Unpaid Seller

Unpaid Seller Definition: In a transaction of sale it is not possible to avoid credit sales. In credit sales there is a risk of a debtor not paying the price of the goods even after the credit period is over. The seller of the goods therefore must possess some rights which he can use to secure payment of the price. If the recovery of the price is not possible due to the reason of bankruptcy of the buyer, he must have some other remedies. The Sale of Goods Act has made elaborate provisions regarding the rights of an unpaid seller.The term ‘unpaid seller' may be defined as the seller to whom the full price of the goods sold has not been paid. The legal definition of ‘unpaid seller' is given in Section 45 of the Sale of Goods Act, as under: â€Å"The seller of the goods is deemed to be an unpaid seller within the meaning of this Act: (a) When the whole of the price has not been paid or tendered; (b) When a bill of exchange or other negotiable instrument has been received as conditional payment and the condition on which it was received has not been fulfilled by reason of the dishonor of the instrument or otherwise. Features of the unpaid seller 1. He must sell goods on the cash basis and must be unpaid. 2. If he sells on credit basis, he is not an unpaid seller during the period of credit. 3. The term of credit has expired and the price has not been paid to him. 4. He must be unpaid wholly or partially. If a part of price remains unpaid, he is unpaid. 5. When the price is paid in the form of negotiable instruments and it has been dishonored. 6. If buyer offers payment and seller refuses to accept, the seller is not an unpaid seller. . Party A sells a car on cash basis to party B and the price has not been received yet.. 8. A sells good to B on 5 months credit period and B turns insolvent after 2 months. 9. A sells TV set to B on the same day cheque basis, the cheque is dishonored due to insufficient. SALE OF GOODS ACT Contract of Sale: Sale and agreem ent to sell (1) A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price.There may be a contract of sale between 1 part owner and another. (2) A contract of sale may be absolute or conditional. (3) Where, under a contract of sale, the property in the goods is transferred from the seller to the buyer, the contract is called a sale: but, where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell. 4) An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred. Capacity to buy and sell-sale of necessaries to persons incompetent to contract Capacity to buy and sell is regulated by the general law concerning capacity contract and to transfer and acquire property: Provided that, where necessaries are sold and delivered to an infant or minor or to a person who by reason of mental incapacity or drunkenness is incompetent to contract, he must pay a reasonable price therefor. Necessaries†, in this section, means goods suitable to the condition in life of such infant or minor or other person and to his actual requirements at the time of the sale and delivery. Contract  of  sale, how made Subject to the provisions of this Act and of any Act in that behalf, a contract of sale may be made in writing or by word of mouth or partly in writing and partly by word of mouth or may be implied from the conduct of the parties. Provided that nothing in this section shall affect the law relating to corporations.Sale and agreement to sell goods on credit in course of retail trade to be accompanied by invoice (1)A sale of goods on creditor an agreement to sell goods on credit in the course of trade shall not be enforceable by action at the suit of the s eller, unless- (a) at the time of the sale or agreement to sell, an invoice or docket, serially numbered, be made in writing in duplicate, both original and duplicate containing- (i) the serial number; ii) the date of the transaction; (iii) the name of the buyer; (iv) the nature and, except in the case of goods exempted from this provision by order of the Minister, the quantity of the goods, in the English language and in figures; and (v)  the price in English words or figures; and b) at the time of delivery of the goods, the original or duplicate of the invoice or docket be delivered to the buyer or to some person to whom the goods may properly be delivered on his behalf: Provided that the provisions of this section shall not apply to an agreement to sell, over a period of time, goods of nature such as are commonly delivered at regular intervals, such as newspapers, bread or milk, or to any sale in pursuance of such agreement, where a written order signed by the buyer or his agen t in that behalf is given to the seller at the time of the agreement to sell. 2) In this section- â€Å"docket† includes a packing note, delivery note or other printed form customarily used for recording the particulars of a sale; â€Å"sale or agreement to sell in the course of trade† means a sale or an agreement to sell to a person by or on behalf of a person who carries on the business of selling goods. Duties of seller and buyer 28. It is the duty of the seller to deliver the goods and of the buyer to accept and pay for them in accordance with the terms of the contract of sale. Payment and delivery prima facie concurrent conditions 9. Unless otherwise agreed, delivery of the goods and payment of the price are concurrent conditions, that is to say, the seller must be ready and willing to give possession of the goods to the buyer in exchange for the price and the buyer must be ready and willing to pay the price in exchange for possession of the goods. Rules as to del ivery 30. -(1) Whether it is for the buyer to take possession of the goods or for the seller to send them to the buyer is a question depending in each case on the contract express or implied between the parties.Apart from any such contract express or implied, the place of delivery is the seller's place of business if he has one, and if not, his residence: Provided that, if the contract be for the sale of specific goods which to the knowledge of the parties when the contract is made are in some other place, then that place is the place of delivery. (2) Where, under the contract of sale, the seller is bound to send the goods to the buyer but no time for sending them is fixed, the seller is bound to send them within a reasonable time. 3) Where the goods, at the time of sale, are in the possession of a third person, there is no delivery by seller to buyer unless and until such third person acknowledges to the buyer that he holds the goods on his behalf: Provided that nothing in this sec tion shall affect the operation or the issue or transfer of any document of title to goods. (4) Demand or tender of delivery may be treated as ineffectual unless made at a reasonable hour. What is a reasonable hour is a question of fact. (5) Unless otherwise agreed, the expenses of and incidental to putting the goods into a deliverable state must be borne by the seller.Rights of an Unpaid Seller (A) Rights against the Goods: Unpaid seller's rights against the goods may be discussed under the following two heads, namely: 1. Where the ownership of the goods has transferred to the buyer: In this case, the unpaid seller has the following rights: (a) Right of lien. (b) Right of stoppage of goods in transit. (c) Right of resale. 2. Where the ownership of the goods has not transferred to the buyer: In this case, the unpaid seller has the right of withholding the delivery of goods sold. (B) Rights against the Buyer: Unpaid seller has the following rights against the buyer: a) Suit for price . (b) Suit for damages. (c) Suit for interest. (d) Suit for repudiation of contract. The Unpaid seller of goods who is in possession of them is entitled to retain his possession until payment or tender of the price in following cases, namely: (a) Where the goods have been sold without any stipulations as to credit, (b) Where the goods have been sold on credit, but the term of credit has expired, and (c) Where the buyer becomes insolvent. † This right can be exercised by the unpaid seller if the following conditions are satisfied: (i)The unpaid seller must be in actual possessions of the goods sold. ii) The unpaid seller can retain the goods only for the payment of the price of the goods. The right of lien is linked with the possession of the goods and not with the title of the goods. Thus, the goods must be in actual possession of the seller. It is, however, not necessary that he should possess the goods as an owner. He can exercise the right of lien, even if he is possessing the goods as an agent or bailee for the buyer [Section 47 (2)]. The important legal provisions relating to the unpaid seller's right of lien may be stated as under: 1.Where the goods are sold without any stipulation as to credit (i. e. in case of cash sale), the unpaid seller may retain the goods if the buyer fails to pay the whole price [Section 47(1)(a)]. He cannot retain the goods for any other charge e. g. maintenance,charge of storage during the exercise of lien. 2. Where the goods are sold on credit, the unpaid seller may retain the goods if the buyer fails to pay the whole price after the expiry of credit period. [Section 47 (1) b)] 3. Where the buyer becomes insolvent, the unpaid seller may retain the possession of the goods until the whole price is paid.It is so because, the law does not compel a person to deliver the goods to an insolvent [Section 47 (1) (c)]. 4. Where the unpaid seller has delivered a part of the goods, he may exercise his lien on the remaining part of th e goods. But where the part delivery is made under the circumstances which show an agreement to waive a lien, the seller cannot retain the goods [Section 48]. 5. The right of lien is indivisible in nature. And, the seller cannot be compelled to deliver a part of the goods on payment of proportionate price of the goods. 1.By delivery of goods to the carrier: The unpaid seller loses his right of lien over the goods when the goods are delivered to some person ( a carrier or other bailee) for the purpose of transmission to the buyer [Section 49 (1) (a)] 2. By delivery of goods to the buyer: The unpaid seller also loses his right of lien when he delivers the goods to the buyer or his agent [Section 49 (1) (b)]. 