Write a report on the company called Marks & Spencer Essay

Write a report on the company called Marks & Spencer - Essay Example It is this overall sales figure where the returns on the shareholders’ stake in M&S business will be later derived, as well as the company’s sustainability of operations over the long run. Figure 2 highlights the changes in the different sales figures (M&S 2004-2008). By looking at the growth of sales using the previous year as benchmark, the increase or decrease in the company’s efforts to generate more sales can be later probed more deeply; that is, whether this increase or decrease in the growth can be attributable to management’s practices or external factors. Figure 3 shows the different areas of M&S, which include: UK general merchandise business; UK food business; International general merchandise business; and the International food business. The company’s overall increase in sales will be determined by the increase in the different business areas of the company, thus it is helpful to learn the contribution of the different areas by looking at the company’s sales breakdown. People. As the change in management results in a more experienced senior management and executive committee, the development of management capability gives the M&S an opportunity to develop its skills. Since these people are new, although experienced, the whole management capability of the company is not yet fully developed. Thus, this is a weakness to the company. Resources. By dividing the total liabilities figure by the M&S total assets figure (M&S 2008, 96), the debt ratio of 86.9% is derived. With this very high debt ratio, there is a possibility that the company will have less access to debt as its credit rating changes as more debt makes it riskier to the eyes of investors. The firm’s only choice can be equity financing for its future expansion. This is a weakness to the company. Innovation and Ideas. The company emphasises innovation as one of the company values. Apart from innovation in product development, this

Irish Dance Essay Example for Free

Irish Dance Essay Dance has always been an integral part of social gatherings and it is likely that it evolved before or autonomously of music as we know it today, as the human body contains rhythms of its own in heartbeat and breathing, therefore it is somewhat a natural instinct of movement. The earliest social dances were circular and linear chain dances, dating to 1400-1200 BC, of these the ‘ring’ dances, which used a sacred tree or stone as central focus are most likely the oldest. Couple dances arose in the twelfth century as a break up of the line into pairs in procession, and/or in response to the ‘courtly-love’ concept in the songs of the Troubadours, which developed within the courts of Europe presenting differentiation from court and folk dance. In particular, French cotillions a ‘square’ dance for four couples developed and moved to England, America and Ireland as did the later quadrilles (sets). In Irish dance history specifically: haye, rinnce fada and rinnce mor are the three names used to referring to the action in old literature. The first reference to dance in the Irish language is 1588. Rinnce appears first in 1609 amd ‘damhsa’ ten years later. HB15 It is not until the 17thC that we have any real documention referring to dance not just confined to Ireland worldwide. Citm: The common people in Ireland may have been dancing more free-form, simple dance, to fiddle and pipes. As well as courting, dancing had important social ritual functions. Rinnce fada is described as being performed on May-eve and dancing is associated with other important times are the year, e. g. Bealtaine, births, weddings, wakes. It is a matter of speculation whether country dances had an identifiably Irish form, but seems highly likely that group dance was part of the native Irish tradition in this period. Step dance itself is an accurate, rhythmic performance genre that focuses chiefly in predetermined leg movements. Done either in group or solo. hard shoes enhance the percussive nature of the treble reel, jig, hornpipe and solo set dances whereas soft shoes emphasise the graceful, airborne nature of the reel, slip/single/light jig. The primary solo Irish step dances are the jig, reel and hornpipe. The jig is first mentioned in Ireland in 1674. Four variants exist within Irish dance traditions: double, single, slide and slip, the most common of these being the double. Double: most common dance tune after the reel. 6/8 time characterised by rhythmic pattern of groups of three quavers. While jig tempo is generally lively when played solo, competitive dancers usually call for a greatly reduced tempo in order to execute their complicated footwork. Single: either 6/8 or 12/8 time. Crotchet followed by quaver. Associated with specific soft-shoe solo dance still performed in competitions today, usually by female dancers. A fast version of the tune is referred to as a slide and is used in the dancing of sets. Slide: essentially dance music. Long-short rhythm of tune is echoed by movements of dancers. Dancing of sets and, along with the polka is particularly associated with music and dance traditions of Sliabh Luachra, where it is brisk tempo of 12/8 tunes that dominates. Slip: 9/8 time. Distinct from other jig types usually in single form, continues to be danced in competitions usually by females in soft shoes. The reel is done to the music of tune type with same name and given its present dominance in music and dance, it may seem surprising that the reel is a relative latecomer to the Irish scene. Scholars are agreed that the reel as a dance tempo with its associated faster figures and stepping did not attain universal popularity in Ireland until the late eighteenth century, whereas across the water in Scotland it had long existed in many forms. The hornpipe originates from the mid eighteenth century and has maritime connections. The later, common time version made its way to Ireland where it was adopted by the dancing masters as a showpiece. Heavy stepping deemed it unsuitable for female dancers and for a number of years was solely male domain. Today, is used in solo dance and certain set-dances. Most likely came from England in late 1700s. There it had taken its present form in 1760s and was a figure dance, its older forms in 3/2 time and was performed between acts of plays usually by professional dancers. In Ireland, it became the supreme display of intricate footwork. HB: A sole reference in 1718 to the hornpipe is not necessarily a solo dance, as the measure was also used in some country dances. Very different initially to what it is known as. Other dances include: The German is a variant of a nineteenth century popular continental ‘schottische’, adopted as a couple dance in Co. Donegal, in 4/4 time and similar in tempo to a barn dance. Mazurka 231: is in ? time and is a round dance done by four couples, implemented more vigorously than the sensuous waltz. Adopted into Donegal tradition, it is one of the many local couple dances but is no longer commonly danced. Barn dance 25: is a form of ‘round the hall’ social dance most popular up to 1950s that is generally performed to hornpipe time (4/4), but in relation to marching practice is danced to 6/8 time in north Co. Antrim. March 228: among the most ancient music forms in any country. Originally related to military activities and incorporated into dance in Ireland to utilise the number of tunes so called. Quick march used in popular early 1900s dance as the ‘quickstep.’ in Irish tradition most common in 4/4, 2/4 and 6/8. During the ceili band ear many common song melodies were recruited as march tunes. Because of the redundancy of the bulk of traditional music in dancing entertainment, the march has fallen out of popularity and will almost never be heard played except in a limited fashion in ceili dances. Sean-nos 383: ‘old style’. traditional style of solo step dance. Freedom of arm movement, steps do not follow prescribed pattern and stepping is close to the floor. Public presentation highlighted one of Connemara culture features which was unrecognised by and possibly even unknown to the authorities of Gaelic League. Prior to the 1970s the local term was simply an bhatrail (the battering) and was on verge of extinction but such was the enthusiasm engendered by its new community staging, that many local people began to see this dance as a badge of culteral identity and a source of pride. Set dance 346: ‘a set of quadrilles’ and comprises a combination of irish dancing steps and French dance movements, danced to irish music. Developed by 18C dancing-masters who travelled in various parts of Ireland. Originally taught solo step dancing and created group or figure dances for their less talented pupils. In time the also included new dances such as the minuet, cotillions, and quadrilles. Brought from France, to England, Scotland then Ireland by military personnel and other travellers of the time. Dancing masters first taught them to upper classes in big country houses and later to the ordinary people in barns or at crossroads in the summer. Irish sets have most likely evolved from these or from other quadrilles that are no longer popularly danced. Today, most of the sets are named after their local town or area. Historically, ‘set’ dancing has been frowned upon by religious authorities of all denominations. Set dancing had been banned too by the Gaelic League in the early 20C and new ceili dances were taught by the Dancing Commission. It enjoyed a remarkable revival all over Ireland throughout late 20C, attributable to work of individual set-dance teachers, and also to CCE and the GAA network of set-dance competitions since the 1970s. 23. Main event of 18th C in dance terms introduction of reel and hornpipe measures. 19th C saw arrival of quadrille. 25. Quadrille sets (or half sets for 2 couples), were initially ballroom dances, moved from â€Å"polite† society (via dance masters or local enthusiasts) to country houses of rural Ireland and urban centres. Far from adopting these new dances, the Irish dance tradition absorbed them and made them something new in terms of figures, musical tempo and stepping. This cross fertilisation of new imports with elements of older dances - result in a new and identifiably Irish product. 27. Certain areas became associated with particular sets. 28. Apart from sets, most popular new dances in 19th C were ballroom dances such as the scottische, barndance, military two-step and waltz. When reached areas where traditional dance was strong, absorbed into the repertoire and subtly changed by effects of Irish stepping and local musical tastes. Fintan Vallely: The Companion to Irish Traditional Music.

Apple History Essay examples -- essays research papers

Symptoms Since its inception, Apple has had major changes at the top of the organization. In, as little as, ten years four CEO’s were giving the position and then dismissed because of inabilities to bring the company to profitability and an increase in market share. Apple had no clear business strategy, no statement of direction that could be used as a plan for deciding for which businesses the company should be in and which not. Executives and managers created their own strategies, with each strategy going into different directions. Other symptoms include the computer industry in general. Personal computers have become a commodity and the industry itself has reached a level of maturity. Major players in the computer industry have to constantly remain innovative and invest heavily in research and development to sustain a competitive advantage. In the beginning, of the computer era when personal computers were in development Apple became the industry leader during the mid 1970s. In 1981, IBM produced its first personal computer. During, the time IBM developed and launched its first PC IBM approached Bill Gates to provide an operating system for the company’s product. By giving Microsoft total rights to license the operating system put both IBM and Apple at a disadvantage while establishing Microsoft as the dominant leader in the software industry. Apple also faces aggressive competition in the hardware sector. The inability to react to competitors aggressive strategies such...

How can India get more Olympic Medals Essay

In 2004 Athens Olympics, India celebrated it’s achievement of the one silver medal it won in Shooting. After four years, in 2008 Beijing Olympics, India won a gold medal in 10m Air Rifle event and one bronze medal each, in Wrestling and Boxing. The international media appreciated this as a rare feat from a ‘non-athletic nation’. The tag ‘non-athletic nation’ can be refuted considering the craze for cricket in India. However, that is not the bone of contention here. India is considered as a non-athletic nation because of it’s consistent poor performance before the world audience in this quadrennial event. India has 17% of the world population but won only 0. 31% of the total medals in Beijing Olympics. Thus, there is an urgent need for a strategy that can help India win more Olympic medals. It is important to understand ‘why’ India has not been able to get more Olympic medals before answering ‘how’ to get the same. Well, the sportsmen and women in India often complain about lack of adequate sources, funds, infrastructure, equipment, sponsorship and encouragement for sports and games other than cricket in the country. Corruption, political intervention and unwillingness of sports authorities are also cited as the root causes. Inadequate training programmes and practice sessions which do not meet international standards are said to be another reason for dismal performances in the Olympics. Besides the above, another most important reason is the discouragement and disinterest showed by parents and teachers to their children’s interest in sports and games. The solution lies in addressing or targeting the above problems. In the first place, parents and teachers should make an extra effort to identify a child’s inclination towards sports. Children of all ages should be encouraged to actively participate in sports as it will help in their overall physical and mental development. Schools should include sports as an integral part of their curriculum. Sports competitions should be held at local and regional levels, and students interested in a particular game, should be provided with further training. This can help children cultivate sportsmanship qualities and also gain experience in the game. Secondly, the state and central governments should provide adequate funds and resources for upgraded training programs, necessary infrastructure, equipment and other facilities to sportspersons. For instance, the government and sports authorities in China have not only planned to successfully host 2008 Olympic games in Beijing, but also have designed ‘Project 119’ towards winning gold[s] in the medal rich sports of swimming, track, rowing, kayaking and sailing. Under this project, intensive training at par with international standards was provided to athletes and participants of various games. India needs to design and implement such goal-oriented projects to clinch more medals in Olympic games. Thirdly, all the encouragement, resources and participation would go waste without a proper coach. The nuances and tricks of the game can only be learnt from a good trainer. Even in Mahabharata, the great India epic, a master-archer like Arjuna was trained by his versatile teacher, Dhronacharya. Hence, trainers with good performance record, experience and exposure to national and international sports should be appointed as sports coach to train the athletes. In addition to this, steps should be taken to sever the tentacles of this monstrous octopus called ‘corruption’ which has made it’s way into every part of human life including sports and games. Sanctioning and providing adequate funds is one step but utilizing them efficiently for the purpose meant, is an altogether different step. Accounts should be audited to ensure proper appropriation of funds. Authorities holding positions in sports organizations, associations and selection committees should be held accountable and punished in the event of any misuse of the allocated funds. Moreover, favoritism and bias in selection of team members, appointment of trainers, etc. should be strictly discouraged. It should be ensured that the only criteria for selecting a player or a coach on the team should be his/ her performance record and definitely not their personal background or relation with the members on Selection committee. Care should be taken to not repeat cases like Monica Devi, a wrestler from Manipur, who was dropped from the Indian contingent to 2008 Beijing Olympics in the last minute. The issue is yet to be solved. Such incidents can lead to resentment among players. Finally, sports in India should expand and reach beyond cricket. Cricket has managed to attract huge fanfare, reputed brand names for sponsorship and popular celebrities like industrialists and bollywood actors. Cash-rich Indian Premier League stands as a testimony to this. Similar treatment is due to be accorded to other sports. Private sponsorers including domestic and multinational companies should be invited to offer sponsorship to sportsmen of other games. Wide publicity should be given to other sports by broadcasting them on television. Medal winning performance should be duly rewarded by the central and state governments. However, inspite of all the hurdles and hiccups, Abhinav Bindra, Sushil Kumar and Vijendra Kumar created history at the Beijing Olympics 2008. This clearly shows that without obstacles, India would stand second to none in the Olympic Medal chart.

