The Good Death - :: essays research papers

Psychological oppression is a profoundly successful apparatus in getting common consideration however in the event that we increment the disciplines we can, at that point decline the measure of fear mongering. So as to stop fear based oppression we have to comprehend what psychological oppression is. 'Psychological warfare is the unlawful use or danger of viciousness against people or property to promote political or social destinations (The Vice President's Task Force on Combating Terrorism, pg. 17).'; Terrorist can utilize a wide range of approaches. Some of the time they give alerts and at times they don't. The most ideal approaches to explain psychological oppression is by understanding the purposes for it, finishing exposure for it, and expanding securitiy measures for it. Â Â Â Â Â Terrorism is utilized to change a gatherings political or social goals. 'It is commonly planned to scare or constrain a legislatures, people or gatherings to adjust their conduct or approaches (The Vice President's Task Force on Combating Terrorism, pg. 17).'; Violence is its principle ley in acquiring this change. Psychological oppressor focus on the whole populace. Which expands their opportunity of progress. There id do a lot of fear mongering because of its pointless achievement. Psychological oppression has gotten wild. 'Psychological oppression has gotten the acknowledged model for the cutting edge utilization of power, with fear mongers them selves frequently getting a charge out of more good validity than the fair expressed they are attempting to cut down (McGurn, William, pg.91).'; By permitting the psychological oppressor to turn out to be more well known than their administration it makes a much progressively furious circumstance. This needs to change or the fear mongers acts will just increment. Â Â Â Â Â Terrorism is a procedure utilized on the grounds that it has no guidelines. This causes it to fluctuate valuable because of it having no limitations by any means. 'While atomic weapons are implies that can be molded by human will and procedures, psychological warfare dismisses the establishment of every Western ethic: the conviction that even the honorable purpose has limits (McGurn, William, pg.94).'; Since there is no standards there is no restriction to how far a fear based oppressor can take his demonstration. To negate them having no principles we have to set up boundaries for what we permit them to do. On the off chance that they need to challenge something or some administration the most ideal approach to really get results is by peaceful acts. Â Â Â Â Â Terrorism right currently has a lesser discipline that that of a similar criminal act. It appears that since they have an explanation they can put others in danger. In the event that your a psychological oppressor you have a little regard since you are going to bat for what you have faith in.

Book Paper Brave New World Free Essays

His character is an outcast, considerably more so than Bernard Marx. Nonetheless, with away from and examinations of Shakespeare field works and subjects, John can articulate his confused emotions. The qualities he takes from it additionally gives him a strong establishment on which to base his reactions of the World State. We will compose a custom article test on Book Paper Brave New World or on the other hand any comparable subject just for you Request Now It likewise empowers him to pose great inquiries and SST ND his ground during his profound conversation of God with Mustache Mood (Huxley 2 02). ; John dismisses the general public qualities. He acts intensely in calling the Deltas to defiance n and in tossing out the soma (Huxley 204). At last, he faces the incredible Mustache Mood intentionally and astutely and sets out all alone to make life for himself, which finishes in catastrophe (Huxley 286). John is kept down by his o damaging propensities toward brutality and selenologist. Despite the fact that John disdain molding, Huxley uncovers that John has been adapted, as well. On account of t he dream states of his life in Mammals, John partners sex with mortification a ND torment and character with anguish, and this damaging perspective increases further pop John’s reaction to the verse of Shakespeare. John’s molding limits his a capacity to act unreservedly, making him a profoundly imperfect potential saint. His demise is the outcome t of his own defective understanding just as the cruel powers of the fearless n ewe world. The scene that best embodies this character is likely the taking of his own life (Huxley 310). This was at last a limit. As a result of what john's identity is, his very own he â€Å"nature† character and convictions and sentiments, self destruction is the desert flora on he was at long last decreased to taking. 3. Mustache Mood Only Mood’s exceptional force guards him from murmurs of his perilous information and assortment of unconventional books. He is immaculate capable however not inaccessible. With Hellholes and John, Mood talks about the implicit accept alternatives of the general public they find so tightening, in any event, admitting his own young examination s In testing authority (Huxley 169). Mind-set knows the idea Of the grouch (he used to be one of them) however he is focused on keeping the general public stable. He utilizes his capacity for others’ bliss, he clarifies, not his own. During his talks, Mood express observes his special perspectives on the topics of opportunity, bliss, human advancement, and chivalry. His dry conveyance contributes not exclusively to the satiric tone of the novel, yet to John and h is manners of thinking through their scholarly conversations. 4. The focal clash lies between John the Savage whom Bernard Marx brings from the savages’ Reservation and the New World. As an agent of people as t hello used to be before babies were â€Å"decanted,† John doesn't comprehend the absence of lit ratter and he expressions; nor, does he comprehend that â€Å"everyone has a place with everybody else†the wantonness of the New World. By and large, the demutualization of the dwelled TTS of the New World who participate in unnecessary sex and who are spurned by death and who get away from any alarming emotions by utilizing soma inconveniences him. This contention of John the Savage with the New World speaks to the bigger clash of mankind versus.. Logical techno battle which man seems, by all accounts, to be losing. John the Savage battles to hold his f recover to feel feelings, to endure, to age, to fizzle; to put it plainly, he battles to stay human. For,he understands that he will never again be a genuine man on the off chance that he turns out to be socially steady in the e New World since this security relies on soma, and relapse, and his surrendering of individual idea. 5. The year is OAF 632. (Brute methods After Ford, or after the Model T). In the wake of doing the e math, We presume that the setting Of this novel is 2540 A. D. In London, England and New Mexico, USA. 6. Topic: The administration of Brave New World holds control by appearing well and good so cheerful and hastily satisfied that they don’t care about their own free fate. In Brave New World, ONE topic is that the outcomes of state control are an I joss of pride, ethics, qualities, and feelings ?to put it plainly, lost mankind. . Image: The medication soma is an image of the utilization of moment delight to control the Woo RL State’s people. It is additionally an image of the ground-breaking impact of science and techno gay on society. The most effective method to refer to Book Paper Brave New World, Papers

here comes a thought

here comes a thought ive been thinking about pi day and decisions lately and the song here comes a thought from steven universe01 i debated with myself for such a long time on whether or not i should post just the audio or the full music video, and decided the video was so gorgeous it didnt matter that it probably makes little sense to most people. came into my head, and i thought the words were really fitting for the emotions we feel towards college admissions decisions. of course, steven universe is a cartoon show and the lyrics relate to a different thing from college admissions. but there are points in the song that evoke the same emotions. something you did that failed to be charming things that you said are suddenly swarming its easy to find negative emotions during this time in your life. i remember decisions day when i applied early action. i could barely concentrate in class because my mind was swarmed with thoughts, thoughts of what my decision could be. even though i told myself i didnt really care what the result would be, i felt sick to my stomach. a colleges admission decision, for almost all of us, is a once-in-a-lifetime experience. its not often that you know the exact time and date that a potentially life-changing decision arrives. and so admissions decisions can be hard to ignore and easy to lose yourself in. oh, youre losing sight, youre losing touch all these little things seem to matter so much that they confuse you in the scheme of things that is your life, your undergraduate college experience will usually be four years. you have so much to do afterwards. regardless of what your decision may be, you have not failed nor succeeded in life. your life is your own, and you alone will dictate how youll grow and change as an individual over the next four years, not the admissions officers. take a moment, remind yourself to take a moment to find yourself take a moment and ask yourself if this is how we fall apart? but its not, but its not, but its not, but its not, but its not its okay, its okay, its okay, its okay, its okay its okay to be nervous, anxious, excited, whatever emotions youll feel right before you view that decision. remind yourself to breathe and ground yourself, even if just for a second. and we, the bloggers, will be here with you, talking with you, and existing in the same virtual space as you when the time comes. and it was just a thought, just a thought, just a thought, just a thought, just a thought its okay, its okay, its okay, its okay, its okay we can watch, we can watch, we can watch, we can watch them go by from here, from here, from here Post Tagged #decisions #Pi Day #steven universe i debated with myself for such a long time on whether or not i should post just the audio or the full music video, and decided the video was so gorgeous it didn't matter that it probably makes little sense to most people. back to text ?

Elderly And Health Care Costs - 1939 Words

Elderly and Health Care Costs Elderly people struggle with the everyday cost of living. They have to think not only about the essentials of the their living expense’s but have to think about the cost of their health care. When a person applies for health care insurance they will find out what they will pay monthly, semiannually, and annually. There are five factors when considering what the monthly premium will be. The five factors are age, geographical, location, tobacco user, individual vs. family enrollment, and plan category. The one issue that arises to many people that gives them fear when they are applying for health care insurance is the age issue. According to the health insurance market place. (Healthcare.gov 2015) â€Å"Older people†¦show more content†¦If we look at the overall rating in the National Academic of Science approximately 82 percent of people are living with a chronic disease that has to be tended to on a monthly bases. Ongoing preventive service for the elder that are mos t common would be hypertension, arthritis and heart disease so why charge the elder adult 3 times more for their monthly premiums than a younger adult. There is a broad aspect when talking about long-term care for a person. There are in home care services, there is also health and personal service that are provided for a disabled person with a chronic disease over a long period of time. In the National Academy of Science it states that approximately 1.45 million adults live in a nursing home while another 750,000 elder adults live in some type of alternative residential care facility. In a residential care facility they provide everything that is needed for their living for instance food, medication services, and their electrical expenses they do not have to worry about paying any bills in their everyday living. We have to take into account though the elder that live in their own home that can function on a daily basis for themselves and just need a little care cleaning their house or going to the store for their necessities in life. Where dose that come into play when considering the health care premiums? In the Academy of Science it states also that a â€Å"adult 65 and older account for

