The Growth Of Technology And Consumerism - 1528 Words

Our world today consists of controversies, tensions, hatred, stress, pain, and suffering that individual’s face around the world. Political leaders are encouraging competitive tactics, racism, even violence. Increased turmoil between nations encourages violence, discrimination, and separating of ethnicities. The growth of technology and consumerism creates an extremely materialistic society, where people feel they must ‘keep up with the Jones’. This leads to criminal activity such as muggings, theft, and breaking and entering all to obtain material items. According the Won-Buddhism website â€Å"in contemporary society, where material civilization is rapidly advancing and dominates people s minds, materialism and consumerism make people driven, competitive and nervous.† Through background research and my experience of Won-Buddhism, I have found that Won-Buddhism helps participants cope with this contemporary world. The Fourfold Grace reminds individuals of their indebtedness to their parents, fellow beings, Heaven and Earth, and Laws. In the world today, individuals feel alone and burdened by all their worries, anxieties, and obstacles in everyday life. Giving grace to several groups reminds individuals they are not alone and do not have to face their anxieties alone. It also is a way of giving thanks to various elements in one’s life that helped them achieve their goals and reach their status in life. The main example in the Fourfold Grace that portrays the point is theShow MoreRelatedConsumerism Of The Healthcare Industry Essay1204 Words   |  5 PagesPart A: There has been an indisputable growing trend in consumerism in the healthcare industry. The shift of patient to consumer has begun to take effect. The relationship between patient and consumer are closely related and complicated, â€Å"A patient is also a healthcare consumer, but a consumer is not necessarily a patient† ( Jayanthi, 2015, para. 2). The definition of patient is arguable, Medicinenet.com varyingly defines a patient as a person requiring medical care, receiving treatment, under a physician’sRead MoreTaking an Inside Look at Collaborative Consumerism Essay1045 Words   |  5 Pagespurchase. The innovation of technology made these ideas easy and fast by connecting consumers and created rating systems with the help of social networks and mobile technologies. Corporate America that contributed to over-consumption has raised global environmental and financial concerns. On the other hand, the rising trend of collaborative consumerism encourages eco-conscious ways to de-clutter over-consumption; it may have a negative impact on traditional corporate consumerism, but encourages ecofriendlyRead MoreDisadvantages Of Consumerism1154 Words   |  5 Pages â€Å"The study of consumerism in world history does not provide a definitive balance sheet on whether the long-term results are favorable or unfavorable. But it does provide perspective, allowing [a] greater understanding of what consumerism involves, and perspective...offers a greater capacity to choose...rather than being swept away by the latest enthusiasm† (Stearns, 159). Peter Stearns’ book â€Å"Consumerism In World History: The Global Transformation of Desire† offers an extensive perspective on theRead MoreAmerica in the 1920s729 Words   |  3 Pagesalso known as the Roaring 20s or New Era, was a time of great changes and huge growth. America was being a more modern nation, and a return to normalcy was being seen after the Progressive Movement and First World War. Politically, the American government was seemingly conservative, but experimented with different approaches to public policy and foreign diplomatic policy. Economically, it was a time of treme ndous growth and new forms of organization. Socially, the American popular culture reshapedRead MoreThe History of Consumerism in America827 Words   |  3 PagesConsumerism is both a social and an economic system that is based solely on the creation and dissemination of the purchasing of goods at an ever increasing rate. After the founding of the United States, and particularly after the Civil War, America was growing by leaps and bounds. Railroads opened the West, factories increased in urban areas producing steel, building was rampant, and all of these activities took a larger labor force. Because these vast numbers of workers were unable to produce theirRead MoreInternational Aviation Fuel Is Not Taxed971 Words   |  4 PagesAmerica at its forefront. Consumerism has been prevalent for many reasons; one being that â€Å"often a product [is] cheaper to replace than fix† and often consumers are â€Å"paying artificially lower prices because of†¦ government policyâ⠂¬  that make raw materials cheaper than the cost of production CITATION Wag95 l 1033 (Wagner, 1995). Many people in the first world take up a disproportionate amount of resources. Another issue facing developed countries is the fact that income growth is directly correlated toRead MoreThe Trends Of What Consumers Value And Want From Healthcare Today999 Words   |  4 Pagesvalue and want from healthcare today. The authors (Coughlin, Wordham Johash, 2015) use the term â€Å"consumerism† to describe how the market is shifting to expand consumers risk and involvement in paying for and making decisions about health care. Health consumerism encompasses a shift from a physician directed approach to a partnership model where patients make informed decisions (Health consumerism, 2012). Strategies that healthcare related industries should use to innovate and succeed in this changingRead MoreNot Just A Love Story1405 Words   |  6 Pagesactually going on. In the movie, the ecol ogical parable is the story showing the link among the organisms and the environment. The Pixar movie Wall-e is deserving of the definition of an earnest ecological parable, through generational entitlement, consumerism, and lack of sustainability. With the world changing, and generations growing and trying to learn from the past, Generation Y has proven to have an entitled attitude towards life and the earth. In a study done by Christopher Alexander and JamesRead MoreGlobalization : Globalization And Sustainable Prosperity1032 Words   |  5 Pageswill be explored through looking at globalization’s systems and forces, specifically consumerism, the media and transnational corporations. Consumerism is a key aspect of globalization a world market has developed and this trend continues to grow. For example, the North American Free Trade Agreement which allows produce from Mexico and Florida to show up on the grocery shelves in Fort Saskatchewan. Consumerism blurs the line between wants and needs through advertisements which create demand asRead MoreEnvironmental Changes to Marketing Mix1615 Words   |  7 PagesPROMOTION: The Company s traditional promotion of its products and services was via the usage of media, ie: television and radio, as these were the pre-dominantly significant mode of advertising for the past 5-10 years. With the advent of the internet technology, the Company has changed its promotion modes using websites which has a global reach and relatively costing lesser. PHYSICAL EVIDENCE: The demographic changes from the late 90 s evidences the increase in middle class population. This middle

