Financial management Assignment Example | Topics and Well Written Essays - 1000 words

Financial management - Assignment Example Days payable out is too high beyond the working days allowed for 90days. The company should aim to reduce the number of days either by increasing the payables or number of purchases. The manager should be able to know where the cash is tied up. PART B Question three a) Price earnings ratio This is a ratio that is used to determine the value of a share or stock taking into consideration the earnings of a share of the company. By analyzing different price earnings ratios of companies, an investor can be able to determine where to purchase shares. A P/E ratio of 21.1 of Spikiri Company depicts that high returns can be expected. This is followed by Papi and Akanani Companies with 14.2 and 13.0 respectively. It is wise to purchase shares from Spikiri Company. The P/E ratio is also used to depict the amount of money investors are willing to pay for each dollar earned in a company. b) Dividend cover prices dividend paid P/E current high low dividend yield current high low Akanani 291 317 18 7 0.021 6.111 6.657 3.927 13 spikiri 187 201 151 0.023 4.301 4.623 3.473 21.1 Earnings per share current high low 22.38462 24.38462 14.38462 8.862559 9.526066 7.156398 dividend cover = earnings per share/ dividend paid per share current high low Akanani 3.663004 3.663004 3.663004 spikiri 2.060581 2.060581 2.060581 Dividend cover shows the ability of a company to pay dividends to ordinary shareholders from the profits that have earned. An investor is able to determine how much dividends are paid out of profits before making any investments in the company. Akanani pays more dividends from its profits as compared to Spikiri. Question three i. Cost of debt of bond A Kd = interest rate *(1-tax) = 9% (note taxes are ignored) ii. Different bonds in the same may have different costs of capital. This is explained towards the time period required to clear the payment. A bond with longer duration to payment will have a lower cost of capital. The yield to maturity also affects the cost of debt. Bonds have different yields to maturity which in turn determine the bond’s interest rates to be paid. The coupon rate may differ with each bond hence the cost of each debt. C i. Cost of equity 4+ (11-4)1.2= 10% ii. Ex-dividend share price = old share price/ (1+ dividend) = 1/(1+0.2) = 0.83 iii. Capital gearing (debt dividend by debt plus equity) = 30/90 = 0.33 iv. Market value weighted average cost of capital Cost of debt 9% + 7.82%= 16.82% WACC = kd * weight of debt + ke * weight of equity = 16.82 *30/90 + 10*60/90 = 12.27% d. change in dividend policy Dividend policy is explained as the long term decision that will show how cashflows will be deployed from the company’

End of White America Essay Example for Free

End of White America Essay Racism and prejudice have always existed in human history. Being a taboo subject and a debated issue, many people have tried to explain and find the reason to such conduct concerning another group of people. Such researches are the hope of many to see the racial discrimination ending. Vincent N. Parillo, through his essay Causes of Prejudice tries to explain the reasons of racism in the U. S. Parillo divides his essay in two parts, one for the psychological causes and one for the social reasons. In the first part, Parillo cites the main psychological causes as: levels of prejudices self-justification, personality and frustration. In the second part he transactions into the social explanations, which are: socialization, economic competition and social norms. For each cause he gives strong arguments based on historical data and actual facts and statistics which made his essay reliable. Along the same lines Hua Hsu in â€Å"The End of White America? † argues that America is becoming post racial. According to him race will matter less and less and whiteness will come to an end. Hsu is positive and confident that Americans will overcome resentment stimulated up by these changes and produce a culture in which race won’t be an important factor. These feelings might have been embedded within the people over a really long time and it will take a lot of time and determination to overcome the resentement that is stirred up from within the people. Parrillo provides a great deal of emphasiz into prejudice and the potential or future problems posed by the changing power dynamic between the roles to help us understand the shift and the reason behind the shift. Will Hsu’s words come true? Will white regain their power? Or will they remain threatened about their fading culture and value in America. In my opinion white people have lost power but the only reason that happened is because now there is a more variety due to people immigrating to America and therefore white people are not a majority anymore and have more competition. A couple of decades ago, children were easily influenced by the decisions of others due to demographic shift. In the 1950’s the culture was mostly white. Either people were white, were forced to be white or wanted to be white to fit in. This was because most of the population was white. Accoring to Hsu by the 2050’s white will no longer be there and that most American’s will no longer be white. Hsu always carefully observed the shift in culture which has already started taking place. He touches upon the subject of the white people not having a strong culture. Parrillo talks about different types of prejudice. He states that in the socialization process, people learn the â€Å"values, attitudes, beliefs, and perceptions of their culture or subculture† (Hsu, 504). Children are being easily swayed because they are taught to obey their parents, and respect that which often takes on the beliefs and ideas of their parents without them knowing what is right or wrong or what they want and don’t. The beliefs of a child’s parents also become the child’s beliefs at a very young age because their parents are the ones that are with them every step of the way. It is believed that people learn from their parents and from others in society may be stereotypes since they don’t have a mind of their own at that age to judge what is true or not. However, many people don’t recognize this, since people are so accustomed to hearing these stereotypes. One example that Parrillo gives is of the Jim Crow laws of the 1890’s and the early 20th century. â€Å"Prejudice, like cultural values is taught and learned through the socialization process. The prevailing prejudicial attitudes and actions may be deeply embedded in custom or law, although socialization explains how prejudicial attitudes may be transmitted from the generation to the next, it does not explain their origin or why they intensify or diminish over the years† (394). The people who grew up with Jim Crow laws accepted them as normal, though they weren’t. Things in the world are slowly and gradually changing. Before, parents used to influence their child’s thoughts and beliefs; however, nowadays other elements influence the child’s beliefs. Watching Dora and more TV shows which give out little facts that are stored in the child’s mind and therefore the child is affected by it. This therefore has influenced the youth greatly, â€Å"the youth market is following the same pattern: consider the cheetah girls or Dora the Explorer, the precocious bilingual seven year old Latina adventurer who is arguably the most successful animated character on children’s television today† (Hsu, 503). They are getting more swayed by the shows. Several decades ago they did what their parents did or asked of them. The only factor that influenced the kids judgment was their parents but now things are different and a lot more influences them like characters, shows, media, and society and therefore parents involvement in their children’s judgment has decreased over the years because so many other factors are more appealing. Hsu gives an explain of Dora, since she is a character who does not conform to the â€Å"white middle class mold†. Referring to different types of prejudice according to Parrillo, it would have to be social norms, since the norms are what society or parents teach their children in that time period. â€Å"By learning and automatically accepting the prevailing prejudices, an individual is simply conforming to the norms. This theory holds that a direct relationship exists between degree of conformity and degree of prejudice† (396). Peoples prejudice would increase or decrease only if the people were introduced to something that is not the norm and most of the kids in today’s world make their own decisions by getting influenced by their own interests and not their parents. Socialization and social norms instill in people certain attitudes, which can manifest themselves under the stress of economic competition. An additional sociological view of prejudice is that of economic competition. The young kids today are the future of tomorrow and therefore economic competition is much more visible in today’s world than it was a few decades ago. People are more â€Å"hostile toward others when they feel that their security is threatened thus many social scientists conclude that economic competition and conflict breed prejudice† (Parrillo, 394). This viewpoint is based on the confidence that when people feel as though their security is being exposed, people are more forceful and unpromising. â€Å"Considerable evidence shows that negative stereotyping, prejudice, and discrimination increase markedly whenever competition for available jobs increases† (394). Which is therefore one of the reasons that people are prejudiced because of economic competition which exists a lot in the world of today. Adding Hua Hsu’s thoughts into this, his main example is hip-hop. â€Å"During popular musics rise in the twentieth century while artists and produced main streamed African American innovations. But hip-hop the sound of the post civil-rights, post-soul generation was a global audience on its own terms† (502). Instead of being watered down and whitened like black music in the past, it has remained unmistakably black and yet has taken over the music industry. Sean Combs, like Barack Obama, can be black and yet be accepted by Americans of all colors and reach the top of his field. According to Census data, about 50% of Latinos identify themselves as white. How one identifies them is shaped by both personal and social factors. Due to this de-indianized immigrants click on white in the census. They believed being white was a step closer to being American. This is having a drastic shift according to Hua Hsu. â€Å" Whiteness is no longer a threat or an ideal; its kitsch to be appropriated, whether with gestures like combo’s white parties or the trickle-down epidemic of collared shirts and cuff links currently afflicting rappers†(502) and therefore an expansive multiculturalism is going to be replacing the â€Å"us against the world mentality that lent a thrilling edge to hip-hops mid 1990’s rise† (503). Economic competition now plays a major part in today’s world as it did decades ago. Decades ago, life was a different ball game and people were content with what they had but today every little things are a competition. May it be a battle between the sexes or a competition between who has a better job. To claim that a person is White but against ignorance and oppression is like saying one â€Å"hates the concept of baseball but is a Boston Red Sox fan†. How does white exist outside of the historical background of America’s social rift? Eventually, the same subject pertains to all Americas racial colors that were used for whiteness to even exist. The difference, however, is that behind minority racial colors is a concrete culture whether it be Indian, Mexican, Native American, Chinese etc. that contributes to a greater American background that belongs to everyone, but is institutionally coordinated by the one racial demographic bereft of culture. (Hsu, 504) So again, what do you think defines the identity of whiteness and more importantly how is it exclusive to being a white person? A cultures constitution is formed by how it has come into existence and the methods used to maintain its traditions. White is not a race. It is a arranged social notion designed on isolating the human race. The young is the future of tomorrow, which is why economic competition plays such a big role. Self- Justification and frustration are other levels of prejudice mentioned in Parrillo’s theories. It â€Å"involves denigrating a person or group to justify maltreatment of them. In this situation, self-justification leads to prejudice and discrimination against members of another group† (387). Parrillo also relates this to a person’s financial status; â€Å"a person may avoid social contact with groups deemed inferior and associate only with those identified as being of high status† (387). When people feel inferior to other person, they react to it and want someone to feel inferior to them. According to Hsu â€Å"Pop culture today rallies around an ethic of multicultural inclusion that seems to value every identity—except whiteness† (503). The white culture is declining and the white people are surrounded by so much diversity that they feel like they are so bland compared to them. They don’t feel exotic or different anymore. â€Å"The classic thing white students say when you ask them to talk about who they are is, ‘I don’t have a culture’† (505). A few decades ago white people took pride in being different and exotic. But now slowly and gradually they are becoming a minority because of all the immigrants. â€Å"People tend to be more hostile toward others when they feel that their security is threatened† (Parrillo, 394). White people are more accepting to other cultures and races now since they feel like they are threatened because of the amount of immigrants present in America right now. Since the white people feel like their culture is faded they are getting more paranoid and frustrated. â€Å"Frustration is a result of relative deprivation in which expectations remain unsatisfied† (391). When one does not have sufficient resources in their lives, and their lives are compared to other individuals, they feel inferior and humiliated. With all these immigrants coming to the United States it is making us the majority race, and with all the white people moving away they are giving us the opportunity to overpopulate and put the standards high for whites to accommodate to our lifestyles. This therefore is fading the white culture as due to the immigrants they don’t feel like they are exotic anymore. They believed that everyone wanted to be a white American but now the definition of American itself is changing. It is not a typical rich, white person anymore. I believe that throughout the years, races will all have their chances in population and high power, because it all depends on what race is growing and succeeding at that time of that period. I do not think that whites will become a minority because as i stated before, we all have a time when a race is higher than others and when some are lower than others. If that day does come when whites become minorities, then I sure hope they get the thrive to come up again because I believe that for a country to be successful it needs all types of cultures, races and ethnicity. Even if one race does become the main focus, it is not till to long and it will fade away eventually due to all the immigrants that are present and coming to America.

