Richard Connell s The Most Dangerous Game - 1191 Words

Hunter vs. the hunted is one of the main points in Richard Connell’s â€Å"The Most Dangerous Game.† Sanger Rainsford swims to Ship-Trap Island after falling off the ship on which he was traveling. On the island, Rainsford finds food and lodging with its sole human inhabitants, General Zaroff and Ivan. Zaroff reveals that he intends to hunt Rainsford, since he finds hunting humans most exciting. Rainsford manages to out-smart Zaroff and is waiting in the General’s bedroom when he returns. The authors’ use of characters: Sanger Rainsford, General Zaroff, Whitney, and Ivan, setting: ship, jungle, and island, and symbolism: the island and jungle, help to develop the theme, one who hunts will someday become the hunted. For instance, the author’s use of characters: Sanger Rainsford, General Zaroff, Whitney, and Ivan, help to give the story meaning. Sanger Zaroff, a world-renowned big-game hunter, intelligent and experienced, Rainsford uses his wits and p hysical abilities to outwit General Zaroff: â€Å"I hope the jaguar guns have come from Purdey’s. We should have some good hunting up the Amazon.† Hiding from Zaroff, he recalls his days fighting in the trenches of World War I, where he witnessed unimaginable violence: â€Å"Rainsford had dug himself in France when a second’s delay meant death. That had been a placid pastime compared to his digging now.† At the same time, the three-day chase reverses his life of privilege and ease, forcing him to sacrifice comfort and luxury to survive. GeneralShow MoreRelatedWill in Richard Connell ´s The Most Dangerous Game512 Words   |  2 Pagesthe soft earth†¦ (Connell 32)† The Most Dangerous Game is a story full of adventures and seems to always have the reader on edge. Richard Connell’s story is filled with the theme of ‘will.’ This book is also full of plot twists and makes one mesmerized page by page wanting to know what happens to Rainsford. It also lets the reader to question what happens at the end and it allows the reader to make connections with real life, archetypes, and other literature. The Most Dangerous Game is a compellingRead MoreThe Most Dangerous Game By Richard Edward Connell934 Words   |  4 PagesRichard Edward Connell was an American author, who was probably most famous for the short story â€Å"The Most Dangerous Game.† Connell started writing at the age of 10 covering baseball games for his father s paper. By the age of sixteen he had become the editor of the Poughkeepsie News-Press. Connell was a very smart man who studied at Georgetown and Harvard.While at Harvard he was the editorial chairman. Connell s writing style was usually action-adventure. Some of his works were probably inspiredRead MoreLiterary Techniques : Edgar Allan Poe And Richard Connell1598 Words   |  7 Pagestechnique. Only the most skilled authors have successfully used various literary elements, like s uspense and foreshadowing, to create ageless stories and earn a position in the history of literature. Well known authors, such as Edgar Allan Poe and Richard Connell, use specific literary techniques to inspire and horrify young minds through their timeless works of literature. Biography of Edgar A. Poe To start, Edgar Allan Poe suffered through tragedy, poverty, and failure most of his life, all trialsRead MoreFiction Essay1006 Words   |  5 PagesFiction Essay Thesis and Outline Thesis: In both â€Å"The Lottery† by Shirley Jackson and â€Å"The Most Dangerous Game† by Richard Connell, the authors write to emphasize the sanctity of life through the conflicts endured by their main characters both implicitly and explicitly. I. Introduction A. Thesis Statement B. â€Å"The Lottery† by Shirley Jackson brief description C. â€Å"The Most Dangerous Game† by Richard Connell brief description II. Characterization A. â€Å"The Lottery† by Shirley Jackson 1. Mr.Read MoreComparing The Most Dangerous Game By Richard Connell And The Lottery1080 Words   |  5 Pages102 Thesis: When comparing â€Å"The Most Dangerous Game† by Richard Connell and â€Å"The Lottery† by Shirley Jackson. Both the authors stress the purity of life. How somethings are done just because, with no true value generation after generation. I. Introduction A. Thesis Statement B. â€Å"The Most Dangerous Game† by Richard Connell C.† The Lottery† by Shirley Jackson II. Main Characters A. â€Å"The Most Dangerous Game† by Richard Connell 1. General Zaroff: Presider of the Game. Highly educated and loves huntingRead MoreInfluence Of A Life By Richard Connell And Edgar Allan Poe1600 Words   |  7 PagesLife Richard Connell and Edgar Allan Poe, two of the most famous authors at the time, are recognize by the different types of literature they wrote. Several of these pieces are still popular today. In many cases the life of the author can impact the different themes, or the techniques they use in their stories. Richard Connell’s and Edgar Allan Poe’s backgrounds reflects in the writing techniques they used to captivate their audience. Biography of Richard Connell The famous writer Richard ConnellRead MoreThe Most Dangerous Game And The Cask Of Amontillado1162 Words   |  5 PagesNarcissism is characterized by grandiosity, a lack of empathy for other people, and a need for admiration. Both General Zaroff from â€Å"The Most Dangerous Game† by Richard Connell, and Fortunato from â€Å"The Cask of Amontillado† by Edgar Allen Poe exhibit these qualities, when General Zaroff killed his prey and when Montresor got revenge on Fortunato. They were too absorbed in themselves to see how their humanity was impaired. In both texts, the authors utilize a violent conflict, an isolated setting,Read MoreThe Most Dangerous Game By Richard Connell1318 Words   |  6 Pagesmethod Richard Connell uses to create suspense in â€Å"The Most Dangerous Game† is slowing down the exposition with the purpose of dragging it out and creating a pace that keeps the reader waiting in a prolonged state of suspense. For example, on page 9, Rainsford st umbles upon the chateau after washing up on Ship-Trap island where he is greeted by its owner, saying â€Å"‘It is a very great pleasure to welcome Mr. Sanger Rainsford, the celebrated hunter, to my home...I am General Zaroff.’