From Welfare To Workfare Essay - 2406 Words

From Welfare to Workfare Theres an old joke that goes something like... Where do you hide a welfare recipients cheque, where hell never find it? Under his work boots. When Mike Harris was campaigning for the Progressive conservative party in 1994 he promised a common sense revolution. This mixed with the huge unpopularity of Bob Rays policies, made him a favourite for the upcoming election. With this new common sense revolution, came Ontario Works, or workfare. (a program designed to help recipients find their cheques) The workfare topic was a huge issue to voters, and will effect not only the thousands of Ontario welfare recipients but every Ontarioan in one way or another. When the election was close, Mike†¦show more content†¦After the election of Mike Harris and the PC party a committee was set up by the Minister of Community and Social Services, the Honourable David Tsubouchi, comprised of MPPs to study how the promised of workfare should be executed. Communities and MPPs of all parties were encouraged to give their suggestions on how to better implicate workfare. (Legislative Assembly of Ontario, March 28, 1996, pg. 1966.) Ontario Works policy direction taken by the Ontario Progressive Conservative Government Workfare is intended to put able-bodied welfare recipients to work in exchange for their welfare benefits. (Legislative Assembly of Ontario, March 29, 1996, pg. 1650) Here are some main points of Ontario Works program: ? handicapped, elderly, injured, full time students, and single parents with young children will be excluded from mandatory workfare. ? recipients will be required to work, or volunteer, seventeen hours per week, in order to receive assistance. ? municipal social services will work directly with charity and community organizations for volunteer and employment services. The main intention of workfare is to help the welfare recipient become self-sufficient and ultimately get him/her employment. The full plans were introduced in the Ontario legislature on June 18, 1996 by the honourable David Tsubouchi, when he discussed the three major ways that Ontario Works will be a success. 1) Contracting outShow MoreRelatedWelfare Is Not Solving Poverty923 Words   |  4 Pagesâ€Å"Welfare’s purpose should be to eliminate, as far as possible, the need for its own existence.† Welfare is not solving Poverty in America. Before I start this argument I need to assert that I do not think that welfare is a matter of solving poverty anymore. I agree with Ban Ki-Moon when he says, â€Å"True security is based on people’s welfare.† Welfare has become a way of keeping the impoverished people from becoming desperate enough to commit crimes, but within this system, that was originally meantRead MoreWorkfare: A Critical Examination2848 Words   |  12 PagesIntroduction This essay will examine the technique of workfare as a way of governing the poor. Workfare is a widely contested area which evokes many conflicting opinions at both the political and the public level. The following quote comes from Dan Hodges, a British commentator writing for The Daily Telegraph, and gives an interesting insight in one of the discussions workfare poses. Hodges writes about the way several proponents of workfare (including David Cameron, the British PM in 2012), whoRead More Welfare Reform - Welfare Recipients MUST take Personal Responsibility1248 Words   |  5 PagesWelfare Reform - Welfare Recipients MUST take Personal Responsibility   Ã‚  Ã‚  Ã‚  Ã‚  Public Welfare is an important support system of the United States government. Welfare has its benefits, but the system has pitfalls. Instead of abolishing welfare as critics of the system suggest, reforms can be made to correct the problems while government, either on the state or federal level, can continue to assist the impoverished.   Ã‚  Ã‚  Ã‚  Ã‚  The term welfare is used to describe a variety of programs that provide Read MoreEssay on Flat Broke with Children by Sharon Hays1002 Words   |  5 PagesSharon Hays argues that welfare reform policymakers were legislating moral prescriptions for women in poverty who were to take on Welfare aid. I think it could be argued that moral prescriptions on the lives of Welfare recipients was purposeful. Politicians felt Welfare needed to change and help recipients become more self-sufficient over time. This would save money as time went on but would also be a measure of success if less people were on Welfare as time went on. To make Welfare more temporary, inefficienciesRead More Proposal To Reduce Unemployment Essay1564 Words   |  7 Pageswork force. This revolves around people who reside in one state and work in another. This proposition allows those workers to transfer from their current state of work to the state they reside in. This way the U.S. system runs mo re efficient when going through unemployment file claims without the hassle of creating separate categories for those that work away from their state of residence because of the one to three week waiting period for an unemployed worker to receive his benefit checks. This lawRead MoreThe Welfare System Makes People Dependent Essay1129 Words   |  5 PagesThe Welfare System Makes People Dependent One of the many reasons why America is called â€Å"The Land of Opportunity† is because its citizens can move up in socio-economic status through hard work and dedication. However, when U.S. citizens fall on hard times, government-established programs offer financial assistance. The history of welfare reform reveals that the question of personal responsibility versus assistance to those in need has been a constant in the debate over welfare. In the 1950sRead MorePoverty Of The United States1146 Words   |  5 Pagespopulation — now counted as poor, it’s tempting to think he may have been right (Edelman Para 1). Poverty effects each and every one of our citizens just because fixing poverty requires money, millions and millions of dollars must come from someone. That money comes from taxpayers that works hard for their money whether it is minimum wage, high wage employees, or even property owners. Throughout history, one of the solution of poverty in the United States is providing free aid to the general public whoRead MoreWelfare Policy And The American Government1162 Words   |  5 Pages Welfare Policy Lana Eliot Sociology 320 Professor Mentor March 26, 2016 When a person first hears the word welfare, they think of free money, food and lazy people. This is such a stereotyped opinion of all that the welfare system is and what it does for millions of individuals and families in the United States. To socially define welfare one could view it as a: social effort designed to promote the basic physical and material well-being of people in need† (dictionary.com). BecauseRead More Welfare Reform Essay2746 Words   |  11 PagesWelfare Reform The U.S. Congress kicked off welfare reform nationwide last October with the Personal Responsibility and Work Opportunity Reconciliation Act of 1996, heralding a new era in which welfare recipients are required to look for work as a condition of benefits. http://www.detnews.com/1997/newsx/welfare/rules/rules.htm. Originally, the welfare system was created to help poor men, women, and children who are in need of financial and medical assistance. Over the years, welfare has becomeRead MoreEssay on The Swedish Model of Labor Market532 Words   |  3 Pages1950s. The model intends to reach full employment in line with economic stability. The idea of solidaristic wage policy is mentioned that equal paid for equal job regardless to the profit of company. As a result, wage structure compress as workers from low-wage are pushed to high-wage. There is less wage differences within the same profession. However, workers in low profit companies became unemployed because the company is not capable to deal with higher cost which in turn put pressure to labor

