPA Code of Professional Conduct fit up with Aristotle s four central virtuousnesss. Accountants are required to hold wisdom in the theory and pattern of accounting, which is a chief focal point of the rule due attention. Professional comptrollers besides have a responsibility to the populace to supply justness. The rules discuss avoiding subordination of judgement which requires bravery, and self control, which is of import for the comptroller to keep unity, objectiveness, and independency. By specifying the rules as virtuousnesss the virtuousness moralss school of idea could be easy adopted by the AICPA. When comparing these different schools of ethical idea to the rules in the AICPA Code of Professional Conduct it is easy to see that they could supply a model for ethical determination devising. If the AICPA were to farther explicate the rules and advance them as a agency for ethical determination doing it may turn out to be a more helpful model than elaborate regulations or determination trees. The Securities and Exchange Commission Egoism vs. SEC Egoism trades chiefly with a party moving entirely in their ain opportunism. The party s opportunism may harm, profit, or have no consequence on the involvements of other parties ( Wiki, 2010 ) . Within the Securities and Exchange Commission, Federals Torahs are implemented and regulations and ordinances are instituted that trade with proper behaviour for professionals. These professionals can dwell of comptrollers, investing companies, and investing advisers. Overall the SEC protects investor involvements and wants to keep their unity, which means they are chiefly concerned with ethical issues. In add-on, the SEC has the duty of O.K.ing federal security Torahs that are set by the SRO ( self-regulatory organisation ) . When the SEC trades with ethical quandary it uses an attack that is non similar egoism, an ever-present construct in today s capitalist society. Rather, the SEC assumes parties are seeking to be honorable and selfless. Specifically, the SEC believes the parties involve d should alternatively of moving in their ain opportunism, act in a manner to assist function others. The moral party should experience slightly obligated to make this, which contrasts with egoism. Egoism concerns selfish motives, while selflessness concerns the antonym. The SEC and the overall fiscal environment privation to exchange the capitalistic society to a more bureau relationship mentality. The displacement has been called the paradigm displacement, which consists of analyzing the rational-maximizer premise that is the current implicit in theory and contradict the thought that self-interest should be a party s motive. Alternatively, this fiscal environment now believes in a higher grade of ethical and selfless actions. This means focal point would be on the principal-agency relationship ( which selflessness agrees with ) . Specifically there would be trust, honestness, and trueness between the principal and the agent ( Enotes, 2010 ) . Again, this is wholly different from egoism s selfish position point. For case, the principal may be an comptroller who audits a company and harmonizing to the SEC, this comptroller should move with the honestness and effort to function their client, or agent. This differs from egoism, which would be okay with the principal moving in their ain opportunism to increase their net income border alternatively of moving to function their agent to the best of their ability. The principal would non be able to move with trueness and honestness towards their agent if they are merely looking out for themselves and seeking to increase their bottom line. However, there is one similarity between egoism and selflessness which should be mentioned and that is they both trade with an agent focal point, intending they are capable focal point signifiers of consequentialism ( Wiki, 2010 ) . Taekwondo: Korean Martial Arts EssayVirtue Ethics vs. PCAOB The focal point of the virtuousness moralss doctrine is on one s moral behaviour and character ( Wiki, 2010 ) . This is similar to the PCAOB independency regulation where hearers must be independent in both fact and visual aspect. The application of this standard focuses on the hearer s being and individuality. However, virtue moralss differs from the PCAOB in that it does non use regulations or criterions which are focused on an hearer s actions ; it is based on one s features like compassion and equity ( Wiki, 2010 ) . The PCAOB requires hearers to carry on concern reasonably ; nevertheless, it is non indispensable that the hearers themselves are just people in all facets, instead the PCAOB is more concerned with the hearers using equity to the audit of public companies. Virtue moralss is about ground and logical picks ; hearers are invariably doing opinion calls and the PCAOB s criterions assist steer hearers using ground and logic to do the right determinations. The PCAOB offers those in the scrutinizing profession guidelines on the manner hearers are required to carry on the audits of public companies through their criterions and codifications of professional behavior. The ethical system is written and enforced by scrutinizing professionals themselves to show the ideals and values of their corporations and profession ; nevertheless, merely like any other ethical position, it is finally up to the single whether or non to move ethically or unethically ( Hinman, 2002 ) . The PCAOB is an ethical system made up and enforced by regulations whereas the philosophical moralss systems are different ways at sing a state of affairs and make up ones minding harmonizing to those set of beliefs if something is right or incorrect. There will be effects to all determinations but the other ethical systems do non hold a organic structure implementing those effects or doing alterations to their ethical system s beliefs. The PCAOB will invariably alter as socie ty alterations, society will impact the ethical criterions that the PCAOB seeks to implement and the PCAOB will hold its effects on the market which will impact society every bit good in the long tally. Therefore, the PCAOB s accounting ethical criterions are of all time altering and will go on to alter whereas the other philosophical ethical criterions have remained fundamentally the same for 100s of old ages and will likely go on to stay changeless. The International Accounting Standards Committee Foundation Egoism vs. IASC Egoism grounds its ethical place in that moral agents ought to make what is in their opportunism, ( Ethical Egoism, para.1 ) . At first glimpse of the aims in the International Accounting Standards Committee Foundation s Fundamental law it appears that the International Accounting Standards Board is non grounded in the egoist school of idea. The four aims listed in the Fundamental law are to develop, in the public involvement, a individual set of high quality, apprehensible, enforceable and globally accepted fiscal coverage criterions based upon clearly articulated rules, to advance the usage and strict application of those criterions, in carry throughing the old aims to take history of the demands of a scope of sizes and types of entities in diverse economic scenes, and to advance and ease acceptance of International Financial Reporting Standards, being the criterions and readings issued by the IASB, through the convergence of national accounting criterions and IFRS ( IASC Foundat ion, 2010, p.5 ) . These aims do propose that the criterions created by the IASB are held to the highest of criterions and that the incorporate and consistent application of them could convey benefits to fiscal information users. However, the inquiry exists on whether the publicity of these criterions is in the involvement of all users of IFRS, or a choice few states or parts of the Earth. Through naming 22 legal guardians to the IASC Foundation, the Foundation has attempted to make a administration organic structure that is globally diverse and indifferent. Within the IASC Foundation Constitution they have set the demand of six Trustees coming from each Asia, Europe, and North America and so one Trustee coming from each Africa and South America. There are besides two Trustees appointed from any country, capable to keeping overall geographical balance ( IASC Foundation, 2010, p.6 ) . Although at that place seems to be an attempt from the IASC Foundation to make a regulating organic structure that is diverse plenty to get the better of opportunism, their inability to more every bit affect Africa and South America suggests the opportunism of the other three continents can more easy be promoted with uneven representation. Besides, within each continent s legal guardians there is besides uneven representation from states. Eastern Europe presently has no representatives wit hin the board of legal guardians, North America s representation is chiefly from the United States and Canada, and the People s Republic of China and Japan dominate the Asiatic slots for legal guardians. ( IASB, The Organization: Trustees ) . Since the IASC Foundation is comparatively immature in comparing to many accounting standard formation organic structures around the universe, it is hard to find whether the unrepresented planetary parts will either be provided a place in the Trustee administration organic structure, or if they will hold to follow International Financial Reporting Standards and follow the positions of the current Trustee organic structure. The way that is selected will further bespeak whether the IASC Foundation has genuinely had the purpose of moving in their opportunism or supplying a unvarying set of criterions to the universe that incorporate a genuinely planetary position. Utilitarianism vs. IASC Utilitarianism bases its moral model around finding the moral worth of an action by its result ( Utilitarianism ) . The IASC Foundation states