Refelction paper about Identity and possibility Article

Refelction paper about Identity and plausibility - Article Example Or maybe, it is the totality of regular living encounters and is a procedure that creates among disillusionments, triumphs and ordinary day to day environments that develops the character of an individual. Self-comprehension is the essential manifestation of a person’s personality. We become who we figure ourselves to become and this is regularly. It is not necessarily the case that a mien is shaky, despite what might be expected, it is a joining of consistency of character. The advancement of one’s personality is the intermixing of every single human movement and connections among exact viewpoints. It isn't just inside the dividers of the school that an adolescent’s character is created. A greater amount of it is through the connections and exercises that they invest themselves into. These are the things that they achieve the most guilty pleasure from and in this manner would destined to shape them towards a personality that would frame them into what's to come. The notorious inquiry of â€Å"Who am I?† is one that is frequently replied with regards to correspondence from these center character forming matters. Likewise with the subject exemplified by the creator through Mac, the 14-year old kid who consistently gets into a battle. A derivation of this idea would liken that in the limits of the school he would be seen as a troublesome youngster. In any case, a profound investigation of the child’s mental reasoning uncovers that he is somebody who can be relied on by his loved ones in the occurrence that his assistance is required. It can't then be presumed that he is a loner just based on his school records and the numerous fights he gets himself in. Personality emergency is another significant trouble that emerges inside this age gathering. A â€Å"developmental moratorium† as introduced by Erikson in his model is essential for teenagers to expand their ability of development as they are permitted to test among changed encounters as they continued looking for personality. It is an open door for them to utilize

Why I admire Benjamin Franklin Essay -- Leaders American History

Benjamin Franklin finished numerous achievements from youth to adulthood. At the point when he was only 22 he built up his first printing business with an accomplice, Hugh Meredith. Benjamin before long purchased out Hugh Meredith's offer. In 1732, when Franklin was just 26 he distributed the primary release of 'Poor Richards Almanac,' the book shows proof that it was effective for a long time. 'Poor Richards Almanac' permitted Franklin to resign from business a rich man in 1748. In 1741 Benjamin Franklin concocted the Franklin Stove. The oven was convenient for both, warming a room or cooking. In 1752 Benjamin Franklin directed his renowned power explore different avenues regarding a kite. In 1757 Franklin came back to England as a Colonial operator for Pennsylvania. Next, in the time of 171 Benjamin started to compose his own collection of memoirs. In 1775 as an individual from the Continental Congress, Franklin pushed division from England. In 1776 Franklin helped draft the Declar ation of Independence, in the fall he goes to France to argue the American reason. In 1778, Benjamin masterminded the American Alliance with France, which before long drove... Why I respect Benjamin Franklin Essay - Leaders American History Benjamin Franklin finished numerous achievements from adolescence to adulthood. At the point when he was only 22 he set up his first printing business with an accomplice, Hugh Meredith. Benjamin before long purchased out Hugh Meredith's offer. In 1732, when Franklin was just 26 he distributed the primary version of 'Poor Richards Almanac,' the book shows proof that it was effective for a long time. 'Poor Richards Almanac' permitted Franklin to resign from business a rich man in 1748. In 1741 Benjamin Franklin developed the Franklin Stove. The oven was convenient for both, warming a room or cooking. In 1752 Benjamin Franklin directed his renowned power try different things with a kite. In 1757 Franklin came back to England as a Colonial specialist for Pennsylvania. Next, in the time of 171 Benjamin started to compose his own life account. In 1775 as an individual from the Continental Congress, Franklin pushed partition from England. In 1776 Franklin helped draft the Declaration of Ind ependence, in the fall he goes to France to argue the American reason. In 1778, Benjamin masterminded the American Alliance with France, which before long drove...

Aisumasen, Yoko San

Aisumasen, Yoko San Hello out there in TV Land. Im Sam Maurer. You might remember me from such blogs as Mitras Blog. Im sticking around MIT this summer turning turkey refuse into oil. No, really. I had promised every single person on Earth that I would have my first weblog entry up this week. Unfortunately, I got back from a 60 mile bike journey throughout Vermont and New Hampshire to discover that my laptop, where I store one bazillion pictures of myself doing entertaining things (and about twenty pictures of my friends), was no longer in working condition. By the way, did you know a 60 mile bike trip is 60 miles each way? I did not know that until after I had started biking. Well, now my laptop is toast and Im having immense difficulty sitting down on account of a sore pelvis. Furthermore, tomorrow morning at 6 AM Im leaving on a fast train for my beloved hometown, that burgeoning center for arts and culture maintaining the warmth and caring associated with South Central Pennsylvania. Sad as it may be, Im just not in any condition to compose a proper blog entry today. And unlike some people I know, Im just not willing to release a mediocre product upon the American public. So, gentle readers, look for a couple short updates from Harrisburg over the next week. But once I get back on 6/20 (which is also my friend Bens birthday), get ready for the most ravishing series of blog entries you have ever seen. To entice you, here are the topics of these entries: 1. a trip to the Lyric Stage Company with some Mainiacs 2. a dim sum luncheon gone horribly awry 3. an expedition with Ruth to the Garment District, Cambridges only alternative department store, to buy a tasteful green/yellow/purple striped dress shirt. 4. eleven grad students, a sixty-mile stretch of rural highway, and the most excruciating pain Ive ever experienced in my mortal life Anyway, thats my story and Im sticking to it. Seacrest out. Also, I dont like coming up with blog entry titles and I often confuse obscurity for creativity. So, with every entry, if youre the first person to name the musical artist, author, or historical figure who supplied me with the title, you get a prize.