Income Inequality Essay - 938 Words

Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The†¦show more content†¦Income inequality is necessary for a capitalist society to thrive as it provides competition, hard work, and innovating ideas (Sutter). Saez presents his credible data through the use of ethos. Saez is a well-known econom ics professor who devotes time to publish reports about the income inequality in America. Although his reports are strictly opinion, he uses enough historical statistics and actual facts to make his writing credible. Many historical theories lay a foundation that helps prove income inequality is necessary. Social Darwinism is a collection of theories that explain why the rich get richer, while the poor become poorer. Social Darwinists generally claim that the strong and successful people should see their wealth and power increase while the weak and unmotivated should see their wealth and power decrease. This is an excellent explanation for the cause of income inequality and why it shouldn’t be stopped. Wealth can sometimes be a direct result of the hard work and dedication of a person that is motivated to become successful in life. While most people may work as hard as they can and only make an average income, there are the few exceptional cases where people can prosper and r ise to great economic stability. For all other citizens, the reality is they may be motivated and driven to become successful just like everyone else, but can only manage a low or middle class job. This realityShow MoreRelatedThe Inequality Of Income Inequality Essay2206 Words   |  9 Pagesâ€Æ' Abstract: One of the social issues concerning power, status, and class in American society today is income inequality. The income gap between the social classes has increased drastically throughout the last few decades, creating a significant gap between the wealthy and the poor. This gap has become so large that the middle class has nearly diminished, creating a social class comprised of the rich and the poor. The significant gap between the two social classes is unhealthy for the economy becauseRead MoreThe Inequality Of Income Inequality1229 Words   |  5 PagesIncome Inequality Income inequality has been a major concern around the world, and it mainly links to how economic metrics are distributed among individuals in a country. Economists generally categorise these metrics in wealth, income and consumption. Wilkinson and Picket (2009) showed in their studies that inequality has drawbacks that lead to social problems. This is because income inequality and wealth concentration can hinder or delay long term growth. In 2011, International Monetary Fund economistsRead MoreIncome Inequality3032 Words   |  13 PagesIncome inequality Name Date Abstract In any given population, there is a difference between what people within the population earn. The uneven distribution of income in any given population is income inequality. In order for there to be income, there has to be several sources of income. These sources of income may be combinational or independent per person receiving the income. Income may result from wages, rent, bank account interests, salaries or even profits made in business transactionsRead MoreInequality And Inequality Of Income Distribution988 Words   |  4 PagesInequality of Income Distribution in the United States Today, the average income of the richest 10% is 14 times that of the poorest 10% in the United States. Famous economist Milton Friedman argues that this inequality gap would eventually spur people to work harder and boost productivity. Others, who are not that optimistic, argue that the income inequality leads to a growing level of inequality of opportunity. For that reason, six in 10 Americans now say that only a few people at the top have anRead MoreEssay about income inequality33928 Words   |  136 PagesProfessor Douglas English 1-A 26 May 2013 Works Cited Dobelstein, Andrew W. Moral Authority, Ideology, And The Future Of American Social Welfare. [N.p.]: Westview Press, 1999. eBook Collection (EBSCOhost). Web. 15 May 2013. Frank, Robert. â€Å"Income inequality: Too Big to Ignore†. Graff, Gerald, Cathy Birkenstein, and Russel Durst. They Say, I Say: The Moves That Matter in Academic Writing : With Readings. New York: Norton, 2012. 432-447 Print. Murray, Harry. Deniable Degradation: The Finger-ImagingRead MoreIncome Inequality And Poverty989 Words   |  4 Pages â€Å"Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people† - Robert Higgs. When people think of income inequality they picture poverty and people not having basic necessities. However income inequality is not just a connection to the poor. Income inequality is stronglyRead MoreIncome Inequality781 Words   |  4 PagesIn Income Inequality: Too Big to Ignore, Robert H. Frank paints a picture to the reader about the struggles of pier pressure. For example: an upper-classmen chooses to buy a big house and fancy clothing. This acts as a â€Å"frame of reference† to the changes and norms of the society. If he spends mon ey on something nice, a middle-classmen will then go and decide to do the same thing, and then a lower-classmen†¦all the way down the social hierarchy. This is what he calls an â€Å"expenditure cascade.† RobertRead MoreThe Problem With Income Inequality992 Words   |  4 Pagesbecause of the income inequality I assure to all those looking for the dream, inequality has always been there and we should not allow anything to stop us from achieving what we want. Like many working Americans, I never took the time to think about how income inequality affected us and how immense it has become. The problem with income inequality is its rapid increase, and the lack of effort to close that gap between the rich and the poor. According to Robert Franks in â€Å"Income Inequality: Too Big toRead MoreThe Issue Of Income Inequality Essay1496 Words   |  6 Pagesdeeply divisive issues in the United States is the question of income inequality: whether it exists and whether we are obliged to address it. The â€Å"American Dream† ideology which permeates most aspects of our daily life, influences an automatic response to income inequality to be that those at the bottom are not working hard enough and that those at the top have earned their wealth through hard work. These perceptions of poverty and inequality limit productive conversation that can lead to meaningful changeRead MoreThe Ambiguity Of Income Inequality1143 Words   |  5 PagesThe A mbiguity of Income Inequality Pundits say that income inequality has been one of the greatest downturns of our country’s growth and development, however a puzzle exists where economics and politics meet that does not make the solution to income inequality easy to find. Political leaders, economists, and bankers all agree that policies have appealed more to the interests of the governing class than those of the ordinary people. The comments surrounding this topic mostly stem from the strong

