How the Australian Great Barrier Reef Succeeds at...

How the Australian Great Barrier Reef Succeeds at Preservation and Sustainable Use and How it Applies to a Worldwide Problem Coral bleaching is a somewhat recent phenomenon that has prompted many communities and countries around the world to enact policies and legislation that deal with their dying coral reefs. In early 1998, a mass coral bleaching event took place on the Australian Great Barrier Reef, and broad scale aerial surveys confirmed that most of the inland reefs had experienced at least some bleaching (Lally 1999). The following analysis of the Great Barrier Reef will illustrate that a successful policy process must incorporate the people who live, work, and depend on the fragile environment into the decision-making about†¦show more content†¦Coral reefs not only protect coastlines and beaches from wave damage and erosion, but also are the basis for the fishing and tourism industries. Dying reefs is a worldwide problem, and evidence shows that 10% of the entire world’s coral has died, and 60% will die by 2020 if existing conditions continue (NOAA 2000). The reason that the Austral ian Great Barrier Reef is so important is because not only is it the largest barrier reef in the world, but it is also one of the most evolved models of how to best manage and protect the world’s largest reef system (Ornitz 1996). It extends for 2,340 kilometers (km), covers 345,000 square km and contains 2,900 reefs, 300 coral cays and 600 continental islands (White 1999). Historically, it has been ahead of the rest of the world in terms of recognizing and addressing problems associated with reef degradation. What are coral reefs? Corals are tiny immobile animals that live in colonies, where each cluster is called a polyp. Different species build structures of various sizes and shapes, such as brain or fan coral, creating a diverse and complex ecosystem (EPA 2000). Nearly all reef-dwelling corals have a symbiotic (mutually beneficial) relationship with the algae, which live inside the coral polyps and perform photosynthesis, a process that produces food that is shared with the coral (Fagoonee 1999). In addition, the algae share itsShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesand industrial depression from the late 1860s to the 1890s, as well as the social tensions and political rivalries that generated and were in turn fed by imperialist expansionism, one cannot begin to comprehend the causes and consequences of the Great War that began in 1914. That conflict determined the contours of the twentieth century in myriad ways. On the one hand, the war set in motion transformative processes that were clearly major departures from those that defined the nineteenth-century

Compensation and Benefit Plan Essay - 1309 Words

Compensation and Benefits Plan Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. They should be designed to meet the candidate’s needs and expectations to ensure acceptance. This paper represents a job proposal created by our team for the position of Senior Reliability Engineer at Medtronic, Inc. Various resources and websites were utilized†¦show more content†¦Company Medtronic Diabetes Location USA-CA-Northridge Job Type Full Time - Regular Exempt/Non-Exempt Exempt Shift First Travel Percentage less than 25% Experience Required 5 years Education Required B.S. in Engineering, Science, or a Mathematical Discipline Position Description: Be a technical leader for the initiation and development of world-class Reliability Program at Medtronic Diabetes for medical device product lines. Responsible for performing reliability activities, such as Ongoing Reliability testing, Physics of Failure, Reliability Growth, and Demonstration. Ensure accurate, timely independent evaluation of product performance, and safety prior to market release or clinical studies. Position Responsibilities †¢ Prepare, review, execute, approve reliability growth and demonstration test plans/reports for the introduction of new product designs, and enhancement/evolution of current product designs. †¢ Perform root cause failure analysis and troubleshooting (mechanical and electrical) for current and new products undergoing reliability and validation testing. †¢ Develop final assembly and sub-assembly/component test plans for HALT/HASS for current and new products. †¢ Create new test equipment and methodology to evaluate, predict the reliability of new products and existing medical devices on both systemShow MoreRelatedCompensation and Benefits Plan Analysis1373 Words   |  5 Pagesreminder does not contain all of the terms and conditions that govern your purchase Compensation and Benefits Plan Analysis The competitive business environment determines companies to focus on developing strategies intended to improve their position on the market. This objective is reached with the help of employees and their performance. In other words, it is important to improve employees performance in order to benefit from an improved position o the market of these companies. The performance improvementsRead MoreEssay on Proposal on a Compensation and Benefits Plan770 Words   |  4 PagesProposal on a Compensation and Benefits Plan Sonia Miranda Sandra Gonzalez HRM/531 Management July 11, 2011 Devin Daugherty Proposal on a Compensation and Benefits Plan Globalization and economy downturn are forcing companies’ to structure their benefit programs differently. Before some companies had a wide array of compensation for employees, but that has changed and these companies had to find ways to cut cost of benefits offer to new employees and find new programs to retainRead MoreA Brief Note On Compensation And Benefits Plan2021 Words   |  9 PagesGC3 Compensation and Benefits Plan Pay Philosophy As GC3 pushes for a stronger and revitalized company, Tri-State Consulting, LLC recognizes the mission, vision and business strategy should be the basis for the company’s Compensation Strategy. â€Å"Turning compensation into a driver of business success is part of knowing your business (Miller, 2011).