Financial Reporting in New Zealand Essay Example | Topics and Well Written Essays - 2000 words

Financial Reporting in New Zealand - Essay Example Therefore, financial reporting provides information that assist investors, creditors, and others assess the amounts, timing, and uncertainty of prospective net cash inflows to the related enterprise. Decision makers' uses information in the financial report on how to base investment, credit and other decisions underlies the objectives of financial reporting. A critical evaluation is done in relation to the usefulness of the financial reporting and the purpose it serves. This paper discusses if the provision of a true and fair view of an entity's financial position and performance is required by law. It shows the importance of conceptual framework and why we use regulations that are part of Generally Accepted Accounting Practice (GAAP) to govern financial reporting in New Zealand. Companies, issuers and all public sector entities in New Zealand are required under legislation to act with accordance with General Accounting Acceptable Principles (GAAP) when presenting their external financial reports. According to New Zealand Institute of Chartered Accountants, they ensure that those involved in preparation of financial reports of entities to comply with General Accounting Acceptable Principles (GAAP) and any nonconformity should be reported. (New Zealand Institute of Chartered Accountants, 2006) Generally accepted accounting principles (GAAP) are accounting rules that are used to prepare financial statements for publicly traded companies and private companies as well as non profit making organisations. The generally accepted accounting principles operate under a different set of assumptions, principles, and constraints. GAAP ensures that the financial statements are useful to relevant users as they have the following essential qualities. Relevancy: A relevant information assist users of the financial statements to predict the future event in relation to the present and the past. This information must be available before the decision is made, so for this case they make a difference in decision making. Reliability: The information presented in the financial statement should be reliable i.e. if an independent auditor verifies it using the same method; he should be able to get the same result. Comparable: The financial reported should also be able to be reported in the same manner for a different organisation hence one can compare financial results of different companies. Consistent: This means that the same accounting method applied should be the same from period to period should be well explained and justified. This allows comparison of financial statements of the same company of different periods. For GAAP to achieve its objectives, it is usually guided by basic assumptions, principles and constrains. The Assumptions includes: Economic Entity Assumption: There is an assumption that the business is

How Harmful Secrecy Can Be Essay Example for Free

How Harmful Secrecy Can Be Essay To talk about keeping secrets or how harmful secrecy can be,we should first know what serecy is.what kind of secrets surround us,and since when it all started?Secrets were born with the human being.They just follow a cycle since our existence on the plante.The problem is that do we really need secrets?Are they vital to us?If we follow the right path there is no need for secrets but many times we don’t,we can also make huge mistakes that we better think not to show. So we hide them,and hiding them we create a secret. In the 21st century,in this HI-TEC society we hardly can keep anything private.It all starts with the online privacy which in fact doesn not exist.Someone,we don’t know who,may be monitoring us every single minute. They just gt access in our private stuff.It is really uncomfortable to think that someone can be reading what you’ve typed. A magician creates a trick and he firstly shows it to his wife.She gets amazed by the trick and insists to know the way he does it.After he tells her she says:†Once you know it’s actually very obvious†.These are called professional tricks which can’t be shown.Because revealing these secrets you just vanish the magic of what you do,making it something ordinary. There are also government secrets which are absolutely the most important of all.Most of them have to do with the national security and some of them are too ugly to be said. Maybe some secrets aren’t revealed to avoid panic.But don’t we deserve to know everything in democratic government?If we can’t administer these secrets,who are the enilightened people whom all these secrets are believed? It’s clear that not all the people of a country,even they’re aqual to each other,aren’t capable of administering these risky secrets.Some things are just ugly to be public,the wikileaks case for example. Was it necessary that the entire world knew what American Government really thought about other national governs? Honestlyi think national secrets should be kept because they contain very important information that may be harmful if it reveals.In these cases ignorance is bless. Have you ever though there are some secrets we just don’t want to know or we don’t want to accept.after something extraordinary,we eill be looking for the secret.But of course we eon’t find it because of course;we’ll not be really looking.We don’t really want to work it out.We want to be fooled.