What A Time You Be An Entrepreneur ! - 813 Words

What a time to be an Entrepreneur! It seems that everywhere you look people are launching new ventures. Whether they quit their day job to go out it alone or freelance their skills on the side -- entrepreneurship is the new black. Social media shows you the glamorous side - celebrating new clients, picking a logo, launching a site. However, as we saw with working at home, the shiny newness of being your own boss will definitely wear off. After the honeymoon phase comes the actual work. The real hustle. The part where days run together and the to do list seems never ending. Days when inspiration is just as low as incoming client numbers. The hustle is hard, but when worked right -- it is rewarding. Without being properly prepared, this phase is where many business fail. This phase exposes weakness, tests willpower and drains motivation. It is here that entrepreneurs learn that a successful launch does not make a successful business. A successful business is determined by what one does after the business gets off the ground. The hard part comes in keeping the business from crashing. These 5 Major Key’s will help you hustle harder and smarter, making sure that both you and your business survive. Make your Actions and Words Align Complaining ruins everything. When times get hard, the way you speak over yourself and your business can help or hurt you. Setbacks are inevitable, and by my calculations failure doesn’t exist. Business is about outcomes, desired orShow MoreRelatedMan vs Wild1575 Words   |  7 PagesEntrepreneur Interview Report Instructions and Grade Sheet Entrepreneurship Individual Assignment Worth Up to 75 Points Purpose This assignment is modeled after the nationwide â€Å"Take an Entrepreneur to Lunch† competition sponsored by the Acton Foundation (actonhero.org). You will learn information that is not in any textbook, and add an important person to your personal network. Overview This is an individual assignment. If you do this assignment you do not have to complete the Networking AssignmentRead MoreBeing an Entrepeneur1043 Words   |  4 PagesHave you ever wondered who thought about the idea of creating a multinational retail corporation here in America called Wal-Mart? Sam Walton - founder of Wal-Mart was behind that idea. Sam Walton is an example of great entrepreneur who wanted to make his business successful. An entrepreneur needs a variety of skills but does not need to have a formal education. Being an entrepreneur is challenging even if an individual is well educated on the field or has no education at all. There is alwaysRead MoreEssay about Not Easy but Rewarding: Entrepreneurship1253 Words   |  6 PagesA famous quote by the late Peter Drucker reads, â€Å"The best way to predict the future is to create it.† Per the New Merriam-Webster Dictionary an entrepreneur is a person who creates, organizes, and operates a business or busines ses, taking on a greater than normal risk in order to do so. It is unknown who actually started the first business on the records but it stated to be in the year 527 AD when it was created. The details about the business are not specified either but it was solely resembledRead MoreBecoming A Lifestyle Entrepreneur : 8 Proven Steps1353 Words   |  6 Pages Become a Lifestyle Entrepreneur – 8 Proven Steps So You Want to Become a Lifestyle Entrepreneur? Today, over 2.5 billion people log onto the Internet every single day and it s expected to triple within the next five years! So if you want to become a lifestyle entrepreneur you ll have to follow some proven tricks to get you there! For Entrepreneurs looking to start-up or grow a physical business, the Internet offers them an unlimited and untapped resource plugged in 24/7. There are many successfulRead MoreAn Entrepreneur s Roadmap By Joseph Picken1079 Words   |  5 PagesRoadmap,† by Joseph Picken, he outlines entrepreneur characteristics, specific obstacle’s most experiences and mainly how he got to where he is. Out of eight specific hurdles, the first one is setting direction and maintaining focus. The first step entrepreneurs have to undertake is launching their startup. However, before doing that they need to have a clear understanding of their goal and establish an exact direction. Which includes, who they are targeting, what are they offering, value propositionRead MoreEssay On What Does It Take To Be A Real Entrepreneur1046 Words   |  5 PagesWhat Does It Take To Be A Real Entrepreneur? Some people would refer entrepreneurs as a new breed of people. Others may just be daydreaming of the fame and fortune that these entrepreneurs are enjoying. However, those who are truly in the business, though they admit having more benefits than an ordinary individual, must also face a lot of struggles down the road. In short, although others may see successful entrepreneurs to be mostly all over the place where their money could bring them, it tookRead MoreWhy I Chose My Success For A Career Entrepreneur1299 Words   |  6 Pagesone day and are very familiar with the term entrepreneur. When I signed up for the Entrepreneurship 200 course, I did not know what to expect. As a young adult, advice is something everyone wants to give you and is usually accompanied by the phrase, â€Å"If I only knew then what I know now†. Knowing what to do or what not to do in the business world can help young entrepreneurs make good decisions. As a starting entrepreneur, advice from successfu l entrepreneurs is priceless. The weekly guest speakers madeRead MoreEntrepreneurs vs Salaried Workers806 Words   |  4 Pagessalaried employed workers and not entrepreneurs. There is a significant difference in being an entrepreneur and a salaried worker. An entrepreneur is a person who organizes and manages their business, taking lots of risks. A salaried worker is someone working for another person’s business for pay while having a lot of security. While the entrepreneur has more freedom, the salaried employee takes lesser risks. As an entrepreneur you have plenty of freedom. Entrepreneurs have dreams and not all of themRead MoreDoes Education Or Genetic Inheritance Play An Role Of An Entrepreneur?1560 Words   |  7 Pagesrole in the becoming of an entrepreneur? Entrepreneurs are individuals who take the initiative to invest in a business idea that they consider an opportunity, therefore willing to accept eventual risks and devote a lot of time and effort into their ideas. Because these people are often under a lot of work pressure and frequently need to calculate and innovate their ideas, many people consider Entrepreneurs to be creative and hard workers. However, being an entrepreneur is not something that everybodyRead MoreInternal And External Data And Statistics Of Business Sales Managers Versus Entrepreneurs1272 Words   |  6 Pagesversus Entrepreneurs and gives advice for two chosen careers as requested by a client. Managers and Entrepreneurs share the same characteristics, but can also be very different with some traits. Managers play an entirely different role than an entrepreneur, because an entrepreneur is managing his own business, but both are concerned with business growth. If you’re an entrepreneur, you build business es. If you’re a manager, you are then focusing on a single subject matter and become brilliant. You can

The Entrepreneurial Mind Set And I Have Chosen The...

