Sixteen Candles Essays - African-American Culture,

Sixteen Candles The most famous and persuasive type of African-American popular music of the 1980's and 1990's, rap is likewise one of the most dubious styles of the stone time. Also, not simply among the watchmen of social taste and virtue that have consistently been considered as a part of jammin boss foes - Black, White, rock and soul crowds keep on savagely banter the melodic and social benefits of rap, whose most extreme advancements undercut huge numbers of the melodic and social precepts whereupon rock was assembled. The vast majority allude to rap as a clamor that individuals of color make. Well it isn't. Rap is characterized as connoting, affirming, and sparkling of the titanic. Rap began in the south bronx segment of New York.(Davey D. 7) Most of the rap that is heard today draws its decays from the jamacian fine art known as toasting.(Davey D. 4) Another definitoin of rap which is generally known, is stating rhymes to the beat of music. The primary melodic insturnments utilized in a rap tune are, consoles, turntables, drums, and melodic bass.(busboy.com) The first rap began, harking back to the 1940s with Cal Calloway. He is known for his mark Hi-de-hello there de-howdy de-ho which was a serenade from the Minnie Moocher In the 1940's, Calloway utilized a call and reaction group with his crowd, which is one of the establishments of rap. (busboy.com) In the mid 1800s, another type of a music player came out, it was known as the sampler. A sampler is an electronic gadget which can accurately imitate a current sound or track of music. Today, we consider this sort of gadget a drum machiene. Rappers utilize this machine to copy music tracks with the goal that they dont must have somebody doing it for them constantly. This instrument got verry valuable in the music business, today, practically the entirety of the groups that you find in show are utilizing a drum machine, or a sampler.(busboy.com) Film and Television

Pe Paper Free Essays

eMikiki Ellaine M. Bulanan 2011-42642 Reaction Paper: Kinetics Festival 2012 (Thursday) For four evenings (September 25-28), the Department of Human Kinetics held presentation exhibitions from various moving classes of PE2. The whole show was directed to exhibit what the understudies have realized in their individual classes just as for the diversion of the entire understudy body. We will compose a custom article test on Pe Paper or on the other hand any comparable theme just for you Request Now During the fourth night, various segments of line move, present day move, hip twirl and road jazz moved their feet off parading their procured information on callisthenic procedures. Also, for an entire hour the whole show was loaded up with giggling, shock, and unadulterated diversion. The exhibitions comprised larger part of road jazz and current moves. Each gathering introduced agreeably. Unavoidably, a few schedules were less synchronized and their moves were not exhibited all around ok. There were additionally minutes when the developments and move steps need force and differentiation. Be that as it may, these setbacks were the wellspring of parody for the crowd energizing them more. Moreover, it tends to be proposed that different gatherings ought to have picked progressively proper melody backup and ensembles to liven up their presentation. There was additionally a lot of entertainers which clearly didn't join progressively unique advances and appeared to have gotten their moves from a current presentation found on the web or a video some place. Regardless, the entire show was a lot of engaging. The little expense of the ticket for that occasion was so much worth the scene. The understudies may have been occupied since they likewise have scholastic attempts to take care of, still, they figured out how to set aside effort to rehearse, arrange and present their individual numbers. Mikki Ellaine M. Bulanan 2011-42642 Response Paper: Kinetics Festival 2012 (Friday) The last night of seven days in length festivity of the Kinetics Festival was involved different numbers from singular classes of Philippine Folk Dance, hip twirl, line move and tap move. Following the earlier evenings, the entire show went on for somewhat more than an hour yet got a high tally of crowd contrasted with the others. The entire Baker Hall arena was loaded up with understudies who were hoping to be engaged just as help their kindred understudies who were entrusted to show the information educated during their PE meetings. For a beginning different exhibitions from line move class livened up the group with their clever demonstrations. A few individuals were extremely remarkable while there were a rare sorts of people who appeared to have overlooked their beats. One gathering of artists picked an exceptionally coordinating arrangement of ensembles which articulate their rancher topic. Tap move may not be the most well known here in the nation yet the bunch which played out this particular routine didn't neglect to engage everybody. Their astounding moves and style were composed well indeed. The main hip twirl number that night was exceptionally brave and intense regarding their developments and postures. The young ladies performing were extremely enchanting particularly in their meager yet exquisite scarves and â€Å"ringing belts. † Lastly, a tally of Philippine society moves wrapped up the night by showing grave yet fascinating moves which excited the nationalistic perspectives on the understudies. Their ensembles were as beautiful as the rich social legacy of the Filipinos. They were amazing that despite the fact that there were minor defects on their in sync, they despite everything pull off the entire number. The most effective method to refer to Pe Paper, Essay models

Crash Movie Review

Confusion The 2004 film Crash, coordinated by Paul Haggis, is a similarity of how our general public is today. It exhibits people’s activities during their day by day lives. There is a disengagement between each individual and that is the thing that makes every person what their identity is. One method of portraying every individual is through their activities, choices, and the manner in which they manage individuals. All through the film detest wrongdoing and loathe discourse was caught in the film Crash through a few characters. The one which I could without much of a stretch recognize was with the Persian family, Farhad the spouse, Shareen the wife, and the little girl Dorri.Several episodes happened that could be depicted as a general rule. The privately-owned company store was robed at firearm point and to keep the occurrence from happening once more, the family chose to buy a weapon for assurance. Insurance of a weapon was the main way that Farhad could have a sense of s ecurity. Regularly individuals imagine that having a weapon is the best way to not be hurt and the film difficulties that discernment. Buying the firearm was troublesome in light of the fact that Farhad was from the Middle East. Dirk, the firearm proprietor, gave the family trouble when he denied them the option to buy the gun.I accept the weapon dealer had the mindset that the Persians were Arabian and that they were arranging a terroristic assault. After the 911 assault in the public arena, most Americans judge anyone with Arabian attributes as the â€Å"evil† individuals. They feel that they are in America for one reason and that is to cause dread. The store was vandalized and spray painting of the nationality Arab was erroneously (the family is Persian) drawn on the mass of Farhad’s store. The family was casualties of abhor wrongdoing and detest discourse with no equity; they were being assaulted as a result of presumptions of being Arabian.The judgment on the fami ly’s ethnicity is something that continually happens around America. By and by, my family is Haitian and they speak Creole, since my family looks African American yet communicate in another dialect, a few people effectively expect that they are African. My family has a complement and there were times when we would go to stores and individuals of different races would affront my family and advise them to return to Africa since they couldn't comprehend what they were stating. My family had a few circumstances where they needed to leave a store an eatery due to being an alternate ethnicity.Throughout the film, one would feel that Farhad would have better treatment toward others due to how others treat him and his family, however he shows a similar treatment given to him, to other people. After the store was vandalized, the businessperson called a locksmith by the name of Daniel to fix the lock. The lock was fixed, however it was the entryway that should have been supplanted and Daniel educated Farhad of this. The cool cruel medicines of others cause Farhad to treat others the equivalent way.He gets hostile and slights the repairman since he feels that the repairman is attempting to scam him. Daniel continually revealed to Farhad that the entryway should have been supplanted and Farhad didn't mull over his words. Farhad offended him and the repairman was furious to the point that he left without getting paid for his work. The entryway not being fixed caused Farhad to have greater hostility to individuals outside his race. Beside indicating the ill will of outsiders, this film likewise shows that Americans are not benevolent individuals and abuse outsiders who come to America for a superior life.The Persian family has their own store and it was their most prized ownership in America. The youngsters detested them so much that they broke into their store and vandalized it. The vandalized store caused Farhad to accuse the repairman. At whatever point there is i ssue, individuals appear to never take responsibility for their activities and accuse others before accusing themselves. Farhad charged the repairman for being to blame for the devastations of his store and attempted to get his protection to cover the damages.The protection couldn't repay Farhad for the harms of his store on the grounds that the repairman disclosed to Farhad that the entryway should have been supplanted. In this manner, Farahad chose to get equity all alone. He needed to fight back and he distinguished the street number of the locksmith and looked out for him to return home from work. Farhad saw the locksmith approach his home so Farhad strolled toward him and pointed a weapon at him. The Daniel’s little girl, Laura, saw the fight, ran and bounced up on her dad to give him an embrace and shield him from getting shot.Farhad pulls the trigger and nothing happens to the young lady. Farhad’s choice was narrow minded; he was too worried about his shop and d idn't understand that executing a person was not the correct choice. Being that the retailer, Farhad, is a worker, he was despised by Americans and it made him loathe different nationalities also. He needed equity and he felt that the main way he can get it was by coordinating the contempt of his, with the disdain of his ethnicity, from others. The individuals who vandalized Farhad’s store were careless and didn't acknowledge diversity.Farhad’s was sick of being abhorred in light of his ethnicity, so he chose to make a move. He was abused and he needed the abuse to stop, he needed to fight back and make Daniel pay for the vandalism of his store. Individuals in our general public frequently feel that the main way that they can rest easy thinking about an individual or circumstance is in the event that they settle it through battling or murdering. These contentions are settled by negative choices of violations and frightful words as a result of being distinctive in a gen eral public. There should be more harmony and less brutality on the planet and the film Crash epitomizes why.

The History Of Bristol s Economy - 998 Words

The history of Bristol’s economy has undertaken a change in similar fashion to economic capitals across world, namely London, yet to a smaller extent (Bassett et al 2002). The transformation of the dockland region and subsequent development from the post war period has led this paper to focus upon the financial sector. Bristol’s past follows a parallel trend of dockland manufacturing centres post World War 2 that became involved into finance because of temporal changes. Degeneration was led through the absence of new port proposals that fell through from the Labour government, leading to the rise of other economic sector to facilitate growth (Hoare 1986).The research undertaken in this paper is specified to the numerous accountancy firms scattered across the city centre (Figure 1) and narrowed to the largest four firms: PricewaterhouseCoopers (PwC – Figure 2), Ernst and Young (EY – Figure 3), KPMG (Figure 4) and Deloitte (Figure 5). The change in economic geography of Bristol can be exemplified from the expansion of these financial services to promote new functions within the economy. Historically, the financial sector of Bristol was a result of the redundant industries of the manufacturing sector of the ports in the 1960s. During the 1970s change was beginning to occur with 57% of Bristol’s 0.5 million population employed in the financial district of some form. The development of the office work environment was a consequence of the movement of the finance insuranceShow MoreRelatedInternational Monetary System And Its Effects On The Economy1147 Words   |  5 Pages Worldwide Alternative Currencies Throughout history, economic crises have emerged continuously. According to the International Monetary Fund, in the four decades between 1970 and 2010, there were no fewer than 145 banking crises, 208 monetary crashes, and 72 sovereign debt crises. This adds up to a total of 425 systemic crises across the world (Lietaer 3). These crises are caused because of the way the world monetary system has been set up. With debt being the basics of the current monetary systemRead MoreSlavery Was Considered Acceptable And Licit984 Words   |  4 Pagesis essentially deemed unethical and criminal in many countries, including the United States. However, at one point in American history, the exploitation of slavery was considered acceptable and licit. The existence of slavery was justified by the massive positive benefits reaped by the American economy, particularly in the South from 1619 to 1851 (Horton 7). In an economy so excessively dependent on the use of slaves, the abolition of slavery cre ated fear of severe turmoil in the South, but did notRead MoreStructure of Travel and Tourism Industry in City of Bath5367 Words   |  22 PagesHistory and structure of travel and tourism industry Case study of Georgian Spa City of Bath Abstract This study is focused on the history and structure of travel travel and tourism industry in the City of Bath. 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However there was problem with the manual work, all the raw materials and money are in place, but the factories demand man power. As a result slaves are taken to factories to work, and inRead MorePrivateering and its Impact on the American Revolution1709 Words   |  7 Pagesï » ¿ Privateering and Its Impact on the American Revolution Emma Utesch History 201-122 September 18, 2012 In the 1700s, a privateer was someone who was mandated by the government to attack ships from abroad during war time. 1During the Revolutionary War, privateer ships would receiveRead MoreA Child of the Jago by Arthur Morrison1665 Words   |  7 Pageswhich the working class experienced a relentless struggle against the harsh realities of social and working conditions. Moreover, in his paper The Working Class in Britain 1850-1939, John Benson highlights the disparities between the poor and the economy during the era as a result of the Industrial revolution and urbanisation(Benson, 2003,p.30). Although, Bensons argument is valid when focusing on a social novel such as A Child of the Jago; because through his childhood the protagonist Dickie PerrotRead MoreAnalysis Of The Movie Hoot 1968 Words   |  8 Pageskids learn about the owls and make it their responsibility to make sure that the pancake house is never built and the owls be protected. The company feels as though they have t he right to build on the property because they will be boosting the local economy, providing new jobs to the area, and pursuing their own financial interest. This poses the questions of where the line should be drawn between preserving the environment and promoting business. There are conflicts everyday between business and environmentRead MoreWhy Young Minds Are Better Served1798 Words   |  8 Pagesbeen progressing in the UK for many decades (Cowling, 1998). There are facades of the [usually amicable] argument that occasionally present themselves in the public eye, such as in notorious â€Å"University vs Polytechnic† sporting battles (History: ‘Battle of Bristol’, 2013), but beyond what is seen as entertaining, there remains a crucial and pertinent discussion to be had – is there one clearly ‘superior’ way to be educated? Are academic qualifications superior to their vocational ‘counterparts’? Is

