Weakness In Corporate Governance And Lack Of Transparency Accounting Essay

Weakness In Corporate Governance And Lack Of Transparency Accounting Essay Weakness in corporate governance and lack of transparency are considered causes of the Asian financial crisis. (Wan et al 2010 ). The corporate scandals happened in the early 2000s urged regulators around the world to suit the medicine to illness of the global financial stability by institute CG reforms. For instance, the Combined Code and the Sarbanes-Oxley Act were then introduced and enacted in UK and US respectively. As an international financial and business hub, Hong Kong is bound to take its share of the sweeping impact of the Asian financial crisis and the scandals. Hong Kong Stock Exchange determined to introduce the code of CG effective from 2005, with similar provisions on financial disclosures in the world. Most of the studies using US and UK data indicated that the quality of corporate governance practices has improved when firms comply with the provisions of the code. A survey conducted by a research team headed by Professor Stephen Cheung in Hong Kong generated a consi stent result with those studies; it indicated that the CG standard of Hong Kong listed firms had been improved obviously in 2005. 2.1.3. Earning Management While regulators aware the issues about CG after the scandals, the confidence of investors around the world who rely on the reported earnings on the financial statement to make their investment decisions have been significantly shaken. Earnings is always the most crucial indicator to evaluate how a firm performs. EM refers to manipulation of a firms earnings through direct or indirect accounting methods to achieve a desired level and that does not reflect the economic reality to mislead FS users about the corporate performance or gaining self-interest. In short, the practices of EM deter the credibility of financial reporting. There is tons of empirical researches evidence that good CG improve the transparency of the quality financial reporting which provides more decision-useful information to investors regardless of the geographical location of the listed company. Some of GCG mechanisms include the existence of independent board of directors, audit committee, no CEO duality, no Top Share (controlling shareholder), and shareholders coalition in order to face controlling shareholder. ( Werner R. Murhadi 2009). 2.1.4. The unique features of Hong Kong Firms. A global code of CG should not be applied as a standard among the world attributed to the unique settings of each jurisdiction. It is important for regulators and analysts to understand the unique features and regional conditions affect the incentive of managing earnings and the reporting quality. Therefore, Most of the researches have done to investigate the relationship between the CG practices and EM with US data, only a few o f them analyses about the issues in other regions. An assumption that a same result will be concluded when analyzing HK data is doubtful. The widely acknowledged family ownership concentration characteristic of HK listed firms is still considered as the major contributor of the failure of CG even after the introduction of the code. See the vote manipulation done by PCCW and the affair of Citic Pacific in 2009. 2.2 Literature review The research paper which examine whether the disclosure of Corporate Governance Structures affect the market valuation of earnings surprises and firms earnings management, Jui-Chin Chang and Huey-Lian Sun (2010), suggested that the effectiveness of corporate governance in monitoring earnings management is improved after the mandated disclosure. This finding is consistent with the result of the research on CG and earnings forecasts accuracy which supported that it is effective to enhance the quality of financial disclosure by revising the Malaysian Code on Corporate Governance to encourage public companies to implement good governance practices. (Ahmad-Zaluki et al 2010). However, Davies and Schlitzer (2008) in their paper raised the question about the practicality of an international one size fits all corporate governance code of best practice and the result of the paper implied that the acceptance of a global corporate governance code is limited due to the adaptations in the