Economies of Scale Economies of Scope in long run

Economies of Scale Economies of Scope in long run Paridhi Gupta Introduction Economies all about cost effectiveness. The term Scale is all about the benefits gained by the production of large volume of a product. The term scope is linked to the benefits gained by producing a wide variety of products by efficiently utilizing to same operations. What are Economies of Scale? The term economies of scale refers to a situation where the cost of producing one unit of a good or service decreases as the volume of production increases. Economies of scale arise when the cost per unit falls as output increases. Economies of scale are the main advantage of increasing the scale of production. Examples:- Table 1 Assume each unit of capital = Rs.5, Land = Rs.8 and Labour = Rs.2 Calculate TC and then AC for the two different ‘scales’ (‘sizes’) of production facility AC = TC / Q TABLE 2 Doubling the scale of production (a rise of 100%) has led to an increase in output of 200% therefore cost of production PER UNIT has fallen Don’t get confused between Total Cost and Average Cost Overall ‘costs’ will rise but unit costs can fall Classification of Economies of Scale: Marshall made a differentiating concepts of internal and external economies of scale. That is that when costs of input factors of production go down, it is a positive externality for all the firms in the market place, outside the control of any of the firms. Internal Economies of Scale Internal economies of scale relate to the lower unit costs a single firm can obtain by growing in size itself. This means that the internal economies are exclusively available to the expanding firm. Internal economies of scale may be classified under the following categories. Bulk- buying economies As businesses grow they need to order larger quantities of production inputs. For example, they will more raw materials. As the order value increases, a business obtains more bargaining power with suppliers. It may be able to obtain discounts and lower prices for the raw materials. Technical economies Businesses with large-scale production can use more advanced machinery (or use existing machinery more efficiently). This may include using mass production techniques, which are a more efficient form of production. A larger firm can also afford to invest more in research and development. Financial economies Many small businesses find it hard to obtain finance and when they do obtain it, the cost of the finance is often quite high. This is because small businesses are perceived as being riskier than larger businesses that have developed a good track record. Larger firms therefore find it easier to find potential lenders and to raise money at lower interest rates. Marketing economies Economies in marketing arise from the large –scale purchase of raw materials and other material inputs and large scale selling of the firm’s own product. Every part of marketing has a cost – particularly promotional methods such as advertising and running a sales force. Many of these marketing costs are fixed costs and so as a business gets larger, it is able to spread the cost of marketing over a wider range of products and sales – cutting the average marketing cost per unit. Managerial economies As a firm grows, there is greater potential for managers to specialise in particular tasks (e.g. marketing, human resource management, finance). Specialist managers are likely to be more efficient as they possess a high level of expertise, experience and qualifications compared to one person in a smaller firm trying to perform all of these roles. External economies of scale External economies of scale occur when a firm benefits from lower unit costs as a result of the whole industry growing in size. External economies accrue to the expanding firms from advantages arising outside the firm e.g. in the input markets. The main types are: Transport and communication As an industry establishes itself and grows in a particular region, it is likely that the government will provide better transport and communication links to improve accessibility to the region. This will lower transport costs for firms in the area as journey times are reduced and also attract more potential customers. For example, an area of Scotland known as Silicon Glen has attracted many high-tech firms and as a result improved air and road links have been built in the region. Training and education becomes more focused on the industry Universities and colleges will offer more courses suitable for a career in the industry which has become dominant in a region or nationally. For example, there are many more IT courses at being offered at colleges as the whole IT industry in the UK has developed recently. This means firms can benefit from having a larger pool of appropriately skilled workers to recruit from. Other industries grow to support this industry A network of suppliers or support industries may grow in size and/or locate close to the main industry. This means a firm has a greater chance of finding a high quality yet affordable supplier close to their site. The long run average cost curve (LRAC) The long run average cost curve (LRAC) is known as the ‘envelope curve’ and is usually drawn on the assumption of their being an infinite number of plant sizes – hence its smooth appearance in the next diagram below. The points of tangency between LRAC and SRAC curves do not occur at the minimum points of the SRAC curves except at the point where the minimum efficient scale (MES) is achieved. If LRAC is falling when output is increasing then the firm is experiencing economies of scale. For example a doubling of factor inputs might lead to a more than doubling of output. Economies of scope Economies of scope is a term that refers to the reduction of per-unit costs through the production of a wider variety of goods or services. Many firms produce more than one product. Sometimes, a firm’s products are closely linkes to one another. An automobile company, for instance, produces automobiles and trucks, a chicken farm produces poultry and eggs. At other times, firms produce physically unrelated products. In both caes, however, a firm is likely to enjoy production or cost advantages when it produces two or more products. These advantages could result from the joint use of inputs or production facilities, joint marketing programs, or possibly the cost savings of a common administration. Example of Economies of Scope McDonalds can produce both hamburgers and French fries at a lower average cost than what it would cost two separate firms to produce the same goods. This is because McDonalds hamburgers and French fries share the use of food storage, preparation facilities, and so forth during production. Difference between economies of scale and economies of scope Mergers and Acquisitions Mergers are basically combining of two business entities under common ownership. Two companies legally become one. All assets and liabilities being merged out of existence become assets and liabilities of surviving company. Under acquisitions one firm buys the assets or shares of another. Acquired company becomes subsidiary of purchasing company. Different Types of Mergers A horizontal merger This kind of merger exists between two companies who compete in the same industry segment. A vertical merger Vertical merger is a kind in which two or more companies in the same industry but in different fields combine together in business. Co-generic mergers Co-generic merger is a kind in which two or more companies in association are some way or the other related to the production processes, business markets, or basic required technologies. Conglomerate Mergers Conglomerate merger is a kind of venture in which two or more companies belonging to different industrial sectors combine their operations Different Types of acquisitions Friendly acquisition Both the companies approve of the acquisition under friendly terms. Reverse acquisition A private company takes over a public company. Back flip acquisition- A very rare case of acquisition in which, the purchasing company becomes a subsidiary of the purchased company. Hostile acquisition Here, as the name suggests, the entire process is done by force. Motives for Mergers Acquisitions Economies of large scale business large scale business organization enjoys both internal and external economies. Elimination of competition It eliminates severe, intense and wasteful expenditure by different competing organizations. Desire to enjoy monopoly power MA leads to monopolistic control in the market. Adoption of modern technology corporate organization requires large resources