The Three Stages of Alzheimers Essay examples - 1402 Words

Alzheimer’s is most likely formed by other symptoms called dementia. Dementia is not an actual disease, but has a vast range of symptoms which are precursors to many types of diseases. When dementia is detected in an individual their memory tends to decline and it becomes a hassle to complete everyday duties. When diagnosing individuals there are a series of steps taken in order to see if the individual progressed to dementia and also which disease caused those symptoms to take effect. These stages are preclinical, mild cognitive impairment (MCI) and dementia. Within the preclinical stage there are three sub-stages that deal with protein, plaque buildup in the brain called beta-amyloid. The symptoms for this stage are undetectable. Stage†¦show more content†¦When studying individuals, researchers first categorize them within these three stages. Tests are performed in order to diagnose their symptoms and later to see which stage they are categorized under. If they happ en to be under the MCI stage then researchers diagnose those individuals and see if they are more likely to stay at the MCI stage or move on to Dementia or Alzheimer’s disease. The initial stage in the process of Alzheimer’s is known as the asymptomatic â€Å"preclinical stage†. One of the undetectable symptoms in this stage is memory loss. (Harvard Health Newsletters). For example it gets harder for some individuals to remember what they wanted from the grocery store. At this stage it is very hard to diagnose anything. Since the ¬Ã‚ ¬e symptoms have not been fully developed, it makes it harder for the researcher to diagnose these individuals. The researchers may have to wait awhile until the symptom’s become worse or they can use what are called biomarkers to detect any signs of disease in the body. However with the use of biomarkers, which are â€Å"a measurable substance or condition in the body that can indicate the presence or absence of a disea se,† (Harvard Women’s Health Watch) the researcher has the ability to figure out if the person has gone through the preclinical stage andShow MoreRelatedAlzheimer s Disease Is The Most Significant Risk Factor1074 Words   |  5 PagesAlzheimer s Disease Abstract Alzheimer’s disease currently represents the second leading cause of death in people older than 65 years residing in the modern world. (1) Census records attest to this assertion, which has prompted medical researchers to further investigate the etiology and course of development of the disease in order to better treat the debilitating condition. 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This disease has a wide array of symptoms and effects that vary greatly from person to person throughout the three stages of disease progression. The three stages are classified as mild, moderate, and severe. It is tough to give an accurate prognosis with Alzheimer’s patients seeing as everyone reacts differently to the disease and the medicationsRead MoreAlzheimer s Disease And Its Effects903 Words   |  4 Pages Alzheimer’s Disease accounts for sixty to seventy percent of dementia cases. The disease starts slowly and gets worse over time. The most common symptoms are short term memory loss, trouble wit h language , moods swings , and loss of movement. Communication networks are controlled by neurons . Neurons are the chief cells that get destroyed by Alzheimer’s disease. In the brain, neurons connect and communicate at synapses where tiny bursts of chemicals called neurotransmittersRead MoreAlzheimer s Research Paper : Alzheimer And Its Symptoms1703 Words   |  7 PagesEnglish IV- 5 Mrs. Crow 18 November 2015 Alzheimer’s Research Paper There are three separate stages of Alzheimer’s, they are all so different and yet so similar. Many people have a false recollection of Alzheimer’s disease and its symptoms. Many believe that people only get Alzheimer’s as a result of aging. Alzheimer’s disease is not a disease that happens because the human body gets worn down, but because of a change occurring in the human brain. Alzheimer’s is a serious disease that needs to toRead MoreAlzheimer s A Progressive And Irreversible Brain Disease Essay1570 Words   |  7 PagesAlzheimer’s is a progressive and currently irreversible brain disease that slowly affects and/or impairs a person’s memory, ability to learn, ability to communicate, personality and movement. 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Social Responsibility with Company Q free essay sample

Social Responsibility within Company Q ? Social Responsibility within Company Q Daniel R. Beckerman Western Governors University WGU Student #000322976 For any given business, the greatest potential for revenue growth can be found through a mix of focusing on providing for the shareholders, as well as thinking of the stakeholders as a whole. This means focusing past short term profits and creating a plan that demonstrates a measure of social responsibility. Business reputation goes a long way towards creating how large a company’s customer base is going to be, and giving the appearance of not caring about the community can lead to a loss of customers and a loss of additional revenue in the long run. Focusing purely on the current bottom line may provide a short term boost to profits, but as a poor reputation spreads, the loss can only continue to compound. According to Ferrell (2013), four levels of social responsibility exist, these being economic, legal, ethical, and philanthropic (p. 39). Any business must focus on the bottom line in part to succeed, but ethical practices and philanthropic attitudes can help make one business stand out among a litany of businesses all offering similar, or even identical, products. ? ? Company Q is an example of a company focusing largely on the current bottom line, while ignoring the long term potential of practicing social responsibility and philanthropic work. Two stores were closed due to losing money from operating in high crime areas, while other stores began to sell high margin items. These are products that fit a certain niche in certain markets, no doubt helping to boost local revenue in the more high class areas, but without appeal in lower income neighborhoods. A worry over lost revenue and fraud lead to the decision to not donate day-old products to the local food bank. Employees could potentially steal food, claiming to be taking those products with them to donate. All of these practices are sound ideas when focusing on a pure economic market free from social influence or swings from changes in reputation. In the real world, however, even giving up a small portion of revenue can boost a company’s reputation and lead to greater spending on the part of the consumer, bringing in the long term profits that benefit not just the shareholders, but all stakeholders involved in the company. ? ? One of the first issues the company should analyze is the decision to close down stores in high crime areas. While theft and low income consumers bring the possibility of providing only moderate revenue gains, if not a loss, operating in impoverished areas can also be a source of growing potential for the business. Many companies advertise philanthropic missions, such as donating to charities every year or helping to provide for the families of their employees. While these are messages that consumers hear, a more powerful message can be the one that the consumers themselves see. Rather than closing down those stores, Company Q should focus on the reasons for the high crime, and offer ways to reduce that crime rate. Offering work programs that help prepare young people for management or skilled positions is a good way to take crime off of the streets while showing to the community that the business cares about the welfare of the population. This can help bring in a group of potential profit earners for the company while at the same time reducing crime in the stores and the surrounding neighborhood. The improved reputation could only serve to bring in shoppers who are more prone to visit the larger and cheaper chains such as Walmart. While this will incur immediate liability costs as the plan is enacted, the end result benefiting the shareholders is a cheaply trained future leadership staff, an improved reputation for the company as a whole, and a long term boost in the number of shoppers who visit their stores. The choice to focus on high margin items in all of their stores is another area that should be addressed. Consumer demand influences the products that businesses choose to sell, but demand is variable based on location and the income levels of the surrounding area. Poorer neighborhoods will not show an appreciation for shelves stocked with high priced items, while wealthier areas can be more interested in upper-value products. Meeting the demands of a specific area, rather than adding those high-margin items to every store, is a way to show the community that the business is there to cater to their needs. Part of demonstrating social responsibility within a business is to show that the business is really listening to the consumer and the needs of the neighborhood. Finding low priced alternatives for brand name items and selling those in the lower neighborhood markets can give the appearance of being an affordable, caring chain. Similarly, stocking shelves with brand names and items that fit the expensive tastes of more upper class neighborhoods shows that the business is ready to meet the demands and cater to the upper income spenders as well. What remains important is to differentiate the company’s product lineup based on location and needs of the local consumers. ? ? One of the easiest ways to show that a business cares about social responsibility and the community is to be willing to provide for that community, even at a loss to revenue. While it may appear that revenue is being sacrificed for the greater good, the reality is that the increased reputation can lead to greater consumer spending, turning a revenue expenditure into a profit. An educated shareholder will understand that a short term expense is oftentimes necessary for long term gains. Company Q’s decision to throw away day old product shows a lack of understanding regarding short term cost versus long term gain. Day old product is written off as a loss for the company. Should an employee take it for themselves under the guise of donating to charity, there’s the possibility of that employee then not spending money on goods the business sells that he or she might have otherwise purchased. The loss for this would be extremely minimal, barely a fraction of the company’s needed revenue to justify that store’s location. Recognizing the potential for minimal loss through fraud but choosing to donate to charity anyway shows an act of social responsibility that can greatly boost a company’s reputation. The community is most likely to see a company that is willing to throw away profit if it means helping those in need, not everyone recognizing that the food is already chalked up as a loss. The perception of a company that is looking out for the community can not only boost consumer spending, but also has the potential to reduce crime within the company as those who steal may see those locations as places that should be protected within the community for the charitable work being done. Any loss from a minimal percentage of employee fraud should be allowed for the sake of actively engaging in the welfare of the community. The poor will know where the donated food comes from, and those who can afford to shop at the store are more likely to over choosing another company. ? ? Company Q stands to benefit from a strong reputation and a varied product line. To see these benefits, the focus needs to remain on benefiting the community at large and meeting the needs of each individual location. Crime can be reduced within the store by helping provide for the community and offering opportunities to help people work their way off the streets. Consumer spending can be increased by meeting the demands of the area while helping those who cannot afford to spend money on the goods the company sells. Any company would be wise to remember that quite often it is the poor who succeed later in life and become a company’s biggest investors. A focus on those in need is something that helps a company’s reputation for years to come, boosting profits in both the poorest neighborhoods and the wealthiest. Company Q benefits from having multiple active locations in place in varying income locations. Should the focus be on meeting the economic, legal, ethical, and philanthropic requirements of social responsibility, the company stands to be a responsible, reputable, and very profitable company. References Ferrell, O. C. Business Ethics 2009 Update: Ethical Decision Making and Cases. 7th Edition. South-Western, 2013. VitalBook file. Bookshelf. 17 March 2014