The Anti Vaccination Epidemic Of Canada - 1489 Words

Anne Roe once said, â€Å"Nothing in science has any value to society if it is not communicated.† Unfortunately, we live in an age where misinformation allows the distortion of science for decidedly un-scientific purposes. There is no greater example of this phenomenon than the anti-vaccination epidemic. Childhood vaccinations for easily prevented diseases such as Diphtheria, Polio, Measles, Mumps, Rubella, Meningococcal Disease, Pertussis, and Varicella, must be made mandatory for all Canadians attempting to enroll in public school or public day care, with exemptions only for medical complications. It is a social responsibility that is essential for protecting the most vulnerable Canadians, is statistically proven to have minimal risks, and will help eradicate diseases across Canada. Those who cannot be vaccinated or for whom vaccines are not effective rely on the concept of â€Å"herd immunity† to protect themselves; it is a social responsibility to get vaccinated in order to protect the rest of the population. There are many people in Canada who are completely unable to be vaccinated– people without a fully-functioning immune system, people undergoing chemotherapy treatment, people with HIV, newborn babies, and the elderly. However, when a certain portion of a community is immunized against a contagious disease, the other members of the community are protected against that disease because of â€Å"herd immunity†Ã¢â‚¬â€œ if 95% of the population is vaccinated, the disease cannot spreadShow MoreRelatedTaking a Look at the Mumps966 Words   |  4 Pageshemagglutinin-neuraminidase (HN) protein, and large (L) protein (Choi, 2010). Mumps was a common worldwide childhood disease dating back to the 5th century B.C. prior to vaccination. It was the leading cause of viral meningoencephalitis in the United States. It was an epidemic disease with cycles every 4 to 5 years. Mumps only known host is humans. A vaccination was introduced in the U.S. in 1967. At the time of introduction there was some 150,000 active cases of mumps. Since 2001, the yearly average of mumps casesRead MoreHeart Disease1095 Words   |  5 Pagesgo into their system within specifically to see what do they cover when treating a disease compared to the United States of America. Since, everyone had presented the topic of most concern, heart disease, knowing that it is a huge epidemic within each country. In Canada, their top ten causes of death include, from the highest to the lowest are ischemic heart disease (13.8%); Alzheimer’s and other dementias (9.5%); trachea, bronchus, lung cancers (8.1%); stroke (5.4%); chronic obstructive pulmona ryRead MoreImmunizations Is Better Than A Cure Essay1129 Words   |  5 Pagesmandatory vaccination for children and adults. Given that most vaccines are administered for purposes of prevention rather than treatment, vaccines are often given to healthy individuals. There are many requirements for vaccinations to be administered to newborns, infants, children, and adults for purposes of protection as the people enter into society and social situations. Many states and schools require vaccination for entry into school to protect the community as the benefits of the vaccinations outweighRead MoreThe Prevention Of The Measles Crisis1262 Words   |  6 PagesNot receiving proper vaccination has resulted in 152763 preventable illnesses and 9028 preventable deaths. These illnesses are easily avoidable, and require just getting one simple shot. Similarly, it is possible to prevent these illnesses from spreading with the same preventive action. This essay is aims to discuss and clarify wha t vaccines are and how they work while providing a background on their effectiveness and presence in various provinces. It will conclude with a case studies on the measlesRead MoreChildhood Vaccinations And The Immunization Schedule3666 Words   |  15 PagesAbstract A first time parent is researching the benefits of childhood vaccinations and the immunization schedule. But there are some articles that strike concern into the parent; articles claiming vaccinations cause asthma and childhood allergies. And yet articles for the exact opposite, defending the safety of vaccinations. In a world with easy access to all forms of information, both credible and not, how do we evaluate the correlation of vaccines and childhood allergies? The purpose of thisRead MoreShould Vaccines Be Required By Law?1670 Words   |  7 PagesAmerican children have been saved by vaccines in the last ten years. Vaccines should be required by law so that we can protect ourselves by building our immunity to preventable illnesses, in an easy, quick, and inexpensive fashion, helping stop major epidemics, and in conclusion, save lives. Body Con 1 - Vaccines weaken a person s immune system, and can in cases make someone ill. Vaccines are sometimes unreasonable because our immune system can defend itself, and at time can make things worse. AnotherRead MoreIt s Winter Vacation, What Better Way You Spend It Than At Disneyland?1545 Words   |  7 PagesIt’s winter vacation, what better way to spend it than at Disneyland? Well, last year that might not have been the case. A measles outbreak spread through six American states, Mexico, and Canada nearly infecting 150 people, but thankfully no one died. However, the majority of those infected were unvaccinated. Every year, vaccines prevent as much as 14 million illnesses and 33,000 deaths. At one point, the measles virus had been almost completely eradicated, as well as smallpox and polio, but theseRead MoreVaccines And Autism : Do Vaccines Cause Autism?1231 Words   |  5 Pagesdone in an effort to determine the cause. More specifically the MMR, Measles, Mumps, and Rubella, vaccination has been accused of being the cause of autism. This accusation then contributed to families not vaccinating their children. Even though science disproves the link between vaccines and autism in several studies done in the United Kingdom, California, and Canada, many people cling to the vaccination-autism connection (Gerber, 2009). III. Introduction and Literature Review The diagnosis of autismRead MoreVaccines Hesitancy : Factors Influencing Parents Decision Regarding Vaccines2277 Words   |  10 Pagesprimary care offices, resulting in immunization delay and prolonged susceptibility to preventable disease. Vaccine hesitancy also could lead to a resurgence in vaccine-preventable infections. Factors such as social media, past experiences with vaccination services, complementary and alternative medicine, and moral or religious convictions can influence decision-making regarding vaccines. We discuss these factors in detail and suggest interventions to reduce vaccine hesitancy. Read MoreThe Epidemic Of Polio During The Egyptian Era1586 Words   |  7 Pagesrespiratory system. This large, metal box sat overtop of the patient while they recovered, which could take a few days or even a few months. Although it be rare, some patients needed the machine for the rest of their lives. Interestingly, doctors in Canada even experimented with a treatment using the blood from Polio survivors. They would extract the blood from those who beat the infection and turned it into a nasal spray that would then be sprayed up through the nasal cavity. They categorized it as

The five pillars of today’s security techniques Free Essays

With increased incidents of security intrusions more emphases is being put in Information Systems Security. Corporate data needs to be protected at all cost. A compromise on system security could cost an organization millions in data loss and strategic information spilling. We will write a custom essay sample on The five pillars of today’s security techniques or any similar topic only for you Order Now Thus, a formidable security system is an investment any organization running data traffic on corporate and public networks should implement. Information system security can be enhanced through the following: Protection: Firewalls employ selective rules to grant or deny access to data traffic in to the intranet. To limit access to a website, you might decide to block the associated FTP port.   Firewalls may also be configured to block all traffic apart from a few, listed. For example to limited access to common World Wide Web traffic, you may just block port 80 or 8080. Intrusion prevention: Intrusion prevention systems combine the strengths of firewall and IPS. It examines network traffic like IDS and determines whether to pass any given traffic like firewalls. The IPS assesses traffic patterns to evaluate the type of network access and to determine whether it should be permitted. While IDS can only note an ongoing attack and pass the alert to an analyst, the IPS will stop the attack by blocking traffic between the attacker and its victim. Intrusion Detection: Intrusion detection systems (IDS) actively look for intrusions in process such as forbidden websites access or Trojan horse attempting to control a workstation activity. They record dangerous patterns and alert the network security personnel. They have to be configured carefully for purposes of sending the correct information to the security personnel. Reaction: In the event of a security compromise in your organization, there is always an expected reaction.   You may react by sealing the loops e.g. in a web based information system, a poorly coded script code that skips password encryption may be corrected on an in-house programming exercise. An off shelf application whose security has been compromised may be reported to the vendor for future provision of security updates. Documentation: All security attacks, their impact on the information system and possible sources and causes should be documented. This gives an audit trail for future consideration. Adaptive development, also takes into consideration such incidences for purposes of fixing the bugs.    How to cite The five pillars of today’s security techniques, Papers