† Alignment with the business strategy is shown through industry match of compensation in the 50 percentile, which is part of differentiating services fromRead MoreCompensation And Benefits Plan For Newtech International Inc.1195 Words   |  5 PagesIntroduction This is a compensation and benefits plan for Newtech International Inc. aimed at ensuring that current employees and those who will retire from this company get the best in terms of salary and other benefits. In hopes that employee’s will be committed towards achieving the company’s goals (McKeever, 2002). The author of this paper agrees that providing a great compensation and benefits plan will enhance worker performance. Background Information Newtech International Inc. is aRead MoreThe Effect of New Laws and Regulations on Compensation and Benefits Plans1205 Words   |  5 PagesNew Laws and Regulations Affect on Compensation and Benefits Plans Healthcare Reform and pension plan fee disclosures increase employer costs abstract The labor and economic climate and the labor market of today have a lot of uncertainty. In today’s soft labor market, compensation and benefits might seem like a non-issue. Small business are struggling to be competitive in the business world and in order for them to do so them must compete to hire those employees that have a high degree ofRead MoreBenefits Of A Formal Pay Strategy For The Administration Of Compensation Plans1571 Words   |  7 Pageshome country approach? Organizations use pay strategies to assist in the administration of compensation plans. The use of a formal pay strategy allows the assessment and grouping of similar jobs together. Global employers follow different pay strategies because pay strategies are profoundly influenced by different factors such as culture, social contracts, labor relations and management practice. Compensation creates a link between reward and results. Meaning that organizations seek to achieve theRead MoreEmployee Compensation Programs Essay1416 Words   |  6 PagesBenefits have most definitely changed throughout the past years. According to Compensation, during 1880 people worked approximately 14 hours every single day except on Sundays and would only receive a raise if they stayed with the company for five years and if the company prospered during that time (Gerhart, 2011, p. 414). Over the next couple of years, employees began seeing work hours change from 60-64 hours per week to 54 hours by the yea r 1930. Eventually, employees were able to have holidaysRead MoreCompensation and Benefit System Proposal Essay example1090 Words   |  5 Pagesresource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the externalRead MoreThe Implementation Of The Apple Company1657 Words   |  7 PagesThe Apple Company satisfies most of its employees using its comprehensive compensation plan that includes all workers irrespective of their positions. To start with, it is among the most profitable companies in the world and it focuses on the manufacturing and desig ning of software and electronics. Additionally, its most popular hardware devices are iPod, Mac Book, iMac, and iPhone, which make significant contributions to the company’s profits. The software devices that it manufactures are iTunesRead MoreBenefits And Benefits Of Ford Motor Company1657 Words   |  7 Pagesgood compensation and benefits plan to remain competitive. As a result, this study focused on researching the types of compensation and benefits plans Ford Motor Company offered to its employees. The study found out that the company offers compensation and benefits plans such as base pay, variable pay, insurance (health, risk, and life), holiday pay, maternity leave, vacation, and pension. This study also determined the advantages and disadvantages of the above compensation plans and benefits.

International Accounting

Introduction International Financial Reporting Standards (IFRS) are established by the International Accounting Standards Board (IASB). These standards facilitate in communicating the financial results of a company to its stakeholders so that they can analyse the information and take appropriate decisions regarding entering into a financial transaction with it. These standards also facilitate in comparing the financial results of two and more companies that prepare their financial statements by complying with the IFRS (IFRS 2013). The local Generally Accepted Accounting Principles (GAAP) is standards set by the local regulatory authority of that country, which is adopted by companies that are based in the concerned country. The selected country for this paper is the UK. This paper focuses on the difference between UK GAAP and IFRS. The three significant differences between UK GAAP and IFRS are illustrated by representing them in the form of financial statements. These differences are related to intangible assets, provisions and government grants. There will also be a discussion of problems faced by the entity in adoption of IFRS for the first time in a chosen country. Besides this, the impact of adoption of IFRS on the financial performance and position of a company is also discussed in this paper (Ernst Young 2012). Differences between IFRS and UK GAAP There is an existence of significant differences between IFRS and UK GAAP. Under IFRS, the statement of changes in equity includes the statement of recognised gains and incomes. The cash flow statement includes both cash, as well as, cash equivalents and there is a classification of interest and dividends on the basis of their nature into three categories i.e. operating, investing and financing. Under certain circumstances, there is an involvement of bank overdraft in cash and cash equivalents. In contrast the UK GAAP states that there is a separate presentation of recognised gains and loses and changes in the shareholders fund. There is no consideration given to cash equivalents under these standards in the cash flow statement and there is also an inclusion of bank overdrafts in cash. The interest, dividends and taxes are classified into different categories of an item (KPMG 2003). The cost of inventory is calculated by using LIFO method, whereas in UK GAAP, LIFO method is rarely used by companies for the evaluation of inventory in their financial statements. The cost of agricultural produce is recorded at cost or net realisable value, whichever is less, but in IFRS, the cost of agricultural produce is recorded at the value attained by subtracting point of sale cost from the fair value. Under IFRS, some of the equity shares are classified as liabilities. In addition to this, the dividend earned on these shares are treated as interest on the accrual basis in income statement, whereas there is a requirement to record all shares under shareholders funds and the shares that are owned by employees under ESOP scheme are treated as assets of a company under UK GAAP (World GAAP Info 2008). In addition to this, the distribution of dividend is recognised in the year to which it relates. There is a requirement to differentiate the amount of dividend and shareholders fund with regard to the equity and non equity. The revaluation of financial statements under IFRS is done either on the mandatory basis or on the option basis. Despite this, the adjustments are made on the basis of current purchasing power if the currency of an enterprise is hyperinflationary. On the other