that they have adopted a set of policies and counsel statements that are designed to guarantee that the organisation operates in a manner that meets or exceeds the demands of public involvement, meets all legal demands, and has an overall good impact on the environment, ( IASB, The Organization: IASC Foundation Policies, para.1 ) . This suggests that the Foundation has adopted an ethical model that serves to convey every bit much benefit as possible to the populace and the environment. The Due Process Oversight Committee of the IASC which consists of five to seven legal guardians besides applies a useful procedure. This commission has the specific duty of reexamining the inadvertence map the Trustees have been mandated to execute through the Constitution of the Foundation ( IASB, The Organization: Due procedure inadvertence, para.1 ) . This Due Process Oversight Committee specifically develops proposals and measurement marks, proctors the accomplishment of those marks and alerts the Trustees when marks are non being met, ( IASB, The Organization: Due procedure inadvertence, para.2 ) . This measuring procedure performed by the Due Process Oversight Committee shows the concern the IASC Foundation has over the effectivity of their Trustee public presentation in regulating the IASB s standard scene processs. Deontology vs. IASC The standard puting map of the International Accounting Standards Board and the IFRS Interpretations Committee follow a deontological model. Deontology is an attack to moralss that Judgess the morality of an action based on the action s attachment to a regulation or regulations ( Deontological Ethics, para.1 ) . Although the IASB and the IFRS Interpretations Committee execute different functions in the standard creative activity and puting procedure, they both follow similar and specific procedures. The IASB holds all their meetings in public, and they follow an unfastened and crystalline due procedure that publishes advisory paperss for public remark. Like the IASB the IFRS Interpretations Committee besides holds public meetings, and they must besides follow an unfastened due procedure ( IASB, The Organization: About the IASC Foundation and the IASB, para 3 A ; 4 ) . The Trustees of the IASC have besides created a Monitoring Board. This board has been given the primary duty to guarantee that the Trustees discharge their responsibilities as defined by the IASC Foundation Constitution, and they approve the assignment or reappointment of Trustees ( IASB, Governance and answerability: Monitoring Board, parity. 3 ) . The Monitoring Board is presently composed of securities regulators of Europe, Japan, the United States, and the Emerging Markets and Technical Committees of the International Organization of Securities Commissions ( IASB, Governance and answerability: Monitoring Board, parity. 2 ) . The Monitoring Board gives securities regulators that allow or require the usage of IFRS in their legal powers the ability to transport out their authorizations sing investor protection, market unity, and capital formation ( IASB, Governance and answerability: Monitoring Board, parity. 2 ) . The formation of this board shows how the attack taken by the IASC Foundation is critical to their credibleness, and that without procedures being suitably completed, they can non guarantee the dependability of their criterions. By making a board that is composed of securities regulators external to the IASC Foundation, they have finally created greater credibleness to their standard scene procedure. The Due Process Oversight Committee has been created to supervise Trustee fulfilment of their inadvertence map. Although this Committee is focused on guaranting procedures are successfully completed, measurement marks are its primary concern and is more useful in nature. Virtue Ethics vs. IASC Harmonizing to Aristotle, wisdom, justness, bravery, and moderation are features of virtuousness. Using Aristotle s features the IASC Foundation can be identified as holding some resemblance of practising virtuousness moralss. Use of virtuousness moralss as the IASC Foundation s ethical model can be seen in their funding construction, choice of legal guardians, and formation of the IASB. The IASC Foundation gives the duty to their Trustees to form and O.K. the appropriate funding for the Foundation. The IASC Foundation provinces that their end is to prosecute all interested parties throughout the universe in the defining of coverage criterions, and their funding should guarantee independency and objectiveness of the standard-setting procedure ( IASB, Governance and answerability: Financing, parity. 2 ) . This desire to finance the foundation while keeping independency and objectiveness shows that the IASC Foundation wants to be merely in their standard making procedure, and that they desire to make moderation in organizing criterions to profit all. The Trustees funding attempts are guided by four rules. These rules are to be broad-based, compelling, open-ended, and legal power particular ( IASB, Governance and answerability: Financing, para.4 ) . Their end to hold funding come from a broad-base of participants in the universe market and to hold the support load be s hared by the major economic systems on a proportionate footing shows the Foundation s desire for a merely support system to be in order. The rule of open-ended funding is to guarantee funding is non contingent on actions or state of affairss so that the Foundation can keep their independency. This open-ended funding is a manner for the Foundation to exert moderation. The rule of funding being compelling is to promote donees of the IASC Foundation to supply support. This rule requires the Trustees to utilize their wisdom to prosecute market participants to supply support. The choice of legal guardians and formation of the IASB shows the how the IASC Foundation desires to make an organisation of virtuous persons. To be a Trustee of the IASC Foundation, it is outlined in their Fundamental law that a Trustee must demo a committedness to the IFRS Foundation and IASB, be financially knowing, and show an apprehension of challenges associated with the acceptance of planetary accounting criterions ( IASC Foundation, 2010, p.6 ) . Furthermore the mix of Trustees should be a wide contemplation of the universe s capital markets and professional backgrounds, and they are required to perpetrate themselves officially to move in the public involvement in all affairs ( IASC Foundation, 2010, p.6 ) . These demands set out by the IASC Foundation require their Trustees to hold wisdom gained from their planetary and professional backgrounds. Besides, through being required to see the impact and challenges of planetary accounting criterions and publically perpetrating the mselves to move in the public involvement they are demoing the bravery to move rightly and for the benefit of others. Like Trustees, the International Accounting Standards Board members are required by the IASC Foundation Constitution to keep certain qualities. The Constitution requires the IASB members to hold proficient expertness, diverseness of international concern and market experience, and must officially perpetrate themselves to move in the public involvement in all affairs ( IASC Foundation, 2010, p.11-12 ) . The demand of holding to be a proficient expert with diverse market experience shows the desire for the IASB to hold wisdom as they create international accounting criterions. Besides by officially saying they are moving in the public involvement, they are being brave, claiming to be merely, and claiming to exert moderation as they create accounting criterions. Although the IASC Foundation demands their Trustees and the IASB to be virtuous, their deficiency of scope in diverseness of representation from assorted parts of the Earth may impede the coveted degree of wisdom practiced, justness provided to certain planetary parts, and moderation exercised. Besides since funding is the duty of the Trustees, the desire for the fundraising procedure to be virtuous may besides be impacted due to the deficiency of diverseness of representation from peculiar universe parts. Decision In decision, it is clear that accounting standard compositors and fiscal regulators have borrowed basic thoughts and constructs from different schools of idea to steer their organisations and create criterions. Most normally, thoughts seem to fall in line with utilitarianism, deontology, and virtuousness moralss. In the spirit of utilitarianism, the AICPA, SEC, PCAOB, and IASC appear to supply guidelines that give the greatest benefit to the greatest sum of people. However, in contrast to utilitarianism and more in line with deontology, these organisations are to boot concerned with the agencies of their Acts of the Apostless and non merely the results. With respects to virtue moralss, the four organisations are surely concerned with the moral character of their members and anticipate them to hold the cognition and apprehension to pattern their profession, a strong construct of justness, the bravery to ever make the right thing, and the ego control to defy negative or self-motivated enticements. These organisations about universally reject the egoist constructs of opportunism and deficiency of concern for others. However, if these organisations are put under a microscope and studied more closely, this does non needfully look to be so. Though the IASC would openly reject any accusals of opportunism, the disproportional representation of cardinal universe parts gives an air of opportunism that can non be denied. In order to be the most effectual and maintain credibleness, these organisations will necessitate to take an introverted expression to guarantee that they are genuinely providing criterions and guidelines that benefit the full populace and non merely a few choice groups of people.