Lack of technical and managerial talent Industrialization, scarcity of entrepreneurial, managerial and technical talent Creation of Synergies The financial benefit that two companies may derive from a merger or acquisition is called synergy. The synergistic effect may also refer to the cost reduction a merger brings about by eliminating or streamlining redundant processes. Different types of Synergies enjoyed through MA Management Synergy Management synergy refers that the companies use its extensive and efficient management resources through new permutations and combinations after MA to improve the existing management and finally increase the revenue. Operating Synergy Operating synergy refers to the improvement of production and operation efficiency of enterprises which caused by economies of scale and economy of scope after MA. Financial Synergy Financial synergy refers to the financial benefits generated by MA transaction. It is a net cash flow on benefits which are caused by tax laws, accounting standards and other provisions of the securities and exchange. Production Synergy Two companies that merge may be able to produce more revenue than either one could produce independently by combining the most efficient processes each brings to the merger. Risks Analysis of the Realization of Synergistic Effect The risks of the realization of synergistic effect refers to the uncertainty of the increment of corporation value and the performance of strategic MA. Such risks always exist throughout the whole process of synergistic effect realization. From the view of the root causes of the risks, such risks can be divided into internal risks and external risks Internal Risks Internal risks mainly refer to the synergistic effect of risks which is caused by MA transactions and integration. Synergistic effect of internal risks mainly includes financial risk integration risk anti-MA risk principal-agent risk asymmetric information risk 1) Financial risk. MA often requires large amounts of capital, how to raise funds in short term is very important. Companies can use cash, stock or debt financing for the MA. Either way, there are great risks. If companies use cash to complete the MA, there will have the following short-comings: first of all, a one-time large amount of cash outflow for MA will cause intense pressure on the production and management of the enterprise. Second, the trade size will be restricted by the ability to obtain cash and lead to the failure of a large-scale MA. Moreover, the merged side may not like cash payment, because they cannot get the new company’s equity, this situation will also lead to MA risks. 2) Integration risk. According to a survey on the failure of MA, about 80% of MA failures are caused by enterprise integration failures. The MA integration risk is manifested mainly in the following three aspects: first, production and technology cannot achieve the expected synergy after MA. For example, the MA side usually wants to implement diversification through MA so as to enter new areas, when the growth of the new areas are faced with obstacles, it often makes MA activities in trouble. Second, the integration of personnel, institution and culture after MA. If the enterprise cannot make effective integration according to the designed MA plan, this will lead to the conflict of personnel, institution and cultural be-tween new and old enterprises and resulting in internal friction. Third, the impact of MA on business relationships, such as the impact on customers and suppliers. MA might cause deterioration in external business relationship and lose some customers and suppliers, thus lead to the increa se of enterprise’s operating costs and reduction its profitability. 3) Anti-MA risk Under normal circumstances, the merged enterprise’s attitude of MA is uncooperative. Because the merged enterprises are usually inferior enterprises, they will find ways to stop MA. Such practices will greatly increase the MA risks. In addition, under the modern corporate governance structure, a successful MA must first be accepted by enterprise management, then adopted by the board of directors in the enterprise, at last obtain the consent of the large, small and medium-sized investors. 4) Principal-agent risk For pursuing business expansion, the senior executives with information superiority might ignore the interests of shareholders to meet the needs of their individual fame and fortune. The â€Å"out of control† risk of principal-agent relationship in MA decision is very dangerous. In a company, the relationship between its manager and corporate owners is principal-agent relationship. The company management might pursuit company expansion for their own interests to show their performance. They have information superiority and might agree on the unreasonable terms of the target company without considering its own financial and operating conditions. This conduct will increase the realization cost of synergy and reduced synergy benefits. 5) Asymmetric information risk In the market mechanism of incomplete competition, the problem of information asymmetry is quite general. During the course of strong company’s acquisition of target company, the target company’s executives might conceal the facts such as enterprise’s hidden losses of contingent liability and the true value of patents to achieve their private intentions. They might also collude with the agency or the insider of the strong enterprise to make false information so that the policy makers of the merging side might make wrong decisions. External Risks As synergistic effect is based on certain of development strategy and the formulation of such a development strategy is based on external environment, therefore, the changes in external environment not only affects the enterprise’s development strategy, but also cause the deviation from the expected synergies. The external risks of synergistic effect mainly include policy risk legal risk industrial risk. 1) Policy risk. Policy risk refers to the synergy risk which caused by the adjustment of national economic policies. The government develops special policies to protect the vested interests of government and â€Å"special groups† or uses administrative means to arbitrarily change its policy to destroy the normal order of market competition, such behavior would increase the risk of synergy. 2) Legal risk. Legal risk mainly lies in the following three aspects. The first is the provisions of anti-monopoly law. Most of western countries developed a series of anti-monopoly laws to safeguard fair competition. The second is the specific provisions of MA in the law. For instance, according to the correlated laws, if the acquirer holds 5% of a listed company’s shares, it must notice and suspend trading, for each 2% subsequent increment, it is necessary to repeat the process, if holding 30% of the shares, it must launch a comprehensive tender offer. This provision leads to great increase of the acquisition costs and MA risk. Thirdly, during the course of MA, as laws and regulations are incomplete, the conduct of company cannot be guided correctly, thus result in the increase of MA risk. 3) Industrial risk. Industry risk refers to the uncertainty of the industry prospects caused by the changes of country’s economic situation and industrial policy, which might influence the enterprise development strategy. In the process of MA decision-making, many enterprises sink into woeful situation because they are not familiar with the new industry they wish to enter or without a accurate grasp of the industry prospects. The â€Å"big diving† of e-commerce enterprises in the last two years are good examples. Conclusion Bibliography http://tutor2u.net/economics/content/essentials/economies_scale_scope.htm http://www.tutor2u.net/business/gcse/downloads/production_economies_of_scale.pdf www.scirp.org/journal/PaperDownload.aspx?paperID=4385 Pindyck, Rubinfield, Mehta, MicroEconomics, 7th Edition, Pearson

Human Resourse Management Essay -- GCSE Business Marketing Coursework