hand, under UK GAAP, there is a rare possibility of revaluation of assets, except property; along with this, there is no additional requirement to be fulfilled by the company under the hyperinflationary nature of currency (Ernst Young 2011). Under IFRS, power to control is the foundation of consolidation and subsidiaries are treated as financial assets if they are excluded from the consolidation. The computation of minority interests is done either on the basis of carrying amounts of subsidiaries or on consolidation; while in UK GAAP, there is a requirement of consolidation only if dominant influence is exercised regardless of the existence of formal power. The treatment of subsidiaries is done as equity if these are excluded from consolidation and have a significant influence on the business of the company (World GAAP Info 2008). In addition to this, the evaluation of minority interest is done on the basis of carrying amounts on consolidation. Under IFRS, there is an exclusion of those acquired assets and liabilities, which do not adhere with the requirements of recognition under other standards. In addition to this, the income statement recognises negative goodwill. There is a capitalisation of transaction cost and the cost of acquisition includes expenses related to the registration and issue of equity securities. On the other hand, UK GAAP recognises those acquired assets and liabilities which do not meet the requirements of recognition under other standards. There is no capitalisation of transaction costs and it involves deduction of cost of issuing shares from gross proceeds and it has been credited to equity shareholders funds (KPMG 2003). There is an exclusion of property under operating lease from investment property and it is recorded at the fair value along with changes in the income statement under IFRS. The dual use investment property is classified only if the separate parts can be sold separately. On the other hand, the investments held under operating leases are considered under investment property and only that part is classified under investment property which can be let out not necessarily to be disposed off separately under UK GAAP. Besides this, there is recognition of investment property at the open market value in the financial statements and the record of changes is to be treated under reserves in this system (World GAAP Info 2008). The impairment is calculated annually for those tangible fixed assets that have a life span of 50 years and the monitoring of cash flows is to be done for five years after a value in use in UK GAAP, whereas impairment is not calculated annually for property, plant and equipment under IFRS and there is no requirement of monitoring after a specified time period. Under UK GAAP, there is an inclusion of provisions in financial statements regarding the sale and termination of an operation. This type of provision includes estimated operating losses for the future period. On the other hand, there is no requirement to make provisions for future operating losses under IFRS. Under UK GAAP, there is no deduction of government grants from the cost of fixed assets to which these grants relate, whereas government grants related to the fixed assets are deducted from the cost of that particular asset (KPMG 2003). The main difference for the treatment of intangible assets between UK GAAP and IFRS is that the intangibles, such as development costs are capitalised and amortised under IFRS, but it is not either capitalised or amortised under UK GAAP. In the IFRS system, it is recorded only if there is a possibility of recovering of the deferred taxes, whereas under UK GAAP, the amount which is not likely to be recovered related to deferred tax assets is recorded. When deferred taxes are related to intra-group transactions, the tax rate of selling entity is applicable under UK GAAP while the tax rate of buying entity is applicable on the deferred taxes associated with the intra-group transactions in IFRS (Ernst Young 2011). There is an adjustment of goodwill only if the recovery of deferred tax assets exceeds the original estimate in IFRS. In addition to this, it is provided from the perspective of the re-evaluation of a financial statement of hyperinflationary subsidiaries; while there is no recognition of deferred taxes under these conditions, as well as, there is no recognition of adjustment of goodwill when the amount of acquisition of deferred tax assets exceeds the estimated value under UKGAAP. Under IFRS, deferred tax assets are not discounted, whereas in UK GAAP, deferred taxes can be discounted (World GAAP Info 2008). Under IFRS, the profits and losses from the repurchase or settlement of debt are not considered as extraordinary items, whereas it is treated under interest in UK GAAP. There is a separate accounting standard for hedging under IFRS while no detailed information is provided under UK GAAP. The financial instruments that are not classified under derivatives can be used for hedging the exposure of risk related to currency fluctuations in IFRS but these instruments cannot be used for hedging the risk related to the foreign currency fluctuations under UK GAAP. No mandatory format related to the income statement is given under IFRS but companies that follow UK GAAP have to present their income statement in a format given under these standards. The treatment of contingent assets and liabilities under UK GAAP guide that companies have to provide full information to stakeholders as per the rules and regulations of Companies Act 1985, even if this results in serious bias. On the other hand, only some information can be disclosed rather than full disclosure under IFRS. The recognition of unrealised profits in the income statement is allowed under IFRS, whereas it is allowed to recognise the unrealised profits in income statement under UK GAAP. There are no guidelines given for share based payments under IFRS, whereas expenses related to shares are recorded on the basis of intrinsic value under UK GAAP. Under UK GAAP, extra ordinary items are removed effectively and specific rules are mentioned under these standards for the treatment of these ite ms. In contrast, IFRS do not provide any disclosure regarding extraordinary items and these are present in certain special circumstances. There is a need to disclose detailed information related to the credit risk, currency risk, and interest rate risks before the effect of hedging under IFRS, whereas the information related to these risks is provided in the financial statements after the effect of hedging in case of UK GAAP. Preparation and Translation of Financial Statements The PR Solutions was established in 2012. PR Solutions started its business with