To The Lighthouse :: essays research papers

To the Lighthouse, published in 1927 is one of Virginia Woolf's most successful novels written in a stream of consciousness style. The novel is divided into three parts, which revolve around the members of the Ramsey family and their guests during visits to their summer vacationing residence on the Isle of Skye. The central preoccupation within the novel however is not to be found within the lives of the characters, instead they are seen as being secondary to the overall grounding of the novel in the house itself. Woolf examines the actions of the characters and the passing of time from the perspective of the central symbol of the actual physical domestic space of the house.   Ã‚  Ã‚  Ã‚  Ã‚  The characterization of Mrs. Ramsey, who is identified as being the guardian, or the 'angel of the house', cannot be separated from the actual physical space itself. Just as the walls and doors of the house serve to keep out and protect the inhabitants from the outside world, Mrs. Ramsey works to create a domestic space where she can shield the people from the effects of modern life and offer a retreat into a more natural landscape. This natural landscape however can be seen as a threat, the pounding of the waves on the surf turns from a 'soothing tattoo to her thoughts'; to the 'ghostly roll of drums remorselessly beat(ing) the measure of life';, and terrified the sound makes her think 'of the destruction of the island and its engulfment in the sea';(23-24). The simple fact that sound of the pounding waves comes to her suddenly, whereas before it had been concealed by the sounds of conversations being held outside, points to the hollowness of the house. Mrs. Ramsey works to maintain the house as being a protective barrier, which can be seen through her obsession with wanting to keep all the doors closed, effectively trying to bar the outside world from entering: 'At a certain moment, she supposed, the house would become so shabby that something must be done. If they could be taught to wipe their feet and not bring in the beach with them – that would be something…And the result of it was…that things got shabbier and got shabbier summer after summer. The mat was fading; the wallpaper was flapping…Still, if every door in a house is left perpetually open, … things must spoil…it was the doors that annoyed her…'; (38-9).

Why i want to be an engineer

Why I want to be an engineer? What are the characteristics of succesfull engineer? Through my high school life, I have watching my father was working as a contractor for his part time job other than his permanent job. I am so fascinated by his job and get intrigued by all civil engineering channels on television. As I am on my expedition to define myself, I also acknowledge the value of life and aspire to value everything that dwells within It. My drive as civil engineers triggers when my closest cousins succeded her career as civil engineer and working at JKR.I have become more confidents to select this path as my career. There are many reasons for why I want to participate in becoming an engineer. My greatest anxiety for people Is their need for safety and comfort. Growing up In a safe neighborhood, I understand the importance of safety. Other than that, it's a job that pays a practically high income due to the level of skills and expertise required, and the ongoing responsibilitie s to ensure safe, accurate, and enduring engineering outcomes.On the other hand, Clvll engineers can work in a diversity of work environments, including in the public sector, as contractors, consultants, or even as part of a firm hat undertakes work outsourced from municipalities and government. That Is why im still contented with my choices in this field as I still can decide which path do I want to take part with. Throughout my Internship when I studied at polytechnic, I have been working in a consultant firm. I have felt that it suits me better than working as contractor.But, I never get Involved yet working in a construction firm. On my Journey to become a succesfull engineer, there are many features that need to be fullfil. I think to become a successful engineer; you need to acquire the alue of teamwork, cooperation, ceativity and management skills. Then, having a big picture as mentality, creatMty, the ability to function as a member of a team, the ability to work without sup ervision and to handle high levels of responsibility.The important thing is to acquire the needed certificates to Justify our career and get qualify to be a Professional Engineer. Other than that, we need to be result oriented, have good leadership qualities, good communication skills and commitment towards work. My role model in this field is my former boss when I was working during my internship. He has become my iconic engineer that really inspires me because he was striking his way since young to have his own his consultant firm.Astonishingly, he has his own consultant firm that he built with his own to serves people. Other a very respected person, he never slighted his employee's opinions. I am also fantasizing of having my own consultant's firm. I am totally obligated to becoming a successful engineer and will work boundlessly in order to achieve my goals. Im keenly to finish my degree and developed as a qualified civil engineers and getting my dreams become reality.

