Conflict the Basis for Latin American Change (Born in...

The expansive empires of the Aztecs and Incas, came crashing down, upon the arrival of Spaniards in the New World. The birth of colonial nations came about in the same stride that death came to indigenous populations. Modern Latin America has conflict built into its system because that is what it has mostly seen for the past five hundred years. In Born in Blood and Fire: A Concise History of Latin America, John Charles Chasteen supports the argument that Latin Americas problems developed due to its violent origins and history of conquest. From the conquest, through colonialism and revolutions, to modern day, violence has always been a main player in the advancement of Latin America. Chasteen has left me with a greater comprehension of our†¦show more content†¦Simon Bolivar and Jose San Martin would step in a few years later to end Spanish control of American affairs, but the end of colonial rule did not mean the end of conflict for the Latin nations; it merely turned into a game of musical chairs as to who would sit in the leaders seat. The problems were there to stay, as even Bolivar, a man who helped liberate five nations, said of his deeds, [I] plowed the sea [accomplishing nothing] (112). Throughout the 1800s Latin America was trying to catch up with the rest of the Western world, progressing with increased exports, manufacturing, and industrialization. These advances did not stop the internal problems of most Latin nations. With these changes, as in the rest of the world, there was a growth in urban populations and in the middle class, adding another layer in the social structure; which in turn is just another group that will vie for power, and benefits from the government (180-90). This period is characterized with a large amount of wealth being concentrated in the hands of a few, which on paper shows great economic progress in the form of a GDP number, but there was still great wealth disparity. The switch, in Latin America, from conservatives i n the early part of the 1800s, to liberals for the latter half, eventually turned to authoritarian governance; the democratic goals liberals set out to achieve were trashed for power and economic benefits, in keeping with previous generations (191).Show MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. 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Determinant of systematic financial exposure - MyAssignmenthelp.com

Question: Discuss about the Determinant of systematic financial exposure. Answer: The given report aims to throw light on the impairment component and the assumptions, which have been used by AMP Limited to prepare their financial statements and conduct the impairment tests on the given assets. The report shall also elaborate on the procedures of impairment testing which are often used by the company and describes the subjectivity that will be involved in the given procedure of conducting the given test (Amiraslani, Iatridis Pope, 2013). The annual report of the chosen company has been taken for the year ended as on 31 December 2016. AML Limited is a bay area sales agency, which promotes various interior decoration products. It has a large variety of flooring products for end users, architects and various design clients. It has products like rugs, flooring equipments, furniture and other interior item (Annualreports.com, 2018). The company is established in Australia and makes use of a wide variety of experience to inculcate new ideas and experience for the given consumers. An impaired asset of a company can be defined as an asset, which has a market value less than that of the carrying value of the given asset. The assets that are most likely to get impaired are the fixed tangible assets like property, plant and equipment. Intangible assets include accounts receivable, goodwill and others (loans, retirement education, 2018). When the asset is impaired against its carrying value , the loss incurred is recorded in the income statement of the given company. After this procedure is followed, the asset reflects a reduced carrying cost and the given adjustments shall be recognized as a loss and this shall result in the reduction in the value of an asset. Assets tested for impairment As per the annual report of the given company, AML Limited for the year ended as on December 2016, the company tested the given assets for impairment- The Goodwill as well as the intangible assets have not been amortized and so it is tested for the impairment criteria annually or even frequently which means for more than 1 time in an year if there results any changes in a circumstance or if there occurs a particular event which may indicate that the asset may be required to be impaired. This shall result in the asset being carried on to the financial statement at a reduced cost in a method by which the accumulated losses are taken on the account of impairment (Amiraslani, Iatridis Pope, 2013). Other assets, which are plant, property, investors and equipment, may be tested for the impairment when there is an indication from sources that