Martian ChroniclesThe Book, The Movie Essays - Mars In Fiction

Martian Chronicles:The Book, The Movie The Book, the Movie The Martian Chronicles, written in 1950, was produced in 1979 as a made-for- television mini-series. As with most adapted screenplays, the movie differs from the novel. These differences are not that drastic and do not circumvent the overlying message of the piece. The first noted difference is the opening scene of the movie. It begins with the landing of the Viking probe on Mars. This change is possibly an attempt to explain away the results of the Viking probe. The audience of the 1970s knew that the Viking probe had given definite proof that life on Mars did not exist. This gives the audience the ability to relate to the movie more than the ?The Rocket Summer? scene of the novel. In the book, Bradbury writes of the launching of rockets actually affecting the climate around the launch area. By the 1970s, it was evident that such an event was in no way feasible. These changes enable the modern day audience to more readily associate with the movie. Another difference is the use of a mission control in the movie. The book deals mainly with the expeditions on Mars themselves. The ?Taxpayer? scene is the only place that Bradbury tries to give the reader an idea of what the human response to the expeditions was. The mission control scenes offer the audience a way to connect with the movie. Mission control may have been used to make up for the inadequate narrative used in the movie. Bradbury's vivid narration is what pulls the readers into the book and the movie could not make full use of this very effective tool. So, often the changes made were a result of the producers not being able to effectively relate the novel to film. The changing times also influenced the changes in the movie. The use of a black Spender may have been a direct result of the social changes that had occurred between the 50's and the 70's. In the 50s, this may have met with strong resistance; however, during the 70s this would have been more accepted. The omission of the second expedition may also have been a result of cultural change. The hallucinations which appear in the book would have seemed quite abnormal during the 50s and thus produce the desired effect in the 50s reader. The book's second expedition may have biased the audience of the 70s due to hallucinations produced by mind-altering drugs, which were prevalent in the late 60's and early 70's. This may have caused some to view the movie as a ?drug culture film? and not that of a serious work of art. The 70's were also a time when the people had become more conscious of the environment and the welfare of the Earth. This is evident in the movie, when ?Edward? stresses humank ind's destructive tendencies by referring to the ruining of the planet Earth and what would happen to the planet Mars if the humans were not killed. This sentiment appears to be directly influenced by the ecological movement of the 70s. These changes were apparently adapted to the thinking of the Americans in the late seventies. Although both novel and movie address the same issues, the book gives the reader a better sense of the mood during the 50's. The movie attempts to rationalize the Martians killing the humans. The novel offers the reasons of paranoia, fear, and ignorance as motives for the killings. These motives better illustrate the tension and mood of the Cold War and the feelings surrounding the topic. The Martians are more xenophobic in the novel than in the movie. This is evident in the Green Bluff expedition, which in the novel, the Martians do not offer any kind of explanation for the killings as they do in the movie. The only reason the novel offers is the hypothesis of the captain. This lack of a reason for the murders would relate more to the paranoia experienced during the Cold War. Both novel and movie capture at least some of what Bradbury was trying to portray. The horrifying things that occur when ignorance, paranoia, and xenophobia are allowed to prosper are shown in

Capital Punishment Should be Banned essays

Capital Punishment Should be Banned essays Capital Punishment should be banned. Today thousands of people around the world commit crimes. For a society to be civilized, these people have to be punished. This punishment is meted out in different forms. Isolation from the society by imprisonment, or taking away some rights from the individual, are some forms of punishment. For severe crimes, the punishment too is severe, one of the forms being capital punishment or the death sentence. Whether it is right or wrong remains a big question mark. Families of victims of murders, rape etc. are absolutely devastated by the crimes and demand justice. Sometimes the society too, is convinced that these criminals dont deserve to live. Allowing such criminals to live would only mean that more people follow the path of crime. Therefore giving them the death sentence would not only be a suitable form of justice, it would also set an example for other criminals and prevent future crimes from occurring. As the saying goes, An eye for an eye and a tooth for a tooth. People should know better than to commit such crimes. Hardened criminals obviously wont have any positive effect on humanity and the human race is better off without them. People, whove taken away the lives of others and broken up families while knowing that it is against the law, probably have no conscience. Rehabilitation, Imprisonment, or anything else is not going to help them change for the better. Moreover prisoners arent compelled to work and survive on food and shelt er provided by taxpayers. Why should civilized people help criminals live? Since they have no contribution to make to the world, theyd rather be put to death. Moreover stretching the life out of them is probably worse then killing them at once. However, Life is a gift given to us all. We all have been given the right to live our lives, the way we want to. Taking away someone elses is definitely beyond our auth...

One Sheep, Two Sheep, One Fish, Two Fish . . .

One Sheep, Two Sheep, One Fish, Two Fish . . . One Sheep, Two Sheep, One Fish, Two Fish . . . One Sheep, Two Sheep, One Fish, Two Fish . . . By Simon Kewin What do a sheep, a cannon and an aircraft have in common? The answer is that they all usually use the same word whether they are in the singular or the plural. If you have one sheep and then you acquire a second sheep, you now have two sheep, not two sheeps.   Other words exhibit this strange behaviour too, often other sorts of animal. For example, bison, deer, moose, pike and swine all usually use the same word for their singular and their plural. So, strictly speaking, it would be incorrect to refer to several bisons, deers, mooses, pikes or swines.   I say usually because this rather illogical rule is quite commonly broken and more regular plural forms do creep in for some of these words. Its actually quite common for people to refer to cannons for example. The Compact Oxford Dictionary says that the plural of cannon is only usually the same† so that, in fact, cannons is more and more acceptable.   The process has gone further with other words. For both salmon and trout, for example, the OED now says that either form of plural is equally acceptable. You can say three salmon or three salmons, although many people would still find three salmon preferable. Similarly, the Merriam-Webster dictionary lists both deers and pikes as acceptable plural forms. The Compact Oxford Dictionary, meanwhile, still says that the correct plural for the word pike (meaning the type of fish) is pike. But, as if to illustrate how illogical this is, the plural of the word pike when it refers to the weapon is regular : pikes.   This is another area where there will be disagreement among writers. On the one hand, â€Å"two cannon† is strictly correct but, on the other hand, â€Å"two cannons† is now a common usage and one which is, after all, perfectly clear in its meaning.   Footnote : fish and fishes is an interesting case. Both the Oxford and the Merriam-Webster dictionaries say that the plural of fish can be either fish or fishes. In fact, the two plural words are often used to refer to different things. As the Oxford dictionary explains :   The normal plural of fish is fish, as in â€Å"he caught two huge fish†; however the older form fishes is still used when referring to different kinds of fish: â€Å"freshwater fishes of the British Isles†.   So you use fish when referring to more than one fish of the same type and fishes when referring to multiple fish of different types. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:Homograph Examples3 Cases of Complicated Hyphenation50 Synonyms for â€Å"Villain†

