India: the Unfortunate Correlation Between Poverty and Environmental Issues

India: The Unfortunate Correlation Between Poverty and Environmental Issues India makes up 2. 4 percent of the world’s land, while supporting an increasing 18 percent of the world population (D. Nagdeve, 2006). India is considered to be one of the major developing countries, continuously growing its reputation in the global economy. However, since the Independence of India, the issue of poverty has remained a vital concern. As of last year, more than 37% of India’s population, of a totaled 1. 35 billion people, are still living below the poverty line (Economy Watch, 2010). Although there are individuals and corporations in upper-class India that are growing prosperous, there is an unfairness to those living in severe poverty suffering the environmental damage that country leaders are dismissing. As those living in poverty put pressure against the environment and vice versa; there is an evident strong correlation between poverty and environmental issues. The astounding increase in population is one of the main reasons for poverty and environmental struggles in India, along with the neglect for efficient pollution controls, and unequal distribution of farmland (B. Ruck, 2006). The high death rates in India due to unfortunate diseases, lack of health care and security in old age, leads to Indians having more children (B. Ruck, 2006). More than half of the world’s malnourished and under-weight children are located in South Asia. In these South Asian countries there is a double burden of disease and poverty, creating an endless vicious circle of high disease levels, low productivity and high poverty and death rates. An example, of a terrible disease very present in India is malaria as it is one of the most prevalent public health problems that the country is facing perennially (V. Sharma, 2003). Poverty and malaria responsively are two interwoven elements as this disease is predominantly the disease of the poor. The real poor cannot afford private treatment and therefore must resort to self-medication, usually by the usage of traditional medications, at their own peril (V. Sharma, 2003). For a country boasting about its growth rate, the fact that 53% of children in India under the age of five years live without basic healthcare facilities is shameful. This adds up to 67 million Indian children living in a risk of survival for their first few years. Poor children are three times more likely to die before their fifth irthday, while over 1 million children in India die in their first month of life annually (K. Sinha, 2008). These saddening statistics just verify that India’s health care system is doing little to nothing to care for India’s poor population. India’s high death rates, specifically for those living in poverty without health care access, leads t o families trying to conceive as many children possible in hopes of more survival. For these health reasons and cultural reasons there are many large families across India. The growth in population is resulting in an increased pressure on natural resources, from water to forests (WWF, 2003). Environmentalists worldwide, especially from richer nations, have raised concerns about the increasing populations placing excessive strains on the world’s scarce resources (A. Shah, 2005). A recent article from The Economist explains that India’s rapid industrialization, is a troublesome thought for residents, specifically those living in poverty. By the year 2020, according to the World Bank, India’s water, air, soil and forest resources will be under more human pressure than those of any other country (The Economist, 2008). Rapid population growth and poverty in a country, in this case India, is adversely affecting the environment in a devastating manner. Recently, the global population reached 7 billion human beings, all with rising levels of consumption per capita, quickly depleting natural resources and degrading the environment (A. Shah, 2005). In India, the increase of population combines with the distressed poverty to create an immense pressure on all of the country’s natural resources (D. Nagdeve, 2006). India’s economy is in high gear, leaving an immense and unfortunate trail of pollution, severely impacting not only India, but also the rest of the world (WWF, 2003). There are various types of pollution that affect India’s environment including sound pollution, waste and water pollution, and air pollution. Unwanted sounds from the natural environment; wind, volcanoes, oceans, and animal sounds, are more tolerable than man-made noises from machines, automobiles, trains, planes, explosives and firecrackers. Mumbai is rated the third noisiest city in the world, with New Delhi following closely behind. It is now increasingly understood that pollution from noise is an important component of air pollution. Noise not only causes irritation and annoyance but also constricts the arteries, and increases the flow of adrenaline forcing the heart to work faster. Continuous noise causes an increase in the cholesterol level resulting in permanent constriction of blood vessels, making humans more prone to heart attacks and strokes (P. Mitra, 2007). Perceptibly, the effects of water pollution are not only devastating to people but also to animals, fish and birds as the water is unsuitable for drinking, recreation, and the agricultural industry. Waste and water pollution diminishes the aesthetic quality of lakes and rivers while contaminating aquatic life, reducing reproductive ability (P. Mitra, 2007). Moving up the food chain, the hazard continues to negatively affect human health, supporting the notion that it is greatly challenging to escape the effects of water pollution. It is evident that there is an issue of air and water pollution in many Indian states, including Delhi. With the disturbing gray skies, Delhi’s air has been considered deadly to breathe. A third of Delhi residents are affected with chronic breathing ailments while one out of six children suffer lead induced mental retardation (South Asian Voice, 2000). The poor are first to suffer the effects of air and water pollution. The rich can minimize their exposure to the air-borne toxics by driving air-conditioned cars while those with lower incomes must travel by feet, bicycles or public transit, unfortunately finding themselves in a situation where they cannot escape the detrimental effects. In previous instances the Supreme Court ruled that certain polluting industries should be relocated out of Delhi into less well-known places like Ghaziabad, Meerut or Rohtak (South Asian Voice, 2000). This proposes that the healths of those who reside in more poverty are less important than those in the nation’s capital. The 2011 survey taken by the Pew Research Centre, presented results that 79% of Indians distinctly considered pollution a â€Å"very big problem† (The Economist, 2008). Of the Indian rural population, more than 22% live in settings with existing physical and financial predicaments in addition to the 15% living in poverty within urban India (Economy Watch, 2010). Throughout the world, including India, the poorest people are increasingly clustered in remote and ecologically fragile areas (B. Ruck, 2006). Agriculture contributes to 21% of India’s Gross Domestic Product; its importance within the country’s economic, social, and political standards are highly significant (World Bank Group, 2011). The rural population in India depends on agriculture where the weather phenomenon plays a major role on the rural economy. In the past years there have been severe droughts, affecting the economy as crops were destroyed being an identifiable catastrophe for may cultivators. In many states of India including Assam, West Bengal, Bihar and Orissa there are annual floods, which also hamper the growth of crops and farmlands (D. Talukdar, 2010). In rural districts, the best land tends to be taken over by the wealthiest of farmers, who can afford modern technology to maintain and grow crops on the larger areas of land. This inopportunely leaves poor people pressured to occupy and exploit more fragile lands including hillsides, forests and arid areas (D. Pimentel et al, 2004). It is an identifiable struggle to grow decent crops on these marginal areas of land, resulting in increased poverty for those already suffering financially while creating an augmented pressure on over-exploited lands (B. Ruck, 2006). About half of India’s land is affected by soil erosion meaning that India’s soil is naturally removed by the action of water or wind roughly at the same rate as soil is formed. The country proceeds with irrigation, bringing water to the land in a variety of artificial means, which is leading to desertification of once fertile land. A result of desertification is deforestation; taking a toll of 400 million people who depend on non-timber produce (V. Sharma, 2003). Further actions which should be implemented powerfully into India’s lifestyles is improving supplies of clean water; to reduce time spent gathering unclean water while also reducing the illnesses caused by these foul water supplies (World Poverty, 2011). By improving the supply of accessible, affordable health care information and services, the country can reduce the vulnerability of diseases within poverty stricken areas while also improving the state of India’s natural environment. Furthermore, improving the training and equipment of farmers would be beneficial to those living in India, as this would help increase crop yields and conserve the environment (World Poverty, 2011). Poverty can be recognized as both the cause and effect of environment degradation. As India’s population and economy continues to substantially grow, the country’s need to find effective solutions becomes significantly more urgent each day. The strong correlation between poverty and environmental issues is expanding as both continue to put pressure against each other. The aspirations of more than one billion people; suffering through poverty and environmental struggles, must be recognized and relieved. References â€Å"Agriculture – India: Priorities for Agriculture and Rural Development. † World Bank Group. N. p. , n. d. Web. 1 Nov. 2011. . Bass, Stephen. Reducing poverty and sustaining the environment the politics of local engagement. London, Sterling, VA: Earthscan, 2005. Print. Bhattacharya, Haimanti, and Robert Innes. â€Å"Is There a Nexus between Poverty and Environment in Rural India?. † AgEcon Search: Item 21201. N. p. , n. d. Web. 1 Nov. 2011. . Economy Watch Content. â€Å"Poverty in India . † Economy Watch. N. p . , 4 Apr. 2010. Web. 30 Oct. 2011. . Foundation for Sustainable Development. Environmental Issues in India | Foundation for Sustainable Development. † Welcome to FSD | Foundation for Sustainable Development. N. p. , n. d. Web. 1 Nov. 2011. . Gadgil, Madhav, and Ramachandra Guha. â€Å"Development and Change. † Ecological Conflicts and the Environmental Movement in India. Online: The Hague, 1994. 101 – 136. Print. Nagdeve, D. A.. â€Å"IIPS-Envis Center on Environment and Population. † IIPS-Envis Center on Population and Environment. N. p. , n. d. Web. 1 Nov. 2011. . Pimentel, David, Bonnie Berger, and David Filiberto. Water Resources: Agricultural and Environmental Issues. California: BioScience, 2004. Print. Ruck, Barbara . â€Å"Poverty and the Environment. † World Vision. N. p. , n. d. Web. 29 Oct. 2011. . Shah, Anup. â€Å"Poverty and the Environment aâ‚ ¬Ã¢â‚¬  Global Issues. † Global Issues : social, political, economic and environ mental issues that affect us all aâ‚ ¬Ã¢â‚¬  Global Issues. N. p. , n. . Web. 1 Nov. 2011. . Sharma, V. â€Å"Malaria and poverty in India. † Current Science 84. 4 (2003): 513 – 515. Print. Sinha, Kounteya. â€Å"53% Indian kids under 5 lack healthcare – Times Of India. † The Times Of India. N. p. , 8 May 2008. Web. 6 Nov. 2011. . â€Å"Solutions to World Poverty. † World Poverty. N. p. , n. d. Web. 3 Nov. 2011. . â€Å"Solutions to World Poverty. † World Poverty. N. p. , n. d. Web. 2 Nov. 2011. . South Asian Voice . â€Å"Problems of Indian Development: Environmental Issues, Preserving the Environment, Ending Poverty. † South Asian Voice . N. p. , n. d. Web. 28 Oct. 2011. . Talukdar, Diganta. â€Å"Poverty and Health: Major challenges for India. † Citizen Journalism News Platform – merinews. N. p. , 22 July 2010. Web. 6 Nov. 2011.