Introduction to the Topic and Entrepreneur The topic for this essay is the entrepreneurial mind-set and I have chosen the Sanitarium Health and Well-Being Company to support my essay. In the following essay I will be analysing and discussing the chosen company in context with my topic. Brief Biography/Profile of Entrepreneur The Sanitarium Health and Well-Being Company which was founded in 1900 and is 100% owned by New Zealand. The company has factories all over the country and along with Sanitarium Australia, it employs approx. 1,700 employees in order to create around 150 products which includes vegetarian foodstuffs, soymilk, spreads and breakfast cereals. The company is owned by the Seventh-Day Adventist Church of New Zealand hence all the profit generated is utilized for charity, community work and humanitarian work around the country. Opportunity, Need, Invention and/or Innovation Involved Innovation: The term innovation generally refers to making a change or creating newer products and ideas or newer procedures which can result in the success of the company. Sanitarium utilises the innovation concept in various departments and ways. †¢ New Products: The most common form of innovation is creating a new product. Since Sanitarium is already a brand name which is well established and trusted, therefore any products launched by Sanitarium is guaranteed to be trusted by customers. The company has recently launched a new version of the world famous Weet-Bix. The company hasShow MoreRelatedSwot Analysis25582 Words   |  103 Pageshorses, later expanding into sheep-shearing equipment. Shaft Company In 1910, The Chicago Flexible electrical diversified into small appliances and, with the launch of the Princess electric iron, it laid the foundation for the small electrical appliance industry. The diversification strategy was aimed at offsetting the seasonal nature of the sheep-shearing industry. In 1914, the company purchased the Australian operation, and the company Cooper Engineering Co. (CEC) was born. Seven years later, in

The Argument About Good Topics for Presentation

The Argument About Good Topics for Presentation To avoid losing your audience and receiving a lower grade, you should begin with mulling over a few cool presentation suggestions to decide on an ideal topic. So even if you're presenting before a significant client or investor, don't forget to use humor in your presentation. Firstly, the way that you present is an important determinant of to what extent your presentation is appreciated by the audience more than the topic you're speaking on. If you're presenting on topics which are potentially useful to your audience, that's a great start too. What to Expect From Good Topics for Presentation? Persuasive communication applies to a variety of distinct circumstances and people. Moreover, presentations shouldn't consist of content which might be deemed inappropriate for someone. Below are a couple technology related topics and templates that you may discover useful. Websites like BrainyQuote provide various thought-provoking mate rial. Business presentations are also employed by people to communicate about a few new reformations in business strategies. You can also attempt exploring curious and controversial facets of a subject. Second, take into consideration the feasible outcomes the audience may experience. Based on the scenario, you may rather not speak about topics related to do the job. New Questions About Good Topics for Presentation No worse approach to begin your presentation late whenever your audience is all fidgety. Make your presentation a little humorous. An additional way you may introduce your presentation is with a map of the region. It can benefit from the use of just one, unifying theme throughout. The Benefits of Good Topics for Presentation It would also be rather useful to run a thorough review of all of the cases on the books at the present time. 1 method is to sit down with a collection of questions and use them as thought-starters. If you're confident about your subject, you might relish your moments in the limelight. If you're finding it tough to select the ideal subject, you may give the wri ter a list of your finest ones and leave it to them to select. You were probably conscious of the debate club in high school, and possibly you were a portion of it yourself! As a college or university student, you'll have to write several presentations in the span of acquiring your degree. In school, it is ordinarily utilised to assist you learn how to correctly choose a topic you may develop into a complete presentation, which is a significant skill to get later on. On-line education is merely as excellent as classroom learning. How to Choose Good Topics for Presentation Deciding on the right topic is the toughest task about building a presentation. It is not difficult to select the topic. To make it simpler for you they have also allow you to select your own topic. The topic ought to be simple to illustrate. What You Should Do to Find Out About Good Topics for Presentation Before You're Left Behind Visual aids are an excellent method of capturing your audience's inter est. The impacts of computer mediated communication on the working and everyday lives. In case the topic is too simplistic, their growing feeling of awareness could be stunted. Many speaking coaches advise that you do away with slides altogether. The most fascinating region of the presentation was over. See the way your audience will see you once you give your presentation. You will then have to make your presentation as visual as possible to help to find the message across. You should repeat the key ideas throughout your presentation so the critical points stick! The perfect length of a presentation ought to be 10 slides. If you are searching for a section on teambuilding, then here is a great line I have come across. Want to Know More About Good Topics for Presentation? An important consideration to take into account when you're going into a debate is the simple fact that the person on the opposing side of the table, or your audience, is going to get something to say against your position. The work week ought to be shorter. If it's a training job which you are trying for make certain that you interact with the audience. The work of business is simply business 73.

