E-commerce :: essays research papers

Running head: ECOMMERCE eCommerce The Popularity of Online Auctions Abstract The Popularity of Online Auctions The opportunity to shop from the comfort of ones own home has seen a change like never seen before. Within the span of a few short years, what may have began as an experimental idea has grown to an immensely popular hobby, and in some cases, a means of livelihood, the online auction gathers tremendous response everyday, all day. With the point and click of the mouse, one may bid on an item they may need or just want, and in moments they find that either they are the top bidder or someone else wants it more, and you’re outbid! The excitement of an auction all from the comfort of home. With this opportunity to buy sight unseen also comes the opportunity to be scammed sight unseen as well. There are over 30 million ‘hits’ each month on the online auction sites, and that is opportunity waiting to be taken for those with the criminal intent of defrauding others. However with a little care and caution, one can have a positive experience doing business on an online auction, and each party can leave satisfied with their ‘deal’, whether they are the buyer, the seller, or the conveyance that brought it all together. eCommerce The Popularity of Online Auctions â€Å"Congratulations! This eBay item has successfully ended.† (eBay, retrieved 11 April 2002, Sellers Guide, http://pages.ebay.com/help/sellerguide/after-whatnow.html) Many people each day receive this message in their e-mail box, notifying them that they have won the bid on an item listed with eBayà ¢, for sale to the highest bidder. In fact, online auctions have become so popular, they are gathering multi-billion dollar per year business. Top auction sites, January 2002 Site Unique visitors Site Unique visitors eBay 28.9 million Myitem.com 860,000 Yahoo! Auctions 3.7 million Bidz.com 612,000 uBid.com 3.1 million BuyBidWin.com 487,000 Andale sites 2.2 million PhilTanny.com 279,000 QOOL.com 977,000 SkyAuction.com 262,000 All auctions 32.3 million Note: Usage numbers for individual sites exceed total because duplicate users, those visiting more than one site, have been eliminated. The total does not include Amazon.com Auctions. Source: Jupiter Media Metrix (Mulrean, J., 5 steps to avoiding auction rip-offs, retrieved 12 April 2002 from MSN Money, http://money.msn.com/articles/smartbuy/dollarwise/9013.asping ground for fraud.) In 2000, the eBay community transacted more than $5 billion in annualized gross merchandise sales (value of goods traded on the eBay site). (eBay, retrieved 11 April 2002,Company Overview, http://pages.ebay.com/community/aboutebay/overview/index.html), and for all of 2001, EBay generated revenue of US$748.8 million, representing a 74 percent annual growth. That is serious money by anyone’s standards. "EBay has been profitable nearly since Day One," Morningstar analyst David Kathman told the E-

My Alignment with the Values of the Bank Essay

According to Business Dictionary 2010, values can be defined as the important and enduring beliefs or ideals shared by the members of a culture about what is desirable and what is not. Each person has his or her own individual values and so does organizations. The values of organizations dictate its actions and behaviors. Corporate values can be said to play an important role in an organization and is imperative to success. And Access Bank PLC is known for its core values which are Excellence, Leadership, Empowered employees, Passion for customers, Professionalism, and Innovation. These values can be said to be responsible for its excellence and continuous strive to be the best both locally and globally. To attain a successful alignment between individual and organization values, there needs to be a synergy between the employee and the organization he or she works for. My alignment with these values are in no doubt because I as an individual always strive to be the best and these values should be cultivated by any individual or organization that strive to be the best. Firstly the value of Leadership, I as an individual that strive for excellence always want to be the leader. I strive to acquire all the necessary knowledge and expertise that makes me stand out as a leader that others look up to. So in this vein, contributing and believing in the Leadership value of Access Bank PLC is something that will come as second nature to me. Then there is excellence. This being part of my daily mantra is a value that aligning with will also come as second nature. I and Access Bank both believe in the value of excellence. As someone who strive to be the best and excel. Excellence is a watch word that applies to everything I do. I recognize the importance

Right To Education

The right to education is a universal entitlement to education, recognized in the International Covenant on Economic, Social and Cultural Rights as a human right that includes the right to free, compulsory primary education for all, an obligation to develop secondary education accessible to all, in particular by the progressive introduction of free secondary education, as well as an obligation to develop equitable access to higher education, ideally by the progressive introduction of free higher education. The right to education also includes a responsibility to provide basic education for individuals who have not completed primary education. In addition to these access to education provisions, the right to education encompasses the obligation to rule outdiscrimination at all levels of the educational system, to set minimum standards and to improve quality of education.International legal basisThe right to education is a law in Article 26 of the Universal Declaration of Human Rights and Articles 13 and 14 of the International Covenant on Economic, Social and Cultural Rights.[1][2][3] The right to education has been reaffirmed in the 1960 UNESCO Convention against Discrimination in Education, the 1981 Convention on the Elimination of All Forms of Discrimination Against Women,[4] and the 2006 Convention on the Rights of Persons with Disabilities[5] In Europe, Article 2 of the first Protocol of 20 March 1952 to the European Convention on Human Rights states that the right to education is recognized as a human right and is understood to establish an entitlement to education.According to the International Covenant on Economic, Social and Cultural Rights, the right to education includes the right to free, compulsory primary education for all, an obligation to develop secondary education accessible to all in particular by the progressive introduction of free secondary education, as well as an obligation to develop equitable access to higher education in particular by the progressive introduction of free higher education.The right to education also includes a responsibility to provide basic education for individuals who have not completed primary education. In addition to these access to education provisions, the right to education encompasses also the obligation to eliminate discrimination at all levels of the educational  system, to set minimum standards and to improve quality. The European Court of Human Rights in Strasbourg has applied this norm for example in the Belgian linguistic case.[4] Article 10 of the European Social Charter guarantees the right to vocational education.[6]DefinitionEducation narrowly refers to formal institutional instructions. Generally, international instruments use the term in this sense and the right to education, as protected by international human rights instruments, refers primarily to education in a narrow sense. The 1960 UNESCO Convention against Discrimination in Education defines education in Article 1(2) as: â€Å"all types and levels of education, (including) access to education, the standard and quality of education, and the conditions under which it is given.† In a wider sense education may describe â€Å"all activities by which a human group transmits to its descendants a body of knowledge and skills and a moral code which enable the group to subsist†.In this sense education refers to the transmission to a subsequent generation of those skills needed to perform tasks of daily living, and further passing on the social, cultural, spiritual and philosophical values of the particular community. The wider meaning of education has been recognised in Article 1(a) of UNESCO's 1974 Recommendation concerning Education for International Understanding, Co-operation and Peace and Education relating to Human Rights and Fundamental Freedoms. Someone has rightly said that If someone is going down the wrong road, he doesn’t need motivation to speed him up. What he needs is education to turn him around.

