Economic Analysis System

Question: Discuss About the Economics? Answer: Introduction: For the last thirty years, the network industry in Australia has undergone evolution through vertical integration. Industries that have undergone this kind of evolution are electricity, telecommunication and railroads. These industries enjoy natural monopoly. Huge infrastructural cost act as the main barrier to entry and exit in this industry. This is the fixed cost remains constant for each extra unit produced (Allison, 2014). When the firm supplies to a large market, they get a good return on their initial investment. To set up the network for transportation in the electricity is huge. The In case of a monopoly, a single firm operates in the market have the tendency to charge high process to earn supernormal profits. The monopoly market is an imperfect form of market structure where the society incurs loss in form of deadweight loss. To reduce this cost the government regulates the price level so that the welfare of the society is maximized (Beckman, DeAngelo Smith, 2014). In Aust ralia, the electricity sector enjoys natural monopoly. The federal government regulates the price level in this sector. The purpose of this essay is to evaluate the cause and the effect of natural monopoly on the society. This essay also gives a brief overview about the regulations the government imposes on the firm to regulate the price and output level of the firm. Analysis: A natural monopoly exists in an industry when high cost of infrastructure and other barriers to entry inhibits other potential entrants. The only supplier is large enough to supply the whole market. This is predominant in industries with high capital cost. Natural monopolies are found in public utilities like electricity and water supply. John Stuart Mill conceptualized the notion of natural monopoly (Beckman, DeAngelo Smith, 2014). In micro economic theory two different types cost are marginal cost and fixed cost. Marginal cost is cost incurred by the company while serving one extra consumer. Fixed cost is the cost incurred by the company irrespective of the quantity produced. A natural monopoly is characterized high fixed cost and the marginal cost for production for producing one extra unit remains approximately constant. Entering in to public utility sector requires huge amount of investment. This often acts as a barrier to entry, which reduces the number of potential entrants r egardless of the level of profit. Natural monopolies emerge when a single supplier enjoys the immense cost advantage over the other potential competitors. This in predominantly seen in industries with high fixed cost and they create economies of scale (Bs, 2014). The firm investing high amount of fixed cost requires large number consumers in order to have return on their initial investment. With economies of scale, the average total cost decreases with the increase in output (Bs, 2014). After the establishment of natural monopoly, the firm will enjoy huge profits due to economies of scale. External and internal economies of scale are defined as the benefits associated with the expansion of a firm as well as the industries as a result of positive externalities. The monopolistic market is characterized by inefficiency over time. They are not innovative because they are not required to compete with other firms. The main objective of the monopolist is to maximize the level of profits (Ekelund Hbert, 2013). The absence of competition gives the firm the advantage of the situation. The monopolist being the sole seller in the market can control the supply of the entire market. The firm takes the market demand curve as its demand curve, which is also the average revenue curve. The firm operating under the condition of the Law of Diminishing Returns will observe that cost of production for each extra unit produced (marginal cost) decreases with the increase in the output level (Foster, 2014). In the early stage of production, the marginal cost is less compared to the marginal revenue curve. This enables the monopolist to earn huge amount of profits. Thus, the monopolist will stop producing any additional unit at this point (Heen, 2013). The monopol ist fixes the price level where the marginal revenue equals marginal cost. In case of monopoly, marginal cost is less than marginal revenue and price level. However, marginal revenue is not equal to the marginal cost and is much less than the marginal cost and the price level. The monopolist sometimes misuses their power to regulate the market, which leads to market failure. A monopoly is an imperfect market structure that has a tendency to restrict production level. Consumer surplus is the difference between the consumers is actually paying and the price they are willing to pay. Consumer surplus declines with the increase in the price level following the law of Diminishing returns (Hua, 2012). In imperfect market situation that is in case of monopoly the single firm supplying the market tries to capture the whole consumer surplus by charging the highest price they are willing to pay. Producer surplus is the benefit derived by the firm when they get more price than the minimum price level they are willing to supply the market. This is expressed in terms of profit. Deadweight loss occurs within an economy when the total welfare of the society is not maximized. The welfare of the society is ensured when the total of producer and the consumer surplus is maximized (Joskow, 2014). Economic welfare is defined as the benefit derived by the whole society because of some economic transaction . Figure 1: Producer and Consumer Surplus (Source: Author) In monopoly, the firm takes as a single supplier in the market takes the market demand curve as its own demand curve. The monopolist has the market power to raise the price level above the marginal cost without losing supernormal profits (Leveque, 2013). The monopolist optimizes its profit by setting it price where the marginal cost equals the marginal revenue curve that is at Pm as shown in the diagram. The monopolist operates at a price, which is greater than marginal cost. The consumers are worse off in monopoly compared to the competitive structure, as the price charged is higher than in competitive market structure. Thus, as a single supplier the firm is better off in monopolistic structure as they can increase their profit level. Hence, monopoly market structure is not optimum. The price charged in competitive structure is Pc which is PcMC implying that some of