Nemo Dat - 1336 Words

The nemo dat rule literally meaning no one [can] give what one does not have is a legal rule in property law that states where goods are sold by a person who is not the owner thereof and who does not sell them under the authority or with the approval of the owner, the purchaser requires no better title to the goods than the seller had. This law states that if a bona fide purchaser who unknowingly purchases and subsequently sells stolen goods will, at common law, be held liable in trover for the full market value of those goods as of the date of conversion. Since the proper owner retains legal title, this is true even in a chain of successive bona fide purchasers (ie, the true owner can successfully sue the fifth bona fide purchaser in†¦show more content†¦As a youngster he studied languages. He also studied people: their habits, mannerisms, and especially their weaknesses, and decided to do something in that field instead. By the age of twenty he was a confirmed conman. By the age of thirty he was a confirmed wanted man on the run from police in several European countries. He started over again in the United States and called himself Count because it sounded important. One dupe he conned was Al Capone; the most dangerous criminal in America at that time. The Count knew that the crime lord couldnt be taken in like the others; he would get revenge. Lustig devised something different for the underworld boss. The count asked Capone to invest $50,000 in a swindle that he claimed he was working on. Lustig promised to double his money in sixty days. The homicidal Capone gave the cash - and a warning of what would happen to Lustig if there was a double-cross. Lustig let the money sit in the bank for sixty days. At the end of that time he went back to Capone with a look of disappointment. He told his investor that the deal feel through. Just before Capone was about to explode, Lustig handed back the $50,000. The crime boss was so impressed with Lustigs honesty (?!) that he rewarded the conman with a thousand dollars. Which is what Lustig expected Capone to do. In 1925 Lustig was back in Paris with his new friend Dapper Dan, relaxing at an outside cafe. They were in need of money just as they read in the newspaper thatShow MoreRelatedThe Common Law Principle Of Nemo Dat Quod Non Habet3075 Words   |  13 PagesThe common law principle of nemo dat quod non habet has long held that a person cannot convey a superior title to the one already held, and in essence, a person holding a licence cannot convey the superior title of a lease. However, the House of Lords’ decision in Bruton represents a departure from such orthodox principles of property law, holding that someone with no interest in land can grant a lease provided that the exclusive possession is given in the agreement. Bruton has ‘controversially confirmedRead MoreLaw Make Decisions Within Legal Context2632 Words   |  11 Pagesis the holder or ‘bearer’ of the cheque, who presents the cheque at the bank or financial institution. The Act defines ‘bearer ’ as the person in possession of the cheque. According to the Nemo dat rule, it states that a person cannot pass on a title which that person does not possess. In other words, the Nemo dat rule says that when a property is transferred, the transferee cannot acquire a better title to it than the transferor had. In this situation, Melanie Moose, who stole the cheque from MickeyRead MoreThe Case Of Shogun Finance Ltd V. Hudson1205 Words   |  5 Pagesname written on the agreement demonstrated the finance company only had the intention to deal with Mr Patel and not the fraudster. The fraudster s lack of good title invoked the nemo dat quod non habet rule. In reliance of the inter absentes principles in Cundy and the refusal to depart from the soundly based nemo dat quod non habet rule (statutorily adopted) , the bare majority allowed most innocent party to bear the cost of the fraud. Mistaken Identity, or Attribute? The majority in Shogun establishedRead MoreThe Sale Of Goods Act1976 Words   |  8 PagesThe first issue is wether or not Aline has rights to sell the car to Christine after having sold it to Benjamin. â€Å"The basic rule is expressed in the Latin maxim nemo dat quod non habet†. This means that a seller cannot pass to a buyer a better title to goods than he possesses, â€Å"unless the owner of the goods is by his conduct precluded from denying the seller s authority to sell†. In Greenwood,   the court held that the car belonged to Bennett as Searle did not have title and could therefore notRead MoreSection 41 Sale Of Immovable Property By An Ostensible Owner1419 Words   |  6 Pagesowner General rules There are some very general rules of ‘transfer’ of property. i.) Nemo plus juris ad alium transferee potest quam ipsa habet (no man can transfer a right or title greater than what he himself has).Where a thief sold a property then the same purchaser doesn’t hold the right over the land because from whom they have purchased the land doesn’t himself holds title to the property. ii.) Non dat qui non habet (no one can give who does not possess). But one of the exceptions to theseRead MoreDescription Of A Lease From A License1325 Words   |  6 Pagesdecision in Bruton has established a contractual tenancy which is not proprietary as the landlord had only a licence, and it cannot bind third parties. Therefore, the decision in Bruton might go against the fundamental principle in English Land Law: nemo dat quod habet, as it