Allowing Gays To Adopt

In most cases, the legality of adoption is based very strongly upon the principle of consent. Consent refers to the agreement by the child’s parents or the child’s guardian (the person or the agency under whose custody the child is) to accede the child for adoption and to expel the rights and duties with regard to the child. The process of consenting requires that the birth parents of the child notify a judge or court officials in writing.Alternatively, a part from the biological parents, other people issuing their consent can be the agency in charge of the child, the guardians, the court of law, or a close relative or the next friend who has already attained the legal age. In some states such as the Virgin Islands and the District of Columbia for instance, the child should issue consent when or when above 14. Sometimes this may be abnegated if the child is mentally ill. The execution of the consent normally takes 13 days while cases with the fastest ratification speed may take 12-24 hours.Heretofore, the next stage may differ since rules are state-specific. In most states, the written consent is notarized to the concerned public, while in other states; the consenting parents are taken for counseling as touching the matter. A provision for the revocation of the consent is normally very limited but in most cases, the adoption process is irrevocable. States in which there are absolutely no provision for the revocation include; Mississippi, Samoa and the Nebraska.The limited provision come in when the parents or guardians were defrauded, coerced or were under duress when issuing their consent. Some states also issue a time frame within which any case of disgruntlement can be aired by the parents. Conversely if the application to revoke the consent has been found to be in the interest of the child or if both the biological parents and the adoptive parents have reached this consensus, it will be the duty of the court of law to consider the petition.The 14th amendment of the American constitution, a post civil war judicial reconstruction, was originally intended to bolster the 13th amendment which in turn had brought slavery to a grinding halt. This amendment was to promote the rights of the former slaves. When it was proposed in the June 13, 1866, it spelt out equal protection of all by the law, birthing the â€Å"Separate but equal† doctrine. This amendment placed all persons on the same pedestal since all became under one law. It is upon this concept of equality that the marginalized groups began to come out for equal recognition.Privacy rights such as abortion, homosexuality became subject to debates. Currently perhaps the most heated form of debate is the one touching on the prospects of gay adoption (Ricketts, 1991). The laws for the best interest of the child assume that for any normal child to develop well, this should happen under the jurisdiction of the two parents. It is on this backdrop that in the best interest of the child, the law has come up with regulations which are geared towards the child’s protection for instance, in case of a divorce.By default, the law stipulates that upon divorce, both parents should have equal access and responsibility to and over the child. This can only be negated upon a parent being found to be harmful to the child. As far as the issue of the best interest of the child in relation to gay parenting is concerned, the law is not yet unified and therefore varies from one state to another. For instance gay parenting is prohibited in Florida but reconstructions are underway to recognize it in Alabama, Georgia, Ohio and Tennessee.The pro-gay parenting legal practitioners argue that it is better for a child to have a two parent family than a one parent one, and that it will be furthering the interest of the child since a two parent family can easily fend for the child’s needs than if the child had one or no parent at all. A case these lawyers have bro ught to the fore is the fact that there are presently (Clifford, Hertz, Doskow, Curry 2007)119,000 needy children in the US alone waiting to be adopted. Furthermore, they posit that children have more serious concerns than their parent’s sexual orientation.Discrimination against children raised by gay parents is not so far fetched compared to the discrimination encountered by gay parents. In America, this is not much of a problem compared to Australia where the parents are discriminated against in areas touching on taxation, social security, and workers’ compensation. The only case of discrimination against children with gay parents witnessed in Australia is limited to the peer groups and is always manifested in schools and in the neighborhood.This is because the Article 2 of the Convention of the Rights of the Child which was ratified in the 1990 sternly warns against child discrimination of any kind (Ricketts, 1991). Although some maintain that there is no strong bas is for the prohibition of the adoption by gay parenting, yet children rights and welfare agencies cite the child bearing studies on the other hand to maintain that children raised in heterosexual marriages thrive best emotionally, physically and mentally.They maintain that spates of violence are 2-3 times higher in homosexual marriages when compared to the heterosexual ones. In addition to this, they posit that homosexual marriages are always susceptible to dissolution with the normal gay marriage lasting 2-3 years and that homosexual activities are often marked with substance dependence, mental illnesses, suicidal tendencies and a shortened lifespan in comparison to heterosexual marriages.The proponents of same sex marriage and the adoption by the same sex parents have countered that these dysfunctions accrued by this group are as a result of the US socio-economic pressure, to which the opponents of adoption by the gay parents rebutted that the same pressure rests on the normative/ conservative form of marriage without yielding such results (Lerner and Nagai 2001). They further deliberate that children adopted or reared under the same sex marriage are highly vulnerable to sexual confusion, homo sexual behavior and premature sex.Nevertheless, it must be kept in mind that numerous strides have been made to entrench gay adoption and this has also produced gradual acceptance of the practice. A testimony to this is Florida which since 1977 had proscribed gay adoption but as per now efforts are in the offing to abrogate this law due to the push by the American Civil Liberties Union (ACLU) on the Supreme Court. In the same vein, the 1997 ACLU fact sheet, â€Å"the gay parenting statistics† to confirm this discloses that approximately, 6-14 million children are living under gay parenting.This could still be an understatement since most gays and lesbians are always reserved about disclosing the structure of their families due to fear of losing children (Mc Gurry , 2003). These changing prospects can be attributed to the fact that the emphasis on traditional form of marriage is gradually waning, and the subsequent overturning of state laws to assimilate gay marriages is in force. A case in point is when the then president Bill Clinton, signed the Defense On Marriage Act (DOMA), thus giving way to same sex marriage in Hawaii (Rimmerman, Wald, Wilcox, 2000).Gay adoption is also growing because of the fast rate with which gay parenting is spreading. Gay parenting, apart from the normal procedure of adoption occurs when one partner pulls out of a heterosexual marriage while still maintaining the custody of a child and moves into a gay marriage or, through lesbians opting for an artificial insemination upon siring a child enters into an agreement with gay partners for adoption. The co-parent adoption occurs when one gay who has an adopted child with him moves in with a partner who automatically assumes the role of a co- parent.This practice is co mmon in Washington, District of Columbia, Vermont, California, Minnesota, Alaska, and Oregon (Tonnerson, Andenaes and Wintemute, 2001). As touching on the stability of the children, the children grow up healthy and well adjusted compared to those who have one or no parent at all. This scores highly with the concept of the best interest of a child since the child’s financial and material needs are met. Conversely, the children under gay adoption turn out successfully just as the ones under heterosexual care.The American Psychological Association (AMA), out of its research maintained categorically that there was no evidence that children brought under gay adoption and parenting were susceptible to maladjustment or that they turned out less intelligent or suffered low self esteem; neither was there a connection between homosexuality and pedophilia or direct influence in the child’s sexual orientation in future. On the contrary, the AMA observed that 90% of child sexual ab uses were carried out by heterosexual men (Baker, 2005).To further dispel the misgivings on gay adoption, both the parents who want to adapt a child undergo a screening procedure which is a meticulous exercise meant to filter out those who have less prospects of making good parents. The fact that many potential gay parents navigate successfully these enchanted waters is a testimony of the type of parents they would make. Bibliography. Baker P. Public Discourses of Gay men. Rutledge: United States, 2005. Clifford D. Hertz F. Doskow E. Curry H. A Legal Guide for Lesbian and Gay Couples. Nolo: United States, 2007. Lerner R. Negai A.No Basis: What studies don’t tell us about parenting. Marriage Law Projects /Ethics and Public Policy Center: United States, 2001. Mc Garry J. K. Fatherhood for Gay Men: Emotional and Practical Guide to becoming a gay dad. Haworth Press: United States, 2003. Ricketts W. Lesbians and Gay men as foster parents. Wendel/ Ricketts: United States, 1991. Rim merman A. C. Wald D. K. Wilcox C. The Politics of Gay Rights University of Chicago: United States, 2000. Tonnerson M. Andenaes R. Wintemute M. Legal Recognition of Same Sex Partnership: A Study of National and European Law. Hart Publishing

French Subjunctive Irregular Conjugations

French Subjunctive Irregular Conjugations While not as difficult as using the French subjunctive, conjugating irregular and stem-changing verbs into the subjunctive can be a little tricky.Stem-changing verbs and most irregular verbs follow the same pattern as regular verbs for the singular conjugations (je, tu, il/elle/on) as well as the third person plural (ils/elles): the subjunctive stem is derived from the present tense conjugation of ils. boire envoyer prendre venir present tense: ils boivent envoient prennent viennent stem boiv- envoi- prenn- vienn- subjunctive endings: boire envoyer prendre venir ... que je -e boive envoie prenne vienne ... que tu -es boives envoies prennes viennes ... quil/elle/on -e boive envoie prenne vienne ... quils/elles -ent boivent envoient prennent viennent However, the nous and vous forms of the subjunctive find their stems in the present tense conjugation of nous: present tense: nous buvons envoyons prenons venons stem buv- envoy- pren- ven- subjunctive endings : ... que nous -ions buvions envoyions prenions venions ... que vous -iez buviez envoyiez preniez veniez This two-stem subjunctive pattern applies to all stem-changing verbs as well as all but seven irregular verbs.Five verbs have irregular subjunctive stems but take the same endings as above: One stem Two stems* faire pouvoir savoir aller vouloir stem(s) fass- puiss- sach- aill- / all- veuill- / voul- ... que je (j) fasse puisse sache aille veuille ... que tu fasses puisses saches ailles veuilles ... quil/elle/on fasse puisse sache aille veuille ... que nous fassions puissions sachions allions voulions ... que vous fassiez puissiez sachiez alliez vouliez ... quils/elles fassent puissent sachent aillent veuillent *These two verbs have different stems for je/tu/il/ils and nous/vous.And finally, two verbs have irregular stems as well irregular endings: avoir tre ... que je (j) aie sois ... que tu aies sois ... quil/elle/on ait soit ... que nous ayons soyons ... que vous ayez soyez ... quils/elles aient soient

Osmium Facts - Periodic Table of the Elements

Osmium Facts - Periodic Table of the Elements Osmium is an extremely heavy silver-blue metal with atomic number 76 and element symbol Os. While most elements arent know for the way they smell, osmium emits a characteristic unpleasant smell. The element and its compounds are highly toxic. Here is a collection of osmium element facts, including its atomic data, chemical and physical properties, uses, and sources. Osmium  Basic Facts Atomic Number: 76 Symbol: Os Atomic Weight: 190.23 Discovery: Smithson Tennant 1803 (England), discovered osmium in residue remaining when crude platinum was dissolved in aqua regia Electron Configuration: [Xe] 4f14 5d6 6s2 Word Origin: from the Greek word osme, a smell or odor Isotopes: There are seven naturally-occurring isotopes of osmium: Os-184, Os-186, Os-187, Os-188, Os-189, Os-190, and Os-192. Six additional manmade isotopes are known. Properties: Osmium has a melting point of 3045 /- 30  °C, boiling point of 5027 /- 100 °C, specific gravity of 22.57, with a valence usually 3, 4, 6, or 8, but sometimes 0, 1, 2, 5, 7. It is a lustrous blue-white metal. It is very hard and remains brittle even at high temperatures. Osmium has the lowest vapor pressure and highest melting point of the platinum group metals. Although solid osmium is unaffected by air at room temperature, the powder will give off osmium tetroxide, a strong oxidizer, highly toxic, with a characteristic odor (hence the metals name). Osmium is slightly more dense than iridium, so osmium is often credited as being the heaviest element (calculated density ~ 22.61). The calculated density for iridium, based on its space lattice, is 22.65, though the element hasnt been measured as heavier than osmium. Uses: Osmium tetroxide can be used to stain fatty tissue for microscope slides and to detect fingerprints. Osmium is used to add hardness to alloys. It is also used for fountain pen tips, instrument pivots, and electrical contacts. Sources: Osmium is found in iridomine and platinum-bearing sands, such as those found in the Americas and Urals. Osmium may also be found in nickel-bearing ores with other platinum metals. Although the metal is difficult to make, the power can be sintered in hydrogen at 2000 °C. Element Classification: Transition Metal Osmium Physical Data Density (g/cc): 22.57 Melting Point (K): 3327 Boiling Point (K): 5300 Appearance: blue-white, lustrous, hard metal Atomic Radius (pm): 135 Atomic Volume (cc/mol): 8.43 Covalent Radius (pm): 126 Ionic Radius: 69 (6e) 88 (4e) Specific Heat (20 °C J/g mol): 0.131 Fusion Heat (kJ/mol): 31.7 Evaporation Heat (kJ/mol): 738 Pauling Negativity Number: 2.2 First Ionizing Energy (kJ/mol): 819.8 Oxidation States: 8, 6, 4, 3, 2, 0, -2 Lattice Structure: Hexagonal Lattice Constant (Ã…): 2.740 Lattice C/A Ratio: 1.579 Return to the Periodic Table Sources Arblaster, J. W. (1989). Densities of osmium and iridium: recalculations based upon a review of the latest crystallographic data (PDF). Platinum Metals Review. 33 (1): 14–16.Chisholm, Hugh, ed. (1911). Osmium. Encyclopà ¦dia Britannica. 20 (11th ed.). Cambridge University Press. p. 352.Haynes, William M., ed. (2011). CRC Handbook of Chemistry and Physics (92nd ed.). CRC Press. ISBN 978-1439855119.

