The Impact Of Global Financial Crisis On Global Growth And...

In 2007, as the housing bubble in the US burst and a liquidity crisis began, financial markets around the world were sent into mayhem. The global financial crisis (GFC) had begun, and was setting out to be the deepest recession since the Great Depression of the 1930s. The GFC was resultant from unbridled greed by the bankers including the issuing of risky mortgages, the inability of relatively poor consumers to manage their mortgages, inadequate regulation of the financial system, as well as a long term slowing down in the vigour of the advanced economies (Bramble, 2011). But how did this crisis impact upon global trade? What were its repercussions on global growth and movement? And how did the global economy, as well as domestic†¦show more content†¦The fall in imports cushioned the blow of the huge fall in exports, and in some countries saw a positive impact on the trade sector of output in their economy, however as an aggregate, global trade diminished largely (McLeod, 20 13). An example of this is seen in the world merchandise imports market, which saw imports fall by 36% from 2007 to 2008 (UNCTAD, 2010). Furthermore, global trade fell around 12% in response to the GFC, leading to lower global demand and the tightening of credit conditions, and resulting in lower trade flows (OECD, et. al., 2010). This impact on the global trade contributed to the fall in world GDP of 2.2% (UNCTAD, 2010), indicating that the GFC had a negative effect on global growth and globalisation in general. While the GFC predominately impacted the financial market in the USA initially, and subsequently in financial markets across the world, wider impacts were continuously discovered as time went on and governments began to react. Disorder was created within markets around the world through tighter credit availability, currency turmoil, and their direct effect on trade (Norris, 2009). The USA, as the principal

The New World Order Moves Essay - 2545 Words

The New New World Order moves first in Toronto The Toronto Electric Company first shed street light here in 1882 and acquired by the Toronto Power Company that also opened in 1906 the Toronto Power Generating Station at Niagara Falls (quite an engineering feat) to harness electric power for Toronto acquired itself by the public Ontario Hydro and so nationalized by Adam Beck in 1922. Today Toronto has over 160,000 streetlight fixtures and ~ 20,000 streetlight classified poles with extended dark fiber to Municipalities, Universities, Schools and Hospitals (MUSH) Sector as likely any eventually passing, if not now, every one of them. Our city is starting to replace all with LED bulbs for a variety of good reason despite some concerns. LTE-U LIFi and a swath of spectrum are being converted to useful bandwidths so wide or so penetrating that every resident will be able to log on to mUniNet for say a solid megabit a second, resident expanded to mean any organization physically in Toronto, and addressable within its boundaries. The necessary transceivers built into a higher class of new bulb may saturate the city on some ten percent or less of those streetlights for fixed (virtual CPE), nomad (fixed movable to another location) and mobile communications. Everyone, including artificial, is a public account separated though as a remote entity and remote peopling in a binary parallel to analog where light is an androgen; photon and wave. Let the digital to Democracy be DigocracyShow MoreRelated History of Breakdancing Essay example667 Words   |  3 Pages B-boying is a form of hip-hop dancing, which is popularly known as breaking. It consists of top or up rock, footwork, spinning moves (power moves), and freeze. 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Analysis of Case of Cocoa Ltd