the amount they have been carrying will not be recoverable. Method of conducting the impairment test Like stated earlier, the assets except the goodwill and the intangible assets might be tested for impairment in cases where an indication is received that the carrying amount of the given asset may not be able to be recovered. However, there may arise cases whereby the intangible assets and other goodwill that are not amortized earlier may be tested for impairment annually or may be tested for more than once in a year. This may happen when any circum stance or an event indicates so (Andrews, 2012). For the assessment of impairment, the given class of assets is grouped together at their lowest levels, which can be easily identified as a separate cash inflow and are independent of cash inflows of the other classes of assets, which are the cash generating units. The non-financial assets except the goodwill one on which the impairment has been analyzed because there are certain possibilities of the reversal o the same at each date of reporting. Impairment expenditures The given company incurred the given impairment expenses for the year ended as on 31st December 2016: Financial assets-During the given period the give company AMP Limited recorded a total impairment, which amounted to $668 million on the goodwill. The total amount was incurred on goodwill itself. Assumptions and estimates used by the company for conducting impairment test AMP limited makes several assumptions and estimates, as they are extremely concerned regarding their future. The given outcomes of the accounts by definition need to be equal to the associated actual outcomes. Certain estimates and mistakes that carry considerable risks and can lead to material adjustments to the particular asset carrying the value to the next accounting year should be discussed and disclosed with the help of notes at the end of the accounts (Cotter, 2012). These judgments need to be given here as per the accounting requirements. As the market goes through an adverse condition and there occurs a continuous downturn of the market in order to assess the recoverable amount for other tangible assets and the goodwill for which the cash was generated in the company. The given recoverable amount is then calculated and computed based on the value in use. Projections of cash flows are also used for these calculations, which are based on financial forecast, which is prepared b ased on the last five years. It is measured as the given difference between the carrying amount and the present value estimated future cash flows, which have then been discounted at the original effective rate of interest (Fit, Moya Orgaz, 2013). For the calculation of value-in use, the assumptions are as follows: EBITDA/Sales margin Discount rates Growth rates using the extrapolate flows of cash beyond the period of forecast Subjectivity involved in the process of impairment testing As per the accounting rule IAS 36 on the Impairment of assets it is generally perceived that it is a standard in the IFRS and demands that the subjective interpretation can be adaptable with regard to the given managerial requirements and also does not limit the creative accounting. It can be reflected from the annual report of AMP Limited that there is a lot of involvement of subjectivity in the given statement while the management was under the process of carrying out the impairment test (Ifrs.org, 2018). This could be done because the management had the given opportunity to exploit their discretion and they carried out the goodwill impairment test in an opportunistic manner. This is further proved by the fact that the allocation of goodwill and the computation of the recoverable amount when there does not exist any availability of the active prices, as the given goodwill is a subject of discretion. Interesting, surprising, difficult or confusing part to understand impairment testing After analysing the assessment, which was undertaken it could be, recognized that, the most difficult part of the given assessment was the indication of the impairment. As it is as a stated fact that the indication depends on a wide variety of internal as well as external factors (Carlin Finch, 2011). The frequency at which the impairment test may be conducted may depend on the discretion of the management (Jennings Marques, 2013). Hence, it is believed that there are chances that the management will carry out the test by analysing the opportunity in a case where there is a value downturn. New insights regarding conducting the impairment Impairment loss is often calculated as the difference between the carrying amount of the given asset and the recoverable amount of the given asset. The recoverable amount, which is present, is higher among the value in use and the fair value of the required asset is reduced by the given disposable cost (Carlin, Finch Laili, 2009). The determination of the fait value is done using a sales agreement or the provided value of the asset in the given active market in which the asset is traded on the information about the availability of