might be impossible to convey something which the landlord does not own. Furthermore, there are some limitations of the Lord Hoffmann’s judgement, as it is not clear that whether a ‘contractual tenancy’ could be protected and coveredRead MoreNegotiations in India1271 Words   |  5 Pagesfrom person to person by mere delivery or by endorsement and delivery; and the person to whom it is so transferred becomes entitled to the money and also to the rights to further transfer it. Negotiable instruments are exception to the principle of nemo dat quod non habe; a negotiable instrument is one, the property in which is acquired by anyone who takes it bona fide and for value not withstanding any defect of the title in the person from whom he took it. Case: Raephal v Bank of England (1885) 104Read MoreTransfer of Property5877 Words   |  24 Pagesbill of lading. 5) NEMO DAT PRINCIPE AND EXCEPTIONS 1.0 GENERAL RULES: It is a fundamental rule that no one can give what he has not got. So section 27 of the Sale Of Goods Act sets out the general rule as follows: Where goods are sold by a person who is not the owner thereof and who does not sell them under the authority or with the consent of the owner, the buyer acquires no better title to the goods than the seller had. This rule in the maxim ‘nemo dat quod non habet’, means that noRead MoreNemo Outdoor User Training - Perfecting Wireless Networks10208 Words   |  41 PagesNemo Outdoor User Training Perfecting Wireless Networks Nemo Outdoor User Training Course Contents †¢ Nemo Outdoor introduction †¢ Installation of Nemo Outdoor †¢ Nemo Outdoor configuration †¢ Introduction to Graphical User Interface †¢ Features of Nemo Outdoor Nemo Outdoor Introduction Nemo Outdoorâ„ ¢ 5 currently supporting measurements on WiMAX, HSDPA, HSUPA, HSPA+, LTE, TD-SCDMA, UMA, CDMA2000, 1xEV-DO, TETRA, cdmaOne, GSM, GPRS, EDGE, DVB-H and WCDMA networks. Nemo Outdoor’s powerful platform isRead MoreThe Law Of Mistake : Shogun Finance Ltd V Hudson1663 Words   |  7 Pagesthe fact the suggestion was previous to Shogun implies its limited impact upon the judges, as it has been debated that third parties are not always the more deserving. However, it can be argued it is unjust towards third parties when applying the nemo dat rule, and that a vendor, willing to trade on the promise of a stranger’s cheque should have the burden of risk instead, like in Phillips and Lewis. It can be debated that they have the better opportunity to check and manage creditworthiness before

Barack Obama Is A Great Role Model - 987 Words

Barack Obama was born on August 4, 1961 and he is currently 56 years of age. He was born in Honolulu, Hawaii. His family is a mixture of African American and Caucasian, his mother is from Kansas and his father is from Kenya. At age two, his parents got divorced, so his dad went back to Africa while his mom stayed with him in Hawaii. In 1995 he published an autobiography called â€Å"Dreams from My Father†: A Story of Race and Inheritance and this book is where his fame started. I believe that Barack Obama is a great role model because he is kind, resilient, he is extremely intelligent and he is an excellent public speaker. Barack Obama is very motivational through his words and actions and during his presidency he inspired America to be the†¦show more content†¦He showed everyone he s able to be himself, just as he is. By doing this he took a personal risk to create a memorable message. Taking personal, public risks show how much you care about your message as a leader. I think the biggest event that shaped and changed Barack Obamas life was writing his first even book, which explores the events of his early years up until his entry into law school in 1988. I think that this book significantly guided Barack towards his Presidency because it was the start of his rise to fame. This book was the first step towards him gaining popularity to rise to the top and become President. During Obamas second election to remain president he faced many challenges. Barack Obama faced American wars and a still struggling economy which he cared so deeply about. But despite these problems he proceeded to run his election and once again win. He cared deeply about America and wanted to remain president so he had the power to help the citizens. One of Barack Obamas biggest personal qualities is leadership. He has the ability to lead an entire nation towards success and he did this without failure for 8 years. He has an inspiring personality and everyone looks up to him. Barack Obama follows the religion of Christianity. He claims to have been going to the same church for the past 20 years and was sworn in with his hand on the family bible. He wants to follow in the footsteps of JesusShow MoreRelatedTransformational Leadership As An Exceptional Form Of Influence Essay1567 Words   |  7 Pages(Northouse, 2013. p. 185). Current president, Barack Obama has become the demonstration of hope and change throughout the Western World. Although his time in the United States Senate has been brief, he has made an astounding change in the cultural attitudes and behaviors of developed western nations towards people of color and legislated one of the most progressive reforms in history, the Patient Protection and Affordable Care Act (Obama, 2008). President Obama has defined his rise to and term as PresidentRead MoreMy Inspirational President Obam An African American President Of The United States Essay942 Words   |  4 PagesMy Inspirational President Obama