† Connell is usingRead MoreThe Most Dangerous Game Essay815 Words   |  4 Pagesfantasies. Out of these numerous stories, there is one that will remain a fascinating and thrilling story - that is ‘The Most Dangerous Game’ by Richard Connell. To me ‘The Most Dangerous Game’ encompasses multiple different notable aspects; of my favorites being adventure as well murder. Sanger Rainsford is portrayed as a smart protagonist of the story The Most Dangerous Game. He s an excellent, knowledgeable huntsman, and in the story, he ends up on Ship-Trap Island where he meets General ZaroffRead MoreThe Most Dangerous Game By Richard Connell Essay1033 Words   |  5 PagesIn many stories, there exist antagonists that cause a conflict. The author emphasizes this in two stories, â€Å"The Most Dangerous Game† and â€Å"The Lady and the Tiger† where their descriptions include craze and evil. The short story, â€Å"The Most Dangerous Game†, by Richard Connell, tells about a stranded man, Rainsford and his meeting of General Zaroff, who believes he possesses the right to kill other humans. The short story, â€Å"The Lady or the Tiger†, by Frank R. Stockton tells of how a king uses â€Å"fate†

The United States And Cuba - 1491 Words

Before the conflict between the United States and Cuba, the two countries were strongly connected in terms of trading, with the US purchasing 87% of Cuba’s exports (CITE). However, once Fidel Castro came to power in Janurary 1959 after successfully overpowering President Batista and established Cuba as a communist state, relations became strained. In the following year, $1.8 billion US assets in Cuba were taken by Castro and the newly Communist state created close ties with the Soviet Union (CITE 2). In the year of 1963, travel and financial transactions with Cuba were both prohibited. Traverse from the United States to Cuba was made illegal on February 8, 1963 and the Cuban Assets Control Regulations, or CACR, issued economic sanctions prohibiting financial transactions with Cuba in July of that same year (CITE 2). In the year of 1977, President Jimmy Carter attempted to repair the relationship between countries by opening a â€Å"US Interests Section† in replacement o f the previously closed US Embassy in Havana. Carter also began talks with Cuba. Tensions between Cuba and the United States rose in 1982 when the US State Department listed Cuba as a State Sponsor of Terrorism because of its actions since the 1960s of training and arming terrorists in Latin America, Africa, and the Middle East. President Ronald Reagan also exposed Cuba in their containment of a Soviet combat submarine base capable of providing service to other submarines and a Soviet military base (CITE 3).Show MoreRelatedCuba And The United States864 Words   |  4 PagesCuba and the United States are two very different countries. Although they are only nearly 90 miles away from each other it has been over 50 years since both countries have had any real relationship towards each other, other than the hatred that seems to shown by the two countries’ politicians. In October 1960 the United States began to impose its first round of embargoes towards the small island when Cuba decided to nationalize all of the American Oil on its county after the United States withoutRead MoreCuba And The United States1217 Words   |  5 Pageshe U.S and Cuba officially cut ties in January of 1961, meaning that there have not been any high-level diplomatic relations with Cuba for 54 years. At the time, America and Cuba considered one another as mortal enemies and mistrusted each other’s government greatly. So this raises the question; Was it the correct decision for Cuba and the United States to cut ties? This break with Cuba was a bad decision because it caused Cuba’s economy to plummet, caused Cubans to immigrate, and it caused CubanRead MoreCuba And The United States1610 Words   |  7 PagesIntroduction A lot has gone on between the United States and Cuba between 1959 and 2015. In 1959, Cuba and the United States cut off diplomatic ties. On December 17, 2014, the United States and Cuba announced that they would restore diplomatic ties. Diplomatic ties is defined as â€Å"The art or practice of conducting international relations, as in negotiating alliances, treaties, and agreements† by The Free Dictionary. This means that two countries work together and with other countries to talk aboutRead MoreThe United States And Cuba Essay1008 Words   |  5 PagesThe United States and Cuba The United States is the leader of the free world. The United States exercises strength in this role through trade agreements and military strength. Because of this, the foreign policies the United States puts into place greatly affect the economies of other countries. This is especially true of Cuba. The island of Cuba is just over 100 miles south of the Florida border. The United States and Cuba have struggled to find common ground in regards to foreign policy overRead MoreThe United States And Cuba1534 Words   |  7 Pageshostilities, the United States and Cuba have taken significant steps