3. By waiver of the lien; The right of lien is for the benefit of the seller. If he like, he may waive his right. And by waiver, the lien is lost [Section 49 (1) (c)]. The waiver may be express or implied.This right is contained in Section 50 of the Sale of Goods Act, which provid es that where the buyer becomes insolvent, and the unpaid seller has parted with the possession of the goods, he can stop the goods in transit until the price is paid or tendered (I. e. , offered) to him. The right can be exercised if the following conditions are satisfied: (a)The buyer has become insolvent. (b) The goods are in the course of transit, i. e. , the goods have gone out of the actual possession of the seller. But they have not reached in the possession of the buyer. c) The unpaid seller can stop the goods in transit only for the payment of the price of the goods. Duration of Transit The duration of transit is the period between the commencement and end of transit. The transit commences from the time when the goods are delivered to the middleman (i. e. , carrier or other bailee), and it continue till the buyer or his agent takes the delivery of the goods [Section 51 (1)]. The important provisions relating to duration of transit are as follows: (a) Where the goods are rej ected by the buyer and the carrier continue to have the possession of the goods, the transit does not come to an end [Section 51 (4)]. b) Where the goods are delivered in parts, the seller may stop the remainder of goods unless the delivery of part of the goods shows an intention to give up the possession of the whole of the goods [Section 51 (7)]. (c) Where the goods are delivered to a ship chartered by the buyer, then it is a question of fact in each case whether the carrier is acting independently or as an agent of the buyer. If the circumstances show that the carrier is acting as an agent of the buyer, then the transit comes to an end as soon as the goods are loaded on board the ship [Section 51 (5)]. Termination (or Loss) of Right of Stoppage in TransitUnder the following circumstances, the transit comes to an end and the right of stoppage in transit is lost. 1. Interception by the buyer: Sometimes, the buyer or his agent takes the delivery of the goods from the carrier (middle man) before the goods arrive at the appointed destination. In such cases, the transit comes to an end. [Section 51 (2)]. 2. Carrier's acknowledgement to the buyer: Sometimes, after the arrival of the goods at the appointed destination, the carrier acknowledges to the buyer or his agent that now he is holding the goods on buyer's behalf. In such cases, the transit comes to an end. Section 51 (3)]. 3. Carrier's wrongful refusal to deliver the goods to the buyer: (Section 51(6)) The important point here is that the refusal should be wrongful i. e. without any just cause. Eg. If the carrier refuse to deliver the goods because of non payment of freight charges, the refusal is not wrongful. Unpaid seller's right of resale is contained in Section 54 (2) of the Sale of Goods Act, which provides that if the buyer fails to pay or offer the price within a reasonable time, the unpaid seller has the right to resell the goods in the following circumstances: (a) Where the goods are of perishable n ature, b) Where the unpaid seller has exercised his right of lien or stoppage in transit and gives a notice to the buyer of his intention to resell the goods. And also (c) Where the unpaid seller has expressly reserved his right of resale. 1. Where the goods are perishable: The seller may resell the goods to another person within a reasonable time. The term ‘reasonable time' is a. 2. Where the seller expressly reserves his right of resale: It may be noted that in such cases, the seller is not required to give notice of resale.He is entitled to recover damages from the original buyer even if no notice of resale is given. 3.. Where the unpaid seller has exercised his right of lien or of stoppage in transit and gives notice to the buyer of his intention to resell the goods: If after the receipt of such notice, the buyer does not pay or tender the price within a reasonable time, the seller may resell the goods. In such cases, on the resale of the goods, the seller is also entitled to: (a)Recover the difference between the contract price and resale price, from the original buyer, as damages. b)Retain the profit if the resale price is higher that the contract price. However, if the goods are resold by the seller without giving any notice to the buyer, the seller cannot recover the loss suffered on resale. Moreover, if there is any profit on resale he must return it to the original buyer, i. e. , he cannot keep such surplus with him [Section 54 (2)]. In this sense, the notice of resale becomes obligatory, i. e. legally compulsory. Right of Withholding Delivery and Rights against BuyerRight of Withholding Delivery: Sometimes the ownership of the goods sold is not transferred to the buyer. In such cases the seller has the right of Withholding Delivery of the goods sold, if the buyer fails to pay the price. It may be noted that this right is in addition to other remedies available to the seller. This right is similar to and co-extensive with the right of lien and stoppage in transit [Section 46 (2)]. Rights against the Buyer The unpaid seller has the following rights against the buyer : 1. Suit for price:Where the buyer fails to pay the price of the goods in terms of the contract, the seller can file a suit against the buyer for recovery of the price [Section 55]. 2. Suit for damages for non-acceptance of goods: Where the seller is ready and willing to deliver the goods to the buyer, but the buyer wrongfully neglects or refuses to accept the goods and pay for them, then the seller may bring a legal action against the buyer for the recovery of damages suffered due to non-acceptance of the goods [Section 56]. 3.Suit for damages for repudiation of the contract before the due date of delivery of goods: Where the buyer repudiates (i. e. , puts an end to) the contract before the due date of delivery of the goods, the seller has the following options [Section 60]: (i) He may not immediately take any action against the buyer, and treat the contract as subsisting and wait till the date of delivery of goods. (ii) He may immediately treat the contract as repudiated and bring the legal action against the buyer for the recovery of the damages. . Suit for interest: Where the seller tenders the goods, but the buyer fails to accept and pay for them, then the seller may file a suit for the recovery of the price. In such a suit, the seller may also claim the interest on the amount of price payable by the buyer The court may award the interest from the date of tender of the goods or from the date when the price if payable. The rate of interest to be awarded is at the discretion of the court.It may however, be noted that the interest can be recovered by the seller only when he is entitled to recover the price. Thus, when the seller's only remedy is for damages, he cannot file a suit for interest [Section 61]. Reservation of right of disposal (Section 25). – 1. Where there is a contract for the sale of specific goods or where goods are subsequently appropriated to the contract, the seller may, by the terms of the contract or appropriation, reserve the right of disposal of the goods until certain conditions are fulfilled.In such case, notwithstanding the delivery of the goods to a buyer or to a carrier or other bailee for the purpose of transmission to the buyer, the property in the goods does not pass to the buyer until the conditions imposed by the seller are fulfilled. 2. Where goods are shipped or delivered to a railway administration for carriage by railway and by the bill of lading or railway receipt, as the case may be, the goods are deliverable to the order of the seller or his agent, the seller is prima facie deemed to reserve the right of disposal. . Where the seller of goods draws on the buyer for the price and transmits to the buyer the bill of exchange together with the bill of lading or, as the case may be, the railway receipt, to secure acceptance or payment of the bill of exchange, the buyer is bound to return the bill of lading or the railway receipt if he does not honour the bill of exchange; and, if he wrongfully retains the bill of lading or the railway receipt, the property in the goods does not pass to him. Explanation. In this section, the expressions† railway† and† railway administration† shall have the meanings respectively assigned to them under the Indian Railways Act, 1890 . ] (9 of 1890 . ) Buyer’s right against seller Suit for damages for non-delivery When the seller wrongfully refuses to deliver the goods to the buyer, the buyer may sue the seller for damages for non-delivery (Sec. 57) Suit for specific performance Where there is a breach of contract for sale of specific goods, the buyer may file a suit for specific performance.The remedy is granted when subject matter of the contract is rare goods, say, a picture by a dead painter (Sec. 58) Suit for damages for breach of warranty Where there is a breach of warranty, the buyer is entitled to sue for damages if he had paid the price to the seller. But if he has not paid the price yet, he may ask the seller for a reasonable reduction in theprice. (Sec. 59) Suit for cancellation and damages for breach of contract Where there is a breach of contract by the seller, the buyer may avoid the contract and claim damages. Suit for recovery of price with interestIf the buyer has already paid the price to the seller and the seller does not deliver the goods to thebuyer, he can sue the seller for refund of price and interest at a reasonable rate. (Sec. 61) Examples A case of an unpaid seller Case 1 Sir, If a sale deed has been entered saying that the consideration has been paid via a Demand Draft (i. e. issued by the Bank on account of loan). However the demand draft has not actually been encashed, as the loan was subsequently cancelled. However believing on the fact the DD will be encashed the seller signed the Sale Deed.Now as the amount is not actually paid, what ca n be the means to get the unpaid money? If in the suit for recovery of balance amount the buyer is unable to pay the remaining consideration, then what other relief can be provided by the court of law? The buyer got the loan sanctioned by concealing certain facts, so the DD was issued. However before the disbursement the Bank came to know of the facts and the loan got cancelled. That is how the DD could not be encashed. The Bank had issued the DD on the basis of certain facts. However certain important facts were concealed by the buyer from the Bank.Just before the DD could be encashed the Bank came to know the facts and they cancelled the DD. As a result the seller could not get the consideration. Case 2 Please my fellow mates i need urgent help on this    Mr. J sells and consigns certain goods to Mr. S for cash and sends the Railway Receipt to him. Mr. S becomes insolvent and while the goods are in transit, he assigns the Railway Receipt to Mr. N who does not know that Mr. S is insolvent. Mr. J being an unpaid seller wants to exercise his rights. Advise:    (a) whether Mr. J can exercise the right of stoppage of goods in transit ? b) would your answer be different if Mr. N was aware of Mr. J’s insolvency before the assignment of the Railway Receipt in favour of Mr. N ? (a)Mr. J cannot exercise the right of stoppage of goods in transist, because the goods are being taken by Mr. N in good faith and for consideration. (b)Yes, Mr. J in this case can exercise his right of stoppage of goods in Transit, as Mr. N has not acted in good faith. (Refer to section 27 of The Sale of Goods Act, 1930) Ref: http://www. caclubindia. com/forum/unpaid-seller-142227. asp#. UKXVHIdJNGQ