I have never seen a person so good at giving public speeches in my entire life. That person became memorable in my life immediately after I saw/heard him speaking on television in front of a thousand people as he became the first African-American president of the United States of America. I thought this person simply cannot be an African-American, but the most honorable gentleman. He introduced himself without a fear, but with confidence and belief thatRead MoreSpeech : My Inspirational President Obama Essay919 Words   |  4 Pages My Inspirational President Obama Introduction I have never seen a person so good at giving public speeches in my entire life. That person became memorable in my life immediately after I saw/heard him speaking on television in front of a thousand people as he became the first African-American president of the United States of America. I thought this person simply cannot be an African-American, but the most honorable gentleman. He introduced himself without a fear, but with confidence andRead MoreEssay on Lincoln and Obama: Cut from the Same Cloth1140 Words   |  5 Pagesof the United States 153 years ago. Barack Obama did the same 148 years later. Nearly fifteen decades separate these two historical events and astounding men. While one man has gone to great lengths to model himself after the other, there was possibly a connection there all along. The differences between Lincoln and Obama are evident and expected, but the similarities are remarkable and extraordinary. When looking at the disparities between these two great men, their education and opportunitiesRead MoreBarack Obama Rhetorical Analysis Essay1535 Words   |  7 PagesThe beginning of the video advertisement of Barack Obama for the 2008 presidential election was quite attractive and convincing enough to motivate the targeted audience. The advertisement targets the general and common Americans who longed to have a change after two consecutive terms of George W. Bush. Tired of hearing about events of war, Americans could find the message of Barack Obama to be appropriate and striking. It is quite blatant that the presidential ad was meticulously crafted to fulfillRead MoreEssay on Ldr 531 My Leadership Style1411 Words   |  6 Pagesand organization leaders succeed when they apply the best leadership method that fits the people they are serving, president Barack Obama is popularly known to be a charismatic leader, who applied different forms of leadership like transformational leadership style, cross-cultural leadership style and contingency style of leadership. President Barack Obama got the attention of foreigners and Americans alike due to his Charismatic nature he started by applying the transformationalRead MoreThe Roles Of African Americans1630 Words   |  7 Pages The Roles of Africans American in Developing Our Nation By: Marcus A. Shans HIS204: American History Since 1865 (GSN 1507B) Instructor: Andrew Cramer 16 March 2015 Reconstruction 1865 After the Civil War the country had to reconfigure and somehow integrate the southern states back into the union. African American got their freedom and set out to make lives for themselves and find a new identity. In During the reconstruction period many African Americans found themselves facilitatingRead MoreEysenck s Personality Theory And Allport s Trait Theory Essay1563 Words   |  7 PagesUnderstanding the role that Eysenck’s Personality Theory and Allport’s Trait Theory play in Michelle Obama’s personality, will enrich one’s perception of her, exposing the extrovert and introvert traits of her personality. Introduction of Michelle Obama Michelle Obama is well known as the first African American, First Lady of the United States of America. She is a daughter, sister, wife, and mother. A public speaker, writer and lawyer are additional titles that she holds. Michelle Obama is a womanRead MoreCharacteristics Of A Successful Entrepreneur1185 Words   |  5 Pagesprinciples and values for accomplishment and then developing followers to achieve same principles and values. This in turn aid followers in becoming not just leaders, but strong leaders as their charisma help induce followers to look at them as role models and display behaviors that communicate purpose, values, and mission. In addition, Oprah’s inspirational motivational behaviors radiate confidence, hopefulness, and enthusiasm about her mission and accomplishments. Not forgetting intellectual stimulationRead MoreEssay on Nelson Mandela, My Superhero, Our Superhero850 Words   |  4 Pagesâ€Å"Nelson Mandela was the symbol of justice, equality, and dig nity.† (Obama, 2013). He was born in Mveso, Transkei, South Africa on July 18, 1998 as a Madiba clan (Les Prix Nobel, 1993). Since he was young, he always dreamt to be able to contribute to create a free and democratic country where everyone could live in harmony. He started his anti-apartheid movement by joining the African National Congress (ANC) when he was 20 (Cachalia, 2013). He was first banned in 1952, and was finally arrested on

Christianity Dominates American Society And Children Essay