Acid base titration Lab Report Example | Topics and Well Written Essays - 1250 words

Acid base titration - Lab Report Example This is because in acidic, basic conditions phenolphthalein indicator usually indicates colorless and pink/purple colors respectively. Background theory Acid – base titration is one of the most essential Titrimetric analysis techniques commonly used in wet analysis to determine quantities or concentrations of the reacting reagents (Patnaik, 2010, p. 57). This is a neutralization reaction whereby its endpoint or neutrality point is marked by the change of phenolphthalein’s color from pink/purple to colorless. Colorless color in this experiment is an indication the reaction has reached its endpoint or undergone a complete neutralization route, hence basic condition is exhausted and instead acidity is increasing. Endpoint refers to a point where an indicator changes its color and assumes another thereby implying an acid has completely neutralized the available basic solution (Parsons, Forsythe, Edge & Bewick 793). At exact endpoint, the solution’s nature is neutral bearing a pH value of 7 similar to that of pure water. The addition of more acid solution reduces the solution’s pH from 7 towards 1, hence increasing its acidity nature compared to when it was a basic and a having a pH value more than 7. However, the color continues to remain the same but extent of acidity increases with addition of extra acid solution to the titrant, which in this experiment is a Standard 0.10 mol. /dm3 Sodium Hydroxide. Suppose there is a need to plot titration curves, then potentiometer is more accurate than either weak organic acid indicator or a weak organic base indicator (Patnaik, 2010). Since, it gives exact values compared to the latter two, which only relays the change of solution’s color (Patnaik, 2010.p. 61). An indicator is a weak organic acid or weak organic base having a formula of HY or HOY correspondingly, where Y represents a complex organic ion (Patnaik, 2010). During reaction, HOY or HY indicator usually dissociates as shown in the reversible equation below (Patnaik, 2010, p. 61). HY + H2O H3O+ + Y- Color -1 Color – 2. Reversibility in the above equation depends on the amount of either acid or basic solution added during neutralization process, which implies more base or acid shifts the process to the right (Patnaik, 2010). Hence, change of color from 1 to 2. The general equation involved in the neutralization process is, Acid + Base/Alkali Salt + water (Neutralization reaction equation) Essential components or agents for the above neutralization process to reach its completion state include hydronium ions, H3O+ (aq) from the acid and hydroxide ions, HO- (aq) from a base/alkali. However, these ions must be in aqueous form (in water) to facilitate their free movement besides ensuring intimate interactions when reacting. Respective equations for both Dilute Hydrochloric acid and Dilute Sulphuric Acid are, Ordinary equations (1) HCl(aq) + NaOH(aq) Â ® NaCl(aq) + H2O(l) H+(aq) + Cl-(aq) +Na+ + OH(aq) Â ® Na+ + Cl-(aq) + H2O(l) (2) H2SO4 (aq) + NaOH(aq) Â ® NaSO4(aq) + H2O(l) 2H+(aq) + SO4- (aq) + Na+(aq) + OH-(aq) Â ® Na-(aq) + SO4-(aq) + H2O(l) After eliminating spectator ions these equations reduce to, (1b) H+ (aq) + OH (aq) Â ® H2O (l) (2b) 2H+ (aq) + OH-(aq) Â ® H2O (l) Or (3) H3O+1 + OH- Â ® 2H2O (l) However, moles of H+ ions in each side of the equation should be equal for the reaction to proceed to the right or neutralization to occur (York, 175). Molarity concept Titration calculation in this experiment entails use of stoichiometric mole ratio of H+ and OH- ions (Parsons, Forsythe, Edge & Bewick). Moles’ ratio comparison in this experim

Is succession planning a neccessity every small to medium family Essay

Is succession planning a neccessity every small to medium family business should face - Essay Example In pursue well be the limitation of the research and a summary with recommendations. Berenbein (1990) asserts that it is necessary for each organization to anitcipate its succession plan, and be able to acknowledge its reality. SMEs have ben particularly interested in this area of research, focusing on the ‘heir’ who shall take on the leadership of the enterprise in the next generation. The current results show that there are no significant, drastic changes behind the past and current leadership of Company XY. The same issues that confront old leadership have remained the same issues for the new leadership. While such a smooth transition has been possible, there were certain issues that surfaced from the qualitative data. Davis (1983) has effective succession is a tricky issue, in lieu of the fact that it requires something more profound than change in structure; instead, it requies change in the norms and values of the organization – on other words, it requires cultural change. One manager of Company XY even commented, â€Å"The initial difficulty of senior management to adjust to the new president’s leadership lies in the culture itself. They have gotten used to the norms of the old president; however, there have been so many changes that speak of new ways of doing things. The new president advocates a new set of norms. That took some time to get used to, especially among us old guards.† Kuratko & Hodgetts (in Kuratko, 1993) has provided a critique of the tactics used to undertake succession planning. Those that were determined encompassed comprehending â€Å"the contextual as ­pects such as time, type of venture, managerial capabilities, and environ ­ment; identifying succession qualities such as technical skills, business knowl ­edge, perseverance, etc., and carrying out the succession plans which includes the grooming and preparation of a suc ­cessor.† (p. 23). Because the

