Creativity and Innovation to Further Developing Countries

Creativity and Innovation to Further Developing Countries The keyword to be an successful country is develop two important abilities that will help you think in a different and intelligent way to develop your ideas and your beliefs. The purpose of this research is to develop the creativity and innovation in developing countries by increasing the systems education in three different ways. Furthermore, this paper discuss about the importance of develop creativity and innovation for the future of countries. Creativity is define like the ideas that come up to your mind to follow anything that you want to do and innovation is the process to became your ideas or inventions in something that help the people or the environment. Finally, the main idea of this paper is to find the best solutions to solve the problem of creativity and innovation by improving the traditional model of system education. Keywords: creativity, innovation, system education, develop. There are so many countries in the world, and this countries are classifieds according to how much developed they are. First of all, we have countries that are developed a lot of because they produces many things like technology, weapons, food, raw material (wood, iron, cotton, crude oil, etc) for the others that doesnÂÂ ´t have this advantages. Therefore, these develop countries are in the top, but how could they develop more than the others? the answer is very simple. These develop countries made a change in their system education by improving so many things that will help students to be prepared in the future because they know that students are the 100% of their future. As a result, the best solution to improve the road of being a develop country in the world is focused in creativity and innovation of each people could have, but how we can improve this skills? We can improve these skills by following the next steps: First, schools should increase hours of extracurricular clas ses. Secondly, students must interact with the environment. Finally, using technology in the process of learning-teaching can help to everyone with innovate ideas. Schools should increase hours of extracurricular classes Currently, schools are an important parts of our lives because there we learn how to front any problem that we could have, and also we learn many skills that help us to develop in the future. But what is wrong with schools nowadays? the problem is that they are killing the creativity and innovation by obligating us to think in the way that they want. The recently model of system education have one purposed, and it is to became students in university professors. They have in mind that if you made less mistakes, you will be a perfect person. So this means, education system just are focused in science subjects such as math, chemistry and physics, and this is a big problem because each person believe that you will be successful if you have lot of science degrees. But no one knows that they could be better if they develop creativity and the capacity of innovate (Robbinson, 2006). Of course we can develop creativity in schools by increasing hours of extracurricular classes because in that classes we learn how to be an artist, and when you said artist everyone thinks in creativity. Scientists says that every person in the world develop the 80% of their brain when they are in the childhood, so what they need? They need classes about science, but they also need extracurricular classes like music or dance because in that classes they will express their creativity in an easily way. For example, a little girl called Gillian was accused that she has a learning disorder because she canÂÂ ´t get focus while she was receiving classes. So her mom took her to the doctor because she was worried, but the doctor was talking with Gillian alone, and while they were talking Gillian was dancing, So he understand that she didnt have any disorder learning. Then he goes to Gillians mom and he said that Gillian doesnÂÂ ´t have problem, he explain that her daughter is a dancer, she needs to move to think. After, GillianÂÂ ´s mom understand that her daughter need to go to learn dance and finally Gilliam became in a professional choreographer and she made important works such as Cats and Phantom of the Opera (Robbinson, 2006). In a brief, people lost their creativity because in schools they just learn mechanically and they donÂÂ ´t learn how to develop their ideas or how to express their opinions. Students must interact with the environment Everyone could become in creativity people if they learn by themselves. Many people in the world are autodidact people because they like o learn by their own methodology. This is an excellent way to became in a creativity people because you find out or sometimes you create your ways to make easily studies. A big example could be scientist because they are always looking for new things, so what they need is a lot of creativity and innovative ideas to get what they want. However, people says that scientist are not creativity people because they use statistics and data, so for the people this is not creative is just like a lot of information (Ossola, 2014). The main idea is to add the option forÂÂ   students that can interact with their environment to understand better and increase their creativity. For example, if students are learning about the nature, they should go outside to the forest and they will be able to learn how everything works in the environment, and also this is an interesting and funny way to learn because is not boring and you will be entertaining. Moreover, you can find another advantage about learn interacting with the environment because when you are outside you will found many information just looking, you dont need search it on the internet or books, is an easily way to obtain real and good information about something. Using technology in learning-teaching process Nowadays, technology is the best sources that humans could created. Technology have many uses in all the world. We could find technology everywhere like in medicine, weapons and even in our houses. Technology is everything and also is an important tool for education because we could use it for teach and also learn in schools or colleges. Furthermore, each school has technology to support the knowledge of students, but while more technology have schools, they will be considerate better than the others. The last step to improve developing countries into develop one is improving all the technology from schools as many as they can. For example, people could use Duolingo platform that teaches language through gaming (Segal, 2016) to learn in a funny way and creative way. Also technology is an excellent way to teach students because they like new things, and they want to discover things. So technology is like a motivated tool that make students want to learn by themselves. In summary, we could improve any developing country by increasing important skills such as creativity and innovation because creativity is process that you develop to make sense any ideas that you have in mind and innovation is the success of created any idea. So there are many steps to develop your abilities like the importance of schools should increase the hours of classes that help you develop your ideas and also it help you to make strongly opinions about any topic. References Ossola, A. (2014). Scientist Are More Creative Than You Might Imagine. The Atlantic , np. Robbinson, S. K. (nd de February de 2006). TED. Recuperado el 15 de February de 2017, de TED: https://www.ted.com/talks/ken_robinson_says_schools_kill_creativity?language=en Segal, S. (2016). The case for disruption in Latin AmericaÂÂ ´s classrooms. Usa Published , np.