cash of 500000. The entity started its business in London and was setup to provide the consultancy service in the United Kingdom. PR Solutions follows the accounting standards of the United Kingdom (UK GAAP). Before starting the company, the promoters conducted some research and development for 50000. Following are the some basic accounting treatment in the United Kingdom Development Cost (Intangible asset) is not capitalised and it is deducted from the income statement when it is incurred. Provisions for future losses are recognised using estimated future operating losses. Government Grants are not deducted from the cost of fixed assets. Prepaid Expenses are recognised in the balance sheet. Transactions in Year 2012 Company has purchased a land for 200000 in the year 2012. Company has incurred a development cost of 20000 related to the business work. As per UK GAAP, development costs are intangible assets and it is the part of administrative cost. PR Solutions has created the provision for future losses of 20000. These losses are expected to be incurred due to the close down of the unit 2 in the year 2014. Expected total from the sale of unit 2 is about 40000, which is divided in two years i.e. 20000 in 2012 and 20000 in 2013. Company has received grants from the government for building its infrastructure. The gross amount of the grant is 80000 to be used in two years i.e. 40000 in the year 2012 and 40000 in the year 2013. This grant is to be utilised for construction of the building. The cost incurred in the building construction is 150000. Rent paid for office building is 2000 per month. Rent for Building Paid in Advance for 2 months is 4000. Salary paid to Employees is 30000. The Revenue from the operation received in cash is 100000. The tax rate on the entity is 30 % of the taxable income. Transactions for Year 2013 Entity has recognised the provision for future losses relating to the demolishment of unit 2, which amounts to 20000. The Entity has used its remaining government grants of 40000 Cost incurred for construction of building amounts to 100000 from which 40000 is utilised from the government grant. Rent paid for office building is 2000 per month. Rent for Building Paid in Advance for 2 months of 4000. Salary paid to Employees is 50000. The Revenue from the operation received in cash is 180000. The tax rate on the entity is 30 % of the taxable income. Prepaid rent recognised in this year. Entity has paid its previous year Tax of 13,800. Income Statement for Year 2013 (According to UK GAAP) Particulars Amount in Total Revenue From operations 180000 Add: Government Grant 40000 Less: Administrative Cost(Rent) 24000 Less: Other Operating expenses ( provision) 20000 Less: Salary Paid 50000 Profit before Tax 126000 Less: Tax Expense @ 30% 37800 Profit 88200 Balance Sheet as on 31st December, 2013 Particulars Opening balance A B C D E F G H J Closing balance Fixed assets Building 150,000 100,000 250,000 Land 200,000 200,000 Current assets Cash 252,000 -100,000 -20,000 -4,000 -50,000 180,000 -13,800 244,200 Prepaid Rent 4,000 -4,000 4,000 4,000 Total assets 698,200 Equity Share capital 500,000 500,000 Profit 32,200 -20,000 40,000 -24,000 -50,000 180,000 -37,800 120,400 Current liabilities Government Grants 40,000 -40,000 0 Provision 20,000 20000 40,000 Current tax liability 13,800 37,800 -13,800 37,800 Total equity and liabilities 698200 Translation table for IFRS Opening Statement of Financial Position at December, 31st, 2013 Particulars UK GAAP Govt. Grant Development Cost Provision for Future Losses Deferred tax IFRS Fixed assets Building 250,000 -40,000 210000 Land 200,000 200000 Intangible assets 0 12,000 12000 Current assets Cash 244,200 40,000 284200 Deferred Tax Asset 7200 7200 Prepaid Rent 4,000 4,000 Total assets 698,200 717400 Equity Share capital 500,000 500,000 Profit 120,400 12,000 40000 7200 179600 Current liabilities Government Grants 0 0 Provision 40,000 -40000 0 Current tax liability 37,800 37800 Total equity and liabilities 698,200 717400 Income statement translation table Particulars UK GAAP Government Grant Development Cost Provision Deferred tax IFRS Revenue 180000 180000 Government Grant 40000 0 40000 Development Cost 0 12000 12000 Administrative Cost -24000 -24000 Provision -20000 20000 0 Salary Paid -50000 -50000 Tax Paid -37800 7200 -30600 Profit 88200 127400 Working Notes Calculation of Deferred Tax Adjustment for: UK GAAP IFRS Difference Deferred tax (30%) A for asset, L or liability Intangible assets 0 12000 -12000 -3600 L Provision 40000 0 40000 12000 A Deferred tax Asset Opening Statement of Financial Position 8400 Less: previously created 1200 Total 7200 IFRS financial statements for Year 2013 Statement of Financial Position at December, 31st Particulars 2012 2013 Fixed assets Building 110000 210000 Land 200000 200000 Intangible assets 16,000 12000 Current assets Cash 292000 284200 Deferred Tax Asset 1200 7200 Prepaid Rent 4,000 4,000 Total assets 623200 717400 Equity Share capital 500,000 500,000 Profit 69400 179600 Current liabilities Government Grants 40,000 0 Provision 0 0 Current tax liability 13,800 37800 Total equity and liabilities 623200 717400 Statement of Comprehensive Income for 2013 Particulars Amount Revenue 180000 Government Grant 40000 Development Cost 12000 Administrative Cost -24000 Provision 0 Salary Paid -50000 Tax Paid -30600 Profit 127400 Statement of Changes in Equity for the year ended December, 31st, 2013 Particulars Share Capital Profit Total Balance at Jan, 1, 2013 500,000 69,400 569,400 Total Comprehensive Income for 2013 127,400 127,400 Balance at Dec, 31, 2013 500,000 196,800 696,800 Cash Flow Statements for the year 2013 Particulars Amount in Cash flow from operating activities Profit before tax provision 144,000 Amortization of intangible asset -4,000 Cash generated (used) from operations 140,000 Working Capital changes Deferred Tax Assets -6,000 Government Grants -40,000 Income tax paid -13,800 Net cash from operating activities 92,200 Cash flow from investing activities Investment in Building -100,000 Net cash from Investing activities -100,000 Cash flow from financing activities Net increase in cash and cash equivalents -7,800 Cash and cash equivalents at beginning of period 292000 Cash and cash equivalents at end of period 284200 The impact of the first adoption of IFRS on the entitys financial position and performance Opening Statement of Financial Position reconciliation Particulars UK GAAP Note Difference IFRS Fixed assets Building 150,000 40000 110000 Land 200,000 200000 Intangible assets 0 2 16,000 16,000 Current assets Cash 252,000 40,000 292000 Deferred Tax Asset 0 4 1,200 1200 Prepaid Rent 4,000 0 4,000 Total assets 606,000 623,200 Equity Share capital 500,000 