Essay about Reality Television Damaging the American Mind

In today’s society, television is one of the greatest forms of entertainment. People love entertainment, and television is one of the most accessible sources available to citizens. Television is the type of entertainment that draws viewers in with curiosity. There is a broad spectrum of genres that can be watched on the television. Major genres include drama, reality, informational and comedy. Currently, the most commonly watched television genre is reality television. These programs run on a kind of relating theme where they often display a vast amount of dramatic and unscripted situations that many people can relate to. A big factor of their success is the fact that the shows are not based on actors but on ordinary people (non†¦show more content†¦Today, people enjoy watching reality television; they typically get home after work and relax by watching these unpredictable, and often humorous, moments of reality television. From listening to the horrific singin g on American Idol, to seeing who was voted off the island in Survivor, people enjoy some stress relieving humor after a long day of work. As stated in a study conducted by Zizi Papacharissi and Andrew L. Mendelson, â€Å"A survey administered to reality TV viewers revealed that the most salient motives for watching reality TV were habitual pass time and reality entertainment.† We can now acknowledge that the primary reason for watching reality television is for entertainment rather than for acquiring knowledge. Although, is it not possible to adopt some of the qualities of life portrayed by the â€Å"characters† of these shows by watching them regularly? For example, if shows like MTV’s The Real World are watched almost daily, then eventually the things seen on these shows may become normal to its viewers. Some of the activities that can be seen on The Real World include having one night stands, getting drunk, and getting high using illegal drugs. The typ es of scenes often depicted in these reality shows are etched in the mind of the viewer, and, although they are based on real moments in the lives of the people on the show, this type of behavior should be unacceptable toShow MoreRelatedThe Negative Effects Of Reality Television1462 Words   |  6 PagesReality television shows are meant to portray the essence of reality. These shows are created to show the audiences about all the different life situations that they can relate to with their own lives. Thus, reality should be the main component of these shows, however, that is not always the case. Reality shows are staged productions that are affecting society in many ways. The primary component that distinguishes reality-based programs from similar forms of entertainment including traditionalRead MoreMedia s Influence On The Media Essay1587 Words   |  7 PagesHollywood controls most entertainment media consumed by people all around the world. The messages and images portrayed in movies and television shows created by the large production companies affect all those who partake of the media they produce. Entertainment media can be uplifting and enjoyable, however, media normalizes damaging gender norms for men and women. Gender norms are rules believed to govern how the different sexes should look and act. People develop these behaviors by observingRead MoreIs Hip Hop Destroying Black America? Essay1486 Words   |  6 PagesBlack self-contempt seeping into African American culture is irrefutable, as is the fact that it is misconstrued, unchallenged, and undervalued. The unparalleled intense emotion of internalized self-hatred currently plaguing the minds of numerous Blacks is not an ordinary phenomenon developed from centuries of evolution. It is not a nameless occurrence empty of a coherent justification. It is simply the consequence of an intentionally condemned system of suppression and control. An enormous schemingRead MoreThe Medias Dumber Democracy Essay1557 Words   |  7 PagesFor the average American there is no escape from mass media. It can be found within our news papers, movies, television and internet, which account for most of our news and entertainment source. In Michael Parenti s book, Make Believe Media, the Politics of Entertainment, Parenti attests that this mass media clouds our societys perception of reality by propagating prefabricated images that create and validate a superficial ideological world. Unfortunately, people are denied the opportunity toRead MoreBeauty Concept Essay1084 Words   |  5 PagesJust turn on the television, open a magazine, or surf the web and you will find yourself bombarded by the idea that being sexy and being beautiful are synonyms. Critics argue that this view of beauty is causing our women and even some men to alter their bodies in damaging ways. While I agree that the way today’s society views is damaging and unrealistic, but I also do not believe this is a new occurrence. Throughout history various societies have caused their subjects to do damaging and dangerous thingsRead MoreThe Negative Effects of Television on Children in Society Essay1308 Words   |  6 PagesAn estimated one billion television sets h ave been sold in North America, and on average, children watch 28 hours per week. The effect of television creates negative development in children. Television is one of the biggest contributions to the growing amount of obese children in North America. The amount of glorified violence in today’s society can be attributed to children watching high rated television shows. Many young children are involved in promiscuous behaviour. This might be a result ofRead MoreEssay about Jurors and Prosecution: Forensics in Pop Culture1264 Words   |  6 PagesIntroduction. With producing reality shows comes producing inaccuracies in portrayals in order to reach as many viewers and gain as high ratings as possible. Every day life is boring, yet people tend to be attracted to the relatable shows that portray real life in eccentric ways – ways that they believe could be imitated. In many cases, these shows could remain harmless, as it is entertainment. No matter how crude or erroneous, it is just television. However, what happens when these sources ofRead MoreThe Death Of The Car984 Words   |  4 Pagescriminal. Controlling images of this are broadcast on nightly newscasts as well as other forms of media, and have long-lasting and damaging effects for African Americans, which face many forms of discrimination due to these stereotypes. Racial profiling is a result of these controlling images, and is a reality black men in the United States face every day. African American men are more likely to face stop and frisk procedures from the police becau se of controlling images that continue racial stereotypesRead MoreThe Significance of Television as a Propaganda Tool During the Vietnam War1656 Words   |  7 PagesThe Vietnam War has become remembered as a war that captured the American public’s hearts and minds through the distressing images that were shown on the television every night. With the world being entrenched in a Cold War America wished to continue its war against the threat of Communism even if it took them to parts of the globe that were not of direct significance to American society. To never appear as though America was involved with the direct fighting, the government sent military advisorsRead MoreTechnology Vs Humanity : A Discussion Of Fahrenheit 4511538 Words   |  7 Pagescensorship. The government controls its citizens’ freedom of thought and individualism through various manipulations, most importantly television and the banning of books. The government in the novel furtively influences the population by allowing no insightful television broadcasts that could lead to dissention or questions, but rather bombards the citizens with television shows that contain only mindless frivolity to keep the viewers in a state of almost vegetative happiness. There are no news broadcasts

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Abortion A Divisive Political Issue in Contemporary...