HRM Human Resource Management: How Groups Behave Differently ORGANISATIONAL BEHAVIOUR AND ANALYSIS COURSE ASSIGNMENT QUESTION 2 IN WHAT WAYS DO GROUPS BEHAVE DIFFERENTLY FROM INDIVIDUALS? This essay will attempt to answer the above question by not only studying the conduct of individuals and groups in a work context, but also by looking at the causes of behaviour. Organisational behaviour theories, experiments and case studies will be used to investigate the behaviour of first the individual and then the group in a work environment. The term "group" for the purposes of this assignment as been defined as a formal group which has been established by an organisation at a point in time in with the purpose of achieving a specified goal. Although it is noted that many friendship and informal groupings do develop. When both the behaviour of the individual and the group have been assessed, a discussion will be made as to how these behavioural patterns differ, why they differ and to what extent they differ. Individual Behaviour. There are many theories of human behaviour used for the purposes of management and these are constantly being updated. Traditional management thinking focuses on the idea that in order to understand how a person will act in a given set of circumstances, individuals motives have to be assessed. A more modern approach looks at the individuals: abilities, personality, personality traits, ethics and culture. Traditional View In earlier models it was first assumed that people were basically the same, that they had the same wants and needs. Leavitt [1] suggested that there are certain generalisations, which are useful in predicting human behaviour. In order to illustrate these generalisations he asked this question, "What are the fundamental, unexceptionally truths of human behaviour?" Some of the answers he found included: People are products of their environment. People want security. All people want is bread and butter. People are fundamentally lazy. People are fundamentally selfish. Pe ople want the chance to show what they can do. Although many of the answers that were received were contradictory, Leavitt believed that at another level the contradiction disappears and that there are three basic assumptions that can be made... ...ery differentially than it's separate individuals. In many cases a student's own individual traits; ability, personality, values and ethics and culture, the elements which would normally govern their work behaviour have been cancelled out by the group process of norms. In the Southwestern example - before the introduction of effected behaviour, the majority of students conformed to the new level of work habits and conduct, and the variance in sales levels decreased and the average sales levels increased. Hopefully this essay has now highlighted that groups can behave differently from individuals, showed the ways in which the behaviour can vary and the reasons for yet been mentioned is to what extent the behaviour differs. This is very subjective and difficult to assess. Can you put an actual figure on the benefits or disadvantages of working in a group? This is maybe an area for future research. Bibliography Brewer M and Miller N (1996) Intergroup Relations Fincham and Rhodes (1999) Principals of Organisational Behaviour Huczynski and Buchanan (1991) Organisational Behaviour Hunt J (1992) Managing People at Work Leavitt H (1972) Managerial Psychology Makin P, Cooper C, Cox

Mise-En-Scene Essay

Forrest Gump For over a century now, individuals have been flocking to witness the magic of motion pictures. It is a world made possible by a director and a dream. Unbeknownst to many, the making of a motion picture is a tedious event, involving scripts, takes, re-takes, and an abundance of post-production editing. Many people sit and enjoy a movie without realizing the complexities and the amount of individuals involved in creating the film. These individuals create the landscapes and backboards for us, the ultimate image also known as the mise-en-scene. My favorite film of all time is Forrest Gump. Forrest Gump will go down in history as one of the greatest films ever made. This film was nominated for thirteen Academy Awards, and took home six of them. This is in part because of the phenomenal cast and crew members involved in the production of this film; individuals such as the director, cinematographer, and art director, to the actors, sound people, and most importantly the editor, who pulled everything together and created the final cut. All of these plus additional elements such as sound, style, societal impact, genre, and film criticism make the film such a masterpiece. In this paper I will go into detail about these elements and as to why they add character and zest to the overall success of the film. Forrest Gump is a film that draws out every emotion that is available to the viewer; at times it draws empathy, as well as sympathy and sadness because of the real-life elements that are a part of the plot. The film is also loaded with irony and many opportunities to laugh at the naivety of the main character, Forrest Gump. Forrest Gump is a story about an â€Å"Unusual man doing unusual things† (Groom, 1996, pg. v). As a result of how fantastic the film was, and how great the crew and cast were, Forrest Gump was nominated for thirteen Oscars at the Academy; which is a highly prestigious honor. Almost all elements of this film were up to be recognized. The list of elements that won an Oscar: best actor, best director, best effects (visual effects), best film editing, best picture, and best writing. However, the list goes on even further when me ntioning the additional ones that were nominated but did not win. This would include: best supporting actor, best art direction-set decoration, best cinematography, best effects (sound effects), best make-up, best music, and best sound (Dirks, 2010). Every one of these elements is crucial to the popularity and overall success of this film. What I plan to take notice of first is the director, Robert Zemeckis. Robert has led a successful career of directing many blockbuster hit movies. Movies such as the Back to the Future trilogy, Cast Away, Contact, and Who Framed Roger Rabbit, just to name a few. It is no wonder why Robert is such a successful and well-known name in Hollywood. Robert is a director that continually makes great films that have recurring actors, Tom Hanks being one of these actors. The style of storyline that Robert chose to use in this film is mostly in chronological order; however, the story is narrated by Forrest in the future, so the story also has moments of incongruous editing. The text states that incongruous editing is when a film jumps around in time (Goodykontz & Jacobs, 2011). You see ’future’ Forrest is telling the story of his life to numerous people who are sitting next to him at the bus stop. The story that he tells is in chronological order, basically catching up to where he is at that moment, at the bus stop. I highly enjoyed this approach that the director used; the story would continually flip back to ‘future’ Forrest as the movie went on. I believe that the movie would have been dull, had it not been from the perspective of Forrest in the future. Excitement is added by the way that he remembers the events in his life, and how even today he is still excited about them. This movie was adapted from the book of the same name, written by Warren Groom and the screenplay was written by Eric Roth. Although much of the story was changed, between the book and the film, it still remains based on the book. This is a story of a man who is highly naive, some would say slightly mentally challenged, who travels the world and is involved with many political events that occurred from the 1960’s to 1990’s. He faces hardships and overcomes adversity. In the final scenes devastating news is given to Forrest; the conclusion in this movie really pulls the whole movie together and makes it very satisfying. The exposition of this movie is right out the box with this film. It starts with a feather floating high in the shy aimlessly, drifting down towards the ground. At first the audience thinks nothing of it, however, as we later on see, this feather floating and landing on the ground in front of a dingy, worn pair of running shoes, is a symbol of the story. It is a symbol of the life of Forrest Gump, a man who drifts everywhere and becomes a part of many cultural events. We then come to realize that Forrest is a little slow and does not perceive the world as the majority of people do; with this we find a lot of verbal irony on Forrest’s behalf. The set-up is that Forrest is pushed away by his peers except a little girl named Jenny. Forrest is the protagonist in this film and his friend Jenny is the antagonist. Goodykoontz and Jacobs describe a protagonist as the main character in a movie; they also describe the antagonist as the character in conflict with the main character (Goodykontz & Jacobs, 2011). Forrest is highly conservative, and Jenny is an outright liberal. As the story goes on, Jenny becomes more and more rebellious towards society’s standards. The confrontation is that Forrest is forever seeking to save Jenny, and to get her to conform to the way of life that he lives. However, Jenny is highly rebellious