Meego operating system Research Paper Example | Topics and Well Written Essays - 2500 words

Meego operating system - Research Paper Example The report evaluates various features in MeeGo operating system. The aim of developing MeeGo OS was to offer users a simple OS and enable them utilize the existing software on devices once considered unsuited to run some applications. MeeGo powered devices enable users go online as well as being entertained at home and when travelling. MeeGo OS provides users and developers a new platform useful in communicating, using office applications, and playing multimedia files. The OS incorporates rich features integral in mobile devices like graphic based applications and computation technology among others. MeeGo OS offers users an easy to use interface and also allows them to customize the OS fully. MeeGo OS was developed after the merger of Intel’s Moblin project and Nokia’s Maemo. MeeGo OS provides a vibrant environment for cross-platform creation of applications capable of functioning in various platforms, which promises to unite developers resulting in valuable services and applications. The operating system can run on various hardwar e like mobile phones, in-vehicle, net books and smart TV as well as tablets and devices sharing the same OS internals but different user interfaces. Mobile distribution for the OS supports isolated executions and implements a trusted framework, which is OS-protected although third party developers are unable to access it (Guruprasad TV, n.d). This evaluation illustrates the separation of OS into various layers useful to developers as well as user experience. Layer view is made up of 3 layers: Application API, User experience and Core operating system layers. User experience layer supports multiple platform segments. This layer offers application framework for every device profile. On the other hand, application layer contains MeeGo API, which incorporates the interface useful in developing applications. The latest application layer in MeeGo OS incorporates Qt mobility 1.0, Qt 4.7,

Critical discussion of paper Essay Example | Topics and Well Written Essays - 2750 words

Critical discussion of paper - Essay Example rmly available legitimate professional identity in massage therapy, efforts to desexualize the profession only serve to promote heteronormativity, discrimination and sexual harassment. In this context, desexualization is in reference to efforts aimed at removing gender and sexual qualities and characteristics of men and women at work. However, it must also be noted that at the workplace, sexuality takes on multiple forms with multiple meanings and consequences. For example, markers such as gender, education and training levels, sexuality, class and race will have different implications of sexuality and affect workers and work differently. Sullivan (2014, p. 360) has given her position on desexualization and its consequences in massage therapy. This paper will critically discuss her arguments and give the writer’s own view on the issue of sexuality at the workplace. This will be done with the consideration that although many organizations have attempted to monitor and control t heir workers’ sexual behavior, workers have also been known to show resistance to the control and tried negotiating the constraints. It cannot be denied that so long as men and women work together, sexual feelings and relations at the workplace will always exist (Erickson 2007, p. 79). However, this is not to mean that when they enjoy sexualized interactions, the possibility of damaging outcomes is eliminated. More specifically, massage therapists need to have legitimate professional identities since female and male therapists manage their marginalized identities differently. However, the efforts to desexualize the workplace and afford massage therapists a legitimate identity maintain heteronormativity, discrimination and sexual harassment (Sullivan 2014, p. 348). Sullivan (2014, p. 348) also correctly points out that organizational sexuality predominantly stem from organizational bureaucracy and feminist communications that support its eradication openly. This opinion is true because the

Prevailing Political Environment In India Politics Essay

Prevailing Political Environment In India Politics Essay The term Business Environment is composed of two words Business and Environment. In simple terms, the state in which a person remains busy is known as Business. The word Business in its economic sense means human activities like production, extraction or purchase or sales of goods that are performed for  earning  profits. On the other hand, the word Environment refers to the aspects of surroundings. Therefore, Business Environment may be defined as a set of conditions Social, Legal, Economical, Political or Institutional that are uncontrollable in nature and affects the functioning of organization. Business Environment has two components: Internal Environment External Environment Internal Environment It includes 5 Ms i.e. man, material,  money, machinery and management, usually within the control of business. Business can make changes in these factors according to the change in the functioning of enterprise. External Environment Those factors which are beyond the control of business enterprise are included in  external environment. These factors are: Government and Legal factors, Geo-Physical Factors, Political Factors, Socio-Cultural Factors, Demo-Graphical factors etc. It is of two Types: Micro/Operating Environment Macro/General Environment Micro/Operating Environment The environment which is close to business and affects its capacity to work is known as Micro or Operating Environment. It consists of Suppliers, Customers,  Market Intermediaries, Competitors and Public. Suppliers:   They are the persons who supply raw material and required components to the company. They must be reliable and business must have multiple suppliers i.e. they should not depend upon only one supplier. Customers:   Customers are regarded as the king of the market. Success of every business depends upon the level of their customers satisfaction. Types of Customers: Wholesalers Retailers Industries Government and Other Institutions Foreigners (3)  Market Intermediaries:   They work as a link between business and final consumers. Types:- Middlemen Marketing Agencies Financial Intermediaries Physical Intermediaries (4) Competitors:   Every move of the competitors affects the business. Business has to adjust itself according to the strategies of the Competitors. (5) Public:   Any group who has actual interest in business enterprise is termed as public e.g. media and local public. They may be the users or non-users of the product. Macro/General Environment: It includes factors that create opportunities and threats to business units. Following are the elements of Macro Environment: Economic Environment:   It is very complex and dynamic in nature that keeps on changing with the change in policies or political situations. It has three elements: Economic Conditions of Public Economic Policies of the country Economic System Other Economic Factors: Infrastructural Facilities,  Banking,  Insurance companies,  money  markets, capital markets etc. Non-Economic Environment:   Following are included in non-economic environment:- Political Environment:   It affects different business units extensively. Components: Political Belief of Government Political Strength of the Country Relation with other countries Defense and Military Policies Thinking Opposition Parties towards Business Unit (ii) Socio-Cultural Environment:   Influence exercised by social and cultural factors, not within the control of business, is known as Socio-Cultural Environment. These factors include: attitude of people to work, family system, caste system, religion, education, marriage etc. (iii) Technological Environment:   A systematic application of scientific knowledge to practical task is known as technology. Everyday there has been vast changes in products, services, lifestyles and living conditions, these changes must be analysed by every business unit and should adapt these changes. (iv) Natural Environment:   It includes  natural resources, weather, climatic conditions, port facilities, topographical factors such as soil, sea, rivers, rainfall etc. Every business unit must look for these factors before choosing the location for their business. (v) Demographic Environment :-  It is a study of perspective of population i.e. its size, standard of living, growth rate, age-sex composition, family size, income level (upper level, middle level and lower level), education level etc. Every business unit must see these features of population and recognize their various need and produce accordingly. (vi) International Environment:   It is particularly important for industries directly depending on import or exports. The factors that affect the business are: Globalization, Liberalization, foreign business policies, cultural exchange. Characteristics:- 1. Business environment is compound in nature. 2. Business environment is constantly changing process. 3. Business environment is different for different business units. 4. It has both long term and short term impact. 5. Unlimited influence of  external environment  factors. 6. It is very uncertain. 7. Inter-related components. 8. It includes both internal and  external environment. Political Environment of Business. Political environment can affect a business either positively or negatively  depending on the prevailing situation in a country. It mainly forms the external factors which are part of the macro-environment and whose control is beyond the ability of human beings.   These factors touch on the way politics are conducted in a country, which directly reflects on what is happening within the government. This means that a democratic country will accord freedom to its people to vote in a government that has their interests at heart. On the other hand, a dictatorial government will not  earn  the respect of its citizens leading to economic as well as political instability and uncertainty. Even though such a government will go, businesses suffer a lot since they are not sure of their future underlining the importance of a  democratic government  to a country and business.   It is needless to say, that once a country is stable, more  investment  opportunities will be realized thus attracting more and more  investors. This will reflect positively and directly to the local businesses, as even the citizens will have full confidence with them. In the politics of the day,  business success  depends on politics by a great percentage and in many ways. Politicians are usually the people controlling the operations of a government and will decide which countries to  trade  with as well as the  trading conditions.   The Form of Government in the prevailing political environment in India India is a federal state with a parliamentary form of government. It is governed under the 1949 constitution (effective since Jan., 1950). The president of India, who is head of state, is elected for a five-year term by the elected members of the federal and state parliaments; there are no term limits. Theoretically the president possesses full executive power, but that power actually is exercised by the prime minister (head of the majority party in the federal parliament) and council of ministers (which includes the cabinet), who are appointed by the president. The ministers are responsible to the lower house of Parliament and must be members of Parliament. The federal parliament is bicameral. The upper house, the Council of States (Rajya Sabha), consists of a maximum of 250 members; the great majority are apportioned by state-each states delegates are chosen by its elected assembly-and 12 members are appointed by the president. In addition, one member represents the union territory of Pondicherry. Members serve for six years, with one third retiring every other year. The lower house, the Peoples Assembly (Lok Sabha), is elected every five years, although it may be dissolved earlier by the president. It is composed of 545 members, 543 apportioned among the states and two chosen by the president. There is a supreme court consisting of a chief justice and 25 associate justices, all appointed by the president. Administratively, India is divided into 28 states and seven union territories. State governors are appointed by the president for five-year terms. States have either unicameral or bicameral parliaments and have jurisdiction over police and public order, agriculture, education, public health, and local government. The federal government has jurisdiction over any matter not specifically reserved for the states. In addition the president may intervene in state affairs during emergencies and may even suspend a states government. In India, we have a democratic government where people are free to vote for the party they like the most and want it to be in power to run the country for next 5 years. People exercise their right to vote and select a party from two main fronts, the national defense alliance (NDA) and the union progressive alliance (UPA). These two parties comprise the republic of India. The ideology of the ruling parties. Many  political parties  base their political action and program on an ideology. In  social studies, a Political  Ideology  is a certain ethical set of  ideals, principles,  doctrines,  myths, or symbols  of a  social movement,  institution,  class, or large group that explains how society should work, and offers some political and cultural blueprint for a certain social order. A political ideology largely concerns itself with how to allocate  power  and to what ends it should be used. Some parties follow a certain ideology very closely, while others may take broad inspiration from a group of related ideologies without specifically embracing any one of them. Economic Stability Equal distribution of income Increase in the rates of GDP and per capita income Corruption free India Increase in the rates of global trades By encouraging foreign investors to invest in India-to increase FDI( Foreign Direct investment) Strength of opposition India is a democratic country where people have the right to choose their own political party. There are many contenders during elections and the contenders who wins the elections form the ruling government. The ruling government can comprise of single party or a group of parties.The ruling party forms the government while the other parties form the opposition. Opposition also may consist of a single or a group of parties. The parties in the opposition may unite and fight against the ruling party or can fight individually. In the present scenario we have two parties who are fighting against the UPA, the ruling party. Initially, spare headed by Anna Hazare the anti corruption campaign supported by Arvind Kejriwal and Kiran Bedi started at Maharashtra.He introduced Janlokpal Bill. Role and responsibility of bureaucracy Fundamental Understanding [1] As persons having the power to legislate and who represent the people, politicians will carry out their responsibility for oversight, to ensure that public administration is conducted impartially and neutrally. In addition, under the parliamentary system they will join the government as ministers, senior vice ministers, parliamentary secretaries, etc. (hereinafter, minister/ ministers etc.) and responsibly formulate, coordinate and decide upon policies for public administration while also engaging in the guidance and supervision of the bureaucrats. Bureaucrats, as servants of the entire nation, will respect the principle of political neutrality and primarily implement policies and undertake the execution of individual public administrative duties in keeping with their areas of expertise, based on laws and ordinances. [2] Politicians will take responsibility for formulating, coordinating, and deciding upon policies. In keeping with the needs of the public grasped during the course of their duties, bureaucrats will assist politicians in formulating, coordinating, and deciding upon policies, such as through providing basic data and information for those policies, presenting multiple options, and so on. [3] Politicians and bureaucrats will have a relationship characterised by separate duties. They will act as one in executing their duties for the nation and the people, each on the basis of these separate duties. [4] Politicians and bureaucrats must each respect these separate roles for which they are responsible and always endeavor to create a relationship based on trust. Guidelines for Responses The following measures will be taken from the viewpoint of thoroughly instilling leadership by the Cabinet into decision-making on government policies. With regard to the relationship between politicians and bureaucrats, senior vice ministers and parliamentary secretaries etc. will, based on instructions by the minister, carry out the roles stipulated in the Rules Governing Ministers, Senior Vice Ministers and Parliamentary Secretaries in an appropriate and timely manner. Politico-legal institutions Political system is a set of formal legal institutions that constitute a government or a state. This is the definition adopted by many studies of the legal or constitutional arrangements of advanced political orders. More broadly defined, however, the term comprehends actual as well as prescribed forms of political behavior, not only the legal organization of the state but also the reality of how the state functions. Still more broadly defined, the political system is seen as a set of processes of interaction or as a subsystem of the social system interacting with other nonpolitical subsystems, such as the economic system. This points to the importance of informal sociopolitical processes and emphasizes the study of political development. Traditional legal or constitutional analysis, using the first definition, has produced a huge body of literature on governmental structures, many of the specialized terms that are a part of the traditional vocabulary of political science, and several instructive classifying schemes. Similarly, empirical analysis of political processes and the effort to identify the underlying realities of governmental forms have yielded a rich store of data and an important body of comparative theory. The third definition has inspired much scholarly work that employs new kinds of data, new terms, and some new concepts and categories of analysis.  

