Mandala: United States and Bright Colors Essay

My name is Meleea Giordano – Briggs. Athletic, friendly , and loving are the best three words that describe me. These three words that describe me in my own way and characteristics that make me the way I am now. The first symbol that represents me is colors. I love the bright colors in my room and wearing bright colors. Bright colors just make my day full of joy ! Me wearing bright colors represents myself as being kind. When I see bright colors , I think of Fall , Summer and Spring. Just seeing these bright pretty colors on the tree’s when the tree’s are turning colors because of fall and seeing the different color flowers blooming in the spring time and seeing the rainbow’s and flowers in the summer time make me happy. The second symbol represents , Live , Laugh and Love. I describe live as living your day to fullest and making anything you want come true. Laugh represents having a good time in life , school , family and friends. Last is love , love is the most important. You have to love yourself before you can love anyone else back. You should always love your family before anything or anyone else , because family helps and supports you anything you want or want to accomplish in life. Even though your friends will be there too support you , your family will always be there for you no matter what. My last symbol represents sports. This is volleyball and track. All my life I have been doing sports. Sports are my life , I never take a break from doing sports and couldn’t live a day without doing sports. Sports set a goal for me , it sets I can get a scholarship to any college or university in the United Sates , also sets you to maintain a good grade point average and to get all A’s and B’s. When I play sports I make sure my grades are excellent because if there not , I will not be able to do sports, and it doesn’t matter if you are the best athlete on the team they are not going to let you play because of grades, because school comes first! These are the symbols the most represents me and represents me and what I do in my daily life. Without these symbols I would be nothing , because these symbols put me together .

Aci Financial Statement

ASA University Review, Vol. 6 No. 2, July–December, 2012 Cash Flow Statement Disclosures in Pharmaceutical Companies: Bangladesh Perspective Mst. Joynab Siddiqua* Mohd. Takdir Hossan* Abstract Cash flow statement is a vital part of the financial statements. Preparation of cash flow statement is required as per Companies Act 1994 and the public limited companies enlisted with stock exchange are to prepare this statement as per other statutory laws and regulations. The acceptance of International Accounting Standard- 7: Cash Flow Statement has added a new dimension to the preparation and presentation of financial statements in Bangladesh.The companies are now preparing this statement as an integral part of their financial statements. This paper examines empirically the current practices followed by sample companies in preparation of cash flow statement and concludes that the sample companies are in line (with few exceptions) with the requirements of International Accounting Stan dard (IAS)-7 or Bangladesh Accounting Standard (BAS)-7. It also proposes some suggestions for improving the presentation of the statement Key words: Cash flow statement, IAS/BAS, Listed Company, Disclosure.Introduction The purpose of a cash flow statement is to provide information on the cash flow from a company’s operating, investing and financing activities to enable the users of its financial statements to evaluate the ability of the company to generate cash and to use the historic cash flows to predict future cash flows. The cash flow information enhances the comparability of the operating performance by various companies, because it eliminates the effects that arise from the use of different accounting treatments for the same transactions and events.The use of cash flow information is gaining importance in the analysis of financial statements (Epstein 1991; Yap 1997; Jones and Widjaja 1998; Previts and Bricker 1994). Cashflow information is considered less open to manipu lation than information on earnings, because it is based on the actual receipt and payment of cash only and not on the accrual and other accounting principles. Rees (1995:75) adds that the cash flow statement can be more informative than the other statements. However, he literature on the cash flow statement indicates that there are grey areas in cash flow reporting that are open to various interpretations (Everingham and Watson 2002). The perceived simplicity of the cash flow statement may therefore create synthetic confidence in the reliability of companies’ cash flow reporting and the comparability of various companies’ cash flow information. The acceptance of IAS-7: The Cash Flow Statement has added a new dimension to the preparation and presentation of financial statements in Bangladesh.This paper is an attempt to investigate into the state of cash flow reporting by the listed Bangladeshi * Lecturers, Department of Business Administration, ASA University Banglades h 210 ASA University Review, Vol. 6 No. 2, July–December, 2012 Textiles and Clothing companies in general. The focus is not on the quality of the reporting of the companies but rather on what the reporting levels are in general. Objectives of the study The major objectives of the study are as follows: 1. to identify the current practice of cash flow statement of Pharmaceutical companies in Bangladesh. 