and wants to live the unhealthy lifestyle that she lives. Jenny was abused as a child and she lives very domineering to the men in her life, and since Forrest is good, she pushes him away, because all she knows is destruction. The conclusion brings everything to a head. This is where Forrest goes to Jenny’s house where she lays on him that she has a son and it is his. This is where it gets all fuzzy, emotionally, because we find out that finally Jenny is settling down and accepting Forrest and his conservative ways. However, in the final moments of the film the story turns sad and Jenny dies of an unknown illness; which leaves Forrest to care for his son that he previously knew nothing about. The main character in this movie, Forrest, is played by Tom Hanks, who is a career veteran of great movies; he is a wild card actor because he is able to play various types of roles (Goodykontz & Jacobs, 2011). There are a couple of secondary actors, Jenny, played by Robin White; Lieutenant Dan Taylor, played by Gary Sinise; and Benjamin Buford â€Å"Bubba† Blue, played by Mykelti Williamson; all of these actors would be classified as character actors, because they have been in other various films, but were always secondary characters (Goodykoontz & Jacobs, 2011). Sally Field is also in this film as Forrest’s mother, but the audience does not see too much of her. Tom Hanks won an Oscar for his grand performance in Forrest Gump. He also won many other prestigious awards such as a Screen Actors Guild award, a Golden Globe, a Kansas City Film Critics award, and an American Comedy award. Robin White and Gary Sinise were nominated for a Golden Globe and a Screen Actors Guild award, but neither won. The cinematographer in this film is a man by the name of Don Burgess. Don was also the cinematographer in other Robert Zemeckis films, such as Contact, Cast Away, and The Polar Express (the latter two films had Tom Hanks in them). The cinematographer in a film is the one who directs the camera and chooses what kind of shot will take place, whether it be a long shot, a close-up, or somewhere in between. They also control the lighting and determine what will be best for each particular scene. The cinematographer designs the mise-en-scene. In the beginning we see a medium shot of a feather floating in the wind; the feather then lands on the ground which the cinematographer uses an extreme close-up of the feather and Forrest’s sneakers. Following this the camera zooms out and moves up to display Forrest sitting on a bus stop bench, next to a woman, as he is commenting about her shoes. This series of events and different shots really adds to the zest of the film. Right off we can hear Forrest’s manner of speaking, in addition to the way that he perceives the world. Another scene that I would like to point out is when Forrest is in Vietnam, and he finds Bubba shot. In this scene the cinematographer uses a lot of close-up shots of Forrest and Bubba. I believe this is to hype up the dramatics of the situation. However, a few moments later Forrest picks up Bubba and runs with him out of the jungle. In this scene the cinematographer uses an extreme long shot; the scene lasts a full 25 seconds, which is a long time for a shot in a movie (Goodykontz & Jacobs, 2011). In this scene, Forrest and Bubba start from far away as they exit the jungle, it continues to progress until finally they run past the camera. This is a very important scene in the film where Bubba eventually dies. The cinematographer did an excellent job of capturing the planes overhead bombing, while Forrest is trying to save his friend. This scene is very meaningful. The editor of this film is Arthur Schmidt. An editor is the person who pieces all the appropriate shots into the final cut, basically rearranging the story into a plot (Goodykontz & Jacob, 2011). Arthur Schmidt won an Academy Award for his stupendous work in this film. There was a ton of post-production done on this film. There was a scene where Forrest meets, President John F. Kennedy, the visual effects team along with the editor made this scene possible; since John F. Kennedy is currently diceased. Another scene takes place where Forrest is running rom some boys because they are chasing him down. In this scene Forrest is wearing leg braces, but there is a moment when Forrest begins breaking out of the braces, while he is running. The editor slows this scene down and closes in on Forrest’s legs, in order to emphasize him breaking out of the bondage that the braces caused. This is a pivotal scene, it is the prelude to the rest of the movie where Forrest is constantly on the move; his legs are a way for him to escape. In addition, this scene is full of direct cuts and jump cuts. A jump cut is when there is an obvious jump in the action during a transition, and a direct cut is when one shot instantly takes over for another shot (Goodykontz & Jacobs, 2011). The various elements that the editor used were simply fantastic; it is no wonder why he won an Oscar for this film. There are many moments in this film where all types of sound are utilized, specifically sound effects and music. Each of these effects boosts the emotional value of scenes. There is a scene where Forrest is getting on the school bus for the first time. He is having trouble finding a seat because all of the students are denying him there seat. All of a sudden he hears the voice of a little girl saying, â€Å"you can sit hear†. During this scene, sentimental music plays in the background, simply adding emotional value to what Tom Hanks is saying. Forrest says to the woman on the bench next to him, as he is narrating the scene, that he finds it, â€Å"amazing what a young man recollects,† how he doesn’t, remember many of his ‘firsts’, but he cannot forget the first time he heard Jenny’s voice, he says that, â€Å"she was like an angel† (Finerman, Tisch, & Newirth, 1994). In addition to the music, every sound other than dialogue was a sound effect that was added post-production. This film was also recognized for its phenomenal soundtrack. In some movies songs are intentionally written for that particular movie, but in Forrest Gump these are previously existing songs that the director thought would fit the tone or mood of the particular scene(s) (Goodykontz & Jacobs, 2011). It is the soundtrack of the 60’s, filled with political songs such as â€Å"For What it’s Worth,† by Buffalo Springfield, and â€Å"Fortunate Son,† by Creedance Clearwater Revival. It also contained songs suitable for the action that was taking place, like â€Å"Sloop John B,† by The Beach Boys, while Forrest is in Vietnam. The song mentions the lyrics, â€Å"This is the worst trip I’ve ever been on,† and, â€Å"I feel so broke up, I wanna go home, let me go home,† these lyrics seem highly fitting for the scenario that the troops were in. The soundtrack won both an Academy Award and a Golden Globe. In our text it quotes that, â€Å"even though we go to films to be entertained†¦movies are something more than that†¦they are also historical documents that help us see—and perhaps more fully understand—the world in which they are made† (Goodykontz & Jacobs, 2011). Forrest Gump touched on a lot cultural events and stigmas. First off is that Forrest is disabled and still was able to do more than most people who are not disabled do in their life. In addition, Forrest saw all people as equal, no matter what skin color they had. He also gave money to Bubba’s family, even though Bubba had died before Forrest created the Bubba Gump Shrimp Co. Forrest gave Bubba’s half of the profits to Bubba’s remaining family. Bubba gave Forrest the idea and Forrest was paying due to his lost friend, through his family. This is something that he definitely did not have to do. He stands for anyone who has ever felt inadequate. Forrest Gump will go down in the history books as one of the greatest films ever made. This is because a huge number of cast and crew made this possible, from the director, cinematographer, and art director, to the actors, sound people, and most importantly the editor, who pulled everything together and created the final cut. Additional elements should be recognized as well for the overall success of the film, such as sound, style, societal impact, genre, and film criticism. A lot of hard work, time and effort go into making a movie, and unfortunately not a lot of the public are aware of this. However, once they learn a few things and realize the distinct meaning behind a slow-motion shot or the color of a characters costume, they take a more appreciative look as to what they are viewing. The mise-en-scene makes all the difference; it is what makes or breaks any movie.