business environment. Ching, M.L.K. et al. (2002) in their research contended that CG mechanisms and monitoring and oversight activities will affect the use of EM, and the importance of these factors varies across firms and national jurisdictions. Because CG, the legal environment, and monitoring activities are far different in Hong Kong than in the U.S., research studies using American data have limited relevance for HK. A large proportion of HK listed firms are controlled by families. When most of the results of empirical researches supported the positive association between the CG mechanism and firms earnings quality, the unique features of Hong Kong is not being considered in those researches. A rare research done by Jaggi, B., et al. (2009) used samples before the adoption of code of corporate governance and find that a higher proportion of independent corporate boards of HK firms is associated with more effective monitoring to constrain EM by deterring managers from manipulating the reported earnings; thus the earnings quality is expected to be high despite differences in institutional environments. However, it is not the case of which the firms are family-controlled, either through ownership concentration or the presence of family members on corporate boards. 2.3 Objective While countless studies have already done with data of regions other than HK about the association between CG and EM, some of them have also emphasized on the identity of family ownership concentration in Asian regions. This study is done for the purpose of evaluating the effectiveness of the Code of Corporate Governance Practices effective from 2005 on reducing EM practices and improving earnings quality of HK Firms. Focus on the uniqueness of the Hong Kong Firms ownership structure to investigate whether mandatory disclosure of corporate governance structures improves the quality of financial information of Hong Kong family-controlled firms. 2.4 Statement of hypothesis 2.4.1 Indentifying Corporate governance The research generated by Dey, (2008) examined that different countries have different corporate governance structure. She considered twelve variables of corporate governance to measure different corporate governance structure, such as the effectiveness of the audit committee and duality of CEOs and so on. To determine corporate governance, we would use five variables including a majority-independent audit committee, a majority-independent board, financial professional having sufficient accounting experience on the committee, big 4 auditors and the separation CEO and chair position. 2.4.2 Audit committee and earning quality According to Hong Kong Exchange and clearing limited (HKEX), after the adoption of code of corporate governance effective that is in 2005, it is a must for Hong Kong listed companies to establish an audit committee, comprising non-executive director (NED) and having at least three members. Based on the research of Bedard, and Courteau (2001), the higher the percentage of independent non-executive director that are not managers in other firms, the higher the earning quality is. Thus, the hypothesis we develop should be: H1: There is positive relationship between the existence of a majority-independent audit committee and earning quality after the code 2.4.3. Independent board of director and earning management According to Liu and Lu (2007), they found that when preparing financial statement, the board of director can help to monitor and prevent controlling shareholder as this act may make damage to the other shareholder. Besides, the Hong Kong boards of director were by code at least three NED members as well. H2: There is positive relationship between the proportion of Independent non-executive directors on the board and earning quality after the code. 2.4.4. CEO duality and earning management According to R. Murhadi, Werner. Dr (2009), he found that if there is any job duality, it was less effective and strongly influence higher level of discretionary accrual. Anderson et al. (2003) found that earnings informativeness is positively associated with firms having separated CEO and chair positions H3: The existence of CEO duality positively influences the level of earnings management after the code. 2.4.4 Big 4 auditors and earning management The previous