Comparative Method in Sociological Research - 2331 Words

The Phrase â€Å"comparative method† refers to the method of comparing different societies or groups within the same society to show whether and why they are similar or different in certain respects. Both Montesquieu and Auguste Comte, often regarded as the founders of sociology, used or recommended ‘comparison’ to establish and explain both differences and similarities between societies. The comparative method was for long considered the method par excellence of sociology. According to Andre Beteille, comparative method is used distinctly by two sets of scholars. Firstly, the ‘enthusiasts’ those who make cross board analysis. These include Edward Tylor, Herbert Spencer, Emile Durkheim and Radcliff Brown . Secondly the ‘skeptics’- those who†¦show more content†¦His study gas been called â€Å"diachronic† but in complete, there should be a combination of diachronic and synchronic study Bronislaw Malinowski believed in the fundamental sameness of human beings. He looked into every detail of society and culture among The Trobriand Islanders, and brought their complex interrelations to light. Amongst the islanders lagoon fishing is done with the help of skill and rationality, since there are no dangers attached to it. However in the case of deep sea fishing, which is dangerous there are rituals which he interprets as magic performed before the event. Therefore he compares two activities among The Trobrianders. Max Weber used the comparative method in almost all his writings, especially those analyzing the distinctiveness of western society and culture, as compared to those of other civilizations. He produced extensive studies of the traditional Chinese Empire. India and the Near East, and in the course of these researches make major contributions to the Sociology of Religion. Through these comparisons he throws light on the relationship between Protestantism and Capitalism. According to him, oneShow MoreRelatedGraduation Speech : Senior Honors Program1321 Words   |  6 Pagestransferring to UC Berkeley in the Fall of 2015, many of the courses I have taken have focused on research and its importance to the field of sociology. The continued exposure to the diverse topics of sociological research, as well as the varied methods researchers use to collect their data, has shown me that many of questions I ask about the social world on a daily basis are potential sociological research projects. I find this fact to be inspiring as opposed to overwhelming, and I believe that theRead MoreThemes Of Immigration Issues937 Words   |  4 Pagesmy own life. The empirical method analzyes any issues in a structured and unbiased way. The phenomenon in this case is immigration. Should we welcome more people or should we kick them out? What issues does immigration cause and or solve? Who should be denied entrance and who should be permitted? Who makes that choice? All these factors are examined closely to explain the cause of the issue and its effects on the population. Putting all together the Empirical method lets us understand the situationRead MoreEssay about The Sociological Framework of Harriet Martineau1007 Words   |  5 PagesThe Sociological Framework of Harriet Martineau Over the past twenty years, sociology has gone through a process of self-evaluation, as field researchers and observers express a wariness about the empty universalism of speculative systems and look for ways in which to secure empirical foundations that give way to meaningful application in a pluralistic, postmodern world. The survival of sociology as a critical theoretical discipline is a concern expressed by many, such as contemporary social analystRead MoreRequest For Conversion Of An Advance Contract1683 Words   |  7 PagesStudy Methods: Foundations and Guidelines for Comparing, Matching, and Tracing In their first book with the University of Michigan Press, Process-Tracing Methods: Foundations and Guidelines (2013), Derek Beach and Rasmus Brun Pedersen not only developed the underlying logic of process tracing but also provided a practical guide for employing this method in social science research. Now they do the same for additional causal case study methods, including small-n comparative and congruence methods asRead MoreThe Political Decision Making Sphere2002 Words   |  9 PagesThe study of comparative politics is largely influenced by the conflicting importance placed on ‘institutions’ by theorists and researchers alike. This split is broadly characterised by its relationship to other actors in the political decision making sphere, most notably ‘the state’. This paper aims to initially define institutions, demonstrating its vast characterisations, before assessing their real value in comparative research. It will then compare this value with tha t of traditional theoriesRead More Comparing Webers and Durkheims Methodological Contributions to Sociology1727 Words   |  7 Pageswhat Positivists are and how their methodologies influence and affect their research. It will also consider what interpretative sociology is, and why their type of methodology is used when carrying out research. It will analyse both Durkheims study of Suicide and also Webers study of The Protestant work ethic, and hopefully establish how each methodology was used for each particular piece of research, and why. Emile Durkhiem, in sociology terminology is considered toRead MoreThe Effects Of Mass Communication On A Critical Branch Of Sociological Thought From 20th Century Social Thought1262 Words   |  6 Pagesof the intellectual inheritance of cognitive behaviourism from 20th century social thought, I now want to turn my attention to a critical branch of sociological thought from the same period to assist in analysing this set of ideas. C. Wright Mills worked in the immediate post war period as a research assistant to Elihu Katz and Paul Lazarsfeld’s research on the media effects of mass communication. The majority of their work sought to understand the persuasive influence of mediated messages in printRead MoreA Study Of Latin American History1308 Words   |  6 PagesIV. Methodologies and trends Caribbean Many often consider the study of Latin American history or subjects like race to show that Much of Latin American historical studies are comparative. Many of the Latin American countries have their own history but share similar cultural conductions concerning race. The history of race relations in Latin America has become a central theme in a fair amount of scholarly