International Accounting Standards Board

Question: Discuss about the International Accounting Standards Board. Answer: Introduction An escalating figure of global standards are permitting or necessitating the utilization of the mechanism of the fair value accounting system with the intention of pecuniary reporting. In particular, the International Accounting Standards Board (IASB) as well as the Financial Accounting Standards Board (FASB) has approved to a particular worldwide consistent configuration that essentially institutes a customary explanation of fair worth that can be appropriately implemented for ascertainment of overall worth of the assets as well as accountabilities with no involvement of the worth of the market. However, in current period, considerable disagreement has arisen over the utilization of the fair value secretarial in preference to schemes of the historical cost secretarial methods. Whilst the pecuniary declarations are essentially framed to reveal actuality, there are viewpoints that differ as regards the best scheme for representation of the actuality. It is important to apply the suita ble method as the choice of the accounting method by a firm for the treatment of diverse resources can have considerable effect on the pecuniary declarations as well as decisions of management concerning upcoming business activities. The current paper therefore intends to evaluate fair value accounting by carrying out a comparative study with the historical cost accounting and aims to evaluate the effects of the accounting methods on different financial declarations namely, the balance sheet, profit and loss statement as well as the statement of the cash flow. Statement of aims and objectives: The objective of the present study is To critically analyze the way fair value accounting method is utilized by the corporate bodies To evaluate the reasons behind the overtaking of the historical value accounting method by the fair value accounting technique To critically investigate implications between the two accounting methods (historical accounting method and the fair value accounting method) and the future outcomes Research Problem: In the modern time, the traditional methods of evaluating of financial items for reporting purposes are failing to provide necessary financial information to the users of the reports. Hence, the traditional methods have been amended to update the accounting concepts as per the requirement of time. Amongst these upgraded concepts, fair value accounting and have become most popular and widely accepted all over the world. However, the rise of the new concept has raised debates amongst the accounting researchers regarding the superiority and accuracy of the new concept and the older one. The objective of this research is to select the best alternative amongst the fair value based secretarial registration and historical cost bookkeeping in different circumstances. As such, the research will also describe the outcomes of the two accounting concepts in various scenarios. For fulfilling the objective of this research project, the researcher will present various literature reviews on this contexts to identify different aspects of the two accounting concepts. The researcher will elaborately describe the roles of these factors in selection of accounting concepts for different organizations, sectors and industries. Research questions, related to the topic and the objective, will be formulated to achieve the specific outcomes of the research accurately. Rationale of the Research: Proper evaluation of assets, liabilities and other financial items for reporting purpose is very necessary from the stakeholders perspectives. It has been observed that many business firms used to manipulate the financial position by exhibiting improper values of the financial items in the annual report (Chong et al. 2012). Through such means, they used to circulate false information amongst the stakeholders and took advantages of such improper statements. Various accounting standard boards, such as IASB, FASB etc. have identified such malpractices and introduced new set of accounting methods for evaluating the financial items properly through the introduction of fair value accounting (Ronen 2012). However, both the concepts have some limitations. Moreover, there are no such guidelines or instructions, provided by the accounting standard boards, regarding the selection of these accounting concepts. Many firms select such evaluation method, which might not match with the business acti vities of the firms (Chen et al. 2013). Therefore, the accounting managers require an in-depth analysis of both the accounting concepts. Through this analysis, they will be able to identify which accounting concept will suit with their business activities and financial structure properly and can exhibit the values of the financial items more accurately. Research Question: The following questions are set to identify the basic goal of this research: How was fair value being practice in the corporative world? Why is historical cost value being overtaken by fair value? What are the implications between the two standards and its future outcomes? The researcher will be able to draw conclusion of this research by analyzing the answer of these questions and achieve the objective the research accordingly. Concept of Fair Value Accounting: The fair value accounting concept has been introduced to cover up the several disadvantages of historical cost accounting concept. Fair value can be described as the justified and unbiased estimation of the expected market price of any asset, liability, product or service (Card and Policy 2016). Fair value accounting concept is developed on the said definition of fair value, where the financial statements represent the fair market value of the assets, liabilities and other financial items. As per FASB, fair value is the price, which is expected to receive for selling any product or rendering services or to pay for transferring any liability in an orderly transaction between two or more than two market participants at a specific evaluation date. The fair value of any item is mainly determined on the basis of the following aspects: Manufacturing or Acquisition Cost, Cost of replacing the item with same kind of product or service at a certain point of time Price of substitutes Monetary value of the service, rendered by the item, or production level of the item Economic value of the item in terms of current supply and demand chain (Jordan et al. 2013) It also includes the various risk factors, associated with the estimation and individual nature of the business firms and the industry, in which the firm belongs. However, it should be noted that that fair value can be determined only if the item can be transferred through an orderly transaction. The products, which are not transferrable to the other parties, cannot be evaluated under this concept. The time period of measurement is another important factor. The fair value of any product changes in accordance to the time. The fair value of any business or stock can be evaluated under fair value accounting by using three level hierarchies. The hierarchy includes quoted price, stock exchange price, other reliable and important inputs and forecasting of the future financial performances (Bell and Griffin 2012). Fair Value system of bookkeeping as against the historical cost secretarial accounting As rightly put forward by KolaÄ eviĆ¡ and Hreljac (2014), the fair value accounting can be considered an enhancement of the conventional outline of bookkeeping that is the essentially the historical accounting method. Hendricks and Shakespeare (2013) opine that under the method of the historical cost bookkeeping, as such beginning price disbursed by a business entity during the acquirement of the resources otherwise liability can be considered a significant aspect that bears significance. Again, the charge mentioned on the balance sheet is the charges of acquirement otherwise a value diminished by depreciation, archaic nature or else exhaustion. As such, the price mentioned on the balance sheet for a particular financial asset does not alter until the liquidation of a security. However, the historical system of cost accounting is uncomplicated to comprehend as it is essentially founded on a preset charge that again is entirely