Stereotypes and Stereotyping of Native Americans in The Last of the Moh

The Last of the Mohicans and Stereotyped Native Americans [1] Native Americans were part of this country long before our founding forefathers. They were the people that Christopher Columbus found inhabiting this land. There is even evidence to show that they have been on the American continents for thousands and even tens of thousands of years. Yet, somehow the European powers dominated these people, forcing them from their land to make it â€Å"ours.† In the early part of the twentieth century, a new industry began to develop; we call it the film industry. Along with the industry came movies that were made and are still made for the amusement of a mass audience. Some flaws did come with this industry, and among them was the depiction of Native Americans. â€Å"Anonymity is a feature of the Indian portrayed in film†¦many do not have names or speaking parts† (Bataille and Hicks 10). Native Americans often speak with a broken dialect or â€Å"baby† English. They are not able to fully understand or expre ss complete thoughts in the English language. This makes them appear to the audience as a lesser character. The second role of Native Americans in film is that of a sidekick or crony of some white hero, like Tonto in The Lone Ranger (1938). In these films â€Å"The Native American The Native American was placed into one of the following four roles: the first isthe comedic Indian, the jester of the frontier court. This Indian spoke in simple is clearly secondary in importance† and was never the hero (Crowdus 297). The two most significant roles of the Native American are the bloodthirsty savages and their counterparts the â€Å"noble† savages. [2] These two opposite characteristics were adopted from the â€Å"images and stereotypes wh... ...l, Stuart. â€Å"The Question of Cultural Identity.† Modernity and Its Future. Ed. Stuart Hall, David Held, and Tony McGrew. Cambridge: The Open University, 1992. 273-316. McWilliams, John. The Last of the Mohicans: Civil Savagery and Savage Civility. New York: Twayne Press, 1995. Pearce, Roy Harvey. Savagism and Civilization: A Study of the Indian and the American Mind. Los Angeles: University of California UP, 1988. Rosenstone, Robert A. Visions of the Past: The Challenge of Film to Our Idea of History. Cambridge: Harvard UP, 1995. Schlesinger, Arthur M., Jr. The Disuniting of America. New York: Norton. 1992. Schwartz, Seymour L. The French and Indian War, 1754-1763: The Imperial Struggle for North America. New York: Simon &Schuster, 1994. Steele, Ian K. Betrayals: Fort William Henry and the â€Å"Massacre†. New York: Oxford UP, 1990.

Impact of E Government on Public Admin

The Introduction of the IRIS payroll system at the Ministry of Works and Transport was seed as the Case Study for this project; with the mall objective being to highlight the changes being experienced by public administration as a result of the revolution In communication technology. Introduction The revolution of Information Technology and Communication during the 21st Century has impacted on individuals, groups as well as organizations and businesses.While this has caused changes in people's lifestyles, it has also effected phenomenal changes in government processes and interactions with citizens, businesses, other government agencies and employees. Within the sphere of governance, Information Communication Technology applications have infiltrated into government's policies, procedures, infrastructure and its frameworks in order to enhance the delivery of goods and services to the public.Society has become more aware of obtaining effective and efficient electronic or e-government s ervices mainly because of the advent of the Internet in the sass's. Globalization and greater customer expectations have created a shift form agency- based to fulfilling the needs of the public. The successful implementation of e-government projects requires a lot of administration restructuring processes, redefining of administrative procedures and formats, which find resistance in almost all departments at all levels. † 1. Ultimately, In the long -term, e-government alms to reinforce government's Initiatives towards effective governance and Increased transparency In order to better manage the country social and economic resources for growth and development. 1 . Kananga 2004 An Overview of E-Government The e;government agenda has been widely adopted by governments of many neutrons Walt n ten expectation AT inclemency, effectiveness, accountability, transparency and convenience in the functioning of government agencies. E- Government has become both a vision and the world we l ive in. Citizen-eccentricity is about turning the focus of government around; looking at the world through the other end of the telescope so that the needs of citizens and business come first. † 2. The term e-government, short for electronic government is synonymous with digital government or connected government. It can be defined as â€Å"the migration of overspent information and services to an online delivery mode. â€Å"3. It dates back to the sass's with the introduction of information technology in the Public Sector.However it was not until the year 2000 that the conversion of the provision of information and services to electronic means took place. Three components comprise the e-government system, they are: 1 . The provision of services from Government to government (Internal) 2. From government to business (External) 3. From government to citizens (External) Some examples of e-government in action include disbursement of social security- Identification cards driver 's permits, passports; handling of government works projects as well as providing information of representatives online. . Intel , 2006 3. Oliver & sanders, 2004 Definition of E-Government There is no one definition for E-government but it ranges from â€Å"the government task of setting a valid legal framework for the effective use of the electronic media in society as well as the application of these media for public procurement, services to companies and the management of the internal organization. â€Å"l .To â€Å"the ramification process of the Public administration as a whole and of its interaction with people; this process, through Information and Communication Technologies (Sits), aims at optimizing the provision of services, at increasing participation by citizens and enterprises and at enhancing the governing ability of Public Administration itself in terms of efficiency and effectiveness. † 2. Public Administration is the executive or operative arm of the govern ment with the responsibility of carrying out their policies and directives.Therefore within the intent of e-government, Public Administration is now faced with both organizational and institutional transformations as governments move towards the creation of an International Ana Knowledge Dates collect. The use of Information Communication Technology in government, according to the European Union, aims to achieve three goals. They are as follows: to improve public services, to facilitate the democratic process by allowing greater citizen participation and to strengthen support for public policies. The change to e-government requires major organizational and structural hangs.Within the Public administration framework, numerous reforms have to be undertaken such as redefining of roles and responsibilities, rethinking services and access to them, eliminating redundant functions, developing skills and competencies in staff as well as working hand in hand with other stakeholders to delive r services that go beyond the organization . For e-government to be successful reforms and reinventions in the Public Service are imperative. However, while the technology part may be relatively easy to implement, the difficult part is the human aspect.