Accounting Answers

Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia, Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have â€Å"limited liability†. This confers on shareholders a limit on their liability in the event of a winding up of the company to the amount (if any) unpaid on their shares. (S516). In the case of a partnership no such limitation applies (unless the partnership specifically adopts limited liability) and the insolvency of one or more partners can result in other solvent partners having to contribute any losses and debts out of their own private assets. 2. Distinguish between a proprietary company and a public company. A public company is one in which there is usually a substantial public interest in that the ownership of the company's share capital is widely spread. Public companies are entitled to raise capital through a share issue by issuing a disclosure document which entitles them to have their shares or debentures etc. listed on a stock exchange, such as the Australian Securities Exchange, to facilitate transferability. Proprietary companies on the other hand have specific limitations in terms of the amount and restrictions on its fundraising activities. Specific features of a proprietary company include the need to have a share capital (unlike a public company which may be limited by guarantee and not merely shares): †¢ a requirement to have at least one shareholder and only one director (three directors for a public company) and not more than 50 shareholders (not including employee shareholders) †¢ not required to restrict the transfer of its shares (however it may elect to do so) †¢ the use of the designation â€Å"Pty† or â€Å"Proprietary† in its name †¢ a requirement not to engage in any fundraising activity which would require it to lodge a disclosure document with ASIC. . Distinguish between a large and a small proprietary company. What are the implications of being classified large rather than small? A small proprietary company is defined in Section 45A of Corporations Act 2001, as amended, as one which meets 2 of the following three criteria: *consolidated annual revenue less than $25 milli on *consolidated gross assets at the end of the financial year is less than $12. 5 million #l the companies and the entites it controls have fewer than 50 employees at the end of the financial year. * These figures must be determined in accordance with accounting standards Part-time employees measured at appropriate fraction of full-time If these criteria are not met the company will be a large proprietary. Small proprietary companies do not have to prepare formal financial statements or have them audited. However, they must keep sufficient accounting records to allow preparation and audit of accounts if either 5% of their voting shareholders or ASIC request this to be done. Large proprietary companies, must prepare accounts in accordance with accounting standards, have them audited, send them to shareholders and lodge them with ASIC (Section 292) 4. Outline the special features of a no-liability company. Companies engaged in the more speculative area of mining exploration are most often registered as no-liability. Such companies have NL at the end of the company name and have the advantage of being more attractive to potential investors as unlike companies limited by the unpaid amount on their shares, there is no such liability on the part of shareholders to contribute to the debts and liabilities of the companies. 5. What is the purpose of a certificate of registration? A certificate of registration is issued by ASIC as a part of the registration procedure. Provided the company complies with S117 of the Corporations Act, ASIC will: †¢ give the company an ACN Number †¢ register the company †¢ issue a certificate that states the company's name, ACN No. etc. Once registered, the company is capable of performing all the functions of a corporate body. 6. What are replaceable rules and how do they differ from a constitution? Replaceable rules are the set of internal rules (contained in the Corporations Act) governing the conduct of its operations between the company and its member directors and between members themselves [see example of such rules in ch 1 Section 1. . 3]. If the rules are not adopted by the company then they must draw up a constitution which will cover much of the same issues covered by the replacement rules but may be extended or modified by the promoters of the company. 7. Outline the main features and purpose of a disclosure document. A disclosure document, particularly the prospectus, contains all the infor mation necessary for investors to make an informed assessment of the company's future prospects and other relevant matters including: †¢ rights and liabilities attaching to securities financial position, performance and prospects of the body issuing the securities †¢ interests of each director, proposed director, promoter, stockbroker and their professional advisers in any property acquired or proposed to be acquired with the funds derived from the securities issue. †¢ whether the securities issued will be quoted on a Stock Exchange. 8. In administering a company, the Corporations Act requires the keeping of various books, registers and records. Outline these and briefly discuss their content. There are a range of records required to be maintained by a company including: (Minute books of the proceedings and decisions made at all directors’ and shareholders’ meetings as well as all resolutions passed without a meeting (s. 251A). If the company is a proprietary company with only one director, any declarations by this director must be minuted. (Financial records that will enable financial statements to be prepared and audited from time to time in accordance with the Act (ss. 286, 292, 302 and 303). (Register of members, or share register, giving each member’s name nd address, and the date on which the entry of the member’s name is made on the register. If the company has a share capital, the register must also show the date on which an allotment of shares takes place, the number of shares in each allotment, the shares held by each member, the class of shares held, the share numbers (if any), the amount paid on the shares, and whether or not the sha res are fully paid (s. 169). (Register of option holders to record the names and addresses of the holders of options over the shares of a company. The register must include the number and description of the shares over which options were granted, details of any event that must happen before the options can be exercised, and any consideration for the grant of the options and for the exercise of the options (s. 170). Copies of documents which grant an option over shares must be kept with this register. (Register of debenture holders to record each debenture holder’s name and address, and the amount of the debentures held (s. 171). (Register of charges to record the details of any secured charges over the assets of the company (s. 271). This register must be open for inspection by any creditor or member of the company, without charge. 