Chilhoodhood obesity Essay Example | Topics and Well Written Essays - 750 words

Chilhoodhood obesity - Essay Example When it comes to â€Å"Raising Healthy Children† (Purcell 46) parents must educate themselves about childhood obesity. Information on proper nutrition is given to parents, in some cases, at their childs first doctor visit. Parents are often shown the food pyramid as a guideline for healthy eating, and regular exercise is also recommended. Parents should limit buying prepackaged food because of their high sodium and sugar content, but instead should give a variety of fruits, vegetables, and as part of their child’s daily diet to supplement an active lifestyle. Children should be encouraged to try several healthy foods at dinner. Limiting and/or eliminating fast food from a child’s diet will help decrease the amount of unhealthy fat and sodium that are going into a child’s body. Portion control is also important in maintaining a healthy diet. Reducing beverages with high concentrations of sugar (Clabaugh, Neuberger 34.3) is also necessary in preventing child hood diabetes. Eating unhealthy foods and not maintaining an active lifestyle can lead to childhood obesity that can manifest itself as a broad range of medical disorders in the future. Children learn mostly through observational learning. Parents must eat healthy and exercise and the children will follow. Parents can start by having available fresh fruit that can be eaten year-round and eat health snacks. Interactive activity with their children can also lead to a positive self-image as well as a healthy lifestyle. Parents can refer to studies like (The Lifestyle Behavior Checklist:Morawska and Joughin.36.4) to see if their adequately reducing their childs risk of childhood obesity. Since childhood obesity has increased at an alarming rate, physicians are asking, â€Å"Do parents recognize this health risk?† (Etelson, Donald, Patrick, Brand and Anushree Shirali 1362). Children are likely to develop bad eating habits because they are exposed to them as children.

Struggle for Economic Justice by women in Australia Essay Example for Free

Struggle for Economic Justice by women in Australia Essay This is a term that has been used in reference to movements that have had the aim of politics, culture as well as economy. These movements have the motive of superior rights as well as chance of participation in matters of the society for women and girls within the region in target. These are rights and chances of participation that are aimed at making sure that those of the female gender share a rather equal platform in various fields of life as with their male counterparts (Ellen, 2007). These fields include legal protection, politics, businesses, scholarships as well as the recognition and eventual building of a culture and power for women. These movements have been sparked by the fact that since traditional times the position of the woman in the society has been in the house where she is expected to raise the family. This is the bond of contention that feminist movements disagree with and are fighting to change. Most people view feminism being controversial based on the fact that it has challenged the values held by tradition. This has highly been witnessed in the political scenes where women never had a chance but have fought their way through (Gilligan, 1977). Feminism in Australia Feminism can be considered to have revolved on the basis of the fact that the history of feminism can be divided into three based on the reforms that each group was pushing for during its time. The second wave of the movements which run between 1960 to the 1980’s was much concerned with inequality that women faced in the face of the law as well as culture. This was a vital time frame for the feminist movement based on the fact they were fighting against something that they had lived with and had been seen as part of life. The third wave in the groping of the feminist movements reigned as from the 1980’s to the early 2000’s. This wave might not have a distinct task that it can be linked with but can rather be viewed as a continuation of the second wave and might as well be viewed as a response to the failure that the other waves might have made (Anita Dorota, 1998). Feminism in Australia as from the 1980’s can be deemed as radical based on the fact that it has focused on a eliminating a system of power that arises from the theory of patriarchy. In their view, this has been used to organize the society such that it is more complex of relationships on the basis of an assumption of male supremacy that has been used as a tool to oppress women. This radical movement has had the intention of challenging and overthrowing the patriarchy. This has been by means of opposing standard gender roles, opposition of the oppression of women as well as making calls that perpetuate a reordering of the society which is expected to be radical. In the onset of the radical feminist the movement at the time viewed patriarchy as a phenomenon that was transhistorical and deeper as compared to other sources of oppression towards women. In this case it was viewed as an old universal source of oppression that acted as the model for the structure of other forms. Within a near future the group witnessed a change in their politics over a range of cultural feminism to more vibrant politics that brought about issues of class as well as economics to a level that was at par with patriarchy as sources of women’s oppression (Alcoff, 1998). In Australia in the late 1970’s and early 1980’s the radical feminist movements took part in a number of squats with their underlying aim being the establishment of a range of women’s centres. Time was dawning and by mid 1980’s many of the consciousness riding groups that had formed the original movement had dissolved. This was in a systematic way as