Mproving the quality of life of college students through physical education and sports participation Essay

Purpose: This study was designed to investigate students’ perceptions of the factors that improve their quality of life through physical education and sport participations. One of the most striking problems of quality of life improvement today is the sedentary life we live and the lack of participation in physical education and sports, which arises as a result of inability of students to have improved quality life. This improvement of quality life is concerned with the promotion of health status of individuals and communities. Methods and Materials: 250 students were randomly selected from the department of physical and health education and college athletes of Adeniran Ogunsanya College of Education, Otto/Ijanikin, Lagos. Questionnaires were used as the instrument for data collection while simple percentatges and chi-square (X2) analysis were employed in data analysis and testing the formulated hypothesis at 0.05 level of significance. Results: Findings from the study shows that factors like happiness to partake in sporting activities, keeping faith in physical activities/fitness and personal interests improves the quality of life of the students, which helped maintained their good health. Conclusions: Physical education and sports participation among the students influenced their quality of life greatly, which improves their quality health. However, they encountered fewer problems, which they believed didnot impede their quality of life. A number of recommendations were made on the improvements of quality life through physical education and sport participations. Keywords: Health, Participation, Physical Activity, Physical Fitness, Quality Life. Introduction Life is defined as the period between a person’s birth and death during which they are alive (Longman Dictionary of Contemporary English, 2009). Life can also be regarded as all the experiences and activities that are typical of a particular way of living. This further implies that level or quality of health, comfort and pleasure in someone’s life. Physical education is an integral part (important part) of general education. It is part of general education, which is concerned with the development of an individual physically, socially, mentally, emotionally and his/her health generally (Akinseye, 2008). Apart from these, physical education through well-planned and programmed exercise, helps to remove stress and strain of modern-day living. It provides avenues for physical fitness and relaxation thereby promoting physical and mental health. In other words, physical education aims at developing the child skillfully and makes him grow and develop physically, socially, mentally and emotionally through selected and well-programmed physical activities; thus influencing the child’s cognitive, psychomotor and affective domains positively. The term sport can be defined as an institutionalized competitive activity that involves vigorous physical exertion or the use of complex physical skills. This is often undertaken by individuals who are motivated by either the intrinsic satisfaction with the activity itself or the external reward earned through participation (Igbanugo, 2003, citing Coakley, 1978). For one to have a good quality and improved life, his or her health must be very paramount and cared for. World Health Organization (1948) defines health as the complete state of well-being of an individual physically, emotionally, mentally and socially without the absence of disease or infirmity. Some people would interpret this definition as being the quality of life and the way to achieve this is through personal cleanliness, physical activities and others. Physical activity is described in physical education and sports by Angela Lumpkin (2010) as â€Å"all moments that can contribute to improved health†. Quality of life is determined differently for each individual. However, the two factors, happiness and faith are the ideal components that helps maintain good health that include physical activities, which enables a person to achieve the true quality of life. Health care provides perceptions towards health promotion, which is important in achieving the aims of healthy people. Assessment of the physical education of students’ belief is an integral part of understanding current behaviour and conceptualization of strategies to measure the impact of it on the improvement of quality life. The issue of quality life promotion is concerned with improvement in the health status of individuals and communities. By promoting the quality of life means improving the dimensions of it. Therefore, a fundamental aspect of quality of life promotion is that it aims to empower people of health advancing, supporting, encouraging, and placing it higher on personal and public agenda. According to Ma Xin-dong (2011), life style change more than any other factor and this is considered to be the best way of preventing illness and early death in our society. The major causes of early death have shifted from infectious diseases to chronic lifestyle related conditions. Health lifestyles are critical to wellness. Each individual is different from all others’ health and wellness depends on each person’s individual characteristics. Making comparisons to other people on specific individual characteristics may produce feeling of inadequacy that detracts from one’s profile of total health and wellness. The goal of this is to help all people to make personal lifetime lifestyle changes that promote health, fitness and wellness. Regular physical activity, sound nutrition and stress management are considered to be priority healthy quality lifestyle. Ma Xin-dong (2011) also posited that children and youth are the future of the human beings. Children and youth’s fitness and wellness have important implications on their lifetime of health. However, the problem of children and youth’s health has become a global issue. In recent years, physical health status related with children and youth in many countries have suffered different degrees of decline. Regular physical activity has important positive effects on the muscular, skeletal, cardio-vascular respiratory and endocrine systems. The effects of exercise on these systems are associated with a number of health benefits, including a decreased risk of premature mortality and reduced risks of coronary heart diseases, hypertension, colon cancer and diabetes mellitus. In addition, regular participation in physical activity also reduces depression and anxiety, improve one’s mood and enhance our quality of life. Several observational and clinical studies suggested that physical activity substantially reduces the risk of dying, coronary heart diseases, stroke and colon cancer. It also helps to control weight and contributes to healthy bones, muscles and joints, reduces falls among older adults, helps to relieve the pains of arthritis, reduces symptoms of anxiety and depression and associated with fewer hospitalization, physician visits and medications use. Worldwide, the World Health Organization (1998) estimates that over 60%of adults are not active enough to benefit their health. Moreover, physical activity declines significantly with age. It is generally higher among females and the overall inactivity trend is worse in poor than urban areas. In addition, there are racial and ethnic differences in physical activity rate, particularly among women. Physicians and other health care professionals are recommending physical activity as an adjunct to more traditional therapy for a variety of physical and psychological disorders. It helps to lower the risk of early death, coronary heart disease, stroke, high blood pressure, impoverishment of bone health, type 2 diabetes, breast and colon cancer, falls, depression, poor cardio-respiratory and muscular fitness, decreased level of body fat; all these will help to improve quality of life through physical education and sports participation, hence the need for this study.