in recent years to dramatically alter their relationship in the years ahead. Those efforts are controversial to a number of Americans who oppose engaging the Cuban government. Prior to the Spanish American War of 1898, Cuba was a Spanish colony with extensive commercial relations with U.S. businesses, particularly with regard to the production of sugar. Following the U.S. victory in the Spanish American War in 1898, Cuba, which is locatedRead MoreCuba And The United States1610 Words   |  7 PagesIntroduction A lot has gone on between the United States and Cuba between 1959 and 2015. In 1959, Cuba and the United States cut off diplomatic ties. On December 17, 2014, the United States and Cuba announced that they would restore diplomatic ties. Diplomatic ties is defined as â€Å"The art or practice of conducting international relations, as in negotiating alliances, treaties, and agreements† by The Free Dictionary. This means that two countries work together and with other countries to talk aboutRead MoreCuba And The United States1307 Words   |  6 PagesCuba is a nation that formed from a history of colonial and imperial domination. Formal colonial status under Spain ended during the invasion by the United States in 1898, when military and corporate interests made the island a de facto colony of the United States. However, Cuba and the United States have had a long history of both political and military ties; both good and bad. Nevertheless, these ties have played a vital ro le in the current relationship the United States maintains with CubaRead MoreEssay on Cuba and the United States4491 Words   |  18 PagesCuba and the United States The island of Cuba has been a focal point of American foreign policy since the acquisition of Florida in the late 1800s. Cuba continues to capture Americas attention as it is the only existing communist state in the Western Hemisphere. U.S. policy has attempted to topple the communist regime in Cuba since its outset in 1961. Policies designed to incite revolution, destroy the Cuban economy, and starve the Cuban people seem to be at odds with American ideals ofRead MoreThe United States Embargo On Cuba2305 Words   |  10 PagesII 21 March 2016 The Extirpation of the United States’ Embargo on Cuba On an island far, far, away, are oppressed, poor, and hopeless people who have been under the subjugate control of a regime of communist dictators for over half a century. A body of people, who for almost 55 years, have been given the cold shoulder by one of the world’s biggest superpower and the only superpower in close proximity to their own island. The U.S. implemented sanctions on Cuba in 1960 and 1961, with President John FRead MoreThe Embargo On Cuba And The United States1781 Words   |  8 PagesIn December 2014, President Obama started restoring diplomatic relations with Cuba. Cuba and the United States have been hostile since the Cuban Revolution of 1959, when Fidel Castro overthrew the US-supportedbacked dictator, Fulgencio Batista, and established a Communist regime. The US rejected Castro’s bid for equal economic partnership because they wanted to maintain economic dominance. As such, Castro began seizing US assets, causing back-and-forth actions that culmi nated in Presidents Eisenhower

Business Combination Disclosure Level

Question: Discuss about the Business Combination Disclosure Level. Answer: Introduction: This study is done to understand the terms of finance and their working method properly. All the data of finance helps the organization and other party to make a better decision towards buying and selling the assets, investment and divestment the money, expanding the market or not etc. A proper study on the topics mentioned below helps me to understand the finance more. This study is describing about the asset, real asset, measurement of asset, different measurement style, IASB working, the international standards for accounting, the categorisation of assets and a connection between decision useful information and measurement of asset. A study on Unilever Australias data has been done to understand the data properly. This study helped me to understand that how international accounting standard help the organization to present and maintain the financial data and how this measurement helps the organization for making decisions. The first part of this study is describing about the asset and its measurement technique. Second part is explaining about the IASB standards and their value. The third part is evaluating the Unilever data and categorising the financial data of Unilever. The last part is of making comments, in which it has been analyzed that how the decision information and asset measurement technique is connected with each other. Asset is an economic value for an organization. It is expected by asset to provide some benefits in future. Assets are basically reported on a balance sheet. Asset is bought and sold for the benefit of the firm and its operations. An asset is something which improves the profitability, generates cash flow, improves the sales and reduces the expenses of an organization (Hillier, Grinblatt Titman, 2011). Assets are basically of two types: real asset and financial asset. Real asset is the one whose value is because of their properties and substance. Real asset includes Commodities, real estate, precious metals, oil, agriculture land etc. Financial asset is liquid assets of tangible nature that derives the value due to contractual claims. Bonds, bank deposits, stocks etc are financial assets. The statement is describing about the real asset as real assets are the assets whose value becomes the same for