The Growing Demand for Energy - 1219 Words

Introduction: The growing demand for energy is one that the supply has never been able to match. This constant search for new and viable energy sources has led to the advent of very unconventional and often controversial sources. One such source is nuclear energy. Since its first commercial introduction in 1960, nuclear energy has grown to become a major player in the energy sector generating 14 percent of the worlds electricity. However, some countries are more dependent on this power source than others. France relies on nuclear for 75.2 percent of its electricity. (National Public Radio, 2011). This potential to generate enormous amounts of energy from fission or fusion reaction is not without its risk. I wish to highlight some†¦show more content†¦Nuclear reactors are design to prevent accident. There is a backup system if something wrong happens. Most of nuclear reactors shutdown automatically if anything wrong happens. This backup system cannot prevent disaster but can limit the disa ster. Even though nuclear reactors are designed according to safety measures, there is a chance of accident. Accidents could be explosion or radiation. These type of accidents can lead to disasters more serious than even we imagine. According to David Pomerantz of Greepeace.org, the chances of an accident occurring is still significant enough to be worried about. He further elaborated that â€Å"If a meltdown were to occur, the accident could kill and injure tens of thousands of people, leaving large regions uninhabitable. And, more than 50 years after splitting the first atom, science has yet to devise a method for adequately handling long lived radioactive wastes.† (Pomerantz, 2011). In the same article, he explained that radioactive wastes from the reactors were treated as rock compost and is being buried in impervious layers of rocks. But as we know, radioactive materials are capable of passing through other materials effortlessly. Debates are also being raged on as to the possibility of these buried radioactive waste contaminating the underground water supply. If such contamination ever happens, the environmental effect would be very deadly. Manmade and Natural Accident Risks: Just like every business, the nuclear energyShow MoreRelatedGrowing energy demands, rising energy costs, and increasing concern about global climate change900 Words   |  4 Pages Growing energy demands, rising energy costs, and increasing concern about global climate change have sparked strong interest in utilizing alternative energy technologies, such as nuclear power, hydrogen energy, biofuels, and renewable energy. Unlike renewable energy, some alternative energy technologies are not mature enough to be used as a main energy source (biofuels and hydrogen energy). Although some alternative energy, e.g. nuclear power, can reduce energy shortage, they are not environmentallyRead MoreEnergy Demands: Alternative Energy Resources1368 Words   |  6 PagesCan growing energy demands be met safely and efficiently? My talk today is about energy especially about energy demands. What is energy? In physics, energy is defined as the capacity to do work. This capacity is very important to our daily lives, business, and education and even for the national security. This is why it is so important for world to meet the growing demands of the energy. According to Global future studies research stated that there are 1.3 billion people are living without electricityRead MoreGreen Energy is a Substitute Energy Source1720 Words   |  7 PagesIntroduction â€Å"Green† (or alternative) energy is a substitute energy source for fossil fuels. Alternative energy is interchangeable with Renewable energy since the sources that are generated are natural and cannot be exhausted, all of which have minimal environmental impact. Alternative energy sources include solar power, which is acquired from the sun; wind power; water energy, which produces hydroelectricity; and biomass energy, which comes from plants. Due to these sources being free and causingRead MoreThe Problem Of Rapid Population Growth1605 Words   |  7 Pagesa world population of one billion people. Population statistics show that there were 1.6 billion people in 1900 and this figure reached 6 billion before the end of the 20th century. Over the past several decades, the world s population has been growing exponentially. According to the population statistics, this figure is going to ascend to more than 9 billion people by the end of 2050. Recent studies shows that the gro wth rate of population has somewhat steadied from the prior projections due toRead MoreNuclear Power And The Chernobyl Accident1479 Words   |  6 PagesSince the first commercial plant in the 1950s, the nuclear energy sector has increased steadily. From generating 684 billion kilowatt hours worldwide in 1980, nuclear power accounted for 2,345 billion KWh in 2012 (World Bank, n.d.). While the Chernobyl accident in 1986 did not trigger any decline in the global nuclear-generated power in the following years, the Fukushima accident in 2011 did. A drop of almost 200 billion KWh from 2011 to 2012 put a hold on the previously roughly constant numbersRead MoreAddicted to Oil1208 Words   |  5 Pagesdreams. The United States needs to become more energy independent by using sources other than oil. Many alternative sources are available but renewable sources provide the brightest future. The United States’ increasing dependence on oil is a growing problem. Oil demand is increasing at an outstanding rate, not only in the U.S. but also around the world. Consider this, in 2008, â€Å"the world produced about 85 million barrels of oil a day, but global demand topped 86 million barrels a day† (Pickens)Read MoreAdasdasda754 Words   |  4 Pages000 small and medium-sized enterprises. People are employed in tourism right across the country, in every constituency, in cities, in seaside towns... Save Paper Energy For Sustainable Management: Unit 3 Assignment able to produce as much useful energy as they consume, the break-even point. Sustaining reactions that produce enough energy to make them a commercially viable power... Save