the asset is received (Md Khokan ,Sheikh Mollik, 2014). The value in use as per IAS 36 is the present value of cash glows, which can be received from the asset. Fair value measurement As per the IFRS 13, fair value is determined with the help of- Sales agreement The availability of the best information to reveal the given amount at which the company is going to sell the highlighted asset The market value of the asset. Reason why the former accounting standards does not reflect the economic reality Nearly 50% of the companies who make the use of the GAAP or the IFRS have been affected by the changes in accounting rules. The status currently states that the companies who tend to follow the US GAAP or the IFRS have certain commitments and their given leased assets come up to around 3.3 trillion (Carlin Finch, 2010). Out of these figures, there are 85% of companies who have stated that they do not report in their balance sheet as they treat these figures as operating leases. In order to compensate this, the investors in hand generally take care of the estimates, which are inconsistent and incomparable (Lee Hooy, 2013). Hence, the statement has been given that the former accounting standards do not reflect the reality. Reasons why under the previous accounting standards the lease liabilities of the reporting entities in the balance sheet were 66 times more than the reported debts under the balance sheet According to the previous accounting standards, the companies only tend to report around 85% of their lease agreements, which was classified under the operating lease segment. They do not reflect this on the balance sheet as they created actual liabilities. This resulted in a number of companies going bankrupt during the financial crises period because they were unable to adjust to the economic reality on time (Rennekamp, Rupar Seybert, 2014). They had certain commitments to the long-term operating leases, as their balance sheets were quite lean. Hence, the given lease liabilities in the balance sheets were 66 times more when compared to the debt of the balance sheet. Reasons why the Chairperson of IASB is in the view that under the previous accounting standard no level playing field was there among some airline entities Comparability cannot be done using the former accounting systems. The airline industries tend to use the leases under operating leases and tend to not record it under the balance sheet. Due to this reason, an airline company whose whole fleet is under rent accounts will differ from the one who purchase their fleets even though the financial obligations of the airline companies are almost the same (Ramanna Watts, 2012).For this reason, there will be no level playing field among the given airline companies . As the new standard will be introduced, all these leases will be taken as assets and the lessees will account as a liability. With this, the problem is expected to be resolved. Reasons why the Chairperson is in the view that the new standard will not be popular with everyone As the new standard will be introduced, it is expected that it will almost every company will be affected by the new standard. The changes that will occur are always controversial and hence, they might not be popular among all. The given changes will be brought about in the income statement as well as the balance sheet. Hence, it is believed that these changes will have bigger impacts (Marshall, 2016). Due to these statements, all departments of a business will be affected and they need to change their process to abide by the new accounting standard. Possibilities that the new visibility with regard to all the leases will result into better informed decision for investment With the given changes in the former accounting standards, the companies shall be treating the leases in a new manner. With the given change the investors shall be able to have an entire picture of the company`s financial position at once and this reflects transparency. They can even compare between different companies and invest accurately. The update of the IFRS 16 will outweigh the costs and result in better decisions. References Amiraslani, H., Iatridis, G.E. Pope, P.F. (2013). Accounting for asset impairment.London: Cass Business School. Amiraslani, H., Iatridis, G.E. Pope, P.F. (2013).Accounting for asset impairment: a test for IFRS compliance across Europe. Centre for Financial Analysis and Reporting Research (CeFARR). Andrews, R. (2012). Fair Value, earnings management and asset impairment: The impact of a change in the regulatory environment.Procedia Economics and Finance,2, pp.16-25. Annualreports.com. (2018).Annualreports.com. Retrieved 23 January 2018, from https://www.annualreports.com/HostedData/AnnualReports/PDF/OTC_AMLTY_2016.pdf Carlin, T.M. Finch, N. (2010), Resisting compliance with IFRS goodwill accounting and reporting disclosures evidence from Australia, Journal of Accounting Organizational Change, Vol. 6 No. 2, pp. 260-280. [Google Scholar] [Link] [Infotrieve] Carlin, T.M. Finch, N. (2011), Goodwill impairment testing under IFRS: a false impossible shore?, Pacific