Outsourcing In Logistics Sector Essays - Outsourcing, Offshoring

Outsourcing In Logistics Sector Introduction : Nowadays, many organisation are outsourcing their non- core activities to an external agents. Distribution is one of these activities as distribution consider as a non-core activity for many firms. Although, there are many advantage for outsourcing, there are also risks and disadvantage in this process. In this essay I would explain the term outsourcing and explain why organisations are preferring to outsource some of its functions in today's environment. Also, in this essay it has been tried to analysis the advantage and disadvantage of the outsourcing process and its risks towards the organisation. The word outsourcing could be described as the contractual relationship with a specialised outside service provider for work traditionally done in-house. Outsourcing could also be defined as the use of external agents to perform one or more organisational activities. In the last decade or so there has been a trend, particular among large scale companies, to hand over the whole or part of the distribution function to the external agents. One should emphasis that outsourcing is an issue that is not specific to distribution. Many other organisational functions, such as information system, building maintenance, etc?, have been outsource for many years in organisations. There are different reasons for organisations outsourcing their distribution function. More and more organisations today face a dynamic and changing environment. This, in turn, is requiring these organisations to adapt. Competition is also changing. The global economy means that competitors are likely to come from across the ocean as from across town. Successful organisations will be the ones that can change in response to the competition and changing environment. In other words, they will be flexible. Therefore, today's organisation stand in sharp contrast to the typical bureaucratic organisations that have many vertical levels of management and where control is sought through ownership. In such organisations, Research and Development are done in-house, production occurs in company-owned plants, and sales and distribution are performed by the company's own employees. To support all this, management has to employ extra personal including accountants, human resources specialist and supply chain management specialists. However, nowadays successful organisations outsource many of these functions and concentrate on what it do best. Outsourcing can help organisations to reduce the impact of change in the environment by outsourcing some functions to specialist companies on that function who have more expertise and focus to concentrate on managing change. So, outsourcing could consider as a strategy to manage change in the external environment. Globalisation is another aspect which has impact upon increasing outsourcing. Nowadays, many companies are turning their attention to foreign markets, the number of global companies are accelerating. But these companies do not have in-house expertise to negotiate or operate the supply chain process in international markets. So, they need to outsource their supply chain to logistic companies which have international expertise in the distribution function. The another reason for increasing outsourcing is the increasing complexity of distribution networks. Storing and moving goods have become more complex as the technology is advancing too fast. A manufacturing organisation normally do not want to waste its management resources to this functions. Therefore, they prefer to outsource this function to logistics companies which possess all the necessary skills and technology in this service. For example, Marks and Spencer, one of the world's leading retailers has outsource its distribution function to Exel , one of the leading companies in supplying logistic service. M&S has approached Exel to take control of its complex distribution service. Now, Exel provides a distribution service for 23 M&S stores in South England, and also deals with M&S in France, Spain and Hong Kong. Exel has bought a revolutionary technology to M&S export operation by enabling 10 suits to be shipped in the space normally occupied by four garments. In addition, M&S customers start to get a high level of service because stores could be replenished quickly. All these and other benefits M&S has gained through outsourcing its complex distribution service. There are many advantages which a company could get from outsourcing its distribution functions. It could reduce the operating cost of the firms. A study which has been conducted in 1993 reported that a company could reduce 9% of its operating

The Cost of Health Care

The Cost of Health Care Free Online Research Papers Health care finance has changed drastically over the last five decades. Initially, Medicare and Medicaid were established to help the elderly, lower income families, and the disabled, afford decent medical care. It has now grown into a multi-billion dollar industry and over the years it has changed to benefit not only the elderly and poor, but everyone. As medical technology grows, so do the costs of health care for everyone. In his health care reform, President Obama says our health care system is one of the biggest causes of our economic troubles, going so far as to name it a, â€Å"ticking time-bomb.† (Johnson, Linda A., 2010). Historical Trends in Healthcare According to National Health Statistics Reports, an estimated 44 million people in the United States lacked medical insurance for the year 2008. The National Health Institutes Survey or the NHIS, found that from the year 1959 through 1968, the percentage of people who had health insurance was steady at 79% but took a significant nose dive to 67% by 2007. The NHIS was started in 1957 and since that time there have been many changes in the way health care is financed. (Cohen, Robin A., Makuc, Diane M., Bernstein, Amy B., Bilheimer, Linda T., Powell-Griner, Eve.,2009). Medicare and Medicaid were brought into being by the Social Security Act of 1965. These two programs were brought about to help provide financing for the medical needs of low income families, the elderly, and disabled people. Only 8 years after they were formed, the Health Maintenance Organization Act of 1973 was passed by Congress. The HMO Act provided grants and loans to start or expand HMO’s and for some HMO’s, it removed certain state restrictions. This act also required companies of a certain size to offer their employees the choice of an HMO or the more traditional health insurance. (Woolley, John T. Peters, Gerhard, 1973). In 1985, the Consolidated Omnibus Budget Reconciliation Act (COBRA), was passed, allowing employees who have been terminated or quit their jobs to continue coverage at their own expense for up to eighteen months. In addition to offering this option to former employees, COBRA also entitles children and spouses of employees who have passed away to continue their insurance coverage for up to 3 years. Almost ten years after this was enacted, the Health Insurance Portability and Accountability Act of 1986 was passed. The U.S. Department of Labor explains HIPPA as providing, â€Å"rights and protections for participants and beneficiaries in group health plans.† (U.S. Department of Labor (UDL), no date given). HIPPA also limits exclusions for preexisting conditions and does not allow for discrimination based on an employee and his or her dependents based on their health. (UDL, no date given). These important acts, along with many other acts, laws, and events help us to see where health care finance has been and where it is heading. Our health care history and the costs of health care impact our access to care and the costs on the delivery of these services. Impact of Health Care Costs on Access Many people are facing gaps in their health insurance coverage because of rising health care cost in the American. According to Commonwealth Fund Biennial Health Insurance survey, between 2001 and 2003 the cost of health increased from 29% to 37%. Even with health insurance, almost 29% of the insured were not able to afford the care they needed. Higher health costs prevent people from seeking medical attention when needed as well as preventing them from filling prescription, skipping medical tests and foregoing treatments they need. (Collins, 2004). According to The Agency for Healthcare Research and Quality, 16 % of those who are carry public insurance, 6 % with private insurance coverage, and 11% of those who have Medicare and a supplemental policy, have trouble getting in to see a specialist when one is needed. Another 5 percent with Medicare reported difficulty to seeing a specialist. (Carper, Kelly, Mashlin, Med Steve, MS. (2009). There are many other groups with limited access to quality health care due to the cost factor, two being, those with chronic illnesses and children. Impact of Health Care Cost on Service Delivery According to World Health organization (2010), â€Å"health services are the most visible part of any health system, both to users and the general public.† Health services rely on recourses, treatment, staff, drugs, and finance. Health services have influenced prevented treatment in home health care and community services. One way of improved quality of health services is providing organizational managed services to its providers. High rising cost of health care always affect the economics of financial security of patients. The rapid health care cost has increased due to the rise of diabetes, heart disease, and asthma. A key issue that threatens health services is the lack of management and consumers trust. Another key factor for increasing health cost is payment policies reimbursement rates of Medicare and Medicaid. These services can be reduced by improving efficiency of delivery of service, finance, and reduce the rate of spending growth. With data met decision makers establish goals to assure policies pricing are cost effective and overall improvement for low income patients. The continuous rise of health care cost is continuing to increase insurance premiums, consumers out of pocket cost, and employers. With this notion the rising cost of health care cost has burden consumers and employers. Government Attempts to Control Costs Recommendations for Improvement Providers work hard to provide care and save lives. Therefore, the successes that care provider provide is different across the country. The providers are paid by today’s payment center because of the quantity of care of work than working together for the outstanding care. The system â€Å"reformed† will give payments toward activities that the provider provides in a fashionable manner, this shapes the growth in spending. The United State spends more than 17% in health care. When 2017comes the health care will use up 20% of the gross domestic product. The spending is increasing and the nation ranks low-in places. The report shows no progress toward the quality of care containing the cost of patients and the provider. Because the spending is so high is invariable to the patients, business, state, and federal governments. In 2008 the wrong payment for Medicare was 3.6%. The National Health Care Anti-Fraud Association calculated $60 billion per year. This protects the pro grams and cut abuse, fraud, and waste that compete in health care. Public schools and private schools are affected by the health care. Federal health programs for instance Medicare induce the wide changes in the system. Medicare flourishes higher quality, and more cost effective care throughout the health system. In conclusion, currently the quality of our health care programs and the rising costs are at their worst in decades. The government and our current generation needs to strive towards making the needed changes to improve our health care programs with a positive and secure future for the next generation. References Agency for Healthcare Research and Quality. (2010). One in 13 U.S. Who Needed to See a Specialist Reported Access to Be a â€Å"Big Problem†. Retrieved from: ahrq.gov/news/nn/nn012010.htm Carper,Kelly, Mashlin, Med Steven MS. (2009). Agency for Healthcare Research and Quality. Variations in Perceived Need and Access to Specialist Care among Adults in the U.S. Civilian Noninstitutionalized Population, 2007. Retrieved from: meps.ahrq.gov/mepsweb/data_files/publications/st274/stat274.shtml Cohen, Robin A., Makuc, Diane M., Bernstein, Amy B., Bilheimer, Linda T., Powell-Griner, Eve. (2009). Health insurance coverage trends, 1959–2007: Estimates from the National Health Interview Survey. National health statistics reports; no 17. Hyattsville, MD: National Center for Health Statistics. Retrieved February 15, 2010 from cdc.gov/nchs/data/nhsr/nhsr017.pdf. Collins, Sarah R. (2004). The Commonwealth Fund. Health Care Costs and Instability of Insurance: Impact on Patients’ Experiences with Care and Medical Bills. Retrieved from: commonwealthfund.org/Content/Publications/Testimonies/2004/Jun/Health-Care-Costs-and-Instability-of-InsuranceImpact-on-Patients-Experiences-with-Care-and-Medical.aspx Johnson, Linda A. (2010). QA: Why health care’s economic impact matters. USA Today. Retrieved February 15, 2010 from www.usatoday.com/news/health/2009-06-19-health-economy_N.html. Tate, Angel. (2010). What Can Be Learned from the Historical Trends in Rising Health Care Costs? A Look at a Century of the Costs of Health Care. Retrieved February 15, 2010 from associatedcontent.com/article/2695537/health_care_reform.html?singlepage=true. U.S. Department of Labor. (no date given). Continuation of Coverage- COBRA. Retrieved February 15, 2010 from dol.gov/dol/topic/health-plans/cobra.htm. U.S. Department of Labor. (no date given). Portability of Health Coverage- HIPPA. Retrieved February 15, 2010 from dol.gov/dol/topic/health-plans/cobra.htm World Health Organization. (2010). Health Service Delivery. Retrieved from who.int/healthsystems/topics/delivery/en/index.html Woolley, John T. Peters, Gerhard. (1973). The American Presidency Project. Santa Barbara, CA. Retrieved February 15, 2010 from presidency.ucsb.edu/ws/?pid=4092. Research Papers on The Cost of Health CareTwilight of the UAWInfluences of Socio-Economic Status of Married MalesMarketing of Lifeboy Soap A Unilever ProductThe Effects of Illegal Immigration19 Century Society: A Deeply Divided EraMoral and Ethical Issues in Hiring New EmployeesNever Been Kicked Out of a Place This NiceLifes What IfsQuebec and CanadaPETSTEL analysis of India

College Rights versus Gun Rights Essay Example | Topics and Well Written Essays - 750 words

