IFRS and GAAP Accounting Principles Essay Example for Free

IFRS and GAAP Accounting Principles EssayIFRS is also referred to as International Financial Reporting Standards. They argon caboodle of standardiseds of explanation essential by International Accounting Standards jury (IASA). They are becoming the standards in the globe to be used for preparation of monetary statements for the public companies. IASB is independent consistency which sets chronicle standards which is based in London (McLaughlin, 2009). This body consists of fifteen members who are from nine countries including United States. IASB started operating in 2001 since it succeeded International Accounting Standards Committee. With desperate laws, cultures, encourage regulation and commerce, individual nations, overtime have come so as to develop accounting systems of their own. In United States, Financial Accounting Standard Board (FASB), formed in year 1973, was third sort out which developed the Generally Accepted Accounting Principles (GAAP) in U. S, since the formal saddle horse of standards which started in 1939. FASB is the first group in US which employed independently funded full-time professionals to be independent in accounting profession.Sancti unmatchabled officially in 1973 December, by Securities and Exchange bang (SEC), which was federal regulator, FASB up to now continues setting accounting standards for U. S (Subramani, 2009). IASC was formed shortly after FASB had been formed in the same year so as to develop accounting standards which will be internationally accepted. During the early 1970s, economy of the globe was at that time marked by expansion of the cross-border activities. This time seemed to be right in considering whether in that location was a need to set universal accounting standards to address world which was shrinking (McLaughlin, 2009).IASC in their effort of promoting acceptance of one set standards of accounting globally, tried to write certain inclusive standards. Committee members often had diffi cult in achieving a common consensus on proper accounting treatment to transactions which were same or the same (AICPA, 2010). They identified preferred treatments, but accounting which was different with also different results was as well al downhearteded. They considered this as necessary so as to promote the acceptance of complete set for the world accounting standards.If specific standard was much different from that which was accepted principally in an individual country, that nation may non accept all the set standards. It was better in allowing some alternatives in order to bring many nations into the mix. International Accounting Standards Board (IASB) replaced IASC after it had issued 41accounting standards to be used internationally in 2001. Since formation of IASB, it has issued around eight IFRS and also they have modified several(prenominal) international accounting standards (IASs).In 2000, European Commission provided the international standards large boost as it a nnounced initiative which required both listed company in the European union to be using IFRS starting the year 2005. Before mandatory introduction for all companies to use IFRS, all countries in European partnership regulated separately their standards of reporting (McLaughlin, 2009). The measure of using IFRS did non affect the non-listed companies in Europe. European ministers council approved IFRS in 2002. At the start of 2005 approximate of 7000 companies naturalized the change.Around 6500 of these companies had been prior reporting GAAP in their own country, with almost 3000 of them in UK alone (Ernst Young, 2009). EU however, never endorsed three paragraphs in IAS 39, and these were standards which deal with measurements and cognizance of the financial instruments. Volatility potential of the earnings which was related to such paragraphs accounting macro hedge as well as option of fair value made the standard setters to go back in the drawing board several times, but th ere was no appearance of silver bullets.Up to now, EU has not fully endorsed set of the IFRS which was promulgated by IASB (Jermakowicz, Epstein, 2008). Failure of EU to fully endorse these set of international standards is significant issues to several reasons, not the hardly a(prenominal) which is requirement in the IAS1, financial statement presentation that is explicitly stated by a company that their financial statements are complying with the IFRS (McLaughlin, 2009). Companies are nurture not allowed to state their financial statements as complying with IFRS if it does not fully comply with whole body of the IFRS.The accounting standards so as to gain world wide acceptance, there is a need for them to be universally applied. It is necessary to have comparability. Financial statement set prepared using GAAP of country A is not comparable suddenly to an separate which is prepared using GAAP of country B since both of them on the top states IFRS (AICPA, 2010). United States ke y regulator precession is the consistent application of these standards. If to be accordance with the IFRS means the similar and same transactions have to be accounted in same way in every nation, then preparing financial statements according to IFRS will have to add value.Investors will no longer waste their effort and time in reconciling financial information when comparing to companies which are similar but in different countries (Subramani, 2009). Capital will then flow efficiently and at a low cost to companies in many places. An different major boost for acceptance of the IFRS was seen in 2002as the Norwalk Agreement was being signed and was reaffirmed in the Memorandum of Understanding in 2006. IASB in the London together with FASB in the Norwalk agreed to remove the differences in their standard sets and converge it on high-quality standards (Ernst Young, 2009).The emphasis was on high-quality and this meant that if the FASB standards or IASB standard was deemed to be bet ter, then the crossing was would be on the superior one. If nevery of them had sufficient standards which would qualify to be used internationally, then the two boards would jointly work together to produce new standards. Work is on progress in developing a conceptual single framework which will guide in setting future standards. Convergence between U. S GAAP and IFRS do not mean accounting standards should become identical.It means that in the cases where the transactions are similar or the same, then the accounting should be just the same, or if not so, the disclosures should be transparent to enable reader understand about the differences (Subramani, 2009). Also the standard setters are putting more effort to reduce the difference which is in the two systems. Three significant differences between IFRS and GAAP. The difference between the two set of standards include the following in the US GAAP in the income statement, extraordinary items is restricted to some items which are bo th infrequent and unusual (McLaughlin, 2009).Negative saving grace usually is treated as an extraordinary item. In the IFRS, income statement usually prohibits extraordinary items. In the US GAAP the significant items in the income statement are presented separately at the face of income statement just as component of operation going on, where as in the IFRS significant items in the income statement separate the disclosure of nature and also the amount required, but it can be included in income statement or notes (Ernst