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend, carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued, the shareholder is liable to pay calls on the shares (except in the case of no-liability companies). A company also has the right to issue preference shares, but may only do so either if there is a statement in its constitution setting out the rights of these shareholders or if these rights have been approved by a special resolution of the company. Not all preference shares are the same. Classification of preference shares as equity or liabilities depends on the rights and features of the shares – judgment is required re which classification is appropriate. For example, redeemable, cumulative 10% preference shares, which are to be redeemed on a set date, are definitely liabilities. Preference shares redeemable at the option of the company may or may not be liabilities, depending on the probability of the company redeeming them. Debentures are issued by the company raise funds but are borrowings, not equity. Debentures may be secured. A trust deed/trustee must be established to protect the rights of debenture holders. 10. What are the main reasons for the development of accounting regulations? The history of accounting regulation had its origins in the industrialised European settlement of the late 18th century. The social, political and economic changes which occurred saw the gradual decline of the importance of family enterprises and the separation of ownership from control as the control of entities was delegated by owners to agents. The growth in the number and size of ‘joint stock companies in the late nineteenth century prompted the rise of disclosure although, initially, this focused on stewardship. The greater complexity of organisations in the mid to late twentieth century gradually led such disclosure to develop into a more sophisticated form of financial reporting, which remains an ongoing process. 11. Does a company have to comply with accounting standards in order to show a ‘true and fair view’ of its financial affairs? Discuss. Before the early 1990s, the directors of a company could elect not to comply with an accounting standard issued by the AASB if they believed the particular standards would cause the accounts not to present a true and fair view. This ‘true and fair override' no longer exists and directors must now comply with applicable accounting standards and add any additional information in the notes to the financial statements if they believe adherence to the standards does not present a true and fair view. Compliance with standards therefore has become the norm, resulting in an increased interest, both positive and negative, in the requirements of accounting standards by different lobby groups, particularly among those required to prepare financial statements. 12. What are the current arrangements for setting accounting standards in Australia? The AASB under the auspices of the Financial Reporting Council is entrusted with the task of making accounting standards both for the purposes of the Corporations Act and for the public and not-for-profit sectors in Australia. See Figure 1. 1 in section 1. 7. 5]. 13. Distinguish between the following organisations and their roles in the regulation of financial reporting in Australia: (the Financial Reporting Council (FRC) (the Australian Accounting Standards Board (AASB) (the International Accounting Standards Board (IASB) (the International Financial Reporting Interpretations Committee (IFRIC) (the Australian Securities and Investments Commissio n (ASIC) (the Australian Securities Exchange (ASX) (the Financial Reporting Panel (FRP). Financial Reporting Council (FRC) The main role of the FRC is to act as an overseer and advisory body to the standard setter, the AASB. The main functions of the FRC under the ASIC Act 1989, s. 225 as amended in 1999, are to: (oversee the process for setting accounting standards and give the Minister reports and advice on that process (appoint AASB members (other than the chairperson) (approve and monitor the AASB’s priorities, business plan, budget and staffing arrangements (determine the AASB’s broad strategic direction give the AASB directions, advice or feedback on matters of general policy and procedures (monitor the development of international accounting standards and the accounting standards that apply in major international financial centres, and –further the development of a single set of accounting standards for worldwide use with appropriate regard to international developments –promote the adoption of international best practice accounting sta ndards in the Australian accounting standard-setting process if this is in the best interests of both the private and public sectors of the Australian economy (monitor the operation of accounting standards to ensure their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy, as well as the effectiveness of the AASB’s consultative arrangements (seek contributions towards the costs of the Australian accounting standard-setting process (monitor and periodically review the level of funding and funding arrangements for the AASB (establish appropriate consultative mechanisms advance and promote the objectives of standard setting as specified in the Act (perform any other functions that the Minister confers on the FRC by written notice to the chairperson. A major policy direction of the FRC that has affected the agenda of the AASB is the formalisation of a policy of adopting the accounti ng standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. (This includes also the adoption of Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) for use in the Australian context. ) Australian Accounting Standards Board (AASB) The functions of the AASB, according to s. 27(1) of the ASIC Act 1989, are to: (develop a conceptual framework (not having the force of an accounting standard) for the purpose of evaluating proposed accounting standards and international standards (make accounting standards for the purpose of the Corporations Act (formulate accounting standards for other purposes, e. g. for non-companies, the public sector and the not-for-profit sector (participate in and contribute to the development of a single set of accounting standards for worldwide use (advance and promote the main objectives of developing accounting standards. The AASB must develop accounting standards not only for the corporate sector but also for other sectors, such as the public sector and the not-for-profit sector. The objectives of developing accounting standards are (1) to facilitate the development of accounting standards that require the provision of financial information that: (allows users to make and evaluate decisions about allocating scarce resources (helps directors to discharge their obligations