College Rights versus Gun Rights - Essay Example In my opinion, colleges should not be able to ban arms since this flawed decision may result in a probability of increased rate of rapes and murders at the campuses. Banning arms at the educational setup is simply a government’s guarantee to the trouble maker students that they are allowed to pursue their criminal activities and create pandemonium since the law-abiding innocent students would not have any weapon with them for their defense. Students for Concealed Carry on Campus (2009) present a valid report regarding the peace situation at the campuses which did not ban the right to carry guns. According to the report, eleven US universities allowed concealed carry and following this decision, no disturbing incidents like gun theft and gun violence have been reported by the college administrations. Proponents of gun rights argue for banning weapons from the campuses because in their opinion, carrying guns strengthens the bravado of emotional students who may shoot their profe ssors dead over trivial matters. Schulte (2009) says that nearly all states, except Utah, agree that carrying weapons on campus is a really bad idea. â€Å"Increased incidence of high-risk behaviors on college campuses, such as binge drinking and drug use, are commonly cited by anti-gun advocates as reasons to keep weapons off campus† (Smeck, 2011). ... he law with criminal intentions will get green signal for hitting the vulnerable targets and easily get away with their horrendous actions without being hit in reaction. Nowadays, the situation has worsened so much that violent crimes like rapes are happening on college campuses every single day. How are the innocent students supposed to react in a situation where they are forced to face serious danger by their enemies? They do not have any option but cowering silently after being cornered by the criminal student gangs. Proponents of gun rights seriously overlook the number of disadvantages brought on by banning gun rights by fervently sticking to the single factor that guns on campus policy is potentially conducive fore mass shooting breakouts, which can shatter the quality of educational atmosphere that is the hallmark of any good institution. In their report, Students for Concealed Carry on Campus (2009) claim that gun-control policies have visibly failed at many prestigious Ameri can institutions like University of Memphis, Delaware State University, University of Washington since the year 2000, causing many students injuries and death as a result of being virtually unprotected. Unfortunately, within two years of the horrific incident in which a Virginia Tech student deliberately shot 32 students and professors dead, a debate has initiated between the gun-rights advocates and the supporters of gun-carry laws (Roth & Haman, 2009). The gun-rights advocates have failed to convince the state authorities to pass a bill for allowing carrying guns at the campuses. Following the ruthless murders performed together by the Virginia Tech student, government’s decision to ban gun rights and not pass a bill that allows the students the right of concealed carry on campuses is

Gun on campus position paper Essay Example | Topics and Well Written Essays - 1250 words

Gun on campus position paper - Essay Example Campus is among the safest havens in American society. This year pro-gun organizations will again work to overturn campus bans on guns, including in Florida and Texas, where the debate on the issue has been persistent. AASCU with a backing of 370 colleges and universities in 41 states is engaged in a campaign to keep guns off campus. As articulated in its Public Policy Agenda, AASCU opposes state legislation that seeks to strip institutional and system authority to regulate concealed weapons on campus. Three divides exists in the United States. First, five states, which include Colorado, Mississippi, Oregon, Utah, and Wisconsin have laws allowing â€Å"concealed carry† at public colleges and universities. The rest consists of 21 states that do not permit concealed weapons on campuses and 24 leaving the colleges to decide on their gun regulations. The aftermath of Virginia Tech massacre in 2007 left 33 people dead (Guys and guns amok: domestic terrorism and school shootings from the Oklahoma City Bombing to the Virginia Tech massacre, 2008). A similar incidence at Northern Illinois University resulted in the death of six people. Many views were generated concerning campus gun policies in the state legislatures. Progressive increase in the number of states permitting concealed carry at public institutions has been recorded in the last decade (Smith, 2012). For instance, in 2011 and 2012, state lawmakers presented about 34 bills lobbying for concealed handguns on campuses. Mos t of those bills failed to pass. As different concerns arise from the need to permit concealed carry, many of the bills are back on the docket this year. According to the American Council of Education article, two Supreme Court cases have broadened the application of the Second Amendment, which is the right to bear arms. While most states incorporate this right in their constitutions, the decision in McDonald v. Chicago held

Ethical Issues Essay Example for Free

Ethical Issues Essay Researchers found that 10 percent of employees at all levels report feeling pressured to compromise ethical standards in the workplace (Managing Business Ethics by Trevino and Nelson 2007). Ethical issues are faced by every industry in the business world as well as communities, public and private organizations and individuals. Leadership, internal practices, and training may impact the proper implementation of business ethics. Halliburton is one of the many large corporations involved in unethical business practices. This paper examines ethical issues faced by public sector employees and employees of private sector firms that conduct business with and for government agencies. The paper discusses Halliburton, a U. S. defense contractor (former vice president Dick Cheney’s old firm), ethical issues and the impact on stakeholders involved. The goal is to highlight the ethical issues and make recommendations for how prospective employees and managers can handle similar situations. Background Since 2001, energy services company Halliburton and its former subsidiary Kellogg Brown Root (KBR) have performed unspecified services to the United States military in Iraq, Kuwait, and several other countries under a no-bid, long-term global logistics contract, (LOGCAP). In February 2003, Halliburton received a five-year extension, $7 billion no-bid contract for services in Iraq. During the course of awarding and executing these contracts at least two people made the decision to become whistle blowers, a government employee, and a Halliburton/KBR procurement employee. The government employee disclosed that Halliburton/KBR was involved in closed-door meetings with the Army Corps of Engineers that resulted in the no-bid, multi-year, billion dollar contract awarded exclusively to Halliburton/KBR (Morning Edition October 29, 2004). The procurement employee disclosed the specific activities within Halliburton/KBR that resulted in overcharging the government and taxpayers for goods and services while simultaneously eliminating competition among potential vendors. Some allegations include soliciting higher priced products and services because the government pays a fee based on the total of goods/services procured and manipulating purchases orders to maintain a maximum of $2,500 to avoid the bidding process between prospective vendors. Specifically, Halliburtons subsidiary Kellogg, Brown Root hired a Kuwaiti company, Altanmia, to supply fuel at about twice the going rate, then added a markup, for an overcharge of at least $61 million, according to a December 2003 Pentagon audit. The only problem is that $61 million is taxpayer money. Perception of Unethical Practices of Dick Cheney From the beginning many American citizens raised an eyebrow towards the decision to have Halliburton as a U. S defense contractor. This public outrage stemmed from the former vice president’s former employment as the chief executive officer (CEO) of Halliburton from 1995 through August 2000. KBR, the companys former subsidiary has been the main government contractor working to restore Iraqs oil industry that was awarded without competitive bidding in 2001. According to Cheneys 2001 financial disclosure report, the vice presidents Halliburton benefits included three batches of stock options comprising 433,333 shares. He also has a 401(k) retirement account valued at between $1,001 and $15,000 dollars. His deferred compensation account was valued at between $500,000 and $1 million, and generated income of $50,000 to $100,000. Halliburton has contracts worth more than $1. 7 billion for its work in Iraq, and it could make hundreds of millions more from a no-bid contract. During Cheney’s tenure as the defense secretary, the Pentagon chose Halliburton’s subsidiary KBR to study the cost effectiveness of outsourcing some military operations to private contractors. Based on the results of the study, the Pentagon hired KBR to implement an outsourcing plan (Washington Post Sep 26, 2003). Many companies like Bechtel, Exxon, Blackwater and Halliburton have profited from the Iraq war. It is no secret that war creates wealth for those companies canny enough to exploit it, and not be killed by it. Is Dick Cheney one of these? After his departure from office former vice president Cheney will be free to profit in whatever way he feels. The ethical question is, however, has he ever really left it? And by not leaving it, was he in ethical violation of his oath of office, at the very least? Stakeholders The stakeholders in this situation are the client, which is the U. S. government and American taxpayers who are the investors or funders of the government; the vendors, who through the bidding process maintain a competitive and profitable business environment; and employees who make sure that their employers receive the best value for the services and products they procure. Ethical dilemmas The first ethical dilemmas is if employees should bring wrongdoing to the surface and if so, how? Will the decision violate the privacy of vendors or other employees? Is it legal to disclose certain activities related to defense contracts? Secondary ethical issues relate directly to the stakeholders. Is the U. S. government unfairly awarding contracts? Is that awarding process facilitating a culture of overcharging, which is absorbed by U. S. taxpayers? Are vendors intentionally overcharging Halliburton/KBR? Are Halliburton/KBR’s procurement practices eliminating competition in the marketplace? Analysis The primary issue in this situation is whistle blowing. â€Å"Whistle blowing means calling attention to wrongdoing that is occurring within an organization. †(Nadler and Schulman 2006) Halliburton is still under investigation by the FBI. Perhaps the negative publicity and the case caused the contract to be divided with Halliburton winning one of the parts in a public bid. The underlying secondary issues include exposing potentially fraudulent business activities, financial irresponsibility, and illegally profiting from public funding. The government employee wrote and spoke to superiors about the activities. The government employee sought legal counsel upon deciding to go public with their disclosure. Finally, both made their testimonies to the proper investigating bodies including the FBI, the U. S. House of Representatives Committees on Government Reform and Energy and Commerce. For their troubles, the government employee and Halliburton/KBR procurement employee were forced into a whistle-blowers protection program. Conclusion In the public sector, whistle blowers are often faced with the dilemma that their choice to disclose can constitute a criminal act. In both cases these employees called attention to suspected activities within their organizations before going outside or public. Employees faced with this dilemma must identify the stakeholders and ethical issues that concern them, and then make calculated decision whether or not to disclose. The facts surrounding whether or not the U. S. government are unfairly awarding contracts will be an ongoing issue. Despite all the measures set forth to regulate the procurement of contracts, greed for money will play a critical factor for the people that have weak ethical character. Whether you are the employee or employer being the standard bearer in ethical situations will earn the respect of others as well as keeping you out of big trouble. References Analysis: FBI investigates whether Pentagon officials committed fraud in their handling of a no-bid contract to a subsidiary of Halliburton before the Iraq War. (10:00-11:00 AM)(Broadcast transcript). (Oct 29, 2004). Morning Edition, p. NA. Retrieved February 08, 2009, from General OneFile via Gale. Donahue, J. (Nov-Dec 2005). Treading on the taxpayer. Multinational Monitor, 26, 11-12.p. 7(2). Retrieved February 08, 2009, from General OneFile via Gale. Nadler, J. Schulman, M. Whistle Blowing in the Public Sector. Santa Clara University Markkula Center for Applied Ethics. Retrieved February 9, 2008, from http://www. scu. edu/ethics/practicing/f ocusareas/government_ethics/introductio n/whistleblowing. html. Profile: US Army will allow bidding for contract work in Iraq initially given to Halliburton. (10:00-11:00 AM)(Broadcast transcript). (Sept 8, 2004). Morning Edition, p. NA. Retrieved February 08, 2009, from General OneFile via Gale.