Lesson Mrs

To Mrs.. Rattail and the entire Business Communications class. My name is and I'm a 42 year old veteran, musician and constitutional activist. I'm single, which allows me plenty of time to dedicate myself to school, my music and an Important cause that I believe In. I began earning my college education about two years ago. They say It's never too late to go back to school and in this case, without a doubt I have to agree. My Initial motivation to enroll in college was a Job offer I received at a wedding. The V. P. F Operations over heard me speaking to a group of people I had Just met.He was Impressed enough that he extended an offer that if I earned a general business degree I would be hired at a digital communications and software design firm. The decision was easy on my part. I enrolled two days later. The Job he offered came with a handsome starting salary and benefits that will surely be beneficial due to the significant changes in the health care system. Before receiving the jo b offer. The thought of going to college had really never crossed my mind. I was born in Ohio but moved around a lot due to my father's career as an Army Special Forces Green Beret.He was an officer and was usually offing some third world country on some secret mission. Being raised on Army bases influenced me enough adjoin the US Navy in 1990. Three generations before me fought in a war and so it was almost a fulfillment of destiny that I fought in the Persian Gulf War in 1990. Being raised on Army bases and my own tour to duty was significant in shaping me Into the person I am today. These elite experiences have been paramount In beefing the direction In which I currently find myself headed In today. M an activist who fights for the cause of teaching people the Importance of preserving the constitution and the principles It represents. I have worked in many places and known many people throughout the world. These experiences have provided at least a portion of the communication sk ills needed In business. It has also helped me in spreading the word for a Just cause. I've always enjoyed talking with people, especially someone I'm Just meeting for the first time A gift of persuasion helps fine who I am. This opportunity I have to earn my degree in Business is one that I detonate lightly.Not only will my education give me a career and meaner to retire, but it has also opened doors in my personal life and helped give me the tools to fight for what I believe in which to me and many others is a noble, Just and prudent cause. I've met and networked with others with the same philosophy in life. This was made possible through the web design course and Microsoft Office classes I took in order to earn my degree. Being educated has put me further into the circle of people that I feel are important in helping me network this agenda.Currently my work is posted on the Internet through a website I built. Legibility's. Com has information about the constitution and links to o ther sites with information meant to inform those who believe In American Liberty. The cause Is for freedom that the constitution affords all Americans. The Amendments defined by civil liberty and the right of peaceful civil disobedience, assembly, religion and speech. The purpose Is to educate those who will listen about the American philosophy that Is being forgotten and that so many have sacrificed their lives defending.My Associates degree in Business Management of life. In this assignment, the use of internal and formal communications has been utilized as the structure of this paper is directed towards informing the audience of my personal background and interests, both on a personal and professional level (Till, 2009). The information contained within speaks truth and is straight forward and to the point. The main points are easily understood and read without errors. I have also provided a link to my website if anyone has interest in learning about this important cause.The onl y barriers in this presentation could possibly be that the information may be read with distractions such as noise from those who' may disagree with my point of view concerning freedom being traded for security (Till, 2009). If distractions occur at the time this is being presented there could be messages competing to be heard. There also could be too many filters if this essay isn't presented so that everyone understands it's purpose; which is to inform the audience about it's intended purpose of introducing myself and my interests.I have made this essay simple and easy to comprehend with the intention of allowing the audience to make a decision about weather or not to find out more about the cause that many have forgot in all essence, protects their way of life. To learn more about the constitution visit http://www. Legibility's. Com Sincerely

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The Hoax in Wal-Mart - Essay Example It employs over 2 million people, qualifying as the largest job provider in the private sector in the U.S, Canada and Brazil. With staggering revenue of four hundred and five billion dollars, the nearest competitor seems like a dwarf. Though these statistic depicts a success story, there a lot of hideous play behind the scenes.Wal-Mart trades more commodities with china as compared to other retailers in America. The yearly volume is to the tune of $25 a year. This mega imports cannot come at no cost to the economy and down to the other small retailers. Through its claim of being the apostle of the customer and its slogan of low cost, it pushes the suppliers to supply goods at the lowest cost possible. This ever-increasing pressure forces many suppliers to manufacture their goods outside the country where the labor is cheap. The imported merchandise is thus able to meet Wal-Mart’s demand on price. On a reflective note, how many stores are able to put such demands on suppliers? As the former chief executive officer of the now closed down Pillowtex observed, Wal-Mart inverted the natural order of the supplier having the say. Because of this, there arises an enormous disparity in the pricing of goods in Wal-Mart and other retail stores. When such a phenomenon occurs, the entire populace will certainly be persuaded to shop at the cheaper option. What follows is low turnover in competing stores and their eventual closure.

Country essay 6 Example | Topics and Well Written Essays - 250 words

Country 6 - Essay Example exico, other sources of pollution that affect Mexico due to the activities of US includes pollution generated through automotive vehicles and pollution generated by residences. According to Chow, the pollution that is created and transferred by US onto Mexico is more than the amount of cross border pollution created by Mexico (Chow 1840). United States has shown rigidity towards export of waste to other nations, but the cost of dumping the waste produced within US is very high, due to this US based companies export their waste to developing nations. For example Intercon Solutions was held responsible for transporting electronic waste to other nations which results in pollution of heavy metal (BAN, 2011). United States have implemented strict rules and regulations regarding the issue of pollution, for example: the Pollution Prevention Act which states that the producers of pollutions are liable to seize the creation of pollution at their factories and organizations (US EPA, 2012). US believe that if pollution is controlled at the source, the organizations can enjoy several benefits such as low cost of dumping of waste. Basel Action Network (BAN) : Toxic E-Waste Exports by Chicago Electronics Recycler Uncovered." Basel Action Network (BAN). N.p., 5 July 2011. Web. 3 Dec. 2012.

Melting Points and Cooperative Identification of Organic Solids Lab Report

Melting Points and Cooperative Identification of Organic Solids - Lab Report Example This is by deriving mixed melting point by obtaining that of the two compounds having a ratio of 1:1. This was instrumental in ascertaining mixture melting point that helped in identifying these compounds. In addition, comparing the already obtained data solid with dissimilar appearance has high melting points in its both mixed (1350C) and pure states (1870C). Hence, indicating its strong covalent bond where by in former state weakened due to dissimilar forces with the other component. The purpose of this experiment entails the determination of the given compound’s melting point. In this experiment, the melting point measurements they are for four organic solids. Hence, the ascertainment process encompasses utilizing the scientific premise that diverse compounds differ significantly in terms of their melting points. This is because of their respective structural bonds that have varying attraction strengths. Scientifically, ionic compounds are stronger in comparison to their covalent counterparts, which are weaker besides having diminished bond strength. From the obtained data, it is quite evident respective melting points across the groups of mixed substances are a bit low compared to pure solids. Probably, this is because of mixed and unequal attraction bonds/ Van der Waals amid the involved substances. This is evident whereby their pure state The experiment is somewhat an attempt of solving a puzzle. This is because for scientific discoveries, most scientists have to cooperate with each other. Great teamwork is crucial especially in the modern science. In several occasions, it is possible for diverse scientists to make the same discovery, at the same time, in different parts of the world. For the scientist to prove that they are using the same substances, they have to exchange their biological specimens or chemical samples and data. The melting points for the

Drug abuse program Assignment Example | Topics and Well Written Essays - 250 words

Drug abuse program - Assignment Example In the past two decades, many measures have been taken by the government in order to improve the delivery of health care services particularly with reference to the drug abuse treatment and psychological health improvement in the Los Angeles County. People addicted to substance abuse that also suffer from mental problems are said to have dual diagnosis. Measures have been taken to increase the access of dually diagnosed people to medical care and coordinate the required services for such individuals. To make the system more efficient, it was imperative that the current status of the delivery of service was thoroughly researched. In order to achieve that, a study was conducted in which the administrators and the treatment staff of the programs based on substance abuse and mental health, who served the dually diagnosed patients were involved. A total of 15 administrators and 99 staff members considered the accessibility of the dually diagnosed patients to health care services and the c oordination of health care services much lower in comparison to 10 mental health administrators and 136 staff members, who gave a higher rating on each of the two factors (Grella, Gil-Rivas, and Cooper, 2004). In order to improve the coordination in the delivery of mental health services in substance abuse treatment and mental health improvement programs, the divergence in the concepts of the administrators needs to be lessened first because efficient working of the system requires them to work in close collaboration with one another.

