Aci Financial Statement

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

Human Trafficking And The United States - 2816 Words

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Human trafficking is alive and sadly thriving in the United States. According to Trafficking Source Center, 5,544 cases of human trafficking were reported in the United States in 2015. With human trafficking being around for soRead MoreHuman Trafficki ng And The United States Essay751 Words   |  4 PagesFACT SHEET Human trafficking in the United States Human trafficking, also known as trafficking in persons or modern day slavery, is an affront to the most basic of human freedoms. Human trafficking is a crime that strikes at the very heart of the American promise: freedom. In response to this abhorrent crime, government agencies and nongovernmental organizations have formed strong and growing partnerships aimed at ending this violation of fundamental civil rights and human dignity. 1. WhatRead MoreHuman Trafficking in the United States1603 Words   |  6 Pagesother countries to people in the United States. 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What if though, America feels like they have to get involved in forging affairs if they think it can cause or is causing a problem on American soil orRead MoreHuman Trafficking : The United States2136 Words   |  9 PagesHuman trafficking is a prominent problem within the United States that is often overlooked. The definition of human trafficking is, â€Å"Human trafficking - the illegal practice of procuring or trading in human beings for the purpose of prostitution, forced labor, or other forms of exploitation† (â€Å"Human trafficking†). People in the United States believe that human trafficking is a problem that occurs in other less dev eloped countries compared to the United States. What these individuals do not realize

King Henry s Viii Church Of England Essay - 2987 Words

Jason E. Burleigh English M01A Professor Egan November 21, 2014 King Henry’s VIII Church of England Was the Reformation Based in Religion or Politics? When most students think of Henry VIII, they think of the mad, power hungry and misogynistic tyrant who beheaded two of his wives and married six times. Although those events did in fact take place, it is the greater accomplishments of King Henry VIII that should be remembered throughout history. Historians consider Henry VIII to be the most important monarch to have ruled the English and Welsh (Hutton). While Henry VIII is most memorable for his foundation of the Church of England, he was also admired for his remodeling of English government and taxation, the arrival of renaissance art and literature to England, the establishment of the Kingdom of Ireland, and the establishment of major buildings such as colleges, palaces, and fortresses (Hutton). King Henry VIII was an essential figure in establishing in the mind of the public, the island state of England, to be a powerful but independent nation. The English reformation is often regarded as the most important event in English history. There are many misconceptions about the cause of the reformation, as well as debate over the impact the Reformation had on English culture and society. It is indisputable that the English reformation finds its roots with King Henry VIII. Henry VIII was the most influential factor in the reformation and is the very cause of the separation ofShow MoreRelatedThe Rise Of The Renaissance1448 Words   |  6 Pagesthe Church held the presiding ideas upon mostly everything in society. The social norm was to follow and believe what the Church had said to be true. However, the Renaissance brought about impending ideas on concepts throughout the world. Leaders such as Henry VIII, Mary I, and Elizabeth I arose to power amid this age. Although there were many kings and queens that rose to power during this time period, and are argued to be the most influential leaders of the Renaissance, King Henry VIII is theRead MoreThe Tudors Effec t On The English Church Essay1303 Words   |  6 Pageson the English Church â€Å"Nothing would be the same for any woman in this country again. From this time onward no wife, however obedient, however loving, would be safe. For everyone would know that if a wife such as Queen Katherine of England could be put aside for no reason, then any wife could be put aside.† (Gregory, 2002, 276) The Tudor dynasty was a well-known royal family during England in the 1500’s. The best known, and discussed ruler during this time was King Henry the VIII. He is known forRead MoreThe Tudors Effect On History Essay1306 Words   |  6 Pageseveryone would know that if a wife such as Queen Katherine of England could be put aside for no reason, then any wife could be put aside.