Financial Accounting Theory - 11230 Words

Instructor’s Manual—Chapter 5 CHAPTER 5 The Information Approach to Decision Usefulness 5.1 5.2 Overview Outline of the Research Problem 5.2.1 Reasons for Market Response 5.2.2 Finding the Market Response 5.2.3 Separating Market-Wide and Firm-Specific Factors 5.2.4 Comparing Returns and Income 5.3 The Ball and Brown Study 5.3.1 Methodology and Findings 5.3.2 Causation Versus Association 5.3.3 Outcomes of the BB Study 5.4 Earnings Response Coefficients 5.4.1 Reasons for Differential Market Response 5.4.2 Implications of ERC Research 5.4.3 Measuring Investors’ Earnings Expectations 5.4.4 Summary 5.5 5.6 Unusual, Non-recurring and Extraordinary Items A Caveat About the â€Å"Best† Accounting Policy Copyright  © 2009 Pearson Education Canada†¦show more content†¦I end up this discussion by emphasizing that the basic procedure to find a market response is to associate some measure of market return on securities with some measure of the information content of the financial statements. I then review the 1968 Ball and Brown study. Since their methodology takes some getting used to for students who have not seen it before, I stick fairly closely to the coverage in Section 5.3, although the article itself could usefully be assigned as reading by instructors who wish to consider BB’s procedures in greater depth. I concentrate on explaining how BB operationalized the measurements of market return and information content of net income. Figure 5.3 is useful in this regard. The figure also ties nicely back to the efficient securities market theory of Chapter 4, and the discussion in Example 3.3 of the dichotomization of factors affecting share price into market-wide and f irm-specific factors (Example 3.3 is optional reading, however). I go on to review briefly the ERC research outlined in Section 5.4, as an example of an important direction in which the Ball and Brown methodology has developed. I concentrate on persistence as an explanatory variable for the ERC since this concept is Copyright  © 2009 Pearson Education Canada 128 Instructor’s Manual—Chapter 5 useful in understanding and motivating the reporting of unusual, non-recurring, and extraordinary items (Section 5.5), and it appearsShow MoreRelatedHistorical Development Of Financial Accounting Theory1422 Words   |  6 Pagesthe financial reporting statements of the business. The requirement of disclosures exists to communicate important and valid information to the investors concerning the values arrived at on the financial statements. Throughout this research, each inventory valuation method will be examined and discussed in regards to financial accounting theory, Conceptual Framework, Generally Accepted Accounting Principles, and International Financial Reporting Standards. Historical Development of Financial AccountingRead MoreHistorical Development Of Financial Accounting Theory1526 Words   |  7 Pagesfair value accounting concept, an understanding of the foundation of accounting is where it is today is needed. This information provides a guideline of how the first conceptual ideas of accounting first began and changed overtime to accommodate the ever increasing changes with investment options along with lobbying efforts of individuals. The FASB’s Statement of Financial Accounting Concepts (SFAC) No. 8 indicates that the primary purpose of financial reporting is to provide financial informationRead MoreFinancial Accounting Theory2740 Words   |  11 Pagesï » ¿Financial Accounting Theory Introduction The aim of this paper is to consider three theories of regulation, the public interest theory, the capture theory and the economic interest theory. 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According to ContemporaryRead MoreFinancial Accounting Theories And Disclosures Of Financial Information Will Affect Decision Making984 Words   |  4 PagesFinancial Accounting Theory (FAT) provides me an overview of the role of financial accounting in decision making which gives me a deeper insight of how accounting theories and disclosures of financial information will affect decision making. Throughout 12-week seminars, it develops my critical thinking skills which change my view of FAT to a new perspective. From which, it establishes an insightful explanation of the reason behind of every action and logic underlying of particular practice. AndRead MoreFinancial Accounting Theory, Chapter 4 Answers Essay1146 Words   |  5 PagesAssignment 4-2: Week 4 Analysis Write-Up Kylie Keener ACCT715-Q1WW Financial Accounting Theory Michael Miller 13 June 2012 1. Chapter 4:  Problem 8 (GM) The article â€Å"GM to Take Charge of $20.8-Billion† here reproduced from The Globe and Mail (February 2, 1993) describes the potential impact of SFAS 106, â€Å"Accounting for Postretirement Benefits Other Than Pensions,† on General Motors and Ford. For example, it appears that General Motors will be required to record a liability of $20.8 billionRead MoreFinancial Accounting Theory - Ball and Brown Study1674 Words   |  7 Pagesof Research Paper Through the paper and the information provided by the textbook, it is clear that two brief conclusions we can get and explanations will be attached. 1. The financial statement do impact the share price 2. The influence caused by the financial statement is limited. The main reason, that financial statement impact the share price, is the efficient capital market. Namely, the efficient security market will go hand in hand with full disclosure. Once the relevant information provided

Fan Violence Whos To Blame Essay - 2402 Words

â€Å"These people want to hurt you. It’s frightening. You feel like you’re in a cage out there†. Reggie Smith, (Berger, 1990). Spectator violence at sporting events has been recorded throughout history. People who have power over the events, often team owners, indirectly influence the amount of spectator violence by encouraging the factors contributing to violence, in order to benefit themselves. Sale of alcohol, encouraging crowd intensity, creating rivalries, and targeting social groups, are factors affecting the degree of spectator violence and can be proven to be influenced by the owner’s actions. Therefore the blame for spectator violence can be attributed to whoever has power over the sport. Many historians suggest that an increase in†¦show more content†¦Ã¢â‚¬Å"Without beer companies as sponsors, the teams would have trouble making ends meet.† Bob Whitsitt, president of Seattle Supersonics, (Berger, 1990). The more alcohol consumed, the more revenue for the owners. During the 1987-1988 season the Cincinnati Reds sold 12,610 half-barrels and 35,365 cases of beer. The amount of beer consumed averages out to a pint for every man, woman, and child who attended the 81 games the team played at home (Johnson, 1988). The team’s owner benefited with a financial profit of over 1 million dollars. Sponsorship or ownership of teams by alcohol manufacturers, increases the alcohol sales. The first major partnership of beer and baseball dates from the 1953 purchase of the Cardinals by August A. Busch, Jr., president of the Anheuser-Busch brewery (Johnson, 1988). In twenty-five years its’ sales soared from fewer than 6 million barrels a year to more than 35 million (Johnson, 1988). In addition to direct profit, alcohol also indirectly increases profit through increased attendance. In 1974, when the Cleveland Indians’ fan attendance was down, the owner implemented â€Å"Beer Night† where they sold beers for 10 cents at the first game of a three game series against the Texas Rangers (Berger, 1990). Attendance was up by 3500. The night turned out to be the first and last â€Å"Beer Night†. When a brawl occurred during the 5th inning, hundreds of Indian fans charged the field and beat up the Texas Ranger players. Seventy-six people were arrested. AllShow Mor eRelatedBlaming the Media for the Worldwide Increase in Violence Essay892 Words   |  4 PagesBlaming the Media for the Worldwide Increase in Violence The mass media are an increasingly accessible way for people to learn what is important in the world today and what is acceptable behaviour in this society. Media outlets include film, radio, print, music and so on; film being the most widely used medium. 