The Return: Shadow Souls Chapter 43

Elena had a feeling she couldn't quite describe. It wasn't letdown. It was†¦let up. For what seemed like most of her life she had been searching for Stefan. But now she had him back again, quite safe and clean (he'd had a long bath while she insisted on scrubbing him gently with all sorts of brushes and pumice stones, and then a shower, and then a rather cramped shower with her). His hair was drying into the silky soft dark shock – a little longer than he usually kept it – that she knew. He hadn't had energy for frivolities like keeping his hair short and clean before. Elena understood that. And now†¦there were no guards or kitsune around to spy on them. There was nothing to keep them from each other. They had been playful in the shower, splashing each other, Elena always making sure to keep her feet on the no-slip guard and ready to try to support Stefan's lanky weight. But they could not be playful now. The shower's spray had been very helpful, too – at concealing the teardrops that kept flowing down Elena's cheeks. She could – oh, dear heaven – count and feel each one of his ribs. He was just bones and skin, her beautiful Stefan, but his green eyes were alive, sparkling and dancing in his pale face. After they were dressed in nightclothes they simply sat on the bed for a little while. Sitting together, both breathing – Stefan had got into the habit from being around humans so much and, recently, from trying to eke out the small amount of nutrition he received – in synchronicity, and both feeling the other's warm body beside them†¦it was almost too much. Then, almost tentatively, Stefan groped for Elena's hand, and catching it, held it in both of his, turning it over wonderingly. Elena was swallowing and swallowing, trying to make a start in a conversation, felt herself practically radiating bliss. Oh, I never want anything more, she thought, although she knew that soon enough she would want to talk, and to hold, and to kiss, and to feed Stefan. But if someone had asked her if she would have accepted just this, sitting together, communicating by touch and love alone, she would have accepted it. Before she knew it, she was talking, words that came like bubbles out of molasses, only these were bubbles from her soul. â€Å"I thought that somehow I might lose this time. That I'd won so many times, and that this time something would teach me a lesson and you†¦wouldn't make it.† Stefan was still wondering over her hand, bending industriously to kiss each separate finger. â€Å"You call ‘winning' dying in pain and sunlight to save my worthless life – and my even more worthless brother's?† â€Å"I call this a better kind of winning,† Elena admitted. â€Å"Any time we get to be together is winning. Any moment – even in that dungeon†¦Ã¢â‚¬  Stefan winced, but Elena had to finish her thought. â€Å"Even there, to look in your eyes, to touch your hand, to know that you were looking at me and touching me – and that you were happy – well, that's winning, in my book.† Stefan lifted his eyes to hers. In the dim light, the green looked suddenly dark and mysterious. â€Å"And one more thing,† he whispered. â€Å"Because I am what I am†¦and because your crowning glory isn't that glorious golden cloud of hair, but an aura that is†¦ineffable. Indescribable. Beyond any words†¦Ã¢â‚¬  Elena had thought they would sit and simply gaze at each other, drowning in each other's eyes, but that wasn't happening. Stefan's expression had slipped and Elena realized how close to bloodlust – and to death – he still really was. Hurriedly, Elena pulled her damp hair to one side of her neck, and then she leaned back, knowing Stefan would catch her. He did this, but although Elena tilted her chin back, he tilted it down in his two hands to look at her. â€Å"Do you know how much I love you?† he asked. His entire face was masked now, enigmatic and strangely thrilling. â€Å"I don't think you do,† he whispered. â€Å"I've watched and watched how you were willing to do anything, anything to save me†¦but I don't think you know how much that love has been building up, Elena†¦.† Delicious shivers were going down Elena's spine. â€Å"Then you'd better show me,† she whispered. â€Å"Or I might not believe that you mean it – â€Å" â€Å"I'll show you what I mean,† Stefan whispered back. But when he bent down it was to kiss her softly. The feelings inside Elena – that this starving creature wanted to kiss her instead of going at once for her throat, reached a peak that she could not explain in thoughts or words, but only by drawing Stefan's head so that his mouth rested on her neck. â€Å"Please,† she said. â€Å"Oh, Stefan, please.† Then she felt the quick sacrificial pains, and then Stefan was drinking her blood, and her mind, which had been fluttering around like a bird in a lighted room, now saw its nest and its mate and swooped up and up and up to at last reach unity with its best-beloved. After that there was no need for clumsy things like words. They communicated in thoughts as pure and clear as shimmering gems, and Elena rejoiced because all of Stefan's mind was open to her, and none of it was walled off or dark and there were no boulders of secrets or chained and weeping children†¦ What! she heard Stefan exclaim voicelessly. A child in chains? A mountain-sized boulder? Who could have that in their mind – ? Stefan broke off, knowing the answer, even before Elena's lightning-swift thought could tell him. Elena felt the clear green wave of his pity, spiced by the natural anger of a young man who has gone through the depths of hell, but untainted by the terrible black poison of hatred of brother for brother. When Elena had finished explaining all she knew about Damon's mental processes, she said, And I don't know what to do! I've done everything I could, Stefan, I've – I've even loved him. I gave him everything that wasn't yours alone. But I don't know if it's made even the slightest difference. He called Matt â€Å"Matt† instead of Mutt, Stefan interrupted. Yes. I†¦noticed that. I'd kept asking him to, but it never seemed to matter. It mattered this way: you managed to change him. Not many people can. Elena wrapped him in a tight embrace, stopped, worried that it was too tight, and glanced at him. He smiled and shook his head. He was already looking like a person rather than a death camp survivor. You should keep using it, Stefan said voicelessly. Your influence over him is strongest. I will – without any artificial Wings, Elena promised. Then she worried that Stefan would think her too presumptuous – or too attached. But one look at Stefan was enough to assure her that she was doing the right thing. They clung to each other. It wasn't as hard as Elena had imagined it would be – handing Stefan over to other humans to be bled. Stefan had a clean pair of pajamas on, and the first thing he said to all three donors was, â€Å"If you get frightened or change your mind, just say so. I can hear perfectly well, and I'm not in bloodlust. And anyway, I'll probably sense it if you're not enjoying it before you do, and I'll stop. And finally – thank you – thank you all. I've decided to break my oath tonight because there's still some little chance that if I slept I wouldn't wake up tomorrow without you.† Bonnie was horrified and indignant and furious. â€Å"You mean you couldn't sleep all that time because you were afraid to – to†¦?† â€Å"I did fall asleep from time to time, but thank fortune – thank God – I always woke up again. There were times when I didn't dare move to conserve energy, but somehow Elena kept finding ways to come to me, and every single time she came, she brought me some kind of sustenance.† He gave Elena a look that sent her heart spinning out of her chest and high into the stratosphere. And then she set up a schedule, with Stefan being fed every hour on the hour, and then she and the others left the first volunteer, Bonnie, alone, so as to be more comfortable. It was the next morning. Damon had already been out to visit Leigh, the antiques-seller's niece, who had seemed very glad to see him. And now he was back, to look with scorn at the slug-a-beds who were distributed all around the boardinghouse. That was when he saw the bouquet. It was heavily sealed down with wards – amulets to help get it through the dimensional gap. There was something powerful in there. Damon cocked his head to one side. Hmm†¦I wonder what? Dear Diary, I don't know what to say. We're home. Last night we each had a long bath†¦and I was half-disappointed, because my favorite long-handled back-scrubbing brush wasn't there, and there was no star ball to make dreamy music for Stefan – and the water was LUKEWARM! And Stefan went to see if the water heater was turned on all the way and met Damon going to do the same thing! Only, they couldn't because we're home again. But I woke up a couple of hours ago for a few minutes to see the most beautiful sight in the world†¦a sunrise. Pale pink and eerie green in the east, with nighttime still full dark in the west. Then deeper rose in the sky, and the trees all wreathed in dew clouds. Then a shiny glory from the edge of the horizon and dark rose, cream, and even a green melon color in the sky, Finally, a line of fire and in an instant all the colors change. The line becomes an arc, the western sky is deepest deepest blue, and then up comes the sun bringing warmth and light and color to the green trees and the sky begins to become celestial blue – celestial just means heavenly, although somehow, I have a delicious shivery feeling when I say it. The sky becomes a gemlike, celestial, cerulean blue and the golden sun begins to pour energy, love, light, and every good thing onto the world. Who could not be happy to watch this while Stefan held her? We who are so lucky as to be born into the light – who see it every day and never think about it, we're blessed. We could have been born shadow souls who live and die in crimson darkness, never even knowing that somewhere there is something better.