Macbeth Observation, Interpretation, and Critique Essay

In William Shakespeare’s story Macbeth, the hero, faces a conflict that impacts how the play will go and delivers a message within the story. The conflict starts with the prophecies of the Weird Sisters and later on gets worse from the trickery of Lady Macbeth. The result concludes a series of repeating thoughts running through Macbeth’s mind, whether to kill or not to kill Duncan. During the time in which Macbeth’s conscience is still intact, the scene of the angel versus the devil haunts Macbeth. On one of Macbeth’s shoulders is the white angel, his conscience, and on the opposite shoulder sits the red devil, that represents the Weird Sisters and Lady Macbeth’s tricks. Macbeth’s conscience tells him all the reasons why he should let Duncan live. Duncan is a king that has ruled Scotland well by far. Therefore Duncan’s death would not be favored by any one, it will be as an act of betrayal and disloyalty, not relief. With Macbeth committing murder, he risks his honor; Macbeth has been proven to be a loyal and honorable noble. If the murder leads Macbeth back to the investigators, Macbeth’s life will be ruined. Macbeth’s wife helps him to reconsider the effects of killing Duncan. While being king, Macbeth will be more powerful than a noble. Lady Macbeth does this so out of love for her husband, and for her own benefit, she refuses to suffer her husband’s uncertainty and attacks Macbeth’s manhood in order to convince him to take this opportunity to achieve his ambitions by killing Duncan. With Lady Macbeth’s threat and his conscience destroyed, Macbeth sets out to do the work evil.

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

International Journal of Business and Social Science Vol. 2 No. 20; November 2011 Fair Value Accounting: Its Impacts on Financial Reporting and How It Can Be Enhanced to Provide More Clarity and Reliability of Information for Users of Financial Statements Ashford C. Chea School of Business, Kentucky Wesleyan College 4721 Covert Avenue, Evansville IN 47714 USA Abstract The author begins the paper with a brief historical development of the Statement of Financial Accounting Standards (FAS 157) and its impact on fair value accounting.This is followed by the methodology employed in the research. Next, he reviews the literature on major issues in fair value accounting and financial reporting, and presents his findings from the study. The researcher ends the paper with recommendations to enhance the usefulness of fair value accounting and draws implications for financial reporting and users of financial statements.Keywords: Fair Value, Measurement, Financial Instruments, Market 1. INTRODUCT ION In December of 2001, accounting standard-setters around the world published a consultation paper (Financial instruments and similar items) that proposes fundamental changes to the way financial instruments are reported in the accounts of companies.In particular, the paper proposes, inter alia, that all financial instruments should be measured at fair value. The banking sector has long argued that such an approach is not appropriate for banks and that, to the extent that there are weaknesses in the way that banks currently account for their financial instruments, those ills are better addressed through incremental, than fundamental , change (Ebling, 2001).The Financial Instruments Joint Working Party of standard setters (JWP) main proposal are that: (a) all types of entity should measure all their financial instruments at fair value, and should recognize all changes in those fair values immediately in the profit and loss account; (b) the fair value of an instrument should be its estimated market exit price; (c) no exceptions should be made for financial instruments used in hedging arrangements (i. e. there should be no hedge accounting for financial instruments( Bies, 2005)).In other words, a financial asset for which an active market exists should be carried in the balance sheet at its market bid price and changes in that bid price should be recognized immediately in the profit and loss account. This would be the case regardless of the reason why the instrument is being held –for example, even if it is being held as a hedging instrument or being held until it matures—and regardless of the cause or nature of the market price change involved (Ebling, 2001). FAS 157 – Statement of Financial Accounting Standards No. 57, Fair Value Measurements—defines fair value and establishes a frame work for measuring fair value in generally accepted accounting principles (GAAP). While previous pronouncements involving valuation focused on what t o measure at fair value, FAS 157—issued by the Financial Accounting Standards Board (FASB) on September 15, 2006—focuses on how to measure fair value (Sinnett, 2007). What is fair value? FAS 157 are quite prescriptive, defining it as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between participants at the measurement dates (Chambers, 2008).FAS 157 put in place a framework for fair value measurement and disclosure. Perhaps the most important feature in FAS 157 is the requirement to set out financial statements in three levels that describe the reliability of the inputs used to establish fair value. Fitch describes it as the fair value hierarchy. So Level 1 is quite straightforward, as the price used are identical to the input and discovered in something like a public exchange. It gets quite complicated for Level 2 assets and liabilities, because the prices used might be inferred from an index or another secu rity with similar attributes to the one being measured.Fair value measurement in Level 3 assets are purely model-driven, consisting of unobservable inputs, and have understandably swollen as markets have grown increasingly illiquid and disorderly (Chambers, 2008). For many years, users of financial statements have sought relevant and timely information about financial instruments and off-balance sheet items and activities. It is believe that fair value measurements and recognition of these values in the financial statements, along with adequate disclosures, will provide necessary information to evaluate properly an enterprise’s exposures to financial risks, as well as rewards (Anonymous, 2002). 2  © Centre for Promoting Ideas, USA www. ijbssnet. com This is because fair value reporting reflects the economic reality by showing the volatility inherent in the values of financial instruments given changes in market conditions and operations of the enterprise. Historic cost-base d accounting smoothes these effects, thus, obscuring this volatility and masking the economic impact of various positions held in financial instruments (Anonymous, 2007). 2. METHODOLOGY This paper relies on the literature review of current relevant articles focusing on accounting for fair value.Except where a source was needed specifically for its perspective on broad issues relating to fair value accounting, the author screened by ? fair value accounting? and by numerous variants of keywords, focusing specifically on fair value accounting and financial reporting in firms. Source papers included refereed research studies, empirical reports, and articles from professional journals. Since the literature relating to fair value accounting is voluminous, the author used several decision rules in choosing articles.First, because the accounting profession is changing fast in today’s environment, especially for financial instruments, the author used mostly sources published 2002-2010 , except where papers were needed specifically for their historical perspectives. Second, given the author’s aim to provide a practical understanding of the main issues in fair value accounting, he included, in order of priority: refereed empirical research papers, reports, and other relevant literature on current firms’ fair value reporting practices.To get some perspective on the current state of fair value accounting, the author begins with a literature review of some of the most important issues relating to the concept. 3. LITERATURE REVIEW 3. 1. Statement of Financial Accounting Standards (FAS 157) FAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This definition abandons a longstanding practice of using the transaction price for an asset or liability as its initial fair value.In other words, fair value will no longer be base d on what you pay for something; it will now be based on what you can sell it for, also known as its ? exit price.? Just as important, this definition emphasizes that fair value is market based— requiring the consideration of what other market participants might pay for something—and is no longer entityspecific. Valuation will now be determined by a skeptical, rather than optimistic, buyer. In turn, the level of data available to measure fair value will determine how the valuation of an asset or liability is determined.Common valuation techniques identified by FAS 157 are the market approach, income approach and/or cost approach. These models require inputs that reflect assumptions that market participants would use for pricing an asset or liability. Observable inputs would be based on market data obtained from independent sources, such as stock exchange prices. Meanwhile, in the absence of an active market for an asset or liability, unobservable inputs reflect the rep orting entity’s own assumptions.The standard provides a fair value hierarchy that gives highest priority to quoted prices in active markets (defined as level 1) and lowest priority to unobservable inputs (level 3) (Sinnett, 2007). 3. 2. Mark to Market Mark-to-market accounting refers to the accounting standards of assigning a value to a position held in a financial instrument based on the current fair market price, rather than its original cost or book value, for the instrument or similar instruments. Fair value has been part of U. S. generally accepted accounting principles (GAAP) since the early 1990s.Investors demand the use of fair value when estimating the value of assets and liabilities. This has been influenced by investors’ desire for a more realistic appraisal of an institution’s or a company’s current financial position. Mark to market is a measure of the fair value of accounts that can change over time, such as assets and liabilities. For examp le, financial instruments traded on a futures exchange, such as commodity contracts, are marked to market on a daily basis at the market close (Metzger, 2010). When banks mark to market, they follow two steps.First, they estimate the net realizable value of their portfolio of asset-backed securities. This involves discounting the cash flows of these assets. Then under fair value accounting, they have to take a haircut on these values that takes into account the price at which they could sell the assets. When the market is not functioning, of course, this haircut is very large. This is important because it suggests that the huge decline in the value of bank assets is not due to a decline that has certainly occurred—but rather to the market’s judgment about the risk of resale by a purchaser.It is this risks that—when combined with fair value accounting—has forced the write-downs in bank assets (Wallison, 2009). 