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If fans did not go to concerts, then musicians would not be able to make money and be successful. Many people love listening to heavy metal music; however, some people think that it cou ld lead to violence, depression, and self- loathing. There have been numerous events in society where heavy metal musicians have been blamed for the events that took placeRead MoreVideo Games And Its Effect On Children1101 Words   |  5 Pagesnature of video games. So many people argue that because video games played a part in the lives of the two teenagers who planned and executed the event, video games are to be blamed as their motive. Although video games have often glamorize graphic violence, people should not cast blame upon them for an increase in violent behavior in those who play them (especially teens) because those who make these accusations do so only to demonize what they do not and try not to understand. 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Even capital punishment lost its luster from the days of the guillotine and the gruesome iron maiden. Media and pop-culture violence are not Read MoreVideo Games Impacts on Youth1181 Words   |  5 Pagesposition of the other side. This side believes the violence in video games is one aspect of todays society impacting the youth in a negative manner. Making a case against this is difficult because in this day and age it is apparent that the youth is becoming more violent. With the popularity of these violent video games growing, the sale and marketing of such violent games to the youth must be slowed down. Violent games increase the level of violence and aggression in young people and there are many

Innovative And Sustainable Business Development

Question: Discuss about the Innovative And Sustainable Business Development. Answer: Introduction A business model can be defined as a clear way through which one can picture how a company operates. Most companies in the contemporary world strive to have as many customers as possible. A business model, therefore, acts as a means of translating the business operation proposition into potential profitability. The business model of a company shows the methods through which the company will use to create revenue and also shows factors that will enable profitability of the business a company wants to venture into. One of the importances of a good business model is that it encourages the perspective investors of a firm or a business venture hence creating a higher profitability probability. Knowledge about business models Business models can be conceptualized as activity based systems varying with the kind or nature of the business and the product being produced by the business. For instance, Hiroyuki Itami and Kazumi Nishino in one of their research report in the Long Range Planning Killing two birds with one stone. They conceptualize a business model as a system of works that firm designs to help it come up with more profits whereby they elaborate a business model by backing it up with delivery systems and learning systems to create high-profit maximization and to elaborate their arguments they use Toyota Company as an example. Toyota's business system is a very exceptional one. Apart from producing cars Toyota also produces parts and sells them. It also maintains a good relationship with its suppliers to ensure soft running and positive profit runs. Theories and what people believe about business models Christoph Zott and Raphael Amit in their scholarly work business model design: an activity system perspective do acknowledge that the more significant and overall objective of a business model is to exploit its potential opportunities and create surplus profits and to create customer fulfillment. With this, they argue out that an activity system in a business model may span boundaries of a company and make it create more surplus profits. (Zoh and Amit, 2010) Conceptualization of business models For one to conceptualize a business model as an activity based system, there are some processes that occur in between. When one wants to conceptualize a business model the one has to address the business concept of the business model and the concept of the model. This should be done with a customer oriented approach since the main problem that is being addressed by the business model is the creation and capturing of customer value and satisfaction (Journal of business models, 2013). Mostly conceptualization of business models comes from previous experiences of the creators of the business model or the managers of the business. During conceptualization, the resources for actualization o the model should be highlighted since the resources are the ones that will determine the successful application of the model and co-creation of value (Neonen and Storback, 2009). The importance of business models The main reason why businesses need to have business models as discussed above is the creation and capturing of customer valuation of a given business. With a business model, a company can integrate the various ways through which it will reach its target consumer base. This helps solve a lot of the static and dynamic problems in business since if well executed then the business will be able to execute its customer base and thus creating surplus profits. The profits in business are used to mitigate risks which are probable to occur in the business. Advantages that come along with business models The company through high profits it creates can pay up for the risk management of the risks it faces. This helps prevent the dynamic problems that may occur to business. A business model also increase customer satisfaction and by so doing the company can cement its consumer base, and with this, the company can ensure its day to day survival in the competition world. The business systems of a company will determine its future invisible assets and help the company modify its capabilities and also make it be able and ready to meet new challenges. (Itami and Nishino, 2010) Some business models concerning the type of business in the procession can also be used to understand how the different firms are venturing into the same business partner. For instance, Mitsuru Kodama came up with a knowledge integration model which is a distinctive model which identifies specifically with the Japanese firms. The knowledge integration model integrates knowledge from both the inside and outside of the firms which are in partnership. With this, the organizations or firms in a partnership will have a good run together operating a business since they are in possession of knowledge of how each of them operates from both the inside and the outside. These kinds of business models create coherence, collaboration, coordination, harmony and unity among the different stakeholders of a business or different firms in a partnership. Such kinds of models together with co-evaluation models also create co-existence and the spirit of togetherness among interested parties and thus incr easing prosperity. (Kodama, 2009) Relationship between innovations and business models For a business model to be a winning one, be effective and be efficient it needs to be innovative and not to stagnate itself with the traditional ways of operation. With the increasingly high speed of innovations and inventions in the contemporary world most, managers when determining a needed business model put a lot of emphasis on the use of current forms of technology. Even the process of business model creation itself has undergone a lot of innovations till today. Most of the business models currently are adapting and conforming to the new web related practices especially within the