the consumers are willing to pay more for each extra unit of output. Thus, it can be said that an extra unit of output will be sold at a price higher than the marginal cost; the consumer utility would increase along with the profits of the firm. To measure the inefficiency in the monopoly, the difference between loss of the utility of the consumers and the gain in the profit level of the producers are compared (Nepal Jamasb, 2015). By measuring the total deadweight loss, that is the total of producer surplus and the consumer surplus, the total loss incurred by the society is measured. Figure2: Deadweight Loss (Source: Author) The consumer surplus increases for two reasons as given below: Under competitive structure, the consumers pay less for the quantity consumed than under monopoly. It is represented by the area A. The utility increases as they are consuming extra unit of the quantity produced in competitive structure. It is represented by the area B. The producer surplus gets affected, as the quantity sold is less (shown by the area A). Under monopolistic structure, the area A is a shift of the surplus from the monopolistic firm to the consumers. Hence, it is neutralized from the perspective of the society. The area (B+C) is the gain the society enjoys when the price is set at Pc with quantity produced is Yc (Varian, 2014). This is because the values that both the consumers and the producers add to the number of units transacted under monopolistic market structure. Hence, the area (B+C) is the deadweight loss under monopoly. Deadweight loss is the cost the society pays due to monopoly (Vikharev, 2013). In case of natural monopoly, the demand curve intersects the marginal cost curve under the average cost curve. The governments sometimes force the monopolist to set price equal to the marginal cost curve, which leads to negative profit. Figure3: Natural Monopoly (Source: Author) When the government compels the monopolist to charge price p=MC the monopolist leaves the business. This situation is more inefficient compared to the situation where the monopolist is allowed to charge price where marginal revenue is equal to marginal cost. When the government compels the monopolist to charge price p=MC then it gives the provision to for lump sum subsidy to the firm (Vining, Boardman Moore, 2014). To control pricing policy in case of natural monopoly government imposes price ceiling where the demand curve or the average revenue curve (AR) cuts the average cost curve. The average cost is less, when the firm serves the entire market. The monopolist tends to set their price at the level where marginal revenue equals marginal cost that is MR = MC (Yan Chao, 2012). Here before regulation the monopolist is making profits as shown by the figure PF*OM by selling OM output at price MP. After regulation the monopolist is now sells output OQ at QK price level. When the price regulatory authority sets the price level at WS, where the average cost AC cuts the demand curve or average revenue curve (AR) and sells output OW, the monopoly is only able to earn normal profit. Operating at this level will eliminate the deadweight loss and hence the welfare of the society is maximized (Vikharev, 2013). In Australia, the electricity industry is an example of natural monopoly. In this industry, a large infrastructural cost is required to enter the industry. This cost is referred to as the sunk cost. Huge amount of sunk cost is incurred to build cable, grids and pipelines for supply and transmission of electricity. New entrants will result in the loss of efficiency and the cost will be borne by the whole society. Thus, it is better that a single firm is allowed t o serve the whole market. In case of natural monopoly, economies of scale play a significant role and the minimum scale of efficiency is not reached until the size of the market is not large enough. Minimum efficient scale is the minimum level of output at which all the scales of economies are exploited (Beckman, DeAngelo Smith, 2014). The public utility sectors, like water supply and electricity, have high possibility that the society is exploited without any government intervention. The federal government with the objective of minimizing the cost of the society set the price equal to the average revenue equals the average cost curve. In electricity industries mainly dominated by the huge fixed cost and legal barriers the government often responds to the market power by taking control over that firm. The form of control can be different forms like imposing tax or levying subsidy. The public authorities take charge of the market condition. Technological advancement in sectors with natural monopoly can turn this sector to a competitive market structure (Ekelund Hbert, 2013). Conclusion: Natural monopoly is a market structure where a single firm supplies the whole market. Usually the product or the service supplied does not have any close substitutes. The purpose of the essay is to analyze the problems and the cause associated with the natural monopoly. The electricity, natural gas and railroads are the industries that enjoy natural monopoly. The average cost is lowest if a single firm serves the entire market. The huge infrastructure cost at the initial level discourages new entrants to enter the industry. Without any competition, the monopolist charges the price where marginal price equals marginal revenue (Beckman, DeAngelo Smith, 2014). Government intervention is required to minimize the inefficiencies in a monopolistic market structure. The government set the price level where the average cost curve intersect the demand curve or the average revenue curve. This optimizes the welfare of the society by minimizing the deadweight loss incurred by the society. References: Allison, G. (2014). Evolution of US Electric Energy Regulation: From Natural Monopoly Regulation to Regulated Competition. Beckman, S., DeAngelo, G. J., Smith, J. W. (2014). Does Fairness Constrain Profit Maximization? New Evidence from a Dictator Monopoly Experiment.New Evidence from a Dictator Monopoly Experiment (March 20, 2014). Bs, D. (2014).Public enterprise economics: theory and application(Vol. 23). Elsevier. Ekelund Jr, R. B., Hbert, R. F. (2013).A history of economic theory and method. Waveland Press. Foster, J. B. (2014).The theory of monopoly capitalism. NYU Press. Heen, K. P. (2013). Monopoly Theory from a Finance Perspective. Hua, S. L. L. (2012). The Economic Analysis of China's Energy Type Monopoly Enterprises Development.Review of Public Sector Economics,1, 012. Joskow, P. L. (2014). Incentive regulation in theory and practice: electricity distribution and transmission networks. InEconomic Regulation and Its Reform: What Have We Learned?