Thursday, December 26, 2019

It Is Possible To Put A Value Or Price On Almost Anything,

It is possible to put a value or price on almost anything, from a friendship to a box of cereal; but what about life? Some people may attempt to value life by recognizing the good deeds done in a lifetime while others determine life’s value by highlighting the wrongs. Of course it is possible for individuals to value life based on their own moral or logistical standpoints, but this does not account for the other billions of people that inhabit this planet. Although it may never cross the average person’s mind, everyone values life differently despite similarities or differences in character, morals, or religion, making it impossible to universally value life morally, but possible to place a monetary value on life through a series of†¦show more content†¦Point being, it is impossible to come up with a value for a life that everyone will agree with, leaving it to personal opinion to determine how much one’s life is really worth. As an individual, it is possible to follow your moral codes in order to determine the value of a life, but it is most likely not going to affect other’s perceptions because everyone has their own point of view on this matter. Most people tend to value a life based on how close it parallels their beliefs and moral standpoints, making it an educated opinion rather than something that can be considered a fact. On the pessimistic side of this, some also look towards all the bad things that have happened in life in order to determine its value, which is seen in the extremely well-known play Hamlet, by William Shakespeare. In the play, Hamlet struggles to find the true meaning of his existence, and is confronted with the issue of having to determine the value of life before he kills his uncle. This is evident when looking at lines five through eight where Hamlet states, â€Å"To die, to sleep, No more, and by a sleep to say we end, The heartache, and the thousand natural shocks, Th at flesh is heir to.† It is apparent that Hamlet is having trouble evaluating the value of his life until he reaches a point where he begins to asses all of the wrongs that have plagued him, and whether not hisShow MoreRelatedApple - Needs, Wants, Demands, Utility Value1212 Words   |  5 Pagescame to the conclusion that the need for mobility, flexibility and reliability are key to satisfying everyone involved in the marketing process. The customer has to be able to use the iPhone everywhere and always have a connection, it needs to be possible to use it the way you want it to use, and you have to be able to rely on your iPhone to work at all times. There are a couple of types of needs, but the need for an iPhone is a social one. The need to be in touch and to receive belonging and affectionRead More`` The Total Economy `` By Wendell Berry1719 Words   |  7 PagesThe interconnected world in which we live today is absolutely amazing. It is possible to drink a cup of coffe e grown in Uganda with a chocolate bar sourced from Brazilian cacao beans while ordering a sweater made in Bangladesh. This entanglement with the rest of the world is not without its shadows, however. The items that we so easily buy and throw out exploit laborers and resources from the farthest corners of the world. Even deeds that we feel are good for the disadvantaged people in the US andRead MoreJohn Lewis customer service case study1710 Words   |  7 Pagesas individuals; each customer has their own needs and preferences. Therefore, they always find opportunities to listen to the customers, being open to feedback, and take action quickly on what the customers tell in order to provide the best possible choice, value and service to customers. Customers go to John Lewis not only to buy products, but also to experience their excellent services. As John Lewis sees them, there are 4 key elements that have created success of them in keeping customer satisfactionRead MoreMarketing Analysis Of Radiohead, An English Rock Band From Abingdon1607 Words   |  7 PagesOxfordshire. The aim of this briefing report is to discuss, using the case study as a source, about pricing strategy in the music industry, which includes defining and talking about the online value chain of Radiohead, to compare online value chain and the traditional value chain, to critically analyze the online value chain’s impact on Radiohead pricing strategy and its implications for customers. Furthermore, the report will talk about ethical access to free online content and also will give a recommendationRead MoreThe Five Concepts of Marketing1841 Words   |  7 PagesMarketing according to Philip Kotler involves the creation, bargains and the trading of products with certain values within groups and individuals. The goods and services that are exchanged i n this economical process have their own monetary value. These goods and services that are marketed flows along a chain of activities; initially from the manufacturer or producer which then is consumed by intended customers. Products or services that are marketed should satisfy potential consumer’s need or wantRead MoreEnron : The Conspiracy Of Fools Essay1650 Words   |  7 PagesThe word â€Å"fraud† was magnified in the business world around the end of 2001 and the beginning of 2002. No one had seen anything like it. Enron, one of the country’s largest energy companies, went bankrupt and took down with it Arthur Andersen, one of the five largest audit and accounting firms in the world. Enron was followed by other accounting scandals such as WorldCom, Tyco, Freddie Mac, and HealthSouth, yet Enron will always be remembered as one of the worst corporate accounting scandals of allRead MoreBeowulf And The Anglo Saxon Values Heroism1154 Words   |  5 PagesAltho ugh cultural heroes ultimately serve the purpose of solidifying the values of a particular culture , the ever-changing, dynamic nature of heroism identifies itself as religious or a natural trait. Heroism is considered putting yourself at risk when in danger, helping those in need, and being the first one to step up and help, In the read Beowulf, he does just that. â€Å"A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles† This quoteRead MoreAnalyzing Online Shopping Essay1421 Words   |  6 Pagesto the consumers is the convenience of being able to shop anywhere and anytime. Online stores can be easily accessed by any device which can connect to the internet. With online shopping, it is entirely possible to shop in the wee hours of the morning, while still on bed as online stores almost never close. An individual only has to log onto a particular website, add the items they want to purchase into their shopping carts and checkout to pay for said item. They don’t need to even leave the comfortsRead MoreEssay1633 Words   |  7 Pagesanother chance. Never happened but I was taken into my mothers bed and slept with her until I was thirteen years of age. Looking back I wonder if I was fondled but my mind blacks this out but the following I remember for sure. Fourteen years old, almost fifteen, my mothers nineteen year old maid came in my room and raped me. I knew nothing about sex and was devastated and felt ashamed. She kept using me on a regular basis and her demands increased to the point that I was frightened of her. She wouldRead MoreThinking, Fast And Slow By Daniel Kahneman1286 Words   |  6 Pagesplays a larger role in success rather than skill. Therefore we cannot only look at the â€Å"quality of leadership and management practices† as the leading objectives for success. One of the repetitive themes of this book is luck being a key component in almost every success story. Luck is an important factor because it has the power to turn the future of any business from achieving extraordinary accomplishments to just ordinary outcomes. Possessing luck, or dispossessing luck, will define every individuals

Wednesday, December 18, 2019

Beliefs About The Family And Quality And Nature Of Family...

Philosophy of Teaching Darci Deakin Utah State University Philosophy of Teaching Beliefs about the Family and Quality and Nature of Family Life Family life Education is to help families become a stronger unit through the proper education. There are so many different thoughts and beliefs pertaining to the family life education program. There have been good and bad beliefs, but the majority have been trying to improve the family and the education system that has been taught. Everyone has a family. Whether it is a family by blood or a family you claim to have through social interactions. There are many ways to create a family unit. Some are big and some are small. Each one is different and unique in their own way. The quality and nature of family life is completely determined on how you personally want to examine it as. You can either have a strong and healthy family life, or you can have a weak and unhealthy family life. Family life education is one way to help those week families turn into strong and healthy families. By focusing on the healthy aspects of family f unctioning within a family system, we will see an improvement on the quality and nature of the family’s life. There are many believes of what is the right, and what is the wrong way for family life. But many philosophers, including Dail, can agree that a healthy functioning family has certain characteristics and traits. Many philosophers differ in what they think is the most important traitShow MoreRelatedEssay about Transcendentalism and the Hunger Games1102 Words   |  5 Pagesindividualism, simplicity, the greatness of nature, and God being within oneself. Transcendentalism is often represented in modern day pop-culture; a strong example of this is The Hunger Games. The book depicts the life of Katniss Everdeen, a character who possesses many transcendental qualities. The Hunger Games displays many transcendental values and shows that living a transcendental life is positive and will improve one’s quality of life. Nature is a major transcendental value which both EmersonRead MoreEthical Dilemmas Of The Healthcare Field1056 Words   |  5 PagesEveryday, healthcare professionals are faced with ethical dilemmas in their workplace. These ethical dilemmas need to be addressed in order to provide the best care for the patient. Healthcare professionals have to weigh their own personal beliefs, professional beliefs, ethical understandings, and several other factors to decide what the best care for their patient might be. This is illustrated in Mrs. Smith’s case. Mrs. Smith is an 85 year old who has suffered from a large stroke that extends to bothRead MoreAnalysis Of The Story Going Back Home 1000 Words   |  4 Pagesjourney through life, they discover many qualities they hold that make them unique and interesting. These qualities differentiate them from others, and help form their identity. In the stories we have read in class, such as â€Å"Going Back Home†, written by Toyomi Igus and Michele Wood, â€Å"Nei Um Lung, Ma?† by May Yee, and â€Å"The Jade Peony† by Wayson Choy, the characters’ hobbies, beliefs, and family roots make them unique and interesting. Due to many factors, including different experiences in life, an individualRead MoreEthical Dilemmas Of Healthcare Professionals1211 Words   |  5 Pageseducation regarding professional healthcare ethics will provide some direction in how to best address these dilemmas at a time when either the patient or their family is in need of making decisions for themselves or their family member. It can be difficult for healthcare professionals to weigh professional protocol against their own personal beliefs and ethical understandings when determining critical care for their patient. Ethical Dilemma This is illustrated in Mrs. Smith’s case. Mrs. Smith is anRead MoreBeliefs, Morals and Values Application Essay1554 Words   |  7 Pages#Beliefs, Morals and Values, # Beliefs, Morals and Values Application According to Webster’s II New College Dictionary a belief is the mental act, condition, or habit of placing trust or confidence in a person or thing and mental acceptance of or conviction in the truth or actuality of something (1995). A belief consists of anything believed by conviction or faith; a belief can be something accepted as true (Weber, 2002). Beliefs are convictions; trust or confidence placed in a person orRead More Theses Essay1646 Words   |  7 PagesSalesman the Loman family presents its self as being the perfect nuclear family as opposed to their dysfunctional nature. Even though Miller portrays Willy Loman as the main character of the story, his lack of praise worthy traits make it necessary for another to be the hero. 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In this situation the family is at odds on what to do about Marianne. The husband wants to do everything possible to keep her alive, whereas the children think that surgery shouldn’t be an option because even if she was to make it through the surgery, there is no guarantee that she will be functional. Since Marianne doesn’t have an advanced directive, the family needs to know what all of their optionsRead MoreMary Rowlandson And Transcendentalism1661 Words   |  7 PagesTranscendentalism, the belief that nature could better oneself, emerged during the early 1800s and became very popular shortly after. It was a growing trend for many who wanted to regret from conformity, and focus on themselves rather than the rules that society had already set up for them. During the mid 18th century to late 19th century, those who grew up in a religiously involved family or in an industrial area created their lives based on the virtues of Christianity while those who spent timeRead M oreThomas Hardy s Tess Of The D Urbervilles1317 Words   |  6 Pagesupper-class d’Urberville family, describes herself as â€Å"only a peasant by position, not by nature† (239). When Mr. Durbeyfield, Tess’ father, discovers that he comes from the line of the d’Urbervilles, many of Tess’ features and characteristics are explained. However, while Tess’ appearance and qualities cause her to appear as an aristocrat, her upbringing justifies her as a peasant. Tess’ family is financially constrained, her mother holds fatalistic, superstitious folk beliefs, and she is a working

Tuesday, December 10, 2019

Leadership Experience Essay Example For Students

Leadership Experience Essay Reading this interesting leadership experience essay will give everybody the valuable opportunity to truly understand how the role of the leader looks like in real life. There are many similar articles on this popular theme on the Internet. However, thanks to this one you have got a chance to look at the best leadership and personal leadership in a totally new as well as untypical way. Outline1 That person who leads1.1 Leaders:2 What it takes3 Summary That person who leads Everyone has probably heard something about the people who we call leaders and has their own opinion about the whole thing. We decided to say something about what are the common thoughts connected with the theme in this introduction. As it turns out, people usually often guess that leaders have a lot in common with bosses at work or with politicians. It is undoubtfully a right association, but it is not one hundred percent complete. Why is this a case here? It would be really difficult to argue that in a business environment humans often should be able to lead their team of co-workers in a professional way. However, the truth is that the famous word â€Å"leader† has so much more in it than just being a person who has a job in management. The real key, as well as the main idea of the leadership topic, is wide and not famous enough among the whole society which we get to live in nowadays. Let’s take a look at a few examples about who may be a human who leads other somewhere. Leaders: Chief at the company – that person is responsible for maintaining the growth of the whole firm which is a very important and difficult task; Politician – this is another popular leadership example, let’s just take a look at the president who is in charge of the whole big country and the entire nation; Headmaster or headmistress at the school – these people take care of the whole teaching institution, which has a crucial meaning for a number of different individuals, such as every scholarship college student, all of the teachers and also parents; Everybody – it may be found hard to believe by many people, but the reality shows that every person from plenty of different environments may play their own role in the important thing which is without a shadow of a doubt the best leadership. What does it actually mean? Everyone who makes their effort to stay in front of the group of humans may be called their master. What it takes You have probably wondered sometimes who the specific person must be in order to always show greatness at the leadership or personal leadership. Well, there may actually be found a lot of different things which make someone an individual who works well in charge of some other humans. However, there are some especially interesting as well as valuable examples which are the most important when it comes to the most significant leaders. You have the chance to look at them below right now: Responsibility Probably no one needs to be convinced that every human in charge of something important ought to be incredibly responsible. There is a number of complicated and meaningful things going on in the business environment, and you have to be able to manage all of them with the cation in order to the successful development of the specific company. Kindness This one may seem like it does not really have the real meaning. However, especially today in the twenty-first century all the people need to treat each other with respect if they want to feel good together. Personal leadership is not able to be powerful without being polite and open the world and everyone who lives in it. Strength .ue6e9db19ae0618c8965d6a9c751762e4 , .ue6e9db19ae0618c8965d6a9c751762e4 .postImageUrl , .ue6e9db19ae0618c8965d6a9c751762e4 .centered-text-area { min-height: 80px; position: relative; } .ue6e9db19ae0618c8965d6a9c751762e4 , .ue6e9db19ae0618c8965d6a9c751762e4:hover , .ue6e9db19ae0618c8965d6a9c751762e4:visited , .ue6e9db19ae0618c8965d6a9c751762e4:active { border:0!important; } .ue6e9db19ae0618c8965d6a9c751762e4 .clearfix:after { content: ""; display: table; clear: both; } .ue6e9db19ae0618c8965d6a9c751762e4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue6e9db19ae0618c8965d6a9c751762e4:active , .ue6e9db19ae0618c8965d6a9c751762e4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue6e9db19ae0618c8965d6a9c751762e4 .centered-text-area { width: 100%; position: relative ; } .ue6e9db19ae0618c8965d6a9c751762e4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue6e9db19ae0618c8965d6a9c751762e4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue6e9db19ae0618c8965d6a9c751762e4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue6e9db19ae0618c8965d6a9c751762e4:hover .ctaButton { background-color: #34495E!important; } .ue6e9db19ae0618c8965d6a9c751762e4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue6e9db19ae0618c8965d6a9c751762e4 .ue6e9db19ae0618c8965d6a9c751762e4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue6e9db19ae0618c8965d6a9c751762e4:after { content: ""; display: block; clear: both; } READ: Dolls House By Ibsen EssayYou cannot be a weak person if you are the manager of the others. They rely on you so you must be the one who shares your strength with others every day. When we talk about leadership, my personal scholarship experience taught me that students who have the strongest psychological abilities are the ones who win awards and also get great marks at university. Creativity It is important to be both polite as well as powerful, but you also will not be able to make a real difference in the world without the rich imagination and unique vision. When you describe personal leadership, my piece of advice is to tell your audience something about the huge role played by creativity. Charisma This word sounds for many very interesting but not everybody knows what it exactly means. You have an opportunity to finally learn more about it. When it comes to leadership styles, there may be found many differences before some of them. It is good because everyone needs to be somehow a unique individual in order to succeed. This special kind of individualism which make someone special is called charisma and is very meaningful in the business environment. Summary We are getting closer and closer to the end of this unique text right about now. If you read this article with the real interest in the theme, you are probably able to remember a number of different things about something which people tend to describe leadership and personal leadership. Let’s take it all together in the short form once again in order to get the final clear picture of who the leader really is and what you can say about this person. Read this, and you will become much closer to be the master of knowledge in this valuable field. In my personal leadership conclusion, leadership will be explained one more time in an easy way. Bosses at huge firms, politicians, headmasters, and basically everyone can be put in charge of others. However, this role is not as simple as it may seem for some people who are not familiar with the whole idea of it. Leadership requires from an individual to always try and be a responsible, strong, kind, creative and charismatic person. Thank you for your attention and may you be the incredible leader whatever you do in your life.