Financial Analysis- for Royal Dutch Shell Essay Example

Financial Analysis Financial Analysis- for Royal Dutch Shell Essay Financial Analysis- for Royal Dutch Shell Essay Royal Dutch Shell, Plc. (NYSE: RDS. A) Table of Contents Executive Summary3 Introduction4 Financial Ratio Analysis5 Liquidity6 Asset Management7 Debt Management8 Profitability10 Market Value12 Cash Flow and Growth Analysis14 Capital Structure Estimation16 Weighted Average Cost of Capital17 Cost of Debt17 Cost of Equity CAPM18 Cost of Equity DCF19 Cost of Equity BYPRP19 WACC20 Project Cash Flow Estimation21 Capital Budgeting Analysis23 Sensitivity Analysis24 Scenario Analysis27 Conclusion28 References29 Appendix30 Executive Summary This report analyzes Royal Dutch Shell Plc. (RDS. A on NYSE) financial status, history, market space, and growth opportunities. Royal Dutch Shell Plc. (Shell) is one of the world’s largest corporations with annual revenue of $470 billion for fiscal year 2011. When analyzing a company it is vital to ensure all aspects of the firm’s financial standing are stable, this is essential to guarantee its ability to take upon new major projects, such as the one being proposed at this time and evaluated in this report. This report intends to evaluate the possibility of Shell undertaking a project that requires a total initial investment of $580 million in fixed assets as wells as operation expenses of $38 million, for a total of $618 million is startup costs. This report illustrates Shell’s financial standing through, ratio analysis, cash flow analysis, and detailed capital budgeting analysis to help calculate Shell’s capacity to accept the proposed project. The life of the project will be eight years and expected to have a growth rate of 8. 5%. : The Net Present Value of the project is approximately $284 million and is expected to pay for itself in approximately 4. 74 years according to discounted payback calculations (detailed in report). Introduction Royal Dutch Shell plc operates as an oil, gas and energy company that explores for and extracts hydrocarbons worldwide. Royal Dutch Shell also converts natural gas to liquids to provide cleaner-burning fuels; markets and trades natural gas; extracts bitumen from mined oil sands and convert it to synthetic crude oil; and generates electricity from wind energy. In addition, it converts crude oil into a range of refined products, including gasoline, diesel, heating oil, aviation fuel, marine fuel, lubricants, bitumen, sulphur, and liquefied petroleum gas (LPG); and produces and sells petrochemicals for industrial use. The company holds interests in approximately 30 refineries; 1,500 storage tanks and 150 distribution facilities; and fuels retail network of approximately 43,000 service stations under the Shell brand name. Royal Dutch Shell plc also markets its products under the Shell V-Power and Shell FuelSaver brand names. In addition, the company offers lubricants for use in passenger cars, trucks, and coaches, as well as for industrial machinery in manufacturing, mining, power generation, agriculture, and construction industries. Royal Dutch Shell plc sells fuels, specialty products, and services to commercial customers; offers fuel for approximately 7,000 aircraft every day at 800 airports in 30 countries; offers liquefied petroleum gas and related services to retail, commercial, and industrial customers for cooking, heating, lighting, and transport applications; provides transport, industrial, and heating fuels; and supplies approximately 11,000 tones of itumen products. Royal Dutch Shell plc is headquartered in The Hague, Netherlands and employs roughly 23,000 people worldwide. (Royal Dutch Shell, 2012). Financial Ratio Analysis The following table illustrates Royal Dutch Shell’s financial ratios analysis and will assist in the understanding of the current and (estimated) future status of t he organization. The ratios will allow for a general interpretation of the firm’s strength and ability to take on outside projects. The table exemplifies the liquidity, asset management, debt management, profitability, and market value standpoint of the firm. Examining Royal Dutch Shell’s financial ratios presents a positive outlook for the company, in comparison to the industry average Shell is performing exceptionally well. Royal Dutch Shell, Plc. (NYSE: RDS. A) Financial Ratios| Liquidity Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Quick Ratio| 0. 85| 0. 8| 0. 79| 0. 9| 0. 84| 0. 84| 1. 1| Healthy| Current Ratio| 1. 17| 1. 12| 1. 14| 1. 1| 1. 15| 1. 136| 1. 5| Healthy| | | | | | | | | | Asset Management| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Inventory Turnover| 13. | 10. 84| 9. 77| 15. 56| 10. 84| 12. 12| 14. 9| OK| Fixed Assets Turnover| 3. 29| 2. 76| 2. 34| 4. 28| 3. 51| 3. 24| 1. 3| Healthy| Total Asset Turnover| 1. 45| 1. 23| 0. 99| 1. 66| 1. 41| 1. 35| 0. 6| Healthy| | | | | | | | | | Debt Management| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Debt Ratio| 17. 90%| 22. 80%| 20. 20%| 15. 30%| 12. 60%| 17. 76%| 51. 98%| Healthy| Net Fixed Debt Ratio| 15. 10%| 18. 70%| 18. 30%| 9. 70%| 8. 90%| 14. 14%| 27. 38%| Healthy| Debt to Equity Ratio| 21. 70%| 29. 61%| 25. 36%| 18. 06%| 14. 37%| 21. 82%| 42. 69%| Healthy| | | | | | | | | | Profitability Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Net Profit Margin on Sales| 6. 32%| 5. 47%| 6. 88%| 3. 32%| 10. 19%| 6. 44%| 6. 50%| Healthy| Basic Earning Power | 16. 12%| 10. 96%| 7. 19%| 18. 00%| 18. 77%| 14. 21%| 6. 80%| Healthy| ROA % (Net)| 9. 26%| 6. 55%| 4. 36%| 9. 50%| 12. 41%| 8. 42%| 10. 15%| Healthy| ROE % (Net)| 19. 47%| 14. 15%| 9. 49%| 20. 86%| 27. 28%| 18. 25%| 14. 24%| Healthy| | | | | | | | | | Market Value Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Price per Earning Ratio| 7. 4%| 10. 14%| 14. 24%| 6. 06%| 8. 32%| 9. 28%| 7. 86| Healthy| Dividend Yield| 4. 60%| 5. 03%| 5. 52%| 5. 89%| 3. 34%| 4. 88%| 4. 76%| Average| Book Value per Share| $ 54. 98 | $ 47. 85 | $ 45. 05 | $ 42. 02 | $ 38. 61 | $ 45. 70| $ 46. 43| Average| Earnings per Share| $ 4. 98 | $ 3. 28 | $ 2. 04 | $ 4. 27 | $ 5. 00 | $ 3. 91| $ 3. 26| Average| Table 1 – Financial Ratio Ov erview Liquidity Ratios Liquidity Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Quick Ratio| 0. 85| 0. 8| 0. 79| 0. 9| 0. 84| 0. 84| 1. | Healthy| Current Ratio| 1. 17| 1. 12| 1. 14| 1. 1| 1. 15| 1. 136| 1. 5| Healthy| Figure 1 –RDS. A Liquidity Ratio Trend The current ratio measures a companys ability to pay short-term debts and other current liabilities by comparing current assets to current liabilities. The ratio illustrates a companys ability to remain solvent. Shell’s five year current ratio average is 1. 13, . 37 below the industry average, and their quick ratio is . 84, . 26 below the industry average. Shells liquidity ratios are both below the industry average and illustrate their healthy status and continued strength for liquidity. Asset Management Ratios Asset Management| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Inventory Turnover| 13. 6| 10. 84| 9. 77| 15. 56| 10. 84| 12. 12| 14. 9| OK| Fixed Assets Turnover| 3. 29| 2. 76| 2. 34| 4. 28| 3. 51| 3. 24| 1. 3| Healthy| Total Asset Turnover| 1. 45| 1. 23| 0. 99| 1. 66| 1. 41| 1. 35| 0. 6| Healthy| | | | | | | | | | Figure 2 –RDS. A Asset Management Ratio Trend Asset Management ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods as compared to its competitors. You can see from figure 2 that in comparison to the industry average Shell is healthy and efficient in their assets and inventory turnover. Figure 2 reflects a spike in Shells inventory turnover in 2008; however this can also be attributed to the economic downturn in 2008. Even with the spike Shells average is still on par with the industry and exemplifies a healthy asset management turnover. Debt Management Ratios Debt Management| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Debt Ratio| 17. 90%| 22. 80%| 20. 20%| 15. 0%| 12. 60%| 17. 76%| 51. 98%| Healthy| Net Fixed Debt Ratio| 15. 10%| 18. 70%| 18. 30%| 9. 70%| 8. 90%| 14. 14%| 27. 38%| Healthy| Debt to Equity Ratio| 21. 70%| 29. 61%| 25. 36%| 18. 06%| 14. 37%| 21. 82%| 42. 69%| Healthy| Times Interest Earned| 41. 54| 36. 49| 39. 78| 33. 38| N/A| 37. 79| 25. 61| Healthy| | | | | | | | | | Figure 3 –RDS. A Debt Management Ratio Trend Royal Dutch Shell’s Debt Management ratios indicate that it has been less aggressive with using debt to finance growth than the majority of its competitors in the Oil Gas industry. Across the board Shell has a lower debt ratio than their competitors; the resultant effect on earnings would be less volatile than related companies. The debt ratio is a solvency ratio that examines how much of a companys assets are made of liabilities. A debt ratio of 20 percent means that 20 percent of the company is liabilities. A high debt ratio can be negative; this indicates the shareholder equity is low and potential solvency issues. A low debt to equity ratio indicates lower risk, because debt holders have less claims on the companys assets. Overall Royal Dutch Shell is in an excellent Debt Management position. Figure 4 –RDS. A Debt Management Ratio (TIE) Trend Times interest earned or Interest Coverage Ratio is a key metric to determine the credit worthiness of a business. Essentially, the number represents how many times in the last 12 months EBIT (earnings before interest and taxes) would have covered the past 12 months interest expenses. Royal Dutch Shell’s times interest earned ratio has a four year average of 37. 79, which is 12. 18 points superior than the industry average which rests at 25. 61. This presents Shell in a healthy credit worthiness business. Profitability Ratios Profitability Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Net Profit Margin on Sales| 6. 32%| 5. 47%| 6. 88%| 3. 32%| 10. 19%| 6. 44%| 6. 50%| Healthy| Basic Earning Power Ratio| 16. 12%| 10. 96%| 7. 19%| 18. 00%| 18. 77%| 14. 21%| 6. 80%| Healthy| ROA % (Net)| 9. 26%| 6. 55%| 4. 36%| 9. 50%| 12. 41%| 8. 42%| 10. 15%| Healthy| ROE % (Net)| 19. 47%| 14. 15%| 9. 49%| 20. 86%| 27. 28%| 18. 25%| 14. 24%| Healthy| | | | | | | | | | Figure 5 –RDS. A Profitability Ratio Trend When it comes to profitability, Royal Dutch Shell is on average with its competitors. Net Profit Margin is the net earnings of a company / sales. This profitability ratio compares the percent of net earnings from a companys sales. Royal Dutch Shell’s Net Profit is on par with other companies in the Oil ; Gas industry, which means it has an equal ability spend assets on business operations when compared to its competitors. Basic earning power shows the raw earning power of a firm’s assets before taxes and other leverages. This will help the firm understand their return on its assets. Return on Assets or ROA, shows the rate of return (after tax) being earned on all of the firms assets regardless of financing structure. It is a measure of how efficiently the company is using all stakeholders assets to earn returns. Royal Dutch Shell has a five year average of 8. 42%, which is 1. 