History of the Woodstock Music Festival of 1969

History of the Woodstock Music Festival of 1969 The Woodstock Festival (aka An Aquarian Exposition: Three Days of Peace and Music) was a three-day concert (which rolled into a fourth day) that involved lots of sex, drugs, and rock n roll, plus a lot of mud. The Woodstock Music Festival of 1969 has become an icon of the 1960s hippie counterculture. The festival took place on August 15-18, 1969, at Max Yasgurs dairy farm in the town of Bethel (outside of White Lake, New York). The Organizers of Woodstock The organizers of the Woodstock Festival were four young men: John Roberts, Joel Rosenman, Artie Kornfeld, and Mike Lang. The oldest of the four was only 27 years old at the time of the Woodstock Festival. Roberts, an heir to a pharmaceutical fortune, and his friend Rosenman were looking for a way to use Roberts money to invest in an idea that would make them even more money. After placing an ad in The New York Times that stated: Young men with unlimited capital looking for interesting, legitimate investment opportunities and business propositions, they met Kornfeld and Lang. The Plan for the Woodstock Festival Kornfeld and Langs original proposal was to build a recording studio and a retreat for rock musicians up in Woodstock, New York (where Bob Dylan and other musicians already lived). The idea morphed into creating a two-day rock concert for 50,000 people with the hope that the concert would raise enough money to pay for the studio. The four young men then got to work on organizing a large music festival. They found a location for the event up in an industrial park in nearby Wallkill, New York. They printed tickets ($7 for one day, $13 for two days, and $18 for three days), which could be purchased in select stores or via mail order. The men also worked on organizing food, signing musicians, and hiring security. Things Go Very Wrong The first of many things to go wrong with the Woodstock Festival was the location. No matter how the young men and their lawyers spun it, the citizens of Wallkill did not want a bunch of drugged-out hippies descending on their town. After much wrangling, the town of Wallkill passed a law on July 2, 1969, that effectively banned the concert from their vicinity. Everyone involved with the Woodstock Festival panicked. Stores refused to sell any more tickets and the negotiations with the musicians got shaky. Only a month-and-a-half before the Woodstock Festival was to begin, a new location had to be found. Luckily, in mid-July, before too many people began demanding refunds for their pre-purchased tickets, Max Yasgur offered up his 600-acre dairy farm in Bethel, New York for  the location for the Woodstock Festival. As lucky as the organizers  were to have found a new location, the last minute change of venue seriously set back the Festival timeline. New contracts to rent the dairy farm and surrounding areas had to be drawn up and permits to allow the Woodstock Festival in the town had to be acquired. Construction of the stage, a performers pavilion, parking lots, concession stands, and a childrens playground all got a late start and barely got finished in time for the event. Some things, like ticket booths and gates, did not get finished in time. As the date got closer, more problems sprung up. It soon appeared that their 50,000 people estimate was way too low and the new estimate jumped to upwards of 200,000 people. The young men then tried to bring in more toilets, more water, and more food. However, the food concessionaires kept threatening to cancel at the last minute (the organizers had accidentally hired people who had no experience in concessions) so they had to worry about whether or not they could airlift in rice as a backup food supply. Also troublesome was the last-minute ban on off-duty police officers from working at the Woodstock Festival. Hundreds of Thousands Arrive at the Woodstock Festival On Wednesday, August 13 (two days before the festival was to begin), there were already approximately 50,000 people camping near the stage. These early arrivals had walked right through the huge gaps in the fence where the gates had not yet been placed. Since there was no way to get the 50,000 people to leave the area in order to pay for tickets and there was no time to erect the numerous gates to prevent even more people from just walking in, the organizers were forced to make the event a free concert. This declaration of a free concert had two dire effects. The first of which was that the organizers were going to lose massive amounts of money by putting on this event. The second effect was that as news spread that it was now a free concert, an estimated one million people headed to Bethel, New York. Police had to turn away thousands of cars. It is estimated that about 500,000 people actually made it to the Woodstock Festival. No one had planned for half a million people. The highways in the area literally became parking lots as people abandoned their cars in the middle of the street and just walked the final distance to the Woodstock Festival. Traffic was so bad that the organizers had to hire helicopters to shuttle the performers from their hotels to the stage. The Music Starts Despite all the organizers troubles, the Woodstock Festival got started nearly on time. On Friday evening, August 15, Richie Havens got up on stage and officially started the Festival. Sweetwater, Joan Baez, and other folk artists also played Friday night. The music started up again shortly after noon on Saturday with Quill and continued non-stop until Sunday morning around 9 AM. The day of psychedelic bands continued with such musicians as Santana, Janis Joplin, Grateful Dead, and The Who, to name just a few. It was obvious to everyone that on Sunday, the Woodstock Festival was winding down. Most of the crowd left throughout the day, leaving about 150,000 people on Sunday night. When Jimi Hendrix, the last musician to play at Woodstock, finished his set early on Monday morning, the crowd was down to only 25,000. Despite the 30-minute lines for water and at least hour-long wait to use a toilet, the Woodstock Festival was a huge success. There were a lot of drugs, a lot of sex and nudity, and a lot of mud (created by the rain). After the Woodstock Festival The organizers of Woodstock were dazed at the end of the Woodstock Festival. They didnt have time to focus on the fact that they had created the most popular music event in history, for they first had to deal with their incredible debt (over $1 million) and the 70 lawsuits that had been filed against them. To their great relief, the film of the Woodstock Festival turned into a hit movie and the profits from the movie covered a large chunk of the debt from the Festival. By the time that everything was paid off, they were still $100,000 in debt.

Statement of purpose for international university teaching position Personal

Of purpose for international university teaching position School of Health Sciences - Personal Statement Example Despite the fact that I have obtained a Master's in Public Administration (MPA) I have considerable experience in nursing to meaningfully relate to the intricacies of a Master's in Public health (MPH). Especially my clinical experience in Haiti and Belize in 2010 and 2007 respectively would serve as the main criterion for decision making by the selecting panel at the William VS Tubman University. Also I have co-authored the literature review of a journal article along with Dr. William King MD for UCLA. Further, I hold a current IRB certification for research with human subjects. My landmark contributions to the administrative and professional programs of the hospital include the preparation of the Joint Commission Readiness Survey that scored almost 95% with commendation and watching over the ongoing quality assurance program which is in conformance with TJC standards for patient and staff safety. My teaching skills are essentially enhanced by orientation programs, procedural collaboration and compliance rules for Medicare and Medicaid (Bohmer, 2009). Further my professional administrative and career centric capabilities have been demonstrated in such varied fields as research methodology, epidemiology, pathology, disease management, program level coordination, multidisciplinary approaches, setting quality standards and establishing

Interview a nurse researcher Assignment Example | Topics and Well Written Essays - 250 words

Interview a nurse researcher - Assignment Example Nurse X also stated as a clinical researcher, they always assure that confidentiality is upheld at all times and that they often participated in clinical trials. In a clinical trial or project, the clinical research nurse’s roles are to act as patient advocates and to ensure that the complex needs of patients participating in the research study are met. In addition, Nurse X also stated that their actions are geared towards efficient care following the federal and research regulations. Nurse X both use library and computer resources in every research endeavor. Computers are frequently used because of ease of access and various data bases. Measurements utilized are nominal, ordinal, interval, and ratio levels of measurement while the statistics used range from frequency distribution, percentage distribution, analysis of variance, chi-square and others. Nurse X humbly told the author that as a novice, she had to undergo a lot of trainings and professional developments in order to become an expert in the field of clinical research. Aside from the minimal qualifications of registered nurse preparations, basic life support certification, and recent acute care experiences, Nurse X underwent trainings related to the enhancement of core competencies in terms of research process, evidence-based nursing, Institutional Regulatory Board policies, interpersonal and communication skills, as well as computer skills and electronic health record. Nurse X stated that students could learn how to be a competent researcher by using keying strategies in literature searching and by conducting a search of the basic steps in research prior to the study because Nurse X believe the a strong foundation in research would guide the student in effective and competent research. In the last part of the interview, the author asked the nurse of what were the difficulties she encountered during clinical research and how did the nurse manage the difficulties using

Outsourcing American Jobs to Foreign Countries Case Study

Outsourcing American Jobs to Foreign Countries - Case Study Example Likewise, this same report indicates the unemployment rate has hit an all-time low at 5.6 percent. This information is supported by another report produced by the Labor Department (2006) indicating that American has only lost an average of 7.71 million jobs every quarter. Based on this information, Forrester Research has estimated that the worst case scenario would have America losing approximately 3.3 million service jobs in the period from 2000 to 2015. Calculating the math, these figures show an average of 55,000 jobs lost to outsourcing each quarter, which only comprises approximately 0.71 percent of all available jobs in America. Some people feel it is our own fault jobs are going overseas as consumers continue to demand lower costs even though many of them also complain about the results of this demand, such as having to deal with foreign call centers. Jill Insley of the Observer Cash Pages reports, â€Å"Insurers consistently argue they have to take advantage of the cheap but skilled workforces in countries such as India to produce the low premiums and competitive interest rates customers demand.† In addition, there has been some skepticism as to whether these cost-saving measures, such as foreign call centers, actually translate into true savings. Citing research conducted for Aviva, Insley indicated only 28 per cent of the respondents to a survey felt lower costs due to foreign call centers would lead to lower premiums for American consumers while a majority of respondents indicated that service provided was not up to the standards expected.

