FINAL PAPER: World View Chart Writing Assignment
I attached the chart with the names of religions.
This assignment uses the information you have gathered for your weekly World View Chart Assignments.
Choose ONE (1) category (origin of all things, nature of god, view of human nature, view of good and evil, etc.) from the chart to focus on for this assignment. Consider how the selected category relates to all of the religions covered and to your own social or work experiences.
Write a two to three (2-3) page paper in which you:
Select ONE (1) category from the completed World View Chart. Provide a rationale for choosing this category. What is compelling about this category? Why is it important in the study of religion?
Describe the selected content and explain the significance of the selected category across all of the religions studied. Show in what ways the category is significant for each religion.
Give an example of how you have noticed this category in your life, town or country. What impact does this category have in the everyday lives of people who practice religion in your area? (You do not have to give examples of all the religions in your area, just one you have noticed besides any you practice). For example, in Cincinnati, Ohio we have Hindu, Greek Orthodox, Catholic festivals in the summer. So if my category were “Festivals and Celebrations” I could use those events as my example.
Use at least three (3) quality resources as references for the assignment and document your sources using APA Style for in-text citations and references. Note: Wikipedia and similar Websites do not qualify as quality resources.
Write clearly and coherently using correct grammar, punctuation, spelling, and mechanics.
Your assignment must:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Religion
Origin of All Things
Nature of God
View of Human Nature
View of Good and Evil
View of “Salvation”
View of After Life
Practices and Rituals
Celebrations and Festivals
Week 2
Hinduism and Jainism
Week 3
Buddhism
Week 4
Daoism and
Confucianism
Week 5
Shinto and
Zoroasterism
Week 6
Judaism
Week 7
Christianity
Week 8
Islam
Week 9
Sikhism
Week 10
Modern
Religions
Leadership management within Sport Ministry
Leadership management within Sport Ministry
Must have annotated bibliography, 8 peer reviewed sources, APA citations required, each annotation must include summary of the source’s main ideas, how it relates to the selected topic, and any quotes that will be used in the paper. Must have a 1-2 page outline that details each major section of the paper. Outline must include title page, abstract, introduction, body, conclusion and references.
Business Fiance- Assignment 4
Part 1 –
Your boss is back with a two partial models. The first partial model you boss needs you to look at is for the stock of Gao Computing sells for $50, and last year’s dividend was $2.10. A flotation cost of 10% would be required to issue new common stock. Gao’s preferred stock pays a dividend of $3.30 per share, and new preferred stock could be sold at a price to net the company $30 per share. Security analysts are projecting that the common dividend will grow at a rate of 7% a year. The firm can issue additional long-term debt at an interest rate (or a before-tax cost) of 10%, and its marginal tax rate is 35%. The market risk premium is 6%, the risk-free rate is 6.5%, and Gao’s beta is 0.83. In its cost-of-capital calculations, Gao uses a target capital structure with 45% debt, 5% preferred stock, and 50% common equity.
Calculate the cost of each capital component—in other words, the after-tax cost of debt, the cost of preferred stock (including flotation costs), and the cost of equity (ignoring flotation costs). Use both the CAPM method and the dividend growth approach to find the cost of equity.
Calculate the cost of new stock using the dividend growth approach.
What is the cost of new common stock based on the CAPM? (Hint: Find the difference between re and rs as determined by the dividend growth approach and then add that difference to the CAPM value for rs.)
Assuming that Gao will not issue new equity and will continue to use the same target capital structure, what is the company’s WACC? e. Suppose Gao is evaluating three projects with the following characteristics.
Each project has a cost of $1 million. They will all be financed using the target mix of long-term debt, preferred stock, and common equity. The cost of the common equity for each project should be based on the beta estimated for the project. All equity will come from reinvested earnings.
Equity invested in Project A would have a beta of 0.5 and an expected return of 9.0%.