Facebook Effects on Society Essay Example for Free

Facebook Effects on Society Essay Nowadays, the social networking known also as social media has become a widespread subject among people, especially among teenagers. At its beginning, social media consisted of diverse dating websites. Now, most people consider that having a social media account means that you have a Facebook account. Facebook involves interactivity and the aim of it was, from the very beginning, to be able to add different people as friends and let those people know about the activities of their new friends. It was launched in 2004 and now is one of the most popular social media websites in the entire world. According to the last surveys in the field, Facebook changes and influences social relationships along with peoples ideas, thoughts and actions. There are several negative effects that Facebook has on the society, in general, and on the people, individually. Facebook causes addiction, which implies: less social interaction, distraction from another tasks and health issues. Since for many people searching and posting on Facebook has become one of the main daily activities, less social interaction begin to be one of the main negative effects that Facebook has on its users. Recent data shows that there are over 500 million Facebook users, which means 1 person in every 13 people on Earth uses Facebook. This social media website seems to be for people an escape from real life to a life where everything is fine and organized. In 2010, Pew Research Center created a survey on over 2,000 respondents about social networking influences and demonstrated that 92% of the social networking users have account on Facebook and 52% of them check their Facebook profile at least once a day. Overall, half of the actual Facebook users, which means 250 million people, checks their profile daily. And definitely, those who tend to check their profile many times a day are the ones who tend to get more attracted by the activities on Facebook and so, to be less interested in real life productivity. Christine Rosen, member of the Ethics and Public Policy Center from Washington, says People who use networks like Facebook have a tendency to describe themselves like products(BUGEJA 88). That less social interaction will begin once the Facebook users start feeling more connected with the others through Facebook. A research did by Alex Trimpe, student at Columbus College of Art Design shows that 57% of people talk more online than they do in real life (BATTISHILL). In addition, a report in Daily Mail confirmed that more than a third of the respondents spend less time on going out with friends than posting or chatting on Facebook. A percentage of 75 of the surveyed people have fewer friends since they started using Facebook as a way to keep friends updated and even if they realize they need more real meetings, Facebook is still the first choice for hanging-out and for meeting new people. This seems to be a new way of creating and maintaining friendship relations and Steven Strogatz, network science expert and PhD professor at Cornell University, confirms: The distinction between genuine friends and acquaintances is becoming blurred. Users are spending time maintaining relationships with people they dont really care about. (JARVIS) Another of Facebooks negative effects on society is the distraction from important tasks, which increases the inability to control important occupations such as working or studying. Michael Bugeja, professor and director of the Greenlee School of Journalism and Communication at the University of Iowa, named this generation The Facebook Generation who text-message during class, talk on their cellphones during labs, and listen to iPods rather than guest speakers in the wireless hall(Bugeja 85). Due to this extended presence on Facebook, the students encounter issues on tasks performances or in respecting due dates. For instance, a psychologist of the Centre for Learning Sciences and Technologies at Open University, Paul Kirschnera, and Aryn Karpinskib, a professor at Ohio State University, did a survey that shows that the average GPA of students without a Facebook account is around 3.86 while the Facebook users have a GPA of 3.06 (Choney). Paul Kirschnera affirmed in a Daily Mail article: The problem is that most people have Facebook or other social networking sites, their emails and maybe instant messaging constantly running in the background while they are carrying out other tasks(Fleming). Facebook has a well developed entertainment value and, also, an informative value and both make people get involved in discussions or any other activities allowed on this website. Their curiosity or pleasure in what they see or read encourages them to spend more time facebooking. For example, checking the last posts on their friends walls, changing constantly their status or using Facebook chat. Any social media activity longer than a few minutes interferes with peoples main occupation, in students case, homework, and it makes difficult to keep them focused on what is really important. The experts advice Facebook users to take tech breaks and check their profiles after at least 15 minutes of working on other different tasks. Last, but definitely one of the most dangerous effects of Facebook on society is that it brings a series of health risks. According to a Daily Mail report, people who often use social media tend to be more isolated, and they find it difficult to communicate in person. Doctor Aric Sigman, member of The Institute of Biology, says in The Biologist, This [isolated behavior] can increase the risk of health problems as serious as cancer, strokes, heart diseases, and dementia (BBC News). These health issues are more likely to appear in someone who spends more time socializing online than he does on face-to-face contacts. In addition, Dr Sigman underlines that some hormones such as stress released or oxytocin hormones, which help people to start and maintain social relationships, are altered in the people who do not have an active social life and who share their emotions and thoughts through Internet. It explains why many people who overuse Facebook are more vulnerable to stress, nervousness and isolation. Another health risk caused by an excessive use of Facebook is the chaotic habit of eating that people have, especially teenagers. If they spend most of their time on Facebook, they tend to skip meals or eating unhealthy food. According to researchers, t hese habits could lead to diseases like bulimia or anorexia. A survey based on a sample of 600 Facebook users with ages between 16-40 and done by The Center for Eating Disorders, reports that 75% of the respondents do not like how their body looks and 51% of them compare their bodies with their Facebook friends’ bodies (Cowden). Doctor Harry Brandt, director of The Center for Eating Disorders mentions, â€Å"Facebook is making it easier for people to spend more time and energy criticizing their own bodies and wishing they looked like someone else [] In this age of modern technology and constant access to SmartPhones and the internet, it’s becoming increasingly difficult for people to remove themselves from images and other triggers that promote negative body image, low self-esteem and may ultimately contribute to eating disorders (Shaffer). Many people become obsessed with that ideal thin body and the results of the survey mentioned above underlines that people tend to pursue a weight-loss diet because they draw a negative image of their bodies when comparing with other users images. It is clear that, at one point, Facebook is enjoyable and its policy is not other than to bring people together faster and easier, though it still affects peoples lives in many ways. Some people are more liable to be isolated from real life, which include in person connections and real entertainment activities. Others end up losing their jobs or getting low grades, in students cases, because of the time spent on Facebook. Some could become sick because of the obsession of having that perfect body image, which Facebook promotes, and they start pursuing wrong diets plans, which lead to improper meals. A large numbers of surveys show the negative effects of Facebook to society and the doctors are also worried about the approach that society have for social media websites, especially Facebook. Generally speaking, Facebook mostly affects many people because they neglect real life and spend way too much time on chatting, posting on and checking their profile. The risks and the negative sides of social media will be reduced if the people will use a lower amount of virtual socializing. WORKS CITED BBC, News Online networking harms health.† N.p 09.02.2009. Web. 18 Apr 2012. . Black, Nathan. Facebook Depression Affecting Teens, Report Says. Christian Post 29 March 2011, n. pag. Print. Bugeja, Michael. Facing the Facebook. Chronicle of Higher Education 27 February 2006, Daily Ed. n. pag. Print. Choney, Suzanne. Facebook use can lower grades by 20 percent, study says. N.p., 2010. Web.