Personally Identifiable Information (PII) Research Paper - 1

Personally Identifiable Information (PII) - Research Paper Example Information in the modern society is becoming easily available to many people. The internet in specific is one of the main sources through, which many people are obtaining information concerning other persons. Some of the search engines of the internet such as Google can provide important details of a person if well used. Therefore, the private sector as well as public sector should ensure that vital information of people is protected from being accessed by an unauthorized persons. In addition to search engines, social networks are playing a critical role in disclosing personal information, which can be used to for illegal acts. Thus, because of this, various governments and law making agencies have imposed various Acts and Laws in order to enhance Protecting Personal Information (PPI). The legal and federal agencies have a mandate to protect sensitive information of people from unauthorized access. The Privacy Act (1974) was the first legislation created to oversee that personal information is safeguarded. The Act was established amidst rising concerns on the impact of computer databases on the private rights of individuals. The Act details how, what, or when the information is to be disclosed. The State, Federal and Local agencies shall collect information to help them conducting their businesses but should properly protect the data from the unauthorized intrusion. The U.S. Department of Commerce (DOC) in partnership with ‘National Institute of Standards and Technology (NIST)’ established Special Publication (SP) 800-122, which protects the PII existing in databases. ‘The National Institute of Standards and Technology’ proposes that agencies should establish safeguards to ensure proper handling of the information. In this regard therefore, organizations should enforce the following; creation of policies and procedures for PPI, conducting appropriate training of employees to reduce the

Strategy at Comet Essay Example | Topics and Well Written Essays - 3000 words

Strategy at Comet - Essay Example The main strength of Comet is that it had developed the shopping experience of its customers, both in its online presence and retail store presence by use of modern computer technology (â€Å"Comet†). However, its main weakness is that it does not fully consider its customers, with whom it seems detached. Most of its strategies were not customer-centered, besides selling their products expensively. This paper therefore addresses the SWOT analysis of this company, in order to determine what could have led the company to collapse, and what can be done to revive the situation. Comet Group Limited Company is owned by OpCapita, but is currently in administration by Deloitte. This specialized electrical retailer has its headquarters in Hertfordshire, United Kingdom, which is its primary location. It has a total of 8 000 employees and 240 electrical stores in the UK. Being part of OpCapita LLP, Comet does not release its financials. Comet claims to have prioritized its customers’ needs such as price, choice, and services (â€Å"Comet†). Comet Company is highly diversified as it distributes a wide range of electrical products to its market. These include home appliances as well as electrical office equipment, among others. Home appliances sold include fridges, laundry, dishwashers, freezers, cooking products, and small kitchen appliances. In addition, it also distributes electronics such as televisions, digital versatile discs, computers, cameras, satellite navigation, camcorders, games and consoles, iPod, MP3, HiFi systems, blu ray, and a wide range of phones. Other special services offered by Comet are next day delivery, and home delivery services. Its representatives also perform full installation of products for customers, take back, and recycling facilities for large products, as well as after sale services (Moth 2011). Comet boasts of both the direct and online presence. Customers can shop directly at their stores or shop online through the

Discussion Board for criminal justice Assignment - 3

Discussion Board for criminal justice - Assignment Example Abolishment was beneficial in initiating reforms in the prison system. The powers of the Federal Prison System reduced significantly after abolishment of the parole system. The role of pardoning prisoners remained solely on the president. Prisoners can only accumulate their time off for portrayal of good behavior (Alarid, 2010). In this manner, convicts developed responsibility and social transformation or rehabilitated after getting back to the society. The decision was beneficial to the society through improved safety from reduced instances of repeated crime by released convicts. The decision to oversee abolishment of the Federal Parole has ensured a safer society where convicted criminals do not mix freely with others. It is highly probable that convicts would engage in other subsequent criminal activities that threaten peaceful existence of the society. Besides, it would be costly to manage the convicts while on probation outside prisons. Convicted criminals could be more risky and fatal when left to have freedom while engaging freely with other society members. The society, therefore, is safe, just and secure after the abolishment of federal parole for

Strategy at Comet Essay Example | Topics and Well Written Essays - 3000 words

Strategy at Comet - Essay Example The main strength of Comet is that it had developed the shopping experience of its customers, both in its online presence and retail store presence by use of modern computer technology (â€Å"Comet†). However, its main weakness is that it does not fully consider its customers, with whom it seems detached. Most of its strategies were not customer-centered, besides selling their products expensively. This paper therefore addresses the SWOT analysis of this company, in order to determine what could have led the company to collapse, and what can be done to revive the situation. Comet Group Limited Company is owned by OpCapita, but is currently in administration by Deloitte. This specialized electrical retailer has its headquarters in Hertfordshire, United Kingdom, which is its primary location. It has a total of 8 000 employees and 240 electrical stores in the UK. Being part of OpCapita LLP, Comet does not release its financials. Comet claims to have prioritized its customers’ needs such as price, choice, and services (â€Å"Comet†). Comet Company is highly diversified as it distributes a wide range of electrical products to its market. These include home appliances as well as electrical office equipment, among others. Home appliances sold include fridges, laundry, dishwashers, freezers, cooking products, and small kitchen appliances. In addition, it also distributes electronics such as televisions, digital versatile discs, computers, cameras, satellite navigation, camcorders, games and consoles, iPod, MP3, HiFi systems, blu ray, and a wide range of phones. Other special services offered by Comet are next day delivery, and home delivery services. Its representatives also perform full installation of products for customers, take back, and recycling facilities for large products, as well as after sale services (Moth 2011). Comet boasts of both the direct and online presence. Customers can shop directly at their stores or shop online through the

What are the main differences between classical(or historical) realism Essay

What are the main differences between classical(or historical) realism and structural realism in the theory of International Relations Why are those differences relevant to the study of global politics - Essay Example Philosophers and thinkers such as Robert Gilpin and Kenneth Waltz have realized the shortcomings of Classical Realism in studying modern international relations. And thus a Neorealist Movement has been initiated to better evaluate and predict future international relations in the present context. Michael Charles Williams (2005, p.13) states ‘The first, and briefest, is simply to note that despite their declaration of fundamental divide between ‘classical’ and ‘neo’ realism, these thinkers (including Waltz) continue to claim the realist tradition as their own with remarkable consistency.’ There are a number of differences between views of structural realists and views of classical realists, although the aspects where both of them have similar opinions include the belief that nation-states are the most important actors in global politics; nation-states are basically rational; the interaction in the states is characterized by an anarchy and most im portantly, the pursuit of power affects the behavior of the nation-states. It was the Greek political scientist Thucydides who can be considered as the father of Classical Realism. The history of the Peloponnesian War which was written by Thucydides was probably the first example which showcased realist thought. A few of the basic tenets which were established by him included the beliefs that the state is the main actor in a war; the state is the entity which is solely responsible for its own security, progression and safety. However in the modern circumstance, it has been proved that the states do not subscribe to the idea of communal preservation as it did during the times of the Greeks. With the increase of cooperation and travel among countries, organizations which were more informal gradually developed. Hence it was more and more important for states to act in cooperation with other states, which can usually benefit both the

Religion in Ancient China Essay Example for Free

Religion in Ancient China Essay The earliest information found about religion in ancient China is during the Shang Dynasty and so religion in the Xia dynasty remains unknown. Religious beliefs and rituals were prominent during the Shang Dynasty. The most significant deity was Shang Ti, Ti meaning ‘Deity Above’ or the ‘Lord on High’. He ruled as a supreme god over all the other gods and spirits. The gods and spirits were believed to symbolize objects found in nature; the sun, the moon, the wind, the rain, everything from mountains and rivers to the stars in the night sky. Ti is believed to have punished those who disobeyed or offended him and rewarded those who pleased him. It is said that Ti formed a noble court in heaven consisting of all deceased worthy ancestors. The Chinese’s belief in family harmony was associated to belief in the afterlife. The ancestors who were considered commendable served Ti, helping him govern the world. Ancestors were also worshipped and were said to act a mediators between the gods and humankind. It was thought that if ancestors were appropriately honoured, respected, and provided for, they would promote the familys prosperity. A favour or grievance to a member of the family was considered a favour or grievance to the ancestors; consequently, people were reluctant to offense or harm descendants of a powerful family. It was believed that in the afterlife they would live in a celestial court in many ways similar to their earthly courts. Each Chinese family was expected to have an ancestral shrine in the centre of their home to honour and venerate their ancestors. Sacrifice to the gods and the ancestors were also a major part of the Shang religion. When a ruler died, slaves and officials were sacrificed with them in order to guarantee that their afterlife would be the same or similar as their life on earth. People were also sacrificed in smaller numbers when significant events, such as the founding of a palace or temple, took place. Along with their deceased ancestors, the Chinese had people on earth who acted as mediators between the celestials and the human race. Priests were among these intermediates and were responsible for a number of tasks including reading prayers and overseeing sacrifices and funerals. An augur is another type of mediator, responsible for asking gods questions on behalf of humans using various practices of foretelling to unearth the answers. The use of oracle bones was the most notable form of divination. The augur would ask the question, punching holes into the bone, usually the shoulder-bone from an ox, and in some cases the shell of a tortoise. The bone would then be held over a fire, until cracks appeared. These cracks would be made more evident by rubbing ink over the bone. The augur could now read the cracks and determine the answer of the god. Records of the questions and answers of readings were engraved on the bone. Questions on these oracle bones included issues of weather, warfare, agriculture, hunting, childbirth, and sacrifice. In reflection with their agricultural nature, the ancient Chinese use to honour the local deities of soil in order to increase the fertility of earth and to promote the growth of crops. Over time, this practice of earth worship began to dwindle and the veneration of Heaven increased. Divination was considered the only way to determine the requests and future actions of the ruler of Heaven who was also seen as a kind of ancestral figure. The Chinese were animistic and so believed that nature had many spirits. Good spirits, referred to as shen, and bad spirits, referred to as gui, were both thought to dwell in Heaven and Earth. The sun and the rooster were believed to have authority over the gui. This concept of shen and gui later influenced the formation of the yin and yang concept. The people of ancient China believed that there were two contrasting forces abiding in everything in nature; that is yin and yang. This concept was thought to be formed with the influence of the shen and gui concept from earlier ancient China. Yin is characterized as slow, soft, yielding, diffuse, cold, wet, or tranquil; and is associated with water, earth, the moon, femininity and nighttime. Yang, on the other hand, is fast, hard, solid, focused, hot, dry, or aggressive; and is associated with fire, sky, the sun, masculinity and daytime. During the time of the Eastern Zhou, religion in China underwent an evolution. The early gods were forgotten and replaced with ideologies that worked as both philosophies and religions. A phenomenon called the ‘Contention of a Hundred Schools of Thought’ took place in ancient China. Schools and philosophers flourished around this time and it was dubbed an era of great cultural and intellectual expansion in China. The four most prominent schools of thought that evolved during this epoch were Confucianism, Taoism, Mohism, and Legalism. Confucius was born 551 BC and grew up to become one of the most influential philosophers in Chinese history. Confucianism is a composite philosophy of moral, social, political, philosophical, and quasi-religious thought. He built his philosophy around five virtues: compassion, morality, decorum, wisdom and honesty. Compassion was considered the cornerstone, symbolizing loyalty, filial piety, patience and benevolence. He also believed that everyone should be in harmony with one another and establish a society ruled by standard etiquette and conduct. A legendary philosopher by the name of Laozi is believed to have established the religious philosophy of Taoism. The ‘forces of nature’ is the central belief behind the concept of Tao, which is literally translated as the path or the way. Taoism is in many ways the contrary of Confucianism, focusing on the individual within the natural realm rather than the individual within society. It also focuses on the affiliation between humanity and the cosmos, vigour and long life, and wu wei, that is action through inaction, which is said to create harmony with the Universe. Mo Di or Mozi was another Chinese philosopher form the Eastern Zhou period. He was strongly opposed to the teachings of Confucianism and Taoism. Mohism was based on the idea of universal love, ‘everyone is equal before heaven’. Mozi believed that everyone should practice communal love in order to create a heaven on earth. He also believed that an individual’s perception should be the basis of human cognition and not imagination or logic. Mozi advocated abstinence, and therefore opposed music, regarding it as excessive and a waste of resources which could instead be used to help those in need of basic necessities such as food, water and shelter. He even opposed elaborate funerals also regarding it as a waste of money which could be used in more useful matters. He also advocated pacifism thus disapproving of offensive war, only accepting aggressive action to defend the weak. Legalism, while the term itself was invented in the Han dynasty, was one of the major doctrines followed during the Contention of a Hundred Schools of Thought. It was established by Han Feizi and Li Si and theorizes that the human race is evil and in order to prevent this evil causing chaos, laws need to be put in place. Legalism wasn’t concerned with the nature or purpose of life, not even the welfare of the public; rather it sought the states prosperity and military aptitude. Out of these four philosophies, only Confucianism and Taoism are considered religions by scholars, as only they contain spiritual elements. Confucianism and Taoism both became part of what is now known as The Three Doctrine. Buddhism is the third doctrine however it was imported from India and flourished during Imperial China.