they got associated in universities that were loosely organized. This paved way to modern feminism which can be witnessed in a more precise way with student activism as well as with women who form the working class population of the nation. Over the period in the 1980’s, the government of Australia came up in support of feminism. This was expressed through funds that that the government offered to the feminist social organization of which most accepted. This was an aid that did not last for long based on the fact the election that preceded this event resulted in the election of a new government that abolished the fund (Reina Sara, 2003). Feminism, after the year 1980 has faced many obstacles some of which are as a result of its achievements. These include the rights of the woman to work which was seen as a means of economically empowering the women (Ellen, 2007). The idea was brilliant based on the fact that it has economically empowered the woman but has as well created a burden for the women. This is based on the fact that the job opportunities have created added responsibility to the women bearing in mind the role that they play in the homes. Though feminism might have made a significant growth in Australia the benefits of the growth can not be said to have been equally distributed between the women. This is in line with the Aboriginal women who form part of Australia’s indigenous population. This is a population that can not be said to share the light of the developments made in the country based on the fact their livelihood depends on survival. The Aboriginal women who form part of this population suffer great violence, proportions that have been said to violate human rights. This is a situation that has been created by factors of race, gender, post-colonial effects, unequal access to resources of the society as well as the unequal development of the community. Indications from both social and economic perspective prove that Aborigines are most disadvantaged in Australia while their women fare worst. The violence against these women is an indication that feminism has not yet accomplished its aim of eradicating women oppression in the country. Though we might say that the movement has had significant achievements this has been in varied areas and especially the urban centers where the movement has been able to draw its message. The case with the women of Aboriginal is an indication that the economic battle that feminism is fighting has not yet been accomplished (Heather Jackie, 1998). The Equal Pay Act of 1970 The equal pay act of 1970 was made with the purpose of addressing the inequality that existed between men and women over their pay. This was prompted by the fact that the women through feminist movement had resented over the poor pay that they earned at their work places. This was despite the fact that in most cases the women worked more that the men did. This was an issue that needed urgent address leading to the formulation of the act. The act might have been made but the country has not yet fully witnessed the success of this act. This is based on the fact that women in Australia still earn less than men in the region. This is despite the fact that the act was made in which women were expected to be paid equal amounts when they did the same job. However, the act stipulated instances when the pay might not be equaled based on the fact one employee might have higher credential than the other thus the imbalance in the pay rates. Despite this aspect of the act the pay towards women has been poor as compared to that of men with the difference between today and in the eighties being that the pay has been raised (Socialistworld. net, 2007). The underlying factor is the fact that despite the fact that the act was made it did not meet its intended target. From a point of view this can be seen a way through which the oppression of women continues even in today’s society based on the fact that women are viewed as inferior to men. The act can not be ignored on the basis that the pay has not been equalized but is to be applauded based on the fact that it had a significant impact in leading the pay of women to where they are today (Coote Beatrix, 1987). Though it may not be the target that was intended half a loaf is better than none. The economic progress that feminism wished to realize has not yet been achieved and the journey to its realization has as well proved hard. This can be attributed to the traditional aspect that never gave opportunity to women. These are the opportunities that women through the feminist movement are seeking to earn but it has proved difficult based on the fact that people are not yet ready to abandon this culture and offer women the demands that they are making. Conclusion Feminism is a movement that has aimed to advocate for equal treatment of women in all aspect of the society in the same way as men. This has been a battle based on the fact that the inferiority aspect of women originates from tradition which has proved hard to eradicate completely. The movement has had significant success in the uplifting of the economy of women though these are fruits that have been witnessed in the urban centers. This is a major limitation of the movement based on the fact women in the rural areas continue to suffer with little attempt being made to liberate them. The journey of the movement over the years has not been smooth based on the fact that the movement has encountered denial in its operations that have proved the women liberation task an uphill one. The success that the movement has achieved needs to be moved to the rural areas as well for the movement to have full achieved its goal. The economic liberation of women has witnessed significant success though more needs to be done. This is in account of the fact that women are still being oppressed economically.