Christianity dominates American society, and due to this any sort of religious rebellion is automatically seen as hearsay and blasphemy that poisons our society and children. While in the college setting we try to be more open to other ideas, people still look down on alternate religions as the â€Å"wrong way.† As for the Satanist church, they’re seen as downright evil, certainly a popular misconception in our culture. When LaVey started the Temple of Satan in the 1960’s, he was poking fun at our uptight Christian society (Urban, 170.) Modern LaVey Satanism is a mixture between serious ritual and satire, resulting in a strange community and an even more passionate following. Throughout our class, we have been learning about what makes a religion a religion, the people involved, and the culture that relates to its very core. Satanism as a whole is partially religious, and partially atheist. Nevertheless, this community is fighting for representation in the media, in schools, and in the community as much as the next religion. Satanism is pushing against the dominant religion, and in doing so, opening the floodgates for itself as well as other religious groups for their right to religious freedoms in the United States. In my paper, I will discuss various branches of Satanism, with a focus on the Satanic Temple’s movement and it’s fame and reception in today’s media. From a modern Christian perspective, Satan is a representation of worship of all things evil. However, modernShow MoreRelatedReligion Shaping America Essay895 Words   |  4 Pagesreligious tolerance that pushed colonists from Europe to the newly founded England colonies sprang from the belief, held by both Protestants and Catholics, that unity of religion must exist in any given society at a given time. The belief basically said that one religion must completely dominate a country for a peaceful time of actuality. This conviction rested on yet another belief that there was one absolute true religion and that it was the duty of the government to ensure the dominance of thisRead MoreHmong Culture : Influences On A European American Society1488 Words   |  6 PagesThe Hmong Culture: Influences in a European American Society The Hmong people do not call any one country home, but have relocated several times throughout history due to war and political oppression. An article published in the Journal of Multicultural counseling and Development finds that the Hmong primarily lived in Laos, Vietnam, and Thailand. They had a great impact in helping western forces during the Vietnam War, and wars in Laos in efforts to end Communism. The article continues and describesRead MoreMary Daly Changed Life for American Women809 Words   |  3 Pages In 1960, American women had limited rights in life such as in the workplace and in marriages. They were only allowed to marry young, start a family and devote her life to homemaking (Par. 1). Women had no rights to their husbands property or earnings. However, the womens husband would control their marriage, their property and earnings. Also, it was complicated for women to divorce their husband because women had to show evidence of their husbands injustice. Furthermore, a s time progressedRead MoreThe Nation Of Islam And African Americans949 Words   |  4 PagesTimothy Drew (Source 1). Drew preached that Islam was the correct faith for African Americans. Drew also preached that African Americans were superior to Caucasians. The Nation of Islam, along with being a religious movement, was a movement for change. They wanted to raise awareness and create racial pride within the African American community (Source 1). The Nation of Islam wanted to improve the lives of African Americans, however, how they wanted to achieve that improvement was unacceptable. The NationRead MoreThe Gender Construction And Distinctions Essay1186 Words   |  5 PagesPerdue’s topic is the gender construction and distinctions in Cherokee Indian society, the traditional roles that women played and how cultural progression affected them specifically. Cherokee women lived in a world that was disrupted by trade and war which resulted in a shifting for both male and female roles in their community. With the arrival of Europeans, the significance of trade and warfare, men became the focus of clan livelihood thereby brining about changes in the traditional matrilinealRead MoreUnited States Women s Histories1579 Words   |  7 PagesThat is describe, who, what, when, and where. The author should explain her topic and questions in the first few pages of her article (Limit 200 words). Perdue’s topic is the gender construction and distinctions in 19th Century Cherokee Indian society, the traditional roles that women played and how cultural progression affected them specifically. Cherokee women lived in a world that was disrupted by trade and war which resulted in a shifting for both male and female roles in their communityRead MoreIslam s Impact On The United States1297 Words   |  6 Pagesone or two Muslims as I walked down the street, but now I see many more. In Philadelphia, there are more than 200,000 people who are Muslim, and 85% of those people are African-American. In this city when people see African-American Muslims who are garbed up they don’t discriminate against them. To be a Muslim in this society it causes controversy because people are constantly pointing out all of the flaws within them. Since 9/11, people seem to always associate Muslims with terrorists. More importantlyRead MoreThe Roles of Men and Women in a Society967 Words   |  4 PagesThe Roles of Men and Women in a Society There is a complexity in understanding the role of men and women in a society. Scientists and biologists are challenging themselves to explain the mental and behavioral processes of genders. Natalie Angier born and raised in New York writes â€Å"Men, Women, Sex and Darwin† an essay about evolutionary psychology