Young, 2009). Changes in the equity in U. S PAAF are present in all the changes in every caption of the stockholders equity either in separate statement or foot note. uprightness changes in IRFS at least, presents components which are related to expense and income recognized as section of separate statement (AICPA, 2010). Other equity changes are disclosed either in notes or presented as a part of one, combined statement in all equity changes. Three similarities be tween IFRS and GAAP. In both accounting standards, exchange disadvantagees and gains on the settled items and also on the monetary items which are unsettled should be taken to loss or profit for that period. When loss or gain on non-monetary items is directly recognized in equity, then that loss or gain is further taken to the equity (Ernst Young, 2009).On the other hand if losses or gains on non-monetary item are taken in loss or profit, then related component of exchange would further be included in loss or profit. Functional currency should be currency of primary economy in environment the business is operating. The other currencies should be treated or enclosureed as foreign currencies. Presentation of currencies should be currencies used in presenting financial statement and is usually matter of ones choice (AICPA, 2010). Financial statements should be prepared by the functional currency of the entity but may be presented by any other form of currency. various(prenominal) tr ansactions should be translated at rate on date of transaction, or at any average rate for period if the rates do not significantly fluctuate. Identify three potential risks of IFRS and GAAP convergence. There are several risks which may affect companies as a result of the convergence. They include that the convergence may risk tax rate and thus making it not to be effective to some companies, it may also risk the long term financial agreements and contracts, and it may also risk timing of the revenue recognition (Ernst Young, 2009).

Review of Blue Lagoon Essay Example for Free

Review of Blue Lagoon EssayThe Blue Lagoon Explores the garden of Eden The Blue Lagoon is often ridculed as a fluff piece of adolescent nudity. However I believe The Blue Lagoon raises provoke questions about human sexuality. How did we discover sex, and what about our sexuality is innate? The movie presents the case of an innocent boy and girl from the Victorian Age, shipwrecked on a glorious tropical island. They are soon without any adult guidance whatsover. As children, the two are inseparable, but the movie presents a plausible change in their relationship as they start to go through the changes of puberty. They dont understand the physical changes that are happening to their bodies. And they start to become distant and secretive and angry with each other and they dont quite understand why. What they dont realize is that these changes are part of the process of moving apart and developing a separate sexual indentity from each other. entirely after we see the steps of this transformation to sexual maturity completed do we see they are ready to discover humans oldest instinct in each other, which comes inbredly to them in time. They then go on to discover the mysteries of parenthood and the psychological changes that come with that.Other themes such as religion and police force are explored as well. What keeps this movie watchable is the beauty of the actors and the beauty of the island. The scenes on the lush tropical island and the bright blue ocean are beautifully shot and dreamlike. The natural beauty evokes a Garden of Eden. And this movie seems to try and explore the relationship that might have existed between Adam and Eve in the Garden of Eden, development about love, sex, and children all on their own. And I think the movie gives it a pretty good shot. The Blue Lagoon is much deeper than people give it identification for.

Coca Cola Entering Chinas Market Marketing Essay

Coca Cola Entering mainland chinas Market Marketing EssayOne way to analyze Chinas refining is to look at their Hofstede score. Hofstede is the name of a system that rates countries on a scale across five different work related set motive distance, individualism vs. collectivism, masculinity vs. femininity, uncertainty avoidance, and long vs. short term orientation. K at presenting these scored before operating in a country is very important. The power distance index describes the distance between those who are less powerful in the company, like middle and first baseer-management, and those who are very powerful, like the bosses and officers. The higher scads mean that it is very disrespectful to go to your boss and offer up your opinion virtually something, and you are suppose to just take what your boss gives you. A low power distance index means that every ane is close to a similar level, and you are allowed to and actually encouraged to offer up your opinion to your boss es. China has a high power distance index, with a rating of 80, being that the world average is 55.The individualistic vs. collectivistic index rates how integrated members of a company are. Individualistic countries value getting the job done yourself, and celebrates individual accomplishments. Collectivistic countries value team effort, and do non seek for individual results, and some snips it can be very embarrassing to be singled out. In china, they have an individualistic vs. collectivistic index rating of 20, compared to the world average of 43.Masculinity, opposed to femininity, defines roles that separately gender takes in an organization. Masculine countries show high levels of competitiveness and assertiveness, while feminine counties show low levels of those just described and high levels of modesty and care. A high score in the masculinity index means that the country is masculine, while lose scores mean the country is feminine. China has a masculinity rating of 50, wh ile the world average is 50, which means China is indifferent between being masculine or feminine.Uncertainty avoidance index defines how a great deal risk the population in general takes. Countries with a high index will take lots of risks, while a country with a low index will take little to no risks. High index countries are very comfortable with venturing to the un humpn, while low score countries prefer to dwell impersonate where they are. China has a score of 60 in uncertainty avoidance, while the world average is 64.The last index is the long-term orientation. This defines how far into the incoming the country looks at decisions it has to cause now. Countries with a high long-term orientation look to maintain steady flow in the long-run, while short-term countries looks for results now without thinking about the future. China has a score of 118, while the world average is 45.The official language of China is Chinese, though many line of descent state speak English as w ell. The government is Communist run, and most people are atheist, with many different types of atheist-religions being practiced. As of May 2010, the population of China was estimated to be around 1.3 billion, which is about 20% of the worlds population. A couple notes about the behavior that are important to know when dealing with a Chinese business person is to never have personal contact, never point while speaking, point with a open palm, not with the index finger, do not put your hand in your mouth, al ways be on time, and do not discuss business at meals. Decision making is