Provisions - Contingent Liabilities and Contingent Assets

Question: Discuss about theProvisions, Contingent Liabilities and Contingent Assets. Answer: Introduction The main purpose of IAS 37 was to ensure that appropriate recognition criteria and proper measurement values are applied while determining the provisions, contingent assets and contingent liabilities. Part A: Definition of Provisions IAS 37 has defined provisions as liabilities that are recognized as balance sheet items and they arise due to presence of uncertain timing and amount. The word provision is also used in context of depreciation, doubtful debts, and impairment of assets. In this standard there are no such connections of provisions created for depreciation, doubtful debts and impairment of assets. According to this accounting standard liabilities means a present obligation of the organization that arises from the past occurrence of any event and outcome of this event is outflow from the entity (Mirza, Orrell and Holt, 2010). As per IAS 37 provisions should be recognized when all the following conditions are fulfilled: When the organization has current or present obligations (either legal or constructive) due to occurrence of past event When there is probability that there will outflow of resources creating some economic benefits are required to be used to settle the obligation. When reliable and meaningful estimates can be made for the provisions to be recognized as the balance sheet item When all of the above conditions are fulfill, than there is requirement to make the provisions in the balance sheet, if not than there is no requirement to create the provisions. Part B: Disclosure Requirement of Provisions IAS 37 has provided various disclosure requirements for provisions, contingent liabilities and contingent assets. These disclosure requirements are mandatory and have to be followed by all. Disclosure requirements for provisions are provided in paragraph 84 of IAS 37. For each class of provisions an organization has to disclose following: The carrying amount of provisions at the beginning and at the end must be disclosed in the balance sheet Any additional provisions made between the periods referred in the balance sheet and also disclose any increases to the existing provisions Any amount of provisions used i.e. charge or incurred against the provisions during the referred period Any amount of unused provisions reversed during the period Any increase in the discounted items that have arise due to the passage of time difference during the period Any change in the discount rate must also be disclosed (Alexander and Archer, 2008) Any comparative information is not required to be disclosed for the provisions. For each class of provisions an organization must disclose following: A small description of the nature of the obligation being created and expected time when it results in the outflows of resources An organization must indicate the uncertainties in relation to timing and amount of the resultant outflows. It must be noted that if necessary an organization must provide proper information and also provide the major assumptions made in relation to future events The amount of the expected outflow of reimbursement and also state the amount of asset that have been recognized for that expected reimbursement (Alexander and Archer, 2008) Part C: Accruals, Prudence and Materiality IAS 37 is drawn in such a way that it confers with the principle of accruals, prudence and materiality. These are explained in detail below: Accrual Concept: According to this principle different income and expenses items in the financial statements must be recognized in the period for which they relate not on the cash basis. Provisions are referred to the uncertain liabilities as there is uncertainty regarding the amount of future expenditure required to settle the liabilities. Even though provisions are made if there is some probability that such liabilities will require some outflow of resources in future time period. Generally accruals are reported as trade and payable but provisions are shown separately in the balance sheet. Prudence Concept: It is most important accounting principle that requires not overestimating the amount of revenues and underestimating the amount of expenses. According to this principle, while recoding the amount of assets some conservativeness must be kept and never underestimate the amount of liabilities. Provisions are liabilities that require outflows of economic benefits at any future time period but there is uncertainty about the time and amount of liabilities. Except in very rare cases the amount of provisions can be determine through the excepted outcomes in each category of provisions. In extreme rare cases where is not possible to determine the amount of provisions that it can be shown as contingent liabilities outside the balance sheet. Materiality: According to this principle of financial reporting all such information must be included in financial statements that sway the opinion of the financial users. As per the disclosure requirement of IAS 37, provisions need to be shown in the balance sheet. Therefore, provisions fulfil the requirement of materiality (Greuning, 2009). Part D: Contingent Liabilities Contingent Liabilities refers to the possible obligation that are created from any event in the past and its existence will be based on occurrence or non occurrence of one or more uncertain future events and these events are not fully under control of organization. Basically contingent liabilities have not been recognized in the balance sheet (Ernst and Young LLP, 2013). It should be disclosed as required by the paragraph 86 pf IAS 37 unless the probability of an outflow of resources realizing the economic benefits are remote. Part E: Contingent Assets The definition of contingent assets is same as contingent liabilities. According to the definition, contingent assets refers to possible asset that are created from any event in the past and its existence will be based on occurrence or non occurrence of one or more uncertain future events and these events are not fully under control of organization. Contingent assets must not recognized in the balance sheet unless there is virtual certain that some part of income will surely arise in future due to occurrence of an event. In this case recognition of income is certain and it cant be treated as contingent assets. However contingent assets can be shown as notes to accounts if there is any event in future that will provide economic benefits. Conclusion IAS 37 deals with provisions, contingent liabilities and contingent assets. It provides guidelines on how to measure the provisions, contingent liabilities and contingent assets. It also tells on how to recognize the provisions, contingent assets and contingent liabilities in the financial report. References Mirza, A., Orrell, M. and Holt, G. 2010. Wiley IFRS: Practical Implementation Guide and Workbook. John Wiley Sons. Ernst and Young LLP. 2013. International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards. John Wiley Sons. Greuning, H. 2009. International Financial Reporting Standards: A Practical Guide. World Bank Publications. Alexander, D. and Archer, S. 2008. International Accounting/Financial Reporting Standards Guide. CCH.

