Physical Education and Academic Achievement in 10th grade Essay Example for Free

Physical Education and Academic Achievement in 10th grade Essay Physical education in high schools in the United States of America is the one branch of academic filed which is gaining fast attention on the side of the Government policy, the schools administration. More and more emphasis-shift is being observed toward orientation of the students and their parents with regard to the importance of physical education and its connection with real life, health, and, above all, with higher academic achievement. In schools, although all grades bear importance with relation to physical education and higher academic achievement and attendance rate, it is, however, the ninth and tenth-grades where there is a turning point for the students. Therefore, it is the time for the schools administration to pay more attention toward the planning and application of the physical education in these grades. â€Å"Physical activity is critical to the development and maintenance of good health. The goal of physical education is to develop physically educated individuals who have the knowledge, skills, and confidence to enjoy a lifetime of healthful physical activity† (aahperd. org) It is apt to say that the way their physical education is planned and implemented required different parameters. This is so because the demands of students are different. They need to be exposed to such physical activities which not only excite them but also create a sense of responsibility in them; the main focus of such activities should then be to prepare them for real-life situation and challenges. Read more:  Physical Education Essays The present paper examines the link between physical education in 10th-grade and higher academic achievement in secondary schools of the United States of America. It also focuses on the link between physical education and its advantages when it comes to higher attendance rate and so on. The paper also investigates the findings of some major studies conducted in the area of academic achievement and its hypothesized relationship with such other diverse areas as after-school pursuits, homework phenomena, types of activities in and out of school, cross gender and ethnicity issues. This is to give the reader a proper understanding of the major issues in the present debate of achievement in high school and particularly of the tenth-graders. Review of Literature Physical education is a â€Å"systematic instruction in sports, exercises, and hygiene given as part of a school or college program† (infoplease. com). Thus, there are certain goals to be met by implementing the physical education scenario. There have been considerable attempts in encircling the physical education curriculum in the United States of America. However, it is only recently that more and more emphasis is being laid on the importance of physical education and its link between higher academic achievement and proportionate significance of attendance rate. Since the year 1987, NASPE (the National Association for Sport and Physical Education) has been in constant pursuit in the updated information about the awareness in public of physical education in US education system. There are certain reservations that come to us in this regard. Three of them are mainly discussed in the present literature about physical education in the US educational system. These are: (1) There is no federal law, as yet, which says that physical education is to be provided to the students in the US education system; also there are not listed any incentives to offer physical education programs. 2) Although states may come up with some ground for the physical education policies, the state schools are free to work on their own in promoting, retaining, reducing the physical education portfolio in their own way. ) Another issue is that many states let go the responsibility for all content taught in schools to local school districts. (pe4life. com) The evidence is also found on other literature and net resources that plainly make it public that in the United States of America, physical education is not something prioritized. Even physical education in high school and elsewhere are â€Å"in sorry shape† and that the physical education â€Å"has been squeezed out of school by new curriculum requirements and other factors† (ducationworld. om). Apart from this, there is now word by such professionals as physicians who see that physical education is very necessary for a better future generation. More solid evidence comes form the Report to the President: Promoting Better Health for Young People through Physical Activity and Sports. In this report, Donna Shalala, Health and Human Services Secretary, and Richard Riley, Education Secretary, boldly wrote: â€Å"Our nation’s young people are, in large measure, inactive, unfit, and increasingly overweight. This report should stimulate action to make sure that daily physical activity for young people becomes the norm in our nation† (pe4life. com). Although we can see that today more and more attention is being paid to the physical education policy in US education system, there are grave critical areas that need to be addressed for a better physical education policy. For example there are trends of abating physical education time in schools because of pressure from academic side. This is very much a problem present in today’s education system. The simple fact is that more and more research findings are coming along with results that show that the old maxim â€Å"sound mind in a sound body† is aptly right. Thus it is now acknowledged that the students who are physically fit perform better on the academic side as well. In this connection we see that: â€Å"a 2002 California Department of Education study found a direct correlation between higher levels of physical fitness and higher academic test scores. According to Delaine Eastin, California State Superintendent of Public Instruction, We now have the proof weve been looking for: students achieve best when they are physically fit† (pe4life. com (b)). As such, a new educational approach is now being said to be coming up on the educational front of the US schools that is called ‘total mind, total body educational approach’. In addition to the above, U. S. Surgeon General Report states that â€Å"Nearly two out of three adult Americans, or 130 million of us, are overweight or obese†; as such The health problems related to our growing girths are well known – more heart diseases, diabetes and other weigh-related ailments that send 300,000 Americans to an early grave every year. In fact, if childhood obesity continues to grow at current levels, some health officials contend, this generation of youngsters may actually have a shorter lifespan than their parents – a first in history† (smc. edu). When the report gives this alerting call to the nation, it is of much relief that in the same report the U. S. surgeons also carve out some strategies to overcome the problem. Among these strategies, the most prominent place is give to the physical education for the youths in the high schools. However, this is also not wrong to state that with the advent of the recognition of physical education in high schools, specially in ninth- and tenth-grades, another debate has taken birth: Whether or not physical education grade be included in high school students’ GPA. This school of thought considers that inclusion of physical education grades in student’s GPA will boost up students’ morale and will encourage them to do better in the physical education class because â€Å"Physical education is truly a microcosm of life, and every lesson taught has the potential to translate into the real world and prepare students to become healthy, productive members of