Takeover and Strategy Proposal

Takeover and Strategy Proposal The following strategy and takeover proposal examines the contracting division of Masters Building Company Limited. The proposal undertakes a SWOT analysis, used as the foundation for strategy in marketing, division structure, and teamwork. Each area of concern is examined based on what has previously occurred, what is proposed to occur, and what the expected outcomes are. The strategic initiatives seek to prompt Masters Building Company Limited into a new era of relationship marketing, decentralised managerial structure, and strong employee morale. The firm’s strengths are that it has a strong consumer base with a positive history and social status. This is assumed from the long tradition of the firm in its operative area. The firm has very low debt and is profitable. There is some growth in the contracting division. The firm’s weaknesses are the lack of new client contracts, the recent decision to open new offices requiring overdrafts for the new offices of the contracting division. The contracting division also has low employee moral. Another weakness is that there is little work in the Exerter area and low complexity of projects. The firm has opportunities in altering its managerial and team structures to create stronger employee moral. It has opportunities in creating more complex projects through regional marketing of the new offices. The firm’s external threats are the credit crisis and recession, increased pressure from creditors for early payment and delays in receiving stage payments. The firm can overcome these threats by focusing in its strengths of tradition and customer relationships which can be implemented through stronger marketing strategies. The construction industry is highly competitive, and the ability of management to use marketing as a valuable service is imperative to gaining contracts (Shutt 1995). The focus of the takeover proposal is to generate more complex construction work for the betterment of the company. In doing so, the takeover proposal recognises that Masters has the potential to increase its commercial bids through a stronger marketing mix. Commercial bids are preferred due to their work complexity, which generates revenue and knowledge based experience for the firm (Finkel 1996). Furthermore, commercial bids are understood to have mixed uses and are often allocated by internal funds, thus they have minimal effects of interest rates and public policies (Finkel 1996). Since the scale of major construction projects is a barrier to small firms, it is imperative that Masters be placed under a strong examination of capital requirements in terms of current and necessary tools and materials, as both time and money are required to create jobs in commercial markets (Shutt 1995). Specialty contract work in commercial industry is the focus as this allows for small to medium sized businesses such as Masters to enter the market, generating stronger income (Canter 1994). The focus will be on small, complex projects in renovation and alteration. The takeover proposal is to include the past customers with new potential in a stronger marketing strategy as the firm moves towards the development of new offices it will require more marketing resources in Plymouth, Bristol and Bournemout. The takeover proposal must include a strategic business outline as: Figure 1 Marketing Strategy The current structure is very linear and hierarchical. While this has worked in the traditional construction industry, it bars open communication. It is recommended that the structure be evaluated and redistributed to increase communication between areas of the contracting division. This is imperative as the firm is expanding to add new estimators and managers. The takeover proposal is not to remove Frank Burton, but to readdress his position as an authoritarian manager into one of quality leadership that allows for stronger determination of the firm’s detection of, allocation of, and income from, the contracting division. Deficiencies in structure occur when there are low knowledge flows, which constrict planning techniques and lessen control of the contractual position (Finkel 1996). Figure 2 Structure Strategy Under Frank Burton’s traditional authoritarian management, the contracting division has low morale. Change management is required to rejuvenate the team. The contracting division has multiple intricacies that are dependent on the ability of management to integrate capabilities (Shutt 1995). The contracting division has a discontinuous business environment due to temporal bidding and allocation concerns, creating less efficient workloads (Shutt 1995). Establishing measures for efficiency is imperative to increase productivity, variables in staff periods, job roles, training incentives, and operations should be set to overcome staffing issues (Shut 1995). Figure 3 Team Strategy The impact of previous changes in the structure of the contracting and specialist service divisions have lead to a third reduction in overhead costs as staffing levels have been reduced, however turnover has increased. The contracting division has a turnover of 4,377,000Â £ with overheads at 9.5% and profits at 2.1%. Thus, net profits are only 91,917Â £, while overhead is 415,815Â £, which shows a negative cost efficiency strategy. Overhead costs are higher in Bristol and Bournemouth, where net profit is also lower, and that regional office has a smaller staff. This is likely due to the increased debt of the Bristol and Bournemouth locations. The common economic pathway for reducing overhead costs is not always to strategically move staff and relocate management or offices in new regions. This may lead to a false economy, since overhead costs were not lowered, just moved. Therefore, the takeover must consider strong evaluation of Masters complete economic position for the sake of reducing the high overhead costs. Market economic show that overhead cost reduction is found in low-cost production, availability of quality products and effective supply chain management (Rockley 1984). Cost concerns require a more efficient use of temporary and low-complexity work, and examining the markets in the regional offices to evaluate their cost effectiveness (Rockley 1984; Shutt 1994). It is not clear if the move to the regions such as Bristol was cost effective, however it is assumed that this was not an efficient move since it has higher overhead and lower profits (Rockley 1984). Therefore, it is likely that these regional offices ar e simply geographically out of place for the construction market (Shutt 1994). Furthermore, the construction industry itself is highly labour intensive, therefore it stands to reason that staff turnover and quality control as well as the product supply chain must be streamlined to lower costs and increase profitability (Shutt 1994). Activity name Project Leader Estimated start Estimated finish Market Analysis of Service Differentiation Len 4-Jan-09 4-Mar-09 Market Analysis of Relationship Management Len 20-Jan-09 21-Feb-09 Market Analysis of Marketing Mix Len 6-Feb-09 16-Apr-09 Restructuring from Hierarchical to Decentralised Gordon and Frank 24-Feb-09 25-Apr-09 Communication Pathways Open Door Policy Gordon and Frank 8-Mar-09 18-Mar-09 Communication Pathways Between Regional Offices Gordon and Frank 19-Mar-09 29-Apr-09 Examination of Job Roles Gordon and Frank 10-Apr-09 20-Apr-09 Examination of Training Gordon and Frank 10-Apr-09 22-Jun-09 Examination of Employee Resources Gordon and Frank 18-Apr-09 30-Aug-09 Supply and Production Analysis Sammy 30-Jun-09 30-Aug-09 Quality and Effectiveness Analysis Frank 30-Aug-09 21-Jul-09 Regional Market Analysis Frank 14-Jun-09 12-Aug-09 Figure 4 Milestones Canter M.R. (1994) Resource Management for Construction, London: Macmillan Finkel, Gregory (1996) Economics For Construction Industry. London: M.E. Sharpe Rockley L.E. (1984) Finance for the Non-Accountant, USA: Business Books Shutt R.C. (1995) Economics for the Construction Industry, London: Longman

Character, Morals, Integrity Essay -- Values Argumentative Essays

Character, Morals, Integrity Morals, character, integrity, what do these words mean†¦.actually, the question is, do you have them. A man named Dwight Moody once said, â€Å"Character is what you are in the dark.† You cannot see your morals, character, or integrity, these are only shown as your values. Someone could only show their own values, which are very important to themselves and everyone else. Integrity is the firm adherence to a code of especially moral or artistic values. The way you show your integrity, character, and morals or how they are effect you in either a negative or positive way. There are many causes to how your values are. So as you know, integrity is very important and it is important to have it.   Ã‚  Ã‚  Ã‚  Ã‚  First of all, people may ask, â€Å"What are morals, character, and integrity,† but they should know that they are mainly the same thing. Character means moral or ethical strength, or as H. Jackson Browne once said, â€Å"Our character is what we do when we think no one is looking.† John Wooden said that everyone should, â€Å"Be more concerned with your character than your reputation because your character is what you really are, while your reputation is merely what others think you are.† Morals are rules or habits of conduct with reference of standards of right and wrong. Socrates once said, â€Å"Moral philosophy is hard thought about right action.† Paul Tillich stated that, â€Å"Morality is not a subject, it is a life put to the test in dozens of moments.† Integrity is the...

Divorced, Beheaded, Survived Essay

Death is a peculiar thing. Everyone reacts to it in different ways. And no one seems to fully understand what to do, what to say and how to react when death occurs in the family or in the family in one’s circle of friends. It seems that man can’t really understand why it happens. At least not when it is someone one cares about. But it happens, and there is nothing else to do about it, than survive and move on with one’s life. This is the subject treated in Robin Blacks shortstory â€Å"†¦ Divorced, Beheaded, Survived† (2010). The shortstory is the story of a woman who loses her big brother, Terry, to sickness at a very young age. It is also a story about how her brother and she used to play with the other children who lived close by, and how they stopped playing after Terry died. The main character also describes how she tries to protect her children from this awful phenomenon that death is, but how she is unable to do so as her son’s friend dies in the end. The main character who acts as a past tense narrator, does not tell much about herself. To be clear she does not describe many of the characters at all. The fact that there are very few adjectives and adverbs shows the reader that one must use ones imagination, the characters are not important for they could be anyone in such a neighborhood. The reader relates to the story in a different way than they normally would, because they have to use their own experiences to fill out the missing pieces of the personalities of the characters. The person the narrator tells about the most, is Terry or Terrance as he is actually called. The narrator describes how he plays Anne Boleyn with much character and liveliness. Page 2, line 6-9 â€Å"(†¦) was undoubtedly the most convincing. Once, he stole a dress from our mother’s closet – a red-and-white Diane von Furstenberg wraparound so he could use the beltlike part to hold the couch-pillow baby, the future Queen Elizabeth, in place. ‘Oh, Hal,’ he cooed. † He is a happy boy and has no worries, until he gets sick. This turns his life upside down and it changes him, which one could imagine is only natural for a child when it gets sick. Page 4, line 103-104 â€Å"He stopped being the boy who would throw himself into anything that seemed like fun. † The narrator loves seeing her brother play Anne Boleyn, she thinks he is very convincing in the role. Page 2, line 12 â€Å"It was worth giving up the role yourself just to watch Terry give it his all. † The fact that it is Terry that is often chosen to play Anne Boleyn, even though they all want to play her, could be a symbol of fate choosing him to get sick and die. It might as well have been one of the other kids, as well as it could have been one of the other kids who could have played the role. This is shown in the part of the story where Anne Boleyn dies, and Terry has to play the dying woman. Page 4, line 99-101 â€Å"And Terry would hold his face in both hands, his shoulders heaving in enormous, racking, make-believe sobs. But in real life, it was all silent hours. Vacant stares. † The game of playing Anne Boleyn could also be a symbol of the children losing something. Anne Boleyn loses her head and life, Terry loses his life and the narrator loses her brother, her friends and a part of her childhood. At this point it is only the first part of the rhyme that is used. Page 3, line 43 â€Å"Divorced, beheaded, died. † But as the children move on with their lives, learn to live with the loss of a friend and a brother, and some of them meet again even though they do not talk, the rest of the rhyme appears in their life. And this time it holds a whole new meaning. Page 6, line 174 â€Å"Divorced, beheaded, died, divorced, beheaded, survived. † The structure of the text is a bit messy but it still manages to give the reader a good and continuous view of the narrator’s life. The fact that the first 1,5 pages focuses on her childhood with the games and her brother, gives the reader a strong sense that it is a chapter of her life that ended when her brother died. But as she continuously mentions her brother, one also understands that her brother is still with her, even though he belongs to an ended chapter. And as she moves on with her life, and survives, she keeps him with her in a more secure way and without getting scared of forgetting about him. Page 5, line 153-156 â€Å"the truth is sometimes even more than a day goes by before I remember to think of my brother (†¦) Maybe it’s a gift to be able to let go of remembering. Some times. Some things. † The narrator tells us about her family and how her son loses his friend in the end of the text, this is a way to tell the reader that it can happen to anyone, and that it is possible to move on. It is possible to survive the death of someone dear. But never to forget it, a person lost will always be remembered one way or another, intentionally or not.

Bullying & Aggression Essay

Harmful effects of bullying (suicide, depression, decreased academic achievement, etc.) How to prevent bullying from happening  160,000 kids and teens stay home from school because of bullying. Bully victims are between 2 to 9 times more likely to consider suicide than non-victims, resulting in about 4,400 deaths per year according to the CDC. Bullying is an issue that that is not taken seriously today. Even though statistics state that thirty percent of the students in the United States are involved in bullying on a regular basis either as a victim , bully, or both. The effects bullying can have on a person can last throughout their lives, or may even end it. What Is Bullying? Bullying, is unwanted aggressive behavior among school aged children that involves a real or perceived power imbalance. The behavior is repeated, or has the potential to be repeated, overtime, according to stopbullying.gov. There are different types of bullying, Verbal bullying Saying or writing mean things – teasing, name-calling, inappropriate sexual comments, taunting, threatening to cause harm Social Bullying Involves hurting someone’s reputation or relationships. Often referred to as relational bullying -Telling other children not to be friends with someone -Spreading rumors about someone -Embarrassing someone in public ( Social bullying is mainly seen in girls) Physical bullying involves hurting a person’s body or possessions – Hitting, kicking, taking or breaking someone’s things, making mean or rude hand gestures There is a variety of reasons of why bullying or being bullied is caused. Some of the reasons are: Cultural Causes We are part of a culture where we are influenced by power, violence, and winning. Experts suggest that not being influenced by these factors seems unrealistic. People will seek to gain power through violence, or verbal abuse. Being from a different religion, or a different race can be some of the reasons for being bullied. Having Power Being a bully gives you some sort of power over other students . Research indicates that the fact of having power make people wish to wield it in a noticeable way. Social Issues The fact that someone gets more social recognition for having negative behaviors than for positive ones can contribute to the reasons why bullying exists. Jealousy or envy and lack of social skills to deal with these  emotions can also lead to bullying. Experiencing social rejection can also produce a bully. The bully â€Å"passes it on† making his peers feel the same rejection he felt. Being different according to society, can be one of the reasons for being, bullied. Not fitting in, or not having the same social status as the rest of your classmates can lead to being bullied. Family Issues A home where there is no love or support towards the children is more likely to produce bullies. In a family where there is no discipline and monitoring, there is a greater chance of a child becoming a bully. A family issue, like both parents working full-time, or a divorce, can be a cause of being bullied. The child doesn’t feel like he has family support, nor someone to talk to at home, causing him to be insecure and in need of attention. Making him an â€Å"easy target† for a bully. Effects of Bullying