Operational Strategy of Toyota & Westpac-Free-Samples for Students

Question: Identify two Organizations in an Industry of your Choice. These Organizations must have clearly different value chain designs and Structures. Describe, Compare and Contrast a primary Customer Benefits Package for each firm. Answer: Introduction Proper management of the operations is an essential aspect for the success of every company. Operations management refers to all the activities that are required to create and deliver products or the services from procurement and then conversion then distribution. Operations management is important since it complements all other activities in an organization and thus their efficient coordination. Value chain is a set of activities that adds value to the operation of a given company such as production, marketing and after-sales services. Customer benefits package adds value to the company and is usually a set of goods and services that the consumer buys altogether. This research was conducted to establish and unveil various aspects in operations management of two companies; Toyota Corporation and Westpac Banking Cooperation. Toyota deals in the production of physical goods while on the other hand, Westpac concentrates on offering services. The research attempts to establish, compare and contrast the two companies regarding the customer benefits package, value chain analysis, and their operation structure. The report is critical to give a deeper understanding of the similarities and differences that exist between the good based and service based organizations (Sheehan and Bruni, 2015, pp. 317-324) Aims of the Research The main aims of this research establish the customer benefits package, value chain and the operational strategy of Toyota and Westpac. This information is necessary to reveal the differences that exist in the operations management of the two companies thus can realize the differences and similarities that exist between the good based and a service based company. Further, the research aims to help discover the various advantages and disadvantages of operational strategy of each company (Serguei and Christopher, 2009). Company Background Information Westpac banking Corporation is one of the Australian banks and a financial service provider with its main offices based in Westpac Place, in Sydney. The company has over 13.1 million customers making it to among the largest banking and financial service provider businesses in the world. The company has over 1429 branches that are spread across the world. The company has a vision of becoming the largest great service organizations to help customers, communities, and people to grow in all ways (Laszlo and Zhexembayeva, 2011). On the other hand, Toyota is a Japanese international company that manufactures and sales the automotive. Its headquarters are located in Toyota, Aichi, in Japan but have its subsidiaries spread across the globe. Currently, the company is ranked second in the world automotive industry after the German's Volkswagen Group. Toyota also sells the hybrid electric vehicles around the world. Thus, Toyota has employed hundred thousand of people across the world. Findings Customer benefits Package Customer benefits package entails a set of goods or service that the consumer buys altogether. Usually, the company offers the primary goods or services to the customers but also provides certain additional goods or services to the customers thus forming a full customers benefits package. This is very critical for every company since it gives companies competitive advantage since when customers find value in the organizations offering, they are likely to get attracted (Weber, 2008, pp. 247 - 261). Toyota has considered customer benefits package in many ways. The company has quality control measures to ensure that only vehicles of the highest quality are produced. Also, the organization provides a vigorous test of the vehicles before releasing to the customers to ensure that the clients benefit more from them. Besides, Toyota has plans in place to give a comprehensive warranty to its customers which cover major parts of the vehicles thus increasing the customers benefits (Song, Cadeaux and Yu, 2015). Also, Toyota has introduced a software solution called Toyota as a way to add value to its customers. All Toyota customers can Toyota for free which will give them the ability to manage their vehicles online. Customers get a lifetime service to track all things about their cars. Besides, the system also serves as a lifetime channel for the customers to access the offers, features and new ongoing enhancements in the company (Hudadoff, 2009, pp. 1-11). All these factors have significantly contributed to the improvement of the customer benefits package thus increasing the satisfaction of the client. Customer Benefits Package for Toyota Figure 1.1 On the other hand, Westpac just like Toyota has also considered the customer benefits package in different ways. Firstly, the company has partnered with Samsung and introduced the Samsung pay, one of the services that come for the Westpac's customers who hold the debit or credit card. These services help Westpac customers for easier payments thus delivering value to them. Also, Westpac has been innovative to embrace the latest technology in the market to ensure that its clients benefit most from this (Cameron, 2014, pp. 22-27). The company has also embraced SMS and USSD services to allow customers to transact conveniently with the organization from wherever they are thus adding value. Customer Benefits Package for Westpac Banking Corporation Figure 1.2 Value Chain Design and Structure The value chain of Toyota includes five most important aspects. These are the outbound logistics, the inbound logistics, the operations, marketing and then the sales service. Firstly, for the incoming services, Toyota employs the JIT (Just-in-Time) system of production that reduces inventory cost (David and James, 2009). The company collaborates with the third party in the supply of the raw materials. Secondly, in the chain, the company considers operation which mainly covers the actual manufacturing and the assembling process of the Toyota vehicles. Toyota controls its process to ensure the high quality and also meeting the customer requirements (Kemp, 2008). Regarding the outbound logistics, Toyota transfers the final products to the various parties such to the retailers, wholesalers and even the final customers. The company has taken full control of the outbound logistics to ensure that the products are distributed smoothly to the respective parties in time. After outbound logistics, the company considers the marketing and sales aspects (Kvint, 2009). The organization emphasizes on the adherence to the planned marketing mix, advertisements, sales and promotions among others. Finally, Toyota offers the product services and also the support activities to increase value to its customers. On the other hand, Westpac Cooperation seeks to satisfy the financial needs of the customers throughout the world. The company has segmented its customers and aligned its divisions to deliver value to its customers. Westpac has five branches in its value chain; the Consumer Bank, the Business Bank, Westpac New Zealand, the BT Financial Group and the Westpac Institutional Bank. Each division offers services to customers per specific locations (Microlinks, 2009). Differences in the value chains of Toyota and Westpac are clear in the sense that Toyota focuses so much on increasing the production of the highest quality vehicles while the value chain of Westpac focuses on reaching many people all over the world to satisfy their financial needs (Stark, 2015). Westpacs chain focuses much on reaching the segmented groups of customers while Toyotas chain focuses more on increasing the satisfaction level of the customers (Holloway and Parmigiani, 2014, pp. 460). However, it is clear that both companies have some similarities. Both companies have incorporated technology as an added benefit to the customers Value Chain Design Figure 1.3 According to figure 1.2, the value chain covers many aspects of the companys operation. It entails the partners and suppliers, the procurement aspect, sustainability and product development among many others. All these aspects work together to deliver value to the company. Also, certain aspects such as the technology and logistics should be incorporated to the operation of the company to increase efficiency of the process. Advantages of the Value Chains Toyotas value chain is associated with various advantages. Firstly, the chain encourages a high level of cost leadership. The five step value chain of Toyota enhances quality in the production of vehicles (Erica, 2012). Besides, the emphasis on meeting the customer requirements helps Toyota to achieve differentiation f its vehicles. On the other hand, Westpac's value chain of embracing five division help serve many customers with specific needs and satisfy their financial needs. The chain is perfect for gaining a competitive advantage in the market since it targets and satisfies various customers distributed in different parts of the world (Cooper and Owen, 2007, pp. 649-667). Disadvantages of the value Chains The value chains of Toyota and Westpac also have weaknesses. Implementing Toyota's value chain is difficult, and its adoption is not easy. Besides, this type of value chains limits innovation on the entire production system. Strict adherence to the existing systems limits innovation in the company (David, Scott and Mark, 2012). The improvement of the chain is important and needs to be adopted all the time, and thus it is important that the chain accommodates creativity and innovation. Analysis Westpac banking Cooperation has incorporated its business and operational strategy in their operation for efficiency. The strategic vision of Westpac Cooperation is to become the world leader in service provision, to help customers, people and communities to prosper and grow in many ways. The companys strategy is to deliver its vision through the provision of superior returns for the shareholders, to build a deep and enduring customer relationship, and staying the best in the community to attract the best people. The competitive priorities of Westpac are to create economic solutions and also help customers achieve sustainable financial futures (Bebbington, Frame and Thomson, 2007, pp. 356-381). Therefore, from the discussion above it is clear that the value chain of Westpac and its customer benefits package are in line with its mission, vision and its competitive strategies thus helping the company. This has helped Westpac to gain more competitive advantage and stay on top (Warf and Stutz, 2007). On the other hand, Toyota has its business strategies embodied in a value chain that aligns with its strategic vision, mission, and its business and the operational strategies. The vision of Toyota is to embrace great steps and be able to develop eco-cars reduce carbon in the society through improvements of the existing technology and the adoption of the new technology (Rumelt, 2011). The company was founded on a mission to develop key technologies that will help it make vehicles that become popular with the consumers. The competitive priorities of Toyota are to work mutually with the partners to deliver the best technology, prioritize safety and also embrace research and development in the organization (Zhexembayeva, 2014). Recommendations As a recommendation, Westpac needs to improve on its customer benefits package to attract more customers. Increased value in the services is likely to attract more customers for the Westpacs banking and finance services. This will improve and help achieve the strategic vision of this organization. For Toyota, it is recommended that the organization improves on its value chain to be in a way that encourages creativity and innovation. Strict adherence to the existing process hinders the creative mind and thus reduces the flexibility which increases process improvements. Adoption of these aspects is likely to improve the performance of Westpac and Toyota respectively. Conclusion In conclusion, operation management is necessary for the success of every business organization. Customer Benefits Package (CBP) and value chains are some of the major aspects of operation management. Different companies offer customer benefits package differently to attract many customers to the company. Also, companies employ different value chains depending on their nature. It is important that companies align their operations with the vision, mission, and their objectives. Well managed operations are likely to impact positively to the company by improving their competitive advantage in their respective industries. References Bebbington, J., Frame, B. and Thomson, I. (2007). "Theorizing engagement: the potential of the critical dialogic approach." Accounting Auditing Accountability Journal 20, pp. 356-381 Cameron, B. (2014).Using responsive evaluation in Strategic Management. Strategic Leadership Review 4 (2), pp. 22-27. Cooper, S. and Owen, D. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting, Organizations and Society 32, pp. 649-667 David B., Scott S. and Mark S. (2012).Economics of Strategy,John Wiley Sons,ISBN978-1118273630 David, A. and James, R. (2009).OM3(Student Ed.). Mason, OH: South-Western Cengage Learning.ISBN0538479132 Erica Olsen (2012).Strategic Planning Kit for Dummies, 2nd Edition.John Wiley Sons, Inc. Erica, O. (2012).Strategic Planning Kit for Dummies, 2nd Edition.John Wiley Sons, Inc. Holloway, S. and Parmigiani, A. (2014). "Friends and Profits Dont Mix: The Performance Implications of Repeated Partnerships".Academy of Management Journal.pp. 460. Hudadoff, P. (2009). The Customer Value Proposition.Applied Product Marketing LLC, pp. 1-11. Kemp, R. (2008). "Strategic Planning for Local Government: A Handbook for Officials and Citizens," McFarland and Co., Inc., Jefferson, NC, USA, and London, England, UK, (ISBN978-0-7864-3873-0) Kotler, Burton S., Deans K., Brown L. and Armstrong G. (2013).Marketing (9th edition). Pearson Australian Group Ltd. Kvint, V. (2009).The Global Emerging Market: Strategic Management and Economics Laszlo, C. and Zhexembayeva, N. (2011).Embedded Sustainability: The Next Big Competitive Advantage. Stanford, CA: Stanford University Press.ISBN0-804-77554-0 Microlinks (2009). Value Chain Development Wikihttps://microlinks.kdid.org/vcwiki] Washington, D.C.: USAID. Rumelt, P. (2011).Good Strategy/Bad Strategy. Crown Business.ISBN978-0-307-88623-1. Serguei, N. and Christopher, S. (2009).Consumer-driven demand and operations management models: a systematic study of information-technology-enabled sales mechanisms. New York, NY: Springer.ISBN0387980180. Sheehan N. and Bruni B. (2015). "Strategic value curve analysis: Diagnosing and improving customer value propositions".Business Horizons, pp. 317-324. Song H., Cadeaux J. and Yu K. (2015). The effects of service supply on perceived value proposition under different levels of customer involvement.Industrial Marketing Management. Stark, J. (2015).Product Lifecycle Management: Volume 1: 21st Century Paradigm for Product Realisation. Springer.ISBN978-3-319-17439-6. Warf, F. and Stutz, B. (2007).The World Economy: Resources, Location, Trade and Development(5th Ed.). Upper Saddle River: Pearson.ISBN0132436892. Weber, M. (2008). The business case for corporate social responsibility: a company-level measurement approach for CSR, European Management Journal 26, pp. 247 - 261 Zhexembayeva, N. (2014).Overfished Ocean Strategy: Powering Up Innovation for a Resource-Depleted World. San Francisco, CA: Berret-Koehler Publishers.ISBN1 609-94964-1