† (Gregory, 2002, 276) The Tudor dynasty was a well-known royal family during England in the 1500’s. The best known, and discussed ruler during this time was King Henry the VIII. He is known for his many wives, specifically six, and also his radical reformation of the English Chu rch. King Henry VIII was very concerned with having a male heir to continue the dynastyRead MoreThe Appeal Of Indulgences By Johann Tetzel1407 Words   |  6 PagesQuestion 1: Indulgences: The offer of indulgences was a practice where the congregation recognised a gift or other beneficent work with a bit of paper, a liberality, that ensured that the supplier s spirit would enter paradise all the more rapidly by lessening their time in limbo. The Church taught that if a man had submitted no genuine sins that ensured a spot in damnation and they kicked the bucket before apologising and making up for the greater part of their wrongdoings, then their spirit wentRead MoreHenry Viii And Elizabeth Of York1038 Words   |  5 Pages Henry VIII Can you guess who this is? He will form his own church (Elton). He will also marry 6 wives(Crofton 130). Did you guess right? It was King Henry VIII. Henry VIII was born June 28, 1941 (Crofton 128). Henry was the second son of King Henry VII and Elizabeth of York (Elton). After his oldest brother Arthur in 1502 he became heir to the English throne (Crofton 130). In 1509 Henry VII died and then Henry VIII was crowned on June 23,1509 (Crofton 128). Henry was the secondRead MoreGreat Leaders And Rulers Of The Elizabethan Time Period1748 Words   |  7 Pagesbut if you want to test a man s character, give him power†. Whether given power through democracy, communism, monarchy, or several other forms of government those who lead a country or nation are remembered throughout history. Leaders and rulers are distinguished by the events that occur during their reign whether they are controllable or insuppressible. They are remembered for the conflicts that occur and simply how they use the power given to them. The title of King gives one a tremendous amountRead MoreThomas Cromwell : A Great Writer Essay731 Words   |  3 PagesThomas Cromwell Thomas Cromwell was a great English statesman and lawyer who lived in the late 1400s to early 1500s. He was born in 1485 in the district of Putney in London, England. Though he was born into a blacksmith and trade family, he wanted to be self-made and get into the government and politics of England. At a young age, Thomas Cromwell traveled through Europe, including Italy and France, picking up various trades such as military, banking and as a clerk but later ending up as a lawyerRead MoreHenry Viii And Henry Vi : Why Did Shakespeare Do This !?1510 Words   |  7 Pages12/6/2014 Sasha Woods English 2B Ms. Carey Henry VIII and Henry VI: Why did Shakespeare do this!?! The Shakespearean playwrights, Henry VIII and Henry VI are portrayed as the most powerful and dominant king that ever ruled England. Then you take a look at these two kings real lives and it strikes mystery. What true? What not? What to believe, what not believe? Well in this book report, I will compare and contrast the playwrights that Shakespeare wrote, to there real lives. But first we have toRead MoreThe Impact Of Thomas Cromwell And The Christant Reformation1323 Words   |  6 PagesPeriod (True, â€Å"The Early Modern Period† slide 2). This point in history is marked with important people, movements, and advancements in technology (True, â€Å"The Early Modern Period†). Some of the most prominent names from this time are Martin Luther, King Henry VII, and John Wycliffe (True, â€Å"The Protestant Reformation†). All of these people played a significant role in the movement referred to as the Protestant Reformation. For instance, William Tyndale was able t o produce one of the first English versionsRead MoreKing Henry Viii : The King Of The Throne1682 Words   |  7 PagesKing Henry VIII was one of the most important and controversial leaders in English royalty history. In his rule, he made several large changes to normal English lifestyle, including taking complete control over the Church system and stripping the pope of all of his powers in England. He also broke a Christian tradition by having six different wives (In Christianity, you are not allowed not allowed to divorce or have several spouses). King Henry VIII s life and rule completely redefined English

Indian Wedding Rituals And Traditional Rituals - 1895 Words