Question: Discuss about the Analysis of Case of Cocoa Ltd. Answer: Introduction It is essential for the organizations to have strong corporate governance mechanism to achieve the objectives and goals. The corporate governance mechanism is the system that sets rules for guidance of the personnel in the conduct of their duties. The corporate governance system should ensure that the management of the company works in accordance with the terms of the code of conduct (Sison, 2010). The code of conduct for the employees is essential to command their conducts and ensure that they work for the overall interest of the company setting aside their personal interests. In context of this, the paper presented here focuses on the corporate governance and the ethical aspects of an organization. The discussion in this paper has been carried out by analyzing the case of Cocoa Ltd which involves the issues related to preparation and presentation of the financial statements. The accountants carry a great deal of responsibility in preparation and certification of the financial statements of an entity. It is expected from them to discharge their duties ethically and honestly (Duska, Duska, Ragatz, 2011). The paper presented here also deals with this aspect through analysis of the case of Cocoa Ltd. Further, the duties of management and the manner in which they should discharge their duties have also been highlighted in this paper. Overall, this paper presents a concise discussion on the ethical and governance aspect and the duties of professional accountants and the management in this regard. Theories and Principles of Ethics and Corporate Governance The emphasis on ethics and the corporate governance has been unprecedented in the past decade all over the world. The regulators around the globe have been more alter to ensure that the organizations conduct their business ethically. The reason for this increased importance of ethics and corporate governance is the corporate scandals. The major corporate scandals such as WorldCom, Tyco, and the Enron happened due to the weak corporate governance mechanism and the lack of ethics in the conduct of duties by the management and the accountants (Bolman Deal, 2013). The weak governance system in these companies let the management usurp their powers for personal interest. It is crucial to take note that failure of big corporations like WorldCom or Tyco did not only affect the shareholders and the management of the company, but its severe impact on the society and economy of the country was also perceived (Ferrell, Fraedrich, Ferrell, 2016). Thus, it is essential to ensure that the organizations should have stringent governance mechanism and promote ethics in the work culture. The principles of corporate governance talk about strengthening the reporting system and making the board of directors accountable for effective leadership. The principles of ethics and governance require that the supreme authority of the companys management needs to be independent and free of biasness. In a corporation like Cocoa Ltd, the supreme authority of management vests in the board of directors (Ferrell, Fraedrich, Ferrell, 2016). The board of directors owes duties to the shareholders as well as other stakeholders of the business, thus, they should act honestly and independently. Further, the functioning of the board should also be under supervision of the regulatory authorities of the government (Ferrell, Fraedrich, Ferrell, 2016). Further, there must be a proper mechanism to have vigilance over the activities of the board of directors and other key managerial personnel. Through this mechanism, it is to be ensured that the management is not allowed to exercise powers for their personal interests. The corporate governance system should be equipped well to identify the situations where managements personal interest could conflict with the companys overall interest (Ferrell, Fraedrich, Ferrell, 2016). It is argued that management decisions influenced by their personal interest damage the companys financial performance. Further, the revelations of the fact that the management used their powers for personal interest could also be serious for the reputation and goodwill of the company in the market (Ferrell, Fraedrich, Ferrell, 2016). For example, management may manipulate the financial statements of the company to show good performance to earn high incentives. In this situation, the management may show fake profits in the income statements that can never be realized by the company. The accumulation of unrealizable profits results in overvaluation of the assets which could be dangerous for survival of the company in long run (Ferrell, Fraedrich, Ferrell, 2016). Case of Cocoa Ltd In the case of Cocoa Ltd, there has been observed conflict between the personal interest of the management and the company. Further, the accountant is also a party that conflict of interests. In the current case, the company is performing outstandingly well presently and it is expected to continue for couple of years more such as 2016 and 2017. However, after these two years, it is expected that the economic conditions will reverse affecting the financial performance of all companies in the industry for 2018 and 2019. Now, the management does not want to report losses in the year 2018 and 2019 when the economic downfall will dominate. The management wants to report equal profits in all four years by diverting the profits of current years to 2018 and 2019. For this purpose, the management seeks advice from the accountant of the company. In response to the management query, the accountant advises for carrying out change in the method depreciation from straight line to sum of years digi t. Knowing that there is no justified reason for this sudden change in the method of depreciation, accountant carried out the changes. The accountant has contract for renewal with the company, which depends upon the managements satisfaction with his services. Thus, considering personal interest, the accountant agreed to carry changes in the method of depreciation. Analysis of the Case The issue under consideration in the current case of Cocoa Ltd is analysis of the change in the method of depreciation in the context of ethics and corporate governance. In this regard, it is crucial to first understand the legal requirements of financial reporting in relation to depreciation accounting. After that an analysis of the impact of such change on the company and all the stakeholders is important. The analysis of legal requirements and evaluation of the impact of change would form the basis to conclude that whether the standard of ethics and