I Am The Best Teachers - 771 Words

Working with others to perfect our investment plan was very beneficial. As we work to be the best teachers for our students it is important that we take the time to explain to students what we are working toward and why. Goal setting allows students to understand the purpose of all tasks and to also be investing in the content. As the readings were very valuable and presented many data collection and analysis tools, I believe I pushed my teammates to incorporated student voice more often. As Ashlee is working toward students being able to make personal connections to the Big Goal, I suggested that she have an initial discussion around students’ personal connections to the â€Å"why.† This would allow her to talk less and allow students to ask meaningful and clarifying questions as Joel (2007) states. In addition, Nikola looks for her students to be able to state where they are individually in relationship to the Big Goal. As she incorporates the student progress chart Marzano (2009) discusses, I challenged her to meet with students individually to set personal goals. These two articles were most impactful throughout my planning and review of group members’ plans this week. I hope that my feedback was meaningful and added quality items to include in my group members’ investment plans, which help them as teachers and their students. Completing this investment plan with my teammates helped me experience growth in different areas. As a very type A person I am very organized andShow MoreRelatedI Am My Best Teacher774 Words   |  4 PagesOver the past school year, I’ve started developing my own idea of what it means to be a teacher, and how I can be the best teacher to the students who walk into my classroom at the beginning of each semester. As a new teacher, who isn’t much older than some of her students, being able to relate to them on a personal level becomes an important part of my pedagogy. 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When deciding what management, styles is best for you one must abjectly look at all the facts about each teaching style and say this is the kind of teacher I want to be andRead MorePursuing A Doctor Of Education ( Ed.d )984 Words   |  4 PagesIf admitted, I intend to pursue a Doctor of Education (Ed.D). in Educational Administration on a full-time basis through the combined program resulting in building and district licensure. After accomplishing a doctoral degree in Educational Administration, I intend to lead as an executive leader in school district(s), shape curriculum and instructional pedagogies, teach future teachers, and to contribute to the changing landscape of educational research. I believe my experiences as a scholar,Read MoreProfessional Skills As A Teacher872 Words   |  4 Pagesconstantly changing clientele and practices. To be a successful teacher in this field one must be committed to lifelong learning. 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Ban On Tobacco By The Government Of India - 1078 Words

BAN ON TOBACCO BY THE GOVERMENT OF INDIA INTRODUCTION According to Brown Williamson Tobacco Corporation â€Å"From an ethical standpoint, it would be wrong to try to cause people to take the risk of smoking. But even beyond the moral issue, for a product such as cigarettes well known to have serious health risks, it would be difficult even to understand how an advertising campaign could be devised to convince people to smoke. India s tobacco problem is very complex; the quote above depicts how ethically wrong it is for tobacco to be advertised publicly without control or adequate legislation in India. Several people in India especially under age children smoke, with a large use of a variety of smoking forms and an array of smokeless tobacco products. Many of these products are manufactured as cottage and small-scale industries using varying mixtures and widely differing processes of manufacturing. Taking a look at the statistics released by world agency as stated in the passage, according to the World Health Organization (WHO), tobacco accounted for over 3 million deaths in 1990, the figure rising to 4.023 million deaths in 1998. It was estimated that tobacco related deaths would rise to 8.4 million in 2020 and to 10 million in about 2030. There was an increasing fear that tobacco companies were inducing children and young people to begin experimenting with tobacco products, and in this way initiate regul ar smoking. Summary of arguments in favor of the ban on tobaccoShow MoreRelatedBan On Tobacco Advertisements By The Government Of India Essay736 Words   |  3 PagesAssignment Unit 4 Ban on Tobacco Ads by the Government of India I remembered years ago the California Supreme Courts forced RJ Reynolds to remove their mascot, Joe Camel from all its products. RJ Reynolds would argue that this advertising had nothing to do with selling cigarettes or marketing to minors. This is not a new concept for California, as early as the 1920’s Hollywood has glamorized smoking. It is clear, the direction that the tobacco companies wanted to have a say. The tobacco companies paidRead MoreBan On Tobacco Advertisements By The Government Of India991 Words   |  4 PagesBan on Tobacco Ads by the Government of India 1. Summarize the arguments in favor of the ban on tobacco advertising in India 2. Summarize the arguments in opposition of the ban on tobacco advertising in India 3. Discuss the conflict of interest issue as it pertains to government in India 4. Give your opinion on what governments should do in regards to tobacco advertising Smoking is on my list of not to do. Since I was a little girl my dad used to smoke a lot in our living room. I remember thisRead MoreBan On Tobacco Advertisements By The Government Of India864 Words   |  4 PagesBan on Tobacco Ads by the Government of India A Case Study 1. A summary of the arguments in favor of the ban on tobacco advertising. The arguments in favor of the government banning tobacco advertising generally begins with the belief that the government has the right to intervene in the best interest of its citizens. The banning of cocaine, which is generally seen as worldwide, is often used as an example of this. Public health is often the motive that is cited when countries such as Belgium andRead MoreBan On Tobacco Advertisements By The Government Of India864 Words   |  4 PagesBan on Tobacco Ads by The Government of India: 1. Summarize the arguments in favor of the ban on tobacco advertising in India  · It was said that French Constitutional council declared that ban on advertising tobacco products was not constitutional, it based on the need to protect public health  · They argued that the revenue logic of huge contribution in the form of excise to the Exchequer is not valid  · According to World Health Organization, tobacco accounted for overRead MoreBan On Tobacco Advertisements By The Government Of India1444 Words   |  6 PagesBan on Tobacco Ads by the Government of India Tobacco is one of the world’s most profitable industries. The top three producers of tobacco are: China, Brazil, and India, in that order. These industries provide direct and indirect work for many people in developing countries. Thus, like any good company it wishes to expose its products to the public by investing in ads and other merchandise of its product. All companies end goal (and of course this included tobacco) is to increase the appeal andRead MoreThe Government Of India ( Goi ) Proposed Ban On Tobacco Advertising947 Words   |  4 Pages1. The Government of India (GOI) proposed ban on tobacco advertising was not unusual keeping in view the international precedents. Countries like France, Finland, and Norway had already imposed similar bans. An example is Belgium whose Supreme Court (of Appeal in 1981, gave its ruling that a ban on tobacco advertising was not unconstitutional. In a case which started in 1991 and ended in 1997, RJ Reynolds Tobacco Company, marketer o f Camel cigarettes, was forced to withdraw its mascot, Joe CarmelRead MoreIndia s Government Should Ban Tobacco Advertisements900 Words   |  4 Pagesthe issue of tobacco advertising, and weigh the merit of each opposing viewpoint on whether or not India’s government should ban tobacco advertisements. 1. 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Is it ethical for the Government toRead MoreThe Government Of India ( Goi ) Proposed Ban On Tobacco Advertising946 Words   |  4 PagesThe Government of India (GOI) proposed ban on tobacco advertising was not unusual keeping in view the international precedents. Countries like France, Finland, and Norway had already imposed similar bans. An example is Belgium whose Supreme Court (of Appeal in 1981, gave its ruling that a ban on tobacco advertising was not unconstitutional. In a case which started in 1991 and ended in 1997, RJ Reynolds Tobacco Company, marketer of Camel cigarettes, was forc ed to withdraw its mascot, Joe Carmel, anRead MoreBan Tobacco Ban On Tobacco859 Words   |  4 PagesSupporters of the ban on tobacco in India realize the major health complications that will arise from the use of tobacco. The World Health Organization estimated â€Å"over 3 million people died from tobacco related deaths in 1990,† (Ban on Tobacco Ads by the Government in India; http://www.icmrindia.org/free%20resources/casestudies/ban-tobacco-ads11.htm ). It is the government’s duty to protect the health and welfare of its citizens by banning advertising harmful products that are designed to appeal