â€Å"Something old, something new, something borrowed, something blue†¦Ã¢â‚¬  A wedding is a ceremony of marriage that is celebrated across cultures. It is one of the only rituals that many of the world’s cultures have in common. However, each culture has their own unique traditions when dealing with marriage. Because India is a more religious nation than the United States, they tend to stick to a more traditional regimen of rituals and customs. While most weddings in the United States have developed into more modernized versions of the ancient ceremony, Hindu weddings in India continue to be very traditional and religious. Weddings are also taken much more seriously in India than they are in the United States. The Hindu (India’s major religious†¦show more content†¦It is said to be one of the most enjoyable and extravagant events of the wedding. It is one of the less serious events of the wedding, and a great chance to have fun and get to know the new family in a more relaxed setting. The Mehendi ceremony consists of more traditional rituals that are an integral and exciting part of the pre-wedding. Mehendi is one of the oldest forms of body art. It is a term derived from the Sanskrit word, ‘mendhika’ which refers to the henna plant. The bride is covered in these intricate Mehendi designs, henna tattoos, as part of the Hindus’ customary sixteen adornments. Traditionally, the groom’s initial is included somewhere in the detailed designs of florals and paisley print that adorn the bride. Henna is known for its cooling properties and was originally supposed to help calm the bride’s nerves when applied to her hands and feet. After Mehendi, the bride does not step out of the house until the next day, when Var Mala begins. Var Mala is a main wedding day ceremony in which the bride and groom exchange garlands. The groom’s friends attempt to prevent the bride from putting her garland around the g room’s neck to tease her, while the bride’s friends help her do the same. Everyone enjoys the tussle between the two wedding parties, and the groom finally succeeds in his endeavors. This signifies that the bride has accepted the groom as her husband. After Var Mala, the couple gets blessed by the elders of both families. This is followed byShow MoreRelatedThe Sacred Ritual Of Marriage1366 Words   |  6 PagesRituals can be described as an outward expression of inward intention (Rituals, Rites and Festivals, n.d.). Rituals have a prominent role in today’s society as they enable people of all religions to communicate and form a stronger connection with their God or Gods (Rituals, Rites and Festivals, n.d.). Over the years rituals have evolved because society’s values have changed and modern culture has had an influence on them. The sacred ritual of marriage in Catholic Christianity and Hinduism, whileRead MoreDifferences Between American Culture And Indi an Culture1167 Words   |  5 Pageslie between two nations. 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Natural Monopoly and Distorted Competition

Question: Explain why governments may want to set the price charged by natural monopolies at the level where the demand curve cuts the average total cost curve? Answer: Introduction: The place where sellers and buyers meet to deal with the transaction of varied goods and services is known as market. The market can be segmented into several parts depending upon some pre-specified paradigm (Lavoie, 2013). The paradigms are: the total number of peoples involved in transaction, hindrances posed on exit and entry, etc. Through this essay, it has been tried on our part to draw an inference about the governments choice of quoting the price at the intersecting point of demand curve and average total cost curve. In monopoly market, the sellers or producer has the upper-hand in quoting the price of goods and services. But in case of natural monopoly market it has been seen that the higher authority always controls the price. This behavior can be explained by using few economic terms like total cost, marginal cost and marginal revenue (Geng, Ji, Fan, 2014). This essay initially highlights the basic concepts of the subject economics and a short discussion on the various markets to get a better perceptive about the situation in which trade occurs. The rationale behind the opinion of the government and its interference in the decision process of the natural monopolist has been discussed henceforth (Browning Zupan, 2014). The essay takes the help of different concepts like costs, benefits, choices in highlighting the governments decision. Discussion: Demand and supply are the two pillars of the subject economics. The subject entangled with complicated mathematics, hypotheses, theories and complex process involved in decision-making tries to find out ways in which the equilibrium can be maintained and restored within the economy. The business sector in the economy can be segregated into few segments namely, monopoly, perfect competition, oligopoly, monopolistic, oligopolistic and monopsony markets. A short outline regarding the 4 most well recognized market has been drawn and then the main market of natural monopoly has been elucidated while answering the given question. The two extreme types of market namely perfect competition and monopoly are utopian situations(Makowski, 2014). Yet the market of perfect competition is