The Criminal Trial Process Of England And Wales Law Essay

The Criminal Trial Process Of England And Wales Law Essay The Criminal Justice System trial process in England and Wales are operated on the basis, and can be described as an adversarial system of justice. Perhaps, I am directing my attention, the criminal trial process, how has been changed. I should begin an adversarial system, where the parties are responsible for presenting evidence before passive and neutral trial judge or jury. This differs from an inquisitorial system, which is exists most of Europe. In many jurisdictions the criminal laws can be traced the date when a new system of government was introduced bringing change to the role of government to criminal procedures in particular. The criminal law is the system of practices and possible represent justice. English criminal trials from the late seventeenth to the early twentieth centurys were different from those of today. Trials were really quick, lawyers were rarely presented. After the Criminal Justice Act 2003, has made certain change to the mode of trial procedures. In highl ight for going important to address the restorative justice program, which is bring victims and offenders focus on the crime, address problems within communities. On the other side highlights the mistakes and injustices in the criminal trials. Unfortunately, it seems this would be impossible to achieve. However, miscarriages of justice occur in the criminal justice are rare and wrongful imprisonment. The creation of the Criminal Procedure Rule Committee and in 2005 the trial and pre-trial process were brought together in a new criminal procedure rule. The management of cases is a new feature of the criminal justice system, the rules more accessible and together in ones place. It is a significant step, powers of judicial case management. Before the introduction of Due Process, people accused of a crime, given private trials with no defence. The main objectives of the criminal justice process are, against all offenders who break those rules. In England and Wales the criminal justice system has evolved over the years a considerable period. There are many features of the criminal procedure followed by more detailed descriptions of policing, and prosecution criminal courts, sentencing and the panel system, and the governmental and, administrative context of criminal justice. I shall shortly identify a striking example of the benefit of a joined up to criminal trail process. The goals in England and Wales aims to reduce crime by bringing more offence to justice, and to raise public confidence that the system is fair and will deliver law for citizen. There are many advantages and disadvantages having in the criminal trial process of England and Wales. Particularly important to understand the influence of rule of law, and how these of principles shapes the way that criminal justice is defined and implemented. Must be criminal cases start in the Magistrates Court. In a year more than one million cases are heard by Magistrates, they are simply citizen, without any kind of training. The other area where, those cases are seen is in the Crown Court where juries are used, they are part of the criminal justice trial process. The system of jury trails are twelve honest citizens who offering common sense and values. Let me highlight some very important advantages of the system having juries. It gives to the public confidence and acceptance for juries decisions. It gives a person a right to be tried by lay people, who have no legal knowledge and juries do understand the situation better than qualified people, who only look at the situation, with their special knowledge, and this can be sometimes lead to a miscarriage of justice. Perhaps, it is have to avoid as humanly possible. Another example for an advantage of the criminal trial process, when the jury has a power and decide cases on their idea of fairness. Although, as we shall see for example, in R v Ponting (1984). When the civil servant leaked information to a MP on the ground of public interest, and the jury refused to convict despite the fact that, the defendant had no legal defence. In the above case, therefore, it seems the legal system more open because member of public involved and whole process takes in public. Basically the trial involved a confrontation the victim of the crime and the defendant. The defendant was expected to explain the evidence presented against them. However these procedures provided reasonable means of determining guilt and innocence, from a modern point of view this is disadvantage the defence. Shall we see now of the other end, trials without a jury. Directions are no more than matters of common sense. The cases where the judge is satisfied to the evidence of real, able to present the danger that jury tampering would take a place to it. After the reform the criminal trial has some beneficial advantages. The Criminal Justice Act 2003 (c. 44) it is amends the law relating to police powers, which is particularly useful in cases where computer or financial evidence may need. It has a dramatic change has been made in the role of trial judges. There was no time to inform the judges of all the details of the case. Well, it is an advantages of the trial, the judge have a time to identify the issue. I agree with that, it is highly beneficial of the trial. I would like address the defence statement and disclosure. The Act makes amendments to the Criminal Procedure and Investigations Act 1996. As we shall see it, before the reform the prosecution would provide primary disclosure to the defence, and the defence would provide a defence statement, and the prosecution in response would provide secondary disclosure. This may demonstrates the weakness of the prosecution cases. Section 8 of the Act is made to the extent the evidence disclosed by the prosecution under its duty of disclosure. However, we shall see also disadvantages of the criminal trial process, after the reforms. The prisoner right to make an application to the High Court, it is my point of view, every cases takes longer than it should be. The right source can be take time, while the jury seeking further information can be confusing for judges. There is expensive cost for all this. Although, we can see now, some disadvantages of having jury in the criminal justice process. Unqualified people may not understand the points of law. The trial process placed defendants at a disadvantage. Without the benefit of legal assistance, they had to organise their cases on their own, while in prison awaiting trial. Until the actual trial, they were unaware of the specific evidence that would be presented against them and therefore had to respond spontaneously to what the witnesses said. This was thought to be the best way of ascertaining the truth. The lawyers had a right to address the jury, and gave prisoners the right to see copies of the depositions against them. Prosecutors could also suffer under this system. They also frequently went without counsel, and judges could be sympathetic to defendants. However the prosecutors had the advantage of being able to plan their case in advance, at liberty and at their leisure. It is arguable that the criminal trial process of, on t he one hand, the rules of evidence, which is require proof at trial, but on the other hand, the party prosecution have a detrimental effect on the capacity of the system to identify the truth. Criticism of the jury system in criminal trial process has emphasised the high cost of juries to the court system. In addition the technical nature and trials difficulty for lay people to understand purportedly leads to unintentional jury nullification. In the light for going of the recent miscarriages of justice occurs not only when an innocent person is convicted but also when a guilty person is not convicted. Therefore has much to lose by cooperating to archive justice. According to my opinion from an ethical point of view should miscarriage be avoidable every possible measures should be taken to prevent those regardless of the costs involved, however I must accept that in practice this route is often not the viable one. In conclusion a jury trial is of necessity predicated on continuous and adversarial oral presentation of evidence, but such a method of determining criminal cases is time and resource intensive. Criminal trial to be heard without jury, would thus probably reduce cost, and would also enhance opportunities to deal with matters in alternative ways not subject to the same concern about admissibility and evidence, and hence possibly also increase predictability. To my mind, however the criminal justice system England and Wales, the system of jury trial depends on twelve parties and true coming to court and listening to the case. Witness who will give evidence and answers the questions, counsel speak address the jury, judges speak and give direction. The current criminal justice process, in major trials involving fraud is made available to jurors on screens, but not without difficulty. The implications of all this for the criminal justice system are important. However, in jury trial in particular the public opinion can never really be kept out of the court room. Not everyone agrees with these changes when opposition is expressed on principal, it requires attention.

America Needs the Affordable Care Act Essay -- America Needs Obamacar

According to Newsweek, the University Medical Center on average has about $100,000 dollars a month in unpaid doctor’s visits and operations and special procedures; this burden gets passed on to the County taxpayer (Johnson). Unpaid bills occur due to people taken to the hospital and either do not have, or have very poor health insurance. The current process is not fair to anyone, whether one has no health insurance or one who has paid for it. Under the Patient Protection and Affordable Care Act, otherwise referred to as Obamacare, signed into law on March 23, 2010, this requires all Americans to purchase health insurance. The purchase of this care is purchased either individually or through the government market place. The act will lower the cost of insurance on all Americans, and additionally relive pressures felt at hospitals under the circumstance one does not have health insurance. Similar acts have been passed in states like Massachusetts resulting in high success; the in dividual mandate requiring Americans to purchase health insurance is justified and constitutional. The health insurance debate is not new, as there have been numerous law debates, deriving in the law passing when it comes to health care. One of the first people to introduce a government run health care was Theodore Roosevelt in 1912. One of the reasons for bringing the bill forward was due to similar laws being passed in Europe; however, the bill never made it to a vote. Representative George H. Utter from Rhode Island once stated that he voted against the bill because he did not believe that the federal government had the resources to insure everyone (Fletcher). Also in 1949 Harry Truman proposed his Fair Deal Act: including giving aid to farmers, assist s... ...tives-20140118,0,4710689.story>. Johnson, Matthew. "How Obamacare Will Effect County Taxpayers." Newsday. N.p., 9 Sep 2012. Web. 7 Jan 2014. . King, Paul. "Study Shows Who Are The Safest Drivers in America." Associated Press. N.p., 17 Apr 2013. Web. 16 Jan 2014. . Kolesnikova, Maria. "How Romneycare Helped Massachusetts." Boston Globe. N.p., 8 Dec 2012. Web. 2 Jan 2014. . Weber, Joseph. "Obamacare Will Destroy America." Fox News. N.p., 31 May 2013. Web. 15 Jan 2014. . America Needs the Affordable Care Act Essay -- America Needs Obamacar According to Newsweek, the University Medical Center on average has about $100,000 dollars a month in unpaid doctor’s visits and operations and special procedures; this burden gets passed on to the County taxpayer (Johnson). Unpaid bills occur due to people taken to the hospital and either do not have, or have very poor health insurance. The current process is not fair to anyone, whether one has no health insurance or one who has paid for it. Under the Patient Protection and Affordable Care Act, otherwise referred to as Obamacare, signed into law on March 23, 2010, this requires all Americans to purchase health insurance. The purchase of this care is purchased either individually or through the government market place. The act will lower the cost of insurance on all Americans, and additionally relive pressures felt at hospitals under the circumstance one does not have health insurance. Similar acts have been passed in states like Massachusetts resulting in high success; the in dividual mandate requiring Americans to purchase health insurance is justified and constitutional. The health insurance debate is not new, as there have been numerous law debates, deriving in the law passing when it comes to health care. One of the first people to introduce a government run health care was Theodore Roosevelt in 1912. One of the reasons for bringing the bill forward was due to similar laws being passed in Europe; however, the bill never made it to a vote. Representative George H. Utter from Rhode Island once stated that he voted against the bill because he did not believe that the federal government had the resources to insure everyone (Fletcher). Also in 1949 Harry Truman proposed his Fair Deal Act: including giving aid to farmers, assist s... ...tives-20140118,0,4710689.story>. Johnson, Matthew. "How Obamacare Will Effect County Taxpayers." Newsday. N.p., 9 Sep 2012. Web. 7 Jan 2014. . King, Paul. "Study Shows Who Are The Safest Drivers in America." Associated Press. N.p., 17 Apr 2013. Web. 16 Jan 2014. . Kolesnikova, Maria. "How Romneycare Helped Massachusetts." Boston Globe. N.p., 8 Dec 2012. Web. 2 Jan 2014. . Weber, Joseph. "Obamacare Will Destroy America." Fox News. N.p., 31 May 2013. Web. 15 Jan 2014. .

