An introduction to internationalizing Essay Example | Topics and Well Written Essays - 500 words

An introduction to internationalizing - Essay Example Having successfully established itself in the UAE, the firm must consider a target market whose needs and preferences match those of members of the UAE. In the event that the suitable market has a number of diverse groups with different preferences, the firm will need to customize its product to suit these tastes. Moreover, we need to diversify our business portfolio by engaging in business activities that go beyond the company’s current portfolio, for instance, manufacturing of less refined pottery to suit the low income earners in the target market. This will result in the development of higher market pools, therefore, enhancing the firm’s profit margins. The firm should seek areas with a high population of its target market. The global market consists of various environments such as urban and rural environments. These environments each have a distinct bureaucratic process and labor law; it is paramount to avoid markets that have excessive bureaucracy and inflexible and outdated labor laws. Dubai for instance, would be a good market option as it is strategically close to Abu Dhabi, our head office. This market is well served by modern infrastructure; hence transportation of both raw materials and finished products will be easy. Moreover, the market has high market opportunities internally and internationally as it is served by over 170 airlines and 86 shipping lines (Rehman, A.  2007, p.57). This will lead to the firm’s expansion into the international market through exportation opportunities. Moreover, this nation has suitable labor laws and bureaucratic process; it neither has corporate and income taxes nor foreign exchang e controls. In addition to this, Dubai is one of the most economically developed nations, and its population mostly consists of people leading a Cosmopolitan lifestyle, which is our most suitable target market; one that appreciates fine art. The nation is also known to hold top

Aci Financial Statement Essay Example for Free

Aci Financial Statement Essay The companies are now preparing this statement as an integral part of their financial statements. This paper examines empirically the current practices followed by sample companies in preparation of cash flow statement and concludes that the sample companies are in line (with few exceptions) with the requirements of International Accounting Standard (IAS)-7 or Bangladesh Accounting Standard (BAS)-7. It also proposes some suggestions for improving the presentation of the statement Key words: Cash flow statement, IAS/BAS, Listed Company, Disclosure. Introduction The purpose of a cash flow statement is to provide information on the cash flow from a company’s operating, investing and financing activities to enable the users of its financial statements to evaluate the ability of the company to generate cash and to use the historic cash flows to predict future cash flows. The cash flow information enhances the comparability of the operating performance by various companies, because it eliminates the effects that arise from the use of different accounting treatments for the same transactions and events. The use of cash flow information is gaining importance in the analysis of financial statements (Epstein 1991; Yap 1997; Jones and Widjaja 1998; Previts and Bricker 1994). Cashflow information is considered less open to manipulation than information on earnings, because it is based on the actual receipt and payment of cash only and not on the accrual and other accounting principles. Rees (1995:75) adds that the cash flow statement can be more informative than the other statements. However, he literature on the cash flow statement indicates that there are grey areas in cash flow reporting that are open to various interpretations (Everingham and Watson 2002). The perceived simplicity of the cash flow statement may therefore create synthetic confidence in the reliability of companies’ cash flow reporting and the comparability of various companies’ cash flow information. The acceptance of IAS-7: The Cash Flow Statement has added a new dimension to the preparation and present ation of financial statements in Bangladesh. This paper is an attempt to investigate into the state of cash flow reporting by the listed Bangladeshi * Lecturers, Department of Business Administration, ASA University Bangladesh 210 ASA University Review, Vol. 6 No. 2, July–December, 2012 Textiles and Clothing companies in general. The focus is not on the quality of the reporting of the companies but rather on what the reporting levels are in general. Objectives of the study The major objectives of the study are as follows: 1. to identify the current practice of cash flow statement of Pharmaceutical companies in Bangladesh. 2. o provide present cash flow statement format, structure and reporting on the basis of information provided in the annual reports of the selected listed Pharmaceutical companies in Bangladesh. Methodology of the study The study was conducted in accordance with secondary information obtained from various sources. The overview of standardization of financial reporting and the regulatory framework has be en based on laws, regulation, and guideline and also on various published sources of information taken from International Accounting Standard Board (IASB) and Bangladesh Accounting Standard 7 (BAS 7). A limited survey has also been made covering a total of 12 Pharmaceutical companies’ annual reports (2009) enlisted in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). These are selected on the basis of convenience sampling procedure. In order to make the study more revealing it also covers some research articles, textbooks, publications and web sites of various accounting bodies. Limitations of the study 1. Applied non profitability techniques have been used. 2. Due to limitation of the extensive materials, books and previous studies in Bangladesh literature review could not be extensive. 