in relation to financial reporting (is relevant to assessing performance, financial position, financing and investment (is relevant and reliable (facilitates comparability (is readily understandable. (2) to facilitate the Australian economy by: (reducing the cost of capital (enabling Australian entities to compete effectively overseas (having accounting standards that are clearly stated and easy to understand. (3) to maintain investor confidence in the Australian economy (including its capital markets). In performing its functions, the AASB is required to follow the broad strategic directions determined by the FRC. The AASB may formulate accounting standards which are of general or limited application, in that the Board may specify the entities, time, place or circumstance to which the standard applies. Furthermore, as long as it is practicable to do so, the AASB is required to conduct a cost–benefit analysis of the impact of a proposed accounting standard before making or formulating the standard. However, the cost–benefit analysis is not necessary where the standard is being made or formulated by issuing the text of an international standard. The AASB conducts its meetings in a forum open to the public, which (hopefully) increases faith in the due process system of standard setting. In line with the FRC’s main function of overseeing the process of setting accounting standards, the AASB is required to adopt IASB standards. The Australian accounting standards and their international counterparts are identical, with three exceptions: – Where some international accounting standards provide a range of optional treatments, the Australian accounting standard may not allow all options. However, the disallowance of any IASB optional treatments in Australia is rare, as evidenced by the AASB’s behaviour since 2005. Some Australian accounting standards may require more information to be disclosed in the notes to the financial statements than that required by the equivalent IASB standard. –Australian accounting standards contain, where applicable, extra paragraphs relevant to entities in the not-for-profit sector. IASB standards are written for application within the business sector only. Besides issuing accounting standards that are equivalent to the IASB’s standards, the AASB has continued to issue accounting standards relevant to the public sector, as well as accounting standards that relate solely to the Australian legal environment, e. g. AASB 1046 Director and Executive Disclosures by Disclosing Entities. International Accounting Standards Board (IASB) The IASB’s mission statement is described as follows on its web site: The International Accounting Standards Board is an independent, privately-funded accounting standard setter( The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with national accounting standard setters to achieve convergence in accounting standards around the world. Following the direction given by the FRC in 2002, the AASB has adopted the standards issued by the IASB as from 1 January 2005. Hence, the financial statements prepared by Australian companies are comparable with those prepared by entities in other countries which also have adopted IASB standards. This should allow for greater understanding of financial statements worldwide, and lead to a more efficient flow of capital acros s national boundaries. The IASB has signed an agreement with the Financial Accounting Standards Board (FASB), the body responsible for issuing accounting standards in the United States. The agreement requires both bodies to work together towards convergence of global accounting standards. The aim is to agree on high-quality solutions to existing and future accounting issues. If such agreement could be reached, potentially there would be one set of global accounting standards. Arguably, for better or worse, the result of this agreement appears to be a gradual adoption of FASB standards by the IASB as its own. International Financial Reporting Interpretations Committee (IFRIC) The IFRIC has the task of reviewing on a timely basis, within the context f existing international accounting standards and the IASB framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus as to the appropriate accounting tre atment. The IFRIC considers issues of reasonably widespread importance, and not issues of concern to only a small set of enterprises. The interpretations cover: (newly identified financial reporting issues not specifically dealt with in IFRSs (issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the appropriate treatment. The AASB has adopted the Interpretations issued by the IFRIC for use by Australian companies as from 1 January 2005, and modifies them if necessary for the not-for-profit sector in Australia. Australian Securities and Investments Commission (ASIC) The ASIC is an independent government body set up to enforce and administer the Corporations Act and financial services laws to protect consumers, investors and creditors. ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. The Australian Securities and Investments Commission Act 2001 requires ASIC to: (uphold the law uniformly, effectively and quickly promote confident and informed participation by investors and consumers in the financial system (make information about companies and other bodies available to the public (improve the performance of the financial system a nd the entities within it. One of the roles of ASIC is to reduce fraud and unfair practices in financial markets and financial products so that consumers can use them confidently and companies and markets can operate effectively. In an accounting context, as part of its role, ASIC also attempts to ensure that a company’s financial statements lodged with it under the requirements of the Corporations Act comply with accounting standards, if applicable. Australian Securities Exchange (ASX). The ASX is a public company operating Australia’s share markets. It oversees both the shares and future exchanges. In an accounting context, it is particularly concerned with improving the disclosure of information in the financial reports of companies listed with it on the various stock exchanges throughout Australia. It exercises its influence by way of the Listing Rules — a set of rules with which companies must comply if they wish to be listed, and remain listed, on the stock exchange. Financial Reporting Panel (FRP) The FRP, established in 2004, has the function of resolving disputes between the Australian Securities and Investments Commission and companies concerning accounting treatments in their financial reports. The purpose for establishing FRP is to remove the need to initiate legal proceedings in Court in order to resolve a financial reporting matter. FRP is designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns about the courts' limited understanding of accounting standards. 