and the misleading perceptions it has women. She focuses on five topics that the theory argues proving them wrong, and using them for support. TheRead MoreThe Struggle Between Protestantism And Pluralism1577 Words   |  7 PagesProtestantism and pluralism in the 19th century In the 19th century, America was experiencing a religious diversity expansion. Religion was an essential part of the established American culture, gaining great influence on the spiritual lives of many. For some, religion meant a special interest, as many saw in religion the power to dominate while others selflessly embraced it as a form to live a harmonious life. Nonetheless, the superiority of some established religions from the times of the colonies dominatedRead MoreMy Family Permanent Resident Status1471 Words   |  6 PagesAfrican parties in the United States. It is safe to say the movie and music industries copy the United States. The musicians try to act like African-American rappers and even dress like them. The movie industry collaborates with other West African countries at times and it is very popular in Africa and in the Caribbean. At large, we watch a lot of American and Indian movies. Nigerian actors and musicians are not rich because of bootlegging. There is a pla ced named Alaba is Lagos where a pirated copy

The Automotive Industry and Green Awareness Free Essays

After suffering massive market losses to foreign cars which were considered to be fuel efficient, American automotive industry has reawakened to the green awareness campaign advocated by consumers, which is represent the future of the industry. There has been increased call by the consumers for the American auto industry to develop cars which emits less green house gases to save the environment. The industry has responded by putting efforts on development of electric cars and hybrid plug-in in vehicles to adapt to the market needs and to sustain the growth of the economy. We will write a custom essay sample on The Automotive Industry and Green Awareness or any similar topic only for you Order Now Green technology presents the future and the American automotive industry must grow along this line to compete effectively in the market. With a large segment of their market lost to foreign automakers, the American auto industry and the government in general responded by taking measures to enforce a green auto industry. For example California passed a law which required 2% all the cars sold in the state to have zero emission which led to the development of the electric cars (Kilkenny, 2006). However, conspiracy between leading auto makers like Ford and the oil industry led to the mysteriously death of the car (Shnayerson, 2006). Realizing that the future of the auto industry is green, the industry has responded by investing in research and design which has seen the development of hybrid and plug-in hybrid cars, electric cars, lithium batteries which will support the future green auto industry, and various innovations in auto components. These inventions are likely to see the end of the use of gasoline powered engines which have been the leading environmental polluter. (Kaho, 2008) The future of the auto industry is green. In order to compete effectively with other auto makers in the world, and ensure the contribution to the industry to economic growth and sustainability American auto industry must continue with their efforts in the development of a green auto industry. (Globe, 2008) The auto industry green awareness is an important topic of concern to all Americans and the rest of the world. Our country is still the leading emitter of green house gases to the atmosphere and the auto industry has been one of the leading contributors to this emission. Reference: Globe, (2008): Future auto motive industry. Globe Foundation, March 2008 Kaho, T. (2008):Â   2008 Washington Auto Show: Technology and green future. GREENCAR.com Kilkenny, N. (2006): Who killed Electric Car? Accessed from http://www.reformation.org/who-killed-electric-car.pdf on 4th August 2008 Shnayerson, M. (2006): The Inside Story of GM’s Revolutionary Electric Vehicle. Random House publishers How to cite The Automotive Industry and Green Awareness, Essays

Standards Responsible For Global Financial â€Myassignmenthelp.Com

Question: Discuss About The Standards Responsible For Global Financial? Answer: Introduction The global financial crisis has hit the economy of the world quite badly. The effects and after effects of the global financial crisis was devastating. Global financial crisis started to show its effects in the middle of the year 2007-2008 (Castleden, 2009). Various incidents such as failure of stock markets around the globe, collapse of large financial institutions had made it evident for common people that in later times the situation will worsen. The wealthiest nations also saw its effects as the government started to roll out rescue packages. In the increasingly inter connected world, the effects of global financial crisis was much as estimated by the economists around the globe. It has affected every single person on the earth in one or many ways. Various reasons were concluded by the people behind the happening of such devastating event. The global financial crisis has raised questions related to fair value accounting (Pozen, 2009). The essay portrays various aspects of global financial crisis and the responses and actions taken by the international accounting standards. In addition to this the essay also