Descriptive Essay Example - 639 Words

Descriptive Essay Final The downtown metropolis can be a complex place, and some may need to become accustomed to it. It is Five O Clock in the afternoon. The sun is starting to drag itself lower, dimming the landscape, leaving a majestic orange on the horizon. The towering structures above leave enormous shadows on the people below. Car horns ring and sirens pulse, as the people make haste towards there destinations, rushing aggressively as if though it is a race. The end of the work day has just began. The craze is unique from anywhere else. An endless flow of people and vehicles seem to liter the area. A man can be seen making his way towards a small parking lot. The parking lot has not been taken care of for some time. Potholes†¦show more content†¦Lush, green trees are everywhere. Every house and small business seems to have one or two of them. The car makes its way down a small street, with old fashioned houses. The car comes to a halt in front of a beautiful tan house. The house feels cozy. The tan painted planks of wood stack up until they reach the charcoal shingles of the rooftop. Two enormous windows are on the front of the house, with fine, white curtains that can be seen hanging from them on the other side. On the left side of a house there is a large chimney, which gives the house a traditional look with its brown and red bricks. In the front yard of the house there is a smooth, clean concrete walkway to the front door, surrounded by many bushes, and flowers; trimmed perfectly. This house is well kept, and it stands out as a beauty in the neighborhood. The man walks up his paved walkway, and into the house through a large white door, with four small windows on it, and a cross like pattern beneath them. The doors gives of the look as if it is an entryway to heaven. The house is peaceful. Only the birds chirping in the trees can be heard. And as the man enters his house excited children raise there voices, â€Å"Daddy Daddy!†. This family man isShow MoreRelatedAn Example of Descriptive Essay1001 Words   |  5 PagesDescriptive Essay 1) Definition: Descriptive essay is one of the many types of writing styles that provides a detailed description for a particular person, place, memory, experience or object. Descriptive essay is purposely created so readers can readily imagine its particular subject matter. It focuses on the five senses which are sight, smell, touch, sound and taste. 2) Example: Spring Everyone has a comfortable place to escape to for relaxation. They go there when they need to beRead MoreDescriptive Essay Example1008 Words   |  5 PagesDescriptive Essay Example We all know college is hard; if it were easy, everyone would have a degree and no one would ever ask for help. But here at Crafton Hills College, tutors are available to help out students in any way, so that those who struggle can do well and be successful. 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The author may remember his or her past, or a memorable person or event from that past, or even observe the present. †¢ The author may write about: -An experience or event from his or her past. -A recent or ongoing experience or event. Read MoreMy First Year Experience Program1134 Words   |  5 Pagesstronger writer and well prepared for the rest of my college career here at Pacific Lutheran University by improving my vocabulary, being more descriptive and altering my writing process to be more successful. The Writing 101 assignment that I have chosen best demonstrates my progress as a writer is our Personal Narrative Essay. Though this was our first essay of the semester, I did receive my highest grade on this assignment and believes that it reflects my abilities as a writer. 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Definition and Examples of Sentence Fragments

The Titular Character Of William Shakespeare s Richard IIi

The titular character in Shakespeare’s Richard III is a man whose body has been weakened and warped by nature, and so must rely on his wit and cleverness to survive. Throughout the play, Richard uses wordplay and persuasive language to convince others to support him or at least cease working against him. Overall, Richard believes that his ability to use language makes him superior to others in the courts of London, as is evident in the following selection: â€Å"Was ever woman in this humour wooed?/Was ever woman in this humour won?† (Shakespeare 1.2.230-231). Richard perceives himself as being capable of feats previously thought impossible due to his supposedly excellent understanding of rhetoric and discourse. Richard of Gloucester is†¦show more content†¦The response that one of these murderers gives to Richard is extremely telling, however. He states that â€Å"Talkers are no good doers; be assured/We go to use our hands and not our tongues† (1.3.349 -351.) These men have no desire to speak to Clarence, as such a conversation would only get in the way of their work. If anything is to be accomplished, they must focus on using the strength of their arm rather than that of their words. The men ultimately do choose to have a dialogue with Clarence due to the prodding of their consciences, and so completely ignore Richard’s warnings about speaking to Clarence (1.4.159). Clarence does attempt to convince these assassins of his innocence, stating that the king â€Å"sends you not to murder me for this, for in that sin he is as deep as I† (1.4.212-213). Clarence is arguing that the king would be wrong for executing him for the sins of battle, as the king would be as much as fault in that regard as Clarence is. The murderers give a curt denial, stating the following: â€Å"Relent? No. ‘Tis cowardly and womanish† (1.4.261). The man who states the previous line, and slays Clarence, never intended to change his mi nd. Neither Richard nor Clarence’s words influenced the decisions of these murderers, who were only motivated by coin (1.4.123-124). When Anne and Elizabeth utter curses toward their most bitter enemies, it seems that they believe that

Accounting and Tax Free Essays