corporate governance violated or not in the current case. The legal requirements in relation to charge of depreciation are contained in AASB 116, Property, Plant, and Equipment (AASB 116, 2016). The accounting standard does not specify anything in regard to selection of method of accounting. Thus, the organizations are free to opt for any method to charge depreciation on property, plant, and equipment. However, the accounting standard puts a condition in this regard that the method chosen by the organization should reflect the consumption of future economic benefits adequately. Further, it has also been provided that the firms should apply same method in each of the following accounting periods that means there must be consistency in the charge of depreciation (AASB 116, 2016). There are various methods that are used to charge depreciation such as straight line method, diminishing value method, sum of years digit method, production unit method. All the methods of accounting has their own advantages and disadvantages, therefore, it is necessary to analyze as to which method suits best in the given circumstances (Godwin Alderman, 2012). The straight line method provides for equal amount of depreciation for each year. It is widely accepted method of depreciation, however, in certain circumstances it may not be the right choice. For instance, the assets which carry risk of technological changes may need to be depreciated rapidly in the earlier years. Since, the straight line method provides for equal depreciation charge for all years, thus, it may not be suitable method in this case (Godwin Alderman, 2012). Further, apart from straight line method, the diminishing value is also one of the most used methods for charging depreciation. In this method, the depreciation is computed on the written down value of the assets each year. This method is considered to be the best for the purpose of matching the revenues with cost (Godwin Alderman, 2012). Further, there is sum of years digit method which is also used by the firms in computing depreciation. This method computes higher depreciation in the earlier years as compared to the later years of use of asset. This implies that as the useful life of the asset is approached, the depreciation charge goes down. Thus, it could be observed that different methods compute different amount of depreciation which will affect the profit or loss for the year (Godwin Alderman, 2012). Thus, it clear that the selection of method of depreciation should be based on the analysis of the assets nature and the circumstances in which firm operates. Further, the selected method should be applied consistently from year to year so that the financial performance is correctly reflected (Delaney Whittington, 2009). However, consistency does not mean that the firms can not change the method. The change in the method of depreciation is permitted when it is for justified reasons. This implies that the changed method should match the revenues and costs more appropriately then the existing method. Further, there are reporting and disclosure requirements in regard to change in the method of depreciation which the firm must comply. The AASB 116 requires that the reason for change is adequately reported in the notes to accounts and the impact on the profit or loss of such change in separately reported in the income statement (AASB 116, 2016). In the current case of Cocoa Ltd, the accountant has violated the provisions of accounting standard in regard to change in the method of accounting. The accountant did not report the reasons for change in the method of depreciation which one of the most crucial requirements of the accounting standard (AASB 116, 2016). Further, the analysis of the case depicts that accountant gave preference to his personal interest rather than companys overall interest. Thus, the conducts of the accountant could be said to be clearly violating the standards of ethics. Further, the intention of management also appears to be to deceive the shareholders and the public. Thus, the conducts of the management are also violating the standards of ethics and the corporate governance (Ferrell, Fraedrich, Ferrell, 2016). The impact of violation of standards of ethics could be severe on the company. Conclusion The discussion in this paper is focused on the ethical and corporate governance aspects. It could be articulated from the overall discussion carried out in this paper that compliance with the standards of ethics is crucial for the achievement of objectives for each and every organization. Further, the organizations should also have proper governance mechanism that prevents the management from usurping its powers. In the current case of Cocoa Ltd, the management exercised its power for to deceive the shareholders by manipulating the financial statements. The change in the method of depreciation in the current case is completely unethical and illegitimate. The motive to change the method of depreciation is to manipulate the profit in the books of accounts and deceive the shareholders. Recommendations Cocoa Ltd should have a proper corporate governance mechanism and code of conduct for the employees. The code of conduct will help the company to command over the conducts of the employees and ensure that they act in the best interest of the company. Further, it is advisable to Andrea (Accountant of the company) to go through the requirements of AASB 116 in regard to change in the method of accounting. The accountant should comply with the reporting and discloser requirements of AASB 116 (AASB 116, 2016). It is recommended for the accountant to specify the reason for change in the notes to accounts and mention that it is improper. Further, the accountant should, setting aside his personal interest, work in the best interest of the company (Kurtz Boone, 2008). References AASB 116. 2016. Property, Plant, and Equipment. Retrieved January 15, 2017, from https://www.aasb.gov.au/admin/file/content105/c9/AASB116_07-04_COMPjun14_07-14.pdf Bolman, L.G. Deal, T.E. 2013. Reframing Organizations: Artistry, Choice, and Leadership. John Wiley Sons. Delaney, P.R. Whittington, O.R. 2009. Wiley CPA Exam Review 2010, Financial Accounting and Reporting. John Wiley Sons. Duska, R., Duska, B.S., Ragatz, J.A. 2011. Accounting Ethics. John Wiley Sons. Ferrell, O.C., Fraedrich, J., Ferrell. 2016. Business Ethics: Ethical Decision Making Cases. Cengage Learning. Godwin, N. Alderman, C. 2012. Financial ACCT2. Cengage Learning. Kurtz, D.L. Boone, L.E. 2008. Contemporary Business. Cengage Learning. Sison, A.G. 2010. Corporate Governance and Ethics: An Aristotelian Perspective. Edward Elgar Publishing.