Shakespeares Sonnet 18 Essays - Literature, Poetry, Sonnet 18

Shakespeare's Sonnet 18 William Shakespeare's Sonnet 18 is part of a group of 126 sonnets Shakespeare wrote that are addressed to a young man of great beauty and promise. In this group of sonnets, the speaker urges the young man to marry and perpetuate his virtues through children, and warns him about the destructive power of time, age, and moral weakness. Sonnet 18 focuses on the beauty of the young man, and how beauty fades, but his beauty will not because it will be remembered by everyone who reads this poem. Shakespeare starts the poem with a metaphoric question in line one asking if he should compare the man to a summer's day. This asks if he should compare the beauty of a summer's day to the beauty of the young man about whom Shakespeare is writing. Line two of this poem states ?Thou art more lovely and more temperate.? Temperate is used as a synonym for moderate by the author. In line two the speaker is describing the man as more lovely and more moderate than a summer's day. This emphasizes the man's beauty and how the man is viewed by the speaker. Line three, ?Rough winds do shake the darling buds of May,? tells why the man's beauty is greater than that of a summer's day. Shakespeare uses ?rough winds? to symbolize imperfections. The speaker is implying that there are no imperfections in the young man, but there are in the summer, so the man cannot be compared to a summer's day. In line four the speaker adds to this thought by saying that the summer also does not last as long as the man's beauty therefore it cannot be compared to it. Line five states another imperfection of the summer. Shakespeare uses ?the eye of heaven? as a metaphor in this line to describe the sun. In line six Shakespeare uses the phrase ?gold complexion dimmed? to describe the sun again which means that sometimes the sun is not hot enough, and that, as said in line five, sometimes the sun is too hot. In lines seven and eight the speaker ends the complication by describing how nature is never perfect. Line nine starts the resolution of the poem by using the conjunction ?but?. ?Eternal summer? in line nine is referring back to the man's eternal beauty, using summer to symbolize beauty, and saying that the man's beauty will never fail like the summer's beauty. In lines ten, eleven, and twelve the speaker says that the man, ?When in eternal lines to time thou grow'st? (line 12) or when he grows old, will not lose possession of what is fair to him, and ?Nor shall Death brag thou wander'st in his shade? (line 11) or he will not be poor in health and close to dying. Lines thirteen and fourteen say that as long as this poem is read, the man's beauty will never go away, because every time someone reads the poem they will be reminded of his beauty. This poem that Shakespeare wrote, in the octave, describes how all beauty fades except for the man about whom Shakespeare is writing. The octave also tells of how great the man's beauty is compared to everything else that is beautiful. In the sestet, the poem tells about how the man's beauty stays alive and out lives all other beauty. The poem is written in iambic pentameter. Shakespeare makes use of much symbolism and many other figurative devices in this poem that contribute and emphasize to the overall theme of the poem.