slow in China, and hotfoot them is considered very disrespectful.The culture of China is drastically different from the culture of the U.S., the home country of Coca-Cola. The Hofstede ratings for the U.S. are 91 for individualism, 62 for masculinity, 29 for long-term orientation, 40 for power-distance, and 46 for uncertainty avoidance. This means that China is more long-term oriented, has a higher power distance, and avoids uncertainty more, while the United States is more individualistic and masculine. Now that we actualize Chinese culture, we can analyze Coca-Cola and their international business structure there.Marketing Plan/StrategyTarget Market shock can be enjoyed by anyone. Coca-Cola does not explicitly target a specific market overall, but they do have advertising campaigns that do talk to a specific group. Coca-Cola has to know the leavings between the types of markets in China in order to send the right message to its intended group. One segment Coca-Cola looks at is urban and rural communities. steady though there are more potential customers in rural areas, there are more potential customers in urban areas. The economic renewal of the two groups makes it possible to separate them. The disposable income per capita in urban areas is three times more than in rural areas. There is also a difference in the province you live in. The different geographical regions of Chi na have a difference in sales for deoxycytidine monophosphate. Of the four largest cities in China, there are only 4 percent of Chinas population there, but accounted for 15 percent of sales, while all the other smaller cities and provinces had 80 percent of the population and had 50 percent of the sales.Age is also a segment that Coca-Cola builds on. Coca-Cola was introduced in the 1970s, and people who were born after its introduction grew up drinking Coke in their meals. Coca-Cola realized this and made all those born from their introduction on, which means everyone about 40 years are younger are a target market for Coca-Cola to further Coke to.4 Ps (Product, Price, Promotion, Place)The product is called Coca-Cola, but Coke is used for short instead of saying the whole thing. It is a carbonated beverage. It was originally a patent medicine sold in a pharmacy, but along the lines it made its way to sell in a variety of places to become the identification number one sold drink in the world. The ingredients of Coke are carbonated water system, sugar, caffeine, phosphoric acid v. caramel, and natural flavorings.The pricing of Coke is relative to other competitors in the market. The biggest competitor for Coca-Cola is Pepsi, and Coca-Cola takes account of what Pepsi prices their soft drink. Coca-Cola has an advantage though because they have a product that everyone sees as being a consistent and dependable one, so Coke is allowed to be priced 15 to 20 cents more without losing any sales to Pepsi.Promotion of Coke is very specific to the area being targeted. Coke implements pattern advertising, which keeps the mental picture the same for countries targeted, but changes the audio, color scheme, and character selection to be similar to the area being broadcasted. Coke also does not make advertisements claiming to be bankrupt than Pepsi.In supermarkets, Cokes place is right next to all the other drinks, with no one product getting more exposure than others. Co ca-Cola has at least one sales centre in cities with more than one million people. The sales centre also warehouse Cokes, and plenty of delivery trucks are there to calve the products.Business EnvironmentCoca-Cola expands in countries through a variety of licensing agreements and joint ventures. Coca-Cola licenses the selling of Coke out to bottlers. Coca-Cola makes the soda syrup and sends it to bottlers who mix it with carbonated water and bottle it, sending it to retailers. Bottlers are allowed to sweeten it differently depending on local tastes. Coca-Cola goes into joint ventures with other companies to come out with different types of products. Coca-Cola has joint ventures with companies like observe Gamble, Danone, and Nestle.Human ResourcesCoca-Cola Company is not one in the same as the Coca-Cola bottlers, which are the majority of the whole business model. Coca-Cola does not have many offices world-wide for manufacturing, but do have executive offices. Coca-Cola sends exp atriates out to deal with international sales. Glenn G. Jordan S. is the president of the Pacific Group for Coca-Cola, while Douglas Jackson is the President of the China Business Unit. Coca-Cola does not hire internationally for their executives and officers. For the Pacific Group, there are 2,900 executives working with 30,000 bottler employees. Coca-Cola states that people development is the stable for long-term success. One way they develop people is by sending them to Coca-Cola University, which is a virtual global university that teaches its employees everything they need to know.Coca-Cola pays its Chinese employees based on a couple of factors. First they make sure that what they are gainful their employees is competitive with other consumer goods companies. Coca-Cola also offers benefits such as housing and transportation allowances, supplementary life and accidental insurance, free annual physical check-ups, free lunches and beverages, and feast allowances. They offer med ical programs for the whole family. Twice a year, rewards are handed to employees who contribute significantly to the Company and the communities in which they operate.There are two ways in which Coca-Cola recruits new employees. First, they cooperate with local universities and business schools to directly go and recruit graduating students. Second, they post openings on their website to screen through hundreds of thousands of applications, which is later followed by a interview process if the resume was chosen.FinanceSince Coca-Cola licenses out the bottling and selling of Coke, they do not have to invest intensively in foreign investments. Coca-Cola has such a strong brand name that it allows them to have the freedom to invest anywhere with just about absolute assurance Coke will sell and make a profit. Coca-Cola has the leeway to introduce new products, seeing as they make such an income from Coke that it covers any potential losses. Coca-Cola has made a net income of about $6 b illion for the past 3 years, so money is not an issue when investing in new products.ConclusionOverall, Coca-Cola has been and for a long time will be a very successful company in China and the rest of the world. One of the biggest reasons for this is Coca-Colas consistency. They have a brand name with Coke that is recognized globally, and that will not go away from a long time unless they somehow hurt themselves publicly. Coca-Cola has realized that China is still a luxuriant growing country, and has recently announced that they will open three new bottling plants in China. The new investments are set to cost $2 billion, which tops the total amount invested in now which is $1.6 billion. Coca-Cola tried to buyout Hong Kong-listed China Huiyuan Juice Group LTD, but was blocked by the Chinese government, which claimed that Coca-Cola was trying to set up a monopoly. Regardless what Coca-Colas intentions may be, they are still a very smart company and have certainly staked their claim as being the best in the nonalcoholic beverage industry. As long as Coca-Cola stays consist with their flagship product Coke, the sky is the limit for the Company.

