Mine Essay Example

Mine Essay The statements of Accounting Standards (SAS) are issued by the Nigerian Accounting Standards Board (NASB) for use by all those interested in published financial statements either as preparers or users. The NASB is a thirteen member body comprising the following organisations and establishments:  ¦ Central Bank of Nigeria (CBN)  ¦ Corporate Affairs Commission (CAC)  ¦ Federal Board of Inland Revenue (FBIR)  ¦ Federal Ministry of Finance (FMF)  ¦ Federal Ministry of Commerce and Tourism (FMCT)  ¦ Nigerian Accounting Teachers’ Association (NATA) Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)  ¦ Nigerian Deposit Insurance Corporation (NDIC)  ¦ Nigerian Stock Exchange (NSE)  ¦ Securities and Exchange Commission (SEC)  ¦ The Chartered Institute of Bankers of Nigeria (CIBN)  ¦ The Institute of Chartered Accountants of Nigeria (ICAN)  ¦ The Office of the Auditor General for the Federation. Standards Issuing Procedure Pri or to the issuing of any standard, a great deal of preparatory work is required which would culminate in the publication of an exposure draft. Copies of the exposure draft are sent to members and those with a special interest in the topic. After full and proper consideration and consultation, if it is seen to be desirable, an accounting standard on the topic may then be issued. In Nigeria, the SAS has precedence over other foreign standards including International Accounting Standards (IAS). Each SAS however indicates the level of compliance with the relevant IAS. SAS 1 – DISCLOSURE OF ACCOUNTING POLICIES (Issued Nov 1984) The purpose of this statement is to assist any reader in the understanding and the nterpretation of financial statements and the information disclosed therein. Definitions Accounting method – is the medium through which accounting concepts are applied to financial transactions and to the preparation of financial statements. Accounting Basis – the totality of methods adopted by an enterprise for applying fundamental accounting concepts to its financial transactions. There are two disti nctive accounting bases: i) Accrual basis; and ii) Cash basis. Accounting Policies – accounting policies are those bases, rules, principles, conventions and procedures adopted in preparing and presenting financial statements. We will write a custom essay sample on Mine specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Mine specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Mine specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Accounting concepts identified by the standard are: Entity, going concern, periodicity, realisation, matching, consistency, and historical cost. Accounting principles are employed in applying accounting concepts are: substance over form, objectivity, fairness, materiality, and prudence. SAS 2 – INFORMATION TO BE DISCLOSED IN FINANCIAL STATEMENTS (Issued Nov 1984) This standard requires that financial statements should provide quantitative and qualitative information to aid users in making informed economic decisions. Terms and meanings Accounting information – refers to the data that are found in financial statements. Accounting Period – refers to the time span, usually one year, covered by financial statements Financial Statement – consists of balance sheet, profit and loss account or income statement, notes on the account, cash flow statement, value added statement and historical financial summary. Long term – relates to a period in excess of 12 months. General Disclosures: The financial statements of an enterprise should state: ) The name of the enterprise b) The period of time covered c) A brief description of its activities d) Its legal form and e) Its relationship with its significant local and overseas suppliers including the immediate and ultimate parent, associated or affiliated company. SAS 3 ACCOUNTING FOR PROPERTY, PLANT AND EQUIPMENT (Issued Nov 1984) This statement deals with accounting for property, plant and equipment under the historical cost concept a nd the revaluation of specific items of property, plant and equipment. Definitions Property, Plant and Equipment – these are tangible assets that: a) have been acquired or constructed and held for use in the production or supply of goods and services and may include those held for maintenance or repair of such assets; and b) are not intended for sale in the ordinary course of business. Fair Value – is the amount for which an asset could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction. Net Book Value is the amount (historical cost or valuation) at which an asset is carried in the books less related accumulated depreciation. Useful Life – of an asset is the shorter of a) The predetermined physical life and b) The economic life during which it could be profitably employed in the operations of the enterprise. Recoverable Amount is that part of the NBV of an item of property, plant and equipment that the enterprise can recover in the future through depreciation of the item including its net realisable value on disposal. SAS 4 – ON STOCKS (Issued March 1996) This statement deals with the valuation and preparation of items of stocks including livestock and agricultural produce. Stocks include those finished goods and livestock awaiting sale, work-in-progress, raw materials and supplies to be consumed in the production of goods or the rendering of services. Livestock Two major problems are associated with the valuation of livestock, namely a) determining the actual number and their existence especially animals that graze; and b) identifying the various stages of their development The following three approaches to valuation of livestock are allowed by the standard: a. Cost approach b. Net realisable value . Appraisal value Systems of stock taking – two systems of stock taking generally in use are (i) Perpetual, and (ii) Periodic Valuation of stocks – generally, stocks should be valued at the lower of cost or net realisable value. The following methods are recommended by the standard: (a) First in, First out (b) Average cost, where it consistently approximates historical cost (c) Specific identification (d) Standard cost with the adjustment for c ost variances, and (e) The adjusted selling price method (Retail Inventory Method) The following stock valuation methods are not allowed: (a) latest Purchase Price (b) Last in, First out, and (c) Base stock. SAS 5 – ON CONSTRUCTION CONTRACTS (Issued August 1996) The main issues involved in