string(71) " on the basis of acquisition prices rather than current market prices\." The world is increasingly adopting an extremely commercial approach to operations (Paulson 99). Every aspect in the economic environment and social systems is increasingly becoming more commercialized as the capitalistic mental has taken over a number of key areas in operations (Paulson 99). The role played by taxation and accounting systems is on the increase due to commercializations and liberalization of operations and markets. We will write a custom essay sample on Accounting and Tax or any similar topic only for you Order Now Different modes of operations and complexity in modern operations have led to the need for development of different modes of accounting and taxation (Paulson 99). Original definitions and systems are being replaced by new ones that are deemed to be more relevant to modern day operations. The policies supported by political leaders with regards to these economic factors are seen to be important to the perception that the voters have on them. The overall public, due to improvements in information systems and education levels, have become more aware of the importance of good and relevant policies to not only the development of the economy but to individual development. It is no longer left for the professionals to understand the complexities and changes in accounting and information systems be it at the policy or implementation level for ordinary citizens are continuously seeking to know more on these concepts (Paulson 73). This paper looks at some of the current trends in accounting and taxation systems in the US. and the impact they have on the development of US. as a nation. The paper looks at a issues in Private and public Company Financial Reporting and their convergence with the international standards. The other areas that the paper addresses are Cost or Equity Method of Accounting, Sarbanes-Oxley Act of 2002, Importance of Segregation of Duties, Income tax accruals, Deferred Income taxes and McCain’s Vs Obama’s tax plan. Introduction Developed economies and especially America’s are highly reliant on the development of the business sector (Pratt Niculita 22 ). The business sector in some of these developed economies contributes immensely to their large domestic income levels. Financial reporting is an aspect that is integrated into every business system be it profit or non-profit making. Financial reporting is a very important aspect in ensuring accountability and developing the confidence that is of high importance in a capitalistic economy that are characterized by high levels of competition. Financial reporting does not in itself guarantee success in business but helps in providing information that is critical in the development and implementation of economic decisions. Company Reporting The standard used in financial reporting in the US is the GAAP standard (Talbott 63). The main reason behind financial reporting for public entities is to meet the needs of external stake holders who due to their positions lack the ability to get the information. Even though the external users of company financial reporting may have access to information, most private companies still choose to prepare the general financial statement. Even though the GAAP financial accounting standards are aimed at providing the end user with the required information, the management of the company often finds such documents to be of great importance (Talbott 63). Many private companies implement a system where the financial statement include an independent accountant report which is drafted after the report has been audited, reviewed or compiled. The government is not directly responsible for the formulation of the accounting standards in most developed countries and it was until 2002 that the federal government intervened largely on accounting standards (Talbott 35). This non-interference is common system in most countries under common law where it is believed that the private sector is well informed and has a good resource backing. It should be noted that the GAAP is not a law that has to be followed though some key financial authorities have made it compulsory for public companies to adhere to standard (Ricardo Kolthammer 53). It should be noted that the GAAP standards for the private sectors are set by different bodies which operate under different assumptions, principles and constraints from those of the public sector. The basic objective in financial reporting is providing information; this is done by making a number of assumption, application of a series of principle and subjecting a number of constraints. Assumptions ? The business entities are assumed to be separate from its owners and other related businesses. In preparation of financial records personal expenses are kept separate from company revenues and expenses (Ricardo Kolthammer 51). ? Another key assumption made is that the business will continue operating indefinitely. This assumption is made to justify the validation of asset capitalization, depreciation and even amortization. This going concern assumption is only overridden when it is certain that the company will be liquefied (Ricardo Kolthammer 51). ? Since one of the objectives in the preparation of financial records is to ensure ease of evaluation a measure must be used. In the US, a monetary unit that is assumed to be stable is used as the unit of record. It is accepted by the FASB that the nominal value of the dollar unadjusted to take care of the inflation should be used as the main unit of measure (Ricardo Kolthammer 51). ? A major assumption in the preparation of financial records is that the economic and financial activities of a company can be divided into time units. This is the time period principle (Ricardo Kolthammer 51). There are a number of principles that have been adopted by the FASB in preparing financial records. The principles govern how the actual preparation of the records will be handled. Some of these principles include: ? Companies are required to account and report on the basis of acquisition prices rather than current market prices. You read "Accounting and Tax" in category "Papers" This principle applies to all recordings be they assets or liabilities (Ricardo Kolthammer 54). This principles ensures that the information provided is reliable by eliminating bias that would have otherwise been accrued by using the perceived value. However, there are changes in this system as a number of debts and securities are being reported on the basis of their fair price or market values. ? Principle number two is referred to as the revenue principle and it requires companies to record revenues either when they are realizable and earned or when they are realized. This accrual approach to accounting eliminates recording at receip (Ricardo Kolthammer 54)t. ? The matching principle dictates that the expenses and the revenues have to be matched as long as there is sufficient ground for pairing. Expenses are only recognized when the product or service that they have help create earns some revenue (Ricardo Kolthammer 54) The principle further states that if a situation should arise where no connection can be established between an expense and a revenue then the expenses can be charged on the existing period. This system is useful in ensuring accuracy and robustness in evaluating actual performance and profitability levels because the principle clearly shows how much was spent in earning a given revenue. ? The disclosure principle