2. o provide present cash flow statement format, structure and reporting on the basis of information provided in the annual reports of the selected listed Pharmaceutical companies in Bangladesh. Methodology of the study The study was conducted in accordance with secondary information obtained from various sources. The overview of standardization of financial reporting and the regulatory framework has been based on laws, regulation, and guideline and also on various published sources of information taken from International Accounting Standard Board (IASB) and Bangladesh Accountin g Standard 7 (BAS 7).A limited survey has also been made covering a total of 12 Pharmaceutical companies’ annual reports (2009) enlisted in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). These are selected on the basis of convenience sampling procedure. In order to make the study more revealing it also covers some research articles, textbooks, publications and web sites of various accounting bodies. Limitations of the study 1. Applied non profitability techniques have been used. 2. Due to limitation of the extensive materials, books and previous studies in Bangladesh literature review could not be extensive. 3.This study consists of only 12 listed Pharmaceutical companies due to time and resources constraints. Literature review Cash flow statement: A historical surroundings/background Cash flow Accounting (CFA) was the main system of accounting up to beginning of the 18th century (Watanabe, Izumi: The evolution of Income Accounting in Eighteenth and Nineteent h Century Britain, Osaka University of Economics, Vol. 57, No. 5, January 2007, p. 27-30). Till then, accounting allocation and profit measurement were relatively unimportant; the profit and loss account being used to close off ledger accounts at each period end.However, with the advent of concept and practices of business continuity, periodic measure and statement of financial position began to grow. Thus the basis of cash transaction becomes foundation for the allocation based systems of accounting today. Although there has been a reasonably sustained interest in fund flow statements (based on allocated accounting data) since the beginning of the twenty century, CFA appears to have received little or no support from accountants until the early 1960s.At that time there was little concern over the use of ‘cash flow’ data in the financial analysis- cash flow being interpreted as ‘profit plus depreciation (. Winjum, J. o, 1972). In 1961 AICPA recognized the importan ce of fund statement by publishing Accounting Research Study (ARS) Cash Flow Statement Disclosures in Pharmaceutical Companies 211 NO 2â€Å"Cash flow analysis and fund statements†. Before that, accountants had prepared funds statements primarily as management report. The Accounting Principles Board (APB) responded in October 1963 by issuing APB Opinion NO. : â€Å"the statements of and application of funds†, which recommended that a statement of sources and application of funds be presented on a supplementary basis. Because of the favorable response of the business community to this pronouncement, the APB issued Opinion No. 198: â€Å"Reporting changing in Financial Position† in March 1971. This opinion required that a statement of changing financial position be presented as a basic financial statement and be covered by the auditor’s reports. In 1981 the Financial Accounting Standard Board (FASB) reconsidered fund flow issues as part of the conceptual fr amework project taken in 1976.At this time the FASB decided that the cash flow reporting issues should be considered at the standard level. Subsequent deliberation resulted in Statement of Financial Accounting Standard (SFAS) No. 95: ‘Statement of cash flows’ in Nobember1987 (Weygandt, Kieso, Kimmel 1998: 1936). Fund flow statement Vs Cash flow statement Both fund flow statement and cash flow statement serve as a fundamental parts of the financial statements. In 1961, the AICPA issued ARS No. 2, â€Å"Cash Flow Analysis and the Fund Statements† which recommended that a fund statement covered by auditor’s opinion be included in companies financial reports.According to paragraph 5 of Preface to Statement of International Accounting Standard [approved by the IASC Board in November1982 for publication in January 1983 and supersedes the preface published in January 1975 (amended March 1978)], â€Å"the term ‘financial statements’ covers balance sh eets, income statement or profit and loss accounts, statements of change in financial position, notes and other statements and explanatory materials which are identified as being part of financial statements† (IASC, 2000:32).As per paragraph 7 of framework for the Preparation and Presentation of Financial Statements (approved by IASC Board in April 1989 for publication in July 1989): â€Å"A complete set of financial statement normally includes a balance sheet, an income statements, a statements of change in financial position (which may be presented in a variety of ways, for example as a statement of cash flow or a statement of fund flows) and those notes and other statements and explanatory materials that are an integral part of the financial statements† (IASC : p. 3-44). As per paragraph 4 of the previous IAS 7 (October 1977), statements of change in financial position, the term ‘ funds’ referred to cash, cash and cash equivalents or working capital (IFA C, 1992: p. 813). Funds provided or used in operation of an enterprise should be presented in the statements of changes in financial statement separately from other sources and uses of fund.Unusual items, which are not part of ordinary activities of the enterprise, should be separately disclosed (IASC: Para 21). But many users of financial statements consider current practices of reporting fund flows as confusing because too much information is compressed in the statements of change in financial position, and because no single definition has been established (Mosich and Larsen, 1982; p. 935).In