Wednesday, November 27, 2019

Free Essays on Aggresive Driving

WHY AGGRESSIVE DRIVING SHOULD BE AVOIDED Purpose: To persuade people that aggressive driving should be avoided. INTRODUCTION I. Speeding, tailgating, giving the finger and outright violence. Each day Americans grow more and more likely to take out their personal frustrations on other drivers. It is called aggressive driving and it is on the incline. II. Driving is a curious combination of public and private acts. A car isolates a driver from the world even as it carries him through it. The sensation of personal power is intoxicating. Aggressive driving includes such things as illegal or improper lanes changes or turns, failing to stop of yield the right of way, excessive speeds, and an assortment of gestures, looks, and verbally abusive language. III. Everyday we have to deal with these people on our roads. We run a great risk just driving around the corner to go to the store or a quiet trip to church. According to U.S. News and World Report, the U.S. Departments of Transportation estimates that two-thirds of fatalities are at least partially caused by aggressive driving. Fortunately, there is something we can do to help reduce the problem. BODY Preview: To overcome aggressive driving we must first understand it. I would like to share with you the problem, the dangers, and the solutions for this growing trend. I. The number one cause of aggressive driving behaviors is the discourteous or inattentive driver. A. The number one cause is probably the â€Å"left-lane hog†, according to a story in the Amarillo Daily News. 1. Other discourteous driving behaviors include failure to signal before a lane change, changing lanes too closely to the other drivers, and tailgating. B. It is these seemingly unaware drivers that infuriate the aggressive driver and trigger the Dr. Jekyl and Mr. Hyde transformation. 1. Reducing enforcement, highway traffic, congestion or personal issues also play a large role in the disposition o... Free Essays on Aggresive Driving Free Essays on Aggresive Driving Persuasive Speech: Aggressive Driving Specific Purpose: To persuade the audience that aggressive driving should be avoided. Introduction I.Attention Getter: Speeding, tailgating, giving the finger and outright violence. Each day Americans grow more and more likely to take out their personal frustrations on other drivers. It is called aggressive driving and it is on the incline. II. Definition: Driving is a curious combination of public and private acts. A car isolates a driver from the world even as it carries him through it. The sensation of personal power is intoxicating. Aggressive driving includes such things as illegal or improper lane changes or turns, failing to stop or yield right of way, excessive speeds, and an assortment of gestures, looks and verbally abusive language. III. Connection: Everday we have to deal with these people on our roads. We run a great risk just driving around the corner to go to the store or a quiet trip to church. According to U.S. News and World Report, the U.S. Department of Transportation estimates that two-thirds of fatalities are at least partially caused by aggressive driving. Fortunately, there is something we can do about it. Body Preview: To overcome aggressive driving we must first understand it. I would like to share with you the problem, the dangers and the solutions for this growing trend. I. The Problem: The major cause of aggressive driving is the discourteous or inattentive driver. A. The number one cause is probably the â€Å"left-lane hog†, according to a story in the Amarillo Daily News. 1. Other discourteous driving behaviors include failure to signal before a lane change, changing lanes too closely to other drivers and tailgating. B. It is these seemingly unaware drivers that infuriate the aggressive driver and trigger the Dr. Jekyll and Mr. Hyde transformation. 1. Reduced enforcement, highway traffic, congestion or personal issues al... Free Essays on Aggresive Driving WHY AGGRESSIVE DRIVING SHOULD BE AVOIDED Purpose: To persuade people that aggressive driving should be avoided. INTRODUCTION I. Speeding, tailgating, giving the finger and outright violence. Each day Americans grow more and more likely to take out their personal frustrations on other drivers. It is called aggressive driving and it is on the incline. II. Driving is a curious combination of public and private acts. A car isolates a driver from the world even as it carries him through it. The sensation of personal power is intoxicating. Aggressive driving includes such things as illegal or improper lanes changes or turns, failing to stop of yield the right of way, excessive speeds, and an assortment of gestures, looks, and verbally abusive language. III. Everyday we have to deal with these people on our roads. We run a great risk just driving around the corner to go to the store or a quiet trip to church. According to U.S. News and World Report, the U.S. Departments of Transportation estimates that two-thirds of fatalities are at least partially caused by aggressive driving. Fortunately, there is something we can do to help reduce the problem. BODY Preview: To overcome aggressive driving we must first understand it. I would like to share with you the problem, the dangers, and the solutions for this growing trend. I. The number one cause of aggressive driving behaviors is the discourteous or inattentive driver. A. The number one cause is probably the â€Å"left-lane hog†, according to a story in the Amarillo Daily News. 1. Other discourteous driving behaviors include failure to signal before a lane change, changing lanes too closely to the other drivers, and tailgating. B. It is these seemingly unaware drivers that infuriate the aggressive driver and trigger the Dr. Jekyl and Mr. Hyde transformation. 1. Reducing enforcement, highway traffic, congestion or personal issues also play a large role in the disposition o...

Saturday, November 23, 2019

Free Essays on A Comparison Of Two War Poems By Wilfred Owen

Wilfred Owen is a well renowned anti war poet. He wrote about his experience during â€Å"The Great War†. When the war broke out, he was teaching English to a family in France and when he went back to England, he was caught up in the enlisting hype. He held back and did not enlist because he felt the war had nothing to do with him, though later on, after much pressure, he joined up believing it was his duty to go and fight. He served out on the front line for many months and he fought very bravely, surviving the Battle of the Somme. He was awarded a Military Cross for his efforts. On one particular raid, a shell landed near him and he was shell-shocked. He was sent back to England where he was transferred to Craiglockhart War Hospital in Scotland to be treated. At Craiglockhart, Owen heard that a published poet, Siegfried Sassoon, was undergoing treatment at the hospital and he decided to meet him. Owen introduced himself and told Sassoon of his poetic interest. Sassoon asked to see Owen’s work and was very impressed. They collaborated and Owen improved his poetic skills and abilities. Sassoon suggested that Owen should write more about the war. Both poets then agreed that they should show the truth and horror of the war in their poems and to do this, it was necessary to be on the front line. They volunteered to go back. Although in different platoons, they wrote their poems based on what they felt about what went on around them. Wilfred Owen was shot and died during a raid on a French canal seven days before the Armistice was signed. Siegfried Sassoon survived, injured, and arranged the publication of Owen’s poetry. In this essay, I shall analyse and compare two anti war poems written by Wilfred Owen. They are â€Å"Dulce et Decorum est† and â€Å"Disabled†. â€Å"Dulce et decorum† est is a very powerful and effective anti war poem. The poem depicts front line soldiers at the end of a very exhaustive span of duty. They are r... Free Essays on A Comparison Of Two War Poems By Wilfred Owen Free Essays on A Comparison Of Two War Poems By Wilfred Owen Wilfred Owen is a well renowned anti war poet. He wrote about his experience during â€Å"The Great War†. When the war broke out, he was teaching English to a family in France and when he went back to England, he was caught up in the enlisting hype. He held back and did not enlist because he felt the war had nothing to do with him, though later on, after much pressure, he joined up believing it was his duty to go and fight. He served out on the front line for many months and he fought very bravely, surviving the Battle of the Somme. He was awarded a Military Cross for his efforts. On one particular raid, a shell landed near him and he was shell-shocked. He was sent back to England where he was transferred to Craiglockhart War Hospital in Scotland to be treated. At Craiglockhart, Owen heard that a published poet, Siegfried Sassoon, was undergoing treatment at the hospital and he decided to meet him. Owen introduced himself and told Sassoon of his poetic interest. Sassoon asked to see Owen’s work and was very impressed. They collaborated and Owen improved his poetic skills and abilities. Sassoon suggested that Owen should write more about the war. Both poets then agreed that they should show the truth and horror of the war in their poems and to do this, it was necessary to be on the front line. They volunteered to go back. Although in different platoons, they wrote their poems based on what they felt about what went on around them. Wilfred Owen was shot and died during a raid on a French canal seven days before the Armistice was signed. Siegfried Sassoon survived, injured, and arranged the publication of Owen’s poetry. In this essay, I shall analyse and compare two anti war poems written by Wilfred Owen. They are â€Å"Dulce et Decorum est† and â€Å"Disabled†. â€Å"Dulce et decorum† est is a very powerful and effective anti war poem. The poem depicts front line soldiers at the end of a very exhaustive span of duty. They are r...

Thursday, November 21, 2019

BP Seen takeover target after settlement as value trails Essay

BP Seen takeover target after settlement as value trails - Essay Example The company’s reserves are worth $ 7 a barrel while its rival Shell is worth $14. The company’s market value is the least compared with the other big four companies. The 50% sold accounted for about two third of the company’s oil production. The assets were in exchange of $12.3 billion cash and 12% stock in Rosneft, a Russian oil corporate. Rosneft is expected to also acquire the remaining 50% stock to assume full ownership. According to the London Business School, the selling of its assets, as well as, expensive settlements for suits related to the oils spill damages is equivalent to a takeover. The move, as well as, the oil spill tragedy, makes PB weak and its competitors including Royal Dutch Shell may bid for more stake. According the company’s Chief Executive, in an interview, the reduced company’s size may lead to a takeover attempt. The Chief Executive also unveiled the company’s expected short-term and long-term plans meant to spur gr owth. The plans include raising new projects’ margins and issuing back shareholders’ funds. The shareholders have also been rewarded by a 12.5 % increase in dividends paid in the 2012 third quarter. Additionally, due to the importance of the company to the United Kingdom, the government may oppose any move meant to bring a merge or acquisition. The company is one of the UK economy backbone employs a large proportion of the country’s population and earns the government huge revenues in terms of taxes. Among the company’s plans, there is a defense strategy following speculations that the company may be taken over. Many investors are interested in the company’s shares because of their low value. A takeover would be of benefit to the shareholders who would be able to recover some of their invested money. The company has liquidity problems, and the only option left of fighting for its survival in the market is through a takeover or selling of some of it s assets. However, selling some of the assets is may be a dangerous move as it may result to bankruptcy of the firm thus requiring it to dissolve. Additionally, it may be difficult to raise capital through debt securities, for example, bonds because of the risk associated with the company. The rate of interest would be significantly high since the financial institution would consider the risk. It would be of benefit to the new owner because of the valuable assets and human capital that the oil company holds. Since it would be an entirely different company, no new suits would be expected and, therefore, the new owner will easily turn the nearly collapsing company into a global profitable company. If the new trader would then stop the BP’s shares trading, immediately after the purchase, the market price would go up. Finn states that â€Å"the value of the stock would go up because of decrease in demand (131)†. Additionally, if the new owner would be another oil company, the benefits would be even more. The market share and dominance would go up. This in turn, would increase the company’s profitability and market value. A merger would also be of benefit to the current shareholders. Their stock in the company has declined significantly since the oil spill disaster. In addition, they have not been getting the returns that made them invest in the company. A merger will inject

Wednesday, November 20, 2019

Black Skin, White Masks by Frantz Fanon 1952 Essay - 1

Black Skin, White Masks by Frantz Fanon 1952 - Essay Example This fight has taken time, and it may take more time before the racial prejudice is eradicated entirely from society (Noble 48). In Black Skin, White Masks, the author wanted to bring the attention of the reader to the racial injustice that many of the people suffered. This paper will address some of the statements in the book, and what they might have meant as they had an impact on society. Fanon Frantz was a published author who championed the fight against racial discrimination through literature. His fight for the Algerian people against colonization from the French was deeply appreciated. His analysis on the manner in which individuals were passionate about their rights against colonization was brought out in many of his works. In Black Skin, White Masks, he brings about the issue of hybridity among the African people, and the role they played in bringing about anti-colonial cultures. The acceptance of ‘hybrids’ into the French system was seen as a means to oppose colonial practices, and a means of accepting cultures across borders. By neither applying his works to either assimilation or white supremacist regimes, his works received a lot of attention (Fanon 56). In one of his famous statements, Fanon describes the manner in which Africans are racialized and forced to live. He insists that black people must put on a facade for them to get by in the white community. This is so as to allow them to have the right access to some of the elementary provisions of life. What Fanon implies in that statement is the manner in which race has deformed the manner in which people live, whether black or white. When the whites want to dominate the African continent, they have to rely on their skin colour to express their dominance and superiority. They are enslaved in their thinking that being white is the reason why they should be feared. The manner in which Africans are racialized is to

Sunday, November 17, 2019

The Han Dynasty and Rome Essay Example for Free

The Han Dynasty and Rome Essay From 206 B.C.E. 220 C.E., the Han dynasty, in China, accumulated many political control methods, as did Imperial Rome reigning from 31 B.C.E. – 476 C.E. However, there were more differences than similarities between the two empires/dynasties. Two main differences were China and Rome’s territorial expansion and their political philosophies (mandate of heaven and monarchy). A similarity between these two empires would be their centralized government adopting bureaucracy. China put their trust in the mandate of heaven, which is a Chinese political theory that gave those in power the right to rule from a divine authority. Imperial Rome relied on a monarchy system, which put Augustus Caesar (Julius Caesar’s son) into power. Another factor that differentiated Han China and Imperial Rome was their territorial expansion. Imperial Rome expanded from Italy to Spain, Gaul, Macedonia, Asia Minor, Egypt, Greece and Britannia. However, although Han China expands throughout Asia, they felt they did not need to expand much to sustain their power. Nonetheless, what allowed Han China and Imperial Rome to resemble each other, was there centralized bureaucracies. This is a government system in which all of the important decisions are made by one or a few authorities in a region. Rowland 2 Han China (206 B.C.E. 220 C.E.) and Imperial Rome (31 B.C.E. – 476 C.E.) discriminate more with their political methods, than relate to one another. Two distinctions would be their political philosophies, mandate of heaven and monarchy, and their territorial expansion concepts. One aspect that helped them relate to one another was that they shared the ideal of a centralized bureaucracy.