A Critical Essay on Edgar Allan Poe’s The Fall of the House of Usher (1

The twenty first century author Alexandra Iftodi Zamfir (1986- ) argues that ‘architecture and settings are more important in Gothic fiction than in any other type of literature.’ (Zamfir. 2011: 15). The execution and the nature of architectural space performs a significant role within the narrative structure of Gothic fiction as it creates and builds layers of imagery that signify the horrific and gloomy. This is illustrative of a building construction, one in which creates an atmosphere of suspense, a prominent aspect to the Gothic fiction genre. It was the Gothic writer Horace Walpole (1717-1797) who first illustrated in his Gothic novel The Castle of Otranto (1764) an example symbolic to the nature and power of architectural space explored through the composition of his own â€Å"house in Strawberry Hill, which was the most complete neo-Gothic structure of the time. His mansion, as the author admits, stands at the base of architectural design†¦shapes, deco rs, landscapes, were all under one form or another, elements of Gothic construction.† (Zamfir. 2011: 18). This critical essay will explore and analyse the nature of Gothic architecture deployed as a vehicle of construction within the narrative structure of the American author Edgar Allan Poe’s (1809-1849) macabre and fictional prose The Fall of the House of Usher (1839). (Poe. 1987: 1). I shall present and argue how the artistic effects used in the narrative structure create an atmosphere of tension and suspense, through the exploration and investigation of Gothic architecture, demonstrating a close reading and psychological analysis from key passages of the text applying psychoanalytical examples from the nineteenth century theorist Sigmund Freud (1856-1939). (Chiriac... ...sign_of_Space_in_Gothic_Architecture. [Accessed 11th May 2012] Giordano, R. (2005-2011) Poestories.com: An Exploration of Short Stories by Edgar Allan Poe. [On-line] Available from: http://www.poestories.com/. [Accessed 24th September 2011] Gunn, A.G. (1997-2002) Cyclopaedia of Ghost Story Writers. [On-line] Available from: http://www.jb.man.ac.uk/~agg/ghosts/#poeea. [Accessed 24th September 2011] Hallqvist, C. (2001) The Poe Decoder. [On-line] Available from: http://www.poedecoder.com/. [Accessed 24th September 2011] Montagna, J.A. (2006) The Industrial Revolution. [On-line] Available from: http://www.yale.edu/ynhti/curriculum/units/1981/2/81.02.06.x.html. [Accessed 11th May 2012] Pridmore, J. (1998-2011) Edgar Allan Poe (1809-1849). [On-line] Available from: http://www.literaryhistory.com/19thC/Poe.htm. [Accessed 24th September 2011] A Critical Essay on Edgar Allan Poe’s The Fall of the House of Usher (1 The twenty first century author Alexandra Iftodi Zamfir (1986- ) argues that ‘architecture and settings are more important in Gothic fiction than in any other type of literature.’ (Zamfir. 2011: 15). The execution and the nature of architectural space performs a significant role within the narrative structure of Gothic fiction as it creates and builds layers of imagery that signify the horrific and gloomy. This is illustrative of a building construction, one in which creates an atmosphere of suspense, a prominent aspect to the Gothic fiction genre. It was the Gothic writer Horace Walpole (1717-1797) who first illustrated in his Gothic novel The Castle of Otranto (1764) an example symbolic to the nature and power of architectural space explored through the composition of his own â€Å"house in Strawberry Hill, which was the most complete neo-Gothic structure of the time. His mansion, as the author admits, stands at the base of architectural design†¦shapes, deco rs, landscapes, were all under one form or another, elements of Gothic construction.† (Zamfir. 2011: 18). This critical essay will explore and analyse the nature of Gothic architecture deployed as a vehicle of construction within the narrative structure of the American author Edgar Allan Poe’s (1809-1849) macabre and fictional prose The Fall of the House of Usher (1839). (Poe. 1987: 1). I shall present and argue how the artistic effects used in the narrative structure create an atmosphere of tension and suspense, through the exploration and investigation of Gothic architecture, demonstrating a close reading and psychological analysis from key passages of the text applying psychoanalytical examples from the nineteenth century theorist Sigmund Freud (1856-1939). (Chiriac... ...sign_of_Space_in_Gothic_Architecture. [Accessed 11th May 2012] Giordano, R. (2005-2011) Poestories.com: An Exploration of Short Stories by Edgar Allan Poe. [On-line] Available from: http://www.poestories.com/. [Accessed 24th September 2011] Gunn, A.G. (1997-2002) Cyclopaedia of Ghost Story Writers. [On-line] Available from: http://www.jb.man.ac.uk/~agg/ghosts/#poeea. [Accessed 24th September 2011] Hallqvist, C. (2001) The Poe Decoder. [On-line] Available from: http://www.poedecoder.com/. [Accessed 24th September 2011] Montagna, J.A. (2006) The Industrial Revolution. [On-line] Available from: http://www.yale.edu/ynhti/curriculum/units/1981/2/81.02.06.x.html. [Accessed 11th May 2012] Pridmore, J. (1998-2011) Edgar Allan Poe (1809-1849). [On-line] Available from: http://www.literaryhistory.com/19thC/Poe.htm. [Accessed 24th September 2011]