accounting for construction contracts are the timing, measurement and recognition of revenue and the asset created during construction. Construction contract refers to the execution of building and civil engineering projects, mechanical and electrical engineering installations and other fabrications normally evidenced by an agreement between two or more parties. In practice, two methods are generally used for accounting for construction contracts, namely: a) the completed contracts method, and b) the percentage-of-completion method Several types of contracts exist including: (i) fixed sum (lump sum) contract (ii) Cost-plus a fixed rate contract (iii) Re-measure contract (iv) Variable-Price contract SAS 6 ON EXTRAORDINARY ITEMS AND PRIOR YEAR ADJUSTMENTS (Issued August 1986) The primary objectives of this statement are: a) to examine the issues involved in the determination of operating income in any given accounting period, and ) to prescribe the accounting treatment of extra ordinary and unusual items and prior year adjustments as well as their appropriate disclosure in financial statements. Definition: Exceptional Items – are those that though normal to the activity of an enterprise are abnormal as a result of their infrequency of occurrence and size e. g. abnormally high bad debts. Extraordinary items – are those that occur outside the ordinary activities of an enterprise and are not expected to recur frequently. Prior year adjustments – are items of revenue and expenses that were recorded this year but would have been recorded in a prior year or years if all the facts had been known at that time. These do not include adjustments for differences between actual and accounting estimates. Ordinary activities – of an enterprise are normal product lines or day-to-day activities. There are two types of reporting concepts namely, †¢ Current-Operating-Performance concepts, and †¢ All-Inclusive concepts A reporting entity should adopt the All-Inclusive Concept of reporting. SAS 7 – ON FOREIGN CURRENCY CONVERSIONS AND TRANSLATIONS (Issued June 1988) The primary objectives of this statement are to provide uniform accounting treatment for: a) Foreign exchange transactions and b) The translation by a Nigerian enterprise of the financial statements of its foreign branches, subsidiaries, associates, or joint ventures based in a country other than Nigeria. Definitions Foreign Currency – is any currency other than the domestic currency, the Naira. Conversion – is the process of expressing a foreign currency amount in naira by the use of an appropriate rate of exchange. Translation – is the restating of accounting balances of foreign operations at their equivalents in naira. Exchange Rate – is the rate at which the currency of a country is exchanged for the currency of another country. Some exchange rates used in practice are: i) Official Exchange ii) Spot rate iii) Closing rate of exchange iv) Forward rate Translation of the accounts of foreign operations Three main methods of translating foreign account balances are: (i) closing rate method, (ii) temporal method, and (iii) Monetary, Non-monetary method SAS 8 – ON ACCOUNTING FOR EMPLOYEES’ RETIREMENT BENEFITS (issued June 1990) The primary objectives of this statement are to narrow the differences in the methods or manner used in a) measuring the amount of retirement obligations under retirement benefit plans, b) allocating the cost of the plan and recognising resulting gains or losses to the accounting periods, and c) disclosing as accurately as possible, the plan and the effects of the plan implementation on the reporting enterprise. Retirement benefits can be determined in either of two ways, namely;  ¦ as a function of years of service and earnings as a function of accumulated contributions Retirement costs are determined using Actuarial cost methods namely: i) accrued benefit cost method, ii) projected benefit cost method Actuarial gains or losses are recognised in practice in either of 3 ways viz: i) immediate recognition ii) spreading iii) averaging SAS 9 ACCOUNTING FOR DEPRECIATION (Issued Aug 1989) This stat ement provides a guide for uniform and acceptable methods of determining and reporting depreciation on items of property, plant and equipment whether stated at historical cost or revalued amounts. Depreciation – represents an estimate of the portion of the historical cost or revalued amount of a fixed asset chargeable to operations during an accounting period. Methods for Calculating Depreciation Methods based on passage of time include: (a) straight line (b) decreasing charge (i) sum-of-the-year-digit (ii) Reducing balance (c) annuity and sinking fund Methods based on the level of usage or output are a) service hour, and b) productive output SAS 10 – ACCOUNTING BY BANKS AND NONBANK FINANCIAL INSTITUTIONS (PART 1) (Issued October 1990) This statement focuses on three main areas of concern relating to accounting practices followed by banks, namely; †¢ Income recognition †¢ Loss recognition, and †¢ Balance sheet classification Income Statement – Each principal revenue item should be stated separately in a bank’s financial statements to enable the user assess the contribution of that particular source of revenue. Balance Sheet – a bank should group its assets and liabilities in the balance sheet according to their nature and list them in order of their liquidity and maturity. SAS 11 – ON LEASES (Issued March 1991) The primary objectives of this statement are: a) to ensure that published financial statements contain sufficient information about lease transactions to make it possible for users of such statements to determine the effects of lease commitments on the present and future operations of the reporting enterprises. (b) To ensure uniform disclosure of terms and classes o f leases in financial statements. A lease is a contractual agreement between an owner (the lessor) and another party (the lessee) which conveys to the lessee the right to use the leased asset for an agreed period of time in return for a consideration, usually periodic payment called rents. Classification of Leases ) Operating lease ii) Finance or capital lease Other variants of finance or capital leases are: a) Leveraged lease b) Sales-tyoe lease c) Direct finance lease SAS 12 – ON ACCOUNTING FOR DEFERRED TAXES (Superseded by SAS 19 – Accounting for Taxes) SAS 13 – ON ACCOUNTING FOR INVESTMENTS (Issued Nov 1992) The statement focuses on three main forms of investments, namely (a) Short-term investment (b) Long-term investments, and (c) Investment properties Investments are assets acquired by an enterprise for purposes of capital appreciation or income generation without any activities in the form of production, trade, or provision of services. Valuation Short-term investments should be valued at the lower of cost and market value. Long-term investments should be carried at cost or at a revalued amount Investment properties should be carried in the balance sheet at their market value and revalued periodically an a systematic basis at least once in every three years SAS 14 – ACCOUNTING IN THE PETROLEUM INDUSTRY: UPSTREAM ACTIVITIES (Issued Dec 1993) This statement deals with accounting and reporting for upstream activities. It does not cover the downstream activities. Upstream activities involve the acquisition of mineral interest in properties, exploration (including prospecting) development, and production of crude oil and gas. Oil and gas producing activities involve costs which may be classified as: (a) mineral right acquisition costs (b) exploration and drilling costs (c) development costs (d) production costs (e) support equipment and facilities costs, and (f) general costs Oil and Gas Accounting Methods Two basic accounting methods in common use are the Full cost and the Successful Efforts methods. A third method known as Reserve Recognition Accounting (RRA) allows an enterprise to recognise the value of proved oil and gas reserves as assets and changes in such reserve values as earnings in the Financial Statements. This method is however not in common use and is not recommended. SAS 15 – ON ACCOUNTING BY BANKS AND NONBANK FINANCIAL INSTITUTIONS (PART II) (Issued Dec 1996) This statement seeks to provide a guide for accounting policies and accounting methods that are to be followed by non bank financial institutions as: Finance Houses/Companies  ¦ Bureaux De Change  ¦ Mortgage Institutions  ¦ Discount Houses  ¦ Stock Brokerage Firms ; and  ¦ Other Capital Market Operators SAS 16 – ACCOUNTING FOR INSURANCE BUSINESS (Issued Dec 1997) This statement establishes financial accounting and reporting standards for the financial statements of nonlife and life assurance undertakings. The business of insurance can be broadly divided into two categories: (a) General Insurance Business (non life) (b) Life Assurance Business (long term business) Basis of accounting for Insurance transaction include:  ¦ Annual Accounting  ¦ Deferred Annual accounting, and  ¦ Fund accounting General insurers are required to adopt the annual basis of accounting. Where it is not possible to determine underwriting results with reasonable certainty until the following accounting period, the deferred annual basis should be adopted. Life assurance business should be accounted for on the fund accounting basis. Balance sheet – both general insurers and life assurers should arrange their balance sheet items in order of liquidity. SAS 17 – ACCOUNTING IN THE PETROLEUM INDUSTRY: DOWNSTREAM ACTIVITIES (issued Dec 1997) This statement provides guide on accounting practices and reporting formats to be followed by companies operating in the downstream sector of the Nigerian Petroleum Industry. Downstream activities involve transporting, refining and marketing of oil, gas and derivatives. Such companies include those engaged in:  ¦ Refining and petrochemicals  ¦ Marketing and distribution; and  ¦ Liquefied Natural Gas SAS 18 – ON STATEMENT OF CASH FLOWS (Issued Dec 1997) This standard requires that a statement of cash flows should be part of the financial statements prepared by an organisation. It replaces the statement of source and application of funds required by SAS 2. Definitions Cash – comprises cash in hand and demand deposits, denominated in Naira and foreign currencies. Cash Equivalents – are short term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Generally, they are within three months of maturity. Cash flows – are inflows and outflows of cash equivalents There are two methods of preparing a statement of cash flows: 1) Direct method; and 2) Indirect method Classification of cash flows The standard requires that cash flow items be classified under the following headings:  ¦ Operating activities  ¦ Investing activities; and  ¦ Financing activities. Interest paid, dividend paid and other distributions to owners should be classified as cash flows from financing activities while interest received and dividend received should be classified as cash flows from investing activities except where the investor-company has significant control over he investee company and holds at least 20% of the equity. In such cases, dividends received should be classified as cash flows from operating activities. SAS 19 Accounting for Taxes (Issued December 2000) This Statement replaces the Statement of Accounting Standard No. 12. SAS 19 – Accounting for Taxes covers taxes on business organisations including Companies Income Tax, Petroleum Profit Ta x, Capital Gains Tax, Value Added Tax and Education Tax. The Statement does not cover Customs and Excise Duties and Royalties. Key Definitions Deferred Tax is the tax (liability or asset) attributable to timing differences. Input Tax (VAT) is the tax paid on goods and services purchased. Output Tax (VAT) is the tax collected by a taxable person from other parties for goods and services supplied. Permanent Differences are differences between taxable and accounting income, for a period, that are not expected to reverse in subsequent periods. Tax Expense/Tax Income is the total of current and deferred taxes charged against or credited to the income of the accounting period. Temporary Differences are the differences between the amount an asset or a liability is carried in the balance sheet and its tax base. Timing Differences are differences between the accounting income and taxable income which arise because the periods in which some items of revenue and expense are included in accounting income differ from the periods in which they are included in taxable income. Such differences originate in one period and are expected to reverse in one or other subsequent periods. Bases of providing for deferred taxes nil provision basis; partial provision basis; and full provision basis. Methods of computing Deferred tax deferral method (FIFO or Average) liability method Presentation in financial statements There are two major methods of presenting tax effects of timing differences