The Assassination of John F Kennedy - 1677 Words

The Assassination of John F Kennedy From source B we can learn many things about JFKs assassination. We learn that JFK was hit by 2 shots the second one killing him apparently hitting from the back, into his right temple. Source B also stated that 3 shots were fired from the sixth floor of the Texas schoolbook depository. The rifleman was named Lee Harvey Oswald. Source B declares the assassination weapon to be a Mannlincher - carcano rifle. Source B written by the Warren Commission states Oswald had no accomplices. To me this seems quite unbelievable. People who knew him in the marines said he had a Pathetic Shot. The gun he apparently used would not be a weapon likely to be used in an assassination attempt,†¦show more content†¦Source F doesnt really explain that Oswald acted alone. It states he was on the Fair Play for Cuba committee and he was interested in left wing politics. Source F is meant to look like a communist conspiracy because at the time Kennedy was thought to have won a political battle over the Cuban missile crisis. Study sources G, H, I and J How useful are these sources in providing information to support the view that Lee Harvey Oswald was not acting alone? These sources are useful in providing information that Oswald didnt act alone in the assassination of JFK. Source G shows eyewitness accounts contradict the Warren report. Jean Hill a schoolteacher said she heard 4-6 shots and there were different guns being fired, she knew this, as she was familiar to guns. Gordon Arnold a young soldier heard a shot come from behind him, as he was standing by grassy knoll. Source G is unreliable, as two witnesses contradicts one another. Bonnie Williams said he ate lunch on the sixth floor and left at 12:20, he recalls nobody being there. While watching the parade Arnold Williams said he saw a man holding a rifle with a telescopic sight at about 12:15 (on 6th floor). Arnold Williams statement seems suspicious as it should of alarmed him more. Source H infers it was unlikely Oswald was a loneShow MoreRelatedThe Assassination Of John F. Kennedy982 Words   |  4 Pages O’Reilly and Dugard’s book, Killing Kennedy, is about the events leading to President John F. Kennedy being shot, as well as what happened after the assassination. This book also describes the rise and fall of John F. Kennedy. The authors also wrote about the Cold War, Kennedy dealing with communism, and threats of crime. January of 1961, the cold war was growing stronger and Kennedy was struggling with communism. During all of this happening, he was learning what it meant to be a president. HeRead MoreThe Assassination Of John F. Kennedy1620 Words   |  7 Pages Ever since the assassination of John F. Kennedy in 1963, there has been controversy over whether the true gunman was held accountable. The United States Government claimed that it was an easy, open and closed case. They found Lee Harvey Oswald, close to ground zero, with a freshly fired riffle, immediately after JFK was shot. Contrary to the governments report, skeptics argue a vast scope of conspiracies to shed light on what they believe happened that day; ideas ranging from magic bullets, multipleRead MoreThe Kennedy Assassinations By John F. Kennedy Essay1486 Words   |  6 Pages Decades later, the Kennedy assassinations and surrounding mysteries continue holding public interest. Although their notoriety as charismatic leaders is a significant contribution, other factors regarding societal psychology deserve consideration whilst exploring this phenomenon. With these events occurring during a time that allows living witnesses, modern accessible evidence, various media covera ge, and visible modern impact, the mysterious Kennedy assassinations have the capacity to encourageRead MoreJohn F. Kennedy Assassination1618 Words   |  7 PagesJohn F. Kennedy Assassination Was John F. Kennedy’s assassination a single shooter or was it a conspiracy? Since November 22, 1963 people around the world have wondered who it was that shot President Kennedy, and what for. So many questions have formed around this event, not just about who the shooter was, but also questions like what might the world have been like today if the shooting didn’t happen? The Kennedy assassination has been a mystery for many years. A lot of people hear about the differentRead MoreAssassination Of John F. Kennedy1002 Words   |  5 PagesThe Assassination of John F. Kennedy â€Å"Our most basic common link is that we all inhabit this planet. We all breathe the same air. We all cherish our children’s future. And we are all mortal.† President Kennedy stated in his commencement speech at American University on June 10, 1963. John F. Kennedy was an American politician who served as the 35th President of the United States from January 1961 to his assassination in November 1963. There are numerous conspiracy theories involving Kennedy’s assassinationRead MoreAssassination of John F. Kennedy931 Words   |  4 PagesThe John F. Kennedy assassination is believed to be one of the most controversial and debated topics in American History. JFK was one of the most beloved presidents of our time. Other assassinations of presidents didn’t have as many Conspiracy theories compared to the JFK assassination on November 22nd, 1963. Some of the theories include a Government cover-up, Mafia influence, and Cuban President Fidel Castro (Stern). T he assassination of John F. Kennedy in Dallas, Texas, raised many questions thatRead MoreThe Assassination Of John F. Kennedy1500 Words   |  6 PagesOn November 23, 1963, three shots were fired at President John F. Kennedy’s limousine in Dallas, Texas. The first shot went through the president’s neck, the second was the fatal shot that would ultimately end Kennedy’s life. There is a lot of speculation about what really took place in the assassination of John F. Kennedy. Many people believe that Lee Harvey Oswald worked alone, but there are many people across the nation who think differently. Many theories can both support and disprove that LeeRead MoreThe Assassination Of John F. Kennedy1626 Words   |  7 PagesThe Assassination of John F. Kennedy John F. Kennedy, the 35th President of the United States, was assassinated on November 22, 1963 at 12:30 p.m Central Standard Time in Dallas, Texas while riding in a motorcade in Dealey Plaza.[1] Kennedy was fatally shot by Lee Harvey Oswald while he was riding with his wife, Jacqueline, Texas Governor John Connally, and Connally s wife, Nellie, in a presidential motorcade. A ten-month investigation by the Warren Commission from November 1963 to September 1964Read MoreThe Assassination Of John F. Kennedy Essay967 Words   |  4 PagesThe book I chose to read is The Assassination of John F. Kennedy by Lauren Spencer. It was published in 2002 by The Rosen Publishing Group, Inc. It contains 64 pages. This book not only provides information on the killing of President Kennedy, but also information on his life, the arrested murderer s life, and more interesting background information and details. This books main objective is to go deeper into the case of John F. Kennedy s assassination, to discuss personal information about suspectsRead MoreAssassination of John F Kennedy1119 Words   |  5 Pagessixth floor of the Texas School Book Depository Building. However, did Lee Harvey Oswald, a crazy lunatic act alone in the assassination of President Kennedy. Both first – hand knowledge and visual evidence allows people to re – examine the events of this day and prove that there were other gunmen involved in the bombardment of our youngest elected president. John F. Kennedy was depicted as a nationwide hero to many Catholics living in the U.S. during the early 1960’s. He was idolized by several

Financial Accounting Reporting and Assurance