society† (elibrary. bigchalk. com). Whatever the arguments are, we can be certain that in today’s literature about physical activity and high schools, physical education is something that needs more and more space in schools policies so that a better tomorrow can be handed down to our future generation that is already getting more pressure from academic side. If we look at the schools curriculum regarding physical education of ninth- and tenth-grades, we find that there are no serious attempts at defining the education. For example, a school in US states only three basic goals for physical education for the ninth- and tenth-grades (benton. k12. wi. us). Another school very shortly gives only the names of the physical activities to be observed by the students (rockingham. k12. va. us). This kind of treatment is in abundance and needs serious attention on the part of the government and school administrations to bring solid measures for the improvement in this area. Physical Education and Academic Achievement in 10th-grade When it comes to physical education in high schools, we find that it is very important for people who are in grades ninth and tenth because â€Å"This is an age when students begin to impose self-judgement in terms of accepting their physical appearance and their willingness to involve themselves in positive physical activities† (teacherweb. com). According to the Physical Activity and Health (a report of the surgeon genera) there is deep linkage between physical education and academic achievement. Physical education makes it possible for a better and healthy start in life enabling students to go for challenges that are not touched upon by those who are not active through physical activity. Moreover, the report suggests that schools should create such programs that can offer students opportunities by which they can get into physical activity. At this stage, this becomes more important because that report informs that as people grow, they show more and more declination in goring for physical activity: â€Å"Physical activity declines dramatically with age during adolescence† (cdc. gov). Thus, there is stark need that students of ninth and tenth-grade must be made aware of the importance of physical education and their academic achievement. The physical education should also be given priority by the school administration so that a sound educational environment can be achieved for healthier and academically better grounds for the students of high schools. This has been found through the research that physical activities may enhance cognitive functioning of the brain. This, as a result, may explain the relationship found between the students’ involvement in physical activities and their academic success (nps. 12. va. us). There are three major findings in the literature that relate physical activity involvement and the cognitive functioning. These are: 1) There is a significantly â€Å"positive relationship between physical activity and cognitive functioning in children†; 2) â€Å"Results support possibility that participation in physical activity causes improvements in cognitive function†; 3) â€Å"Acute bouts of physical activity exert short-term positive benefits on the behavioural and cognitive functioning of youths†; ) It has also been found that â€Å"Being on a school sports team and having a positive achievement orientation were positively associated with physical activity levels† (holidaycalendar. dsr. wa). Therefore, from this very analysis it becomes pretty clear that in 10th grade (or roughly in high school), physical education plays a very important role as far as the phenomena of long, healthy life is concerned; as far as real-life active participation by the youth is concerned; and, above all, their academic achievement is concerned. However, looking at the picture more closely, we find that the present scenario in the United States of America, when it comes to physical education, academic success, link between physical education and academic success and real-life situation; there are certain challenges present to the Government. For example, â€Å"Nearly half of young people aged 12-21 are not vigorously active on a regular basis and physical activity declines dramatically with age during adolescence† (arlington. k12. va. us). And this has surely given the government a call of high alert because it is simply suggested that less physical activity on the side of the youth will give rise to ailments that will in return proportionately affect academic achievement of the students. Thus, today we can see that the United States of America is building more solid policies for coping up with the situation. In this very connection, a recent example is the President’s Challenge program, which purely focuses on bringing the people of the U.  S. to the physical activity grounds so that a healthier society for the future can be the possibility. This is â€Å"a program that encourages all Americans to make being active part of their everyday lives. No matter what your activity and fitness level, the Presidents Challenge can help motivate you to improve† (presidentschallenge. org). The Presidential Challenge program is all about remaining with an active lifestyle and the program specifically focuses on how to assess the citizens in this regard. This program also introduces some rewards for the participants of the program like PALA (Presidential Active Lifestyle Award (presidentschallenge. org). This simply gives us the idea that the government of the U. S. has come up with grave policies which focus on the physical fitness of the citizens for a better tomorrow and a healthy society. Physical Education and Academic Achievement Debate  There are different schools of thoughts within the research that circle around the relationship between academic achievement in students and such other phenomena as physical education, homework, social loafing, and so forth. A considerable area of research exists that especially takes into examination the students of eighth to tenth grade. For example the article After-school pursuits, ethnicity, and achievement for 8th- and 10th-grade students which is one of the remarkable piece showing the contribution of people like James B.  Schreiber , Elisha A. Chambers, Walberg, Paschal, Weinstein, Cooper, and so on. Thus the proponents of homework suggest that â€Å"Homework has been shown to have a positive relationship with† academic achievement. And that there is also a proportionate difference between the amount of time spent on homework (After-School Pursuits). However, the other side of the pole comes up with the argument that there is not total contribution that can be related to homework alone when looking into the matter of higher academic achievement. This school of though aptly analyzes the effects of physical education on academic achievement of the students. For example, a research review by Holland and Andre in the year 1987 brought into their examination the relationship, if any, between physical education or athletic participation and academic achievement in the students. Their findings brought some more elements of debate in the intellectual circle because they found that there were sex-related differences among students as far as physical education and academic achievement is concerned. They reported that the research demonstrated that male high school athletes received somewhat higher grade point averages (GPAs) than did nonathletes. However, when one considers standardized achievement or aptitude tests, boys whose only after-school activity was sports scored lower than national averages on the Standardized achievement Test. No significant differences in GPAs or standardized tests were observed between female athletes and nonathletes† (After-School Pursuits).