marketing sector. For instance, nowadays, businesses use Orbits in brokerage instead of the old methods that were being used, ITunes in bundling and thus doing away with the traditional middlemen, Elance.com for reverse auctioning and much more. (Harvard business review, 2015) By the use of this and conformity to the new forms of innovations, most people have been able to understand innovation through their participation in creation and execution of business models. Itami and Neshanic in their research report they define the business model and even back it up with extensively elaborated examples. They emphasize that however good the intentions of a business to attract more customers is it will never work out unless well-designed structures are put in place. To elaborate their argument further, they use Google as one of their examples. One of the characteristics of the Google profit maximization model is that none of its users pay them as a provider of the services it offers but instead Google capitalizes on their presence in its search space by selling its site space out to the advertisers who turn out to be its customers. Example of how business models can be helpful to organizations Another one of the aspects of the Google profit model is that the company has heavily invested in huge in-house server systems and bespoke in-house servers systems to cut on the cost of providing the huge range of services it provides thus attracting more customers and intern making more and even surplus profits(Peter, 2015). Many users are easily attracted to Google because its systems function at a very high speed and because its space can handle huge and great volumes of information. With the huge user base, Google is boasting of customers are attracted to it because of its use they can disseminate their information to a wider area and too many people with lots of ease and also within a short period. Google has also come up with a way through which it creates its system software and by so doing it can get information on how to improve its software and its servers so as to continue creating consumer satisfaction(Erwin, 2013). Killing two birds at a time a research authored by Hiroyuki Itami and Kazumi Nishino is the one that helped me to successfully and efficiently understand better the concept of the business model as an activity based system because it was briefer and had a lot of good and easily understood examples(Mark, 2017). For instance, they use LCD TV, Toyota, and Google as their examples companies that I easily identify with. I use Google in my day to day life, and the sight of it even made the research and the article more interesting to follow up and read. Toyota, on the other hand, is a car brand that is very widely and well known throughout the world and which I know very well, therefore, I had the urge to get to understand what the article was talking about on it. LCD TVs are all over, and the article gave a good and extensive insight on the company and thus made me to understand even better. In addition, they give an extensive explanation and insight of each of their examples in an easily understood manner. Conclusion To conclude my essay, the above work is a progressive prospect that can be used as a quality assertion to footer business models. Using my research many footer models can use it to benchmark themselves for quality assurance since it provides various substantial grounds of creating and developing a good business model though more extensive research should be done to add quality so as to create best outcomes. Bibliography Christoph, Z, Raphael, A. (2010). Long Range Planning. Business Model Design: An Activity System Perspective, 43, 216-226. Citeseerx. (2011). Citeseerx. Retrieved April 11, 2017, from Citeseerx: citeserx.ist.psu.edu/edu/viewdoc/download?do=10.1.1.712.1108rep1type=pdf. Cleverism. (2015). Cleverism. Retrieved April 11, 2017, from Cleverism: https://www.cleverism.com/business-model-canvas-complete-guide/ Entreprenuer. (2007). Entrepreneurship and Technology. Retrieved April 11, 2017, from Entreprenuer.com: www.wnterprenuer.com/article/176530 Erwin, F. (2013). Conceptualization Business Models: Definition Frameworks and Classifications. Journey of Business Models, Vol 1. page 85-105. Hiroyuki, I; Kazumi, N. (2010). Killing Two Birds with One Stone. Long Range Planning, 43, 346-369. Lephana. (2009). umanagement. Retrieved April 11, 2017, from umanagement: www2.leuphana.de/umanagement/csm//business_models_for_sustainability.pdf. Mark, S. (2017). Chron. Retrieved April 11, 2017, from Chron: smallbusiness.chron.com/concept-business-model-3866html Mitsuru, K. (2009). Boundaries, Innovations, and Knowledge Integration in the Japanese Firms. Long Range Planning, 42. 463-494. Peter, S. (2015). Dummies.com. Retrieved April 11, 2017, from Dummies: www.dummies.com/business...business/business/business-plan-defining-your-businessmodel Review, H. B. (2015). Business Review. Retrieved April 11, 2017, from hbr.org: https://hbr.org/2015/01/what-ia-a-business-model Suvi, N., Kaj, S. (2009). Business Model Design: Conceptualizing Networked Value Co-Creation. Forum on Services, page 1-7.

Analyse Shakespeares presentation of Angelo in Acts 1 ; 2 of Measure for Measure Essay Example For Students

Analyse Shakespeares presentation of Angelo in Acts 1 ; 2 of Measure for Measure Essay In Acts one and two of Measure for Measure Shakespeare presents Angelo in several different ways and in this essay I will be analysing the various ways in which Shakespeare does this. In a play we have to remember that the characters are not real people, but we must think of them as such. We are influenced by their actions, their speech, what others say about a character (in this case what others say about Angelo,) and how others act around a character. Shakespeare uses all of these factors effectively in Measure for Measure. The first time we see Angelo he is summoned before the Duke, and told that he is going to be his deputy whilst he is away, For you must know, we have with special soul, Elected him our absence to supply. This is a quote where the Duke tells Angelo he is going to take over the responsibility of the City. At first as a reader this gave me the impression that Angelo is well trusted and responsible. This sudden promotion surprises Angelo, he replies with, Let there be some more test of my metal, In this quote we can see that Angelo isnt totally confident in his own ability, which is why he asks for some more of a test of his skill. As the Dukes leave comes in to question, the audience starts to question why Angelo has been left in charge and not Escalus considering that Escalus is the much more experienced of the two and it would make more sense to leave the more experienced man in charge. This puts an element of uncertainty into the Audiences mind, and we wonder if Angelo is being tested and how fit he is to rule. This feeling that Angelo might not be suitable to rule is also shared by Claudio who has been sentenced to death for having sex before marriage and getting his girlfriend pregnant, Claudio says, Whether it be the fault and glimpse of newness, In this quote Claudio is saying that he thinks the speed of Angelos promotion has affected his rationality, that he is trying to stamp his authority down and this is the reason for his harsh punishment. As the Audience is influenced by how characters speak and react to each other, Claudios reaction about the severity of his punishment from Angelo will make it clear to the audience how strict Angelo is and is a good early reflection of his character. We get a view on how ruthless Angelo is, not only from his sentence of Claudio, but how Angelo deals with characters who he feels are lower than himself. In this quote we see Angelo asking Escalus to hear out the explanations of comical characters of Pompey, Froth and Elbow. Ill take my leave, And leave you to the hearing of the cause, Hoping youll find good cause to whip them all. In this