years and sometimes their value even increases. Real assets have intrinsic value (Henning, Lewis shah 2000). Unlike financial assets, a Real asset derives their value from inherent and intrinsic qualities of themselves. Measurement of Real Assets: Measurement of real assets is quite essential for an organization as it helps the organization to understand the true value of its assets and work accordingly. For measuring the real assets, each organization adopts the different methods (Shalev, 2009). The most common method of measuring the real assets is analyzing the market and identifies the real value of real assets. For analyzing the market, each organization takes different steps. Some organization take the help of outsourcers, some hire the business analyst, some collect the set of data from the market and analyze themselves about the value of assets. Inflation rate makes a direct impact on value of real assets as with the increase in rate of inflation, the rate of real assets also increases. The land value, agriculture land value, precious stones value, unique things value, antique statues value etc always increases with the time (Freeze Kulkarni, 2005). The increase rate of all of this depends upon the market situation, economy and inflation or deflation rate. Investing in real assets is the best investment decision as the value of these assets never decreases. Financial statement of an organization is prepared and issued by the company to provide the additional information to stakeholders about the companys financial standings and performance. Understanding and describing the financial data of an organization is quite complex (Basu Waymire, 2008). The first step a stakeholder must take for understanding the financial data is learn about the profitability, debt levels, total investments etc. Here the real asset value of Unilever in 2014 was $1384 for real estates and in 2015, the value of that real estate become $1689. This rate is analyzed by the Unilever through doing an analyze of market and by identifying the real value of its real assets. Real assets value diminishes only in some exceptional time otherwise the value of these assets become the same for years and it gives a true growth to the organization as organization need not to invest again in again in the same field ad can take a benefit from years. Here the Unilevers land and building value for 2013 was $3847 and the increment of its value is of $155. At the same time, the plant and equipment value of Unilever is $13,382 in 2013 and the value of this gets appreciated by $523. So the value of real assets always gets increased in normal time. Knowing the real value of an organization helps the organization to grow faster. Real value is the item of an organizations balance sheet which makes the balance sheet more attractive (Financial Accounting Standards Board, 2006). Investing in the real assets is a good idea as the value of them never gets depreciated. The real assets identification and measurement is complex as organization has to find out the market and book value of assets and work accordingly. Assets and problem of Additivity: Asset is a resource of an organization controlled by the organization itself as the result of past happenings and future benefits of economic by the flow of entity. The term assets are defined in terms of control instead of ownership. Assets can be putted in the balance sheet and final documents of an organization whether the asset is belonging to someone else. Just like if machinery is purchased by an organization on lease for a longer period, then the value of machinery will be shown in organizations financial document rather it is not the property of organization. The assets can be controlled by the organization for recognizing the financial transactions and statements of a company. Apart from all of this, the framework of IFRS has advised to meet the following criteria before putting the transactions into financial statements: The economic benefit inflow to the entity is probable. The value or cost can be measured reliably. Additivity is a substance added to something in small amounts to improve, strength or alternative the things. Assets Additivity is a substance directly added to assets of an organization. It is something that becomes a part of assets and gives a financial stability to organizations documents. When the value of assets of a whole group exactly equals the same the value of individual assets which make the group of assets? The principle of net present value of a group of independent projects is just the total of individual projects. It is a situation where the market value of a set of assets or portfolio exactly equals the individual assets or securities market value. A main criticism is putted against the financial accounting is figure out the financial data which cannot be worthy and meaningful when added together. The main problem of Additivity is that the assets of the organization cannot do work well in a group. Instead of it the work done by them individually is nice. Asset valuation method assumes that the value of an individual asset is equal to a set of individual asset, for the sake of convenience. The approach adopted by Additivity is a traditional approach. It is not possible every time that an individual assets value is exactly equal to the sum of set of assets. Additivity problem occurs the most at the time of measurement of assets value as the approach of Additivity is not that much good for organization and it dont provide a proper result. For example when an organization buy assets which last for more than 1 year, it becomes complex