Why Abortion a Divisive Political Issue In Contemporary American Politics? Abortion is one of the most controversial and courted subject in US which has caused public, political and moral division. There is a particular sect which believes in illegality of this action whereas there is a group which feels that restriction is an answer. On the other hand, there are few who believe in legality and free access of it. Our socitey has related this issue with a bigger question: when life actually begins. It leads to a question that at what time, a child inside a woman starts feeling things and then bears legal rights? These questions have left us with a rather bigger issue: is womans right to determine how her body will be used, is superior or the rights of an unborn fetus will take the lead. There are various definitions of the word abortion. However, these definitions are coined by various groups and thus supports their own cause. A rather unbiased definition is given by Oxford: the act of giving untimely birth to offspring, premature delivery, miscarriage; the procuring of premature delivery so as to destroy offspring. (Oxford) There is another definition given by National Right to Life Organization any premature expulsion of a human fetus, whether naturally spontaneous, as in a miscarriage, or artificially induced, as in a surgical or chemical abortion. (NRLC) Whereas the definition of The National Abortion Federation defines abortion as A medicalShow MoreRelatedPolitical Climate Essay1648 Words   |  7 PagesNever before has the political climate been as divisive as it is today. As of late, families and friendships are polarizing and hindering due to the intense partisanship that accounts as today’s norm. By today’s standards when thinking about a Democrat, one would automatically assume their views are extremely left wing, extremely liberal, and have contemporary views. In contrast, Republicans are seen as extremely right wing, conservative, programmed toward more traditional beliefs and practices (405)Read MoreLife, D eath, and the Political Issues Surrounding Abortion2674 Words   |  11 PagesLife, Death, and the Political issues surrounding Abortion Few issues have embodied such controversy as abortion has. The various people involved in the abortion debate not only have strong beliefs, but each group has a self appeal that clearly reflects what they believe to be the essential issues. The abortion supporters see individual choice as central to the debate: If a woman cannot choose to terminate an unwanted pregnancy, a condition which affects her body and possibly her entireRead MoreStructural Functionalism Approach to Political Science3672 Words   |  15 PagesTO POLITICAL SCIENCE Fall 2003 Professor Marc Ross Overview. What is politics and how do political scientists study it? If this question were asked about one of the natural sciences, students would be given a short definition, examples of key problems it addresses, and an overview of the methods employed in the field. Political science, however, cannot offer a clear single answer. Rather, political scientists study politics in a wide range of settings and in a variety of ways. Among political scientistsRead More Abortion Essay4131 Words   |  17 PagesShould abortion be allowed in the United States? If so, then under what circumstances? Abortion has been one of the most heatedly debated topics in the U.S. for more than a century. This paper explores the history and international use of abortion, as well as the empirical and moral claims made by both sides of the issue. We will also examine the key positions taken on abortion and look at those affected by it. Based on extensive research and analysis, this paper will recommend that the governmentRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesand Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Gerda Lerner, Fireweed: A Political Autobiography Allida M. Black, ed., Modern American Queer History Eric Sandweiss, St. Louis: The Evolution of an American Urban Landscape Sam Wineburg, Historical ThinkingRead MoreSources of Ethics20199 Words   |  81 PagesLAWS AND ETHICAL BUSINESS CONDUCT 80 III. CONTRACT AUTHORITY 81 IV. CONFLICTS OF INTEREST 83 V. FAIR DEALINGS 88 VI. RECEIPT OF GIFTS, LOANS, FAVORS, OR OTHER GRATUITIES 88 VII. USE OF THE COMPANY FUNDS OR OTHER RESOURCES 90 VIII. POLITICAL CONTRIBUTIONS 93 IX. CORPORATE RECORDS 93 X. APPROVAL OF EXPENSES 95 XI. MEDIA, REGULATORY, LEGAL AND OTHER INQUIRIES 95 E. Subpoenas or Other Legal Process 98 XII. DISCIPLINARY ACTION AND VIOLATIONS OF THE CODE 98 XIV. APPLICATION/WAIVERS

Essay about Criminal Justice Process - 772 Words

Mica Massey Colorado Technical University Online Professor: Ivan Kaminsky Introduction to Criminal Justice June 11, 2013 Phase 3 Discussion Board Assignment Criminal Justice Process Juveniles are not extended the right to a jury of their peers. What is the most significant reason why this right is not extended to juveniles? Please explain in detail why you chose that particular reason. I do not think that there is only one significant reason as to why juveniles are not extended the right to a jury of their peers. I think that one of the multiple reasons for this right not being extended is because a jury has to be able to be responsible enough to actually show up, they have to be able to convict or not convict based on†¦show more content†¦The adult court system is primarily concerned with the offender paying for the damage that they have done to society and the courts isn’t interested in rehabilitating or trying to change the behavior of the offender. After reviewing this entire building in CJ Interactive, describe ways that you can use this interactive tool to improve your learning of criminal justice concepts. Describe in detail the ways you can use this tool to further your criminal justice education, identifying at least three specific ways you would use this tool. After reviewing the entire building in CJ Interactive, I was able to see how this tool will help my learning of criminal justice concepts. I am a visual and auditory learner and both of my learning styles are incorporated in the CJ Interactive tool. I was able to get a better understanding of many of the topics that we have discussed in class thus far. For example through this too I was able to get a better understanding of the differences between the adult and juvenile court systems as well as how crime is defined and measured. I will be able to use this tool as another way of learning and understanding the criminal justice system by using the glossary to learn the terms used to explain the criminal justice system and its process. I will also be able to use this tool to learn and understand the criminal justice system by utilizing the different ways information is given is given in CJ Interactive for example there are 14Show MoreRelatedInvestigation Of The Criminal Justice Process947 Words   |  4 PagesThe criminal justice process begins with a report of violation of the law by a citizen or witnessed by a police officer first hand. Then after it is investigated where the police officer is to come to the area or scene of the incident to determine the extent and nature of the crime committed. Where sometimes an arrest is made on the scene of the incident and statements of the witnesses or evidence are taken to obtain evidence of the crime. In some cases there is a preliminary investigation whereRead MoreThe Criminal Justice Process For A Felony Offender1608 Words   |  7 Pages The criminal justice process for a felony offender can be a lengthy one depending on the crime committed and the amount of evidence in the case. The criminal justice process would not work without the help of law enforcement, the judicial and corrections departments. Society demands justice, while the offender fights maintain their rights as well. All parties involved in a case in the criminal justice system have positive and negative things to say, but there are some improvements which I thinkRead MoreCriminal Justice Process Essay example1094 Words   |  5 PagesWhen a crime is committed against another person, then justice must be served to those who committed the crime. In some cases the crimes involve sexual attacks on grown adults while some offenses are against minors. In these examples the underling connection is the committed crimes of sexual abuse or sexual assault on adults and minors. When these crimes are brought before the justice system they are processed and th e convicted are given a sentence to carry out but sometimes those sentences mayRead MoreCriminal Justice System and Process Essay1347 Words   |  6 Pagesas Criminal Law (Law Library, 2011). Criminal law is also termed as Penal law, it comprises of rules as well as statutes that have been written by the Congress and the state legislators who deal with criminal activities (petty crimes, felonies or misdemeanors) that have a direct or indirect harm to the general public and is accompanied by penalties of these crimes, (Morrison, 2008). Criminal law is enforced by the government. Criminal law has sub-sections that include: Substantive Criminal LawRead MoreCriminal Justice Process Ensures Individuals Rights1439 Words   |  6 PagesIntroduction A criminal justice process is normally followed to ensure an individual’s rights are not abused. According to Moak and Carlson (3), the criminal justice process aims to ensure that relevant fact-finding is conducted in an effort to establish the truth. The criminal justice procedure needs to be done in accordance or by not being in contrary to an individual’s right as stipulated in the Fourth, Fifth, Sixth, Eighth and Fourteen amendments of the U.S. Constitution. Moak and Carlson (4)Read MoreSentencing Is The Final Stage Of The Criminal Justice Process874 Words   |  4 PagesSentencing is essentially the final stage of the criminal justice process, aside from the appeals process. It is a dual decision-making process that consists of two significant stages. The first stage reflects the decision to grant incarceration or probation upon the accused, while the second stage involves determining the length of a sentence (Neubauer Fradella, 2011). As this discussion focuse s on the second stage of the sentencing process, it is important to understand key stakeholders involvedRead MoreCriminal Justice: Concept, Process, System, and Agencies Essay668 Words   |  3 PagesCriminal Justice: Concept, Process, System, and Agencies Helen Jordan-Seals CRJS 1001-12 – Contemporary Criminal Justice System July 29, 2012 The Criminal Justice System goes as far back as the days of Jesus. There were Soldiers who acted like policeman, the tribune which was the court system, and Caesar, Herod and even Pontius Pilate stood as judge. The prison system was that of dark caves and dungeons. As we journey to the twenty-first century, nothing has genuinely changed. Read MoreCriminal Justice System The Criminal Justice System is made up of several different process law900 Words   |  4 PagesCriminal Justice System The Criminal Justice System is made up of several different process law enforcement, judiciary, and corrections this system is where the accused individual are tried and punished for the crime they are charged with. The depiction of criminal justice system in throughout each process (police, courts, and correctional) has become ubiquitous on television today. Shows that give a visual of the arresting and investigation process (law enforcement) are the televisions showsRead MoreThe Criminal Justice System For Crime Control And Due Process1466 Words   |  6 PagesThe American criminal justice systems have over time faced the need of a justice scheme that incorporated both the crime control and due process. There have been constant debates regarding the superiority of each model. The crime control system is based on curbing criminal activities by focusing mainly on the victim of the crime rather than the rights of the accused criminal. This meant that as long as one claimed breach of rights by another the system would push to punish accused without consideringRead MoreCriminal Justice Process for a Felony1790 Words   |  7 PagesCriminal justice process for a felony Introduction The processing of a crime and the criminal case can be terribly confusing, especially for those unfamiliar with the criminal justice system scheme. Once a person commits a crime, it is the obligation of the public to enlighten the police. That is where the journey through the justice system of a country or state begins for the offender. There are certain minor variations in the justice process of different states; nonetheless, most of the procedures