Equity invested in Project B would have a beta of 1.0 and an expected return of 10.0%.
Equity invested in Project C would have a beta of 2.0 and an expected return of 11.0%.
Analyze the company’s situation, and explain why each project should be accepted or rejected
Part 2 –
The second model is for a project for Gardial Fisheries. Gardial Fisheries is considering two mutually exclusive investments. The projects’ expected net cash flows are as follows: Expected Net Cash Flows for the 7 year Project are:
Project A −$375, −300, −200, −100, 600, 600, 926 and, −200
Project B −$575, 190, 190, 190, 190, 190, 190 and, 0
If each project’s cost of capital is 12%, which project should be selected? If the cost of capital is 18%, what project is the proper choice?
Construct NPV profiles for Projects A and B.
What is each project’s IRR?
What is the crossover rate, and what is its significance?
What is each project’s MIRR at a cost of capital of 12%? At r 18%? (Hint: Consider Period 7 as the end of Project B’s life.)
What is the regular payback period for these two projects? (Hint: Excel’s PERCENTRANK function may not work correctly for Project A because it has nonnormal cash flows.)
At a cost of capital of 12%, what is the discounted payback period for these two projects?
What is the profitability index for each project if the cost of capital is 12
Please find attached document to be filled out for your boss.
PLEASE COMPLETED THE EXCEL SPREADSHEET ATTACHED
Wallace's essay on "Shipping Out"
1) Wallace’s essay “Shipping Out” was originally published in Harper’s Magazine. Before you read his essay, go to Harper’s website (Links to an external site.)Links to an external site. and read about its history. Based on how they describe themselves, what they publish, and any other details you notice, who do you think is Harper’s intended audience? Describe this audience’s concerns, interests, and assumptions, education level, and socio-economic status. Avoid broad stereotypes!
2) As you read “Shipping Out,” list as many conventions of travel writing as you can identify from the beginning of the essay to the end. Make sure to note page numbers and quote as needed. Refer to the chapters we’ve read in Thompson as needed–especially this week’s assigned chapter “Representing the Other.”
3) Now that you’ve finished reading the essay, consider its rhetorical effects on the audience. How does Wallace’s use of conventions (identified (in #2) affect his audience (described in #1)? What specific response(s) do these conventions elicit from this audience?
4) What is Wallace’s message? What is his purpose for writing? How does this intended response (explained in #3) from the audience serve Wallace’s purpose?
cultural relativsim
cultural relativsim
Must be five double-spaced pages in length and formatted according to APA style.
Must begin with an introductory paragraph that has a succinct thesis statement.
Must have well-structured body paragraphs with clear transitions from one topic to the next. Incorporate in-text citations from your scholarly sources to support your analysis throughout the paper.
Must describe an aspect of your own culture from an etic perspective for Part I.
Must describe an aspect of another culture from an emic perspective for Part II.
Must demonstrate a perspective of cultural relativism throughout, avoiding judgmental and opinionated language.
Must end with a conclusion that that reinforces the thesis and provides a self-reflexive analysis.
Must use at least one scholarly resource in addition to the textbook, the Miner article, and the article chosen from the list in Part II of the Week Three assignment.
Must document all sources in APA style in the body of the paper and on the references page as outlined in the Ashford Writing Center.
Must include a separate References Page that is formatted according to APA style.
The Styles Of Leadership In Your Organization
Assignment Instructions
The final paper will be at least 10 pages with 10 scholarly articles. This does not include the title page, abstract or the reference page. This week you will submit your final paper in APA format and writing.
Instructions
Each week you have assembled a different part of your research paper (except for week 6). Please make sure that you read the comments and corrections and institute them into your final paper as needed.
Remember that you will be using the same selected topic with all the assignments (except week 6) during the eight weeks of the course.
DETAILS:
1. You must have 10 scholarly articles. Scholarly articles are peer reviewed and can be found via the APU/AMU library. You do not submit the annotated bibliography as part of the final paper. You do use properly formatted references for the reference page.