Selma Alabama :: essays research papers

Selma, Alabama became the focus of the civil rights movement as activists worked to register Black voters. Demonstrators also organized a march from Selma to Montgomery to promote voting rights. "Bloody Sunday" occured when state troopers attacked demonstrators. Despite the Civil Rights Act of 1964 and the active attempts of the Student Non-Violent Coordinating Committee (SNCC) to register the Black voters of Alabama no significant progress was made . One such place was Selma Alabama. This small southern town of 29,000 soon became the focal point of the Civil Rights movement. Of the 15,156 blacks in Dallas County, Alabama only 156 were registered to vote. On January 2, 1965 Reverend King visited Selma and gave a fiery speech in it he stated: "Today marks the beginning of a determined organized, mobilized campaign to get the right to vote everywhere in Alabama." On Monday January 14th King returned to Selma, registered in the Hotel Albert, becoming the first black to do so. He then went on to lead to the courthouse to register to vote. Nothing happened the first day, but on the second 67 people were arrested. So it went day by day. Reverend King was arrested during one of the marches and his presence in jail attracted additional media attention to Selma. On February 18 the SCLC leader James Orange was arrested in Perry County. That evening hundreds of blacks gathered and marched on the jail. On the way they were attacked. Among the victims of the attacks were Jimmey Lee and his mother. Lee was beaten and then shot in the stomach, later dying in the hospital. At a large memorial service for Lee, a march from Selma to Montgomery was announced that would take place on March 7th. The marchers set off for Montgomery, but as they crossed the Pettus Bridge, they were attacked by troopers. As the New York Times reported the next day: "The first 10 or 20 Negroes were swept to the ground, screaming, arms and legs flying, and packs and bags went skittering across the grassy divider strip and onto the pavement on both sides.

Accounting Answers

Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia, Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have â€Å"limited liability†. This confers on shareholders a limit on their liability in the event of a winding up of the company to the amount (if any) unpaid on their shares. (S516). In the case of a partnership no such limitation applies (unless the partnership specifically adopts limited liability) and the insolvency of one or more partners can result in other solvent partners having to contribute any losses and debts out of their own private assets. 2. Distinguish between a proprietary company and a public company. A public company is one in which there is usually a substantial public interest in that the ownership of the company's share capital is widely spread. Public companies are entitled to raise capital through a share issue by issuing a disclosure document which entitles them to have their shares or debentures etc. listed on a stock exchange, such as the Australian Securities Exchange, to facilitate transferability. Proprietary companies on the other hand have specific limitations in terms of the amount and restrictions on its fundraising activities. Specific features of a proprietary company include the need to have a share capital (unlike a public company which may be limited by guarantee and not merely shares): †¢ a requirement to have at least one shareholder and only one director (three directors for a public company) and not more than 50 shareholders (not including employee shareholders) †¢ not required to restrict the transfer of its shares (however it may elect to do so) †¢ the use of the designation â€Å"Pty† or â€Å"Proprietary† in its name †¢ a requirement not to engage in any fundraising activity which would require it to lodge a disclosure document with ASIC. . Distinguish between a large and a small proprietary company. What are the implications of being classified large rather than small? A small proprietary company is defined in Section 45A of Corporations Act 2001, as amended, as one which meets 2 of the following three criteria: *consolidated annual revenue less than $25 milli on *consolidated gross assets at the end of the financial year is less than $12. 5 million #l the companies and the entites it controls have fewer than 50 employees at the end of the financial year. * These figures must be determined in accordance with accounting standards Part-time employees measured at appropriate fraction of full-time If these criteria are not met the company will be a large proprietary. Small proprietary companies do not have to prepare formal financial statements or have them audited. However, they must keep sufficient accounting records to allow preparation and audit of accounts if either 5% of their voting shareholders or ASIC request this to be done. Large proprietary companies, must prepare accounts in accordance with accounting standards, have them audited, send them to shareholders and lodge them with ASIC (Section 292) 4. Outline the special features of a no-liability company. Companies engaged in the more speculative area of mining exploration are most often registered as no-liability. Such companies have NL at the end of the company name and have the advantage of being more attractive to potential investors as unlike companies limited by the unpaid amount on their shares, there is no such liability on the part of shareholders to contribute to the debts and liabilities of the companies. 5. What is the purpose of a certificate of registration? A certificate of registration is issued by ASIC as a part of the registration procedure. Provided the company complies with S117 of the Corporations Act, ASIC will: †¢ give the company an ACN Number †¢ register the company †¢ issue a certificate that states the company's name, ACN No. etc. Once registered, the company is capable of performing all the functions of a corporate body. 6. What are replaceable rules and how do they differ from a constitution? Replaceable rules are the set of internal rules (contained in the Corporations Act) governing the conduct of its operations between the company and its member directors and between members themselves [see example of such rules in ch 1 Section 1. . 3]. If the rules are not adopted by the company then they must draw up a constitution which will cover much of the same issues covered by the replacement rules but may be extended or modified by the promoters of the company. 7. Outline the main features and purpose of a disclosure document. A disclosure document, particularly the prospectus, contains all the infor mation necessary for investors to make an informed assessment of the company's future prospects and other relevant matters including: †¢ rights and liabilities attaching to securities financial position, performance and prospects of the body issuing the securities †¢ interests of each director, proposed director, promoter, stockbroker and their professional advisers in any property acquired or proposed to be acquired with the funds derived from the securities issue. †¢ whether the securities issued will be quoted on a Stock Exchange. 