Ethical Theories Of Business

Ethical Theories Of Business Ethical theory studies different philosophies or systems used to explain and make judgments regarding right/wrong/good/bad. It challenges to bring in clarity, substance, and precision of argument into the area of morality. They also dispute on how we should value humans in our actions. Ethical theories suggest justification for judgment regarding the morality or immorality of actions, and they provide a basis for claims about moral obligations. Ethical theories are based on the ethical principles. They each highlight different features of an ethical dilemma and direct to the most ethically approved decision according to the guiding principle within the ethical theory itself. Generally ethical principles stem from ethical theories, and when defending a particular action, ethicists normally appeal to these principles, not the underlying theory. Ethical theory is applied to the philosophical examination, from a moral standpoint, of particular issues in private and public life that are s ubject of moral judgment. It is thus a term used to describe attempts to use philosophical methods to identify the morally correct course of action in various fields of human life. This essay briefly explains the purpose of an ethical theory and why no more than one ethical theory can be right. It outlines the positions the two ethical theories. It further discusses on claim So long as a businesss actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good. Finally it outlines and illustrates one criticism that an opponent might level at each of the ethical theories. Ethical theories and principles are the foundation of ethical analysis as they guide along the pathway to a decision. Purpose of ethical theories argues that how we should value and treat human beings in our actions and proposes essential reason to considers an action to be ethically good or bad. Ethical theory highlights different points such as predicting the outcome and following duties in order to reach an ethically truthful decision. Ethical theory attempts to answer the fundamental practical ethical question of What ought I to do? and How ought I live? It offers the fundamental justification for judgment in relation to the morality or immorality of actions, and provides a basis for claims about moral obligations (The Open Polytechnic of New Zealand, 2009, Module 1 p.20). These principles/roles of ethical theories are the common goals that they try to achieve in order to be successful. This goal includes beneficence, least harm, respect for autonomy and justice. The principle of beneficence directs ethical theory to do what is good, which should attempt to engender the largest ratio of good over evil. The principle of least harm states that a person should choose least harm possible which harms the fewest people. Respect for autonomy states that people should be allowed to make decisions of their lives which applies them and justice affirm that justice should be tolerable and actions to be fair for those who are involved. There are several varieties of ethical theories to choose from in a business ethics environment however only one ethical theory could suite a particular environment at that instance. This is for the reason that all theories have been developed by unique philosophers. Ethicists and people who generally apply these theories could also have different ideas of how to answer questions such as What is the right way to act in this situation?, What makes this the right way to act in this situation? and How should I act in general so as to live a good life? (The Open Polytechnic of New Zealand, 2009, Module 1 p.27,28). All theories convey a different idea on why an action counts as ethically good or bad. Lets say for instance we take utilitarianism and Kantian moral theory, utilitarianism argues that moral importance of an action lies on the predictable consequences of the action where as kantian moral theory emphasizes on the moral importance of an action lies in the principle of the person s action. For example a person steals $100 from a billionaire and uses that money to feed 40 hungry kids on street, utilitarianism will agree that it is morally a good thing as it produces greater happiness. However, kantian theory would argue that stealing money from someone is wrong as this will break the law even though it will help 40 hungry kids. Ethical theories purposes are based on above ethical principles. Two ethical theories in this course which I have chosen to discuss comprehensively are utilitarianism and kantian moral theory. Utilitarianism ethical theory proposes that moral worth of actions should be judged by its utility in providing happiness or suffering, compared with the amount of happiness or suffering likely to be caused by alternative actions (The Open Polytechnic of New Zealand, 2009, Module 1 p.20). It is one of the more functional and commonly used theories today which is also sometimes called consequentialism. Utilitarianism is well known by the phrase the greatest good for the greatest number of people which utter that the moral right action is the one that is most likely to maximize happiness, bearing in mind that equally interests of all affected by it, no matter who these people are. For example, a witness lies at the court house that the victim murdered a person. As the victim would have been sentenced, there would have been no one left to take care of his three kids. Under utilitarianism, this was morally the right thing for the witness to do as the result have benefited more people. Th ere are two sorts of utilitarianism, which are act and rule utilitarianism. Act utilitarianism is mostly what described above where a person performs the acts that benefits the most people. Rule utilitarianism uses the same principle of benefiting the most people but through the fairness and most just means available. This add extra value to rule utilitarianism as it adds value justice and general rules while including the benefits greatest happiness principles. One benefit of this ethical theory is that utilitarian can match up similar predicted solutions and draw on a point system to decide which choice is more beneficial for more people. It compares the likely good and bad consequences of one action with the likely good and bad consequences of the alternative action. Kantian moral theory is a deontological ethical theory which came from a Greek word meaning duty. Deontological theory is an approach to ethics that judges the morality of an action based on the actions adherence to rule or rules (Wikipedia, 2010). It holds that most important aspects of lives are governed by certain unbreakable. This ethical theory is based on the idea that we all have a duty to perform certain things and not to perform certain things. Rules should not be broken even if breaking them may improve an outcome. For example, if some one says lying is always wrong in principle; than it is morally wrong to lie to people even though it could have produced better consequences. It does not look at how much good will cause by