Financial Statements Free Essays

The following paper will talk about the income statement and what the income statement tells about the company including why this statement is important and what business decisions can be made using the income statement. Also, the paper will talk about the balance sheet and what the balance sheet tells about the company. Also, the reason the balance sheet is important and what business decisions can be will be covered. We will write a custom essay sample on Financial Statements or any similar topic only for you Order Now Lastly, it will talk about the statement of cash flows and what it tells about the company. It will talk about what kind of business decisions can be made using the statement of cash flows. In the conclusion the paper will provide the information how data provided in the statements can assist in making business decisions and what information is not provided that can assist managerial decision making. As it was indicated by FASB, the main purpose of financial reporting is to provide financial information about company performance. The income statement is one of the most important financial statements because of its predictive value and qualitative characteristics. The income statement is also known as profit and loss statement that records company revenues and expenses during a certain period of time. The reason the income statement has very high importance is because it can determine the company’s operating performance during a specific period of time. â€Å"Specific items that are causing unexpected expenditures can be pinpointed, such as phone, fax, mail, or supply expenses. Income statements can also track dramatic increases in product returns or cost of goods sold as a percentage of sales† (Business Town, 2010). Also because it provides so much important information about the business, the income statement is required by lenders, investors, and vendors. There are many users that can make their business decisions based on an income statement of the organization. The bank can use income statement information to determine if a company produces enough revenue to be able to pay back a loan. An owner of the company can determine if the company makes enough revenue to hire new employees or to look at the sales performance for the month. The balance sheet should disclose a company’s wealth at a point in time. These measurement techniques of balance sheet can be summarized as past oriented—historical; current oriented—replacement amounts; and future oriented—expected amounts† (Schroeder, Clark, Cathey, 2005). A balance sheet can be defined as a summary of financial balances of the organization. There are three main elements of balance sheet: assets, liabilities, and equity. Usually the following classifications are presented in the typical balance sheet: Assets Current assets †¢Investments †¢Property, plant, and equipment †¢Intangible assets †¢Other assets Liabilities †¢Current liabilities †¢Long-term liabilities †¢Other liabilities Stockholders’ equity †¢Capital stock †¢Additional paid-in capital †¢Retained earnings (Schroeder, Clark, Cathey, 2005) As well as income statements, the balance sheet will help lenders, creditors, and investors to determine profitability of the company and help to decide whether to invest in the company or not. The balance sheet statement will help to detail the history of the business, including the profit and loss, the seasonality of earnings, and other factors that are unique to the business† (Business Town, 2010). The statement of the cash flow is also very important financial statement. The purpose of this statement is to record cash generated during the specific time period. The statement of cash flow reports cash that was generated and used in following categories: operating activities, investing activities, and financial activities. The FASB has emphasized the importance of cash flow information in its deliberations. SFAC No 1 states that effective financial reporting must enable investors, creditors, and other users to assess cash flow prospects and evaluate liquidity, solvency, and flow of funds† (Schroeder, Clark, Cathey, 2005). The statement of the cash flows tells the company’s liquidity, solvency, and its financial flexibility. As well as other financial statements discussed in this paper, the statement of the cash flow helps investors to make right decision based on provided information. The statement of the cash flow also helps predict and evaluate future returns or potential risks. â€Å"In 1987, the FASB issued SFAS No. 95, â€Å"Statement of Cash Flows. † This statement established standards for cash flow reporting , as a result, all business enterprises are now required to present a statement of cash flows in place of the statement of changes in financial positions as part of the full set of financial statements† (Schroeder, Clark, Cathey, 2005). The main purpose of the statement of cash flow is to provide information about cash receipts and cash payments during selected period of time. This information is necessary for investors and creditors, so they can see a potential picture of prospective cash receipts. In conclusion, financial statements are very important for any business, starting from small startup companies to global corporations. Financial statements can help determine an organization’s problem as well as identify a corrective action. Understanding of financial statements is also very important because it can tell accurate information about what happened in the past. By using financial statements, it is possible to analyze and evaluate financial activity from the past and forecast the most likely future activity. Besides financial statements there is other non financial information that can assist in making business decisions and assist in managerial decision making. It is important to compare both, financial and nonfinancial measures to see a better picture of the organization as a whole. It is important for managers to include nonfinancial performance standards in their analysis of operations because not every aspect of corporate activity can be expressed in terms of money. Nonfinancial performance measures relate to manufacturing and production, sales and marketing, people, research and development, and the environment. How to cite Financial Statements, Essay examples Financial Statements Free Essays Financial Statements Accounting is a function by which users can understand the internal financial workings of a company. Use of public accounting dates as far back as the late nineteenth century (Hendrickson, 2007) and continues today under the set guidelines that accounting professionals refer to as generally accepted accounting principles. These principles are set in the United States by the Financial Accounting Standards Board and the Securities and Exchange Commission (Weygandt, p. We will write a custom essay sample on Financial Statements or any similar topic only for you Order Now 9, 2008). The International Financial Standards Board collaborates on ways to standardize these principles globally. Through accounting, an entity methodically identifies financial transactions, chronologically records and analyzes the transactions, and communicates this information to interested users (Weygandt, p. 4, 2008). In this paper, the subject is to identify the four basic financial statements, how they interrelate, and how both internal and external users make use of these statements. Companies prepare the four basic financial statements in the following sequence; income statement, retained earnings statement, balance sheet, and statement of cash flows (Weygandt, p. 1, 2008). The reason for the order is each statement supplies an important piece of financial information the next statement needs. Further examination of each of the financial statements clarifies the flow of information from statement to statement. Preparation of the income statement comes first. The income statement examines only the revenues and expenses of the entity over a certain period. If the revenues exceed the expen ses within the period, the result is a net income (Weygandt, p. 21, 2008). If expenses exceed the revenues, a net loss results for the period. The next financial statement, the retained earnings statement, needs the net loss or net income figure. The second basic financial statement is the retained earnings statement. This statement reflects why there is an increase or decrease in the retained earnings of an entity over a period (Weygandt, p. 21, 2008). The period is the same as the income statement. The retained earnings statement carries over the ending balance of the prior period retained earnings statement. If it is the first statement of this kind for the entity, it begins with a retained earnings amount of zero. At this point, the net income or net loss carries from the income statement. A net income balance increases retained earnings; a net loss decreases retained earnings. The last item a retained earnings statement takes into consideration is dividends. If the entity decides to pay out a dividend, the retained earnings statement shows the dividend, which decreases the ending balance of retained earnings. The balance sheet comes third in the sequence of financial statements. The balance sheet reports the assets, liabilities, and stockholder’s equity of an entity on a specific date (Weygandt, p. 23, 2008). This date correlates with the ending date of the periods for the prior statements. The total of assets must equal the total of liabilities and stockholder’s equity on the balance sheet. Stockholder’s equity consists of the total of common stock, revenue, retained earnings, dividends, and expenses. The retained earnings balance above carries to the balance sheet. The last of the four basic financial statements is the statement of cash flows. This statement summarizes the inflow and outflow of cash over the same period as the income statement and retained earnings statement. The cash flow statement shows the cash effects on company operations, investing transactions, financing transactions, net increase or decrease of cash, and the ending cash balance (Weygandt, p. 24, 2008). The cash balance (under assets) from the balance sheet flows into the statement of cash flows. Internal and external users both make use of the four basic financial statements. Managers, employees, directors, and owners are examples of internal users; people within a company that use the information for daily operations. An income statement can help determine where expenses need to be cut or where expansion would be wise because of revenue generation. The retained earnings statement helps with decisions to make