3. 3. Relevance 13 International Journal of Bu siness and Social Science Vol. 2 No. 20; November 2011 The debate of fair value accounting basically revolves around the issues of relevance and reliability. Before discussing the issues of relevance of fair value, the author looks briefly at how fair value and relevance are generally defined.Fair value is defined in the FASB’s Preliminary View documents as an estimate of the price an entity would realized if it has sold an asset or paid if it had been relieved of a liability on the reporting date in an arm’s –length exchange motivated by normal business consideration. Relevance is defined in the glossary of the FASB Statement of Financial Accounting Concepts No. 2 as the capacity of information to make a difference in a decision by helping users to form predictions about the outcomes of past, present, and future events or to confirm or correct expectation (Poon, 2004). 3. 4.Reliability and Measurements Reliability is defined in the glossary to the FASB Statemen t of Financial Accounting Concepts No. 2 as the quality of information that assures that information is reasonably free from error and bias and faithfully represented what it purports to represent. Fair value as an estimate of exit value under normal market condition is well defined and noncontroversial when there are well-established liquid markets. What if there is no liquid market? This is the situation in which an estimation of fair value will inevitably involve prediction of future cash flows and selection of appropriate discount rates.These estimates depend on management’s assumptions and measurement error. This has the potential to mask deliberate miscalculation and manipulation of the numbers. Both the FASB and the JWG acknowledge that some significant measurement issues must be resolved and they are working on developing more guidance regarding estimating fair value and establishing appropriate controls. However, it should be noted that the use of estimate is an esse ntial part of preparation of financial statements, e. g. the ubiquitous use of estimates in pension accounting (Poon, 2004).If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would be reliable information useful in the decision-making process. However, because many assets and liabilities do not have an active market, the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations less reliable (Bies, 2005). 3. 5. Verification As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value estimates.However, verification of valuations that are not based on observable market prices is very challenging. Many of the values will be on inputs and methods selected by management. Estimates based on these judgments will likely be difficult to verify. Both auditors and users of financial statements, including credit portfolio managers, will need to place greater emphasis on understanding how assets and liabilities are measured and how reliable these valuations are when making decision based on them (Bies, 2005). 3. 6.Disclosure The FASB states that the proposed update would change the wording used to describe the principles and requirements in U. S. GAAP for measuring fair value and for disclosing information about fair value measurements. Specifically, the proposed update would include amendments to (a) clarify FASB intent about fair value application of existing fair value measurement and disclosure requirements, and (b) change a particular principle or requirement for measuring fair value or disclosing information about fair value measurements (Elifoglu et al. 2010). 3. 7.Financial Instruments Financial instruments versus nonfinancial instruments—many see fundamental inconsistency between measuring financial instruments at fair value and nonfinancial items largely on historic cost basis. Standard-setters reco gnize that whenever a boundary is drawn between financial statement items with different measurement attributes some inconsistencies and complexities often results. It is argued that there is economic logic in drawing a line between financial instruments and nonfinancial items, and more so than drawing a line including some inancial instruments but not others (Hague, 2002). Conceptually, the periodic returns on financial instruments can be separated into three components with distinct sustainability or certainty. The first two components—amortized cost interest and the difference between fair value interest and amortized cost interest-sum to fair value interest. It is useful to distinguish these two components of fair value interest because amortized cost interest is both sustainable and certain, whereas the difference between fair value interest and amortized cost interest is sustainable but uncertain.The difference between fair value interest and amortized cost interest is sustainable because unexpected changes in interest rates and the resulting unexpected changes in fair values affect fair value interest calculations throughout the remaining lives of financial instruments. 14  © Centre for Promoting Ideas, USA www. ijbssnet. com For example, an unexpected gain on a financial asset due to a decrease in interest rates in the current period reduces expected fair value interest revenue on the asset throughout its remaining life.This third component of the periodic returns to financial instruments is the unexpected change in their fair values during the period. Unexpected changes in the fair values of financial instruments are both unsustainable and uncertain (Ryan & et, al. , 2002). 3. 8. Financial Reporting The reporting of financial assets and liabilities is an election on a contract-by-contract basis and not mandatory. Therefore, not all instruments will necessarily be reported at fair value.In order to distinguish instruments that are reported at fair value from those that employ some other measurement, firms will have one of two reporting options on the statement of financial position. A firm may display the two classifications, fair-value and non-fairvalue carrying amounts, as separate line items on the statement of financial position. The second option for reporting is parenthical disclosure where the firm presents the aggregate of the two classifications and discloses the amount of the fair value parenthically (Schneider & McCarthy, 2007). . 9. Critics of Fair Value Critics argue that fair value accounting has created a false short-term visibility in the case of pension funding and hastened the demise of defined benefit schemes. More generally, critics argue that the financial crisis demonstrates the pro-cyclicality of fair values when accounting is tightly coupled to prudential regulatory systems, and the unreliability of marking to model in less than liquid asset markets, especially for assets which are being held for the long term (Power, 2010).They also add that the impact of fair value accounting (FVA) is likely to be more restrictive lending policies, and more demanding loan covenants, than are necessary for sound risk management, together with pricing which will be higher than is economically necessary (Allatt, 2001). Moreover, several commentators remarked on the fictional and imaginary nature of fair value and bemoaned their subjectivity and potential for manipulation and bias.Regardless of whether these criticisms have substance, it is also the case that if enough people believe in fictions, then they can play a role in constituting markets (Power, 2010). Many are comfortable with historic cost/realization accounting on the grounds that it is familiar and provide a more stable basis for prediction of future accounting than fair values. They argue that fair value based earnings cannot be predicted in the same way because of the effects of uncertain future events and see this as a significa nt drawback in being able to prepare budgets, forecasts, etc. nd to manage analysts’ expectations (Hague, 2002). Nevertheless, many critics of the subjectivity of fair value miss the real point. The very idea of reliability is being reconstructed in front of their eyes by shifting the focus from transactions to economic valuation methods, and by giving these methods a firmer institutional footing. Deep down the fair value debate seems to hinge on fundamentally different conceptions of the basis for reliability in accounting, making it less of a technical dispute and more of the politics of acceptability (Power, 2010). . 10. Proponents of Fair Value Few will question the relevance of information based on market prices as historical cost information is based on market prices at which assets were initially acquired and liabilities were initially incurred whereas fair value are based on current market prices. Fair value reflects the effects of changes in market conditions and cha nges in fair value reflect the effect of changes in market conditions when they take place. In contrast, historical ost information reflects only the effects of conditions that existed when the transaction took place, and the effects of price changes are reflected only when they are realized. As fair value incorporate current information about current market conditions and expectations, they are expected to provide a superior basis for prediction than outdated cost figures can since these outdated cost figures reflect an outdated market conditions and expectations (Poon, 2004).Proponents of fair value in accounting often appeal to notions of telling things as they are and of improving transparency. They point to areas such as pension accounting or the savings and loans industry in North America where fair values would have made problems (deficits, poor performing loans) visible much earlier, thereby enabling corrective action. An often heard trope is that one should not shoot the me ssenger of poor asset quality (Ebling, 2001). 4. FINDINGSWhile there is a large number of assets and liabilities reported or disclosed in financial statements, the percentage of these items and the dollar impact on earnings may not have been exorbitant for most companies, except for financial institutions. 