Writing an Essay - What to Write In A Sample Essay

Writing an Essay - What to Write In A Sample EssayWhen I was a sophomore in high school, my parents and I had a little time to kill. For a couple of weeks, I had the time of my life and for a brief period of time, I didn't have to put together a high school senior sample essay. That experience became quite fond of me and made me think back to that time when I really had no idea what to write.There is a certain logic to essays that follow a pattern. But if the reader begins to think too much about the structure of the essay and gets sidetracked by structure, then the essay may not be coherent. You must stick to the rhythm of the paper if you want to make your paper flow. You may do so by writing a very simple essay that guides the reader through your thoughts.If you can answer a student's question with clarity, then you should include that information in your essay. If your essay can be better understood by readers, they will probably read it again. Plus, you will be able to get more information from them. And if you have multiple ideas, then your essay will be better organized.One thing that could help you craft a more professional looking sample essay is to use a template. There are several online. Then, if you need to add information, then it is as easy as creating a new page. The template should be easy to use and very clear.An important part of the essay is what you put in the essay. A simple and straight forward story, even if you have to skip out on some details, will help your student learn more. But if your story is too long, then it may be hard to understand.Be careful about using direct quotes. You want your student to enjoy the story, not to see it as a word piece. A good essay is like a blank piece of paper; just let the creativity flow and be sure that the other students at your school have the same imagination.When quoting someone, remember that the quote can also be found in context. To avoid misinterpretation, make sure that the quote is in cont ext of the passage reference. In addition, you should make sure that the quote fits the theme of the story. You don't want to have a quote in the middle of a story that contains a different quote.The better you tell a story, the better you will describe it and the better it will read. Even though the students may think that you did not like their story, that is not true. You can help them by providing a good description. However, a poorly written story is like a piece of junk and should not be written.

A Critique of Neuroscience-The New Philosophy Essay Example

A Critique of Neuroscience A Critique of Neuroscience-The New Philosophy Essay A Critique of Neuroscience-The New Philosophy Essay Name: Instructor: Course: Date: A Critique of Neuroscience-The New Philosophy The discourse, Neuroscience-The New Philosophy, by V.S Ramachandran, illustrates Ramachandran’s viewpoints on neuroscience. In the discussion, Ramachandran delves on discovering reasons as to why particular patients have specific kinds of symptoms when faced with mental illnesses and the reason for their differences across diverse mental illnesses. In addition, Ramachandran explains how indispensable formations and structures within the brain can lead to peculiar behaviors in mental infirmity. The discourse mainly focuses on three approaches based on mental illnesses. These approaches include the effect of chemical imbalances, the Darwinian or Neuropsychiatry approach and the Freudian approach. The discourse offers a different viewpoint on mental illness. It also provides a deep insight and provides explanations on mental infirmity. Thus, assessing the article provides the basis for critiquing Ramachandran’s discussion on mental illness. Much of Ramachandran’s discourse is centered on the disposition of consciousness. He does this by assessing a number of mental states and anomalies that are abnormal and some that are deemed as similar to madness. Additionally, assessment of the different mental infirmities provides foundation in recognizing the brain imaging. Through imaging, knowledge is gained on how the brain functions. To illustrate this, Ramachandran uses a disorder such as hysteria. Based on medical connotations, hysteria illustrates a condition where the patient, in the event of developing a paralysis of a leg or an arm or blindness, possesses null neurological deficits that could be reason for his symptoms. Through this disorder, imaging is used to determine the normal function of the brain by recognizing that the brain is actually ordinary. Additionally, imaging has provided knowledge on the sections of the brain that are active or inactive when a specific action or mental process is carried out. Secondly, Ramachandran focuses on the aspect of free will. By using hysteria as an example, the disorder is viewed as an abnormality of free will thus confirming that hysteria is purely due to psychological defects. In the discourse, free will is deemed as a delusion and an irrelevant explanation on the functions of the brain. Based on experiments conducted on free will such as the EEG experiment, it was discovered that the brain sends signals earlier before a person expresses the will to engage in the specific process. Such a discovery only discredits the philosophical principle of free will. Equally, free will illustrates the ability of agents to make decisions unrestricted by definite factors such as mental constraints. However, the fact that consciousness does not determine other actions performed by an agent only exemplifies free will as an illusion. Finally, Ramachandran discusses the Sense of Self. Based on Ramachandran’s assertions, mental illnesses can be seen as disturbances or impairments of the self and consciousness. However, using the insinuations, ‘consciousness’ and ‘self’, Ramachandran alleges that explaining mental illnesses using such assertions is ignorant. In order to explain the problem arising from definition of the self, the author uses the problem of qualia. Qualia are simply subjective sensations. Thus, through the awareness of sensations, the constituents of the consciousness and the self are attached to neuroscience. Ramachandran is able to use qualia in determining the locations in the brain and the functions that enable derivation as well as the qualities that constitute the Sense of Self. In conclusion, Ramachandran borders on various approaches and even constitutes a supplementary approach in order to explain the nature of self. Various factors that comprise the Sense of Self such as consciousness and free will are controversial fields that blur the line between neurology and philosophy. Nevertheless, it is evident that uncovering consciousness in the context of mental illness is a problem that is difficult to ascertain in the field of neuroscience.