Question: Discuss about the Financial Accounting Reporting and Assurance. Answer: Introduction: The accounting information of Astral Music can help the users of the information in arriving at superior and informed decision. The users of Astrals accounting information include internal users (management, members of the staff and the owners) as well as the external users (creditors, tax authorities, financiers, customers as well as the regulatory authorities) (Deegan, 2013). The overall analysis of the case study can help in the process of ascertainment of the users of the accounting information of Astral Music. The owners Natasha and Anastasia can be regarded as the internal user of the information. Anastasia being the equity participant is also a part owner of the business and require the accounting information as Anastasias decision to stay. The two owners need the accounting information for analysing the financial condition of the firm. Natasha and Anastasia need to use the accounting information for evaluating the feasibility and profitability of the investments they have mad e (Weil et al., 2013). In addition to this, the owners also need the accounting information for determination of the upcoming course of action (Edwards, 2013). Moreover, the new management of the Astral also have the need of the financial information for evaluating the overall performance as well as the position of the business concern for undertaking suitable measures for improvement of the results of the company. In particular, the former owner of the company Olga also require the accounting information as she is entitled to receive certain percentage of profits from the present business of Astra for the initial three years of the operations necessarily on a descending rate. Therefore, Olga also needs to keep track of the financial information of the company for receiving the stipulated share of profits. The employees of the firm Astral Music also require the accounting information for assessment of the profitability of the firm and its consequence on the security of their job and remuneration structure. The creditors of the firm also require the accounting information. As mentioned in the case study, Natasha will have to acquire loan from bank for replacement of the investment of Anastasia in case if Anastasia decides to pull out of the business at the end of the first year. Therefore, the bank being a financier would require the accounting information of the company Astral Music Inc. for disbursement of the loan (Pratt, 2013). In addition to this, the regulatory authorities would also require the accounting information for making it certain that the disclosures of different accounting information are essentially in accordance with the accounting rules as well as regulations. It is important for the regulatory authority to access the accounting information for the purpose of fortification of the interests of all the stakeholders who utilize the information for framing their decisions (Horngren et al., 2013). Identification of the various accounting issues facing Astral As per the case study, it can be hereby ascertained that there exists accounting issues regarding the sharing of the business profits with Olga on a descending rate. The share of the profits is as per the valuation of the ongoing business during the time of purchase. Again, as mentioned in the case study, Astral failed to recover the different instruments in around 50 % of the cases. Therefore, there exists an issue as regards the accounting of different bad debts and doubtful accounts. Again, the management of the Astral placed order to the Czech corporation for manufacturing of the instruments that would be sold under Astrals brand. This required maintenance of different departmental financial statements, departments as well as agencies (Henderson et al., 2015). This also proves to be an accounting issue to the firm. In addition to this, the manufacturing company also offered a discount of approximately 50% to different structural defects of products. As per the agreement, the disc ounts were supposed to be modified against different future purchases. The adjustments can also be regarded as an accounting issue faced by the management of Astral. Again, in the middle of the year Astral Music placed order to the Czech manufacturer for diverse musical instruments. However, regrettably the company announced bankruptcy and liquidated the business. By that time, astral could only market only half of the instruments and the other half remained in the inventory as recorded during the year-end. Therefore, the valuation of the inventory has also become an issue for the organization Astral Music. Accounting policies that replicate the economic situations for the detected accounting issues The management of the Astral Music can follow the accounting policies of the ASPE as the management currently has no plan to access the public equity market. Natasha plans to acquire half of the funds from Anastasia and therefore do not intend to access the public equity market. Natasha and Anastasia can follow diverse stipulations conditioned under the section ASPE 1582. The section ASPE 1582 for business combinations helps in the process of identification of the acquirer, determination of particular date of acquisition, recognition as well as measurement of identifiable asset. In addition to this, this regulation also helps in the detection of assumed liabilities as well as different non-controlling interests ("Home | Financial Reporting and Assurance Standards Canada", 2016). The regulations set under the section 1582 of the ASPE also facilitate the process of recognition as well as measurement of the goodwill of the company Astral Music. This can help in the process of ascertainm ent of value of the company at the time of purchase from Olga. The adoption of the ASPE can be considered better choice for the management of the company Astral Music as there are significant numbers of regional competitors, target consumers that operate privately. Therefore, the regulations of the ASPE can be considered better choice as the company Astral Music currently has no plan for global operations, reporting system is also less intricate with minimal accounting complication, negligible dependence on diverse benchmarking as well as comparative evaluation. In addition to this, ASPE can also be regarded as better choice for Astral Music as Natasha immediately has no plan for transition and has intention to maintain business within certain private individuals that include Natasha and Anastasia. The management of Astral Music can take into consideration ASPE rather than IFRS as the company has no external equity financiers who might hold different views regarding the future of th e enterprise. Again, the company Astral Music also has minimum resources for accounting to spend on training, compliance as well as education. The management of the company also need to prepare appropriate financial declarations suitably for owners, lenders as well as maintenance of conformity. In addition to this, compliance to the ASPE rather than IFRS can be considered to be better as the requirements for disclosure are comparatively less and there are strict rules regarding size of the enterprise. Therefore, any privately owned business such as Astral Music can adopt the ASPE not considering size. The accounting regulation set conditioned under section 1582 of the ASPE replicates different economic situation that reflects the alterations in ownership interests from Olga to Natasha. The accounting standard set the regulations for the acquisition cost, helps in determination of the date of acquisition, association with the timing of disbursements of considerations (Horngren et al., 2012). Thereafter, the case study also mentions about the arrangement of the two equity participants that are involved in the acquirement of the new business (Richard David, 2016). The accounting strategy that can replicate this definite economic circumstance is the regulation under Section 3056- Interests in Joint Arrangements conditioned under the ASPE. Section 3056- Interests in Joint Arrangements is applicable for different business entities that are essentially partners to a joint agreement ("Home | Financial Reporting and Assurance Standards Canada", 2016). Natasha and Anastasia also entered in to agreement with the former owner Olga. Again, the company also entered into diverse contractual agreements with Czech manufacturer. In addition to this, the capital as well as contribution of the two different equity participants Natasha and Anastasia also represents the contractual arrangements where the involved parties enter into an understanding. These economic situations can be considered as joint arrangements (Lovell, 2014). The accounting policy of the ASPE Section 3056- Interests in Joint Arrangements consequently replicates fundamental economic state of affairs. As mentioned in the case study, the company Astral Music also faces the problems of collection of the receivables. The company was also unable to recover diverse