Brahms Symphony No.3 Programme Note

â€Å"Many music lovers will prefer the titanic force of the first symphony; others the untroubled charm of the second, but the third strikes me at being artistically the most nearly perfect. † – Edward Hanslick, music critic. Brahms’ third symphony was long awaited by his fans, after a six year break from his second symphony. It is neither forceful, nor charming. It is a strange, non-traditional work. Its opening is reminiscent of Schumann’s â€Å"Rhenish†, making us wonder, why? Is it an homage to his friend? Or is it yet another alleged reference to Clara Schumann?The premier was one to remember. On December 2nd, 1883, under the conducting of Hans Richter, the Vienna Philharmonic Orchestra debuted the symphony to fans and hecklers alike. Even with the death of long time enemy Richard Wagner the feud lingered on. Wagner fans chose that night to attempt an interference. However, it was unsuccessful and the show was a hit. After the premier, Brahms polished the score several times before releasing a final copy in may of 1884. There are many strange attributes to this relatively short piece.The first obvious one is the third movement; it is a poco allegretto, which is unusual for the time period. The other is the repeated use of an F- Ab – F motive, which gives a diminished sound that is completely unexpected. The motive (F – Ab – F) is said to be derived from a saying of Brahms’ close friend Joseph Joachim, â€Å"Free, but lonely† or â€Å"Frei aber einsam†. Taking the first three letters of each word you get F- A- E. This short motive Brahms, Schumann and Dietrich used to compose a violin sonata in honor of their friend.Brahms later declared himself â€Å"Free, but happy† or â€Å"Frei aber froh†. This gives us the motive F – A – F. Why, then, does Brahms choose to use an Ab instead of natural A? Probably because the Ab gives his harmony a non–tradit ional sound. Instead of the regular chord progression he uses an F major chord to a diminished 7th. This should resolve to a C major, but instead it goes back to F major. It then slides to an F minor chord, and then to an unexpected Db minor chord before another diminished 7th, finally resolving to C major, as it should.This motive is heard throughout the symphony, whether quite obvious as in the first three bars, or in the bass line as in bars 4-6. This unusual chord progression also explains why the last movement is in F minor, instead of the expected F major. The final movement of this piece leads you to think of dark, dramatic struggle due to the F minor. Rather than a tragic ending, he lets the clouds part and brings back the motive of F – Ab – F, and finishes his symphony as it began.The finale is lyrical, passionate and rich in melody. The motive is quoted just before the recapitulation and the symphony ends very peacefully. Julie White Symphony No. 3, Free Scor es at The International Music Score Library Project. Leonard Burkat; notes for the 1998 recording (Pittsburgh Symphony Orchestra) Kamien R, (2000) Johannes Brahms. In Music: An Appreciation (9th edition, P. 352) McGraw- Hill Walter Frisch. Brahms: The Four Symphonies, New Haven: Yale University Press (2003) : 91 – 114

Evaluating rule based and principle based accounting approaches

In this essay, the two different attacks of accounting have been discussed. One attack is being followed by FASB and the other attack is being followed by IASB. These two attacks are Rules – based attack and Principles – based attack. Rules – based attack says that accounting rules and criterions should alter with the environment, fiscal conditions, and as new issues arises in the field of accounting. On the other manus, Principles – based attack says that accounting rules and criterions should be made harmonizing to the already set rules. All the rules are predefined and it works with a set of laid down system. This belief is named as rule – based attack. Further in this essay, these two attacks have been critically analyzed on some selected points. The stances, pros and cons of each attack have been discussed in item. And based on the analysis, decisions about the favourable attack or manner have been made. An recommendation has besides been made in the terminal that nonsubjective attack should be followed which means that alternatively of following either of these two attacks entirely, a mixture of both of these attacks should be followed so that the defects of each attack could be minimized. There are fundamentally two chief criterion puting organic structures i.e. FASB ( Financial Accounting Standard Board ) and IASB ( International Accounting Standard Board ) . These standard scene organic structures have their ain models. Models are used to paraphrase current accounting criterions and to bring forth new accounting criterions. is by and large followed in United States of America whereas IFRS is followed by most of the other states of the universe. Since 2001, more than one 100 states around the Earth have been permitted / required to utilize IFRS ( IASB construction ) . In add-on to these two criterion puting organic structures, there are besides other little and local criterion puting organic structures present. But IFRS are by and large followed by most of the states particularly by large economic systems. Apart from the â€Å" models † there are besides other differences every bit good. One of these differences is the â€Å" attack † that each one of t hem has used to construct criterions and models. GAAP uses the Rule – based attack whereas IFRS uses the Principles – based attack in constructing accounting criterions. Harmonizing to one belief accounting rules and criterions should alter with the environment, fiscal conditions, and as new issues arises in the field of accounting. This belief is named as regulation – based attack. Whereas, IFRS believes that accounting rules and criterions should be made harmonizing to the already set rules. All the rules are predefined and it works with a set of laid down system. This belief is named as rule – based attack. Each of these attacks has its ain pros and cons. The stances of each of these attacks have been discussed and critically analyzed in item below ; The deduction being, that if anyone in the society believes your patterns to be manipulating the job, or non-genuine, and immoral so the job of assurance in your actions id arises. This would so coerce, and should act upon everyone to endeavor for a high criterion of pattern, as minimum conformity and criterions would non truly be tolerated and plenty for the point of view of investors and community. The comptroller and hearers have to trust on their judgement, so the more conservative attack they adopt, it would be much better for the investors. So rigorous regulations should be followed and they should seek to run into the highest criterions instead than minimum. Following the regulations necessitate all members of a society to show minimal values and criterions of pattern. The criterions have to be in kernel meeting the minimally acceptable pattern degree in order to acquire approved by a bulk of members. Due to minimal required degree, the consequences could be less-than-excellent criterions. The rules-based patterns besides encourage those people to play around with the regulations, to happen loopholes and ambiguity in the regulations, and to calculate out ways to do uses. This has been evidenced in the last decennary in major economic sciences like Canada and the USA by their political leaders every bit good as celebrated concern leaders and companies ( Doug Macnamara & A ; Banff, 2004 ) Principles-based attack basically has no minimal criterion of pattern and they keep on turning over clip. Principles-based model influence a broad set of patterns run intoing the demands to a degree of outlook by the society at big ( McGladrey & A ; Pullen, 2009 ) . Principles promote organisations to follow directly off raising their current patterns in-line with the Principles based attack, endeavoring for uninterrupted betterment over clip ( Doug Macnamara & A ; Banff, 2004 ) . Principles-based are really utile in leting house ‘s to modify their apprehension of how to implement concern patterns of the highest criterions for every changing and alone conditions, and operational worlds of the industry. This should therefore ensue in better, more appropriate administration actions compared to minimum conformity with a set of basic regulations. Even though the constitution of fiscal accounting criterions and auditing has conventionally been founded upon a rule-based construction, the theory of a principle-based attack has been from clip to clip advocated since being incorporated and due to recent high profile dirts in which the fiscal comptrollers and hearers have been involved and made monolithic uses do to rule-based ethical point of view and hold failed to protect investors, stakeholders and general public involvement raised concerns for the populace to still believe on rule-based theory ( George J. Benston, Michael Bromwich, Alfered Wagenhofer, 2006 ) . In Accordance to a normally position, U.S. accounting criterions are more rules-based than principles-based model.[ 1 ]This observation brought in big portion from the emphasis put on two features of the diction of the typical confirmation statement: ‘the fiscal statements present reasonably, in all stuff respects, the fiscal place of Ten Company as of Date, and the consequences of its operations and its hard currency flows for the twelvemonth so ended in conformance with by and large accepted accounting rules ‘ ( accent added ) .2 ‘Present reasonably ‘ , which indicates a principles-based attack, is fundamentally converted to a rules-based attack when it is ‘defined ‘ in SAS 69 ( .05 a ) by mention to Rule 203 of the AICPA Code of Professional Conduct. This regulation states that ‘present reasonably ‘ â€Å" implies that the application of officially established accounting rules about ever consequences in the just presentation of fisc al place, consequences of operations, and hard currency flows † .4 GAAP is specified by SAS 69, paragraph AU 411, as a hierarchy of conventions, regulations and steps propagated by peculiar important organic structures, peculiarly the Financial Accounting Standards Board and precursor houses ( e.g. , the Accounting Principles Board ) .4 Thus, if the itemized and statute GAAP have been followed as specified, most likely the certifying CPAs have done their occupations decently and sufficiently in the eyes of the Securities and Exchange Commission and ( likely ) the Public Company Accounting Oversight Board ( PCAOB ) . The standard compositors do non look to take into sufficient history that the format of criterions and their contents are mutualist. In peculiar, the more judgement an accounting rule requires, the more hard is it to project it into a criterion without plentifulness of counsel and, possibly, exclusions. These events have encouraged principal-based theoreticians to show and they standpoint which is more ethical and concerned to the investors and stakeholders ( George J. Benston, Michael Bromwich and Alfred Wagenhofer, 2006 ) . The rule-based imposts of scrutinizing became a trouble-free tool that was responsible for the unethical and immoral behavior of companies like Enron and Arthur Andersen due to which 1000s of people lost their every penny in pocket and their places ( David Satava, Cam Caldwell, Linda Richards, 2006 ) . The comptrollers and hearers should work to re-establish public assurance and to acquire enhanced the ethical behavior. Principle-based attack is necessary to significantly alter the ethical behaviour of the fiscal coverage and auditing. The comptroller and hearers must demo a preparedness to measure them critically and follow principle-based attack and demo committedness to alter house ‘s civilization, if they want to reconstruct their lost credibleness and trust with the populace. To carry on periodic cultural audi ts of accounting houses could be effectual tool. ( Bean and Cunningham, 2004 ) The comptrollers and hearers have moral certain duties in order to warrant with their profession self-respect that includes duties, purposes, moralss, principals, values and committednesss to honour these imposed duties ( Paine, 2003 ) .The hearers must integrate and incorporate both a rule-based rating of the fiscal wellness of an audited house and a principle-based appraisal of the fiscal status of an entity as an on-going concern and as a possible investing chance. The basic duties implicit in that undertaking is to unite proficient expertness and professionalism necessary to accomplish meticulosity, preciseness in supplying adequate information to do cent per centum sure that transparence sing the audited house ‘s fiscal status, and completeness, objectivity and independency in carry oning an audit comprehensive to indemnify the unity of the audit study and hence increased the creditability of the audit house ethical and professional attitude. Recent accounting dirts have raised the concern that regulation – based attack has become excessively vulnerable and there is sky-scraping demand of principles-based government. There is a great argument sing the effectivity in the Governance universe these yearss about how to better the degree of assurance and trust in our communities refering the Governance organic structures of both for net income and non for net income organisations. While many treatments are taking topographic point, the highest profile 1s are playing out in the assorted planetary securities communities, with other organisations taking their lead from at that place. However to some Board members might happen these arguments and statements rather detached and isolated from their daily administration responsibilities and duties. This is truly of import to understanding the different places and stance in this argument of administration, and the implicit in logic and principles should be considered by the Boa rd to break develop policies and best patterns to better administration & A ; transparence. This would take to heighten community assurance & A ; trust in your organisation ‘s leading. To hold a trust on leading and the direction is one of the most of import things for the investor point of position before puting in any company. A fall-out from the continued litany of error of our senior leaders and participants has exposed in the media, which has led to overall aggravation & A ; impairment in assurance and trust of the general public towards those in the privileged place of power and control ( Doug Macnamara & A ; Banff, 2004 ) . As each one of these revelation criticizes into the populace ‘s scruples, the trust and perkiness in Governors and Governance took another monolithic hit. Governors and managers should reflect watchfulness and due diligence in their act before choosing any accounting model and should endeavor to do certain the transparence and effectual control system. The principal based model has shown its importance over clip and raised many inquiries on regulations based system. Governors and managers should utilize a blend of both Rules and Principles that are relevant to the organisation, and formulate and develop new Governance By-Laws, processs, policies and patterns to wake up their organisation ‘s leading behaviour. We are still meeting more and more struggles of involvement jobs at the Governance degree and Following the best patterns and Self-disclosure of these new patterns can better the society trust in organisations. ( George T. Tsakumis, 2009 ) After being analysing the fact and the difficult nucleus worlds of both the rule-based and chief based attack, it is being concluded that comptrollers every bit good as governors should follow the regulations based attack because the principal based model strives for uninterrupted betterment and by following the principal based attack we could achieve the highest degree of transparence and investors assurance. Due to recent dirts accounting criterions are already under terrible unfavorable judgment. The regulation based attack has batch of loopholes because it merely requires the minimal criterions to fulfill it ‘s objectively as comparison to principal based attack which keep on puting new criterions and mileposts. The hearers besides have to hold to demo high criterions of ethical pattern and should identity the malpractices being done by the direction. They should work independently and objectively and should non come under any force per unit area by direction. They work sho uld be run into the aim of the investors and stockholder alternatively of direction. It has besides being witnessed that over the old ages the administration mechanism has non being what it used to be, so that board of managers and governors need to look into the matter of the direction and should prosecute themselves in arguments so that they continuous come up and better the control system and should fasten the cheque and balances on the direction. The system which needs to be now incorporated in the houses should be blend of both regulation based and chief based model ( AAA Financial Accounting Standards Committee, 2003 ) . Together both the model would be a better option for the accounting criterions in order to accomplish highest ethical criterions and best patterns. It would besides assist the comptrollers to re-gain their lost creditability which they have lost and general populace is now loath to swear them.