3. This study consists of only 12 listed Pharmaceutical companies due to time and resources constraints. Literature review Cash flow statement: A historical surroundings/background Cash flow Accounting (CFA) was the main system of accounting up to beginning of the 18th century (Watanabe, Izumi: The evolution of Income Accounting in Eighteenth and Nineteenth Century Britain, Osaka University of Economics, Vol. 57, No. 5, January 2007, p. 27-30). Till then, accounting allocation and profit measurement were relatively unimportant; the profit and loss account being used to close off ledger accounts at each period end. However, with the advent of concept and practices of business continuity, periodic measure and statement of financial position began to grow. Thus the basis of cash transaction becomes foundation for the allocation based systems of accounting today. Although there has been a reasonably sustained interest in fund flow statements (based on allocated accounting data) since the beginning of the twenty century, CFA appears to have received little or no support from accountants until the early 1960s. At that time there was little concern over the use of ‘cash flow’ data in the financial analysis- cash flow being interpreted as ‘profit plus depreciation (. Winjum, J. o, 1972). In 1961 AICPA recognized the importance of fund statement by publishing Accounting Research Study (ARS) Cash Flow Statement Disclosures in Pharmaceutical Companies 211 NO 2â€Å"Cash flow analysis and fund statements†. Before that, accountants had prepared funds statements primarily as management report. The Accounting Principles Board (APB) responded in October 1963 by issuing APB Opinion NO. : â€Å"the statements of and application of funds†, which recommended that a statement of sources and application of funds be presented on a supplementary basis. Because of the favorable response of the business community to this pronouncement, the APB issued Opinion No. 198: â€Å"Reporting changing in Financial Position† in March 1971. This opinion required that a statement of changing financial position be presented as a basic financial statement and be covered by the auditor’s reports. In 1981 the Financial Accounting Standard Board (FASB) reconsidered fund flow issues as part of the conceptual framework project taken in 1976. At this time the FASB decided that the cash flow reporting issues should be considered at the standard level. Subsequent deliberation resulted in Statement of Financial Accounting Standard (SFAS) No. 95: ‘Statement of cash flows’ in Nobember1987 (Weygandt, Kieso, Kimmel 1998: 1936). Fund flow statement Vs Cash flow statement Both fund flow statement and cash flow statement serve as a fundamental parts of the financial statements. In 1961, the AICPA issued ARS No. 2, â€Å"Cash Flow Analysis and the Fund Statements† which recommended that a fund statement covered by auditor’s opinion be included in companies financial reports. According to paragraph 5 of Preface to Statement of International Accounting Standard [approved by the IASC Board in November1982 for publication in January 1983 and supersedes the preface published in January 1975 (amended March 1978)], â€Å"the term ‘financial statements’ covers balance sheets, income statement or profit and loss accounts, statements of change in financial position, notes and other statements and explanatory materials which are identified as being part of financial statements† (IASC, 2000:32). As per paragraph 7 of framework for the Preparation and Presentation of Financial Statements (approved by IASC Board in April 1989 for publication in July 1989): â€Å"A complete set of financial statement normally includes a balance sheet, an income statements, a statements of change in financial position (which may be presented in a variety of ways, for example as a statement of cash flow or a statement of fund flows) and those notes and other statements and explanatory materials that are an integral part of the financial statements† (IASC : p. 3-44). As per paragraph 4 of the previous IAS 7 (October 1977), statements of change in financial position, the term ‘ funds’ referred to cash, cash and cash equivalents or working capital (IFAC, 1992: p. 813). Funds provided or used in operation of an enterprise should be presented in the statements of changes in financial statement separately from other sources and uses of fund. Unusual items, which are not part of ordinary activities of the enterprise, should be separately disclosed (IASC: Para 21). But many users of financial statements consider current practices of reporting fund flows as confusing because too much information is compressed in the statements of change in financial position, and because no single definition has been established (Mosich and Larsen, 1982; p. 935). In order to develop a conceptual framework for financial accounting and reporting, the FASB issued in December 1980 a discussion memorandum â€Å"reporting Fund flow, Liquidity and Financial Flexibility† which was issued for the following reasons: (1) for assessing future cash flow, and (2) current practices regarding the reporting of funds flow information are not entirely satisfactory. As a result of deliberation, FASB issued SFAS NO. 95 ‘Statements of Cash Flow’ in 1987. The statements require the inclusion of statements of Cash Flows rather than a statement of Change in Financial position when issuing a complete set of financial statements 212 ASA University Review, Vol. 6 No. 2, July–December, 2012 which was made effective for annual periods ending after July 15, 1988. The major requirements of the statements are of the following two areas: Basis of Presentation: The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. Classification of cash flows: Cash flows are to be classified according to operating, investing and financing activities. The basis of such classification is derived from the financial theory, which state that the enterprise derives the cash used for investing activities and settlement of outstanding financial obligation in an accounting period from internal and external sources. Internal cash sources emanate from the net cash generated from current operation and perhaps disinvesting and depletion of cash resources at the start of the period. External cash sources come from financing activities such as borrowing and receiving cash from the sale of equity shares to existing and new shareholders (Wallace et,al). Benefits of Cash Flow Information The information in a cash flow statement helps investors, creditors, and others to assess the following aspects of the firm’s financial position. Such statements serve as a mechanism for predicting the ability to generate future cash flows for the investors, creditors and others. This enables managers or management to plan coordinate and control financial operation in an effective manner. It gives an indication of the relationship between profitability and cash generating ability thus of the quality of the profit earned. It furnishes information to the management regarding the entities’ ability to pay dividend and meet obligations. Analyst and other users of financial information often, formally or informally, develop models to assess and compare the present value of the future cash flow of entities. Historical cash flow statements could be useful to check the accuracy of past assessment (ACCA Text book part 2. P. 324). It is free from manipulation and is not affected by subjective judgments or by accounting policies. Such a statement dictates situations when a business has made huge profit but has run out money or it has