Mayo Clinic in Minnesota SWOT Analysis Research Paper

Mayo Clinic in Minnesota SWOT Analysis - Research Paper Example It has been apparently viewed that the core values of the clinic are patient care, education, and research. Especially mentioning, the clinic is recognized as one of the best hospitals operating in the United States of America (US) (Mayo Clinic, 2012). The research paper intends to discuss the demographic information of Minnesota, on which Mayo Clinic is situated and will also reveal a SWOT analysis. Moreover, the research would also focus on identifying the stakeholders and determining the strategies for gaining the commitment of the clinic towards delivering quality healthcare service to the patients. Besides, a viable solution towards providing care to all people, while making the hospital profitable will also be depicted in the research paper. Minnesota is a state of the US and it is located in the bank of Zumbro River. The population of the state is around 5,379,139. The population of the state comprises mostly of white people. The population also entail Black or African American and Asian among other racial groups. Additionally, the state mainly comprises Non-Hispanic and Latino groups. The people residing in the state are mainly households or families. The poverty rate in the state can be noted as quite low due to the existence of numerous industries, is the healthcare industry to be a potential one (United States Census Bureau, 2012). Mayo Clinic is recognized to be a leading employer in the respective field, aiding in improving the employment rate of the state by a certain degree. Moreover, the presence of the clinic has assisted towards developing the economic conditions of the state through raising the profitability of the restaurants, hotels along with the retail stores due to an increased level of patients visit t he clinic with diverse health problems (Advameg, Inc., 2009).

Explore the idea of historical embeddedness in The Brief Wondrous Life Research Paper

Explore the idea of historical embeddedness in The Brief Wondrous Life of Oscar Wao - Research Paper Example The narrator therefore wonders if writing this novel is his own way of saying zafa. Every body seems to be cursed! The first chapter, which happens in 1974 to1987 in Paterson, details Oscar’s childhood and early adolescence. For one week when he is seven, Oscar dates two girls, Olga and Maritza, at the same period. However, the threesome momentarily falls apart and the life of Oscar goes downhill from then onwards. In adolescence, he was fat, dorky, and unattractive. His interest in Genre creates him even more unattractive, and his only true friends are Miggs and Al. Oscar’s sister Lola try to encourage him to lose weight to be more masculine for him to land a girlfriend, but Oscar does not regard their advice. When Miggs and Al find girlfriends and purposely dessert him out, Oscar realizes that they even contemplate that he is a failure. Oscar goes to Santo Domingo to visit Nena Inca, and starts writing science fiction as a channel. When Oscar returns he finds a girl c alled Ana Obregon at SAT prep class, instantly falling in love with her. Oscar and Ana become good friends, but never physically intimately attached. Eventually Ana’s boyfriend named Manny returns from an army mission and Ana stops having time with Oscar. Afterward, Oscar goes to Rutgers for college. He hopes life in college may be different, but in there, he realizes that still he is a loser. Oscar, the character who collects the novel together, justly perceives himself as a doubly marginalized figure. A Dominican-American boy growing up in Paterson during the 80s, he is hampered by counter-stereotypical nerdiness in addition to problems of racism and social class. Bashful, precocious, and overweight, Oscar is well versed in Marvel comics and "Japanimation" lore. His ambition is to write a space fictional. A Dominican accent manipulates "Wilde" into "Wao" wile in college. Yunior (Solis 49), his college roommate and best friend, does not quite apprehend Oscar, however loves h im and sees that there something is within Oscar that needs to be known. As the key narrator of the story, Yunior provides a loving portrayal of a tortured person within a tortured family. Redemption of Oscar â€Å"brief wondrous life† manifests at a momentous, but justified, price. Told from the viewpoint of Oscar’s sister Lola with his best friend Yunior, the story of the search for revitalization leads the reader through some of the darkest junctions of a country under severe dictatorial control. Lola pursues her own redemption, far away from her family, particularly her mother and her heritage. She only loves her younger brother Oscar and seeks protecting him from the curse which is tragically affecting their family. Saying that Hapatia Belicia was born to hard era would be an understatement. Beli’s mother died when she was only two months old, never met her father, held by her sisters a few times before they disappeared too, and spent no time in Casa Hatuey . Beli had multiple things sailing against her from the beginning of her pathetic life. She was born sick and underweight, at a time and environment where it would be difficult for any newborn to survive with her accompanied situation. She was also dark skinned, a reason that made her father’s family to absolutely dislike anything to do with her. At this juncture, her life is saved uniquely by a single woman’