research done by Klein (2003) found that Big 4 auditors may shift some of their responsibility of monitoring financial reporting to firms audit committees after SOX. Therefore, there may be difference between discretionary accruals and Big 4 auditor in the before period of SOX. H4: There is a negative relation between earning management and proportion of Big 4 auditors after the code. 2.4.5 Experts in audit committee and earning management The Code in Hong Kong required that among the three members, it should include at least an independent NED with sufficient and appropriate financial experience. Xie, Davison, and DaDalt (2003) use pre-SOX samples to investigate that audit committee members having financial experience/background negatively influence discretionary accruals. H5: There is a negative relation between discretionary accruals and the existent of financial experts on audit committees after the code. 2.4.6. family control and earning management Due to the different expectations regarding the effect of family control on earnings management, Jaggi-Leung use pre-code sample to show that an increase in the proportion of outside directors to strengthen board monitoring is unlikely to be effective in family-controlled firms. The percentage of NED on the board to a total number of directors is counted 20% as cut-off point. H6: There is a negative relation between the existent of family ownership control and earnings quality after the code. 3.Methodology 3.1 Sample collection It is to search the WiseNews Database and HKEX website to collect the data for all Hong Kong Listed Firms in all industry for years before and after adoption of code which is accounting period of 2004-2005 and 2005-2006 respectively. 3.2 Research Design By using the financial data examined from the above database, it is decided to research all firms excluding banks, insurance and trusts companies as they manage earning obtaining different incentives and opportunities. (Peasnell et al, 2000) For testing earnings management, Dechow et al., 1995 suggested to use modified jones model to measure discretionary accruals. However, based on Kothari, Leone and Wasley (2005), in addition to the modified model, they use return on assets as one of variable so as to estimate accruals more accurately. It is cross-sectional regression by using two-digit SIC code, then find out the estimated coefficient by the following formula: (Total discretionary accrual) TACCjt = Â µ0+ Â µ1(1/ ATit-1)+ Â µ2 (DSale/ATit-1)+ Â µ3 (PPE/ ATit-1)+ Â µ4 ROAit-1- (1) Then, NON-ACCjt = ß1(1/ATjt-1) + ß2 (DSalesjt DRECjt)/ATjt-1 +ß3 (PPE/ATjt-1) +ß4 ROAjt (2) Then, calculating the discretionary accrual by using the following formula, DACCjt = TACCjt NON-ACCjt (3) Using the regression model to calculating the data before and after the code of corporate governance, DACCit = p 0 + 1 Auditindep + 2 BdIndep + 3 AccExp + 4 CEODua + 5 Big 4 + FAMOWN (4) Where: ROA = the ratio of net income to total assets FAMOWN = 1 if proportion of family members divided by total number director is greater than 20%, 0 for other than this case. BdIndep: The number of independent board directors calculated by the no. of board members AuditIndep: The number of independent audit committee members calculated by the no. of audit committee members AccExp: 1 for having financial professional experience and 0 for none and divided by the no. of audit committee members Big 4: It is an indicator of the Big 4 auditors. It is one if the firm was Big 4 accounting firms client and it is zero if not. CEODua: it may be 1 when CEO is the firms director of the board, 0 when it is not the case. 4. Time schedule Time Action January Finish the background of the problem and objectives Research data for methodology 1st 11th February Finish Methodology Collect data by using software i.e. Excel 12th 28th February Solve the problems that will encounter during the process of collecting data, such as, uncertainty about any data Analyze data and make result of the analysis March Write discussions Interpret the data what we find Finish recommendations, conclusions, summary of the project 1 4th April Finish the draft to supervisor 5 28th April Finish the reference lists Review and proofread the grammar, organization, format of project Amend some parts based on comments of supervisors