0 500,000 Profit 32,200 3 37200 69,400 Current liabilities Government Grants 40,000 1 0 40,000 Provision 20,000 5 20000 0 Current tax liability 13,800 0 13,800 Total equity and liabilities 606,000 623200 Notes The government grants are not deducted from the cost of building as per UK GAAP as government grants are related to the fixed asset i.e. building. These grants are deducted from the cost of building at the date of the opening statement of financial position i.e. balance sheet under IFRS. The development cost for the company is 20,000. As per UK GAAP, the development costs are not capitalised and 4000 will be deducted from the profit and loss account for 5 years, instead of presenting in the opening statement of financial position, whereas development costs are capitalised and 4000 is amortised each year for 5 years as per IFRS and is included in the opening balance sheet. The opening balance of retained earnings has changed due to the difference in the accounting treatment, such as government grants, inclusion of intangible assets, and non recognition of provisions and the effect of taxes applicable in the opening statement of the financial position. The changes in the deferred taxes have occurred due to three significant adjustments that have been taken in account during the translation process. These adjustments relates to provision, intangible assets and government grants. The provisions related to future losses are permitted under UK GAAP, but are restricted under IFRS due to which these are not included in the opening statement of the financial position. The first adoption of IFRS by PR Solutions has impacted its financial position in a significant manner due to the above differences in the accounting treatments under two different standards, namely IFRS and UK GAAP. Closing Statement of Financial Position reconciliation Particulars UK GAAP Note Difference IFRS Fixed assets Building 250,000 1 40000 210000 Land 200,000 0 200000 Intangible assets 0 2 16,000 12,000 Current assets Cash 244,200 40,000 284200 Deferred Tax Asset 0 4 1,200 7200 Prepaid Rent 4,000 0 4,000 Total assets 698,200 717,400 Equity Share capital 500,000 0 500,000 Profit 120,400 59200 179,600 Current liabilities Provision 40,000 3 20000 0 Current tax liability 37,800 0 37,800 Total equity and liabilities 698200 717400 Notes The UK GAAP recognises non deduction of government grants from the cost of building and the amount of government grants is subtracted from the cost of building in the opening statement under IFRS, which states that same treatment is done in the closing statement of the financial position as well. Under UK GAAP the development cost is not capitalised and not included in the closing balance sheet, but as per IFRS, the development costs are capitalised and included in the balance sheet. The provisions related to future losses are not included in the year 2013 in the closing statement of the financial position under IFRS as compared to UK GAAP, which affects the financial position of the company. The adjustments in the year 2013 related to the changes in the accounting treatment of different items, such as development costs, provisions, and government grants and taxes affect the deferred taxes for the given year. Notes There is an inclusion of development cost under IFRS, whereas there is no inclusion of development cost under UK GAAP due to which there is a positive impact on profit under IFRS. Provisions are not included in the IFRS and it is charged under the income statement in UK GAAP which has a positive impact on the profit of the company under IFRS. There is an inclusion of deferred taxes in the IFRS as compared to UK GAAP which reduces the tax liability of the company and increases its profit. Problems faced by entities in the UK by the adoption of IFRS for the first time Entities based in the UK that have adopted UK GAAP face problems at the time of implementing IFRS for the first time for preparing its financial statements. In order to change the financial statements, as per the IFRS, entities have to do analysis of those items and activities that have an impact on their financial statements. Besides this, the collection of the data which is required to make changes in the existing figures due to the changes in the procedure of accounting treatment of different items is also done by the entity. The company have to reassess the accounting policies and standards as these have a great influence on the format of financial statements. It is a very long process and requires huge amount of cost and time. Businesses also face issues related to the audit procedure of the financial position as there is a requirement to audit the financial statements fully from UK GAAP to IFRS (KPMG 2013). There is a requirement to do detailed analysis of adjustments as IFRS requires inclusion of additional adjustments related to different items that are included in the statements. The adoption of IFRS requires disclosing more information as compared to UK GAAP. Company also finds difficulty in engaging with Audit Committees before a prescribed time so as to spread awareness among them about the procedure, as well as, the impact of adoption of IFRS (KPMG 2013). At the time of adoption of IFRS for first time, company has to follow a set of procedure issued by the IASB, if these entities are adopting it after 1 January 2009 (Deloitte 2013). The treatment of deferred tax is an additional requirement under IFRS that makes the process complex and difficult. The adoption of IFRS forces entity to prepare financial statements of the year in which it is adopted, in addition to a year prior to the adopted year. It also faces difficulty with regard to treatment of taxes. This is because taxes greatly influence the amount of profit earned by the company. The company, in order to reduce its tax liabilities so as to reduce the negative impact on its profitability, has to adopt different measures (Moore Stephens). Besides this, a firm has to classify its assets and liabilities as per the accounting standards of IFRS due to the absence of recognition of some assets and liabilities under UK GAAP. There is also a need to reclassify the opening balances of as sets and liabilities of a firm as per the guidelines of IFRS (Deloitte 2013). References Deloitte. 2013. IFRS 1 First-time Adoption of International Financial Reporting Standards. [Ernst Young. 2011. UK GAAP vs. IFRS. [Online]. Available at: Ernst Young. 2012. International GAAP 2012 - Generally Accepted Accounting Practice Under International Financial Reporting Standards. John Wiley Sons IFRS. 2013. About us. KPMG. 2003. IAS compared with US GAAP and UK GAAP. KPMG. 2013. IFRS Practice Issues. World GAAP Info. 2008. UK FRS.