covers the aspects which deal with financial instruments and the response of Australian Accounting Standards Board (AASB) over global financial crisis. Role of Accounting Standards in the Global Financial Crisis International Accounting Standards Board (IASB) The global financial crisis started to emerge during the late 2007, the business organizations around the world started to incur huge losses in their earnings. The accountants and directors of business firms started to ask for reasons behind their deteriorating income. The re-measurement of fair value of derivative instruments which are engaged in special purpose vehicles was the one aspect that was understood by the board of the organization. Earlier an increase in the fair value has also led to an increment in the profits of the business organization which has considerably increased their performance ad market stability (Pozen, 2009). Due to declining prices of houses, the sector of home loans started to make losses. Many financial institutions around the world which were dealing with home loans started generating losses because the product of home loans was being kept in special purpose vehicles. Prior to this, the product of home loan was the one which was majorly in demand by the public because of high interest nominal returns (Ciro, 2013). This resulted in creating fair value adjustments which later recognized as profit and losses by the business organizations. Soon the decline in housing process geared up and the demand for low quality home loan paper disappear which certainly led to the rapid decrease in the fair value of the product. European financial institutions have also purchased the low quality home loan paper so to participate in the demanding market but as soon as the need for this paper declined, the business organizations working in Europe also felt the distress in their economy. In the wake to re main safe and profitable various companies securitized their mortgages as well but that also couldnt save them from incurring losses (Sun, Stewart and Pollard, 2011). The results of global financial crisis forced IASB (International Accounting Standards Board) to formulate strategies that can be followed by all the firms that are operating business in the world. The extensive pressure from the government and business communities around the world forced IASB to regulate a strict timetable for the provisions of financial instruments. Due to this pressure, IASB planned to carry out reclassification of financial instruments (Oldani, Kirton and Savona, 2013). This was the first time when IASB formulated strategies that should be followed within the business houses in maintaining their accounts. IASB released an amendment to the already existing standards in 2008 of October, in which the reclassification of financial assets were carried on fair value is required to be carried on amortized cost. This allowed the business organization to reverse their losses on fair value. IASB also made amendments in IFRS7, it involves the categorization of fair value me asurement of all the financial instruments into three levels, and it also stated that any change or non enforcement of any level will be followed by the proper reason for the same (Castleden, 2009). The actions taken by IASB has proved certainly beneficial as companies have moved from making higher profits to working fairly in order to remain competitive and effective in the competitive market. Standards of IASB The global financial crisis has led to huge disparities and creation of cash crunch in the market. Business houses and political parties were started blaming the accounting practices being followed by the companies and specially the fair value measurement (Grant and Wilson, 2012). In such an environment of upraised criticism, IASB formed FCAG. The group was made in order to gain information about the potential causes that can lead to financial crisis. The group also looks into the proper implementation of the accounting standards mandate recommended by the IASB and also it undertakes potential improvements in the accounting standards that are followed by the business organization (Castleden, 2009). FACG also looks into the matter that accounting standard that were followed during the global financial crisis and also fair value measurement of financial instruments. In addition to this, IASB also amended various standards that were followed by organizations around the world. IASB made amendments in the IAS 39 because due to its stringent requirements for hedging of financial instruments many business houses were unable to do the same. Due to this reason many business organizations applied for fair value measurement to fixed rate. The old accounting standard related to the fair value accounting has some issues prior to global financial crises basically in valuing the financial instruments. Global financial crisis is due to one basic reason that can be failure of banks. The problems were mainly linked with the financial instruments disclosures at fair market value and its classification. These were the two main reasons that have been contributing more to the occurrence of the global financial crises. In order to solve this problem following the three levels of fair value measurement hierarchies have been introduced. Level 1: fair value directly obtained from market prices; Level 2: fair value principally derived from market prices, but with minimal unobservable market inputs; and Level 3: fair value principally derived from unobservable market inputs (i.e. fair value of instruments valued off models) (GAA Accounting. 