Sea Water Injection System

Sea irrigate Injection SystemIn fiat to improve the oil recovery in an oil field the injection of sea water is used to increase the pressure inside the reservoir and kick upstairs the oil production. The graph given in Figure 1 is a typical seawater injection administration, before the injection process, water must chief(prenominal)tain a treatment to decrease the corrosion point caused by seawater in pipe lines, surface and downhole injection equipments. The treatment is based in a mechanical de-aeration process and chemical scavenger injection to decrease the concentration of oxygen in seawater.Figure 1. Seawater Injection SystemIn a normal operation of the seawater injection system the conditions of the process are 150,000 barrel per day, pipe diameter of 8 inches at 25 C, however in terms of corrosion parameters the data is provided in table 1, this table shows that the mechanical deaeration process reduce the most quantity of type O concentration in seawater. plank 1. Con centration of Oxygen in normal operationConcentration of O2 in different UnitsPPBmg/lmole/m3Feed Seawater7,00070.22 afterward mechanical de-aeration process1000.10.003After scavenger dosage100.010.0003With the data provided, the corrosion govern in normal operation condition is 0.0454mm/ course of study (the calculation step by step including unit conversion are shown in the appendix) hence the corrosion arrange is far less than the company pleasing value which is 0.1 mm/year, and it means that the system is working properly.It has been found that the mechanical de-aeration equipment requires repair, and it leave alone be out of operation for between one and three months.Water system Injection without a mechanical de-aeration processCalculating the limit current dumbness with the following equationConcentration of Oxygen only with the summing up of Scavenger dosing = 6.910 ppmK is the mass transfer coefficient and it calculations and unit conversions are shown in the appendi x.Calculating the corroding RateAssuming the main component of the pipe contract therefore n= 2M= 55.84 g/molDensity 7.87 g/cm3Now we drop compare the corrosion enumerate of each courtship and determine the implications of operating the system without the mechanical de-aeration.Hence the corrosion rate will increase 502 times without the mechanical de-aeration. Based on this result it is patent that the most important process for oxygen removal is the mechanical deareation.The company request the assessment in a technically and economically point of captivate three operational solutions during the repair of the mechanical de-aeration equipment.For the given delicious corrosion rate less than 0.1 mm/year, a corrosion rate value of 0.09 mm/year was used to calculate the implications of the possible solutions.a. Decreasing the Flow RateAssuming an acceptable corrosion Rate of 0.09 mm/year,From the equation above we net reach the Current minginessWith current density we roll in the hay reach mass transfer coefficient kNow we can reach the new Sh itemiseWith Sh bod we can puzzle Re numberThis value of Reynolds number means that we are in the transition regime between laminar coalesce and turbulent flow.Now we can reach the flow rateFrom the technical point of view and based on the concepts of fluids mechanics, diminish the flow volume to 260 barrels per day will generate a laminar flow (Re less than 3000) on the pipe, in other words it means that the velocity will non be in the required optimum range of 1.5 m/s to 2.5 m/s, according to Streeter. Doing the calculations the velocity will reach a very impenetrable value of 0.014 m/s in the pipe, which is by far lower than the minimum value of 1 m/s. Therefore technically, the reduction of flow rate to reach an acceptable corrosion rate is not a possible solution.In addition, this kind of diminution of the flow rate (577 times lower than the original) would arrive trespasss on the oil well. Specific ally, it would not be able to maintain the pressure at the desired level and therefore would have a big impact on oil production leading to money loss.b. Increasing the amount of scavengerAssuming an acceptable corrosion Rate of 0.09 mm/yearFrom the equation below we can reach the concentration of Oxygen that we need to contain in the water in commit to have an acceptable corrosion rateUsing Sodium sulfate as scavenger the following reaction will proceedHence counterfeit the stoichiometry of the reaction the relation between the compounds will be 2 moles of Scavenger and 1 mole of Oxygen.Therefore the amount of scavenger Sodium sulfate demand is = In an injection flow rate of 150,000 bbl/dayBased on scavengers calculations we need to provide the system with a high amount of scavenger to reduce the oxygen concentration that gives an acceptable corrosion rate, it is up to 1.3 net ton per day, it is nearly 80 times more than amount of scavenger used in normal operation, which is a bout 17 kg per day.On the economically point of view, if the scavenger will substitute mechanical de-aeration for a month, the need of scavenger will be approximately 40 ton per month. By using the commercial price of scavenger 0.64 USD/kg (https//www.icis.com), it will address around 832 USD/day and scaling it to a month it will cost nearly 24,960 USD/month.c. Corrosion InhibitorCorrosion inhibitor compound will reduce the corrosion rate by preventing both anodic and cathodic reactions. Anodic inhibitor will be adsorbed onto metal surface to form protective film and prevent metal dissolution while cathodic inhibitor will minimize O2 reduction reaction by forming non-conducting film on metal surface. And in technical terms it could be the solution of the problem. However, from the calculations, we know that corrosion rate without the mechanical deareation is 22.5 mm/year and the get down is to decrease the corrosion rate below 0.1 mm/year. Based on the