quote its clear to see Angelos impatience with people who he thinks waste his time and are of a lower class than him. This does not better the Audiences perception of Angelo and how he deals with certain situations and people. Angelos harsh punishment of Claudio and his treatment of brothels in the city earns him a bad reputation in the poorer areas, the change that takes place in the city and Angelos lack of insight and understanding of the poorer peoples situation in the city becomes exposed, Why, heres a change in deed in the commonwealth What shall become of me? .ucea65fd69225a325a4b849ec8ce40700 , .ucea65fd69225a325a4b849ec8ce40700 .postImageUrl , .ucea65fd69225a325a4b849ec8ce40700 .centered-text-area { min-height: 80px; position: relative; } .ucea65fd69225a325a4b849ec8ce40700 , .ucea65fd69225a325a4b849ec8ce40700:hover , .ucea65fd69225a325a4b849ec8ce40700:visited , .ucea65fd69225a325a4b849ec8ce40700:active { border:0!important; } .ucea65fd69225a325a4b849ec8ce40700 .clearfix:after { content: ""; display: table; clear: both; } .ucea65fd69225a325a4b849ec8ce40700 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucea65fd69225a325a4b849ec8ce40700:active , .ucea65fd69225a325a4b849ec8ce40700:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucea65fd69225a325a4b849ec8ce40700 .centered-text-area { width: 100%; position: relative ; } .ucea65fd69225a325a4b849ec8ce40700 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucea65fd69225a325a4b849ec8ce40700 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucea65fd69225a325a4b849ec8ce40700 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucea65fd69225a325a4b849ec8ce40700:hover .ctaButton { background-color: #34495E!important; } .ucea65fd69225a325a4b849ec8ce40700 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucea65fd69225a325a4b849ec8ce40700 .ucea65fd69225a325a4b849ec8ce40700-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucea65fd69225a325a4b849ec8ce40700:after { content: ""; display: block; clear: both; } READ: How is love presented in Romeo and Juliet? EssayThe what shall become of me, part of that quote shows Angelos lack of understanding of how the poorer people live in the city, the social agenda, the way many earn a living, and the poverty he will plunge people into if he stops a main source of income that people rely on. This doesnt make Angelo look like a very understanding character, but here we can sympathise with him a little. Angelos problem is that he must be seen to be enforcing the law and, if he is seen to pick and choose between who gets punished and who doesnt he will look like a weak and biased governor. So he mustnt be seen To make a scarecrow of the law, and the consequences of obeying the law to every letter, is that you will look hard and cold. The feeling that Angelo is a cold and heartless person is summed up in this quote from Lucio, Lord Angelo, a man whose blood Is very snow broth, one who never feels. Its clear to see here what Lucio thinks of Angelo. A strong description of Angelo used in this way will influence what the audience thinks of Angelo too, because at this point in the play Shakespeare doesnt give us a lot of insight into Angelos background, inner thoughts or personality so having him described in such a harsh way leaves a blunt initial image in the audiences mind. Shakespeare then gives the Audience a scene between Angelo and Escalus where they discuss Claudios punishment of death. This conversation says a lot about Angelo at the time, we see he is unforgiving and relatively unexpected in the emotional aspects of everyday life. When talking about Claudios situation he says, Tis one thing to be tempted, Escalus, Another thing to fall. In this quote Angelo is basically saying it is easy to be tempted into a situation eg sex, but its totally different to knowingly partake in the act. These words make Angelo look quite heartless to the audience, it shows Angelos lack of emotion, which is exploited by Isabella in there first meeting where she tries to persuade Angelo to change his sentence which he has given to Angelo, If he had been as you and you as he, You would have slipped like him, but he like you, Would not have been so stern. In this quote Isabella is telling Angelo that if he were in Claudios position he would have done the same thing as Claudio, and if he had wouldnt he have felt harshly treated by the law. It appears to me that Isabella here is voicing the audiences thought of, wouldnt you fall to the same temptation as Claudio. So here Shakespeare is asking the audiences question for them giving a more detailed look at the character of Angelo. Up until the end of ActII SceneII we see very little of Angelos inner thoughts, but at the end of the scene where he meets Isabella Shakespeare gives the audience an inside view of the inner feelings of Angelo with a Soliloquy. This gives the opportunity to see Angelos lack of life experience being admitted. In the Soliloquy Angelo muses on his previous immunity to sexual desires. After seeing Angelos recent harshness shown to Claudio for being tempted into sex before marriage we see the same early desires being aroused in Angelo and sudden vulnerability of his situation. Oh cunning enemy that, to catch a saint, with saints dost bait thy hook! most dangerous. Angelo here is realising that he is being tempted, he says that the devil is tempting the good using good people, but we see the newness of this situation and emotion to Angelo when he says, .u6de83dfd1174adb5c2452a08917e1c81 , .u6de83dfd1174adb5c2452a08917e1c81 .postImageUrl , .u6de83dfd1174adb5c2452a08917e1c81 .centered-text-area { min-height: 80px; position: relative; } .u6de83dfd1174adb5c2452a08917e1c81 , .u6de83dfd1174adb5c2452a08917e1c81:hover , .u6de83dfd1174adb5c2452a08917e1c81:visited , .u6de83dfd1174adb5c2452a08917e1c81:active { border:0!important; } .u6de83dfd1174adb5c2452a08917e1c81 .clearfix:after { content: ""; display: table; clear: both; } .u6de83dfd1174adb5c2452a08917e1c81 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u6de83dfd1174adb5c2452a08917e1c81:active , .u6de83dfd1174adb5c2452a08917e1c81:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u6de83dfd1174adb5c2452a08917e1c81 .centered-text-area { width: 100%; position: relative ; } .u6de83dfd1174adb5c2452a08917e1c81 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u6de83dfd1174adb5c2452a08917e1c81 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u6de83dfd1174adb5c2452a08917e1c81 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u6de83dfd1174adb5c2452a08917e1c81:hover .ctaButton { background-color: #34495E!important; } .u6de83dfd1174adb5c2452a08917e1c81 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u6de83dfd1174adb5c2452a08917e1c81 .u6de83dfd1174adb5c2452a08917e1c81-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u6de83dfd1174adb5c2452a08917e1c81:after { content: ""; display: block; clear: both; } READ: Shakespeare's Sonnet 18 EssayWhen men were fond, I smild and wondered how, Here Angelo is now admitting his physical attraction to Isabella and now he understands situations like Claudios, but to the audience Angelo is starting to look like a hypocrite. Not so long ago he expressed his certainty in the sentence he gave Claudio and here he is now experiencing the same cycle of events. Shakespeare throws up various situations to Angelo, and the way he deals with them influences how the audience perceive his character. So far in the Play Shakespeare makes Angelo look like a hypocritical, cold and heartless. Its important not to forget to think of this as a play, and that the characters must be thought to have real feelings, so to get an accurate look into Angelos personality we must take into account Angelos situation, and how/what he says and does , and its effect on others. Shakespeare throws up unexpected situations for Angelo that bring out the two extremes of his personality and moral decision making, it is these decisions that influence an Audiences perception of a character.