15 International Journal of Business and Social Science Vol. 2 No. 20; November 2011 In 2008, only 27% of the total assets of the S&P 500 companies that had adopted FAS 157 were actually reported at fair value (Zion et al. , 2009). While this represents about $6. 6 trillion in assets, it is still a relatively small percentage of the assets.Because of the mixed attribute model used in U. S. Generally Accepted Accounting Principles (GAAP), some assets are measured using fair value while others—even very similar assets are measured at cost, or amortized cost, or by some other measure. The nature of the assets held by these companies determined, to a large extent, their exposur e to risk in the credit crisis. Companies in the financial sector had a much larger number of fair valued assets (39%) then did, for instance, companies in consumer staples (2%).Even within the financial sector, investment banks and insurance companies, most of whose assets are reported at fair value, were impacted more than commercial banks, whose largest assets is generally loans, which are not reported at fair value (Casabona & Shoaf, 2010). In addition, there is ample empirical evidence to support the relevance of fair value information of financial instruments. For example, Barth (2006) finds that fair valuation of investment securities influences the share price indicating that it provides extra information to investors.Additional discussion of findings of research on accounting for fair value of financial instruments can be found in FASC 1998 study (Poon, 2004). 5. ANALYSIS AND DISCUSSION While most people agree that fair values are the most relevant measure for financial ass ets and liabilities that an entity actively trades, some (most notably, those in the banking industry) argue that historical cost is the more appropriate measure if management intends to hold an asset or to owe a liability until maturity.The rationale for accounting on a historical cost basis is that it better reflects the economic substance of the transactions and the actual cash flow over time. They argue that fair value information, on the other hand, would reflect the effects of transactions and events in which the entity would not participate and thus is often irrelevant. The question here is whether management’s decision to hold assets or to continue to owe liabilities in light of changed market condition is relevant in evaluating the entity’s financial position and performance (Poon, 2004).Some also argue that the outcome of fair value accounting on entity’s financial liabilities is counterintuitive if its credit risks changes. The fair value of a financi al liability will decrease when the issuing entity’s credit risk deteriorates because the interest rate on the initial issue date would now be lower than what it would be if the liability was issued today. Conversely, if an entity’s credit rating improves, an increase in the fair value of its financial liability will result.However, as explained in Barth and Landsman (1995), changes in the credit rating represent wealth transfers between creditors and stockholders. It is not counterintuitive to see a decrease (an increase) in the value of a financial liability when there is a wealth transfer from creditor (stockholders) to stockholders (creditors) corresponding to the deterioration (improvement) of the credit rating of the issuing entity. Therefore, the outcome of fair value accounting is not readily counterintuitive.But as illustrated in Lipe (2002), financial statement users must be better educated about the impact of fair value accounting on financial liabilities. I n particular, a decrease (an increase) in the fair value of financial liabilities should not be interpreted as positive (negative) if it is due to deteriorating (improving) credit quality. In addition, loan covenants have to be revised and financial ratios involving financial liabilities have to be analyzed accordingly (Lipe, 2002).Still another argument against fair value accounting is the induced volatility of earnings if changes in fair values are reported in earnings. Some believe that this volatility of earnings may not correlate to management’s performance and that this would make it more difficult for users to predict future performance. First, this is not a reliability issue since fair values can be reliably measured but still vary a great deal from one period to another.Second, the requirement of fair value reporting does not have to go hand in hand with the requirement of recognizing changes in fair values in reporting earnings (Poon, 2004). For this reason changes in fair value should be separately reported based on causes such as the passage of time, changes in market conditions, changes in the entity’s financial health, changes in estimate, and changes in valuation techniques.Requiring fair value information as supplemental disclosures instead of financial statement recognition also addresses some of the concerns (e. g. , volatility of reported assets, liabilities, and earnings) of the opponents of fair value accounting. In addition, this will allow financial statement users to decide on their own how much reliance they will put on and how to use fair value information (Poon, 2004).FSP FAS 175-4 provides application guidance to assess whether the volume and level of activity for asset or liability have significantly decreased when compared with normal market conditions. However, this assessment should consider whether there are factors present that indicate that the market for the asset is not active at the measurement date, such as : (a) there are few recent transactions based on volume and level of activity in the market, (b) price quotations are not based on current information , 16  © Centre for Promoting Ideas, USA www. ijbssnet. com c) price quotations vary significantly either over time or among market makers , (d) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) (e) There is a significant decline or absence of a market for new issuances (Casabona & Shoaf, 2010). Research by Federal Reserve staff shows that fair value estimates for bank loan can vary greatly, depending on the valuation inputs and methodology used. For example, observed market rates for corporate bonds and syndicated loans with lower-rated categories have varied by much as 200 to 500 basis points.Such wide ranges occur even in the case of senior bonds and loans when obligors are matched. Moreover, the FASB statement on the proposed fair v alue standards that reliability can be significantly enhanced if market inputs are used in valuation. However, because management uses significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue (Bies, 2005) 6. RECOMMENDATIONS In order to provide more relevant information to financial statement users, fair value information should be reported for all financial assets and liabilities.Given that there are still some important conceptual and practical issues relating to the reliable determination of fair value, it is better to first require full fair value disclosures before contemplating a shift to full fair value recognition in financial statements. That would enable investors, creditor, preparer, auditors, and regulators to learn from experience. When the issues relating to the reliable determination of fair values are resolved, they will be ready for full fair value recognition in financial statements (Poon, 2004).T he author concords with the SEC recommendations, which are expected to impact the FASB’s future activities, including (a) improve fair value accounting standards (b) improve the application of existing fair value requirements (c) readdress the accounting for financial asset impairment s (d) establish formal measures to address the operation of existing accounting standards in practice (e) implement further guidance to foster the use of sound judgment of practitioners (f) address the need to simplify the accounting for investments in financial asset (Casabona & Shoaf, 2010).The first priority seems to be to work in close co-operation with users and preparers of financial statements to further consider the practicality of the proposals and to demonstrate or refute the relative merits of fair value and historic cost based reporting of financial statements for users’ analysis purposes. Such work should involve rigorous testing to consider how fair value information would b e used in decision models, as well as to stimulate the preparation of fair value information to understand better the extent of many of the practical concerns (Hague, 2002).Second, implementation of the proposals would provide more useful, relevant and transparent information about an enterprise’s use of financial instruments than is available today. The full benefits, however, will only be understood with careful study and education about how to use the new information. A somewhat different mindset and base of expertise (from that appropriate to traditional recognition and historical cost-based accounting for financial instruments) is also necessary. This includes integrating knowledge of certain finance and capital-markets concepts and practices with financial accounting objectives and concepts (Hague, 2001).Third, financial instruments should be grouped and displayed on the balance sheet based on the underlying characteristics of the instruments, such as unconditional righ ts to receive or obligations to deliver, and by major classes within these groups. Detailed, descriptive information about the nature and terms of these financial instruments, as well as management’s policies pertaining to them, should be disclosed in the notes to the financial statements in a manner consistent with the balance sheet (Anonymous, 2002). Fourth, fair values reflect point estimates and by themselves do not result in transparent financial statements.Hence, additional disclosures are necessary to bring meaning to these fair value estimates. FASB’s proposal take a first step toward enhancing fair value disclosures related to the reliability of fair value estimates. Additional types of disclosures should be considered to give users of financial statements a better understanding of the relative reliability of fair value estimates. These disclosures might include key drivers affecting valuations, fairvalue-range estimates, and confidence level (Yonetani & Katsu o, 1998). Finally, another important disclosure consideration relates to changes in fair value amounts.For example, changes in fair value of securities portfolio can arise from movements in interest rates, foreign-currency rates, and credit quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given adequate disclosures about what factors caused the changes in fair value (Bies, 2005). 