8. In administering a company, the Corporations Act requires the keeping of various books, registers and records. Outline these and briefly discuss their content. There are a range of records required to be maintained by a company including: (Minute books of the proceedings and decisions made at all directors’ and shareholders’ meetings as well as all resolutions passed without a meeting (s. 251A). If the company is a proprietary company with only one director, any declarations by this director must be minuted. (Financial records that will enable financial statements to be prepared and audited from time to time in accordance with the Act (ss. 286, 292, 302 and 303). (Register of members, or share register, giving each member’s name nd address, and the date on which the entry of the member’s name is made on the register. If the company has a share capital, the register must also show the date on which an allotment of shares takes place, the number of shares in each allotment, the shares held by each member, the class of shares held, the share numbers (if any), the amount paid on the shares, and whether or not the sha res are fully paid (s. 169). (Register of option holders to record the names and addresses of the holders of options over the shares of a company. The register must include the number and description of the shares over which options were granted, details of any event that must happen before the options can be exercised, and any consideration for the grant of the options and for the exercise of the options (s. 170). Copies of documents which grant an option over shares must be kept with this register. (Register of debenture holders to record each debenture holder’s name and address, and the amount of the debentures held (s. 171). (Register of charges to record the details of any secured charges over the assets of the company (s. 271). This register must be open for inspection by any creditor or member of the company, without charge. 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend, carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued, the shareholder is liable to pay calls on the shares (except in the case of no-liability companies). A company also has the right to issue preference shares, but may only do so either if there is a statement in its constitution setting out the rights of these shareholders or if these rights have been approved by a special resolution of the company. Not all preference shares are the same. Classification of preference shares as equity or liabilities depends on the rights and features of the shares – judgment is required re which classification is appropriate. For example, redeemable, cumulative 10% preference shares, which are to be redeemed on a set date, are definitely liabilities. Preference shares redeemable at the option of the company may or may not be liabilities, depending on the probability of the company redeeming them. Debentures are issued by the company raise funds but are borrowings, not equity. Debentures may be secured. A trust deed/trustee must be established to protect the rights of debenture holders. 10. What are the main reasons for the development of accounting regulations? The history of accounting regulation had its origins in the industrialised European settlement of the late 18th century. The social, political and economic changes which occurred saw the gradual decline of the importance of family enterprises and the separation of ownership from control as the control of entities was delegated by owners to agents. The growth in the number and size of ‘joint stock companies in the late nineteenth century prompted the rise of disclosure although, initially, this focused on stewardship. The greater complexity of organisations in the mid to late twentieth century gradually led such disclosure to develop into a more sophisticated form of financial reporting, which remains an ongoing process. 11. Does a company have to comply with accounting standards in order to show a ‘true and fair view’ of its financial affairs? Discuss. Before the early 1990s, the directors of a company could elect not to comply with an accounting standard issued by the AASB if they believed the particular standards would cause the accounts not to present a true and fair view. This ‘true and fair override' no longer exists and directors must now comply with applicable accounting standards and add any additional information in the notes to the financial statements if they believe adherence to the standards does not present a true and fair view. Compliance with standards therefore has become the norm, resulting in an increased interest, both positive and negative, in the requirements of accounting standards by different lobby groups, particularly among those required to prepare financial statements. 12. What are the current arrangements for setting accounting standards in Australia? The AASB under the auspices of the Financial Reporting Council is entrusted with the task of making accounting standards both for the purposes of the Corporations Act and for the public and not-for-profit sectors in Australia. See Figure 1. 1 in section 1. 7. 5]. 13. Distinguish between the following organisations and their roles in the regulation of financial reporting in Australia: (the Financial Reporting Council (FRC) (the Australian Accounting Standards Board (AASB) (the International Accounting Standards Board (IASB) (the International Financial Reporting Interpretations Committee (IFRIC) (the Australian Securities and Investments Commissio n (ASIC) (the Australian Securities Exchange (ASX) (the Financial Reporting Panel (FRP). Financial Reporting Council (FRC) The main role of the FRC is to act as an overseer and advisory body to the standard setter, the AASB. The main functions of the FRC under the ASIC Act 1989, s. 225 as amended in 1999, are to: (oversee the process for setting accounting standards and give the Minister reports and advice on that process (appoint AASB members (other than the chairperson) (approve and monitor the AASB’s priorities, business plan, budget and staffing arrangements (determine the AASB’s broad strategic direction give the AASB directions, advice or feedback on matters of general policy and procedures (monitor the development of international accounting standards and the accounting standards that apply in major international financial centres, and –further the development of a single set of accounting standards for worldwide use with appropriate regard to international developments –promote the adoption of international best practice accounting sta ndards in the Australian accounting standard-setting process if this is in the best interests of both the private and public sectors of the Australian economy (monitor the operation of accounting standards to ensure their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy, as well as the effectiveness of the AASB’s consultative arrangements (seek contributions towards the costs of the Australian accounting standard-setting process (monitor and periodically review the level of funding and funding arrangements for the AASB (establish appropriate consultative mechanisms advance and promote the objectives of standard setting as specified in the Act (perform any other functions that the Minister confers on the FRC by written notice to the chairperson. A major policy direction of the FRC that has affected the agenda of the AASB is the formalisation of a policy of adopting the accounti ng standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. (This