2009). Classification of financial instruments was changed in amendment to the accounting stand ard of IAS 39. Prior to change the classification the management classifies the financial instruments in one of the four ways now management can classify in one of two ways. These are Financial instruments at Fair Value, Loans and receivables and Available for sale under certain conditions (ACCA, 2011). IASB also made amendment in the IFRS 13 fair value measurement because it requires disclosures about the fair value measurement. The notion was based on exit price concept which results in a market based measurement rather than organization based measurement. IFRS applies to financial period beginning on or after 1st January (IFRS 13 Fair Value Measurement, 2017). In addition to this IASB also issued IFRS 9 on the place of IAS 39, this standard is used for recognition impairment and de-recognition and general hedge accounts (IFRS 9 Financial Instruments, 2017). The standard has been removed owing to its complications in every stage. As various methods has been introduced by IASB to improve accounting standards but due to one or the other issues, IASB made amendments in the same. Owing to the criticism for not launching a standard that is easy to use and apply, IASB again moved to fair value measurement. IASB released an amendment to the existing IFRS 7, financial instrument disclosures; this standard was effective for the organizations that follow the period of after 1st January 2009 (Castleden, 2009). This method was based on the US GAAP standards FAS 157, fair value measurement. IFRS 7 categorized fair value measurement in there levels of measurement hierarchies, these three levels indicates the following: 1st level: fair value should be acquired from the market prices 2nd level: it should involve very less unobservable market inputs 3rd level: fair value derived from major unobservable market The business organizations are required to follow fair value measurement according to the standards prescribed by the IASB. It also involves disclosures of sensitivities in fair value measurement of financial instruments. This method is quite sensitive and is also effective because it requires disclosures of financial instruments and their classification as well (Financial Reporting Accounting Standards, 2017). This method has certainly made the accounting procedures of the business organizations more effective than before. Australian Accounting Standards Board (AASB) and Influence of IASB The global financial crisis started to affect Australia in the year 2008, as the first clear sign was the drop of the stock exchange. In between February and April, the impact of global financial crisis raised and it was quite clear from the performance of the large business organizations, small money lenders etc. every aspect of the economy started to get effected by the same (Parker, 2009). The issue of credit in the market got increased and the difficulties in the availability of funds were clearly evident. In Australia, the stock market crashed very badly which also resulted in the downfall of the Australian currency. The government started to deliver simulation packages, apart from this the government also started to provide bank deposits, two substantial interest rate cuts all these events impacted the trust and confidence of the people who were dealing directly and indirectly in the market. The decisions made by IASB also influenced the AASB (Australian Accounting Standards Board); the Australian constituents became the beneficiaries by the decisions made by IASB (Financial Reporting Accounting Standards, 2017). Various standards made by IASB have proved quite helpful in reconstructing the Australian market. AASB also applied certain standards in their accounting practices such as AASB 132, AASB 139 and AASB 7; all these standards were made in order to clarify the fair value measurements (Parker, 2009). Conclusion Global financial crisis has affected every sector and segment of the economy quite badly. Due to the devastating effects, several questions were raised regarding the fair value measurement and the accounting standards being followed in the business organizations. In such a situation IASB introduced various standards to cope with the situation. In addition to this, the standards were also helpful in avoiding the situation of financial crisis ever in future. No country remained unaffected with the effects of global financial crisis; Australia was also one of them. In the year 2008, the effect of global financial crisis could be felt in the market. The standards suggested by IASB were quite effective in the Australian marketing and it also helped in bringing back the economy to normal phase. References ACCA. 2011. The future of financial reporting 2011: Global crisis and accounting at a crossroads. [Online] Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/financial-reporting/tech-tp-farsig11.pdf [Accessed on: 16 September, 2017]. Castleden, D. 2009. Are accounting standards responsible for the global financial crisis? [Online] Available at: https://www.gaaaccounting.com/are-accounting-standards-responsible-for-the-global-financial-crisis/ [Accessed on: 16 September, 2017]. Ciro, T. 2013. The Global Financial Crisis: Triggers, Responses and Aftermath. Ashgate Publishing, Ltd. 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