7. IMPLICATIONS FOR FINANCIAL REPORTING AND MANAGERIAL DECISION-MAKING Several implications are drawn from this paper. 17 International Journal of Business and Social Science Vol. 2 No. 20; November 2011First, standard-setters and regulators would be required to provide more specific guidance on how to determine fair value for financial statements. Perhaps, they can list some common valuation techniques and indicate their appropriateness in various circumstances. Disclosure requirements would include disclosure of fair value of all financ ial instruments along with method adopted to determine fair values, any significant assumptions used in their estimation, some indications of the sensitivity of the estimated fair value to these assumptions, and discussion of risk exposure and issues associated with the estimation of fair value (Poon, 2004).Second, the role of external financial reporting is to portray an enterprise as if seen through the eyes of management—that is, that financial reporting should be consistent with internal management practices. It is, obviously, desirable that there be as much compatibility between the two as possible. However, it is difficult to see how accounting that is driven by the manner in which an enterprise chooses to manage its financial instruments and risks can provide information to financial statement users that are consistent and comparable between enterprises (Hague, 2002).Third, the objectives of financial analysis are to discern and assess the effects to an enterprise†™s performance and financial condition, including those that result from its risk management policies and decisions that involve financial instruments. In addition, financial statement users want to assess how well an enterprise effectively applies these policies in managing the risks of the enterprise. Therefore accounting and disclosure requirements related to financial instruments must be designed to explain (a) risks inherent in a given business (b) hedging strategies employed and (c) outcome(s) of such hedging activities.In other words, financial and nonfinancial disclosures should provide sufficient information for users of this information to discern and answer question, such as these: (a) what are management’s policies and procedures for using certain financial instruments? (b) How extensively does the enterprise use these financial instruments as part of its risk management? (c) What are the timing and the magnitude of the effects of the instruments on fair values in the balance sheet and changes in these values reflected in the income statement? d) How effective, or ineffective, are the position in these financial instruments as hedges in managing the risk exposure of the enterprise? And (e) what portion of the gains and losses reported in the balance sheet and income statement is realized and unrealized? (Anonymous, 2002). Fourth, the fact that management use significant judgment in the valuation process, particularly for level 3 estimates, add to the concern about reliability. Management bias, whether intentional or unintentional, may result in inappropriate fair value measurements and misstatements of earnings and equity capital.This was the case in the overvaluation of certain residual trenches in securitizations in recent years, when there was no active market for these assets. Significant write-downs of overstated asset valuations have resulted in the failure of a number of finance companies and depository institutions. Similar problem s have occurred due to overvaluations in nonbank trading portfolios that resulted in overstatements of income and equity. The possibility of management bias exists today. There continue to be new stories about charges of earnings manipulation, even under the historical cost accounting framework.It is believe that, without reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements will be even greater (Bies, 2005). Fifth, three fundamental goals of accounting that are likely to have influenced the choice of fair value accounting for all financial firms. One of these objectives is to minimize what is called management bias. Management has an obvious incentive to inflate the value of a company’s assets, and many ways to do it. Marking a company’s assets to market is an effective way of taking his element of financial statement manipulation out of management’s hands (Wallison, 2009). Finally, the opt ion to use fair value for certain assets and liabilities will provide more relevant information to the users of financial statements. However, since the fair value usage can be elected for some financial assets and financial liabilities and avoided for others, there is a loss of consistency in the financial statements between entities and even within a single entity. Also the new standard imposes additional disclosure requirements (Schneider & McCarthy, 2007). 8. CONCLUDING REMARKSCurrent methods of accounting for financial instruments have been of concern to accounting standard-setters around the world for some time now. These concerns about financial instruments start from the observation that markets now exists for either the instruments themselves or the various financial risks that arise from the instruments, and the availability of those markets enables entities to actively manage the financial risks and, thereby, to realize some or all of the market value of their financial i nstruments with ease. (Ebling, 2001). 18  © Centre for Promoting Ideas, USA www. ijbssnet. comIt has been argued that different conceptions of what is for an accounting estimate to be reliable underlie the fair value debate as it has taken shape in the last decade. The language of subjectivity and objectivity is unhelpful in characterizing what is at stake; it is more useful to focus on the question of how certain valuation technologies do or don’t become institutionally accepted as producing facts (Power, 2010). However, the shift in accounting principles will not come without some additional effort by all capital market participants, including preparers, auditors, regulators, and users of this information.It is realized that accounting and reporting based on fair value principles, in comparison with historical cost-based principles, require more extensive and detailed analysis of the methods and assumptions used to determine values recognized in the financial statements. This in turn, will require market participants to redesign the current financial reporting model and to educate themselves in the application of these new principles. Nonetheless, transparency of the true economic consequences, i. e. isks and rewards, resulting from the use of financial instruments justifies the movement to a fair value based model for financial reporting (Anonymous, 2002). Certainly, mark-to-market reporting has its drawbacks, especially for derivatives. First, fair value based on market prices can be difficult to determine for complex and lightly traded instruments. These types of derivatives are the level 3 type mentioned above. These derivatives are usually measured using a mark-to-model process, which can be arbitrary at best and fraudulent at worst.Next, there is the theoretical issue, as banks successfully argued, as to whether market price does indeed represent fair value. Also, the relevance of market prices can be challenged with respect to intent. Some ob servers challenge the relevance of market prices because they believe that, if government officials do not intend to trade derivatives but rather hold them to maturity, as is usually the case with derivatives used for hedging, then the time and expense of determining fair value may not be worthwhile.Still, using fair value accounting is proper for derivative reporting because it enhances the following qualities or objectives of financial measurement and reporting: accountability, transparency, consistency, inter-period equity, and risk management (Metzger, 2010). REFERENCES Allatt, G. (2001). Fair value accounting: Examining the consequences. Balance Sheet, 9, 22-26. Anonymous (2007). Statement of financial accounting standards No. 159: The fair value option for financial assets and financial liabilities. Journal of Accountancy, 203, 96-101. Anonymous (2002). Financial instruments: Fair values and disclosure.Balance Sheet, 10, 12-20. Bath, M. (2006). Including estimates of the futur e in today’s financial statements. Accounting Horizon, 20, 271-286. Barth, M. & Landsman, W. ( December, 1995). Fundamental issues related to using fair value accounting for financial reporting. Accounting Horizons, 97-107. Bies, S. S. (2005). Fair value accounting. Federal Reserve Bulletin, 91, 26-30. Casabona, P. & Shoaf, V. (2010). Fair value accounting and the credit crisis. Review of Business, 30, 19-31. Chambers, A. ( March, 2008). How do you mark to market? Euromoney, 1-3 Ebling, P. (2001). Fair value accounting: Breaking a butterfly upon a wheel?Balance Sheet, 9, 22-27. Elifoglu, I. H. , Fitzsimons, A. P. , & Lange, G. A. (2010). FASB proposal clarifies fair value measurement and disclosure. Commercial Lending Review, 75, 42-48. Hague, I. (2001). Fair debate for fair value. CA Magazine, 134, 47-49. Hague, I. (2002). Fair value for financial instruments: Where to next? Balance Sheet, 10, 8-12. Lipe, R. (2002). Fair value debt turns deteriorating credit quality into pos itive signals for Boston Chicken. Accounting Horizons, 17, 169-181. Metzger, L. (2010). Mark to market governments. The Journal of Government Financial Management, 59, 16-20. Poon, W. W. (2004).Using fair value accounting for financial instruments. American Business Review, 22, 39-44. Power, M. (2010). Fair value accounting, financial economics and the transformation of reliability. Accounting and Business Research, 40, 197-211. Ryan et al. (2002). Reporting fair value interest and value changes on financial instruments. Accounting Horizons, 16, 259-268. Schneider, D. K. & McCarthy, M. G. (2007). Fair value accounting broadened with FAS-159. Commercial Lending Review, 45, 28-36. Sinnett, W. M. (2007). New fair value standards stress HOW not just WHAT. Financial Executive, 23, 33-36. Wallison, P. J. (2009).Fixing fair value accounting. OECD Journal on Budgeting, 9, 99-105. Yonetani, T. & Katsuo, Y. (1998). Fair value accounting and regulatory capital requirements. Economic Policy Rev iew, 4, 33-44. Zion, D. , Varshney, A. & Cornett, C. ( June, 2009). Focusing on fair value. Credit Suisse Equity Research, 4, 18-20. 19 Copyright of International Journal of Business & Social Science is the property of Centre for Promoting Ideas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.