2. Follow the detailed outline that you submitted. Your detailed outline is to help you write the paper and to ensure all references are used.
3. Make sure that your abstract is on a separate page immediately following the title page. The heading is Abstract not the title of the paper. Remember to update the abstract for any input from your instructor.
I have a 10 page (not to include abstract, title, and reference) that I need by 28 Jan 2018 noon (12pm). Some of the paper has been completed (by myself and another bidder). However, the product was only 5 pages. Looking for someone to complete the remaining 5 pages.tatements whenever possible. In many cases, you will write a paragraph of text and insert a citation only once. When you use a direct quote, include the page number of the source, too. Some may ask why APA is so important. APA is the mode of communication of the written word in the business research field. It is the due diligence of graduate management students to excel at APA.
Choose two instances of twentieth/twenty-first century state terrorism from two separate states and compare and contrast the incidents. What are the differences and similarities between the two incidents? How could these be explained? What are (or were) the global effects of such incidents? Why would states act in such a manner? Does it support achievement of states’ interests? What about global norms regarding state terrorism? Please answer for both states.
Choose two instances of twentieth/twenty-first century state terrorism from two separate states and compare and contrast the incidents. What are the differences and similarities between the two incidents? How could these be explained? What are (or were) the global effects of such incidents? Why would states act in such a manner? Does it support achievement of states’ interests? What about global norms regarding state terrorism? Please answer for both states.
Based on the information above select an interesting topic to research. Tell why you selected that topic and give brief background information on the topic. Remember we are talking about State Terrorism. We need to capture the governments involvement and the political aspect . YOU ARE ONLY SELECTING A TOPIC ANGD GIVING INFORMATION STATED IN THIS PARAGRAPH
Psychotherapeutic Approaches to Group Therapy for Addiction
Assignment: Psychotherapeutic Approaches to Group Therapy for Addiction
When selecting a psychotherapeutic approach for a client, you must consider the unique needs and characteristics of that particular client. The same is true when selecting a psychotherapeutic approach for groups. Not every approach is appropriate for every group, and the group’s unique needs and characteristics must be considered. For this Assignment, you examine psychotherapeutic approaches to group therapy for addiction.
Learning Objectives
• Evaluate psychotherapeutic approaches to group therapy for addiction
To prepare:
• View the media, Levy Family: Sessions 1-7, and consider the psychotherapeutic approaches being used.
The Assignment
In a 2- to 3-page paper, address the following:
• Identify the psychotherapeutic approach of Motivational Interviewing (what is Motivational Interviewing and why is it used) that the group facilitator is using, and explain why she might be using this approach.
• Determine whether or not you would use the same psychotherapeutic approach if you were the counselor facilitating this group, and justify your decision with evidenced-based literature.
• Identify an alternative psychotherapeutic approach to group therapy for addiction, and explain why it is an appropriate option.
• Support your position with evidence-based literature.
• Be sure to use in-text citations in your writing. Be sure to have 5 or more scholarly references.
• Write paper in APA format and be sure to have a title for each section of the paper.
***Particularly pay attention to videos 6 and 7. Video 6 shows the group therapy that Mr. Levy participates in and the introduction of Motivational Interviewing; Video 7 shows the individual therapy between Mr. Levy and the counselor.
How to Detect Media Bias and Propaganda
Only a small number of citizens are skilled in recognizing bias and propaganda in the news disseminated in their country. Only a relatively few are able to detect one-sided portrayals of events or seek out alternative sources of information and opinion…the over-whelming majority of people in the world, untrained in critical thinking, are at the mercy of the news media in their country (The Foundation for Critical Thinking).