Paper The Sustainability Of Bws Under Philippine Laws Sustainability of BWS under Philippine Laws (A PositionRead MoreSwot Analysis Of Market Leadership : Onshore Nordex Essay1593 Words   |  7 PagesStrengths: Market Leadership: Onshore Nordex continued to maintain its position amongst the top three original equipment manufacturers (OEMs) in EMEA and other focus markets. According to the Global Wind Energy Council (GWEC) and European Wind Energy Association (EWEA), the company in some of the focus markets particularly including Ireland, the company had market share of 47%, followed by Finland (40%) and Turkey (20%). In South Africa, Nordex was one of the top four OEMs, with a market share ofRead MoreThe Global Consumption Of Oil904 Words   |  4 Pagesdecades. The use of energy resources all over the world has raised concerns over the consumption of energy resources and its environmental impacts. In this essay, an attempt is made to picture the geographies of energy consumption that increased attention to carbon emissions in the G7 and BRICs and countries like India, China, Brazil, U.S.A and Canada and its implications for human society, climate and political or economic dimensions. All the data discussed in this paper about energy use and emissionsRead MoreThe World Is Growing At An Amazing Rate1521 Words   |  7 Pageswell-being, to other species and the earth, is the human existence itself. The blasting increase in human population means that with every increasing life, the demand for food, fresh water, energy and a whole lot more other items will increase simultaneously. The world is growing at an amazing rate. Currently, the Earth’s population is growing by 60,000 people every eight hours; that’s two children born every second somewhere around the globe (Shariatmadari). So in a sense, every one second the supply

Analysis Of Marjane Satrapi s The Veil - 1393 Words

During the reign of Shah Mohammad Reza Pahvali Iran became modernized under his implementations’, however soon after the Shah was forced to leave Iran things take a toll for the worse. In the graphic memoir Persepolis, Marjane Satrapi highlights the sudden transition from a modernized society to a strictly religious environment in Iran during the 1970s through the use of juxtaposition in panels. Satrapi’s use of symbolism such as the veil, the posters, and books enhance the oppression that women in Iran face reign of the Ayatollah. Satrapi begins her memoir in a significant manner by titling the first section â€Å"The Veil† to emphasize emphasize and depict the importance that the veil will have throughout the entire novel.†¦show more content†¦Marjane’s mother was a revolutionary woman; she stood up for herself and the right of other Iranians; she had chosen not to wear the veil once and as a result she was â€Å"insulted (...) And [told] that woman like [her] should be pushed up against a wall and fucked†(74/4). Satrapi describes this horrifying situation in a series of small panels that fill up the entire page, she does this to depict how dramatic yet quick the event unfolded. The simple act of punishing women for not wearing a simple piece of clothing is in itself oppressive, seeing as the veil restrained women from fully expressing themselves. The veil influenced Marjane to do certain things in life and it made her feel a certain way, which is why the â€Å"religious† piece of clothing is extremely significant to Iranian women, whether it be in negative or positive way. Although, the veil represented a form of oppression for some women, it was the opposite for others and rather a form of religious freedom. By wearing the veil many women felt free and it was their form of expressing themselves. For fundamental woman, which are the older and conservative girls, wearing the veil was something that they enjoy ed wearing and believed that everyone else should I also be wearing the sacred head piece. However, for the modern women, which was more of the younger generation, wearing the veil was somethingShow MoreRelatedEssay about Persepolis1136 Words   |  5 PagesToward the end of the novel, Marjane says about people’s fear of the Islamic Commission, â€Å"It’s only natural! When we’re afraid, we lose all sense of analysis and reflection. Our fear paralyzes us. Besides fear has always been the driving force behind all dictators’ repression.† How do Marjane and her compatriots deal with fear and their daily lives? To what extent do you see fear as a controlling factor in your own country’s public life? The new Islamic republic regime was beginning to spread in

One Direction Free Essays

Intro to Communication 2. oopm-3. 40pm Informative Speech Outline Dreams and Ambitions Purpose: To inform my audience about how to follow your own dream and path, not following anyone else’s paths because they say you can’t do something. We will write a custom essay sample on One Direction or any similar topic only for you Order Now l. Introduction A. Greeting Good evening everyone. B. Attention getter Today, I’m going to tell you the stories of my life and someone who I looked up to. When I was in middle school, I was a dreamer and so was he. (Visual aid #1) One day, while watching Fast and Furious with my dad, I told him that when I was older, I would become a racecar driver Just like Vin Diesel. My dad checked my temperature after I said that. (Visual aid #2) Another day I was watching Step Up with my mom and told her I would become a dancer. I would search up dance tutorials on Youtube, watch them over and over again. Practiced in front of the mirror until I got it. But I never got it. And it Just annoyed my parent that they kept hearing mammoth footsteps from my room and that they couldn’t sleep. More recently, when I was half asleep on the bus on its way to my school. I was suddenly awakened to this funky song sung by this amazing singer. Then I knew I’d become a singer. Excited for an upcoming school concert. I signed up. Then my friends in school slammed me that no one would like me and that I would be the Joke to the school. I doubted myself since then. C. Credibility statement As someone who have been following every of his footsteps from he was as