the ideal situation that can exist in the economy from consumers viewpoint. The market with a few sellers who individually has the power to influence the transaction pattern of trade is known as oligopoly market(Weyl Fabinger, 2013). Monopolistic market also consisting of a few sellers face minimum barrier in ingress and egress (Nikaido, 2015). The final and 4th type of market, monopoly is discussed below. Monopoly Market: The term monopoly is given to the market where only one seller is responsible to meet the entire demand generated in the society. The seller being free from any rivalry dominates the market and is responsible for quoting the price of the services and goods. The structure itself indicates the fact that other sellers are debarred form entering the market (Scitovsky, 2013). Natural Monopoly: The natural monopoly is the market in which ingress of other producer is restricted as it is associated with lofty cost. In pure monopoly, the other firms are restricted from entering the market but in case of natural monopoly no other firm tries to enter due as they would require to borne huge cost whereas they can remain sure that they wont get equivalent revenue(Stiglitz Rosengard, 2015). Example: The market for railway service can be cited as an appropriate example of natural monopoly. Railway is one of the cheapest and fastest methods of communication in the world. The important characteristics of this market are as follows: Scale economies: This feature implies that with the increase in the number of total output the marginal cost incurred decreases and hence the company always tries to produce their service in bulk. High fixed cost: The cost borne by a company can be divided into two parts. They are: Fixed cost and variable cost. The burden that any producer needs to bear even if there is no production in the company is called fixed cost. Low variable cost: The cost that fluctuates depending on the total production of the company is known as variable cost. In the natural monopoly market the ups and downs of production cannot create a big difference in fluctuation of this component. The comparison drawn below the two intense type of market structure can help in better understanding of the inefficiency of the natural monopoly market. The diagram below clarifies the situation. Figure 1: Difference between Perfect Competition Monopoly Source: Created by the Author The diagram above shows both the monopoly market and perfect competition together. The diagram on the left shows the market of perfect competition where Pc and Qc are the respective price and quantity that exists in the market as a result of interaction between the supply and demand curve. The demand is perfectly elastic. On other hand the figure on the right side depicts the scenario of monopoly market. The equilibrium is obtained by equating the marginal cost and marginal revenue curve. Here Pm and Qm depicts the price and quantity respectively. From both the diagram it can be summarized that the monopolist charge greater price for a service than the perfect competition market. Also the quantity of goods and service produced in the market is reduced in the monopoly market(Yurukoglu Lim, 2014). As the price charged by the monopolist is much greater than the prices in other market, hence there it is obvious that the buyers are left with a reduced amount of consumer surplus. At the s ame time the seller gets a hike in their producer surplus. But overall there is a lack of efficiency in the market that leads to the failure of the market (Eaton, Allen, Eaton, 2012). The way in which natural monopolies behaves if the price is quoted at the juncture of average total cost curve and the average revenue that is the demand curve has been observed from three different perspective and discussed below with the help of diagram: Figure 2: Price determination in Monopoly Market Source: Created by the Author The diagram above shows that if complete power is bestowed in the hands of the monopoly firm then they will offer the service at a price as high as Pm. At such a high price only a few consumer will be able to use the service. Only Qm quantity of goods and services will be provided in the market. The benefit of the monopoly firm: The profit making motive of the monopoly producer always thrives to find a way through which they can extract the maximum possible consumer surplus from consumers hand and convert it into the producer surplus. This can only be done by setting the price at high level(Stigler Mencken, 2016). From the diagram above it can be seen that at Pm the producer earns a profit as shown by the uppermost rectangle in the figure. Hence, the firm is being benefitted as it can successfully yield some amount of super-normal profit that in turn induces them to continue their operation at that juncture itself(Salvatore, 2012). But if the