Most major news channels present biased information and even go as far as to present fact-less even untruthful information. In response, there is a growing number of “hoaxster” websites that purposely present information that is not based on any known facts but tend to rely on conspiracy theory. Unfortunately, most Americans rely on the news to learn about political events and either believe the story or do not bother to check the information against other reports. This perpetuates political spin, leaving many Americans to wallow in a political echo chamber and this impacts our political process. There seems to be a correlation between news media bias and a trend towards polarization. Americans and their elected officials are moving further left or further right such that middle-ground politics and policies that rely on compromise cannot be reached.
The main purpose of this assignment is to increase your awareness of news media bias, to learn to fact check and to analyze how this affects you and our democratic political process. In this assignment you will learn to be a critical reader/listener. You will then apply this skill to expose biases and untruthful information and then analyze the short and long term affects your findings will have on our democratic political process.
GENERAL GUIDELINES:
This written assignment must be typed and saved as a Word document (.doc or .docx). It should be 5-7 pages, double-spaced, one inch margins, 12 pt. font. No Cover Page is necessary, but parenthetical in-text citation and a Works Cited page (MLA format) are required. Be sure to include your Works Cited IN YOUR assignment document file. To learn more about citation, use the Purdue Owl website and avoid plagiarism: https://owl.english.purdue.edu/owl/ (Links to an external site.)Links to an external site. .
SPECIFIC INSTRUCTIONS:
CHOOSING MEDIA SOURCES
News media bias is most profound when news media sources take on very specific political perspectives. Yet, most Americans choose only news media sources that match their own political perspective. This creates what many call “the echo chamber.” For this assignment, you must choose two news media sources with very different perspectives. There are several political perspectives; the two most common are conservative (right leaning) and liberal (left leaning). It is up to you to figure out the political perspective of the sources you are considering. (Here are some links to help get you started: http://www.allsides.com/about-bias (Links to an external site.)Links to an external site.;
https://www.washingtonpost.com/news/the-fix/wp/2014/10/21/lets-rank-the-media-from-liberal-to-conservative-based-on-their-audiences/?utm_term=.551a19b03773 (Links to an external site.)Links to an external site.
There are several formats from which to choose your sources; these include print (newspaper, magazine), radio, television and the internet. You may choose your sources from any combination of these formats (i.e. two internet sources OR one television source and one internet source).
CHOOSING YOUR TOPIC
You must choose one topic from the list below. You will then search your two news media sources for this topic. You may need to further narrow your topic so that both of your news media sources are discussing an important element of the topic (i.e. Gun Control might be narrowed down to background checks for gun licenses). These topics are current, so be sure to find recent information presented by your two news media sources (within the last six months). Choose ONE article/broadcast from EACH source (TWO in total).
Gun Control
Immigration/Refugees
NSA Surveillance/Wikileaks
Pre-emptive Strike (and/or Drone Strikes)
Same-sex marriage
The National Budget/Debt
Iran’s Nuclear Program
Legalization of Marijuana
Russian Interference in Elections
Net Neutrality
N. Korean Nuclear Program
Healthcare Acts
Immigration policy
Abortion/Planned Parenthood
Tax Reform
If you have a different topic in mind, email me.
DETECTING BIAS
You will then critically analyze, by comparing and contrasting, how your two news media sources relay the information concerning the topic you have chosen. You MUST use this site to help explain main areas of analysis/BIAS http://www.studentnewsdaily.com/types-of-media-bias/ (Links to an external site.)Links to an external site.. Choose a MINIMUM of 3 main points of bias from this site and use these to develop an in-depth analysis of just how biased your sources are and how these biases affect you AND our political process. Support these points! When looking for specific examples to support your points, look for both verbal and non-verbal clues. Look at the visuals, the headlines, catchy or loaded words/phrases, placement of article, whether each side (or various sides) are discussed, look at the length devoted to each side. Look to see if names, events, places, organizations, etc. are explained in depth (i.e. is there enough background information to understand the topic). Re-read or re-listen to the articles/broadcasts/websites. Look for even the most subtle factors that might affect the reader/listener. The deeper your analysis, the better it will become (and the higher your grade!).