an action, rather they look at the action itself and then decide whether it is prohibited or complete mandatory by one of their rules. Deontologists have very strong approach on the words, right and good. Right has to do with actions. Good has to do throu gh outcomes. Good can be many things such as pleasure, happiness, harmony, wealth and so on. Deontological moral theory also seems to be concern about respect for rational humanity as an important aspect of moral importance. It sees all people as having fundamental moral value in virtue of being rational being. We must examine the principles of action to notice whether it shows respect for rational humanity or not. To check whether our actions meet the definite imperative to respect rational humanity, Kant moral theory inquire two question which is can we rationally will that this principle should become a universal law for everybody and are we treating persons as end in themselves, or solely as a means to an end . Drawing on the following claim that So long as a businesss actions are legal and accepted by consumers and shareholders, the actions can be considered ethically good. Utilitarianism involves an equal and impartial consideration of interest. Equal and impartial means that someone can not only consider the greatest good for the company, the overall greatest good should be considered which will benefit everyone affected by the action. In general, Utilitarianism is not bounded by any rules or regulations to determine the moral obligations. Its moral worth of action is solely determined by its involvement of overall utility. Overall utility arises when the good consequences are maximized and proficiently achieving happiness or pleasure versus lack of suffering or pain. Utilitarianism will deal with this claim by overlooking the legal aspect and will spotlight on the consequences, which is in this case are the consumers and shareholders. Utilitarianism will rephrase the claim that business actions are acceptable if it maximizes the benefits of consumers and shareholders. However, rule utilitarianism will argue that the action is morally acceptable for t he reason that the business is following its legal obligations and at the same time, the consequences is benefiting the consumers and shareholders. Rule utilitarianism takes account of the legal business actions and concerns with the fairness of consumers and shareholders in this situation. Kantian moral theory will see the claim differently than what utilitarianism has stated above. Kantian theory states that actions are morally right in virtue of their motives, which must derive more from duty than from inclination (Beauchamp Bowie, 2004). It is a theory that is restrained by rules and regulations and it saw people as having essential moral value since they are rational being. It sees all people as morally important as an end and never treats them as a means to an end. In the claim that business actions are legal and acceptable by consumers and shareholders, Kantian moral theory will agree that the action is ethically good. This is for the reason that the consumers and shareholders are treated appropriately while also taking account of the legal business actions. Kantian moral theory idea is that actions to be morally acceptable, it is required to be able to be made a universal law without opposing its own principle. Unlike utilitarianism, kantian moral theory disreg ard the consequences of the actions when coming to a decision of right or wrong as it determines the moral goodness on principles behind the action. Kantian moral theory and other theories criticize utilitarianism theory that it suffers from numerous problems. Particularly, one criticism which I would like to consider consideration discussing is that utilitarianism theory is the treatment of minorities against majorities. Majority of opponents argue that utilitarian position can be unfair to the minorities. This is because utilitarianism embraces that actions that cause suffering to minority in order to benefit majority are morally good. This legal system in utilitarianism punishes the behavior of the minority even though the minority party might not be guilty. For example, a wealthy man named Kris residing in a small town who owns a company. This company is the major source of employment for the town people. One night, Kriss son caught up with a fight with other 3 boys of the same town. The police found that Kriss son was drunk and police found him at fault. Kris came to the police station and told the police that his son is inn ocent and if the police will lay any charges on his son, he will fire the 3 employees whose son were involved in this fight. Utilitarianism will argue that if this action will be taken, there will be more suffer and pain for the three families as the main source of income for survival will vanish. Taking the principle of greatest good for greatest number of people, utilitarianism theory will let go Kriss son. This is just an example where the minorities suffer even though they might not be wrong sometimes. This can also be said that in a similar situation described above, people could sometimes loose their human rights as utilitarianism theory only looks ate the result of the action and which party or action could make greater benefits for majorities. Kantian moral theory also has drawbacks mention by other ethical theories such as utilitarianism. One of the most common criticisms of kantian moral theory is that this theory ignores the consequences. It denies the moral importance of the likely consequences of any action. In some situations, it just focuses on the rules and regulations a person should follow and disturbingly disregards the consequences. For example, a chap went to buy some chocolate for his kid at the nearby shop. While returning home, accompanied by his wife and boy, some young youth attack him for some money. While in the clash, one of the thugs stab his wife. The man thought that they might also kill him and his son so he threw a beer bottle which he obtains near by to one of the thug and that stroked is head really hard. He garbed his son and escaped to near by police station. When the police came to the incident, they also found another person dead in that scene. He explained the whole story to the police and then the police started its investigation. Under kantian theory, the man will be sentenced for life as any person who kills another person is being sentenced for life. Kantian moral theory here just looked at the rules and comes with the relevant action needed to be taken ignore the consequences and leaving the investigation. Principle of ethical theories argues that how we should value and treat human beings in our actions and proposes essential reason to considers an action to be ethically good or bad. Two ethical theories covered in this discussion were Utilitarianism and Kantian moral theory. Both theories affirmed their benefits and criticism. It is difficult to address that one theory is better than the other as both theories could come right depending of the situation and circumstances.