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British Airways Organisational Planning Introduction The purpose of this report is to identify different types of planning that organisations use in order to achieve there objectives and goals. This report will also evaluate the purposes and benefits of formal planning in relation to the chosen organisation, British Airways. Organisations set goals as a way of expressing what they would hope the business to achieve in the future. A goal can be best described as A desired state of affairs which an organisation attempts to realise. (Etzioni 1964, p 6). Mission planning is similar to that of setting goals but these aims are somewhat vaguer and are usually on a more global level (Barney and Griffin, 1992). Goals and mission statements along with effective decision making are essential tools that organisations can use to plan what the direction the company will follow in order to exploit its maximum potential and ensure success. This main part of this report will look at the different types of plans that organisations may use. It will also highlight the types of information that may be sought by organisations, such as British Airways, and the ways in which that information could be gathered to inform planning. British Airways The chosen company for the purpose of this assignment is the airline and holiday company, British Airways. British Airways is a Public Limited Company. The current name and structure was established in 1976, although previous ventures date back to 1910. It is the UKs largest international scheduled airline. The British Airways group consists of British Airways Plc and a number of subsidiary companies, for example British Airways Holidays Ltd. The company are affected by three main environmental factors these are: Minimising Carbon Emissions and noise pollution. Competition from budget airlines. Increasing safety procedures for passengers These environmental factors have been incorporated into the mission statement of B.A which is Our vision is to become the worlds most responsible and safe airline and not only to be seen as just a UK carrier, but a global airline that is based in Britain (Chief Executive, British Airways Annual Report 2007/2008). Also within the annual report, B.A has set out three main goals that they hope to achieve within a three year time scale. These are: To be established within Terminal 5, at London Heathrow. To order new aircraft for their fleet. To be the employer of choice within the airline market. Purpose and Potential Benefits of Formal Planning. While some organisations use informal planning (usually smaller companies), it is for the most part, formal planning that is used. The purpose of formal planning in organisations is to give clear guidelines of what a company hopes to achieve and to provide direction and a timescale for these achievements to be accomplished. Plans also give a purpose to the people within in organisations (i.e. management and employees) as they provide what is expected from those involved and give them targets to work towards. Effective planning can help the organisation run smoothly as they provide a step by step approach to what needs to be done. Planning in organisations is normally done at management level and according to Henri Fayol (1916) it is one of 5 major functions that management should undertake. According to Boddy there are four main benefits of planning (2005). These are; plans can clarify direction, motivate people, help use resources efficiently and provide a way to measure progress. However planning has many more benefits such as it allows managers within organisations to establish where the organisation is at, at any given time. Plans also promote teamwork within managers and employees as the plan may specify that certain groups of people are required to work on a task, when in the absence of a plan those people might have undertaken tasks individually, this will also see that targets and goals are met quicker. These benefits of planning will only be evident if it is carried out correctly. If plans are not properly drawn up or implemented they have the effect of wasting time and resources, it can also lead to the lack of staff motivation. It is therefore essential that plans are thought over carefully and that those making them understand that they must be achievable and realistic. With reference to the British Airways, it can been seen that planning is essential in relation to them achieving there goals. For example BA have just released their plans for the next 3 years entitled BP11 (BA annual report, 2007/2008). This 3 year plan sets out what they are aiming to achieve and how they want to achieve it. It is important for BA to draw up planning reports so that shareholders and staff understand what is expected to happen both in the short term and the long term. Types of Plans. There are many different types of planning that organisations can use. For the purpose of this report three different types of planning that may be beneficial to British Airways will be discussed. Business Plan This is a document that sets out what markets the business intends to operate in, how it will do so and what finance they require (Blackwell, 2004). These plans are mainly used to provide information for shareholders and to generate interest from investors who may be willing to help fund a project set out in the plan. This is shown in British Airways business plan, it states that they want to expand their fleet of aircraft subject to raising the appropriate finances. Issuing this as a plan may attract people who want to invest or increase their shareholders as shows that the airline is going to expand. Business plans can also be used in an organisation for internal purposes. For example lower level management may need to get financial support from more senior levels and will need to provide a business plan to show what they intend to do with any given funds. Strategic Plan These are plans for the whole organisation not just individual departments. A strategic plan can be described as determining the basic long term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources for carrying out these goals (Chandler, 1962). This basically means the organisation will identify where it wants to be and which route it must take in order to get there. The basis for British Airways strategic plan can be seen in their mission statement. The statement illustrates where the airline wants to end up and what they have to achieve in order to meet these goals. Specific Plan This type of plan is exactly what is says, specific. They are concise, and to the point, because of this they are easy to follow and they leave little room for error. An example of a specific plan can be seen when referring to BA. They have a plan to cut their carbon emissions by 7% by 2011 (annual report, 2007/2008). This plan is short and simple and would be easy for the whole company and its shareholders to understand. Specific plans will not work in situations where the future is unpredictable due to their lack of flexibility (Boddy, 2005 p 170). Information Required and How to Gather it. In order for organisations to create plans they need to gather information. The information must of the right kind if it is to be used in planning to ensure efficiency as wrong information will be costly to rectify. Information can be gathered from a number of sources by using informal or formal analysis. The main types of information that will be sought by BA would be information about their competitors and information about customers. This is because British Airways aim to be the airline of choice (annual report 2007/2008) so information regarding the customers thoughts of aspects such as service are vital. BAs main threat come from competitors so they would want information on them in order to see what they are offering that might steal custom. British Airways gather their information using a formal analysis approach. The types of formal analyses they will use are Industry surveys, Market research (by way of questionnaires provided on their flights and on their web-site), the SWOT analysis model (see appendix 1) and the PESTEL analysis model (see appendix 2). Conclusion To conclude this report, it can be seen that planning is a must for any organisation. If applied correctly, planning can inevitable help the organisation fulfil its mission and goals in a smooth and efficient manner. The type of plan to use will depend highly on the organisation and what it wants to achieve, although most organisations such as British Airways will use a variety of planning types. Gathering useful and relevant information is paramount to effective and precise planning as if the information is not of the right kind or incorrect plans will be made on the wrong basis which may be detrimental to the organisation in the future. References Barney, J B and R W Griffin., 1992. The Management of Organisations: Strategy, Structure and Behaviour. In: D, Rollinson, eds, Organisational Behaviour. Essex, England. Prentice Hall, p 432. Blackwell, E., 2004. How to Prepare a Business Plan. (4th Edition). London, Kogan Page. Boddy, D., 2005. Management an Introduction. Essex, England. Pearson Education, p 170. Chandler, A.D. 1962. Strategy and Structure. In: D, Boddy. Management an Introduction. Essex, England. Pearson Education, p 169. Etzioni, A., 1964. Modern Organisations. In: D, Rollinson, eds, Organisational Behaviour. Essex, England. Prentice Hall, p 431. Fayol, H., 1916. General and Industrial Management. In: D, Rollinson, eds, Organisational Behaviour. Essex, England. Prentice Hall, p 512. Willie Walsh,CEO, British Airways Annual Report 2007/2008