Is IAS12 too difficult to apply and understand? Essay

International Accounting Standards 12 continues to receive numerous criticisms on applicability and usefulness of numbers in accounting for corporate income taxes. The argument presented is that the standards set by IAS 12 are too hard to apply or even understand. In the plight of these criticisms, two accounting standards boards, UK’s (ASB) and Germany’s (GASB) opted to conduct a proactive project plan aimed at fundamentally reviewing the standards set by IAS 12 prove hard to solve through piecemeal amendment. Their main agenda was to look at critical issues of accounting for corporate income in an attempt to develop a discussion paper on the principles of IAS 12 and set out proposals. IAS 12 prohibits companies to give an account to deferred taxes by using the deferral method based on the income statement. It instead prefers the passive methodology based on the balance sheet. In addition to the above requirement, the standard requires corporations to acknowledge eithe r a deferral tax liability. Thirdly, IAS 12 requires recognition of deferred tax assets when it is certain that a corporation possess revenues in future to realize deferred tax asset. For instance, given that a company has a history of losses it will recognize deferred tax assets to the extent that taxable temporary expenses in amounts are sufficient. â€Å"Fourthly, IAS 12 does not allow asset credit and delayed tax liabilities brought about by types of material goods and liabilities whose books vary in amounts at the moment of acknowledgment† (IAS – 12). The other requirement is that IAS 12 prohibits recognition of deferred tax liabilities, and those liabilities encountered or arising from adjustments for conversion so long as it satisfies two conditions: * The main investor is capable of controlling the timing of reversal’s temporary difference. * It is certain that impermanent variation may become irreversible in the near future. Therefore, it is a requirement of the company to disclose information concerning cumulative amount of temporary variation involved. Further, IAS 12 recommends explicitly to adjustments to a fair value of assets and liabilities arising from a dual business combination. It however prohibits recognition of deferred tax liabilities because of initial recognition of good will. During revaluation of assets, IAS 12 allows and requires a corporation to recognize deferred tax liabilities in case revaluation of asset takes place. Moreover, IAS 12 requires that valuation of assets and deferred tax liabilities based on tax consequences that may arise in a manner that a company expects to recover the amount. â€Å"The standard also prohibits the deduction of deferred tax assets and liabilities to account for its current value† (Kirk, 2005). The IAS 12 further prohibits companies from making distinctions between the current and non-current assets and liabilities in its financial reports. It also provides restrictive conditions on debit and credit balances that represent deferred tax assets that could be compensated. This requirement is based on the requirements as stipulated by the financial assets and liabilities IAS 32, financial instruments disclosure and presentation. It is worth noting that among the new information IAS 12 requires disclosure include: * That for every class of impermanent disparity; * The amounts of assets and tax liabilities recognized and the amount of expenses or income labeled in the income statement with respect to discontinued operations, the realization of deferred tax asset depends on future prospects over the profits coming from reversals of existing impermanent parities. There has been a rise in criticism on financial reporting for income taxes from users and preparers. The criticism is based on the implication of the current and future effects it will have on cash flows. In their arguments, the users cite accounting requirements as too complex to apply in working out income tax. â€Å"In addition, the principles underlying IAS 12 standard exhibit numerous exemptions that finally compromise on its principles and requirements. Some users also argue against the notion that the principles underlying IAS 12 is flawed† (JORGE, 2008). However, they believe that the principles of IAS 12 are good but face a number of limitations arising from different a nd complex jurisdictions governing the various taxes in different parts of the world. â€Å"Due to these and other complexities, surrounding the applicability of IAS 12, there is a need to examine in reality the requirements of the principle is hard to apply in financial accounting and reporting† (Gupta, 2005). First, there is a need to examine significant improvements that can be incorporated to allow flexibility in application due to incompatibility with the various jurisdictions. To understand issues surrounding IAS 12, there is a need to understand problems cited as a limitation to its application. It is important to note that users and preparers believe that the requirements in IAS12 are unsatisfactory in certain aspects. In addition, users of financial reports do not find information courtesy of IAS 12 useful. In fact, complexity of taxes within corporations makes it quite difficult to assess its impact and prescribes suitable management strategies. As a result, clear and transparent information that is not adequately provided by IAS 12 prepared financial statements. â€Å"The standard seems to concentrate on extensive disclosures focusing on accounting technicalities relating to temporary differences rather than on aspects of real concern, for instance, current and future tax cash flows† (Greuning, 2011). The requirements provided by IAS 12 appear too difficult to apply in practice since they are unclear. Its relevance and understandability of information provided by the standard according to preparers is questionable. In the plight of these limitations, IAS 12 has proved hard to apply and understand and therefore a number of issues need to be addressed to make it better. Several strategies can be incorporated