dividend distributions or invest excess earnings back into the business. A director could use the balance sheet quickly to review if liabilities are too far exceeding the equity of the company. Employees could use cash flow statements as proof of performance for compensation requests. Investors and creditors are examples of external users because they are persons outside of a company using the financial statements. Investors review these statements when making investment decisions. They need to see profitability and dividend distributions. The information is also used in making calculations such as return on assets or debt to total assets. Creditors also use the information on these statements to calculate ratios for determining whether or not to lend money, interest rates at which to lend, or even the length of the term for which they are lending. In ummary, one can see how accounting and the four basic financial statements it produces (income statement, retained earnings statement, balance sheet and statement of cash flows) are an integral part of any business entity. Businesses use these statements both internally and externally to function. The fact that public accounting has been part of the business structure for over a century shows its true value. Referenc es Hendrickson, H. S. (2007). Encyclopedia of business and finance (2nd ed. ). Detroit, MI: Macmillan. Weygandt, J. J. (2008). Financial accounting (6th ed. ). Retrieved from The University of Phoenix eBook Collection database. How to cite Financial Statements, Essay examples Financial Statements Free Essays For a business owner, their main goal is to make a profit, and become successful so they can have a long future. In order to do that, he or she will have assets that will outweigh their liabilities and expenses, to gain a profit in the company. In a company there are four financial statements (Balance sheet, Income statement, Retained earnings statement, and Statement of cash flow) that he or she must have so investors can see in different time periods how their company is doing. We will write a custom essay sample on Financial Statements or any similar topic only for you Order Now â€Å"Preparing an income statement is one of the basic responsibilities of the accounting function. (Alvis, Hillstrom, 2006, para. 3) This financial statement lets his or her investors know how well he or she did on revenues after they had to pay out their expenses for the time period. This lets the investors know how his or her business is doing in the product or service in which their selling. Cash is the most important asset a company can have, because he or she can pay expenses without having to liquidate any other assets (ex. computers, office furniture, etc. ). It also lets them know how much expenses him or her generally have going out of the business. In preparing a Retained Earnings Statement, him or her first need to take his or her retained earnings, which is the money that was earned off of the common stock, and him or her want to use to grow the business instead of paying the money out in dividends. He or she will add retained earnings to their net income, then subtract out any dividends that will be paid to stockholders. That will show him or her their total Retained Earnings. â€Å"Some investors seek companies that pay high dividends. Other investors seek companies that instead of paying dividends reinvest earnings to increase the company’s growth. Lenders monitor their corporate customers’ dividend payments because any money paid in dividends reduces a company’s ability to repay its debts. † (Kimmel, Weygandt, Kieso, 2003, p. 13). The Balance Sheet describes how his or her business is doing with its assets and liabilities and stockholders’ equity. It is the basic accounting function. He or she must list out all of the assets, which could include: cash, accounts receivable, prepaid expenses (ex. Insurance payments), equipment, and buildings. Assets are on one side of the equation. The other side of the equation should be his or her liabilities and equity. Liabilities are different expenses that are paid for the company such as: Accounts payable (the items you purchased on credit), taxes, and accrued liabilities. Stockholders equity is common stock (new money from stockholders) added in with the retained earnings (money that he or she have kept to grow their business). Liabilities and equity should equal the same amount as assets. Statement of Cash Flows is broken into several sections. The first section will have cash that the business has received for operating activities. The product or services that have sold would be in this category. Also, if he or she had expenses to make the product (wrapping paper, tape, and mixing solution) this would be subtracted from the cash that was had gained from operating activities. The next section would the equipment or supplies purchased for investing in the company. The next section will be the cash that he or she has generated by people financing their company. This would include, stockholders buying new stock, and a bank lending the company money. He or she would then take the cash that has been received from operating activities and the financing money and that would be how much cash the company has at that particular time period. To see how a company is doing financial reports can be run on a monthly basis, and use the technique comparative reporting. Management could compare current months to prior months to see if the company is making a profit or losing money throughout the months. Businesses use these records to see if it has the financial means to expand their business more. Would they be able to hire more employees, purchase new locations? Investors also use this information to see how the company is progressing, or if it the profits aren’t as big as they use to be. This could be a sign for trouble down the road. ? WORK CITED Alvis, J. M. Hillstrom, L. (2006). Income Statements. In M. M. Helms (Ed. )Encyclopedia of Management, (5th ed. , pp. 367-371) Detroit: Gale Retrieved November 6, 2010, from Gale Virtual Reference Library via Gale: http://go. galegroup. com/ps/start. do? p=GVRLu=Apollo Kimmel, P. , Weygandt, J. , Kieso, D. (2003). Essentials of accounting: Tools for business decision making (2nd ed. ). Hoboken, NJ: Wiley. How to cite Financial Statements, Papers Financial statements Free Essays string(52) " its consequences and difficulties they have faced\." Findings – Authors have found out that the adoption of fair value of financial assets has increased the disclosure requirements and It gives more value to financial statements. Results obtained from research revealed that earnings have decreased due to convergence to ALAS 39 and Management has overall positive perception regarding adoption of fair value for financial assets. Key Words Fair value, Diversified holdings, Earnings per Share, Return on Investment Paper Type Research paper 1. We will write a custom essay sample on Financial statements or any similar topic only for you Order Now Introduction For many years, the users of financial statements have sought relevant and timely Information about balancing instruments. Traditionally, the elements of financial statements – assets, liabilities, Income and expenses ? have been recognized under the historical cost and as such, the financial instruments, not different from the rest, were measured at historical cost. During the sass, some categories of financial Instruments changed from being based entirely on historical cost to a mixed historical cost,’market value approach, reflecting developments in the accounting standards. For example, under this model the trading book in the banks is measured at market value while the banking book is measured at historical cost. However, after sometime it became apparent that such a separation does not always reflect the way banks manage their books. Trading book Instruments are, for example, used to hedge the interest rate risk in the banking book. Over time greater use will probably be made of credit derivatives to hedge credit risk in the banking book. Where there is hedging of this kind, the trading book item has to be shown at book value. (Jackson, 2000; Lodge, 2000). Due to such discrepancies, the need for a revision of the measurement of financial instruments came into existence. However, with the nonviolence to ALAS 39, the measurement of financial instruments was diverted to fair value. The superiority of fair value measurement over historical cost accounting has been gaining broad-based acceptance among accounting professionals and standard setters (Berth, 1994: Berth et al. , 1995). It Is believed that fair value measurements and recognition of these values in the financial statements, along with adequate disclosures, will provide accurate, comprehensive and timely information to evaluate an enterprise’s exposures to financial risks, as well as rewards In a proper Asia (Adamant, 2002; Ball, 2006). Though there are detailed discussions as to why financial instruments should be recorded in the balance sheet at fair value, they do not explore the earnings process and the interrelationship between fair value ‘OFF evident that there is a lack of research in this area, and this study aims to fill this void. The purpose of this paper is to examine the academic literature on the effect of the adoption of Fair value for Financial Instruments on the earnings of an entity. In the study, we have focused on the effect of adoption of fair value for the financial stets on the earnings of Diversified Holdings, from the perspective of the company. On the outlook, we test whether the level of earnings is significantly lower before the convergence to ALAS, and reported earnings is more value relevant during the FIRS period. This study covers the two time periods, one year before the convergence and one years after the adoption (FIRS period). Since there was no other change in the financial reporting environment of Sir Lankan during the period studied, we assume that the potential country-level factor that could affect firm’s earnings during the erred was the convergence FIRS. Secondly, this work paper provides the impact of the change in accounting treatment on the Return of Equity and Return on Investments of the holding company. Finally, this study reviews the insights and perceptions of the managers of the holding companies on the adoption of fair value for the measurement of Financial Assets in their entities. 2. Literature Review 2. 1 Background Over the years there has been a burgeoning need among standard setting bodies, academia, shareholders and professional bodies in improving the comparability and reliability of financial statements. To achieve this objective, SAAB introduced many relevant accounting standards including one of the most complex and debatable important standards namely, FIRS 13 and AS 39. FIRS 13- Fair Value Measurement defines the fair value, sets out framework for measuring fair value and discusses the disclosures required on fair value measurement. One of the major modules discussed in FIRS 13 is that fair value measurement of financial instruments. FIRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the assortment date (I. . An exit price). That definition of fair value emphasizes that fair value is a market-based measurement, and not an entity-specific measurement. (Ball, 2006). When measuring fair value, an entity uses the assumptions that market participants would use when pricing the asset or liability under current market conditions, including assumptions about risk (Penn an d Belly, 2010). According to AS 39 financial asset can be defined as any asset that is A. Cash, B. An equity instrument of another entity, a) a contractual right: I. O receive cash or another financial asset from another entity; or it. O exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity: or b) a contract that will or may be settled in the entity’s own equity instruments and is: I. A non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equity instruments; or I’. A derivative that will or may be settled other than by the exchange off fixed equity instruments. For this purpose the entity’s own equity instruments do not include instruments that are themselves contracts for the future receipt or delivery f the entities own equity instruments. 