Contemporary Hotel and Tourism Issues

Question: Discuss about theContemporary Hotel and Tourism Issues. Answer: Housing Development Being an administrative section of China, Hong Kong is a very popular destination for many travelers. In fact, tourism has played a major contribution to the economic growth of Hong Kong. As such, the hotel industry has been on an upward growth in order to accommodate the increasing number of visitors (Gerlach and Peng, 2005). However, the luxurious hotels have been facing challenges due to increasing changes in tourist patterns. Most travelers come to Hong Kong to do shopping. As a result, they are not willing to spend so much on accommodation, indicating that they may not be ready to pay for luxurious hotels. This translates to these visitors opting for middle-class hotels for accommodation. This would require the hotel owners to put on strategies that accommodate the dynamic visitor changes and patterns. With different generations facing different preferences for hotel selection, with the young generation being the majority of the hotel customers, on the other hand, the generation Y is very demanding and has high expectations. Being the most emotional, this generation is least satisfied yet a very loyal class of customers. They are not ready to pay more money for accommodation but they insist on value. Having grown in the era of technology, this generation does not give value to the interpersonal services but rather they prefer the automatic check-in and free Wi-Fi. For quite some, the number of guests has been on the decline due to a shaking economy of Hong Kong. Therefore the plans that were underway in an attempt to convert old industrial buildings into hotels are thus being abandoned by the developers (Mok et al., 1995). In fact, almost half of these hotels that were being planned for construction have been left. Moreover, the increased costs of construction have been linked to the decline in accommodation services. It is important to note that the property prices in Hong Kong are very, which could have a direct effect on the availability of accommodation. There is an imbalance between demand and supply of land. For instance, the majority of the land in Hong Kong is underdeveloped although the government insists on a shortage of land. So once the government provides infrastructure and transport services to all parts of Hong Kong, then most of the land will be used to develop real estate (Yiu et al., 2013). As a result of this imbalance, the limited accessible land is not able to accommodate enough accommodation facilities for such an increasing population. The property prices are fueled by an increase in the number of wealthy Chinese investors and low-interest rates. This means that the prices of housing facilities affect many aspects in any society. In fact, the high housing facilities in Hong Kong is regarded to be the highest in the world (Lau and Murie, 2016). There are fears that the youths might not be able to afford their own homes at the current rate. An aspect of market failure can also be seen and the government of Hong Kong needs to put strategies in place to ensure that the private accommodation facilities are affordable (Jim and Chen, 2009). This would include the construction of housing facilities that are cheap as well as the establishment of new towns outside the central business region. Moreover, the government needs to lower the regulations that lead to an increase in the housing facilities construction. Since all the land in Hong Kong is owned by the government, then it can lease it at affordable terms and make regulations on the type of developments to be made on the land (Cheung et al., 2016). A large number of people in Hong Kong are basically primary property owners and have an investment property. Those who do not own property are unsure of the possibilities of owning property in future. What this means is that it is ac tually difficult to enter the property market, creating an uneven housing facilities provision. Tourist Experiences The development of tourism in Hong Kong has benefited it by the creation of many employment opportunities. This then leads to the development of other businesses such as transport, food, and beverage as well as accommodation. However, there are also negative effects of Hong Kong being a tourist destination. For instance, there are some tourists who come to commit crimes while some pregnant women from the mainland of China come to deliver in Hong Kong occupying many hospital beds. It is the responsibility of the Hong Kong tourism commission to ensure that the customer experiences are improved through the development of events and new sites of attraction. However recently, there has been a decline in the number of visitors coming to Hong Kong (Zhang and Kulendran, 2017). Being a very expensive city, Hong Kong has also recorded a low number of Chinese tourists turn out. The accommodation facilities are very high while the food is not of preferred quality and equally expensive. Some tour ists argue there are more affordable and interesting cities to choose from apart from Hong Kong. So far, the major attraction which has remained peculiar to tourist going to Hong Kong is the shopping experience. This city on the South Coast of China has been regarded as the all round world stop over due to its tax and sales tax-free shopping. The absence of the sales tax makes the purchase of some luxurious goods from Hong Kong cheaper than buying from the wholesale shops in the individual tourists's countries. The flowers are also a bit affordable from Hong Kong which makes their demand to be high all year round (Shen et al., 2016). The local flower markets in Hong Kong are now high because at least people can use flowers for various occasions. However, there are important attractions like the museum which gives an understanding of the long and complex history of Hong Kong. They also indicate the archeology, religion and social life of the residents of Hong Kong. A food tour is also attractive especially after taking rounds in a car taking a view of the skyline. Hong Kong has a variety of foods that range from all regions of the world. Something else worth noting is the Tsim Sha Tsui Waterfront and the Avenue of stars, where one can see the stars of the Chinese