Calvin Coolidge - Inaugural Address free essay sample

Forefathers of America essays

Forefathers of America essays When our forefathers established the American Constitution, they held the beliefs that all citizens of the U.S. should have the basic freedoms and rights, equality and security. These basic beliefs laid the foundation for our country. These ideas are still used today. If Americans did not have basic freedoms and rights, then our government would not be a democracy. Some of these freedoms include freedom of speech, freedom of religion and freedom of the press. The stated ideas are some of the core values that run our country today. If we as Americans do not exercise these rights our country will not succeed or grow. For example, if a person is given the right to vote and they do not vote during the election period, then they are not exercising their right to vote and therefore not helping in the furthering of our country. If this would happen on a large scale, then laws and other bills would be passed on the decision of a small amount of people. Furthermore, as Americans, we have been introduced and accepted a melting pot of cultures in this country. Asians, African-Americans, Hispanics and so forth make up a portion of our population. We coexist with each other, respecting each others religion, traditions and ways of life. Here in the U.S., equality is a core value that must be respected to further our country. Not only is equality found in racial differences, but also in physical and gender differences. If we ignore the idea of equality, we would be constantly at war with each other because of our differences and we could not further ourselves in todays upcoming global market. It is the peoples duty to respect equality and to embrace it. As our global economy flourishes, newer and faster technology is always on the brink of invention. So, to learn how to operate these new technologies, education is a must. Education teaches us not only how to add, subtract, write papers and finish science labs, but al ...

How Charles Darwin and Darwinism affected the nineteenth-century Research Paper

How Charles Darwin and Darwinism affected the nineteenth-century - Research Paper Example Whereas few scientific theories can fundamentally shift the way in which the broader populace integrates with a particular worldview that they might have, the theory of evolution was profound and singular due to the fact that it influence not only the scientific community but also the average stakeholders within society. As it was realized that divine action has little if any do with the rise and generation of life on planet Earth, a fundamental question was raised by extension; whether or not God existed at all. Ultimately, what is being defined is a situation in which Darwin, although not the preeminent atheists as he is often defined, was the instigator of a theory that has fundamentally shaped and shifted human belief and consciousness concerning the existence of the divine as well as the underlying reasons for morality and the purpose of life. Prior to the theory of evolution, religion, specifically Christianity, had defined the way in which the Western world integrated with any and all forms of science or other field of human knowledge and/or study. One does not need to look far into the past in order to find situations in which early scientists discoveries were challenged by the authority of the church. Galileo for instance had his very life threatened for producing scientific research that went against the teachings that the church held to be true (Okasha & Paternotte 1131). The same can be said with regards to Copernicus and his population and theory that the earth itself was not the center of the universe. In effect, a handful of situations in which traditional interpretations of the divine and the means by which the Bible stood as the supreme definition of all that is good, holy, correct and true can be found. Returning to the issue of how Darwin and his theory of evolution contributed to a fundamental shift with regards to how humans defined the world around them, it can be said that the theory of evolution provided an alternative to the one dimensi onal view that all morality, science, and necessary knowledge for life was presented within the Bible and within a belief in an omnipotence and interactive godhead. Accordingly, the first and most prominent impact that Darwin’s theory of evolution had was with regards to the explosion of atheism and agnosticism that such a theory sparked. Without a primal cause for the universe and/or the life that is exhibited on earth, individuals throughout society, governments, the education system, and other authoritative positions began to question the need for a higher power at all. This questioning, higher power ultimately began to erode some of the fundamental interpretations that humanity had attributed to religion and God since the beginning of time. If the natural world could indeed be defined based upon its component parts and the evolutionary process alone, and the need for God, or a God head, was necessarily reduced; if indeed evidence whatsoever. Moreover, traditional interpre tations of morality had previously been based upon the fact that morality was â€Å"moral† due to the fact that it was instituted by God and recorded in both the old and the

The Italian Renaissance and the Northern European Renaissance Essay

The Italian Renaissance and the Northern European Renaissance - Essay Example Commerce introduced the artistic ideas in the Northern Europe region.Both regions used the guild system, which was based on lessons on the craft. This involved painting and sculptures. According to Earls, the guild system was a regulatory system for any artistic work (34). In this regard, every artistic presentation had to be in agreement with the Guild. This is to make sure that the artwork produced was of high quality. Essentially, this meant that the rehearsals on various forms of art had to be tireless and time-consuming. After accepting the artworks, the Guild still continued to measure the artistic practices and standards. Another similarity is that both the north and Italy had unique artistic centers in their regions.   In this regard, the Italian’s center was the Republic of Florence while the center for the North was Flanders. This was a section of the Duchy of the Burgundy. The Florence City, which was the center of art for the Italian Renaissance was controlled by the Medici family. The members of Medici family were responsible for bringing wealth to Florence. According to Nici, Cosimo de’ Medici, established a library, which was full of the Greek and Roman manuscripts (Nici 47). This legend noticeably involved Italian artists and philosophers. This group helped in the changing of Florence to a cultural center. The Italian Renaissance was focused on individualism. An example of this was ‘Masaccio’s Trinity with the virgin’, which was highly recognized with the Italian Renaissance.   The other likeness of Italy and the North was their use of religion in their artistic works. Incidentally, religious scenes were always displayed to show the love of religion. The artworks of the religious scenes from the Italian Renaissance were â€Å"the last supper† and â€Å"the creation†. The northern Europe Renaissance examples are â€Å"Adam and Eve†, and the â€Å"Mystic Lamb†. Both renaissances were sharp in their artistic works.  