2. 2 Prior studies on Fair Value measurement of financial assets Previous research articles and case studies on fair value measurement adoption provide valuable insights on how other countries have dealt with its consequences and difficulties they have faced. You read "Financial statements" in category "Papers" A case study on how China has adopted fair value accounting (Penn and Belly, 2010) discusses on high degree of adoption of FIRS fair value measurement for financial instruments within China AGAPE. Since China is an emerging country they place much attention on adopting international standards to attach with the investors’ information requirements. As per the proposals of Joint Working Group of standard setters, the reliability of financial statement figures plays an important role when providing information to the users of financial statements. With the fair value adoption for financial assets, it clearly gives an idea of true economic conditions of the financial assets. On the other hand it has an inherent risk of volatility incorporated in to financial statements. In Fair Value Accounting and Future Financial Instruments Jackson and Lodge) discusses on the difficulties in adopting fair value accounting in banking sector as they have high amount of financial assets in their asset portfolio. Hence banking books are exposed to higher amount of volatility if fair value accounting is adopted. Also when bringing financial assets to fair value the discounts rate to be used is debatable; whether to use market rate or internal discount rate. Additionally banks might be taxed on unrealized gains if gains from fair value changes are used for tax purposes. When fair value measurements are calculated only for external financial reporting purposes, they often will not have been produced from a defined process with consistent valuation methods and systems and strong internal control. We are concerned that fair value prepared only for external reporting purpose, not used by the enterprise to manage its business and prepared without the benefit of major invest ment in systems and human resources, may be unreliable and frequently would present significant audit difficulties. Although this situation present today with fair value disclosures for financial instruments and for hedging requirements of AS 39 and FAST Statement No. 33, the broader use of fair value measurements for all financial instruments in the primary financial statements would exacerbate the reliability and audit issues† explains Leister Wilson and Ernst Young in his article Fair Value and Measurement; Where the conflict lie. 3. Methodology The main research question, as outlined above, is â€Å"Does the measurement of fair value for financial assets of diversified holdings improve the earnings? To provide a consistent platform for assessing the impact from the measurement of fair value for financial assets, this study examines the diversified holdings which had been listed at Colombo Stock exchange. Diversified Holdings are of particular interest for several reasons. Firstly, the core business of the diversified holding companies is engaging in considerably large amount of investm ents compared to that of the companies listed under other sectors in Colombo Stock Exchange. Secondly, the focus on this study is on the Financial Information relating to the â€Å"company’ rather than the â€Å"group† because when taken as a group, the fair value impact of investments of companies might set off each other thus giving misleading results and conclusions. This study analyses the related information of four holding companies namely, John Keels Holdings PL, Carson Cumberland PL, Aitkin Spence PL and C T Holdings PL which represents 74% of the total market capitalization of diversified holdings listed in Colombo Stock Exchange as at 22nd November 2013. Refer appendix 01). Data for the study includes financial accounting information retrieved from the annual reports of the companies in the selected sample pertaining to the years 2012/13 and 2011/12 and non-financial data on the perception of the managers on the convergence, obtained in the form of open ended interviews with a set of limited questions. The variables used in this research paper to det ermine the effect of the earnings of the company as a result of convergence are earnings per share (PEPS) and return on investments (ROI). Data analysis for the study includes both quantitative and qualitative methods. A Comparative Analysis has been used to study quantitative data and a perception analysis and they were conducted to identify the perceptions of financial mangers regarding the measurement of fair value for financial assets. To pursue its overall research goal, the study is organized to address the following three interrelated research objectives. The first objective of the study is the examination of the change in accounting treatment and disclosure requirements due to the measurement of fair value for financial assets. For this purpose a disclosure analysis was conducted using the annual reports of the selected sample. Under this methodology, a comparison was carried out between the disclosures made in the annual reports of 2011/2012 and the disclosures made in 2012/2013 annual reports in order to ascertain the new disclosure and measurement requirements from the adoption of SLURS/ALAS. The second objective of the study is the examination of the impact of the change on key performance indicators (PEPS, ROI). The hypothesis selected for the study supports this objective is â€Å"The measurement of fair value for financial assets has increased ROI and PEPS of diversified holdings†. The methodologies used for the analysis are mean, variation and regression analysis. The approaches were carried out in this study to pursue the above designated objectives. As per the first time adoption of ALAS/SLURS, the companies were required to prepare conciliations to restate 2012 and 2011 financial statement figures in accordance with Sulfurs. The increase or decrease in fair value of financial assets due to adoption of Fires was obtained using these reconciliations. Then the delta of ROI and PEPS was calculated based on the change in fair value. Further, the mean and variation of such calculated ROI and PEPS was calculated using relevant formulas to identify the average impact on earnings due to the fair value measurement. Then a relationship between particular variables was obtained using regression analysis to identify the eat value of variable to test the hypothesis of the study which states that there is a positive impact on ROI and PEPS due to the measurement of fair value. Variables used in regression analysis are the value of financial assets before the convergence of with regard to financial assets were obtained from 2011/2012 annual reports, which had been measured under cost and they were analyses against the comparatives in 2012/2013 annual reports which have been restated as per the ALAS 39. As such, the outright change occurred as a result of the convergence to FIRS could be able to identify. The percentage difference between above two variables is used as X values of the regression graph and the resulted ROI and PEPS were taken to the Y axis. After conducting regression test we could identify beta values between the variables and the nature of relationship among them. The third objective of the study is to analyses manager’s perception regarding the measurement of fair value. To achieve this, a set of open ended interviews were conducted with manages to identify their views on the convergence. Here we have not tested any hypothesis nonetheless generalized their own views. 4. Analysis and Discussion 4. 1 Disclosure Analysis Adoptions of Sulfurs significantly broaden the presentation and disclosure requirement. From the convergence, it is expected to reduce the risk of wrong decision making and give more relevant information (Ryan, 2008). Based on the research carried out, it was identified that the quality of disclosure on financial assets has been improved. The financial statements prepared according to CLASS have not included any separate disclosures on financial assets, further the investments on financial assets have been recognized at cost and only the market value of the investments have been separately disclosed. In the examination of financial reports prepared according to the Sulfurs; after convergence to ALAS 39, it was evident that financial assets are disclosed separately and measured at fair value. The convergence requires disclosing definition of fair value, hierarchy in determining fair value, fair value used in initial and subsequent measurement, and also the fair value used in impairment testing of financial assets. At the circumstances where the fair value of financial assets recorded in the statement of financial position cannot be rived from active markets, the fair values have been determined using valuation techniques and these valuation techniques have been disclosed in the notes to the financial statements. If this is not feasible and a degree of Judgment is required in establishing fair values, the liquidity risk, credit risk and volatility have been disclosed as the basis for Judgments. 4. 2 Analysis of the impact of the change on the key performance indicators This analysis examines the impact of the change on key performance indicators, the Earnings per Share (PEPS) and Return on Investment (ROI). The ROI has been calculated using following formula and the calculations and are included in Appendix 01. ROI Earnings change due to convergence Total asset value as per ALAS transition to SLURS/ALAS. Mean of ROI has decreased by 1. 25% which revealed that the fair value measurement for financial asset has a negative impact on the earnings. The PEPS has been calculated using following formula: = Earnings change due to convergence PEPS Weighted average number of shares The mean value of PEPS has increased to 15. 18%. The increment of ROI is largely due to the increased PEPS of CT Holdings. CT holdings PEPS has increased by a significant amount due to the lower number of shares. PEPS of John Keels Holdings and Aitkin Spence have decreased and PEPS of Carson has increased by a negligible amount. Graphs for above discussed results are presented in Appendix 02. Graph 01 shows the relationship between the value of financial asset according to both ALAS and CLASS and the respective ROI. A trend line was obtained and the formula of the regression line was extracted. The beta value of the line is -10. The downward slope shows that there is a negative relationship between the earnings and the changes on air value measurement. Graph 02 shows the relationship between PEPS and the value of financial asset according to both CLASS and ALAS. The slope of the regression line was -6. Under this also, a negative impact was identified. 4. 