Management and Marketing of Children essays

Management and Marketing of Children essays Management and marketing in particular, view children as target consumers and an important market for their products. Such a trend started gaining prominence when the media had begun to have its influence on children. It started with the television more than 50 years ago, and now Internet is beginning to have a greater impact. In the United States, there are now more than one million children who have access to the World Wide Web and according to research done in the technology, the figure will soon become as high as 3.8 million and then higher. According to surveys done in 1994, 11 percent of families who have annual income of even less than $20,000 have a computer, and when the income level reaches $50,000, the proportion having computers reach 56 percent. That does not mean that modern facilities are available to all American children, and more than ten percent of American children live in homes which do not have a telephone. In the government agenda for action released in 1993, there was a call from the White House for all schools, libraries and hospitals to be connected to the national information infrastructure by 2000. [1] It is important to note the opinions of experts like Jerry Kessler of Quaker Oats, who says "Children and adults do like different products. It would be hard making a generalized statement as to what those differences are. Ideally, you could run an experimental design separately for children and adults and then run the optimization three ways; what is optimum for the child, for the adult and for a combined data set where results for the children and adults are weighted by the expected percentage of use by each."[2] It is not that they know what to take and teenage girls are likely to have inadequate calcium intake, which is related to low milk consumption. Poorl...

The Six Biological Kingdoms

The Six Biological Kingdoms Organisms are classified into three domains and into one of six kingdoms of life. The Six Kingdoms of Life ArchaebacteriaEubacteriaProtistaFungiPlantaeAnimalia Organisms are placed into these categories based on similarities or common characteristics. Some of the characteristics that are used to determine placement are cell type, nutrient acquisition, and reproduction. The two main cell types are prokaryotic and eukaryotic cells. Common types of nutrient acquisition include photosynthesis, absorption, and ingestion. Types of reproduction include asexual reproduction and sexual reproduction. Archaebacteria Moelyn Photos/Getty Images Archaebacteria are single-celled prokaryotes  originally thought to be bacteria. They are in the Archaea Domain and have a unique ribosomal RNA type. The cell wall composition of these extreme organisms allows them to live in some very inhospitable places, such as hot springs and hydrothermal vents.  Archaea of the methanogen species can also be found in the guts of animals and humans. Domain: ArchaeaOrganisms: Methanogens, halophiles, thermophiles, and psychrophilesCell Type: ProkaryoticMetabolism: Depending on species- oxygen, hydrogen, carbon dioxide, sulfur, sulfide may be needed for metabolismNutrition Acquisition: Depending on species- nutrition intake may by absorption, non-photosynthetic photophosphorylation, or chemosynthesisReproduction: Asexual reproduction by binary fission, budding, or fragmentation Eubacteria NNehring / Getty Images These organisms are considered to be true bacteria and are classified under the Bacteria Domain. Bacteria live in almost every type of environment and are often associated with disease. Most bacteria, however, do not cause disease. Bacteria are the main microscopic organisms that compose the human microbiota. There are more bacteria in the human gut, for instance, than there are body cells. Bacteria ensure that our bodies function normally. These microbes  reproduce at an alarming rate under the right conditions. Most reproduce asexually by binary fission.  Bacteria have varied and distinct bacterial cell shapes including round, spiral, and rod shapes. Domain: BacteriaOrganisms: Bacteria, cyanobacteria (blue-green algae), and actinobacteriaCell Type: ProkaryoticMetabolism: Depending on species- oxygen may be toxic, tolerated, or needed for metabolismNutrition Acquisition: Depending on species- nutrition intake may by absorption, photosynthesis, or chemosynthesisReproduction: Asexual Protista   NNehring / Getty Images The protista kingdom includes a very diverse group of organisms. Some have characteristics of animals (protozoa), while others resemble plants (algae) or fungi (slime molds). These eukaryotic organisms have a nucleus that is enclosed within a membrane. Some protists have organelles that are found in animals cells (mitochondria), while others have organelles that are found in plant cells (chloroplasts). Protists that are similar to plants are capable of photosynthesis. Many protists are parasitic pathogens that cause disease in animals and humans. Others exist in commensalistic or mutualistic relationships with their host. Domain: EukaryaOrganisms: Amoebae, green algae, brown algae, diatoms, euglena, and slime moldsCell Type: EukaryoticMetabolism: Oxygen is needed for metabolismNutrition Acquisition: Depending on species- nutrition intake may be by absorption, photosynthesis, or ingestionReproduction: Mostly asexual, but meiosis occurs in some species Fungi Luise Thiemann/EyeEm/Getty Images Fungi include both unicellular (yeast and molds) and multicellular (mushrooms) organisms. Unlike plants, fungi are not capable of  photosynthesis.  Fungi are important for the recycling of nutrients back into the environment. They decompose organic matter and acquire nutrients through absorption. While some fungal species contain toxins that are deadly to animals and humans, others have beneficial uses, such as for the production of penicillin and related antibiotics. Domain: EukaryaOrganisms: Mushrooms, yeast, and moldsCell Type: EukaryoticMetabolism: Oxygen is needed for metabolismNutrition Acquisition: AbsorptionReproduction: Sexual or asexual through spore formation Plantae Created by MaryAnne Nelson / Getty Images Plants are extremely important to all life on earth as they provide oxygen, shelter, clothing, food, and medicine for other living organisms. This diverse group contains vascular and nonvascular plants, flowering and nonflowering plants, as well as seed bearing and non-seed bearing plants. As photosynthetic organisms, plants are primary producers and support life for most food chains in the planets major biomes. Animalia Doug Allan / Getty Images This kingdom includes animal  organisms.  These  multicellular eukaryotes depend on plants and other organisms  for nutrition.  Most animals live in aquatic environments  and range in size from tiny tardigrades  to the extremely large blue whale.  Most animals reproduce by sexual reproduction, which involves fertilization (the union of male and female gametes). Domain: EukaryaOrganisms: Mammals, amphibians, sponges, insects, worms.Cell Type: EukaryoticMetabolism: Oxygen is needed for metabolism.Nutrition Acquisition: IngestionReproduction: Sexual reproduction occurs in most and asexual reproduction in some.