small as a fetus. He represents an iconic symbol for having dreams, faith, and to never stop believing in yourself. I would like to inform you about this person. D. Thesis statement It didn’t matter how many times you got knocked down on the floor, but you know one day you would have to get up and stand tall. Because everything has to start from omething, and something would be nothing if you didn’t believe and have faith in yourself. Where would you be if you didn’t believe. E. Preview of main points I’m going to leave with your imagination to fgure out whom this person is. I will slowly leave clue about this person. So I will be talking about his not so ideal background, his struggles to superstardom, and his triumphs. This is his story. Transition II. Body A. Main point #1 – His background 1. Subordinate point (e. g. , â€Å"According to†¦ â€Å") – He didn’t have the happiest family, in the world. He didn’t live in the biggest mansion in his neighborhood. And he didn’t even come first place in a school singing competition. a. Support- According to Townhall. com, his mother had him when she was only 18 years old. She had to live through an abusive childhood. Because everyone was pressuring her to abort her child. Because everyone thinks she didn’t have sufficient finance to support for her child, since she worked for a series of low paying office Jobs. His parent split when he was 10 months old. (Visual aid #3) b. Support- He came from a small town called Stratford, Ontario. When he was 12 years old, he wanted to play guitar and sing in front of a shopping mall. He would sit t the steps at the gate of the shopping mall and sing in the cold night. His voice carry out throughout the whole street Every pedestrians would have to stop, pull out their camera and film it. He also Joined his school idol competition. With only 12 years of age, he demonstrated a wide range of musical talents. Such as pop, R and B, he even rap for the audience too. Sometime he would bust out dance move that crack the audience. Like the air guitar. His friends were surprised, they would ask him where did all of hose moves come from. However, he fall short in third place. Suffered his first rejection in his singing career. Transition/Signpost Now that I have mentioned his background. I will now talk about his struggles. – B. Main point #2 – His struggles 1. Subordinate point – At this stage of success, there will be Jealousy and hatred. There are people who want him to fall, they want him to be the next train wreck, and want him to fall on the ground and never be able to get back up. a. Support – Celebrity gossip sites on the Internet such as TMZ, they will make up the most hideous and untrue stories about this kid. Here are examples of the stories they made up. – According to TMZ, they pictured him walking around with his shirt off in he street of London. Saying it’s a sign of disrespectful. Other say that he illegally went to an under aged club with his shirt off. Later, he was asked during an interview about this issue, and he was Just sweaty and hot from a grueling three hours performance. – According to mirror. co. uk, another news site. They said he was accused of hitting a paparazzi photographer in June while driving in the city of los Angeles who apparently stood right in front of his car. The paparazzi then have to be moved to a nearby hospital for treatments. However, in the photograph, the paparazzi is a full grown adult with twice the size of this kid. And another one, according to mirror. co. uk again, he was branded â€Å"disgusting† and â€Å"revolting†. For spitting from the top of his hotel. Transition to main point – Now that I have talked about his struggles and challenges, I will then talk about his road to fame. C. Main point #3 – His road to success. – At this point of success, people are watching him every breath and every move he takes. He have basically grown up with cameras all around him. Therefore, there are people who Just want to see him fall. But he didn’t take it as granted. He takes matter into his own hand. He became Just another kid on Youtube, to a worldwide arena eteran. a. Support – Then came social media. A powerful source of information that aided him to raise to superstardom. When he was 12, he decided to mess around with youtube. Posting videos of him doing different cover in his small apartment. And one day, this manager. People liked his video, wanting him to do different covers. His subscribers on Youtube reached hundred of thousand. – Then his mom, received a call from her friends. Saying that there’s this guy trying to reach her. He got a hold of his great aunt, got a hold of his school board. His mom was scared, asking herself, â€Å"Who is this guy? â€Å". So she went to a computer phone and called the mysterious guy from an unknown number to tell him, â€Å"Please stop calling! † She was trying to get rid of the anonymous man. Then they ended up taking from 2 to 3 hours. And this man, all the way from Atlanta. Told the mom and the kid to fly to him for a week with no strings attached. And he would introduce her to a bunch of other record producer to see if they want to sign the kid. If the mom didn’t want to sign, then they would Just get a free vacation and back to life as usual. They flew to Atlanta. This anonymous guy was a manager for a small record studio. He picked them up form the airport drove to his music studio. Then there’s this expensive Range Rover drove up to their car. And step out of the car was Usher, this kid freaked out ran up to him. And told him, â€Å"I’m one of your biggest fan. Can I sing one of your song to you? † after the manager warned him, â€Å"What ever you do, don’t say anything! . Yet again, he suffered another rejection. Usher simply pushed him aside and said, â€Å"It’s cold outside buddy, don’t worry about it. † He took off. This kid and the manager would fly to several states in 2 or 3 days. Meet with record producer, labels, and musicians. And every record label would sa y no to him. They said he had no platform. They need this kid to come from an experienced background like Disney. There’s no other option for him right now. Eventually this manager went