is one that governs the amount of information that can be disclosed. According to this principle, the amount of information that can be disclosed should be based on a trade off analysis (Ricardo Kolthammer 54). Disclosure of large information is often associated with increased cost in the preparation and use of the financial records. Therefore, the information disclosed should be enough for judgment while ensuring that the costs are kept low. Information in the financial records are either presented in the main body of the statement, notes or as supplementary material. A number of constraints have also been placed in coming up with financial records and reports. The constraints are aimed at reducing errors and ensuring reliability. They include: ? The objectivity principle which states that the financial records should be based on objective evidence (Ricardo Kolthammer 54). ? The significance of an item is only considered when it has been reported. The materiality principles therefore considers information to be of significance if it can in one way or the other affect the decisions made by a reasonable human person (Ricardo Kolthammer 55). ? There is also need for consistency in the accounting principles used by a company. The companies should ensure that they use the same principles year in year out. ? When choosing between two alternatives the prudent principle states that the solution that is likely to understate the income and assets should be given first priority (Ricardo Kolthammer 55). Comparison Even though the differences may not be clear a key differences arises in the aspect of stakeholders. The investors will always want to be informed on how their investments are fairing on. In a private company, systems may be developed where the investors who are often few and closely related can access financial records and the performance of their investments at particular times (Einhorn 23). Furthermore, the private nature of such businesses exempt them from mandatory disclosure and there are no restriction on the materials they can disclose. However, the story is quite different in public companies where disclosure is a must. Public companies are of national interest and therefore issues regarding their financial status affect a considerable proportion of the general public (Lewis Pendrill 32). Development in financial systems are aimed at protecting the investors from the failure of such financial institutions. The law therefore dictates that such companies must disclose their financial records and in so doing the materials disclosed should be such that they provide enough information as per the investors’ requirements (United Nations Conference on Trade and Development 35). Therefore, while a private company financial records may only be a page the public companies often develop booklets and mountains of documents as their financial records. In general, preparation of financial records in public companies is more resource intensive relative to private company due to the time and financial resources that have to be channeled to the preparation of the rather comprehensive records. The similarities are countless. The principles employed, assumptions made and constraints are generally within the GAAP principles (Haber 24). The principles are within the stated framework and therefore bears a lot of similarities. Disclosure is stressed on by both private and public companies for the sake of their investors. In either case, the importance of financial reports to the management of the companies and to creditors who may require the company’s financial information is of equal importance. Sarbanes-Oxley Act of 2002 The area of financial disclosure and development of financial reports is of key concern to the entire economy. The government and the legislative system is often concerned with the overall wellbeing of the people; at least that is what they have made people believe. Disclosure and financial reporting is an area that is of key importance to the overall development of not only the company whose records and transactions are being disclosed but also to other companies that may be related to the said company in one way or the other. The federal system broke its liberalization of the accounting systems when in 2002 it enacted the Sarbanes-Oxley Act (Hamilton Trautmann 44 ). The act was aimed at protecting the investors and was enacted into federal law in 2002. Previously issues regarding financial disclosure and preparation of financial records were governed by standards rather than law. The move was aimed at dealing with the increase in the levels scandals that hit a number of major corporations namely Tyco and Worldcom among others (Shanley 21). These scandals were very costly on investors and had a major bearing in the capital markets as share prices dropped considerably. The effects of the scandals were felt by both participants and non-participants as the confidence in the stock markets suffered and irrecoverable blow. The reforms that were brought by this act are considered the most far reaching changes in the business environment in decades. These new legislations did not affect the private sector and were aimed at developing enhanced standards for the public sector players including public accounting firms (Shanley 49). Its adoption was a controversial step and led to major divisions on its perceived benefits. A number of people who were and still are for its implementation state that it has led to an increase in investor confidence on the stock market while ensuring better standards and controls for corporate accounting standards. The act led to the developments and enaction of PCAOB which is charged with regulating, inspecting and ensuring relevant disciplinary measures are taken against accounting firms that are ascertained to have flawed some of the principles and standards set by the Sarbanes-Oxley Act (Pratt Niculita 85 ). Some of the key features of Sarbanes-Oxley Act of 2002 include: ? The first title establishes the PCAOB as a board that will provide the required oversight for accounting firms that provide audit services. This first title also creates a central board that is tasked with ensuring procedure compliance by the boards, registration of auditors, definition of processes and procedures for compliance, quality control and management and enforcing compliance as per its mandate that are provided for in the act (Einhorn 19). ? The second title establishes the standards that will ensure the independence of external auditors so as to minimize the risk of conflict of interest. This title also puts up new auditors approval qualifications, partner rotation and reporting requirements. One of the notable features of this second title is that it bars audit firms from providing non-audit services for same clients (Einhorn 19). ? The responsibility for accuracy and completeness of financial records is placed on senior executives. This third title further defines how the external auditors will be expected to interact with the audit committees. A quarterly certification of the integrity of the financial reports by the corporate executives is required by this title (Einhorn 19). ? The fourth sections requires the inclusion of off balance sheet transactions and transactions of corporate officers. This is to ensure enhanced financial reporting and ensure accountability at the highest levels of corporate leadership. The fourth title further requires the placement of internal controls that will ensure the accuracy of the financial reports. Timely reporting in case of change in financial conditions which must also be accompanied by a review of SEC or its agents, is advocated for by this title. ? The fifth section includes measures that are aimed at restoring the confidence of the investors on the reports brought forward by securities analysts (Einhorn 77). The code of behavior for the security analysts are defined in this section and they are further required to disclose any conflict of interest that may be in their knowledge. ? The sixth section is closely related to the fifth as it defines practices that will help in the restoration of investor confidence. The SEC’s authority is also defined in this chapter and their power to bar securities professionals from dealing is brought into proper perspectives by definition of cases where their power is applicable (Einhorn 22). ? The seventh section places more emphasis on the manner in which research that is aimed at enforcing actions against violators will be conducted. The reports and reasons that have been identified as being of importance in the research include the effects of consolidation on accounting firms, securities violation, role of credit rating agencies and enforcement actions. This chapter further suggested investigations on whether the investment banks played a role in obfuscating the financial positions of some of the corporations that failed. ? The eighth title describes the specific penalties for fraud by either manipulating, destroying or altering financial records. This title further defines the penalties associated with interfering with the course of investigation while providing a considerable level of protection for whistle blowers. ? The ninth title increase the penalties associated with white collar crimes and conspiracies to commit financial crimes. One of the key recommendations of the title is that stronger punishments should be provided for financial crime offenders. A key addition is that failure to certify corporate records is declared a criminal offense (Einhorn 19). ? The chief executive officer or the senior most corporate officer is required to certify and sign the company’s tax returns in the tenth title. ? The definition of corporate fraud as a crime within the law is found in the eleventh title. Record tampering is also included as a criminal offense and the specific penalties are also defined in this section. Sentencing guidelines are revised in this chapter and the penalties are made harsher. SEC is also given the power to freeze large or suspect payments (Einhorn 18). There are a number of factors that led to the adoption of the rather controversial measures towards ensuring disclosure and accuracy of financial records. Prior to the implementation of the SOX the auditing firms were self regulated (McAlevey 45). There was considerable levels of conflict interest as they were involved with companies in more than one way. They were therefore not in a position to challenge the companies on financial matters for it may have led to poor work relations in other areas they were involved in. Audit committees were also blamed for the crisis that led to the development of the SOX as they did not perform their responsibility as investor representatives with maximum efficiency (McAlevey 56). A number of causes for failure and collapse of some of the corporations were in the line of negligence of duty and lack of the required expertise in handling business complexities. Management also had a considerable degree on audit committees and thus the integrity of their reports was questionable even before they were presented. The SEC was underfunded before the American public realized its importance to the overall development of the economy. The federal allocations to this programs have since doubled as a way of ensuring that they effectively deal with issues and threats to the financial stability of public corporations. Securities analysts had multiple roles that presented a conflict of interest (Niskanen 123). The security analysts could make recommendations on whether to sell or buy and at the same time provide financial assistance for companies who are in need of financial assistance. There is the possibility that the analysts could make decisions and recommendations that will ensure that he unfairly gains from the deals. Misleading bank practices may also lead to confusion by other investors. For instance, when a number of banks lend money to a corporation other investors may assume that the financial position of such a company is guaranteed (Griffin Walton 10). When such companies collapse as it was the case in Enron, investors in the bank and those who had invested in the corporation suffer losses. Moreover, stock volatility coupled with the bonus and stock option practices increased the pressure on companies to manage their earnings. Segregation of Duties One of the major recommendation of the SOX was the need to segregate duties (Griffin Walton 29). The need for segregation is often seen to be associated with increased accountability as the overlaps associated with non-segregation are eliminated. Furthermore, the risk of inappropriate action on individuals or groups is minimized since each and everyone has clearly defined roles and failure in their part can be traced to them. The first step in ensuring accountability is adopting a segregation approach. The segregation of jobs must be adopted by the entire organizations and documentation of its adoption ensured. Segregation of duties is not all about the physical implementation of tasks since the flow of finances has to be described fully, clarifications made and assurances that no one person has overall control over all aspects in any financial transaction made. The process of formulating such a diverse and rather complex system of operations requires time and expertise if the systems is to achieve any success. It is worth noting that though the implementation of the system may be near perfect, if the initial formulation is done ineffectively the whole systems will lack in aspects that may prove to be critical in ensuring