in the financial statements: net-of-tax method (prohibited) separate line item method (permitted) Investment income should be accounted for at gross amounts and the tax withheld at source should be deducted from the tax payable. Deferred taxes should be computed using the liability method Only the timing differences that are expected to reverse during the period allowed by the tax law should be considered in computing deferred taxes for treatment either as an asset or as a charge to the deferred tax account. Full provision should be made for deferred taxes. Deferred taxes relating to ordinary activities should be shown as part of the tax on profit or loss resulting from ordinary activities. Deferred taxes relating to extraordinary items should be shown as part of the tax on extraordinary items. Capital gains tax should be included in the tax expense for the period. Where capital gains tax relates to a disposal treated as an extraordinary item, it should be stated as a deduction from the item. Where non-recoverable VAT in respect of an expense item should be expensed. Where a non-recoverable VAT is paid in respect of an item of fixed asset, the VAT should be capitalised as part of the cost of the fixed asset. The net amount owing to or due from the tax authority should form part of debtors or creditors. Where recoverable VAT remains consistently outstanding for three years, it should be fully provided for. Output VAT should be excluded from the turnover shown in the profit and loss account. Disclosure Requirements The following components of tax expense (income) should be disclosed by way of notes: Company income tax; Petroleum profit tax; Capital gains tax; Education tax; and Deferred tax. Taxes on extraordinary items and prior year adjustments Deferred tax balance should be presented in the balance sheet separately in the case of liability, between long term and current liabilities and in case of assets, between fixed and current assets. Movements in tax accounts should be shown as follows: Current Taxes balance at the beginning of the peri od; tax charge or credit for the period; payments made during the period; tax credits received during the period; and balance at the end of the period. Deferred taxes balance at the beginning of the period; current year provision (reversal); and balance at the end of the period. TUTORIAL NOTE ON DEFERRED TAXATION – SAS 19 IAS 12 (Revised) Background The amount of tax payable in any particular period does not necessarily bear a direct relationship to the amount of profit or loss shown on the income statement. This is because the tax laws provide for the computation of the taxable income for a period based on rules different from the generally accepted accounting principles followed while preparing the income statement. In order to account for the tax effects of all transactions occurring within a period, a deferred tax asset or liability (as appropriate) is usually recognise. This is in line with the matching concept. Key Terms Deferred Tax Liabilities are the taxes payable in future accounting periods attributable to timing differences. Permanent Differences are differences between taxable and accounting income, for a period, that are not expected to reverse in subsequent periods. Tax Expense/Tax Income is the total of current and deferred taxes charged against or credited to the income of the accounting period. Temporary Differences are the differences between the amount an asset or a liability is carried in the balance sheet and its tax base. Temporary differences may be either taxable differences or deductible differences. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Timing Differences are differences between the accounting income and taxable income which arise because the periods in which some items of revenue and expense are included in accounting income differ from the periods in which they are included in taxable income. Such differences originate in one period and are expected to reverse in one or other subsequent periods. While all timing differences are temporary differences, not all temporary differences are timing differences. Bases of Providing for Deferred Taxes The objective of providing for deferred taxes is to ensure that the tax expense reported in an income statement of a particular period reflects the tax effects of transactions included in the accounting profit/loss of the period. Permanent differences are not taken into consideration as they do not affect other periods. In providing for deferred taxes, three major bases are commonly in use. These are: nil provision basis; partial provision basis; and full provision basis. Under the nil provision basis, the tax effects of timing differences are ignored completely. Only the tax payable in respect of the accounting period is charged to income in that period and no provision is made for deferred taxes. Proponents of this basis hold the view that since tax liability arises only on taxable income and not on accounting income, there is no need to provide for deferred taxes. However, this practice is not recommended because it could understate or overstate the tax expense for the period. Under the partial provision basis, the tax effects of some timing differences are excluded from the computation of deferred taxes when there is reasonable evidence that those timing differences will not reverse for some considerable number of years. Supporters of this basis argue that deferred tax has to be provided for only where there is a high probability that the tax will become payable as a result of the reversal of timing differences. Opponents of this basis argue that the current deferred taxes will reverse. It may only be replaced by other originating differences in future. This practice is also not recommended because the amount of the provision is subjective. The full provision basis takes into account all the timing differences. Proponents of this basis submit that financial statements of a particular period are expected to recognise the tax effects of all the transactions occurring in that period. Opponents of this basis argue that there is the problem as to whether, and why, distant and contingent possibilities of paying greater tax in the future should be recognised now as liabilities in the account. This practice is prudent and acceptable internationally and is the basis required by SAS 19. Methods of Computation The tax effect of a timing difference is computed as the difference