73% lower than the industry average, however still in the healthy zone. Return on equity or ROE is used to measures the rate of return on the money invested by common stock owners and retained by the company from previous profitable years and shows how well a company uses investment funds to generate growth. Royal Dutch Shell’s Return on Equity indicates that it is able to reinvest its earnings more efficiently than the majority of its competitors in the Oil ; Gas industry. Typically, companies that have higher return on equity values are more attractive to investors and can provide for better growth and profitability. Market Value Ratios Market Value Ratios| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Average| Industry| Comments| Price per Earning Ratio| 7. 64%| 10. 14%| 14. 24%| 6. 06%| 8. 32%| 9. 28%| 7. 86%| Healthy| Dividend Yield| 4. 60%| 5. 03%| 5. 52%| 5. 89%| 3. 34%| 4. 88%| 4. 76%| Average| Payout Ratio| 5. 46%| 4. 76%| 8. 41%| 3. 62%| 2. 87%| 5. 02%| 2. 67%| Healthy| Book Value per Share| $ 54. 98 | $ 47. 85 | $ 45. 5 | $ 42. 02 | $ 38. 61 | $ 45. 70| $ 46. 43| Average| Earnings per Share| $ 4. 98 | $ 3. 28 | $ 2. 04 | $ 4. 27 | $ 5. 00 | $ 3. 91| $ 3. 26| Average| Figure 6 –RDS. A Market Value Ratio Trend Earnings per share (EPS) is the amount of income that belongs to each share of common stock. An important tool for investors, EPS is often used in determining the value of a stock. As noted above, Royal Dutch Shell is on average with other firms in its industry. Book value per share has slowly been on a rise over the past 5 years, from $38. 61 in 2007 up to 54. 8 in 2011. Book value is a companys net asset value; a relatively high book value per share in relation to stock price often occurs when a stock is undervalued and might be an attractive buy. Figure 7 –RDS. A Market Value Ratio Trend The price per earnings ratio (PE) is the measure of the share price relative to the annual net income earned by the firm per share. PE ratio shows current investor demand for a company share. A high PE ratio generally indicates increased demand because investors anticipate earnings growth in the future. Royal Dutch Shell has a five year average of 9. 8% PE as compared to the industry average of 7. 86%; Shell is higher by 1. 42%. The dividend yield is the sum of a companys annual dividends per share, divided by the current price per share. When investing in companies an investor should look for a stable and high dividend yield; this can insure an investor a secure a relatively stable cash flow. Royal Dutch Shells dividend yield is on par with other companies. As indicated by the payout ratio, Royal Dutch Shell’s earnings support the dividend payouts more than others in the same industry group. Cash Flow and Growth Analysis Royal Dutch Shell Cash Flow $ Million| 2011| 2010| 2009| 2008| 2007| Cash and Cash Equivalents at January 1| $ 13,444 | $ 9,719 | $ 15,188 | $ 9,656 | $ 9,002 | Net  Cash  from  Operating  Activities| $ 59,393 | $ 42,712 | $ 30,731 | $ 69,787 | $ 53,324 | Net Cash used in Investing Activities| $ (20,443)| $ (21,972)| $ (26,234)| $ (28,915)| $ (14,570)| Net Cash used in Financing Activities| $ (18,131)| $ (1,467)| $ (829)| $ (9,394)| $ (19,393)| Net (Decrease)/increase, Cash Cash Equivalents| $ (2,152)| $ 3,725 | $ (5,469)| $ 5,532 | $ 654 | Cash Cash Equivalents at  December  31| $ 11,292 | $ 13,444 | $ 9,719 | $ 15,188 | $ 9,656 | Figure 8 –RDS. A Cash Flow Trend Information used and interpreted from the Royal Dutch Shell Investors Handbook illustrates that Royal Dutch Shell decreased the amount spent on operations from 2008 to 2009; this can most likely be due to the economic downturn. Conversely, from 2009 to 2011 there has been a steady increase in cash flows for operations. When evaluating charts in figure 9 and 10 you can see that along with a decrease in cash flows from 2008 – 2009 so did Shell have a decrease in revenues, net income and Earnings per share. From 2009 – 2011 all areas show a steady and healthy growth. Growth Analysis| | | | | | Report Date| 12/31/2011| 12/31/2010| 12/31/2009| 12/31/2008| 12/31/2007| Revenue| $ 470,171 | $ 368,056 | $ 278,188 | $ 458,361 | $ 355,782 | Net income for period| $ 31,185 | $ 20,474 | $ 12,718 | $ 26,476 | $ 31,926 | Net earnings per share-diluted| $ 4. 97 | $ 3. 28 | $ 2. 04 | $ 4. 26 | $ 4. 9 | Total assets| $ 345,257 | $ 322,560 | $ 292,181 | $ 282,401 | $ 269,470 | Total stockholders equity| $ 171,003 | $ 149,780 | $ 138,135 | $ 128,866 | $ 125,968 | Net Cash ; Equivalents Flow| $ 11,300 | $ 13,400 | $ 9,700 | $ 15,200 | $ 9,560 | Figure 9 –RDS. A Growth Analysis Trend Figure 10 –RDS. A Growth Analysis Trend Capital Structure Estimation When performing the Capital Structure Est imation, the assessor can exam how the combination of equity capital and debt capital that a firm uses to finance its assets can have a positive or negative affect on the firm. The capital structure is how a firm finances its overall operations and growth by using different sources of funds. Royal Dutch Shell’s use of debt and ommon stock (Royal Dutch Shell does not issue preferred stock) impacts the open market and, as a result, the firm’s cost of capital is impacted in both constructive and/or destructive ways. RDS. A Market Value Method / Weights| Debt| $ 174,250,000,000. 00 | 27. 71%| Equity| $ 454,619,800,000. 00 | 72. 29%| | | | RDS. A Book Value Method / Weights| Debt| $ 174,250,000,000. 00 | 50. 47%| Equity| $ 171,000,000,000. 00 | 49. 53%| Figure 11 –RDS. A Capital Structure Estimation By examining the Balance Sheet and the numbers in figure 11 you can see that Royal Dutch Shell, based on market value, has a capital structure of 27. 1% debt and 72. 29% equity in the form of common stock totaling a market capitalization of $454 billion. When utilizing the book value, the weighing scale becomes 50. 47% debt and 49. 53% equity with a value of $171 billion. Weighted Average Cost of Capital (WACC) Knowing a firm’s weighted average cost of capital is crucial when considering any new projects. A firms WACC is the overall required return on the firm as a whole and, as such, it is often used internally by company directors to determine the economic feasibility of expansionary opportunities and mergers. Generally speaking, a company’s assets are financed by either debt or equity. WACC is the average of the costs of these sources of financing, each of which is weighted by its respective use in the given situation. The weighted average can show how much interest the company has to pay for every dollar it finances. This section of the report will determine Royal Dutch Shell’s weighted average cost of capital. In determining the firm’s factor cost of common equity, the average of three methods will be utilized; Capital Asset Pricing Modem (CAPM), Discounted Cash Flow (DCF), and bond-yield-plus-risk-premium (BYPRP). Calculating the cost of debt (after tax) is figured by using the corporate tax rate and the cost of debt (Kd) which will be based on Royal Dutch Shell’s bond rating. Cost of Debt Royal Dutch Shell’s after-tax cost of debt is calculated at 2. 30%. The calculation was determined using Shells corporate AA 10 year bond rating market value. RDS. A Cost of Debt| RDS. A 10 year Bond Rating| AA|   | Cost of Debt| 2. 43%|   | Risk Free Rate| 1. 62%|   | After Tax Cost of Debt| 2. 30%| Kd(1-T)| Corporate Tax Rate| 41. 85%|   | Figure 12 –RDS. A Cost of Debt Cost of Equity – CAPM Capital Asset Pricing Model (CAPM) is a model that describes the relationship between risk and expected return and that is used in the pricing of risky securities. The general idea behind CAPM is that investors need to be compensated; this is calculated by the CAPM. The time value of money is represented by the risk-free (rf) rate in the formula and compensates the investors for placing money in investments over a period of time. The other half of the formula represents risk; this is calculated by taking a risk measure (beta) that compares the returns of the asset to the market over a period of time and to the market premium (Rm-rf) or Market risk premium (MRP). Figure 13 illustrates the outcome of the calculations and that Royal Dutch Shell’s CAPM is 10. 01%. RDS. A Cost of Equity CAPM| Formulated by: Rs = Rf + ba * MRP| |   |   | Risk Free Rate (Rf)| 1. 62%| Yahoo Finance U. S. Treasury Bond Rate| Market Risk Premium or (Rm-rf)| 6. 50%| Current Rate November, 2012| Beta (ba)| 1. 29%| E-Trade Financial| CAPM of RDS. A| 10. 01%|   | Cost of Debt (Kd)| 2. 43%|   | After Tax Cost of Debt| 2. 30%|   | Figure 13 –RDS. A Cost of Equity Cost of Equity – DCF The Discounted Cash Flow or DCF method uses future  free  cash flow projections and discounts them to arrive at a present value, which is used to evaluate the potential for investment. Figure 14 illustrates a breakdown of how the discounted cash flow is calculated. The growth rate (g) is the average of three outside estimations. After the calculation is computed, the cost of equity is equal to 11. 83%. RDS. A Cost of Equity DCF| Formulated: Rs = (D1/Po)+g so D1= Do(1+g) so (((Do(1+g)/Po)+g)|   | Rs = (((3. 42(1+6. 42%)/67. 02)+6. 42%)| | Average| E-Trade| Yahoo| Y-Charts| Growth Rate (g)| 6. 42%| 6. 80%| 6. 12%| 6. 35%| Dividend (Do)| 3. 42| Y-Charts| Stock Price (Po)| 67. 02| Current Rate November 2012| Rs = 11. 83%| Figure 14 –RDS. A Cost of Equity Cost of Equity – BYPRP Bond yield plus risk premium method is used to calculate cost of common equity for a fir m. Figure 15 shows the calculation, the after tax cost of debt plus bond risk premium rate; which calculates to a cost of equity equal to 8. 80%. RDS. A Cost of Equity BYPRP| | Rs = BY + MRP| | RDS. A After Tax Cost of Debt (BY)| 2. 30%| Shell Investors Handbook| Bond Market Risk Premium (MRP)| 6. 50%| Current Rate November, 2012|   | Rs= 8. 80%| Figure 15 –RDS. A Cost of Equity Weighted Average Cost of Capital – WACC The WACC equation  is the cost of each capital component  multiplied by its proportional weight. To calculate the WACC we first take the average of the CAPM, DCF and BYPRP methods which is calculated in figure 16. RDS. A Average Cost of Equity| | CAPM| DCF| BYPRP| Average| Royal Dutch Shell | 10. 01%| 11. 83%| 8. 80%| 10. 21%| Figure 16 –RDS. A Average Cost of Equity Royal Dutch Shell has no preferred stock, thus weight of preferred stock (Wp) is equal to 0%. Figure 17 breaks down the full calculation of the Weighted Average Cost of Capital calculation and the defined values. Using the Weight of Equity and Weight of Debt calculated from the Capital Structure Estimation in figure 11 we can conclude that Royal Dutch Shell’s WACC is equal to 8. 28%. Royal Dutch Shell Plc WACC | WACC formulated: WACC = Ws*Rs + Wd*Rd*(1-Tax Rate) + Wp*Rp. | Ws| 72. 29%| | Weight of Equity (Common Stock)| Wd| 27. 71%| | Weight of Debt| Wp| 0. 00%| | Weight of Preferred Stock| Rd| 2. 30%| | After Tax Cost of Debt| Tax rate| 41. 85%| | Corporate Tax Rate| Rs| 10. 21%| | Cost of Equity (Average)| Rp| 6. 50%| | Market Risk Premium| WACC| 8. 28%| | Weighted Average Cost of Capital| Figure 18 –RDS. A WACC Project Cash Flow Estimation Royal Dutch Shell has been approached with a proposition for a new project. The project will have a life span of eight years. The proposed project requires initial investment of $580 million to construct building and purchase equipment, and $38 million for shipping installation fee for a total of $618 million is start-up costs. The fixed assets fall in the 7-year MACRS class and has a salvage value of fixed assets at $17 million. It is expected that the new product will sale 2,280,000 units in the first year and has an expected annual growth rate of 8. 5%. The sales price is $275 per unit and the variable cost is $205 per unit in the first year, but they should be adjusted accordingly based on the estimated annualized inflation rate of 2. 