Biography of Charlie Parker

Charlie Parker's biography Charlie Parker is one of the few musicians who can say that jazz has been permanently changed. He can play a very fast line, and if you slow down to half speed, you will notice that each sound makes sense. Charles Christopher Parker was born in Kansas City, USA on August 29, 1920. He was born on the Kansas side of the state, but in fact it was born from the Kaw River in Kansas City, Missouri. Everyone who intends to write a suitable biography of Charlie Parker must eventually master the essence of genius itself. Very recently, in the life of the great contemporary jazz saxophonist Stanley Crouch, the first volume of the long-awaited two volumes is close to a conversation with the William Biddy fleet, he is a troublesome guitarist, After he arrived in New York in 1938, he explored his own style and new concept that jazz may still be his teens. I like birds (Parker), I told the writer, This is not a person who has to write down, go home and study, and I will do anyone when I meet next time. I like birds Things will do it as soon as you find out what it is. The legendary jazz musician Charlie Parker was born on 29th August 1920 at Charles Christopher Park in Kansas City, Kansas. His father, Charles Parker, is an African American performing artist and his mother, Eddie Parker, is a traditional American maid. Charlie is the only child who moved to Kansas City, Missouri with his parents at the age of seven. Back then, the city was the center of African-American music, including jazz, blues and gospel. Charlie discovered his musical talent by attending a public school class. As a teenager, he played the school band's baritone horn. When Charlie was 15 years old, Alto Saxophone was his favorite instrument. (A few years ago, Charlie's mother handed him sax to help cheer his father after he threw away his family.) During school, Charlie began a band at a local club It was. The famous saxophonist Charlie Parker was acclaimed for Bebop's inventio n. Next to Charlie Park is Dizzy Gillespie (one of the greatest trumpet players in my life). Dizzy Gillespie and Charlie Parker are praised for the birth of Bebop. In 1945, Charlie Parker co-starred with Dizzy Gillespie and founded his own band. Dizzy Gillespie believes that Bebop was the way to adopt the world of racism at the time. After all, they joined the 6 - night night club tour and together they made a new jazz style, bop or bebop.

Criminal Law - Casey Anthony Trial Essay Example | Topics and Well Written Essays - 1500 words

Criminal Law - Casey Anthony Trial - Essay Example This has caused mix reactions from lawyers and the general public with some arguing that Casey was guilty of the murder. Nevertheless, before any judgment is reached, the jury is required to follow the due process of the law to ascertain whether the defendant is guilty of the charges or not. One such is that the accused must prove beyond doubt that the defendant actually committed the alleged crime and providing evidence to that effect. This paper will explore the facts of the case the evidence provided and ruling. It will also analyze the circumstances of the case to ascertain why the jury acquitted Casey of the charges. Caylee Marie Anthony, a two-year-old girl, was found dead on December 11, 2008, after having been reported missing on 5 July 2008 from their home in Orlando, Florida where she had been staying with her mother. The report was delivered by Cindy Anthony, one of her grandparents through a 9-1-1, who said that Cindy had not been seen for more than a month, and her mother’s car produce a smell as if a decaying body was inside it. In his report, he gave an account of how her mother had provided inconsistent explanations regarding Cindy’s whereabouts an only admitted not having seen her for some weeks. When asked by the detectives, Casey made-up stories, which included informing the detectives that an anonymous nanny had kidnapped her daughter on June 9 and that she had been searching for her. She also told the detectives that she failed to report the matter to the authorities mainly because she was frightened (Turley, 2011). As the search continued for Caylee, her mother Casey was charged with murder, but pleaded not guilty. However, Caylee’s skeletons were found in a wooded area next to their home on December 11. At the time her body was found, there was also a tape found next to the skull just next to the mouth. A medical report indicated that Caylee might have been killed using the tape. The trial continued for six from May to July 5, 2011, when the jury acquitted her of murder charges but convicted of a misdemeanour for lying to the police officers during investigations (Shahani, 2011).  

Geography Essay Example | Topics and Well Written Essays - 500 words - 9

Geography - Essay Example She even added that since no huge uprisings have taken place, the UN estimated a total death toll of 60,000 by the starting of 2013. The article further cites an event of airstrikes that were conducted on gas station located in the region of Damascus and the article states that Pillay’s estimates of the death toll of 60,000 might be correct. The article further states that the Syrian Observatory of Human Rights have stated that a total of 45,000 deaths have taken place and those who have died are mostly civilians living in Syria, the report provided by UN failed to distinguish whether more civilian lives or more combatants lives have been taken away (UN, 2013). Pillay further adds that if a resolution to the conflict is not figured out, soon there will be more deaths and sufferings. The most intriguing part of the entire article was not that over 60,000 lives have been taken away; the most intriguing part was Pillay’s statement that a resolution is necessary. This led me to figure out what is being done to solve the issue. To find answers I found an article written by Ayman Mohyeldin who is a correspondent with NBC News and she states that $60 million amount has been accepted by the US to give aid to the people of Syria and this aid is not lethal in nature (Mohyeldin, 2013). The article writer asserts that this kind of aid is very necessary but it is not going to be helpful in resolving the issue. The most eye catching element stated in the article is the UN has levied a ban on using arms to support the case of Syria. This is of high concern because several civilian lives have been lost in the battle and still there is no resolution and many more will be taken away until some real help in the shape of arms and ammunition and military support is extended to Syria. This is because even if the people of Syria outnumber the army, still the

Land law Essay Example | Topics and Well Written Essays - 1500 words - 2

Land law - Essay Example in respect of the land., these can be express covenants agreed between the parties or implied covenants as a matter of law (implied could be the obligation of the tenant to pay rent under the equitable lease. (Shiloh Spinners v Harding)1). Lord Templeman in Street v Mountford2 said that the essential feature of a lease is that exclusive possession of the property is given to a person for specified term, in return of rent. The most important issues in respect of exclusive possession is the fact that it gives ownership to the person for a specified period of time, and because of it being a proprietary interest, it can be assigned, and may be binding on subsequent owners of reversion. In the case of a license it is more of a personal right, binding on parties who created it. (Lloyd v. Dugdale)3. Furthermore, in the case of leases the landlord’s right is restricted to remove tenants and to set rent, this is contrary to what happens in the case of licences. Therefore the distinctio n of lease and licence is of the essence. The deciding factor in respect of lease and licence is that of exclusive possession. Exclusive possession is determined by the facts and surrounding circumstances and other factors. Labels in themselves are therefore not decisive, and so the intention of the parties are not relevant, but the substance of rights that have been created have been construed to be relevant. There are certain exemptions where even if the occupier is in exclusive possession a lease is not created ( Lord Denning in Facchini v Bryson)4. In accordance with Lord Templeman in Street, the fact that the substance of agreement and not the label, is what is important, restricts the situations whereby a license would be construed. From the facts, it can be construed that exclusive possession was granted to Tom. The next element that is important is the fact that it must be for a certain term. This is clearly the case as Lionel agreed to grant Tom a lease for five years. The next element of tenancy is that of rent as specified by Lord Templeman in Street. Clearly Tom was under an obligation pay the rent as well as the premium. Thus in the current situation a lease has been created. As far as creation of a lease is concerned, that is done in two stages, the first being the contract being concluded so as to grant a lease between the landlord and tenant, and the next step is that of the execution of the contract by grant of lease by deed. For the existence of a legal lease of more than three years or where a premium is charged are legal only if they are executed by deed, a requirement under section 52(1) of the Law of Property act 1925. A deed has been defined as a formal written document and in accordance with section 1 of Law of Property (Miscellaneous) Provisions Act 1989, a said document is construed to be a deed only if it expressly declared itself to be a deed and is witnessed by one other person. As far as equitable leases are concerned, they tend t o exist when an enforceable contract is entered into between the landl

The Integrated Arts Essay Example | Topics and Well Written Essays - 1500 words

The Integrated Arts - Essay Example Collections are often secretive, sometimes fetishistic, and can consist of the mundane and disposable, fragments of nature or urban waste (Meecham and Sheldon, 2000, p. 190-192). Art through the eyes of an artist represents the different moods, features, and aesthetics of the contemporary world. The same cannot be said of the spectator, who like many before and after him, see art as a piece of sexuality and provocation. Any discussion on art brings one noting the Greeks. The Greeks during the high classical age (470-430 BC), created standing sculptures of human figures, carved out of limestone and marbles, adapting seventh century Egyptian models. These sculptures were stiff, rigid, decorative, subordinate elements of tombs and temples rather than true sculpture. The range of depictions on heroic nude male (often in athletic contests) and draped female figures were prominent1. Each figure of the period reflected the artistic marvel and importance to this form of art. The sculptures were true living representations of the lifestyle and culture enjoyed by the prominent people of that age. In continuation on the subject of art and artists, this paper focuses on two distinct artists and their way of presenting contemporary world to their audience. First, the paper looks at the works of Fred Wilson and Conceptual Art, and then it's the turn of Judy Chicago and Feminist Art. Fred Wilson is a2.0 Fred Wilson and the Conceptual Art Fred Wilson is a conceptual artist; he doesn't paint, sculpt ortake photographs as he used to, but works with museums, culling through their collections and selecting objects to make his point. He arranges these exhibits against the backdrop of selective wall colors, display cases, lighting and wall labels to communicate with his audience. At an exhibit for the Maryland Historical Society, he juxtaposed fine silver service with slave shackles, and four period chairs lined up to observe a whipping post. He was more than convincing in conveying the message of white oppression over the black; the refined products of white society such as the silver service and chairs against slave shackles and whipping post. Wilson uses the objects to great effect, and this particular exhibit strongly reflected the white society's oppression of the black community. Most of his exhibitions harbor on racism. As a conceptual artist, Wilson takes pain to gather as much relevant material as possible from dif ferent places, and then using his artistic excellence, recreates images that has a longstanding impression on the viewer. In the 'Colonial Collection,' Wilson mocks a museum display, using a row of street-bought African masks with their eyes covered with pieces of the British flag. In a display case in front of the masks are insects and lithographs showing the British infantry fighting native Africans. Wilson has been quite critical of museums and the way they projected artifacts. In many cases, museums have kept materials of historical relevance from public viewing or importance. In 'Old Salem: A Family of Strangers,' 20 or so color photographs of cloth dolls made by blacks during the 19th and 20th centuries were left undisclosed from public viewing from the collection of a southern museum. Wilson has left no stone unturned to

HEMP Research Paper Example | Topics and Well Written Essays - 1000 words

HEMP - Research Paper Example tral Asia as well as South Asia, existence of Hemp can be traced back to third millennium and during 2003 a basket made up of leather was figured out near a twenty eight hundred year old mummified shaman, the basket contained remains of cannabis leaf. The existence of this drug can be traced in India and its existence is even stated in the Sanskrit. The psychoactive elements of this herb were recognized by the Aryans, the herb was even utilized for ritual purposes, used by cults related to pharmacology. It is even said to be used by Jews, Muslims and Christians in their religious practices. According to John Gregory Bourke, Hemp was used by the Mexican community to heal various health issues such as asthma and to accelerate delivery of child. According to Bourke, the herb is a very prominent negative finding of the East side of the world and the herb has an ability to make individuals conduct anti-social behaviour. During the early period of the 20th century, the drug was banned and criminalized. During 1906, US banned its use, later in 1911, South Africa even joined the process of banning hemp, in the 20s of the nineteenth century, and it was banned by the government of New Zealand and United Kingdom. Later in the 1937 era, US passed an act to restrict the production of this drug; this act was recognized as Marihuana Tax Act. Around more than 5000 years ago, hemp was first used as medicine for various illnesses such as female health issues, malaria and constipation, later it was recommended to be used as analgesic for surgical purposes. Hemp has been used in India as a means of relieving headache, decreasing fever and inducing sleep and increasing the functionality rate of mind. In Africa, this herb was used for similar purposes, even in modern days; it is used before childbirth and to treat poison from snake bites. High medical value was attached to the herb by the Europeans during the period of the 5th and the 15th century, during 1621, it was even recommended