film. Reference List Cheung, L., Chow, K., Cheng, M. and Ng, P.K., 2016. Inflation mechanism and monetary policy: perspectives from Hong Kong. Gerlach, S. and Peng, W., 2005. Bank lending and property prices in Hong Kong. Journal of Banking Finance, 29(2), pp.461-481. Jim, C.Y. and Chen, W.Y., 2009. Value of scenic views: Hedonic assessment of private housing in Hong Kong. Landscape and Urban Planning, 91(4), pp.226-234. Lau, K.Y. and Murie, A., 2016. Residualisation and resilience: public housing in Hong Kong. Housing Studies, pp.1-25. Mok, H.M., Chan, P.P. and Cho, Y.S., 1995. A hedonic price model for private properties in Hong Kong. The Journal of Real Estate Finance and Economics, 10(1), pp.37-48. Shen, H., Li, X., Luo, J.M. and Chau, K.Y., 2016. One country, two strata: Implications of social and cultural conflicts of Chinese outbound tourism to Hong Kong. Journal of Destination Marketing Management. Yiu, M.S., Yu, J. and Jin, L., 2013. Detecting bubbles in Hong Kong residential property market. Journal of Asian Economics, 28, pp.115-124. Zhang, H.Q. and Kulendran, N., 2017. The Impact of Climate Variables on Seasonal Variation in Hong Kong Inbound Tourism Demand. Journal of Travel Research, 56(1), pp.94-107.

The Great Gatsby Argument Essay free essay sample

Viren Kumar Mrs. Parato AP Language and Composition March 2, 2013 Society’s Shadow Goals, objectives, targets, and ambitions are incentives that drive one to emerge from their comfort zone. Each individual, rich or poor, isolated or active, normal or abnormal, has a way to communicate with others and act in society based on personality. Most people want to be accepted by others to fit into society and be normal. There is always one person who has a different perspective than everyone elses and is uniquely considered an outcast. In the novel, The Great Gatsby, author F. Scott Fitzgerald portrays Jay Gatsby as an isolationist that is compelled to play ambiguous roles in society to obtain the green light across the channel, which in effect causes Gatsby to be placed in a nerve-racking situation. Society is a big influence on Gatsby and his actions. He is first introduced by Miss Baker. â€Å"[Nick] decided to call to him. We will write a custom essay sample on The Great Gatsby Argument Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Miss Baker had mentioned him at dinner, and that would do for an introduction† (Fitzgerald 20). Nick Caraway is a parallel with society because he is influenced by the thoughts and ideas of others that structure society. Since Miss Baker mentions Gatsby over dinner, Gatsby is seen as an interesting topic that needs to be explored. Jay, being an isolationist that he is, tries to hide himself from society by displaying motions hinting to people like Nick: â€Å"But [Nick] didn’t call to him, for he gave a sudden intimation that he was content to be alone† (20). Gatsby makes a â€Å"sudden intimation†, and it seems that Gatsby knows there is someone watching him and observing his every action, and in attempts to isolate himself and avoid being â€Å"[called] out to†, he makes a subtle allusion to the fact he wants to be left to himself (20). Thus society forces Gatsby to make the movement he makes by gossip and communication. Society’s observations in this passage will show to define many of Gatsby’s actions as the novel progresses. People have secrets in their life that can determine who they truly are; Gatsby has his own that are the power that compels him to act the way he does. Gatsby is carefully observed, and as he involuntarily glanced seaward and distinguished nothing except a single green light, minute and far way, that might have been the end of a dock(Fitzgerald 21). Gatsby stares at a distant green light, which implies a special connection between the two. Considering â€Å"he stretched out his arms toward the dark water in a curious way† and that Gatsby â€Å"was trembling† his secret relation with the green light must be special because one does not tremble for any reason (Fitzgerald 21). There is an emotional bonding that may date back a long time. His yearning for the light—†stretched out his arms†Ã¢â‚¬â€is foreshadowing for the rest of the story where he struggles to obtain this light (21). An obvious tension between the relationship of Gatsby and the mysterious light is visible from the â€Å"trembling†, and this tension creates the ambiguousness in Gatsby’s role in the novel (21). Fitzgerald uses figurative language to introduce the protagonist, which exemplifies Gatsby’s mysterious appearance to emphasize his perplexing personality. As Nick is outside his home after a night with the Buchanan’s, a strange yet familiar silhouette appears just on the other side of his yard, in his neighbor’s yard. â€Å"The silhouette of a moving cat wavered across the moonlight† (Fitzgerald 20). This cat, in turn, is actually Jay Gatsby. Although, the comparison that Fitzgerald makes with Gatsby and the cat does serve as a tool to analyze his characteristics. Felines tend to walk in a stealthy manner at night, and they are very cautious about being watched. The comparison indicates that Gatsby was trying to be wary of his surroundings. Gatsby may be the figure, but noticing that there is no adjective on the noun, â€Å"figure†, whereas throughout the rest of the passage there are many adjectives to describe his surroundings, this anomaly provides Gatsby as a figure the appearance of an inexplicable figure (20). With his â€Å"hands in his pockets†, this signifies a sign of secrecy to illustrate his complex personality (20). Gatsby may have wanted to protect some secrets about the green light. Gatsby’s method of an introduction is an explanation of the ambiguous role he is going to play and the uncomfortable nature of his future situation. The Great Gatsby is a novel that depicts the role of Gatsby as one of an isolationist that is forced into an ambiguous role in society. Through misinterpretations of his actions, he is thought to have a misleading identity. As society observes the fascinating movements of Gatsby in his yard, the motions that Gatsby performs communicate thoughts of isolation to society, but later on in the passage, motions such as the stretching out of the trembling arms, represent predictions of society pulling Gatsby into societal problems and issues.

