Accounting for Business Combination and Ethics Assessment Essay Example for Free

Accounting for Business Combination and Ethics Assessment Essay Early 2011, Yung Limited acquired 75% interest in Chum Limited. This is the first time of Yung Limited preparing the consolidated statement. A few issues regarding to the first consolidated financial statement have been raised up. This report is used to solve the raised issues and explain general principle of consolidation accounting. Before the acquisition, Yung and Chum was a competitor to each other. Their financial statement only reflects their own financial position. Thus, the balance and transaction would state in the financial statement. The reason is that they are viewed as two entities from different aspect. However, after the acquisition, Yung and Chum became a single combined entity as Yung held 75% interest in Chum. It means Yung can direct business decision of Chum according to its preference. This view would be reflected in the consolidated financial statements. Since the consolidated financial statements view Yung and Chum as a single combined entity, the balance due to each other would be eliminated as a result. As Yung and Chum are the single entity, the amount due to Yung is set off by the amount due from Chum. One entity cannot lead money to itself in order to create a liability or asset. See more:Â  Capital budgeting essay As Yung and Chum are a single entity, transactions with each other are just a transfer of assets or liabilities, or a relocation of assets, this would not recognise as a transaction in the consolidated financial statements. Generally, profit margin is added to those transactions. These profit margins would raise book value of assets in the transactions. The common example is inventory and non-current assets. Those profit margins can only be realised in the sales or disposal to external parties. Thus, the consolidated financial statements would eliminate those unrealised profit also. According to the above statement, Yung gets the power of control in the Chum. It means every transaction can be related to Yung and its decision. The relationship between Yung and Chum would be a parent-subsidiary, and not just similar to other associate as investor-investee. Therefore, it is required to show consolidated financial statement of Yung and Chum. The distinction between consolidation and equity basis of accounting is power of control. Generally, if an entity holds more than 50% interest of another entity, the entity is required to consolidate the controlled entity. However, if an entity holds about 20% to 50% interest of another entity, the entity is required to practising the equity basis of accounting. Comparing with the two methods, consolidation basis of accounting would reflect a smaller net income if there are a large amount of inter-company transactions. Equity basis of accounting only show the share of profit in associate as an extra item in the income statement of investor (parent in consolidation). Thus, it would be a greater net income unless there is a net loss in the associate. In conclusion, different methods change the net income. The financial statements for equity basis of accounting are only included the investment in associates as non-current assets, and recorded as cost plus fair value adjustments in the net shares of equity. The consolidated financial statements are the combination of the parent and subsidiaries, and goodwill, excluding inter-company balance and cost of control. Thus, Yung’s financial statements would be greater value in statement of financial position if all investments were consolidated, but smaller value in income statement as there are large amount inter-company transactions between Yung and Chum. Equity basis of accounting could provide a greater asset value to Yung, but a smaller net income to Yung also. Dear Mr. Li, Memo regarding the revenue cut-off problem of Yung Limited According to the recent conference with John Au, President of Yung Limited, he reported that the sales of Yung Limited in 2010 incorrectly included sales in 2011. However, we did not discover this material error by our audit work. This material error overstated the profit of Yung in 2010 by 10%, but understated the profit of Yung in 2011 by the same rate. John Au also mentioned that he prefers to ignore this error because he can get benefit from this error as the understated profit. Ignoring revenue cut-off problem leads to conflicts in ethical and professional. This conflicts with fundamental ethical principles, such as integrity, objectivity and professional behavior. In the integrity aspect, we should not disclose any untrue financial statements. In the objectivity aspect, our professional judgments should not be influenced by reputation of our audit firm and any potential legal sue. In the professional behavior, we should comply with relevant laws and regulations relating to this revenue cut-off problem. The following are some of my recommendation on this revenue cut-off problem. The first recommendation would be reporting to the board of directors directly. This material error should be report the board of directors of Yung Limited. This report could give directors’ chance to decide the treatment of this material error. They could estimate effect of this material error. The second recommendation would be following John Au’s suggestion, ignoring this material error. This could be a way to accommodate our client. The third recommendation would be requiring John Au to correct this material error. This could reflect the true financial position of Yung Limited. The fourth recommendation would be convening an extra-ordinary general meeting with all shareholders of Yung Limited. This EGM could give shareholders opportunity to aware this material error, and understand the potential. Finally, I would recommend asking John Au to correct this material error. Although this correction would make him loss of a bonus, this is a fair treatment to all stakeholders at all. Also, this solution could reflect the professional position of our company.