9 Simple Tips to Improve Your Job Search

9 Simple Tips to Improve Your Job Search Keeping up with the things you need to do by maintaining a to-do list is a good idea for those who are job searching. It not only helps keep you on track, it reminds you of those things you need to do to make your search for a job a success. Diligence is the key to finding that perfect job.   1. Check for Jobs Each MorningFirst thing each morning, check the job listings. There are other people out there who would like to have the same jobs you apply for, and being among the first to apply can put you in a better position to get just the job you want.  2. Don’t Put Things OffWhen you see a job that interests you, send your resume and cover letter without putting it off. It is surprisingly easy to tell yourself that you will do it later and then forget about it. By the time you get around to applying, possibly days later, the job may be filled.  3. Follow Up on ApplicationsIf you haven’t heard back on job applications you have submitted, it is a good idea to wait a week and follow up. Sometimes, expressing further interest in a job can get you pushed up in the application process. If you receive a definitive no, you can remove that job from your list.  4. Use Technology to Stay OrganizedUtilize technology by using your cell phone or computer to stay organized with your job search. Making up a spreadsheet with dates and the ability to check off tasks when completed ensures that you are following up on schedule. In addition, it is easier to add on other job hunting tasks as they come up.  5. Learn New SkillsLearning something new is always useful. Factor in a few hours a week to take a class, learn a new skill that relates to your dream job or catch up to date. The time spent doing this will be worthwhile as it shows employers that you take your skills seriously.  6. Research Your Job NicheNew jobs pop up in industries that offer you the ability to apply your skills in new areas. Do research in your field to find new positions that you can enter. If taking a few courses helps you fit the job requirements, take night courses or online courses to expand your employability.  7. Work on Personal PaperworkOnce a week, work on one of the documents you use to apply for a job. You can use this time to recheck your resume, cover letter or personal plan to market yourself. See where you can make improvements. Remember to personalize your applications by studying the company where you are applying, and use your assets and strengths to show how you would be a good match for the company team.  8. Customizing Job ApplicationsOne mistake job seekers sometimes make is sending out a general resume for every job application. Aiming your resume toward particular jobs helps because the hiring manager will know right away whether you are a good fit for the job. Instead of just listing your qualifications, also list what you did that was a benefit to the company. Working as a salesperson, for instance, list how you won a company award for the number of sales you made.  9. Do Volunteer WorkVolunteer work looks good on a resume, whether it is coaching a group of children in soccer or volunteering at a local charity. Add this to your to-do list, and make time for it. It not only lets you make new contacts and help others but shows your potential employer that you have outside interests.  Keeping on top of job applications with a job search site can help you find that perfect job more quickly. TheJobNetwork helps by letting you enter your qualifications and does the search for you. Sign up for our job match alert, and searches are done round the clock, sending you job notifications as soon as they pop up. By receiving job alerts that match your qualifications and job interests, you won’t miss any jobs for which you are qualified. In addition, it gives you the ability to search job sites yourself to be proactive.