acknowledged, particularly, the real pri ce that necessarily a particular business entity disbursed. In addition to this, the method of historical cost accounting is normally easier to pursue as it generates uncertainty in the upcoming period regarding the correct worth of diverse resources. Furthermore, in the two different methods of fair value bookkeeping as well as historical system of cost accounting, overall worth of the resources represented on the balance sheet is constantly lesser owing to causes such as depreciation, collapsing as well as archaic systems (Hodder et al. 2014). In particular, certain assets namely the securities that are tagged as traded securities or else the available for sale securities especially in the financial industry might possibly either appreciate or else depreciate as per the movements of the market. This also has been subject to different mechanisms of the market-based system of pricing. Nevertheless, the worth might also diminish for different securities tagged as the securities held till the date of maturity (Ellul et al. 2014). Furthermore, the debt securities are also registered as an amortized shape rather than the depreciation. Again, such securities also comprises of the bonds as well as leases. Again, the accounting regulations call for the need of the business entities to determine whether particular assets namely, the goodwill can be impaired. In case, the business entity needs to register a definite charge for the particular other-than-temporary impairment (OTTI) if overall worth of an impairable resource declines and is not anticipated to pick up (Mller et al. 2015). This also diminishes the worth of particular asset registered on the balance sheet. The charge for the OTTI is normally stable and cannot be toppled though the particular resource in due course picks up the market value (Zeff 2016). On the other hand, the business entity can also enjoy the advantage gained due to improvement in worth by acquiring the flows of cash from a particular resour ce otherwise by marketing the resource at an elevated value and thereby gaining considerable capital advantage. In general, it can be approximated that whilst a particular business unit essentially use the method of fair value system of accounting for pecuniary declarations, the worth can alter from time to time can be weighed against the mechanism of the historical system of cost accounting. Again, the worth of different stuff recorded for the purpose of utilizing historical cost system of accounting alter at a inferior price, as a result, it is measured less unstable (Cantrell et al. 2013). In fair value system of accounting, the documented values alter between different periods, that is why, elevated instability. However, the fluctuating movements also stems as this particular accounting mechanism sums up the entire stream of anticipated expected future cash flow that can again be regarded as alteration in the anticipation related to the alterations in the cash flow registered in fair value. However, the instability present in this particular financial announcement does not signify imperfec tion in the process of pecuniary reporting. In addition to this, the proponents of the fair value accounting take into consideration the fair value accounting to be less instable as it offers results of the corporation that are necessarily not derived from probable broad judgment or else some other mechanisms of valuation (Goh et al. 2015). Influence on the balance sheet As per the stipulations conditioned under the FAS 159 adoption of secretarial treatment for recording different financial resources do not require compliance with particular fair value accounting regulations. This can lead to remarkable effects on the statement of balance sheet, mainly for the business entities maintaining huge investment folders for instance, cover of insurance or else different bank-holding corporations (Liang and Riedl 2013). Again, in case of amortized cost, different financial securities are preserved until the period of maturity. In addition to this, the debt securities are also represented on the balance sheet at the acquirement fee disbursed by company. Therefore, there exists no volatility in the security prices between one quarter and the other. On the contrary, the price of different debt security can get adjusted as per the market price under the mechanism of the fair value accounting mechanism. This kind of twists and turns noted in fair value system of accounting can have noteworthy effect on the functions of the business on a daily basis. However, a statement of balance sheet can be enumerated as a measure of the financial position of the corporation as it is necessarily a vital economic article to any corporation. For example, particular directive as well as regulation has the requirement of the financial institutions as well as insurance corporations to uphold certain stage of equity, generally presented on the balance sheet statement (Ellul et al. 2015). Again, the standard system of accounting also describes equity as the differentiation between resources as well as accountabilities. Therefore, two numerals differ and lead to increase or else decrease. Again, in different areas of non-financial division that includes the industrialized, wholesale as well as retail sector, the worth mentioned in the statement of the balance sheet are considered to bear relatively less significance in preference to financial division although i t still exerts influence. Again, the investors as well as creditors depend on the worth of the available resources for determination of the rating for credit worthiness of a particular business concern (Laux 2016). In particular, the lenders take into account the worth of resources as collaterals whereas diverse investors take into account the worth of a diverse asset as the signal of functionality of a business concern in the present period as well as in the future. Again, the decline in the assets can cause difficulties within a particular business entity, for example, a corporation might not be able to dispense loans and attract investors due to pessimism resulting from the decline. In conclusion, it can be said that the fair value accounting can exert influence on the balance sheet of entities and besides this, the financial sector are also likely to more influenced than the non-financial division (Laux 2016). Influence on the income statement The fair value option election (FVO) selection might have considerable influnec on the overall statement of income statement. Even as certain alterations in worth can be reflected on the balance sheet, alterations OTTI that pass through the statement of income that have a straight effect on net earnings. The rate of different existing securities for sale as mentioned under FAS 115 suggests that dissimilar trading resources are possessed with the objective of removal in the upcoming period (Blankespoor et al. 2013). Again, securities such as bonds as well as treasury statements essentially are securities. This are recorded at the fair value where transformations can be noted necessarily detected in the statement of income. Consequently, the charges for OTTI for both movements in the market and credit requirements can have important influence on the earnings. Therefore, the several business concerns are cautious regarding the assumption of charges if not watchdogs or else auditors put restrictions and compel them to do so. As per the stipulations mentioned under the FAS 157, there is necessity for both movements in the market as well as credit impairments. Nevertheless, the amendments made during the period 2009 calls for the need of the OTTI charges for essentially the credit impairments (Christensen and Nikolaev 2013). Again, the alterations in the value owing to movements in the market no longer run through the statement of income although are replicated in definite amounts registered in the statement of balance sheet. However, the fair value system of accounting is in line with the existent system of secretarial treatment for different single loan scheme. However, for different single loan scheme, the credit impairments lead to levy of charges in the statement of income. This does not result from transformations in predetermined interest rate (Christensen and Nikolaev 2013). Influence on the cash flow statement