Cultural treatment of promiscuous women and illegitimate children

Cultural treatment of promiscuous women and illegitimate children The headline read, One out of 12 in America Held to be Illegitimate; Issuance of Partial Birth Certificates Proposed to Avoid Embarrassments (Staff, 1944, p. 4). The assertion conjures a mental image of hundreds of decadent, low socioeconomic status, immoral women and her filius nullius (Latin term meaning, son of nobody). Parents of the single, gravid woman were shamed, mortified or disgusted by the sexual promiscuity of their daughter; how they could face their friends after learning of the daughters transgression? Is this the first era of social stigma related to a child borne by an unmarried woman? The samplings of historical data below indicate no. The Bible speaks often to a debauched woman and her bastard offspring. For example, Galatians 5:19-21 (English Standard Version): 19 Now, the works of the flesh are evident: sexual immorality, impurity, sensuality, 20 Idolatry, sorcery, enmity, strife, jealousy, fits of anger, rivalries, dissensions, divisions, 21 Envy, drunkenness, orgies, and things like these. I warn you, as I warned you before, that those who do such things will not inherit the kingdom of God. Figure Lillian Gish (1926)In 1850, Nathanial Hawthorne wrote the Scarlet Letter. Set in a Puritan colony, his central character Hester Prynne, gave birth to an illegitimate daughter because of an adulterous affair. Hester was publicly shamed and forced to wear a red letter A on her chest, identifying her as an adulterer. She experienced cruelty, humiliation, and ostracism from the people of the community. She eventually realized the fortitude of her spirit. The novel is 160 years old, yet the moral dilemmas of personal responsibility, and consuming emotions of guilt, anger, loyalty and revenge are enduring. Unfair treatment and the stigma really permeate all aspects of society. Its still expected that people will marry and that theres something weird about you if you dont. Thomas Coleman In the year 1944, when the above article appeared in The Pittsburgh Press, the institution of marriage before parenthood was the virtuous and accepted way of life. Women were expected to love and obey their husbands. bas ·tard (basà ¢Ã¢â€š ¬Ã‚ ²tÉâ„ ¢rd) noun a person born of parents not married to each other; illegitimate child anything spurious, inferior, or varying from standard Slang a person regarded with contempt, hatred, pity, resentment, etc. or, sometimes, with playful affection: a vulgar usage Etymology: ME Vocabulary to describe the child borne of an unmarried woman varies throughout literature. Bastard is the most prolific term used in the earliest writings. A bastard is a person born out of wedlock whose father is not listed on the birth certificate and legal status is illegitimacy. Bastards had no right to inherit property from his or her parents except through a will. In the mid-20th century, discrimination against children born out of wedlock became subject to constitutional limitation under the provisions of the Fourteenth Amendment (Columbia, 2009, p. 1). Illegitimate, love child, whoreson, spurious; terminology referring to the child borne of an unmarried mother may be perceived as vilifying the child. The mother, whos referenced by the terms unwed, unmarried, or single, was a pariah. Often, the pregnant single woman was scuttled off to a residential home for unwed mothers. The occurrence of out-of-wedlock births has been rising over the past 70 years. In the 1940s, fewer than five percent of the total births were out of wedlock (Ventura, 2009). In the 1940s and 1950s, unwed mothers were strongly encouraged to give their children up for adoption. Commonly, an illegitimate child raised by grandparents or married relatives believed the unwed mother was his sister or he was her nephew. Between 1940 and 1960, the escalation of out-of-wedlock births was subtle. Since the 1970s, increases in the number, rate, and ratio of out-of-wedlock births have been dramatic. In addition, the size of the unmarried population has increased as a result of the high birth rates during late 1940s through the early 1960s, along with the unprecedented deferment of marriage by the baby-boomers (U. S. Department of Health and Human Services, Public Health Service, Centers for Disease Control and Prevention [DHHS], 1995, p. 4). Little in the literature discusses the biosocial and psychosocial influences upon the child or the mother. However, researchers have gathered a multitude of statistics demonstrating the delayed cognitive development of the child of a single parent. Unwed teenage mothers and their children are more likely living in lower socioeconomic conditions. The mothers face multiple risks of dropping out of school and becoming part of the economic underclass (Drummond Hansford, 1992, p. 529). The unwed mothers were perceived by society as deadbeats ripping off the American taxpayer. Additionally, the societal concern of Americans over teenage mothers was that babies are having babies; that 16 year old girls were too young and unprepared for the responsibilities of single parenthood (Whitehead, 2007, p. 6). The negativity surrounding unmarried mothers and their children was rampant during the years prior to 1970. That is not to say the mind-set completely disappeared at the stroke of midnight on December 31, 1969. The public opinion of unmarried mothers remains. How that opinion is manifested has undergone changes. The transformation of the single-parent family from uncommonness to an established family style was one of the most dramatic social changes of the 20th century. Only 1 in 10 children lived in a single-parent family prior to 1960. More than 1in 4 did so by the centurys end. Although the consequences of single parent family formation have received abundant scrutiny, less is known about the evolution of attitudes toward these families (Usdansky, 2009, p. 209). Is the increase of non-martial births due to eroding morals? Or, is there more ambivalence and apathy towards the single parent lifestyle? The cognitive development of morals and culture in emerging adult (ages 18-25) continues through middle age (Berger, 2008, p. 483). During this phase of human development, the emerging adult thinking is more practical, more flexible, and more dialectical (Berger, 2008, p. 472). The cultural background likely affects the cognitive process (Berger, 2008, p. 481). Cultural influences have an effect on religious belief development. The religious and spiritual growth of a genome progresses with stages of human development. Take the quotation below, for example. Marriage exerts less influence over how adults organize their lives and how children are born and raised than at any time in the nations history, the survey says. Between 1960 and 2005, the rate of unwed childbearing increased sevenfold, from 5.3 percent of all births to 36.8 percent. The survey finds that the average unwed mother is more likely to be white than black, and more likely to be an adult than a teenager. à ¢Ã¢â€š ¬Ã‚ ¦ The survey attributes this sharp increase in non-marital births to an ever greater percentage of women in the 20s, 30s, and older à ¢Ã¢â€š ¬Ã‚ ¦ delaying or forgoing marriage but having children. But more Americans than ever naively think they alone can make single-parenting work. Day-to-day realities slowly undermine this optimism. Single parents who have been at it awhile know better than anyone how less than ideal their situation is. Thats one reason we can expect to see more and more single parents looking for outside support. Single mothers à ¢Ã¢â€š ¬Ã‚ ¦often long for a strong, caring male to enter their childrens lives. So it nearly goes without saying: The church has a unique opportunity at this cultural moment. For years, we have been preaching the supremacy of the two-parent family, offering classes and seminars for young couples and familiesà ¢Ã¢â€š ¬Ã‚ ¦ A dramatic example, but boys without father figures and girls without mother figures have a strike against them. The latest national study shows that more children than ever are entering the world with such strikes. Its an unprecedented cultural moment for Christians, to see if we can act less like individual consumers of spirituality and more like the family of God (The fatherless child, 2007, p. 5). On August 22, 1996, President Clinton signed into law the Personal Responsibility and Work Opportunity Reconciliation Act of 1996, Public Law 104-193, better known as the Welfare Reform Bill. This law changes how governmental financial assistance is administered. On September 15, 2000, the Department of Health and Human Services Secretary Donna Shalala awarded five states $100 million ($20 million each) in for reducing the number of out-of-wedlock births. Among the priorities of the 1996 welfare reform law were promoting parental responsibility and encouraging two-parent families, said Secretary Shalala. Im very pleased to award these bonuses as an incentive to advance these important family goals (U.S. Department of Health and Human Services [DHHS], 2000). Is the child borne of an unwed mother destined to poverty, illiteracy, and a life of crime? Is the single mother doomed to never-ending disgrace and the topic for scandalous gossip? In the next chapter, evidence throughout the years reveals the picture is not all black. The moment a child is born, the mother is also born. She never existed before. The woman existed, but the mother, never. A mother is something absolutely new. Rajneesh The year 1992 marked a pioneering event on network television. The highly-rated CBS show Murphy Brown started the new season with Murphy Brown, a divorced news anchorwoman, become pregnant and choosing to have the baby and raise it alone. Americas pro-lifers jeered, while the pro-choices cheered. Even the presidential candidates had something to say. Vice President Dan Quayle declared that the Los Angeles riots were caused in part by a poverty of values. He went on to denounce the acceptance of unwed motherhood. It doesnt help matters, Quayle complained, when Murphy Brown, a character who supposedly epitomizes todays intelligent, highly paid professional woman is portrayed as mocking the importance of fathers, by bearing a child alone, and calling it just another life-style choice (Murphy Brown, 1992). In 2006, Rosanna Hertz published her non-fiction book, Single by Chance, Mothers by Choice. She noted the Single By Choice (SBC) woman belongs to a distinct subgroup of single parents, who, out of a strong desire for a child, have made the active choice to go it alone. Moreover, she asserts the SBC route to parenthood does not necessarily seem to have an adverse effect on mothers parenting ability or the psychological adjustment of the child (Murray Golombok, 2005, p. 1655). From the early 1960s to the late 1980s, the percentage of women having a non-marital child increased by 50% among whites and by 24% among blacks (Currie, 2009, p. 37). One research study hypothesized a preventive group intervention with SBC mothers can identify potential psychological risk factors and help mothers with sensitive aspects of parenting (Ben-Daniel, Rokach, Filtzer, Feldman, 2007, p. 249). There is research indicating that women in the typical age group of SBC mothers (35 to 44) tend to experience more stress than younger mothers. Their lifestyle is well established; pregnancy and parenting are perceived by some as interfering with their chosen way of life, especially in her career. SBC women are often the oldest daughter in their family (Ben-Daniel et al., 2007, p. 263). In the few studies that exist on children of single mothers, no significant difference has been found in the childs emotional and social development. Likewise, the development of gender identity of children of single mothers, as compared with children raised in heterosexual families, was unaffected. The results of the study revealed therapeutic gain: Reduction of stress, tension and guilt; helped mothers prepared for parenting by encouraging a positive self-image and perceptions of the child. Improving the SBC mothers acceptance of her chosen family model therefore promoted her willingness to tell children their birth story (Ben-Daniel et al., 2007, p. 264). The child must be aware that it is okay to come from a family background different from a friends or neighbors. Some children live with two parents, others with only their mother or a father. Recently, grandparents have become the newest faction of caregivers for their grandchildren. Other relatives, step-parents, friends, or guardians are examples for the child to ponder. As one SBC mother revealed to her son, Walt Disneys famous mother and son elephant family never made reference to a father; and the mother and son seemed perfectly content. The child must know that he is a miracle, that since the beginning of the world there hasnt been, and until the end of the world there will not be, another child like him. Pablo Casals The non-marital child and his mother faced prejudice, humiliation, taunts and sneers over the centuries. The hurtful monikers of bastard or illegitimate child are slowly giving way to kinder terms. The prevalence of single by choice, mother by choice women is increasing at the end of the first decade in the 21st century. The commonality of alternative family models and the quiet acceptance of them allay the self-consciousness of the mother and child. No longer does the solo parent with her child have to endure the social stigma of a virtual scarlet letter. When two are a family, the biosocial, cognitive and psychosocial development of the non-marital child is determined by nature and nurture, the environment of unconditional love and acceptance by his society, and the eternal affection of his mother.

Jesus Christ Superstar Original Show Research

Smash Hit Musicals of the Past Century: Jesus Christ Superstar Jesus Christ Superstar was a hit long before it became a musical. The musical was a rock opera concept recording produced as an album before it was staged on Broadway. It is based loosely on the Gospels’ story on the last week of Jesus Christ’s life showing the struggles between Judas and Jesus. The story follows Judas who is not please with Jesus’ rise in popularity because Judas believes Jesus is just a man, not a God and that Jesus being a threat to the Roman Empire will bring trouble to Jesus, his followers and to Judas.Judas eventually ends up giving away the location of Jesus on a specific day helping the Roman soldiers find him and go forth to crucify him. The original production of the Broadway show was back in 1971. It was composed by the ever famous Andrew Lloyd Webber and the lyricist was Tim Rice. The show was directed by Tim O’Horgan and choreographed by Tom Stovall. The producer w as Robert Stigwood. The original city for the performance was New York City at the Mark Hellinger Theatre. The original set designer is Robin Wagner and the original costume designer is Randy Barcelo.The four main characters were Mary Magdalene played by Yvonne Elliman, Jesus Christ played by Jeff Fenholt, Judas played by Ben Vereen and King Herod/Merchant/Leper played by Paul Ainsley. The four most well known songs from this musical include â€Å"Superstar†, â€Å"Simon Zealot Poor Jerusalem†, â€Å"Gethsemane† and â€Å"Everything’s Alright†. The show first opened on October 12th, 1971 and closed on July 1, 1973 with a total of 711 performances within that time. The length of the show was approximately an hour and fifty five minutes.The setting of the musical is Jerusalem, house of herod, garden of Gethsemane and many other places during the time Christ was thought to have lived and was preaching the message of God. There were mixed reponses from critics but the loudest were those that though the show went against religious morals and ideas. â€Å"We’ve had some people that feel like it’s in some way sacrilegious because it’s not a traditional robes-and-sandals telling,† was a quote from an executive producer. South Africa went as far as banning the entire show from performing in their country when it first debuted on Broadway.Despite some negative responses, the show went on to be nominated for numerous awards such as the Tony award, the Drama Desk award and the Theatre world award. It won the awards for Most Promising Composer for the Drama Desk award and won the Theatre world award. For the Tony awards it was nominated for best performance by a featured actior in a musical, best original score, best scenic design, best costume design and best lighting design. The film was overall received very well by the public.Perhaps the most interesting thing about the show was the way it was portrayed, th e hippie movement and the Jesus movement being put together in one show. Numerous sections of the musical have Judas in groovy outfits with dancing hippie show girls backing him up in choreography and vocals. The original vocalists and actors for the show are seen as the best so far for Broadway versions. The musical also had a hit movie produced with stunning cinematography, wonderful choreography just as seen in the musical and riveting vocal qualities for each song.The film adaption was released in 1973 and was the eighth highest grossing film of that year. It was shot in Israel and other Middle Eastern locations. Ted Neely (playing Jesus) and Carl Anderson (playing Judas) both were nominated for Golden Globe Awards for their acting in the movie. It is obvious why they were nominated when one watches the film and sees their perfect ability to play their fragile characters in a way that show their musical talent, their power and yet the slight comedy behind each scene.They were tr uly able to show the rising â€Å"celebrity† status of Jesus in a way that somehow still manages to fit in historical information about the betrayal of Judas to Jesus. One may have been worried that the movie might be a slight bit boring in some parts but when I watched it I was not bored at all, in fact I found myself quite captivated by the choreography and the songs. Neely and Anderson kept me very focussed as well because I found their acting quite extraordinary. It is not hard to find yourself singing along to â€Å"Superstar† or â€Å"Poor Jerusalem† or being awestruck by the dance moves done by the mobs.A third film adaption is expected to be released in 2014 set to be directed by Marc Webb. In conclusion, it is quite obvious what made this show such a hit. The elements of small comedy, dance and the storyline made this a musical that was impossible to miss. Whether you loved it or hated it, you had to go see it and tell others about it. The show was able to tell a historical event and turn it into multiple dance and song numbers and even made it fun to watch which the key thing was.It was not the type of musical that would get you on your feet dancing but singing along and being captivated by the characters and their human elements. The relationship between the characters was a big part that played into the success of this show. Not to mention the costume design, that played a huge role as well in setting the stage and idea for the show. It was not a typical show of what Jerusalem looked like but rather a more â€Å"hippie, fun natured† version of it which is what made the audience enjoy it so much.It was not telling biblical stories, it was just a show which made the audience feel like they did not have to have any religious ties or issues with it (even though some chose to anyways) and they could just go and watch it. Perhaps it was the idea that no matter what anyone thought of Jesus, an underlying concept this musical sh owed was Jesus’ celebrity-like identity and what being a celebrity can do to the celebrity themselves and to their lovers and followers (betrayal, confusion, glory, death) and that just might be the real reason why nobody could seem to get this musical out of their mind.