Land law Essay Example | Topics and Well Written Essays - 1500 words - 2

Land law - Essay Example in respect of the land., these can be express covenants agreed between the parties or implied covenants as a matter of law (implied could be the obligation of the tenant to pay rent under the equitable lease. (Shiloh Spinners v Harding)1). Lord Templeman in Street v Mountford2 said that the essential feature of a lease is that exclusive possession of the property is given to a person for specified term, in return of rent. The most important issues in respect of exclusive possession is the fact that it gives ownership to the person for a specified period of time, and because of it being a proprietary interest, it can be assigned, and may be binding on subsequent owners of reversion. In the case of a license it is more of a personal right, binding on parties who created it. (Lloyd v. Dugdale)3. Furthermore, in the case of leases the landlord’s right is restricted to remove tenants and to set rent, this is contrary to what happens in the case of licences. Therefore the distinctio n of lease and licence is of the essence. The deciding factor in respect of lease and licence is that of exclusive possession. Exclusive possession is determined by the facts and surrounding circumstances and other factors. Labels in themselves are therefore not decisive, and so the intention of the parties are not relevant, but the substance of rights that have been created have been construed to be relevant. There are certain exemptions where even if the occupier is in exclusive possession a lease is not created ( Lord Denning in Facchini v Bryson)4. In accordance with Lord Templeman in Street, the fact that the substance of agreement and not the label, is what is important, restricts the situations whereby a license would be construed. From the facts, it can be construed that exclusive possession was granted to Tom. The next element that is important is the fact that it must be for a certain term. This is clearly the case as Lionel agreed to grant Tom a lease for five years. The next element of tenancy is that of rent as specified by Lord Templeman in Street. Clearly Tom was under an obligation pay the rent as well as the premium. Thus in the current situation a lease has been created. As far as creation of a lease is concerned, that is done in two stages, the first being the contract being concluded so as to grant a lease between the landlord and tenant, and the next step is that of the execution of the contract by grant of lease by deed. For the existence of a legal lease of more than three years or where a premium is charged are legal only if they are executed by deed, a requirement under section 52(1) of the Law of Property act 1925. A deed has been defined as a formal written document and in accordance with section 1 of Law of Property (Miscellaneous) Provisions Act 1989, a said document is construed to be a deed only if it expressly declared itself to be a deed and is witnessed by one other person. As far as equitable leases are concerned, they tend t o exist when an enforceable contract is entered into between the landl

HEMP Research Paper Example | Topics and Well Written Essays - 1000 words

HEMP - Research Paper Example tral Asia as well as South Asia, existence of Hemp can be traced back to third millennium and during 2003 a basket made up of leather was figured out near a twenty eight hundred year old mummified shaman, the basket contained remains of cannabis leaf. The existence of this drug can be traced in India and its existence is even stated in the Sanskrit. The psychoactive elements of this herb were recognized by the Aryans, the herb was even utilized for ritual purposes, used by cults related to pharmacology. It is even said to be used by Jews, Muslims and Christians in their religious practices. According to John Gregory Bourke, Hemp was used by the Mexican community to heal various health issues such as asthma and to accelerate delivery of child. According to Bourke, the herb is a very prominent negative finding of the East side of the world and the herb has an ability to make individuals conduct anti-social behaviour. During the early period of the 20th century, the drug was banned and criminalized. During 1906, US banned its use, later in 1911, South Africa even joined the process of banning hemp, in the 20s of the nineteenth century, and it was banned by the government of New Zealand and United Kingdom. Later in the 1937 era, US passed an act to restrict the production of this drug; this act was recognized as Marihuana Tax Act. Around more than 5000 years ago, hemp was first used as medicine for various illnesses such as female health issues, malaria and constipation, later it was recommended to be used as analgesic for surgical purposes. Hemp has been used in India as a means of relieving headache, decreasing fever and inducing sleep and increasing the functionality rate of mind. In Africa, this herb was used for similar purposes, even in modern days; it is used before childbirth and to treat poison from snake bites. High medical value was attached to the herb by the Europeans during the period of the 5th and the 15th century, during 1621, it was even recommended

I believe Cleopatra Essay Example for Free

I believe Cleopatra Essay It is principally in this way that I believe Cleopatra is more relevant to modern audiences than to Jacobean society. The idea of a female leader would be, after the reign of Elizabeth I, relatively unsurprising; however, women were still regarded as the property of men. It is not hard to see why a modern career woman, having gone through several relationships of her own, would find more to relate to in Cleopatra than would a Jacobean housewife. Women in the 21st century hold a much more three dimensional position than those of Shakespeares time. They were considered then unsuitable for the stage, replaced instead by some squeaking Cleopatra boy playing Cleopatra ithposture of a whore. Female sexuality in Jacobean times was considered, as written by Penny Gay, to be voraciously overwhelming, and since Cleopatra embodies that idea to the core, she would have seemed a dangerous character indeed to her first audiences. Then, she was a strange, exotic creature and an unknown quantity, but her character inspires altogether more empathy in more modern performances. In her portrayal by Judi Dench at the National Theatre in 1987, her suicide represented a grand resignation as opposed to a dark, frenzied retreat; her attachment to Anthony was pathetically touching. It is this, empathy and understanding, which the modern response adds to Shakespeares most passionate female character. Cleopatra is not done justice to by the flat, stylised Egyptian of Glenda Jackson, but flourishes as no more but een a woman. She is the poor maid of Janet Suzman, who beneath her regality is still an emotionally vulnerable character and all the more becoming because of it.  But what of Anthony? As a 21st century observer, I view it as chronically unjust that Anthony is continually referred to as the protagonist; Lord David Cecil described the play as simply the decline and fall of Anthony. Cleopatra is too often seen as the supporting act, when her character is no less rich than Anthonys and her journey no less significant. Antony is generally praised when he abandons her for politics, yet when she does what seems to her the same in the chaos of Actium, we are meant to condemn her. As L.T. Fitz writes, what is praiseworthy in Antony is damnable in Cleopatra; he can pursue power, whilst she must simply dote. It cannot be forgotten that Cleopatra too has a throne to sit upon. She does not bring about Antonys fall; in my view his political demise began before he ever met her. It is no secret that historically, his relationship with Octavius was strained regardless of Cleopatras role. Given Shakespeares reliance on historical sources such as Plutarch, this cannot be disregarded when judging his representation of her character. Furthermore, it is Anthonys choice to follow Cleopatra at Actium, as it was to become her guest when they first meet. Anthony always has the option to leave Cleopatra, for despite her charisma he always holds the greater political power. Thus, if he must be seen to have fallen, it is because he opts to do so. In fact, I see his decision to value Cleopatras love over Roman politics as an ascent rather than a fall, and it is an ascent they make together. There is no one protagonist in the play, unless the couple are viewed in a singular sense. Antony and Cleopatra combine themselves and the best values of their respective worlds. Antony retains his military valour, his ability to bear pain so like a soldier, but abandons the cold political scheming of Octavius and the new Rome. Cleopatra, on the other hand, keeps all her passion and her charisma but loses the worst of her childish wilfulness. Their love is beyond mortality, death is proud to take them, and in their mutual suicide they take on a god-like quality, articulated in Antony by Cleopatras eulogy of his legs bestrid the oceanhe was as rattling thunder. I believe that it is unfair to call this hyperbolic, which removes from its sincerity, when there can be no doubt that in her state of love and grief Cleopatra intends no exaggeration in her description of the emperor Antony. Together, Antony and Cleopatra rise above pragmatism and politics, and it is small wonder that they stun even Octavius, or that he should be moved by a pair so famous. I think it would be a dire injustice to call Cleopatra designing and blame her for Antonys political downfall; it reduces her feverish passion, her wild hedonism and the staggering extent of her love to plotting, cunning and cruelty. To me, she represents a woman of enormous courage, in her leadership but also in her refusal to compromise on emotions, however unreasonable or dramatic they might be. She is foolish, yes, but never a coward; her flight from Actium is not desertion but evidence of military inexperience and genuine fear. Her love for Antony is beyond the ordinary, it is beyond Caesar and Octavia, and how could the play be so poignant a tragedy were that not so? The very sadness of Antony Cleopatra is in the fact that the two lovers can only triumph beyond the grave, in the death of love for the pursuit of politics; an unworthy substitution if ever there was one. Cleopatra is no Iago, she has none of his manipulative malice; she is nothing more or less than a woman passionately and shamelessly in love. Bibliography Egyptian Queens and Male Reviewers L.T. Fitz  A Poem and Two Plays Robin Hamilton  The Cambridge Companion to Shakespeare on Stage Stanley Wells and Sarah Stanton  (specifically Women and Shakespearean Performance Penny Gay)