Presidential Election Essay Example for Free

Presidential Election Essay The democratic government of the United States of America has a different and unique of electing the head of their State. The use of Electoral College has been going on for tow centuries now. This electoral process has been used for many years. Many president of USA seated and led America because of this process Thou there are amendments in this process, still some critics finds this process unfair and unjust in choosing the president of the country. How Does Electoral College Work? The Electoral College is a process that was founded to compromise between election of the president by Congress and election by popular vote. In this process, each State is allocated a number of electors equal to the number of its U. S. Senators (always 2) plus the number of its U. S. Representatives. Instead of voting directly for a presidential candidate (and his or her vice-presidential running mate), voters vote for a slate of electors who are pledged to vote for a particular presidential ticket (president/vice-president team). The political parties in each state select a slate of electors. The electors selected by the party of the candidate winning the most popular votes in a state become the electors for that state. The number of electors for a State is based on the number of members in the House of Representatives who represent the State, plus two for the States Senators. The State’s population determines a State’s Congressional delegation (Nara, 2006). The number of electors is determined by Article II, section 1 paragraph 2 of the constitution (Fortier, 2004). These electors are selected by popular vote and (except in Maine and Nebraska) these popular votes are combined on a statewide basis. States may divide themselves into presidential electors, districts and combined the vote within each district. But in Maine and Nebraska, it was required that some lectors to be chosen in districts and some at large. Which ever the case maybe, the electoral vote of the state can be divided and cast for more than one presidential and vice presidential candidate (Fortier, 2004) The process is administered by the National Achieves and Records Administration (NARA) through the Office of the Federal Register. In United States elections they do not tally the total number of votes cast across the nations, instead they count it state-by-state. The candidate in the a Presidential election wins by getting the majority number of electoral votes. Because of this, a Presidential candidate who win the popular vote is likely to lose if he lost in the electoral vote. This happened in several occasions in the history if the United States. One of the recent was the 2000 Presidential Election between Bush and Gore. In cases that there is none of the candidate get the majority of votes, the congress chooses the President and the Senate chooses the Vice- President. If in case there have not chosen any president and vice president on the inauguration day then the next in line will act as the temporary president until the time they have chosen one. After the vice president, the rightful leader is the Speaker of the House then the President of the Senate. The 2000 Presidential Elections In the United States, the most â€Å"popular votes† does not always win. In 2000, presidential election where Al Gore won the popular vote, but he does not became the president of the United States because through a complex system involving representative votes, as well as a favorable court ruling he lost to George Bush. Only five 538 citizens really vote to choose for the president and vice president. This 200 hundred years old history of the Electoral College system is gathering so many negative reviews and proposal for reforms and amendments. According to Kimberling (2002) many critics have said that said that this process has many disadvantage and some of them are the following: †¢ The possibility of electing a minority president †¢ The risk of so-called faithless Electors †¢ The possible role of the Electoral College in depressing voter turnout, and †¢ Its failure to accurately reflect the national popular will. But there are people who believe in the efficieny of the system and state the following arguments: †¢ contributes to the cohesiveness of the country by requiring a distribution of popular support to be elected president †¢ enhances the status of minority interests, †¢ contributes to the political stability of the nation by encouraging a two party system, and †¢ maintains a federal system of government and representation. Conclusion The Electoral College System has been used for the past 200 hundred years in the election in the United States. The legislative body in USA must remember that time is changing and the system that was applicable 200 hundred years ago may not be applicasble anymore in the process of electing a president. Especially now, with the height of different technologies that can be used by the candidates for their advantage. It is good that they review and revised and if not totally abolished this system. They should be creative and resourceful enough to find the most suitable process of electing the president of the United States because it is the most important office in the United States of America References Fortier, John C. (2004) After the People Vote. American Enterprise Institute. 1:3 Kimberling, William (2002) The Electoral College. Retrieved on November 26, 2006. http://www. fec. gov/pdf/eleccoll. pdf NARA (2006) What is Electoral College. Retrieved on November 26, 2006. http://www. archives. gov/federal-register/electoral-college/electors. html

Copernicus Essay -- essays research papers

Copernicus has been named one of the most influential people this millennia by Time Magazine; in part for his movements in though during the scientific revolution; creating a basis for modern astronomy and challenging the Church (of the 15th century) to lead the way to a reform in thinking. He did so by disproving (mathematically) a theory of the heavens that had existed for almost 14 centuries, established by a man named Charles Ptolemy in 250 AD. Copernicus revolutionized astronomy by creating a solid basis for it to stand on, discovering that "The Earth was not the centre of the cosmos, but rather one celestial body among many, as it became subject to mathematical description." He compiled a manuscript of his theories, including the retrogressive behaviour of the planets, cause by the Earth's daily rotation on its axis and yearly revolution around the sun. Much of Copernicus' influence was rooted in the minds of men for years, perhaps because his theories were not fully understood or appreciated until many years after his death in 1543. Finally, Nicolaus Copernicus had a theory published (anonymously) that went against Catholic Church authority, a very bold step for someone in that era. The Church relented, and allowed the circulation of the manuscript.The Ptolemic System, up until the 1510s was the only way of thinking about the solar system as they knew it. The Church firmly believed the Earth was the centre of the universe, and as far as the community in that era was concerned, the Church's way of thinking was the correct way of thinking. For a great many years, the Ptolemic System had ruled the minds of astronomers; the Earth was the centre of the universe, and that Mercury, Venus, our Moon, Mars, Jupiter, Saturn, and the Sun all revolved around the Earth. As Copernicus recorded the movements of Mars, he noticed a peculiar pattern in its movements. Every night, its position differed slightly, mostly travelling west, then for a few days east again, then continuing west. He called the phenomenon retrograde motion, and it seemed to explain a rotation of the Earth. During his years as a student in universities (1491-1503), he found the first defects in the Ptolemic System, and after much concentration, he developed a manuscript with his theories of the Heaven in 1514, De revoltionibus orbium coelestium, libri (English Translation: On the Re... ...uestioned in Italy, and many new theories were being constructed. The expansion in thinking gave way for astronomers like Johannes Kepler and Galileo Galilei who further revolutionized astronomy as we know it today.Nicolaus Copernicus, born Mikolaj Kopernik, of Thorn, Poland accomplished a great many things, some we take for granted. He created an infinite number of possibilities of directions for astronomy to take. He expanded the minds of humans everywhere, and especially those of the Catholic Church. His manuscript De Revolutionibus created quite a stir, and raised a following among the students he lectured infrequently. "Considered the father of modern astronomy, he completely revolutionized science in the 1500s, giving way to others with radical theories to present them, and be accepted, not rejected." By the time of Copernicus' passing, most of Europe was thirsting for more information. What he contributed to astronomy will not be forgotten, and many new ideas sha ll rise because of his radical thinking, making him truly worthy of being 'The father of Modern Astronomy," and being placed on Time Magazine's list of the 100 most influential people of the millenia.