corrosion inhibitor risk cat egory that is proposed by Hedges (2000), if the expected uninhibited corrosion rate is graeter than 6 mm/year inhibition is unlikely to provide integrity for the full field life. Therefore corrosion control of the system could not be efficient with a only corrosion inhibitor because of the high requirement of availability.Based on the results of the three possible options, on the economically point of view decreasing the injection flow rate will impact in the production of oil, and decreasing the main product (oil) of the industry it will have terrible effects in the oil company. Therefore in the corrosion engineering point of view the most accurately solution is to increase the amount of scavenger (Na2SO3) in order to reach a corrosion rate of 6 mm/year and then with the addition of corrosion inhibitors the corrosion rate can be reduce to an acceptable value of less than 0.1 mm/year.The dosage of O2 scavenger has to be interrupted for 8 hours per week for the injection of the bioc ide. During this time if there was not the corrosion inhibitor, the Corrosion rate would be 22.5 mm/yr. but if the Corrosion inhibitor inhibition rate is 98.5% (as from 6mm/yr to 0.09mm/yr), the corrosion rate would beTherefore the Corrosion rate would be The Corrosion rate is slightly above the required norm (0.002 mm/yr), but in the worst object lesson scenario, 3 months with no deaerator, due to the fact the Corrosion rate with the mechanical deaerator is 0.0454 mm/yr which is 0.0546 mm/year less than the required standard. So, in a year office the slightly more amount of Corrosion will be not significant and the system will work properly.Also, the amount of Na2SO3 needed to reach a CR of 6 mm/year is 905 Kg/day and it will cost around 580 USD/day.Finally, in order to choose the ideal corrosion inhibitor science laboratory tests must be performed in the same seawater that will be used. In situ tests would help to assure the quality of the results.Streeter, Victor L. Handbook o f fluid mechanics. McGraw-Hill, ed 1 (1961).Hedges, B. (2000) The Corrosion Inhibitor availability Model, NACE International, Paper 00034.Water system Injection with a mechanical de-aeration process and Oxygen scavenger additionConsidering the water system injection above and the following data we can reach a corrosion rate value in the next steps.Data providedPipe diameter = 8 inch, therefore the Area A = 50.26 in2 = 0.032429 m2Volume Flow Rate = 150000 bbl/dInitial Oxygen Concentration = 7 ppmConcentration of Oxygen After Mechanical De-aeretion = 100 ppbConcentration of Oxygen After Scavenger dosing = 10 ppbKinematic Viscosity 1.05 X 10-6 m2/sSchmidt number = 505Calculation of Re numberCalculation of Sh NumberIn turbulent Flow calculation of Diffusion coefficientFrom Sh number we can reach the mass transfer coefficient kNow compute the limit current density with the following equationConcentration of Oxygen after mechanical de-aeration and Scavenger dosing = 0.01 ppmCalcula ting the Corrosion RateAssuming the main component of the pipe straighten out thereforen= 2MFe 55.84 g/mol 7.87 g/cm3For 8 hours per week, the O2 scavenger dosing is interrupted for biocide to be injected. So, there is an Availability of = The Corrosion rate at a concentration of 0.1ppm of O2 isWater system Injection without a mechanical de-aeration processCalculating the limit current density with the following equationConcentration of Oxygen only with the addition of Scavenger dosing = 6.910 ppmCalculating the Corrosion RateAssuming the main component of the pipe Iron therefore n= 2M= 55.84 g/molDensity 7.87 g/cm3Now we can compare the corrosion rate of each case and determine the implications of operating the system without the mechanical de-aeration.Hence the corrosion rate will increase 502 times without the mechanical de-aeration.Evaluation of the following operational solutions diminish the flow rate of waterAssuming an acceptable corrosion Rate of 0.09 mm/yearFrom the equ ation above we can reach the Current densityWith current density we can reach mass transfer coefficient kNow we can reach the new Sh numberWith Sh number we can obtain Re numberThis value of Reynolds number means that we are in the transition regime between laminar flow and turbulent flow.Now we can reach the flow rateIncreasing the amount of scavengerAssuming an acceptable corrosion Rate of 0.09 mm/yearFrom the equation above we can reach the Current densityFrom the equation below we can reach the concentration of Oxygen that we need to contain in the water in order to have an acceptable corrosion rateUsing Sodium sulfate as scavenger the following reaction will proceedHence form the stoichiometry of the reaction the relation between the compounds will be 2 moles of Scavenger and 1 mole of Oxygen.Therefore the amount of scavenger Sodium sulfate needed isHence we need In an injection flow rate of 150000 barrels per day

USSC Audit Income

USSC Audit IncomeCase 1.11 united States working(a) CorporationQ3. Prepare common-sized financial statements for USSC for the menstruation 1979-1981. Also compute key liquidity, solvency, activity, and profitability ratios for 1980 and 1981. Given these data, identify what you believe were the high-risk financial statement points for the 1981 USSC analyse.U.S. functional CorporationCommon Size Income mastery 1979-1981 (000s omitted)1981 % Sales 1980 %Sales 1979 %Sales Net Sales 111,800 100 86,214 100 60,876 100 Costs and ExpensesCOGS 47,983 43 32,300 37.5 25,659 42.1Selling, GeneralAnd Admin. 