14. To which entities do accounting standards apply? Discuss the nature of a reporting entity, and consider reasons for the concept being replaced by one of public accountability. Accounting standards apply to the general-purpose financial statements/reports of entities which are â€Å"reporting entities† and also to those entities which decide to prepare general-purpose financial statements even if they are not reporting entities. The AASB, in SAC 1, provided the following definition of a reporting entity: Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users who rely on the entity’s general purpose financial report for information that will be useful to them for making and evaluating decisions about the allocation of scarce resources. There is no definition of a reporting entity in the IASB’s Framework at this stage. All reporting entities are subject to accounting standards when preparing their general-purpose financial statements. Entities such as small proprietary companies, family trusts, partnerships, sole traders and wholly owned subsidiaries of Australian reporting entities will normally not be required to prepare general purpose statements in accordance with accounting standards. Following the release of the IASB’s Exposure Draft of a Proposed IFRS for Small and Medium-Sized Entities, (SMEs) published in February 2007, the AASB issued, in May of that year, Invitation to Comment ITC 12, proposing to revise the differential reporting regime in Australia by switching the focus away from whether an entity is/is not a reporting entity to whether the entity (subject to a size test) is required to prepare a general-purpose financial statement/report and is publicly accountable. â€Å"Public accountability† is defined in the IASB’s ED on SMEs as accountability to those present and potential resource providers and others external to the entity who make economic decisions but who are not in a position to demand reports tailored to meet their particular information needs. An entity has public accountability if: (a) it has issued (or is in the process of issuing) debt or equity instruments in a public market; or (b) it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension (or superannuation) fund, mutual fund or investment bank. The implications are that if an entity is publicly accountable or satisfies a size test then it will be required to apply Australian equivalents to IFRSs in its general-purpose financial statements. If it is not publicly accountable, and does not meet the size test, then the entity need apply the Australian equivalent of IFRS for SMEs only. See figure 1. 3 in section 1. 9. 2 of the text for a flowchart showing the ITC 12 proposed changes, which, at the time of writing, are expected to be accepted by the AASB for 2009 and beyond: CASE STUDIES Case study 1: Legal obligations Visit the website of the Australian government’s Attorney-General’s Department dealing with the law (www. comlaw. gov. au) and find the Corporations Act 2001. Assuming that you are the director of a small proprietary company, find the â€Å"small business guide† and learn of your obligations under the Act for managing your business. Prepare a brief report for the tutorial class. The Small Business Guide in the Corporations Act can be found following Section 111J. The guide summarises the main rules in the Corporations Act (the Corporations Act 2001) that apply to proprietary companies limited by shares—the most common type of company used by small business. The guide gives a general overview of the Corporations Act as it applies to those companies and directs readers to the operative provisions in the Corporations Act. Students, in their capacity as would-be directors, are required to present a report to the class, summarising the requirements of the Guide. Such topics to be covered include: †¢ The meaning of registration, including shareholders’ and directors’ liabilities †¢ Rules for internal management of a company †¢ Company structure and setting up a new company †¢ Continuing obligations once the company is set up †¢ Company directors, secretaries and shareholders †¢ Who can sign company documents †¢ Funding the company’s operations †¢ Returns to shareholders Annual financial reports and audit †¢ Disagreements within the company †¢ Companies in financial trouble Case study 2: The AASB Visit the website of the Australian Accounting Standards Board (www. aasb. com . au) and find out the following items: †¢ Who is the Chairman of the AASB? †¢ Who are the members, and which organisations do they represent? †¢ Which accounting standards have been issued in the past year? †¢ Why are there differences in the numbering systems for current accounting standards (eg. AASB x, AASB xxx and AASB xxxx)? †¢ What are the current projects (if any) that the AASB is working on in cooperation with the IASB? Assuming that you already have access to the AASB website: Chairman of the AASB Go to AASB Board, then Current Board Members . Current chairman is David Boymal Members of the AASB and organisations represented Stay in the same location and the names and organisations represented on the AASB are all shown. Don’t forget to include the observers as well. Comment: too many people from Melbourne No academics on the board? Accounting standards issued in the past year: On the AASB website, go to Quick Links, then Standards. Read from Table 1 all of the standards issued in the last year. Different numbering systems for standards See Pronouncements for information, plus the section 1. 7. 4 in the text. AASB x represent those standards adopted by the AASB from the IFRSs of the IASB AASB xxx represent those standards adopted by the AASB from the IASs of the IASB and its predecessor the IASC AASB xxxx represent those standards issued exclusively by the AASB for companies in the Australian context In addition, the AAS standards consist of standards issued by the AASB for special organisations e. g. superannuation plans, government Current projects On the AASB website, go to Work in Progress, then Projects. It would appear that there are no specific projects at the moment being worked on by the AASB in cooperation with the IASB. The AASB is one of several standard setting boards that liaise with the IASB and merely provide submissions to the IASB on various topics. See also AASB Submissions to the IASB on the website. Also check the News section and Latest News on the website. Case study 3: Setting up a company Visit the website of the Australian Securities and Investment Commission (www. asic. gov. au) and find the form(s) that you must fill out to start a company, assuming that you wish to set up a small proprietary company to take over your current successful business, which has been operating as a partnership (with three partners) in the past. On the website of the ASIC, go to Download forms, select the form 201 for Registering a company. Students should print the form and fill it out as if they wish to set up a proprietary company, with more than one owner shareholder. Case study 4: The IASB Visit the website of the International Accounting Standards Board (www. iasb. org. k) and find and report to the class on the following pieces of information: †¢ The Memorandum of Understanding of 2005 between the IASB and the FASB of the United States †¢ Which accounting standards have been changed as a result of the Memorandum of Understanding †¢ The membership of the IASB and whic h countries the members come from †¢ The goals of the IASB 1. Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. In relation to the Memorandum the IASB website states: After their joint meeting in September 2002, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their Norwalk Agreement in which they ‘each acknowledged their commitment to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, the FASB and the IASB pledged to use their best efforts †¢ to make their existing financial reporting standards fully compatible as soon as is practicable and †¢ to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained. At their meetings in April and October 2005, the FASB and the IASB reaffirmed their commitment to the convergence of US generally accepted accounting principles (US GAAP) and International Financial Reporting Standards (IFRSs). A common set of high quality global standards remains the long-term strategic priority of both t he FASB and the IASB. 2. Accounting standards changed/ to be changed as a result of the Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. Not many standards have yet been changed, but plenty of standards are on the agenda for change. From the Memorandum , the topics for short-term convergence include: To be examined by the FASB |To be examined by the IASB | |Fair value option* |Borrowing costs | |Impairment (jointly with the IASB) |Impairment (jointly with the FASB) | |Income tax (jointly with the IASB) |Income tax (jointly with the FASB) | |Investment properties** |Government grants | |Research and development |Joint ventures | |Subsequent events |Segment reporting | |FASB Note: |IASB Note: | |*On the active agenda at 1 July 2005 |Topics are part of or to be added to the IASB’s short-term | |** To be considered by the FAS B as part of the fair value |convergence project, which is already on the agenda. |option project | | Longer term projects include the following, from the Memorandum of Understanding: The boards set the following goals for 2008 for convergence topics already on either their active agendas or the research programmes: |Topics already on an Active Agenda | |Convergence topic |Current status on the FASB |Current status on the |Progress expected to be achieved by 2008 | | |Agenda |IASB Agenda | | |1. Business combinations |On agenda – deliberations in|On agenda – |To have issued converged standards | | |process |deliberations in |(projected for 2007), the contents and | | | |process |effective dates of which to be determined | | | | |after taking full account of comments | | | | |received in response to the Exposure Drafts. | |2. Consolidations |On agenda – currently |On agenda – no |To implement work aimed at the completed | | |inactive |publication yet |development of converged standards as a | | | | |matter of high priority. | |3. Fair value measurement |Completed standard expected |On agenda – |To have issued converged guidance aimed at | |guidance |in the first half of 2006 |deliberations in |providing consistency in the application of | | | |process |existing fair value requirements. 1 | |4. Liabilities and equity |On agenda – no publication |On agenda (will follow |To have issued one or more due process | |distinctions |yet |FASB’s lead) |documents relating to a proposed standard. | |5. Performance reporting |On agenda – no publication |Exposure draft on a |To have issued one or more due process | | |yet |first phase |documents on the full range of topics in | | | | |this project. | |6. Post-retirement benefits |On agenda – deliberations |Not yet on the agenda |To have issued one or more due process | |(including pensions) |underway on the first phase | |documents relating to a proposed standard. | | |of multi-phase project | | | |7. Revenue recognition |On agenda – no publication |On agenda – no |To have issued one or more due process | | |yet |publication yet |documents relating to a proposed | | | | |comprehensive standard. | The objective of the goals set out above is to provide a time frame for convergence efforts in the context of both the objective of removing the need for IFRS reconciliation requirements by 2009 and the existing agendas of the FASB and the IASB. The FASB and the IASB will follow their normal due process when adding items to the agenda. Items designated as convergence topics among the existing research programmes of the boards include: |Topics already being researched, but not yet on an Active Agenda | |Convergence topic |Current status on the FASB|Current status on the IASB|Progress expected to be achieved by | | |Agenda |Agenda |2008 | |1. Derecognition |Currently in the |On research agenda |To have issued a due process document | | |pre-agenda research phase | |relating to the results of staff | | | | |research efforts. | |2. Financial instruments |On research agenda and |On research agenda and |To have issued one or more due process| |(replacement of existing |working group established |working group established |documents relating to the accounting | |standards) | | |for financial instruments. | 3. Membership of IASB and member countries Go to the IASB website and see, About us. Click on About IASB and there you will find the information about the Chairman, currently Sir David Tweedie, the Vice-Chairman and all members of the IASB, and the countries from which they came by reading each person’s information sheet. 4. Goals of the IASB Go to the IASB website and see About us. Click on About IASB and there you will find the IASB objectives. Case study 5: ASIC Visit the website of the Australian Securities and Investments Commission (www. asic. gov. au) and find out and report to the class on the following: †¢ Who the ASIC is and its role †¢ The tips given to prospective shareholders regarding the reading of a company’s prospectus †¢ A list of the policy statements and practice notes issued by the ASIC †¢ â€Å"What’s new† to the website. 1. ASIC and its role On the ASIC website, go to About ASIC and look up Our Role 2. Tips to prospective shareholders re prospectuses From the ASIC website visit FIDO, the ASIC’ s consumer website. From there, go to check our lists and click on prospectuses. The ASIC has information about prospectuses which changes quite regularly. See what tips you can find about prospectuses, assuming that you are a prospective investor. 3. Policy statements and regulatory guides issued From ASIC’s home page, go to Publications and then to Policies. Both the policy list and the regulatory guides are accessible here. 4. What’s new See ASIC’s home page, and What’s New features on the home page.