Fair Value Accounting (FVA) in Barclays Bank Plc

Fair Value Accounting (FVA) in Barclays Bank Plc Before starting Research Methods, it is vitally important to understand the real meaning of Research in general. Research is a planned and methodical approach of finding answers to the questions'(R Cottrell J F McKenzie; 2010) It is an organized set of actions and steps which we will follow to achieve our objectives. There are many factors in Research Method which are always done to get the most precise results. Research is a pre-planned method, not a spontaneous approach. It is focused and limited to a particular scope. A good research is focused on appropriate, valuable, imperative questions and their answers. If there are no questions, there is no point of doing research and similarly finding answers to those questions is the most important. Whether its an answer to a hypothesis or even a simple question. A good research is ineffective unless we find the answers to the questions. A good Research is a major key to complete a successful project, report or Dissertation because if the research is not professional and well organized, then it is nearly impossible to complete a Project or Dissertation. TYPES OF RESEARCH METHODS:- Research methods can be categorised into two types. They are:- Deductive Research and Inductive Research. In research methods, conclusions are based on these two methods. Both are widely used in research projects. DEDUCTIVE METHOD:- Deduction follows an approach which is top-down or from general to specific. Aristotle a Greek philosopher described deduction as Drawing conclusions by applying rules or principles; logically moving from a general rule or principle to a specific solution(www.hubpages.com/hub/Types-of-Research Dated:03-05-2010) It is the procedure of getting a conclusion that is certain to pursue, if the data given is factual and the analysis used to achieve the conclusion is right. In deductive method, the grounds (facts) give an assurance of 100% accurate conclusion. EXAMPLE OF DEDUCTIVE METHOD:- There are 15 packs of cigarettes on the top-shelf of the cigarette case, There are 7 packs of cigarettes on the lower-shelf of the cigarette case. There are no cigarettes anywhere on the middle-shelf cigarette case From the above, it can be concluded that there are 22 packs of cigarettes in the cigarette case. INDUCTIVE METHOD: Induction method is from precise to general. In induction, we scrutinize some events, deduct a pattern and draw conclusion. This method involves moving from an exact condition to a common conclusion. This method is undefined and investigative. It does not give 100% assurance of reality but a chance of being accurate. EXAMPLE OF INDUCTION METHOD:- This coffee is hot. (Specific, based on a direct observation.) All coffees are hot. (General, can be applied to any ice) OBJECTIVES OF RESEARCH METHODS: The key objectives of this research are:- To Critically Analyze the Role of Fair Value Accounting (FVA) in Barclays Bank Plc. Norbury Branch, London and what are its effects on Barclays Bank Plc. before, during and after Credit Crunch? To Investigate whether the systematic risk is associated with the financial crises of Barclays Bank Plc. or not? To Highlight the impact of market to market reporting in contributing financial difficulties for Barclays Bank Plc. To Find out the contagion of Barclays Bank Plc with Recommendations Conclusion. KEY LITERATURE REVIEW:- An efficient banking system is an indicator of sustainable economy (Imola; 2006). Banks perform fundamental roles not only in financial system of a country but also globally due to their nature of business performance and corresponding assets policy. Banks play the role of financial intermediaries in an economy (Imola; 2006) FAIR VALUE ACCOUNTING: DEFINITION: Financial Accounting Standards define Fair Value Accounting as: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (Whittgton; 2008) ROLE OF FAIR VALUE ACCOUNTING AND ITS BACKGROUND: In accounting, fair value is used as an estimate of the market value of an asset or liability for which a market price cannot be determined. The measurement of assets and liabilities takes place at three levels. At the first level, the fair value of an asset or liability is calculated at quoted prices if the market is active for that asset and liability. At second level, the cost of similar assets and liabilities are taken for evaluation and at last level, the market for these assets and liabilities are not available, the standard supports to use market to model approach for valuation of assets and liabilities (MacNamara; 2009). Evaluation of assets and liabilities at Level three is considered to be more problematic. This increases the manipulation risk because of non availability of market prices. (Penman; 2009) argue that for most of the loans, the quoted prices are not available in the markets. Even if the prices for these loans are available, they do not reflect the private information of these loans for banks. Therefore, to determine the fair value of these loans, different valuation models are used (Penman; 2007). Financial Accounting Standards (FAS) allows financial institutions to report their assets at level three but the opponents of (FAS) argue that it has forced banks to value troubled securities at lower prices (MacNamara; 2009). Wall Street Journal claims that the reporting of assets and liabilities on Fair Value Accounting (FVA) causes financial institutions and banks to write down their mortgage backed securities (Gold, 2008). However, most of accountants, regulators and investors defend this by arguing that it provides more accurate and transparent reflection of a company‘s position (MacNamara; 2009). Kurt N. Schacht managing director of CFA (Institute of Chartered Financial Accountants) argues that fair value measurement is only relevant information under the prevailing circumstances (Gold; 2008). ADVANTAGES AND DISADVANTAGES OF FAIR VALUE ACCOUNTING (FVA):- Many Banks around the world have started revising their estimates of credit losses. Several parties blame FVA for the sub prime crisis (G.Ryan; 2008). The controversy has been observed during the discussion paper on Statements of Financial Accounting Standards (SFAS 2006) that the interpretations made by Financial Accounting Standards Board (FASB) about fair value ignored the transaction costs and entity‘s specific assumptions (Whittington; 2008). However, the advocators of FVA argue that FVA is not responsible for crisis. It is just a reporting and measurement system of assets and liabilities (Christian Laux; 2009). Wallace (2009) suggests that the fair value accounting is not the main cause of current financial crisis. He names it as a messenger of current crisis and advocates that FVA has helped us to recognize the problem earlier otherwise the situation would be much worse as compare to its current position (Wallace; 2009). Moreover, the advocators argue that the accounting rules contradict with framework of institutions. They point out that sometime managers make deviations from market prices due to their own interests (Christian Laux; 2009). Singleton (2006) argues that historical cost accounting is out of date and there is a strong possibility that management manipulate it. In modern era, the current values based reporting (e.g. market based) are more relevant and reliable. Henceforth, the supporters suggest that it is difficult to say that FVA is responsible for the current crisis (Singeton; 2006). The supporters further assert that under FVA, assets and liabilities are recorded at the price, at which these assets and liabilities can be sold (Gold; 2008). Thus, FVA represents the current market condition and provides accurate financial information of an entity. (Stephen; 2006). In support of FVA, Stephen Penman (2006) mentions the following points. Firstly, inventors are more interested in value not in cost. Secondly, in prevailing situations the historical prices are not relevant to provide up to date financial position of a business. Thirdly, the fair value is based on reality of assets and liabilities actual financial position. Further, it reflects the true economic substance. Finally, as markets are efficient, they are not influenced by a single firm or business. Therefore, the information based on market prices is more relevant (Stephen; 2006). Finnegan (2009) concludes that FVA is suitable to apply in both periods e.g. when market prices are available as well as when markets are inactive and market prices are not available (I.Victor; 2009). However, the opponent asserts that FVA is irrelevant and misleading especially for those assets and liabilities which are held for long term (held to maturity).They further argue: firstly, as efficient market hypothesis theory does not always true in real life. It fails in some situations. Therefore, in the situation of inefficient market FVA provides wrong information to investors and creates liquidity problems. Secondly, FVA measurement model are not reliable and finally, FVA contributes pro cyclicality in the financial system (Mary E. Barth; 1995). In spite of all criticism, The FASB IASB believe that fair value measurement of financial assets is more relevant in producing useful financial position of firm as compare to historical cost based measurements. They argue that fair value shows the current cash equivalent of the business‘s financial instruments rather than the price of acquisition of financial instruments (Benston; 2008). Further, supporting FVA, the former chairman of SEC Mr. Breeden, suggests that all financial institutions like banks as well as publicly held companies should report their financial position on market based because market based information are most relevant to financial attributes (Mary E. Barth; 1995). Allen and Carletti (2008) assert that banks may become insolvent with the effect of market to market prices. The valuation based on market prices creates instability in market prices that affect the value of banking assets and this leads to ruin banking portfolio and contagion (Mahan, 2009). However, the advocators of FVA assert that it has provided early warning of current crisis and asked banks to take corrective actions (Wallance; 2009). Mahan (2009) points out that the fair value is not a single reason of the current crisis the other factors, for example, inadequate risk management, poor lending requirements, the assessment of rating agencies and insufficient capital requirements are also contributors of these crisis. Mahan (2009) claims that the banking regulation, especially the capital requirement is also one of major reason in failure of banks. However, the logic behind the capital requirement of regulators and central bank is the same as the secured loans issue by banks to creditors to protect market from financial distress and keep insurance of market discipline. Recently, the London based International Accounting Standards Board (IASB) declared that they are going to change the market to market rule and will follows the United States Standard. Recently, the US companies are reporting their assets under level three categories (Morgan; 2009). BARCLAYs BANK PLC. CONCERN ABOUT FAIR VALUE ACCOUNTING (FVA) DURING FINANCIAL CRISIS:- Barclays explain the following reasons for rejection of FVA during financial crises. Firstly, they argue the FVA is irrelevant for investors. It does not communicate the rationality (Christian Laux; 2009). Critics of FVA have accused it of pouring fuel on the fire rather than simply measuring the flame (Morley; 2008). Secondly, it is not suitable for banking industry and finally, they said fair value is inappropriate for those assets which are held for long term (i.e. held to maturity) and the assets which have no active market (i.e. for illiquid assets). In the mid of 2008, when the crisis reached at its maximum point, the bank started blaming FVA and their main focus of criticism was the valuation of liquid assets. Barclays argue that FVA has played an effective role in creating these crises. On the other side of the coin, (Ball; 2000) (Leuz; 2003) suggested that investors, and other interested groups e.g. Accountants and customers have opposite opinion. These interested groups are against the suspension of FVA standards. For example, during November 2008, the joint letter to SEC the Consumer Federation of America, Centre for Audit Quality, Council of Institutional Investors, Investment Management Association, and CFA Institute assert that investors are more confident on the standards (i.e. FVA) which are more transparent and report current and relevant information for valuation of financial instruments regardless of the direction of markets (Christian Laux; 2009). Nicolas (2008) argues that the illiquidity criticism spots light at the market conditions for many financial instruments. These instruments were imbalanced from August 2007 and were not reporting the true prices in markets on the basis of demand and supply principle. Most of prices did not reflect the potential to generate the future cash flows associated with an assets or investment. Nicolas (2008) further argues that fair value compelled Barclays Bank Plc. to record assets and liabilities on the value which is unjustified by economic conditions. Resultantly, Barclays Bank Plc. was forced to raise new capital under depressed valuation conditions to meet the legal solvency requirements which resulted in reduction in the equity value of existing shareholders. The pro-cyclicality criticism of fair value is based on the idea that when there is boost in market prices it apparently strengths the balance sheet of Barclays Bank. However, in the time of reduction in market prices, it damages the economic position of the bank more severely (Amola; 2006). Futher, Nicolas ( 2008) argues that as the studies support that markets do not work efficiently during the time of crisis when every participant is in the condition of uncertainty and market information are disordered. Therefore, the accounting standards which rely on market‘s information, damages the decision of it‘s users. Additionally, he argues that criticism of pro-cyclicality of FVA is not only when markets are inactive for securities but also in the normal conditions of economy (Nicolas; 2008). Regardless of criticism of FVA, Wallace (2009) suggests that elimination of fair value standards is not solution to the problem. The government should focus on stabilizing the financial markets, rebuilding investors confidence by promoting liquidity conditions in markets and improving regulations (Wallace; 2009). Barclays Bank can overcome the shortcomings of historical cost accounting. Reporting at FVA standards, the bank can record their financial instruments including loans at fair value (market based price). Buckland (2005) also argues that for the purpose of monitoring and supervision, the supporters of FVA consider it more reliable source of information. EMPIRICAL LITERATURE REVIEW RESEARCH OBJECTIVES:- During existing literature review, I observed that mostly, the underlying subject has been discussed working papers, reports, conferences and general argumentations. The following literatures give the guidelines to understand the issues related to financial crisis, systemic risk and FVA standards. I went through the following literature to understand my topic of research. Magnan (2009) provides general overview of FVA on financial statements. He briefly explains the origins of FVA, its applications and role in the financial crisis. He believes that