War Driving :: essays research papers

 ¡Ã‚ §War driving to Disney World ¡Ã‚ ¨ Summer of 2004 War driving involves roaming around a neighborhood looking for the increasingly numerous  ¡Ã‚ §hot spots ¡Ã‚ ¨ where high-speed Internet ¡Ã‚ ¦s access is free. What I found interesting was that the hacks were pretty basic and that most of the information on how to break into default systems, how to look for Wired Equivalent Privacy (WEP) being enabled and other wireless steps could be found in a Google search. My brother Carlos a  ¡Ã‚ §full time computer geek ¡Ã‚ ¨ and I had decided at the beginning of the summer that we were taking the family to Disney but I wasn ¡Ã‚ ¦t going to take any downtime or a vacation per se. Instead, I would validate through  ¡Ã‚ §war driving around an area with a laptop computer and an 802.11 network card to identify the presence of wireless networks. ¡Ã‚ ¨ Let me preface, my brother ¡Ã‚ ¦s experience with wireless networks. He embraces new technologies and tries to understand how to make the workplace safe with security controls. My little brother has actually taught me every thing I know about IT. Packing my car with the necessary gear and my brothers Dell Inspiron laptop, a newly purchased Orinoco wireless network card, lots of CDs and my wireless 2-GHz antenna we started the trip to Disney. We got on the turnpike and I was hoping for some peace and quiet from our kids but I should have known better, ¡Ã‚ ¨ kids will be kids. ¡Ã‚ ¨ While on this mission, it was critical for us to identify if the following could be picked up from the war drive. Think about it. You ¡Ã‚ ¦re surfing the Net at home or in the office, and someone just hops onto your network connection. With information about whether or not WEP is disabled and SSID default settings, an unauthorized user could access your documents, financials or other sensitive information. The WEP encryption method was designed to provide wireless networks with the same security available in wired networks; however, there are some challenges with this standard .The presence of the service set identifier (SSID), the name assigned to a wireless network. Usually, the SSID comes by default using the vendor ¡Ã‚ ¦s name and should be changed to something nondescript .With these two pieces of information, an unauthorized user could be able to acquire access to a wireless network. Upon our first rest stop we exited near little town that was almost unpopulated .We knew that most likely nothing was going to pop- up on the screen not even a those annoying advertising pop- ups .

Sexual Violence

We all know that our prisons are the final point for the socially rejected criminals and violent transgressors. We know that our prisons are so overcrowded that the Supreme Court of California issued a court order to reduce the number of inmates. We know that since there are more inmates in prison the chance of getting rehabilitated are very slim to none. And we also know that the ratio of supervision of guard to inmate is extremely high. But do we know what goes on in our prisons and jails? We know we have prison gangs, drugs, assaults, robberies, and even murders in prison. But what happens when you mix an overcrowded prison or jail with violent, drug using, angry, abusive, gang related men with the average person who is in prison or jail for the first time. The result is an aggressive sexual act known as inmate rape. The fight against rape in our communities is doomed to failure and will continue to be so as long as it ignores the training grounds for rapists: our prisons, jails and reform schools. For too long, we have turned away from the rape crisis in these institutions, which now hold 1. 3 million men and boys. In most of them, rape is an entrenched tradition considered by prisoners a legitimate way to `prove their manhood' and to satisfy sexual needs and the brutal desire for power. The exact number of sexually assaulted prisoners is unknown, but a conservative estimate, based on two decades of surveys, is that â€Å"more than 290,000 males are sexually assaulted behind bars every year. By comparison, the Bureau of Justice Statistics estimates that there are 135,000 rapes of women a year nationwide, though many groups believe the number is higher. â€Å"(Mezey and King, 1995).