includes also the adoption of Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) for use in the Australian context. ) Australian Accounting Standards Board (AASB) The functions of the AASB, according to s. 27(1) of the ASIC Act 1989, are to: (develop a conceptual framework (not having the force of an accounting standard) for the purpose of evaluating proposed accounting standards and international standards (make accounting standards for the purpose of the Corporations Act (formulate accounting standards for other purposes, e. g. for non-companies, the public sector and the not-for-profit sector (participate in and contribute to the development of a single set of accounting standards for worldwide use (advance and promote the main objectives of developing accounting standards. The AASB must develop accounting standards not only for the corporate sector but also for other sectors, such as the public sector and the not-for-profit sector. The objectives of developing accounting standards are (1) to facilitate the development of accounting standards that require the provision of financial information that: (allows users to make and evaluate decisions about allocating scarce resources (helps directors to discharge their obligations in relation to financial reporting (is relevant to assessing performance, financial position, financing and investment (is relevant and reliable (facilitates comparability (is readily understandable. (2) to facilitate the Australian economy by: (reducing the cost of capital (enabling Australian entities to compete effectively overseas (having accounting standards that are clearly stated and easy to understand. (3) to maintain investor confidence in the Australian economy (including its capital markets). In performing its functions, the AASB is required to follow the broad strategic directions determined by the FRC. The AASB may formulate accounting standards which are of general or limited application, in that the Board may specify the entities, time, place or circumstance to which the standard applies. Furthermore, as long as it is practicable to do so, the AASB is required to conduct a cost–benefit analysis of the impact of a proposed accounting standard before making or formulating the standard. However, the cost–benefit analysis is not necessary where the standard is being made or formulated by issuing the text of an international standard. The AASB conducts its meetings in a forum open to the public, which (hopefully) increases faith in the due process system of standard setting. In line with the FRC’s main function of overseeing the process of setting accounting standards, the AASB is required to adopt IASB standards. The Australian accounting standards and their international counterparts are identical, with three exceptions: – Where some international accounting standards provide a range of optional treatments, the Australian accounting standard may not allow all options. However, the disallowance of any IASB optional treatments in Australia is rare, as evidenced by the AASB’s behaviour since 2005. Some Australian accounting standards may require more information to be disclosed in the notes to the financial statements than that required by the equivalent IASB standard. –Australian accounting standards contain, where applicable, extra paragraphs relevant to entities in the not-for-profit sector. IASB standards are written for application within the business sector only. Besides issuing accounting standards that are equivalent to the IASB’s standards, the AASB has continued to issue accounting standards relevant to the public sector, as well as accounting standards that relate solely to the Australian legal environment, e. g. AASB 1046 Director and Executive Disclosures by Disclosing Entities. International Accounting Standards Board (IASB) The IASB’s mission statement is described as follows on its web site: The International Accounting Standards Board is an independent, privately-funded accounting standard setter( The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with national accounting standard setters to achieve convergence in accounting standards around the world. Following the direction given by the FRC in 2002, the AASB has adopted the standards issued by the IASB as from 1 January 2005. Hence, the financial statements prepared by Australian companies are comparable with those prepared by entities in other countries which also have adopted IASB standards. This should allow for greater understanding of financial statements worldwide, and lead to a more efficient flow of capital acros s national boundaries. The IASB has signed an agreement with the Financial Accounting Standards Board (FASB), the body responsible for issuing accounting standards in the United States. The agreement requires both bodies to work together towards convergence of global accounting standards. The aim is to agree on high-quality solutions to existing and future accounting issues. If such agreement could be reached, potentially there would be one set of global accounting standards. Arguably, for better or worse, the result of this agreement appears to be a gradual adoption of FASB standards by the IASB as its own. International Financial Reporting Interpretations Committee (IFRIC) The IFRIC has the task of reviewing on a timely basis, within the context f existing international accounting standards and the IASB framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus as to the appropriate accounting tre atment. The IFRIC considers issues of reasonably widespread importance, and not issues of concern to only a small set of enterprises. The interpretations cover: (newly identified financial reporting issues not specifically dealt with in IFRSs (issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the appropriate treatment. The AASB has adopted the Interpretations issued by the IFRIC for use by Australian companies as from 1 January 2005, and modifies them if necessary for the not-for-profit sector in Australia. Australian Securities and Investments Commission (ASIC) The ASIC is an independent government body set up to enforce and administer the Corporations Act and financial services laws to protect consumers, investors and creditors. ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. The Australian Securities and Investments Commission Act 2001 requires ASIC to: (uphold the law uniformly, effectively and quickly promote confident and informed participation by investors and consumers in the financial system (make information about companies and other bodies available to the public (improve the performance of the financial system a nd the entities within it. One of the roles of ASIC is to reduce fraud and unfair practices in financial markets and financial products so that consumers can use them confidently and companies and markets can operate effectively. In an accounting context, as part of its role, ASIC also attempts to ensure that a company’s financial statements lodged with it under the requirements of the Corporations Act comply with accounting standards, if applicable. Australian Securities Exchange (ASX). The ASX is a public company operating Australia’s share markets. It oversees both the shares and future exchanges. In an accounting context, it is particularly concerned with improving the disclosure of information in the financial reports of companies listed with it on the various stock exchanges throughout Australia. It exercises its influence by way of the Listing Rules — a set of rules with which companies must comply if they wish to be listed, and remain listed, on the stock exchange. Financial Reporting Panel (FRP) The FRP, established in 2004, has the function of resolving disputes between the Australian Securities and Investments Commission and companies concerning accounting treatments in their financial reports. The purpose for establishing FRP is to remove the need to initiate legal proceedings in Court in order to resolve a financial reporting matter. FRP is designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns about the courts' limited understanding of accounting standards. 