Moving From Colleague To Supervisor

Moving From Colleague To Supervisor 1. Managers can use the wrong type of leadership because each team must use the appropriate strategy for management and leadership, which will create the most favorable conditions of the collective work. I think that in this situation the companies have poor socio-psychological climate. So, the relations with colleges and socio-psychological factors are the most important for the selecting of leadership style. However, exactly this area of management, which is linked to managers relationship with his subordinates, plays a key position in terms of the success of the head as a whole. No matter how talented and hard-working boss is, but if his efforts are not supported by his subordinates a result is unlikely to be particularly successful. It is evident that each manager chooses the style that best suits him for a specific company, and under his personality type. But here are some important tips that can be taken into account: the leader must understand that the company as a single organism. It lives according to certain laws both the general business laws, as well as their own, which exist only inside the company. It is therefore important to feel the unity of the company, and in accordance with this pick a style guide, which will be the most harmonious. In our case of Chery Kahn, Rob Carstons, and Linda McGee, who were promoted into management positions , the leaders must take into account the psychology of people who work with the leaders and remember that first of all people do the business! Any new leader faces with the question: what kind of management style to choose? There are different types of management: soft, hard, democratic or totalitarian. It is vitally important for the manager to choose the appropriate method of leadership in the particular company, taking into consideration the specific of the company and its team of employees. If the manager can not choose the style of company management, it means that he does not possess the necessary knowledge in the field of managing people. Such a person may be the best employee, but does not know the psychology of management and psychology of team leadership. Then the person can not become a member of the team and become its leader. In such a case a person must pass training on the management of company and personal effectiveness. Some assistance can provide the model F. Fiedler, that help to choose the management style. There are different leaders: the head who is task oriented, and the head who is focused on interpersonal relations. Using special tools installed, future manager can decide what type of leader he belongs to. This and other training and techniques can help to select the desired style of management, and follow it. (Bennis, W 1998) 3. Leadership is an art, it requires professionalism, intelligence and specific skills. There are such types as authoritarian style, democratic, passive and individualized. It is clear that each manager chooses the style that best suits him for a specific company, and under your personality type. But here are some important tips that can be taken into account: The leader must understand that the company is as a single organism, it lives according to certain laws both the general business laws, as well as their own, which exist only inside the company. It is therefore important to feel the unity of the company, and in accordance with this pick a style guide, which will be the most harmonious. It is important to remember that nothing stands still, everything is moving and changing. The head also should not stand still, he should grow up, get additional education, constantly learn new things and innovate in the company. Then it will keep pace with rapidly changing times and avoid stagnation. Therefore, the selected style guide should take into account the need for changes in the company. Consider the psychology of people who work with the leader. Remember that business is people first, and only then technology. Therefore, for any manager its important to pick a team that everyone was not only in its place, but also successfully coped with their responsibilities and was able to more effectively reach their potential, because it depends on the success of the company. (Tittemore 2003) So, I must conclude that when selecting the style of leadership, future leaders must take into account the psychological features of the team. Â  In the companies where work Chery Kahn, Rob Carstons, and Linda McGee there is some conspiracy, when people are polite, but there is no sincere relationship, people hide their views. In such a team leader Chery Kahn, Rob Carstons, and Linda McGee does not know how to resolve conflicts, reach consensus not developed loyalty to the staff team and the manager. Teams do not have mutual understanding and trust between employees, which means integrity and honesty with concern for the good of everyone. Therefore, I think that when choosing the leadership style, managers first need to find common goals: To achieve personal understanding;Â   Seek opportunities for regular joint problem-solving; To establish trust between employees and teams. (Adams and Shields, 1994) If to consider the current cases of Chery Kahn, Rob Carstons, and Linda McGee, who were promoted into management positions, I think they need to select a democratic style of governance, which is characterized by the distribution of authority, initiative and responsibility between the manager and deputy, the leader and subordinates. are the main characteristics of the style: manager always seeks the views of staff on important industrial issues, but takes decisions as a body; communication with subordinates is in the form of requests, suggestions, recommendations, advice, rewards for quality and operational work, friendly and polite, if necessary apply orders; the head tries to stimulate a favorable psychological climate in the team, defends the interests of subordinates. (Tittemore 2003) I think that this management style will help managers to improve relations in the team and become good leaders. 4. Promotion of employees to leadership position as well as a new outsider leader can be important news in the company, and always a change in the team. The staff and employees may not always well react on promotions of colleagues. In such a situation it becomes difficult to establish relationships between employees and the new leader. But if the new manager came from another company, it is even harder to become a leader, because he does not know the team, does not know the rules of the company and its climate. He needs to learn everything and adapt to new conditions, and choose a style of leadership. So I believe that promotion within the company is more successful. First of all, the new head already knows his subordinates, he knows the psychological climate of the company. In this situation, head should better choose a democratic style of management, and to remain on friendly terms with the team, but do not become an authoritarian leader, that may spoil relations with the colleges.

St. Benedict Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Late in the fifth century the son of a well-off family in Italy left for isolation on his mission to truly seek god. This man was St. Benedict, who is credited with the first establishment of the concept of withdrawing from all temptation for Christian beliefs in the west. St. Benedict left his home and went to the top of a mountain, where he established a monastic community. In this community the individuals who resided there, constantly reiterated their faith. They sacrificed whatever they may have had to prove their true commitment to God. This became an early ideal of Christianity, that one must suffer loss and sacrifice to prove their loyalty to the faith. It was believed in this time period that if one is content with only what they truly need one is freer to think about other people and to think about God . These individuals were called Regular Clergies (monks) and were considered heroes of the faith.   Ã‚  Ã‚  Ã‚  Ã‚  St. Benedict created three main characteristics that a Christian who truly seeks God should do. The first is live in peace with others, not always wanting his own way, or having an exaggerated idea of himself. The second is to live simply, not wanting to own many things in order to feel important and secure. The third and final main theme of St. Benedict is to pray often and read the bible. These characteristics were added upon, but the main three were the basis of the belief. From these original three the foundation of the monastery was built. Another saint who played a major influence on the church was St. Augistine. St. Augistine held the idea that Christianity gave ones life meaning and purpose. He believed that â€Å"Christians are not born but made. † St. Augistine was the author of a very influential book in the history of the church. This book was â€Å"The City of God.† This book told the history of the church and proved it to be a historically valid one. He believed that there was no use to civilization, and as faith increases civilization should decrease. The â€Å"City of the World† is the opposite of the â€Å"City of God†, and brings temptation and must be resisted. This reference to civilization was aimed towards Rome. St. Cuthbert also added to the monastic tradition. He also took himself into isolation to assert his faith. Following his death, after many years of loyalty to the faith, it was fo... ...he centuries following them, they did not work nearly as hard, or did they suffer the same sacrifice and separation from materialistic possessions and luxuries. The church and congregation itself also underwent a dramatic change. The church progressed with the times to be not only a powerful institution religiously, but also politically, economically and also socially. With this rise in power in many different areas besides religion came the involvement in many different areas in society. These ties in society created involvement in the â€Å"City of the World† which took away from aspects of the â€Å"City of God.† In closing, the decline of the monasteries and ultimately the â€Å"City of God† was due to the rise in the â€Å"City of the World.† The â€Å"City of the World† was the anti thesis of the â€Å"City of God.† They can be seen otherwise as church and state. When one was strong and powerful, the other could not be. The two could not exist in equilibrium. So therefore the stronger survived, and with the change of the times, this was the â€Å"City of the World.† The king, who at one time in history was strongly influenced by the church, took control of the Durham Priory, and all its worldly possessions.

inaugural address Essay -- essays research papers

On Thursday January 20th 2005, President Bush delivered his second inaugural address after being sworn in for his second term. In his address Bush promised to keep his word and fulfill his duty as president of the United States. These duties have not been upheld according to the numerous protestors who showed up at his Inauguration. In his Inaugural Address Bush discussed many things.   Ã‚  Ã‚  Ã‚  Ã‚  The inaugural address was a speech which would reassure the American people that President Bush will lead us to victory. In the Address Bush promises to fulfill the oath that he has sworn. He said â€Å" The survival of liberty in our land increasingly depends on the success of liberty in other lands The best hope for peace in our is the expansion of freedom in all the world† (www.cnn.com). This meant that in order to maintain peace and freedom we must help the countries who suffer in dictatorship and terrorism. Peace and freedom are America’s vital interests. Every person in this world is said to have equal rights. â€Å" No one deserves to be a slave† said Bush (www.cnn.com). The address says that the United States policy is to support the growth of democratic movements. Bush also said that he will tighten security. The government is working to improve security tactics and make sure its is strong and effective. Bush will make clear to other nations the choice between oppression and freedom. He said that the people do not and will not be â€Å"bullied†. He wants them to stand fo...

East African Breweries – Analysis of It’s Business & Financial Performance

Brief company overview Established in 1922 and with its headquarters in Nairobi- Kenya, East African Breweries Ltd. (EABL) is aleading branded alcohol manufacturing company in the East African region engaged in the marketing,brewing and selling of alcoholic and non- alcoholic drinks as well as the manufacturing of glass containers. Majority owned by Diageo, it consists of a number of subsidiaries. 1 1. 2. Research rationale.Compared to their counterparts in the developed world, little research has been carried out on organizationsthat operate in African countries as these are seen as lacking the management capacity or financial resourceseither to compete with larger organizations in the developed world or to interest international investors. However the events of the last two years, which have seen investors lose millions of dollars in theirinvestments due to the collapse of the international financial markets, have increased the need forinternational investors to diversify their por tfolios into regions hitherto considered unimportant.By carryingout a critical business and financial evaluation of the performance of a typical large African organization, thisreport attempts to highlight the missed opportunities that may remain untapped in emerging markets. With annual revenues of KES 21 billion (US$ 285 million), KES 26 billion (US$ 367 million) and KES 32 1The subsidiaries include Kenya Breweries Ltd. , Uganda Breweries Ltd. , Kenya Maltings, UDV Kenya and CentralGlass Industries. The company also holds a 20% stake in Tanzania Breweries Ltd. (EABL, 2008a p. 5) – 2 – Â © 2009 PK Mwangi Global Consultingbillion (US$ 479 million)2in FY06, FY07 and FY08 respectively and an adherence to internationalaccounting and audit standards i. e. IFRSs and ISAs respectively, thiscompany3may represent a well managed company with growing profitability and investment potential. Thisreport attempts to establish this by analyzing its business and financial performance over a three year period. To assist in the analysis of EABL’s performance the average exchange rate prevalent in the three years understudy are as follows: Table 1: Foreign exchange rates.Average annual exchange rate Calendar YearUS Dollars (USD) Kenya Shillings (KES)2006 1 73. 738702007 1 70. 8073320081 66. 83044 Source: Oanda (2009) 1. 3. Research objective and question. This research delves into both the business and financial performance of EABL with an aim to identify themajor business elements that are key to its performance. It goes further to look at how these business factorshave impacted on the financial performance of the company. It is difficult to separate the financial performance of a company from its wider business environment andhence the business and financial performance of a company are closely interlinked.Decisions made at thecorporate and/ or business level impact directly on company’s financial performance. Where corporatestrategy aims to grow t he company through acquisition of competitor firms, this will have a direct impact onprofitability and profitability indicators. Increased sales in new markets will lead to bigger profits andmargins where costs are well managed. 1. 4. Research approach. Drawing primarily on secondary sources of information (accounting books, annual reports, academicjournals, newspaper articles, etc) this research sought to analyze both quantitative data and qualitative