sustained loss but has enough cash availability. The extent of cash generated from operational activity and external finance in order to meet capital, tax, and dividend requirements can be obtained from such statements (Lee, T. A: 1972:27-36). It aids in the evaluation of risk, which includes both the expected variability of future return and probability of insolvency or bankruptcy ( Hendrickson, Eldom. S, 1982: 237). Such statements reveal the capability of an enterprise to pay its short obligation as and when due to the lenders. A cash flow statement in conjunction with a balance sheet provides information on liquidity, viability, and adaptability. The balance sheet is often used to obtain information on liquidity, but the information is rather incomplete for this purpose as the balance sheet is prepared at a particular point of time. Cash Flow Statement Disclosures in Pharmaceutical Companies 213 It may assists users of financial statements in making judgments on the amounts, timing and degree of certainty of future cash flows. This statement provides information that is useful in checking the accuracy of past assessment of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing price (IAS 7: Para 3 4). Information on cash flows classified by three groups of activities (Operating, investing and financing) that al low users to assess the impact of those activities on the financial position of the enterprise and the amount of its cash and cash equivalents. This information may also be to evaluate the relationship among those activities (IAS 7: Para 11). This statement is of special importance in assessing future cash flows, quality of income operating capability, financial flexibly and liquidity, and information on financing and investing activities. Using cash flows from operating activities from the cash flow statements, different ratios such as liquidity, ratio, solvency ratio, and profitability ratios can also be calculated to evaluate an enterprise’s liquidity, solvency, and profitability. Aziz uddin and Bala, 2001: p. 14) Overview of Cash flow statement The cash flow statement explains the changes that have occurred in the company’s cash and cash equivalents during the year by classifying the cash flows in its operating, investing and financing activities. The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. The classification is done in a way that is mos t appropriate to the company’s business. The following are the definitions of the components of the cash flow statement: Cash: cash on hand and demand deposits Cash equivalents: short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Operating activities: the principal revenue-producing activities of the enterprise and other activities that are not investing or financing activities Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Financing activities: activities that result in changes in the size and composition of the equity capital and borrowings of the enterprise (Epstein, p. 93). Objective and Scope of IAS 7 Information about the cash flow of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and cash equivalents and the needs of the enterprise to utilize those cash flows. The economic decision taken by users requires an evaluation of the ability of an enterprise to generate cash and cash equivalents and timing and certainty of their generation. The objective of IAS 7 is to require the provision of information about the historical change in cash and cash equivalents of an enterprise by means of a cash flow statement that classifies cash flows during the period from operating, investing and financing activities. An enterprise should prepare a cash flow statement in accordance with the requirements of IAS 7 and should present it as an integral part of its financial statements for each period for which financial statements are prepared. Users of an enterprise’s financial statements are interested in how the enterprise generates and uses cash and cash equivalents. This is the case regardless of the nature of the enterprise activities and irrespective of whether cash can be viewed 214 ASA University Review, Vol. 6 No. 2, July–December, 2012 as the product of the enterprise, as may be the case with a financial institution. Enterprises need cash for the same reason however different their principal revenue- producing activities might be. They need cash to conduct their operations, to pay their obligations and to provide return to the investors. Accordingly this standard requires all enterprises to present a cash flow (Para 1 3). Presentation of Cash flow statement under IAS 7 Cash and cash equivalent: The definition of cash and cash equivalent are central to the preparation and interpretation of cash flow statements. Cash consists of cash in hand and demand deposits, coins and notes of an organization, etc. In our country deposits in postal accounts may be termed as cash (Cooper and Ijiri, 1984: 88; Ghosh, 2001). Cash equivalents are short-term, highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of change in value. According to the definitions of paragraph 6 of IAS 7 cash comprises cash in hand and demand deposits; usually ‘cash on hand’ includes currency, notes, and coin in the cash box of the enterprise. It also includes prize bond, negotiable money orders, postal orders, and under posited checks, bank drafts or pay- order. Demand deposits refer to deposits in checking accounts in banks and other financial institutions that may be withdrawn without notice usually subject to deduction of outstanding check. Thus cash equivalents – 1. are short-term investments but the ‘term’ ‘short’ not clearly specified, although a period of three months and less is suggested to be taken as short term period. 2. are highly liquid investments. Here ‘liquid’ means having in a situation where cash equivalents are available in sufficient amount to meet obligation of payments. . are investments that are both: (a) readily convertible, to known amounts of cash and (b) subject to an insignificant risk of change in value. According to SFAC No. 95, the risk categorically refers to risk of change in interest rate. The short-term investments are so near their maturity that they represent insignificant risk of changes in interest rate. Examples include treasury bills, commercial papers, a nd money market funds purchased with cash that is in excess of immediate needs. However, although by definition, cash equivalents refer to short term highly liquid investments, they are usually held for the purpose of meeting short term cash commitments rather than for other purpose. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to insignificant risk of change in value. Therefore an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months and less from the date of acquisition. Equity nvestments are excluded from the cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred share acquired within a short period of their maturity and with a specified redemption date (Para 7). Cash Flow Statement Disclosures in Pharmaceutical Companies 215 Preparation of Cash flow statements IAS 7 requires cash flows to be classified into operating, investing, and financing activities. Example of cash flows by cate gory Operating Activities Inflows Receipts from customers Outflows Payments to suppliers Advance deposits from customers Wages and salaries to employees Income tax refunds Income tax payments Interest received on customers’ notes or Other tax payments accounts Dividends and interest received from Interest paid on bank debt or bonds outstanding and investments and included in determining net included in determining net income income Investing Activities Cash received from sale of capital assets Payments for purchase of capital assets Cash from sale of debt or equity investments Cash flows capitalized as intangible assets, such as:  · development costs  · start-up costs  · capitalized interest  · exploration Costs Collection of principal on loans to others Purchase of debt or equity securities of others Interest and dividends received on investments Loans extended to others and not included in determining net income Financing Activities Net proceed of issuing debt or equity securities Payment of principal on bonds or bank loans Cash proceeds received from ba nk loans Purchase of the entity’s own shares Interest paid on bank debt or bonds outstanding and not included in determining net income Dividends paid to shareholders Variations in Reporting activities for Cash flows A. Operating or Financing activities Transactions with different categories included in cash flows are classified in a different manner. According to IAS 7, Para 12, â€Å"A single transaction may include cash flows that are classified differently. For example, when the cash repayment of a loan includes both interest and capital the interest element may be classified as operating activities and the capital amount is classified as financing activities†. B. Operating or investing and financing activities Some cash flows may be classified as arising from any activities such as ‘interest’, ‘dividend’ ‘income tax’. The detailed provisions of these types are as follows. 216 ASA University Review, Vol. 6 No. 2, July–December, 2012 Interest: a. For a financial institution, interest paid and interest received are usually classified as operating cash flows (para 33). b. For other enterprise, interest paid and interest received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively, interest paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Interest received may be classified as investing cash flows, because they are returns on investments (para 33). Dividend: a. For a financial institution, dividends received are usually classified as operating cash flow (Para 33). b. For other enterprise, dividends received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively dividend received may be classified as investing cash flows, because they are returns on investments (para 33). c. Dividend paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Alternatively dividend paid may be classified as component of cash flows from operating activities in order to assist users to determine the ability of an enterprise to pay dividend out of operating cash flows (para 34). Income tax: a. Taxes on income arise on a transaction that gives to the cash flows that are classified as operating, investing, and financing activities in cash flow statement. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transactions. Therefore taxes paid are usually classified as cash flows from operating activities. However, often it is practicable to identify the tax cash flow within individual transaction that gives rise to cash flows that are classified as investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed (Para 36). In the light of SFAS 95, â€Å"Transaction that enter into the determination of net income† are defined as operating activities and hence, interest received or paid, dividend received and taxes on income are rigidly treated to arise from operating activities. Dividend to stakeholders are treated as cash outflows classified as financing activities (Keiso and Weygandt, 1998: 1275-76) Cash flow statement Practices in Bangladesh Regulatory Framework, in the eyes of the Companies Act 1994 (Act no. 18 of 1994): According to Section 183 of the Companies’ Act 1994 (which came into effect from 1 January 1995), a company is required to present balance sheet, profit and loss account (income and expenditure account, in case of non profit companies). Under section 185, the balance sheet and the income statement have to be prepared according to the forms set out in Part –1 and Part –2 of Schedule XI respectively under which information on consecutive two years (concerned year and Cash Flow Statement Disclosures in Pharmaceutical Companies 217 preceding year) are to be provided. However according to note (g) of the general instruction for preparation of balance sheet (given in part –1 of schedule XI after the horizontal format of the balance sheet), â€Å"a statement of change in financial position shall be included as an integral part of the financial statements, and shall be presented for each period for which the profit and loss account is prepared†. However no specific format of cash flow statement has been prescribed in Companies Act 1994. In the light of the Security and Exchange Rule 1987 (S. R. O No. 237-l/87 dated on 28 September 1987): Under the provision of rule 12 (1) of the Securities and Exchanges Rules (SER) 1987(amended by the section notification No. SEC/ Section 7/SER/03/132 dated 22 october1997 published in the official gazette on 29 December 1997), the annual report to be furnished by an issuer of listed security shall include â€Å"a balance sheet, profit and loss account, cash flow statement and notes to the accounts collectively hereinafter referred to as the financial statement’. In the part III of the Schedule of the SER 1987, issues relating to interest paid on short-term borrowing, interest and dividend received income taxes are clearly guidelined. For example, interest paid on short-term borrowing shall be a cash outflow under operating activities; ‘interest and dividend received’ shall be a cash inflow under investing activities. And ‘interest paid on long term borrowing’ and ‘dividend paid’ shall be a cash outflow under financing activities. Under paragraph 35-36, ‘taxes on income’ should be treated as operating cash outflow unless they can be identified in financing and investing activities. Findings of the study To know the extent of cash flows statement reporting practices by Pharmaceutical companies, a survey has been conducted covering twelve annual reports (2009) (For detailed the name of the companies see Appendix-1). The major findings of the study are given below in terms of general variations in reporting and voluntary disclosure. General findings It includes the current format and structure of cash flow statement and the extent of compliance of IAS-7, followed by sample Pharmaceutical Companies in Bangladesh. All the sample companies prepare cash flow statement as required by IAS-7/BAS 7 adopted by the Institute of Chartered Accountant of Bangladesh and present it as an integral part of the financial statements. Notes to cash flow statement have been presented as part of the financial statements i n case of all the sample companies.  · The sample companies prepare cash flow statement in vertical form and shows figure of cash flows of the current year and the previous year.  · All the sample companies’ cash flow statement contains a classification of operational, investing, and financing activities.  · The sample companies did not illustrate the policy dopted in determining the formulation of cash and cash equivalents although this is required by paragraph 36 of IAS 7. 218 ASA University Review, Vol. 6 No. 2, July–December, 2012 Variation in Reporting Another objective of the survey was to determine which alternatives, permitted by IAS-7, are used most in practice by Bangladeshi pharmaceutical companies. It is found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accoun ting treatments. The results are set out in table 1. Table-1 Variations in reporting [Cash flow statement (CFS)] Factors 1 Notes to CFS Options Separately, following the CFS Part of the notes to the financial statements Incorporated in the CFS Total Direct method Indirect method Total Operating activities or no interest Financing Investing activities Total Financing activities or no dividends Operating activities Investing activities Total Part of accounting policy note Nothing disclosed Total Operating activities or no tax Financing activities Investing activities Total Number of companies 0 12 0 12 12 0 12 12 0 0 12 12 0 0 12 12 0 12 12 0 0 12 2 Operating activities 3 Interest received and Interest paid 4 Dividend received and Dividend paid 5 Definition of cash and cash equivalents 6 Income tax Notes to table 1  · Refer to point 2 of Table 1. According to IAS-7 and SEC Rule 1987, the enterprises are encouraged to report cash flows from operating activities using the direct method. The direct method provides information which may be useful in estimating future cash flows which is not available under the indirect method. All the sample companies followed the direct method in reporting operating cash flows. One company (Pharmaceutical Mithun Knitting Dyeing Ltd. ) discloses cash flows from operating activities under indirect method in notes of financial statements as additional information. Cash Flow Statement Disclosures in Pharmaceutical Companies  ·  · 219 Refer to points 3 4 of Table 1. All the companies studied have shown ‘interest received and paid’ under operating activities and ‘interest paid on long term borrowing’ and ‘dividend paid’ under financing activities. Refer to points 5 6 of Table 1. All the companies studied have shown â€Å"definition of cash and cash equivalents† in the notes of accounting policy and â€Å"income tax† under operating activities. Voluntary disclosure The survey also included an examination of any additional information that is disclosed regarding the company’s cash flow which is not required by IAS-7, but which may be helpful to the user. For example, separate disclosure of cash flows increases operating capacity and cash flows that maintain operating capacity, disclosure of segmental cash flows, cash flow per share etc. The survey found no company to disclose such additional voluntary information in its cash flow statement. Conclusion and Recommendation A materially misstated cash flow statement, whether it is in terms of incorrect classification in the categories or numerical accuracy, can be misleading to the user and can lead to wrong decisions taken by the users of the statement. The survey has revealed that although sample companies prepare cash flow statement according to International Accounting Standard-7 (BAS-7), there is also a degree of non-compliance. It is, however, found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. To make cash flow statement more informative and useful for users, the companies should disclose additional voluntary information such as cash flow per share in their cash flow statements. Items consisting of cash flows from operating, investing and financing activities should also be clarified in the notes of the financial statements. Due to the limited scope of the present study, a large number of research issues have not been attempted but are identified in the course of the study. Disclosure practices of additional items other than operating, investing and financing activities, disclosure practices differences between listed and unlisted companies, disclosure practices differences between financial and other institutions are some such potential issues for future research. 220 ASA University Review, Vol. 6 No. 2, July–December, 2012 References Annual Reports of Sample Pharmaceutical Companies Listed in Dhaka Stock Exchange and Chittagong Stock Exchange 2009. Aziz Uddin, A. B. M and Bala. , S. K. ( 2001), â€Å"Cash Flow Reporting in Bangladesh†, The Cost Management, Nov- Dec. ICMAB, p. 13. FASB Discussion Memorandum (1980), Reporting Funds Flow, Liquidity and Financial Flexibility, FASB, Stanford. Thomas H. Beechy. Joan E. D. Conrod, Intermediate Accounting, second Edition, Chpter 5, Exhibit 5-1 pp. 91 Ghosh, Santi N. (2001),â€Å"Workshop Material on IAS # 7 : Cash Flow Statements† compiled under the Institute of Chartered Accountants of Bangladesh (ICAB)Project, Development of Accounting and Auditing Standards in Bangladesh, The World Bank. Government of Bangladesh (GOB) (1994), The Companies Act 1994 (Act No. 18 of 1994). Gup, B. E. Samson, W. D. 1993. An analysis of patterns from the statement of cash flows. Financial Practice Education, 3(2):73-79. Hendrickson, Eldom. S(1982), Accounting Theory, Richard D. Irwin, Inc. , Illinois, p. 236. Hertenstein, J. McKinnon, S. 1997. Solving the puzzle of the cash flow statement. Business Horizons, 40(1):69-76. International Accounting Standards Committee (IASC) (2000), International Accounting Standards 2000 International Accounting Standards Committee, London, â€Å"International Accounting Standard IAS 7 (revised 1992): Cash Flow Statements† in pp. 139165. International Federation of Accounting (IFAC) (1992), IFAC Handbook 1992: Technical Pronouncements (New York: IFAC). â€Å"IAS 7 (October 1977): Statement of Changes in Financial Position† in pp. 812- 816. Khan, M. H. Akter, M. S. Ghosh, S. K (2005), â€Å"Cash Flow Statement Disclosures: A Study of Banking Companies in Bangladesh†. Available at www. pcte. edu. in/site/OJMR/Finance/cashflow. pdf Keiso, Donald, E. and Jerry. J. Weygandt (1998), Intermediate Accounting, John Wiley Sons, Inc. New York, 9th Edition, pp. 1275-76. Lee, T. A. 1982. Cash flow accounting and the allocation problem. Journal of Business Finance Accounting, 9(3):341-352. Lee, T. A (1972), â€Å"A Case for Cash Flow Reporting†, Journal of Business Finance, Vol. 4, No. 2, pp. 27-36 as quoted in Studies of Accounting Theory, Steyn, B. W. Hamman, W. D. 2003. Cash flow reporting: are listed companies complying with AC 118? Meditari, 11:167-180. Weygandt, Kieso, Kimmel, Accounting Principles, 9th edition, John, Wilely and Sons, Inc, pp. 732-733 Wallace, R. S. O. and Choudhury, M. S. I. And Pendelbary, M. 1997), â€Å"Cash Flow Statements: An International Comparison of Regulatory Positions†, The International Journal of Accounting, Vol. 32, No, 1, pp. 1-22 Cash Flow Statement Disclosures in Pharmaceutical Companies 221 Appendix-1 List of the twelve Pharmaceutical companies studied. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Gla xcoSmithKline Bangladesh Limited (2009) The IBN SINA Pharmaceutical Industry Ltd. (2009) BEXIMCO PHARMACEUTICAL LTD. (2009) ORION INFUSION LTD. (2009) ACI Formulation Limited (2009) Ambee Pharmaceutical Limited (2009) Square Pharmaceutical Ltd. (2009) Libra Infusions Limited (2009) BEACOM Pharmaceuticals Limited (2009) Rahman Chemicals Limited (2009) Renata Limited (2009) Therapeutics (Bangladesh) Limited (2009)

Past, Present, and Future: An Examination of the Hood and Historical Fi

Society has always been influential to fads that are displaced throughout media; the public witnesses a direct mirror of themselves and current culture portrayed on movie screens, musical lyrics, and televisions scripts. During the 1990s, African-American filmmakers depicted stereotypical black youth and culture in films such as Do the Right Thing (1989) and Menace II Society (1993), otherwise known as the â€Å"hood† films. However, as much to the popularity and success of the hood films, there was great opposition to it. Historical movies like Daughters of the Dust (1991) and Devil in a Blue Dress (1995) were created to argue against hood films to portray a different African-American community that is not racialized. I am going to compare and contrast both the hood and historical films Edward Guerrero and Paula Massood both believed that the hood film was created for the benefit of portraying reality in African-American communities. Yet, Mark Berrettini, Joel Brouwer, Roger Berger, and Marilyn Wesley argue that the hood films are counterfactual to society and historical films are necessary to show a positive African-American culture. Mirroring the anger and frustration of the African-American community of the 1960s-1970s, 1990s black filmmakers created the hood film. Like the Blaxploitation era, the film industry noted an increase in moviegoers and films to watch hood films. Both 1960s and 1990s, African-Americans were frustrated with their political and economic conditions in urban environments and addressed their anger towards making movies (Guerrero 159). It became Hollywood’s strategy to create an answer to black frustration with movies that illustrated social pressure in the ghetto (Guerrero 158). Hollywood also portrayed the ... ...he black population. Paula Massood and Edward Guerrero believed that hood films were essential to illustrate the social frustration of young African-American communities within urban communities. Although youth of color were criminalized and violent, it illustrated a hard truth for the greater society emphasizing the need for social and economic help in impoverish environments. On the other hand, Mark Berrettini, Joel Brouwer, Roger Berger, and Marilyn Wesley argue that historical films represented a community that was lost to the hood films; an African-American community that is resilient and spirited during times of slavery and racial inequality. Historical films are genuine for African-American communities because they displayed a positive outlook of their culture. Ultimately, both the hood and historical films are realistic to the African-American communities.

Free Nature vs. Nurture Essay :: Nature Nurture Biology Socialization Essays

The Nature vs. Nurture Debate   Ã‚  Ã‚  Ã‚  Ã‚  Being yourself, being who you are. When you hear those two lines you may think they mean the same thing but do they? Think about it, you were born into this world a tiny little baby with no ideas, or preferences, but as you grew you developed a personal identity, but did it really develop or was it in you to begin with. Such questions are what leads to the great debate of nature vs nurture. If you believe you were born already with a personality, then you take the side of nature. on the other hand if you believe that your personality developed based on influences in your life beginning when you were a child then you believe in nurture. Two totally different theories, both which are believed to make us who we are.   Ã‚  Ã‚  Ã‚  Ã‚  Nature, the more scientific theory of the two, is the belief that hereditary traits found in our genes make us who we are, believable but not very convincing when we consider the theory of nurture. Human beings learn new things everyday, as soon as we come in to the world, our learning process begins. As a newborn baby, we slowly learn and adapt in order to survive in a new environment which is unlike that of our mothers wombs, our first environment in which we first grew, adapted to and developed in. The home environment parents and siblings play a huge role in determining personality. Influences from outside the family are also very important to the development of ones personality. But everything starts at home.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  One can't enjoy snowboarding or claim to like it, until one tries it, without the experience its impossible to say you enjoyed it. Correct? Or do you think its already embedded in you're genes that you'll like snowboarding. Unlikely right? Exactly, experiences and influences are what make us who we are. On the other hand think about it, what if you went snowboarding for the first time and broke your arm; deciding then that you hated snowboarding. Well then it couldn't have been embedded in your genes that you'd like it.   Ã‚  Ã‚  Ã‚  Ã‚  Scientists make a good point about genes but I believe physical aspects come through genetics, but that personality development is shaped based solely on how a person has been nurtured through their lives. All children are bad at one time in their lives; consider this, a 4 year old girl throws a book at her brother, and is punished she is put in the corner.