for the organization to determine with the accuracy that which part is remained unused after completing the year. Just like a company bought machinery worth $10,000 with a life of 5 years. How will it be possible for the company to determine the exact amount of the assets used at the end of first year? The IFRS 5 Non-current Assets Held for Sale describes the real definition of asset as well as the problem faced by an organization while Additivity the assets. This section describes that a non current asset is the one whose life is more than 1 year. Its carrying amount can be recovered only through a transaction of sale rather than using it continue. Categorization and treatment of assets is quite complex as it is not that much easy for an organization to categorize its assets in different heads properly. The main categorisation part of fixed assets are Buildings, Computer equipment, furniture and fixture, Construction in progress, Intangible assets, land, real estate, leasehold improvements, Software, office equipments etc (Taylor, 2007). The main category of an asset is current asset and fixed asset or tangible assets and intangible assets. For treating each asset well, many methods are used by different organization. Each organization adopts different method according to the nature and working method of organization. For the fair treatment of assets, the asset can be divided into 4 parts i.e. Size, accounting conservatism, management change and accounting rate (Ahmed, Kilic Lobo. 2006). Unilevers asset categorization is based upon non-current assets (Goodwill, property, equipment and plant, intangible assets, deferred tax assets, financial assets and other non-current assets) or current assets (Inventories, current tax assets, current receivables, other financial assets etc). The categorisation of Unilever Australia is according to the IFRS. IAS 1 explains the financial statement and provides guideline to present it into a well manner. IAS 1 stands for Presentation of Financial Statements. IFRS 9 explains the classification of financial assets. Here Unilever is following all the rules of IFRS and making its financial documents according to that. The financial documents of Unilever is presenting and categorised very well, it can be easily understand by the stakeholders of company and other people very well. A good categorization and treatment of an organization helps the organization to deliver a good message to its stakeholders, it helps the shareholder to understand the financial condition of organization well, it helps the creditor and debtor of the organization to understand the dues and work accordingly, it helps the auditor to analyze the financial reports well, it helps the other people to understand the organization and its transaction well. IAS 16 explains the definition of property, plant and equipment. These all are the tangible item of a company, it helps by an organization for make a use of production and supply of goods and service or for administration purpose. These assets are expected by the organization to use for more than 1 year. IAS 40 explains the investment property. It is a building even a part of building, land etc held by an organization for capital appreciation of rental or both (International Accounting Standards Board (IASB), 2013). It can never be owner-occupied or not held for sale the equipments in normal course of business. IAS 40 is describing the judgement and estimates. It explains that sometimes it is difficult for the entity to identify the property of investment. For it, entity develops criteria that can exercise the judgement easily and consistently (IASB, 2010). It is evaluated through this study that categorisation and a good treatment of asset are necessary for an organization. It helps every party who have connection with the company to identify, analyze and understand the financial stability of the organization as well as understand the growth of the company and all the transaction made by the company in accounting year (Botosan Huffman, 2013). Asset measurement is a complex process for an organization. As there are so many methods to measure the value of an asset, it becomes difficult for the organization to choose the best method and apply this method so that they can make a better decision regarding finance of organization (Kolev, 2009). The two main mechanism of value realization of an asset are in-exchange and in-use. In-exchange, it is expected from asset to realize the contribution of firm value in exchange of cash and other valuable asset on a standalone basis. It derives no extra value for being used in a group of other assets. It is expected by in-use assets to realize the value of contribution to firm employed with a group of other assets (Zanoni, 2009). It is also referred as cash generating unit. The value of in-use is expected to increase the level of sum of individual assets. Decision useful information: Decision useful information is a key element of decision making as without the information, it is not possible for an organization to make decision (Cairns et al, 2011). For collecting the useful information for decision making, an organization need to ensure that all the mechanism adopted by it is quite well and the data get by this mechanism is helpful and perfect for making decisions (Lusardi, 2012). Relation between decision useful information and asset measurement is positive as if the asset measurement is done properly than the decision making will automatically be good. A good technique of measurement will help the organization to collect the best information and thus organization can make good decisions (Milburn, 2012). Fair value measurement of an asset in-use asset doesnt offer investor with decision useful information. A valuation method concludes that an equity of a firm can also be modelled as value attribution of firm to value generated by in-use assets and in-exchange assets (Christensen Nikolaev, 2013). Importantly, P1 (equity value) is equal to the net in-exchange asset of a firm measured according to the market value and discounted expected value of firms infinite horizon future cash flow (expected) generated from in-use asset (Dechow, Myers Shakespeare, 2012). For example, it is quite possible for an organization to estimate the present value of cash flows generated in future by labour, material and machinery. It produces a product which is sold to produce the net cash inflow of organization (Nekrasov Shroff. 