Determination of Protein Concentration Experiment

Determination of Protein Concentration Experiment ABSTRACT: The objective of this experiment is to determine the concentrations of RNase H which was purified in the previous lab experiment and of an unknown solution, which was administered by the TA. A Bradford reagent was utilized to determine the total concentration which binds to the protein. The samples were placed in a spectrophotometer and the absorbance was recorded for each sample. The data was compared to the calibration curve made using the standard protein solutions and the absorbance reading. Our sample was unknown #3, which had a total concentration of 1.418 mg/mL. The concentrations for the original flow through, washing buffer flow through, and the eluting buffer flow through were 0.021 mg/mL, 0.0274 mg/mL, and 0.014 mg/mL, respectively, with a 98% confidence interval of  ± 0.0021 %. INTRODUCTION: In the previous lab experiment, the His-tag protein RNase H was purified by implementing a method called affinity chromatography. Affinity chromatography is utilized to isolate and purify proteins due to its high selectivity to the protein of interest (Biochemistry, 2015). The unused eluting buffer, original flow through, eluting buffer flow through, and the washing buffer flow through were all retained and stored for the latter experiment #7. In addition to the solutions mentioned, five standards protein solutions are prepared by diluting a 1.56 mg/mL of bovine gamma globulin solution (IgG) and unused eluting buffer. The final prepared solution is placed in a spectrophotometer and set at an absorbance of 596 nm. The unused eluting buffer is used as the control in the experiment to balance the spectrophotometer. A calibration curve is created using the absorbance measured from the five standards. In most cases, the calibration curve or standard curves are generated using a least two sets of data or replicates, which holds true in our case. However, the average of the two absorbance sets were used to create the standard curve. The blank/control consists of a buffer without addition of protein. The protein standards have a known concentration of protein, and the unknown sample is the solution to be assayed (Lab Manual). All of the 20 prepared solutions contain the Bradford protein assay. Bovine gamma globulin is a protein assay that is used as a protein concentration reference standard for use in the Bradford for total protein assay. It is used in Bradford and other protein assays. The Bradford protein assay, also referred to as Bradford reagent, is commonly used in laboratories to determine the concentration of the protein within the sample. The reagent binds to the proteins present. The amount of protein present is proportional the binding of the Bradford reagent. Meaning that the more protein present in the sample, the greater the dye will bind. The reagent is said to colorimetric, therefore, a color change can be observed, in reference to the protein concentration. The blue hue from the reagent becomes progressively darker as we increase the protein concentration. The opposite holds true for the lighter blue hue, which indicates less protein is present in the solution. With the aid of the Bradford Reagent, it is possible to determine the total amount of protein c oncentration present in the sample of interest. EXPERIMENTAL PROCEDURES: MATERIALS: Unused Eluting Buffer (Control)-from lab #6 Eluting Buffer flow through (EB)-from lab #6 Washing Buffer flow through (WB)-from lab #6 Original Flow through (OFT)-from lab #6 1 mL of a 1.56 mg/mL Solution of Bovine Gamma Globulin (IgG) 0.25, 0.50, 0.75, 1.0, and 1.5 mg/mL of IgG-Protein Concentration Standards Bradford Reagent 20 plastic test tubes Cuvets, disposable plastic Parafilm Spectrophotometer PROCEDURES: Prepare five standard protein solutions in a microcentrifuge tube by diluting the 1.56 mg/mL of IgG stock solution appropriately with unused eluting buffer from lab #6. Each solution should have a total volume of 250  µL and the concentrations should be as follows: 0.25, 0.5, 0.75, 1.0, and 1.5 of IgG. Set up 20 test tubes and divide into two sets. Label 5 test tubes per the concentrations mentioned above, and the remaining 5 tubes as follows; eluting buffer flow through, unused eluting buffer, original flow through, washing flow through, and the unknown sample # obtained from the TA. Repeat this procedure for set two. Add 50  µL of the appropriate solution to each tube. Add 1.5 mL of Bradford reagent to each of the 20 test tubes then cover with each tube with parafilm and mix using the vortex mixer for approx..3 seconds. Wait 10 minutes and then transfer all the solutions to cuvets. For set one and two, place the unused eluting buffer cuvet into the spectrophotometer a pparatus to balance and set to 596 nm. Read the absorbance for the other cuvets. Record each reading in lab notebook. Plot the average absorbance on the y-axis vs. concentration on the x-axis of the duplicate standard protein solutions. Determine the concentrations of the original flow through, washing flow through, eluting buffer flow through, and the unknown sample by using equation generated from the slope of the plot. RESULTS: DATA TABLES: Standard Protein Solutions: Protein Concentration (mg/mL) Volume of 1.56 mg/mL IgG Stock Solution Needed ( µL) Volume of Unused Eluting Buffer Used ( µL) Total Volume of Solution 0.25 40 210 250  µl 0.50 80 170 250  µl 0.75 120 130 250  µl 1.0 160 90 250  µl 1.5 240 10 250  µl Absorbance Data: Concentrations (mg/mL) Absorbance at 596 nm Set 1 Set 2 Average 1.50 0.608 0.633 0.621 1.00 0.455 0.423 0.439 0.75 0.441 0.246 0.344 0.50 0.162 0.307 0.235 0.25 0.043 0.056 0.050 Unused EB (Control) = 0 0.000 0.000 0.000 Original Flow through 0.004 -0.003 0.001 Washing Buffer 0.002 0.005 0.004 Eluting Buffer 0.001 -0.004 -0.002 Unknown Sample #3 0.608 0.606 0.607 Total Concentration: Protein Sample Concentration (mg/mL) Original Flow through 0.0205 Washing Buffer 0.0274 Eluting Buffer 0.0136 Unknown Sample #3 1.418 GRAPH: CALCULATIONS: The expression given by the best fit linear trend will be used to determine the concentrations for the original flow through, washing flow through, eluting buffer flow through, and unknown sample #3. Where y-represents the absorbance, and x-represents the concentration. The units corresponding to the slope are