FACT-CHECKING
Check your two news sources for a variety of points each presents as “truthful” or as “fact.” The obvious examples include actual numbers, but these can also be embedded into sentences and/or assumed. They can appear as though they are supporting major points or they can appear as the major points themselves. You will need to again critically listen to/read your two news media sources used above and find at least two “facts” or “truths” from each of your news media sources. You will then need to try to fact-check these! This isn’t easily done, so take your time and state whether each fact is true, mostly true, mostly false, or false. You must support this with some credible evidence. A major part of this assignment is to have you search and find credible sources.
ANALYSIS
Remember that this paper is an analysis. As such, you must present your findings and then use them to analyze our political process. Without this important analysis, your paper is incomplete! With your findings (biases, fact-checking), examine both the short and long term effects on our political system. Be sure that your concluding analysis (more than one paragraph) goes beyond the obvious (i.e. “all news media is biased”). You might start by summarizing your findings (discuss and explain whether or not the reader/listener could make a rational decision after reading/listening to both of these articles/broadcasts). But you MUST also bring in information you have learned about our political process AND examine how your findings uncover the relationship between news media and our political process. Be specific by making a few points and support each point with a thorough explanation.
For example, examine what part the media plays in “polarization?” Examine how polarization affects our process and analyze if polarization enhances our political process (i.e. political candidates, voting) or not.
HINTS FOR WRITING YOUR ASSIGNMENT
Your assignment should be well-constructed, should support a strong thesis and should logically lead to your conclusion
Your assignment should begin with an introduction that states your topic, news media choices and your thesis. This introduction should be clear and concise, but no longer than 1 paragraph.
The body of your assignment should be an analysis constructed around
the 3 or more points (biases) you have chosen to use to analyze your sources. Be sure that you
introduce the main point, (i.e. “bias by omission”)
explain it in your own words, (“bias by omission means that……”)
support it with specific examples from BOTH of your news media sources (cite your sources)
and explain how/why the source is biased and how it affects the reader/listener.
Be sure to use (and quote/cite) specific examples from your news media sources to support your points of analysis. You should not use any additional sources or your own opinion for this portion of your paper.
the two facts/truths you fact-checked. Be sure that you
state the fact/truth you fact-checked and in which source you found it
state what source(s) you used to fact-check and why these sources
rate the fact/truth as true, mostly true, mostly false, or false.
The concluding paragraphs that should be your examination of your findings-your analysis as outlined in #5 above. Be sure that you
Provide a few points
Provide an in-depth explanation of each of your points and
Analyze specific aspects of our political system that might be/are affected by media bias.
Cite your sources.
Do NOT use first person.
HA 3011 Advanced Financial Accounting
A 3011 Advanced Financial Accounting
Assessment item 2 — Assignment
Due date: 11.00pm Friday Week 10
Weighting: 20%
Assessment Task Part A (10 Marks)
In the excel file “Find Your Company” you will find the listed company you have been given
for this course. This file will be made available on Friday of Week 4. Complete this assignment
for the company you have been given. Please be careful to use the listed company you have
been given. Your assignment will not be marked if you use a different company to the one you
have been given; and you will be asked to resubmit your assignment using the right company.
Go to the website of your company, by clicking on the URL next to your company in the list
of companies in the file “Your Company”. Then go to the Investor Relations section of the
website. This section may be called, “Investors”, “Shareholder Information” or similar name.
In this section, go to your firm’s annual reports and save to your computer your firm’s latest
annual report. For example, these may be dated 30 June 2015 or 31 March 2016. Do not use
your firm’s interim financial statements or their concise financial statements. You are need to
do the following tasks:
Please read the relevant footnotes of your firm’s financial statements carefully and include
information from these footnotes in your answer.
Within your firm’s latest annual report
(i) From your firm’s annual report find out the asset/s that your firm has tested for impairment.