its success. The organization has to be studied and analyzed before any changes are proposed. Since these are changes that are per the requirement of the law for public institutions there is little that organizations can do to avoid implementing this law (Griffin Walton 92). The organizations must analyze their processes and their outcomes including their behavior. The qualifications of the available human resource has to be ascertained and the organization’s ability in implementing a segregated approach ascertained. A thorough analysis of the collected information will ensure the development of teams and allocation of responsibilities for each and every member of the organization who will then be answerable on all issues relating to these responsibilities they have been assigned. The implementation of such a system is as important as the formulation phase. The application of relevant controls and milestones to be met will ensure that the developments achieved as a result of the implementation of such systems is quantified and relevant corrections or improvements made to ensure continued success. The controls should ensure that whistle blowers and those that are unwilling in promoting illegal activities are protected from the wrath of ‘criminals ‘(Griffin Walton 24). Therefore, the adoption of systems that will ensure whistle blowers are protected should go in line with the formulation and implementation of the segregation approach. Convergence to International Standards The implementation of the SOX led to improvement in laws and policies regarding financial disclosure that made them more similar to international standards. Furthermore, there is increased effort by the FASB, which develops accounting standards for local use to converge the standards to the IASB (Eisen 42). It should be noted that even though the IASB standards are increasingly being adopted by a number of countries the FASB has significant control on their standards. One notable difference in the standards is that the LIFO systems is not used in the international standards while they are allowed by the US. Standards, thus reporting of income statements takes on different format which may affect the analysis of financial statement by investors and stakeholders (Eisen 42). Moreover, the international systems is more principle based when compared to the US systems which can be considered to be rule based. The FASB bases their approach on the fact that the real accounting world has infinitely many exceptions and a principle based system will never be able to give a full description of actions that may be employed in all situations (Eisen 43). Equity Method of Accounting Accounting is a diverse area of study that is continuously changing as per operations requirements (Eisen 34). Financial irregularities and fraud has taken on a new dimension and thus the accounting principles and procedures have also been forced to change in order to address the change in financial trends. Investment in common stock is one of the fastest growing areas, many investors are channeling their resources to acquiring common stock and IPOs have become national events while the capital markets is one of the most highly traded market there is. The equity method of accounting is used for investments in common stock if the investor possesses over one fifth of the outstanding voicing stock of another company in which he has significant influence. Generally accepted accounting principles require that reporting using the equity method when an investor corporation has significant control over the operations and finances of an investee corporation. Significant influence is determined by representation on the board of directors, active participation in formulation of policies, intercompany transactions, interchange of managerial personnel and dependence on technology. It is generally assumed that an investor has significant control if over 20% of the outstanding common stocks of the entity are in his possession. This holds true unless there is sufficient evidence to prove otherwise (Eisen 100). The equity approach to accounting reflect more on the economic aspects than the legal aspects involved in investing in legal stocks of other companies. When the equity approach to accounting is employed, the initial records of the stock investments is done at cost. The investments accounts will then have to be adjusted to ensure that the investor share of income and losses after the date of acquisition are up to date. This investor share is used in coming up with the net income of the investor in the period as reported by the investee (Eisen 51). The methods is in line with the accrual method of accounting for its implementation ensures the recognition of revenues when they are earned and losses when incurred. Dividends received by the investors are not reported as dividend income but are a reduction on the carrying amount associated with investment. Therefore, the application of equity methods of accounting ensures that investments accounts give a reflection of the investors equity relative to investee net assets. An exception to this rule of revenue recognition is the recognition of revenue without change in working capital (Eisen 34). In the investors statement of income, the proportion of the share of the net income of the investee is reported as a single line entry except inn situations where the investee possesses extraordinary materials that would affect the investor’s net income statement. Such materials would be reflected as extraordinary materials in the investor’s income statement. The method therefore eliminates intercompany profits and losses (Eisen 43). Any excess paid for shares over their book value of the purchased subsidiary must be identified and if need be amortized or depreciated (Eisen 90). In cases where the investor owns over half of the investee’s outstanding stock a consolidated financial statement for the group is presented (Eisen 110). The relationship is considered an affiliation as the investee can exercise control over the operations of the investee (Eisen 111). The equity method is used in the presentation of financial reports for unconsolidated subsidiaries in a consolidated financial report. If the parent company is preparing unconsolidated reports then the investments in the subsidiaries are reported through the use of equity accounting. The application of equity accounting methods is continuously being adopted in accounting circles due to an increase in corporate ownership. Capitalism is characterized by increased investments in joint ventures and therefore it is becoming common place for major corporations and private investors to have stake in more than one company. Multinational companies may have considerable influence on local companies whose stock they posses and