Why did the groups like the Beatles and the Rolling Stones have such a great impact during the 1960’s

The Beatles changed British Society. These changes were brought about by a band that made it very, very big. Popular music had gone through a revolution in the Late 1950's. People took advantage of the increased spending power of teenagers and bands like the Beatles produced lyrics in songs that people queued to buy. The music did not always change, just the same old brand new songs. The real breakthrough in music came in 1962 with an unlikely combination of individuals. John Lennon, Paul McCartney, George Harrison and Ringo Starr had been performing together for a number of years. There had been various other members of the band, but the group did not get very far. In 1962 the change came about under the guidance of Brian Epstein, who became their manager and then transformed them from a talented, but undistinguishable act, into the most famous pop group in history. Epstein made the Beatles wear suits with non-lapels and cut their hair into pudding basin style. In so doing this he invented the Beatle Jacket and the Beatle hairstyle. The Beatles unlike many British performers at the time, wrote and performed their own music, this meant that they were able to create a unique style, which was a mixture of rhythm and blues, rock and roll and Tamala Motown. It was this that marked the Beatles out from so many of the performers that came before them. The last key individual was George Martin, who arranged and recorded the Beatles tracks. He produced the quality that ensured that they became instantly and overwhelming successful. More than anybody else the Beatles came to represent the Sixties. As Aaron Copland, the American composer of classical music remarked, â€Å"If you want to know about the sixties, play the music of the Beatles†. The important point being made there was that the Beatles did write music with real lyrics that caught the imagination of teenagers around the world, both reflecting and shaping the culture of the decade. They were all just normal lads who were brought up in the streets of Liverpool. John Lennon was brought up in an upper working class family. John was born in Oxford Street Maternity on October 9th 1940. His Auntie brought him up, as his father had disappeared. Four month's earlier Richard Starkey was born at 9 Madryn Street, Dingle in Liverpool. Richard was brought up in a lower working class. Early on in his life his mum and dad split up. Nearly a year later Paul McCartney is born in Walton Hospital, Rice Lane in Liverpool on the 18th June and he was brought up in a solid working class family. Paul then starts at Stockton Wood Primary. The baby of the group was finally born on the 24th February 1943 at 12 Arnold Grove, Wavertree in Liverpool. George Harrison starts at Liverpool institute. John Lennon was the smartest member of the group as a kid and could do anything he chose. All the band members were influenced as children, as each member were bought instruments; this meant homegrown talent was going to put Liverpool on the map. The influence of the Beatles went far beyond the music that they wrote and performed. Their clothes, hair, their accents, their offhand attitudes seemed to sum up the new age of the sixties. They seemed at first at least, just like the chap next door. Suddenly it became completely respectable to have an accent that did not come from the home county. For the first time ever, it came was fashionable to sound as if you came from Liverpool, or Newcastle or even Birmingham. The revolution became even more remarkable, after the Beatles came the ‘Mersey Sound', ‘Freddie and the Dreamers', ‘The Mersey Beats' and; ‘Gerry and the Pacemakers'. Brian Epstein successfully managed all of these bands. Then from Manchester there were the ‘Searchers' and the ‘Animals' from Newcastle. They all had number one hits with some easy going songs and some sung with real feeling. The impact of the Beatles upon teenagers was unbelievable. They were not just performers they became heroes. Soon the press followed on to this enormous fuss over the Beatles and made the phrase that the fans were involved in Beatlemania. They represented the victory of youth over old age, of new against old. They were the sixties. A few girls went to the Beatles concert in Cheltenham and they got us screaming. I don't remember much about the concert, just the noise Teenagers were influenced by lyrics, which started to change their way of thinking and the message changed. Every young person in the country wanted to be the Beatles, they were idolised were ever they went. Manufacturers soon realised the potential of the teenage market. The Beatles faces were plastered all over magazines. If the Beatles encouraged drugs, kids would follow, the Beatles lyrics were very powerful. For example the song lyrics in the song ‘Lucy In The Sky With Diamonds' openly suggested the use of LSD. The mischievous four of the sixties became the dope-smoking lads of 1965, and then the four took LSD in 1966-67 then even worse they took heroin in 1969. The Beatles themselves started to change dramatically. The clean-cut, cheerful boys of 1963 followed the weird and wonderful Maharishi, an Indian guru. They began to dress in psychedelic clothing, take drugs and adopt a more and more outlandish pose. The Beatles then really challenged family values. Innocent songs describing teenage love were replaced by peace anthems such as ‘All I Need Is Love' or drug influenced tracks like ‘Lucy In The Sky With Diamonds'. Worse still, in the eyes of some people, were the groups that followed them. The Rolling Stones started out as Beatles look-alikes, but soon developed a completely different style. Their lyrics were far more suggestive and the behaviour of the five grabbed a great deal of attention. Jagger and Richards were arrested for the possession of Marijuana- a response from the establishment that led even the times to describe it as ‘a butterfly being crushed under a wheel' Wider social changes were taking place. TV and Radio began broadcasting non-stop music. These were extremely popular with teenagers. Radio Caroline and Radio London had enormous following, as other radio stations didn't play much music. They set the scene for the radio stations that were to come. They were designed to appeal directly to young people. Television reacted more quickly to the changing styles