2009). The resulted value of the cash flow is expected to exceed the total of exchange value of material, labour, machinery but the exceeded value of assets cannot be meaningfully attributed to other individual assets, thus it is created by a combination of assets with other (Dichev, Graham, Harvey Rajgopal, 2012). Finally, it can be said that the decision useful information and assets measurement have a strong relationship with each other. Fair accounting value is for reporting the shareholder sufficiently only the time, when organization does not add any value to the input through the business model (Financial Accounting Standards Board, 2012). An organization does not add any extra value to the input through the business model while buying and selling assets. Historical cost accounting is managed for business models for transforms the input to add or exceed the value that is in-use assets. Additionally, a framework is measured and developed by ICAEW(2010). This framework advocates for accounting measurement i.e. historical cost for most relevant measurement basis. It is examined through this study that decision useful information is linked with the measurement of assets. An asset measurement is guided in the way in which value of asset is derived either in-exchange or in-use (Song, Thomas, and H. 2010). This provides the investor and other stakeholders to get the information and assess the firm value. IAS 41 describes the measurement for fair value for biological assets, like animals and living plants. It derives the value both in-use and in-exchange. S multi pronged approach is assessed for decision usefulness (Daske, Leuz Verdi, 2008). The result of this study supports the asset measurement and decision useful information in the manner, which realizes the true value of a firm and it is suggested that before taking the decision, party must go through the asset measurement and valuation process (FASB, 2007). Conclusion: I empirically studied and examined that the financial decision making is quite complex but if a person use the mechanism and techniques to solve the problems, then it can be assessed easily. I have gone through many books, published articles, e-books, journals, research paper etc to do this study. It is found through this study that many things in a group impacts on financial decision. The term asset is quite easier to understand after this study as I got to know that how an asset is differentiated from others and how an asset value can be measured. It is also found that the measurement technique of assets differs organization to organization. Unilever data is taken for consideration to understand it in a better way. IASB is the accounting standard board internationally which set the standards for organization to maintain their accounts. A study on present IASB helped me to understand the financial terms best. The Additivity problem and asset measurement helps the organization to make a better decision. The categorization and treatment of assets of Unilever is examined and found that the financial data of Unilever is totally according to the standard of IASB. The categorisation is of many types and it helps the company and its stakeholder to understand the data easily. Lastly, I would say that the whole study is of making the financial decision properly. For a proper decision making, a firm need to identify and measure all the techniques in a proper manner. Reference: Ahmed, A.S., E. Kilic G.J. Lobo, (2006). Does recognition versus disclosure matter? Evidence from the value-relevance of banks recognized and disclosed derivative financial instruments. The Accounting Review 81(3): 567-588. Barth, M. E., W. H. Beaver, J. R. M. Hand, and W. R. Landsman. 2005. Accruals, accountingbased valuation models, and the prediction of equity values. Journal of Accounting, Auditing Finance 20 (4): 311-345. Basu, S., and G. Waymire. 2008. Has the importance of intangibles really grown? And if so, why? Accounting Business Research 38 (3): 171-190. Botosan, C.A. and A.A. Huffman. 2013. "A Business Valuation Framework for Asset Measurement." University of Utah Working Paper. Cairns, D., D. Massoudi, R. Taplin and A. Tarca. 2011. "IFRS fair value measurement and accounting policy choice in the United Kingdom and Australia."The British Accounting Review 43(1): 1-21. Christensen, H. and V. Nikolaev. 2013. "Does Fair Value Accouting for Non-Financial Assets Pass the Market test?" Review of Accounting Studies Forthcoming. Daske, H., L. Hail, C. Leuz, and R.S. Verdi. 2008. "Mandatory IFRS reporting around the world: Early evidence on the economic consequences." Journal of Accounting Research 46(5): 1085-1142. Dechow, P.M., L.A. Myers, and C. Shakespeare, (2012). "Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits." Journal of Accounting and Economics 49(1-2): 2-25. Dichev, I.D., J.R. Graham, C.R. Harvey, and S. Rajgopal. 