Friday, November 15, 2019

Chinese Telecom Industry Essay -- essays research papers fc

December 11, 2001 was a long awaited day for both local businesses, as well as for foreign investors. It was the day that the Chinese State Council promulgated the Regulations for the Administration of Foreign Invested Telecommunications Enterprises (FITE) which were scheduled to come into effect on the 1st of January 2002. Since it’s accession to the WTO, foreign telecommunications have eyed what is arguably the largest telecommunication’s industry in the world, and growing at a rate of over 20 per cent per annum. Having said that, Bureaucratic influences have stunted what were once crucial and foreseeable changes in regulation, the effect being cushioned only by government investment into the industry. â€Å"We encourage more investment into the telecommunications sector as we are moving into a critical stage since the industry is deepening its reform and telecom equipment is upgrading†, says Xi Guohua of the Ministry of Information Industry (MII). However, although this quote quite accurately reflects the attitude of the Chinese Government with regard to foreign investment, stringent regulation is a hurdle which is still making it difficult for foreign firms to penetrate the market. As of October 2004, 10 out of the meagre 12 applications made by foreign firms to provide telecom-related services have been pending approval for over 12 months . Along with these characteristic delays in Government approval (often blamed on red tape-ism) come the problems of stringent regulation...

Tuesday, November 12, 2019

How the American Revolution Got Started

The events that took place before the American Revolution affected history in such a way giving the British and colonists the need to have a Revolution. The French and Indian war is the name for the war that took place between Great Britain and France in North America from 1754 to 1763. The aftermath of this war was a big part leading up to the American Revolution. The war changed economic, political, and social relations between the three European powers (Britain, France, and Spain) their colonies and colonists, and the natives that occupied the territories they demanded. The war finally ended with the signing of the treaty of Paris in 1763. France and Britain suffered financially because of the war. The stamp act came along in 1765, this was a direct tax imposed by the British parliament on the colonies. The act required that almost all printed materials must be produced on stamped paper. This consisted of legal documents, magazines, newspapers etc. The purpose of this tax was to pay for troops stationed in North America after the British Victory in the seven years’ war. The stamp Act congress was a meeting of representatives from the thirteen colonies. They discussed and acted upon the stamp act that was passed by the governing parliament of Great Britain, and did not include any representatives from the colonies. The congress then put together the declaration of the stamp act congress, which was fourteen points of colonial protest. They issued it to the king and parliament in hopes of repealing the stamp act. The Townsend acts were a series of laws passed beginning in 1767 by the Great Britain parliament in relation to the British colonies in North America, The acts being named after Charles Townshend who was the Chancellor of the Exchequer. Overall this was an internal tax on economic activity within a single colony; Townsend wanted the external taxes which was an economic activity that goes through a colony and into other parts of the country. Such as paint, glass, tea etc. He thought we should use the money to pay the colonial governor, other parliaments and the king’s salaries. Another event was the Boston massacre, an incident that happened in March of 1770. It started out as a street fight, the civilians being mad at the British for taxing everything and ended in Britain redcoats killing five civilians. This caused a lot rebellion in the British American colonies leading us towards the American Revolution. Five years later Shots were heard around the world. Paul Revere on April 18th yelled out the British regulars are coming! The first shot was fired by the British in Lexington, and then they went to Concord. Then our militia stopped them and turned them back to Boston. This was the start of the revolution, minute men were ready to stand in a minutes warning. The colonists were not going to stand for the British taking over their land and taxing them on all of their goods, so they fought for their rights. US constitution There were proposals at the philadelphia constitution convention in 1787. These proposals were the virginia plan, and the new jersey plan that people did not like. The US contitution was ratified after the Great compromise came into effect. Otherwise known as the conneticut plan. This consisted of a strong national government (tax, raising an army, regulated trade, and supremed laws). Another was the seperation of powers between legislative and executive. Also there would be two houses of congress, the senate and the House of Representatives. The states would be able to choose their US senators. Lastly there was the slavery 3/5th compromise meaning a slave counts as 3/5 of a person. When the U. S. Constitution was presented to the states, many people chose to be either Federalists or Anti-Federalists. Virginia and many other states were against the Constitution because there was no bill of rights included in it. James Madison was known as the â€Å"Father of the Constitution†, and he and Alexander Hamilton were two Federalists who supported the Constitution and explicated it in the Federalist papers (1788). On the other side George Mason, an Anti-Federalist, opposed the Constitution. Federalist (James madison) wanted a stronger government and argued to ratify the constitution. The US constitution will control factions which is a group of people with a common interest and economic seek to control government for own benefit. 1. ) Also the bigger the better in a national government, multiple factions will cancel one another out. 2. ) WE will choose the best among us to govern for the common good (republicanism) Anti Federalists – opposed to ratifying the constitution Partrick henry thought things were okay before the philadalphia convention and we were at peace. He also thought a large government would have to resort to tyranny to control everything menaing a loss of individual rights. He thought we should have lumped the states into a consolidated government. Samuel bryan thought governing over such a large area would be unable to address local concerns. Richard henry lee didn’t know it would be such a huge change.

Sunday, November 10, 2019

Effects of Urbanization in Jamaica

Urbanization refers to the shift of population from rural areas to cities or towns according to the Encarta Encyclopaedia. In Jamaica today, urbanization is a constant process for persons to move from one area to the next without hesitation compared to the previous generations. Urbanization has seen a significant increase over the years because of persons pursuing a better standard of living. People move because of the economic situation of the country which results in the need to find better jobs, the environmental effects and last but not least crime and violence. I think that urbanization is necessary for the improvement of one’s life. According to G. Nicolas, the financial crisis of the country plays a vital rule in urbanization, with higher demands for goods and services manufacturers, wholesalers and retailers tend to increase the cost of goods and services trying to make a profit for their business. Persons who are working sometimes tend to have a hard time of finding the money to acquire these high pricing goods and services to satisfy their needs. In spite of the high pricing of goods and services; with an increase in the population, getting a job becomes much harder especially if a person has no qualifications and applies for a job, then a more qualified person applies for the same job, the qualified persons is more than likely to get hired over the unqualified persons. In most cases rapid population growth in urban areas gives rise to poverty in such a way that when overpopulation occurs, jobs might be limited in that area and increasing social problems associated with unemployment and underemployment. According to the Encarta Encyclopaedia, urbanization also contributes to environmental issues in various ways as it relates to overpopulation. It may lead to pollution such as noise pollution in such a way that when potential health effects of noise pollution are numerous, pervasive, persistent, and medically and socially significant. Noise produces direct and cumulative adverse effects that impair health and that degrade residential, social, working, and learning environments with corresponding real and intangible losses. Air and water pollution are other environmental effects of urbanization and the most important reasons for population explosion in the cities of developing countries like Jamaica is rapid urbanization. Urbanization in Jamaica is accompanied by a number of challenges arising from population concentration in metropolitan cities; environmental degradation is occurring very rapidly and causing shortage of basic needs. The worsening water quality, air pollution and problems of disposal solid wastes and hazardous materials that is harmful to them. Health issues can arise from urbanization and cause a wide-spread epidemic of illnesses. These illnesses can be transmitted in crowded areas where airborne, respiratory and hand to hand transmission of illnesses can occur. The source, G. Nicolas, stated that deforestation is an effect of urbanization where it is a contributor to global climate change and is often cited as one of the major causes of the enhanced greenhouse effect. Urbanization allows clearance of naturally occurring forests by the processes of logging and or burning of trees in a forested area to make space available to build new houses or apartment building. Deforestation also leads to soil erosion; it decreases permeable surfaces in the soil faster forming of surface runoff, more frequent appearance of flood waves. Urbanization influences on development of erosion processes, land degradation with significant reduction of soil water capacity. In Jamaica, crime and violence also contributes to urbanization in an emerging area of concern in the increase levels of crime and violence in urban areas. Important gender differentiation exists in terms of violent response to unemployment. While men turn to crime and violence, women more frequently turn to dependency on men. It is not too hard to believe that Kingston’s reputation as a place of violence ranks third in the world. Gang violence and shootings occur regularly in inner-city areas of Kingston. Some inner-city neighbourhoods are occasionally subjected to curfews and police searches. Impromptu street protests sometimes occur, during which demonstrators often construct roadblocks or otherwise block the streets. Unemployed persons may turn to crime because they failed to acquire or keep a steady job and decide to turn to the act of stealing from the hard working and law abiding citizens in their community to earn a living for themselves. The frequent outbreak of violence between persons or rival gangs in a community may cause persons to feel unsecured and afraid of what might happen to them. This may cause families in the community to migrate to a violence free area where they might feel safer. Although urbanization has many negative and positive effects, I think that it is in the countries best interest to try and improve the negative influences that are associated with urbanization to improve the living condition of urbanized areas.

Friday, November 8, 2019

Acid Rain Essays - Inorganic Solvents, Acid Rain, Sulfuric Acid

Acid Rain Essays - Inorganic Solvents, Acid Rain, Sulfuric Acid Acid Rain INTRODUCTION: Acid rain is a great problem in our world. It causes fish and plants to die in our waters. As well it causes harm to our own race as well, because we eat these fish, drink this water and eat these plants. It is a problem that we must all face together and try to get rid of. However acid rain on it's own is not the biggest problem. It cause many other problems such as aluminum poisoning. Acid Rain is deadly. WHAT IS ACID RAIN? Acid rain is all the rain, snow, mist etc that falls from the sky onto our planet that contains an unnatural acidic. It is not to be confused with uncontaminated rain that falls, for that rain is naturally slightly acidic. It is caused by today's industry. When products are manufactured many chemicals are used to create it. However because of the difficulty and cost of properly disposing of these products they are often emitted into the atmosphere with little or no treatment. The term was first considered to be important about 20 years ago when scientists in Sweden and Norway first believed that acidic rain may be causing great ecological damage to the planet. The problem was that by the time that the scientist found the problem it was already very large. Detecting an acid lake is often quite difficult. A lake does not become acid over night. It happens over a period of many years, some times decades. The changes are usually to gradual for them to be noticed early. At the beginning of the 20th century most rivers/lakes like the river Tovdal in Norway had not yet begun to die. However by 1926 local inspectors were noticing that many of the lakes were beginning to show signs of death. Fish were found dead along the banks of many rivers. As the winters ice began to melt off more and more hundreds upon hundreds more dead fish (trout in particular) were being found. It was at this time that scientist began to search for the reason. As the scientists continued to work they found many piles of dead fish, up to 5000 in one pile, further up the river. Divers were sent in to examine the bottom of the rivers. What they found were many more dead fish. Many live and dead specimens were taken back to labs across Norway. When the live specimens were examined they were found to have very little sodium in their blood. This is typical a typical symptom of acid poisoning. The acid had entered the gills of the fish and poisoned them so that they were unable to extract salt from the water to maintain their bodies sodium levels. Many scientist said that this acid poising was due to the fact that it was just after the winter and that all the snow and ice was running down into the streams and lakes. They believed that the snow had been exposed to many natural phenomena that gave the snow it's high acid content. Other scientists were not sure that this theory was correct because at the time that the snow was added to the lakes and streams the Ph levels would change from around 5.2 to 4.6. They believed that such a high jump could not be attributed to natural causes. They believed that it was due to air pollution. They were right. Since the beginning of the Industrial revolution in England pollution had been affecting all the trees,soil and rivers in Europe and North America. However until recently the loses of fish was contained to the southern parts of Europe. Because of the constant onslaught of acid rain lakes and rivers began to lose their ability to counter act their affects. Much of the alkaline elements; such as calcium and limestone; in the soil had been washed away. It is these lakes that we must be worried about for they will soon become extinct. A fact that may please fishermen is that in lakes/rivers they tend to catch older and larger fish. This may please them in the short run however they will soon have to change lakes for the fish supply will die quickly in these lakes. The problem is that acid causes difficulties the fish's reproductive system. Often fish born in acid lakes do not survive for they are born with birth defects such as twisted and deformed spinal columns. This is a sign that they are unable to extract enough calcium from the water to