activities. This in turn has made the historiography of Latin America to become much more relevantRead MoreThe Sociological Perspective Of Dramaturgy Is Associated With Irving Goffman1041 Words   |  5 Pages The sociological perspective of dramaturgy is associated with Irving Goffman (1922 – 1982) who developed the concept in his book The Presentation Of The Self In Everyday Life (1959). Using theatre as an extended metaphor, dramaturgy explains the everyday interactions that uphold social reality. Life is like a play, and like actors in a play, people perform roles, working in teams to create the social world, like scenes in a play. This provides functional institutions of work, school, home, hospitalsRead MoreThe Nature Of Research Activity783 Words   |  4 PagesChapter 1: The Nature of Research Activity 1.1: 2. Non-empirical 4. Empirical 6. Empirical Activity 1.2: 2. B 4. A 6. B Activity 1.3: 2. D 4. B 6. A Activity 1.3: 2. D 4. I 6. D 8. A â€Æ' Chapter One Answer Questions: 1. Speculation, procedures, and conclusions are not scientific unless they are made public. Is this true? Discuss. The claim: â€Å"Speculation, procedures and conclusions are not scientific unless they are made public.†, can be considered as true and applicable as one of the main characteristics

Thirteen Ways of Self-Questioning Free Essays

Thirteen Ways of Self-Questioning The poem â€Å"Thirteen Ways of Looking at a Blackbird† is written by Wallace Stevens. It contains thirteen sections; each section provides us a picture that is centered by the element of blackbird. Blackbird in the poem signifies people’s consciousness. We will write a custom essay sample on Thirteen Ways of Self-Questioning or any similar topic only for you Order Now So this poem wants to tell us that every person has a perspective to look at the world. It questions our process of thought to understand the world, and reminds us realize the problem of it. In â€Å"The Language of Paradox† by Cleanth Brooks, he introduces the notion of paradox and its application in poetry. In Stevens’ poem we can also find how he uses the device of paradox to raise the question for many times, and also the use of paradox leads us to reconsider our thought. Stevens displays several common understanding in human being. According to Brooks’ viewpoint, â€Å"Our prejudices force us to regard paradox as intellectual rather than emotional, clever rather than profound, rational rather than divinely irrational† (Brooks 58). The first section is an introduction of the whole poem: â€Å"Among twenty snowy mountains, / The only moving thing / Was the eye of the blackbird† (I). This is to tell us the nature is huge, but with it the only existence that is conscious about it is human consciousness. Twenty snowy mountains stand for the broad natural environment, but they are still and seem lifeless. Then he transferred the focus to the eye of the blackbird which is the only moving thing. Stevens uses â€Å"the† instead of â€Å"a† when he refers to blackbird because he wants to make it very clear that he refers it particular to human’s consciousness. In section twelve, he says â€Å"The river is moving. / The blackbird must be flying† (XII). This section responds to section one, because he uses the modifiers â€Å"moving† and â€Å"flying† in two sections respectively to express the same notion that our consciousness is changing over time. Cleanth Brooks describes paradox this way: â€Å"Paradox is the language of sophistry, hard bright, witty† (Brooks 58). In Stevens’ poem, in order to make readers realize the problem in the process of our thought. He narrates: â€Å"It was evening all afternoon. / It was snowing / And it was going to snow / The blackbird sat / In the cedar-limbs† (XIII). Afternoon is before evening, but he says â€Å"it was evening all afternoon†. This should signify a passive attitude to life. Evening is the time that near to death in people’s lives, and he tells us even during the afternoon which is their declining period someone already live in the status of evening. It’s a typical instance of paradox in the last section of the poem. The language seems contradictory and not logical, but actually it is to draw our attention to the awareness of our thought. â€Å"It was snowing / And it was going to snow† shows us people’s foresight through their experience and observation of nature. So Stevens put the result before the foresight. After that he refers to the blackbird sat still in the cedar-limbs to indicate that in people’s old age the consciousness is not as active as its youth time. However, the experience we get in the whole life becomes precious possession and provides us the insight. The last section has a relation with section two: â€Å"I was of three minds, / Like a tree / In which there are three blackbirds† (II). The blackbirds in the tree always refer to our minds. So I am a tree, and I have three minds which are represented by three birds. In this section, Stevens probably suggest the three levels of people’s mind according to Freud’s â€Å"Id, ego and super-ego† theory. In section four, Stevens says: â€Å"A man and a woman / Are one. / A man and a woman and a blackbird / Are one† (IV). This is another application of paradox. In â€Å"The Language of Paradox†, when Brooks analysis Wordsworth’s poem he says â€Å"It is not my intention to exaggerate Wordsworth’s own consciousness of the paradox involved† (Brooks 60). Here we really can dig out how the narrator maybe unconsciously applies the paradox. When we say two or more than two distinct existents are one, it obviously sounds not acceptable and will bring a consideration of this idea especially when we partly repeat the narrative but add another subject at the second time. Section four might try to discuss some religious thought in this world. He suggests every human being, no matter man or woman, is from one source. As objective existence, we and our consciousness are all developed from one. In this poem, Stevens applies paradox through both audible and visible experiences. Brooks suggests: â€Å"But I am not here interested in enumerating the possible variations; I am interested rather in our seeing that the paradoxes spring from the very nature of the poet’s language: it is a language in which the connotations play as great a part as the denotations† (Brooks 61). From a broader vision, we may find the mastery of paradox language by Stevens via analysis of his work. In section five, he narrates: â€Å"I do not know which to prefer, / The beauty of inflections / Or the beauty of innuendoes, / The blackbird whistling / Or just after† (V). When the blackbird is whistling, there is a beauty of inflections along with it, but just after that we will see the beauty of innuendoes. Here the blackbird signifies the poem. While we are reading or reciting the poem, the pronunciation is similar to inflections of bird because of the rhythms and structure. Nevertheless, after reading