2012. "Earnings quality: Evidence from the field." Working Paper FASB (2007). Statement of financial accounting standards (SFAS) No. 141: Business combinations - revised. Norwalk, CT: Financial Accounting Standards Board. Financial Accounting Standards Board (FASB). (2012). Discussion paper: Disclosure framework. FASB: Norwalk, CT. Financial Accoutning Standards Board. 2006. Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reportin and Qualitative Characteristics of Decision-Useful Financial Reporting Information. Freeze, R., Kulkarni, U. (2005, January). Knowledge management capability assessment: validating a knowledge assets measurement instrument. InProceedings of the 38th Annual Hawaii International Conference on System Sciences(pp. 251a-251a). IEEE. Henning, S. L., B. L. Lewis W. H. Shaw, (2000). Valuation of the components of purchased goodwill. Journal of Accounting Research 38 (2): 375-386. Hillier, D., Grinblatt, M., Titman, S. (2011).Financial markets and corporate strategy. McGraw Hill. International Accounting Standard 41: Agriculture. London, UK: IASB. International Accounting Standards Board (IASB). 2010. Conceptual Framework for Financial Reporting 2010. London, UK: IASB. International Accounting Standards Board (IASB), (2008). Exposure draft: An improved conceptual framework for financial reporting. London, UK: IASB. International Accounting Standards Board (IASB). 2009. International Accounting Standards Board (IASB), (2013). "Discussion Paper: A Review of the Conceptual Framework for Financial Reporting." London, UK: IASB. Kolev, K. 2009. "Do investors perceive marking-to-model as marking-to-myth? Early evidence from FAS 157."Working Paper. Lusardi, A. (2012).Numeracy, financial literacy, and financial decision-making(No. w17821). National Bureau of Economic Research. Milburn, J.A. (2012). Toward a measurement framework for financial reporting by profit-oriented entities. Canadian Institute of Chartered Accountants. Nekrasov, A. P. K. Shroff. (2009). Fundamentals-based risk measurement in valuation. The Accounting Review 84 (6): 1983-2011. Shalev, R. 2009. The information content of business combination disclosure level. The Accounting Review 84 (1): 239-270. Song, C.J., W.B. Thomas H. Yi. (2010). Value Relevance of FAS 157 Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms. The Accounting Review 85(4): 1375-1410. Taylor, S. J. (2007). Modelling financial time series. Zanoni, A. B. (2009). Accounting for goodwill. New York: Routledge/Taylor Francis.

Audit Assurance and Compliance Impulse Pty Limited

Question: Discuss about the Audit Assurance and Compliance for Impulse Pty Limited. Answer: Inrtroduction: In this given case study on Impulse Pty Limited, it is noted that Impulse is an entertainment system manufacturing company established in the year 2005. King Queen considers as one of the independent auditing firm for the company Impulse Pty Limited starting from formulating policies (William, Glover and Prawitt 2016). Given the situation on 30th June 2012, it has been argued that Impulse Pty Limited gone through several problems relating to liquidity position as well as stock in hand. At the time of preparing financial statements for the company Impulse Pty Limited, King Queen fails to take these situation of Impulse into account that leads to an unadjusted scenario noticeable in the financial reports (Stuart 2012). Hence, Easy Finance Limited was one of the finance company who provides financial lending activities to other business. EFL Limited aims at providing large loan to Impulse Pty Limited after reviewing the financial reports. In other words, main thought process of Impuls e Pty Limited was to deal as well as recover from its continuous downgrading financial position causing severe trading issues. Therefore, Impulse Pty Limited had been bankrupted for the year 2012 because of implications of major issues relating liquidity position as well as inventory levels whereby EFL suffers hugely from major effects of given event (Simnett, Carson and Vanstraelen 2016). It depends widely on the role of Independent Auditors for rendering common responsibility for preparing financial reports for actual historical data of the company from the perspective of financial or trading activities (Messier 2016). There are various financial reports that majorly reflect the financial position of the company on specified time because of cash flows as well as operational outcomes. In other words, particular events can be adjusted for a specified time for publishing the future financial reporting time. Therefore, auditor requires rendering important aspects of events prior towards preparing financial reporting in case of bringing material effects on the developmental factor of financial reports in association with company (Louwers et al. 2013). This means auditors require conducting necessary adjustments for disclosing the critical facts on the financial position as well as condition for business within the specified time. In this particular case study, written clarification is provided about seeking advice from King Queen by EFL in relation to rendering loans to Impulse Pty Limited (Glover, Prawitt and Messier 2014). It was regarding the legal liabilities that may not be faced by King Queen whereby independent auditing form gives right information on current financial position of EFL. In case EFL gets ready for providing appropriate amount of loan after viewing the financial reports as reflected by King Queen. This means getting credible information