Application of Communication Theories

Application of Communication Theories Choose one communication theory which you think will help organization and how it will help communication requirement? Answer: In other words communication theories explains systematic summary about the nature of the communication process, certainly, theories can do more than summarize. Amongst the various theories of communication, diffusion and agenda setting theory would help meet the communication requirements at the GDW. (Sligo,1997) Diffusion Theory: Diffusion Theory is related to human behavior, getting new ideas, how to implement them, step-by- step, this theory explains how one reaches an important decision. There are five stages within the diffusion process: 1. Awareness Individual is aware of it. 2. Interest Wants to learn more. 3. Evaluation Asks others for feedback. 4. Trial Uses a sample, etc. 5. Adoption Now a user/believer. Agenda Setting Theory: Agenda setting theory is more beneficial for public relationship; it works wonder to get the attention of the media, the public and policy makers. Some researchers says it is set of issues that can be used for multi-directional purpose. By applying the above two theories communication requirement can be fulfilled at the government disability workshop. As these two theories would help interact easily with each other, understanding will improve, thus maximum output can be gained.(Sligo,1997) Can you evaluate how effective was Ralf Ocker communication to the staff? (You need to analyze good and bad communication within the organization) Answer: Ralf communication is not good. Email is not a good communication always. He always do communication with the staff by email. He can sit with the staff and give feedback their questions. He needs to listen his staff. He is a good listener and professional rather being emotional. Ralf dont care of others and fire people. He should follow face to face communication with the staff, because it is two way communications and resolve so many conflicts quickly. As far as the role of Mr. Ocker to reshape the GDW is concerned, he used the parallel theories models of good communication restructuring, as he announced cutting down of substantial funds also he closed the workshop for some time until a way could be found to make them significant and profitable. In such manner he assesses the most significant valuable planned changes for the GDW. He observed the situation that workshop need changes, He arranged meeting with the staff from other department to think together about whole processes In order to evaluate new ideas he listened to the planning of Mr. Fred, Mr. Mavis Ms. Mary In adoption, he brought up a team whose main motive would be to bring changes in organization which was called Ability Plus(Locker,2003) In the conclusion, the Mr. Ralph Ocker communication planned changes brings a new era of business behavior to the GDW. His strategy is quite similar to Diffusion theory in which changes are adopted or rejected the all stages.(Locker,2003) i)Identify four stages of perception process (theory) Answer: Perception is a process, by which we study the world around us, world that consist persons, objects and its experiences. Perception is unique to each person, two people cannot experience the world exactly the same at a time. Perception process occurs in four stages, namely- 1. Stimulation: When someone receive the information. 2. Attention: When someone pays attention and receive/accept only what he wants 3. Organization: How do someone organize other ideas what he listen or receive 4. Evaluation: Evaluate the information. Understanding of the parts ii) Identify and explain Ralf listening technique. Answer: 1. Ralf Ocker is a experienced guy and stimulates information perfectly 2. He paid full attention to the message. ( In this stage Ralph Ocker took two weeks in order to know and understand the organization and the staff) 3. He organize the information (After knowing the way the organization behaved Ralph Ocker then organized how and what has to be done, he announced cutting down of substantial funding, then he closed the workshop for some time until a way could be found to make them actually turn into something significant and profitable, he also welcomed suggestion from the staff). 4. He also evaluates the information perfectly. (In the this stage Ralph Ocker interpreted the changes he was about to bring. In this stage he added meaning to the points he had brought in front of the staff by sending a mail which had a detailed account of proposed changes). i) Definition of Assertive Communication. Answer: Assertive communication is the straight forward open expression of your needs, desire thoughts feelings it involves advocating for your own needs while still considering respecting the need of others. All of us use assertive behavior at times, quite often when we feel vulnerable or unsure of ourselves we may resort to submissive, manipulative or aggressive behavior. Assertiveness is a useful communication tool. Its application is contextual and its not appropriate to be assertive in all situations. Remember, your sudden use of assertiveness may be perceived as an act of aggression by others. Theres also no guarantee of success, even when you use assertive communication styles appropriately. ii) Analyze GDW staff assertive response by using Four Fs-Facts, Feelings, Focus and Feedback. Answer: Facts: Remain neutral and dont attack; talk about fact, truth; Do not blame anyone and speak the truth. Fred speak the truth. Many of GDW staffs were ex armed personnel who had very rigid structure who used autocratic management style, machinery were out dated , GDW had a limited amount of contract cause of little funding were unable to compete with the commercial rivals. Focus on Action: Ocker planned a better and productive strategy, he made sure changes were strictly followed. Fred focused on action. Feelings: Some people from the staff were favoring the new management system (accepted by Ocker Fred) and some of them was against, but in the mail sent by Ocker clearly states that changes would go ahead as planned. Feedback : Feedback refers to the process of exchanging information is order to make things clearer. There were many instances that took place in the GDW which explains how feedback process was done in GDW from the joining of Ocker to the decision he finally made in the end. i) Identify and evaluate the guideline for giving and receiving feedback. Answer: Giving and receiving feedback should be Specific and objective, on timely, and honest. ii) What advice you give Rlaf Ocker regarding receiving and giving feedback. Answer: Giving and receiving feedback involves the interaction of both the parties, thus Ralph Ocker should make sure he not only explains his point but should also understand what the staff wants to say. He should also clarify them in order to avoid confusions. While giving or receiving feedback there can be statements which might sound nitpicky to one, Ralph Ocker should make sure he avoids such situation and should assume that the persons who pointed it out would did so as it was important to be mentioned. Make it a positive process and experience. Ralph Ocker should always remember that his main purpose was to reshape the GDW and hence his main focus should be to improve the condition of GDW and in order to do that he should make sure he shouldnt be harsh, critical or offensive. Be timely and regular and specific Ralph Ocker should make sure that he does not take much time in receiving and giving the feedback i.e. he should make sure he keeps interacting with the staff of GDW on regular basis so that there is no point of confusion and maximum output can thus be generated. Have available all the necessary information Ralph Ocker should make sure he has all the required data, facts, information which would be needed in the process of interaction also he should make sure that all of them is well organized in order to avoid any confusion and for easy reference. Be a good listener and ask for clarification Giving and receiving feedback involves the interaction of both the parties, thus Ralph Ocker should make sure he not only explains his point but should also understand what the staff wants to say. He should also clarify them in order to avoid confusions. OR Giving: 1. Invite individual to self access 2. Comment on position 3. Focus on behavior not person 4. Own the statement and dont wait 5. Be clear and specific 6. Discuss with staff and ask how they feel 7. Try to give positive feedback 8. Use I 9. Immediate feedback is more reliable, So give feedback as soon as possible Receiving: 1. Self access your ideas and work before hand 2. He shall check if he has understood the specific of feedback where more focus required 3. Take negative feedback too, it is useful 4. Prepare specific question that you want on other person to provide feedback on Regarding conflict negotiation- i) Identify two causes of conflict at GDW. Answer: Conflict is an integral part of Human being, it is said that until, you have people dealing with people, making decisions or meeting deadlines you will Have Conflict. Mass causes of conflict in organization are poorly defined Goal, Divergent personal Values, lack of co-operation, unclear roles, communication failure, personality conflict etc. The two causes of conflict at the GDW are as follows:- 1. Restructuring: 2. Difference of Opinion: In organization many people work so opinion might be different. 