in mg/mL. Equation of the slope is: y = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079. Solving for x will give us the concentrations of the samples. Concentration of the Original Flow Through: Rearrange to solve for x: y = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 à ¯Ã†â€™Ã‚ ¨ x = (y 0.0079)/(0.4336) (0.001) = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 x = (0.001 + 0.0079)/(0.4336) x = 0.0205 mg/mLà ¢Ã¢â‚¬ °Ã‹â€  0.021 mg/mL CALCULATIONS: (continued) Concentration of Washing Buffer Flow Through: y = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 (0.004) = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 x = (0.004 + 0.0079)/(0.4336) x = 0.0274 mg/mLà ¢Ã¢â‚¬ °Ã‹â€  0.027 mg/mL Concentration of Eluting Buffer Flow Through: y = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 (-0.002) = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 x = (-0.002 + 0.0079)/(0.4336) x = 0.0136 mg/mLà ¢Ã¢â‚¬ °Ã‹â€  0.014 mg/mL Concentration of Unknown Solution #3: y = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 (0.607) = 0.4336x à ¢Ã‹â€ Ã¢â‚¬â„¢ 0.0079 x = (0.607 + 0.0079)/(0.4336) x = 1.418 mg/mL DISCUSSION: The main goal for this experiment was to determine the protein concentration of the original flow through, washing buffer flow through, eluting buffer flow through, and an unknown sample which was given by the TA. These samples apart from the unknown were prepared in the previous lab experiment and was retained for further analyses for this experiment. In addition to the samples mentioned above, five standard protein solutions were prepared by diluting the 1.56 mg/mL of IgG solution with the unused eluting buffer obtained from lab #6. The concentrations of the standards were as follows: 0.25 mg/mL 0.50 mg/mL, 0.75 mg/mL, 1.0 mg/mL, and 1.5 mg/mL. The unused eluting buffer was also used as the control. It was apparent that upon adding the Bradford reagent to the samples there was visible a color change. A few of the solutions instantly turned to a darker blue hue while others remained a light blue color. The darker color indicated there was a greater concentration of proteins. A calibration curve was generated by plotting the concentrations of the five standards and their respective absorbance reading. It was determined that the best fit for the data was linear which yields an equation in the form of y = mx + b, where y represents the absorbance at 596 nm and x represents the protein concentration. The equation was rearranged as to solve for x and determine the protein concentration of the samples and the unknown #3, based on the data from the averages of the two sets of absorbance measured. However, two values from set two gave negative readings, which was indicative that the concentration of the protein was less than that of the control sample. As per my results, it was concluded that our unknown sample had a total protein concentration of 1.418 mg/mL. The concentrations for the flow through of the original solution, washing buffer, and eluting buffer had a total protein concentration of 0.0205 mg/mL, 0.0274 mg/mL, and 0.0136 mg/mL, respectively. The absorbance data was further analyzed using a 98% confidence interval and yielded a  ± 0.002% margin error. The R-value was relatively close to 1, which gives an equation that is more accurate. This also indicates that the calculated values for the protein concentration will reflect a value closer to the true concentration of the protein of interest. REFERENCES: J. M. Berg, J. L. Tymoczko, G. J. Gatto, Jr., L. Stryer, Biochemistry (8th ed., pp. 70-71). (2015). W.H. Freeman Company. Bradford, M. M. Analytical Biochemistry. Volume 72. A Rapid and Sensitive Method for the Quantitation of Microgram Quantities of Protein Utilizing the Principle of Protein-dye Binding. (pp. 248-254). (1976). Robyt, J. F. and White, B. J. Biochemical Techniques. Theory and Practice. Brooks/Cole, Monterey, CA. (1997) https://www.thermofisher.com/order/catalog/product/23212

Geoffrey Chaucer :: Biographies Poet Poetry Essays

Geoffrey Chaucer Before William Shakespeare, Geoffrey Chaucer was the preeminent English poet, and still retains the position as the most significant poet to write in Middle English. Chaucer was born in the early 1340s to a middle-class family. His father, John Chaucer, was a vintner and deputy to the king's butler. His family's financial success came from work in the wine and leather businesses. Little information exists about Chaucer's education, but his writings demonstrate a close familiarity with a number of important books of his contemporaries and of earlier times. Chaucer was likely fluent in several languages, including French, Italian and Latin. Chaucer first appears in public records in 1357 as a member of the house of Elizabeth, Countess of Ulster. This was a conventional arrangement in which sons of middle-class households were placed in royal service so that they may obtain a courtly education. Two years later Chaucer served in the army under Edward III and was captured during an unsuccessful offensive at Reims, although he was later ransomed. Chaucer served under a number of diplomatic missions. By 1366 Chaucer had married Philippa Pan, who had been in service with the Countess of Ulster. Chaucer married well for his position, for Philippa Chaucer received an annuity from the queen consort of Edward III. Chaucer himself secured an annuity as yeoman of the king and was listed as one of the king's esquires. Chaucer's first published work was The Book of the Duchess, a poem of over 1,300 lines that is an elegy for the Duchess of Lancaster. For this first of his important poems, which was published in 1370, Chaucer used the dream-vision form, a genre made popular by the highly influential 13th-century French poem of courtly love, the Roman de la Rose, which Chaucer translated into English. Throughout the following decade, Chaucer continued with his diplomatic career, traveling to Italy for negotiations to open a Genoa port to Britain as well as military negotiations with Milan. During his missions to Italy, Chaucer encountered the work of Dante, Petrarch, and Boccaccio, which were later to have profound influence upon his own writing. In 1374 Chaucer was appointed comptroller of the customs and subsidy of wool, skins, and tanned hides for the Port of London, his first position away from the British court.