Problems: Balance Sheet and Financial Statements

THE PROBLEM OF THE BEE: PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATION’S 2005 FINANCIAL STATEMENTS A Paper Submitted In Partial Fulfillment of the Requirements for the Course ACT515M (Problems in Financial Reporting) MC REYNALD SIMBAJON BANDERLIPE II Candidate for the degree of MASTER OF SCIENCE IN ACCOUNTANCY Mr. WILFREDO BALTAZAR Professor De La Salle University – Manila Term 2, SY 2006-2007 THE PROBLEM OF THE BEE: PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATION’S 2005 FINANCIAL STATEMENTS Mc Reynald S.Banderlipe II College of Business and Economics, De La Salle University Company Background This paper aims to perform an analysis of the 2005 financial statements of Jollibee Foods Corporation. Before such presentation, this chapter intended to present some information about the company, and how Jollibee became the leading company in the Philippine fast food industry. After graduating with a degree in Chemical Engineering, Tony Tan Ca ktiong decided not to compete with fellow new yuppies at his time searching for jobs after graduation.Having gained first-hand experience in managing a family eatery in Davao during his childhood years, he decided to pursue a food business that would be simple to operate. Thus, he borrowed P200,000 from his father to commence a Magnolia ice cream franchise beside Coronet Theater in 1975. With his ingenuity and passion to satisfy the cravings of his customers, the idea of serving American foods such as hamburgers and fries that is quick, tasty and affordable (Acuna, Bernardo, Dy, Malabanan, and Young. , 2004) became his vision that he never thought would be one of the entrepreneurial successes in the Philippines.In 1978, the vision became a reality when Tony and his family decided to incorporate and saw the birth of Jollibee Foods Corporation. One year after, the company posted P2 Million peso sales. It also marked the establishment of a first Jollibee franchise in Sta. Cruz, Manila and its first TV advertisement. Jollibee entered the list of the Top 1000 Corporations in 1981. Since then, the company continues its unprecedented growth as it enters the Top 500 in 1984, the Top 250 in 1986, and Top 100 in 1987. Meanwhile, in 1983, JFC launched flagship motto of JFC, known as the â€Å"Langhap Sarap. The year 1986 signaled the start of branching out in the international market by putting an international outlet in Taiwan and Brunei Darussalam. In 1989, the company posted very remarkable sales of P1. 3 Billion, while expansion efforts continued when they acquired 73% share in the Hamburger segment of the fast food industry in 1991. Jollibee became a public corporation in July 14, 1993 with its initial offering of P9. 00 per share. The expansion of JFC came when they acquired Greenwich Pizza Corporation in 1994 and Delifrance, a popular French patisserie shop, in 1995. This led to the increased variety of food items served by JFC.In 1996, the Far Eastern Economic R eview cited Jollibee as one of the leading companies in Asia. At the end of the year, more and more Filipinos abroad trooped down to their Jollibee stores in Guam, the Middle East, and Hong Kong. In 1997, Jollibee opened another branch in Xiamen, China. A year after, the company marked its 300th store in Balagtas, Bulacan, together with an international branch in Daly City, California. The following years thereafter saw the P20 Billion sales and recognition of Jollibee as the Most Admired Company in the Philippines and third overall in Asia.Jollibee opened its 400th store in Intramuros, Manila, while sales continuously shoot up to the P27 Billion mark. In the same year, Jollibee opened its 500th store in Basilan, Isabela Province. At present, Jollibee continues to expand its network of stores, after acquiring Chowking in 2000, an 85 percent share in Yonghe King in 2004, and Red Ribbon Bakeshop in 2005. Table 1 Timetable of Selected Jollibee Products from the Years 1978 – 2005 Jollibee Foods Corporation Timetable of Selected Products 1978 – 2005YEAR 1978 1979 1980 1982 1985 1986 1988 1990 1991 1992 1994 1995 1996 1999 2000 2001 2004 2005 PRODUCTS Regular Yum, Yum with Cheese Spaghetti Special Chickenjoy, French Fries Palabok Fiesta Breakfast Meals Chunky Chicken Sandwich Jollytwirl soft sundaes Coleslaw, Jolly Hotdog, Peach Mango Pie Pancakes Fruit-flavored ice cream sundaes Greenwich Pizzas and Pastas Delifrance French Pastries, Burger Steak Amazing Aloha, Chili Wings Cheezy Bacon Mushroom Burger Chowking Products, Pepper Crazy Burger, Shanghai Rolls, Pocket Pies, and Swirly Bitz Glazed Chicken Rice, Honey Beef Rice, Chicken Sotanghon Soup, Jolly Meat Pies, Yonghe King Products Super Meals, Jolly Chicken Tocino, Red Ribbon Cakes and Pastries As of 2005, the company’s store count estimated 552 Jollibee stores, 239 for Greenwich, 344 for Chowking, and 37 for Delifrance, 101 for Yonghe King, and 156 for Red Ribbon, the newest in the Jollibee family. Continuous expansion in terms of the number of food items and outlets is still underway. Table 1 below shows the timetable of elected Jollibee Products sold in the Philippine market starting from its inception in 1978. Standards Used by the Company Prior to analyzing the 2005 financial statements of Jollibee Foods Corporation, it is noteworthy to make a comparison of the standards to be adopted by the company as indicated in the 2004 financial statements in contrast with those standards actually applied in its preparation of the 2005 financial statements. Table 2 presents the comparison of accounting standards to be used in 2005 as per 2004 financial statements and the accounting standards actually used in 2005 per examination of the company’s 2005 financial statements.As can be seen, eight standards were not identified by the company in its 2004 financial statements that were actually adopted in 2005. Moreover, by looking at the 2004 financial statements, there has b een noted a difference in the presentation of the financial information. This was noted because although the year 2004 signifies the transition year towards adopting the Philippine Financial Reporting Standards and Philippine Accounting Standards, the 2004 financial statements still has presented the information in accordance with the superseded generally accepted accounting principles (GAAP). Table 2 Comparison of Standards to be used by JFC in 2005 as indicated in its 2004 Financial Statements and Standards actually used in 2005 Standard No. / NamePAS 1 â€Å" Presentation of Financial Statements† PAS 2 â€Å"Inventories† PAS 8 â€Å"Accounting Policies, Changes in Accounting Estimates and Errors† PAS 10 â€Å"Events After the Balance Sheet Date† PAS 14 â€Å"Segment Reporting† PAS 16 â€Å" Property, Plant and Equipment† PAS 17 â€Å"Leases† PAS 18 â€Å"Revenue† PAS 19 â€Å"Employee Benefits† PAS 21 â€Å" The Effe cts of Changes of Foreign Exchange Rates† PAS 24 â€Å"Related Party Disclosures† PAS 27 â€Å"Consolidated and Separate Financial Statements† PAS 31 â€Å"Interests in Joint Ventures† PAS 32 â€Å" Financial Instruments: Disclosure and Presentation† PAS 36 â€Å" Earnings per Share† PAS 36 â€Å" Impairment of Assets† PAS 37 â€Å"Provisions, Contingent Liabilities and Contingent Assets† PAS 39 â€Å"Financial Instruments: Recognition and Measurement† PAS 40 â€Å"Investment Property† PFRS 1 â€Å"First Time Adoption of International Financial Reporting Standards† PFRS 2 â€Å"Share-Based Payments† PFRS 3 â€Å"Business Combination† PFRS 5 â€Å"Noncurrent Assets Held for Sale and Discontinued Operations† PFRS 7 â€Å"Financial Instruments† 2004 * * * * * * * * * * * * 2005 * * * * * * * * * * * * * * * * * * * * * * * * * * * * This paper will elaborate the compliance of Jollibe e Foods Corporation in their adoption of the PFRS and PAS as indicated in their 2005 financial statements. It will also include a discussion of other problems in financial reporting noted in the analysis of the company’s financial statements.Discussion of Compliance with the Standards In analyzing the financial statements of Jollibee Foods Corporation for the year 2005, the researcher delved on the disclosure requirements of the Philippine Accounting Standards PAS and PFRS published by Philippine Institute of Certified Public Accountants (2005). These standards assess whether the company has complied with such requisites in preparing the PFRS financial statements for the year 2005, the year where PFRS formats became applicable in Philippine companies. In this case, the paper used the annual report released by the company in its corporate website in 2004 and in 2005. I. Philippine Financial Reporting Standards (PFRS) PFRS 1: First Time Adoption of Philippine Financial Reportin g Standards Paragraph 36 of PFRS 1 requires the inclusion of at least one year of comparative information under the IFRSs.JFC was able to follow such requirements since the financial statements presented 2005 data and 2004 restated data. The Note 2 of the company’s 2005 financial statements highlights such explanation. Paragraph 36A applies to entities that will choose to present comparative information that does not comply with IAS 32, IAS 39, and IFRS 4, which delves on financial instruments and insurance contracts, under certain conditions presented in the standard. In resolving the issue, Jollibee complied with the accounting policies set forth in IAS 32 and IAS 39. Nevertheless, the company applied for exemption in adopting the standards retroactively as permitted by SEC, applicable for the year ended 2004.Hence, the standards will be applied prospectively beginning January 1, 2005. Paragraph 37 presents the standards on historical summaries of selected data for periods before the first period for which they present full comparative information under the IFRSs. This is not applicable to JFC’s financial statements for the year ended December 31, 2005. Paragraphs 38 – 46 delve on the explanations regarding the transition to previous GAAP to IFRS financial statements. Accordingly, reconciliations of the company’s equity, profit and loss, and impairment losses should have appropriated disclosures. The company’s financial statements have presented supporting schedules for equity and profits and losses.With the adoption of PFRS 3 and PAS 36, JFC presented a disclosure under Section 2. 3. 1 (Reconciliation of Equity). Moreover, the same section also exhibited an expose on the designation of fair values on financial assets or liabilities and valuation of investment properties under paragraphs 43A – 44 of PFRS 1. Required disclosures such as the fair value of financial assets per category and the aggregate fair values and adjustment to carrying amounts under previous GAAP are also shown. The company has therefore complied with such requirements for first time adoption of Philippine Reporting Standards since it complied with its minimum requirements.PFRS 2: Share Based Payments Major provisions regarding disclosures in compliance with PFRS 2 necessitated information that enables users of the financial statements to understand the nature and extent of share-based payment arrangements that existed during the period. This includes disclosures such as description of each type of share-based payment arrangements; the number and weighted average exercises prices of share options and the weighted average share price at the date of exercise for options exercised during the period. Moreover, the range of exercise prices and weighted average remaining contractual life for share options outstanding at the end of the period, more than the option pricing model used.In addition, information should be accessible to enable users of financial statements understand the determination of fair values of goods or services received, and equity instruments granted. This includes disclosures such as weighted average fair value of share options granted and other equity instruments granted during the period and information on how the fair value was measured. Information on share-based payments that were modified during the period should also be disclosed, if any. Lastly, disclosures that enable users of financial statements to understand the effects of share-based payment transactions on the entity’s profit and loss and financial position should be provided.This includes disclosures on the total expenses recognized for the period arising from share-based payment transactions in which goods or services received but did not qualify for recognition as assets, and carrying and intrinsic value of liabilities arising from share-based payment transactions at the end of the period. JFC was able to comply w ith this standard, following the compliance of PFRS 2, including the provisions set forth in paragraphs 25B to 25C of IFRS 1. Required data to understand its effects are also indicated. Such indicators were presented in Note (b) of Section 2. 3. 1 and Section 2. 24. 2 of the company’s financial statements for the year ended December 31, 2005.A more detailed discussion about share-based payments is presented in Note 23. Here, the company disclosed basic information on each type of share-based payments such as Tandem Stock Purchase and Option Plans I and II, and Management Stock Option and Incentive Plans. It can be said that JFC has complied with the requirements on Share-Based Payments. PFRS 3: Business Combinations Required disclosures for PFRS 3 were information that enables users of financial statements to evaluate the nature and financial effect of business combinations that were effected during the period and after the balance sheet date but before the financial statemen ts are authorized for issue.It should also disclose, as in the case of the acquirer, information that enables users of financial statements to evaluate the financial effects of gains, losses, error corrections, and other adjustments recognized in the current period that relate to business combinations that were effected in the current year or in previous periods. In addition, data that will enable users to evaluate changes in the carrying amount of goodwill, if any, during the period should be disclosed. The company’s financial statements complied with the provisions of PFRS 3 for which the date is on or after March 31, 2004, the agreement date for all business combinations to be considered as stipulated in paragraph 78 of PFRS 3. Under Note (d) of Section 2. 3. 1 of JFC’s financial statements, the notes also depicted information about the financial effects of gains, losses, and other adjustments that were effected in current or previous periods.Moreover, the financial statements presented the changes in reversal of goodwill amortizations and recognition of goodwill in accordance with PAS 21. It included several notes in relation to the commencing testing for impairment losses, and reflected effects of changes of these policies to goodwill account of JFC. This can be best explained in Notes 8 to 10, where information regarding their investments in subsidiaries, interests in a joint venture, and goodwill arising from such transactions were designated. PFRS 5: Non-Current Assets Held for Sale and Discontinued Operations PFRS 5 specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations.It requires assets that meet the criteria to be classified as held for sale to be measured at the lower carrying amount and fair value less costs to sell, and the depreciation on such assets to cease. Furthermore, assets that meet the criteria as held for sale should be presented separately on the face of the balance s heets and the results of discontinued operations to be presented separately in the income statement. Disclosure requirements include information that will enable users to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups). Since the company believes that this will have no material effect on the company’s financial position and results of operations as indicated in the 2004 financial statements, this has never been an issue in the 2005 financial statements.PFRS 7: Financial Instruments Revised disclosures on financial instruments provided by the standard will be included in consolidated financial statements when the standard is adopted in 2007. II. Philippine Accounting Standards (PAS) PAS 1: Presentation of Financial Statements PAS 1 provides a framework within which an entity assesses how to present fairly the effects of transactions and other events; provides the basic criteria for classifying liabilities as cu rrent or non-current; and prohibits the presentation of income from operating activities and extraordinary items as separate line items in the income statement. Disclosure requirements include the measurement basis (or bases) used in preparing the financial statements and other accounting policies used that are relevant to an understanding of the financial statements.It also requires disclosures of judgments management has made in the process of applying the entity’s accounting policies that have the most significant effect on the amounts recognized in the financial statements. Additionally, it also requires disclosures as to key sources of estimation uncertainty and other disclosures if not disclosed elsewhere in information published with the financial statements. In 2004, JFC’s financial statements noted the probable change in the presentation of minority interest in the balance sheet and income statement will be effected in 2005 in addition of restating prior years ’ financial data to conform to the 2005 presentation.However, in 2005, the company believes that this standard will have no effect on equity on the reporting periods presented. In other aspects of the standard, the company’s financial statements also complied with the inclusion of significant accounting judgments and estimates made by the company’s management, in addition to the disclosure of key estimation uncertainties. The Note 2 of the financial statements indicates such compliance. Corporate information was also included in Note 1 of the Notes to Financial Statements (including the description of the entity’s operations and the name of the parent company), together with the basis of preparation and consolidation of the financial statements.Details of dividends are located in Note 15 and Note 17(b) of the financial statements. In general, the company’s financial statements complied with the requisites of PAS 1. However, the company should also include in Section 2. 3. 5 the additional disclosures regarding capital management that are not yet effected by the company until January 1, 2007. PAS 2: Inventories Disclosure requirements in PAS 2, as shown in paragraphs 36 to 39 are the accounting policies adopted in measuring inventories and cost formula used, the carrying amount of inventories carried at fair value less costs to sell, and the amount of inventories recognized as expense during the period, the amount of any write-downs.In addition, the notes should indicate reversal of inventory write-downs, circumstances that led to the write-downs and the amount of inventories held as security or pledge. In the adoption of PAS 2, the company has no foreseen significant changes in its accounting policies; thereby PAS 2 will not be an issue for JFC. As indicated in section 2. 