Internet Regulation Essays (1317 words) - Pornography Law

Internet Regulation The Internet is a method of communication and a source of information that is becoming more popular among those who are interested in, and have the time to surf the information superhighway. The problem with this much information being accessible to this many people is that some of it is deemed inappropriate for minors. The government wants censorship, but a segment of the population does not. Legislative regulation of the Internet would be an appropriate function of the government. The Communications Decency Act is an amendment which prevents the information superhighway from becoming a computer "red light district." On June 14, 1995, by a vote of 84-16, the United States Senate passed the amendment. It is now being brought through the House of Representatives. 1 The Internet is owned and operated by the government, which gives them the obligation to restrict the materials available through it. Though it appears to have sprung up overnight, the inspiration of free-spirited hackers, it in fact was born in Defense Department Cold War projects of the 1950s.2 The United States Government owns the Internet and has the responsibility to determine who uses it and how it is used. The government must control what information is accessible from its agencies. This material is not lawfully available through the mail or over the telephone, there is no valid reason these perverts should be allowed unimpeded on the Internet. Since our initiative, the industry has commendably advanced some blocking devices, but they are not a substitute for well-reasoned law. 4 Because the Internet has become one of the biggest sources of information in this world, legislative safeguards are imperative. The government gives citizens the privilege of using the Internet, but it has never given them the right to use it. They seem to rationalize that the framers of the constitution planned & plotted at great length to make certain that above all else, the profiteering pornographer, the pervert and the pedophile must be free to practice their pursuits in the presence of children on a taxpayer created and subsidized computer network.3 People like this are the ones in the wrong. Taxpayer's dollars are being spent bringing obscene text and graphics into the homes of people all over the world. The government must take control to prevent pornographers from using the Internet however they see fit because they are breaking laws that have existed for years. Cyberpunks, those most popularly associated with the Internet, are members of a rebellious society that are polluting these networks with information containing pornography, racism, and other forms of explicit information. When they start rooting around for a crime, new cybercops are entering a pretty unfriendly environment. Cyberspace, especially the Internet, is full of those who embrace a frontier culture that is222 hostile to authority and fearful that any intrusions of police or government will destroy their self-regulating world.5 The self-regulating environment desired by the cyberpunks is an opportunity to do whatever they want. The Communications Decency Act is an attempt on part of the government to control their "free attitude" displayed in homepages such as "Sex, Adult Pictures, X-Rated Porn", "Hot Sleazy Pictures (Cum again + again)" and "sex, sex, sex. heck, it's better even better than real sex"6. "What we are doing is simply making the same laws, held constitutional time and time again by the courts with regard to obscenity and indecency through the mail and telephones, applicable to the Internet."7 To keep these kinds of pictures off home computers, the government must control information on the Internet, just as it controls obscenity through the mail or on the phone. Legislative regulations must be made to control information on the Internet because the displaying or distribution of obscene material is illegal. The courts have generally held that obscenity is illegal under all circumstances for all ages, while "indecency" is generally allowable to adults, but that laws protecting children from this "lesser" form are acceptable. It's called protecting those among us who are children from the vagrancies of adults.8 The constitution of the United States has set regulations to determine what is categorized as obscenity and what is not. In Miller vs. California, 413 U.S. at 24-25, the court announced its "Miller Test" and held, at 29, that its three part test constituted "concrete guidelines to isolate 'hard core' pornography from expression protected by the First Amendment.9 By laws previously set by the government, obscene pornography should not be accessible on the Internet. The government must police the Internet because people are breaking laws. "Right now, cyberspace is like a neighborhood without a police department."10