(pp. 291-344). University of Chicago Press. Joskow, P. L. (2014). Incentive regulation in theory and practice: electricity distribution and transmission networks. InEconomic Regulation and Its Reform: What Have We Learned?(pp. 291-344). University of Chicago Press. Leveque, F. (Ed.). (2013).Transport pricing of electricity networks. Springer Science Business Media. Nepal, R., Jamasb, T. (2015). Caught between theory and practice: Government, market, and regulatory failure in electricity sector reforms.Economic Analysis and Policy,46, 16-24. Varian, H. R. (2014).Intermediate Microeconomics: A Modern Approach: Ninth International Student Edition. WW Norton Company. Vikharev, S. (2013). Mathematical modeling of development and reconciling cooperation programs between natural monopoly and regional authorities. Vikharev, S. (2013). Verification of mathematical model of development cooperation programs between natural monopoly and regional authorities. Vining, A. R., Boardman, A. E., Moore, M. A. (2014). The theory and evidence pertaining to local government mixed enterprises.Annals of Public and Cooperative Economics,85(1), 53-86. Yan, Z. O. U., Chao, L. I. U. (2012). The Influence of Monopoly on Market Price And Social Equity.The Theory and Practice of Finance and Economics,6, 001.

Understanding financial crisis

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 is it that companies recognise the liability? Answers: Introduction: This given case study depicted about the IASB and FASB boards planning for develop a conceptual framework to help the users of all the financial documents. It has been planned by IASB to prepare a new conceptual framework by using the previous adopted principles. This step is planned by the boards to help the companys and its stakeholders to understand the financial condition of a company perfectly. This given study also described that many problems and critics has been faced by the boards for planning a new framework. A common conceptual framework is required for the boards to remove the complexities from the previous framework. This is also depicting about the similarities, difference, relevancy, importance etc. The case study depicts about US GAAP accounting techniques that is historical cost accounting. It says that this technique become quite outdated so US GAAP must replace this technique through launching a new technique or take consideration of any other board. It has also been said that fair value accounting would work well for the identification of real worth of the asset and present a true worth of the business. It has also been described that because of old technique boards as well as company had to face many problems so the country and the accounting standard board are thinking about the replacing of the technique. The case study explains that a countrys environment and society plays a very crucial role in life of an organization as well as an individual. It also found that now days it is quite important for every human being to take care about the environment and society. Every company must prepare such policies that it could also focus on the sustainability of the environment as well the welfare of the society. It depicts that every individual become so concern about the environment so if a company want to survive in the market, it is mandatory for the company to make such policies and follow them. These strategies would also help the company in attracting more investors. 1. Conceptual Framework: A conceptual framework is a technique used by individuals to do a work with full of perfection. Many principles, rules, tactics, regulations etc have been used by the preparer of the framework to make a good framework. In the consideration of accounting, a framework is theoretically prepared document to help the preparer of financial statements in preparing and presenting the good financial documents (Csikszentmihalyi and Larson, 2014). This framework is prepared by the boards after analyzing all the aspects, rules, assumptions, nature, guideline, principles etc to implement a great concept of accounting. Framework is a bundle of fundamentals that help every related party. Conceptual Framework requirement: The given case study describes that a revisiting of the framework has been started since 2002. This revision and the development of this framework lies on many objectives, characteristics, criteria and many more of both the boards i.e. IASB and FASB (Jones and Wolnizer, 2003). The main reason behind revisiting both the boards for prepare a common conceptual framework is making it easy for the follower of both the boards to prepare and understand the final financial documents. This revisiting has been done to introduce a new framework by considering all the great principles of both the boards. The case study also highlights that the main goal of the boards is to provide the easiness and perfectness to their client and it could be possible only if both the parties come together and analyze the principles together with the help of analyst and researchers. It would be easier for all the related parties to understand the documents in case of a common framework (Xia, Monroe and Cox, 2004). Thus it could be said that a common conceptual framework is very important for everyone to understand the position of the company, identify many issues in the company, sort out all the issues of the company and present the documents perfectly. 