The employment of the fair value system of accounting does not have a straight effect on the announcement of cash flow of a particular concern. However, the reporting entities can do away with different kinds of charges of OTTI that is pertinent under the fair value system of accounting into the statement of income as a part of the working cash flow. Again, in case of diverse security, FASB suggest loss of credit as a definite change in the flow of cash (Blankespoor et al. 2013). This means that in case if the quality of a bond diminishes the resulting decrease in the value of the market does not form a credit loss if not the anticipated quantity to be acknowledged is less compared to the agreed amount of flow of cash. Therefore, the statement of cash flow only replicates the interest disbursements, dividend as well as realized advantage from marketing securities that are included in the net earnings. Laux (2016) suggests that the usage of the fair value accounting leads to the regis tration of lower amount of the net earnings figure where the OTTI charges are added afterwards. Nevertheless, the net outcomes reflected by the statement of cash flow by either mechanisms of accounting ( that is the historical cost and the fair value accounting) mechanism are normally identical. Main concerns about the fair value measurement The main concerns regarding the fair value measurement can be summarized under the following heads: Unrealised profits: The revaluation of assets as well as liabilities during the specific date of balance to the up-to-date fair value can direct towards the detection of the unrealized gains. In case of distribution of the unrealized profits to the owners, the capital of a business entity can get eroded (Ellul et al. 2015). Again, the risk of the inappropriate distribution of diverse unrealized profit is under question especially under the circumstances of the bubble price development. Reliability of measurement: As rightly put forward by (), the fair value can be considered a hypothetical value that reflects fair conditions as well as positions of different market participants. Again, in different cases, an approximation of different conditions needs to be made in a bid to draw the fair value (Zeff 2016). In addition to this, the reliability of the fair value enumeration is impeded in different inactive and at the same time illiquid market and under mass sale out of a specific asset. Consequently, the failure can be registered as a success and vice versa. Relevance of measurement: There are several doubts regarding the relevance of the information presented in the income statements and the efficacy of the net income as a dimension of the managed performance at the time when mixed bases enumerate balance sheet components (Cantrell et al. 2013). Suboptimal behavior The mark to market as well as fair value accounting directs towards pre-mature detection of profits in comparison to different traditional historical cost model. The management might be compelled to different unfavorable selections in a bid to meet anticipated or else targeted numbers. The suboptimal behavior is primarily the case of particular financial instruments. Again, certain bodies believe that suboptimal behavior of corporations of different corporations might influence the markets that in turn might cause systematic market risk as well as pro-cyclicality on the collective level (Ronen 2012). However, on the company level, the fair value accounting lead towards increase in the asymmetry in the information and the reduction in the transparency of the financial declarations. Drawbacks of Historical Cost Accounting Method: The historical cost accounting is based on the historical costs of the assets, acquired and liabilities, transferred. The concept does not include the time value of money or any other factors, which can reflect the change in the market value of the items. Thus, the method fails to show any rise or fall of the actual market value of the assets and liabilities. The assets or liabilities, measured under this method, are either undervalued or overvalued (Deegan 2013). Hence, the historical cost accounting concept cannot depict the true and fair value of the firm to its stakeholders. Such difference in the book value and market value can be observed more clearly, during inflation period, when the market value rises at a significant rate. In such scenario, the companies may show high profit from the sale of assets under this method, but in reality it may incur loss. Thus, the historical cost accounting can be used to create a false successful image of the company amongst the stakeholders ( Ramanna 2013). Potential of the Research: The research work will depict the advantages of fair value accounting over historical cost accounting. It will also describe certain drawbacks of fair value accounting and discuss the prospective method to overcome it. Thus, the research can provide a proper solution to the accounting firms for implementing affective evaluation methods as per the requirement of the stakeholders. Methodology The current study depends largely on the review of the literature that essentially concentrates on accounting process of the fair value. Apart from cases where a source was required particularly for definite perspectives on wide issues related to fair value accounting the current segment concentrates on fair value accounting that concentrates particularly on the fair value accounting as well as financial reporting in corporations. Different sources include the referred research studies, diverse empirical evidences as well as articles from various professional journals (Mackey and Gass 2015). The learner also intends to utilize different decision rules in selection of articles as the available literature related to fair value method of accounting is essentially voluminous. Again, the leaner also intends to use sources that are published during the period 2002 to the year 2010 barring the papers that were required for diverse historical method of accounting as the accounting profession is altering swiftly these days. In addition to this, the learner also intends to refer to different empirical papers of research, research reports as well as other relevant literature on present fair value reporting practices of different corporations as the aim of the learner is to deliver comprehensive understanding regarding the primary issues regarding the fair value accounting. Therefore, in a bid to get clear perspective concerning the present state of the fair value method of accounting, the learner also intends to begin with the review of literature on significant issues related to the present concept. Therefore, it can be hereby inferred that the learner aims to use the literature based research methodology for the present study. This literature based research methodology refers to the process of designing a particular research project where existent literature is considered as the definite population and the leaner can go for sampling, collection of data, analysis of data and ethical considerations (Taylor et al. 2015). Here, the learner also aims to acquire databases that can be utilized and the literature is essentially the textual data that can be mainly used for the present study. The systematic review of the literature can be considered as the research methodology for the present research (Silverman 2016). This can be essentially regarded as a scientific tool that can be used for summarizing, appraising as well as communicating the outcomes as well as implications of different uncontrollable quantity of research. This process of research therefore helps in framing the process of the research, research questions and carrying out a review that can help in searching the data. This also helps in critical evaluation of the data, assimilation as well as synthesis of the data. Therefore, it is fundamentally the reanalysis of the outcomes and at the same time reanalysis of the empirical findings (Smith 2015). In addition to this, the learner also inten ds to use the descriptive method for analysis of the acquired data after extraction of requisite data using scientific tool. The descriptive research in this present study comprises of acquirement of different data that illustrate events and thereafter organizes, tabularizes, depicts as well as describes different collection