Companies and Securities Law Assignment Essay Example

Companies and Securities Law Assignment Essay Companies and Securities Law Assignment Venture Pty Ltd, which uses the Replaceable Rules for its Constitution, is a small proprietary company originally. As it is growing fast, the shareholders are all on the Board and they all have a number of complicated transactions with the company. Many of them are suppliers to the Company and most of them have loans or finance of some sort with the Company. The business is growing so fast that the original type and structure of the company may hinder the further development of the company’s business. So the existing shareholders want to expand and to do this they want to float the business as a Public listed company. Introduction: This report will discuss the process for Venture of changing the company type from a proprietary company to a public company and also make an investigation into the steps for it to becoming a publically listing company. What’s more, the discussion also focus on any constitutional matters that need to be dealt with when listing, any corporate governance practices that need to be adopted when becoming listed company, any main listing requirements provided in the ASX Listing Rules and Corporations Act with which need to be comply, and any disclosure obligations for Venture when involving in IPO and after becoming a publicly listing company. ASX:The ASX operates a market for equity and  debt securities  issued by listed companies. We will write a custom essay sample on Companies and Securities Law Assignment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Companies and Securities Law Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Companies and Securities Law Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer To protect the integrity of that market, ASX has standards for the behavior of listed  companies through its Listing Rules. The Issuers business unit makes day-to-day decisions about the application of the ASX Listing Rules. Guidance notes are also published to assist listed  companies and their advisers to understand how certain listing rules and procedures operate. 1 The process of changing the Company and getting listed The g shareholders of Venture Pty Ltd seek to change Venture to a public listed company for reasons, the principal one usually being to enable it to undertake public capital-raising to expand its business. The steps and processes for Venture Pty Ltd to change from a â€Å"proprietary† to â€Å"public† company involve the followings steps which are Board Meeting, EGM Documents, Timing, Extraordinary General Meeting, Change of Type and ASIC. And after becoming a public company, the shareholders of Venture want to have the company get listed on ASX to become a publicly listed company in Australia. A, The process of changing the company 1. Board Meeting Board meetings are held so members of a board of directors can make decisions regarding the direction of a company. Often board meetings must be held publicly, though frequently only the board members attend. Board members vote on decisions regarding the company and there normally must be a quorum in order for the meeting to be considered legal. A quorum, unless otherwise defined by the board represents at least half of the board members. During board meetings, the secretary records all discussion and actions taken by the board, called the minutes. The secretary will then type up the minutes, which usually must be filed and kept in case there is any government investigation of the board at a later date. Minutes also may need to be presented to the public should there be a request for such from the public. The Board also needs to decide whether a new Constitution is necessary. Often a new â€Å"public company† specific Constitution is appropriate although the existing Replaceable Rules used as Constitution of the Venture will usually suffice (subject to any Corporations Act provisions for public companies then over-riding any conflicting articles of the Constitution). 2. EGM Documents Including the EGM Notice, Explanatory Memorandum, Proxy Form and Letter to Shareholders are finalized, printed and dispatched. If a new Constitution is proposed shareholders would usually be advised in the EM or Letter that it is available in need (by hard copy or by email) or posted on the Company’s website, rather than mail it to all shareholders. 3. Timing A minimum 21 days’ clear advance notification1 is necessary for the EGM subject to the Company’s Constitution, including Notice posting/delivery days. So normally say a minimum 4 weeks to be on the safe side. 4. Extraordinary General Meeting Extraordinary General Meetings are important company procedures. It is crucial that they are conducted with utmost precision so you comply with the law. An extraordinary general meeting (EGM) of a company is a general meeting of all members of a company (this usually means shareholders), an EGM gives shareholders a chance to vote on important decisions. An EGM may be called at any time. A resolution in favour of a change to â€Å"public† company type requires the passing of a â€Å"special resolution†, that is, the consent of 75% of shareholders present in person and/or by proxy2 (subject to any contrary wording in the existing Constitution not in conflict with the Corporations Act). , Change of Type With the change to a public listed company a number of matters must be dealt with or have effect, etc. In particular: †¢ By no later than the effective date (which will be known in advance because of the gazettal period), the Venture must have a minimum three Directors3 and a Company Secretary4. Note: for a public company at least 2 of the Directors and the Company Secretary must be Australian residents. †¢ Directors appointed need to be more conscious of the Corporations Act sections covering ‘related party interests’, particularly in relation to voting restrictions5 and difficulties that could arise with ‘related party benefits’6, for the reasons that the previous board of directors of the Venture Pty Ltd, that is, the old form of the company all have a number of complicated transactions with the company. †¢ The Company must clearly display a notice showing â€Å"Registered Office of the Company†7. And all stationery, check book, written references to the Company, use of Company name and etc. must indicate its new type. Within 1 month of the effective date an Auditor must be appointed, although his written consent must first be obtained. Such appointment must be ratified at the next AGM8. †¢ Annual Accounts must be audited and lodged with ASIC by 31 October each year (as well, if the Company becomes a Disclosing Entity, it must lodge audit-re viewed half-yearly accounts) and must be sent to shareholders (usually as part of an Annual Report) by 31 October. †¢ An AGM must be held by 30 November9. 6, ASIC The  Australian Securities Investments Commission  (ASIC) is an independent  Australian government  body that acts as  Australias corporate regulator. ASICs role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. To change company’s type, the Venture must lodge application Forms 205 206 with ASIC after the EGM10. The application must be accompanied by the following11: †¢ A copy of the special resolution that resolves to change the type of the company, specifies the new type and the companys new name (if a change of name is necessary); and any other special resolution passed in connection with the change of type; †¢ A consolidated copy of the companys new constitution (if any) as at the date of lodgment; Then follows the â€Å"gazettal period†, that is, one month after publication4 (which may not be until up to a couple of weeks after lodging the Forms) of the Company’s intention to change type in the Commonwealth Government Gazette. After the one month date, if there have been no objections (e. g. by creditors), ASIC issues a new â€Å"Certificate of Registration on Conversion to a Public Company†. This is the date the change takes effect. B, The process of getting listed Before introducing the process necessary to getting listed, it’s better to get a deep knowledge about the listing. . Listing Listing means admission of securities to dealings on a recognised stock exchange. The securities may be of any public limited company, Central or State Government, quasi governmental and other financial institutions/corporations, municipalities, etc. Listing is the process of taking a privately-owned organisation and making