rented instruments in 50% of cases where there were bad receivables. The accounting policy of ASPE section 3856 financial instruments indicate towards the regulations as regards the financial instruments. Therefore, this accounting policy outlines the und erlying economic situations of the trade receivables. In addition to this, the management of the company Astral also decided to provide a warranty of around two year on diverse musical instruments marketed under the brand. The accounting strategy of the ASPE Section 3856 Financial Instruments can fittingly be a sign of the underlying economic situation that encompasses around delivering warranties to customers by Astral Music. The ASPE Section 3290 Contingencies states the regulations for contingent gains and losses but cannot be applied to guarantee provisions. (Wagenhofer, 2015). ASPE Section 3290 Contingencies also proposes different directives that provide different provisions, contingent liabilities in addition to contingent assets. Again, the management of the company Astral Music decided to amass returned defective instruments and market them to an external party that has the business to salvage different parts from different defective musical instruments (Warren et al., 2013 ). In this case, the management of the company needs take into account different aspects of the sales return (Traistaru Cotoc, 2013). ASPE Section 3400 Revenue suggests different rules as well as directives for accounting diverse cancellable sales activities, authority of return arrangements, sales return and for reflecting the underlying economic situation of sales return. The ASPE Section 3400 Revenue considers the sales return as a certain form of changeable consideration and this policy provides guidance for different forms of variable consideration. As per the guidelines of Section 3400 Revenue, different selling entities take into consideration various aspects at the time when sales are made to different consumers with a power to return. The factors that need to be taken into consideration include the recognition of revenue, establishment of liability for the expected amount of consideration, establishment of asset with analogous entry to different cost expensed for sales for acquirement of right. This can help in recovering diverse products at the time when refund liability is established (Sundem et al., 2012). Thereafter, the company placed order with the Czech manufacturer that liquidated suddenly. The company could sell only half of the purchased musical instruments and the other half remained in the inventory as registered at the end of the year. The Section 3031-Inventories also put forward the rules as well as regulations for establishments of the guidelines for accounting inventories. The management can take note of different regulations of ASPE for treating different items as is presented below: Accounting policies that affect various objectives of the users The accounting policies ASPE can also affect the objectives of different users. The ASPE presents all the users of the accounting information the objectives of different financial reporting (Whitecotton et al., 2013). The overall consideration of the financial statement includes the fair presentation consistent with GAAP, preparation on-going concern basis of the financial declarations, general-purpose declarations, basis of preparation, comparative information. The fair presentation is as per Section 1100 of the principles of the GAAP ("US PwC", 2016). The goal of the general purpose financial reporting is essentially to offer important financial information regarding the particular reporting entity to all the existing as well as prospective financiers, lenders as well as creditors. The structure differentiates between two different qualitative characteristics for essentially offering important information (Trucco, 2015). The fundamental qualitative features include the faithful rep resentation as well as relevance and the enhanced qualitative characteristics comprises of comparability, verifiability, lucidity as well as timeliness. The pertinent financial information has the potential of drawing a difference to different decisions framed by diverse users. The modified structure of the accounting policies can out forward the concept of materiality as a component of the relevance. The new term of faithful representation, replaces the term reliability as there was lack of understanding regarding reliability. The faithful representation of the financial information can help the users of the accounting information as it provides complete, neutral and at the same time error free information (Wilks et al., 2012). The modified structure of the framework admits limitations in attainment of faithful representation owing to different inherent ambiguity, approximations as well as assumptions. Subsequently, the financial information might not be completely free from error. However, the faithful representation is essentially attained in case of the errors or else omissions affect the overall description of different economic phenomena. Comparability permits the users of the financial information to recognize with different similarities as well as differences among different items both between diverse periods and across different enterprises. The comparability factor of the accounting policy can help the owners of the company astral Music to understand the compare the information among different enterprises as well as different period. This can help the owners in understanding the financial condition as well as position of the company Astral music at the time of acquirement. The acquisition cost is also based on the existing good will as well as the list of customers. Therefore, the qualitative characteristic of verifiability can help the owners in the process of arriving at decisions of acquirement date, cost and many others. The comparability of the financial information as per the conceptual framework of the ASPE can also help Natasha and Anastasia in understanding the position of the competitors of the company in the sector. This has helped the company to understand to understand the competitive position of the company in the industry that led to the decision of lowering of the selling price of the products of the corporation. Again, the qualitative characteristics of the accounting policy can also help the equity participant as well as the creditor such as the bank in understanding the financial information. The bank as a creditor might need knowledge as well as observation to reach agreement regarding the faithful representation of an event. The ti meliness of particular information is also important for the users as it helps all the users through timely reporting as well as consistent information. References Deegan, C. (2013).Financial accounting theory. McGraw-Hill Education Australia. Edwards, J. R. (2013).A History of Financial Accounting (RLE Accounting)(Vol. 29). Routledge. Henderson, S., Peirson, G., Herbohn, K., Howieson, B. (2015).Issues in financial accounting. Pearson Higher Education AU. Home | Financial Reporting and Assurance Standards Canada. (2016).Frascanada.ca. Retrieved 9 November 2016, from https://www.frascanada.ca Horngren, C. T., Sundem, G. L., Schatzberg, J. O., Burgstahler, D. (2013).Introduction to management accounting. Pearson Higher Ed. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D., Tan, R. (2012).Financial Accounting. Pearson Higher Education AU. Lovell, H. (2014). Climate change, markets and standards: the case of financial accounting.Economy and Society,43(2), 260-284. Pratt, J. (2013).Financial accounting in an economic context. Wiley Global Education. Richard, L., David, P. (2016). Advanced financial accounting. SUNDEM, G. L., ELLIOT, J. A., HORNGREN, C. T., PHILBRICK, D., Horngren, C. T. (2012).Introduction to financial accounting. Pearson Education. Traistaru, A., Cotoc, E. A. (2013). Archiving, Keeping Records and Financial Accounting Documents.International Journal of Education and Research,1(11). Trucco, S. (2015). Financial Accounting: Development Paths. InFinancial Accounting(pp. 9-40). Springer International Publishing. US PwC. (2016).PwC. Retrieved 9 November 2016, from https://www.pwc.com Wagenhofer, A. (2015). Usefulness and implications for financial accounting.The Routledge Companion to Financial Accounting Theory, 341. Warren, C. S., Reeve, J. M., Duchac, J. (2013).Corporate financial accounting. Cengage Learning. Weil, R. L., Schipper, K., Francis, J. (2013).Financial accounting: an introduction to concepts, methods and uses. Cengage Learning. Whitecotton, S., Libby, R., Phillips, F. (2013).Managerial accounting. McGraw-Hill Higher Education. Wilks, J., Stice, E. K., Stice, J. D. (2012).Intermediate financial accounting. South-Western.