Asc 330-10

October 13, 2011 330 Inventory 10 Overall 330-10-00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates. General 330-10-00-1 330- 10-00No updates have been made to this subtopic. 330-10-05 Overview and BackgroundNote: General Note The Overview and Background Section provides overview and background material for the guidance contained in the Subtopic. It does not provide the historical background or due process. It may contain certain material that users generally consider useful to understand the typical situations addressed by the standards. The Section does not summarize the accounting and reporting requirements. General 330-10-05330-10-05-1 The Inventory Topic addresses the accounting principles and reporting practices applicable to inventory. 30-10-05330-10-05-2 An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used. Normally such revenues arise in a continuous repetitive process or cycle of operations in which goods are acquired, created, and sold, and further goods are acquired for additional sales. 330-10-05330-10-05-3 Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues.This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. In practice, this balance is determined by the process of pricing the articles included in the inventory. 330-10-10 Objectives Note: Gene ral Note The Objectives Section provides the high-level objectives that the Subtopic is intended to accomplish or attain. The Section does not summarize or discuss the main principles of accounting and reporting requirements.General 330-10-10330-10-10-1 A major objective of accounting for inventories is the proper determination of income through the process of matching appropriate costs against revenues. 330-10-15 Scope and Scope Exceptions Note: General Note The Scope and Scope Exceptions Section outlines the items (for example, the entities, transactions, instruments, or events) to which the guidance in the Subtopic does or does not apply. In some cases, the Section may contain definitional or other text to frame the scope. General > Overall GuidanceThe Scope Section of the Overall Subtopic establishes the pervasive scope for the Inventory Topic. 330-10-15330-10-15-1 > Entities The guidance in the Inventory Topic applies to all entities, with the following qualifications. Th e guidance in this Topic is not necessarily applicable to the following entities: 330-10-15330-10-15-2 330-10-15330-10-15-3 a. Not-for-profit entities (NFPs) b. Regulated utilities. 330-10-20 Glossary Note: General Note The Master Glossary contains all terms identified as glossary terms throughout the Codification.Clicking on any term in the Master Glossary will display where the term is used. The Master Glossary may contain identical terms with different definitions, some of which may not be appropriate for a particular Subtopic. For any particular Subtopic, users should only use the glossary terms included in the particular Subtopic Glossary Section (Section 20). Direct Effects of a Change in Accounting Principle Those recognized changes in assets or liabilities necessary to effect a change in accounting principle. An example of a irect effect is an adjustment to an inventory balance to effect a change in inventory valuation method. Related changes, such as an effect on deferred i ncome tax assets or liabilities or an impairment adjustment resulting from applying the lower-of-cost-or-market test to the adjusted inventory balance, also are examples of direct effects of a change in accounting principle. Inventory The aggregate of those items of tangible personal property that have any of the following characteristics: a. Held for sale in the ordinary course of business b.In process of production for such sale c. To be currently consumed in the production of goods or services to be available for sale. The term inventory embraces goods awaiting sale (the merchandise of a trading concern and the finished goods of a manufacturer), goods in the course of production (work in process), and goods to be consumed directly or indirectly in production (raw materials and supplies). This definition of inventories excludes long-term assets subject to depreciation accounting, or goods which, when put into use, will be so classified.The fact that a depreciable asset is retired from regular use and held for sale does not indicate that the item should be classified as part of the inventory. Raw materials and supplies purchased for production may be used or consumed for the construction of long-term assets or other purposes not related to production, but the fact that inventory items representing a small portion of the total may not be absorbed ultimately in the production process does not require separate classification.By trade practice, operating materials and supplies of certain types of entities such as oil producers are usually treated as inventory. Market As used in the phrase lower of cost or market, the term market means current replacement cost (by purchase or by reproduction, as the case may be) provided that it meets both of the following conditions: a. Market shall not exceed the net realizable value b. Market shall not be less than net realizable value reduced by an allowance for an approximately normal profit margin.Net Realizable Value Estima ted selling price in the ordinary course of business less reasonably predictable costs of completion and disposal. 330-10-30 Initial Measurement Note: General Note The Initial Measurement Section provides guidance on the criteria and amounts used to measure a particular item at the date of initial recognition. General > Cost Basis 330-10-30330-10-30-1 The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset.As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location. It is understood to mean acquisition and production cost, and its determination involves many considerations. 330-10-30330-10-30-2 Although principles for the determination of inventory costs may be easily stated, their application, particularly to such inventory items as work in process and finished goods, is difficult because of the variety of considerations in the allocation of costs and charges. 30-10-30330-10-30-3 For example, variable production overheads are allocated to each unit of production on the basis of the actual use of the production facilities. However, the allocation of fixed production overheads to the costs of conversion is based on the normal capacity of the production facilities. Normal capacity refers to a range of production levels. Normal capacity is the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.Some variation in production levels from period to period is expected and establishes the range of normal capacity. 330-10-30330-10-30-4 The range of normal capacity will vary based on business- and industry-specific factors. Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production). 330-10-30330-10-30-5 Examples of factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment downtime. 30-10-30330-10-30-6 The actual level of production may be used if it approximates normal capacity. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production shall be decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to each unit of production shall not be increased as a consequence of abnormally low production or idle plant. 330-10-30330-10-30-7 Unallocated overheads shall be recognized as an expense in the period in which they are incurred.Other items such as abnormal freight, handling costs, and amounts of wasted materials (spoilage) require treatment as current period charges rather than as a portion of the inventory c ost. 330-10-30330-10-30-8 Also, under most circumstances, general and administrative expenses shall be included as period charges, except for the portion of such expenses that may be clearly related to production and thus constitute a part of inventory costs (product charges). Selling expenses constitute no part of inventory costs. The exclusion of all overheads from inventory costs does not constitute an accepted accounting procedure.The exercise of judgment in an individual situation involves a consideration of the adequacy of the procedures of the cost accounting system in use, the soundness of the principles thereof, and their consistent application. General and administrative expenses ordinarily shall be charged to expense as incurred but may be accounted for as contract costs under the completed-contract method of accounting or, in some circumstances, as indirect contract costs by government contractors. > Determination of Inventory Costs 30-10-30330-10-30-9 Cost for invent ory purposes may be determined under any one of several assumptions as to the flow of cost factors, such as first-in first-out (FIFO), average, and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which, under the circumstances, most clearly reflects periodic income. 330-10-30330-10-30-10 The cost to be matched against revenue from a sale may not be the identified cost of the specific item which is sold, especially in cases in which similar goods are purchased at different times and at different prices.While in some lines of business specific lots are clearly identified from the time of purchase through the time of sale and are costed on this basis, ordinarily the identity of goods is lost between the time of acquisition and the time of sale. 330-10-30330-10-30-11 Accordingly, if the materials purchased in various lots are identical and interchangeable, the use of identified cost of the various lots may not produce the most useful finan cial statements.This fact has resulted in the general acceptance of several assumptions with respect to the flow of cost factors such as FIFO, average, and LIFO to provide practical bases for the measurement of periodic income. 330-10-30330-10-30-12 Standard costs are acceptable if adjusted at reasonable intervals to reflect current conditions so that at the balance-sheet date standard costs reasonably approximate costs computed under one of the recognized bases.In such cases descriptive language shall be used which will express this relationship, as, for instance, â€Å"approximate costs determined on the first-in first-out basis,† or, if it is desired to mention standard costs, â€Å"at standard costs, approximating average costs. † 330-10-30330-10-30-13 In some situations a reversed mark-up procedure of inventory pricing, such as the retail inventory method, may be both practical and appropriate.The business operations in some cases may be such as to make it desirab le to apply one of the acceptable methods of determining cost to one portion of the inventory or components thereof and another of the acceptable methods to other portions of the inventory. 330-10-30330-10-30-14 Although selection of the method should be made on the basis of the individual circumstances, financial statements will be more useful if uniform methods of inventory pricing are adopted by all companies within a given industry. >Consistency Required 330-10-30330-10-30-15 While the basis of stating inventories does not affect the overall gain or loss on the ultimate disposition of inventory items, any inconsistency in the selection or employment of a basis may improperly affect the periodic amounts of income or loss. Because of the common use and importance of periodic statements, a procedure adopted for the treatment of inventory items shall be consistently applied in order that the results reported may be fairly allocated between years. >Purchases and Sales of Invent ory with the Same Counterparty 330-10-30330-10-30-16 For a discussion of the initial measurement of inventory purchased from an entity to which it also sells inventory in the same line of business, see paragraphs 845-10-55-10 through 55-26. > Costs Resulting from Share-Based Payment Transactions See paragraph 718-10-25-2 for a discussion of share-based payment capitalized as a part of inventory. 330-10-30330-10-30-17 > Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed 30-10-30330-10-30-18 See Sections 985-20-25 and 985-20-35 and paragraphs 985-20-55-2 through 55-3 for a discussion of accounting for the costs of producing and acquiring computer software, including software that is marketed as part of a product or process. > Costs of Certain Construction-Type and Production-Type Contracts 330-10-30330-10-30-19 See Section 605-35-25 for a discussion of accounting for contract and precontract costs of certain construction-type and production-type contracts. 3 30-10-35 Subsequent MeasurementNote: General Note The Subsequent Measurement Section provides guidance on an entity’s subsequent measurement and subsequent recognition of an item. Situations that may result in subsequent changes to carrying amount include impairment, fair value adjustments, depreciation and amortization, and so forth. General > Adjustments to Lower of Cost or Market 330-10-35330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost.Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causes, the difference shall be recognized as a loss of the current period. This is generally accomplished by stating such goods at a lower level commonly designated as market market. 330-10-35330-10-35-2 The cost basis of record ing inventory ordinarily achieves the objective of a proper matching of costs and revenues.However, under certain circumstances cost may not be the amount properly chargeable against the revenues of future periods. A departure from cost is required in these circumstances because cost is satisfactory only if the utility of the goods has not diminished since their acquisition; a loss of utility shall be reflected as a charge against the revenues of the period in which it occurs. Thus, in accounting for inventories, a loss shall be recognized whenever the utility of goods is impaired by damage, deterioration, obsolescence, changes in price levels, or other causes.The measurement of such losses shall be accomplished by applying the rule of pricing inventories at the lower of cost or market. This provides a practical means of measuring utility and thereby determining the amount of the loss to be recognized and accounted for in the current period. 330-10-35330-10-35-3 The rule of lower of cost or market is intended to provide a means of measuring the residual usefulness of an inventory expenditure.The term market is therefore to be interpreted as indicating utility on the inventory date and may be thought of in terms of the equivalent expenditure which would have to be made in the ordinary course at that date to procure corresponding utility. 330-10-35330-10-35-4 As a general guide, utility is indicated primarily by the current cost of replacement of the goods as they would be obtained by purchase or reproduction. In applying the rule, however, judgment must always be exercised and no loss shall be recognized unless the evidence indicates clearly that a loss has been sustained.There are therefore exceptions to such a standard. Replacement or reproduction prices would not be appropriate as a measure of utility when the estimated sales value, reduced by the costs of completion and disposal, is lower, in which case the realizable value so determined more appropriately measures utility. 330-10-35330-10-35-5 Furthermore, when the evidence indicates that cost will be recovered with an approximately normal profit upon sale in the ordinary course of business, no loss shall be recognized even though replacement or reproduction costs are lower.This might be true, for example, in the case of production under firm sales contracts at fixed prices, or when a reasonable volume of future orders is assured at stable selling prices. 330-10-35-6 If inventory has been the hedged item in a fair value hedge, the inventory’s cost basis used in the lower 330- 10-35of cost or market accounting shall reflect the effect of the adjustments of its carrying amount made pursuant to paragraph 815-25-35-1(b). 