45,015 40.3 37,740 43.7 23,935 39.3 Interest 5,898 5.2 4,063 4.7 3,403 5.698,896 88.5 74,103 85.9 52,997 87.0 Income Before Taxes 12,904 11.5 12,111 14.0 7,879 12.9Income Taxes 1,120 1.0 4,226 4.9 2,750 4.5 Net Income 11,784 10.5 7,885 9.1 5,129 8.4U.S. Surgical CorporationCommon Size Balance Sheet 1979-1981 (000s omitted) modern Assts 1981 %Assets 1980 %Assets 1979 %Assets Cash 426 .21 1 ,243 1.04 596 .85 Receivables (net) 36,670 17.7 30,475 25.6 22,557 31.9InventoriesFinished Goods 29,216 14.1 9,860 8.3 5,685 8.1Work in Process 5,105 2.5 2,667 2.2 1,153 1.6Raw Materials 20,948 10.1 18,806 15.8 7,365 10.455,269 26.7 31,333 26.3 14,203 20.1Other Current Assets 7,914 3.8 1,567 2.4 1,820 2.6 heart and soul Current Assets 100,279 48.4 64,618 54.3 39,176 55Assets 1981 %Assets 1980 %Assets 1979 %AssetsProperty, Plant, EquipLand 2,502 1.2 2,371 2.0 1,027 1.5 Buildings 32,416 15.6 18,511 15.5 13,019 18.5Molds and Dies 32,082 15.5 15,963 13.4 8,777 12.4Mach. Equip. 40,227 19.4 23,762 20.0 12,362 17.5Allowance forDepreciation (14,953) (9,964) (6,340)Other Assets 14,786 7.1 3,842 3.2 2,499 3.5Total Assets 207,339 119,103 70,520Liabilities 1981 %Liability/ 1980 %Liability 1979 %LiabilityStock.Eq. Stock. Eq. Stock. Eq.Accounts Payable 12,278 5.9 6,951 5.8 6,271 8.9Notes Payable 1,596 2.3 Income Taxes Payable 1,685 1.4 Current L-T Debt 724 .35 666 .56 401 .57 Accrued Expenses 5 ,673 2.7 5,130 4.3 5,145 7.3 Long-Term Debt 80,642 38.9 47,569 39.9 33,497 47.5Deferred Income Tax 7,466 3.6 2,956 2.5 1,384 2.0Liabilities 1981 %Liability/ 1980 %Liability 1979 %LiabilityStock.Eq. Stock. Eq. Stock. Eq.Stockholders EquityCommon Stock 1,081 .52 930 .78 379 .54Add. Paid-in Capital 72,594 35.0 34,932 29.3 10,736 15.2Retained Earnings 32,665 15.8 20,881 17.5 13,189 18.7Translation Allowance (1,086)Deferred Compensation- make do Restricted Stock (4,698) (2,597) (2,078)Total Stock. Equity 100,556 48.5 54,146 45.5 22,226 31.5Total Liabilities/Stockholders Equity 207,339 119,103 70,520Financial Ratios for U.S. Surgical Corporation1981 1980Cash Ratio .0228 .0861Current Ratio 5.37 4.48Accounts Receivable derangement 3.33 2.57Inventory Turnover 1.11 .75Gross Profit Percent 57% 62%Profit Margin 11.5 14.1Return on Assets 7.9 7.4The common sized income statement was alert to display all items as a percentage of sales. On the income statement we can see that there was a strike in cost of goods change from 1979 to 1980. Cost of goods sold went from 42.1% of sales to 37.5% of sales even though net sales change magnitude. This information along with the increase in the current asset roll account on the balance sheet indicates a satisfying increase in memorial held by USSC. Another high risk income statement item was the selling, general and administrative expenses. Included in this category of expenses are query and development cost. The amounts of research and development costs reported dropped significantly. In 1980 they were reported at $3,020,000 and dropped to $1,337,000 in 1981. Also the entire category of selling, general and administrative expenses which included these RD costs decreased as a percent of sales from the old year. The USSC openly admitted to undergoing a large research and development program to create new products and technology in 1981. The major decrease in costs reported for research and development in 1981 should have caused further investigation by the scrutinizeing team. The common sized balance sheet was prepared to display each asset as a percentage of total assets. The percentages for the cash and accounts receivable accounts in 1981 decreased significantly from the previous years while the inventory account increased. This indicates a decrease in liquidity of assets which is also supported by the change in the cash ratio from 1980 to 1981. Another high-risk item would have been the other assets account. fall in States Surgical Corporation included their patents in this other assets account. They were capitalizing costs associated with the legal defense of a patent that should not have been capitalized. There was a significant increase in this account, $3,842,000 in 1980 to $14,786,000 in 1981. Another red flag would be the significant increase in total long term assets. In 1979 long term assets accounted for 45% of total assets, in 1980 it was 45.7% of total assets and in 1981 long term assets accounted for 51.6% of total assets. USSC was capitalizing costs associated with patents that should not have been capitalized, charging inventoriable production to a long-term assets account molds and dies, and extending the useful lives of some assets and therefore understating depreciation. All of these actions would have caused a significant increase in total long-term assets. A more(prenominal) particular high-risk item was the long-term asset molds and dies. This account doubled in 1981 from the previous year from $15,963,000 to $32,082,000. The SEC investigation later revealed that USSC was in fact capitalizing production costs and charging them to the molds and dies asset account.Financial ratios were also calculated to determine high-risk items. The current ratio for USSC in 1981 is a little high and has increased from the previous year. In 1981 the current ratio indicated that USSC had $5.37 in current assets for every dollar of current liabilities. This high ratio may indicate that United States Surgical Corporation was overstating their assets. The inventory turnover is low at .75 in 1980 and 1.11 in 1981. The auditing team would have wanted to investigate to find out why inventory was accumulating and not turning over as these numbers indicated. By preparing the common size financial statements and ratios we can identify the high-risk items when performing an audit. The major items for United States Surgical Corporation were the reduced research and development costs recognized despite the increase in research for new products, the major increase in the long-term asset account molds and dies and the other assets account.Q5. Regarding the costs incurred for USSC by Barden, identify (a) the demonstration Hope collected that supported USSCs claim that the costs involved tooling modifications and (b) the audit evidence that supported the position that the costs were generic production expenses. What do generally accepted auditing standards