In this assessment am going to be discussing theories of communication Essay Example

In this assessment am going to be discussing theories of communication Essay Example In this assessment am going to be discussing theories of communication Essay In this assessment am going to be discussing theories of communication Essay In this assessment am going to be discussing theories of communication and am going to be including Argyles stages of communication cycle and Tuckman stages of group interaction. They are many ways barriers can be affected and in this assignment I will be talking about the languages how it effect communication, culture, background and area you live in. I will also be covering the way it can be overcome. What is effective communication? Effective communication is when the person/people understood what your message is. For example if you are talking to youths in London than you could use slang but if you used slang to an adult than they wouldn’t understand what you are trying to say. And you also need the right tone of voice because you can’t talk to fast or too slow if do talk to fast than the person/people wouldn’t be able to keep up with you and the communication wouldn’t be effective. Its also good to look at people when you are talking to them but sometimes even this effect communication because in some African cultures (sierra Leone) its rude to look at someone in the eye especially if they older than you. Tuckman stages of groups interaction Communication in groups can also be influenced by the degree to which people feel they belong together. When people first meet in a group they often go through a process of group formation. Many groups may experience some sort of struggle before people unite and communicate effectively. One of the best known theorists to explain group formation stages is Tuckman (1965). Tuckman suggested that most groups go through a process involving four stages. Forming- people meeting for the first time and sharing formation. storming- involves tension, struggle and sometimes arguments about the way the group might function Norming- sees the group coming together and consciously or unconsciously agreeing on their group values. Performing- being an effectively performing group. The communication cycle Effective communication involves a two way process in which each person tries to understand the viewpoint of the other person. Communication is a cycle because when two people communicate they need to make sure the other person has understood the message. Good communication involves the process of checking understanding, using reflective or active listening. Michael Argyle stages of the commutation cycle. Michael Argyle (1972) argued that interpersonal communication was that could be learning and communication was a skill that could be learning to drive a car. Argyle emphasised the importance of feedback in skilled activities. When you drive a car you have to change your behaviour depending on what is happening on the road. Driving involves a constant cycle of watching what is happening, working out how to respond, making response and then repeating this cycle until you reach your destination. According to Argyle, skilled interpersonal interaction (social skills) involves a cycle in which you have to translate or ‘decode’ what other people are communicating and constantly effectively. Verbal and non-verbal communication is not always straightforward. The communication cycle involves a kind of code that has to be translated. You have to work kind of code that has to be translated. You have to work out what another person’s behaviour really means.

Legalization of Horseshoeing and Equine Dentistry Research Paper

Legalization of Horseshoeing and Equine Dentistry - Research Paper Example Details from the article written by Bowden cited State Rep. Jim House, a part-time farrier, to have acknowledged that â€Å"Arkansas has 625 veterinarians, but only nine of them specialize in horses†. Lee McGrath, executive director of the Minnesota chapter of the Institute for Justice, indicated that the primary rationale for instituting the regulations would be to eliminate competition from non-licensed practicing veterinarians. The ranchers and owners of horses have expressed their arguments on the matter indicating that prohibition of horseshoeing by farriers and employing equine dentists would tantamount to increased costs in terms of higher professional fees charged by veterinarians and the hustles imposed by the need to bring their horses to the vets for the needed procedures. The Veterinary Medical Practice Act stipulates that part of a licensed veterinarian’s scope of responsibilities include â€Å"the diagnosis, treatment, correction, change, relief, or prevention of animal disease, deformity, defect, injury, or other physical or mental condition, including the prescribing or administration of any prescription drug, medicine, biologic, apparatus, application, anesthetic, or other therapeutic or diagnostic substance or technique on any animal, including, but not limited to, acupuncture, dentistry, animal psychology, animal chiropractic, theriogenology, surgery, including cosmetic surgery, any manual, mechanical, biological, or chemical procedure for testing for pregnancy or for correcting sterility or infertility or to tender service or recommendations with regard to any of the above† (Arkansas Veterinary Act, Code 17-101-102 9A). The current practice of Arkansas ranchers traditionally use registered farriers and equine dentists to undertake routinary procedures . In an article written by Bowden (2010), the author cited Dr. Lyndon H. Tate, a veterinarian in Mansfield and member of the Arkansas Veterinary Medical Examining Board, as supportive and â€Å"defended the wording in the law. The practices act was set up to protect the animals, and the rights of the animal owner, from sub-standard veterinary procedures".