it we can realize the innuendoes implied from it. A good poem is not only to let readers enjoy its inflections, but also cause us to rethink in our mind. Moreover, this section has a interesting connection with section eight. Similarly, the narrator refers to accents and rhythms to suggest the composition and recitation of the poem which creates the audible enjoyment for readers. Then he tells us his thought is also inescapable involved into the poem. Those two sections provide us how Stevens applies paradox with our sensory from hearing. Moreover, he creates the metaphor from visual aspect. Brooks states that â€Å"I have said that even the apparently simple and straightforward poet is forced into paradoxes by the nature of his instrument† (Brooks 62). We can see this situation in section eleven where the narrator describes a picture which jumps into our imagination: â€Å"He rode over Connecticut / In a glass coach. Once, a fear pierced him, / In that he mistook / The shadow of his equipage / For blackbirds† (XI). The phrase â€Å"In a glass coach† tells us he is in a fragile status, and more than that glass is transparent. An illusion of blackbirds reflects his fearful emotion. Section three is another example of usage in this sensory respect. The narrator says â€Å"The blackbird whirled in the autumn winds. / It was a small part of the pantomime† (III). It begins with the only image of the blackbird that is overwhelmed by autumn winds. He sketches a close-up of the blackbird, and then tells us it is a small part of the pantomime. This enlarges our vision from close-up to the panorama, and indicates us that the blackbird is just a symbol of our life which is always out of control and encounters uncertainty. Brooks suggests that â€Å"there is a sense in which paradox is the language appropriate and inevitable to poetry. It is the scientist whose truth requires a language purged of every trace of paradox; apparently the truth which the poet utters can be approached only in terms of paradox† (Brooks 58). In Wallace Stevens’ â€Å"Thirteen Ways of Looking at a Blackbird†, he actually displays thirteen types of interpretation from which people develop their understanding of consciousness. The application of paradox provides the poem a further explanation of the theme. Through the usage of the symbolic technique and various aspects of sensory, the narrator discusses different levels of social and cultural thought. The most important function of paradox in this poem is to arouse people’s awareness of our consciousness and the ability to question our inherent understanding of our thought. How to cite Thirteen Ways of Self-Questioning, Essay examples

Grapes Of Wrath By Steinbeck (1133 words) Essay Example For Students

Grapes Of Wrath By Steinbeck (1133 words) Essay Grapes Of Wrath By SteinbeckThe Grapes of Wrath is a novel by John Steinbeck that exposes the desperateconditions under which the migratory farm families of America during the 1930slive under. The novel tells of one families migration west to California throughthe great economic depression of the 1930s. The Joad family had to abandontheir home and their livelihoods. They had to uproot and set adrift becausetractors were rapidly industrializing their farms. The bank took possession oftheir land because the owners could not pay off their loan. The novel shows howthe Joad family deals with moving to California. How they survive the cruelty ofthe land owners that take advantage of them, their poverty and willingness towork. The Grapes of Wrath combines Steinbeck adoration of the land, his simplehatred of corruption resulting from materialism (money) and his abiding faith inthe common people to overcome the hostile environment. The novel opens with aretaining picture of nature on rampage. The novel shows the men and women thatare unbroken by nature. The theme is one of man verses a hostile environment. His body destroyed but his spirit is not broken. The method used to develop thetheme of the novel is through the use of symbolism. There are several uses ofsymbols in the novel from the turtle at the beginning to the rain at the end. Aseach symbol is presented through the novel they show examples of the good andthe bad things that exist within the novel. The opening chapter paints a vividpicture of the situation facing the drought-stricken farmers of Oklahoma. Dustis described a covering everything, smothering the life out of anything thatwants to grow. The dust is symbolic of the erosion of the lives of the people. The dust is synonymous with deadness. The land is ruined ^way oflife (farming) gone, people ^uprooted and forced to leave. Secondly, the duststands for ^profiteering banks in the background that squeeze the life out theland by forcing the people off the land. The soil, the people (farmers) havebeen drained of life and are exploited: The last rain fell on the red and graycountry of Oklahoma in early May. The weeds became a dark green to protectthemselves from the suns unyielding rays.The wind grew stronger, uprootingthe weakened corn, and the air became so filled with dust that the stars werenot visible at night. (Chp 1) As the chapter continues a turtle, which appearsand reappears several times early in the novel, can be seen to stand forsurvival, a driving life force in all of mankind that cannot be beaten by natureor man. The turtle represents a hope that the trip to the west is survivable bythe farmer migrants (Joad family). The turtle further represents the migrantsstruggles agai nst nature/man by overcoming every obstacle he encounters: the redant in his path, the truck driver who tries to run over him, being captured inTom Joads jacket: And now a light truck approached, and as it came near, thedriver saw the turtle and swerved to hit it. The driver of the truck works for alarge company, who try to stop the migrants from going west, when the driverattempts to hit the turtle it is another example of the big powerful guy tryingto flatten or kill the little guy. Everything the turtle encounters trys itsbest to stop the turtle from making its westerly journey. Steadily the turtleadvances on, ironically to the southwest, the direction of the mirgration ofpeople. The turtle is described as being lasting, ancient, old and wise: hornyhead, yellowed toenails, indestructible high dome of a shell, humorous old eyes. .uf77938e509bb18ce657dec206b7cf02e , .uf77938e509bb18ce657dec206b7cf02e .postImageUrl , .uf77938e509bb18ce657dec206b7cf02e .centered-text-area { min-height: 80px; position: relative; } .uf77938e509bb18ce657dec206b7cf02e , .uf77938e509bb18ce657dec206b7cf02e:hover , .uf77938e509bb18ce657dec206b7cf02e:visited , .uf77938e509bb18ce657dec206b7cf02e:active { border:0!important; } .uf77938e509bb18ce657dec206b7cf02e .clearfix:after { content: ""; display: table; clear: both; } .uf77938e509bb18ce657dec206b7cf02e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf77938e509bb18ce657dec206b7cf02e:active , .uf77938e509bb18ce657dec206b7cf02e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf77938e509bb18ce657dec206b7cf02e .centered-text-area { width: 100%; position: relative ; } .uf77938e509bb18ce657dec206b7cf02e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf77938e509bb18ce657dec206b7cf02e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf77938e509bb18ce657dec206b7cf02e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf77938e509bb18ce657dec206b7cf02e:hover .ctaButton { background-color: #34495E!important; } .uf77938e509bb18ce657dec206b7cf02e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf77938e509bb18ce657dec206b7cf02e .uf77938e509bb18ce657dec206b7cf02e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf77938e509bb18ce657dec206b7cf02e:after { content: ""; display: block; clear: both; } READ: Accountability Of Our Government Essay(Chp 1) The driver of the truck, red ant and Tom Joads jacket are all symbolicof nature and man the try to stop the turtle from continuing his journeywestward to the promise land. The turtle helps to develop the theme by showingits struggle against life/ comparing it with the Joad struggle against man. Thegrapes seem to symbolize both bitterness and copiousness. Grandpa the oldestmember of the Joad family talks of the grapes as symbols of plenty; all hisdescriptions of what he is going to do with the grapes in California suggestcontentment, freedom, the goal for which the Joad family strive for: Im gonnalet the juice run down ma face, bath in the dammed grapes (Chp 4) The grapesthat are talked about by Grandpa help to elaborate the theme by showing that nomatter how nice everything seems in California the truth is that their beauty isonly skin deep, in their souls they are rotten. The rotten core verses thebeautiful appearance. The willow tree that is located on the Joads farmrepresents the Joad family. The willow is described as being unmovable and neverbending to the wind or dust. The Joad family does not want to move, they preferto stay on the land they grew up on, much the same as the willow does. Thewillow contributes to the theme by showing the unwillingness of the people to beremoved from their land by the banks. The latter represents the force makingthem leave their homes. Both of these symbols help contribute to the theme byshowing a struggle between each other. The tree struggles against nature in muchthe same way that the Joad family struggles against the Bank and largecompanies. The rains that comes a t the end of the novel symbolize severalthings. Rain in which is excessive, in a certain way fulfills a cycle of thedust which is also excessive. In a way nature has restored a balance and hasinitiated a new growth cycle. This ties in with other examples of the rebirthidea in the ending, much in the way the Joad family will grow again. The raincontributes to the theme by showing the cycle of nature that give a conclusionto the novel by showing that life is a pattern of birth and death. The rain isanother example of nature against man, the rain comes and floods the livingquarters of the Joads. The Joads try to stop the flood of their home by yetagain are forced back when nature drops a tree causing a flood of water to ruintheir home forcing them to move. In opposite way rain can helpful to give lifeto plants that need it to live. Depending on which extreme the rain is in, itcan be harmful or helpful. This is true for man, man can become both extremesbad or good depending on his choos ing. Throughout the novel there are severalsymbols used to develop the theme man verses a hostile environment. Each symbolused in the novel show examples of both extremes. Some represent man, thatstruggles against the environment, others paint a clear picture of the feelingsof the migrants. As each symbol is presented chronologically through the novel,they come together at the end to paint a clear picture of the conditions,treatment and feelings the people (migrants) as they make there journey throughthe novel to the West.

Fas 157 Summary Analysis Essay Example

Fas 157 Summary Analysis Essay Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASBs working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASBs Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure Draft and related Invitation to Comment. No decisions were made. At a previous meeting, the Board decided to issue the FASBs final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASBs document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASBs conclusions along with the basis for the disagreement. We will write a custom essay sample on Fas 157 Summary Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Fas 157 Summary Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Fas 157 Summary Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differences between the definitions of fair value in the FASBs draft Fair Value Measurements (FVM) standard to the definition in IFRS. This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staffs overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings. The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staffs analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board members wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing amount to price as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of exit values in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transaction; the agreed price constitutes both an entry and ex it value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of marketplace participants is believed by some Board members to be a less superior phrase to the widely accepted knowledgeable, willing parties notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a market. The FASBs rationale for introducing the marketplace participants notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted. The Board will be asked to debate the meaning of the reference market notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measurement Within each of these sections, the staff made various proposals for the Boards consideration. Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 Construction Contracts †¢ (b) IAS 16 Property, Plant and Equipment (c) IAS 17 Leases †¢ (d) IAS 18 Revenue †¢ (e) IAS 19 Employee Benefits †¢ (f) IAS 20 Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 Accounting and Reporting by Retirement Benefit Plans †¢ (h) IAS 33 Earnings per Share †¢ (i) IAS 36 Impairment of Assets †¢ (j) IAS 38 Intangible Assets †¢ (k) IAS 39 Financial In struments: Recognition and Measurement †¢ (l) IAS 40 Investment Property †¢ (m) IAS 41 Agriculture †¢ (n) IFRS 1 First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 Share-based Payment (p) IFRS 3 Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be excluded from the scope. The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received. However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 Inventory †¢ (b) IAS 21 The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 Consolidated and Separate Financial Statements †¢ (d) IAS 28 Investment in Associates †¢ (e) IAS 31 Interests in Joint Ventures (f) IAS 32 Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 Insurance Contracts †¢ (h) IFRS 7 Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 Presentation of Financial Statements †¢ (b) IAS 7 Cash Flow Statements (c) IAS 8 Accounting Policies, Changes in Accoun ting Estimates and Errors †¢ (d) IAS 10 Events After the Balance Sheet Date †¢ (e) IAS 12 Income Taxes †¢ (f) IAS 14 Segment Reporting †¢ (g) IAS 23 Borrowing Costs †¢ (h) IAS 24 Related Party Disclosures †¢ (i) IAS 29 Financial Reporting in Hyperinflationary Economies †¢ (j) IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 Interim Financial Reporting (l) IAS 37 Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalised, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB Meeting This was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASBs exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance. The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity that differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condi tion of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project. Revised definition of fair value In the staffs view, the FASBs revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a price rather than amount. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price. As a consequence, other Board members noted that the current definition will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs. The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurement date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input. IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staffs conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statement represents an improvement over the disparate and inconsistent guidance currently in IFRSs. Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASBs conclusion to adopt the principal market view. While this will result in a change from the most advantageous view currently in IFRS, the principal market view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price. The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting. The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in assessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor. However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement. The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from the FASBs draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements. Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability). Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the asset or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability. Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement. As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meeting The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for day-one gains. Project Plan and Due Process The Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASBs agenda in September 2005. At that time, the Board decided that they would expose the FASBs final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents. These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASBs due process requirements. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an exit price objective of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alt ernative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft. This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopefully a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long. Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB document is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASBs discussion paper. Day-one Gains and Losses Fair value, as defined in the FASBs document is an exit price. As a result of the Boards tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measu red at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment. The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential amendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project. September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair va lue hierarchy that prioritises the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entitys own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASBs Website without charge. The IASB has on its agenda a project on fair value measurement. It is one of the convergence projects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASBs preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASBs preliminary views about those provisions. Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Boards preliminary views and requests constituent input on certain matters Non-performance risk The Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities. It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in addition to credit risk). Issues in the Invitation to Comment Entry and exit prices The Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between a willing buyer and a willing seller matters only when one is shifting markets. In many IASB standards, fair value is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price. Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording on the fly, which they will bring back to the Board. Principal or most advantageous market IAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability. The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities. The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling level 3 measurements fair value The Board noted that FAS 157 establishes a three level hierarchy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is unobservable inputs for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entitys own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other than fair value. Block premiums and discounts The Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the Price x Quantity formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs. Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initial Fas 157 Summary Analysis Essay Example Fas 157 Summary Analysis Essay Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASBs working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASBs Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure Draft and related Invitation to Comment. No decisions were made. At a previous meeting, the Board decided to issue the FASBs final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASBs document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASBs conclusions along with the basis for the disagreement. We will write a custom essay sample on Fas 157 Summary Analysis specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Fas 157 Summary Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Fas 157 Summary Analysis specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differences between the definitions of fair value in the FASBs draft Fair Value Measurements (FVM) standard to the definition in IFRS. This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staffs overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings. The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staffs analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board members wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing amount to price as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of exit values in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transaction; the agreed price constitutes both an entry and ex it value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of marketplace participants is believed by some Board members to be a less superior phrase to the widely accepted knowledgeable, willing parties notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a market. The FASBs rationale for introducing the marketplace participants notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted. The Board will be asked to debate the meaning of the reference market notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measurement Within each of these sections, the staff made various proposals for the Boards consideration. Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 Construction Contracts †¢ (b) IAS 16 Property, Plant and Equipment (c) IAS 17 Leases †¢ (d) IAS 18 Revenue †¢ (e) IAS 19 Employee Benefits †¢ (f) IAS 20 Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 Accounting and Reporting by Retirement Benefit Plans †¢ (h) IAS 33 Earnings per Share †¢ (i) IAS 36 Impairment of Assets †¢ (j) IAS 38 Intangible Assets †¢ (k) IAS 39 Financial In struments: Recognition and Measurement †¢ (l) IAS 40 Investment Property †¢ (m) IAS 41 Agriculture †¢ (n) IFRS 1 First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 Share-based Payment (p) IFRS 3 Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be excluded from the scope. The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received. However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 Inventory †¢ (b) IAS 21 The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 Consolidated and Separate Financial Statements †¢ (d) IAS 28 Investment in Associates †¢ (e) IAS 31 Interests in Joint Ventures (f) IAS 32 Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 Insurance Contracts †¢ (h) IFRS 7 Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 Presentation of Financial Statements †¢ (b) IAS 7 Cash Flow Statements (c) IAS 8 Accounting Policies, Changes in Accoun ting Estimates and Errors †¢ (d) IAS 10 Events After the Balance Sheet Date †¢ (e) IAS 12 Income Taxes †¢ (f) IAS 14 Segment Reporting †¢ (g) IAS 23 Borrowing Costs †¢ (h) IAS 24 Related Party Disclosures †¢ (i) IAS 29 Financial Reporting in Hyperinflationary Economies †¢ (j) IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 Interim Financial Reporting (l) IAS 37 Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalised, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB Meeting This was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASBs exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance. The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity that differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condi tion of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project. Revised definition of fair value In the staffs view, the FASBs revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a price rather than amount. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price. As a consequence, other Board members noted that the current definition will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs. The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurement date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input. IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staffs conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statement represents an improvement over the disparate and inconsistent guidance currently in IFRSs. Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASBs conclusion to adopt the principal market view. While this will result in a change from the most advantageous view currently in IFRS, the principal market view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price. The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting. The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in assessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor. However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement. The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from the FASBs draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements. Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability). Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the asset or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability. Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement. As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meeting The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for day-one gains. Project Plan and Due Process The Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASBs agenda in September 2005. At that time, the Board decided that they would expose the FASBs final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents. These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASBs due process requirements. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an exit price objective of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alt ernative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft. This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopefully a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long. Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB document is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASBs discussion paper. Day-one Gains and Losses Fair value, as defined in the FASBs document is an exit price. As a result of the Boards tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measu red at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment. The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential amendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project. September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair va lue hierarchy that prioritises the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entitys own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASBs Website without charge. The IASB has on its agenda a project on fair value measurement. It is one of the convergence projects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASBs preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASBs preliminary views about those provisions. Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Boards preliminary views and requests constituent input on certain matters Non-performance risk The Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities. It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in addition to credit risk). Issues in the Invitation to Comment Entry and exit prices The Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between a willing buyer and a willing seller matters only when one is shifting markets. In many IASB standards, fair value is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price. Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording on the fly, which they will bring back to the Board. Principal or most advantageous market IAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability. The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities. The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling level 3 measurements fair value The Board noted that FAS 157 establishes a three level hierarchy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is unobservable inputs for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entitys own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other than fair value. Block premiums and discounts The Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the Price x Quantity formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs. Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initial

Reflections on Dave (1993) essays

Reflections on Dave (1993) essays Released eleven years ago, Dave is a pleasurable treat for everyone as it is a comedy, romantic story and a political drama at the same time. Its a touching movie packed with a stellar cast and coupled with a solid moral plot. Ironically, this movie was about an impostor with a very good heart to humanity well, an impostor capable of feelings and dreams for his countrymen. In the beginning of the film, it was saddening to see that the President of the United States was such a cynical and power hungry person, and a womanizer at that. Hes someone whom you would most likely hate and I couldnt help but wonder why he was elected into office in the first place. Now, lets talk about Dave Kovic since I absolutely enjoyed watching him. He is so funny and witty that he steals every scene. Dave earns a modest living by running a small temporary employment office and occasionally picks up dollars impersonating the President doing things like riding a pig at places like local car dealerships. Then one day the Secret Service shows up in Dave's living room asking Dave to impersonate the President at a social function. The President is needed elsewhere. The elsewhere is an illicit meeting with one of his aides, and unfortunately the President suffers a massive stroke. At the urging of the White House Chief of Staff and Communications Director, Dave agrees to continue his role as the President. The plot of the movie thickens when what seemed to be a more temporary fill in of executive authority turned out to be a more serious look at the nations problems. The scenes wherein Dave is taught the basics of presidency were just priceless. I believe that h e is a good man with strong moral values. His initiative to help people he hasnt even met before is truly remarkable. We all wish we had politicians like Dave because everyone admires a man who is upright, honest, open and down-right responsible. ...

MARKETING Assignment Example | Topics and Well Written Essays - 2500 words

MARKETING - Assignment Example In sum the fortunes of the firm are dependent on how well its management deals with business opportunities and threats, while using the strengths of the firm to take advantage of the opportunities and minimize the effect of the threats through clever planning and strategic implementation of its vision for the company. This is what is called strategic management- or the planning and implementation to achieve its desired plans in the marketplace in the face of these internal and external forces. The legal, political, sociological, economic and other environments may pose a number of challenges that must be overcome by the business if it is to survive and prosper in the marketplace. Barclays Bank PLC is one of the key players in the worldwide banking industry as well as in the UK and this paper will discuss how successfully it has managed to meet the challenges faced by the banking sector in the UK. The Banking Sector in the UK The banking sector in the UK is one that is full of intense competition. Lately the banking sector which had been hit by the 2007-2008 economic recession has been in recovery mode and efforts are still being made to put the sector back on track and increase regulation which would prevent greed and excessive remunerations from wreaking havoc on our lives once again. Efforts are being made so that banking executives’ salaries, perks and other remunerations like bonuses and stock options will be reviewed by the Governor of the Bank of England and the Finance Secretary prior to payout. The Bank of England had committed a sum of around ?7 billion to bail out the banking sector in the UK but thankfully Barclays Bank PLC did not ask for assistance, rather it managed to raise the required capital through a number of share offerings in the equity market. Banking today can be characterized by the different products that are being dealt with, such as investment banking, asset management or debt management, or by the type of customer dealing, su ch as Wealth Management for high net worth clients and Retail Banking for all types of customers (Harrison, 1994). There are also a number of channels for service delivery, like online banking and ATM transactions, cash deposits and withdrawals, wire transfers etc. But never mind what classification you choose, it all deals with saving, lending, spending, deposits and investments and withdrawals. These are the primary functions of banking which we cannot deny (Lee, 2002). A Brief History of Barclays Bank The origins of Barclays Bank date back to the days of the goldsmiths who were acting as the earliest English bankers on London’s Lombard Street. A partnership was established between John Freame and Thomas Gould in 1690. In 1736, James Barclay, the son in law of John Freame became a partner in the business. In 1738, the business moved to 54 Lombard Street and at this time also began using the black spread eagle as an identifiable logo that is still associated with the bank to day. In 1896 two more banking businesses united with this operation under the name of Barclays & Co, by then converted into a joint stock banking company. During 1905-1916, Barclays further extended its network by acquiring other small banking operations in the UK. Amalgamations with other banks in 1916 and 1919 saw the Barclays name expand ever further. After World War II, Barclays UK established a US affiliate by