FVA has contributed in acceleration of financial crisis especially in banks and financial institutions (Magnon; 2009). Magnan (2009) explains, how fair value has contributed and created financial crisis? He describes that at the start of 2007, some of the financial institution‘s (including Barclays Plc.) assets and liabilities drop in value and this drop in value forced these institutions to report assets and liabilities lower at their balance sheets. This reporting at lower value negatively affected their capital adequacy ratios (Magnan; 2009) Morley (2008) discusses the role of accounting standard setters and their comments about the FVA. Further, spotting light at the problems of FVA they argue that the sharp fall in market values of many financial instruments adversely affect the market price of these instruments. Additionally, they point out the challenges IASB is facing after the recent financial crisis. They state that the political threat to IASB‘s independence and credibility is continuously growing. Moreover, the headlines such as, Bank‘s accounting gets murkier (Wall Street Journal, November, 11, 2008). The third quarter reports of banks provide evidence that bank‘s accounting system get murkier e.g. The Royal Bank of Scotland is said to have avoided booking à ¢Ã¢â‚¬Å¡Ã‚ ¤1.4 billion of losses as a result of the rule change, and Deutsche Bank, Lloyds TSB and HSBC collectively are said to have avoided booking losses of â‚ ¬1.5 billion (Morley; 2008). SYSTEMATIC RISK-DEFINITION:- The banking regulations were introduced in the system to avoid systemic risk in the sector (Allen; 1995). The regulators of prudential law are fully aware of the danger that systemic risk can produce in the banking sector. Systemic risk is the risk that can breakdown an entire system (Acharya; 2002). Kaufman (2003) founded that there is high correlation between systemic risk and failure of banking system in a country, a number of countries or throughout the world. Sohnke. M (2005) defines systemic risk as The risk of a failure of the global banking system resulting from a failure of the global inter-bank payment system (Sohnke M; 2005). SYSTEMATIC RISK BANKING SYSTEM:- In the case of the banking industry, all banks are connecting to each other due to inter-banking transactions (Sohnke M; 2005). They have common deposits, loans, payment systems and other different indirect services to other financial institutions. Inter-banking system works within a country as well as across countries. Therefore, the adverse shock that effects on a bank in a system damages the entire system. Thus, the insolvency of one bank transforms the insolvencies of other banks in the system. The theory and evidence advocate that the danger of contagious systemic risk in the banking industry is faster and stronger as compare to any other industry (Kaufman Scott, 2003). Additionally, Kaufman (2003) suggests that the initial failure of a bank starts knock on reaction in the system. However, at the start of this shock, the other banks do not expect its transmission to them. Kaufman (2003) explains that if a bank has smaller capital to assets ratio, this means that the bank is highly leveraged. Therefore, this set of banks transfer their insolvency to other banks in a system (Khan; 2009). Moreover, Kaufman (2003) suggests that in banks, the downward trend in the credit market affects the quality of private and public information. This information also increases the uncertainty in the credit market and badly affects these market conditions. In such situations of uncertainty no participant wants to take risks. Therefore, investors quickly transfer their funds to a safer place (Kaufman Scott; 2003). Cifuentes, Ferrucci, and Shin (2005) argue that when assets and liabilities are reported on market to market basis and there are also external solvency requirements (e.g. prudential regulation), these situations lead to increase of risk in the financial system. They further argue that when the prices of assets are falling, these assets disrupt the solvency ratio of firms. Prudential regulations in banking system demand banks to maintain capital reserves for their solvency in estimation of risk associated with institutions (Khan; 2009). Plantin (2008) has observed that banks sell their assets when prices of assets were falling and purchased assets when prices were rising. Such acts of banks increased the volatility in market prices which increased the probability of rise in the systemic risk in banking sector. MARKET TO MARKET REPORTING FAIR VALUE ACCOUNTING:- Plannutin (2008) suggest that when markets are inactive, FVA becomes more inefficient as compare to historical based accounting (Plannutin G; 2008). As market to market accounting increases the probability of pro-cyclical trades that creates the illiquidity situation in markets. The logic behind is that when the market is illiquid for particular assets as compare to other assets which have active market, the sale of assets adversely affects the price of assets and firm for whom there is no seller or buyer ( Khan; 2008). Therefore, it can be argued that under the FVA reporting (which is based on market to market), prices of assets and liabilities further decline prices of assets and liabilities for which no markets exist. Further, in such situations of uncertainty, the management of these firms sell these assets at lower prices. In reaction to this, pro-cyclical trades starts which increase the overall risk especially in the banking sector. Therefore, we can understand that during the recent financial crisis, how the FVA is associated with the systemic risk of banking system? As the market for banking assets became illiquid during the financial crisis and sale of assets of other firms increased pressure on bank‘s management to sell their asset at lower prices (Pollock A 2008). JUSTIFICATION:- Why I have chosen the role fair value accounting in Barclays Bank Plc.? Being a student of MBA Banking and finance, this topic will give me a unique opportunity to cover both fields of my MBA in one research i.e Banking as well as Finance. Fair value accounting will help me to learn about the finance and financial crises while FVAs role in Barclays Bank Plc. will give me a chance to understand more about UK Banking system. This topic will also provide me empirical evidence about the role of fair value accounting in Barclays Bank Plc. I have a strong desire to built my career in Banking or Finance sector in future as those two fields are of my interest so definitely, this topic will be help me to achieve my future goals. It is also pertinent to mention here that three of my close friends working in Barclays Bank Plc. (two of them working in the same branch i.e.Norbury, london) which will give me an easy access to the data to complete my research methods/dissertation without any hurdles. HYPOTHESIS:- To make an assumption or prediction about any research is not an easy thing to do but on the basis of literature review, I can predict that the role of Fair Value Accounting (FVA) in Barclays Bank Plc. has a positive effect on UK Banking industry as (Nicolas; 2008) argues that Fair Value Accounting compelled Banks to record assets and liabilities on the value which is unjustified by economic conditions and it has played an important role in Barclays Bank Plc. success during credit crunch. I can also predict that the systematic risk is not associated with the financial crisis of Barclays Bank Plc. and by highlighting the impact of market to market reporting in financial difficulties for Barclays Bank Plc, It is assumed that its contribution for the banking industry was vital during financial crisis. RESEARCH METHODOLOGY:- Research methodology consists of two types of research. They are:- Primary Research. Secondary Research. PRIMARY RESEARCH:- Primary Research is research which is used to gather statistics for a precise task. Types of primary data collection methods include:- Personal Observation:  The observation of the respondent by a skilled observer or by electronic tools e.g camera, video. The aim is to observe customer response and activities to a product or consumer service. Personal Interviews:  Face to face interview between an interviewer and the respondent. ADVANTAGES OF PERSONAL INTERVIEWS:- In detail answers achievable. Qualitative statistics can be obtained from small sample. Observation improves precision. Understanding leads to less refusals. DISADVANTAGES OF PERSONAL INTERVIEWS:- Costs qualified Interviewer expensive. Interviewer bias. Difficult to get an appointment if the interviewer is a busy person. Invasion of privacy. FINDINGS ANALYSIS-PRIMARY RESEARCH:- SCOPE OF QUALITATIVE METHOD:- To collect the primary data for my qualitative analysis, Ill develop questionnaires to identify answers of the research questions in the dissertation. Ill follow (B Healey; 2005) approach who developed close ended questionnaires with check boxes to answer these questions. Gannon (2001) asserts that amongst all the other research techniques, the questionnaires have been given high priority due to negligible cost and scope for easy evaluation they offer. Close ended questionnaires are one of the most common used tools for getting opinions ( L H Wang; 2006). Further, it is an adequate way to get the opinion of experts from the relevant field of research that has good representation of practical experiences and expert knowledge. Underneath this logic, most of companies, Banks and government agencies use this method to collect information. LIMITATIONS OF QUALITATIVE METHOD: Gannon (2001) critics that the information gathered as the results of questionnaires are limited because mostly questions ask in questionnaire allow only positive or negative response. Additionally, it is pragmatic that sometime the respondents refuse to answer certain questions or giving their answers in hazel and even sometime do not read the questions (Sproull; 2001). Chambers and Pretty claim that in spite of problem with answering the questionnaires, it was considered that it is time consuming, expensive and not suitable for reaching at conclusion ( Marslan; 2001) . SECONDARY RESEARCH:- Secondary research is the most general research method engaged in the every field today. It involves dealing out facts figures that has already been collected by a different party. With this research, researchers will check with previous studies and findings such as reports, press articles and earlier market research projects in order to come to a conclusion. This has comparatively low cost in comparison to  primary research. TYPES OF SECONDARY RESEARCH:- There are different types of resources offered for secondary research. The most well-known are: Published statistics: survey, housing and social security statistics Published texts: abstract work, secondary analysis by  experts  and reports Media: documentaries as a source of information Personal documents: diaries ADVANTAGES:- Economical and reachable especially at University/College Library. Often the only source, for example historical documents Books. Only way to look at major trends. DISADVANTAGES:- Lack of stability of perception. Biases and inaccuracy can not be checked Available data often increase more questions than they answer. The worry over whether  any  statistics can be completely detached from the perspective of its gathering or not. FINDINGS AND ANALYSIS-SECONDARY RESEARCH:- SCOPE OF QUANTITATIVE METHOD:- Prior to 2004, UK firms and Barclays Bank Plc. were preparing their financial statements according to UK GAAP (Generally Accepted Accounting Principles). 2005 was the first year when International Accounting Standard Board (IASB) and UK Accounting Standard Board asked UK firms Banks including Barclays Bank Plc. to prepare and report their financial statements at IFRS. (Ormrod; 2007). Additionally, Gannon and Ashwal claim that more than hundred countries worldwide use International Accounting Standards on either a compulsory or on a permitted basis and more countries are expected to follow in the near future.(Ormrod; 2007). Ill consider year 2005 when Barclays Bank Plc. adopted IFRS as start of FVA regime. Henceforth, year 2005 to date, Ill take as my sample period for quantitative testing. Ill use secondary data sources to gather information for quantitative analysis eg Barclays website, Journals, Books. Ill collect the details of assets and liabilities which are reported at fair value of different banks from the web sites of these banks and then Ill compare them with Barclays Bank Plc. This study will provide me evidence that the difference between reporting assets and liabilities at fair value and book value on investment securities explains the share prices of insurance companies and banks as (Penman; 2007) described. LIMITATIONS OF QUANTITATIVE METHOD:- Mirosevich (2008) argues that most of quantitative methods are based on classical tests which produce correct results only when underlying assumptions are fulfilled. These tests produce incorrect P-values, effect sizes and confidence intervals when they violate the key assumptions to calculate P- values. Therefore, the evaluations of these results mislead the research objectivity (Mirosevich; 2008). The researchers observed that the assumptions made under quantitative methods to test hypotheses are mostly not correct in real life. Many factors are to be considered constant or assumed not affecting the dependent variables. Therefore, the results obtain from such tests are sometimes misleading the research goals (Mirosevich; 2008). RECOMMENDATIONS AND CONCLUSION:- The debate of costs and benefits of fair value will go on and the analyses conducted in this study are considered to be a new addition to literature which addresses important and complex issues of FVA in current debate of accounting usefulness. These issues require further investigative studies. The financial crisis has made clear that the financial statements organizers need additional guidance to calculate fair values in illiquid markets. Users of these financial reports need better disclosures of financial information especially at the critical level 3 inputs. The users of financial information are interested to analyse the sensitivity of fair value measurements and its influence on the Barclays Bank Plc. Accounting standard-setters need to consider the demands of interested parties and issue guidance and disclosures accordingly. Preparers need to provide these disclosures in an informative fashion, and users must analyze them carefully and dispassionately. Additionally, accounting researchers and teachers can contribute to all of these processes. Indeed, for all of us who care about accounting and its role in the economy, there is much work need to be done (G.Ryan; 2008). Further, I believe that more time and research is required to determine reality that whether FVA has played its role in failure of Barclays Bank Plc. or not? To understand the role of FVA seems vital for future developments and implementations of accounting standards in Barclays Bank Plc. Additionally, future studies of FVA will give new shape and directions to financial reporting framework. I hope that over next few years, most likely the conduct of lot of empirical studies will give us a distinct answer to the question about the role of FVA in Barclays Bank Plc. during financial crisis. The debate of FVA mainly revolves around the issues cost and benefit of reporting assets and liabilities at fair value and its role during financial crisis. The researchers such as Penman (2007) Simatupang