(ii) How did your firm conduct the impairment testing?
(iii)Has your firm recorded any impairment expenditures during the period?
(iv) Identify the key estimates and assumptions used by your firm in conducting the impairment testing.
(v) Do you find any sort of subjectivity involved in the impairment testing process? How can this subjectivity influence the outcome of the impairment testing?
(vi) What do you find interesting, confusing, surprising or difficult to understand about the impairment testing?
(vii) What new insights, if any, have you gained about how companies conduct impairment testing?
(viii) Based on your assignment, comment on the “fair value measurement”.
For your understanding of the impairment testing process, you may download and read the
following articles using ProQuest:
1. Md Khokan Bepari, Sheikh F. Rahman, Abu Taher Mollik, (2014) “Firms’
compliance with the disclosure requirements of IFRS for goodwill impairment
testing: Effect of the global financial crisis and other firm characteristics”, Journal
Assessment item 2 — Assignment
Due date: 11.00pm Friday Week 10
Weighting: 20%
Assessment Task Part A (10 Marks)
In the excel file “Find Your Company” you will find the listed company you have been given
for this course. This file will be made available on Friday of Week 4. Complete this assignment
for the company you have been given. Please be careful to use the listed company you have
been given. Your assignment will not be marked if you use a different company to the one you
have been given; and you will be asked to resubmit your assignment using the right company.
Go to the website of your company, by clicking on the URL next to your company in the list
of companies in the file “Your Company”. Then go to the Investor Relations section of the
website. This section may be called, “Investors”, “Shareholder Information” or similar name.
In this section, go to your firm’s annual reports and save to your computer your firm’s latest
annual report. For example, these may be dated 30 June 2015 or 31 March 2016. Do not use
your firm’s interim financial statements or their concise financial statements. You are need to
do the following tasks:
Please read the relevant footnotes of your firm’s financial statements carefully and include
information from these footnotes in your answer.
Within your firm’s latest annual report
(i) From your firm’s annual report find out the asset/s that your firm has tested for impairment.
(ii) How did your firm conduct the impairment testing?
(iii)Has your firm recorded any impairment expenditures during the period?
(iv) Identify the key estimates and assumptions used by your firm in conducting the impairment testing.
(v) Do you find any sort of subjectivity involved in the impairment testing process? How can this subjectivity influence the outcome of the impairment testing?
(vi) What do you find interesting, confusing, surprising or difficult to understand about the impairment testing?
(vii) What new insights, if any, have you gained about how companies conduct impairment testing?
(viii) Based on your assignment, comment on the “fair value measurement”.
For your understanding of the impairment testing process, you may download and read the
following articles using ProQuest:
1. Md Khokan Bepari, Sheikh F. Rahman, Abu Taher Mollik, (2014) “Firms’
compliance with the disclosure requirements of IFRS for goodwill impairment
testing: Effect of the global financial crisis and other firm characteristics”, Journal
http:/ganizational Change, Vol. 10 Issue: 1, pp.116-
149, https://doi.org/10.1108/JAOC-02-2011-0008
2. Carlin, T.M. and Finch, N. (2010), “Resisting compliance with IFRS goodwill accounting and reporting disclosures evidence from Australia”, Journal of Accounting
& Organizational Change, Vol. 6 No. 2, pp. 260-280. [Google Scholar] [Link]
[Infotrieve]
3. Carlin, T.M. and Finch, N. (2011), “Goodwill impairment testing under IFRS: a false impossible shore?”, Pacific Accounting Review, Vol. 23 No. 3, pp. 368-392. [Google
Scholar] [Link] [Infotrieve]
4. Carlin, T.M., Finch, N. and Laili, N.H. (2009), “Goodwill accounting in Malaysia and the transition to IFRS – a compliance assessment of large first year adopters”, Journal
of Financial Reporting & Accounting, Vol. 7 No. 1, pp. 75-104. [Google Scholar]
[Link] [Infotrieve]
Assessment Task Part B (10 Marks)
In an address entitled ‘introductory comment to the European parliament’ (made in Brussels,
Belgium) on 11 January 2016, the Chairperson of the IASB, Hans Hoogervorst, made the
following comments in relation to the new accounting for leases (as reported 11 January 2016
on the IASB website at www.ifrs.org):
I would like to make some comments about our upcoming Leases Standard, which we will
publish the day after tomorrow. Currently, listed companies around the world have around 3
trillion euros’ worth of leases, especially in sectors such as the airline industry, retail and