to Usher’s recording studio, and Usher had to let him tryout. After a few minutes listening to this kid. He looked at the manager and asked him, â€Å"Who is this kid? † in astonishment. And the kid answered, miou don’t remember. You blew me off the other day. † It was not Just his amazing voice, it was his hair, his face, and his down to earth attitude. He just soaked up all the air in the room. It was beyond convinced that Usher had delivered a gift. That’s it, he has singed a contract with Usher. The mom and the kid is moving to the His grandfather, looking him walking pass the gate at the airport. He knew it was time to let this kid go. b. Support – He started to go to radio station. There were 40 kids, then 80, then 100 kids, then a couple of hundreds kids lining up outside the radio station to see him. – There are artists who sell out arena and stadium world tour, he is now the member of this club. On his first record, in his first year and a half. – Madison Square Garden in NY represents the pinnacle of success for an artist. The Rolling Stones, 132, Michael Jackson. And for this kid to play at MSG, and he’s the headliner. This Just doesn’t happen. And MSG sold out tickets in 22 minutes. The entire show depends on 2 fibers in his vocal chord. â€Å"Little things goes a very very long way. The moment we forget that, I think its over. † Said his manager. There were people standing outside the arena because they cant affordti, what he did was he walked outside the arena and gave free tickets that sit right up close to the stage to these girls. The fact that this kid can do this for his fans is amazing. – In the end, itâ⠂¬â„¢s Just him with his pen, nd paper in a room expressing his feelings and telling the world who he really is through his music. He said, â€Å"I’m 19 years old. I think I’m doing a pretty good Job. Basically from my heart I really Just want to say it really should be about music. It should be about the craft that I’m making. This is not a gimmick and I’m an artist and I should be taken seriously. † – And he’s right, so far at this point, he have won countless awards. 2 Grammy awards, 1 Brit awards, 6 Billboard Music Awards, 7 American Music Awards, 11 Teen Choice Awards, and the most prestigious award in the music industry, the milestone award. Which celebrate Ill. Conclusion IVe already signed up for the concert, its too late to back up now. I got on the stage alone, and I sung. My legs and hands were shaking. I asked myself â€Å"Will I be a dumb joke to the school? † But no, the audience leaped up from their chair, they applaud and clapped. Shocking, I couldn’t believe my own eye. Teachers were asking me to sing for their concert. Then I realized I was wrong. There’s nothing wrong with dreaming big, when you have believe in yourself. You only live once to follow your own dream. Don’t follow anyone else’s pathway. However, if you’re lost in the wood and you found a pathway, by all mean follow that. And most importantly, don’t listen to anyone’s advice. So here’s my advice Heres the model that IVe lived by. â€Å"There’s gonna be time in your life when people tell you that you cant do something. And there’s gonna be time in your life when people say you can’t live your dream. And there’s gonna be time in your life when people say that you can’t sell out Madison Square Garden. This is what I tell them. Never Say Never. † Justin Bieber â€Å"Don’t ever let someone tell you that you can’t do something. Not even me. You got a dream, you gotta protect it. When people can’t do something themselves, they are onna tell you that you can’t do it. How to cite One Direction, Papers

Conceptual Framework Fair value

Questions: 1. Explain why principles-based standards require a conceptual framework? 2. Why is it important that the IASB and FASB share a common conceptual framework? 3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning? 4. What is meant by a 'cross-cutting' issue? Suggest some possible examples of crosscutting issues? 5. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP? 6. What do you think of the principle' accounts must reflect economic reality' as a core principle of measurement in accounting? 7. How would you measure economic reality? 8. What is reliability in accounting? 9. The article states that the US standard setter FASB requires companies to record a provision in relation to environmental costs of retiring an asset if its fair value could be reasonably estimated. How do you think companies would go about estimating such a provision? 10. What aspects of the requirements were used by US companies to defer recognition of a liability? 11. In what ways does the recognition of the liability in relation to future restoration activity affect net profit in the current year and future years; and cash flow in the current and future years? 12. The article refers to changes in disclosure requirements relating to environmental liabilities in many countries around the world. How important is it that companies recognise the liability? To what extent is disclosure about the liability sufficient? Answers: 1. Principle based standards require conceptual framework Framework refers to the platform on which any kind of work can be done and Conceptual framework refers to the infrastructure framed for performing particular work or an activity keeping in consideration the values and concepts within the ambit of which the work or an activity is required to be performed. For defining and developing any accounting and reporting principles and practices, framework is required. If the framework is not present then the principles and practices will be prepared in random and disordered manner and will automatically result in the standards which may be inconsistent with the others and with the law prevailing for that standard. Thus, conceptual framework for financial reporting helps in defining the nature and aim of the accounting by considering the theoretical issues relating to the financial reporting (IASB, 2010 and Deegan,2006). There are two types of standards rules based and principle standard. The absence of conceptual framework leads to increase in the number of rule based standards whereas its availability leads to formation of principle based standards. Rule based standards details the rules which needs to be followed in the preparation of financial statements and these rules can easily be manipulated by the influence of some group or management whereas principle based standards are formed only on the basis of pre defined principles or concepts and the framework containing it (FASB,2002). If there is no conceptual framework, the principle based standards cannot be formed. Thus, in this manner, for setting up of the principle based standards presence of conceptual framework is of utmost importance. 