Essay on the Religious Right and The Handmaids Tale :: Handmaids Tale Essays

The Religious Right and The Handmaid's Tale The Handmaid's Tale by Margaret Atwood is set in the near future in the Republic of Gilead, formerly the United States. A religious extremist right-wing movement assassinated the president and congress and took complete control of the government. The constitution was suspended and liberties revoked. Women found themselves completely subordinated in the new regime, generally assigned to the legal care of a male "guardian." Offred, the main character of the story, was fortunate in many ways. Because she was still fertile, she was not branded an "Unwoman" and sent to the "Colonies," where thousands of individuals deemed undesirable by the government were sent to toil in toxic plants and agricultural camps. Instead, her fate was to become a "handmaid." Birthrates were declining in the republic, so a fertile female became a prized commodity. Since Offred had been divorced prior to the revolution, the religious leaders controlling the government saw fit to take her from her second husband and child and assign her to a "guardian," a high ranking male. Her sole purpose in life with the guardian was to become pregnant. Once a month an insemination ceremony would take place, during which the guardian would attempt to impregnate Offred while his wife read passages from the bible to them. All three remained clothed and there was no passion involved. In the course of her life as a handmaid, Offred discovers more about Gilead. Her secondary duty (after getting pregnant) was to go into town each day and purchase food. She gradually makes contact with another handmaid, Ofglen, who introduces her to the underground movement against the republic. She eventually becomes involved in a number of illegal activities, and eventually is forced to try and escape. The Handmaid's Tale is really about the role of women in society. If it were possible to eliminate women from Gilead, it seems that the republic would have done so. Instead, they are reduced into doing the one thing for which Gilead can find no substitute -- producing children. They are so reduced that they cannot even feel passion or enjoy sex. Infertile women have it even worse; they are not considered to be women at all, and are deported or killed. The message is that women are needed to continue humanity but that they are to have no other role in the society that they allow to exist. Essay on the Religious Right and The Handmaid's Tale :: Handmaid's Tale Essays The Religious Right and The Handmaid's Tale The Handmaid's Tale by Margaret Atwood is set in the near future in the Republic of Gilead, formerly the United States. A religious extremist right-wing movement assassinated the president and congress and took complete control of the government. The constitution was suspended and liberties revoked. Women found themselves completely subordinated in the new regime, generally assigned to the legal care of a male "guardian." Offred, the main character of the story, was fortunate in many ways. Because she was still fertile, she was not branded an "Unwoman" and sent to the "Colonies," where thousands of individuals deemed undesirable by the government were sent to toil in toxic plants and agricultural camps. Instead, her fate was to become a "handmaid." Birthrates were declining in the republic, so a fertile female became a prized commodity. Since Offred had been divorced prior to the revolution, the religious leaders controlling the government saw fit to take her from her second husband and child and assign her to a "guardian," a high ranking male. Her sole purpose in life with the guardian was to become pregnant. Once a month an insemination ceremony would take place, during which the guardian would attempt to impregnate Offred while his wife read passages from the bible to them. All three remained clothed and there was no passion involved. In the course of her life as a handmaid, Offred discovers more about Gilead. Her secondary duty (after getting pregnant) was to go into town each day and purchase food. She gradually makes contact with another handmaid, Ofglen, who introduces her to the underground movement against the republic. She eventually becomes involved in a number of illegal activities, and eventually is forced to try and escape. The Handmaid's Tale is really about the role of women in society. If it were possible to eliminate women from Gilead, it seems that the republic would have done so. Instead, they are reduced into doing the one thing for which Gilead can find no substitute -- producing children. They are so reduced that they cannot even feel passion or enjoy sex. Infertile women have it even worse; they are not considered to be women at all, and are deported or killed. The message is that women are needed to continue humanity but that they are to have no other role in the society that they allow to exist.