Accounting Review, Vol. 23 No. 3, pp. 368-392. [Google Scholar] [Link] [Infotrieve] Carlin, T.M., Finch, N. Laili, N.H. (2009), Goodwill accounting in Malaysia and the transition to IFRS a compliance assessment of large first year adopters, Journal of Financial Reporting Accounting, Vol. 7 No. 1, pp. 75-104. [Google Scholar] [Link] [Infotrieve] Cotter, D. (2012).Advanced financial reporting: A complete guide to IFRS. Financial Times/Prentice Hall. Fit, M.., Moya, S. Orgaz, N. (2013). Considering the effects of operating lease capitalization on key financial ratios.Spanish Journal of Finance and Accounting/Revista Espaola de Financiacin y Contabilidad,42(159), pp.341-369. Ifrs.org. (2018). IFRS. [online] Available at: https://www.ifrs.org/ [Accessed 23 Jan. 2018]. Jennings, R. Marques, A. (2013). Amortized cost for operating lease assets.Accounting Horizons,27(1), pp.51-74. Lee, C.H. Hooy, C.W. (2013). Determinants of systematic financial risk exposures of airlines in North America, Europe and Asia.Journal of Air Transport Management,24, pp.31-35. loans, H., retirement, S., education, N. (2018).Bank Accounts, Super, Insurance Home Loans - AMP.Amp.com.au. Retrieved 23 January 2018, from https://www.amp.com.au/ Marshall, D. (2016).Accounting: What the numbers mean. McGraw-Hill Higher Education. Md Khokan Bepari, Sheikh F. Rahman Abu Taher Mollik. (2014) Firms' compliance with the disclosure requirements of IFRS for goodwill impairment testing: Effect of the global financial crisis and other firm characteristics, Journal of Accounting Organizational Change, Vol. 10 Issue: 1, pp.116149, https://doi.org/10.1108/JAOC-02-2011-0008 Ramanna, K. Watts, R.L. (2012). Evidence on the use of unverifiable estimates in required goodwill impairment.Review of Accounting Studies,17(4), pp.749-780. Rennekamp, K., Rupar, K.K. Seybert, N. (2014). Impaired judgment: The effects of asset impairment reversibility and cognitive dissonance on future investment.The Accounting Review,90(2), pp.739-759.

Problem Based Exercise †Law an Example of the Topic Government and Law Essays by

Problem Based Exercise – Law Question One Arthur had a right not to pay for Victor's expenses amounting to $1000 as agreed since he did not honor his agreement of buying any Pro Hart landscape style painting at the auction sale. There was a contract between Arthur and Victor that stated that Arthur was to pay Victor's expenses and a fee of $1000 if Victor succeeded in acquiring a Pro Hart Landscape Style painting. A contract is an agreement between two or more persons which is intended to create legally binding obligations. The word binding is used for there are some contracts which are valid and yet they are not enforceable. For this case, according to the contract, Arthur was to pay Victor's expense of attending an auction sale and a fee of $1000 if he bought any Pro Hart landscape style painting. Need essay sample on "Problem Based Exercise Law" topic? We will write a custom essay sample specifically for you Proceed Arthur was not entitled to pay Victor the agreed some of money since he did not buy any Pro Hart landscape style painting as agreed as he instead bought one of Pro's Hart's child. Victor breached the contract. A contract may be breached by discharge or failure of one of the parties to a contract to perform his obligation under the contract. Although every breach of contract provides remedies to the innocent party, this does not necessarily discharge the contract. Thus, if a party breaks a term of contract going to its root, known as a condition, the other party will be released from his obligations under the contract, known as warranty; the innocent party will therefore not be released from performance and can only claim damages. But for this case, Arthur will only be released from his obligation under the contract. On the issue that Victor bought the painting believing to have been one of Pro Hart painting is under misrepresentation. The circumstance under which a contract, which is apparently complete and valid is vitiated are: mistake; misrepresentation; duress and undue influence. The presence of one of these factors in a contract renders the contract void or voidable. For example, a contract entered into due to a mistake of fact is void, while a contract effected by misrepresentation, duress or undue influence is voidable whereby it is set aside by one of the parties subject to certain conditions. The preliminary negotiations before a formal offer is made include statements of two kinds: those which become part of the contract, and are known as the terms of the contract and those which do not become terms of the contract, but nevertheless play an important role in including the parties entering into a contract. Such terms are known as mere representation if the representation is untrue. Misrepresentation does not render the contract void, but the party misled will be able to avoid the contract by proving that misrepresentation was of fundamental fact, not of law. A representation of law is not actionable merely because it turns out to be misleading or wrong. Where