2. Importance of common conceptual framework: Through the study, it has been analyzed that the country (United States) has taken many steps to adopt the IFRS. And IFRS and FASB have planned to come together to develop and implement some new accounting standards. All the countries follow the different rules and accounting standards to prepare the financial documents. Thus it becomes complex sometimes for analyst to understand the real situation of a company (Ross, Westerfield and Jordan, 2008). Some of the standards and tactics of accounting depend upon many factors like transaction of business, nature of business, area where company is operated etc. thus it could be said that all the standards are different from each other and the result also differs from each other. IASM frameworks main motto is to assist and guide all the standards of accounting while making the financial statements. Next, this case study also depicts that a common framework would help the stakeholders, auditors, creditors, banks etc to analyze the finical condition of the company (Ross, Westerfield and Jordan, 2008). The FASB boards framework allow preparer to make financial statement according to individual interpretation. This is the main reason which differentiates both the boards. Thus, the main motto behind combine both the boards and make a common framework is because of resolving the disputes, help the users, ease in comparison etc. 3. Importance of common conceptual framework for different parties: Conceptual framework is a fundamental body of accounting. It provides a guideline to the financial statements provider to make and present the financial document in a great manner. Further, this framework could also help a company and its related parties to identify and analyze the true worth and condition of the organization (Narrow et al, 2013). The parties for whom the common framework would be beneficial is company, managers, CCFO, accountant, stakeholders, creditors, shareholders etc. The boards and all the above mentioned parties would be beneficiary in case of a common framework is implemented by the boards. But basically, it would be more helpful for the researchers and analyst as they dont have to research and analyze different principles, regulations etc to understand and analyze the condition of a company. 4. Cross Cutting issues: Cross cutting issues are those kinds of issues which occur at the time of combining different principles together. Cross cutting issues could be seen everywhere now days as the rules and regulations are different each other so an individual go through such process approx on daily basis (Hollander, Kim, Braun, Simeon and Zohar, 2009). These issues could also be described as such issues which could be arising as a special result at the time of analyzing a particular field and doing some operations. In accounting, cross cutting issues have special concern of. Some of the examples of cross cutting issues in accounting are related with presentation, tactics, standards, rules, understanding etc such as the issue between the IFRS and FARS related to their principle, the issue between the countries for their different framework etc (Kim, 2011). thus it could be said that it becomes tough for a person to understand all the principles and work accordingly. 5. Historical cost technique fundamental problems: Fundamental problems are those problems which are related with the principles, law and rules regulations. Historical cost accounting is a technique which depicts the purchasing value of an asset, no matter how much difference has been arise in the worth of that particular asset (Ross, Westerfield and Jordan, 2008). This case study explains that many problems have been faced by the US GAAP as analyst and researcher concluded through their studies that this technique is not at all relevant for any of the party. The main fundamental issues are such as it does not show the real worth of an asset, the written value of asset is not relevant, depreciation value is not realistic, it is not useful for the investors and analysts, it shows a higher profit of the company, the price level never get change, provisions value are fake etc (Pearce, Barbier and Markandya, 2013). thus it could be said that the existing technique has many fundamental issues in it. 6. Economic reality as core principle of accounting: The economic value and accounting value of an asset or business could differ and conflict sometimes but this situation could never be helpful for the chief financial officer, finance manger and accountant of a company as well as all the related parties. As CFO has to deal with creditors, lenders, analyst, investor and many more of the company and it is compulsory for him to present a true value of his business to them (Uno and Bartelmus, 2013). It has also been studied that those countries that are following the fair value technique could also mislead their investors but the chances are rare. It also analyzed that both the technique have some issues but if a comparison analysis has been done on both than it is suggested to opt the fair value technique (Laux and Leuz, 2009). As this technique at least help the investors to find the real worth of the business and analysis that the worth is honest or fake and it could also be check that the provisions are of true value. Thus it could be said that economic value could play a role of core principle of accounting. 7. Economic reality measurement: Economic reality is the real value or worth of a business according to the current situation and economic condition. It becomes compulsory for a business to identify the economic reality to present a fair statement of finance (Laux and Leuz, 2009). This method is to identify the business and its transactions nature to determine the real worth of organization under many circumstances. It helps a business in identifying the real worth. Economic reality measurement could be done on the basis of fair value accounting. However, every country opts the different method for identify the economic value according to their nature of business, worth of business, their standards, principles, frameworks etc. the main reason for determine the economic value is to make the statements more reliable. There are many factors which affect the measurement techniques and it is not possible for make a control on all the factors worldwide (Moser and Ekstrom, 2010). But country could manage all the factors lies in it. More, it has also been observed that some factors do not create an issue like provisions and depreciation. So it could be said that measurement techniques are not same at all the places but it is suggested to the board to implement the fair value accounting technique to determine the worth of economic reality (Zio, 2009). 8. Reliability concept in Accounting: Reliability is the main factor in every part of an individual. If an individual find reliability in anything, than only he get attracted towards that. Basically, it is the quantitative information. Reliability only takes place when all the information is error free and bias free. In accounting, the reliability depends upon the honesty accountant show at the time of making the final documents (Mellino et al, 2015). The basic principle of reliability is faithfulness and verifiability. The reliability of accounting depends upon the proofs and their verification like invoices, bills, receipts, statements, documents, documents from third party etc. all the proofs must be cross verified by the investor before taking any decision. Sometimes, it become tough for the investor to check that the documents are reliable or not because of some factors like provisions, depreciation etc (Low, Lacasse and Nadim, 2007). So board must also introduce some new principles to generate the reliability. Thus it could be said that reliability is very important in a business. A person could make himself reliable only if he found that all the evidences are in the favor of the statements. 