of music. This was largely because it was a newer form of broadcasting and so was more ready to change. ITV began to broadcast ‘Ready Steady Go' and the BBC started ‘Top Of The Pops'. Both were overnight success stories and these accounts finally showed popular music. If some aspects of the sixties appeared to challenge society and existing ideas, the hippie movement seemed to reject it altogether. Some people took the movement very seriously. Others tried to balance the hippie movement with other commitments, but most simply rejected it altogether. To many people the most worrying aspect of the hippie movement was the way that its followers seemed to abandon responsibility. The emphasis on ‘Love and Peace', while harmless enough in many ways, came at the time when the west was being challenged by the Soviet Union. Not only did hippies appear to reject all forms of confrontation, but their behaviour suggested a weakening of society and the family in particular. In conclusion the impact of music in Britain changed the way we live today. The sixties took spending to a new level. Consumer goods became increasingly popular; this was mainly influenced by bands like the Beatles, who had their snapshot all over clothes to magazines. Lyrics had changed dramatically, and also the message had changed. Bands such as the Beatles promoted world peace. The Beatles helped boom Britain and this helped Britain to become a major force in pop music. I think the Beatles ended a new paragraph in British pop music.

ECO 202 MOD 3 CA Essay Example | Topics and Well Written Essays - 1000 words - 1

ECO 202 MOD 3 CA - Essay Example Q3..For the past 3 years a major department store chain has averaged approximately $10 billion in long-term debt. Their debt is in the form of bonds that have been sold to investment funds and the public (If you are not sure what a corporate bond is look it up on the internet). For the sake of argument, let us assume that either now or one-year from now they will add an additional $5 billion to finance store expansion. This is a given, management has already made this expansion decision and it does not need to be commented on. The objective of management is to issue bonds at the lowest interest rate. Given this objective, should they issue the bonds now or wait for one year if they feel the Federal Reserve will follow:   1. The Federal Reserve policy makers use monetary policy to influence demand and supply of money. Changes in demand and supply of money cause interest rates to fluctuate as illustrated in the below diagrams: The  Federal Reserve  can set the  discount rate, as well as achieve the desired  federal funds rate  by  open market operations. These rates have significant effect on other market interest rates, but there is no perfect relationship. In the United States open market operations are a relatively small part of the total volume in the bond market(monetary policy,Wikipedia,2011) Federal Reserve uses expansionary monetary policy to boost up economics activity in the economy and remove recessionary gap. An increase in the nominal money supply or a decrease in the demand for money results in excess supply of money. This change attempts to reduce money holdings by buying bonds and results in a fall if interest rates .Decrease in interest rate results in an increase in interest-sensitive expenditure and hence there is an increase in equilibrium real National Income. Opposite of expansionary policy is the Contractionary policy which is aimed to remove inflationary gap. A decrease in money supply or a n

Learning English as an Additional Language Essay

Learning English as an Additional Language - Essay Example Effective ways of supporting learning in Science for children are a decisive means to an important end, which is children learning science. The following are the principles that aid strategies that support learning in science for children. The first principle is to accept measures of responsibility for the children if they struggle and/or fail to learn science. The level of responsibility accepted depends on the children’s degree of effort to learn. If children and teachers equally participate and contribute in the learning, it is the teacher who is responsible when children come across difficulties. Also, the teacher should be capable in modifying instructions so as to assist struggling and failing children improve. The practical strategy listed below explains precise articulations of the beliefs and dispositions of effective application of strategies that support learning in science for children. For some principles, their feasible applications enumerate actions for effectiv e theory and practice of strategies that support learning in science for children. Teachers who view this as the main goal and support the practice of various strategies as a purposeful means help all children learn (Ammon, 2006). ...  Believe that all children can and will learn. Create a challenging, but not- intimidating science learning atmosphere. Commit to the learning and academic growth of all children. Picture yourself as able, dependable and positive. Believe that one can practice strategies that support learning in science for children efficiently, and that effective teaching will guide positive learning outcomes. Core scientific ideas Teachers have long taught children science as a sequence of lessons, and reading assignments on its body of knowledge. If practical experiment activities are included, they focus only on the development of practical skills and techniques, not on understanding scientific ideas through questions. Such practice of a strategy in learning scie nce falls short of preparing children for higher learning. Nowadays, children live in a world full of things of scientific inquiry. When children complete their formal learning, they will go into an environment crammed with products that will be as a result of scientific inquiry. Today’s children must learn how to do scientific inquiry and use this information to take actions that will impact in their growth and their future. To prepare children to live and be prepared for advanced learning in science, teachers are required to make room for scientific inquiry by reducing the emphasis on teaching science as a sequence of teaching and reading assignments on scientific knowledge. In addition, teachers must to a great extent reduce their coverage of non-essential scientific knowledge.