Aci Financial Statement Essay Example for Free

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

Development of the Urban Design Group

Development of the Urban Design Group Urban design Overview What is built-up design? Urban conceive is the method of forming the personal setting for life in towns, villages and villages. It is the art of making places. It engages the conceive of structures, assemblies of structures, spaces and countrysides, and setting up the methods that make thriving development possible. Why are so numerous locations so awfully designed? Why are the locations we are construction so distinct from the locations we like? So numerous new expansion snuff out what makes a location exceptional and give the effect of having been conceived (if that is the word!) by somebody with no sense of what makes a thriving place. Why is so much development so awfully designed? The detail that 84 percent of designing submissions are drawn up by somebody with no conceive teaching may have certain thing to do with it. But being taught in conceive does not inevitably signify that the individual to blame for the development will conceiving certain thing that might make a thriving place. After all, they may not have glimpsed that as their job. They may have been conceiving only of restricted and short-term aims: to construct certain thing that the developer can deal quickly; or to assist the buildings users, other than making a more pleasing know-how for persons transient by. The public interest is broader, and longer term. Urban conceive requests to persons who are involved in more than just the conceive of a lone construction or the concerns of a lone user. What gets built-up designers out of bed in the forenoon is the dispute of conceiving a location that will be utilised and relished by a broad variety of distinct persons for distinct reasons, not only now but in years to come. A new profession Urban conceive is one of the newest professions. The mark ‘urban designer is little more than 25 years old. Much of what built-up designers do – forming the locations where we reside – was finished by professionals of diverse types before then, but the job was glimpsed from the viewpoint of specific professions. Architects and planners utilised to contend about the functions of their two professions. Architects would accuse planners of hindering with aesthetic affairs about which they were not trained to judge. Planners would accuse architects of conceiving structures solely as things, with little try to take account of their context or of their expected influence on the surroundings. In 1978 some architects and planners called a truce. This expert sniping is pointless, they said. We have certain thing in common: we are all in the enterprise of making places. That should be the cornerstone of our employed together. People with a mission The Urban Design Group was formed, and shortly architects, planners, countryside architects, engineers, public creative individuals and a variety of other professionals were affirming their firm promise to built-up design. Their objective was to change how the natural environment was shaped. They contended that architects should be worried with the location, not just with conceiving a construction to persuade the clients claims alone. Planners should be worried, not just with land use, but with the personal pattern of development. Landscape architecture should be engaged in investigating and comprehending sites at the start of the designing and conceive method, other than being conveyed in at a late stage to disguise unattractive structures with some planting. Highway engineers should use their abilities to make locations that are pleasing to be in and to stroll through, other than focusing narrowly on holding the traffic moving. Modern built-up conceive can be advised as part of the broader control and esteem of Urban planning. Indeed, Urban designing started as a action mainly used by with affairs of built-up design. Works for example Ildefons Cerdas General Theory of Urbanization (1867), Camillo Sittes City Planning According to Artistic Principles (1889), and Robinsons The Improvement of Cities and Towns (1901) and Modern Civic Art (1903), all were mainly worried with built-up conceive, as did the subsequent City Beautiful movement in North America. Urban design was first utilised as a characteristic period when Harvard University hosted a sequence of Urban Design Conferences from 1956. These seminars supplied a stage for the commencing of Harvards Urban Design program in 1959-60. The writings of Jane Jacobs, Kevin Lynch, Gordon Cullen and Christopher Alexander became authoritative works for the school of Urban Design. Gordon Cullens The Concise Townscape, first released in 1961, and furthermore had a large leverage on numerous built-up designers. Cullen analyzed the customary creative approach to town conceive of theorists for example Camillo Sitte, Barry Parker and Raymond Unwin. He conceived the notion of serial vision, characterising the built-up countryside as a sequence of associated spaces. Jane Jacobs The Death and Life of Great American Cities, released in 1961, was furthermore a catalyst for interest in concepts of built-up design. She critiqued the Modernism of CIAM, and claimed that the publicly unowned spaces conceived by the ‘city in the park idea of Modernists were one of the major causes for the increasing crime rate. She contended rather than for an eyes on the street approach to village designing, and the resurrection of major public space precedents, for example roads and rectangles, in the conceive of cities. Kevin Lynchs The Image of the City of 1961 was furthermore seminal to the action, especially with considers to the notion of legibility, and the decrease of built-up conceive idea to five rudimentary components routes, localities, perimeters, nodes, landmarks. He furthermore made well liked the use of mental charts to comprehending the town, other than the two-dimensional personal expert designs of the preceding 50 years. Other prominent works encompass Rossis Architecture of the City (1966), Venturis Learning from Las Vegas (1972), Colin Rowes Collage City (1978), and Peter Calthorpes The Next American Metropolis (1993). Rossi presented the notions of historicism and collective memory to built-up conceive, and suggested a collage metaphor to realise the collage of new and older types inside the identical built-up space. Calthorpe, on the other hand, evolved a manifesto for sustainable built-up dwelling by intermediate density dwelling, as well as a conceive manual for construction new towns in agreement with his notion of Transit Oriented Development (TOD). Bill Hillier and Julienne Hanson in The Social Logic of Space (1984) presented the notion of Space Syntax to forecast how action patterns in towns would assist to built-up vitality, anti-social demeanour and financial success. The attractiveness of these works produced in periods for example historicism, sustainability, livability, high value of b uilt-up components, etc. become everyday dialect in the area of built-up planning.

The effects of lead on childrens brains Essay -- Environment, Toxic M

Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past. The effects of lead on children's brains Essay -- Environment, Toxic M Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past. The effects of lead on children's brains Essay -- Environment, Toxic M Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past.