3 Perception Analysis This was carried out in order to address the perception of key financial managerial persons of the companies in the selected sample regarding the adoption of fair value for financial assets. The conversion process of Sir Lankan Accounting Standards with International Financial Reporting Standards (FIRS) has given an opportunity to the UAPITA market to raise confidence of stakeholders and promote good accounting practices. But it’s human nature to dislike change, and most of the responses to the changes arising from the use of the new Standards have been negative. In some cases, despite a similar requirement being existent in the Sir Lankan Standards (Class) companies want to continue their past practices, not recognizing that accounting has also changed to keep pace with business and the environment. Therefore perception analysis has been carried out to get overall idea on organizations’ perception regarding fair value adoption and the results of the analysis has briefed below. Approximately one fourth of the interviewees were in the perception that accounting for financial instruments considered a challenge as companies will be required to identify such instruments. FIRS provides detailed guidance on recognition, measurement and disclosure requirements for financial instruments. It requires all financial instruments to be initially recognized at fair value, while some instruments are re-measured at fair value at each reporting date. This will result in increased volatility in the income statement and/or equity. Measuring at financial instruments at fair value is considered as cumbersome and external stakeholders and create awareness of the impact of adoption of fair value for financial assets. The rest of the interviewees claimed that the adoption of fair value in financial instruments has upgraded the quality of financial instruments to world class level. Suppliers, lenders, counter parties, customers, investor community and many other stake holders will give a premium for the best as they receive more reliable and up to date information through financial reports. . Conclusion The first objective of this study is to assess of the change in accounting treatment and disclosure requirements due to the measurement of Fair Value for Financial Assets. From the study performed, it could be identified that, quality of disclosure on financial assets under SLURS has improved after the convergence which in turn has increased the value of the financial statements. As per the second objective of this s tudy, the impact of convergence on the change of key performance indicators (PEPS, ROI) of selected companies was analyses. The hypothesis built up at the enhancement of the research is â€Å"The effect of adopting Fair value for Financial Assets has a positive impact on Key Performance Indicators†. Based on the results obtained from our research revealed that, the earnings have decreased due to the convergence to ALAS 39. This concludes that our hypothesis has rejected and null hypothesis has accepted as the conclusion. The final objective of the research was to obtain the perceptions of the convergence from the financial managers on the convergence to obtain an overall idea on the convergence of ALAS. How to cite Financial statements, Papers

Business Law Australian Landmark

Question: Describe about the Business Law for Australian Landmark. Answer: Caltex Oil (Australia) Pty Ltd v The Dredge Willemstad (1976) 11 ALR 227 This case was the landmark Australian case as a result of which an exception to the general rule which grants recuperation for pure economic loss was not allowed. The exception took place in certain situations where the defendant could rationally anticipate that a particular person, as different individual from a general class of individuals, would have to suffer and compensate for the monetary harm which took place as a result of their behavior. Further, the key Facts, issues, laws and applicability of the case would be discussed so as to display the significance of the same (Webstroke Law, 2016). Facts of the Case A Processing contract was initiated between Australian Oil Refining Pty Ltd (AOR) and Caltex Oil (Australia) Pty Ltd (Caltex). According to this agreement AOR refined crude oil was transported to its factory on the southern shore of Botany Bay of Catlex, and then it transports the advanced goods back to Caltexs oil workstation on the northern shore of Botany bay by the help of a tube that ran under Bay. AOR owned the tube. Under the provisions of the contract Caltex preserved the ownership of the oil in its numerous forms, and AOR was accountable for the danger of harm or damage to the oil as it passed through its tube. The Dredge Willemstad was being utilized to scour a water channel in the Bay when it wrecked the tube on 26 October 1971. The workers of the dredge were aware of the tube issue. The loss was caused because: The track plotter chart which was offered by Decca Survey Australia Ltd erroneously depicted the area for dredging and The workers of the Dredge botched to recognize the fault in the track plotter chart and also to verify their position by conservative means. In order to recover the damages,AOR filed a petition against both the workers of the dredge and Decca which comprises of the reimbursement for the harm caused to the tube and the goods which were incorporated in it. The Supreme Court of New South Wales decided that both the workers of the dredge and Decca were lawfully responsible for the loss which was caused and so, they would have to grant compensation of $125,000 to AOR. Caltex also at the other hand filed a petition against the workers of dredge and Decca in carelessness to recuperate reimbursement for the expenses it acquire in having to arrange it as a substitute means of conveying petroleum goods until the tube was renovated. The Supreme Court rejected this assertion on the basis that Caltex did not own the land which was damaged by dredge and that the damage which was experienced by Caltex was a pure economic loss. Caltex appealed this decision to the High Court. Legal Issues Was Caltexs pure economic loss was recoverable in an action which was brought for the act of negligence or not? The loss was pure economic loss and not substantial economic loss which would have been recoverable because it was not a loss that streamed out from the physical injury which was caused to Caltexs land or individual. The tribunals had formerly been disinclined to permit the recuperation of pure economic loss for policy reasons, including the outlook of undefined legal responsibility. Rule and Relevant Law According to the tort law of Australia, Pure Economic Loss has been defined as the pecuniary harm which was experienced as the consequence of the act of negligence on the part of another person which was not escorted by any physical damage to an individual or land (Stephen Wawn Associated, 2016). As per the old approach a pure economic loss was differentiated from a momentous economic loss; but as per the present law of the state it was stated that the remarkable case of Hedley Byrne Co Ltd v Heller Partners Ltd in the year 1964, have modified the law in order to permit the revitalization of pure economic loss resulting from any negligent words (Law Teacher, 2016). Though, an obligation of concern in this context could not arise simply from reasonable foresee ability there were other exceptional stipulations. Similarly, Negligence has been defined to be taken place in the circumstances where one individual owes to another person an obligation of concern, carelessness was occurring or failing to do something that a sensible individual would or would not carry out as it causes to another individual harm or failure as an end result (Legal Services Commission of South Australia, 2016) (Marshall Gibson Lawyers, 2012). Application As per the general rule the adjudicator stated that economic loss which was not substantial upon the impairment which was caused to the plaintiffs workers or land was disregarded; because of the fact that, the failure which was anticipated was not sufficient to make purely economic loss recoverable (Gillies, 2004). Although, it was organized by the judges to generate an exemption to the general rule but in doing so, he preferred an approach to the issue which would not form the angle of isolation in informal or policy conditions of harm as it was done in the case of Hedley Berne by way of restricting the obligation of concern. This specific complexity in designing a restricted obligation of care has not taken place in the case of Hedley Byrne which was a kind of case where this method was previously utilized, because in all those matters the plaintiff has been the only predictable injured party. The constituents which were required in order to make a decision of the matters in which it does occur was a practicable general meaning of "limited class". At present the tribunal did not observe any manner of attaining this. The term would possibly have to be distinctively defined from case to case. From this point of view the obligation of care approach was slight more striking than the isolation approach which requires case-by-case meaning of "predictable and significant" (Dietrich, 2000). It was recognized by the judges in this matter that Decca and the workers were fascinated in the dredge which had the indispensable way of skill having regard to the specific elements of the association among the parties in this specific case (Chircop, et al, 2012). The approach of obligation of concern was adopted by the court, but unlike some of the adjudicators, it does not make an exemption to the S.C.M. v Whittall rule for the recuperation of purely economic loss. Rather it generates an innovative rule to substitute it. The Court preceded to the list the issues which in his view show a quantity of closeness among the defendant's act and Caltex's loss which was adequate to give rise to accountability in the defendant to reimburse Caltex for its economic harm (Cane, 1977). The immediacy for which the adjudicator gazes was not principally informal. But presume if Caltcx had for some time been unable to organize substitute transportation and had accordingly evaded on agreements for the supply of petrol then the ensuing harm which was caused to Caltex would seem, to be so roundabout as to be disregarded. In the current case, Caltex's harm did occur, in the opinion of the judges from the physical effect of the harm of the petroleum goods. The defendant owed a obligation of care to Caltex because the land of Caltex-crude oil at the processing plant and goods thereof-was in such physical proximity to the place where the defendant's tasks had their physical effect. It also was the place where the dredge went for its working which would have the physical effect such as "restriction which was occurred through the tube of the crude oil and the goods. Restriction on the land of Caltex was anticipated as a result of such work (Latimer, 2012). The Court then requested to response to the opposition which were imposed to the recuperation of purely economic loss that the reimbursement may be away from the capability of the defendant to disburse. As the court states that, this was no cause why the loss would be left with the injured party (Kalderimis, 1999). On the other hand, a ruling which could not be performed by which there was nothing to transfer for the onus from the victim. Also the comments of the judges only points up the fact that the welfare of the plaintiff and the defendant divergence, but it grants no guidance as to how that clashes would be determined (Supreme Court of Tasmania, 1999). Conclusion At the end it could be concluded that it could carefully be said to have been determined in Caltex was that the mere fact states