3%. The required net operating working capital (NOWC) is 11. 5% of sales. A detailed analysis and calculations for the cash flow estimation and depreciation details must be performed to ensure that Royal Dutch Shell can undertake such a project. Initial Inputs and Parameters for the Proposed Project Start-Up Cost| | $618,000,000 | | | | | | Net Operating WC/Sales| | 11. 5%| | Market value of equipment at Year 8| $17,000,000 | First year sales (in units)| | 2,280,000 | | Tax rate| | | 41. 85%| Sales price per unit| | $275. 00| | WACC| | | 8. 28%| Variable cost per unit| | $205. 00| | Inflation| | | 2. 3%| Non-variable costs| | $0| | Growth in Sales | | | 8. 5%| Figure 19 –RDS. A Project Parameters Depreciation and Amortization Schedule Year| | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | Total| | | | | | | | | | | | Rate| | 14. 0%| 25. 0%| 17. 0%| 13. 0%| 9. 0%| 9. 0%| 9. 0%| 4. %| 100%| Cost| | $86,520,000 | $154,500,000 | $105,060,000 | $80,340,000 | $55,620,000 | $55,620,000 | $55,620,000 | $24,720,000 | $618,000,000| Total| |   |   |   |   |   |   |   | $0 |   | Figure 20 –RDS. A Depreciation Schedule Figure 20 illustrates the depreciation schedule of eight years, outlined in the project parameters. Project Net Cash Flow Figure 21 –RDS. A Project Estimated Net Cash Flow Capital Budgeting Analysis Capital Budgeting Analysis is a process in which a business determines whether projects or investing in a long-term venture are worth pursuing. Ideally, businesses should pursue all projects and opportunities that enhance shareholder value. However, the amount of capital available at any given time for new projects is limited, capital budgeting analysis will help to determine if a project is feasible or not. Capital budgeting analysis can include net present value (NPV), internal rate of return (IRR), modified internal rate of return, profitability index (PI), payback period and discounted payback. In calculating if this project is possible or not we have determined the following budgeting analysis results in figure 22. RDS. A Budgeting Appraisal Results| Net Present Value (NPV)| $ 284,606,920. 00 | Internal Rate of Return (IRR)| 17. 0%| Modified Internal Rate of Return (MIRR)| 13. 1%| Profitability Index (PI)| 1. 41 | Payback (Years)| 4. 74 | Figure 22 –RDS. A Project Analysis Results RDS. A Payback Calculation | 0| 1| 2| 3| 4| 5| 6| 7| 8| Net Cash Flow| (690,105,000)| 121,087,715 | 158,870,226 | 148,538,663 | 149,691,454 | 152,108,518 | 166,274,191 | 181,997,451 | 362,518,222 | Cumulative CF | (690,105,000)| (569,017,285)| (410,147,060)| (261,608,396)| (111,916,943)| 40,191,576 | 206,465,767 | 388,463,218 | 750,981,440 | Pay Back|   | 1. 00 | 1. 00 | 1. 00 | 1. 00 | 0. 74 | 0. 00 | 0. 00 | 0. 00 | After review of the budgeting analysis results we can conclude that the project should be undertaken. The Profitability Index (PI) is 1. 41, if the PI is greater than 1 than the project should be taken, additionally the net present value is positive, another good sign for accepting the project. The projects Internal Rate of Return (IRR) is 17. 0%, higher than Royal Dutch Shell’s WACC which is 8. 8%, this is an optimistic calculation for accepting the project. Finally, payback addresses the projects liquidity, shorter the payback the higher the liquidly and with a current estimation of 4. 74 years, the project is hig hly recommended. Sensitivity Analysis The Sensitivity Analysis is a modus operandi used to determine how  different values of an independent  variable will impact a particular dependent variable under a given set of assumptions. Within  specific  boundaries, the sensitivity analysis is very useful  when attempting to determine the impact  the actual  outcome of a particular variable will have  if it  differs from what was previously assumed. By creating a  given set of scenarios as, illustrated in figure 23, the analyst can determine how changes in one variable(s) will impact the  target variable. In this particular case the sensitivity analysis will determine how the net present value (NPV) of the proposed project will be affected by the modification of several variables; these variables and the results can be examined in the following figures. The modified variables are sales price, variable costs, units sold, non-variable costs, weighted average cost of capital, corporate tax rate and start-up costs. For the purpose of this analysis the calculations were performed with a 10% and 20% deviation from the base in both a negative and positive trend. RDS. A Project Sensitivity Analysis Calculations Deviation| 1st YEAR UNIT SALES| | % Deviation| WACC| from| Units Sold| NPV| | from|   | NPV| Base Case| | $284,606,920| | Base Case| WACC| $284,606,920 | -20%| 1,824,000| 144,446,239 | | -20%| 6. 6%| 358,280,443 | -10%| 2,0 52,000| 214,526,580 | | -10%| 7. 5%| 320,454,423 | 0%| 2,280,000| 284,606,920 | | 0%| 8. 3%| 284,606,920 | 10%| 2,508,000| 354,687,261 | | 10%| 9. 1%| 250,612,056 | 20%| 2,736,000| 424,767,602 | | 20%| 9. 9%| 218,353,128 | % Deviation| VARIABLE COST| | % Deviation| SALES PRICE| from| Variable| NPV| | from| Sales| NPV| Base Case| Costs| $284,606,920| | Base Case| Price| $284,606,920| -20%| $164. 00| 723,298,488 | | -20%| $220. 0| (294,245,328)| -10%| 184. 50| 503,952,704 | | -10%| 247. 50| (4,819,204)| 0%| 205. 00| 284,606,920 | | 0%| 275. 00| 284,606,920 | 10%| 225. 50| 65,261,137 | | 10%| 302. 50| 574,033,045 | 20%| 246. 00| (154,084,647)| | 20%| 330. 00| 863,459,169 | % Deviation| NONVARIABLE COST| | % Deviation| TAX RATE| from| Fixed| NPV| | from|   | NPV| Base Case| Costs| $284,606,920| | Base Case| TAX RATE| $284,606,920 | -20%| $0| 284,606,920 | | -20%| 33. 5%| 353,919,217 | -10%| 0| 284,606,920 | | -10%| 37. 7%| 319,304,434 | 0%| 0| 284,606,920 | | 0%| 41. 8%| 284,689,652 | 10%| 0| 284,606,920 | | 10%| 46. 0%| 250,074,869 | 20%| 0| 284,606,920 | | 20%| 50. %| 215,460,087 | % Deviation| START-UP COSTS| from|   | NPV| Base Case| Start-Up Costs  | $284,606,920 | -20%| $ 494,400,000. 00 | 368,892,485 | -10%| $ 556,200,000. 00 | 326,749,703 | 0%| $ 618,000,000. 00 | 284,606,920 | 10%| $ 679,800,000. 00 | 242,464,138 | 20%| $ 741,600,000. 00 | 200,321,356 | Figure 23 –RDS. A Project Sensitivity Analysis Calculations Royal Dutch Shell Project Sensitivity Analysis Chart Figure 24 –RDS. A Proposed Project Sensitivity Analysis Chart Deviation| NPV at Different Deviations from Base| from| Sales| Variable|   | Non-variable|   |   |   | Base Case| Price| Cost/Unit| Units Sold| Cost| WACC| Tax Rate| Start-Up Costs| -20%| ($294,245,328)| $723,298,488 | $144,446,239 | $284,606,920 | $358,280,443 | 353,919,217 | 368,892,485 | -10%| (4,819,204)| 503,952,704 | 214,526,580 | 284,606,920 | 320,454,423 | 319,304,434 | 326,749,703 | 0%| 284,606,920 | 284,606,920 | 284,606,920 | 284,606,920 | 284,606,920 | 284,689,652 | 284,606,920 | 10%| 574,033,045 | 65,261,137 | 354,687,261 | 284,606,920 | 250,612,056 | 250,074,869 | 242,464,138 | 20%| 863,459,169 | (154,084,647)| 424,767,602 | 284,606,920 | 218,353,128 | 215,460,087 | 200,321,356 |   | | | | | | |   | Range| $1,157,704,497 | $877,383,134 | $280,321,363 | $0 | $139,927,315 | $138,459,130 | $168,571,129 | Figure 25 –RDS. A Proposed Project NPV and Range at Different Deviations from Base Scenario Analysis A scenario analysis is the process of estimating the expected value of a portfolio or project after a given period of time under specific changes in variables of the portfol ios securities or changes in key factors. Commonly, scenario analysis focuses on estimating what a portfolios value would decrease to  if an unfavorable event would occur. For the proposed project the scenario analysis was conducted assuming a 25% probability for best-case conditions; each of the variables calculated in figure 25 would be 20% better than its base-case value. Conversely, there is a 25% probability of worst-case conditions, with the variables 20% worse than the base; a 50% probability was used for base-case conditions. All figures have been calculated below in figure 26. Scenario| Probability| Sales Price| Unit Sales| Var Costs| NPV| Squared Deviation times Probability|   | | | | | |   | Best Case| 25%| $330. 00 | 2,736,000 | $164. 00| $1,726,918,338 | 422505172390830000 | Base Case| 50%| $275. 00 | 2,280,000 | $205. 00| $284,606,920 | 10125137435137500 | Worst Case | 25%| $220. 00| 1,824,000| $246. 00| ($588,490,656)| 257759816231319000 |   | | | | | |   | Expected NPV = Sum, Prob. times NPV| | | $426,910,381 |   |   | Standard Deviation | | $830,897,181 |   | | Coefficient of Variation = Std Dev / Expected NPV|   | 1. 9 5 |   | Figure 26 –RDS. A Proposed Project Scenario Analysis Conclusion In conclusion, after performing a complete analysis on the feasibility of the proposed project, it is determined that it would be beneficial for Royal Dutch Shell, plc to implement the project. The IRR and MIRR are greater than the WACC of 8. 28%, at 17. 0% and 13. 1% respectively. It is currently estimated that the project will pay for itself in approximately 4. 74 years according to the discounted payback calculations. The Net present value of the project is positive and the profitability index for the project is 1. 41 (greater than 1) it is a positive sign for the project selection. Royal Dutch Shell is currently moving in a positive direction with a healthy financial base. Financial analyses have bestowed Shell with an AA bond rating, which underlines the financial strength of the organization. Based on all the information listed above, it is with my professional opinion after the evaluation within this report that Royal Dutch Shell takes on the project; with the current and estimated futures of Shell it can only add value to the corporation. References E*Trade. 2011, December 31). Royal Dutch Shell Plc RDS. A. Retrieved November 28, 2012, from E*Trade Financials: https://www. etrade. wallst. com/v1/stocks/snapshot/snapshot. asp? YYY220_/UfRI8EalsBAnXarKLCzPko3kjoyjLMbzW9xSdWWCGroVsRTAdKeDJzNAwM5xeMSzfFm9X4tAHc+eI+8pZ9rdHSsGMEaof+37qAzRA17/MKnpCPFTrRrGXhYPAZVsWXkzq5OKgjy67owAqAG5C1fyJ6IzD55l8M8TB KZkWpNM0lH4j7Jb2aXQsoxNw Morningstar, Inc. (2012). Morningstar research. Retrieved November 2012, from http://financials. morningstar. com/ratios/r. html? t=RDSAregion=GBRamp ;amp;culture=en-US Network, Y. -A. (2012). Yahoo! Finance. Retrieved November 28, 2012, from Bond Center: http://finance. yahoo. om/bonds Royal Dutch Shell. (2012). Building an Energy Future: Investors Handbook. London: Royal Dutch Shell Plc Financials. YCharts Pro Stock Report. (2012). Royal Dutch Shell plc (RDSA). New York: Y Charts. Appendix Royal Dutch Shell Income Statement Billions $ Royal Dutch Shell Balance Sheet Billions $ Royal Dutch Shell Statement of Cash Flow Billions $ [ 1 ]. (YCharts Pro Stock Report, 2012) ] [ 2 ]. [ (YCharts Pro Stock Report, 2012) ] [ 3 ]. [ (YCharts Pro Stock Report, 2012) ] [ 4 ]. [ (YCharts Pro Stock Report, 2012) ] [ 5 ]. [ (YCharts Pro Stock Report, 2012) ] [ 6 ]. [ (YCharts Pro Stock Report, 2012) ] [ 7 ]. [ (YCharts Pro Stock Report, 2012) ] [ 8 ]. [ (Royal Dutch Sh ell, 2012) ] [ 9 ]. [ (YCharts Pro Stock Report, 2012) ] [ 10 ]. [ (Royal Dutch Shell, 2012) ] [ 11 ]. [ (Royal Dutch Shell, 2012) ] [ 12 ]. [ (Royal Dutch Shell, 2012) ] [ 13 ]. [ (Royal Dutch Shell, 2012) ] [ 14 ]. [ (Royal Dutch Shell, 2012) ] [ 15 ]. [ (Network, 2012) ] [ 16 ]. [ (E*Trade, 2011) ] [ 17 ]. [ (E*Trade, 2011) ]