9. Companys environmental provisions liability: It has been found that every individual as well as organization have few liabilities for the place they are living, the society they are serving and the environment. Mostly the reasons behind pollutions are manufacturing waste. So it is mandatory for the companies to make such strategies through which the pollution could be reduce and society needs not to face that much harm (Bezemer, 2010). An accountant is obligated to record about these expenditure too so that all the parties get to know about it. Board has planned a framework to record such kind of expenditure (Whittington, 2008). Some company thinks that spending money on such policies or society is a waste and it occurs the more cost but if it has been talked in a broad manner than it is compulsory for every business to grab more market and attract more investors. Company is a part of the society so it becomes a duty of the company to serve the society in a well manner (Glasson, Therivel and Chadwick, 2013). So an accountant must prepare a special provision and budget while preparing the financial documents. 10. Liability Recognition requirement: All the organizations worldwide are required to follow the guidelines of their board to make provisions for the welfare of the society and retaining a less polluting environment. Every board has different guidelines, but for sure it all are focusing for retaining good environment. FASB explains that every organization which are having polluting assets need to maintain a different provision for the society to save the environment (Schroeder, Clark and Cathey, 2001). More, it has also been said that a good provision could only be made if company follow the new technique i.e. fair value accounting. If a business do not follow such rules than it becomes tough for the company to remain in the market. However, it has also been analyzed that such provisions helps a company in developing its operations and attract the more finance from the market (Hk, Moldan and Dahl, 2012). It is also said that if a business want to be in the market for a long period than it should spend some of its amount in saving the environment and help the human community or society to grow up. Many companies who are focusing on the sustainability have achieved a high growth in the market. 11. Effect of Liability Recognition: Policies on sustainability, saving environment, society welfare, corporate social reasonability etc leads an organization towards a great investment. As company need to spend lot of money and that money is not at all helpful for the companys products and lead it to a high investment. Further, it has also analyzed that there are many attributes due to that the cost of capital would increase but this investment would be inn favor of the company to attract the investors and stakeholders (Evangelinos, Nikolaou and Leal, 2015). The net profitability condition of the company might decrease because of such expenditure but ultimately it would be beneficiary for the company. Thus the planning and implementation of such policies is important to enhance the total profit of the company. If cash flow is taking concern of than it has been analyzed that such cost and spending amount could decrease the percentile of profit but with the time the total profit amount would be higher because people and investor would start showing trust on that organization. Thus it could be said that it is necessary for a company to maintain some reserve and provisions for such policies to attract and gain the profit of all the investors, stakeholders, customers, society etc (Manfredi et al, 2015). a great maintenance of such policies would lead the organization on more profitability path and this would also help the organization in retaining in the market for long term. 12. Environmental Liability disclosure: Liability is a kind of duty that is has to perform by every individual. Normally, every human being has some responsibilities and liabilities towards its environment. Basically, if an organization is taking concern of than the main factor behind environment loss is manufacturing waste (Arena, Conte and Melacini, 2015). Environment could also destroy by doing some polluting stuff by company. Individuals are showing more concern towards their environment now days. So it is almost compulsory for the management to take a step towards saving the environment. So it is compulsory for every organization and their manager to maintain different budget for the sustainability of environment (Hk, Moldan and Dahl, 2012). This is important to measure the performance and its enhancement on environment. This is important in enhancing the goodwill value too. Now days it becomes a trend in organizations to spend money on sustainability and CSR. A good policy of recognition could help the company in enhancing its worth and goodwill value. Conclusion: It can be said through doing a study on the case and other published books that IFRS and FASB have different principles and their reporting principles are also different from each other. So it creates a problem for the analyst and researchers. It is suggested to the board to make a common framework for the easiness of the parties. It could be said by doing a study on the given case study that US is suggested to the change the accounting technique of cost and introduce the new technique i.e. fair value accounting technique. It has been found that the existed technique is quite old and it is not at all useful now for the investors and it doesnt depict a true value of accounts. So it is compulsory for the country to make changes. Fair value accounting would be more helpful for every party as it depicts the true worth of asset as well as business. Through this study, it could be concluded that society and environment around a company plays an important role in enhancing the worth of business. This factor also helps the company in enhancing the worth. A business needs to pay more attention towards such factors. Referencing: Arena, M., Conte, A., and Melacini, M, 2015. Linking environmental accounting to reward systems: the case of the Environmental Profit and Loss Account. Journal of Cleaner Production, 108, 625-636. Bezemer, D. J., 2010. Understanding financial crisis through accounting models. Accounting, Organizations and Society, 35(7), 676-688. Csikszentmihalyi, M., and Larson, R., 2014. Validity and reliability of the experience-sampling method. In Flow and the Foundations of Positive Psychology (pp. 35-54). Springer Netherlands. Evangelinos, K., Nikolaou, I., and Leal Filho, W., 2015. The Effects of Climate Change Policy on the Business Community: A Corporate Environmental Accounting Perspective. Corporate Social Responsibility and Environmental Management, 22(5), 257-270. Glasson, J., Therivel, R., and Chadwick, A., 2013. Introduction to environmental impact assessment. Routledge. Hk, T., Moldan, B., and Dahl, A. L. (Eds.)