between the tax computed after taking into account the transaction(s) giving rise to the timing difference and the tax computed without including such transaction(s). There are two methods of computing deferred taxes: deferral method liability method Deferral Method Under this method, deferred taxes are determine on the basis of the prevailing tax rates when the timing differences originate. No adjustments are made later to recognise subsequent changes in tax rates. Reversals of the tax effects of timing differences are accounted for using the tax rates current at the time the differences arose. In practice, the rates used may be either an average rate to date, or a rate determined through the first-in-first-first-out approach. A basic argument against the deferral method is that the balance of deferred taxes may not represent the actual amount of additional taxes payable or recoverable in the periods that timing differences reverse. Liability method Under this method, the amount of deferred tax is computed using the tax rate expected to be in force during the period in which the timing differences reverse. Usually, the current tax rate is used as a reasonable estimate of the future tax rates, unless changes in tax rates are known in advance. As a result, the deferred tax provision represents the best estimate of the amount which would be payable or recoverable if the relevant timing differences reverse. Thus, the difference between income tax expense and income tax payable for the period is directly adjusted on the deferred tax balance. When accounting for timing differences results in a debit balance, and there is reasonable expectation of its recovery, it is usually carried forward as an asset. Presentation in Financial Statements There are two major methods of presenting tax effects of timing differences in the financial statements: net-of-tax method separate line item method Net-of-Tax-Method Under this method, the tax effects of timing differences (determined by either the deferral or liability method) are not reported separately; instead, they are reported as adjustments to the carrying amounts of specific assets or liabilities and the related revenues or expenses. Although this method recognises that the values of assets and liabilities are affected by tax considerations, it fails to distinguish between transactions and their tax effects and thus it is not recommended. Separate Line Item Method Under this method, the tax effects in the financial statements are shown separately from the items or transactions to which they relate. The main advantage of this method is that it distinguishes between an item and its tax effects. Disclosure Requirements The major components of tax expense or income shall be disclosed separately  ¦ the amount of deferred tax expense (income) relating to the origination and reversal of temporary differences  ¦ the amount of a deferred tax asset and the nature of the evidence supporting its recognition  ¦ an explanation of changes in the applicable tax rate(s) compared to the previous accounting period  ¦ an explanation of the relationship between tax expense (income) and accounting profit (i. e. econciliation o f effective to statutory tax rate)  ¦ the aggregate current and deferred tax relating to items that are charged or credited to equity  ¦ the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes DEFERRED TAXES – Points to Note  ¦ Deferred taxes should be computed using the liability method  ¦ Only the timing differences that are expected to reverse during the period allowed by the tax law should be considered in computing deferred taxes for treatment either as an asset or as a charge to the deferred tax account.  ¦ Full provision should be made for deferred taxes (Full basis). Deferred taxes relating to ordinary activities should be shown as part of the tax on profit or loss resulting from ordinary activities.  ¦ Deferred taxes relating to extraordinary items should be shown as part of the tax on extraordinary items.  ¦ Deferred taxes, other than those relating to extraordinary items or prior year adjustments, sh ould be shown separately from the items or transaction to which they relate.  ¦ Deferred tax balance should be presented in the balance sheet separately in the case of liability, between long term and current liabilities and in case of assets, between fixed and current assets. The tax effect relating to the increase in the carrying value of a revalued asset should be determined and charged or credited directly to equity. SAS 20: Abridged Financial Statements (Issued Dec 2001) The primary objectives of this Statement are to: specify the minimum contents of Abridged Financial Statements; standardise formats for presentation of Abridged Financial Statements; and improve comparability and usefulness of Abridged Financial Statements. Abridged Financial Statements should carry a declaration that: a) they are abridged financial statements; ) the financial statements and the specific disclosures included in them have been derived from the full financial statements of the company; c) the abridged financial statements cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the organisation as the full financial statements; and d) copies of the full financial statements can b e obtained from the Registrars of the company. A company whose financial statements for a period are qualified by its auditors should not publish Abridged Financial Statements for that period. Abridged Financial Statements must include the following as in the full financial statements: a) accounting policies; b) profit and loss account for the financial year; c) balance sheet as at the end of the financial year; d) statement of cash flows for the financial year; e) notes in relation to exceptional and extraordinary items; f) five-year financial summary; and g) any other information necessary to ensure that the abridged financial statements are consistent with the full accounts and reports for the year. Other information to be included in an abridged financial statements are: a) Notice of Annual General Meeting; b) Names of Directors during the year and their shareholdings; c) Report of the Audit committee which should confirm that the auditors report is unqualified; d) Financial highlights (Result at a glance); and e) Dividends paid or proposed and dates of payment. Disclosure  ¦ Material events occurring after the balance sheet date; and  ¦ Where there is a change in accounting policy or estimates  ¦ Informatio