Accounting In China Essay

1. Introduction †¢ China’s rapid economic growth in the past two decades has amazed the rest of the world. †¢ With China’s accession to the WTO, business activities with and within China will further expand. †¢ China fully understands that a sound financial reporting system plays a key role in the process of economic development. †¢ The Chinese Ministry of Finance (MoF), who has the responsibility for regulating accounting matters in China, has set itself the objectives of fostering investors’ confidence in financial information, increase transparency of financial reporting, and harmonize with International Financial Reporting Standards (IFRS), so as to reduce the costs of raising capital by enterprises and alleviate the risk of financial crisis. 2. History Of Development †¢ The old accounting and regulations were designed to meet the needs of a planned economy, and therefore focused on whether the production goals of state-owned enterprises and their financial and costs plans were being met. †¢ Accordingly, the objectives of accounting and performance measurement some twenty years ago were significantly different from the financial reporting objectives in a modern market oriented economy. †¢ Significant accounting reforms were undertaken in the past two decades due to several factors such as: âž ¢ Since China opened its door to foreign investments in 1979, the rapid growth of its economy, international trade and securities markets has shaped new objectives for financial reporting. âž ¢ State-owned enterprises now look a lot like profit-oriented businesses, and managers and other users need reliable and relevant financial information on which to base decisions about the efficient allocation of capital. âž ¢ At the same time, china has reached out to the international community to form joint ventures and gain greater access to the latest technologies and the world’s capital markets. See more: Homelessness as a social problem Essay †¢ In the 1980s, the MoF issued the first set of accounting regulation, which was formulated by reference to international accounting practice, for joint ventures in China. †¢ In 1992, due to rapid development of the Chinese securities market, the accounting System for Experimental Joint Stock Limited Enterprises was promulgated by the MoF in order to standardised accounting practice and disclosures by listed companies. This System was subsequently replaced by the Accounting System for Joint Stock Limited Enterprises (JSLE) in 1998. †¢ The 1992 regulation moved away from the traditional fund-based Soviet accounting model and incorporated many common Western accounting practices. †¢ In the same year, the MoF promulgated the Accounting Regulations for Foreign Investment Enterprises (FIE), the Accounting Regulations for Share Enterprises. †¢ In 1993 the Basic Accounting Standard for Business Enterprises came into force. It imposes some basic rules (e.g. that double entry bookkeeping must be used, that a cash or funds statement must be included in the financial statements, and that consolidated financial statements must be provided where appropriate); set out a conceptual framework of China accounting and make some detailed rules of financial reporting. †¢ The conceptual framework introduced on a broader scope new accounting concepts and essential elements of financial statements that were in many respects based on international practices. †¢ The conceptual framework aspects of the regulation are reasonably close to US and IASC precedents. †¢ However, these pronouncements were still found to have essential differences with international practice such as limited disclosure of financial information for the users to understand the results and financial position of the reporting enterprise. †¢ Another difference is that the regulation does not specifically identify the primary user or purpose of financial statements. Instead, a hierarchy of users includes the government, banks, the public and an enterprise’s own management. †¢ This is very different from the US or IASB which emphasis on financial decision making by outside investors. †¢ In addition, the ASBE is based on historical cost without the revaluation allowed in IASB or UK rules or the increasing use of fair value in IASB/US/UK rules. †¢ Furthermore, ‘substance over form’ is not established as a principle in China. 3. The New Accounting Standards And Accounting System (Development after 1993). †¢ In 1993, with funding from the World Bank (US$2.6 million), the MoF engaged Deloitte Touchee Tohmatsu (DTT) as consultants to develop a body of Chinese Accounting Standards (CAS) broadly in line with accounting and financial reporting practices used internationally. †¢ Exposure Drafts on about 30 standards have since been published between 1994 and 1996, and they were generally closely in line with the standards of the IASC. †¢ In 1997, the first standard was issued. It is on disclosure of relationships and transactions with related parties. †¢ In the same year, China joined the IASC, and became an official observer at Board meetings. †¢ In October 1998, an Accounting Standards Committee (CASC) was founded within China’s MoF. It comprises academics and members of accounting firms as well as government experts. †¢ In 1998, the Ministry of Finance issued the Accounting System for Joint Stock Limited Enterprises (JSLE) to replace the accounting System for Experimental joint Stock Limited Enterprises in order to standardise accounting practice and disclosures by listed companies. †¢ In 2000, DTT was reappointed as consultants for the second phase of the