., 2012. Sustainability indicators: a scientific assessment (Vol. 67). Island Press. Hk, T., Moldan, B., and Dahl, A. L. (Eds.)., 2012. Sustainability indicators: a scientific assessment (Vol. 67). Island Press. Hollander, E., Kim, S., Braun, A., Simeon, D., and Zohar, J., 2009. Cross-cutting issues and future directions for the OCD spectrum. Psychiatry research, 170(1), 3-6. Jones, S., and Wolnizer, P. W., 2003. Harmonization and the conceptual framework: an international perspective. Abacus, 39(3), 375-387. Kim, Y., 2011. The contribution of social network sites to exposure to political difference: The relationships among SNSs, online political messaging, and exposure to cross-cutting perspectives. Computers in Human Behavior, 27(2), 971-977. Laux, C. and Leuz, C., (B), 2009. The crisis of fair-value accounting: Making sense of the recent debate.Accounting, organizations and society,34(6), pp.826-834. Laux, C. and Leuz, C., 2009. The crisis of fair-value accounting: Making sense of the recent debate.Accounting, organizations and society,34(6), pp.826-834. Low, B.K., Lacasse, S. and Nadim, F., 2007. Slope reliability analysis accounting for spatial variation.Georisk,1(4), pp.177-189. Manfredi, S., Allacker, K., Pelletier, N., Schau, E., Chomkhamsri, K., Pant, R., and Pennington, D., 2015. Comparing the European Commission product environmental footprint method with other environmental accounting methods. The International Journal of Life Cycle Assessment, 20(3), 389-404. Mellino, S., Protano, G., Buonocore, E., De Angelis, G., Liu, G., Xu, L., and Ulgiati, S., 2015. Journal of Environmental Accounting and Management.Journal of Environmental Accounting and Management, 3(1), 77-85. Moser, S. C., and Ekstrom, J. A., 2010. A framework to diagnose barriers to climate change adaptation. Proceedings of the National Academy of Sciences, 107(51), 22026-22031. Pearce, D., Barbier, E., and Markandya, A., 2013. Sustainable development: economics and environment in the Third World. Routledge. Ross, S.A., Westerfield, R. and Jordan, B.D., 2008.Fundamentals of corporate finance. Tata McGraw-Hill Education. Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2001. Accounting theory and analysis.Chapel Hill: University of North Carolina. Uno, K., and Bartelmus, P. (Eds.)., 2013. Environmental accounting in theory and practice (Vol. 11). Springer Science and Business Media. Whittington, G., 2005. The adoption of international accounting standards in the European Union. European accounting review, 14(1), 127-153. Xia, L., Monroe, K. B., and Cox, J. L.,2004, The price is unfair! A conceptual framework of price fairness perceptions. Journal of marketing, 68(4), 1-15. Zio, E., 2009. Reliability engineering: Old problems and new challenges.Reliability Engineering and System Safety, 94(2), 125-14

Was the Atomic Bomb used to stop Soviet expansion Essay Example For Students

Was the Atomic Bomb used to stop Soviet expansion? Essay There has been a long- standing debate on why the atomic bomb was used to defeat Japan. The threat of Russian advancement in Europe and in Asia was enough to worry the top officials in the United States and British governments. Wherever Russia would go, they would conquer that area for themselves. The imminent invasion of mainland Japan and the allied casualties that came with it were also a factor in the decision to drop the bomb. If the allied forces had invaded mainland Japan, many lives on both sides would have been lost, probably more than there lost in the bombing of Hiroshima and Nagasaki put together. The tactics that the allies had used up to this point cost hundreds of thousands of lives on both sides. This was when the Japanese only had maybe two or three thousand men on an island; whereas on the mainland millions of people would fight until their death to protect their country. Can you imagine if the Americans invaded mainland Japan, where they had not only soldiers to fight against but also the citizens of Japan? Massive destruction, immense loss of life, and the prolonging of the war until late 1946, would result to invading on foot instead of using the bomb. We will write a custom essay on Was the Atomic Bomb used to stop Soviet expansion? specifically for you for only $16.38 $13.9/page Order now Revenge also played a role in the decision to bomb Japan. The Japanese were not following the Geneva Convention in regards to treatment of prisoners of war. This document says that prisoners are not to be put through torture of physical or psychological nature. The Japanese refused to comply that and would decapitate American prisoners, or shove bamboo shoots under their fingernails. The American government also wanted revenge for the surprise attack on Pearl Harbor. The Russia territorial expansion definitely played a factor in the dropping of the bomb. The Soviet Union had already taken Poland and many other countries during the war. The Soviets were helping the Chinese with the war against Japan and would later get the railroads in China and Manchuria when Japan completely surrendered. The Americans did not want Russia to get involved in the war against Japan. The most obvious reasons would be to prevent the Russians from expanding and to keep them out of Japan where they would hamper the peace process and gain even more territory. Fortunately the Americans won the race of discovery, by using the atomic bomb. The United States proved their superior weapon power the Soviet Union and the rest of the world. The dropping of the Bomb on Japan was not entirely to halt Soviet expansion although it did play a role. .