Tuesday, November 5, 2019

10 Myths and Misconceptions About Bedbugs

10 Myths and Misconceptions About Bedbugs There are many misconceptions about the humble bedbug. Bedbugs (or cimicids) belong to a highly specialized family of insects that feed off the blood of humans, bats, and birds. The best-known members are the temperate-climate parasite Cimex lectularius (which means bedbug in Latin) and Cimex hemipterus, a tropical version. Bedbugs are the most widely recognized insect in the world. They are known to have fed on humans for more than 4,000 years- and probably much longer. Unfortunately, there are many myths about these tiny pests. If You Wake Up With Insect Bites, You Have Bedbugs Bedbugs tend to bite on locations that are exposed during sleep- the arms, legs, and back as well as the face and eyes. The insects prefer sites that lack hair, with a thin epidermis that provides access to plentiful blood. However, bedbugs are not the only nocturnal feeder on humans. Quite a few other arthropods could be the cause of bite marks, including fleas, mites, spiders, or even bat bugs. Also, many medical conditions cause rashes that look similar to bug bites. If the marks persist but you dont find signs of an infestation, consider a trip to the doctor. Are you the only one in your household waking up with bites? People react to bedbug bites differently, just as they do with mosquito and other insect bites. Two people can sleep on the same bedbug-infested mattress, and one will wake up without any signs of being bitten while the other will be covered in bite marks. Bedbugs Cannot Be Seen by the Naked Eye While bedbugs are pretty small insects, they arent microscopic. If you know where to look for them, you can definitely see them without the aid of a magnifier. The bedbug nymph is roughly the size of a poppy seed. Adults measure a bit larger than 1/8th of an inch, or about the size of an apple seed or a lentil. The eggs, which are just the size of a pinhead, are harder to see without magnification. Bedbug Infestations Are Rare Although bedbugs all but disappeared in developed countries in the 1930s and again in the 1980s, global bedbug infestations are increasing in the 21st century. Rises in bedbug activity have been seen on every continent except Antarctica. In the United States, bedbugs are reported in all 50 states, and an estimated one in five Americans either has had a bedbug infestation in their home or knows someone who has. Today, infestations are found in offices and retail environments, in health and transportation buildings, and even in movie houses: basically, anywhere people sleep or sit. Bedbugs Are a Sign of a Dirty House Although there is a great social stigma to having a bedbug infestation, bedbugs dont care how neat and tidy your house is, nor do they care if youre the best housekeeper on the block. As long as you have blood pumping through your veins, bedbugs will happily take up residence in your home. The same rule holds true for hotels and resorts. Whether a hotel has bedbugs has nothing to do with how clean or dirty the establishment is. Even a five-star resort can host bedbugs. One thing to keep in mind, however, is that clutter can make it much more difficult to get rid of bedbugs once theyre in your home- the mess gives the insects plenty of places to hide. Bedbugs Only Bite After Dark While bedbugs prefer to do their dirty work under cover of darkness, the light wont stop a hungry bedbug from biting you. In desperation, some people will try leaving all their lights on at night, hoping the bedbugs will stay hidden like cockroaches. All this will do is make you more sleep-deprived. Bedbugs spend most of their time hidden away. They only come out to feed once every three to seven days, usually from one to five a.m. They fully engorge themselves on your blood in 10 to 20 minutes, and then they go back to their hiding places to digest their food. After a meal, adult bedbugs may increase in length by 30 to 50 percent and in weight by 150 to 200 percent. Bedbugs Live in Mattresses Bedbugs do hide in the seams and crevices of your mattress. Since these nocturnal insects feed on your blood, it is to their advantage to live close to the place where you spend the night. But that doesnt mean bedbugs only live in mattresses. The insects also inhabit carpets and couches, dressers and closets, and even places where youd never think to look, such as inside picture frames and switch plate covers. Infestations can be extremely costly, resulting in multimillion-dollar damage in the hospitality industry, poultry industry, and private and communal households. Costs include payment for pest control, damage to social reputation, and replacement of infested clothing and furniture. You Can Feel a Bedbug Bite Bedbug saliva contains a substance that serves as a mild anesthetic, so when one bites you, it actually does you the favor of numbing your skin first. Its very unlikely that youd ever feel a bedbug bite when it happens. Reactions to bites vary from individual to individual. Some people have no reactions at all; often the bites start out as small indistinct lesions about two-tenths of an inch in diameter, which may develop into larger circular or ovoid welts. Some may grow as big as 2.5 inches in diameter. If there are a large number of bites, they can give the appearance of a generalized rash. They itch intensely, cause sleep deprivation, and can be associated with secondary bacterial infections as a consequence of scratching. Bedbugs Jump From the Floor to Your Bed Bedbugs arent built  for jumping. They simply dont have the legs for it as fleas and grasshoppers do. Bedbugs dont have wings, either, so they cant fly. They can only crawl for locomotion, so moving from the floor to the bed requires them to climb up a leg of the bed, or to scale belongings or furniture youve placed nearby. This can work to your advantage if youre battling bedbugs, as you can create barriers to keep them from climbing onto your bed. Cover the bed legs in double-sided tape, or place them in trays of water. Of course, if your bedspread touches the floor, the bedbugs will still be able to climb up, and the insects have also been known to crawl up the wall to the ceiling and then drop onto the bed. Bedbugs Transmit Diseases to People Although bedbugs can and do carry infectious diseases, there is little danger of the viruses being transmitted to humans. So far, scientists have found no evidence that bedbugs are capable of transmitting diseases to human hosts. For this reason, theyre considered a nuisance pest rather than a health threat. But even though they dont transmit diseases, bedbugs arent harmless. Some people experience severe allergic reactions to bedbug bites, and people who are bitten sometimes suffer from secondary infections. The emotional stress of dealing with a persistent bedbug infestation can also have a negative impact on your health. Bedbugs Can Survive a Year Without a Meal Technically, this is true. Under the right conditions, bedbugs have been known to survive as long as a year without a meal. Bedbugs, like all insects, are cold-blooded, so when temperatures drop, their body temperatures decrease. If it gets cold enough, bedbug metabolism will slow down, and theyll stop eating temporarily. However, it is highly unlikely that it would ever get cold enough in your home to trigger such a long period of inactivity. For practical purposes, then, this statement is false. At normal room temperature, a bedbug might go as long as two to three months without a meal, but thats about it.

Sunday, November 3, 2019

Critique Essay Example | Topics and Well Written Essays - 1000 words - 6

Critique - Essay Example The authors are looking forward to the best possible outcomes of regulation and taxation of marijuana; in short, they talk about issues on legalization. Marijuana has become illegal because the government together with its law prohibits it in the first place. The authors define marijuana to be legal when it is already regulated by the government and so potential tax must be obtained out from it. The authors look forward to this as for the sole purpose of funding the government’s drug and law enforcement activities with the collected tax. Furthermore, they assume that this will potentially decrease marijuana’s level of consumption, as its price will surge up high as an upshot of taxation activity. Furthermore, the authors define the legalization of marijuana by supplementing it with the assumption or circumstance that is associated with its prohibition. The authors simply are trying to point out the assumption that legalizing marijuana will remarkably address gang crimes and violence that are associated with its distribution and usage. This would require substantial proofs in the first place which the authors unfortunately fail to elaborately discuss in their argument. Conversely, one of the probable strengths of the authors’ argument is its being positive about the subject matter especially on the cost and crime control. In fact, the entire argument is substantially focused on the cost and crime control. Furthermore, the authors talk about the practicality in dealing with marijuana usage and distribution concerns. They bring out the entire issue to be highly associated with the prevailing crimes that relate with marijuana usage and distribution. The authors are making the best of this opportunity to convince the public and policy makers with their stand by integrating into their arguments some important knowledge that comes from their areas of expertise. By profession, the authors are internal medicine specialist and police officer. It is therefore

Friday, November 1, 2019

Britain At The Paris Peace Conference Essay Example | Topics and Well Written Essays - 1000 words

Britain At The Paris Peace Conference - Essay Example The overall outcomes of the Conference have been usually labelled as failure, but such view is not fully correct. On the one hand, the treaties signed during the Paris negotiations did fail to secure peace in Europe in the long-term. On the other hand, the problems facing the negotiating parties at that difficult time were too complicated and often defied effective solutions1. However, the fact that some nations participating in the conference benefited more than others from the conditions of peace can hardly be put in question. Analysis of the key provisions negotiated during the Paris Peace Conference convincingly demonstrates that Britain was one of the participants whom managed to have their requirements satisfied to an acceptable extent. Although the common goal of the leaders involved in the Paris negotiations was apparently to restore peace and stability in Europe, the Conference immediately exposed serious disagreement between the Allies concerning how to threat Germany. The views were highly contradictory with the Big Three leaders balancing between the long-term political benefits of their countries, varying interests of their partners, and the public opinions of their nations. French Prime Minister Clemenceau perceived Germany as a potential threat to stability and peace in Europe, and a threat to security of his country. Therefore, France claimed that Germany was obliged to "cover the costs of restoration of invaded territories and repayment of war debts [and that] a long period of stiff repayments would have the added advantage of keeping Germany financially and economically weak"2. Such claim clearly demonstrated the reasonable fear of France that light penalties would result in rapid recovering and further strengthening of Germany. The Fourteen points of President Wilson reflected his highly idealist and pacifist views on the political developments in Europe: perhaps that is why Wilson failed to convince the Allies accept his moderate position on the economic obligations of Germany. On the other hand, Britain was extremely concerned with the revival and further development of international trade which constituted the cornerstone of the country's economic potency3. Lloyd George understood that Germany ruined by excessively hard economic claims of France and other Allies would seriously undermine marketability of British goods in the European market: "While the British government saw 66 million potential German customers, the French government trembled at the prospect of 66 million German soldiers and possible invaders."4. The British representatives also viewed Germany as a potential "barrier-fortress against the Russians"5 and reasonably considered that only country with healthy economy tied by strongly trade-b ased relationships could effectively fulfil such mission. Evidently, while none of the major players had his interests fully satisfied, the economic provisions of the Treaty of Versailles came closer to satisfying the requirements of British delegation. An exact monetary figure Germany was obliged to pay to the Allies never appeared in the Treaty, and despite the claims of Britain and Germany that the terms of reparations were still too harsh, the truth was "the Treaty of Versailles had left [Germany] largely intact, with a population almost double that of France, and

Wednesday, October 30, 2019

Use of neologisms in legal translation Essay Example | Topics and Well Written Essays - 2000 words

Use of neologisms in legal translation - Essay Example This research will begin with the statement that the difficulties in legal translation from one original term to another in consideration of â€Å"cultural asymmetry† between different legal systems of which one country or group of nations’ legal concepts as well as courtroom procedures have been formed by their own history and experience. Likewise, these established legal concepts are not always, if at all, shared by other countries or nations and states of which target language for translation may be necessary. Once specific observation was that of Stern where there are acknowledgment and accommodation of other cultures in the International Criminal Tribunal for former Yugoslavia (ICTY) but these â€Å"other cultures† were not able to experience equal status with the Anglo-Saxon legal and communicative culture dominating the Tribunal. While it is generally understood that legal language is accepted by the precision of its legal terms predominantly generic and c onnotative so that they are not decoded by a simple process of one-to-one relationship in linguistics, Newmark and Baker also pointed out that the relative accuracy of legal or lexical equivalent was problematic in the translation and interpretation process. Local courts may employ the essential capabilities of legal professionals and the judiciary, but there are growing occurrences and instances that foreign as well as internationally accepted laws are a necessity in order to provide legal solutions to local cases, and vice versa. The quality of interpretation, then, as well as the exigency of justice becomes dependent on the interpreter, or how legal translation is undergone, presented and used. This paper will try to explore the use of neologism in legal translation with close reference to Rene de Groot's article "Title" and (year, PLEASE SUPPLY, ALSO UNDER REFERENCE) as well as to other available resources. Discussion: Whereas Swiss linguist Ferdinand de Saussure argued that "Language is a system of interdependent terms in which the value of each term results solely from the simultaneous presence of the others ... Content is really fixed only by the concurrence of everything that exists outside it. Being part of a system, it is endowed not only with a signification but also and especially with a value," (qtd. Noth, 1990, p 61), we are then presented with technical connection of words between and amongst themselves which altogether changes when used with other words. This alone as well as cultural differences provide a difficulty in the manner of translating legal terms which this paper explores. Already, in a study conducted by Stern (2004), it was acknowledged that the lack of exact legal equivalents between languages, in this context English and French or Bosnian, Croatian and Serbian (BCS), was an obstacle and a very difficult aspect of translation. Given examples "for everyday terms and concepts, such as allegations, cross-examination, pre-trial, to plead guilty/not guilty, beyond any reasonable doubt or balance of probability (and) cognates such as appeal, charges, objection," (Stern, 2004) proved to have different significance in the target language/s and presented discrepancies in the translation of official legal documents, as well as judgments. Weston (1983 p 207), himself pointed out that, "It is no business of the translator's to create a new word or expression if the SL [source language] expression can be adequately and conveniently translated by using one of the foregoing methods" of which methods were enumerated as: 1. equivalent notions 2. literal translations 3. leaving the term un-translated. De Groot, nevertheless, presented three solutions as: 1. Do not translate and use the target language the original or transcribed term from the source language. If necessary one explains the notion between brackets or in a foot-note by using a 'literal translation' or by using a remark as 'comparable with

Monday, October 28, 2019

Principles of Marketing Essay Example for Free

Principles of Marketing Essay The course content includes a study of the relationship between marketing and society, nature and functions of marketing, marketing management processes, marketing tools, the markets, and the consumers. Course Objectives The main goal of the course is to provide an overview of the basic principles underlying modern marketing theory and practice. It will provide participants with an understanding of the analysis that is necessary for taking marketing decisions, and the wide range of factors (and interactions of those factors) that need to be considered in the design of a marketing program. Students should come away with this course with an understanding of the marketing system and its role within the Malaysian economy and within an individual firm by studying how products and services are planned, priced, promoted, and distributed in order to satisfy consumers wants. Learning Outcomes Upon completion of the course, students should be able to: ? define and apply knowledge of the key marketing concepts. ? explain how marketing decisions are influenced by environment, trends and developments. ? discuss the factors influencing consumer behavior. Please dress decently and appropriately (according to university’s dress codes) when attending classes. ? Group projects ; Assignments There will be group projects and assignments. For group project, work together with your group members and at the end of the project your group members will assess your contribution to the project. You are expected to do a group presentation before submission of written copy during the semester. Assignments will be uploaded in UNIEC. In class assignments must be submitted on the specified date otherwise you may be penalized for late submission. If you encounter any problem to submit assignments on the specific date, you are required to inform the lecturer within 2 days of the specified date. For any type written assignments given, the format of the paper should be as follows: ? A cover page with your details – Name, Student ID and Sections ( as registered in CMS) ? Font: Time New Roman , size 12 with 1. 5 spacing ? Include a reference page for every assignment that you submitted. ? Forums Students are required to participate in ALL 3 forums posted by the Course Leader and marks will be assigned based on the quality of the discussion. ? Accessing/ Checking UNIEC Virtual It is utmost important for students to access and check their UNIEC Virtual for any updates and information pertaining to the course regularly throughout the semester. Ignorance is NO EXCUSE. Examination Format Final examination will be a three hours-examination. The exam will evaluate your level of understanding and knowledge acquired in this course. The question formats may consist of multiple choice, true-false, short essays, and case-based problems. Week Topics Covered Overview 1 2 3 4 Topic 1: Marketing: Managing Profitable Customer Relationship Topic 2: The Marketing Environment and the Marketing Information Topic 3: Consumer Markets and Consumer Buyer Behavior Topics/Activities Remarks/ Deadlines Introduction. Class activities: Getting to know. Overview of course plan. Marketing: Managing Profitable Customer Relationship ? Definitions of marketing ? Basic concepts of marketing ? Evolutions of marketing ? Relationship marketing ? Marketing strategy and the marketing mix ? Marketing Challenges in the future Read. The Marketing Environment and Marketing Information ? Company’s Microenvironments ? Company’s Macroenvironments ? Marketing research process Read: Forum 1 ? Kotler: Chapter 3 ; 4 ? Real Marketing 4. 2 ‘Tracking consumers on the Web: Smart targeting or a little creepy’. p 151 Class activities: ? Discuss reading materials Topic 2 ? Discuss ‘Prius: Leading a Wave of Hybrids’ case Consumer Markets and Business Market ? Consumer Buying Behavior ? Consumer Decision-making Process ? Factors Affecting Consumer Buying Behavior ? The Organizational Market ? The Organizational Buying Process.