order to develop a conceptual framework for financial accounting and reporting, the FASB issued in December 1980 a discussion memorandum â€Å"reporting Fund flow, Liquidity and Financial Flexibility† which was issued for the following reasons: (1) for assessing future cash flow, and (2) current practices regarding the reporting of funds flow information are not entirely satisfactory. As a result of deliberation, FASB issued SFAS NO. 95 ‘Statements of Cash Flow’ in 1987.The statements require the inclusion of statements of Cash Flows rather than a statement of Change in Financial position when issuing a complete set of financial statements 212 ASA University Review, Vol. 6 No. 2, July–December, 2012 which was made effective for annual periods ending after July 15, 1988. The major requirements of the statements are of the following two areas: Basis of Presentation: The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents.Classification of cash flows: Cash flows are to be classified according to operating, investing and financing activities. The basis of such classification is derived from the financial theory, which state that the enterprise derives the cash used for investing activities and settlement of outstanding financial obligation in an accounting period from internal and external s ources. Internal cash sources emanate from the net cash generated from current operation and perhaps disinvesting and depletion of cash resources at the start of the period.External cash sources come from financing activities such as borrowing and receiving cash from the sale of equity shares to existing and new shareholders (Wallace et,al). Benefits of Cash Flow Information – The information in a cash flow statement helps investors, creditors, and others to assess the following aspects of the firm’s financial position. – Such statements serve as a mechanism for predicting the ability to generate future cash flows for the investors, creditors and others. – This enables managers or management to plan coordinate and control financial operation in an effective manner. It gives an indication of the relationship between profitability and cash generating ability thus of the quality of the profit earned. – It furnishes information to the management regard ing the entities’ ability to pay dividend and meet obligations. – Analyst and other users of financial information often, formally or informally, develop models to assess and compare the present value of the future cash flow of entities. Historical cash flow statements could be useful to check the accuracy of past assessment (ACCA Text book part 2. P. 324). It is free from manipulation and is not affected by subjective judgments or by accounting policies. – Such a statement dictates situations when a business has made huge profit but has run out money or it has sustained loss but has enough cash availability. – The extent of cash generated from operational activity and external finance in order to meet capital, tax, and dividend requirements can be obtained from such statements (Lee, T. A: 1972:27-36). – It aids in the evaluation of risk, which includes both the expected variability of future return and probability of insolvency or bankruptcy ( Hen drickson, Eldom.S, 1982: 237). – Such statements reveal the capability of an enterprise to pay its short obligation as and when due to the lenders. – A cash flow statement in conjunction with a balance sheet provides information on liquidity, viability, and adaptability. The balance sheet is often used to obtain information on liquidity, but the information is rather incomplete for this purpose as the balance sheet is prepared at a particular point of time. Cash Flow Statement Disclosures in Pharmaceutical Companies 213 It may assists users of financial statements in making judgments on the amounts, timing and degree of certainty of future cash flows. – This statement provides information that is useful in checking the accuracy of past assessment of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing price (IAS 7: Para 3 & 4). – Information on cash flows classified by three groups of activ ities (Operating, investing and financing) that allow users to assess the impact of those activities on the financial position of the enterprise and the amount of its cash and cash equivalents.This information may also be to evaluate the relationship among those activities (IAS 7: Para 11). – This statement is of special importance in assessing future cash flows, quality of income operating capability, financial flexibly and liquidity, and information on financing and investing activities. Using cash flows from operating activities from the cash flow statements, different ratios such as liquidity, ratio, solvency ratio, and profitability ratios can also be calculated to evaluate an enterprise’s liquidity, solvency, and profitability. Aziz uddin and Bala, 2001: p. 14) Overview of Cash flow statement The cash flow statement explains the changes that have occurred in the company’s cash and cash equivalents during the year by classifying the cash flows in its operat ing, investing and financing activities. The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. The classification is done in a way that is most appropriate to the company’s business.The following are the definitions of the components of the cash flow statement: Cash: cash on hand and demand deposits Cash equivalents: short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Operating activities: the principal revenue-producing activities of the enterprise and other activities that are not investing or financing activities Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash equivalents.Financing activities: activities that result in changes in the size and composition of the