330-10-35330-10-35-7 Because of the many variations of circumstances encountered in inventory pricing, the definition of market is intended as a guide rather than a literal rule.It shall be applied realistically in light of the objectives expressed in this Subtopi c and with due regard to the form, content, and composition of the inventory. For example, the retail inventory method, if adequate markdowns are currently taken, accomplishes the objectives described herein. It is also recognized that, if a business is expected to lose money for a sustained period, the inventory shall not be written down to offset a loss inherent in the subsequent operations. 30-10-35330-10-35-8 Depending on the character and composition of the inventory, the rule of lower of cost or market may properly be applied either directly to each item or to the total of the inventory (or, in some cases, to the total of the components of each major category). The method shall be that which most clearly reflects periodic income. 330-10-35330-10-35-9 The purpose of reducing inventory to market is to reflect fairly the income of the period. The most common practice is to apply the lower of cost or market rule separately to each item of the inventory.However, if there is only on e end-product category the cost utility of the total stock—the inventory in its entirety—may have the greatest significance for accounting purposes. Accordingly, the reduction of individual items to market may not always lead to the most useful result if the utility of the total inventory to the business is not below its cost. This might be the case if selling prices are not affected by temporary or small fluctuations in current costs of purchase or manufacture. 30-10-35330-10-35-10 Similarly, where more than one major product or operational category exists, the application of the lower of cost or market rule to the total of the items included in such major categories may result in the most useful determination of income. When no loss of income is expected to take place as a result of a reduction of cost prices of certain goods because others forming components of the same general categories of finished products have a market equally in excess of cost, such components need not be adjusted to market to the extent that they are in balanced quantities.Thus, in such cases, the rule of lower of cost or market, may be applied directly to the totals of the entire inventory, rather than to the individual inventory items, if they enter into the same category of finished product and if they are in balanced quantities, provided the procedure is applied consistently from year to year. 330-10-35330-10-35-11 To the extent, however, that the stocks of particular materials or components are excessive in relation to others, the more widely recognized procedure of applying the lower of cost or market to the individual items constituting the excess shall be followed.This would also apply in cases in which the items enter into the production of unrelated products or products having a material variation in the rate of turnover. Unless an effective method of classifying categories is practicable, the rule shall be applied to each item in the inventory. 330-10-35330-10 -35-12 See paragraphs 330-10-30-9 through 30-14 for guidance on inventory pricing methods. > Loss Due to Sales Incentive 330-10-35330-10-35-13 The offer of a sales incentive that will result in a loss on the sale of a product may indicate an impairment of existing inventory under this Subtopic. gt; New Cost Basis 330-10-35-14 In the case of goods which have been written down below cost at the close of a fiscal year, such 330- 10-35reduced amount is to be considered the cost for subsequent accounting purposes. Paragraph 270-10-45-6 provides guidance for preparing interim financial statements. > Stating Inventories Above Cost 330-10-35330-10-35-15 Only in exceptional cases may inventories properly be stated above cost.For example, precious metals having a fixed monetary value with no substantial cost of marketing may be stated at such monetary value; any other exceptions must be justifiable by inability to determine appropriate approximate costs, immediate marketability at quote d market price, and the characteristic of unit interchangeability. 330-10-35330-10-35-16 It is generally recognized that income accrues only at the time of sale, and that gains may not be anticipated by reflecting assets at their current sales prices.However, exceptions for reflecting assets at selling prices are permissible for both of the following: a. Inventories of gold and silver, when there is an effective government-controlled market at a fixed monetary value b. Inventories representing agricultural, mineral, and other products, with all of the following criteria: 1. Units of which are interchangeable 2. Units of which have an immediate marketability at quoted prices 3. Units for which appropriate costs may be difficult to obtain.Where such inventories are stated at sales prices, they shall be reduced by expenditures to be incurred in disposal. > Purchase Commitments 330-10-35330-10-35-17 A net loss on firm purchase commitments for goods for inventory, measured in the same way as are inventory losses, shall be recognized in the accounts. The recognition in a current period of losses arising from the decline in the utility of cost expenditures is equally applicable to similar losses which are expected to arise from firm, uncancelable, and unhedged commitments for the future purchase of inventory items. 30-10-35330-10-35-18 The utility of such commitments is not impaired, and hence there is no loss, when the amounts to be realized from the disposition of the future inventory items are adequately protected by firm sales contracts or when there are other circumstances that reasonably assure continuing sales without price decline. > Accounting Changes 330-10-35330-10-35-19 Paragraph 250-10-55-1 explains that a change in composition of the elements of cost included in inventory is an accounting change and provides related guidance. 30-10-35330-10-35-20 The definition of direct effects of a change in accounting principle includes a change in inventory va luation methods as an accounting change. > Vendor Accounting for Consideration Given to a Customer or Reseller See Subtopic 605-50 for a discussion of consideration given by a vendor to a customer. 330-10-35330-10-35-21 > Customer or Reseller Accounting for Consideration Received from a Vendor 330-10-35330-10-35-22 See Section 605-50 for a discussion of accounting by a customer (including a reseller) for consideration received from a vendor. >Interim Financial Reporting See paragraph 270-10-45-6 for a discussion of practices used in determining costs of inventory on an 330-10-35330-10-35-23 interim basis. 330-10-45 Other Presentation Matters Note: General Note The Other Presentation Matters Section provides guidance on other presentation matters not addressed in the Recognition, Initial Measurement, Subsequent Measurement, and Derecognition Sections. Other presentation matters may include items such as current or long-term balance sheet classification, cash flow presentatio n, earnings per share matters, and so forth.The FASB Codification also contains Presentation Topics, which provide guidance for general presentation and display items. See those Topics for general guidance. General > Change in Composition is Accounting Change 330-10-45330-10-45-1 See paragraph 330-10-35-19 for guidance on dealing with the effects of an accounting change resulting from a change in elements of cost included in inventory inventory. > Costs of Certain Construction-Type and Production-Type Contracts 330-10-45330-10-45-2 See paragraphs 605-35-45-3 through 45-5 for guidance on presenting contract costs of certain construction-type and production-type contracts. 30-10-50 Disclosure Note: General Note The Disclosure Section provides guidance regarding the disclosure in the notes to financial statements. In some cases, disclosure may relate to disclosure on the face of the financial statements. General > Basis for Stating Inventories 330-10-50330-10-50-1 The basis of stating inventories shall be consistently applied and shall be disclosed in the financial statements; whenever a significant change is made therein, there shall be disclosure of the nature of the change and, if material, the effect on income. A change of such basis ay have an important effect upon the interpretation of the financial statements both before and after that change, and hence, in the event of a change, a full disclosure of its nature and of its effect, if material, upon income shall be made. > Losses from Application of Lower of Cost or Market 330-10-50330-10-50-2 When substantial and unusual losses result from the application of the rule of lower of cost or market it will frequently be desirable to disclose the amount of the loss in the income statement as a charge separately identified from the consumed inventory costs described as cost of goods sold. gt; Goods Stated Above Cost Where goods are stated above cost this fact shall be fully disclosed. 330-10-50330-10-5 0-3 > Stating Inventories at Sales Prices 330-10-50330-10-50-4 Where such inventories are stated at sales prices, the use of such basis shall be fully disclosed in the financial statements. > Losses on Firm Purchase Commitments 330-10-50330-10-50-5 The amounts of net losses on firm purchase commitments accrued under paragraph 330-10-35-17 shall be disclosed separately in the income statement. >Disclosure of Significant Estimates 330-10-50330-10-50-6 See Example 1 (paragraph 330-10-55-8) for an illustration of the disclosure of significant estimates applicable to inventories as required by Section 275-10-50. 330-10-55 Implementation Guidance and Illustrations Note: General Note The Implementation Guidance and Illustrations Section contains implementation guidance and illustrations that are an integral part of the Subtopic. The implementation guidance and illustrations do not address all possible variations.Users must consider carefully the actual facts and circumstances in r elation to the requirements of the Subtopic. General 330-10-55330-10-55-1 This Section, which is an integral part of the requirements of this Topic, provides general guidance to be used in accounting for inventory Certain assumptions have been made to simplify the computations and focus on the inventory. issue at hand in each illustration. > >> Implementation Guidance Market Decline in Interim Period 30-10-55330-10-55-2 If near-term price recovery is uncertain, a decline in the market price of inventory below cost during an interim period shall be accounted for as follows. Paragraph 270-10-45-6 requires that the inventory be written down to the lower of cost or market unless either of the following conditions is met: a. Substantial evidence exists that market prices will recover before the inventory is sold. b. In the case of last-in, first-out (LIFO) inventory, substantial evidence exists that inventory amounts will be restored by year-end. A write-down is generally requir ed nless the decline is due to seasonal price fluctuations. >> Costs Capitalized to Inventory for Tax Purposes 330-10-55330-10-55-3 The following provides guidance as to whether the types of costs that are required to be allocated to inventories for tax purposes under the Uniform Capitalization Rules for Inventory under the Tax Reform Act of 1986 would be capitalizable under generally accepted accounting principles (GAAP) and, if so, whether the costing method required for tax purposes is a preferable method for purposes of justifying a change in accounting principle. 30-10-55330-10-55-4 The fact that a cost is capitalizable for tax purposes does not, in itself, indicate that it is preferable, or even appropriate, to capitalize that cost for financial reporting purposes. Certain of the additional costs that are required to be capitalized for tax purposes may also be capitalizable for financial reporting purposes, depending on factors such as the nature of the entity's operatio n and industry practice. That determination, however, can only be made after an analysis of the individual facts and circumstances. gt;;gt; ;gt;;gt;;gt; Capitalizing Pension and Other Postretirement Cost Into Inventory Interest Cost Component 330-10-55330-10-55-5 A fundamental aspect of Sections 715-30-35 and 715-60-35 is to combine or aggregate the various pension and other postretirement cost components, including service cost, interest cost, expected return on plan assets, and amortization of all of the following items recognized in accumulated other comprehensive income: a. Net transition asset or obligation b. Prior service cost or credit c.Net gain or loss. 330-10-55330-10-55-6 In the aggregate, net periodic pension and other postretirement cost is viewed as an element of employee compensation. Therefore, when it is appropriate to capitalize employee compensation in connection with the construction or production of an asset, the net periodic pension and other postretirement co st applicable to the pertinent employees for the period (including interest cost), not individual components of that amount, is the relevant amount. ;gt;;gt;;gt; Net Periodic Pension Income 30-10-55330-10-55-7 If an entity's cost allocation process capitalizes net periodic pension cost as part of the cost of inventory or other assets, net periodic pension income also shall be capitalized, thereby reducing the total employee compensation and other costs being capitalized. > >> Illustrations Example 1: Disclosure of Significant Estimates 330-10-55330-10-55-8 This Example illustrates the guidance in paragraph 330-10-50-6 regarding the disclosure of significant estimates related to inventory. Entity A manufactures high technology stereo equipment.In June 19X7, one of Entity A's competitors introduced a new model stereo system with the same features as Entity A's Model A. The competitor's version sells for significantly less than Entity A's suggested retail price for Model A. Th e introduction of this product resulted in a sharp decrease in the sales volume of Model A. As of December 31, 19X7, Entity A has accumulated significant inventory quantities beyond its normal short-term needs of its Model A system. Inventory for Model A ($6 million) represents approximately 20 percent of Entity A's inventory at that date.The remaining 80 percent of Entity A's inventory consists of products experiencing only normal competitive pressures. Entity A has established provisions for obsolescence for this latter group of products in the normal course of business. 330-10-55330-10-55-9 Management has developed a program to provide substantial dealer incentives on purchases of the Model A, which it expects will result in the sale of this inventory in the near term. Because of the existing high profit margin on its stereo systems, Entity A would continue to earn a marginal profit on sales of the Model A under the new program.It is also reasonably possible, however, that the pr ogram will not be wholly successful, and, accordingly, a material loss could ultimately result on the disposal of the inventory. 330-10-55330-10-55-10 The entity would disclose the following. As of December 31, 19X7, some portion of $6 million of inventory of one of the entity's products is in excess of Entity A's current requirements based on the recent level of sales. Management has developed a program to reduce this inventory to desired levels over the near term and believes no loss will be incurred on its disposition.No estimate can be made of a range of amounts of loss that are reasonably possible should the program not be successful. 330-10-55330-10-55-11 This situation meets the criteria for disclosure under paragraph 275-10-50-8 because circumstances that existed at the date of the financial statements, including the decreasing sales volume and excessive quantities of inventory of Model A, make it at least reasonably possible that management's plan to liquidate its excess in ventory without a loss will be less than fully successful and that such an outcome would have a near-term material effect on the entity's financial statements. 