Mumbaki Essays

Mumbaki Essays Mumbaki Paper Mumbaki Paper Essay Topic: Film Every individual has its own culture, belief and different practices but we should respect each everyone about this matter even though sometimes it is very difficult to understand their practices. The word Mumbaki has its own meaning. It is about an Ifugao religious specialist meaning sayer of prayers in the Christian world they called them Intercessors. Almost every adult in the region is a Mumbaki who practices the tenets of the religion which they are associated with. These Mumbakis offers prayers during wedding, thanksgiving, funeral and other occasions. They have memorized almost every oral traditions, stories and lineages which are passed on from generation to generations which they perform as rituals. The story is about the son of an Ifugao Chieftain named Joseph who returns to his tribe after the death of his father (an Ifugao Chieftain who was killed in a tribal dispute with the Alimit tribe. He was about to live the Philippine to US with his fiancee, however was obliged to return to the Lidum tribe where he was chosen to lead the battle againts the Alimit tribe. Joseph is a young doctor who return to bury his father. While there, he discovers his rich heritage and acquire pride in his being an Ifugao. He is unable to resist the urge to help his village, which has resisted modern medicine and is in the midst of pneumonia epedemic and civil war. It covers the adaptation new way of curing illness of people but it will disobey their beliefs where they believe that their Baki or Gods may perish them in any curse. The story begins with the conflict between the unsettled marriage. And also they argued about the boundaries of their territories, where who should own the old tree between the two tribe. Each them ask explanation that ends up the leader of Lidum tribes death and those start of the beginning of war for revenge and justice. The Lidum tribe believes that once they cannot have the justice of death of the leader they will suffer like experiencing different illness and wars that may cause to death of other people too. And all the tribe in Ifugao does not believe the medicine that given to them by their doctor. They believe that only their Mumbaki can help and save them with help of their Baki because he is the one sent by Baki to save them. But the epedemic disease become worst which lead to death of many people. Nowadays, scientist, doctors, engineers, etc†¦ discover many things that could help our society to become more progressive to cure many diseases and illness and in terms of communication and transportation we are now more advance. But sometimes because of our culture, all belief and practices hinder our minds to accept those things and also the tradition of different people there are instances because of hatred it will only caused a never ending war but we have one country, one government to maintain the peace and settled every problems we have through peace talk and court trials, we should respect the value of life of every individual. When youre trying to use new changes it doesn’t mean you betrayed your traditions. You are only open minded that could help for a certain circumstances.