that the only harm endured by the plaintiff was purely economic loss which was not accurately or instantly substantial upon physical harm to the individual or land of the plaintiff. As it would not prevent recuperation of that harm. It might also be harmless to state that the S.C.M. u. Whittall test of causal proximity to physical harm was not law in Australia, although it must be memorized that the judge reaffirmed that rule and went no further than creating an exception to deal with the current case. Four strands of reasoning supporting the decision in favour of Caltex are found in the judgments. A Judge founded his verdict on a procedure of looking at the situations of the harm in order to scrutinize that whether, whatever its character was. He stated that it was an result of a physical cause on the land of the plaintiff. An obligation of concern approach was adopted by two other judges. It restricts the range of recuperation for purely economic loss by entailing, in effect that the plaintiff be a constituent of a exclusively anticipate and restricted class. A remoteness of damage test was adopted by other adjudicator (Kidner, 2012). At last, a circuitous evaluation of public policy opinion without the conciliation of any suggestion about privileges and obligations was adopted by the judge (Manderson, 2006). According to Justice Mason, though, there was no supplementary constraint of proximity which was required but still he stated that: A defendant would then be lawfully responsible for economic harm which was caused due to his neglectful act when he could reasonably anticipate that a particular person was different from a general class of individuals, and then he would bear monetary harm as a result of his acts. These approaches eradicate or reduce the view that they would come into survival in regard to the obligation which was originated to an undetermined class of individuals; it guarantee that obligation was restrained to those people whose monetary harm falls within the area of foresee ability. Although all of the Judges of the High Court namely (Gibbs, Stephen, Mason, Jacobs and Murphy JJ) gave different reasons but the case was commonly decided on 9 December 1976 in connection to Caltexs appeal that the case was decided in the favor of Caltex as the economic loss which was beared by Caltex was recoverable. References Cane, P.F. (1977). Recovery In The High Court Of Purely Economic Loss Caused By Negligent Acts. Western Australian Law Review. Chircop, A., Letalik, N., McDorman, T.L., and Rolston, S. (2012). The Regulation of International Shipping: International and Comparative Perspectives: Essays in Honor of Edgar Gold. Canada: Martinus Nijhoff Publishers. Dietrich, J. (2000). Liability In Negligence For Pure Economic Loss: The Latest Chapter (Perre Vapand Pty Ltd). James Cook University Law Review, 7. Gillies, P. (2004). Business Law (12th ed.).Sydney:Federation Press. Kalderimis, D. (1999). "Contractual Economic Loss in New Zealand - "Who, Then, is my Neighbour" Really?" . Victoria University of Wellington Law Review 16. 29(2). 193. Kidner, R. (2012). Casebook on Torts (12th ed.). United Kingdom: OUP Oxford. Latimer, P. (2012). Australian Business Law 2012. Australia: CCH Australia Limited. Law Teacher. (2016). Pure Economic Loss. Retrieved on 30th November, 2016 from: https://www.lawteacher.net/free-law-essays/tort-law/pure-economic-loss.php Legal Services Commission of South Australia. (2016). Negligence. Retrieved on 30th November, 2016 from: https://www.lawhandbook.sa.gov.au/ch01s05.php Manderson, D. (2006). Proximity, Levinas, and the Soul of Law . Canada: McGill-Queen's Press MQUP. Marshall Gibson Lawyers. (2012). A Short History of Negligence Lawsuits. Retrieved on 30th November, 2016 from: https://www.marshallgibson.com.au/2012/05/15/a-short-history-of-negligence-lawsuits/ Stephen Wawn Associated. (2016). Characterize the Harm Pure economic loss. Retrieved on 30th November, 2016 from: https://www.stephenwawn.com.au/commercial-law-litigation-disputes/pure-economic-loss-caused-by-negligent-misstatement-and-the-duty-of-care/duty-of-care/ Supreme Court of Tasmania. (1999). Negligence Foreseeability: Doctrine of Law or Public Policy. Retrieved on 30th November, 2016 from: https://www.supremecourt.tas.gov.au/publications/speeches/underwood/negligence Webstroke Law. (2016). Caltex Oil Pty v The Dredge WillemStad [1976, Australia].Retrieved on 30th November, 2016 from: https://webstroke.co.uk/law/cases/caltex-oil-pty-v-the-dredge-willemstad-1976-australia

Water conservation free essay sample

Water conservation refers to reducing the usage of water and recycling of waste water for different purposes such as cleaning, manufacturing, and agricultural irrigation. Water conservation programs are typically initiated at the local level, by either municipal water utilities or regional governments. Common strategies include public outreach campaigns, tiered water rates (charging progressively higher prices as water use increases), or restrictions on outdoor water use such as lawn watering and car washing. Cities in dry climates often require or encourage the installation of xeriscaping or natural landscaping in new homes to reduce outdoor water usage. The Cost effective minimum water network is a holistic framework/guide for water conservation that helps in determining the minimum amount of freshwater and wastewater target for an industrial or urban system based on the water management hierarchy i. e. it considers all conceivable methods to save water. The technique ensure that the designer desired payback period is satisfied using Systematic Hierarchical Approach for Resilient Process Screening (SHARPS) technique. The value and cost-effectiveness of a water efficiency measure must be evaluated in relation to its effects on the use and cost of other natural resources (e. . energy or chemicals). Water efficiency- Water efficiency can be defined as the accomplishment of a function, task, process, or result with the minimal amount of water feasible, or an indicator of the relationships between the amount of water needed for a specific purpose and the amount of water used, occupied or delivered. Social Solutions- Water conservation programs are typically initiated at the local level, by either municipal water utilities or regional governments. Common strategies include public outreach campaigns, tiered water rates (charging progressively higher prices s water use increases), or restrictions on outdoor water use such as lawn watering and car washing. Cities in dry climates often require or encourage the installation of xeriscaping or natural landscaping in new homes to reduce outdoor water usage. One fundamental conservation goal is universal metering. The prevalence of residential water metering varies significantly worldwide. Recent studies have about 60% of urban homes (as of 2009). Although individual water meters have often been considered impractical in homes with private wells or in multifamily buildings, the Environmental Protection Agency estimates that metering alone can reduce onsumption by 20 to 40 percent. In addition to raising consumer awareness of their water use, metering is also an important way to identify and localize water leaks. Some researchers have suggested that water conservation efforts should be primarily directed at farmers, in light of the fact that crop irrigation accounts for 70% of the worlds fresh water use. The agricultural sector of most countries is important both economically and politically, and water subsidies are common. Conservation advocates have urged removal of all subsidies to force farmers to grow more water- fficient crops and adopt less wasteful irrigation techniques Goals- The goals of water conservation efforts include as follows: Sustainability. To ensure availability for future generations, the withdrawal of fresh water from an ecosystem should not exceed its natural replacement rate. Energy conservation. Water pumping, delivery, and wastewater treatment facilities consume a significant amount of energy. In some regions of the world (for example, California over 15% of total electricity consumption is devoted to water Habitat conservation. Minimizing human water use helps to management. reserve fresh water habitats for local wildlife and migrating waterfowl, as well as reducing the need to build new dams and other water diversion infrastructure. WHY CONSERVE? Water conservation is the most cost-effective and environmentally sound way to reduce our demand for water. This stretches our supplies farther, and protects natural Lakes. For example, the city of Visakhapatnam has grown by 1 million people since the 1990s, but still uses the same amount of water. Using less water also puts less pressure on our sewage treatment facilities, and uses less energy for water supply to the grid. Why should you conserve water? There are many good reasons to conserve water. Water conservation can help meet future needs. Saving water will save you money. Water conservation helps preserve the environment. Ђ Saving water will save energy. Although water conservation helps, some people have misconceptions about what water conservation can and cant do. If we all work together to conserve water, we can help assure a bright and prosperous life for future generations. Become an advocate of conservation in your community. Help promote conservation as a wise and important water management principle. Conserving water saves you money! Not only will your water bill go dow n, but as you use less water, your gas or energy bill will also decline. If your whole community conserves, you will also pay less fees for water-related services. Water conserving communities will not need to pay as much to develop new supplies and expand or upgrade water and wastewater infrastructure. Wise usage of water helps us in saving money. We have to pay for the water we use. If we use less water, we will have more money left to spend on other things. Preserve the Environment- Water is the life-blood of the environment. From lush mountain meadows to harsh desert valleys, water holds everything together, making the land inhabitable by people and wildlife. As the population grows, the strains placed upon the environment and its critical ecosystems will increase. Conserving water will help preserve the environment by minimizing necessary diversions and decreasing pollution. When we use water wisely, we help protect the environment. We save water for animals and plants. We also help in preserving drinking water supplies. This ultimately results into easing the burden on wastewater treatment plants. The less water we waste, the less work these plants have to do to make water clean again. SAVING ENERGY- Using water wisely, results into saving energy in multiple ways. We save the energy that is required in treating and supplying water to our place and also the energy we consume in heating the water. Conservation of water can be broadly divided into 3 important sectors. 1 . Household water conservation. 2. Agricultural water conservation. 