How to Improve Vocabulary Acquisition

The process of learning the words of a language  is referred to as vocabulary acquisition.  As discussed below, the ways in which young children acquire the vocabulary of a native language differ from the ways in which older children and adults acquire the vocabulary of a second language.   Means of Language Acquisition Language AcquisitionActive Vocabulary and Passive VocabularyAnnotationContext CluesEnglish as a Second Language (ESL)Lexical CompetenceLexiconListening and SpeechOvergeneralizationPoverty of the StimulusReading and WritingWorld Knowledge The Rate of New-Word Learning in Children ​[T]he rate of new-word learning is not constant but ever increasing. Thus between the ages of 1 and 2 years, most children will learn less than one word a day (Fenson et al., 1994), whilst a 17-year-old will learn about 10,000 new words per year, mostly from reading (Nagy and Herman, 1987). The theoretical implication is that there is no need to posit a qualitative change in learning or a specialized word-learning system to account for the remarkable rate at which young children learn words; one could even argue that, given the number of new words to which they are exposed daily, infants word learning is remarkably slow. (Ben Ambridge and Elena V. M. Lieven, Child Language Acquisition: Contrasting Theoretical Approaches. Cambridge University Press, 2011) The Vocabulary Spurt ​At some point, most children manifest a vocabulary spurt, where the rate of acquisition of new words increases suddenly and markedly. From then until about six years old, the average rate of acquisition is estimated to be five or more words a day. Many of the new words are verbs and adjectives, which gradually come to assume a larger proportion of the childs vocabulary. The vocabulary acquired during this period partly reflects frequency and relevance to the childs environment. Basic level terms are acquired first (DOG before ANIMAL or SPANIEL), possibly reflecting a bias towards such terms in child-directed speech. . .Children appear to need minimal exposure to a new word form (sometimes just a single occurrence) before they assign some kind of meaning to it; this process of rapid mapping appears to help them to consolidate the form in their memory. In the early states, mapping is exclusively from form to meaning; but it later also takes place from meaning to form, as childr en coin words to fill gaps in their vocabulary (spooning my coffee; cookerman for a chef). (John Field, Psycholinguistics: The Key Concepts. Routledge, 2004) Teaching and Learning Vocabulary ​If vocabulary acquisition is largely sequential in nature, it would appear possible to identify that sequence and to ensure that children at a given vocabulary level have an opportunity to encounter words they are likely to be learning next, within a context that uses the majority of the words that they have already learned. (Andrew Biemiller, Teaching Vocabulary: Early, Direct, and Sequential. Essential Readings on Vocabulary Instruction, ed. by Michael F. Graves. International Reading Association, 2009)Although additional research is sorely needed, research points us in the direction of natural interactions as the source of vocabulary learning. Whether through free play between peers . . . or an adult introducing literacy terms (e.g., sentence, word), as children engage in play with literacy tools, the likelihood that vocabulary will stick is heightened when childrens engagement and motivation for learning new words is high. Embedding new words in activities that children w ant to do recreates the conditions by which vocabulary learning takes place in the crib. (Justin Harris, Roberta Michnick Golinkoff, and Kathy Hirsh-Pasek, Lessons From the Crib to the Classroom: How Children Really Learn Vocabulary. Handbook of Early Literacy Research, Volume 3, ed. by Susan B. Neuman and David K. Dickinson. Guilford Press, 2011) Second-Language Learners and Vocabulary Acquisition The mechanics of vocabulary learning are still something of a mystery, but one thing we can be sure of is that words are not instantaneously acquired, at least not for adult second language learners. Rather, they are gradually learned over a period of time from numerous exposures. This incremental nature of  vocabulary acquisition  manifests itself in a number of ways. . . . Being able to understand a word is known as  receptive knowledge  and is normally connected with listening and reading. If we are able to produce a word of our own accord when speaking or writing, then that is considered  productive knowledge  (passive/active  are alternative terms). . . .[F]raming mastery of a word only in terms of receptive versus productive knowledge is far too crude. . . . Nation (1990, p.31) proposes the following list of the different kinds of knowledge that a person must master in order to know a word. - the meaning(s) of the word- the written form of the word- the spoken form of the word- the grammatical behavior of the word- the collocations of the word- the register of the word- the associations of the word- the frequency of the word These are known as types of word knowledge, and most or all of them are necessary to be able to use a word in the wide variety of language situations one comes across. (Norbert Schmitt,  Vocabulary in Language Teaching. Cambridge University Press, 2000)Several of our own studies . . . have explored the use of annotations in second-language multimedia environments for reading and listening comprehension. These studies investigated how the availability of visual and verbal annotations for vocabulary items in the text facilitates vocabulary acquisition as well as the comprehension of a foreign language literary text. We found that especially the availability of picture annotations facilitated vocabulary acquisition, and that vocabulary words learned with picture annotations were better retained than those learned with textual annotations (Chun Plass, 1996a). Our research showed in addition that incidental vocabulary acquisition and text comprehension was best for words where learners looked up both picture and text annotations (Plass et al., 1998). (Jan L. Plass and Linda C. Jones, Multimedia Learning in Second Language Acquisition. The Cambridge Handbook of Multimedia Learning, ed. by Richard E. Mayer. Cambridge University Press, 2005)There is a quantitative and qualitative dimension to vocabulary acquisition. On the one hand we can ask How many words do learners know? while on the other we can enquire What do the learners know about the words they know? Curtis (1987) refers to this important distinction as the breadth and depth of a persons lexicon. The focus of much vocabulary research has been on breadth, possibly because this is easier to measure. Arguably, however, it is more important to investigate how learners knowledge of words they already partly know gradually deepens. (Rod Ellis, Factors in the Incidental Acquisition of Second Language Vocabulary From Oral Input. Learning a Second Language Through Interaction, ed. by Rod Ellis. John Benjamins, 1999 )