Its Time to Declare English the Official Language Essay -- Argumentat

It's Time to Declare English the Official Language "In no way would having English as the official language intrude upon anyone's private life, business, or day-to-day living. Official English applies only to the conduct of government business." -S.I. Hayakawa America today is a melting pot of different societies. Everywhere, in every city and in every state, there are Germantowns, and Chinatowns, and Greektowns. America has certainly developed into one big multicultural society. With the many different cultures, come the many different languages as well. When a person imagines the language of the United States, naturally most believe that English is the national language. America, however, does not have an official language. According to the Center of Immigration Studies, more than 300 languages are currently spoken in the United States (U.S. Bureau of the Census). Immigration in the United States is a positive event that cannot be altered no matter what actions are taken against it. Immigration, in fact, has many positive influences upon this great nation. With the positive effects on this country also come the harmful effects. If America wants to continue to live harmoniously with the multitude of different cultures, the first step wo uld be to make English the official language of the United States of America. Today, 1.9 billion people speak the English language; more than one-third of humanity (U.S. Bureau of the Census). English is also the national language of many countries- countries with a multiple of different cultures- including India and several populous countries in Africa. People in those countries use English to conduct common and o... ...for our flag. It was not easy, but they did it; the beautiful thing was we were united. A World War I Veteran told me that when he came to this country from Poland, he did not speak a word of English, nor did his parents. He said he learned English and spoke it well enough to get by. â€Å"This is America,† he said, â€Å"and it is only right to honor its language.† When asked if he felt if his love and pride for his own country had faltered, he gave a stern â€Å"no.† English is the language of freedom, commerce and opportunity around the world. Declaring English the official language of the United States of America will honestly do no harm. In the end, only positive effects could come out of the measure because the day-to-day lives of a common citizen would rarely be altered. Declaring English the national language is the right and honorable thing to do. Now let's do it.

Beowulf: Sigemund Episode

Analysis of the Sigemund Episode Within Beowulf One of the best literary devices the author of Beowulf uses is the use of episodes and digressions. Each of these episodes and digressions tell another story apart from the main plot of Beowulf, but sets up an introduction to the main plot. One such episode, the Sigemund episode, tells of valiant King Sigemund who received glory and honor through his killing of the dragon and possession of the hoard. Sigemund became a noble and experienced king, only to be betrayed and brought to his downfall.Beowulf was much the same as Sigemund, and both were great examples of heroes. The Sigemund episode introduces a comparison to Beowulf, foreshadows Beowulf’s downfall, and parallels the irony of Beowulf’s shortcomings. As we see in the following lines: â€Å"Sigemund’s name was known everywhere. / He was utterly valiant and venturesome, / a fence round his fighters and flourished therefore† (897-898), the author introduc es Sigemund as an excellent comparison to Beowulf. The author uses the Sigemund episode to set up a better understanding of the character of Beowulf by describing a king much like himself.This allows the reader to understand the character of Beowulf and know what a noble and valiant character he was. The author presents Sigemund as a brave warrior who defeated the dragon, much like the victorious warrior that Beowulf was. And within the Sigemund episode, Heremod is introduced as a wicked king, an exact opposite of Sigemund and Beowulf. This allows the reader to compare the three kings, and promote Beowulf as a noble king such as Sigemund. Another purpose of the Sigemund episode within Beowulf is to foreshadow Beowulf’s defeat and downfall.Sigemund is a noble and mighty king, but is led to his defeat in the following lines: â€Å"†¦ The king was betrayed, ambushed in Jutland, overpowered / and done away with† (901-903). This defeat of Sigemund foreshadows Beowulfâ €™s defeat and death during the battle with the dragon. As Sigemund and Beowulf are both valiant kings, they both are led to their failure and death. This part of the Sigemund episode gives the reader a glimpse of what is to come for Beowulf in the rest of the poem. From this episode, the author uses irony that Beowulf will become a great and mighty king, but also will come face to face with his destruction.The author uses this irony to connect the characters of Sigemund and Beowulf. Not only does the Sigemund episode foreshadow the downfall of Beowulf, but it also sets up a choice that Beowulf has to make. Beowulf has to either chose to be like Sigemund, a courageous and noble king, or take the path of Heremod, an evil king. This gives the reader a sense of uncertainty of the choice Beowulf will make. As the reader, the choice that Beowulf will make is obvious, but this is a huge choice of character for Beowulf.It gives a chance for Beowulf to prove his character, and allows th e reader to understand the trustworthiness of Beowulf once he does chose to be a noble king. Among the various episodes and digressions within Beowulf, Sigemund’s episode sets up the best foreshadowing of Beowulf’s life. In all, Sigemund’s episode clues the reader in with what type of character Beowulf is. Sigemund is the perfect comparison to Beowulf, and this allows the reader to expect what is to come for Beowulf. Sigemund’s hymn apart from the main plot of Beowulf accomplished the task of introducing and setting up the destiny for Beowulf.