Ethanol Proposal Essay -- Argumentative Persuasive Essays Gas

Ethanol Proposal Purpose As the number toxin spewing cars rises, pollution has presented itself as a major problem in urban areas. There have been many solutions presented to help solve this problem, but few have been widely accepted by the general public. I believe the pollution problem is one that cannot be solved in one big step, but in smaller steps. I see Ethanol use as one of those steps. The intention of this proposal is to recommend an approach that would lead to widespread use of ethanol. Background Concern about air quality has been around for years. Emissions have long since been a contributing factor to air pollution. Ethanol didn't get its first real big push until the federal Clean Air Acts of 1990. These acts required that oxygenated fuels, such as ethanol, be added to gasoline to reduce harmful emissions such as carbon monoxide, hydrocarbons, sulfur, and nitrates. So far these acts only apply to cities in which ozone and carbon monoxide levels are too high, as determined by the public health standards. Ozone and carbon monoxide are toxic in certain levels to humans outside of urban areas, but are not regulated. Needs The search for a cleaner burning fuel is not a new one. Although most people know that they?re cars are spewing out toxins that are harmful to the environment, they drive the car anyway. In this modern day when faster is better, cars have become necessities. Air pollution caused by cars hasn?t always been such a big problem. When there were fewer cars on the road, nobody thought anything about the possible consequences. Not thinking ahead has always been human nature though. Environment concerns have only arisen in the past few decades because technology has allowed scientist to m... ...is a direct product of corn and many other crops), the federal budget and the unemployment rate. Implementation and Recommendation Implementation of a tax break such as this would require action taken by the general public who is already knowledgeable about ethanol. These people must take the time to call their state and nationally elected representatives and ask for such a bill that would include the two-cent tax incentive. People must also vote for ethanol supporters when election time rolls around. Since this is a political proposal, it must be carried out by elected officials and then be supported by the public. Sources Cited: 1.Iowa Department of Natural Resources, "Ethanol Promotion," 1999 www.state.ia.us/government/dnr/energy/programs/ren/ethanol.htm 2. Renewable Fuels Association, "Ethanol Industry Outlook," 1998 www.enthanolIRFA.org

Arthur Miller :: Biographies Bio Biography

A leading American playwright, Arthur Miller, b. New York City, Oct. 17, 1915, has enriched the Broadway stage for several decades. Although Miller's dramas take place in familial settings, he has made a reputation for dealing with contemporary political and moral issues. Miller began writing plays while a student at the University of Michigan, where several of his dramatic efforts were rewarded with prizes. In 1937, during his senior year, one of his early plays was presented in Detroit by the Federal Theatre Project. In 1944 his The Man Who Had All the Luck won a prize offered by New York City's Theatre Guild. With his first successes--All My Sons (1947; film, 1948), winner of the Drama Critics Circle Award, and Death of a Salesman (1949; film, 1952), winner of both the Drama Critics Circle Award and the Pulitzer Prize--Miller condemned the American ideal of prosperity on the grounds that few can pursue it without making dangerous moral compromises. Death of a Salesman, with its expressionistic overtones, remains Miller's most widely admired work. The keen social conscience evident in these plays has continued to manifest itself in Miller's writing. In the Tony Award-winning The Crucible (1953), for instance, he wrote of the witch-hunts in colonial Salem, Mass., and implied a parallel with the congressional investigations into subversion then in progress. The probing psychological tragedy A View from the Bridge (1955) questions the reasonableness of U.S. immigration laws. After the Fall (1964), which includes a thinly disguised portrayal of Miller's unhappy marriage to film actress Marilyn Monroe, offers a second, candid consideration of the congressional investigations in which Miller had been personally involved. Two one-act plays, Incident at Vichy (1964) and The Price (1968), deal with the universality of human responsibility and the guilt that often accompanies survival and success. Miller's later dramatic works include The Creation of the World and Other Business (1972), a play that seemed too openly didactic for both critics and audiences, and The Ride Down Mount Morgan (1991), which opened in London to mixed reviews. Imbued with a passionate morality and demonstrating the absolute need for responsible, loving connections between people, most of Miller's work is indeed didactic. Miller's writings outside the theater have been prolific and varied. His novel Focus (1945) is an ironic tale of anti-semitism. The screenplay for the Misfits (1961) is only one of several he has written. In 1969 he wrote In Russia, a travel piece with illustrations by his wife, the photographer Inge Morath.

A study of Shakespeares presentation of women in Macbeth. Essay

A study of Shakespeare's presentation of women in Macbeth. Shakespeare has portrayed women to be mentally strong to the extent that they are able to speak their minds and show that they have aspirations. In my opinion women are shown with an inner strength that men lack as well as a connection to the dark and evil side of life. What should mainly be taken into consideration is the fact that this play is set in a world mainly dominated by masculine characters. Women were seen very differently to how they are in the present day. Men and women had different roles; this is shown by the fact that all the important people such as the thanes and the King were male. The King was said to be chosen by God. The Queen of Witchcraft was Hecate, who is obviously a female character and was most probably chosen by the devil. This shows a contrast. Lady Macbeth being the main female character in the play gives us an idea of Shakespeare's personal thoughts and views of women. She is seen to be the 'strong woman behind a great leader'. She makes decisions on behalf of Macbeth and plants ideas in his head. "Come, you spirits that tend on mortal thoughts, unsex me here." (1.5 ll.38-40) This shows her calling evil spirits to help her with a plan to murder Duncan. This was done without consulting Macbeth, which shows that she has a lot of power in their relationship. The fact that she even calls evil spirits portrays her as a follower of witchcraft or another sinuous way of life. These were very much frowned upon during the period the play was set in aswel as during the reign of James I. Lady Macbeth asks to be 'unsexed' which could be interpreted as her having feelings that weren't meant to be experienced by women. ... ... idea about what sort of person or being Hecate is. Lady Macduff is shown as a strong-minded female character. She has a good relationship with her son as they have a conversation after Macduff's departure. Macduff's son shows her affection by adding humour in a tense situation as in Act 4 Scene 2. Later on in Act 4 Scene 3 after being warned of danger a murderer appears in Macduff's castle. The murderer fails to intimidate Lady Macduff as she keeps her head up by answering the murderer back. She and her son are then murdered. Women are shown to be strong-minded and to have connections with the other side of life, which was not thought highly of. These women are able to manipulate people in their own way. The witches trigger Macbeth to commit murder and Lady Macbeth masterminds the whole murder and reassures Macbeth that the murder is for the best.