A tells B that a contract of guarantee, which subsequently proves unenforceable, B cannot sue A for fraudulent misrepresentation, as misrepresentation of law is not actionable. Misrepresentation occurs when a party to a contract is induced to contract with another by a misleading statement made by the second party. The false representation is not restricted to words, and may be made by the conduct of the parties. Misled person relies on his own judgment if the person on whom the fraud was practiced was not in actual fact deceived and acted on his own judgment, he has no legal ground to plead that he relied on the misrepresentation, even though he had been negligent. He can still get the contract set aside and claim damages. A relevant case studied is that of With vs. O'Flanagan of 1936. "In this case, With was induced to buy F's medical practice on the representation that it was worth 2000 a year. The representation was made in January, but the contract was completed in May. In the meantime, due to F's illness, his income from the practice was not more than 5 a week. It was held that the contract could have been avoided owing to F's failure to disclose the substantial reduction in his practice." As for the Arthur, he should give back the painting to the auctioneers since they misrepresented the painting to be that of Pro Harts and it actually turned out to be of his children. Question Two In the case between Carlill vs. Carbolic Smoke Ball Co. of 1893, the company had advertised for a reward of 100 to anyone who was to contract influenza after using their smoke ball for a fortnight. Mrs. Carlill won the case since she bought the smoke and used them as prescribed and still contracted influenza. In this case, Carbolic Smoke Ball Company may argue that the advertisement was merely an advertising puff but not an offer. This was merely a way of advertising for their products and wanted just to induce people to buy their product by showing them that they were willing to pay that much in anyone contracted influenza after using their product. The reward in question was a very high amount and it was unreasonable for one to believe that he would be given such amount as advertised. Question Three On the case where Hedley sold his accountancy consultancy firm, there was a contract that was entered between Hedley and Dither. For this case, both parties were to honor their promise as per the contract failure to which the defaulting party can be sued for breach of contract. A contract which was intended to creating a legally binding obligation ought to be binding, failure to which, the contract will be enforceable by a court of law. When Hedley entered into an agreement with Dither during the sale of his business, there was an intention of creating a legal relation between them. For this case, they agreed that Hedley should not practice his accounting consultancy within a radius of 300 kilometers from Clare for a period of 4 years. Hedley breached this contract since he open a similar business in Gawler, approximately 70 kilometers from Clare. For this case, he ought to have open a similar office within that radius after 4 years had expired after the sale if his business. Dither should sue him for breach of contract and he will be entitled for remedies for breach of contract. In such circumstance the court will rule on an injunction since Hedley should not start a business with a radius of 300 kilometers from Clare since he was to interfere with the business he had sold to Dither. A relevant case on injunction was that of Warner Brothers vs. Nelson of 1937. "In this case N, a film actress was contracted to work for the plaintiff for one year, agreeing not to work for anyone else during that period. She made a breach of contract and worked for a rival company. The court refused to force N to work for the plaintiff, but an injunction was granted to prevent her from working with someone else." The court will not, however enforce contract by injunction if damages are a more suitable remedy since it can always award damages in lieu of an injunction. The best remedy available to Dither is an injunction so as to restrain Hedley from putting up a similar business with a radius of 300 kilometers as per the contract. References Bohnet, I., S. Huck and B. S. Frey (1999). More Order With Less Law: On Contract Enforcement and Crowding. Mimeo. Kennedy School of Law. Harvard University. Emanuel, S. L. (2004): Fundamental of Business Law, 4th Edn, New York, Educational Publisher Emerson R. W (2003): Business Law, 5th Edn, New York, Educational Publisher Jertz, A., Miller L. R, (2004): Fundamentals of Business Law, 3rd Edn, New York, Macmillan Publisher Kronman, A.T (1985); Contract Law and the State of Nature, Journal of Law, Economics, & Organization, Vol. 1, No. 1 (spring, 1985), pp. 5-32 McKendrick, E. (2005): Contract Law: Text, Cases and Materials, Oxford: University Press Saleemi, N. A, (1992), Elements of Law, 2nd Edn, Nairobi, N.A, Saleemi Publishers Penrose, R (2005): Road to Reality: A Complete Guide to the Laws of the Universe, New York, Longman Publisher