Filtration Term Paper Example | Topics and Well Written Essays - 4250 words

Filtration - Term Paper Example There are several methods through which the filtrate induced may flow through the filter medium. This may be by gravity (hydrostatic head), pressure being applied upstream of the filter medium, reduced pressure or vacuum being applied downstream the filter medium or through centrifugal sedimentation. (b) Filtration mechanism This may be through cake or clarifying filtration. Cake filtration is when the solid gets stopped at the surface of the filter medium where it piles upon one another to form a cake. Also known as depth or filter medium filtration, clarifying filtration is when the solids get trapped within the pores of the filter medium. (c) By objective The objective of the filtration process may be either dry solids or clarified liquid or both. The filtration process may be either intermittent or continuous. When classifying filters, they are first divided into either cake or clarifying filters. They are then classified depending on the driving force and then finally into eithe r batch or continuous classes. Continuous filtration testing and scale up In continuous filtration, it is first assumed that the resistance of both the filter cloth and the filter drainage is insignificant as compared to the resistance of the filter cake. It is also assumed that both specific cake resistance and pressure drop remain constant throughout the filtration process. ... Cake discharge A practical filter application is one which produces a cake that is thick enough to discharge. There are minimum acceptable cake thicknesses that are required for discharge for various types of filtration systems and discharge mechanisms. Therefore, when running small scale tests, the experimenter should decide early during the test program the applicable type of discharge then later tailor the data collected in a way that it will fit the physical requirements of that unit type. Feed slurry temperature An increase in the feed slurry temperature decreases the viscosity of the liquid phase. The overall result of this is an increase in the filtration rate and a decrease in the cake moisture content. Cake thickness control At times, the rate of cake formation with bottom feed type filters may be rapid enough in such a way that it creates a cake that is too thick for subsequent operations. The cake thickness can be adjusted by simply adjusting the bridge blocks found in the filter valve so as to decrease the effective submergence, through reduction of the slurry level in the vat, and also by reducing the vacuum level in the portion where the cake forms. Representative samples It is essential for the sample to be used as the representative of the slurry in full scale plants to be tested under the conditions prevailing in the process. If the slurry has a temperature that is different from the ambient temperature, subsequent heating or cooling may change the distribution of the particle size. The age of the sample may also influence the particle size significantly. If an effect is likely, the bench scale testing should be at the laboratory site or at the plant on

Effective Team and Performance Management Essay - 6

Effective Team and Performance Management - Essay Example The benchmark for turnaround times range between 12 p.m. and 2 p.m. The team leader ensured that each team member was equipped with bottled oxygen and steroids for emergency in case of serious exhaustion. Our team reached the Southeast Ridge Balcony approximately five and half hours after departure. This is one of the most difficult points to climb. Our team gradually ascended along the Balcony from around 8 a.m. to 10 a.m (Kayes, 2004). Did the team project work as expected or not expected? The team project did not work out as planned because not all members reached the summit. Most gave up ascending at Hillary Step due to wastage of time and snarl-ups. One of the expedition leaders breached the agreement regarding the order at which each team would begin for final summit. The team was not armed with radios for communication. One our team member was severely exhausted when we reached the Southeast Balcony. I together with another team pulled the climber with assisted with guide Sher pa. Moreover, our team was caught up in bottleneck. We could not proceed beyond that point because safety ropes had not been fixed. Our team together with other teams joined hands to secure the fixed safety ropes to secure our next mountain climbing session. This marked the onset of series of bottlenecks that were to occur in the course of our climbing. Our sojourn at Hillary Step took roughly an hour. Again, we were caught up in traffic snarl up, since long queue of climbers behind us was waiting for their turn to climb. Ropes had not been fixed as anticipated. We could not communicate to those below us, because we lacked radios. Unnecessary anxiety and confusion among climbers was looming. This point was approximately 28,800 feet beneath peak of Mount Everest. The previous climbers had not secured the ropes to facilitate ascent of those below at reasonable time (Kayes 2004). As a result, some team members arrived at the summit beyond the stipulated deadline at 2 p.m. The bottlenec ks had ripple effects, because it affected the whole operation. Things went astray between 4 p.m. to 5 p.m., because whiteout occurred, which grounded descent to near halt. The turnaround time was set at 12 hours after departure. The bottlenecks caused delays so that 6 hours past the deadline, snowstorm occurred and halted descent. Some team members ran out of oxygen supply. Fatigued ensued. Some team members were conspicuosly absent. The team members who abandoned the summit attempt at snarl up, and few climbers who successfully reached the summit, started arriving at Camp IV between 4.30 p.m. to 6 p.m. What factors contributed to your experience (e.g. personal, social) Mountain climbing at Mount Everest offered opportunity for unique research experience. Authorities restricted public investigations. As a result, empirical data regarding the Mount Everest Disaster of 1996 remains scanty. Also, the chronology of the tragedy was never archived. In order to create sense, the team crea ted chronology of possible events after painstaking review of observations by witnesses and survivors. A recent study (Kayes 2004) highlighted importance of integrated multiple analytic approach to tragedy sense-making. In order to ensure rational chronology of events, each team member conducted individual research, independence of chief investigations outlined in scholarly articles. The chronology was mounted on narratives, which contained