Fair Value Accounting: Its Impacts on Financial Reporting and How It Can Be Enhanced to Provide More Clarity and Reliability of Information for Users of Financial Statements

International Journal of Business and Social Science Vol. 2 No. 20; November 2011 Fair Value Accounting: Its Impacts on Financial Reporting and How It Can Be Enhanced to Provide More Clarity and Reliability of Information for Users of Financial Statements Ashford C. Chea School of Business, Kentucky Wesleyan College 4721 Covert Avenue, Evansville IN 47714 USA Abstract The author begins the paper with a brief historical development of the Statement of Financial Accounting Standards (FAS 157) and its impact on fair value accounting.This is followed by the methodology employed in the research. Next, he reviews the literature on major issues in fair value accounting and financial reporting, and presents his findings from the study. The researcher ends the paper with recommendations to enhance the usefulness of fair value accounting and draws implications for financial reporting and users of financial statements.Keywords: Fair Value, Measurement, Financial Instruments, Market 1. INTRODUCT ION In December of 2001, accounting standard-setters around the world published a consultation paper (Financial instruments and similar items) that proposes fundamental changes to the way financial instruments are reported in the accounts of companies.In particular, the paper proposes, inter alia, that all financial instruments should be measured at fair value. The banking sector has long argued that such an approach is not appropriate for banks and that, to the extent that there are weaknesses in the way that banks currently account for their financial instruments, those ills are better addressed through incremental, than fundamental , change (Ebling, 2001).The Financial Instruments Joint Working Party of standard setters (JWP) main proposal are that: (a) all types of entity should measure all their financial instruments at fair value, and should recognize all changes in those fair values immediately in the profit and loss account; (b) the fair value of an instrument should be its estimated market exit price; (c) no exceptions should be made for financial instruments used in hedging arrangements (i. e. there should be no hedge accounting for financial instruments( Bies, 2005)).In other words, a financial asset for which an active market exists should be carried in the balance sheet at its market bid price and changes in that bid price should be recognized immediately in the profit and loss account. This would be the case regardless of the reason why the instrument is being held –for example, even if it is being held as a hedging instrument or being held until it matures—and regardless of the cause or nature of the market price change involved (Ebling, 2001). FAS 157 – Statement of Financial Accounting Standards No. 57, Fair Value Measurements—defines fair value and establishes a frame work for measuring fair value in generally accepted accounting principles (GAAP). While previous pronouncements involving valuation focused on what t o measure at fair value, FAS 157—issued by the Financial Accounting Standards Board (FASB) on September 15, 2006—focuses on how to measure fair value (Sinnett, 2007). What is fair value? FAS 157 are quite prescriptive, defining it as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement dates (Chambers, 2008).FAS 157 put in place a framework for fair value measurement and disclosure. Perhaps the most important feature in FAS 157 is the requirement to set out financial statements in three levels that describe the reliability of the inputs used to establish fair value. Fitch describes it as the fair value hierarchy. So Level 1 is quite straightforward, as the price used are identical to the input and discovered in something like a public exchange. It gets quite complicated for Level 2 assets and liabilities, because the prices used might be inferred from an index or another secu rity with similar attributes to the one being measured.Fair value measurement in Level 3 assets are purely model-driven, consisting of unobservable inputs, and have understandably swollen as markets have grown increasingly illiquid and disorderly (Chambers, 2008). For many years, users of financial statements have sought relevant and timely information about financial instruments and off-balance sheet items and activities. It is believe that fair value measurements and recognition of these values in the financial statements, along with adequate disclosures, will provide necessary information to evaluate properly an enterprise’s exposures to financial risks, as well as rewards (Anonymous, 2002). 2  © Centre for Promoting Ideas, USA www. ijbssnet. com This is because fair value reporting reflects the economic reality by showing the volatility inherent in the values of financial instruments given changes in market conditions and operations of the enterprise. Historic cost-base d accounting smoothes these effects, thus, obscuring this volatility and masking the economic impact of various positions held in financial instruments (Anonymous, 2007). 2. METHODOLOGY This paper relies on the literature review of current relevant articles focusing on accounting for fair value.Except where a source was needed specifically for its perspective on broad issues relating to fair value accounting, the author screened by ? fair value accounting? and by numerous variants of keywords, focusing specifically on fair value accounting and financial reporting in firms. Source papers included refereed research studies, empirical reports, and articles from professional journals. Since the literature relating to fair value accounting is voluminous, the author used several decision rules in choosing articles.First, because the accounting profession is changing fast in today’s environment, especially for financial instruments, the author used mostly sources published 2002-2010 , except where papers were needed specifically for their historical perspectives. Second, given the author’s aim to provide a practical understanding of the main issues in fair value accounting, he included, in order of priority: refereed empirical research papers, reports, and other relevant literature on current firms’ fair value reporting practices.To get some perspective on the current state of fair value accounting, the author begins with a literature review of some of the most important issues relating to the concept. 3. LITERATURE REVIEW 3. 1. Statement of Financial Accounting Standards (FAS 157) FAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This definition abandons a longstanding practice of using the transaction price for an asset or liability as its initial fair value.In other words, fair value will no longer be base d on what you pay for something; it will now be based on what you can sell it for, also known as its ? exit price.? Just as important, this definition emphasizes that fair value is market based— requiring the consideration of what other market participants might pay for something—and is no longer entityspecific. Valuation will now be determined by a skeptical, rather than optimistic, buyer. In turn, the level of data available to measure fair value will determine how the valuation of an asset or liability is determined.Common valuation techniques identified by FAS 157 are the market approach, income approach and/or cost approach. These models require inputs that reflect assumptions that market participants would use for pricing an asset or liability. Observable inputs would be based on market data obtained from independent sources, such as stock exchange prices. Meanwhile, in the absence of an active market for an asset or liability, unobservable inputs reflect the rep orting entity’s own assumptions.The standard provides a fair value hierarchy that gives highest priority to quoted prices in active markets (defined as level 1) and lowest priority to unobservable inputs (level 3) (Sinnett, 2007). 3. 2. Mark to Market Mark-to-market accounting refers to the accounting standards of assigning a value to a position held in a financial instrument based on the current fair market price, rather than its original cost or book value, for the instrument or similar instruments. Fair value has been part of U. S. generally accepted accounting principles (GAAP) since the early 1990s.Investors demand the use of fair value when estimating the value of assets and liabilities. This has been influenced by investors’ desire for a more realistic appraisal of an institution’s or a company’s current financial position. Mark to market is a measure of the fair value of accounts that can change over time, such as assets and liabilities. For examp le, financial instruments traded on a futures exchange, such as commodity contracts, are marked to market on a daily basis at the market close (Metzger, 2010). When banks mark to market, they follow two steps.First, they estimate the net realizable value of their portfolio of asset-backed securities. This involves discounting the cash flows of these assets. Then under fair value accounting, they have to take a haircut on these values that takes into account the price at which they could sell the assets. When the market is not functioning, of course, this haircut is very large. This is important because it suggests that the huge decline in the value of bank assets is not due to a decline that has certainly occurred—but rather to the market’s judgment about the risk of resale by a purchaser.It is this risks that—when combined with fair value accounting—has forced the write-downs in bank assets (Wallison, 2009). 3. 3. Relevance 13 International Journal of Bu siness and Social Science Vol. 2 No. 20; November 2011 The debate of fair value accounting basically revolves around the issues of relevance and reliability. Before discussing the issues of relevance of fair value, the author looks briefly at how fair value and relevance are generally defined.Fair value is defined in the FASB’s Preliminary View documents as an estimate of the price an entity would realized if it has sold an asset or paid if it had been relieved of a liability on the reporting date in an arm’s –length exchange motivated by normal business consideration. Relevance is defined in the glossary of the FASB Statement of Financial Accounting Concepts No. 2 as the capacity of information to make a difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm or correct expectation (Poon, 2004). 3. 4.Reliability and Measurements Reliability is defined in the glossary to the FASB Statemen t of Financial Accounting Concepts No. 2 as the quality of information that assures that information is reasonably free from error and bias and faithfully represented what it purports to represent. Fair value as an estimate of exit value under normal market condition is well defined and noncontroversial when there are well-established liquid markets. What if there is no liquid market? This is the situation in which an estimation of fair value will inevitably involve prediction of future cash flows and selection of appropriate discount rates.These estimates depend on management’s assumptions and measurement error. This has the potential to mask deliberate miscalculation and manipulation of the numbers. Both the FASB and the JWG acknowledge that some significant measurement issues must be resolved and they are working on developing more guidance regarding estimating fair value and establishing appropriate controls. However, it should be noted that the use of estimate is an esse ntial part of preparation of financial statements, e. g. the ubiquitous use of estimates in pension accounting (Poon, 2004).If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would be reliable information useful in the decision-making process. However, because many assets and liabilities do not have an active market, the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations less reliable (Bies, 2005). 3. 5. Verification As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value estimates.However, verification of valuations that are not based on observable market prices is very challenging. Many of the values will be on inputs and methods selected by management. Estimates based on these judgments will likely be difficult to verify. Both auditors and users of financial statements, including credit portfolio managers, will need to place greater emphasis on understanding how assets and liabilities are measured and how reliable these valuations are when making decision based on them (Bies, 2005). 3. 6.Disclosure The FASB states that the proposed update would change the wording used to describe the principles and requirements in U. S. GAAP for measuring fair value and for disclosing information about fair value measurements. Specifically, the proposed update would include amendments to (a) clarify FASB intent about fair value application of existing fair value measurement and disclosure requirements, and (b) change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements (Elifoglu et al. 2010). 