to address the limitations in the IAS12. * Amendments â€Å"Some amendments can be adopted to fix the limitations present in IAS 12 standard† (Everingham & Kana, 2008). These would address particular issues such as the current unsatisfactory requirements and disclosures provided in financial reports prepared under IAS 12. This strategy will protect the main principles of IAS 12. * Develop a new accounting standard- This is on different principles from the present IAS 12 standard. It is vital to note that developing an entirely different approach to accounting pose a considerable challenge. This is because developing a new approach that matches the standards of IAS 12 can take time but limited amendments can save credible amount of time and result in less disruptive time for change and complete replacement. The main question that users should ask to concern IAS 12 is whether the limitations should be addressed through limited amendments or by simply developing an entirely new standard that is based on different principles away from that which is addressed by IAS 12. In view of these strategies, some preparers disagree with the proposed changes. â€Å"This is because they believe that the limitations contemplated in the IAS 12 were not as serious to justify the expenses and efforts† (Delaney, 1985). Some amendments need change for instance; the current IAS 12 brings confusion in the relationships between the tax paid and current tax expense as reported in the income expense. In order to address the inefficiencies, the following questions need answers: * Should there be additional disclosures in IAS 12? Moreover, will these disclosures help in solving the misunderstanding between the taxes paid and current tax expenses? * â€Å"Should strategies on tax accommodate user information needs?†(Choi, 2001) * If a new standard different to IAS 12 was to be adopted in preference to amending it, will the new system deliver up to the expectation of income tax determination? Will the new approaches pose a challenge when it comes to implementation? It is important to note that, the use of IAS 12 is a complex affair since the users have limited knowledge on the limitations and intrigues surrounding its use on tax issues and end up struggling using the information as it is without caution and end up messing. Moreover, dealing with the challenges is not a straightforward venture. Uncertainty of taxes in financial statements is of utmost interest to users and is therefore more interested on how to reflect tax risks in financial reporting. In addition, IAS 12 neither provides explicit guidance nor gives specific disclosures on accounting for uncertain tax positions. â€Å"It only gives provisions that current tax liabilities at the amount expected to be paid tax authorities using the tax laws enacted at the balance sheet date on rates specified for different nations. This implies that the amount recognition is based on estimates owed or realized† (Balthazar, 2011). Conclusion In conclusion, IAS 12 has numerous loopholes that should not be ignored. This is because it creates a large gap between the requirements as suggested by IAS 12 standard as compared to what is needed by users for purposes of predicting future tax cash flows. These user needs may not be met through additional disclosures in financial statements rather other parts of company report may be used to provide a secure location for that kind of information. References: BALTAZAR, E. (2011). International GAAP 2012 Generally Accepted Accounting Practice under International Financial Reporting Standards. Chichester, West Sussex, U.K., John Wiley & Sons. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=420730 CHOI, F. D. S., MEEK, G., & FROST, C. A. (2001). International accounting. Upper Saddle River, N.J., Prentice Hall. DELANEY, P. R. (1985). GAAP. New York, J. Wiley & Sons. EVERINGHAM, G. K., & KANA, S. P. (2008). Corporate reporting. Sunninghill, PricewaterhouseCoopers. GREUNING, H. V., SCOTT, D., & TERBLANCHE, S. (2011). International financial reporting standards: a practical guide. Washington, D.C., World Bank. GUPTA, K. (2005). Contemporary auditing. New Delhi, Tata McGraw-Hill. â€Å"IAS – 12 – World GAAP Info.† Web. 17 Feb. 2013 . INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE. (2000). Revisions to international accounting standards: IAS 12, Income Taxes; IAS 19, Employee Benefits; IAS 39, Financial Instruments: recognition and measurement and other related standards. JORGE FAUSTINO, S. M. (2008). Implementing reforms in public sector accounting. Coimbra [Portugal], Università © de Coimbra. KIRK, R. J. (2005). International financial reporting standards in depth. Volume 1, Theory and practice. Amsterdam, Elsevier/ Butterworth Heinemann/CIMA Pub. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=166355 LAWRENCE, S. (1997). International accounting. London [u.a.], Internat. Thomson Business Press. NOBES, C., & PARKER, R. H. (2008). Comparative international accounting. Harlow, Essex, England, Prentice Hall/Financial Times. OPPERMANN, H. R. B. (2009). Accounting standards. Lansdowne, Juta. PADMAVATHI, C. (2005). Accounting standards: towards harmonization and convergence. Hyderabad, ICFAI University Press. PRICEWATERHOUSECOOPERS. (1998). International accounting standards: applying IAS 12, income taxes, in practice. [Londres], PricewaterhouseCoopers. POWER, M. (2007). Organized uncertainty: designing a world of risk management. Oxford [u.a.], Oxford Univ. Press. WIECEK, I. M., & YOUNG, N. M. (2010). IFRS primer: international GAAP basics. Hoboken, NJ, John Wiley & Sons ZIMMERMANN, J., WERNER, J. R., & VOLMER, P. B. (2008). Global governance in accounting: rebalancing public power and private commitment. Basingstoke [England], Palgrave Macmillan. (2007). International accounting and reporting issues. New York, United Nations Publication (2008). Relationships with the state: proposed amendments to IAS 24 : comments to be received by 13 March 2009. London, U.K., International Accounting Standards Board. (2009). International Financial Reporting Standards IFRSs 2009