3. Lack of Formal Communication: It refers to the condition of GDW which lacked formal conversation as the earlier staff was rigid in nature and they followed an autocratic management style. When people dont interact in an organization of formal topics chances of conflicts rises to a higher point. 4. Poorly Defined Goals: Before the arrival of Ralph Ocker the GDW lacked planning strategy and had undefined goals due to lack of communication between the staff members. When such huge things are ignored chances of conflict rises to a large extent ii) In your opinion what conflict management style or technique Ralf should have used at GDW. Answer: Conflict management is the practice of Identifying handling a conflict in sensible fair efficient manner. Ralph Ocker should have used/considered the following to prevent conflicts: 1. Frequent meeting with the staff members 2. He should have allowed the team to express openly 3. He should sharing objectives completely and correctly4. He should give a clear detailed Job description5. Ocker should distribute task fairly 6. He should never criticize any of the staff members publicly 7. He should always be fair and should do justice with everyone Style: Collaboration: This is where Ocker will pair up with the other stuff to achieve both of their goals. Competition: This is win-lose approach. Ocker should act in a very assertive way to achieve his goal. q7. i) Discuss the key principles for restructuring communication. Answer: Restructuring is one of the biggest decisions your organization can make and you will find it much harder to undo damage done by a poorly managed restructure than it is to ensure that the restructure is a success in the first place. Its likely that your managers and HR staff will not have undergone a restructure before and therefore lack of the knowledge and experience of conducting one. If they have, then their previous experience may have been focused on improving their own individual circumstances. They may have limited knowledge as to how things could or should have been done better at an organizational level. I would like to suggest the following new principles/guidelines for the management- Bring a flat structure of management into picture Enable decision-making informed by strong cross-system consultation, listening and respect Promote close productive working relationships within the Ability Plus Retain a learning organization philosophy of continuous staff development, engagement and teamwork Outsource, eliminate, or transfer non-essential services, Bridge the communication gap between the staff members in the ability plus Adopt a cross functional team approach to problem solving Reduce complexity Focus on core activity Maintain flexibility Use role model in leadership development, etc. ii) How do you restructure communication? Answer: 1. Face to Face Communication: 2. Accountability of Communication: 3. Communication with Truth: 4. Communicate the Vision: 5. Listening to the employee: 6. Senior Manager should be visible and accessible to the employee: 7. Communicate timely: i) Business Report Guideline Answer: Report cover Executive Summary Table of contents 1 Terms of Reference 2 Procedure 3 Findings / Analysis 3.1 Profitability Development Process of Metalwork Department 3.2 Making Profit out of Metalwork Department 4. Conclusions 5. Recommendations à ¢- Referencing à ¢- Appendix ii) Do you think presentation is good idea or not after report? Answer: Presentation is good idea because face to face communication is possible through it not by report. iii) Why each person is different perception of Andrews performance? Answer: Because each people have different perception about others. Ray: Selective Attention. Ray heard that Andrew is doing well. because he is qualified and bright. this is called selective attention. First immersion last long. Tim: Perceptual Accentuation: He said Andrew is too slow to learn the job, because he saw Andrew day to day activities and fix Andrew mistakes. Kate: Differences in perceptual ability: Kate said that he is not a good member of team and slow. Sione: Consistency Effect: Andrew is a Rugby Player, So he likes Andrew and think he must be a good team player. Andrew: Self-serving attribution bios: He think he is doing well and it is called self serving attribution. iv) List the four elements that define culture. What are the strategies you can use that can help communication between culture? Answer: Time: 2. Context: Context is best defined as the array of stimuli surrounding a communication event including: body gestures; tone of voice; physical distance between interlocutors; time of day; weather; situation (for example, during a war commemoration ceremony); societal norms; geographic place of communication; and other external factors. 3. Memory/ Understanding: 4. Space/Distance:

Stevensons Use of Literary Techniques in The Strange Case of Dr. Jekyl

Stevenson's Use of Literary Techniques in The Strange Case of Dr. Jekyll and Mr. Hyde In his novella "Dr Jekyll and Mr Hyde", Robert Louis Stevenson explores the dual nature of Victorian man, and his link with an age of hypocrisy. Whilst writing the story he obviously wanted to show the people of the time what happened behind closed doors. In Jekyll's suicide note he makes the following observation " I have observed that when I wore the semblance of Edward Hyde, none could come near to me at first without a visible misgiving of the flesh. This, as I take it, was because all human beings, as we meet them, are commingled out of good and evil: and Edward Hyde, alone in the ranks of mankind, was pure evil." I believe that the underlying moral of this novella is that we are all comprised of good and evil, and that we should possess the ability to control and acknowledge the darker side of ourselves. Dr Jekyll is described as "a large, well made, smooth-faced man of fifty, with something of a slyish cast perhaps, but every mark of capacity and kindness". However, when angered "The large handsome face of Dr Jekyll grew pale to the very lips, and there came a blackness about his eyes". He is a very strong-minded man, as he argues about his will with Mr Utterson, however he does become addicted to Hyde, and too weak to oppose him. Mr Utterson after meeting Hyde for the first time, starts to feel sorry for his friend, however he does suggest that Jekyll has a dark past "was wild when he was young; a long while ago to be sure". Mr Hyde is presented as a very dark and sinister character. Hyde " was small and very plainly dressed, and the look of him, even at a distance, went somehow against the watcher's incli... ...l's mind to kill them both. By Jekyll killing, himself he sets both him, and Hyde free, although it is Hyde who is found when the cabinet door is forced open. This is because when Jekyll dies, he is emotionally and physically venerable, and Hyde shines through. So theoretically, it is Mr Hyde continues to exist temporarily when Dr Jekyll is gone. Therefore, I conclude that Stevenson explores the duality, which lies within man very well and aptly describes this phenomena in Jekyll's suicide note when he writes, " all human beings, as we meet them, are commingled out of good and evil". However, I feel that he has not truly exploited the capabilities that could have been developed when sculpting Hyde's character. Jekyll's original experiment was to try to create a purely good man, however, he just ends up destroying his experiment and eventually himself.

Loves Faults :: Essays Papers

Loves Faults The novel, Mother Tongue, is a great example of the misuse of love today. The author, Demetria Martinez, tells the tale of a woman that falls in love with a Salvadoreà ±o refugee. Josà © Luis is a soldier in the Salvadorian army that flees to the United States where he begins a love affair with a young woman, Mary. From my prospective, the emotions they shared were not of love, but rather emotions that arose from false pretenses. Like so many relation-ships in our society today, the word love is taken for granted. Relationships are embarked upon without consideration of the repercussions. Divorce rates are a great example how relationships are not being started for the right reasons. Love is abused because of humans' innate desire to love, uncontrollable feeling to search for it, and be loved despite their failure to develop the necessary foundations for true love. The yearning for affection is one of life's greatest mysteries. This longing has led to many misconceptions of love. The greatest factor in the delusion of love is lust; often the emotions that arise from eroticism are mistaken for the true euphoric experience that is true love. Another factor that contributes to false love is loneliness, which is a feeling that all people know and avoid tremendously. As in Mary's case, her judgement was clouded by her misinterpretation of what she believed to be love. Mary was unable to realize that what appeared to be love was not truly love, " I courted disaster, set out to love a man I knew full well would go away." (Pg. 27) The combination of lust, loneliness, and Mary's undying need for love that created a rude awakening for her. Mankind's intense yearning for love leads him to what seems to be an unending search for it. Man spends too much time searching for love; but not fully understanding its purpose. Love is a gift from one person to another, and thus it has the ability to posses many different meanings. Often, in search of love people fall into the trap of trying to alter love to suit personal fantasies of what it should be. Frequently spending their time convincing themselves of what they can change about the other, instead of how they can work to accept them. "I was one of those women whose fate is to take a war out of a man, or at least imagine she is doing so.