therefore the application of equity accounting finds relevance in such cases. Income tax accruals and Deferred Income taxes One of the most important decisions that has to be made by businesses before they start operations regards the basis of their bookkeeping which can either be on an accrual or cash basis. The accrual system is where the income is recorded as when it is earned without considerations on whether it will be received or not. The expenses are also recorded as per when they were accrued without considerations on whether they will be paid. Taxpayers are not necessarily required to use a specific method by the Internal revenue service (IRS) (Eisen 32). However, the stock markets and other bodies may require public companies to strictly use the accrual basis in stating their incomes (Eisen 60). The IRS requires that the method used when a taxpayer first files his tax returns should be used consistently thereafter and any changes in the system must be approved by the IRS. If an investor own more than one business the use of different methods of accounting is allowed, though they must be kept separate from each other as each business is treated as separate entity. Even though the use of any method is allowed there are restriction to the use of the cash method in that corporations with a gross receipt of over $5 million excluding the S corporations, partnerships that partners with such corporations and tax shelters are all excluded from the use of cash system of accounting (Eisen 22). When using the accrual method, incomes must be reported in the tax year they were earned and expense deducted in the same manner. The time of payment is disregarded in either case and has no bearing on the nature of the results. For taxation purposes, income is reported when earned, due or payment is received depending on which one comes first. Therefore, recording of income is done when events that lead to their reception have occurred and the amount associated with the revenue or expense can be determined with pinpoint accuracy. Advance payments for services that will be received later are charged in the same years that they are received. This scheme changes if there is an agreement that the completion of the service will be in the next fiscal years thereby the recognition of the income is included in the next years records. The postponement of advance payments cannot go beyond one year. If any part of the service will go beyond the next year, all advance payments will have to be recorded in the year the receipt will be made and none of it would appear in the next year’s records. Advance rent income can only be recorded in the years that they are received and can never be postponed. If a business provides a business agreement for a property that it owns, advance income associated with such property can be postponed. However, this is only applicable in cases where the business also earns income from properties that do no have service agreements in their course of operations. There are a few special rules that have been formulated with regards to handling advance payments regarding agreement for future sales. Under normal considerations the payments are recorded when they are received but this is not so in this alternative system. Under the alternate system the advance payments in earlier years and the recordings include payments in gross receipt according to the rules of the method used. Furthermore, it is advisable to record the advance payments in the years that any part of the advance payments has been included. Under the accrual system expense are reported when liability has been fixed, the amount involved has been determined clearly and economic performance has occurred. If expense is incurred in receiving a service, economic performance is considered to have been incurred when the service is provided. When property has been delivered, economic performance is said to have been incurred (Pratt Niculita 102 ). For expenses that are related to interest, the passage of time marks economic performance. In areas of compensation of services, economic performance is said to have occurred when the contractors are rendering their services. Moreover, under the accrual system expenses are only deductible in the years they apply though they can still be charged on the years they are paid if the benefits they generate are applicable for a time of over one year. If business expenses or interest are owed to persons related as per the definition of related in income tax, and the related person handle How to cite Accounting and Tax, Papers

Romeo and Juliet/new ending Essay Example For Students

Romeo and Juliet/new ending Essay Romeo reached over Juliet and cried into her arms. He looked down at her with weak eyes as he opened the bottle of poison. Romeo tells her how much he loves her and that he has to be with her the rest of his life. If the only way to be with her is to commit suicide since she is dead, then so be it. As he raised the poison to his lips, she awoke. It wasnt sudden, but she opened her eyes and moved her hands slowly. Before Romeo had consumed the poison, he had noticed her move. Romeo dropped the poison to the ground, letting glass fragments shatter everywhere along with the spillage of poison. He ran to Juliets arms and they kissed. Romeo and Juliet lay in the tomb talking about how Romeo thought Juliet was dead and how he was going to kill himself. They discussed what they should do know, realizing that everyone thinks Juliet is dead and Romeo is in Mantua. Romeo and Juliet came to the conclusion that Juliet should tell her parents that she wasnt really dead and express her feeling for Romeo. If her parents love her enough, they wont care. Romeo and Juliet exit the tomb, hoping that no one will notice them. The two of them went to Juliets house. While Juliet went inside, Romeo hid outside at Juliets balcony. Romeo waited for Juliet to return. When Juliet returned, she had news for Romeo. Her parents were furious with her about faking her death and forbid her to go anywhere near Romeo, a Montague. That left Juliet no choice but to continue not to listen to her parents. She was caught by Romeo as she leapt from her balcony, caring a few of her small symbolic belongings. The two of them left for Mantua, where they would stay and live happily ever after. When they arrived at Mantua, they were ready to start their new life. They decided that they wanted a child together and made responsible choices. Meanwhile back in Verona, the Capulet and Montague households both cease their feuding. Both families realize that Romeos and Juliets love for each other was meant to be and nothing would change it. The Capulet and Montague households both dont talk to each other but at least they are complete adversaries anymore. Words/ Pages : 418 / 24