3. Industrial water conservation. [pic] The above diagram shows the approximate water usage for domestic and Industrial uses. 1. HOUSEHOLD: Water-saving technology for the home includes: Low-flow shower heads (sometimes called energy-efficient shower heads as they also use less energy, due to less water being heated). Ђ Low-flush toilets and composting toilets. These have a dramatic impact in the developed world, as conventional Western toilets use large volumes of water. Dual flush toilets include two buttons or handles to flush different levels of water. Dual flush toilets use up to 67% less water than conventional toilets. Saline water (sea water) or rain water can be used for flushing toilets. Faucet aerat ors, which break water low into fine droplets to maintain wetting effectiveness while using less water. An additional benefit is that they reduce splashing while washing hands and dishes. Wastewater reuse or recycling systems, allowing: Reuse of graywater for flushing toilets or watering gardens, and Recycling of wastewater through purification at a water treatment plant. Rainwater harvesting High-efficiency clothes washers Weather-based irrigation controllers Garden hose nozzles that shut off water when it is not being used, instead of eliminates water waste at the faucet. It automates the use of faucets without the sing of hands. Water can also be conserved by landscaping with native plants and by changing behavior, such as shortening showers and not running the faucet while brushing teeth. Faucets: o Repairing a dripping faucet can save up to 100 liters per day. o If your existing faucet flows above 10 liters per minute, install a low-flow faucet or aerator. For a bathroom faucet, a 6-liter-per-minute flow will provide sufficient water for personal hygiene needs. For a kitchen faucet, you may want a 10-liters-per-minute flow to make sure the flow of water is sufficient to wash and rinse dishes. Water losses caused by dripping faucets can range from several liters to hundreds of liters of water per day. Toilets: o Detect toilet leaks by adding leak detector tablets or a few drops of food coloring to the toilet tank. If the tank is leaking, color will appear in the bowl within 10-15 minutes. Flush immediately after testing. o Fix the toilet leak and you can save as much as 400 liters of water per day. o Toilet water use can be cut by 30 percent with a toilet tank dam or displacement bag. o Place a dye tablet inside the toilet tank; if the tank is leaking, color will appear in the bowl within 10 to 15 inutes. Flush immediately after testing. o Since the mid-1990s, all new toilets have been redesigned to conserve water, using 8 literss of water per flush. Older models use 20 liters or more per flush. Appliances: o When you replace clothes washers, consider a water-efficient model that uses an average of 100 liters of water per load. Front loaders use 80-100 liters. Showers and Tubs: o Check your showerhead. If it is leaking or the flow rate is more than ten liters per minute, you should replace it with a low-flow version (61iters per minute maximum). This can save up to 37 liters per day. Shower water use can be cut by 50 percent with a low-flow showerhead. Leaks: o Fixing leaks and installing a few inexpensive water-saving devices in your home could save you an estimated 100,000 liters of water each year. o Leaks inside your toilet can waste up to 400 liters of water a day. o Repairing a dripping faucet can save up to 100 liters per day.. o Dripping showerheads can waste 75 to several hundred gallons of water a week, depending on the size of the drip. Miscellaneous Savings Statements: o Save up to 4,000 liters per month: Turn off the water while brushing your eeth and shaving. Save up to 10000 liters per month: Rinse fruit and veggies in a bowl of water instead of under running water. o Save up t05000 liters per month: Replace older toilets with new low-flow models. o Save up to 4,000 liters per month: Run your washing machine and dishwasher only when full. Rainwater Harvesting 2. AGRICULTURAL: Drip Irrigation For crop irrigation, optimal water efficiency means minim izing losses due to evaporation, runoff or subsurface drainage. An evaporation pan can be used to determine how much water is required to irrigate the land. Flood irrigation, the ldest and most common type, is often very uneven in distribution, as parts of a field may receive excess water in order to deliver sufficient quantities to other parts. Overhead irrigation, using center-pivot or lateral-moving sprinklers, gives a much more equal and controlled distribution pattern. Drip irrigation is the most expensive and least-used type, but offers the best results in delivering water to plant roots with minimal losses. As changing irrigation systems can be a costly undertaking, conservation efforts often concentrate on maximizing the efficiency of the existing system. This may include chiseling compacted soils, creating furrow dikes to prevent runoff, and using soil moisture and rainfall sensors to optimize irrigation schedules. Infiltration basins, also called recharge pits, capture rainwater and recharge ground water supplies. Use of these management practices reduces soil erosion caused by storm water runoff and improves water quality in nearby surface waters. 3. INDUSTRIAL: Industry is the single largest consumer of water. While there is increasing focus on ways to conserve water at home, most people do not give much thought to conserving water at work. However, there are as many ways for industry to conserve water as there are at home. Combined effort by both industry workers and homeowners can make a huge reduction in the amount of water that is wasted, as well as the energy used to clean and purify it. Recycling and Reuse Industries have many opportunities to reuse water within their own plants to minimize their draw on municipal drinking water sources. Water used for one purpose can often be saved and reused for another, especially after filtering. For example, a plant can run gray water from sinks and cleaning through a filter for use s cooling water for machinery. As long as the reused water is clean enough or has been cleaned enough for use in its new role, recycling water this way saves a significant amount of drinking water from being used for Jobs that do not require potable (drinkable) water. Many car washes already do this on a smaller scale. [pic] A typical recycling plant Switching from water-cooled systems to air-cooled systems would have a tremendous effect on total water consumption, as using water to cool hot equipment is one of the largest drains on municipal water systems. Water that has been cleaned and filtered t great expense to a community is not being drunk when its used as a coolant. Instead, it is going into the atmosphere as steam water vapor. Air-cooled technology is an efficient and practical alternative in fact, air-cooled radiators in cars replaced water-cooled radiators about 50 years ago. While there are condensation systems that help to reclaim some of that lost water, no system is completely effective. For example, when a company switched cooling systems from water to air, they saw more than a 90 percent reduction in their per-minute use of water. Rinsing Systems Another source of huge potential water savings is the rinsing systems used by industries to remove contaminants from equipment and products. Changes in how the rinses are done, such as not overflowing tanks to float contaminants over the sides, combined with using intermittent-flow systems instead of continuous-flow systems, would result in a significantly reduced water usage for these procedures. Additional Conservation Tips Many of the same conservation tips for the home apply equally for industry. Irrigating lawns and fields in the morning and only watering when necessary, along ith using ultra low-flow toilets, installing sink aerators and repairing leaks promptly can cut the amount of water used by industry significantly. Using brushes and a mop and pail for cleaning instead of a hose and reducing the frequency of building and vehicle washing can save hundreds of gallons per day. CONCLUSION- Water is a natural resource which is limited and available on finite quantity on earth in different form. Hence we should use the existing supplies wisely. It is constantly being cleaned and recycled through the earths water cycle. The need to conserve ater is important because people use up our planets fresh water faster than it can naturally be replenished. We should be careful and economic in the use of water for domestic and industrial purposes so that no water is wasted. Much water can be stored by saving bathroom water in tanks to be used for flushing toilets, washing cars, watering lawns, etc. Wastage of water in irrigation can be minimized by checking leakage in irrigation channels, brick-lining the irrigation channels, and by avoiding over watering. Use of subsurface and sprinkler techniques for watering the fields can also save water. revents its loss in floods, and release water throughout the year. We are all water creatures, 60% of our body is made up of water, 70% of our brain is water and 80% of our blood is water. While we can go without food for almost one month, we cannot survive without water for more than 7 days. Water is not made anymore; the quantity of water that is available on earth is the same that was available millions of years ago. Most of our planet is covered with water, but only 3% of it is fresh water and most of it is in the form of ice. So, only 1% of water is potable and usable for all living creatures on earth. Water crisis is looming all over the world. The steep rise in population is putting a huge pressure on water availability. In the last century, the world population tripled and the usage of water increased by 6 times. By the middle of this century, it is estimated that there will be an additional 3 Billion people. And the requirement of water will be much more than our planet can provide. For example, the population in Visakhapatnam has increased by 1 million in the last decade, whereas the availability of water for the city remained the same. We have seen acute shortage of water this summer in the city, because of failure of monsoon ast year. So the importance of water conservation and proper usage of water is the need of the hour. World wide, it is estimated that millions of people live with less than 15 liters of water per day, whereas, in the United States and other developed countries, an average of 600 liters of water is used per day per person. 5 million people were displaced world wide due to contaminated river systems, which is more than those displaced by way of wars. As per United Nations report, 1 in 5 people lack access to purified water. And one child dies of contaminated water every 1 5 seconds. The water crisis is real and immediate steps are required to stem the problem. It is said that we are running out of water before we run out of oil. Water short age will lead to food shortage. Countries like Chins are already seeing a steep drop in food production for want of water. India is also not far behind in this regard. Water Problem is fast becoming Hunger problem. Industry is facing a thirst for water. Agriculture is facing a thirst for water. All living creatures on this planet are facing a thirst for water. So the following steps should be taken immediately: Promoting Water Conservation- ethod we collect the rainwater either from the roof or from the ground. This collected water is stored in tanks for use later. This is the easiest way to conserve the water. Recycling: Recycling water is another way by which water can be conserved. Used water from factories and homes is sent for cleaning. It is then pumped into the sea or returned to a river. This water is again taken out and used. Water Conservation in Commercial Agricultural Applications- There are many water saving devices which can be used for conserving water in commercial offices and public places. They are Infrared or foot operated faucets, hich uses short bursts of water for rinsing in a kitchen or bathroom and thus can save water. Waterless urinals or having infrared operated cleaning system in urinals which saves water. Ђ Pressurized water brooms for cleaning sidewalks.