sugges t are the key evaluative criteria that auditors should consider when assessing audit evidence? Given these criteria, do you believe Hope was justified in deciding that the costs in question were for tooling modifications? Why or why not? The evidence that hope collected that supports USSCs claim that the charges in question were in fact for tooling modifications was the General Manager of Lacey Corporation (A division of Barden Corporation) goes back on his previous statement and confirms that the purchase orders and invoices were in fact for tooling modifications. USSC explained their position and said that they had instructed Lacey to make certain tooling changes that would result in improved efficiency in production of USSC products. When the audit team asked to take a tour of the Lacey plant to examine the actual production process the Lacey General Manger informed the audit team that power often mistakenly charge tooling jobs to production. There was more evidence that support ed the position that the costs in question were just generic production expenses. ab initio the audit team did not notice that the assets were being overstated and there was an issue with the classification. It was the company who does work for USSC that admitted that there were issues with some of the purchase orders and invoices. The Lacey general coach informed the auditors that invoices and purchase orders were being reviewed and that they were for general production work and not tooling modifications as USSC had previously stated. The chairman of the board of directors for Barden Corp. reported that an independent investigation by an outside law firm has concluded that the purchase orders and invoices were in fact for general production work and not for tooling modifications. Finally the Senior Vice death chair and Treasurer for Barden Corporation refused to sign confirmation that $1 million in charges were for tooling modifications on two occasions. The key criteria for eva luating audit evidence are relevance, reliability and sufficiency. The evidence must be relevant to audit objective. The auditors must use procedures and documents that are relative to the audit objective. The evidence must be reliable, or must be believable and trust worthy. The sufficiency of evidence has to deal with the quantity of evidence obtained. In my opinion Hope was not justified in deciding that the costs were for tooling modifications. There was not sufficient evidence to come to this conclusion, just some complicated explanations from USSC and inaccurate purchase orders and invoices. The evidence was not relevant to the audit objective. The specific products with modifications should have been traced back to their purchase orders. Instead the auditors just took the explanation of these orders from management. Finally the reliability of the evidence was not high, USSC had a lot to lose if it was concluded that they were indeed general production and the General Manger for Lacey had changed his position numerous times. The only reliable evidence was that of the independent law firm that concluded the purchase orders and invoices were not for tooling modifications. ReferencesKnapp, Michael C., United States Surgical Corporation Contemporary Auditing. Real Issues Cases. Sixth Edition (2006), 137-146.Arens, R. Randal, M. Beasley, Auditing and Assurance Services. An Integrated Approach. (2008) 175-176.

Romanticism and Realism in War Stories :: Romantic Period Essays

Romanticism and Realism in struggle StoriesTom Brokaw called the people who lived through World War II (WWII) The Greatest Generation, where he shares many heroic war stories in The Greatest Generation. The classic character displayed in the book was a decorated war veteran who returned to the United States (US) and developed a prosperous lifestyle. The WWII veterans came to symbolize strength, honor, unity, justice, success, and noble sacrifice. This image was portrayed through literature and film. Books and movies created an image of the WWII veterans which the US would idolize. familiar culture gave the war a romantic appeal. People fell in love with the idea that the US was liberating Europe from the Nazi Hun and the evil Japanese Empire. after the war, men came back to marry their sweethearts and had several children who were called the Baby Boomers. This romanticism continued through television shows like Leave it to Beaver and literary titles similar to dent and Ja ne, which dominated popular culture. Though popular culture defined the perfect life, the lifestyle was not typical for the average American. The Baby Boomers were called into the Vietnam War and expected to number in their fathers heroic footsteps but unlike their fathers generation they failed to live up to the expectations. The Baby Boomers rebelled against the state and popular culture, create flower power, free love, and equality. The Vietnam War conflicted with many of the generations values, resulting in internal conflict with many of the nations youth. Some men conjugated the military to fight, while other dodged the draft, creating conflict within a generation. Overall, the Baby Boomer generation symbolized individuality, dishonor, injustice, failure, and wasteful sacrifice.Unlike the WWII era, the Vietnam War brought realism into literature and film. on that point were no heroic movies of men fighting in Vietnam. Men could no longer shoot fifty enemy combatants on top of a store without being hurt. Instead, popular culture brought a realistic view of war, death, pain, and destruction. Author Tim OBrien, like many war veterans, struggled with his Vietnam experience and expressed them through writing. Tim OBrien exposed the truth behind war stories because he shows the difference between WWII romanticism and Vietnam realism.The difference between romanticism and realism can be seen through two variations of the same war story.