The Risk Factor of Diageo

RISK FACTORS Investing in the securities offered using this prospectus involves risk. You should consider carefully the risks described below, together with the risks described in the documents incorporated by reference into this prospectus and any risk factors included in the prospectus supplement, before you decide to buy our securities. If any of these risks actually occur, our business, financial condition and results of operations could suffer, and the trading price and liquidity of the securities offered using this prospectus could decline, in which case you may lose all or part of your investment. Risks Relating to Diageo's Business You should read â€Å"Risk Factors† in Diageo's Annual Report on Form 20-F for the fiscal year ended June 30, 2008, which is incorporated by reference in this prospectus, or similar sections in subsequent filings incorporated by reference in this prospectus, for information on risks relating to Diageo's business. Risks Relating to Diageo's Shares Diageo's shares and American depositary shares may experience volatility which will negatively affect your investment. In recent years most major stock markets have experienced significant price and trading volume fluctuations. These fluctuations have often been unrelated or disproportionate to the operating performance of the underlying companies. Accordingly, there could be significant fluctuations in the price of Diageo's shares and American depositary shares, or ADSs, each representing four ordinary shares, even if Diageo's operating results meet the expectations of the investment community. In addition, †¢ announcements by Diageo or its competitors relating to operating results, earnings, volume, acquisitions or joint ventures, capital commitments or spending, †¢ changes in financial estimates or investment recommendations by securities analysts, changes in market valuations of other food or beverage companies, †¢ adverse economic performance or recession in the United States or Europe, or †¢ disruptions in trading on major stock markets, could cause the market price of Diageo's shares and ADSs to fluctuate significantly. Risks Relating to the Debt Securities, Warrants, Purchase Con tracts and Units Because Diageo is a holding company and currently conducts its operations through subsidiaries, your right to receive payments on debt securities issued by Diageo or on the guarantees is subordinated to the other liabilities of its subsidiaries. Diageo is organized as a holding company, and substantially all of its operations are carried on through subsidiaries. Diageo plc had guaranteed a total of ? 6,970 million of debt as of June 30, 2008. Diageo's ability to meet its financial obligations is dependent upon the availability of cash flows from its domestic and foreign subsidiaries and affiliated companies through dividends, intercompany advances, management fees and other payments. Diageo's subsidiaries are not guarantors of the debt securities we may offer. Moreover, these subsidiaries and affiliated ompanies are not required and may not be able to pay dividends to Diageo. Claims of the creditors of Diageo's subsidiaries have priority as to the assets of such subsidiaries over the claims of Diageo. Consequently, in the event of insolvency of Diageo, the claims of holders of notes guaranteed or issued by Diageo would be structurally subordinated to the prior claims of the creditors of subsidiaries of Diageo. 2 Table of Con tents In addition, some of Diageo's subsidiaries are subject to laws restricting the amount of dividends they may pay. For example, subsidiaries of Diageo incorporated under the laws of England and Wales may be restricted by law in their ability to declare dividends due to failure to meet requirements tied to net asset levels or distributable profits. Because the debt securities are unsecured, your right to receive payments may be adversely affected. The debt securities that we are offering will be unsecured. The debt securities are not subordinated to any of our other debt obligations and therefore they will rank equally with all our other unsecured and unsubordinated indebtedness. As of June 30, 2008, Diageo group had ? 5 million aggregate principal amount of secured indebtedness outstanding. If Diageo Investment, Diageo Capital, Diageo Finance or Diageo default on the debt securities or Diageo defaults on the guarantees, or in the event of bankruptcy, liquidation or reorganization, then, to the extent that Diageo Investment, Diageo Capital, Diageo Finance or Diageo have granted security over their assets, the assets that secure these debts will be used to satisfy the obligations under that secured debt before Diageo Investment, Diageo Capital, Diageo Finance or Diageo could make payment on the debt securities or the guarantees, respectively. If there is not enough collateral to satisfy the obligations of the secured debt, then the remaining amounts on the secured debt would share equally with all unsubordinated unsecured indebtedness. Your rights as a holder of debt securities may be inferior to the rights of holders of debt securities issued under a different series pursuant to the indenture. The debt securities are governed by documents called indentures, which are described later under â€Å"Description of Debt Securities and Guarantees†. We may issue as many distinct series of debt securities under the indentures as we wish. We may also issue a series of debt securities under the indentures that provides holders with rights superior to the rights already granted or that may be granted in the future to holders of another series. You should read carefully the specific terms of any particular series of debt securities which will be contained in the prospectus supplement relating to such debt securities. Should Diageo, Diageo Capital or Diageo Finance default on its debt securities, or should Diageo default on the guarantees, your right to receive payments on such debt securities or guarantees may be adversely affected by applicable insolvency laws. Diageo plc is incorporated under the laws of England and Wales, Diageo Capital is incorporated under the laws of Scotland and Diageo Finance is incorporated under the laws of The Netherlands. Accordingly, insolvency proceedings with respect to Diageo or Diageo Capital are likely to proceed under, and be governed by, UK insolvency law and insolvency proceedings with respect to Diageo Finance are likely to proceed under, and be governed by, Dutch insolvency law. The procedural and substantive provisions of such insolvency laws are generally more favorable to secured creditors than comparable provisions of United States law. These provisions afford debtors and unsecured creditors only limited protection from the claims of secured creditors and it will generally not be possible for Diageo, Diageo Capital or Diageo Finance or other unsecured creditors to prevent or delay the secured creditors from enforcing their security to repay the debts due to them under the terms that such security was granted. The debt securities, warrants, purchase contracts and units lack a developed trading market, and such a market may never develop. Each of Diageo, Diageo Investment, Diageo Capital and Diageo Finance may issue debt securities in different series with different terms in amounts that are to be determined. Debt securities issued by Diageo, Diageo Capital or Diageo Finance may be listed on the New York Stock Exchange or another 3 Table of Contents recognized stock exchange and we expect that debt securities issued by Diageo Investment will not be listed on any stock exchange. However, there can be no assurance that an active trading market will develop for any series of debt securities of Diageo, Diageo Capital or Diageo Finance even if we list the series on a securities exchange. Similarly, there can be no assurance that an active trading market will develop for any warrants issued by Diageo. There can also be no assurance regarding the ability of holders of our debt securities, warrants, purchase contracts and units to sell their debt securities, warrants, purchase contracts or units or the price at which such holders may be able to sell their debt securities, warrants, purchase contracts or units. If a trading market were to develop, the debt securities, warrants, purchase contracts and units could trade at prices that may be higher or lower than the initial offering price and, in the case of debt securities, this may result in a return that is greater or less than the interest rate on the debt security, in each case depending on many factors, including, among other things, prevailing interest rates, Diageo's financial results, any decline in Diageo's credit-worthiness and the market for similar securities. Any underwriters, broker-dealers or agents that participate in the distribution of the debt securities, warrants, purchase contracts or units may make a market in the debt securities, warrants, purchase contracts or units as permitted by applicable laws and regulations but will have no obligation to do so, and any such market-making activities may be discontinued at any time. Therefore, there can be no assurance as to the liquidity of any trading market for the debt securities, warrants, purchase contracts and units or that an active public market for the debt securities, warrants, purchase contracts or units will develop. General Information regarding Foreign Currency Risks This prospectus does not describe all the risks of an investment in debt securities denominated in a currency other than U. S. dollars. You should consult your financial and legal advisors as to any specific risks entailed by an investment in debt securities that are denominated or payable in, or the payment of which is linked to the value of, foreign currency. These debt securities are not appropriate investments for investors who are not sophisticated in foreign currency transactions. The information set forth in this prospectus is directed to prospective purchasers who are United States residents. We disclaim any responsibility to advise prospective purchasers who are residents of countries other than the United States of any matters arising under foreign law that may affect the purchase of or holding of, or receipt of payments on, the debt securities. These persons should consult their own legal and financial advisors concerning these matters. Exchange Rates and Exchange Controls May Affect the Debt Securities' Value or Return Debt securities Involving Foreign Currencies Are Subject to General Exchange Rate and Exchange Control Risks . An investment in a debt security that is denominated or payable in, or the payment of which is linked to the value of, currencies other than U. S. dollars entails significant risks. These risks include the possibility of significant changes in rates of exchange between the U. S. dollar and the relevant foreign currencies and the possibility of the imposition or modification of exchange controls by either the U. S. or foreign governments. These risks generally depend on economic and political events over which we have no control. Exchange Rates Will Affect Your Investment. In recent years, rates of exchange between U. S. dollars and some foreign currencies have been highly volatile and this volatility may continue in the future. Fluctuations in any particular exchange rate that have occurred in the past are not necessarily indicative, however, of fluctuations that may occur during the term of any debt security. Depreciation against the U. S. dollar of the currency in which a debt security is payable would result in a decrease in the effective yield of the debt security below its coupon rate and could result in an overall loss to you on a U. S. dollar basis. In addition, depending on the specific terms of a currency-linked debt security, 4 Table of Contents changes in exchange rates relating to any of the relevant currencies could result in a decrease in its effective yield and in your loss of all or a substantial portion of the value of that debt security. We Have No Control Over Exchange Rates. Foreign exchange rates can either float or be fixed by sovereign governments. Exchange rates of most economically developed nations are permitted to fluctuate in value relative to the U. S. dollar and to each other. However, from time to time governments may use a variety of techniques, such as intervention by a country's central bank or the imposition of regulatory controls or taxes, to influence the exchange rates of their currencies. Governments may also issue a new currency to replace an existing currency or alter the exchange rate or relative exchange characteristics by a devaluation or revaluation of a currency. These governmental actions could change or interfere with currency valuations and currency fluctuations that would otherwise occur in response o economic forces, as well as in response to the movement of currencies across borders. As a consequence, these government actions could adversely affect the U. S. dollar-equivalent yields or payouts for (a) debt securities denominated or payable in currencies other than U. S. dollars and (b) currency-linked debt securities. We will not make any adjustment or change in the terms of the debt securities in the event that exchange rates should become fixed, or in the event of any devaluation or revaluation or imposition of exchange or other regulatory controls or taxes, or in the event of other developments affecting the U. S. dollar or any applicable foreign currency. You will bear those risks. Some Foreign Currencies May Become Unavailable. Governments have imposed from time to time, and may in the future impose, exchange controls that could also affect the availability of a specified foreign currency. Even if there are no actual exchange controls, it is possible that the applicable currency for any debt security not denominated in U. S. dollars would not be available when payments on that debt security are due. Alternative Payment Method Used if Payment Currency Becomes Unavailable. If a payment currency is unavailable, we would make required payments in U. S. dollars on the basis of the market exchange rate. However, if the applicable currency for any debt security is not available because the euro has been substituted for that currency, we would make the payments in euro. The mechanisms for making payments in these alternative currencies are explained in â€Å"Description of Debt Securities and Guarantees—Additional Mechanics—Unavailability of Foreign Currency† below. We Will Provide Currency Exchange Information in Prospectus Supplements. The applicable prospectus supplement will include information regarding current applicable exchange controls, if any, and historic exchange rate information for any debt security denominated or payable in a foreign currency or requiring payments that are related to the value of a foreign currency. That information will be furnished only for information purposes. You should not assume that any historic information concerning currency exchange rates will be representative of the range of or trends in fluctuations in currency exchange rates that may occur in the future. Currency Conversions May Affect Payments on Some Debt securities The applicable prospectus supplement may provide for (1) payments on a non-U. S. dollar denominated debt security to be made in U. S. dollars or (2) payments on a U. S. dollar denominated debt security to be made in a currency other than U. S. dollars. In these cases, The Bank of New York Mellon, in its capacity as exchange rate agent, or a different exchange rate agent identified in the prospectus supplement, will convert the currencies. You will bear the costs of conversion through deductions from those payments. 5