Fahrenheit 451 Essay

In the book Fahrenheit 451, Beatty claims that â€Å"If you don’t want a house built, hide the nails and wood† (61). * What Beatty means here, is that if people don’t want society to have knowledge, then all knowledge-bearing materials must be destroyed, which in this instance, are books. Books give people knowledge and more complications, which he claims can make people less happy. Ignorance is bliss because every character in Fahrenheit 451 who discovers the truth is in immediate trouble, and completely loses their control on life. Clarisse is a character who finds herself in trouble because of awareness of the truth. For example, Clarisse says â€Å"Oh, they don’t miss me, I’m antisocial. I don’t mix. It’s so strange. I’m very social indeed† (29). She cannot fit in with her peers because of her education, and has a hard time â€Å"socializing† at all. A child who is incapable of making friends due to higher education is a very troubling experience for anyone. Beatty also says â€Å"Clarisse McClellan? We’ve a record on her family. We’ve watched them carefully. Heredity and environment are funny things. You can’t rid yourself of all the odd ducks in just a few years† (60). Because of Clarisse’s family background, and their history, Beatty and the rest of the firemen keep a very close eye on her family. Her entire family is looked upon as social outcasts because of their lack of ignorance. Clarisse later disappears from society. Clarisse is separated and discriminated against, and for this, she was not even able to function in society due to her education. Even more troubling, are the events that occur at Mrs. Blake’s house. Mrs. Blake held in her possession an entire library of books, and the fire department is called to have them destroyed (36-38). By the time the fire department got there, and pumped kerosene all over the entire house, she refuses to leave the house. She said â€Å"You can stop counting† as the firemen continued to count and give her time to evacuate the house before burning it (39). She wants them to stop wasting their breath and allow her to remain in the house while it was burned. The woman on the porch reached out with contempt to them all and struck the kitchen match against the railing† (40). The entire house is burned, with her in it. The woman committed suicide, due to her education and presence of the books. She is so befuddled by the content in the books, that when educated, she refused to even live any longer once her source of knowledge was burned. Being burned to death is about the most cruel way to die, and Mrs. Blake did all this only because she had been educated. Also, Faber found himself getting into several problematic situations involving his lack of ignorance. Faber was once an English teacher, meaning that he was very highly educated, because he had the permission to educate students (74). Faber is one who was around during the time where books were starting to be deleted from existence. He had the knowledge, and the ability to stand up for what was right, but never did. Faber has had to live with his guilt for several years now, just wishing he would have done something different, all because he was educated and enjoyed reading. If Faber would have never been educated, he wouldn’t waste his time worrying about the past! During a huge fight between Beatty and Montag, Beatty says â€Å"Well-So there’s more here than I thought. I saw you tilt your head, listening. First I thought you had a Seashell. But when you turned clever later, I wondered. We’ll trace this and drop it on your friend† (118). Beatty is threatening to bring harm to Faber, for being associated with Montag. He plans on taking both of them to jail, at this point. Faber was about to get serious jail time or more serious punishment, just for being associated with someone who was trying to become smarter! It’s very troubling to have the want to be educated, but be punished for the thirst for more education, which is exactly what happened to Faber. However, the best example of someone whose life is destroyed by the absence of ignorance and the presence of books, is Montag. Montag, the protagonist has a life of order in the beginning of the book, he says â€Å"It was a pleasure to burn. It was a special pleasure to see things eaten, to see things blackened and changed† (3). Montag enjoys his life of destruction at first, and nobody is directly harmed by it. After discovering books, this all changed. Montag eventually loses it, kills Beatty (119), and runs from the law (137-179). Montag lost everything: his wife, his house, his job, his friends, his entire life! Montag’s life was most affected by the presence of books, and the deletion of all previous ignorance, because with the addition of education, Montag’s life became a complete misery he wished to get out of.

King v Cogdon

King v Cogdon, was an Australian case heard in 1950. Ms. Cogdon who suffers from minor neurotic conditions is believed to be her daughter’s murderer. She had on an occasion dreamt spiders were attacking her daughter (Pat). That night Ms. Cogdon had slept walked into her room and began to violently brush the spiders off her daughter’s face in her sleep. On the night of the murder, Ms. Cogdon dreamt of soldiers attacking Pat. Though Ms. Cogdon did not recall the incident, she remembered telling her sister that she thought she had hurt Pat.Unconscious Crime Sleepwalkers arise in a state of low consciousness, but are able to perform activities that would otherwise be performed in a state of full consciousness. These activities can range anywhere from: Cleaning, hazardous cooking, driving, grabbing at hallucinated objects, or even homicide. Usually sleepwalking in adults is a sign of drug abuse or some sort of disorder. Sleepwalking is less common in adults than children. Although, sleepwalkers have their eyes open, they have very little or no memory of the incident.Sleepwalkers become bystanders of their own crimes. With this said, should Ms Cogdon be held responsible for the death of her daughter while sleepwalking? Was the Killing of Pat Involuntary? Ms. Cogdon and Pat’s relationship was a close one. Ms. Cogdon always worried about her 19 year old daughter Pat, who had for some time been receiving psychiatric treatment for a minor neurotic condition. Although doctors had said she was cured, Ms Cogdon often worried that she was okay. The night before Pat’s death, they had both gone to the cinema.During their outing they had engaged in a conversation having to do with the war in Korea. This war troubled Ms. Cogdon. She was worried it would one day reach her door steps. Because of her sleepwalking, and other difficulties she had reported to her doctor, he had prescribed her a sedative. There had also been talk of the possibility of psychiatric treatment. That night that Ms. Cogdon fell asleep, she began to dream of the war, and that one of the soldiers was attacking Pat in her bed. It was then when Ms Cogdon in her sleepwalking state, grabbed an axe and struck Pat on the head twice with it killing her. Sleepwalking is one form of automatism, and does not consist of free will. Because sleepwalking is a phenomenon in its own, courts are not properly equipped to evaluate such claims. During the trial Ms. Cogdon plead not guilty, but refused to plea insanity. Experts agreed Ms. Cogdon was not psychotic. Acquitted of Murder Ms. Cogdon was soon released of the murder charges with the defense of automatism. It was believed that Ms. Cogdon had been sleep walking when she wandered into Pat’s room, and her bodily motions were beyond her control. Her story was also supported when her doctors gave testimony that she indeed suffered from mental and physical stresses. At the trial there was enough evidence to believe Ms Cogdon’s acts were involuntary, and therefore convincing the jury of her innocence. Ms. Cogdon was then acquitted of the crime.

On Seeing England for the First Time Essay

In this essay titled, On Seeing England for the First Time Jamaica Kincaid subtly argues that England’s vain dominating presence, produced from the common admiration for England, played a negative role in her life. Kincaid develops this claim of England by battling the reality of England versus her childhood idea of England. Since this is the beginning of her work not only is the purpose to entice the reader but to also inform them of the â€Å"reality† of England which conquered her lifestyle and inhibited her natural growing culture. Kincaid writes in a serious, somber tone for people who also feel dominated by England or another culture. Questions for Discussion: 1. What is ironic about the author’s words, â€Å"Seeing England for the First Time† is that in reality neither is she really looking at England nor is this her first encounter with England. The author is only looking at a map of England, not the people or lively culture. Also, the author descr ibes throughout the paragraphs the huge role of England in her life. Including the presence at her family breakfast table and most importantly the relationship between her father and his English hat. 2. In paragraph four Kincaid’s words, â€Å"I had long ago been conquered† refers to the huge and dominating role of England in her life. Where as the people in her life constantly regard England Jensen 2 as the highest of the high and the source of all final judgment in her life. The large presence and highly regarded culture of another country in her own land hinders Kincaid in a dominating way, making her feel unimportant and small. 3. The authors talks largely about the British influence in her life, especially in regard to marketable items. In paragraph two Kincaid talks about her family breakfast and the many foods which come from England. The most basic parts of her, her shoes, her clothes, and her father’s clothes all contain the words, â€Å"Made in England.† Questions on Rhetoric and Style: 1. The use of parallelism in Kincaid’s excerpt is prominent and helps argue her point of the beautiful versus ugly, or more specifically, the reality versus ideal part of Europe. For example, â€Å"England was a special jewel all right, and only special people got to wear it.† This lets the reader see England as a special place, but then author takes it back as a conceited statement. 2. The mutton simile produces an ungraceful image of England. However, when she retracts that same simile by saying, â€Å"It could not really look like anything so familiar†¦Ã¢â‚¬  this makes the reader question as to why she would compare England to something as brute and ungraceful as an animal leg and then retract it saying that mutton is too familiar. This produces a confusing image of a country that looks better than it really is. 3. The use of listing can be seen in paragraph two when talking about her breakfast and clothes. In this listing she talks without passion or a personal opinion which makes the reader stop and grabs their attention. The use of listing, since there is no passion, also gives it a somber tone and sort of power of knowledge.