30-10-55330-10-55-12 In this Example, Entity A discloses the existence of potentially excess quantities of inventory at the date of the financial statements and indicates that the uncertainty is expected to be resolved in the near term. The disclosure is intended to provide users with insight into management's assessment of recoverability of the cost of inventories existing at the date of the financial statements.Although disclosure of the $6 million carrying amount of the inventory of Model A is not required because, based on the facts presented, $6 million does not constitute a reasonable estimate of loss on the disposal of the inventory or the maximum amount in an estimated range of loss, disclosure of this amount is not misleading and may provide useful information. 330-10-55330-10-55-13 Discussion of Entity A's provision for obsolescence for the remaining 80 percent of its inventory is not required because it is not considered reasonably possible that additional aterial losses on this inventory will occur. 330-10-75 XBRL Elements Note: General Note This section contains a list of XBRL elements that reference paragraphs in this Subtopic. For additional details regarding changes to the development version of the US GAAP Financial Reporting Taxonomy, refer to the FASB taxonomy review and comment system on the FASB web site (www. fasb. org). Adjustments for Change in Accounting Principle [Domain]Element Name: ChangeInAccountingPrincipleMember This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-1(b)(1)-(2) 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2Adjustments for New Accounting Pronouncement [Member] Element Name: NewAccountingPronouncementMember This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle Inventory AdjustmentsElement Name: InventoryAdjustments This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > 50 Disclosure > General, 50-1 This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(b)) Inventory Finished Goods , Policy [Policy Text Block] Element Name: InventoryFinishedGoodsPolicy This XBRL element references the ollowing paragraph(s)/term(s) in this Subtopic: Inventory 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-3 270 Interim Reporting > 10 Overall > 45 Other Presentation > General, 45-12 270 Interim Reporting > 10 Overall > 45 Other Presentation > General, 45-13 270 Interim Reporting > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 0-01. (b)(6)) Selling, General and Administrative Expense Element Name: SellingGeneralAndAdministrativeExpense This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > 30 Initial Measurement > General, 30-8 This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 225 Income Statement > 10 Overall > S99 SEC Materials > General, S99-2(SX 210. 5-03. 4) 2011-01Type of Change [Domain] (Deprecated 2011-01-31)Element Name: TypeOfChangeDomain This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle Retrospective Application 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-1(a) 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-3 250 Accounting Changes and Error Corrections > 10 Overall > S99 SEC Materials > General, S99-5(SAB TOPIC 11. M) 330-10-S00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates.The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates. General 330-10-S00330-10-S00-1 Paragraph 330-10-S35-2 The following table identifies the changes made to this Subtopic. Action Amended Accounting Standards Update Accounting Standards Update No. 2009-07 Date 09/15/2009 330-10-S35 Subsequent Measurement Note: General Note The Subsequent Measurement Section provides guidance on an entity’s subsequent measurement and subsequent recognition of an item.Situations that may result in subsequent changes to carrying amount include impairment, fair value adjustments, depreciation and amortization, and so forth. General > Restoration of Previously Written-Down Inventory Value 330-10-S35330-10-S35-1 See paragraph 330- 10-S99-2, SAB Topic 5. BB, for SEC Staff views on restoration of inventory value following a previous write-down to lower of cost or market. > Classification of Inventory Markdowns and Other Costs Associated with a Restructuring 330-10-S35330-10-S35-2 See paragraph 420-10-S99-3, SEC Observer Comment: Classification of Inventory Markdowns and Other Costs Associated with Restructuring, for SEC Staff views on income statement classification of inventory markdowns associated with a restructuring. 330-10-S45 Other Presentation MattersNote: General Note The Other Presentation Matters Section provides guidance on other presentation matters not addressed in the Recognition, Initial Measurement, Subsequent Measurement, and Derecognition Sections. Other presentation matters may include items such as current or long-term balance sheet classification, cash flow presentation, earnings per share matters, and so forth. The FASB Codification also contains Presentation Topics, which provide guida nce for general presentation and display items. See those Topics for general guidance. General > Separate Presentation of Classes of Inventory 330-10-S45-1 See paragraph 210-10-S99-1, Regulation S-X Rule 5-02. 6, for requirements for inventory presentation 330- 10-S45on the balance sheet. 30-10-S50 Disclosure Note: General Note The Disclosure Section provides guidance regarding the disclosure in the notes to financial statements. In some cases, disclosure may relate to disclosure on the face of the financial statements. General > Inventory Disclosure Requirements See paragraph 210-10-S99-1, Regulation S-X Rules 5-02. 6(b) through (d), for inventory disclosure 330-10-S50330-10-S50-1 requirements. > LIFO Liquidations 330-10-S50330-10-S50-2 See paragraph 330-10-S99-3, SAB Topic 11. F, for SEC Staff views on disclosure of income realized as a result of a last-in, first-out (LIFO) liquidation. 330-10-S55 Implementation Guidance and IllustrationsNote: General Note The Implementat ion Guidance and Illustrations Section contains implementation guidance and illustrations that are an integral part of the Subtopic. The implementation guidance and illustrations do not address all possible variations. Users must consider carefully the actual facts and circumstances in relation to the requirements of the Subtopic. General > LIFO Inventory Practices 330-10-S55330-10-S55-1 See paragraph 330-10-S99-1, SAB Topic 5. L, for SEC Staff views on appropriate last-in, first-out (LIFO) accounting practices. 330-10-S75 XBRL Elements Note: General Note This section contains a list of XBRL elements that reference paragraphs in this Subtopic.For additional details regarding changes to the development version of the US GAAP Financial Reporting Taxonomy, refer to the FASB taxonomy review and comment system on the FASB web site (www. fasb. org). Effect of LIFO Inventory Liquidation on Income Element Name: EffectOfLIFOInventoryLiquidationOnIncome This XBRL element references the fol lowing paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S50 Disclosure > General, S50-2 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-3 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-3(SAB TOPIC 11. F) Inventory, Raw Materials, Net of ReservesElement Name: InventoryRawMaterialsNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(4)) Inventory, Supplies, Net of Reserves Element Name: InventorySuppliesNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL elemen t references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(5))Inventory, Work in Process and Raw Materials, Net of Reserves Element Name: InventoryWorkInProcessAndRawMaterialsNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(3),(4)) Inventory, Work in Process, Net of Reserves Element Name: InventoryWorkInProcessNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5.BB) This XBRL element references the following paragraph(s)/term(s) in other S ubtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(3)) Other Inventory, Net of Reserves Element Name: OtherInventoryNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6) 330-10-S99 SEC Materials Note: General Note As more fully described in the Notice to Constituents, the Codification includes selected SEC and SEC Staff content for reference by ublic companies. The Codification does not replace or affect how the SEC or SEC Staff issues or updates SEC content. SEC Staff content does not constitute Commission-approved rules or interpretations of the SEC. General > >> >>> SEC Staff Guidance Staff Accountin g Bulletins SAB Topic 5. L, LIFO Inventory Practices The following is the text of SAB Topic 5. L, LIFO Inventory Practices. 330-10-S99330-10-S99-1 Facts: On November 30, 1984, AcSEC and its Task Force on LIFO Inventory Problems (task force) issued a paper, â€Å"Identification and Discussion of Certain Financial Accounting and Reporting Issues Concerning LIFO Inventories. This paper identifies and discusses certain financial accounting and reporting issues related to the last-in, first-out (LIFO) inventory method for which authoritative accounting literature presently provides no definitive guidance. For some issues, the task force's advisory conclusions recommend changes in current practice to narrow the diversity which the task force believes exists. For other issues, the task force's advisory conclusions recommend that current practice should be continued for financial reporting purposes and that additional accounting guidance is unnecessary. Except as otherwise noted in the pap er, AcSEC generally supports the task force's advisory conclusions.As stated in the issues paper, â€Å"Issues papers of the AICPA's accounting standards division are developed primarily to identify financial accounting and reporting issues the division believes need to be addressed or clarified by the Financial Accounting Standards Board. † On February 6, 1985, the FASB decided not to add to its agenda a narrow project on the subject of LIFO inventory practices. Question 1: What is the SEC staff's position on the issues paper? Interpretive Response: In the absence of existing authoritative literature on LIFO accounting, the staff believes that registrants and their independent accountants should look to the paper for guidance in determining what constitutes acceptable LIFO accounting practice. FN11 In this connection, the staff considers the paper to be an accumulation of existing cceptable LIFO accounting practices which does not establish any new standards and does not div erge from GAAP. FN11 In ASR 293 (July 2, 1981) see Financial Reporting Codification 205, the Commission expressed its concerns about the inappropriate use of Internal Revenue Service (IRS) LIFO practices for financial statement preparation. Because the IRS amended its regulations concerning the LIFO conformity rule on January 13, 1981, allowing companies to apply LIFO differently for financial reporting purposes than for tax purposes, the Commission strongly encouraged registrants and their independent accountants to examine their financial reporting LIFO practices.In that release, the Commission acknowledged the â€Å"task force which has been established by AcSEC to accumulate information about [LIFO] application problems† and noted that â€Å"This type of effort, in addition to self-examination [of LIFO practices] by individual registrants, is appropriate†¦ † The staff also believes that the advisory conclusions recommended in the issues paper are generally con sistent with conclusions previously expressed by the Commission, such as: 1. Pooling-paragraph 4-6 of the paper discusses LIFO inventory pooling and concludes â€Å"establishing separate pools with the principal objective of facilitating inventory liquidations is unacceptable. In Accounting and Auditing Enforcement Release 35, August 13, 1984, the Commission stated that it believes that the Company improperly realigned its LIFO pools in such a way as to maximize the likelihood and magnitude of LIFO liquidations and thus, overstated net income. 2. New Items-paragraph 4-27 of the paper discusses determination of the cost of new items and concludes â€Å"if the double extension or an index technique is used, the objective of LIFO is achieved by reconstructing the base year cost of new items added to existing pools. † In ASR 293, the Commission stated that when the effects of inflation on the cost of new products are measured by making a comparison with current cost as the base- year cost, rather than a reconstructed base-year cost, income is improperly increased.Question 2: If a registrant utilizes a LIFO practice other than one recommended by an advisory conclusion in the issues paper, must the registrant change its practice to one specified in the paper? Interpretive Response: Now that the issues paper is available, the staff believes that a registrant and its independent accountants should re-examine previously adopted LIFO practices and compare them to the recommendations in the paper. In the event that the registrant and its independent accountants conclude that the registrant's LIFO practices are preferable in the circumstances, they should be prepared to justify their position in the event that a question is raised by the staff.Question 3: If a registrant elects to change its LIFO practices to be consistent with the guidance in the issues paper and discloses such changes in accordance with APB Opinion 20 [Subtopic 250-10] will the registrant be requ ested by the staff to explain its past practices and its justification for those practices? Interpretive Response: The staff does not expect to routinely raise questions about changes in LIFO practices which are made to make a company's accounting consistent with the recommendations in the issues paper. >>> SAB Topic 5. BB, Inventory Valuation Allowance The following is the text of SAB Topic 5. BB, Inventory Valuation Allowance. 330-10-S99330-10-S99-2 Facts: ARB 43, Chapter 4, Statement 5 [paragraph 330-10-35-1], specifies that: â€Å"[a] departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as its cost.Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical obsolescence, changes in price levels, or other causes, the difference should be recognized as a loss of the current period. This is generally accomplished by stating such goods at a lower level commonly designated as market. † Footnote 2 to that same chapter indicates that â€Å"[i]n the case of goods which have been written down below cost at the close of a fiscal period, such reduced amount is to be considered the cost for subsequent accounting purposes. † Lastly, Opinion 20 provides â€Å"inventory obsolescence† as one of the items subject to estimation and changes in estimates under the guidance in paragraphs 10-11 and 31-33 of that Opinion. Question: Does the write-down of inventory to the lower of ost or market, as required by ARB 43 [Section 330-10-35], create a new cost basis for the inventory or may a subsequent change in facts and circumstances allow for restoration of inventory value, not to exceed original historical cost? Interpretive Response: Based on ARB 43, footnote 2, the staff believes that a write-down of inventory to the lower of cost or market at the close of a fiscal period creates a new cost b asis that subsequently cannot be marked up based on changes in underlying facts and circumstances. FN68 FN68 See also disclosure requirement for inventory balances in Rule 5-02(6) of Regulation S-X. >>> SAB Topic 11. F, LIFO LiquidationsThe following is the text of SAB Topic 11. F, LIFO Liquidations. 330-10-S99330-10-S99-3 Facts: Registrant on LIFO basis of accounting liquidates a substantial portion of its LIFO inventory and as a result includes a material amount of income in its income statement which would not have been recorded had the inventory liquidation not taken place. Question: Is disclosure required of the amount of income realized as a result of the inventory liquidation? Interpretive Response: Yes. Such disclosure would be required in order to make the financial statements not misleading. Disclosure may be made either in a footnote or parenthetically on the face of the income statement.