The Human Lives Depending on Technologies

As we approach the new millenium, it has become obvious that more than ever before, we need technology. And yet every new technology places new demands upon us creating new forms of frustration and stress. We can not live with it, but we can not live without it. If we fail to conform ourselves, will we remain the ignorant victims of the computer age? Will we become its slave? This is the focus of this paper. We have learned from our readings that the Luddites learned about the technology that was being abused in their time. They worked on the cotton gin machines and were skilled technicians. They understood that it was not the power of a useful machine they were fighting but the power of those who mismanaged it. The same can be said for the management of computer technology. There is not doubt that computer technology has become central to the operation of global multinationals, financial markets, security surveillance, and as well as everyday life. There is little we can do with a computer interface device that will preserve our identity. Governments acting as a global police force protecting us from ourselves can easily monitor the electronic trail of commands and transactions. Perhaps the Luddites could see farther into the future than anyone suspected. With regards to the downfall of technology and the role it would play on people's lives, as they became dependent upon technology for survival. Let's take for example the huge technological dilemma of the fast approaching twenty-first century; the issues surrounding Y2K. It has been feared that people's lives will be totally devastated, as the technology they have grown to depend on will suddenly fail them on January 1, 2000. It is thought by many that all of the technology that we have come to depend upon for survival will cease to function successfully. The cars which we depend on for travel, the coffee we depend on to start our day, the electronically controlled furnaces we depend on for heat, and the elevators we depend on to bring us to work will suddenly fail us all together. Even the traffic lights will become chaotic as the computers that control them will be tricked into believing it is January 1, 1900. Even the great mastermind computer programmers of our time could not think of anything more than a band-aid solution to the transportation problem. It appears that the Transportation Department of the City of Calgary will solve their traffic light dilemma by tricking the computer system that controls the traffic lights into believing it is January 1, 1972. Obviously this band-aid solution will not solve all problems, as this will still be a problem for the next generation of transportation programmers. It appears as the New Millenium fast approaches we need to return to an age that does not depend on technology for survival. People are concerned that since no technology is reliable enough to survive the Y2K dilemma that we will have to return to the ways of our ancestors for survival during this time of technological uncertainty. Heaven forbid if we could not get a fresh loaf of bread from our technologically advanced breadmakers. Information technology is a valuable extension of our power of perception and reasoning, but when we rely on it exclusively it has a debilitating effect. When we were first confronted with this new technology it absorbed all of our human resources in order to learn and adapt to the magnitude of this new technology. Many of us overextend ourselves and become obsessive allowing computers to consume all of our attention; therefore, losing our perspective of reality and purpose. If this remains the permanent attitude resulting in the overextension of our own resources, which this technology was meant to serve, then we have become the servants of this technology.

It is the generic flexibility of The Tempest that makes it such an interesting play for an audience. Essays

It is the generic flexibility of The Tempest that makes it such an interesting play for an audience. Essays It is the generic flexibility of The Tempest that makes it such an interesting play for an audience. Essay It is the generic flexibility of The Tempest that makes it such an interesting play for an audience. Essay Essay Topic: Interesting The Tempest The Tempest encompasses many genres. These include: Tragedy, Comedy and Romance. However overall The Tempest is most commonly known as a Tradgicomedy, which encompasses all these genres by having multiple plots within the play, which are then linked together to make the overall play. The plot suggests that the play is a tragedy by which there is a scene in which much destruction takes place and the themes of death and downfall are seen. However it could be seen as a comedy because there is a lot of disjunction, because it starts with the wrecking of the royal ship on the rock of an island. Commotion is a major part of this. While all this happens Miranda looks on from the island and comments on the wreckage as a brave vessel-Who had, no doubt, some noble creature in her-Dashed all to pieces! As this is the beginning of the play we can only assume that in the confusion the ship had crashed on the rocks and while doing so all aboard her had been killed. Next we find that Prospero, controller of the island, had been forcefully and to some extent unfairly sent away from his home in Milan, as he was the Duke of Milan. His brother, who is described as The ivy which had hid my princely trunk, replaced him. So from this we deduce that Prospero forced the boat to break up on the island in order to punish the Duke of Milan, the King of Naples and all the others who did not help him. The theme of the tragedy is continued with the introduction of Caliban, the slave of Prospero on the island, my slave. We find that Prospero is very violent towards him, threatening Caliban with cramps, Side-stitches that shall pen thy breath up. UrchinsThou shall be pinchedeach pinch more stinging/That bees that madeem. These violent tendencies towards Caliban help further realise the image of this play being a tragedy. In line 388 Ferdinand is first introduced to us as one of the Royal party who is lost and alone. We find he has been separated from all his other travellers. We discover that he is the Prince and the son of the King of Naples and heir to the thrown. This disheartens him and leaves him crying at his loss. He is led by Ariel towards Miranda. For Miranda this is the second man she has ever seen in her life, and describes him first as a spirit. Then when they meet falls in love with him, this is the beginning of the Romance aspect of the play. However just as Miranda and Ferdinand start to realise that they have fallen in love with each other Prospero stops them and decides to lock up Ferdinand like a prisoner, hes a traitor.