equity capital and borrowings of the enterprise (Epstein, p. 93). Objective and Scope of IAS 7 Information about the cash flow of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and cash equivalents and the needs of the enterprise to utilize those cash flows. The economic decision taken by users requires an evaluation of the ability of an enterprise to generate cash and cash equivalents and timing and certainty of their generation.The objective of IAS 7 is to require the provision of information about the historical change in cash and cash equivalents of an enterprise by means of a cash flow statement that classifies cash flows during the period from operating, investing and financing activities. An enterprise should prepare a cash flow statement in accordance with the requirements of IAS 7 and should present it as an integral part of its financial statements for each period for which financial statements are prepared.Users of an enterprise’s financial statements are interest ed in how the enterprise generates and uses cash and cash equivalents. This is the case regardless of the nature of the enterprise activities and irrespective of whether cash can be viewed 214 ASA University Review, Vol. 6 No. 2, July–December, 2012 as the product of the enterprise, as may be the case with a financial institution. Enterprises need cash for the same reason however different their principal revenue- producing activities might be.They need cash to conduct their operations, to pay their obligations and to provide return to the investors. Accordingly this standard requires all enterprises to present a cash flow (Para 1 & 3). Presentation of Cash flow statement under IAS 7 Cash and cash equivalent: The definition of cash and cash equivalent are central to the preparation and interpretation of cash flow statements. Cash consists of cash in hand and demand deposits, coins and notes of an organization, etc. In our country deposits in postal accounts may be termed as c ash (Cooper and Ijiri, 1984: 88; Ghosh, 2001).Cash equivalents are short-term, highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of change in value. According to the definitions of paragraph 6 of IAS 7 cash comprises cash in hand and demand deposits; usually ‘cash on hand’ includes currency, notes, and coin in the cash box of the enterprise. It also includes prize bond, negotiable money orders, postal orders, and under posited checks, bank drafts or pay- order.Demand deposits refer to deposits in checking accounts in banks and other financial institutions that may be withdrawn without notice usually subject to deduction of outstanding check. Thus cash equivalents – 1. are short-term investments but the ‘term’ ‘short’ not clearly specified, although a period of three months and less is suggested to be taken as short term period. 2. are highly liquid investments. Here ‘liquid’ means having in a situation where cash equivalents are available in sufficient amount to meet obligation of payments. . are investments that are both: (a) readily convertible, to known amounts of cash and (b) subject to an insignificant risk of change in value. According to SFAC No. 95, the risk categorically refers to risk of change in interest rate. The short-term investments are so near their maturity that they represent insignificant risk of changes in interest rate. Examples include treasury bills, commercial papers, and money market funds purchased with cash that is in excess of immediate needs.However, although by definition, cash equivalents refer to short term highly liquid investments, they are usually held for the purpose of meeting short term cash commitments rather than for other purpose. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to insignificant risk of change in value. Therefore an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months and less from the date of acquisition. Equity nvestments are excluded from the cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred share acquired within a short period of their maturity and with a specified redemption date (Para 7). Cash Flow Statement Disclosures in Pharmaceutical Companies 215 Preparation of Cash flow statements IAS 7 requires cash flows to be classified into operating, investing, and financing activities. Example of cash flows by category Operating Activities Inflows Receipts from customers Outflows Payments to suppliersAdvance deposits from customers Wages and salaries to employees Income tax refunds Income tax payments Interest received on customers’ notes or Other tax payments accounts Dividends and interest received from Interest paid on bank debt or bonds outstanding and inve stments and included in determining net included in determining net income income Investing Activities Cash received from sale of capital assets Payments for purchase of capital assets Cash from sale of debt or equity investments Cash flows capitalized as intangible assets, such as:  · development costs  · start-up costs  · capitalized interest  · exploration Costs Collection of principal on loans to others Purchase of debt or equity securities of others Interest and dividends received on investments Loans extended to others and not included in determining net income Financing Activities Net proceed of issuing debt or equity securities Payment of principal on bonds or bank loans Cash proceeds received from bank loans Purchase of the entity’s own shares Interest paid on bank debt or bonds outstanding and not included in determining net income Dividends paid to shareholders Variations in Reporting activities for Cash flows A. Operating or Financing activities Transactio ns with different categories included in cash flows are classified in a different manner. According to IAS 7, Para 12, â€Å"A single transaction may include cash flows that are classified differently.For example, when the cash repayment of a loan includes both interest and capital the interest element may be classified as operating activities and the capital amount is classified as financing activities†. B. Operating or investing and financing activities Some cash flows may be classified as arising from any activities such as ‘interest’, ‘dividend’ ‘income tax’. The detailed provisions of these types are as follows. 