Adoption of Ifrs

ADOPTION OF IFRS: IT`S BENEFITS AND IMPACTS ON FIRMS AND COUNTRIES AROUND THE WORLD The IASB was established in 2001 and since have assumed the responsibility of the standard setting from its predecessor body, the International Accounting Standards Committee (IASC) and began issuing International Financial Reporting Standards (IFRS). IFRS has recently been dominating the regulatory changes in accounting for listed companies around the world. Through the years, over 100 countries have adopted IFRS reporting, some of which include Australia, the European Union, India, Japan, South Africa, Russia and most recently Canada.In addition, the U. S. Securities and Exchange Commission (SEC) are working towards the final element of a work plan to incorporate IFRS into the U. S. financial reporting jurisdiction. In November 2007, the SEC voted to allow foreign issuers that report in IFRS to file their financial statements with the SEC without reconciling to U. S. generally accepted accounting st andards (GAAP). Accounting standard setters anticipate that the use of IFRS will improve the comparability of financial statements, improve reporting transparency, and increase the quality of financial reporting which in turn will lead to greater investor confidence.From an economic perspective, some believe that it’s challenging to perceive that such expectations will be achieved as a result of converting to IFRS. However according to proponents of IFRS, publicly traded companies believe that applying these principles will allow for a single set of high quality accounting standards as this will contribute to better functioning of the capital markets (Quigley 2007).In the following paper I will discuss the reasons why firms around the globe have adopted IFRS in relation to the financial reporting and disclosure quality, comparability across firms and countries, and the costs and benefits associated with reporting improvements. Most countries are in favor of adopting IFRS, fro m the viewpoint that IFRS standards are more capital market oriented, which in turn provides higher quality information that will benefit constituencies of financial statement users as supposed to local GAAP (Daske and Gebhardt 2006).If this statement is true, one way to validate it is through recommendations by empirical studies that suggest firms engaging in IFRS implementations should see an increase in market liquidity followed by a decrease in the firm’s value of cost of capital. According to Leuz and Wysocki (2008), they have provided some evidence in relation to the effects of reporting quality on market liquidity. They indicate the issue regarding information asymmetry, where investors who possess less knowledge of a firm’s reporting structure or policies, are concerned about trading with the better informed investors.They indicate how these non-informed investors are to lower the price at which they are willing to buy, to protect themselves from losses incurre d from trading with better informed investors. Hence investors that possess less information about a stock are less likely to trade. These effects of adverse selection and information asymmetry reduce the liquidity of securities market. Therefore, IASB strongly encourages essential financial disclosure. This will alleviate the adverse selection problem and will result in increased market liquidity by leveling the playing field among all market participants.In addition, other studies have shown that improvements in financial reporting and disclosure can affect the cost of capital in a variety of ways. Some of which include, investors that require a higher return from less liquid securities and lower estimation risk as this makes it easier for the investor to estimate a firm’s future cash flow. This in turn, will improve risk sharing in the economy by making investors aware of certain securities or by making them more willing to hold them (Leuz and Verrecchia, 2004). Hence redu cing the cost of capital.As important as it can be for firms to disclose essential information to investors, other firms can also benefit from these disclosures for the purpose of decision making and will help reduce the agency problem existing between shareholders and management. For example, â€Å"disclosure on operating performance and governance arrangement provides useful benchmarks that help outside investors to evaluate other firms managerial efficiency or potential agency conflicts and, in doing so, lower the costs of monitoring† ( Leuz and Wysocki, 2008).In addition, the information environment has improved as firms switch over to IFRS, which has also contributed to the increase in higher quality financial reporting. According to Mary E. Barth (2006) firms that voluntarily adopted IFRS generally seek lower earning management, lower cost of capital, and more value relevant of earnings. All of which interpret evidence of higher accounting quality. Barth indicates that the accounting quality could be mproved by removing other accounting methods that are not reflective of a firm’s performance and which are used by managers to manage earnings. As part of his testing, he compared firm’s earnings management between those firms reporting under IFRS and firms reporting according to their local GAAP. As a result of his study, it was indicated that after firms had adopted IFRS, they had larger volatility swings in net income, increase ratio of variance in cash flows, higher correlation of accruals and cash flows, small positive net income, and increased occurrence of larger losses.Opponents argue that a single set of internationally accepted high quality financial reporting standards may not be appropriate for certain firms as they are exposed to different cultural, political and legal differences as this might continue to impose major obstacles in the progress towards the harmonization of standards. These differences however may not provide for any greater value relevance and reliability. For example a study conducted by Ball (2006) indicates that pension accounting may be subject to earnings management in countries that have less developed pension systems.Another empirical study indicates that managers can take advantage and use different assumptions to manipulate financial statements (Soderstorm and Jialin Sun, 2006). Proponents of IFRS argue that using common accounting standards across countries will make it more cost efficient for investors to identify earnings management. When accounting standards are uniformed and relevant disclosure is provided, investors are more likely to understand the different assumptions used by management to calculate such pension accounting, which will limit the chances of management to engage in earnings management.The second important factor as to why countries have chosen to adopt IFRS, is mainly because of its increase in accounting comparability across firms. The advantage of a gl obal movement towards IFRS reporting makes it easier for investors and stakeholders to compare different firms and the relevant information to help them assess the company objectives. Comparative reporting will enable users of financial statements in identifying which firms are more or less profitable.Firms that are exposed to high or low risk of return as a result, will reduce investors information asymmetries and lower estimation risk. Moreover, the improvement in comparability across firms allows for increase market liquidity and reduces firms cost of capital (Luez et al. 2008). Studies have suggested that prior to adopting IFRS, firm’s local GAAP standard which were tailored to the needs of analysts and investors would in theory reduce biased information and build investor confidence.A study conducted by Tan, Wang and Welter in 2009, indicated that once firms had adopted IFRS, their foreign analysts had increased significantly more for those who had the greatest level of GAAP differences. There have been a number of studies conducted to test whether IFRS adoption does in fact increase comparability. The outcome of these studies are mixed. Bielstein et al. (2007) concluded that IFRS adoption, results in greater foreign investment for countries that have strong reliability and comparability.Other empirical studies claim that cultural, political and business differences continue to impose significant obstacles in increasing the comparability of accounting information. Lang Maffet and Owens (2010) find that accounting comparability does not improve for IFRS adopters relative to a control group of non-adopters. The two conclude that there is little evidence that IFRS adoption increases comparability. Overall, from the research obtained, there is little empirical evidence proven on the effects of reporting comparability than reporting quality.The third important factor for countries adopting IFRS, are the costs and benefits associated in producing high qu ality accounting standards and the improvement in comparability across firms. As mentioned previously, the ultimate benefit a firm receives by adopting IFRS reporting is from the increase in market liquidity followed by a lower cost of capital. In order to achieve this high standard, there are costs that a firm is exposed to. Such incurred costs include transitional costs, ongoing costs of compliance to the firms, and enforcement costs relevant to government agencies (Standish, 2003).Standish summarizes his findings in relation to cost and benefits of firms moving to IFRS that will tend to see lower transaction costs when preparing financial reports. They will only be reporting against a single set of accounting standards instead of multiple sets. In addition, he makes note of a â€Å"positive network externality† that arises through the use of a single set of accounting standards by all constituencies. This will save market participants from requiring additional time and ene rgy of having to learn, apply and understand multiple sets of standards.Other benefits that result from the transition to IFRS will improve comparability between firm’s financial statement for investors and shareholders. Thereby, making investment decision’s easier. According to Leuz and Wysocki (2008), there are direct and indirect costs associated with improving reporting. The direct costs include preparation, validity and circulation of accounting reports. These costs can vary and increase significantly. In addition, firms will require assistance and hire consultants that