John Miltons Paradise Lost Essay -- essays papers

John Miltons promised land broken John Miltons heaven Lost is a religious work, and is in many ways an chronicle of Miltons own life. John Milton was raised catholic and converted to Protestantism. Later in life he became a Calvinist. His strong Calvinists beliefs can be seen end-to-end enlightenment Lost. It was Miltons desire to be a great poet, but he did not believe that was his purpose in life. He believed that he had been allot here to serve God, and that any thing that he wrote should be in i way or another related to that purpose. In this way Milton mat that in authorship Paradise Lost not only was he writing the epic poem he had always wanted to, but to a fault fulfilling his godly purpose here on earth.At the time that Milton was writing Paradise Lost he was a prisoner in his home and to his cecity. He had been involved in the rebellion with Cromwell when the business leader had been executed and the monarchy had been run out of England. When Cromwell died a nd the King returned to power he was forced to go into hiding and no endless had any rights of an English man. If he had come out of hiding he most likely would have been executed for treason. He had also lost his line of battle completely and was being taken care of by his daughters. The subject of Paradise Lost is mans disobedience and how disobedience leads to the loss of happiness. He is dealing not only with the disobedience of turn, Eve, and Satin, but also with his own disobedience. Different autobiographical issues are dealt with through Adam and Satin. Adam seems to name his sins against God, which led to his blindness, and Satin could repre direct his disobedience to the King. The first book deals with the war in heaven and the devils being sent out into ... ...ventually die for their sins. Being kicked out of the garden also has round autobiographical significance in the life of Milton. He loved gardens and both of his punishments, blindness and being imprisoned in his home made it impossible for him to bang them. In the last book Michael shows Adam what is to come for the human race. This gave Adam around hope for the future and makes it easier for him to carry on after falling from God. Adam sees that much good will come from his sin in the end. BibliographyWorks CitedMasson, David. Afterword A Brief Life of Milton Paradise Lost. By John Milton. Ed. Scott Elledge. New York W.W. Norton & Company, 1993.Milton, John. Paradise Lost. Ed. Scott Elledge. New York W.W. Norton & Company,1993.Wagenknecht, Edward. The Personality of Milton. Norman, Oklahoma University of Oklahoma Press, 1970. John Miltons Paradise Lost Essay -- essays papersJohn Miltons Paradise Lost John Miltons Paradise Lost is a religious work, and is in many ways an autobiography of Miltons own life. John Milton was raised catholic and converted to Protestantism. Later in life he became a Calvinist. His strong Calvinists beliefs can be seen through out Paradise Lost. It was Miltons desire to be a great poet, but he did not believe that was his purpose in life. He believed that he had been put here to serve God, and that any thing that he wrote should be in one way or another related to that purpose. In this way Milton felt that in writing Paradise Lost not only was he writing the epic poem he had always wanted to, but also fulfilling his godly purpose here on earth.At the time that Milton was writing Paradise Lost he was a prisoner in his home and to his blindness. He had been involved in the rebellion with Cromwell when the King had been executed and the monarchy had been run out of England. When Cromwell died and the King returned to power he was forced to go into hiding and no longer had any rights of an English man. If he had come out of hiding he most likely would have been executed for treason. He had also lost his sight completely and was being taken care of by his daughters. The subject of Paradise Lost is mans disob edience and how disobedience leads to the loss of happiness. He is dealing not only with the disobedience of Adam, Eve, and Satin, but also with his own disobedience. Different autobiographical issues are dealt with through Adam and Satin. Adam seems to represent his sins against God, which led to his blindness, and Satin could represent his disobedience to the King. The first book deals with the war in heaven and the devils being sent out into ... ...ventually die for their sins. Being kicked out of the garden also has some autobiographical significance in the life of Milton. He loved gardens and both of his punishments, blindness and being imprisoned in his home made it impossible for him to enjoy them. In the last book Michael shows Adam what is to come for the human race. This gave Adam some hope for the future and makes it easier for him to carry on after falling from God. Adam sees that much good will come from his sin in the end. BibliographyWorks CitedMasson, David . Afterword A Brief Life of Milton Paradise Lost. By John Milton. Ed. Scott Elledge. New York W.W. Norton & Company, 1993.Milton, John. Paradise Lost. Ed. Scott Elledge. New York W.W. Norton & Company,1993.Wagenknecht, Edward. The Personality of Milton. Norman, Oklahoma University of Oklahoma Press, 1970.