of data. The narrative descriptions of several numbers of cases utilize description as a scientific tool to arrange data into diverse patterns that can emerge during the period of analysis (Gast and Ledford 2014). As such, this pattern can facilitate the mind in comprehending the significant facts of the qualitative study as well as its implications. Furthermore, learner also intends to adopt the positivism as the basis of the philosophy of research that takes into account authentic knowledge or else the scientific knowledge based on positive affirmation of different theories through stringent scientific mechanism (Billig and Waterman 2014). This technique is justified as this can help in the process of investigation phenomena founded on acquirement of observable, enumerated evidence as well as empirical evidences that are subject to definite concepts of reasoning. Conclusion Selecting the suitable accounting method can be intricate, since there are benefits as well as disadvantages to both the systems of accounting. The present study therefore intends to review fair value accounting method in respect of historical cost accounting mechanism. The current segment illustrates the disadvantages of the Historical cost technique although it is regarded as simple to use and to comprehend. Nevertheless, different proponents of particular fair value accounting take into account historical cost accounting mechanism as outdated due to the flaws present in the scheme and states that this scheme concentrates on allocations of cost instead of the worth of a specific asset. Again, the present study also presents an overview regarding the fair value accounting method that states the present worth of assets as well as liability according to changing circumstances of the market. The present section also outlines the guidelines of the FASB and IASB regarding the valuation o f the assets and liabilities. For example, stipulations under FAS 157 require assets as well as liabilities to be measured utilizing the market price. Furthermore, the guidelines conditioned under the FAS 159 mentions the need for enumeration of the worth of assets along with liabilities of entities on agreement basis. The current segment also illustrates that similar to historical cost accounting scheme, the fair value accounting mechanism also exerts influence on the financial declarations, namely, balance sheet as well as income statement. Yet, there is no straight influence on particular announcements of cash flows if not there exists tax advantage at the time of utilizing fair value accounting method. The current study also aims to reflect that Fair value accounting also has disadvantages and imperfections such as the subjectivity as well as complexity. Nonetheless, the standards conditioned under the IASB and FASB have arrived at general process of resolution for addressing th e detected issues. In conclusion, it can be said that assessment and at the same time comparison of different issues along with advantages of the two different accounting systems can help in ascertainment of superior method of accounting mechanism. References: Bell, T.B. and Griffin, J.B., 2012. Commentary on auditing high-uncertainty fair value estimates.Auditing: A Journal of Practice Theory,31(1), pp.147-155 Billig, S.H. and Waterman, A.S. eds., 2014.Studying service-learning: Innovations in education research methodology. Routledge. Blankespoor, E., Linsmeier, T.J., Petroni, K.R. and Shakespeare, C., 2013. Fair value accounting for financial instruments: Does it improve the association between bank leverage and credit risk?.The Accounting Review,88(4), pp.1143-1177. Cantrell, B.W., McInnis, J.M. and Yust, C.G., 2013. Predicting credit losses: Loan fair values versus historical costs.The Accounting Review,89(1), pp.147-176. Card, C. and Policy, S., 2016. Fair Value Accounting Chen, W., TAN, H.T. and Wang, E.Y., 2013. Fair value accounting and managers' hedging decisions.Journal of Accounting Research,51(1), pp.67-103. Chong, G., Huang, H. and Zhang, Y., 2012. Do US commercial banks use FAS 157 to manage earnings?.International Journal of Accounting Information Management,20(1), pp.78-93. Christensen, H.B. and Nikolaev, V.V., 2013. Does fair value accounting for non-financial assets pass the market test?.Review of Accounting Studies,18(3), pp.734-775. Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia Ellul, A., Jotikasthira, C., Lundblad, C.T. and Wang, Y., 2014. Mark-to-market accounting and systemic risk: evidence from the insurance industry.Economic Policy,29(78), pp.297-341. Ellul, A., Jotikasthira, C., Lundblad, C.T. and Wang, Y., 2015. Is historical cost accounting a panacea? Market stress, incentive distortions, and gains trading.The Journal of Finance,70(6), pp.2489-2538. Gast, D.L. and Ledford, J.R., 2014.Single case research methodology: Applications in special education and behavioral sciences. Routledge. Goh, B.W., Li, D., Ng, J. and Yong, K.O., 2015. Market pricing of banks fair value assets reported under SFAS 157 since the 2008 financial crisis.Journal of Accounting and Public Policy,34(2), pp.129-145. Hendricks, B.E. and Shakespeare, C., 2013. Discussion of The financial reporting of fair value based on managerial inputs versus market inputs: evidence from mortgage servicing rights.Review of Accounting Studies,18(3), pp.859-867. Hodder, L.D., Hopkins, P.E. and Schipper, K., 2014. Fair value measurement in financial reporting.Foundations and Trends in Accounting,9. Jordan, C.E., Clark, S.J. and Pate, G.R., 2013. The Debate over Fair Value Reporting.The CPA Journal,83(2), p.46. KolaÄ eviĆ¡, S. and Hreljac, B., 2014. Fair Value Measurement.RaÄ unovodstvo i porezi u praksi, (3), pp.44-49. Laux, C., 2016. The economic consequences of extending the use of fair value accounting in regulatory capital calculations: A discussion.Journal of Accounting and Economics. Liang, L. and Riedl, E.J., 2013. The effect of fair value versus historical cost reporting model on analyst forecast accuracy.The Accounting Review,89(3), pp.1151-1177. Mackey, A. and Gass, S.M., 2015.Second language research: Methodology and design. Routledge. Mller, M.A., Riedl, E.J. and Sellhorn, T., 2015. Recognition versus disclosure of fair values.The Accounting Review,90(6), pp.2411-2447. Ramanna, K., 2013. Why'Fair Value'is the Rule: How a Controversial Accounting Approach Gained Support.Harvard Business Review,91(3) Ronen, J., 2012. What Do FAS 157 Fair Values Really Measure: Value Or Risk?.Accounting Perspectives,11(3), pp.149-164. Silverman, D. ed., 2016.Qualitative research. Sage. Smith, J.A. ed., 2015.Qualitative psychology: A practical guide to research methods. Sage. Taylor, S.J., Bogdan, R. and DeVault, M., 2015.Introduction to qualitative research methods: A guidebook and resource. John Wiley Sons. Zeff, S.A., 2016.Forging accounting principles in five countries: A history and an analysis of trends. 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Macbeth Departs Essay Example For Students

Macbeth Departs Essay Posthumous silence rattles even the most subtle of mine own deadened nerves of Despondence. Who of shrillest tongue and sword could rip trot these bloodied Hands what bloodied them? By Balls sword 50 swift, what penniless harlot dare Inhabit the seed what bringing my undoing!? Nay, hence apparitions speak the Uprooting of giants, even of my own uprooting! It is but a fools paradise to Squelch my word of England, for it now its law. Those who oppose will no longer. Those who rebel will be no more. King MacBeth, whose word will rumble Throughout no longer as Thane, but that worthy of a golden crown! See to it Now that those who dare challenge my might within the foresight of the Weird Be dealt with in most fitting manner aviators! From their necks, their head shall Tumble down to the foulest pit of hell, a mere stepping stone to the devils own Throne! A throne whose seat juxtaposed Would be mine own. (MacBeth approaches the castle doors where an outside porter stands. Porter: Would, what do yashmak such sundry suspicions- (The Porter is slapped back-handed by the now furious Macbeth from atop his horse. ) MacBeth: Do not interrupt me midst the reflection of ones inner! You know N thing of torment, foul hellion of black dirt! (The Porter, utterly bewildered, opens the gate for MacBeth. ) Porter: Indeed, milord, dont knows a thing!