shipping. Under current accounting requirements, over 85 per cent of these leases are labelled
as operating leases and are not recorded on the balance sheet. Clearly, the accounting today
does not reflect economic reality. Despite operating leases being off balance sheet, there can
be no doubt that they create real liabilities. During the financial crisis, some major retail chains
went bankrupt because they were unable to adjust quickly to the new economic reality. They
had significant long-term operating lease commitments on their stores, and yet had deceptively
lean balance sheets. In fact, their off balance sheet lease liabilities were up to 66 times greater
than the debt reported on their balance sheet. Moreover, the current accounting for leases leads
to a lack of comparability. An airline that leases most of its aircraft fleet looks very different
from its competitor that bought most of its fleet, even when in reality their financing obligations
may be very similar. There is no level playing field between these companies. These problems
will be resolved in the upcoming Leases Standard. All leases will be recognised as assets and
liabilities by lessees. The accounting will better reflect the underlying economics. This change
is expected to affect roughly half of all listed companies and will not be popular with everyone.
Accounting changes are often controversial and can be met with warnings of adverse economic
effects and costs of system changes. The IASB has looked at all these possible risks very
carefully and we will publish a detailed effect analysis on the Standard. Our conclusion is that
the risks and costs of the new Leases Standard are manageable. First of all, IFRS 16 will not
put the leasing industry out of business. Leases will remain attractive as a flexible source of
finance. It will remain appealing to companies to lease assets so that they do not bear the risks
of owning them. While the cosmetic accounting benefits of leasing will disappear, the real
business benefits of leasing will not change as a result of the new Standard. We do not deny
there will be costs involved in updating systems to implement the new Leases Standard, but
2. Carlin, T.M. and Finch, N. (2010), “Resisting compliance with IFRS goodwill accounting and reporting disclosures evidence from Australia”, Journal of Accounting
& Organizational Change, Vol. 6 No. 2, pp. 260-280. [Google Scholar] [Link]
[Infotrieve]
3. Carlin, T.M. and Finch, N. (2011), “Goodwill impairment testing under IFRS: a false impossible shore?”, Pacific Accounting Review, Vol. 23 No. 3, pp. 368-392. [Google
Scholar] [Link] [Infotrieve]
4. Carlin, T.M., Finch, N. and Laili, N.H. (2009), “Goodwill accounting in Malaysia and the transition to IFRS – a compliance assessment of large first year adopters”, Journal
of Financial Reporting & Accounting, Vol. 7 No. 1, pp. 75-104. [Google Scholar]
[Link] [Infotrieve]
Assessment Task Part B (10 Marks)
In an address entitled ‘introductory comment to the European parliament’ (made in Brussels,
Belgium) on 11 January 2016, the Chairperson of the IASB, Hans Hoogervorst, made the
following comments in relation to the new accounting for leases (as reported 11 January 2016
on the IASB website at www.ifrs.org):
I would like to make some comments about our upcoming Leases Standard, which we will
publish the day after tomorrow. Currently, listed companies around the world have around 3
trillion euros’ worth of leases, especially in sectors such as the airline industry, retail and
shipping. Under current accounting requirements, over 85 per cent of these leases are labelled
as operating leases and are not recorded on the balance sheet. Clearly, the accounting today
does not reflect economic reality. Despite operating leases being off balance sheet, there can
be no doubt that they create real liabilities. During the financial crisis, some major retail chains
went bankrupt because they were unable to adjust quickly to the new economic reality. They
had significant long-term operating lease commitments on their stores, and yet had deceptively
lean balance sheets. In fact, their off balance sheet lease liabilities were up to 66 times greater
than the debt reported on their balance sheet. Moreover, the current accounting for leases leads
to a lack of comparability. An airline that leases most of its aircraft fleet looks very different
from its competitor that bought most of its fleet, even when in reality their financing obligations
may be very similar. There is no level playing field between these companies. These problems
will be resolved in the upcoming Leases Standard. All leases will be recognised as assets and
liabilities by lessees. The accounting will better reflect the underlying economics. This change
is expected to affect roughly half of all listed companies and will not be popular with everyone.