Saturday, October 26, 2019

Women and the Agricultural Revolution Essay -- essays papers

Women and the Agricultural Revolution Elise Boulding in her article, Women and the Agricultural Revolution, argues that women played a key role in initiating the Agricultural Revolution. She defines the revolution as happening within two stages: horticulture and agriculture proper. Women had a prominent role within the earlier form, horticulture. Horticulture is defined as farming for subsistence only.Women’s roles on the farm were not as dominant as society grew to farming for surplus instead. Boulding begins the article by discussing the shift society made from wandering nomads to settled villagers. She explains that it was women who recognized that plants could be easily domesticated. It was because of the domestication of plants that people decided to eventually settle down. In doing so, the early settlers exchanged the fairly simplistic nomadic life to that of a hard-working farmer. Throughout the essay, Boulding emphasizes the role women played in initiating this revolutionary shift. She describes the main duties women had and the status they held within a horticulture society. However, this changed as the purpose of farming shifted to agriculture proper. According to Boulding, women’s influence on the Agricultural Revolution began very early on. Women had recognized the significance of einkorn, a nutritious plant that was easy to cultivate. It was because of women recognizing that plants could be domesticated that nomads were introduced to farming....

Thursday, October 24, 2019

Masters of the Universe

Consolidation of Variable Interest Entities A Roadmap to Applying the Variable Interest Entities Consolidation Model March 2010 FASB material, copyright  © by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, is reproduced with permission. This publication is provided as an information service by the Accounting Standards and Communications Group of Deloitte & Touche LLP. It does not address all possible fact patterns and the guidance is subject to change.Deloitte & Touche LLP is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte & Touche LLP shall not be responsible for any loss sustained by any person who relies on this publication.As used in this document, â€Å"Deloitte† means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www. deloitte. com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. March 2010 Contents Acknowledgments Introduction Section 1 — Overview, Background, and Scope 1. 01 1. 02 Determining Which Consolidation Model to Apply Consideration of Substantive Terms, Transactions, and Arrangements Substantive Terms and Arrangements Scope and Scope Exceptions Overall Scope Considerations 1. 3 1. 04 1. 05 1. 06 1. 07 1. 08 1. 09 1. 10 1. 11 Application of the VIE Model in ASC 810-10 to Non-SPEs Qualification of a SPE as a Voting Interest Entity Application of the VIE Model in ASC 810-10 to Multitiered Legal Entity Structures Application of the VIE Model in ASC 810-10 to a Single Entity Held by a Holding Company Elimination of the QSPE Scop e Exception Determining Whether Employee Benefit Plans Should Apply the VIE Model in ASC 810-10 to Their Investments Scope Exception for Certain Investment CompaniesDefinition of Governmental Organization Determining Whether a Governmental Organization Was Used to Circumvent the Provisions of the VIE Model in ASC 810-10 Scope Exception for Not-for-Profit Organizations Scope Exception for Not-for-Profit Organizations: Circumvention of the VIE Model in ASC 810-10 Accounting Guidance for NFPs as a Result of the VIE Model in ASC 810-10 Determining Whether Entities That Present Their Financial Statements Similarly to a NFP Can Qualify for the Not-for-Profit Scope Exception Retention of a For-Profit Reporting Entity’s Accounting Policies in the Consolidated Financial Statements of a Not-for-Profit Reporting Entity Scope Exception for Separate Accounts of Life Insurance Entities Meaning of the Term â€Å"Exhaustive Effort† Application of Exhaustive-Efforts Scope Exception to an Inactive Entity Created Before December 31, 2003 Definition of a Business Under ASC 810-10-15-17(d) Effect of the Change in the Definition of a Business on the Business Scope Exception 1 2 5 6 8 8 9 10 10 10 11 12 13 14 14 14 15 15 15 16 17 17 17 18 18 18 19 19 19 20 20 21 21 21 Scope Exception for Employee Benefit Plans Scope Exception Related to Investments Accounted for at Fair Value Scope Exception for Governmental Organizations Scope Exception for Not-for-Profit Organizations 1. 12 1. 13 1. 14 1. 15 1. 16 Scope Exception Related to Separate Accounts of Life Insurance Entities 1. 17 1. 18 1. 19 1. 20 1. 21 Exhaustive-Efforts Scope Exception Business Scope Exception i 1. 22 1. 23 1. 24 1. 25 1. 26 1. 27 1. 28 1. 29 1. 30 1. 31 Applying the Business Scope Exception on aReporting-Entity-by-Reporting-Entity Basis Determining When a Reporting Entity Should Assess Whether It Meets the Business Scope Exception Under the VIE Model in ASC 810-10 Definition of a Joint Venture and Joint Control as Used in the VIE Model in ASC 810-10-15-17(d)(1) Determining Whether the Reporting Entity Participated Significantly in the Design or Redesign of the Legal Entity Scope Exception for Legal Entities Deemed to Be a Business — Determining Whether Substantially All of the Activities Either Involve or Are Conducted on Behalf of the Reporting Entity Scope Exception for an Entity Deemed to Be a Business — Determining Whether Financing Is Subordinated Additional Financial Support — Put and Call Options Business Scope Exception — Determining Whether More Than Half the Total of Equity, Debt, and Other Subordinated Financial Support Has Been Provided Lessee’s Determination of Whether a Capital Lease With an Entity Should Be Assessed Under the VIE Model in ASC 810-10 Consideration of Leasing Activities in Which the Legal Entity Is the Lessor 22 22 24 25 25 27 28 29 30 30 Section 2 — Determination of Whether the Reporting Entity Holds a Variab le Interest Identifying a Variable Interest 2. 01 2. 02 2. 03 2. 04 2. 05 2. 06 2. 07 2. 08 2. 09 2. 10 2. 11 2. 12 2. 13 2. 14 2. 15 2. 16 2. 17 2. 18 2. 19 2. 20 2. 21 2. 22 2. 23 2. 24 2. 5 Determining Whether a Holding Is a Variable Interest Identifying Whether a Reporting Entity Holds a Variable Interest Requiring Analysis Under the VIE Model in ASC 810-10 Determining When a Lease Represents a Variable Interest — Potential VIE Is a Lessor Determining When a Lease Represents a Variable Interest — Potential VIE Is a Lessee Determining Variable Interests Under the VIE Model in ASC 810-10 in a Synthetic CDO Structure When Decision-Maker Fees Are Not Treated as a Variable Interest Determining Variable Interests Under the VIE Model in ASC 810-10 in a Synthetic CDO Structure When Decision-Maker Fees Are Treated as a Variable Interest Netting of Instruments Other Than Equity Applying the VIE Model in ASC 810-10 to Trust Preferred Security Arrangements and Similar Structur es Implicit Variable Interests and â€Å"Activities Around the Entity† — Illustration Implicit Variable Interests — Call and Put Options Implicit Variable Interests — Total Return Swap Implicit Variable Interests —Back-to-Back Asset Guarantee Determining When an Implicit Guarantee (Variable Interest) Exists in a Related-Party Transaction Implicit Variable Interests — Waiving of a Management Fee Overview of the Guidance in ASC 810-10-25-21 Through 25-36 Applying the Guidance in ASC 810-10-25-21 Through 25-36 to Purchase and Supply Arrangements Applying ASC 810-10-25-21 Through 25-36 to PPAs, Tolling Agreements, and Similar Arrangements Off-Market Supply Agreements Determining Whether a Variable Interest Is Subordinated Financial Support Analyzing a MMF for Consolidation How to Determine Whether an Embedded Derivative Is Clearly and Closely Related Economically to Its Asset or Liability Host Applying the Guidance in ASC 810-10-25-35 and 25-36 Meaning of the Term â€Å"Derivative Instrument† in ASC 810-10-25-35 and 25-36 Meaning of the Term â€Å"Market-Observable Variable† in ASC 810-10-25-35 Meaning of the Term â€Å"Essentially All† in ASC 810-10-25-36 32 32 32 35 36 37 37 39 39 40 43 43 46 46 47 47 51 51 53 55 56 58 59 60 62 63 65 66 66 Implicit Variable Interests The By-Design Approach to Determining Variability ii Section 3 — Determination of Whether an Entity Is a VIE Determination of Whether Equity Investment at Risk Is Sufficient Under ASC 810-10-15-14(a) 3. 01 3. 2 3. 03 3. 04 3. 05 3. 06 3. 07 3. 08 3. 09 3. 10 3. 11 3. 12 3. 13 Determination of Equity Investment at Risk When the Investor’s Initial Accounting Basis of Its Equity Differs From Fair Value Including Mezzanine Equity Instruments in Total Equity Investment at Risk Determination of Whether a Personal Guarantee Provided by an Equity Holder Represents Equity Investment at Risk Determining Whether an Instrument With a R isks-and-Rewards Profile Similar to That of an Equity Investment Qualifies as Equity Impact of ASC 810-10-15-14(a) on the Determination of Total Equity Investment at Risk When the Investee Is a Foreign Entity Non-At-Risk EquityInvestment as a Variable Interest Definition of â€Å"Profits and Losses,† as Used in ASC 810-10-15-14(a)(1) Including Fixed-Rate, Nonparticipating Preferred Stock in the Total Equity Investment at Risk Determining Whether an Equity Interest Participates Significantly in the Profits and Losses of an Entity Impact of Put Options, Call Options, and Total Return Swaps on Equity Investment at Risk Impact of Contracts and Instruments That Protect an Equity Investor on Equity Investment at Risk Qualification of Equity Investments Issued in Exchange for Promises to Perform Services as Equity Investment at Risk Determining Whether Fees Received by an Equity Investor for Services Performed at Inception or in the Future Reduce Equity Investment at Risk Determinin g Whether Funds Borrowed by a Reporting Entity Qualify as Equity Investment at Risk Determining Whether a Quantitative Assessment of Equity Investment at Risk Is Necessary Qualitative Versus Quantitative Analysis of Whether an Entity Is a VIE Quantitative Expected-Loss Calculation — After Adoption of ASU 2009-17 Consideration of Subordinated Debt in a Qualitative Assessment of Sufficiency of Equity at Risk 68 69 70 70 70 71 71 71 72 72 73 73 74 76 77 77 78 78 78 79 80 81 81 82 83 84 84 85 86 87 87 88 88 90 90 91 92 92 93 94 94 95Equity Investments That Participate in Profits and Losses Equity Investments Provided Directly or Indirectly by the Entity Equity Investments Financed by the Entity 3. 14 3. 15 3. 16 3. 17 3. 18 Sufficiency of Equity Investment at Risk Determining Whether, as a Group, the Holders of the Equity Investment at Risk Lack Any of the Characteristics in ASC 810-10-15-14(b) 3. 19 3. 20 3. 21 3. 22 3. 23 3. 24 3. 25 3. 26 Characteristics in ASC 810-10-15-14(b) Held Within the Group of At-Risk Equity Investors Meaning of the Phrase â€Å"As a Group† in ASC 810-10-15-14(b) Impact of ASC 810-10-15-14(b) on Determining Characteristics of Control or Lack of Control by the Group of Holders of Equity Investment t Risk Minimum Amount of Equity Held By an Investment Manager or GP Ability of Holders of Equity Investment at Risk to Remove a Decision Maker Decision-Making Rights Granted to an Equity Holder Separately From Its Equity Investment at Risk Nonsubstantive Equity Investment of a GP Determining Whether a GP Interest Should Be Aggregated With an LP (or Other) Interest in the Evaluation of a Legal Entity Under ASC 810-10-15-14 Meaning of â€Å"Insignificant† in the Analysis of Fees Paid to a Decision Maker or Service Provider Meaning of the Term â€Å"Same Level of Seniority† Whether a Fee Paid to a Decision Maker or Service Provider That Represents a Variable Interest Could Potentially Not Be Significant to a VIE Determi ning Whether a Decision Maker or Service Provider Must Evaluate ASC 810-10-25-38A If the Fees Paid to the Decision Maker or Service Provider Do Not Represent a Variable Interest Reassessment of Fees Paid to a Decision Maker or Service Provider Determining Whether a Reporting Entity Lacks the Obligation to Absorb Expected Losses of the Entity Use of a Qualitative Approach to Determine Whether a Reporting Entity Has the Obligation to Absorb Expected Losses iii Analysis of Fees Paid to a Decision Maker or Service Provider 3. 27 3. 28 3. 29 3. 30 3. 31 3. 32 3. 33 Obligation to Absorb the Expected Losses of the Legal Entity 3. 34 3. 35 3. 36Determining Whether a Put Option on an Equity Interest Causes the Holders of the Equity Investment at Risk to Lack the Obligation to Absorb the Expected Losses of the Entity Determining Whether a Put Option on a Potential VIE’s Assets Causes the Holders of the Equity Investment at Risk to Lack the Obligation to Absorb the Expected Losses of th e Potential VIE Determining the Effect of Other Arrangements on the Ability of the Equity Group to Absorb Expected Losses or Receive Residual Returns Determining Whether an Investor Has the Right to Receive the Expected Residual Returns of a Legal Entity and Whether the Investor’s Return Is Capped Impact of an Outstanding Equity Call Option on Whether a Return Is Capped Impact of a Call Option on n Entity’s Assets on Whether a Return Is Capped Application of the VIE Test Under ASC 810-10-15-14(c) Considering a Reporting Entity’s Obligations to Absorb Expected Losses and Rights to Receive Expected Residual Returns Other Than Those Provided Through Equity Interests When Applying ASC 810-10-15-14(c) Anticipated Changes in the Assessment of Whether an Entity Is a VIE Future Sources of Financing to Include in a Potential VIE’s Expected Cash Flows Guidance on Reconsideration of Whether an Entity Is a VIE Valuation of Equity Investment at Risk When a Reconsidera tion Event Occurs Isolating the Impact of a Change in the Entity’s Governing Documents or Contractual Arrangements and the Impact of Undertaking Additional Activities or Acquiring Additional Assets Entering Into Bankruptcy Emerging From Bankruptcy Determining Whether a Development-Stage Entity Is a Business Development Stage Entities — Assessing the Sufficiency of Equity Investment at Risk 96 96 96 98 98 99 99 99 100 101 102 102 103 104 104 107 107 108 108 109 109 109Right to Receive the Expected Residual Returns of the Legal Entity 3. 37 3. 38 3. 39 3. 40 3. 41 Determining When the Equity Investors as a Group Are Considered to Lack the Characteristics in ASC 810-10-15-14(b)(1) Initial Determination of Whether an Entity Is a VIE 3. 42 3. 43 3. 44 3. 45 3. 46 3. 47 3. 48 3. 49 3. 50 Reconsideration of Whether the Entity Is a VIE Development-Stage Entities Section 4 — Expected Variability and the Calculation of Expected Losses and Expected Residual Returns 4. 01 4 . 02 4. 03 4. 04 4. 05 4. 06 4. 07 4. 08 4. 09 4. 10 4. 11 4. 12 4. 13 4. 14 4. 15 4. 16 Definitions of Expected Losses and Expected Residual Returns The Meaning of â€Å"Net Assets† Under the VIE Model in ASC 10-10 Purpose of Calculating the Expected Losses and Expected Residual Returns of the Entity How to Determine the Expected Losses and Expected Residual Returns of the Entity How to Determine the Expected Losses and Expected Residual Returns of the Entity — Example Use of the Indirect Method to Calculate Estimated Cash Flows Noncash Receipts or Distributions in the Determination of an Entity’s Estimated Cash Flow Scenarios Inclusion of Low-Income Housing or Similar Tax Credits in a Calculation of Expected Losses and Expected Residual Returns Effect of Options on Specific Assets in the Determination of the Entity’s Estimated Cash Flows Developing Estimated Cash Flow Scenarios and Assigning Probabilities for Expected Loss and Expected Residual Return C alculations Discount Rate to Use in the Calculation of Expected Losses and Expected Residual Returns Cash Flow and Fair Value Approaches to Calculating Expected Losses and Expected Residual Returns Appropriateness of Using Either the Cash Flow Approach or Fair Value Approach to Calculate Expected Losses and Expected Residual Returns Determining Whether Decision-Maker and Service-Provider Fees Are Included in Expected Losses and Expected Residual Returns Whether ASC 820-10 Affects an Expected Losses/Residual Returns Calculation Allocation Methods That May Be Used to Determine Whether Fees Paid to Decision Makers or Service Providers Are Variable Interests iv 111 111 112 113 113 116 121 123 124 124 125 127 128 128 129 129 130 Section 5 — Interests in Specified Assets of the VIE and Silo Provisions 5. 