3. 7.Financial Instruments Financial instruments versus nonfinancial instruments—many see fundamental inconsistency between measuring financial instruments at fair value and nonfinancial items largely on historic cost basis. Standard-setters reco gnize that whenever a boundary is drawn between financial statement items with different measurement attributes some inconsistencies and complexities often results. It is argued that there is economic logic in drawing a line between financial instruments and nonfinancial items, and more so than drawing a line including some inancial instruments but not others (Hague, 2002). Conceptually, the periodic returns on financial instruments can be separated into three components with distinct sustainability or certainty. The first two components—amortized cost interest and the difference between fair value interest and amortized cost interest-sum to fair value interest. It is useful to distinguish these two components of fair value interest because amortized cost interest is both sustainable and certain, whereas the difference between fair value interest and amortized cost interest is sustainable but uncertain.The difference between fair value interest and amortized cost interest is sustainable because unexpected changes in interest rates and the resulting unexpected changes in fair values affect fair value interest calculations throughout the remaining lives of financial instruments. 14  © Centre for Promoting Ideas, USA www. ijbssnet. com For example, an unexpected gain on a financial asset due to a decrease in interest rates in the current period reduces expected fair value interest revenue on the asset throughout its remaining life.This third component of the periodic returns to financial instruments is the unexpected change in their fair values during the period. Unexpected changes in the fair values of financial instruments are both unsustainable and uncertain (Ryan & et, al. , 2002). 3. 8. Financial Reporting The reporting of financial assets and liabilities is an election on a contract-by-contract basis and not mandatory. Therefore, not all instruments will necessarily be reported at fair value.In order to distinguish instruments that are reported at fair value from those that employ some other measurement, firms will have one of two reporting options on the statement of financial position. A firm may display the two classifications, fair-value and non-fairvalue carrying amounts, as separate line items on the statement of financial position. The second option for reporting is parenthical disclosure where the firm presents the aggregate of the two classifications and discloses the amount of the fair value parenthically (Schneider & McCarthy, 2007). . 9. Critics of Fair Value Critics argue that fair value accounting has created a false short-term visibility in the case of pension funding and hastened the demise of defined benefit schemes. More generally, critics argue that the financial crisis demonstrates the pro-cyclicality of fair values when accounting is tightly coupled to prudential regulatory systems, and the unreliability of marking to model in less than liquid asset markets, especially for assets which are being held for the long term (Power, 2010).They also add that the impact of fair value accounting (FVA) is likely to be more restrictive lending policies, and more demanding loan covenants, than are necessary for sound risk management, together with pricing which will be higher than is economically necessary (Allatt, 2001). Moreover, several commentators remarked on the fictional and imaginary nature of fair value and bemoaned their subjectivity and potential for manipulation and bias.Regardless of whether these criticisms have substance, it is also the case that if enough people believe in fictions, then they can play a role in constituting markets (Power, 2010). Many are comfortable with historic cost/realization accounting on the grounds that it is familiar and provide a more stable basis for prediction of future accounting than fair values. They argue that fair value based earnings cannot be predicted in the same way because of the effects of uncertain future events and see this as a significa nt drawback in being able to prepare budgets, forecasts, etc. nd to manage analysts’ expectations (Hague, 2002). Nevertheless, many critics of the subjectivity of fair value miss the real point. The very idea of reliability is being reconstructed in front of their eyes by shifting the focus from transactions to economic valuation methods, and by giving these methods a firmer institutional footing. Deep down the fair value debate seems to hinge on fundamentally different conceptions of the basis for reliability in accounting, making it less of a technical dispute and more of the politics of acceptability (Power, 2010). . 10. Proponents of Fair Value Few will question the relevance of information based on market prices as historical cost information is based on market prices at which assets were initially acquired and liabilities were initially incurred whereas fair value are based on current market prices. Fair value reflects the effects of changes in market conditions and cha nges in fair value reflect the effect of changes in market conditions when they take place. In contrast, historical ost information reflects only the effects of conditions that existed when the transaction took place, and the effects of price changes are reflected only when they are realized. As fair value incorporate current information about current market conditions and expectations, they are expected to provide a superior basis for prediction than outdated cost figures can since these outdated cost figures reflect an outdated market conditions and expectations (Poon, 2004).Proponents of fair value in accounting often appeal to notions of telling things as they are and of improving transparency. They point to areas such as pension accounting or the savings and loans industry in North America where fair values would have made problems (deficits, poor performing loans) visible much earlier, thereby enabling corrective action. An often heard trope is that one should not shoot the me ssenger of poor asset quality (Ebling, 2001). 4. FINDINGSWhile there is a large number of assets and liabilities reported or disclosed in financial statements, the percentage of these items and the dollar impact on earnings may not have been exorbitant for most companies, except for financial institutions. 15 International Journal of Business and Social Science Vol. 2 No. 20; November 2011 In 2008, only 27% of the total assets of the S&P 500 companies that had adopted FAS 157 were actually reported at fair value (Zion et al. , 2009). While this represents about $6. 6 trillion in assets, it is still a relatively small percentage of the assets.Because of the mixed attribute model used in U. S. Generally Accepted Accounting Principles (GAAP), some assets are measured using fair value while others—even very similar assets are measured at cost, or amortized cost, or by some other measure. The nature of the assets held by these companies determined, to a large extent, their exposur e to risk in the credit crisis. Companies in the financial sector had a much larger number of fair valued assets (39%) then did, for instance, companies in consumer staples (2%).Even within the financial sector, investment banks and insurance companies, most of whose assets are reported at fair value, were impacted more than commercial banks, whose largest assets is generally loans, which are not reported at fair value (Casabona & Shoaf, 2010). In addition, there is ample empirical evidence to support the relevance of fair value information of financial instruments. For example, Barth (2006) finds that fair valuation of investment securities influences the share price indicating that it provides extra information to investors.Additional discussion of findings of research on accounting for fair value of financial instruments can be found in FASC 1998 study (Poon, 2004). 5. ANALYSIS AND DISCUSSION While most people agree that fair values are the most relevant measure for financial ass ets and liabilities that an entity actively trades, some (most notably, those in the banking industry) argue that historical cost is the more appropriate measure if management intends to hold an asset or to owe a liability until maturity.The rationale for accounting on a historical cost basis is that it better reflects the economic substance of the transactions and the actual cash flow over time. They argue that fair value information, on the other hand, would reflect the effects of transactions and events in which the entity would not participate and thus is often irrelevant. The question here is whether management’s decision to hold assets or to continue to owe liabilities in light of changed market condition is relevant in evaluating the entity’s financial position and performance (Poon, 2004).Some also argue that the outcome of fair value accounting on entity’s financial liabilities is counterintuitive if its credit risks changes. The fair value of a financi al liability will decrease when the issuing entity’s credit risk deteriorates because the interest rate on the initial issue date would now be lower than what it would be if the liability was issued today. Conversely, if an entity’s credit rating improves, an increase in the fair value of its financial liability will result.However, as explained in Barth and Landsman (1995), changes in the credit rating represent wealth transfers between creditors and stockholders. It is not counterintuitive to see a decrease (an increase) in the value of a financial liability when there is a wealth transfer from creditor (stockholders) to stockholders (creditors) corresponding to the deterioration (improvement) of the credit rating of the issuing entity. Therefore, the outcome of fair value accounting is not readily counterintuitive.But as illustrated in Lipe (2002), financial statement users must be better educated about the impact of fair value accounting on financial liabilities. I n particular, a decrease (an increase) in the fair value of financial liabilities should not be interpreted as positive (negative) if it is due to deteriorating (improving) credit quality. In addition, loan covenants have to be revised and financial ratios involving financial liabilities have to be analyzed accordingly (Lipe, 2002).Still another argument against fair value accounting is the induced volatility of earnings if changes in fair values are reported in earnings. Some believe that this volatility of earnings may not correlate to management’s performance and that this would make it more difficult for users to predict future performance. First, this is not a reliability issue since fair values can be reliably measured but still vary a great deal from one period to another.Second, the requirement of fair value reporting does not have to go hand in hand with the requirement of recognizing changes in fair values in reporting earnings (Poon, 2004). For this reason changes in fair value should be separately reported based on causes such as the passage of time, changes in market conditions, changes in the entity’s financial health, changes in estimate, and changes in valuation techniques.Requiring fair value information as supplemental disclosures instead of financial statement recognition also addresses some of the concerns (e. g. , volatility of reported assets, liabilities, and earnings) of the opponents of fair value accounting. In addition, this will allow financial statement users to decide on their own how much reliance they will put on and how to use fair value information (Poon, 2004).FSP FAS 175-4 provides application guidance to assess whether the volume and level of activity for asset or liability have significantly decreased when compared with normal market conditions. However, this assessment should consider whether there are factors present that indicate that the market for the asset is not active at the measurement date, such as : (a) there are few recent transactions based on volume and level of activity in the market, (b) price quotations are not based on current information , 16  © Centre for Promoting Ideas, USA www. ijbssnet. com c) price quotations vary significantly either over time or among market makers , (d) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) (e) There is a significant decline or absence of a market for new issuances (Casabona & Shoaf, 2010). Research by Federal Reserve staff shows that fair value estimates for bank loan can vary greatly, depending on the valuation inputs and methodology used. For example, observed