216 ASA University Review, Vol. 6 No. 2, July–December, 2012 Interest: a. For a financial institution, interest paid and interest received are usually classified as operating cash flows (para 33). b. For other enterprise, interest paid and interest received may be classified as operating cash flows because they enter into the determination of net profit or loss.Alternatively, interest paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Interest received may be classified as investing cash flows, because they are returns on investments (para 33). Dividend: a. For a financial institution, dividends received are usually classified as operating cash flow (Para 33). b. For other enterprise, dividends received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively dividend received may be classified as investing cash flows, because they are returns on investments (para 33). c. Dividend paid may be classified as financing cash flows, because they are costs of obtaining financial resources.Alternatively dividend paid may be classified as component of cash flows from operating activities in order to assist users to determine the ability of an enterprise to pay dividend out of operating c ash flows (para 34). Income tax: a. Taxes on income arise on a transaction that gives to the cash flows that are classified as operating, investing, and financing activities in cash flow statement. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transactions. Therefore taxes paid are usually classified as cash flows from operating activities.However, often it is practicable to identify the tax cash flow within individual transaction that gives rise to cash flows that are classified as investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed (Para 36). In the light of SFAS 95, â€Å"Transaction that enter into the determination of net income† are defined as operating activities and hence, interest re ceived or paid, dividend received and taxes on income are rigidly treated to arise from operating activities. Dividend to stakeholders are treated as cash outflows classified as financing activities (Keiso and Weygandt, 1998: 1275-76) Cash flow statement Practices in BangladeshRegulatory Framework, in the eyes of the Companies Act 1994 (Act no. 18 of 1994): According to Section 183 of the Companies’ Act 1994 (which came into effect from 1 January 1995), a company is required to present balance sheet, profit and loss account (income and expenditure account, in case of non profit companies). Under section 185, the balance sheet and the income statement have to be prepared according to the forms set out in Part –1 and Part –2 of Schedule XI respectively under which information on consecutive two years (concerned year and Cash Flow Statement Disclosures in Pharmaceutical Companies 217 preceding year) are to be provided.However according to note (g) of the general in struction for preparation of balance sheet (given in part –1 of schedule XI after the horizontal format of the balance sheet), â€Å"a statement of change in financial position shall be included as an integral part of the financial statements, and shall be presented for each period for which the profit and loss account is prepared†. However no specific format of cash flow statement has been prescribed in Companies Act 1994. In the light of the Security and Exchange Rule 1987 (S. R. O No. 237-l/87 dated on 28 September 1987): Under the provision of rule 12 (1) of the Securities and Exchanges Rules (SER) 1987(amended by the section notification No.SEC/ Section 7/SER/03/132 dated 22 october1997 published in the official gazette on 29 December 1997), the annual report to be furnished by an issuer of listed security shall include â€Å"a balance sheet, profit and loss account, cash flow statement and notes to the accounts collectively hereinafter referred to as the financi al statement’. In the part III of the Schedule of the SER 1987, issues relating to interest paid on short-term borrowing, interest and dividend received income taxes are clearly guidelined. For example, interest paid on short-term borrowing shall be a cash outflow under operating activities; ‘interest and dividend received’ shall be a cash inflow under investing activities. And ‘interest paid on long term borrowing’ and ‘dividend paid’ shall be a cash outflow under financing activities.Under paragraph 35-36, ‘taxes on income’ should be treated as operating cash outflow unless they can be identified in financing and investing activities. Findings of the study To know the extent of cash flows statement reporting practices by Pharmaceutical companies, a survey has been conducted covering twelve annual reports (2009) (For detailed the name of the companies see Appendix-1). The major findings of the study are given below in terms of general variations in reporting and voluntary disclosure. General findings It includes the current format and structure of cash flow statement and the extent of compliance of IAS-7, followed by sample Pharmaceutical Companies in Bangladesh. All the sample companies prepare cash flow statement as required by IAS-7/BAS 7 adopted by the Institute of Chartered Accountant of Bangladesh and present it as an integral part of the financial statements. Notes to cash flow statement have been presented as part of the financial statements in case of all the sample companies.  · The sample companies prepare cash flow statement in vertical form and shows figure of cash flows of the current year and the previous year.  · All the sample companies’ cash flow statement contains a classification of operational, investing, and financing activities.  · The sample companies did not illustrate the policy dopted in determining the formulation of cash and cash equivalents although this is r equired by paragraph 36 of IAS 7. 218 ASA University Review, Vol. 6 No. 2, July–December, 2012 Variation in Reporting Another objective of the survey was to determine which alternatives, permitted by IAS-7, are used most in practice by Bangladeshi pharmaceutical companies. It is found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. The results are set out in table 1.Table-1 Variations in reporting [Cash flow statement (CFS)] Factors 1 Notes to CFS Options Separately, following the CFS Part of the notes to the financial statements Incorporated in the CFS Total Direct method Indirect method Total Operating activities or no interest Financing Investing activities Total Financing activities or no dividends Operating activities Investing activities Total Part of accounti ng policy note Nothing disclosed Total Operating activities or no tax Financing activities Investing activities Total Number of companies 0 12 0 12 12 0 12 12 0 0 12 12 0 0 12 12 0 12 12 0 0 12 2 Operating activities 3 Interest received and Interest paid 4 Dividend received and Dividend paid 5 Definition of cash and cash equivalents 6 Income tax Notes to table 1  · Refer to point 2 of Table 1.According to IAS-7 and SEC Rule 1987, the enterprises are encouraged to report cash flows from operating activities using the direct method. The direct method provides information which may be useful in estimating future cash flows which is not available under the indirect method. All the sample companies followed the direct method in reporting operating cash flows. One company (Pharmaceutical Mithun Knitting & Dyeing Ltd. ) discloses cash flows from operating activities under indirect method in notes of financial statements as additional information. Cash Flow Statement Disclosures in Pharma ceutical Companies  ·  · 219 Refer to points 3 & 4 of Table 1.All the companies studied have shown ‘interest received and paid’ under operating activities and ‘interest paid on long term borrowing’ and ‘dividend paid’ under financing activities. Refer to points 5 & 6 of Table 1. All the companies studied have shown â€Å"definition of cash and cash equivalents† in the notes of accounting policy and â€Å"income tax† under operating activities. Voluntary disclosure The survey also included an examination of any additional information that is disclosed regarding the company’s cash flow which is not required by IAS-7, but which may be helpful to the user. For example, separate disclosure of cash flows increases operating capacity and cash flows that maintain operating capacity, disclosure of segmental cash flows, cash flow per share etc.The survey found no company to disclose such additional voluntary information in its ca sh flow statement. Conclusion and Recommendation A materially misstated cash flow statement, whether it is in terms of incorrect classification in the categories or numerical accuracy, can be misleading to the user and can lead to wrong decisions taken by the users of the statement. The survey has revealed that although sample companies prepare cash flow statement according to International Accounting Standard-7 (BAS-7), there is also a degree of non-compliance. It is, however, found that there are not many differences between companies in their reporting of cash flow information.This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. To make cash flow statement more informative and useful for users, the companies should disclose additional voluntary information such as cash flow per share in their cash flow statements. Items consisting of cash flows from operating, investing a nd financing activities should also be clarified in the notes of the financial statements. Due to the limited scope of the present study, a large number of research issues have not been attempted but are identified in the course of the study.Disclosure practices of additional items other than operating, investing and financing activities, disclosure practices differences between listed and unlisted companies, disclosure practices differences between financial and other institutions are some such potential issues for future research. 220 ASA University Review, Vol. 6 No. 2, July–December, 2012 References Annual Reports of Sample Pharmaceutical Companies Listed in Dhaka Stock Exchange and Chittagong Stock Exchange 2009. Aziz Uddin, A. B. M and Bala. , S. K. ( 2001), â€Å"Cash Flow Reporting in Bangladesh†, The Cost & Management, Nov- Dec. ICMAB, p. 13. FASB Discussion Memorandum (1980), Reporting Funds Flow, Liquidity and Financial Flexibility, FASB, Stanford. Thomas H. Beechy. Joan E. D. Conrod, Intermediate Accounting, second Edition, Chpter 5, Exhibit 5-1 pp. 91 Ghosh, Santi N. (2001),â€Å"Workshop Material on IAS # 7 : Cash Flow Statements† compiled under the Institute of Chartered Accountants of Bangladesh (ICAB)Project, Development of Accounting and Auditing Standards in Bangladesh, The World Bank. Government of Bangladesh (GOB) (1994), The Companies Act 1994 (Act No. 18 of 1994). Gup, B. E. & Samson, W. D. 1993. An analysis of patterns from the statement of cash flows. Financial Practice & Education, 3(2):73-79. Hendrickson, Eldom. S(1982), Accounting Theory, Richard D. Irwin, Inc. , Illinois, p. 236. Hertenstein, J. & McKinnon, S. 1997. Solving the puzzle of the cash flow statement. Business Horizons, 40(1):69-76.International Accounting