project. †¢ China accounting has achieved remarkable progress in unifying its accounting practices since Year 2001. †¢ In the same year, MoF issued a new comprehensive Accounting System for Business Enterprise (the ‘System’). The new System replaced the Accounting System for JSLE form January 1, 2002. †¢ In other words, all JSLE (including all listed enterprise) and FIE are now required to follow one unified new System. The system introduces the concept of substance over form and extends the requirement for consideration to all assets. †¢ The MoF plans to ultimately require all medium-size and large enterprises (other than financial enterprises) to adopt the new System, and announced its expectation that state-owned enterprise will adopt the new system over time. †¢ When fully implemented, the new System will replace the numerous inconsistent industry accounting regulations, enabling the financial statements of different types of enterprises to become more comparable. 4. Impact Of The New Systems On FIE †¢ Before adopting the new System, FIE’s financial statements which were prepared in accordance with the Accounting Regulation for FIE could not properly reflect the enterprise’s actual financial position and operating results, the enterprise had to make numerous adjustments when they compile financial statements under overseas accounting standards, such as IAS and US GAAP. †¢ The process was time consuming and imposed additional cost of investment to the foreign investors. †¢ After the adoption of the new System, the differences between FIE’s financial statements under PRC GAAP and those prepared in accordance with international accounting practices will reduce further, thereby enabling the foreign investors to assess the performance of their investments more efficiently. 5. China Accounting Standards Convergence With IFRS †¢ The importance and acceptance of IFRS has increased significantly over the past few years. †¢ While actively pursuing convergence with IFRS, the MoF necessarily has to ensure that accounting standards appropriately address the national circumstances that exist during this transitional period in the economy. âž ¢ A very significant portion of the economy is dominated by state owned enterprises. Even after enterprises are restructured into joint stock enterprise and branched out from the government structure, functional or regional government that remain stakeholders still exert significant influences over the enterprises and their trading partners and their transactions. âž ¢ Free markets are not sufficiently developed in many areas. âž ¢ Financial statements are multi-functional, serving not only the needs of the investors but also other interested parties including the State for supervisory and management purposes. âž ¢ Enterprises and professional intermediaries such as auditors and valuers are at a developing stage. During this transitional period, accounting standards must be realistically implementable by the preparers and auditors of financial statements. †¢ On 16 February 2006, the Chinese Ministry of Finance and the International Accounting Standards Board formally announced that Chinese Accounting Standards (CAS) will converge with International Financial Reporting Standards (IFRS) on 1 January 2007. †¢ Converging CAS with IFRS is one of many successful initiatives undertaken by the PRC government over the past global economy. †¢ Investors, analysts, regulators and other interested parties in recent years have been increasingly demanding more consistent and reliable financial reporting from companies around the world. †¢ The adoption and consistent application of accounting standards based on IFRS principles is widely viewed as a commitment to transparent financial reporting by these constituents. Transparent financial reporting is considered as the foundation of investor confidence. †¢ The process of convergence has been started way back in November 2005 when several meetings had been held between MoF and board members of IASB. †¢ The process of convergence will involve integrating the IFRS principles into CAS and will result in the amendment of all existing standards and the issuance of an additional 22 Specific standards. †¢ While the revised CAS will not reflect a literal translation of IFRS, their scope will include all IFRS principles. In additional, they will contain interpretive guidance to address the accounting for specific types of transaction (e.g. combinations of companies under common control) and industry accounting issues (e.g. extraction of petroleum and natural gas). †¢ The new CAS will comprise 1 basic standard and 38 specific standards. †¢ The revised CAS will first be applied to listed companies from 1 January 2007 and gradually applied to other types of entities. †¢ There will be differences between the revised CAS and IFRS to reflect unique circumstances in China. †¢ These differences, among other things, relate to: a. A prohibition of the reversal of asset impairment once it has been made; b. The accounting for certain government grants; c. Related party disclosures between State owned enterprises that have no direct investment relationship. 