market rates for corporate bonds and syndicated loans with lower-rated categories have varied by much as 200 to 500 basis points.Such wide ranges occur even in the case of senior bonds and loans when obligors are matched. Moreover, the FASB statement on the proposed fair v alue standards that reliability can be significantly enhanced if market inputs are used in valuation. However, because management uses significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue (Bies, 2005) 6. RECOMMENDATIONS In order to provide more relevant information to financial statement users, fair value information should be reported for all financial assets and liabilities.Given that there are still some important conceptual and practical issues relating to the reliable determination of fair value, it is better to first require full fair value disclosures before contemplating a shift to full fair value recognition in financial statements. That would enable investors, creditor, preparer, auditors, and regulators to learn from experience. When the issues relating to the reliable determination of fair values are resolved, they will be ready for full fair value recognition in financial statements (Poon, 2004).T he author concords with the SEC recommendations, which are expected to impact the FASB’s future activities, including (a) improve fair value accounting standards (b) improve the application of existing fair value requirements (c) readdress the accounting for financial asset impairment s (d) establish formal measures to address the operation of existing accounting standards in practice (e) implement further guidance to foster the use of sound judgment of practitioners (f) address the need to simplify the accounting for investments in financial asset (Casabona & Shoaf, 2010).The first priority seems to be to work in close co-operation with users and preparers of financial statements to further consider the practicality of the proposals and to demonstrate or refute the relative merits of fair value and historic cost based reporting of financial statements for users’ analysis purposes. Such work should involve rigorous testing to consider how fair value information would b e used in decision models, as well as to stimulate the preparation of fair value information to understand better the extent of many of the practical concerns (Hague, 2002).Second, implementation of the proposals would provide more useful, relevant and transparent information about an enterprise’s use of financial instruments than is available today. The full benefits, however, will only be understood with careful study and education about how to use the new information. A somewhat different mindset and base of expertise (from that appropriate to traditional recognition and historical cost-based accounting for financial instruments) is also necessary. This includes integrating knowledge of certain finance and capital-markets concepts and practices with financial accounting objectives and concepts (Hague, 2001).Third, financial instruments should be grouped and displayed on the balance sheet based on the underlying characteristics of the instruments, such as unconditional righ ts to receive or obligations to deliver, and by major classes within these groups. Detailed, descriptive information about the nature and terms of these financial instruments, as well as management’s policies pertaining to them, should be disclosed in the notes to the financial statements in a manner consistent with the balance sheet (Anonymous, 2002). Fourth, fair values reflect point estimates and by themselves do not result in transparent financial statements.Hence, additional disclosures are necessary to bring meaning to these fair value estimates. FASB’s proposal take a first step toward enhancing fair value disclosures related to the reliability of fair value estimates. Additional types of disclosures should be considered to give users of financial statements a better understanding of the relative reliability of fair value estimates. These disclosures might include key drivers affecting valuations, fairvalue-range estimates, and confidence level (Yonetani & Katsu o, 1998). Finally, another important disclosure consideration relates to changes in fair value amounts.For example, changes in fair value of securities portfolio can arise from movements in interest rates, foreign-currency rates, and credit quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given adequate disclosures about what factors caused the changes in fair value (Bies, 2005). 7. IMPLICATIONS FOR FINANCIAL REPORTING AND MANAGERIAL DECISION-MAKING Several implications are drawn from this paper. 17 International Journal of Business and Social Science Vol. 2 No. 20; November 2011First, standard-setters and regulators would be required to provide more specific guidance on how to determine fair value for financial statements. Perhaps, they can list some common valuation techniques and indicate their appropriateness in various circumstances. Disclosure requirements would include disclosure of fair value of all financ ial instruments along with method adopted to determine fair values, any significant assumptions used in their estimation, some indications of the sensitivity of the estimated fair value to these assumptions, and discussion of risk exposure and issues associated with the estimation of fair value (Poon, 2004).Second, the role of external financial reporting is to portray an enterprise as if seen through the eyes of management—that is, that financial reporting should be consistent with internal management practices. It is, obviously, desirable that there be as much compatibility between the two as possible. However, it is difficult to see how accounting that is driven by the manner in which an enterprise chooses to manage its financial instruments and risks can provide information to financial statement users that are consistent and comparable between enterprises (Hague, 2002).Third, the objectives of financial analysis are to discern and assess the effects to an enterprise†™s performance and financial condition, including those that result from its risk management policies and decisions that involve financial instruments. In addition, financial statement users want to assess how well an enterprise effectively applies these policies in managing the risks of the enterprise. Therefore accounting and disclosure requirements related to financial instruments must be designed to explain (a) risks inherent in a given business (b) hedging strategies employed and (c) outcome(s) of such hedging activities.In other words, financial and nonfinancial disclosures should provide sufficient information for users of this information to discern and answer question, such as these: (a) what are management’s policies and procedures for using certain financial instruments? (b) How extensively does the enterprise use these financial instruments as part of its risk management? (c) What are the timing and the magnitude of the effects of the instruments on fair values in the balance sheet and changes in these values reflected in the income statement? d) How effective, or ineffective, are the position in these financial instruments as hedges in managing the risk exposure of the enterprise? And (e) what portion of the gains and losses reported in the balance sheet and income statement is realized and unrealized? (Anonymous, 2002). Fourth, the fact that management use significant judgment in the valuation process, particularly for level 3 estimates, add to the concern about reliability. Management bias, whether intentional or unintentional, may result in inappropriate fair value measurements and misstatements of earnings and equity capital.This was the case in the overvaluation of certain residual trenches in securitizations in recent years, when there was no active market for these assets. Significant write-downs of overstated asset valuations have resulted in the failure of a number of finance companies and depository institutions. Similar problem s have occurred due to overvaluations in nonbank trading portfolios that resulted in overstatements of income and equity. The possibility of management bias exists today. There continue to be new stories about charges of earnings manipulation, even under the historical cost accounting framework.It is believe that, without reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements will be even greater (Bies, 2005). Fifth, three fundamental goals of accounting that are likely to have influenced the choice of fair value accounting for all financial firms. One of these objectives is to minimize what is called management bias. Management has an obvious incentive to inflate the value of a company’s assets, and many ways to do it. Marking a company’s assets to market is an effective way of taking his element of financial statement manipulation out of management’s hands (Wallison, 2009). Finally, the opt ion to use fair value for certain assets and liabilities will provide more relevant information to the users of financial statements. However, since the fair value usage can be elected for some financial assets and financial liabilities and avoided for others, there is a loss of consistency in the financial statements between entities and even within a single entity. Also the new standard imposes additional disclosure requirements (Schneider & McCarthy, 2007). 8. CONCLUDING REMARKSCurrent methods of accounting for financial instruments have been of concern to accounting standard-setters around the world for some time now. These concerns about financial instruments start from the observation that markets now exists for either the instruments themselves or the various financial risks that arise from the instruments, and the availability of those markets enables entities to actively manage the financial risks and, thereby, to realize some or all of the market value of their financial i nstruments with ease. (Ebling, 2001). 18  © Centre for Promoting Ideas, USA www. ijbssnet. comIt has been argued that different conceptions of what is for an accounting estimate to be reliable underlie the fair value debate as it has taken shape in the last decade. The language of subjectivity and objectivity is unhelpful in characterizing what is at stake; it is more useful to focus on the question of how certain valuation technologies do or don’t become institutionally accepted as producing facts (Power, 2010). However, the shift in accounting principles will not come without some additional effort by all capital market participants, including preparers, auditors, regulators, and users of this information.It is realized that accounting and reporting based on fair value principles, in comparison with historical cost-based principles, require more extensive and detailed analysis of the methods and assumptions used to determine values recognized in the financial statements. This in turn, will require market participants to redesign the current financial reporting model and to educate themselves in the application of these new principles. Nonetheless, transparency of the true economic consequences, i. e. isks and rewards, resulting from the use of financial instruments justifies the movement to a fair value based model for financial reporting (Anonymous, 2002). Certainly, mark-to-market reporting has its drawbacks, especially for derivatives. First, fair value based on market prices can be difficult to determine for complex and lightly traded instruments. These types of derivatives are the level 3 type mentioned above. These derivatives are usually measured using a mark-to-model process, which can be arbitrary at best and fraudulent at worst.Next, there is the theoretical issue, as banks successfully argued, as to whether market price does indeed represent fair value. Also, the relevance of market prices can be challenged with respect to intent. Some ob servers challenge the relevance of market prices because they believe that, if government officials do not intend to trade derivatives but rather hold them to maturity, as is usually the case with derivatives used for hedging, then the time and expense of determining fair value may not be worthwhile.Still, using fair value accounting is proper for derivative reporting because it enhances the following qualities or objectives of financial measurement and reporting: accountability, transparency, consistency, inter-period equity, and risk management (Metzger, 2010). REFERENCES Allatt, G. (2001). Fair value accounting: Examining the consequences. Balance Sheet, 9, 22-26. Anonymous (2007). Statement of financial accounting standards No. 159: The fair value option for financial assets and financial liabilities. Journal of Accountancy, 203, 96-101. Anonymous (2002). Financial instruments: Fair values and disclosure.Balance Sheet, 10, 12-20. Bath, M. (2006). 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