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Project part - Essay Example These stores are spread in countries like US, Canada, China and Puerto Rico. In the year 2007, the company was able announce and expand its operation up to 40 percent that prospected an increase in stores to a tune of 1800 globally on top of the already existing 1400 stores that operate in US. This great company traces its roots back in 1966 in the state of Minnesota a place called St. Paul where it was called Sound Music Store. (Pinkerton 12) The company waded through the murky waters of business, beating competition until the year 1983 when it rebranded to Best Buy with its first store opening in Burnsville in Minnesota. The company managed to feature in the Forbes magazine in the year 1993 where it was ranked as the second largest consumer shop that retails in electronics thus making it number 373 out of top 500 companies in the US. In the year 1999 the company partnered with Microsoft that enabled it to open a sourcing point and a store in Shanghai, China in the year 2003 and 2007 respectively. The company is now completing its expansion process of putting up stores in countries like Turkey and Mexico as a process of continuing with its global expansion. The company is glorified by becoming the first one ever in the year 1997 in the history of US that pioneered the sale of DVD hardware and software, again it also managed to be the first company that helped in the digital migration from analogue ten years later. The la st fortune came when the company was named company of the year in the Forbes magazine in the year 2004. (Pinkerton,

The Social Class Structures Sociology Essay

The Social Class Structures Sociology Essay The Sumerian civilization was one of the earliest in Mesopotamia. The Sumerians existed around 3500-1750 B.C. The Sumerian civilization was not discovered until the 19th century. The following manuscript will cover three key topics the Sumerian Creation Story, the compared social class system to the contemporary United States, and how the hierarchical structure set forth by the Sumerian Empire compares with our current criminal justice system. Lastly, the educational material will show the similarities and differences between the ancient Sumerian Empire and todays contemporary United States. This research will help individuals understand early civilizations and how they compare to todays society. The information discovered will also show how early civilizations built their societies. The Social Class Structures and Criminal Justice Systems of Sumerian and the United States Sumer was a collection of city states around the Lower Tigris and Euphrates rivers in what is now southern Iraq. It was a collection of farming villages. Each of these cities had individual rulers; although the leader of the dominant city could have been considered the king of the region. The Sumerians formed the earliest written language. Their religious beliefs also are found to have some similarities with the Bible, especially the book of Genesis. This essay will compare and contrast the Sumerian Empire and the United States. To compare and contrast the two the Sumerian Creation, social classes, and criminal justice system will be assessed. First, I will evaluate the story of the Sumerian Creation. Next, I will compare the different social classes between the Sumerian civilization and the United States. Lastly, I will discuss the hierarchical structure set forth by the Sumerian Empire compared to our current criminal justice system. Literature Review This literature review focuses on literature regarding Sumer and the Sumerian Creation Story, particularly focusing on the Sumerian social class hierarchy. Additionally, this literature review examines the contemporary social structure in the United States and the current criminal justice system. Discussion Sumerian Creation Story The Sumerians Creation Story begins with the earth and the heavens being created in the sea. The Sumerian myths have been pieced together due to the age of the remains found. After the earth and the heavens were created the gods created cities and each city had its own god. The male god, An, and the female god, Ki, gave birth to Enlil, the chief god of the pantheon. Enlil impregnated Ninlil, the goddess of wind, which created the moon. When the moon was created then it was time to create humans. The Sumerian gods created some humans out of silt or clay. From the evaluation of the Sumerians Creation Story similarities to the Bible can be found. As in Genesis, the Sumerians world is formed the heavens and earth are separated from one another by a solid dome. The second chapter of Genesis introduces the paradise Eden, a place which is similar to the Sumerian Dilmun. (Gen. 2:9-10) In the second version of the creation of man The Lord God formed man out of the clay of the ground and blew into his nostrils the breath of life, and so man became a living being. The Sumerian gods used a similar method in creating man (Kramer Maier p. 33). Sumerian and United States: Social Class The Sumerian social class is split into three social groups. These social groups consist of upper class, in-between class or middle class, and lowest class. At the top of the Sumerian upper class is the king and priests. The upper class also included landowners, government officials, and merchants. Something that stood out in the Sumerian social class was that women had more rights in early Sumer than in later Mesopotamia. Upper class women were priestesses. The Sumerian women were landowners, merchants, artisans, and most raised children. Slaves made up the lowest class along with prisoners, orphans, poor children, and debtors. The Sumerians used slaves as cheap labor. Sumerians allowed slaves the right to do business, borrow money, and buy freedom. In the United States the economists and sociologists have not devised exact guidelines for the social classes. Instead there are two set classes including the three-class model that consist of the rich, middle class, and the poor. In the three-class model the rich of course have the wealth, middle class consist of those who work white collar jobs, and the poor are the blue collar workers or those who are unemployed. The other model that is most commonly used is the five-class model including upper class, upper-middle, middle-middle, lower-middle, and lower class. In the five-class model it is broke