The Parthenon in Athens and the Pantheon in Rome Essay

The Parthenon in Athens and the Pantheon in Rome - Essay Example This research will begin with the statement that in comparing the Greek and Roman cultures one must first study a brief history of the cultures surrounding the cities in which these magnificent buildings were first built. Athens began as a great limestone rock, a holy or sacred place rising to the Attica plateau. The Acropolis as it is called means in Greek, â€Å"the highest point of the town.† Many ancient cities were built on principles of height as a fortress for protection; however, the Acropolis has special meaning as a sacred place for an emerging Greek dynasty. The great limestone rock measures from the basin to 70 meters and levels out at the top at 300 meters long and 150 meters wide. The top has become very flat due to many landfills over the course of history which allowed construction of its temples and buildings. The Acropolis was a prime location for habitation and worship due to its shallow caves and underground water springs. Its steep slopes were also a great source of protection during an unstable time in history. A deep well dug at the north end of the rock was very useful to the defenders during a long siege. It provided an almost endless underground water supply. The Acropolis functioned also as a residence for royalty, a place to worship for the Goddess of fertility and nature, and her male companion God Erechtheus. The Acropolis hill is sometimes called the â€Å"sacred rock† of Athens and is seen as holding the most important sites of the city and secrets of the ancient Greek culture. This sacred rock is the beginning of some of the architectural masterpieces of Greek history and culture. Relics of offerings made to the Goddess Athena in marble, korai, bronze and clay date back to the Archaic period around 650-480 B.C.). The Parthenon: The Parthenon was built on the site of other cultures that came before them. It was considered a sacred place. The purpose of the Parthenon was to cement the temples of earlier cultures as well as experience and praise the Greek goddess Athena. The name Parthenon refers to the worship of the goddess who is the patroness of the city of Athens. Mythology has it that she was born fully-grown out of the head of her father Zeus. This reverts back to the Greek belief that she represented the greater order of spiritual development with the gifts of intellect and understanding. She is seen as a symbol to the human aspect of wisdom. Two architects, Ictinus and Callicrates, supervised by the sculptor, Phidias, built the Parthenon. Considered a temple, the Parthenon was built according to the Doric order of architecture, the simplest of classical Greek architectural styles. It represented simplicity along with power; built to precise dimensions using mathematical ratios of sacred geometry. The building is rectangular and measured 101.34 feet wide by 228.14 feet long from the top of its base. When new it was constructed of white marble, 46 columns, and tile roofing. It contained a nearly 40 foot tall statue of the goddess Athena. The statue was constructed of wood, gold and ivory. Athens most significant and prosperous time in history was the 5th century BC under the reign of Pericles. During this time the Greeks developed a constitution that gave all citizens the right to participate in the governing of the state. Democracy was the most significant achievement of the early Greeks. Considered the Golden Age of Athens, the Parthenon was built when arts, philosophy and drama were at their highest point. Unfortunately, the Peloponnesian War with Athenians and Sparta ended development. The building has been damaged over past centuries by looters, modern day automobile exhausts, industrial pollution and acid rain.

BUS IP 4 Essay Example | Topics and Well Written Essays - 750 words

BUS IP 4 - Essay Example Today distance learning is gaining popularity in various groups of peoples who are keen to learn and upgrade them for better career opportunities. There are numbers of benefits offered by distance learning educations. Some of the key benefits are convenience, flexibility and freedom, effectiveness, Interactivity, increase access to learning and efficiency. Distance learning offers student increased access to learning. They have an opportunity for knowledge and skill enhancement simultaneously working or doing their job. Student can learn from wider number of institutions from their choices and have access to learning at any time and any place. It basically provides an alternative to traditional classroom learning. It has been found that some times it is more effective than traditional classroom learning. It can meet the needs of student who can not attend on-campus classes or lives far from school. It also provides an opportunity to the student to learn with their own pace which is generally not provided by traditional classroom training. Student can also submit their assignment by using email which removes the travel time to school for submitting assignments. Distance learning uses wide variety of materials such as audio, video, books and many more other types of learning resources that can meet every student learning preferences. One of the main benefits of distance learning is increased interactions among students. Many of the courses offered by distance learning institutes have options of attending class room on specific weekdays or period of time. This offers another benefit of distance learning as interactions among student’s increases. In such cases distance learning creates interactions that stimulate understanding and exchange of ideas between students from correspondences and also it provides ability to do interactive teamwork between groups. The financial and