the transition to a publicly-owned entity whose shares can be traded on the Australian stock exchange. For example, a company is said to be â€Å"listed†, â€Å"quoted† or â€Å"have a listing† if its shares can be traded on ASX for public trading. The objectives of listing are mainly to : †¢ provide liquidity to securities; †¢ mobilize savings for economic development; †¢ protect interest of investors by ensuring full disclosures. To be more accurate, it is the securities that are listed, not the company. The phrase â€Å"listed company† is widely used to mean a company that has listed  ordinary shares. It is possible (although not common) for a company to have listed  debt securities  but not listed shares. Listing in more than one market is possible through  secondary listings, or through the more complex approach of  dual listing. The ability to have its shares traded on a stock exchange is central to an organisations decision to list. The fundamental role of a stock exchange is to bring together in one market place providers of capital and organisations that require capital. ASX undertakes this role in Australia and as such, acts as a hub at the centre of the Australian economy. Providers of capital earn a return on their investments through dividends and capital growth, thereby increasing the overall wealth of the nation, while the organisations in which they invest provide jobs and drive the economic development of Australia. . The benefits of listing A companys reasons for deciding to publicly list on the stock exchange often include the ability to get access to the capital markets for financial expansion and acquisitions. They usually have invested many years of plowing back profits and guaranteeing borrowings and rather than sell out, they wish to remain with the company and be part of its future growth. There are many advantages that accrue to companies that attain a public listing of their shares. Some of the key considerations and benefits are:    § Creating a market for the companys shares; Enhancing the status and financial standing of the company;    § Increasing public awareness and public interest in the company and its products;    § Providing the company with an opportunity to implement share option schemes for their employees;    § Accessing to additional fund raising in the future by means of new issues of shares or other securities;    § Facilitating acquisition opportunities by use of the companys shares; and    § Offering existing shareholders a ready means of realising their investments. . Process of getting listed12 STEP 1: Appoint and consult with advisers Underwriters, stockbrokers, Corporate Advisers, Accountants, Lawyers, Experts. STEP 2: Making notice to ASX Preliminary stages—guidance on general IPO process. That is, ASX welcome s the opportunity to find out more about the company’s business and to help it with general guidance on the listing process and to advise it on ASX’s role in that process. Advanced stages—guidance on ASX Listing Rules. That is, at these stages, ASX provide the company with insight into the listing process, regulatory issues, structural issues and organisation constitutional issues that the company need to be aware of before listing and answer queries regarding the ASX Listing Rules and general business issues including: †¢ Constitution documents †¢ Whether ASX would be likely to treat any securities as restricted and apply escrow provisions †¢ Related Party transactions †¢ Employee incentive schemes †¢ Management agreements †¢ Listing timetables, and †¢ Meeting initial and ongoing Listing Rule obligations generally. STEP 3: Preparation of Prospectus and Due Diligence The due diligence process is integral to the preparation of the prospectus and allows all parties concerned to satisfy themselves of their legal responsibilities, the structure of the transaction, and the content of the prospectus. A Due Diligence Committee is usually established to conduct this process. The process involves an all encompassing examination of your company and detailed verification of the information disclosed in the prospectus carried out by key participants in the IPO process, such as Management, Company directors, appointed advisers and underwriters. Importantly, the due diligence process also provides a statutory defence against potential liability under the Corporations Act in certain circumstances. STEP 4: Lodge prospectus The prospectus is lodged with ASIC once approved by the company’s board. After lodgment with ASIC, a company cannot accept subscriptions under a prospectus for a period of 7 days. This period can be extended by ASIC to 14 days during which time ASIC can require amendments to be made to the document. STEP 5: Apply to list Having prepared and lodged your prospectus with ASIC, you are now able to submit your listing application to ASX. The application form is contained in Appendix 1A of the ASX Listing Rules and must be received by ASX with the relevant admission fees within seven days of lodging your prospectus with ASIC. ASX will review your application and Prospectus to ensure that it satisfies ASX’s Listing Rules. Listing application must be lodged within 7 days of lodging your prospectus with ASIC. STEP 6: IPO period Average of 6 to 8 weeks Once the prospectus has been lodged with ASIC, the company announces the opening of the offer. Moreover it is common for companies to conduct roadshows to present their investment credentials to institutional investors. These can assist in achieving substantial share purchase commitments in advance. STEP 7: Admission to ASX official list Subject to conditions including completion of capital-raising. STEP 8: Commence trading Official quotation of the Company’s securities Once ASX has considered a company’s listing application, the company will be advised in writing of the outcome. This will be in the form of a decision containing the conditions that need to be satisfied before the company is admitted to the official list (such as closing the offer, raising the minimum subscription amount, allotting and issuing securities and having sufficient shareholder spread), and the conditions that must be fulfilled before quotation can commence (such as despatch of holding statements, return of any refund money and provision of a shareholder distribution schedule and a statement setting out the names of the top 20 holders). Quotation will normally commence on the third business day following despatch of holding statements to shareholders. Your shares will be quoted on ASX’s integrated trading system. 2 Constitutional matters which need to be addressed According to Corporations Act, after changing to a public company, Venture is required to have its own Constitution13, rather than using the Replaceable Rules as its Constitution when it gets ready for listing on the ASX. Also in order to comply with ASX Listing Rules, the company is requested to alter its original Constitution by completing a specified checklist and submitting it accompanying with its amended Constitution to ASX. The purpose of the checklist is to assist when revising their constitution or adopting a new one to ensure that it complies with the listing rules. It is also to assist ASX in reviewing documents related to the changes in a timely manner. Reference to ASX Listing rules: Appendix 1A, and download the â€Å"Checklist for Constitutions of listed entities† at ASX. com. au) 3 The corporate governance practices need to be adopted For all listed companies in Australia, there is an Australian Stock Exchange Limited (ASX) Listing Rule requiring the inclusion, in the Companys annual report14, of a statement of the main Corporate Governance practices that have been applied during the reporting period. In March 2003 the ASX issued its Corporate Governance Council’s best practice recommendations. Later on the second Edition Corporate Governance Guidelines—the Corporate Governance Principles and Recommendations, was released in August 2007. On 30 June 2010, the ASX Corporate Governance Council released amendments to the 2nd edition of the Corporate Governance Principles and Recommendations in relation to diversity, remuneration, trading policies and briefings, which will apply to listed entities from 1 January 2011. Assume that the Venture apply for getting listed after 1 Jan 2011, the Amendments to 2nd edition will apply to it. The Board of Directors of Venture has to make a decision about the recommendations and principles which it endorses and will adopt therein as the basis