14. To which entities do accounting standards apply? Discuss the nature of a reporting entity, and consider reasons for the concept being replaced by one of public accountability. Accounting standards apply to the general-purpose financial statements/reports of entities which are â€Å"reporting entities† and also to those entities which decide to prepare general-purpose financial statements even if they are not reporting entities. The AASB, in SAC 1, provided the following definition of a reporting entity: Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users who rely on the entity’s general purpose financial report for information that will be useful to them for making and evaluating decisions about the allocation of scarce resources. There is no definition of a reporting entity in the IASB’s Framework at this stage. All reporting entities are subject to accounting standards when preparing their general-purpose financial statements. Entities such as small proprietary companies, family trusts, partnerships, sole traders and wholly owned subsidiaries of Australian reporting entities will normally not be required to prepare general purpose statements in accordance with accounting standards. Following the release of the IASB’s Exposure Draft of a Proposed IFRS for Small and Medium-Sized Entities, (SMEs) published in February 2007, the AASB issued, in May of that year, Invitation to Comment ITC 12, proposing to revise the differential reporting regime in Australia by switching the focus away from whether an entity is/is not a reporting entity to whether the entity (subject to a size test) is required to prepare a general-purpose financial statement/report and is publicly accountable. â€Å"Public accountability† is defined in the IASB’s ED on SMEs as accountability to those present and potential resource providers and others external to the entity who make economic decisions but who are not in a position to demand reports tailored to meet their particular information needs. An entity has public accountability if: (a) it has issued (or is in the process of issuing) debt or equity instruments in a public market; or (b) it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension (or superannuation) fund, mutual fund or investment bank. The implications are that if an entity is publicly accountable or satisfies a size test then it will be required to apply Australian equivalents to IFRSs in its general-purpose financial statements. If it is not publicly accountable, and does not meet the size test, then the entity need apply the Australian equivalent of IFRS for SMEs only. See figure 1. 3 in section 1. 9. 2 of the text for a flowchart showing the ITC 12 proposed changes, which, at the time of writing, are expected to be accepted by the AASB for 2009 and beyond: CASE STUDIES Case study 1: Legal obligations Visit the website of the Australian government’s Attorney-General’s Department dealing with the law (www. comlaw. gov. au) and find the Corporations Act 2001. Assuming that you are the director of a small proprietary company, find the â€Å"small business guide† and learn of your obligations under the Act for managing your business. Prepare a brief report for the tutorial class. The Small Business Guide in the Corporations Act can be found following Section 111J. The guide summarises the main rules in the Corporations Act (the Corporations Act 2001) that apply to proprietary companies limited by shares—the most common type of company used by small business. The guide gives a general overview of the Corporations Act as it applies to those companies and directs readers to the operative provisions in the Corporations Act. Students, in their capacity as would-be directors, are required to present a report to the class, summarising the requirements of the Guide. Such topics to be covered include: †¢ The meaning of registration, including shareholders’ and directors’ liabilities †¢ Rules for internal management of a company †¢ Company structure and setting up a new company †¢ Continuing obligations once the company is set up †¢ Company directors, secretaries and shareholders †¢ Who can sign company documents †¢ Funding the company’s operations †¢ Returns to shareholders Annual financial reports and audit †¢ Disagreements within the company †¢ Companies in financial trouble Case study 2: The AASB Visit the website of the Australian Accounting Standards Board (www. aasb. com . au) and find out the following items: †¢ Who is the Chairman of the AASB? †¢ Who are the members, and which organisations do they represent? †¢ Which accounting standards have been issued in the past year? †¢ Why are there differences in the numbering systems for current accounting standards (eg. AASB x, AASB xxx and AASB xxxx)? †¢ What are the current projects (if any) that the AASB is working on in cooperation with the IASB? Assuming that you already have access to the AASB website: Chairman of the AASB Go to AASB Board, then Current Board Members . Current chairman is David Boymal Members of the AASB and organisations represented Stay in the same location and the names and organisations represented on the AASB are all shown. Don’t forget to include the observers as well. Comment: too many people from Melbourne No academics on the board? Accounting standards issued in the past year: On the AASB website, go to Quick Links, then Standards. Read from Table 1 all of the standards issued in the last year. Different numbering systems for standards See Pronouncements for information, plus the section 1. 7. 4 in the text. AASB x represent those standards adopted by the AASB from the IFRSs of the IASB AASB xxx represent those standards adopted by the AASB from the IASs of the IASB and its predecessor the IASC AASB xxxx represent those standards issued exclusively by the AASB for companies in the Australian context In addition, the AAS standards consist of standards issued by the AASB for special organisations e. g. superannuation plans, government Current projects On the AASB website, go to Work in Progress, then Projects. It would appear that there are no specific projects at the moment being worked on by the AASB in cooperation with the IASB. The AASB is one of several standard setting boards that liaise with the IASB and merely provide submissions to the IASB on various topics. See also AASB Submissions to the IASB on the website. Also check the News section and Latest News on the website. Case study 3: Setting up a company Visit the website of the Australian Securities and Investment Commission (www. asic. gov. au) and find the form(s) that you must fill out to start a company, assuming that you wish to set up a small proprietary company to take over your current successful business, which has been operating as a partnership (with three partners) in the past. On the website of the ASIC, go to Download forms, select the form 201 for Registering a company. Students should print the form and fill it out as if they wish to set up a proprietary company, with more than one owner shareholder. Case study 4: The IASB Visit the website of the International Accounting Standards Board (www. iasb. org. k) and find and report to the class on the following pieces of information: †¢ The Memorandum of Understanding of 2005 between the IASB and the FASB of the United States †¢ Which accounting standards have been changed as a result of the Memorandum of Understanding †¢ The membership of the IASB and whic h countries the members come from †¢ The goals of the IASB 1. Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. In relation to the Memorandum the IASB website states: After their joint meeting in September 2002, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their Norwalk Agreement in which they ‘each acknowledged their commitment to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, the FASB and the IASB pledged to use their best efforts †¢ to make their existing financial reporting standards fully compatible as soon as is practicable and †¢ to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained. At their meetings in April and October 2005, the FASB and the IASB reaffirmed their commitment to the convergence of US generally accepted accounting principles (US GAAP) and International Financial Reporting Standards (IFRSs). A common set of high quality global standards remains the long-term strategic priority of both t he FASB and the IASB. 2. Accounting standards changed/ to be changed as a result of the Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. Not many standards have yet been changed, but plenty of standards are on the agenda for change. From the Memorandum , the topics for short-term convergence include: To be examined by the FASB |To be examined by the IASB | |Fair value option* |Borrowing costs | |Impairment (jointly with the IASB) |Impairment (jointly with the FASB) | |Income tax (jointly with the IASB) |Income tax (jointly with the FASB) | |Investment properties** |Government grants | |Research and development |Joint ventures | |Subsequent events |Segment reporting | |FASB Note: |IASB Note: | |*On the active agenda at 1 July 2005 |Topics are part of or to be added to the IASB’s short-term | |** To be considered by the FAS B as part of the fair value |convergence project, which is already on the agenda. |option project | | Longer term projects include the following, from the Memorandum of Understanding: The boards set the following goals for 2008 for convergence topics already on either their active agendas or the research programmes: |Topics already on an Active Agenda | |Convergence topic |Current status on the FASB |Current status on the |Progress expected to be achieved by 2008 | | |Agenda |IASB Agenda | | |1. Business combinations |On agenda – deliberations in|On agenda – |To have issued converged standards | | |process |deliberations in |(projected for 2007), the contents and | | | |process |effective dates of which to be determined | | | | |after taking full account of comments | | | | |received in response to the Exposure Drafts. | |2. Consolidations |On agenda – currently |On agenda – no |To implement work aimed at the completed | | |inactive |publication yet |development of converged standards as a | | | | |matter of high priority. | |3. Fair value measurement |Completed standard expected |On agenda – |To have issued converged guidance aimed at | |guidance |in the first half of 2006 |deliberations in |providing consistency in the application of | | | |process |existing fair value requirements. 1 | |4. Liabilities and equity |On agenda – no publication |On agenda (will follow |To have issued one or more due process | |distinctions |yet |FASB’s lead) |documents relating to a proposed standard. | |5. Performance reporting |On agenda – no publication |Exposure draft on a |To have issued one or more due process | | |yet |first phase |documents on the full range of topics in | | | | |this project. | |6. Post-retirement benefits |On agenda – deliberations |Not yet on the agenda |To have issued one or more due process | |(including pensions) |underway on the first phase | |documents relating to a proposed standard. | | |of multi-phase project | | | |7. Revenue recognition |On agenda – no publication |On agenda – no |To have issued one or more due process | | |yet |publication yet |documents relating to a proposed | | | | |comprehensive standard. | The objective of the goals set out above is to provide a time frame for convergence efforts in the context of both the objective of removing the need for IFRS reconciliation requirements by 2009 and the existing agendas of the FASB and the IASB. The FASB and the IASB will follow their normal due process when adding items to the agenda. Items designated as convergence topics among the existing research programmes of the boards include: |Topics already being researched, but not yet on an Active Agenda | |Convergence topic |Current status on the FASB|Current status on the IASB|Progress expected to be achieved by | | |Agenda |Agenda |2008 | |1. Derecognition |Currently in the |On research agenda |To have issued a due process document | | |pre-agenda research phase | |relating to the results of staff | | | | |research efforts. | |2. Financial instruments |On research agenda and |On research agenda and |To have issued one or more due process| |(replacement of existing |working group established |working group established |documents relating to the accounting | |standards) | | |for financial instruments. | 3. Membership of IASB and member countries Go to the IASB website and see, About us. Click on About IASB and there you will find the information about the Chairman, currently Sir David Tweedie, the Vice-Chairman and all members of the IASB, and the countries from which they came by reading each person’s information sheet. 4. Goals of the IASB Go to the IASB website and see About us. Click on About IASB and there you will find the IASB objectives. Case study 5: ASIC Visit the website of the Australian Securities and Investments Commission (www. asic. gov. au) and find out and report to the class on the following: †¢ Who the ASIC is and its role †¢ The tips given to prospective shareholders regarding the reading of a company’s prospectus †¢ A list of the policy statements and practice notes issued by the ASIC †¢ â€Å"What’s new† to the website. 1. ASIC and its role On the ASIC website, go to About ASIC and look up Our Role 2. Tips to prospective shareholders re prospectuses From the ASIC website visit FIDO, the ASIC’ s consumer website. From there, go to check our lists and click on prospectuses. The ASIC has information about prospectuses which changes quite regularly. See what tips you can find about prospectuses, assuming that you are a prospective investor. 3. Policy statements and regulatory guides issued From ASIC’s home page, go to Publications and then to Policies. Both the policy list and the regulatory guides are accessible here. 4. What’s new See ASIC’s home page, and What’s New features on the home page.