Standards Committee (IASC) (2000), International Accounting Standards 2000 International Accounting Standards Committee, London, â€Å"International Accounting Standard IAS 7 (revised 1992): Cash Flow Statements† in pp. 139165. International Federation of Accounting (IFAC) (1992), IFAC Handbook 1992: Technical Pronouncements (New York: IFAC). â€Å"IAS 7 (October 1977): Statement of Changes in Financial Position† in pp. 812- 816. Khan, M. H. & Akter, M. S. & Ghosh, S. K (2005), â€Å"Cash Flow Statement Disclosures: A Study of Banking Companies in Bangladesh†. Available at www. pcte. edu. in/site/OJMR/Finance/cashflow. pdf Keiso, Donald, E. and Jerry. J.Weygandt (1998), Intermediate Accounting, John Wiley & Sons, Inc. New York, 9th Edition, pp. 1275-76. Lee, T. A. 1982. Cash flow accounting and the allocation problem. Journal of Business Finance & Accounting, 9(3):341-352. Lee, T. A (1972), â€Å"A Case for Cash Flow Reporting†, Journal of Business Finance, Vol. 4, No. 2, pp. 27-36 as quoted in Studies of Accounting Theory, Steyn, B. W. & Hamman, W. D. 2003. Cash flow reporting: are listed companies complying with AC 118? Meditari, 11:167-180. Weyg andt, Kieso, Kimmel, Accounting Principles, 9th edition, John, Wilely and Sons, Inc, pp. 732-733 Wallace, R. S. O. and Choudhury, M. S. I. And Pendelbary, M. 1997), â€Å"Cash Flow Statements: An International Comparison of Regulatory Positions†, The International Journal of Accounting, Vol. 32, No, 1, pp. 1-22 Cash Flow Statement Disclosures in Pharmaceutical Companies 221 Appendix-1 List of the twelve Pharmaceutical companies studied. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. GlaxcoSmithKline Bangladesh Limited (2009) The IBN SINA Pharmaceutical Industry Ltd. (2009) BEXIMCO PHARMACEUTICAL LTD. (2009) ORION INFUSION LTD. (2009) ACI Formulation Limited (2009) Ambee Pharmaceutical Limited (2009) Square Pharmaceutical Ltd. (2009) Libra Infusions Limited (2009) BEACOM Pharmaceuticals Limited (2009) Rahman Chemicals Limited (2009) Renata Limited (2009) Therapeutics (Bangladesh) Limited (2009)

Science Fair Project & Evaluating the Effectiveness of Diverse Personal Statement

Science Fair Project & Evaluating the Effectiveness of Diverse Learning Environments Assignment - Personal Statement Example I realized that through writing down, the vocabularies would stick on the students’ mind and they could manage to pronounce them correctly later. Writing down also offered the students a chance to practice and memorize while on their own. Most of the students who had difficulties in pronunciation as I figured out were non-English Speakers. Another issue that I managed to figure out is that students had a positive response related to their ability of pronouncing the terms when learning in groups. On this activity, the students would come up with several words in their group that they were unable to pronounce correctly. My main role was just to help them pronounce the vocabularies correctly and then allow them to practice on their own. Through independence practice, I observed that students were able to pronounce the vocabularies correctly in a faster way. I also managed to observe that students, who were not able to pronounce the vocabularies together with others, could underst and quickly and respond effectively through direct instruction. On direct instructions, I could manage to teach the students either individually or as a group and emphasis on the problematic terms. I observed that on these particular children, repetition and drill work posed as the best method to help them understand quickly. Another observation I managed to make is that by giving the students oral and theory exams they were able to assess themselves of what they understood and which questions they need to ask. Oral tests, where each student could pronounce various vocabularies managed to give me an opportunity of identifying whether the student was making any progress or not. I also observed that testing the students contributed in enhancing a strong relationship with them because of the interaction I managed to make when correcting them. I also observed that it was easy to assess each student’s strengths and weaknesses through giving them a test. This assisted me in identif ying the next strategy I should employ in order to help the students develop more skills. In order to improve on this particular activity, there are certain changes that I would like to make. One of the changes is questioning of the students during lecture. I managed to observe that some students feel embarrassed when they are not able to answer a particular question correctly. On this case, I realized that it is not advisable to correct an English Speaking Student mistake especially in front of other students. The best way to deal with this issue is to correct the students’ individual later after the lesson. However, in some situations I may correct the students in case the content of their information is unclear during their pronunciation. For example, in a situation where a student may say, I am here for one year. This information is unclear because the student may mean I have been here for one year. In another angle, the student may mean I will stay here for one more year . The other change I would like to make in order to improve on this activity is increase the material to use for experiment. I noticed that some students understand well while writing down rather than oral teaching alone. This call for more materials like text books, exercise books and pencils. This will help in assessing the students’ ability on understanding pronunciation of words by dictating to them while they write

Why Was America Taken by Surprise on 11 September 2001 Essay