for the Board Charter on Corporate Governance. Also the Venture is required to set out the relevant disclosure in a separate corporate governance statement in its annual report. The statement should outline the main Corporate Governance policies that have been applied throughout its financial year. Here, we could roughly introduce the corporation governance practices available to Venture for setting out its own Corporate Governance policies according to the â€Å"The Corporate Governance Principles and Recommendations† 15. †¢ Principle 1 – Lay solid foundations for management and oversight—Companies should establish and disclose the respective roles and responsibilities of board and management. †¢ Principle 2 Structure the board to add value—Companies should have a board of an effective composition, size and commitment to adequately discharge its responsibilities and duties. Principle 3 Promote ethical and responsible decision-making—Companies should actively promote ethical and responsible decision-making. †¢ Principle 4 Safeguard integrity in financial reporting—Companies should have a structure to independently verify and safeguard the integrity of their financial reporting. †¢ Principle 5 Make timely and bala nced disclosure—Companies should promote timely and balanced disclosure of all material matters concerning the company. Principle 6 Respect the rights of shareholders—Companies should respect the rights of shareholders and facilitate the effective exercise of those rights. †¢ Principle 7- Recognise and manage risk—Companies should establish a sound system of risk oversight and management and internal control. †¢ Principle 8- Remunerate fairly and responsibly—Companies should ensure that the level and composition of remuneration is sufficient and reasonable and that its relationship to performance is clear. What’s more the Corporations Act requires particular information to be included in the directors’ report; the company has the discretion to include a cross-reference to the relevant information in the corporate governance section of the annual report rather than duplicating the information. For more general information, there are requirements to make this information publicly available, ideally on the company website. 4 What are the main listing requirements that need to be followed? Venture must also meet specific requirements set out in the ASX listing rules in order to be eligible to list. These requirements include a set of minimum admission criteria, including structure, size and number of shareholders. The following table summarizes some of the key criteria Venture will need to meet to be eligible for listing16: |Criterion 1 |The entity’s structure and operations must be appropriate for a listed entity. | |Criterion 2 |The entity must have a constitution and | |Criterion 3 |The entity’s constitution must be consistent with the listing rules. |Criterion 4 |A prospectus or Product Disclosure Statement must be issued and lodged with ASIC. | |Criterion 5 |The entity must apply for and be granted permission for quotation of all the securities in its main class | | |of securities. | |Criterion 6 |An entity must satisfy either (a) or (b). | | |(a) There must be at least 500 holders each having a parcel of the main class of securities with a value | | |of at least $2,000. | | |(b) Both of the following are satisfied. | |There must be at least 400 holders each having a parcel of the main class of securities with a value of at| | |least $2,000; | | |Persons who are not related parties of the entity must hold that number of securities in the main class, | | |excluding restricted securities, which is not less than 25% of the total number of securities in that | | |class. |Criterion 7 |The entity must satisfy either the profit test in rule 1. 2 or the assets test in rule 1. 3. | |Profits test17 | | |To be eligible for admission by meeting the profits test, each of the following must be satisfied (in | | |addition to various other threshold requirements): | | |the entity must be a going concern; | | |the entitys main business activity must have been the same for the last three years; | | |three years of audited accounts must be provided to the ASX; and | | |the entitys aggregated profit from the last 3 full financial years must have been at least $1 million and| | |at least $400,000 net profit over last 12 months. | | |Assets test18 | | |In th e case of entities that are not investment entities, the assets test outlined chapter 1 provides that| | |the entity involved must at the time of admission: | | |have a market capitalisation of $ 10 Million; or | | |have net tangible assets of $ 2 Million after the costs of fundraising. | |And | | |less than half of the entities assets must be in cash (or in forms readily converted to cash); or | | |half or more of the entities total tangible assets (after fund raising) are in cash, and the entity has | | |commitments to spend half of its cash consistent with its statement of business objectives that it must | | |provide to the ASX; | | |And | | |the entitys prospectus, product disclosure statement or information memorandum must include a statement | | |that it has enough working capital to carry out its stated objectives; or | | |the entity must have at least $1. 5 Million in working capital. | | |In addition | | |providing the ASX with 3 years of audited accounts and reports that are available. | |If the accounts have not been audited, the ASX must be notified; and | | |A proforma balance sheet, together with a review by a Registered Company Auditor. | |Criterion 8 |The entity must appoint a person to be responsible for communication with ASX in relation to listing rule | | |matters. | |Criterion 9 |The entity must provide a statement disclosing the extent to which the entity will follow, as at the date | | |of its admission to the official list, the recommendations set by the ASX Corporate Governance Council. If| | |the entity does not intend to follow all the recommendations on its admission to the official list, the | | |entity must identify the recommendations that will not be followed and give reasons for not following | | |them. | | |An entity which will be included in the SP All Ordinaries Index on admission to the official list must | | |have an audit committee. If the entity will be in the SP, or ASX 300 Index on admission to the official | | |list, it must also comply with the best practice recommendations set by the ASX Corporate Governance | | |Council in relation to composition, operation and responsibility of the audit committee. | |Criterion 10 |The entity must have a trading policy that complies with ASX listing rule 12. 9. |Criterion 11 |The entity seeking admission to the official list and quotation of securities must pay the fees set and | | |published by ASX. It must do so when and in the manner that ASX specifies. | 5 The disclosure obligations during the fundraising p eriod and after while the company is operating Continuous Disclosure—ASX Listing Rule19 imposes a general obligation on listed companies to disclose material information as well as requiring the release of specific information. The general disclosure obligation requires companies to immediately release to the market any information which a reasonable person would expect to have a material effect on the price or value of its shares. There are some specific exceptions (â€Å"carve out† provisions) with regard to providing confidential information. ASX may also require a company to provide information for release to the market in order to correct or prevent a false market. As a guide, a false market is a market trading on incorrect or incomplete information, regardless of the source of the information. ASX has developed an innovative method for companies to make announcements to the market via a secure and dedicated extranet called ASX Online, Venture can electronically lodge your announcements in either free text or template format. In order to ensure the company complies with its obligation of timely disclosure of such information, Venture must adhere to the following practices: Venture must disclose price sensitive information to the ASX firstly as soon as it becomes aware of the information; and all information disclosed to ASX is promptly placed on the company’s website following receipt of conf irmation from ASX. †¢ Venture must ensure that the information is not false, misleading or deceptive so as to avoid creating what would constitute a false market; and †¢ Venture must ensure that