11 in Note 2, the company disclosed the accounting policies and cost formula used in the inventory items of Jollibee, both food and non-food items. In Note 6 of the financial statements, the presentation of the carrying amount of inventories was in accordance with the lower of cost or net realizable values as indicated in the standard. Hence, the financial statements complied with the requirements of the standard.PAS 7: Cash Flow Statements As can be seen, the financial statements were presented classified by operating investing, and financing activities. While is it encouraged to adopt the direct method in accounting for cash flows from operating activities, JFC used indirect method, which is still acceptable in practice because of its easy application. On the other hand, almost all disclosure policies stated in PAS 7 have complied by Jollibee such as those regarding interest, income taxes, cash flows related to the acquisition of a subsidiary, and components/reconciliation of cash and cash equivalents in the financial statements and in the notes. This means that the company was able to meet the requirements of PAS 7.PAS 8: Accounting Policies, Changes in Accounting Estimates and Errors Under PAS 8, requisite disclosures as to changes in accounting standards or policies include the title of the standard or interpretation, the note that signifies that the change is in accordance with transitional provisions, its descriptions, the amount of adjustments, and certain conditional disclosures and how the standard addressed the disclosure, the nature of the changes in accounting policy, and reasons why this new policy will lead to a more reliable and relevant information. It should also divulge information when a voluntary change in accounting policy has an effect on the current period or any prior period that would have and effect on that period except that it is impracticable to determine the amount of the adjustment, or might affect future periods. Moreover, it should also present information as to the standards issued but not yet effective to the company. In terms of hanges in accounting estimates, the financial st atements must depict the nature and amount of change in accounting estimate and its effect on current and future periods when it is practicable to estimate the effect. If not possible, the fact should be disclosed. With regards to errors, disclosures should include the nature and amount of the errors, and the circumstances that led to the error and how it will be addressed by such correction. The company does not expect any significant changes in the accounting policies when it adopts PAS 8 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2006. With regards to standards issued but not yet effective, section 2. 3. 5 of Note 2 depicted such disclosure.Still, the company should also have included the disclosures regarding capital management in compliance with PAS that will be applicable in 2007 to fully disclose all standards issued but not yet effective. PAS 10: Events after the Balance Sheet Date PAS 10 provides a limited clarification of the accounting for dividends declared after the balance sheet date. Disclosure requirements include the date when the financial statements were authorized for issue and who gave the authorization. It should also disclose the fact that the entity’s owners or others have the power to amend the financial statements after the issue. Moreover, if the entity receives information after the balance heet date about that conditions that existed at the balance sheet date, the entity should update disclosures in the light of new information. The company does expect any significant changes in the accounting policies when it adopts PAS 10 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2004. Compliance with this standard is stated in Note 1 with regards to the date of authorization for issue of the financial statements and section 2. 30 of Note 2 and Note 29 regarding subsequent events. Furtherm ore, disclosure on dividends may not be an issue since the company annually declares and pays dividends to its stockholders, as evidenced by the cash flow statements for the years ended December 31, 2004 and 2005.For this reason, the company was able to comply with the disclosure requirements set forth in PAS 10. PAS 14: Segment Reporting This standard establishes the principles for reporting financial information by segments about the different types of products and services an enterprise produces and the different geographical areas in which they operate. Reportable segments should present the segment’s results of operations, carrying value of total assets and liabilities, contingencies, expenditures, depreciation, share in profits or losses, and other requirements mentioned in the standard. It also provides secondary reporting format requisite disclosures for segment revenues, expenses, results, assets, liabilities, and accounting policies.Accordingly, this standard has no effect on equity at January 1 and December 31, 2004 and as such, is not an issue for the company’s financial statements as of December 31, 2005. As can be seen, the company maintained the same format in segment reporting for the presentation of segment information in Note 3 of both 2004 and 2005 financial statements. Disclosures are generally in compliance with PAS 14. The company focused on using the primary reporting format, since the use of geographical segment reporting is not feasible due to a non-substantial portion of revenues earned by international operations, which are still few in number. In addition, the company disclosed information for inter-segment sales and transfers and the basis of pricing these transactions.PAS 16: Property, Plant, and Equipment Disclosure requirements on property, plant and equipment are the measurement bases to determine gross carrying amounts; depreciation methods and useful lives used; gross carrying amounts and accumulated depreciatio n at the beginning and end of the period; reconciliations of carrying amount of PPE assets pertaining to additions, reclassifications, and other increases or decreases; the recognition of impairment and reversal of impairment losses; restrictions on title of PPE assets, PPE assets pledged as security for liabilities; expenditures related to property, plant and equipment; and changes in accounting estimate as to residual values. Furthermore, the entities should disclose contractual commitments for acquisition of PPE assets; compensation to third parties rising from impairment of PPE items included in profit and loss; information regarding the revaluation of property, plant, and equipment as to effective date of revaluation, involvement of third parties for revaluation, assumptions in estimating fair values, carrying value of assets under cost models, and revaluation surplus; and information on idle properties. The company believes that there is no significant effect on equity upon ad option of PAS 16. Similar formats were presented, with differences in the probable restatements done in the 2005 financial statements. This is evidenced in note (c) of section 2. 4. 2, which depicted the management’s estimation uncertainty assumptions regarding PPE assets. In section 2. 9, the policy on accounting for PPE assets was presented, including compliance with general disclosures in accordance with PAS 16; while in Note 11, the financial statements showed the reconciliation of carrying amounts of PPE assets pertaining to additions, retirements, reclassifications, and transfers, including the disclosure regarding a fire that damaged the company’s commissary. It also included compensation from the insurance company for the damage of the property. No disclosure is necessary on revaluation of properties, as the company had not yet hired appraisers to revalue their properties. Disclosures regarding derecognition on PPE assets and idle and fully depreciated property are not of greater importance, since all properties have found its usage in the company.PAS 17: Leases PAS 17 prescribes appropriate accounting policies and disclosures to apply in relation to finance and operating leases. It also prohibits expensing of initial direct costs in the financial statements of the lessors. Under this standard pertaining to operating leases, which the company have adopted (as can be seen in section 2. 3. 1 reconciliation of equity in the company’s financial statements, in letter (c) in note 2. 4. 1, and section 2. 26 in Note 2 of the financial statements), disclosures should include total future minimum lease payments under non- cancellable operating leases for periods within one year, within after one year but not more than five years, and after 5 years (for both lessors and essees); future minimum sublease payments under non-cancellable subleases; lease and sublease payments recognized as expenses (for the point of view of lessees); disclosures r egarding contingent rents recognized as income, general description of leasing arrangements, bargain purchase options or renewal options, and restrictions involving lease arrangements as lessors or lessees (for both lessors and lessees). JFC does not expect any significant changes in accounting policies when it adopts PAS 17. In Note 26, the future minimum rental receivables and payables were presented, including the general details of lease arrangements entered by JFC (both positions are renewal options), and legal issues normal to its operations. The company did not entered into sale and leaseback transactions. The Company complied with the accounting rules in accordance with PAS 17.However, as a lessor, the company did not classified assets subject to operating leases according to the nature of the assets in the balance sheet. This is on the assumption that the firm’s lease transactions involve only commercial properties. Information on such classification was aggregated i n the financial statements, which ensured its compliance. PAS 18: Revenue Disclosure requirements to comply with this standard includes accounting policies adopted for the recognition of revenue; methods used in accounting for stage of completion of service transactions; the amount of significant categories of revenue recognized during the period, which includes sale of goods, rendering of services, nterest, royalties, and dividends; and the amount of revenue arising from exchanges of goods and services included in each significant category of revenue. The policies adopted for revenue recognition is presented in section 2. 23 as to how they recognize revenue from various categories. Its compliance with standards related to revenue recognition from royalty and franchise fees are delineated in Note 18. Though the financial statements do not present the breakdown of revenues according to significant categories, they believe that the use of segment information is already sufficient enou gh to present the revenues of the company. In this case, such segment information suffices compliance with PAS 18.PAS 19: Employee Benefits Disclosure requirements under PAS 19 include the policy for recognizing actuarial gains and losses; general description of the types of plans; reconciliation of assets and liabilities regarding defined benefit obligations; actuarial gains or losses; fair value of plan assets; reconciliation of movements in the next period of net assets or liabilities, total expenses related to employee benefits such as current service costs, interest costs, expected actuarial returns on plan assets, past service costs, effects of curtailment and settlement; actual return on plan assets and actual return on reimbursement right recognized as an asset; and principal actuarial assumptions used at balance sheet date such as discount rates, expected rates of returns, expected rates of salary increases, medical cost trend increases, and other assumptions all expressed in absolute terms. The company was able to comply with the rules set on PAS 19. As can be seen in Note (a) of Section 2. 3. 1 of the Notes to Financial Statements, the policies on actuarial gains, losses, past service costs, plus its effect on the retained earnings and net income were depicted. Moreover, such information was also presented in the reconciliation of equity. In section 2. 4, the company disclosed their policy on employee benefits, both pension and share-based payments. Accordingly, the company uses defined benefit accounting. They also used defined contribution accounting to some extent for employees of Chinese domiciled subsidiaries of the company, as seen in Note 22; only a limited disclosure regarding the use of this plan was indicated. It also provided information as to actuarial gains, actual returns on plan assets, plan liabilities, reconciliation of movements in the present value of obligations and fair value of plan assets, fair value of plan assets, the date o f actuarial valuation, the actuarial assumptions such as salary increase rate, rate of return on assets, and discount rates.Termination benefits and other long-term benefits are not considered issues to the company. Other disclosures such as medical costs, schedules of contributions by employers and employees, and the recognition of actuarial gains and losses not presented in the financial statements will not affect the company’s compliance with the standard. PAS 21: The Effects of Changes in Foreign Exchange Rates Disclosure requirements under PAS 21 referring to functional currency of the parent includes the amount of exchange differences recognized in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in ccordance with PAS 39 and net exchange differences classified in a separate component of equity, in addition to the reconciliation of the amount of such exchange differences at the beginning and end of the period. Moreover, reasons for using presentation currency rather than functional currency should be indicated if such is the case; or if there is a change in the functional currency of either reporting entity or a significant foreign operation, that fact and the reason of change should be disclosed. It will only be deemed complying with the IFRS if all the requirements of each applicable accounting standard and interpretations are followed including the method of translation. The company disclosed its adoption of PAS 21, and they will be applying it prospectively.They also noted that goodwill arising from acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are now treated as assets and liabilities of the foreign operation and are to be translated at a closing rate. However, this new policy will have no significant impact to the company. As seen in letter (d) of note 2. 4. 1, the company has determine d the Philippine peso as the functional currency of the company. Additional information regarding functional currency and translation method is provided in section 2. 5. There is no issue as to the use of functional currency, since both parent and subsidiaries will use the Philippine peso.But as can be noticed, although there is a presented amount of exchange differences resulting from translation as indicated in the Statement of Changes in Equity, there is no reconciliation of the amount of such differences at the beginning and end of the period. PAS 24: Related Party Disclosures Relationships between parents and subsidiaries shall be disclosed irrespective of whether there have been transactions between those related parties. An entity shall disclose the name of the entity’s parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next senior parent that does so shall also be disclosed. Moreover, disclosure requirements include key management personnel ompensation in total and per categories presented in paragraph 16 regarding short-term employee benefits, post-employment benefits, other long-term benefits, termination benefits, and share based payments; the nature of related party relationships and information on the amount of transactions and outstanding balances, provisions for doubtful debts, and expenses recognized during the period in respect of bad and doubtful debts. The parent shall make separate disclosures, in addition to their interests in a joint control or significant influence over the entity, information regarding the parent company’s subsidiaries, associates, joint ventures, key management personnel, and other related parties.JFC finds this standard to have no effect on its equity but they are amenable to adopt the new standard. In note 24, the company noted that the transactions with members of the Jollibee group are eliminated while intercompany advances are major transactions with joint venture. They complied with the presentation of outstanding balance of advances as indicated in the standard. The company was able to justify such presentation in Notes 8 and 9. Yet on the other hand, there is no information regarding key management personnel and their compensation schedule. Accordingly, since JFC, as a parent, runs its business independently of its subsidiaries and other related parties, there is no dependence on the company’s related parties.PAS 27: Consolidated and Separate Financial Statements In this standard, the entity’s compliance of the standards depends on their disclosure of the nature of the relationship between the parent and the subsidiary, reasons that will not constitute control of an investee in the entity, differences in reporting dates, and a listing of information regarding significant investments in subsidiaries, jointly cont rolled entities or associates. In note 8, the company’s financial statements presented its required disclosures of investments in subsidiaries, although information with their compliance to paragraphs 41 and 42 of the standard is not that material for their presentation regarding separate financial statements. Hence, the company managed to comply with the disclosure requirements of PAS 27.PAS 31: Interests in Joint Ventures PAS 31 delineated several disclosure requirements such as the aggregate amount of specified contingent liabilities, unless the probability of loss is remote; the aggregate amounts of capital commitments of the parties with respect to their interest in the joint venture; a listing and description of their interests in joint ventures; and accounting methods in recognizing interests in joint ventures. JFC was able to comply with the disclosure provisions of the standard, having presented its description of their interest in a joint venture and the accounting method for its joint venture, as seen in section 2. 18 in Note 2 and the entire Note 9 of the financial statements. The first two items are not applicable in the company at the moment. In this case, the company was able to comply with the requirements of PAS 31.PAS 32: Financial Instruments: Disclosure and Presentation To enhance the understanding and significance of financial instruments of the entity, the firm should describe its financial risk management objectives and policies, including hedging policies for each main type of forecast transaction for which hedge accounting is used. The firm should also disclose a description of the hedge; financial instruments designated as hedging instruments including their fair values, nature of risks being hedged, and for cash flow hedges, the period in which cash flows are expected to occur. Information about the nature of financial instruments and basis for accounting recognition must also be divulged.The firm should disclose the amount of gain or loss on a hedging instrument recognized in equity, removed from equity, and the amount removed from equity and was included in the initial measurement of acquisition cost or carrying amount of non-financial assets or liabilities. Information about their exposures to credit risk and interest rate risk are also mandated. Furthermore, the standard requires information regarding fair valuation of financial instruments, de-recognition of financial instruments, financial assets held as collateral, compound financial instruments with multiple embedded derivatives, reclassification and presentation of income, expenses, gains, and losses resulting from financial assets and financial liability transactions, and impairment and defaults/breaches. Under Note (c) of section 2. 