have expertise in IFRS reporting.These specialists help train key personnel in the organizations so that they are able to produce financial statements that are in accordance to IFRS reporting. The costs tend to be more difficult for smaller companies to finance such activities for disclosures and reports, as their profitability margins are small. Disclosure costs have characteristics of indirect co sts. Whereby a firm can reduce its monopoly power by providing too much detail to the market, as sensitive profitability information is assimilated to its competitors.Other empirical studies have noted that with these costs and cost-benefit trade-offs that firms are undergoing, it may not be suitable for them to obtain high quality reporting. Rather, encourage firms to provide certain disclosures which the cost of disclosing such information does not exceed their benefit. Moreover, it is of importance that the standard setters recognize the net benefits obtained from the high quality reporting and comparability, as they differ across firm industries and countries (Leuz and Wysocki, 2008).It’s relatively evident why most companies would like to switch over to IFRS due to the number of benefits that are associated with the transition as described above. One would automatically presume that a single set of accounting standards that are used universally by most firms within diffe rent countries would deliver comparability, increase reporting transparency, allow for foreign investments, hence increasing market liquidity and low cost of capital. However, there is very little empirical evidence that claim these characteristics as being true after conversion.Having said that, Ball (2006) has noted that IASB has been successful in serving the public by developing comprehensive set of high quality standards that have convinced over 100 countries to adopt these principles for the purposes of financial reporting. There are some advantages of having a single set of accounting standards unified. As such, these standards contain characteristics of a â€Å"public good†, for example, the investor can use this information in an annual report without eliminating its usefulness to other investors. In other words, the marginal cost for another investor viewing these annual reports would be zero.A second advantage of unifying accounting standards and disclosure practic es is to reduce management from using their own judgement in financial reporting, by reducing the risk of altering the reports to mislead capital market participants. Moreover, these uniform standards provide protection for auditors against firms. These standards are to also be enforced by auditors, whereby the firm has very little opportunity to shirk, hence reducing information asymmetry and increasing investors and stakeholder’s confidence of the firm. Lastly, unifying these standards will increase the accounting comparability across firms.If each firm or country were to implement different local accounting standards, this can impose high costs for both the firm and its external users, such as investors as this will create negative externalities and will reduce domestic investments which can impact countries trade volume profitability, where the majority of countries main source of income is driven from. Opponents of IFRS adoption feel that a single set of accounting stand ards do not benefit all firms and countries. These differences in countries arise from cultural, economic, political and legal systems.For example, firms may have to respond to political pressures from the government due to balance sheet volatility, as a result of fair valuing. The IASB should review accounting standards as they are released to eliminate the possibility of political pressures on countries that are exposed to such tight regulation. One of the main reasons why countries and firms around the world adopt IFRS is due to the results achieved from reporting quality and disclosure practices. However, IFRS can occasionally produce ineffective reporting quality and disclosure.For instance, IFRS can lack in setting descriptive details in their guidelines that make it difficult for countries to follow. Some countries find their local GAAP easier to read and understand due to the level of detail and examples provided. These complexities in the rules creates havoc for firms that would like to report in IFRS, but find it challenging to exclusively follow these guidelines outlined by the IASB. As a result, this can lead to poor financial reporting quality. Other countries and firms conclude that fewer rules and guidelines will encourage management to produce effective accounting policies that will rompt them to make appropriate judgement calls. Information asymmetry and agency costs play a significant role in relation to the disclosure and financial reporting quality. The key motivating factor for any firm is, the more disclosure provided will create a positive signal to investors and hence, will reduce the information asymmetry and agency costs. Companies will see increases in investor confidence while earning high profitability levels. Moreover, firms adopting IFRS, chances are that they are subject to fewer opportunities to part take in earnings management or deceive investors.Studies have indicated that countries which have adopted IFRS do not all achieve the same degree of benefit. The study implies to those countries which have a weak structure in place for investor protection, will tend to see the most benefits from adopting of IFRS. In contrary, countries that have a strong structure in place for investor protection will see marginal benefits. The increase in benefits received by a country whether small or large will improve investor protection and provide for more comparable and comprehensive financial reporting.The cost and benefits of a firm converting to IFRS can be substantial depending on how one views it. The benefit driven through the implementation of IFRS will include lower cost of capital, increases firm value and creates a stable level of investors’ confidence. In addition, as discussed above, the benefits will also increase as a result of better financial reporting quality and cross country comparability for foreign investors, auditors and other constituencies. These benefits obtained through adoption of IFRS are not free. The cost of implementing such an accounting standard can cost firms millions.There are various types of costs that are incurred in the different processes a firm undergoes. The transition costs can be significant in relation to auditing fees. The cost of auditing work will increase, due to testing and validating accounting data as most of the assumptions used by firms are judgemental. Other costs involve training key personnel to apply applicable standards in practice. Companies tend to have shortages of staff that have ever been exposed to IFRS accounting, this is more apparent in Canada. As a result, these companies struggle as they need to learn and apply these new standards.Moreover, the cost related to the risk involved of manipulation of accounting standards, as these standards do not provide strict reporting rules for companies to follow, can impose a huge cost on the firm, if the auditor refuses to provide an unqualified opinion on the firm. Overall, the costs are generally higher during the first couple of phases through the transition. In the long run, costs tend to decline as employees are more aware of the standards and a basic foundation has been developed by IFRS consultants and auditors. At the present moment IFRS reporting is widely used by many countries across the globe.Based on the studies gathered above, countries and firms are optimistic about replacing their local GAAP to IFRS accounting standards. By moving towards a universal set of high quality accounting standards this will lead to improving the firm’s performance, by increasing shareholders wealth though investors’ confidence, lower cost of capital hence reducing information asymmetry. In addition, other benefits include comparability across all nations, this will help facilitate in better understanding by investors of accounting information released in public financials.Comparability will result in an increase of auditors understanding in the types of po licies and assumptions companies implement. This will help ensure that companies are not partaking in earnings management. Comparative accounting standards can be most beneficial to analysts. This will enable analysts to predict the firm’s future forecast of cash flows in comparison to the industry average. As mentioned above, the IFRS accounting standards are costly to implement. Studies have made reference to these transition costs as extremely pricy to develop, however, in the long run their costs tend to decline.This may in fact be true, however, for those companies that have incorporated IFRS standards, will continue to see new accounting pronouncements issued by the IASB, as they work to improve their guidelines. As a result, firms will continue to spend in areas of training and seeking professional advice on how these new standards will impact their firm. References 1. Bielstein , 2007. How the IFRS movement will affect financial reporting in the U. S. : Article: KPMG 2. Daske andGebhardt, 2006. Discussion of Daske and Gebhardt, Journal ofAccounting Finance and Business Studies. 3. Lang, Maffet and Owen, 2010. Earnings Movement and Accounting Comparability, the Journal of Accounting Research 4. Leuz and Verrecchia , 2004. Firms Capital Allocation Choices, Information Quality and the Cost of Capital 5. Luez and Wysocki, 2008. Economic Consequences of Financial Reporting and Disclosure Regulation, Journal of Accounting Research 6. Mary E. Barth, 2006. Accounting Quality : International Accounting Standards, The Journal of Accounting Research 7. Ray Ball, 2006.International Financial Reporting Standards (IFRS): Pros and Cons for Investors, Journal of Accounting Research 8. Soderstorm and Jialin Sun, 2007. IFRS Adoption and Accounting Quality: A review, The Journal of Accounting Research 9. Standsih, 2003. Evaluating National Capacity for Direct Participation in International Accounting Harmonization, Journal of Accounting Research 10. Tang, Wang and Welkor, 2011. Analyst Following and Forecast Accuracy After Mandated IFRS Adoption. Journal of Accounting Research. 11. William R. Scott, Fifth edition , 2009. Financial Accounting Theory