A Vindication Of The Rights Of Women - 1350 Words

Women in London played a vital role in setting the foundation for the future of women’s rights in Western Civilization. Not only were barriers broken within London, but they became very influential to the future of the liberation movement for women. Interestingly enough, they are believed to be one of the erectors of modern day feminism. Mary Wollstonecraft was an ebullient advocate for women’s rights during the Enlightenment. During this time period, Wollstonecraft taught a new philosophy regarding women and the importance of education. The Enlightenment was a time for reasoning and rational thinking regarding subjects such as science and politics. Nevertheless, these ideas did not correspond with new ways of thinking regarding equal†¦show more content†¦One major example took place in France in 1989 when an unidentified women of the Third Estate transcribed a Petition to the King asking for more adequate opportunities for women. Although this did not take p lace in London, this is an example of women starting to have the courage to speak up about equality. While changes may have not been instant, the ideals that this anonymous writer and Wollstonecraft brought to the fore represented the silent majority of women. The important concept here is that women of all backgrounds were coming together to support women’s education. Undoubtedly, Wollstonecraft is known most famously for being a women’s rights activist, especially in the realm of education for all women. She stated how education can lead to greater equality in the following terms: â€Å"Nature, in these respects, may safely be left to herself; let women only acquire knowledge and humanity, and love will teach them modesty.† Educational reform was a cornerstone of her message because she believed it was a tool that teaches life lessons. She believed that by educating women, they would be able to fight for greater equality opportunities for women. Through her b raveness she was able to be a resource that brought intellectual and political change that impacted not only the Enlightenment, but also inspired future advocacy for equality. Meanwhile, the women’s rights movement also saw working-class women push for adequate working conditions.Show MoreRelatedA Vindication Of The Rights Of Women1560 Words   |  7 Pagesit was not until 1920 that women were granted suffrage. To put that in perspective, in the United States, women have been voting for less than 100 years. With Mary Wollstonecraft’s book, A Vindication of the Rights of Woman: with Strictures on Political and Moral Subjects being published in 1792 and launching 19th century feminism and the fight for women’s rights going since then, many would think that equality would be here by now.Unfortunately, it is not. However, women did receive suffrage in theRead MoreThe Vindication Of The Rights Of Women1369 Words   |  6 Pagesaddresses the work of Mary Wollstonecr aft, The Vindication of the Rights of Women. To investigate this, I will first summarize her work and someone else s interpretation of it, then analyze the author, voice, message and significance, and finally analyze the two works to answer the question, What are the current ideas about your philosopher? How have their ideas influenced us today?. My first souce will be the primary source of the Vindication, and my secondary source will be Matilde MartinRead MoreA Vindication Of The Rights Of Women981 Words   |  4 Pagessentimental romances, and by the misogynistic images of women perpetuated in, for instance, Milton’s Paradise Lost† (Gilbert Gubar 41). In the second chapter of A Vindication of the Rights of Women, Wollstonecraft discusses her frustration when it comes to women’s ignorance. She does not understand why men are frustrated when it comes to the ignorance of women. Women during this time were not raised to be observant or mindful (Wollstonecraft 43 ). They are taught how to needlepoint or play the pianoRead MoreA Vindication Of The Rights Of Women921 Words   |  4 Pagesthat another problem has risen. Mary Wollstonecraft, a social and political activist for women’s rights, addressed a letter to a former bishop to present a case of equality in relation to France’s government and societal restrictions imposed on women. As a sequel to her previous piece, â€Å"A Vindication of The rights of Women†, Wollstonecraft took the liberty to propose multiple reasons as to why women’s rights are essential to the well-being of not only men, but also as necessary for society to functionRead More`` A Vindication Of The Rights Of Women ``908 Words   |  4 PagesWhere would we be without individuals like John Locke, Isaac Newton, Benjamin Franklin, and Thomas Jefferson? Without them, certain elements and ways of thinking that we know today, such as natural rights, would not be evident in society. These individual s were part of a group of philosophers, scientists, and writers who urged for the upbringing of new concepts based on logic. This period was known as the Age of Enlightenment which took place throughout the 18th century in Europe. During this timeRead MoreA Vindication Of The Rights Of Women1924 Words   |  8 Pages In the 18th century, women had virtually no rights. They were not allowed to work or vote. Instead, women were subjected to the household: cooking, cleaning, and taking care of the children. Consequently, women who were tired of being subjugated by society created the feminist movement. Feminism is the fight for the equality of the sexes. Throughout this fight, there had been several texts written to illuminate the many struggles of women and the ways to resolve these struggles. Among the firstRead MoreEssay on The Vindication of Rights of Women1373 Words   |  6 PagesIn Mary Wollstonecraft’s essay â€Å"A Vindication of the Rights of Women† she constantly compares men and women. Her comparisons range from their physical nature to their intelligence, and even down to the education that each sex receives. Wollstonecraft states, â€Å"In the government of the physical world it is observable that the female in point of strength is, in general, inferior to the male.†(line 1.35-37) to show that women are inferior to men in physicality, and a number of areasRead MoreA Vindication Of The Rights Of Women By Mary Wollstonecraft1192 Words   |  5 Pagesplaces upon her. Inspired by the writing, A Declaration of the Rights of Woman and the Female Citizen, which demanded equal rights for both men and women, Wollstonecraft published her book, A Vindication of the Rights of Women, which called for both men and women to realize their roles concerning inequality. The book also allowed for Wollstonecraft to express her ideas and methods for the improvement of equality between the sexes. Vindication went on to print many times throughout the 18th and 19th centuriesRead MoreWomen And Material Things : The Vindication Of The Rights Of Women997 Words   |  4 PagesAssignment 2 December 6, 2014 Women and Material things The Vindication of the Rights of Woman by Mary Wollstonecraft is a compelling arguement that argues for equality for women in society. The Weaver’s Complaint Against the Callico Madams explains outcome of women’s with equal rights would do to society. Sanshiro written by Natsume Soski, focuses the details and experience of his life spent at a prestigious Tokyo University. Three of these readings relate to women and material things because theyRead More Wollstonecrafts A Vindication of the Rights of Women Essay1291 Words   |  6 Pagesher worth. During the Enlightenment, some women began to question this norm and to voice their unhappiness. The Enlightenment period was an intellectual movement that sought to reform society and advance knowledge (â€Å"Age of Enlightenment†). Even with all of the Enlightenment’s great advancements, women still did not possess many rights. Women continued to be â€Å"oppressed and kept to the private sphere,† separa ted from men (â€Å"Women in the Enlightenment†). Few women challenged these social norms, but a few