2. IASB and FASB Share a common conceptual framework IASB and FASB have entered into joint project namely New Conceptual Framework Project wherein the main object is to revisit the frameworks within which standards have been set up for financial accounting and reporting purposes. The main aim of revisiting the conceptual framework is to come up with the common framework by redefining, updating and completing the existing framework. This new common framework will be shared by both the standard setting bodies. As per the new project, the main aim of both the bodies IASB and FASB is that the accounting and reporting standards shall be based on defined principles and policies which can be applied universally and uniformly instead of having the standards consisting of the principles and provisions which have been created out of the individual perceptions and arbitrary provisions and that too changes in case governing body of the standard setting board changes. Without having the common framework, there will always be the matter of argument or discussion over one issue or the other (Nash,2006). Along with this reason there are factors which require the sharing of common framework: The standards of one body shall be converged with the standard of other body. This is possible only by providing the common platform. It lays down the foundation for developing future standard and other accounting and reporting policies which shall be applied consistently and uniformly across the world. It facilitates the comparability, understandability and relevance of the financial information to the users of the financial statements. 3. Conceptual framework is more important for Some Parties than others As discussed, conceptual framework plays significant role in the financial accounting and reporting, it also provides various benefits to its users. One of the main parties who will get benefit of having the conceptual framework is the standard setter. Standard can only be defined when there is accounting and reporting framework and is defined and laid down by the standard setters. Along with him, there are other users. Another main party is the preparer of the financial statement. Preparer of the financial statement prepares the financial statements by keeping in view the standards set by the bodies which are known as International Financial Reporting Standards. Conceptual framework helps preparers in the way where no standard has yet been developed still the preparer forms the financial statements according to the developed conceptual framework. Another major party is the auditors of the organizations. Auditors are required to audit the financial statements of companies and give th eir opinion on the financial statements like whether it represents true and fair view or not. Auditors with the help of defined standards and where there is no standards with the help of conceptual framework checks the authenticity of financial information and gives their opinion. Third major parties are the users of the financial statements. Users of the financial statements are the stakeholder or shareholder of the companies and include banks, financial institutions, investors etc. By having the common conceptual framework, the users of the financial statements can interprets the information and can compare the same with the financial statements of the rivals of same companies. Thus, conceptual framework is more important to the other parties than the standard setters. 4. Cross Cutting Issues Cross cutting issues are defined in common parlance as the issues which are relevant to all aspects of the development like the environment, diseases, equality of gender, etc. Cross cutting issues in the context of accounting and financial reporting are defined as the issues which should be kept in consideration and are encountered when the development of any activity takes place in the field of accounting and financial reporting. These issues come across all the time and reappears whenever any sort of development takes place in the field of accounting and financial reporting. There is huge list of Cross cutting issues and following are some examples: Whether financial statements so prepared are for the use of shareholders of the company or for all the users of the financial statements, How an asset shall be defined? For instance, whether the term control shall form basic part of the definition of the asset or the event shall be defined for explaining control. How the recognition event for revenue shall be defined? For instance, it shall be defined on the basis of accrual or receipt. The concept of uncertainty and its effects. For instance, whether there will be an asset or liability in case any event that may happen in future which results in benefits or losses in the near future. Making the differences whether particular transaction is asset or liability or should be shown separately. (Bullen H, 2005) 5. Fundamental Problem in using Historic Cost Principle As per the historical cost principle, the asset or liabilities are recorded equivalent to the price of purchase or acquisition or with the amount of its incurring. The assets or liabilities so created are never revalued for appreciation or depletion in accordance with the current market prices. The basic and fundamental problem in the use of the historical cost principle is that the cost of an asset or the amount of liability does not change with the change in the market value. For instance, if the current market price of an asset increases then the figures stated in the financial