History of Gamelan Indonesian Music and Dance

History of Gamelan Indonesian Music and Dance Across Indonesia, but particularly on the islands of Java and Bali, gamelan is the most popular form of traditional music. A gamelan ensemble consists of a variety of metal percussion instruments, usually made of bronze or brass, including xylophones, drums, and gongs. It may also feature bamboo flutes, wooden stringed instruments, and vocalists, but the focus is on the percussion. The name gamelan comes from gamel, a Javanese word for a type of hammer used by a blacksmith. Gamelan instruments are often made of metal, and many are played with hammer-shaped mallets, as well. Although metal instruments are expensive to make, compared with those of wood or bamboo, they will not mold or deteriorate in Indonesias hot, steamy climate. Scholars suggest that this may be one of the reasons that gamelan developed, with its signature metallic sound. Where and when was gamelan invented? How has it changed over the centuries? Origins of Gamelan Gamelan seems to have developed early in the history of what is now Indonesia. Unfortunately, however, we have very few good sources of information from the early period. Certainly, gamelan seems to have been a feature of court life during the 8th to 11th centuries, among the Hindu and Buddhist kingdoms of Java, Sumatra, and Bali. For example, the great Buddhist monument of Borobudur, in central Java, includes a bas-relief depiction of a gamelan ensemble from the time of the Srivijaya Empire, c. 6th-13th centuries CE. The musicians play stringed instruments, metal drums, and flutes. Of course, we do not have any record of what the music these musicians were playing sounded like, sadly. Classical Era Gamelan During the 12th to 15th centuries, the Hindu and Buddhist kingdoms began to leave more complete records of their doings, including their music. Literature from this era mentions the gamelan ensemble as an important element of court life, and further relief carvings on various temples support the importance of metal percussion music during this period. Indeed, members of the royal family and their courtiers were all expected to learn how to play gamelan and were judged on their musical accomplishments as much as their wisdom, bravery, or physical appearance. The Majapahit Empire (1293-1597) even had a government office in charge of supervising the performing arts, including gamelan. The arts office oversaw the construction of musical instruments, as well as scheduling performances at the court. During this period, inscriptions and bas-reliefs from Bali show that the same types of musical ensembles and instruments were prevalent there as in Java; this is not surprising since both islands were under the control of the Majapahit emperors. During the Majapahit era, the gong made its appearance in Indonesian gamelan. Likely imported from China, this instrument joined other foreign additions such as stitched-skin drums from India and bowed strings from Arabia in some types of gamelan ensembles. The gong has been the longest-lasting and most influential of these imports. Music and the Introduction of Islam During the 15th century, the people of Java and many other Indonesian islands gradually converted to Islam, under the influence of Muslim traders from the Arabian peninsula and south Asia. Fortunately for gamelan, the most influential strain of Islam in Indonesia was Sufism, a mystical branch that values music as one of the pathways to experiencing the divine. Had a more legalistic brand of Islam been introduced, it might have resulted in the extinction of gamelan in Java and Sumatra. Bali, the other major center of gamelan, remained predominantly Hindu. This religious schism weakened the cultural ties between Bali and Java, although trade continued between the islands throughout the 15th to 17th centuries. As a result, the islands developed different forms of gamelan. Balinese gamelan began to emphasize virtuosity and quick tempos, a trend later encouraged by Dutch colonists. In keeping with Sufi teachings, Javas gamelan tended to be slower in tempo and more meditative or trance-like. European Incursions In the mid-1400s, the first European explorers reached Indonesia, intent on elbowing their way into the rich Indian Ocean spice and silk trade. The first to arrive were the Portuguese, who started out with small-scale coastal raids and piracy but managed to capture the key straits at Malacca in 1512. The Portuguese, along with the Arab, African, and Indian slaves they brought with them, introduced a new variety of music into Indonesia. Known as kroncong, this new style combined gamelan-like intricate and interlocking musical patterns with western instrumentation, such as the ukulele, cello, guitar, and violin. Dutch Colonization and Gamelan In 1602, a new European power made its way into Indonesia. The powerful Dutch East India Company ousted the Portuguese and began to centralize power over the spice trade. This regime would last until 1800 when the Dutch crown took over directly. Dutch colonial officials left only a few good descriptions of gamelan performances. Rijklof van Goens, for example, noted that the king of Mataram, Amangkurat I (r. 1646-1677), had an orchestra of between thirty and fifty instruments, primarily gongs. The orchestra played on Mondays and Saturdays when the king entered the court for a type of tournament. van Goens describes a dance troupe, as well, of between five and nineteen maidens, who danced for the king to the gamelan music. Gamelan in Post-Independence Indonesia Indonesia became fully independent of the Netherlands in 1949. The new leaders had the unenviable task of creating a nation-state out of a collection of different islands, cultures, religions, and ethnic groups. The Sukarno regime established publicly-funded gamelan schools during the 1950s and 1960s, in order to encourage and sustain this music as one of the national art forms of Indonesia. Some Indonesians objected to this elevation of a musical style associated primarily with Java and Bali as a national art form; in a multiethnic, multicultural country, of course, there are no universal cultural properties. Today, gamelan is an important feature of shadow puppet shows, dances, rituals, and other performances in Indonesia. Although stand-alone gamelan concerts are unusual, the music may also be heard frequently on the radio. Most Indonesians today have embraced this ancient musical form as their national sound. Sources: Bali and Beyond: A History of Gamelan.Gamelan: Venerable Lake of Honey, University of MichiganJavanese Gamelan: A History of Gamelan MusicSpiller, Henry. Gamelan: The Traditional Sounds of Indonesia, Volume 1, ABC-CLIO, 2004.Sumarsam. Gamelan: Cultural Interaction and Musical Development in Central Java, Chicago: University of Chicago Press, 1995.