6. Challenges faced by China in converging with IFRS. †¢ The effect of changing accounting policies involves some efforts such as: âž ¢ Re-designing the financial reporting process to ensure that management has sufficient reliable financial information with which to prepare financial statements that comply with the standards, particularly in regards to the increased levels of disclosure required, and properly supports critical accounting estimates and judgements. âž ¢ The people involved in the financial reporting process will need to develop a new expertise and competency in applying revised CAS. âž ¢ Developing new accounting policy manual; integrating new CAS internal management reporting (budgeting, forecasting, performance measurement) and external reporting (financial, statutory, investor) into daily operations across the organization. âž ¢ Implementing ongoing and sustainable processes such as valuations of share options and derivatives, impairment testing hedge documentation and effectiveness testing, etc. âž ¢ Require identification of new data requirements due to financial statements and disclosure requirements. âž ¢ Train the head office and business units of the new reporting requirements. âž ¢ Provide training to finance and also non-finance staff including key management (e.g. finance, treasury, tax, human resource and sales) on new CAS principles and new reporting requirements. THE NEW SYSTEM OF CHINESE ACCOUNTING STANDARDS Key features and impact of the new accounting standards 1. The new accounting standards represent convergence with International financial Reporting Standards. †¢ Most of the newly issued standards and revised standards make reference to the equivalent IFRS and adopt the principles and treatments similar to its counterpart. †¢ As a result, the financial statements prepared in accordance with the New Accounting Standards will be more comparable with those prepared in accordance with IFRS. †¢ Overseas investors and users of financial statements will understand the financial statements of Chinese enterprise better and the cost of re-preparing financial statements for Chinese enterprises when getting overseas listing will be reduced. 2. The requirement of fair value measurement †¢ Under the new accounting standards, debt restructuring and no-monetary transactions will be measured at fair value and gains that meet certain criteria will be recognized in the income statement. †¢ Whereas before the revision, those transactions were carried at book value and any gains arising from those transactions were not allowed to be recognized. †¢ In practice, the determination of fair values may not be easy for many entities and various valuation techniques are required. 3. Specify accounting treatments for important accounting issues such as business combinations and consolidated financial statement. †¢ In the past, there was neither formal accounting standards nor comprehensive and detailed guidelines in the area of business combinations and consolidated financial statements. †¢ As a result, accounting treatments for similar business combination transactions may have varied across different enterprises causing much confusion and inconsistency. †¢ Therefore, the issuance of the standards on â€Å"Business Combination† and â€Å"Consolidated Financial statement† will provide comprehensive and more authoritative provisions and guidelines on these important accounting issues. 4. Specify treatments on new accounting issues and certain previously off-balance-sheet items will be recorded in the balance sheet †¢ Derivative financial instruments will be recognized on the balance sheet instead of only being disclosed in the notes to the financial statements. †¢ All shares and share options granted to employees to be measured at fair value and expensed in the income statement. 5. Standards relevant to important specialized industries †¢ The New Accounting Standards will include a number of standards that are relevant to those specialized industries. †¢ For example, the four standards on â€Å"Financial Instruments† will have an impact on accounting practices in various financial institutions. †¢ The standards on â€Å"Direct Insurance Contract† and â€Å"Re-insurance Contracts† will affect players in the insurance sectors. †¢ The â€Å"Extraction of Petroleum and Natural Gas† and â€Å"Biological Assets† are standards that are issued specifically for enterprises operating in the petroleum and gas industry and agriculture industry respectively. 6. Impairment of Assets †¢ The previous accounting regulations in China allow the reversal of impairment under certain circumstances. †¢ However, under the new standard, it specifies that any recognized impairment loss for fixed assets and intangible assets cannot be reversed in future accounting periods. †¢ The restriction on impairment loss reversal does not apply to inventories, trade receivables and bank loans. 7. More detailed requirements on disclosure †¢ The new standards provide users of financial statements with more relevant and transparent information, which will facilitate their economic decision-making. †¢ For instances, in respect of accounting policies and accounting estimates, the basis for the determination of significant accounting policies and accounting estimates is required to be disclosed. †¢ In relation to financial instruments, a detailed disclosure on the enterprise’s financial risk exposure is now required. 8. Transitional adjustments †¢ The New Accounting Standards were applicable to listed companies effective from 1 January 2007. †¢ The MOF has issued transitional provisions which are included in the standard on â€Å"First Time Adoption of Accounting Standards for Business Enterprises†. †¢ The standard requires that at the date of transaction, an entity should reclassify, recognize and measure all assets, liabilities and owners’ equity in accordance with the New Accounting Standards and prepare an opening balance sheet. †¢ These transitional provisions may reduce the workload and complexities for preparers’ adoption of the New Accounting Standards.