Summary of Management Consultancy

CHAPTER 1: OVERVIEW OF MANAGEMENT CONSULTANCY SERVICES BY CPAs Introduction to the World of Consulting * Consultants are not all CPAs. Anyone can be a consultant. However, to prosper in consultancy, one has to have the expertise. The most compelling nonmonetary reasons people enter the consulting field are: 1. Sharing their knowledge to help their clients. 2. Building business network and take a step up in one’s corporate career. 3. Having no boss, being independent and making their own decisions. 4. No fear of being laid off. 5. Having a flexible source of income. 6. A means of giving back to the community by providing expertise and assistance in community-based projects. Evolution of MAS The primary factors that contributed to the emergence and growth of management consultancy are: 1. Growth in size and complexity of business. 2. Difficulty in conducting and managing a business. 3. Greater competition among businesses so that new management techniques will have to be applied. 4. Recognition of the importance of accurate and timely information in decision-making. 5. Inability to have a complete line-up of professional management. Developing Trends Management consultancy now specializes in information systems, automated offices, financial analysis and modeling budgeting and cost controls, organization structures, personnel compensation, strategic planning and a host of other areas. * Another trend has been the improvement of business education. * The quality undergraduate and graduate programs in business are producing better-trained entrants into the ranks of management consulting profession. As a result of this infusion, management consulting is becoming a catalyst for advancement of better management concepts and techniques. Technological developments have occurred at a breathtaking pace in such areas as information sciences and decision sciences. * Computer hardware and software, together with data communication and robotics represent powerful tools for business management. Future Prospects A veteran management consultant makes the following predictions: 1. Management consulting will become even more specialized. 2. The consultant’s orientation will be towards being an insight-provider, creator and sharer of information. 3. Management consulting firms will tend either to remain small or to become quite large. Small firma will prosper by focusing upon narrow areas of specialization while large firms will have to develop and offer a wide range of services to sustain their high costs of operations. 4. As consultants grow in number, they will develop more sophisticated means of marketing their services. 5. Bright graduates of accounting, management and business schools will continue to be attracted to careers in management consulting. The Consulting Industry Most definitions of consultancy would include: . Information technology 2. Consulting and system integration 3. Corporate strategy 4. Operations management 5. Human resources management 6. Outsourcing The Main Types of Consultant Firms 1. IT Firms (for example, IBM’s purchase of PwC Consulting) – to increase revenue 2. Accounting firms offering consultancy 3. Major Consulting Only Firms 4. Independents Professional bodies such as PICPA off er professional training and accreditation and provide a forum for all-important networking. Career in Consulting Firms (in ascending order of seniority) 1. Analyst – responsible for gathering information and processing it for the consulting team. 2. Consultants – undertake the evaluation of the client business and make recommendations on its behalf. 3. Senior Consultant or Managers – more experienced consultants that have the responsibility of leading a consulting team. – would typically have 3-5 years of consulting experience. – would be more involved in dealing with members of the client team. 4. Business Development Managers – are responsible for developing the firm’s products and building its relationship with clients. would be involved in some large, complex consulting projects at a strategic level. – most would have 5-10 years of consulting experience. 5. Directors (or Partners) – are the most experienced consultants, who take on responsibility for the development of the organization as a whole and who lead its strategic development. – would maintain contacts wi th senior personnel in the client companies and would have overall responsibility for projects. – would have 10+ years of consulting experience. Nature of MAS by Independent Accounting Firms Management Advisory Services (MAS) by independent accounting firms can be described as the function of providing professional advisory (consulting) services, the primary purpose of which is to improve the client’s use of its capabilities and resources to achieve the objectives of the organization. Management Consultancy can also be described as an independent and objective advisory service provided by qualified persons to clients in order to help them identify and analyze management problems and opportunities. 2 types of encounters with clients: . Consultation- providing advice and information during a short time frame. The advice will be definitive when the consultant is fully aware of the situation and possesses sufficient expertise to require more intensive study or investigation. 2. Engagement- consists of that form of management advisory or consulting service in which an analytical approach and process is applied in a study or project. This approach typically involves: a. Ascertaining the pertinent facts and circumstances b. Seeking and identifying objectives c. Defining the problem or opportunity for improvement d. Evaluating and determining the possible solutions e. Present findings and recommendations f. Implementing the solution, if appropriate And following the client’s decisions to proceed, the independent accounting firm may also be involved in: a. Planning and scheduling actions to achieve the desired results, and b. Advising and providing technical assistance in implementing In combination with knowledge and experience in such areas as: a. Organization and management methods b. Office and management functions c. Systems and procedures d. Data processing methods e. Quantitative methods f. Financial management To produce solutions such as: * A management information system * A sales reporting system * A cost accounting system * A work measurement program * Improved production control * An organization plan with statements of duties and responsibilities, or * An electronic data processing system Rationale of Using Management Consultants A management consultant is hired for at least four valuable reasons: 1. Independent Viewpoint This enables him to see the true nature of the problems and distinguish between feasible and infeasible solutions. Since, he is not involved in the internal policies of his clients, his suggestions are considered unbiased. 2. Professional Advisor and Counselor Business firms generally prefer CPA consultants because of their academic training and examination requirement for the CPA certificate. 3. Temporary Professional Service The use of consultants will be probably less expensive to the company than hiring new managers or employees to provide professional advisory services. . Agent of Change In providing solutions to the client’s problem, changes may have to be made to the organizational structures, to procedures and to job responsibilities. Independent Accounting Firm’s Role in MAS â€Å"To provide advice and technical assistance which should provide for client participation in the analytical approach and process. Specifying this as the proper role recognizes both th e appropriate place of MAS and the realities of practice. This is the only basis on which the work should permit it to be done. * The accounting firm should avoid making management decisions or taking positions that might impair the firm’s objectivity. CPA’s Objective in Engaging in MAS â€Å"To utilize the essential qualifications it has available to provide advice and technical assistance which will enable client management to conduct its affairs more effectively. † Essential Qualifications: 1. Technical competence 2. Familiarity with the client’s finance and control systems and his business problems. 3. Analytical ability and experience in problem solving. 4. Professional independence, objectivity and integrity.

Inventor of the Mechanical Television System John Baird

Inventor of the Mechanical Television System John Baird John Logie Baird was born on August 13th, 1888, in Helensburgh, Dunbarton, Scotland and died on June 14th, 1946, in Bexhill-on-Sea, Sussex, England. John Baird received a diploma course in electrical engineering at the Glasgow and West of Scotland Technical College (now called Strathclyde University) and studied towards his Bachelor of Science Degree in electrical engineering from the University of Glasgow, interrupted by the outbreak of W.W.1. Early Patents Baird is best remembered for inventing a mechanical television system. During the 1920s, John Baird and American Clarence W. Hansell patented the idea of using arrays of transparent rods to transmit images for television and facsimiles respectively. Bairds 30 line images were the first demonstrations of television by reflected light rather than back-lit silhouettes. John Baird based his technology on Paul Nipkows scanning disk idea and later developments in electronics. John Baird Milestones The television pioneer created the first televised pictures of objects in motion (1924), the first televised human face (1925) and a year later he televised the first moving object image at the Royal Institution in London. His 1928 trans-Atlantic transmission of the image of a human face was a broadcasting milestone. Color television (1928), stereoscopic television and television by infra-red light were all demonstrated by Baird before 1930. He successfully lobbied for broadcast time with the British Broadcasting Company, the BBC started broadcasting television on the Baird 30-line system in 1929. The first simultaneous sound and vision telecast was broadcast in 1930. In July 1930, the first British Television Play was transmitted, The Man with the Flower in his Mouth. In 1936, the British Broadcasting Corporation adopted television service using the electronic television technology of Marconi-EMI (the worlds first regular high-resolution service - 405 lines per picture), it was that technology that won out over Bairds system.