the information is disclosed clearly (expressed objectively), accurately and is complete20. Puffery, imprecise or confusing language such as â€Å"double digit†21growth must be avoided. Periodic Disclosure—in addition to continuous disclosure obligations, ASX listed companies are required to submit certain reports at regular intervals: Half Yearly Reports; Preliminary Final Reports; Annual Reports; and Quarterly activities and cash flow reports (certain companies only). Periodic disclosure is made to ASX’s company announcements office. And also ASX requires an annual report to be sent to holders of ordinary securities and preference securities. The annual report must contain the additional information22, for example: †¢ A statement disclosing the extent to which the entity has followed the recommendations set by the ASX Corporate Governance Council during the reporting period. †¢ The names of substantial holders in the entity, and the number of equity securities to which each substantial holder and the substantial holder’s associates have a relevant interest, as disclosed in substantial holding notices given to the entity. The number of holders of each class of equity securities. †¢ The voting rights attaching to each class of equity securities. †¢ A distribution schedule of the number of holders in each class of equity securities †¢ The name of the entity’s secretary. †¢ The address and telephone n umber of the entity’s registered office in Australia; and of its principal administrative office, if the two are different. †¢ A review of operations and activities for the reporting period. †¢ Whether there is a current on-market buy-back. CONCLUSION Becoming a public company listed on ASX means much more than just complying with the stringent requirements of issuing a prospectus. The general law and specific statutory and regulatory provisions impose continuing duties and requirements on public listed companies and their subsidiaries which differ from those imposed on private companies. To be a public listed company is an excellent approach for Venture to expanding its scale of business and increasing its capital in order to achieve the shareholders’ great ambitions. However, being publically listed is not a walkaway, or breeze for Venture. In the way of transferring, Venture has to make a spectrum of changes in its organizational structure, constitutional matters, business structure etc. to meet the standards of relevant rules and regulations, which will cost them a huge of manpower, materials resources and funds. And also after the transferring, Venture has to follow more stringent operating criteria and disclosure rules according to ASX Listing Rules and Corporations Act. Anyway getting publicly listed will make Venture obtain more benefits than detriments and losses and will improve its corporate image and profile, which lets Venture have more opportunity to get access to more economic benefits and regulates it to be a responsible corporate citizen for the whole public.

Donatellos Bronze David essays

Donatellos Bronze David essays Thesis: Donatello was one of the most important fifteenth century masters whose bronze David is an enigma that is unlike Donatellos other works in its different style, and unknown time of origin. Donatello was a gifted sculptor who lived in the fifteenth century and had a great impact on not only the Italian Renaissance, but also on the future of art in general. He was an innovator in his time and his sphere of influence enveloped all those around him. Donatello was one of the most important fifteenth century masters whose bronze David is an enigma that is unlike Donatellos other works in its different style, and unknown time of origin. First, Donatellos talents and credentials will be discussed. Secondly, points about Donatellos classical style in the sculpting of David and other artists thoughts about its classical style will be gone over. Next, the different thoughts on the time of Davids creation will be discussed. Lastly, the main ideas will be summarized and brought to a conclusion. Donatello has earned his place in history. Donatello was not only one of the most important artists in the fifteenth century, but also one of the most brilliant and representative figures of the Italian Renaissance for he gave visible form...to the intellectual aspirations and achievements of his epoch (Cruttwell 2). Not only was he a great sculptor, but also a leader of the artistic movement of the time. He was equally gifted in the elements of the antique and of modern sentiment, able to blend them seamlessly in his work. He also had the appreciation of external life peculiar to the Greek and Roman civilizations, with its robust self-reliance and enjoyment of sensuous emotions, and the comprehension of, and respect for, the inner workings of the soul, inherited from the severe, often morbid, self-analysis of medieval Christianity (Cruttwell 3). Donatello was able to work with any med...

ASC Research F Essay Example | Topics and Well Written Essays - 1000 words

ASC Research F - Essay Example The rationale behind treating this division as discontinued operation and held for sale has been discussed here and reporting of the position of financial statement for such division has been explained. A component of an entity can be considered discontinued operation if it does not have any involvement with the operation of the component after the disposal transaction. The sale of such asset or disposal group is probable or likely to occur and the transfer of such asset is expected to qualify for recognition as a complete sale within one year. Again the sale has been actively marketed at a reasonable price in relation to its current fair value. The period in which such transaction has occurred, the income statement of a business entity or statement of activities for not-for-profit entity (NFP) for current and prior periods should report the result of operation of component along with the gain or loss recognized in discontinued operations. The result of operation of a component of an entity either been disposed of or classified as held for sale will be reported in discontinued operations on the fulfilment of following conditions: On occurrence of the disposal transaction, the operation and cash flow of the component is required to be eliminated from the continuing operations of entity. Further, the entity is not required to have continuing involvement with the operation of the component after such disposal transaction. In a period in which the component of entity which has been disposed of or classified as held for sale, the income statement of the business entity or statement of activities of not-for-profit (NFP) entity should have the result of operation of component and gain or loss incurred in discontinued operations. The result for discontinued operation less income taxes applicable should be reported as a separate component of income before extraordinary items. Any adjustment to any amounts that has been previously reported under discontinued operations a nd is directly related to the disposal transaction in prior period is required to be separately classified under discontinued operations in current period. Such type of adjustments may arise in circumstances like resolution of adjustment of purchase price, retaining of product warranty and environmental obligations by seller, settlement of obligations of employee benefit plan provided the settlement should be related directly to the disposal transaction if there is a demonstrated relationship of direct cause and effect and the disposal should occur within one year following the disposal transaction unless delayed by circumstances beyond the control of entity. The business memorandum entailing the underlying principle for mining division of ABC Company which is to be sold off has been enclosed. BUSINESS MEMORANDUM ABC COMPANY MEMORANDUM TO: MATT ROGERS, CFO FROM: STAFF ACCOUNTANT DATE: 6/3/2013 SUBJECT: REPORTING OF MINING DIVISION INTRODUCTION It is known that ABC Company having six major divisions has recently decided to sell off its mining division. The company is actively seeking a buyer and has priced the division at fair value of the division’s assets and liabilities and it expects that the division will be sold during the next fiscal year. However, the division has been considered an operating segment; this memorandum entails the details of reporting the mining division in financial statement. BODY Research has been made on this issue from Accounting