The stock market of today’s society Essays

The stock market of today’s society Essays The stock market of today’s society Essay The stock market of today’s society Essay The stock market of today’s society has turned into a fast paced digitalized system of transactions between some of the world’s wealthiest power brokers.   In order to fully examine the functionality of the stock market and how the entirety of the system works, a thorough examination of how the stock market works is important having an overall understanding of investment and stock selection. A stock is defined by Charles Schwab, a leading stock brokerage firm, as â€Å"an instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporations assets and profits† (Charles Schwab, npg).   In basic terms, a stock is a claim of ownership on a corporation.   However many shares a particular individual has of a company determines how much ownership of the overall company this individual possesses.   If an individual retain fifty shares of a company that has one thousand total shares, he or she has five percent ownership of the entire company.   Just as stocks are claims to ownership, the stock market is the marketplace where stockholders can trade, sell, and buy each other’s ownership of companies.   This marketplace works much like any supermarket, where individuals will use money or their own stocks to trade for ones from other people (Smith 103).   This mutually benefici al marketplace is the foundation of the stock system. Stocks however, vary between many different types.   Not all stocks can be purchased by anyone at any given time.   The most important classification of stocks is â€Å"common stock† and â€Å"preferred stock†.   Most shares of stocks are called â€Å"common shares† because these are the shares that are most available within the stock market.   Common stock entitles the owner certain privileges and power over the company because it represents partial ownership of the company.   This means that common shares allow the owner the right to vote in many corporate matters, and they also receive votes to elect the company’s board of directors.   They also receive the ability of â€Å"preemptive rights† which allows them to by stocks upon a split of the stock to maintain the proportional ownership of the corporation that they maintained before more stock was issued (Sincere 120).   The main advantage of the common stock is the power conferred upon the owner of the stock.   But it has the drawback that common shares are the last shares that receives dividends, and it also is the shares to get paid back in case of a bankruptcy within the company. Preferred stock in contrast does not confer nearly as much voting power to the owner of the stock but offers much more security.   Preferred stocks are the first to receive dividends and the first to receive payments in case there is a bankruptcy (Faerber 54).   Therefore they guarantee the owner a very low risk investment but lack the ownership control value of common shares.   Both of these two stocks have their individual drawbacks but each also has their advantages. The management and investment of stocks is an extremely risky business, where many times sound investments could turn into bankruptcy candidates in a matter of days.   The danger posed by stocks is that they are extremely volatile to the affects of public opinion.   Therefore when making stock investment decisions can many times turn into a roulette wheel rather than sound investments.   An example is the catastrophe surrounding the collapse of Enron in late 2001.   Enron, one of the country’s biggest energy producers collapsed and filed for bankruptcy in late 2001, and its stock plummeted from blue chip value to almost worthless in a matter of days (Fisher 151).   People who invested heavily into Enron because of its security soon learned that its financial blunderings had made their perception of the company change and that led to the immediate nosedive of Enron stock.   Enron is an excellent example of how stocks can change from blue chip, solid investment stock , to worthless.   Therefore a risk always exists when investing in stocks, even those that are perceived to be irreproachably solid stocks. Another risky method of stock investment involves investing in high risk stocks.   When investing in corporations that are just starting its development or does not have an identifiable product on the market, the possibility of losing the invested money is always present.   One example is the rise and fall of Orion Enterprises.   This corporation rose over 300% in the course of two weeks during 2004 because of the hype surrounding its development of a new medicine that would affect the recovery of patients after chemotherapy (Smith 21).   However, in the wake of its rejection from FDA approval, the stock subsequently plummeted to nearly the zero dollar mark and caused the bankruptcy of the corporation (Smith 23).   The collapse of Orion is an example of how stocks can be extremely risky to purchase and trade because of the unexpected fluctuation of public perception. However, investment in stocks can also yield large rewards.   Stocks represent ownership in corporations, and when corporations change from an extremely small operation to a multinational and multibillion dollar enterprise, and then the original investors are the ones who benefit the most.   Given the example of Microsoft, which increased its stock value so much from 1986 to 1998, that an initial investment of ten thousand dollars in 1986 would have yielded a return of over six million dollars in 1998 (Siegel 15)?   This shift in the rate at which stocks can become instant earners is another example of how powerful the stock market is, and the rewards that one could extract from making wise investments.   Another example of a reward derived from stock investment is investment into high risk markets.   Stocks especially within the technology sector are highly volatile, but at times they can yield extremely high profit in a short amount of time.   The transition of google.c om from being a low yield stock to one of the most consistent and most reliable stocks on the market today occurred in less than three years.   This serves as an example of how wise investment decisions could actually yield extremely good profit margins. Although high risk stocks can make excellent returns, low risk stocks can also yield excellent monetary rewards given a proper amount of time.   Although the common perception that blue chip stocks are great earners have been imprinted on modern investors, the reality of the situation is quite different.   Some blue chip stocks such as Cisco, has seen a steady increase on investment of 8% over the course of the past six years.   Which means that for a moderately low risk investment, a stockholder might expect a very satisfactory yearly return of 8% on their investment?   Another example of a low risk and middle ground investment is in quality customer service or restaurant corporations such as McDonald’s, which has consistently been on the rise since it opened on the market (Siegel 15).   Because these corporations depend on a much larger market than other smaller companies, they present a very steady and consistent long term investment.   Overall the advantage of having low risk stocks is that they are extremely easy to identify and they present consistent returns rather than erratic ones.   They are also long term investments and therefore require much less supervision.   However, it most importantly makes much less profit than high risk stocks because it has already neared its peak in development and thus lacks the ability to expand quickly because of its relative present size. Therefore a savvy stock investor would have a portfolio that achieves a risk neutral approach to investment that has a balance of both high risk and low risk stocks.   Such a portfolio takes advantage of the stability granted by blue chip stocks to fund the money of more risky ventures that could either yield great profits or losses.   The net benefit of diversification of the portfolio is that it allows for the dispersal of risk within the stock portfolio.   Overall having such a balanced stock ownership will permit the stockholder to have more control of his financial situation to avoid great losses in the stock market.