Political Issues Essay

Political and Social Apathy, there are two faces of apathy. The first considers apathy as a choice and participation in public life a consequence of one’s affirmative use of freedom. The second face of apathy arises when citizens are led to believe that their personal needs are not part of the political agenda, resulting into political deprivation and the reaffirmation of the status quo. Philippines political and social life is marked by the second kind of apathy, which might also arise from the belief that individuals are powerless and hopeless in making significant changes in their lives. For this reason, the paper would like to awaken reflection on apathy in the personal and public spheres and to outline ways by which the individual can move towards sympathy. It is the intention of this paper to show contemporary Filipinos can find his passion again in order to move out of apathy. The paper will explain the rationale behind the development of the Philippines social and political issues. The Philippines is faced with a number of issues that concern our organization. We are passionate about raising awareness of these issues, and developing grass-roots solutions. Poverty, unemployment and environmental legislation are the major issues facing the country, and these problems have resulted in a large number of Filipinos moving overseas for work. We believe social entrepreneurship can help address some of the issues facing the Philippines at the moment. Read more:Â  Political Issues in the Philippines Essay

Thomas Kuhns Paradigm and its Application to Modern Politic essays

Thomas Kuhns Paradigm and its Application to Modern Politic essays When Thomas Kuhn released his book, The Structure of Scientific Revolutions, in 1962, he instigated his own revolution within the history of science. Dramatically altering the manner in which science was viewed, Kuhn established the concepts of paradigms, anomalies, crises, and revolutions as the central operating mechanisms of scientific progress. He radically diverged from the previous belief that science was cumulative. Instead, he placed less emphasis on the accumulation of evidence and gave more credence to intellectual fights over theory. James Franklin compares Kuhns paradigm theory to the classic novel, the Morte dArthur. Current scientific institutions are the peaceable order and its aging king, their virtue undermined by internal corruption, falling to the challenge of the vigorous and bloodthirsty young challenger (Franklin, 2000). Though this is certainly a more exciting image of science than that of white-coated intellectuals intently charting the contents of test tubes, Kuhn is in reality more modest in the scope of his revolutions. Kuhn views them as often relevant only to those scientists in the field and sometimes almost invisible. However, what is truly exciting is extending the application of paradigm theory beyond the hard sciences to the social sciences like philosophy, history, sociology, and politics. To the extent that the book portrays scientific development as a succession of tradition-bound periods punctuated by non-cumulative breaks, its theses are undoubtedly of wide applicability (Kuhn, 1996, p. 208). At its core, paradigm theory is essentially an epistemological model, and after a discussion of The Structure of Scientific Revolutions, an analogy to current American political affairs will further enlighten Kuhns concepts. Kuhns book is meticulously organized. Chapter by chapter, his conception of scientific revolutions unfolds. He begins with ...

Roman Mythology Essays - Religion, Greek Mythology, Mythology

Greek/Roman Mythology Essays - Religion, Greek Mythology, Mythology Greek/Roman Mythology Parallelisms Between Greek and Roman Mythology Greek and Roman mythology have many similarities between them. Each type has there own set of Gods and Goddesses, although they were worshiped for similar reasons. The following will explain each God or Goddess and explain how they compare to each other. The King of Gods in Greek Mythology is known as Zeus. Zeus was the ruler of the sky, and had the power to create thunderstorms and lightning as well as earthquakes. He was the child of Cronus and Rhea. As the story goes he was their sixth child, and the father to protect him from being overthrown had eaten the five previous children. Zeus was taken to a city called Crete and hidden from his father. As Zeus grew older and learned of what happened he found a potion to make his father regurgitate the other children. Once this happened they all teamed up and killed their father. Zeus then became the ruler of Mount Olympus, and head of the new line of Gods. Jupiter was the predominant power holder of Roman Gods. He was ruler of the sky, the daylight, all the weather, and even the thunder and lightening. Jupiter helped drive back the Sabines. His temple was built in the Capitol, and newly elected counsels offered their first prayers to him. Hera was the wife and sister of Zeus, and the High Goddess of the Greeks. She was extremely jealous of the affairs that her husband was having and often tormented or harmed the mistresses he was fooling around with. Although, when she went too far, or tried to cause death, Zeus would intervene and stop her. Hera tried to ship wreak Heracles on his return from Troy, and with that Zeus had her hung by the wrists from top of the mountain with an anvil tied to each ankle. The two had four children together. Juno, Heras counterpart, was the wife of Jupiter. Juno was the protector of women, especially those who are married. Women often gave offerings to Juno to help with their childbirth. The God of the Underworld, Hades, was the brother of Zeus. He gained Hell, as his share in conquering their father. He is most known for kidnapping his wife, Persephone, while she was picking flowers in a field. As the story goes, Hades had her eat a piece of food in the Underworld, therefore she could not live on the Earth again. Her father, Zeus, made arrangements for her to be allowed on Earth for two-thirds of the year and in the Underworld as Hades wife for the rest of the time. This is used as the cause of spring and winter. When she returns to the surface she brings spring with her and when she returns to the Underworld she leaves winter behind her. Pluto, the Roman God of the Underworld, whos name also means rich. It reflects the rich mineral