firm keeps on operating at this situation, then both the firm and the society have to face some severe consequences which are discussed in the next stanza. Cost on monopoly firm and on the society: Since the firm operates at such a high price, therefore it reduces the scope of the firm to cater a large mass of people. Hence, losing some potential consumer is the cost that the firm has to borne at the given situation. On other hand, from the consumers perspective as many of them cannot get the service due to the extreme high cost associated with the same, they are forcefully deprived. The society as a whole faces some dead-weight loss which has been depicted by the triangle ABC in the diagram above. The monopoly firm faces the grave problem of allocative efficiency (Geng, Ji Fan, 2014). Allocative efficiency is the situation where there is balance in the societys production and consumers demand and it occurs when marginal cost and average revenue gets equated. Under such circumstances the government needs to intervene and minimize the societys welfare loss. Government Intervention: The government tries to balance the extreme effects and make the firm operate at a level where both the producers and the consumers can sustain in the market. The diagram below clarifies the measures taken by the regulatory authority. Figure 3: Government intervention in Monopoly Market Source: Created by the Author The ideal situation is the scenario where the price is above Ps that is price quoted under perfect competition and below Pm that is the price in monopoly market. The place where the average total cost curve of the monopoly firm and the demand curve of the same intersect is chosen by the government as the ideal price(Krugman, Obstfeld, Melitz, 2015). It is the government who has the duty to provide proper feasible services to its people. The government can regulate the market in three different ways. They are: Direct regulation: The government itself provides the service and goods in the market discarding the existence of private sector. Price regulation: It may put a ceiling on the price of the goods and services. In such a situation the monopoly producer cannot charge any price above that pre-declared price. Quota or quantity regulation: The government can also force the producer to produce a minimum amount of goods in the market. The minimum amount that the government decides is given by the same intersecting point of demand curve and average total cost curve(Browning Zupan, 2014). If the government fixes the quota of Qg amount of goods then the price of the goods and services will automatically get reduced to Pg level. This is because if the producer keeps price at Pm but quantity produced at Qg, then there is going to be a surplus which is equivalent to (Qg- Qm) in the market. So automatically by the natural laws of the market the price gets reduced. On other hand the total loss of welfare also decreases as shown by the smaller triangle EFG. A real example below depicts the huge cost of natural monopoly and governments intervention in the same market. Railway networks falls under natural monopoly in countries like India and Australia and are operated by the government themselves. Fiber optic markets also enjoy the status of natural monopoly in many countries(Minamihashi, 2012). The Australian Rail Track Corporation is responsible for providing railway service in the country(Nash, 2015). The Australian government during 2003 proposed to design an inter-state network within the country with an investment of over $ 872 million (Miller, 2016) Conclusion: The writing can be wrapped up by connoting few facts one again. The market for monopoly comes up with the problem of market failure. On other hand the most desirable market is nothing short of being utopian phenomenon. The society requires certain large scale services and goods in order to sustain in the market. It is seen that often those large scale services can be provided efficiently only if they are operated under natural monopoly. On other hand allowing the private sector to operate freely with monopoly power will create a distortion between the desired level of service at certain price and the original provision of the same. Hence, the government being a controlling authority is left with two feasible options under this circumstance. The government can either become the supplier of that particular service or it can intervene in the private sector and control the price of the goods and services by debarring the price to rise above the intersecting point of the demand curve and total cost curve of the private firm. There can be a third option open for the government as well which requires a lot of time. It is improving the situation by encouraging research and development. Only a havoc escalation in technology can create a condition capable of reducing