Budweiser’s Internal Constraints

Budweiser is produced by Anheuser-Busch Companies (Anheuser-Busch), one of the world's largest brewers best known for its Budweiser and Bud Light brands. The group is a leading brewer and operates 12 breweries in the United States (Company Website, 2007). As a company, Anheuser-Busch’s internal constraints are as follows: 1. High dependence on domestic beer division Although the company operates through four business segments including domestic beer, international beer, packaging and entertainment it is still dependant on the domestic beer segment for majority of its revenue.During the fiscal year ending 2006, company generated approximately 74. 8% of its total revenue from the domestic beer segment. In contrast the other three segments accounted for only 25. 2 % of the total revenue during the same period. Strong dependence on a particular segment increases the business risk of the company thereby putting it in a competitive disadvantage (Anheuser-Busch Annual Report, 2006). This is why Anheuser-Busch is currently battling for a presence in China, the world’s largest beer market, as state owned breweries seek foreign help with privatization.In 2004, Anheuser-Busch outbid Miller for the Harbin Brewing Group of China (Modern Brewery Age, Weekly News Edition, June 14, 2004). This year, Anheuser-Busch may acquire Scottish & Newcastle's 37. 5% stake in India-based United Breweries. 2. ) Poor liquidity position Anheuser-Busch has substantial outstanding long-term debt. As of December 2006, the company had long term debt of approximately $7,653. 5 million. The company's debt equity ratio is 2. 2 times which is quite high as compared to industry average of 1. 3 times.The company's interest coverage ratio is 6. 2 as compared to industry average of 10. 1 times (Anheuser-Busch Annual Report, 2006). This ratio clearly signifies that the liquidity position of the company is bad and this would hamper company’s credibility in the market and would be diff icult for them to raise money from the market for their expansion plans. 3. ) High dependence on wholesalers Anheuser-Busch sells substantially all of its beer to independent wholesalers for distribution to retailers and ultimately consumers.During 2006, approximately 94% of the beer sold by the company, reached retail channels through more than 600 independent wholesalers (Anheuser-Busch Annual Report, 2006). In 2007, Anheuser-Busch was appointed as the United States importer for a number of the premium European brands of InBev (International Herald Tribune, 4 February 2008). Many of the wholesalers of these brands have not traditionally been wholesalers for Anheuser-Busch. As independent companies, wholesalers make their own business decisions that may not always align themselves with the company's interests.Dependence of the company on the wholesalers may affect the bargaining power of the company in the market, thus affecting its financial performance. Works Cited Anheuser-Busch . About the Company. Anheuser-Busch Website. 7 Feb. 2007. http://www. anheuser-busch. com/Company. html. Anheuser-Busch. Anheuser-Busch Annual Report, 2006. 7 Feb. 2007. http://www. anheuser-busch. com/Stock/2006AR_Anheuser_Busch. pdf. International Herald Tribune. InBev Linked with Mergers, 4 February 2008. Modern Brewery Age, Weekly News Edition. Anheuser is Victor in Harbin Bidding War, 14 June 2004.

Italian Nationalism essays

Italian Nationalism essays Nationalism is the love of ones country rather than the love of ones native region and the belief that ones country is superior to that of anyone elses. Italian nationalism became a strong force in the early 1800s when writers and thinkers became intent on reviving interest in Italys traditions. From nationalism spawned a desire for unification therefore, specific movements were founded allowing people to express these goals of liberation. Three very influential men were present in Italy during the 19th century who played crucial parts in unifying Italy as they helped to spread nationalistic ideas throughout the country. These men were Giuseppe Mazzini, Count Camillo Benso di Cavour and Giuseppe Garibaldi. A number of rebellions, revolts and wars broke out during this time, which united the people of Italy under similar feelings of patriotism as they were all set on fighting for their country. All of these elements helped to bring about the unification of Italy. In this essay I will explain how Italy was finally unified in the late 1800s and how nationalism influenced the people of Italy and played an important part on the road to Italian unification Three very important men of the 19th century greatly impacted Italian history. One of them, Giuseppe Mazzini was born in 1805 and devoted his entire life to his goals of Italian unification. During the early 1800s, a nationalistic movement known as the Risorgimento, the Italian word for revival was founded. Because nationalists were not permitted to express their ideas openly, they formed several secret societies. One of these groups was the Carbonari, which Mazzini was a member of. In 1831, he rallied Italian nationalists through an organization dedicated to uniting Italy. He called this movement Young Italy and described it as a brotherhood of Italians who believed in Progress and Duty. In 1848, he led groups ...