statement are not reinstated to give effect to the change in the market price. This drawback give rises to another drawback which is defined as irrelevant (Whttington, 2007). By providing the historical cost based financial statements, the users of the financial information find the financial statements as irrelevant. The term irrelevancy is attached to the historical cost principle by most of the critics. (Nicole and Peppe, 2012). Users of the financial statements like bankers or investors requires the financial information which gives them the true picture of the financial results of the company and provides the insight to the users as to the amount realizable in case the company is wound up or provides the amount of cash flows which the company can generate in near future. Due to lack of this information, US GAAP and other bodies follows different measurement model which consists of mixture of the historical cost principle, fair value method and cash flows using discounted rates. 6. Economic Reality as a Core principle of measurement in accounting Economic reality is defined as the position of the economy of the world in real and fair terms which are relevant for making an analysis rather than providing the false position. For example, providing the actual death and birth rates by keeping the recent decade year as base year instead of having the start year of analysis as base year and providing the figures for people below poverty line and above that, minimum wage rate and the cost of living of normal people and so on. Economic reality in terms of accounting is referred to as the presentation of the financial statements to its users in the real and fair terms. Real term is referred to as the market or fair value with which the financial statements shall be stated. Thus, in this way, the concept of economic reality requires the financial statements to be stated with the market prices or fair value at the point of time and adjusted every time for change and thus emphasizes the importance of the concept of relevancy. There are various concepts that are described as the measurement principles of accounting like relevancy, comparability, understandability and reliability. The financial statements presented shall be reliable and relevant for the users of the financial statements and along with that it shall be understandable and comparable. As economic reality lays the focus only on the importance of relevancy and have left the portion of having reliable financial statements, I disagree with the statement that the economic reality is core principle for measurement in accounting. 7. Measurement of Economic Reality Economic reality is nothing but the economic position and performance of the company in real and fair terms as per the current market price and situations prevailing. To measure the economic reality, first all the items of the financial statements including the Balance Sheet, Statement of Income and Comprehensive Income shall be adjusted with the change in the market price as on that date and for the year respectively (CFA,2010). For example an asset purchased 30 years ago for $5,000 /- and stated in balance sheet at $1,250 after providing depreciation and impairment shall be adjusted for change in market price and shall be reported at the fair value as on the date of balance sheet. Similarly with the liabilities. The amount of liabilities shall be stated at the market price. After reinstating the same, the statements shall be made available for the users. The users then analyze the financial statements and information and if they find it relevant and comparable then the economic reality is positive. For instance, as per the current market price, it is assumed that the current net worth of the company shall be $200 billion and earnings per share shall be $20000 /- and the actual figures comes out with the approximate figures of the same then it will be assumed as the company has positive economic effect and the figures are real and sufficient to effect the decision of the users of the financial statements. Otherwise, the measurement of economic reality will serve no purpose and is less useful. 8. Reliability in Accounting As per the principle of reliability in accounting, only those transactions can be recorded in financial statements which can be easily verified and checked. For example, purchase of asset of $1000 with the invoice and payment has been made through cheque. In this way, the transaction of purchase of asset can be verified through invoice and cheque and thus can be recorded. Concept of reliability plays very significant role in the preparation of financial statements. Every user of the financial statements has reliance on the financial statements of the company. Only because of this reliance, financial institutions gives loans to the companies, investors invest their money in the company and so on. The financial information is said to be reliable only when the information is verifiable and genuine. These can be checked through invoices and payment mode, etc. After checking the reliability of financial information the auditors of the companies issues clean audit report otherwise they issues qualify audit report or sometimes issues disclaimer of opinion depending upon the circumstances and facts of the case. The reliability in accounting presupposes the presence of historical cost based accounting method. It underlines that an asset or liability shall be recorded with the purchase or acquisition price and thereafter adjusted for depreciation and impairment. Thus, the concept of reliability in accounting provides the reliable figures on which every users can easily rely and it does not focus the principle of fair value measurement as the figures in this method are questionable at each and every stage and are not authentic. 