Why Was America Taken by Surprise on 11 September 2001 - Essay Example The country itself is guarded by strong defenses. With a land army of total weapons of 56,269, air power of 18, 234 aircrafts and naval power of 2,834 ships1 she has become a symbol of military might. Furthermore, with a resilient intelligence network comprising of CIA, the country is apparently able to keep threats away. The story of 9/11 developed very interestingly. On the morning of September 11, 2001 four commercial planes were hijacked by terrorists affiliated with Al-Qaeda, an Islamic extremist group. The number of terrorists was expected to be around 19 that carried suicide attacks in three different places. The first two planes crashed into the World Trade Center in New York, the third destructed a part of the Pentagon while the fourth crashed in a field of Pennsylvania. This was a massive and atrocious attack on the land of America causing immense collateral damage.2 Who would have expected the day when America crippled into the depths of shock and horror with strong defens ive shields mentioned above. A major chunk of the American economy flourishing in the WTC was deflated. The Pentagon that is the central decision making body of the country was so vulnerable and the trans-border security on the airports was so weak that no one could keep a check on any unusual activities. All of these loopholes resulted in the death of more than 3000 civilians3 on 9/11. When the episode of 9/11 is dug deep, one comes across a lot of questions. For instance, why did a non-state actor attack America? How did it get the capability to penetrate inside the country? Was there an insider involved? Does it prove the failure of President George W. Bush’s administration or was it another excuse to wage war like the Pearl Harbor attack in 1941? All of these questions have affected the lives of Americans itself. Right after the country was attacked, President George W. Bush declared war on terror and put forward a proposal of â€Å"either you are with us or them (terror ists)† before the world making states choose between the devil and the deep blue sea. President Bush invested heavily to wage the war against Osama Bin Laden, the culprit responsible for planning and executing the attacks. He started off with bombarding Afghanistan in 2001 which hasn’t stopped yet even after a decade. The attacks had huge impact on the lives of each and every American. If one goes back in time, he will realize that the impact was equally large six decades ago when the Empire of Japan attacked Pearl Harbor toppling U.S Navy on the Hawaiian coast. Like 9/11, the attack on Pearl Harbor came as a surprise and both the attacks took approximately 3000 lives. On the second day of the attack President Roosevelt declared war on Japan starting World War II4. It was the first time ever in the history of mankind that a nuclear bomb was dropped on Hiroshima and Nagasaki. Similarly, President Bush announced to hunt down every terrorist in the world right after the WT C crippled. Hence, the defense budget started increasing at the cost of human lives. The most striking and ironic fact about these two attacks was that both the Presidents knew about them in advance. They knew that their country was under threat and could be attacked at any moment. It was in a newspaper on 30th November 1941 that warned of Japanese strike on the American homeland when the naval fleet came under attack on 7th December 1941. The President was questioned regarding knowledge of the attack beforehand. It was later investigated and revealed that it was the President himself and some members of his administration that delayed the conveyance of the warning messages given by the United Kingdom to Hawaii. 5 President

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Managing in a Strategic Business Context - Consultancy Report - Essay Example (Katherine, 2002) When Mersey Trust intends on making severe changes in its provision, structure and any other aspects, it needs to consider the community; these are the main beneficiaries of decisions made by the trust. The NHS Trust under study has to put in mind that the number of patients is increasing and more needs to be done to reduce waiting times and quality of health care provided to these increasing numbers. They need to ensure that patients have been adequately catered for. (Katherine, 2002) Staff members need to be incorporated in any changes that the Trust intends on undertaking. It should be aware that changes in staff payments or employee conditions are to be kept at minimum in order to reduce friction and possible confrontations that have been seen in the past from similar NHS trusts. The Trust has to face conflicting roles. It has to fulfil its humanitarian aspect of helping out those who need assistance in terms of health care. In addition, it also has to deal with the fact that it still has to consider market forces during its commissioning activities. This can prove to be a rather daunting task. (Legge, 2004) The Trust has to include technological advancements in its administration. Technological advancement should also be incorporated in the organisation’s information system so that accountability and good governance are promoted. Mersey Care has to deal with the increased competition among providers that has arisen after a number of independent health Care service providers have been given the mandate to provide their services to patients. Also, there have been some treatment and diagnostic centres that have been commissioned. This means that the Trust needs to focus highly on commissioning activities. (Black, 2003) There are a number of partners that are involved in health care provision. These need to be incorporate into the management of the Trust. Policies within the

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