down a little more. The upper class term is applied to the blue bloods who are the families who are multi-generational wealth. These families also have leadership in high society. The rest of the upper class is followed by those who have made significant investment off of capital and stock options as well as the corporate elite who have high salary jobs such as being a Chief Executive Offi cers (CEO). The upper middle class consists of highly-educated salaried professional: physicians, lawyers, scientists, and professors. The upper middle class tends to have a great influence over society. The middle class and the lower middle class seem to overlap. The middle class consists of semi-professionals, craftsmen, office staff, and sales employees. These people often have college degrees. The lower middle class often includes the same professions except for those in the lower middle class do not have a college degree. Those without the college degree are often on the entry level in those careers. The low class is the blue collar workers. These blue collar workers are considered the working poor. Most of the population in the United States is considered the working class or the working poor. Sumerian and United States: Criminal Justice System The Sumerian legal system, one of the earliest known criminal justice systems, focused on a citizens compliance with the social norms and religious beliefs of the day. Regardless of social class, strict compliance with orders and instructions was rewarded, while failure to comply was punished (Sterba, 1976, p. 25). Such punishment was commensurate with the injury (Sterba, 1976). The Sumerians established a system of laws to deal with personal injuries, slave issues, sexual offenses, marital problems, and agricultural disputes ´ (Milosavljevic, 2007, p. 7). Regulating the behavior of its citizens helped keep the social order. From its earliest days, the criminal justice system in America has served to protect the interests of the rich, property-owning classes. Crime is often associated with the working poor and the underclass (Jargowsky Park, 2009). Because of this, crime is often a problem in urban areas with low income levels. Elevated crime levels have been attributed to neighborhood social disorganization stemming from urban structural changes, residential instability, and racial/ethnic transitions (Jargowsky Park, 2009, p.30). The contemporary criminal justice system has been viewed as a means of regulating class interests by insuring that enforcement efforts are directed toward the regulation of the poor. (Weiner, 1975, p. 436). Conclusion There are several differences between Sumer and contemporary American society. For instance, the position of women is markedly different in the two social structures. Additionally, slavery no longer exists in the United States, eliminating this lowest of social classes. The communal lifestyle of Sumer stands in sharp contrast to the capitalist society of the United States. Finally, the criminal justice systems of these two societies have different goals and objectives. Among the differences between Sumer and the United States is the position of women in society. In Sumer, it was the male citizens who comprised the assembly of elders and who controlled the power and wealth of the community. Unlike in Sumer, the United States is no longer controlled exclusively by men. In the United States, the proclamation that  ³all men are created equal ´ has been interpreted to include women as well as people from all social classes. The Fourteenth Amendments Equal Protection clause guarantees that no state shall deny to any person within its jurisdiction the equal protection of the laws (U.S. Const. Amend. XIV). Thus, people of all classes, as well as women, are protected equally by the laws of the United States. Another difference between Sumer and the United States is slavery. Until 1863, slavery was legal in the United States (Harr Hess, 2002).The Emancipation Proclamation officially freed the slaves and outlawed slavery (Harr Hess, 2002). Those in the slave states did not immediately comply with the Emancipation Proclamation (Harr Hess, 2002). The Thirteenth Amendment to the United States Constitution abolished slavery in America (U.S. Const. Amend. XIII). In contrast, slaves made up the lowest social class in Sumer. Unlike in the United States, the people of Sumer had a communal lifestyle. People did not work for money, nor did they compete to get rich at the expense of other individuals. The great majority safely depended on the head of their estate to fill their needs, and he, in turn, depended on them to increase and protect his wealth and position (Ellison, 1964, p. 22). Further, each city was conceived to be the special concern of one of the gods in Mesopotamia, and in a sense the equalitarianism of government placed each man in the position of being a guardian of that gods interests (Ellison, 1964, p. 24). In contrast, the United States has both urban and rural communities in which people work for money and attempt to better their social situation. Additionally, under capitalism people work for their own self-interests and have an opportunity to change their social class by getting an education and accumulating greater wealth. The objective of the criminal justice system in these two societies differed as well. In Sumer, punishment for crime attempted to make the victim whole again or was retribution commensurate with the type of harm inflicted. The Sumerian code of Ur-Nammu focused on restitution as the primary approach to criminal justice (Van Ness, 1991). In the United States, crime is defined as an offense against the State instead of against a specific individual (Van Ness, 1991). Because of this, the offender is not held personally responsible for restoring the victim. However, restitution is sometimes made part of sentencing and victims rights are becoming more important within the criminal justice system. The cultures, social class hierarchies, and legal systems of Sumer and the United States are significantly different; yet, the class structure and criminal justice system of Sumer offers unique insights into our own society. The similarities and differences highlight the importance of understanding where civilization began and where we intend to go from here. Because of the complexity of the relationship between social class and crime, it is vital to remain aware of the goals of the criminal justice system.