Accounting changes are often controversial and can be met with warnings of adverse economic
effects and costs of system changes. The IASB has looked at all these possible risks very
carefully and we will publish a detailed effect analysis on the Standard. Our conclusion is that
the risks and costs of the new Leases Standard are manageable. First of all, IFRS 16 will not
put the leasing industry out of business. Leases will remain attractive as a flexible source of
finance. It will remain appealing to companies to lease assets so that they do not bear the risks
of owning them. While the cosmetic accounting benefits of leasing will disappear, the real
business benefits of leasing will not change as a result of the new Standard. We do not deny
there will be costs involved in updating systems to implement the new Leases Standard, but
we have done our best to keep these costs to a minimum. For example, we are not requiring
companies to recognise assets and liabilities for short term and small ticket leases. This should
be especially beneficial for smaller companies. In sum, we expect the benefits of the new
Leases Standard to greatly outweigh its costs. The new visibility of all leases will lead to better
informed investment decisions by investors, and to more balanced lease-versus-buy decisions
by management. IFRS 16 will lead to improved capital allocation, which should be beneficial
for economic growth.
Requirements
(i) Explain why the chairperson of the IASB believes that the former accounting standard for
leases did ‘not reflect economic reality’?
(ii)Explain the reason why, under the former accounting standard, reporting entities’ ‘off
balance sheet lease liabilities were up to 66 times greater than the debt reported on their
balance sheet’.
(iii) Why does the Chairperson of the IASB argue that under the former accounting standard
for leases there was ‘no level playing field’ between some airlines companies?
(iv) Why do you think the Chairperson of the IASB said that the new accounting standard for
leases ‘will not be popular with everyone’? What would cause this unpopularity?
(v) What are some of the possible reasons why the chairperson of the IASB would say “the
new visibility of all leases will lead to better informed investment decisions by investors, and
to more balanced lease versus buy decisions by management?
companies to recognise assets and liabilities for short term and small ticket leases. This should
be especially beneficial for smaller companies. In sum, we expect the benefits of the new
Leases Standard to greatly outweigh its costs. The new visibility of all leases will lead to better
informed investment decisions by investors, and to more balanced lease-versus-buy decisions
by management. IFRS 16 will lead to improved capital allocation, which should be beneficial
for economic growth.
Requirements
(i) Explain why the chairperson of the IASB believes that the former accounting standard for
leases did ‘not reflect economic reality’?
(ii)Explain the reason why, under the former accounting standard, reporting entities’ ‘off
balance sheet lease liabilities were up to 66 times greater than the debt reported on their
balance sheet’.
(iii) Why does the Chairperson of the IASB argue that under the former accounting standard
for leases there was ‘no level playing field’ between some airlines companies?
(iv) Why do you think the Chairperson of the IASB said that the new accounting standard for
leases ‘will not be popular with everyone’? What would cause this unpopularity?
(v) What are some of the possible reasons why the chairperson of the IASB would say “the
new visibility of all leases will lead to better informed investment decisions by investors, and
to more balanced lease versus buy decisions by management?