-Come, Ill manacle thy neck and feet together. Sea-water shalt thou drink; they food shall be The fresh-brook mussels, withered roots, and husks, Miranda takes part in the first confrontation in order to make sure Prospero does not treat Ferdinand too harshly, she sa ys, Make not too rash a trial of him. At the start of the Second act the main body of the Royal party emerges and first to speak is Gonzalo who is very optimistic, nearly humorous, in his optimism. He says everyone should be merry because they all survived the ordeal, and it is but for a miracle that they survived. Sebastian and Antonio then tell jokes amongst themselves about Gonzalos behaviour. They continue to be quick of tongue and make comments that the audience would have found funny. ADRIAN The air breathes upon us here most sweetly. SEBASTIAN As if it had lungs, and rotten ones. GONZALO How lush and lusty the grass looks! How green! ANTONIO The ground indeed is tawny. We find that Alonso thinks that his son is dead, because he has found most of the rest of his Royal party except for his son the Prince Ferdinand. This makes him down heartened, as now he has no heir to his thrown and no son. With the loss of the heirs to the thrown Sebastian and Antonio want to overthrow the current controllers of the royal society and take charge themselves, so they begin to plot and form an idea of how to kill the King. However Gonzalo, who wakes and shouts Preserve the King! cheats them. In Act two Scene two the comedy side to the play is introduced. In this section Trinculo the jester and Stephano the drunken butler enter and come across Caliban while he is getting wood. Caliban hears the sound of thunder and hides underneath his cloak. Trinculo enters and since it is now raining he decides although he can see a pair of legs coming from under the cloak and an odd smell of fish in the air. He will hide under the cloak with Caliban. To add to this Stephano comes in. He is singing and evidently drunk. He assumes the four legs under the cloak is some sort of monster and because of his singing is in fits so to calm it he give it some of his alcohol and because Caliban has never has alcohol before it has an immediate affect on him. These three characters form the base for the humorous part of the play and have also their own separate plot to distinguish them from the other plots in the play. In Act three we go back to the Romantic part of the play, Ferdinand is working hard at his new position as a slave, and Miranda comes to visit him while he works. The mistress which I serve quickens whats dead, Prospero is not meant to know about this meeting, My father is hard at study. Pray now, rest yourself; Hes safe for these three hours. They seem to have a competition in which they compete for who can give each other the most adoring complement. What Ferdinand and Miranda do not know is that Prospero is being a kind and loving father in setting up his daughter with Ferdinand. He is fully aware of what he is doing and has control over it although it does not seem as in fact this is true. Ferdinand promises to marry Miranda and since Alonzo seemingly is dead it makes Ferdinand king. They make regeneration possibilities on such a small island and tears, a pure physical response are bared. In Act three Scene two Caliban, Stephano and Trinculo are preparing to overthrow Prospero and become the owners of the island with Caliban to help them, as he knows where everything is and where the wood is and where the water is. In scene three we find Gonzalo weakened and demoralised because he is exhausted and Alonso because he as lost his son, in this last scene Prospero enacts the punishments that he has been building up to. We find that Prospero sorts out all the characters, and there is a marriage between Miranda and Ferdinand that is settled. He also re-unites all the characters in the play and brings them all together for the final scene.

The Ethics of Selling Violent Video Games Research Paper Example

The Ethics of Selling Violent Video Games Research Paper Example The Ethics of Selling Violent Video Games Paper The Ethics of Selling Violent Video Games Paper Should Barry recommend that Take-Two go forward with the release of GTAG: Vice City? Yes, they should think deeply of the Impact that the game will game will have over the children who play It, not only the Impact the game will have over their company and also take Into account that many groups are already against them In the release of the game. 2. Given the contemplated video game is legal, is clearly marked as Mature for audiences over 17, and is targeted for audiences not particularly offended by the homes of GTAG: Vice City, is there an ethical issue of any kind in this case? Yes, because the game is already classified the game from 17 years up and is legal, so the choice of buying the game depends on the children who want it and of the parents who buy it to their kids. 3. Do video games producers bear any social responsibility whatsoever for the themes of gratuitous violence they reinforce or the messages they send about the treatment of women as sex objects? Yes completely, because they are transmitting to people who play their game Is that violence and women used as a sex object Is now a days normal and this will cause people to take that into reality. . If the answer of question 3 is yes, what steps do you recommend be taken to improve the current situation regarding the marketing of video games in the U. S. A? 1 . The government needs to be aware of what messages are video games are transmitting. 2. Video games producers need to take into account the damage that their video games will cause to their clients. 3. People need to take into account, hen b uying a video game, if they contain violence or sex. Firebombed Fitch 1. Is AF really using Quarterly to generate free publicly and to create a dimension of controversy and rebellion sometimes important to their youthful target market? Yes, AF is making teenagers to think of living life in another dimension and that is being rebellion, having sex, drink, use drugs, etc. They are making think teenagers that doing that stuff is normal. 2. If you were called in as an advisor to Jiffies, what would you tell him to do about he Quarterly? I will tell him to stop promoting AF through Quarterly because the magazine is classified as a dirty magazine and that is the image that AF is showing while promoting themselves through that Quarterly. 3. How does this case relate to the ethical theories/frameworks we have discussed? Companies will do anything to Increase their profits and become popular. AF Is causing a lot of controversy but in that way many people is getting to know AF and Is a way to call ten attention.