Reflections on Connection of Chemistry to Franciscan Values Research Paper

Reflections on Connection of Chemistry to Franciscan Values - Research Paper Example In school, the value of transformation transcends what is merely physical for the necessitated change comes with spiritual maturity and accountability for others since our transforming thought and act affects not only our state of well-being but as well as our circle of influence within the society. It is, however, saddening to learn that in the modern world of the present, transformation rather bears with it a more physical meaning or something identified as chiefly material in nature. There widely exists, for instance, an extensive research on chemical substances and methods by which to reverse spontaneous reactions and defy aging thereafter yet the main underlying objective has been to improve the quality of commerce and trade for further acquisition of profits by prominent industries. Through recent discoveries in chemistry, majority of us have managed to obtain knowledge and experience of the latest in anti-aging technology and beauty phenomenon. As such, the market of chemical and pharmaceutical goods largely consist of items like BB creams, firming and lifting gels, reconstructing serums, whitening soaps and pills, and other skincare products or services coupled with attractive laser technologies that most people particularly the female population buy into. In the article â€Å"One Chemist’s Accidental Anti-Aging Discovery† by Nina Elias, the author expresses â€Å"What if there was a single naturally occurring ingredient that could fuel a plane, replace saturated fats in baked goods, and repair wrinkles?† Herein, she makes reference to the environment-friendly algae that addresses both health and beauty concerns and somehow, her illustration of the value of transformation coincides with the Franciscan’s insight into transformation with responsibility as the biotech company Solazyme, according to Elias, has come up with innovative solutions which ensure no hazardous impact toward the ecological surroundings. On the other hand, the cosmetic inventions presented via the brand Etude House exemplify a kind of transformation focused on the sole enhancement of external looks and which makes no sensible agreement to the Franciscan attribute of change which ought to include internal foundations of beauty. Moreover, the findings demonstrated in the article â€Å"Can This Drink Save Your Skin?† by Kiera Aaron, nevertheless, may be claimed credible compared to the aforementioned sources in being further responsible to convey the truth despite the product benefits. While Aaron’s composition recognizes the advantage of transformation with respect to drinking collagen, he criticizes the product by using perspectives of other specialists who performed cross-examination of it. Based on this picture, one must have observed the attitude of courage to reveal the truth besides regard for transformation which also constitutes a Franciscan principle. â€Å"Diversity†, as another Franciscan value of choice may be perceived in the flexibility of allowing student body to be variedly comprised of distinct socio-cultural backgrounds to serve the dynamic interest of globalization in helping youth from all over the world unite with each

Complex project management Essay Example | Topics and Well Written Essays - 5000 words

Complex project management - Essay Example Thus, in order to attain greater success in terms of completing the construction of a new hotel project in Oman will require the structuring of an appropriate plan based on which all the materialistic and financial resources requirements will be taken into concern (Aikins & et. al., 2014). The primary stage of this new hotel construction project in Oman will focus on evaluating and understanding all the governmental requisites and registration procedures that will be required for moving forward the entire plan. Taking reference of the hierarchical governmental structure prevailing in Oman, it can be stated that the nation takes into concern the fulfilment of a variety of permissible requisites before authorizing any such tourism and hospitality sector development based plan (Sultanate of Oman Ministry of Tourism, 2010). Depending on all these aspects, this new hotel construction project will have to attain its primary registration from the ‘Ministry of Tourism (MOT)’, which in turn will consider the decisions made by the following other governmental departments: In addition, the integrated form of decisions that will be made by the aforesaid governmental departments will be completely based upon the guidelines as mentioned in the ‘Royal Decree No. 65/2007 (Article 3).’ Likewise, the project development team will also have to abide by all the provided guidelines, which are specifically meant to guide them through each phase of the hotel construction including the design and the quality standards. As far as the legal aspects are concerned, it can be stated that within Oman, the Ministry of Tourism is completely accountable for approving such projects against all legal obligations. Regardless of these, the project will also need to adhere certain legalised acts and contracts based upon which, the environmental and societal impacts of such hotel construction projects will be