Hand Guns and Conceal Ability :: Guns Weapons Violence Essays

Hand Guns and Conceal Ability The debate of hand guns is highly argued among American citizens. The article "Handgun Bands" from GunCite.com, and the article "Concealed Carry and its Effect on Crime" from CCNCrime.com, advocate the legal possession of a concealed handgun. They attempt to show that legal handguns actually deter crime and violence. The first article "Handgun Bands" takes an emotional approach followed by statistical information to prove the point that handgun bands, or limitations on the ability to purchase and carry a hand gun, do not effectively counter violence. The author begins by giving the statistic from the F.B.I. Uniform Crime Report that over 55% of all murders are committed with handguns. This leads you to believe that the author is an advocate of handgun bands. This idea is quickly thrown out in the next paragraph where it is stated that handguns are more often used in self defense than in crime. The claim is also made that most instances of self defense involving a handgun result in no shots fired. The question is then brought up, if handguns are banned will violent crime decrease? The author claims that not only will crime not decrease but, will grow resulting in more violence than ever. A survey from the National Institute of Justice shows that 72% of felons that use handguns would simply switch over to other weapons, such as shotguns in order to commit their violent acts. The author then gets information from an article by R. Taylor called "Gunshot Wounds of the Abdomen." This article proves that shotguns and rifles cause much more damage to the abdomen than handguns. The author is also able to show that studies taken by Don B. Jr. in his article ‘Guns, Murders, and the Constitution," show that 54% to 80% of homicides committed with handguns could have just as easily been committed with a long gun. The author effectively defends his idea that banning handguns will have no effect on the reduction of violent crime, but may actually increase instances of gun crimes. This is due to the fact that civilians would no longer be able to defend themselves effectively. The second article, " Concealed Carry and its Effect on Crime" tries to persuade the reader that the right to carry concealed weapons will deter criminals. Most of the information in this article is taken from a July 26, 1996-article called "Crime, Deterrence, and Right-to-Carry Concealed Handguns," written by John R. Hand Guns and Conceal Ability :: Guns Weapons Violence Essays Hand Guns and Conceal Ability The debate of hand guns is highly argued among American citizens. The article "Handgun Bands" from GunCite.com, and the article "Concealed Carry and its Effect on Crime" from CCNCrime.com, advocate the legal possession of a concealed handgun. They attempt to show that legal handguns actually deter crime and violence. The first article "Handgun Bands" takes an emotional approach followed by statistical information to prove the point that handgun bands, or limitations on the ability to purchase and carry a hand gun, do not effectively counter violence. The author begins by giving the statistic from the F.B.I. Uniform Crime Report that over 55% of all murders are committed with handguns. This leads you to believe that the author is an advocate of handgun bands. This idea is quickly thrown out in the next paragraph where it is stated that handguns are more often used in self defense than in crime. The claim is also made that most instances of self defense involving a handgun result in no shots fired. The question is then brought up, if handguns are banned will violent crime decrease? The author claims that not only will crime not decrease but, will grow resulting in more violence than ever. A survey from the National Institute of Justice shows that 72% of felons that use handguns would simply switch over to other weapons, such as shotguns in order to commit their violent acts. The author then gets information from an article by R. Taylor called "Gunshot Wounds of the Abdomen." This article proves that shotguns and rifles cause much more damage to the abdomen than handguns. The author is also able to show that studies taken by Don B. Jr. in his article ‘Guns, Murders, and the Constitution," show that 54% to 80% of homicides committed with handguns could have just as easily been committed with a long gun. The author effectively defends his idea that banning handguns will have no effect on the reduction of violent crime, but may actually increase instances of gun crimes. This is due to the fact that civilians would no longer be able to defend themselves effectively. The second article, " Concealed Carry and its Effect on Crime" tries to persuade the reader that the right to carry concealed weapons will deter criminals. Most of the information in this article is taken from a July 26, 1996-article called "Crime, Deterrence, and Right-to-Carry Concealed Handguns," written by John R.