01 5. 02 5. 03 5. 04 5. 05 5. 06 5. 07 5. 08 5. 9 Accounting for Interests in Specified Assets and Silos Consideration of Interests in Specified Assets Guarantees That Represent a Variable Interest in the Entity Versus a Variable Interest in Specified Assets of the Entity Considering a Party’s Other Interests in the Analysis of a Variable Interest in Specified Assets of an Entity Considering a Related Party’s Interest in the Analysis of a Variable Interest in Specified Assets of an Entity Determining Whether a Silo Exists Determining Whether a Host Entity Is a VIE When a Silo Exists Determining Whether the Silo Is a VIE If the Host Entity Is a VIE Determining the Primary Beneficiary of the Host Entity and Silo 133 133 135 136 136 137 138 139 140 141 Section 6 — Determination of the Primary Beneficiary 6. 01 6. 02 6. 03 6. 04 6. 05 6. 06 6. 07 6. 08 6. 09 6. 10 6. 11 6. 12 6. 13 6. 14 6. 15 6. 16 6. 17 6. 18 6. 19 6. 20 6. 21 6. 22 6. 23 6. 24 6. 25 6. 26 6. 27 6. 28 6. 9 How a Reporting Entity Applies the VIE Model in ASC 810-10 When It Appears Not to Be the Primary Beneficiary Determining Whether More Than One Reporting Entity Can Consol idate a VIE Risks to Which an Entity Is Designed to Be Exposed Risks and Related Activities Assessing Power to Direct When Decisions Are Made by a Board of Directors and a Manager Consideration of All Risks in the Determination of the Power to Direct Activities of the VIE Evaluating Power to Direct the Most Significant Activities of the VIE in Scenarios Involving a PPA Determination of a Primary Beneficiary for Every VIE Evaluating the Characteristic in ASC 810-10-25-38A(b) Reconsideration of the Primary Beneficiary of a VIE The Effect of Contingencies on Determining the Primary Beneficiary Consideration of Forward Starting Rights in the Primary Beneficiary Analysis Determination of Whether Kickout Rights are Substantive Consideration of a Board of Directors as a Single Party in the Assessment of Kickout Rights Withdrawal and Liquidation Rights Evaluation of Shared Power Versus Multiple Unrelated Parties Performing Different Significant Activities Shared Power Within a Related-Party Group VIEs With No Ongoing Activities That Significantly Affect Their Economic Performance Factors to Consider in the Determination of Whether a Relationship Represents a De Facto Agency Aggregation of Variable Interests When the Reporting Entity Does Not Hold a Variable Interest Directly in the Entity De Facto Agency Relationship When Only Part of an Interest Is Received as a Loan or Contribution From Another Reporting Entity Related-Party Determination — Interests Received as a Loan Considering Whether Restrictions on a Reporting Entity’s Ability to Sell, Transfer, or Encumber Its Interests in a VIE Constitute Constraint The Effect of a Put Option on a De Facto Agency Relationship Consideration of De Facto Agent Requirements in the Determination of the Primary Beneficiary in a Joint Venture Arrangement Determining Which Party in a Related-Party Group Is Most Closely Associated With a VIE Determining the Primary Beneficiary in a Related-Party Group When Members of th e Related-Party Group Are Under Common Control Consideration of the Factors in ASC 810-20 in the Determination of Which Related Party Is Most Closely Associated Application of ASC 810-10-25-38A and ASC 810-10-25-44 When a Fee Paid to an Asset Manager Represents a Variable Interest and the Asset Manager Is Part of a Related-Party Group 42 143 143 144 144 145 147 148 149 149 151 153 155 156 156 157 157 158 159 160 160 162 162 163 164 165 166 166 169 169 170 Related-Party Considerations v Section 7 — Initial Measurement and Subsequent Accounting Initial Measurement 7. 01 7. 02 7. 03 Balance Sheet Classification of Parent’s Interest — Primary Beneficiary and VIE Under Common Control Qualification of an Entity as a Business for Recording Goodwill Upon Consolidation of a VIE Accounting After Initial Measurement — Intercompany Eliminations 173 173 173 174 175 175 Accounting After Initial Measurement Section 8 — Presentation and Disclosures Presentation 8. 01 8. 02 8. 03 8. 04 8. 5 Application of the Presentation Requirements of ASC 810-10-45-25 to a Consolidated VIE Separate Presentation of Certain Assets and Liabilities of Consolidated VIEs Optional Separate Presentation of Certain Assets and Liabilities of Consolidated VIEs Disclosures About Securitizations Under ASC 860 Versus Disclosures About Securitizations Under the VIE Model in ASC 810-10 Definition of Maximum Exposure to Loss for Disclosure Purposes 177 177 177 178 179 179 181 182 Disclosures Section 9 — Transition 9. 01 9. 02 Whether a Reporting Entity Can Elect the FVO for a VIE Upon Adopting ASU 2009-17 Determining VIE and Primary-Beneficiary Status Upon Transition to ASU 2009-17 183 186 186 Appendix A — Implementation Guidance Appendix B — Glossary of Terms and Abbreviations Used in the VIE Model in ASC 810-10 Glossary of Terms Abbreviations 189 205 205 206 Appendix C — Key Differences Between U. S. GAAP and IFRSs — Consolidated Financ ial Statements Appendix D — Reference Guide Appendix E — Glossary of Standards 208 212 214 vi AcknowledgmentsAshley Carpenter, Rob Comerford, Jon Howard, Jeff Nickell, Randall Sogoloff, Joe Ucuzoglu, and Bob Uhl provided the thought leadership necessary to formulate our views on the application of the key principles of Statement 167. James Barker worked with our Energy & Resources practice to develop our views on the application of Statement 167 to power purchase arrangements. Jim Schnurr continues to work with our Investment Management practice to provide input on Statement 167 and the ongoing joint consolidations project. Xihao Hu and Sherif Sakr provided invaluable insight and perspective from our Financial Accounting and Reporting Services group.Joe Renouf, Michael Lorenzo, Lynne Campbell, Yvonne Donnachie, and Joan Meyers delivered the first class production effort that we have come to rely on for all of Deloitte’s publications. Courtney Sachtleben worked t irelessly to ensure this Roadmap was of the highest quality. Her dedication and commitment got this publication to the finish line. Others deserving of mention and appreciation are Robin Kramer, Shan Nemeth, Adrian Schwartz, Kirsten Aunapu, Angela Bacarella, Chris Rogers, Trevor Farber, Catherine Smith, Madhu Gopinath, Shane Burak, Joseph Berry, Kirby Rattenbury, Will Estilo, Chris Toppin, and Thalia Smith. 1 Introduction March 2010 To the clients, friends, and people of Deloitte: Welcome back to the land of variable interest entities (VIEs).It’s been two-and-a-half years since we last updated our Roadmap on consolidation of VIEs, and the consolidations terrain has changed significantly in that time. The most noteworthy changes are (1) the issuance of Statement 167, (2) the release of the FASB Accounting Standards Codification (the â€Å"Codification†), and (3) the continued work of the FASB and IASB on a joint consolidations project. Statement 167 — Whatâ€℠¢s All the Fuss About? In June 2009, the FASB issued Statement 167, which amends the consolidation guidance applicable to VIEs. The Statement 167 amendments are effective as of the first annual reporting period that begins after November 15, 2009, and for interim periods within that first annual reporting period.Statement 167 replaces Interpretation 46(R)’s risks-and-rewards-based quantitative approach to consolidation with a more qualitative approach that requires a reporting entity to have some economic exposure to a VIE along with â€Å"the power to direct the activities that most significantly impact the economic performance of the entity. † The FASB also reminded its constituents that only substantive terms, transactions, and arrangements should affect the accounting conclusions under Statement 167; the SEC has reiterated this principle in numerous public speeches. It’s not surprising that many initially concentrated on understanding how Statement 167 would affect qualifying special-purpose entities (QSPEs) and other structured finance entities because that seemed to be the FASB’s focus, particularly given that six of the nine implementation examples in Statement 167 address structured finance entities.However, the initial adoption of Statement 167 has proved time-consuming because it does not just apply to structured finance entities or entities historically considered VIEs under Interpretation 46(R). In addition, even if a reporting entity determines that it does not need to consolidate a VIE under Statement 167, it must provide extensive disclosures for any VIEs in which it holds a variable interest. In addition to the overall change in the Interpretation 46(R) consolidation model, Statement 167 contains the following significant provisions and amendments: †¢ †¢ ThescopeexemptionforQSPEsisremovedfromInterpretation46(R). Asaresult,transferors,sponsors, and investors in QSPEs need to consider the consolidation and di sclosure provisions in Statement 167.Kickoutrightsandparticipatingrightsareignoredin(1)thedeterminationofwhetheranentityisaVIE and (2) the identification of the VIE’s primary beneficiary, unless the rights are held by a single reporting entity. AreportingentitymustcontinuallyreconsiderwhichvariableinterestholderistheVIE’sprimary beneficiary. Areportingentitymustreconsideranentity’sVIEstatusiftheequityinterestholderslosethepowerfrom the voting rights of those investments to direct the entity’s most significant activities. Anexemptiontothedefactoagentrequirementsexistswhenmutualtransferrestrictionsarebasedon terms mutually agreed to by willing, independent parties. Areportingentitymustmeetsixconditionstodeterminethatfeespaidtoadecisionmakerorservice provider do not represent a variable interest.The FASB believes that fees paid to a reporting entity that acts solely as a fiduciary or agent should typically not represent a variable interest because those fees would typically meet these six conditions. 2 †¢ †¢ †¢ †¢ †¢ Aprimarybeneficiarymustpresentseparately,onthefaceofthebalancesheet,(1)assetsofconsolidated VIEs that can only be used to settle obligations of those VIEs and (2) liabilities of consolidated VIEs for which creditors do not have recourse to the general credit of the primary beneficiary. Powerisonlyconsideredshared(andnopartyconsolidates)if(1)twoormoreunrelatedpartiestogether have the power to direct the VIE’s most significant activities and (2) decisions about those activities require the consent of each of the parties sharing power. †¢To address the new consolidations guidance under Statement 167, this edition of the Roadmap (1) includes over 30 new Q&As and (2) updates our existing Interpretation 46(R) Q&As. The Codification — Do You Have All the New Topics, Subtopics, Sections, Subsections, and Paragraphs Memorized? In July 2009, the Codification became the single source of aut horitative nongovernmental U. S. GAAP. The Codification’s hierarchy is topic, subtopic, section, and paragraph, in that order, each with a numerical designation (e. g. , ASC 810-10-25-37, which was formerly paragraph 6 of Interpretation 46(R)). ASU 2009-17 incorporated Statement 167’s amendments to the VIE model into the Codification. The beginning of each section of this Roadmap contains quotes from the appropriate Codification paragraphs.In addition, for those of you still trying to find your way through the Codification, we thought it would be helpful for each Codification paragraph to be followed by a reference to the corresponding pre-Codification paragraph from Interpretation 46(R), as amended by Statement 167. Although ASC 810-10-55-37 (paragraph B22 of Interpretation 46(R)1) might not roll off your tongue like â€Å"B22 of FIN 46(R)† used to, the Codification is here to stay. However, we suspect that just as there are probably a few accountants who are c linging to their last version of the FASB’s Original Pronouncements (we know you are out there! ), there are some that might need a little help finding the new VIE guidance in the Codification.Accordingly, Appendix D of this Roadmap includes a guide that cross-references the paragraphs from ASC 810-10 to the guidance in Interpretation 46(R), as amended by Statement 167. The reference guide also lists the accounting topic and section from the Roadmap that these paragraph references apply to. (We thought a few hints and a little â€Å"cheat sheet† among friends might be helpful while we all adjust to the new layout of the Codification. ) No More Big Changes Expected Anytime Soon — Right? Well — not really. Did we mention the joint consolidations project that the FASB and the IASB are working on? The IASB and FASB are jointly developing guidance for consolidation of all entities, including entities currently considered VIEs.Although Statement 167 was not dev eloped as part of the joint project, the IASB staff closely followed the FASB’s work on Statement 167. The boards’ goal is to have one consolidation model whose principles are similar to those in Statement 167 and that would apply to all entities. In December 2008, the IASB issued Exposure Draft 10 (ED 10), Consolidated Financial Statements. Although the boards believe that the objectives for assessing control of structures under Statement 167 and ED 10 are fundamentally consistent, they also acknowledged that the guidance in ED 10 can potentially result in different consolidation conclusions — particularly for certain investment funds.The boards are continuing to jointly deliberate several critical issues, including the evaluation of principal and agent relationships, the concept of effective control (e. g. , the ability to control a voting interest entity when a reporting entity holds fewer than half of the voting rights), related parties, disclosures, and pre sentation requirements. The boards have stated their goal to issue an exposure draft during the second quarter of 2010 and a final standard before the end of 2010. We will continue to keep you updated on these developments through our Heads Up newsletters as well as through our Dbriefs webcast series. 2 For a discussion of the current differences between the consolidation models under IFRSs and U. S. GAAP, see Appendix C of this Roadmap. 1 2You see – that’s helpful – isn’t it? If you wish to receive Heads Up and other accounting publications issued by Deloitte’s Accounting Standards and Communications Group, please register at www. deloitte. com/us/subscriptions. Join Dbriefs to receive notifications about future webcasts at www. deloitte. com/us/dbriefs. 