the production cost and thereby efficiently catering the market. Bibliography Browning, E. K., Zupan, M. A. (2014). Microeconomics: Theory and Applications. Wiley Global Education. Eaton, B. C., Allen, D. W., Eaton, D. F. (2012). Microeconomics: theory with applications. Pearson Canada. Geng, J., Ji, Q., Fan, Y. (2014). A dynamic analysis on global natural gas trade network. Applied Energy. Krugman, P. R., Obstfeld, M., Melitz, M. (2015). International trade: theory and policy. Pearson. Lavoie, M. (2013). Teaching post-Keynesian economics in a mainstream department. Makowski, L. (2014). Perfect Competition, the Profit Criterion, and the Organiza-tion of Economic Activity. Journal of Economic Theory , 105-125. Miller, A. (2016). Promoting Economically Efficient Use of, and Investment in, Infrastructure in Australia: The Role of the'Essential Facilities' Regime. Promoting Economically Efficient Use of, and Investment in, Infrastructure in Australia. Minamihashi, N. (2012). Natural monopoly and distorted competition: evidence from unbundling fiber-optic networks. Nash, C. (2015). The evolving global railway industry. The Routledge Companion to Network Industries. Nikaido, H. (2015). Monopolistic Competition and Effective Demand.(PSME-6).. Princeton University Press. Salvatore, D. (2012). Microeconomics: theory and applications. OUP Catalogue. Scitovsky, T. (2013). Welfare Competition . Routledge. Stigler, G., Mencken, H. (2016). PAM 3170 PAM 5170: Market Regulation and Public Policy . Spring 2016. Stiglitz, J., Rosengard, J. (2015). Economics of the Public Sector: Fourth International Student Edition. WW Norton Company. Weyl, E., Fabinger, M. (2013). Pass-through as an economic tool: Principles of incidence under imperfect competition. Journal of Political Economy , 528-83. Yurukoglu, A., Lim, C. (2014). Yurukoglu, A., Lim, C. (2014). Dynamic Natural Monopoly Regu Asymmetric Information, and Political Environments. Society for Economic Dyanamics.

Lobbyists In Canada Essay Research Paper Lobbyist free essay sample

Lobbyists In Canada Essay, Research Paper Lobbyist necessary for authorities reform Lobbying is a formal and recognized portion of the democratic system. Lobbying is any signifier of direct or indirect communicating with the authorities or its functionaries designed to act upon public policy. A lobbyist is a paid professional who makes his/her living by act uponing authorities. Business houses or assorted economic and political groups are the most frequent employers of lobbyists ( e.g. Tobacco companies ) . A lobbyist is hired for their expertness and cognition of authorities and how it works, besides who to turn to. , In order to hold proper authorities reform, lobbyist are necessary in a democratic society. In order for lobbyist group to be successful they must utilize different methods ( direct or indirect ) , If they are working for a company they must utilize the enrollment act and the down sides to lobbyists is that, the 1s with the most money normally control the result. We will write a custom essay sample on Lobbyists In Canada Essay Research Paper Lobbyist or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Lobbyists attempt to act upon authorities policy either straight through contact with the authorities, or indirectly by act uponing public sentiment, which in bend might impact authorities determinations. The direct method could affect letters to the Prime Minister, requests sent to a Member of Parliament or set uping contact with an of import civil retainer or politician. Knowing the right individual and how to utilize them is one of the most of import ways of acquiring an organisation # 8217 ; s point across. ( E.g. the Wambacks campaign to alter the Young wrongdoers act, after their boy, was beaten in a park for evident ground. ) # 8220 ; A 19-year-old who steal $ 500 out of your house will pass more clip in gaol than a 17-year-old who murders your son. # 8221 ; ( Whamback, 2000 ) # 8220 ; The household received over 600 electronic mails from across the state, forcing the sum to more 636,000. # 8221 ; ( Chisholm, 2000 ) # 8220 ; Once they get 1 million names, they plan to take it to Ottawa, where alterations to the Young wrongdoers act are being studied. # 8221 ; ( Hudson, 2000 ) The Wambacks won # 8217 ; t halt until they have changed the immature wrongdoers act, they evidently have the support of the populace, and therefore they are buttonholing the authorities for proper reform, they are working on behalf of the Canadian population. # 8220 ; Angry teamsters slowed traffic on Highway 40 1 to a crawl pulling the anger of automobilists and a phalanx of constabulary – as protests continued across the country.