Write Essays With Good Topic Choices

Write Essays With Good Topic ChoicesThere are a lot of really good essay topics out there. They are all easy to write, but only some will work on paper and some will have the same impact in person. When it comes to good essay topics, there are few things you can do to make sure that your essay really does work.Persuasive topics are the ones that are compelling. It's easy to write a powerful essay if you know how to write persuasively. But even with the best writing you may not be able to get your point across in the way you want. Here are some things you can do to improve your essays.First of all, make sure that you understand the different types of persuasive essay topics and the different ways they are presented. Not all subjects are the same. You don't want to write about a social issue like economic reform if the information is very technical. You also don't want to use a very technical topic like astronomy if it's very controversial. It's best to get out of your comfort zone and figure out what kinds of topics will work for your audience.Good essay topics should make people think. The difference between a successful essay and a poor one is the way the author puts their information together. Take time to read as many topics as you can about persuasive writing and then make sure that the information you gather fits the kind of essay you are trying to write.Another thing you can do to make sure that you find excellent essay topics is to learn to read between the lines. A lot of topics will appear to be quite simple, but the writer can hide a lot of complexity underneath the surface. Try to avoid focusing too much on one aspect at a time. If you can split up the topic and write in sections, this will help you avoid any of the pitfalls that can occur when you try to do all of it at once.The best essay topics are the ones that use key factors to help a conclusion seem inevitable. This is why you shouldn't rely on just facts and figures. You also need to talk abo ut emotions, emotion, and how they relate to the topic at hand.All of these are easy to write, but you can do a lot to help yourself become a better writer by studying the best persuasive essay topics. There are many great writers out there, but it's also important to pick up some writing tips. Good essay topics are not always easy to come by, but when you do get them they are worth it.Once you understand how good essay topics work you will want to be sure to keep an eye out for them. Knowing how to write the best argument for the topics you write will ensure that you can always come up with interesting topics that get readers thinking and researching them. So take some time to study the subject matter of the topics you're working on and you'll be able to write persuasive essays easier than ever before.

Entrepreneurship Essays - Catering, Restaurant, Marketing

Entrepreneurship Essays - Catering, Restaurant, Marketing PLEASE DETACH AND HAND IN THIS PAGE SEPARATELY DECLARATION OF FITNESS TO SIT EXAMINATION Students must complete the information below. Please refer to the front of your examination paper for further information. School (please tick one)Business SchoolLaw School ProgrammeBSc Business Management ExaminationEntrepreneurship Date18/08/2015 Name1045555 I am not aware of any medical or other extenuating circumstances that would impair my performance in this examinationSignature Q.Niazi .. This sheet will be collected by an invigilator during the examination. Please do not leave your desk until it has been collected Contents NIAZIS CATERING3 EXECUTIVE SUMMARY3 MISSION STATEMENT3 OUR PRODUCTS AND SERVICES3 MARKET OPPORTUNITY3 CORE VALUES &TEAM4 COMPETITORS4 FINANCIAL REQUIREMENT4 SALES AND MARKETING5 SALES AND REVENUE ESTIMATE5 FUNDING STRATEGY6 BIBLIOGRAPHY7 NIAZIS CATERING EXECUTIVE SUMMARY Niazis Catering is a private catering company run by Qadeer Niazi the founder of the business. Niazis catering provides a wide range of cuisines for private and corporate events organised in the Eastern end of London. At Niazis Catering we offer bespoke dishes along with our standard menu giving our clients a wider range of choices. Although there are several private companies that provide services in this market making it competitive enough to face challenges from the very start, however the business has a unique selling point (USP) that can help the business outstand in achieving higher sales volumes and help expand the business. The key focus of the business is to attract customers with the finest services and best quality food that can be provided at a very reasonable rate as compared to other businesses in the industry. Our food will be supplied from organic food wholesalers and we shall steer clear of GM food. Niazis Catering is regulated by the regulation (EC) No. 852/2004 for food hygiene and the business also has a license for alcohol, issued by the local authority. After getting a hold of our name in the market which is predicted to be in between a year and two of time, we would more likely condense the target customers and focus on the niche market where we will look forward to get more returns on our investments. MISSION STATEMENT At Niazis we thrive to deliver the best quality food with an exceptional standard of services and a wider range of tasty cuisines to our clients. OUR PRODUCTS AND SERVICES We provide customers to choose from five different cuisines which is the standard offering that include deserts and drinks, nevertheless the menu can be customized according to the clients requirements. The business provides meals, salads or appetizers, deserts and drinks alcoholic/non-alcoholic depending on the type of event being organized. In the initial stages of the business we aim to provide services for family gatherings, birthday parties, and corporate functions. The part that gets interested is when we get to arrange food for over 30 persons, we allow the customers to personalise the menu from three different types of cuisines. Which makes it really interesting for the guests giving them a chance to have a wider range to eat from just like in buffet restaurants. Our catering company also provides vegetarian food made available on requests. Other catering companies do provide different types of colourful salads along with the main courses but lets be honest with a venue full of people enjoying their multicultural food having a bowl/plate full of salad would not be satisfying at all. Therefore, we came up with this idea of adding vegetarian dishes to the menu. We give our customers the privilege to have complete flexibility on deciding how they would like to treat their guests with all the varieties they could possibly think of. MARKET OPPORTUNITY The catering industry has progressively improved in the past five years, after a poor demand level at which businesses had lost interest in investing or growing any further. The annual growth of the market between 2010 and 2015 is 2.2%. After settling down in the market we tend to target mainly customers those who host corporate functions. It is estimated that over 40% of the revenue in this industry is generated from corporate function orders. Corporate events organise product launch meals, conference lunch/dinner Christmas Eve functions and many more. Companies that arrange such functions require a sophisticated environment with the best cuisines available with a higher standard than usual, as a result they wish to pay a greater price for that. One of the biggest advantage