3 What’s This I Hear About a Deferral of Statement 167? Can I Get One Too? In February 2010, the FASB issued ASU 2010-10, which amends certain provisions of the VIE model in ASC 810-10. The ASU defers the effective date of Statement 167 for a reporting entity’s interest in certain entities and certain money market mutual funds.It also addresses concerns that the joint consolidation model under development by the FASB and IASB may result in a different consolidation conclusion for asset managers and that an asset manager consolidating certain funds would not necessarily provide useful information to investors. In addition, the ASU amends certain provisions of ASC 810-10-55-37 (paragraph B22 of Interpretation 46(R), as amended by Statement 167) to change how a decision maker or service provider determines whether its fee is a variable interest. This Roadmap reflects the changes to ASC 810-10-55-37. The ASU will defer the application of Statement 167 for a reporting entity’s interest in an entity (1) that has all the attributes of an investment company or (2) for which it is industry practice to apply measurement principles for financial reporting purposes that are consistent with those followed by investment companies.The deferral does not apply in situations in which a reporting entity has the explicit or implicit obligation to fund losses of an entity that could potentially be significant to the entity. The deferral also does not apply to interests in securitization entities, asset-backed financing entities, or entities formerly considered QSPEs. In addition, the deferral applies to a reporting entity’s interest in an entity that is required to comply with or operate in accordance with requirements similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. These entities will be subject to the deferral even if the money market fund manager has an xplicit or implicit obligation to fund losses of the entity. For reporting entities that meet the deferral conditions, the guidance on VIEs in ASC 810-10 (before the amendments in ASU 2009-17 and the amendments to 810-10-55-37 in ASU 2010- 10) would be used to determine whether (1) the legal entity is a VIE, (2) the reporting entity has a variable interest in a VIE, and (3) the reporting entity is the primary beneficiary of a VIE. However, all reporting entities must provide the disclosures in ASC 81010, as amended by ASU 2009-17, for all VIEs in which they hold a variable interest or for which they are the primary beneficiary — regardless of whether the entity qualifies for the deferral. Q&A 1. 1 of this Roadmap includes a decision tree to help you understand how the deferral may affect which consolidation model you will need to apply. In addition, see our January 27, 2010, Heads Up for information about the ASU’s other significant provisions. The Road Forward We understand that Statement 167 (like Interpretation 46(R) before it) can be a difficult standard to apply — particularly when you are new to its provisions. We believe this Roadmap can help you find your way and can help make the complex sound a little simpler. To those new to VIE land, and to our grizzled VIE veterans, we look forward to working with you. Deloitte & Touche LLP 4 Section 1 — Overview, Background, and Scope ASC 810-10 5-8 The Variable Interest Entities Subsections clarify the application of the General Subsections to certain legal entities in which equity investors do not have sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack any one of the following three characteristics: a. b. c. The power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity’s economic performance The obligation to absorb the expected losses of the legal entity The right to receive the expected residual returns of the legal entity.Paragraph 810-10-10-1 states that consolidated financial statements are usually necessary for a fair presentation if one of the entities in the consolidated group directly or indirectly has a controlling financial interest in the other entities. Paragraph 81010-15-8 states that the usual condition for a controlling financial interest is ownership of a majority voting interest. However, application of the majority voting interest requirement in the General Subsections of this Subtopic to certain types of entities may not identify the party with a controlling financial interest because the controlling financial interest may be achieved through arrangements that do not involve voting interests. Paragraph 1] 05-8A The reporting entity with a variable interest or interests that provide the reporting entity with a controlling financial interest in a variable interest entity (VIE) will have both of the following characteristics: a. b. The power to direct the activities of a VIE that most significantly impact the VIE’s economic performance The obligation to abs orb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. [Paragraph 1A] 05-9 The Variable Interest Entities Subsections explain how to identify VIEs and how to determine when a reporting entity should include the assets, liabilities, noncontrolling interests, and results of activities of a VIE in its consolidated financial statements. Transactions involving VIEs are common.Some reporting entities have entered into arrangements using VIEs that appear to be designed to avoid reporting assets and liabilities for which they are responsible, to delay reporting losses that have already been incurred, or to report gains that are illusory. At the same time, many reporting entities have used VIEs for valid business purposes and have properly accounted for those VIEs based on guidance and accepted practice. [Paragraph E5] 05-10 Some relationships between reporting entities and VIEs ar e similar to relationships established by majority voting interests, but VIEs often are arranged without a governing board or with a governing board that has limited ability to make decisions that affect the VIE’s activities.A VIE’s activities may be limited or predetermined by the articles of incorporation, bylaws, partnership agreements, trust agreements, other establishing documents, or contractual agreements between the parties involved with the VIE. A reporting entity implicitly chooses at the time of its investment to accept the activities in which the VIE is permitted to engage. That reporting entity may not need the ability to make decisions if the activities are predetermined or limited in ways the reporting entity chooses to accept. Alternatively, the reporting entity may obtain an ability to make decisions that affect a VIE’s activities through contracts or the VIE’s governing documents. There may be other techniques for protecting a reporting entity’s interests.In any case, the reporting entity may receive benefits similar to those received from a controlling financial interest and be exposed to risks similar to those received from a controlling financial interest without holding a majority voting interest (or without holding any voting interest). [Paragraph E7] The power to direct the activities of a VIE that most significantly impact the entity’s economic performance and the reporting entity’s exposure to the entity’s losses or benefits [Paragraph 14A] are determinants of consolidation in the Variable Interest Entities Subsections. [Paragraph E7] The Variable Interest Entities Subsections also provide guidance on determining whether fees paid to a decision maker or service provider should be considered a variable interest in a VIE. 5 ASC 810-10 (continued) 5-11 VIEs often are created for a single specified purpose, for example, to facilitate securitization, leasing, hedging, research and dev elopment, reinsurance, or other transactions or arrangements. The activities may be predetermined by the documents that establish the VIEs or by contracts or other arrangements between the parties involved. However, those characteristics do not define the scope of the Variable Interest Entities Subsections because other entities may have those same characteristics. The distinction between VIEs and other entities is based on the nature and amount of the equity investment and the rights and obligations of the equity investors. Paragraph E18] 05-12 Because the equity investors in an entity other than a VIE generally absorb losses first, they can be expected to resist arrangements that give other parties the ability to significantly increase their risk or reduce their benefits. Other parties can be expected to align their interests with those of the equity investors, protect their interests contractually, or avoid any involvement with the entity. [Paragraph E19] 05-13 In contrast, eithe r a VIE does not issue voting interests (or other interests with similar rights) or the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support.If a legal entity does not issue voting or similar interests or if the equity investment is insufficient, that legal entity’s activities may be predetermined or decision-making ability is determined contractually. If the total equity investment at risk is not sufficient to permit the legal entity to finance its activities, the parties providing the necessary additional subordinated financial support most likely will not permit an equity investor to make decisions that may be counter to their interests. That means that the usual condition for establishing a controlling financial interest as a majority voting interest does not apply to VIEs. Consequently, a standard that requires ownership of voting stock is not appropriate for such entities . [Paragraph E20] 1. 01 Determining Which Consolidation Model to ApplyUnder ASC 810-10, there are two primary1 models for determining whether consolidation is appropriate: the VIE model and the voting interest model. ASU 2009-17 amends the VIE model and is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, and for interim periods within those reporting periods. ASU 2010-10 indefinitely defers the amendments in ASU 2009-17 for a reporting entity’s interest in certain entities and amends the guidance in paragraph 810-10-55-37 (as amended by ASU 2009-17) on determining whether a decision-maker or service-provider fee represents a variable interest. The deferral will be most applicable to interests in certain investment funds.For reporting entities that meet the deferral conditions, the guidance on VIEs in ASC 810-10 (before the amendments in ASU 2009-17 and the amendments to 810-10-55-37 in ASU 2010- 10) would be used to determine whether the legal entity is a VIE, whether the reporting entity has a variable interest in a VIE, and whether the reporting entity is the primary beneficiary of a VIE. However, all reporting entities must provide the disclosures in ASC 810-10, as amended by ASU 2009-17, for all VIEs in which they hold a variable interest or for which they are the primary beneficiary — regardless of whether the entity qualifies for the deferral. Question How should a reporting entity determine which consolidation model is appropriate under ASC 810-10? 1While ASC 810-10 primarily focuses on the voting interest model and the VIE model, it also discusses consolidation of entities controlled by contract. Although the guidance in the Consolidation of Entities Controlled by Contract subsection applies to all entities (except entities that are determined to be VIEs), the context of the guidance is physician practice management entities. 6 Answer When determining which c onsolidation model to apply, a reporting entity should consider the following flowchart: Does one of the scope exceptions in ASC 810-10-15-12 or 15-17 apply? No Does the potential VIE and the reporting entity’s interest in the potential VIE meet the deferral conditions in ASC 810-10-65-2(aa)?Yes Apply the voting interest model in ASC 810-10. Yes No Does the reporting entity have a variable interest in the potential VIE under ASC 810-10 (before the amendments by ASU 2009-17)? Yes Is the entity a VIE under ASC 81010 (before the amendments by ASU 2009-17)? Yes Determine whether the reporting entity is the primary beneficiary of the VIE under ASC 810-10 (before the amendments by ASU 2009-17). No No No Does the reporting entity have a variable interest in the potential VIE under ASC 810-10 (as amended by ASU 2009-17)? Yes No Is the entity a VIE under ASC 81010 (as amended by ASU 2009-17)? Yes Apply the voting interest model in ASC 810-10 to the entity.Determine whether the reporti ng entity is the primary beneficiary of the VIE under ASC 810-10 (as amended by ASU 2009-17)? Apply the disclosure requirements in ASC 810-10-5 (as amended by ASU 2009-17) for all VIEs in which the reporting entity holds a variable interest, regardless of whether the deferral conditions in ASC 810-10-65-2(aa) are met. If one of the scope exceptions in ASC 810-10-15-12 or 15-17 does not apply to the potential accounting parent or potential accounting subsidiary, determining whether the potential VIE and the reporting entity’s interest in the potential VIE meet the deferral conditions in ASC 810-10-65-2(aa) is the first step in the assessment of whether an entity should be consolidated.Note that this determination is performed first because the analysis of whether the reporting entity has a variable interest in the entity, the entity is a VIE, or the reporting entity is the primary beneficiary may differ depending on whether the potential VIE and the reporting entity’s i nterest in the potential VIE meet the deferral conditions in ASC 810-10-65-2(aa). After a reporting entity determines whether the deferral criteria are met, determining whether an entity is a VIE is the next step in assessing whether an entity should be consolidated. Even a company with wholly owned consolidated subsidiaries must determine whether any of its subsidiaries (as well as any interests it may have in other entities) are VIEs.Note that because of a change in facts and circumstances, a potential VIE and the reporting entity’s interest in a potential VIE that initially met the deferral conditions in ASC 810-10-65-2(aa) may subsequently lose the ability to apply the deferral. In this situation, ASU 2009-17 becomes effective for the potential VIE and the reporting entity’s interest in the potential VIE. If a reporting entity must consolidate an entity that no longer qualifies for the deferral, the assets, liabilities, and noncontrolling interests of the VIE shoul d be measured in accordance with ASC 810-1030-1 through 30-6. Once a reporting entity applies the amendments of ASU 2009-17 to the potential VIE, it cannot subsequently requalify for the deferral conditions in ASC 810-10-65-2(aa). 7 ExampleEnterprise A has 60 percent of the voting interest in Entity B. Enterprise A also receives fees for providing asset management services to B. Unless one of the scope exceptions in ASC 810-10-15-12 and 15-17 applies to A (the potential accounting parent) or B (the potential accounting subsidiary), A must determine (1) whether B, and A’s interest in B, meets the conditions in ASC 810-10-65-2(aa), (2) whether A holds a variable interest or variable interests in B, and (3) whether B is a VIE. Scenario 1: If B, and A’s interest in B, meets the conditions in ASC 810-10-65-2(aa), A must determine whether B is a VIE, as defined in ASC 810-10-15-14 (before the amendments in ASU 2009-17).If A holds a variable interest, as defined in ASC 810-10 -20 and illustrated in ASC 810-10-55-16 through 55-41 (before the amendments in ASU 2009-17), in B and B is a VIE, A should assess whether it is the primary beneficiary in accordance with ASC 810-1025-38 (before the amendments in ASU 2009-17). Enterprise A should also provide the disclosures in ASC 810-10 (as amended by ASU 2009-17). Scenario 2: If B does not meet the conditions in ASC 810-10-65-2(aa), A must determine whether B is a VIE, as defined in ASC 810-10-15-14 (as amended by ASU 2009-17). If A holds a variable interest, as defined in ASC 81010-20 and illustrated in ASC 810-10-55-16 through 55-41 (as amended by ASU 2009-17), in B and B is a VIE, A should assess whether it is the primary beneficiary in accordance with ASC 810-10-25-38A (as amended by ASU 2009-17). Enterprise A should also provide the disclosures in ASC 810-10 (as amended by ASU 2009-17).Scenario 3: If B meets the conditions in ASC 810-10-65-2(aa) but is not a VIE, as defined in ASC 810-10-15-14 (before the am endments by ASU 2009-17), A should apply the voting interest model in ASC 810-10 to B. Scenario 4: If B does not meet the conditions in ASC 810-10-65-2(aa) and is not a VIE, as defined in ASC 810-1015-14 (as amended by ASU 2009-17), A should apply the voting interest model in ASC 810-10 to B. Substantive Terms and Arrangements ASC 810-10 15-13A For purposes of applying the Variable Interest Entities Subsections, only substantive terms, transactions, and arrangements, whether contractual or noncontractual, shall be considered.Any term, transaction, or arrangement shall be disregarded when applying the provisions of the Variable Interest Entities Subsections if the term, transaction, or arrangement does not have a substantive effect on any of the following: a. b. c. A legal entity’s status as a VIE A reporting entity’s power over a VIE A reporting entity’s obligation to absorb losses or its right to receive benefits of the legal entity. [Paragraph 2A] 15-13B Judgm ent, based on consideration of all the facts and circumstances, is needed to distinguish substantive terms, transactions, and arrangements from nonsubstantive terms, transactions, and arrangements. [Paragraph 2A] 1. 