† ( Alphen, 2000 ) Truck driver # 8217 ; s are angry at the monetary value of Diesel and would wish the federal authorities to make something about it. They will keep presentations until their jobs have been dealt with. The indirect method is when politicians are really cognizant of public sentiment polls and frequently consult such polls to set up how the public feels about on certain issues. Pressure groups know that politicians rely on these polls and so many of them spend a great trade of clip and attempt to act upon. As of 1989 the lobbyists # 8217 ; enrollment act requires lobbyists to register with the federal authorities so that there is a public record of whom is seeking to act upon policy shapers. Under the act, persons who are paid to pass on with the authorities for the intent of act uponing policy-makers determinations are considered to be lobbyists. Those who lobby the authorities on a unpaid footing do non hold to register. Although paid lobbyists must register with the authorities and the authorities does non modulate their activities. # 8220 ; A Toronto councilor has softly proposed major alterations to the municipal moralss and buying bylaw in a command to do the Wheeling and covering at City Hall more transparent. # 8221 ; ( Benzie, 2000 ) The Negative facets to lobbyists are that the 1s working for big international corporations, which have a batch of finicky, endorsing normally control the result. In the U.S.A lobbyists are a large portion of capital hill they are ever seeking to act upon politicians, by adding money to their runs, these companies/groups may include the N.R.A ( National Rifle Association ) or Phillip Morris, who produce Cigarettes. The term you may used to depict this is a payoff. The politician will side with the 1s paying for their re-election run, if they don # 8217 ; t they won # 8217 ; t acquire money for their run, which could add up to 1000000s. In decision lobbyist are necessary in a democratic society for authorities reform. By utilizing different methods to demo the populace about their state of affairs, the authorities of Canada instating the enrollment act to protect the smaller lobbyists, and lobbyists can work against the involvement of the populace, for the involvements of big corporations

Pronunciation of -ise in Verbs and Nouns

Pronunciation of -ise in Verbs and Nouns Pronunciation of -ise in Verbs and Nouns Pronunciation of -ise in Verbs and Nouns By Maeve Maddox The letter s represents two sounds in English, the unvoiced sound /s/ heard in sister, and the voiced sound /z/ heard in rose. Note: The â€Å"voiced† s sound buzzes, like the sound of /z/. The unvoiced s sound is â€Å"soft,† like the hiss of a snake. When the spelling combination -ise occurs in verbs and nouns, the s is usually voiced, but not always. Verbs in which the s in -ise is voiced: arise advertise apprise chastise circumcise comprise compromise (BUT: promise with /s/) demise despise devise disfranchise disguise enfranchise excise exercise improvise incise revise supervise surmise surprise While on the subject of -ise endings in verbs, a comment is probably in order on the widespread misconception that the verb ending -ize as in synthesize is an American corruption of lovely English verbs that â€Å"should† end in -ise. The OED recommends the -ize ending for verbs that derive from Greek, and, as demonstrated by the list above, Americans have not altogether abandoned the -ise ending. The usage differs only with verbs in -yze, like analyze and paralyze. OED prefers analyse and paralyse for etymological reasons. In its entry on the suffix -ize, the OED states the rationale for preferring the -ize spelling: the suffix itself, whatever the element to which it is added, is in its origin the Greek -izein, Latin -izÄ re; and, as the pronunciation is also with z, there is no reason why in English the special French spelling should be followed, in opposition to that which is at once etymological and phonetic. For a fascinating comparison of views on the subject of -ize vs. -ise, see Mike Horne’s The -ize have it!† Nouns in which the s in -ise is voiced: chemise demise enterprise franchise expertise surprise valise (British) Nouns in which the s is unvoiced: anise paradise promise premise treatise (a secondary pronunciation with /z/ is given in the OED) valise (American) vise Some of you may be surprised to see expertise listed with the nouns in which the s has the /z/ sound. The pronunciation of expertise with the unvoiced s is rampant on American television, but both the OED and Merriam-Webster Unabridged agree that the pronunciation is [EK-spur-TEEZ]. Some other dictionaries now list the unvoiced pronunciation as an acceptable alternative, but Charles Elster is having none of it: †Careful speakers should make an extra effort to hold the line on this one [EK-spur-TEEZ].† –The Big Book of BEASTLY Mispronunciations, page 189. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:"Based in" and "based out of"One Fell SwoopPrepositions to Die With