3. of the notes, JFC has embedded information on how the company identified its financial assets, and how they valued those financial assets. These pertain to their investment in stocks, refundable deposits on leas es and noninterest bearing car loans. These financial assets were explained in full detail in section 2. 6 of Note 2. In section 2. 16, information on de-recognition of financial assets and liabilities in accordance with PAS 32 were presented. Under Note 27, the company expressed its compliance with PAS 32, showing their risk management objectives and policies, and information on how JFC addresses the financial risks discussed in the standard.In Note 29, the financial statements presented the valuation of financial assets and liabilities, in accordance with the valuation set by PAS 32, together with the information of multiple embedded derivatives. However, detailed information about the maximum degree of risk exposure must be presented. PAS 39: Financial Instruments: Recognition and Measurement PAS 39 has no disclosure requirements since they were moved to PAS 32. However, to comply with IAS 39, information about the decrease in retained earnings and carrying amounts of financial a ssets was disclosed. In note (c) of Section 2. 3. 1, they also disclosed unrealized loss in the company’s AFS financial assets as part of compliance with the standards. Section 2. 6 provided a description of financial instruments held by JFC.In Section 2. 10 the company disclosed information on the impairment of financial assets in accordance with the requirements of PAS 39. Section 2. 22 presents information on the impairment of non-financial assets. Information on Notes 27 and 28 are still applicable in compliance with PAS 39 regarding measurement of financial assets and liabilities. PAS 33: Earnings per Share In presenting the financial statements in accordance with PAS 33, the standard requires the presentation of amounts used as numerators in calculating basic and diluted earnings per share and its reconciliations to profit or loss attributable to the parent entity for the period.It should also disclose the average number of ordinary shares used to calculate basic and di luted EPS, instruments that could dilute basic EPS in the future, and a description of ordinary share transactions that occur after balance sheet date. Jollibee’s compliance with the standard was indicated in section 2. 27 of Note 2 and Note 25, which presented the Earnings per share computations. As indicted in section 2. 3. 4, comparative information and disclosures have been presented as required. However, the adoption of PAS 33 has no effect on equity of JFC. The presentation of Earnings per Share of Equity Holders of the Parent was indicated in the Income Statement of JFC.PAS 36: Impairment of Assets Disclosure requirements in accordance with PAS 36 include the amount of impairment losses recognized in profit or loss during the period in each class of assets and revalued assets, the reversals of impairment losses in each class of assets and revalued assets. For material impairment losses, disclosures as to the events that led to the recognition or reversal of impairments losses in assets, cash generating units and information on aggregate losses should be indicated. Such compliance by JFC’s 2005 financial statements is indicated in letter (b) of section 2. 4. 2, section 2. 22 of Note 2, Note 3 regarding segment information on impairment losses, Notes 10 and 11. The company provided disclosures of their assessment of impairment losses on non-financial assetsPAS 37: Provisions, Contingent Liabilities, and Contingent Assets PAS 37 requires disclosures regarding contingent assets, liabilities, and provision. Contingencies are disclosed except when the possibility of an inflow or outflow of resources is remote. Information regarding the nature and estimated amount of such contingency, its financial effects, the uncertainties relating to the outflow and amount of reimbursements are also noted. Obligatory disclosures for provisions include carrying amounts, additions of provisions, provisions used, and unused amounts reversed during the period. Mor eover, brief descriptions on each class of provisions are due for presentation in the financial statements.The company was able to provide information regarding the company’s provisions, as stated in Note 14. While information on contingencies is not substantial, still, the assumptions are still presented in Note 2 of the financial statements. PAS 40: Investment Property PAS 40 identified the presentation requirements for investment properties. Disclosures under this standard are and extension of the requirements presented in IAS 17 (or PAS 17, â€Å"Leases†). Entities shall disclose whether they apply the fair value model or cost model in valuing investment properties. Should they apply fair value model, firms should indicate the circumstances property interests held under operating leases are classified and accounted for as investment property.If the classification is difficult, they should distinguish investment property from owner-occupied property and from propert y held for sale in the ordinary course of business. In addition, entities have to identify the methods and significant assumptions in valuation of investment properties. Amounts recognized in profit or loss such as rental income, operating expenses incurred from properties that are income and non-income generating, existence of restrictions on realizable characteristic of investment properties upon disposal, and contractual obligations regarding investment properties should be disclosed. Because JFC elected to use cost model in the valuation of investment properties as shown in note (e) of Section 2. 3. of Note 2, disclosures require the depreciation methods used, useful lives or depreciation rates used, gross carrying amount and accumulated depreciation, a reconciliation of the beginning and ending balances showing additions, assets classified as held for sale, depreciation, transfers, impairment losses, and fair value of investment properties. In the same notation, JFC presented t he effects of adopting the policy in the financial statements, as evidenced by the reconciliation found in the same note. Here, the changes in retained earnings and net income were presented, in addition to the expressed carrying value of the property. In Section 2. 20, the company presented their significant accounting judgments and policies regarding the adoption of the new standard. In Note 10, since they are using the cost method of valuing investment properties, reconciliation was presented showing the cost and accumulated depreciation of investment properties.Moreover, it also showed information regarding any transfers; retirements; impairment losses; and depreciation were depicted. Yet, they did not disclose the accounting methods used and the estimated useful lives of investment properties subject to depreciation. Table 3 Financial Reporting Issues Presented in the Analysis of Jollibee’s Financial Statements for the Year 2005 Standard No Financial Reporting Issues Pre sented The non-inclusion under Notes 2. 3. 5 regarding disclosure standards regarding capital management that should be indicated even though the provisions are not yet effective The classification of Judgments a-c in Notes 2. 4. 1. Is that considered a judgment, or an estimation uncertainty? PAS 1 PAS 8 PAS 24 PAS 40 ADDITIONAL NOTESSame as the problem of application in PAS 1 regarding disclosure standards on capital management Information about key management personnel was not indicated in the notes to financial statements. Information about the persons, their salaries, etc. is found in the 2005 SEC Form 17A. Only the disclosure regarding accounting methods used and estimated lives of investment properties subject to depreciation were not described. The release of the financial statements in the annual report has produced several encoding errors in the production of the financial statements. In summarizing the entire discussion, Table 3 highlights all financial reporting issues no ted in the analysis of Jollibee Foods Corporation’s 2005 financial statements. As can be seen, there has been an issue regarding the adoption of ten Philippine Accounting Standards.In addition, there was noted some encoding errors in the financial statements per examination of the annual report. Referencing regarding the reconciliation of equity upon adoption of the new standards is one example. Such errors, if noticed, may lead to some confusion in understanding the financial statement information. Other Problems in Financial Reporting This section tackles the problems that might have encountered by Jollibee in their preparation and presentation of the financial statements other than disclosure requirements. In addition, this paper will address how the company may have resolved such setbacks to achieve a fair presentation of the financial information.Functional Currency and Translation This problem arose for the reason that Jollibee has been maintaining international operati ons in the United States, Hong Kong, Vietnam, Brunei, Guam, and Saipan. In addition, its Chowking stores are located in Dubai, while their Yonghe King restaurants situated in China. Red Ribbon had also expanded in the US even before it was acquired by Jollibee. Because these countries uses different currencies in their daily operations and in the preparation of financial data, it is wondered how Jollibee will address such problem in their consolidated financial statements, whose parent company is situated in the Philippines.The problem was resolved in Note 2. 5. As can be said, the company’s management determined its functional currency to be the Philippine peso. In this case, the company measured these international transactions in Philippine peso at the transaction dates. Monetary assets and liabilities were measured using the exchange rate at balance sheet date. Non-monetary assets and liabilities wee measured at historical cost using the exchange rate at the date of initi al transaction. Its foreign subsidiaries’ financial statements were translated into the presentation currency of the company. Exchange rate differences were presented in the financial statements, though in aggregate form.Receivables Although the company’s main business is the development, operation, and franchising of Quick Service Restaurants (QSR), the company also maintains other operations in support of their QSR restaurants like franchising and leasing of facilities to other companies, it can be inferred that the company does not only depend on cash sales brought about by their restaurant operations. Receivables arose because franchising and real estate are also revenue-generating areas of the organization which also forms part of their trade receivables. Moreover, they also have dues from the joint venture and other related parties, which were aggregated as loan receivables. To prevent confusion, the company presented in its segment information the operations of such segments and as such, users can find out those transactions under franchising and real estate operations may primarily cause such receivables recognition.Inventory Valuation Because the primary operation of Jollibee is the operation of QSRs, it is noteworthy that the major bulk of their investments are food supplies, novelties, packaging, store supplies, and processed inventories. The perishable nature of food supplies and processed inventories, and the obsolescence of other supplies due to the release of new packaging designs, the lapse of periods where Jolly Kiddy meals come with novelties, and other time-based factors are the problems that Jollibee encounter in the valuation of its inventories. As such, the company maintained the policy of the First-In, First-Out (FIFO) basis of inventory system and in their valuation of inventories as of the balance sheet date.This is to prevent the deterioration of goods that may be harmful if not used within a certain amount of time, and to maximize the usability of these items. Though designs change, its utility value is the same for packaging all Jollibee products. Cost valuation using FIFO allows the firm to value its unsold or unused inventories at more recent dates of acquisition, which is acceptable under the new standard. Revenue Recognition Jollibee recognizes revenue from various sources such as from sale of goods, royalty fees, franchise fees, dividend income, rental income, and interest income. While the policy of revenue recognition was presented in the notes to financial statements, certain question on how they recognize revenues from franchise fees.Accordingly, such revenues are recognized when all services or conditions relating to the transaction have been substantially performed. Substantial may not be the total performance demanded to the company in providing such services. The question lies regarding new franchisee transactions that the company’s services commence at one period and terminat es on the other period. How will the company assess their substantial performance on such franchise services to its new franchisees on the first period? Segment Reporting As can be seen, Jollibee has presented its segments on the basis of the nature of operations. Specifically, the company presented the food service, franchising, and real estate segments of its business.Knowing that Jollibee has international operations in the USA, East and Southeast Asia, and even in the Middle East, it is of question why did the company did not presented information related to geographical segments. Be it noted that of the more than 1,000 outlets of the Jollibee Group, less than 140 of them were located outside the Philippines, including the 101 Yonghe King restaurants in China. Based on the combined performance of these stores, the international operations has yet to contribute more in the total operations of Jollibee, as approximately 90% of their stores are located in the Philippines. Again, it should also boil down on the notation that Jollibee has other major operations.That could be the reason for segment information to be reported that way. Admission of Red Ribbon into the Jollibee Group In 2005, the company bought Red Ribbon, a company that sells cake products to Philippine consumers. Red Ribbon’s financial statements prior to acquisition are prepared for the fiscal year ending June 30. Since Jollibee and Red Ribbon have time differences in financial reporting, the stockholders and the Board of Directors agreed that the reporting period of the company should follow the calendar year presentation of Jollibee. Hence, the notes presented the summative position and performance of Red Ribbon for the fiscal year endedJune 30, 2005 and for the six months ended December 31, 2005, following the calendar year. Financial Instruments Due to the applicability of PAS 32 and 39, the company classified certain investments in shares of stocks as available-for-sale financial as sets and valued at fair value, though these has been measured at lower of aggregate cost or market value in the previous GAAP. Refundable deposits on leases and non-interest bearing car loans were re-measured at fair value at initial recognition and subsequently at amortized value under the effective interest method. Prior to such adoption, these are carried at cost, less impairment in value under previous GAAP.Such adoption resulted in a decrease in retained earnings for the company, which may have brought adverse effects to the company from the point of view of layman financial statement reader. Realizations After analyzing the financial statements of Jollibee Foods Corporation’s 2005 financial statements to identify the issues and problems in their financial reporting in accordance with the PFRS and PAS, this paper presents some realizations about the state of the company struggling to ensure compliance with the Philippine accounting standards under issue in the preparatio n of the financial statements. In addition, an insight regarding problems in financial reporting is presented. 1. Some judgments may not be considered judgments at all.While the company may have a point in identifying several issues to be as accounting judgments, it may be preferable if such judgments like impairment, leases, and asset retirement be presented under estimation uncertainties. This is because this transactions or events normally require estimations rather than judgments. 2. Keep abreast with the release of new standards. It can be assumed that the newest release of PAS 1 standards relating to capital management may not yet noted by the company. Jollibee must continuously upgrade its awareness of these new standards since it might have a significant bearing on how they will present the information to comply with such new standards. Such can be achieved through attendance to seminars on PAS and PFRS, and continuous training and research. 3. Redundancy can lead to fair pr esentation.Standards have the say. Sometimes, the notes have to be redundant in stressing out the emergence of applications, measurement, and valuation of items that are covered by a particular accounting standard (e. g. PAS 14, â€Å"Segment Reporting† and PAS 18, â€Å"Revenue,† where both standards require the presentation of similar information related to reportable and non-reportable segments). In such case, preparers of financial information have no option but to present the information more than once, as per accord with the standards. 4. Show reconciliations, when necessary. The use of such reconciliations may lead to a better understanding of the financial statements.Showing the movements in the beginning and ending balances may already be an important tool to understand the information related to such reconciliation. 5. Encode information with accuracy and with precision. Preparers of financial statements must exercise due care in encoding of information in th e soon-to-be published financial statements. Errors resulting from such carelessness may mislead users of financial information in making economic decisions for the company. 6. Problems are immortal. New policies, new standards, new conventions. These lead to problems especially in dealing with the preparation of the company’s financial statements. Instant compliance maybe difficult. Sometimes, resolving these problems might have adverse effects.It really depends on the company on how they are motivated to face these situations and eventually gear itself to imminent financial reporting problems in the future. References Acuna, C. , Bernaldo, R. , Dy, L. , Malabanan, R. , & Young, L. (2004). A comparative study on the performance and financial position of Jollibee and McDonald’s for the years 1999 – 2006. Unpublished undergraduate thesis. Manila, Philippines: De La Salle University. Jollibee Foods Corporation (2004). Jollibee Foods Corporation Annual Report 2004. Pasig City, Philippines. Jollibee Foods Corporation (2005). Jollibee Foods Corporation Annual Report 2005. Pasig City, Philippines Philippine Institute of Certified Public Accountants (2005). Philippine Accounting Standards Vol. 1-5. Mandaluyong City, Philippines.