02 Consideration of Substantive Terms, Transactions, and Arrangements Question What is meant by â€Å"substantive terms, transactions, and arrangements† in ASC 810-10-15-13A? AnswerIn ASU 2009-17, the FASB added guidance to emphasize that when applying the provisions of the VIE subsections of ASC 810-10, a reporting entity should only consider substantive terms, transactions, and arrangements, whether contractual or noncontractual. The Board thought that it needed to add this language to avoid situations in which the form of an entity may indicate that an entity is not a VIE or that a reporting entity is not a primary beneficiary when the substance of the arrangement may indicate otherwise. Paragraph A35 in the Basis for Conclusions of Statement 167 states, in par t: The Board considered whether additional guidance was needed for determining whether a variable interest holder has power when the economics of the holder’s interest(s) or other involvements is inconsistent with its stated power from such interest(s) or other involvements.The Board agreed that an increased level of skepticism is needed in situations in which an enterprise’s economic interest in a [VIE], including its obligation to absorb losses or its right to receive benefits, is disproportionately greater than its stated power. In the Board’s view, the level of skepticism about an enterprise’s lack of power should increase as the disparity between an enterprise’s economic interest and its power increases. 8 When the provisions of ASC 810-10 (as amended by ASU 2009-17) are applied, the consolidation conclusion should not be affected by any term, transaction, or arrangement that does not truly affect the reporting entity’s power or rights to receive benefits or obligations to absorb losses.A reporting entity should use judgment, based on consideration of all the facts and circumstances, to distinguish substantive terms, transactions, and arrangements from nonsubstantive terms, transactions, and arrangements. To further emphasize this point, the SEC has reminded registrants of the staff’s skepticism about accounting conclusions that do not conform to the economic substance of the arrangement. For example, in remarks regarding the implementation of ASU 2009-17 before the 2009 AICPA National Conference on Current SEC and PCAOB Developments, Arie Wilgenburg, a professional accounting fellow in the SEC’s Office of the Chief Accountant, discussed the following examples: [A]ssume a company has transferred assets to a structure to be managed by a third party, but the anager’s equity interest in the structure is minimal and appears to be guaranteed given the management fee structure. In addition, assume t he manager can be removed by the reporting enterprise if the manager’s performance is unsatisfactory. The combination of the above factors indicates that the company may not have relinquished control; rather the manager may simply be acting as an agent on behalf of the reporting enterprise. We have also seen other, similar structures that include a buy-sell clause rather than a removal right, as a mechanism for dissolving the structure. However, if the manager does not have the financial ability to exercise its rights under the buy-sell provision, the substance of this provision may be a call option by the transferor.Again, this may be an indication that the manager is simply acting as an agent on behalf of the reporting enterprise. At the same conference, James Kroeker, chief accountant in the SEC’s Office of the Chief Accountant, indicated that the staff would consider involving the Division of Enforcement if it becomes aware of arrangements such as those discussed b y Mr. Wilgenburg. Scope and Scope Exceptions ASC 810-10 15-12 a. b. c. d. e. The guidance in this Topic does not apply in any of the following circumstances: An employer shall not consolidate an employee benefit plan subject to the provisions of Topic 712 or 715. [Subparagraph superseded by Accounting Standards Update No. 009-16] [Subparagraph superseded by Accounting Standards Update No. 2009-16] Investments accounted for at fair value in accordance with the specialized accounting guidance in Topic 946 are not subject to consolidation according to the requirements of this Topic. A reporting entity shall not consolidate a governmental organization and shall not consolidate a financing entity established by a governmental organization unless the financing entity meets both of the following conditions: 1. 2. Is not a governmental organization Is used by the business entity in a manner similar to a (VIE) in an effort to circumvent the provisions of the Variable Interest Entities Subsec tions. [Paragraph 4] 5-17 The following exceptions to the Variable Interest Entities Subsections apply to all legal entities in addition to the exceptions listed in paragraph 810-10-15-12: a. Not-for-profit entities (NFPs) are not subject to the Variable Interest Entities Subsections, except that they may be related parties for purposes of applying paragraphs 810-10-25-42 through 25-44. In addition, if an NFP is used by business reporting entities in a manner similar to a VIE in an effort to circumvent the provisions of the Variable Interest Entities Subsections, that NFP shall be subject to the guidance in the Variable Interest Entities Subsections. Separate accounts of life insurance entities as described in Topic 944 are not subject to consolidation according to the requirements of the Variable Interest Entities Subsections.A reporting entity with an interest in a VIE or potential VIE created before December 31, 2003, is not required to apply the guidance in the Variable Interest Entities Subsections to that VIE or legal entity if the reporting entity, after making an exhaustive effort, is unable to obtain the information necessary to do any one of the following: 1. 2. 3. Determine whether the legal entity is a VIE Determine whether the reporting entity is the VIE’s primary beneficiary Perform the accounting required to consolidate the VIE for which it is determined to be the primary beneficiary. b. c. 9 ASC 810-10 (continued) This inability to obtain the necessary information is expected to be infrequent, especially if the reporting entity participated significantly in the design or redesign of the legal entity. The scope exception in this provision applies only as long as the reporting entity continues to be unable to obtain the necessary information.Paragraph 810-10-50-6 requires certain disclosures to be made about interests in VIEs subject to this provision. Paragraphs 810-10-30-7 through 30-9 provide transition guidance for a reporting entity t hat subsequently obtains the information necessary to apply the Variable Interest Entities Subsections to a VIE subject to this exception. d. A legal entity that is deemed to be a business need not be evaluated by a reporting entity to determine if the legal entity is a VIE under the requirements of the Variable Interest Entities Subsections unless any of the following conditions exist (however, for legal entities that are excluded by this provision, other generally accepted accounting principles [GAAP] should be applied): 1.The reporting entity, its related parties (all parties identified in paragraph 810-10-25-43, except for de facto agents under paragraph 810-10-25-43(d)), or both participated significantly in the design or redesign of the legal entity. However, this condition does not apply if the legal entity is an operating joint venture under joint control of the reporting entity and one or more independent parties or a franchisee. The legal entity is designed so that substan tially all of its activities either involve or are conducted on behalf of the reporting entity and its related parties. The reporting entity and its related parties provide more than half of the total of the equity, subordinated debt, and other forms of subordinated financial support to the legal entity based on an analysis of the fair values of the interests in the legal entity.The activities of the legal entity are primarily related to securitizations or other forms of asset-backed financings or single-lessee leasing arrangements. 2. 3. 4. A legal entity that previously was not evaluated to determine if it was a VIE because of this provision need not be evaluated in future periods as long as the legal entity continues to meet the conditions in (d). [Paragraph 4] Overall Scope Considerations 1. 03 Application of the VIE Model in ASC 810-10 to Non-SPEs Question Does the VIE model in ASC 810-10 apply only to SPEs? Answer No. ASC 810-10-15-12 and 15-17 provide scope exceptions for cer tain reporting entities and potential VIEs.Variable interest holders should evaluate all entities that do not fall under these scope exceptions (such entities may include limited partnerships, joint ventures, cooperatives, and trusts) to determine whether they represent VIEs. (For more information about the determination of which consolidation model to apply, see Q&A 1. 01. ) Note that ASU 2009-16 eliminated the scope exception for QSPEs. Therefore, transferors, sponsors, and investors in QSPEs should consider the consolidation and disclosure provisions in ASC 810-10. (For more information about the elimination of the QSPE scope exception, see Q&A 1. 07. ) 1. 04 Qualification of a SPE as a Voting Interest EntityIf an SPE is a VIE, it is subject to consolidation under the VIE model in ASC 810-10. Question Are all SPEs automatically considered VIEs and within the scope of the VIE model in ASC 810-10? Answer No. An SPE can qualify as a voting interest entity and therefore be outside th e scope of the VIE model in ASC 81010. To determine whether the SPE is outside the scope of the VIE model, a reporting entity must evaluate the SPE under ASC 810-10-15-14. To not be a VIE, such an entity must fail to satisfy all conditions in ASC 810-10-15-14. Demonstrating only that an entity possesses one attribute of a voting interest entity, as described in ASC 810-1015-14 (e. g. simply having sufficient equity investment at risk, giving the equity holders voting rights with respect to activities of the entity), is not sufficient evidence that an entity is not a VIE. 10 If an entity is outside the scope of the VIE model in ASC 810-10, it should be considered for consolidation under the voting interest model in ASC 810-10. 1. 05 Application of the VIE Model in ASC 810-10 to Multitiered Legal Entity Structures Question In an ownership structure in which multiple layers of legal entities exist, should a reporting entity apply the VIE model in ASC 810-10 to each of its subsidiaries on a consolidated or nonconsolidated basis? AnswerIn a multitiered legal-entity structure, a reporting entity should generally begin its evaluation at the lowest-level entity. Each entity within the structure should then be evaluated on a consolidated basis. The attributes and variable interests of the underlying consolidated entities become those of the parent company upon consolidation. When a reporting entity applies the VIE model in ASC 810-10 to a consolidated entity, it should analyze the design of the consolidated entity, including an analysis of the risks of the entity, why the entity was created (e. g. , the primary activities of the entity), and the variability the entity was designed to create and pass along to its interest holders (see ASC 810-10-25-21 through 25-36).Note that there are situations in which a reporting entity may â€Å"look through† a holding company and in which it therefore would not be required to examine the structure on a consolidated basis. F or more information, see Q&A 1. 06. Example 1 Two investors each hold 50 percent of the ownership interests in Company H. Company H has 100 percent of the ownership interests in Entity X and consolidates X. Entity X is a business as defined in ASC 805 and represents substantially all of H’s consolidated activities and cash flows. On a nonconsolidated basis, H does not meet the definition of a business in ASC 805. There are no other relationships or agreements between the investors, H, or X.As noted above, the attributes of a consolidated entity become the attributes of the parent company. In this example, X’s attributes become those of H. When the investors are evaluating their ownership interests, they should consider H’s design on a consolidated basis. Because X meets ASC 805’s definition of a business and its activities and cash flows represent substantially all of H’s consolidated activities and cash flows, H also meets ASC 805’s definit ion of a business. Before applying the business scope exception, the investors must first determine whether any of the four conditions in ASC 810-10-1517(d) exist for H’s consolidated activities and cash flows. If so, the business scope exception cannot be applied.A holding company that has ownership interests in a single entity in multitiered structures should also consider the guidance in Q&A 1. 06. Example 2 Two investors each hold 50 percent of the ownership interests in a holding company. The holding company has 100 percent of the ownership interests in Entity E and consolidates E. Entity E meets ASC 805’s definition of a business and represents substantially all of the holding company’s consolidated activities and cash flows. The holding company also consolidates Entity N, which does not meet ASC 805’s definition of a business. Other than its investments in E and N, the holding company has no assets, liabilities, or activities. There are no other re lationships or agreements between the investors, the holding company, E, or N.As in Example 1, the attributes of the consolidated entity become those of the parent company. In this example, the attributes of E and N become those of the holding company. When the investors are evaluating their ownership interests, they should consider the holding company’s design on a consolidated basis. Because substantially all of the holding company’s consolidated activities and cash flows are derived from E, the holding company meets ASC 805’s definition of a business. Before applying the business scope exception, the investors must first determine whether any of the four conditions in ASC 810-10-15-17(d) exist for the holding company’s consolidated activities and cash flows.If so, the business scope exception cannot be applied. 11 Example 3 An investor holds 50 percent of the ownership interests in a holding company. The holding company consolidates the following two e ntities, both of which meet ASC 805’s definition of a business: †¢ †¢ EntityJ,anoperatingentity. EntityL,whoseonlyassetisabuildingthatisleasedtotheinvestor. Entity L’s activities and cash flows represent substantially all of the holding company’s activities and cash flows. Other than its investments in J and L, the holding company has no assets, liabilitie