9.Provision of Environmental Costs As per the principle of prudence, losses shall always be anticipated and recorded in the books of accounts. Following the rule of prudence, it is very difficult and challenging task of estimating the provision of environmental costs because of the presence of the higher degree of uncertainty and contingency in the occurrence of environmental expenses like clean up costs, damages related to third party or damages of natural resources. Companies have different methods in estimating the cost varying from single outcome method to the probability methods. Therefore, it is clear that the one price can never be fitted to estimate the environmental costs (Ernst and Young, 2010). It is because in each case there are different uncertainties. Following are the methods to estimate the provision: Single Outcome In this method, the environmental costs is based on the estimate made by the engineer who is authorized professional to perform this task. But simultaneously it cannot be regarded as the best method because it assumes one overriding fact that the professional engineer knows the future and can certify the costs. ASTM - Association for Testing and Materials (ASTM) has provided four different methods by including the uncertainty analysis while estimating the environmental costs. First method is Expected Value Approach wherein the cost is equal to the estimated value of the probability of occurrence of all possible outcomes over the possible values. Second method is Most Likely approach, wherein the cost is equal to the amount in the scenario where the event is more likely to occur. Third method is Range of Values Approach. The cost ranges from the low to high with reliable assumptions and that too without probabilities. Last method is Known Minimum Value Approach. This is adopted when it can be reasonably identified that the costs will definitely occur (Sullivan, 2005). 10. Defer Recognition of Liability As per the provisions issued by United States Financial Accounting Standard Board (US FASB) in the year 2002, every corporation is required to make the provision for environmental cost in the financial statements on the retirement of an asset which will occur in the near future provided the fair market value of the environmental costs can be estimated. The pre requisite of having the fair market valuation of the environmental costs on making the provision of environmental costs has given way to many corporations to defer the creation of provision of environmental costs for future years and that too till the litigation or pending case be settled. The similar way has been adopted by the companies of United States. Second requirement that has been taken as plea for deferment of the liability for environmental costs is the uncertain time and method for settlement of the retirement of an asset. No certain method has been identified for valuing the environmental costs and also the correct time for settlement when the liability in actual arise cannot be determined. Companies of US has taken this plea also for deferment but it has not been come longer as the FASB in due time has clarified that the provision needs to be maintained even when the time or method for settlement is not certain and thus thereafter all the companies have created the piled up environmental costs of different properties in one year itself. Thus, US companies has been able to defer the creation of obligation towards environment for some years. 11. Affects of Recognition of the Liability By recognizing the liability of environmental costs, following affects has taken place: Net Profit On recognition of the liability towards the environmental costs, on one hand the liability will arise in the Balance Sheet and on the other hand the expenditure will be increased by an equal amount. As the expenditure is charged to the Statement of Income in the current year, therefore, net profit of the company will decrease. In the future years, there is no need to create the provision for environmental liabilities again and again unless there is requirement to reinstate the provision according to the market value in the future years. Therefore, in the future years there will be no effect in the Net profit or loss of the company. In the case study it is mentioned that once it has been clarified that the provision has to be maintained irrespective of the fact that the timing or the method is not certain. After that all the companies have created the provisions and the Net Profit of the companies has been gradually decreased in the current year as compared to the future years. Cash Flows As the payment has not been made in the current year, only the provision for environmental costs has been made, therefore, there will not be any cash inflow or outflow in the current year. In the future years, as the time for settlement comes, the environmental costs is required to be paid and thus in the future years the there will be cash outflow. 12.Importance of Recognition and Its Disclosure Importance of Recognition- Every standard mandates for every companies to comply with their provisions. By recognizing the environmental costs and liabilities thereon the financial statements of the company not only gives the true and fair view of the business of the company but also helps the users of the financial statements to analyze and compare the financial results of the company with the other companys financial results. All the statutory and regulatory bodies of different countries have made the standard as mandatory and lists down the disclosure requirements. Disclosure - Following disclosures shall be made: Environmental and Disposal Liabilities schedule shall contain the amount of cost recognized under various heads total estimated clean up costs or in bifurcation of recognized and unrecognized portion of clean up costs, amount of expenditure required to make the waste usable and the change if any in costs which has occurred due to change in conditions, statutory requirements, etc. A detailed note shall be given in the Notes to accounts detailing nature of the business, reasons for effecting the environment, number of properties, the amount of environmental costs estimated and the method used to estimate the same along with the list of properties. References Mac Donald L, (2002), Principle based approach to standard setting, FASB newsletter, available on https://www.fasb.org/project/principles-based_approach.shtml accessed on 24/01/2017. 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