Accounting Theory and Critical Issues

The following assignment examines the annual report of Common wealth Bank Australia in the context of adhering to the General purpose Financial Accounting. Commonwealth Bank Australia has been chosen as an ASX top hundred-listed corporation. The assignment evaluates the effectiveness of business entities in strictly adhering to the framework as well as the guidelines of the conceptual framework of accounting. In this regard, it can be said that there has been issues as per the assessment as well as the registering of financial transactions in the year ended annual report of the company. As such, this has an adverse effect on the procedure of the financial reports towards the stakeholders of the organization. Zimmerman (2013) stated that the general-purpose financial recording should develop the necessary guideline, to help the business entities to maintain authenticity and transparency in the financial accounts of the business entity. The business entity has been operating in many co untries and constitutes of a substantial market share in the international market. According to Groot and Selto (2013), the general purpose financial accounting offers a unified guideline that can be applicable to all the globally reputed companies in the Australian market. The Commonwealth Bank Australia has been making efforts to adhere to the General Purpose financial accounting in the market. According to Hassard and Pym (2012), the brand has faced issues recently in recording as well as measuring the transactions in the domestic and the international market. The Commonwealth Bank Australia is a multinational business organization that operates in many countries. The brand has taken many transfer pricing measures as per the taxation laws and guideline of the particular country. The conceptual framework in the business organization shall consist of the qualitative characteristics as well as recognition and the de-recognition criteria of the general-purpose financial accounting of the organization. The study also evaluates the accounting measures like IAS 11 and and its role in assisting the business entity in adhering to the conceptual framework in the context of the General Purpose financial Accounting. Despite of the best efforts of the management of the business enterprise in adhering to the General Purpose financial Accounting of the organization, there has been existing consistencies and issues related to the recording and the assessment of the financial transactions. Fiolleau et al. (2013) stated that these financial irregularities can be overcome by implementing rigid auditing measures in the business organization that shall facilitate organizational growth in the business entity. The following attributes of the financial data provided by Commonwealth Bank Australia in the context of the General Purpose Financial Accounting can be noted. Relevance- The annual report of Commonwealth Bank Australia offers the relevant importance to the business enterprise. The report contains all the necessary details so as to assist the management of the business entity in developing the appropriate financial as well as the operating policies for a business entity. Jones (2015) stated that the accounting principles of the business enterprise shall have to offer the in-depth financial details about the necessary financial details about the business enterprise. As such , the annual report and the year ended financial statements of the business enterprise shall be considered as relevant in the existing global market. Material - The information can be considered as material if omitting it can lead to adverse financial decisions for the business enterprise. The company follows the principle of materiality to influence financial decisions for the business entity. As such, it can be said that the management of the business enterprise has considered every financial data that can have an impact on the financial decision making as well as sustainability of the business entity. in this regard , it can be stated that the management of the business enterprise has to take appropriate financial decisions regarding the preparation of the financial statements of the business entity . In this regard , it can be stated that the uniform quantitative guidelines for the establishment of the financial policies for the enhancement of the financial policies as well as the goals and the objectives of the business entity . Comparability - The financial statements established by the business enterprise can facilitate comparison between the two different years. As such, the brand has the ability to determine the operational as well as the financial policies of the business enterprise shall facilitate comparison between the two different years. As such, the management of the business entity can be able to take the necessary financial measures to overcome the organizational threats of the business entity. Bonin (2013) mentioned that comparability is one qualitative attributes that shall assist the users to assess the general financial state of a business enterprise. Thus. it can be stated that there are users shall be able to compare the general financial position of the business entity with the previous years and respond appropriately for organizational growth and sustainability in the domestic and the international market. Verifiability- The concept of verifiability would assist users in representing the economic condition of the existing business entity. Lee and Parker (2013) mentioned that the attribute of verifiability shall enable the users to verify the financial information of the business entity. In this regard , it can be stated that the financial data provided on the annual report has been verified in the context of the current year. Timeliness- The concept of Timeliness relates to having prior information to the decisions-makers of the business entity that shall help the business entity in making appropriate business as well as financial decisions. An in-depth analysis of the financial statements is presented in the business entity. Therefore, this shall assist the business enterprise in making authentic financial statements of Commonwealth Bank, Australia. As such, the timeliness of the financial statements is an essential attribute of towards establishing of the financial strategies as well as the policies of the business entity. Understandability- The concept of understandability refer to presenting the information in a simplistic manner to help users in making informed financial decisions for the business entity. According to Fiolleau et al. (2013), the management of the Commonwealth Bank , Australia has presented the accounting statements in a simplified manner so that it can be easily understood by the users. The concept of understandability is evaluated in the annual report of   Commonwealth   Bank, Australia . As such, the data presented in the annual financial statements of the business entity is simple to understand yet in-depth in details . As such, the understandability is a definite characteristic of the management of the business entity. These attributes has been essential for the business enterprise in the implementation of effective financial policies. For the purpose of measurement in accounting, the fair value of accounting is used to assess the assets and the liabilities of the organization as per the organizational goals and the objectives. In this regard, it can be stated that the fair value of measurement in accounting can be used in determining the actual worth of the assets and the liabilities in the business organization. Commonwealth Bank, Australia has been able to assess the existing liabilities as well as the assets of the organization as per the existing market condition in the domestic as well as the International market. According to Deegan (2013), the fair value accounting in the business entity has been an influencing factors   in determining the exact financial position of a business entity. The fair value accounting of the business entity   asists the business   organization to make effective   financial strategies   of   the business   entity. Therefore, the value of the assets would be ascertaine d as per their current market value.   The recognition criteria refer to the factors on which the identification of assets and the liabilities depends, in the context of Commonwealth Bank, Australia. The Commonwealth Bank , Australia has been recognized the asset as well as the liability of the business entity in, changes in equity as well as the expenses of the business enterprise facilitating authenticity and transparency in the annual financial statements of the business enterprise. Therefore, it shall assist the business enterprise in enhancing the cost of the organization as well as enhancing the changes in the business organization. In the recognition criteria, the probability in the inflow or the outflow of cash in the business organization for a particular period of time shall have to be analyzed in the attainment of the organizational goals and the objectives of the business enterprise. Miller and Power (2013) stated that the following two existing standards - IAS 1 Presentation of the Financial Statements and IAS 8 Accounting Policies, Changes in Accounting estimates and errors have assisted Common Wealth Bank Australia in adhering to the conceptual framework of the general-purpose financial accounting. These policies in the business entity shall help the business entity to strictly adhere to the general-purpose financial accounting and prepare detailed financial reports for the business enterprise. According to Freeman et al. (2014) the IAS 1 develops the basis of the financial statements in the year –ended annual reports of the entity . These accounting statements provide the faithful representation of the transactions as well as events and conditions of the business entity. The existing inconsistencies in the existing conceptual framework shall have to be eliminated by the IAS 18 accounting standards. According to Deegan (2012), the framework states that the asset and the liabilities of the organization shall have to be recognized through the expected future benefits of the organization. In the recent years, the brand has faced discrepancies in the recording as well as the assessment of the financial transactions of the business entity. In addition, the brand has developed the necessary measures to overcome the existing discrepancies and facilitate the development of the financial policies of the business entity. The Common Wealth Bank, Australia has implemented effective internal accounting policies of the business organization. Auditing has been a pertinent accounting tool for the business entity in frequent monitoring of the financial statements in the business entity. This has ensured that the financial statements in the annual reports of the busine ss organization shall reflect the existing financial position of the business organization. Bonin (2013) stated that internal auditing is an effective part of the general-purpose financial accounting of the business organization. Therefore, the existing inconsistencies in the annual reports of the organization would have to be assessed through the internal control measures in the organization. As per the conceptual framework in the General Purpose Financial Accounting the assets and the liabilities of the organization would be recognized if the future economic benefits comes or flow out of the organization. In this regard, it can be stated that the IASB emphasis uniforms academic guidelines and the policies of the business entity. As such, the management of the business entity has been responding appropriately in overcoming any discrepancies or threats for the business entity. As such, this has assisted the business entity to strictly adhere to the conceptual framework of the business entity. Horngren et al. (2013) mentioned that financial reporting refers to development of the external financial statements consisting of balance sheet, statement of cash flows and the stockholders equity and the notes to the financial statements present in the annual report of the organization. Thus, it can be said that the stakeholders of the business organization has to receive updated financial information about the business entity. As such, this shall assist the investors to acquire the necessary financial data and make informed investment and financial decisions for the business entity. The financial reporting is an essential aspect of the operational as well as the financial decisions of the business. As such, the business entity has been making pertinent efforts in adhering to the conceptual framework of the General Purpose Financial Accounting. According to Bebbington et al. (2014), the business entity has to make the necessary measures in the development of the goals and the objec tives of the business entity. Henderson et al. (2015) stated that the business entity has taken measures in the recognition of the intangible assets of the organization. In this regard, it can be stated that the management of the business organization has also recognized bad debt as well as the provision of bad debt in the organization. In addition, the recognition of revenue expenses in the business entity is another pertinent part of the General Purpose Financial Accounting in the business organization. The financial reporting deals in the disclosure of the financial data to the management as well as the public. According to Christensen et al. (2016), the financial reporting can have to be issued in the quarterly as well as the monthly basis. As such, the Commonwealth Bank Australia has been reporting to the existing shareholders of the business organization through the strict financial reporting guidelines. Horngren et al. (2013) stated that the security and the exchange commission (SEC) in the business enterprise is an essential part of the financial reporting policies of the business entity. As per the guidelines of the general Purpose financial accounting, the shareholders, potential investors and the consumers and the government of the business organization are the parties that shall benefit from financial re porting .Thus, Commonwealth Bank, Australia adheres to the General Purpose financial accounting in developing the organizational policies and strategies. It can be said that Commonwealth Bank Australia has taken pertinent efforts in adhering to the conceptual Framework in the General Purpose Financial Accounting. The brand has taken measures in the establishment of operational and financial strategies for Commonwealth Bank Australia. However, the internal auditing is an effective tool for the business entity in assessing the financial situation of the business enterprise and recognizing the existing discrepancies in the financial system of business enterprise. The Commonwealth Bank, Australia has been adhering to the general-purpose financial accounting and measure the equity, asset, liability and income as well as the revenues of the organization. The brand strictly adheres to the conceptual framework in the context of the reporting of the financial statements to the business entity. The Commonwealth Bank, Australia conducts financial reporting in quarterly or on a annual basis The recognition criteria refer to the recognition of the assets and liability of the organization that result in the inflow and outflow of the revenue in the organization. The fair value of accounting in the business entity relates to the assessment of the assets as per their existing market value. The Commonwealth Bank, Australia has been in a strong financial position in the recent years. The data extracted from the financial annual reports relates to the measurement of the assets, liabilities as well as the income and the recognition of the incomes and the revenue of the organization and indicates the financial strength of the entity when compared to the substitute brands in the market. In the coming years it can be expected that the business entity shall acquire a greater market share in the domestic and global market. Bebbington, J., Unerman, J. and O'Dwyer, B., 2014. Sustainability accounting and accountability. Routledge. Bonin, H., 2013. Generational accounting: theory and application. Springer Science & Business Media. Bonin, H., 2013. Generational accounting: theory and application. Springer Science & Business Media. Christensen, H.B., Nikolaev, V.V. and Wittenbergà ¢Ã¢â€š ¬Ã‚ Moerman, R., 2016. Accounting information in financial contracting: The incomplete contract theory perspective. Journal of Accounting Research, 54(2), pp.397-435. Commbank 2016 Available at: https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/cba-annual-report-30%20June-2015.pdf [Accessed 3 Sep. 2016]. Cortesi, A., Tettamanzi, P., Scaccabarozzi, U., Spertini, I. and Castoldi, S., 2015. Advanced Financial Accounting: Financial Statement Analysis–Accounting Issues–Group Accounts. EGEA spa. Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia. Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia. DRURY, C.M., 2013. Management and cost accounting. Springer. Eilifsen, A., Messier, W.F., Glover, S.M. and Prawitt, D.F., 2013. Auditing and assurance services. McGraw-Hill. Fiolleau, K.J., Hoang, K.J. and Pomeroy, B., 2013. Communications with Audit Committees: How Do Auditors Decide How Much Information to Provide about Management’s Accounting Practices?. Freeman, R.J., Shoulders, C.D., Allison, G.S., Smith Jr, G.R. and Becker, C.J., 2014. Governmental and nonprofit accounting: theory and practice.JJpaejournal Of Public Affairs Education Volume 20 Number 3, p.441. Groot, T. and Selto, F., 2013. Advanced management accounting. Pearson Higher Ed. Harrison, J.S. and Van der Laan Smith, J., 2015. Responsible accounting for stakeholders. Journal of Management Studies, 52(7), pp.935-960. Hassard, J. and Pym, D. eds., 2012. The theory and philosophy of organizations: critical issues and new perspectives. Routledge. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU. Horngren, C.T., Sundem, G.L., Schatzberg, J.O. and Burgstahler, D., 2013.Introduction to management accounting. Pearson Higher Ed. Jones, S. ed., 2015. The routledge companion to financial accounting theory. Routledge. Lee, T.A. and Parker, R.H., 2013. Towards a Theory and Practice of Cash Flow Accounting (RLE Accounting) (Vol. 50). Routledge. Miller, P. and Power, M., 2013. Accounting, organizing, and economizing: Connecting accounting research and organization theory. The Academy of Management Annals, 7(1), pp.557-605. Zimmerman, J.L., 2013. Myth: External financial reporting quality has a first-order effect on firm value. Accounting Horizons, 27(4), pp.887-894.

Persuasive paper Research Example | Topics and Well Written Essays - 1500 words - 1

Persuasive - Research Paper Example been a subject of a great number of discussions, debates, and arguments, especially since euthanasia and assisted suicide became legal in a range of countries. While the opponents of legalization claims that is its, in fact, legalization of a murder as well as devaluation of a person’s life, I believe it should be legalized because it frees people of pain and suffering they cannot endure. History of euthanasia extends back over thousands of years, namely to the 5th century BCE. Despite the fact that in Ancient Rome and Greece doctors were obliged to follow the Hippocratic Oath, a lot of them could give poison to their patients if the latter asked them to. In the times of the Middle Ages, the issue of euthanasia and assisted suicide was not even discussed due to the fact that the church was quite an influential institution. With the rise of the Enlightenment in the 17th and 18th centuries, euthanasia again became the question for discussions and debates; the majority of people were against it. However, there was no law that made it illegal until the 1830s when the first American law on the illegal status of euthanasia was passed (The Life Sources Charitable Trust). In the first half of the 20th century, euthanasia started gaining support in the American society as well as in England. With the beginning of World War II, the global society changed its attitude towards the issue due to the fact that the Nazis killed a great number of people with the help of euthanasia (The Life Sources Charitable Trust). In the late 20th, the points of view on the matter under consideration changed again; in fact, the last several decades may be regarded as the revival of the discussion as well as the reconsideration of the necessity of euthanasia legalization as the modern society is getting more and more supportive of making it legal. The following are the arguments for legalization of euthanasia; most of them are based on the needs of those who call for it. The first reason