Quality Improvement Plan Essay Example | Topics and Well Written Essays - 1750 words

Quality Improvement Plan - Essay Example Reports about quality of U.S healthcare system highlight the quality to be beneath the level of expectations (Ramsom et al, 2008). Goals The Organization Has To Meet The motive of Quality Improvement Plan (QIP) is to commend support to health care associations in their attempts accomplish improvement in the health care facilities. Ontario Government in June 2010, approved the Excellent Care of All Act (ECFAA), a legislation to promote a civilization of relentless eminence development emphasizing the requirements of patients as the priority. Under such act, emphasis is laid for- a) commitment to provide elevated quality of health facilities; b) generating a constructive patient know-how to be familiar with the procedure; c) making certain that the procedure is approachable and answerable to the community and meet the expectations of the people; d) grasping its managerial group responsible for its attainment; e) identify the importance of clarity to pursue the procedure (Our Performanc e- Quality Improvement Plan). Departments, Programs & Activities To attain the projected health quality, active participation of clinicians is vital prerequisite for the quality improvement. Health professionals possess varied hierarchies and networks with least communication concerning quality of care. Clinicians with clear understanding about the quality of health care facilities as well as try to improve what is lacking are likely to be the winners. In health care sector, patient is the customer and seeks best health care and concern. Growing awareness for health care in the community also enhances the expectations of the people for high quality health care facilities. It is highly significant to design QIP keeping four constraints in consideration encompassing- safety, efficacy, accessibility and the patient focused plan. Quality Improvement Plans gyrates around these four principles as patient focuses plants is the main highlight of QIP. For the successful implementation of the QIP, it is essential for the health care providers to recognize the working of the plan. An appropriate understanding aids in enhancing the quality of patient's care and concern. QIP is a collective effort and involves contribution of all the staff members for its success encompassing effective implementation of the appropriate processes. Responsible individuals are required to take ownership of the developed QIP processes. The process is analyzed by means of focus on data and identification of problem(s) as well as by measuring performance. The amendments made in the QIP must be tested and the data procured must be analyzed to ensure that the basis of improvement is changes, progress in quality improvement involves the procedure and success attained encompass two parameters what is done and how it is being done (Quality Improvement Plan Guidance Document). The legislation necessitates that all health care associations must set up a quality board to keep an account on excellence as sociated matters; build up an annual QIP and make it available to the community, connect administrative payment to the attainment of objectives embarked in the excellence enhancement grounding, perform employee's assessments, build up a patient pronouncement of standards ensuing community consultation to deal with and enhance the patient's understanding. Thus, the annual QIP should encompass yearly performance enhancement objectives together with the justification

Underdetermination and holism Coursework Example | Topics and Well Written Essays - 500 words

Underdetermination and holism - Coursework Example This fact from the history of the growth of science shows us that the issue that the problem of undeterminism of scientific theories raises is a real issue that cannot be merely dismissed as a case of philosophical doubt. 2. A critical look at Laudan’s proposed dissolution of undeterminism shows that the Laudan’s dissolution can be used in defence of scientific realism. In his critique of undeterminism, Laudan argued that scientists and philosophers use the term undeterminism in a very loose manner. Laudan went on to argue that due to using the term undeterminism in a loose manner, the scientists and philosophers magnify the problem of undeterminism in science than the problem is. For Laudan, scientific theories are not undetermined in the sense that the theories are wholly undetermined as undeterminism hold, but scientific theories are undetermined only in the sense that the theories cannot be absolutely verified by any set of evidence. For Laudan, although, scientific theories are not absolutely verifiable by any set of evidence, scientific theories, however, are testable and their conclusions are tentative. For this reason, Laudan concluded that scientific theories can give us object ive, but tentative knowledge. A critical look at this view shows that Laudan’s dissolution of undeterminism can be used in defence of scientific realism. This is because scientific realism hold the view that scientific theories are tentative and scientific knowledge, therefore, is tentative; Laudan holds the same view. 3. A critical look at Dunhem’s problem shows that the problem doesn’t really extend to the Quinean holism about about logic, mathematics and science. This is because Dunhem holds that scientific theories are undetermined because it is impossible to test a scientific hypothesis or theory in isolation since scientific theories are interrelated and the test of any scientific