regarding the original financial standpoint for Impulse Pty Limited by a lending organization (Eilifsen et al. 2013). It means rendering loan after receiving the actual financial details regarding the company named as EFL for viewing at the liability of King Queen for future consequences activities. In the given context, there are important guidelines mentioned in the paragraphs 93 to 97 of PCAOB Auditing Standard number 5 (Arens, Elder and Beasley 2012). This is the way where auditing firm such as King Queen conducts important integrated audit report based on financial statements of Impulse Pty Limited. On the contrary, the internal control is associated by applying auditing approach for maintaining the critical condition. This means rendering specific direction regarding the subsequent events after viewing at the financial reports as well as internal control for business organization. It requires providing correct advice for helping King Queen after avoiding the liabilities in relation with subsequent events. It means maintaining the guidelines as mentioned in the auditing standards based on given practices as well as approaches at the same time (Arens, Elder and Beasley 2014). Auditing Independence has tow broad aspects that is discussed for understanding the nature of auditors. It is discussed regarding difference between actual independence as well as perceived independence depending upon appearance. This requires achieving the auditing process goals after looking at the contributing factor. Actual Independence means independent functioning of auditors whereby auditors are influenced directly with freedom of thinking capabilities. In other words, actual dependence refers mainly regarding the independent state of the auditors. Several factors shape the independent approaches of an auditor after dealing a particular situation (Stuart 2012). Therefore, specific freedom made in decision-making process has been viewed at the time where especially the company directors compromise positions of auditors. It leads to difficulty for measuring the mental state as well as attitudes of individuals. This can be highly challenging fact for measuring the objectivity of auditors. It is in regard with emerging important as perceived independence of auditors. There are certain key regulatory requirements as well as auditing standards in association with auditing process as designed by the Australian Securities and Investment Commission (ASIC) (William, Glover and Prawitt 2016). Several guidelines are mentioned in the areas as mentioned in ASIC as maintained by independent auditors regarding practices. In the first scenario, Bob has copied as well as utilized given financial information from the books of Club Casino in order to developing his university assignment. In other words, he mainly removed the possible references in relation with Club Casino that has chances of auditing breach that arise, as he did not even inform Club Casino for any practices (Simnett, Carson and Vanstraelen 2016). This means Bob is an Independent auditor who should avail proper consent regarding Club Casino for utilizing the financial information before data application and fulfilling basic educatory requirements. In the second scenario, it discusses on Wendy involvement to Ace Limited whereby company requires auditor rotation requirements as mentioned in ASIC (Stuart 2012). In accordance with the guidelines, there are enforceable law undertaken by the auditors involved for developing reports concerning major areas of business activities if company is more than 5 successive years. In the third scenario, it refers to assigning Leo in given auditing process for the company named as Precision Machinery Limited. It has been observed for understanding the nature of appointment meeting the adequacy level as well as effectiveness of nature (Simnett, Carson and Vanstraelen 2016). It relates with quality review programs as well as disciplinary procedures concerning professional accounting bodies. In the fourth scenario, it refers to the events between Chan Associates as well as Classic Reproductions Pty Limited. It means the application of registration requirements in the most appropriate way (William, Glover and Prawitt 2016). Therefore, it requires arranging for full settlement activities for the claims relating to auditing fees by an auditing firm named as Chan Associations. It relates association with Classic Reproductions for not fulfilling the auditing requirements. Reference List Arens, A., Elder, R. and Beasley, M., 2014. Auditing and assurance services-An integrated approach; includes coverage of international standards and global auditing issues, in addition to coverage of the AICPA Clarity Project, PCAOB auditing standards, the Sarbanes-Oxley Act, and Section 404 audits, 15.Aufl., Boston. Arens, A.A., Elder, R.J. and Beasley, M.S., 2012.Auditing and assurance services: an integrated approach. Prentice Hall. Eilifsen, A., Messier, W.F., Glover, S.M. and Prawitt, D.F., 2013.Auditing and assurance services. McGraw-Hill. Glover, S.M., Prawitt, D.F. and Messier, W.F., 2014.Auditing assurance services: a systematic approach. McGraw-Hill Education. Louwers, T.J., Ramsay, R.J., Sinason, D.H., Strawser, J.R. and Thibodeau, J.C., 2013.Auditing and assurance services. New York, NY: McGraw-Hill/Irwin. Messier Jr, W., 2016.Auditing assurance services: A systematic approach. McGraw-Hill Higher Education. Simnett, R., Carson, E. and Vanstraelen, A., 2016. International Archival Auditing and Assurance Research: Trends, Methodological Issues and Opportunities.Auditing: A Journal of Practice and Theory. Stuart, I., 2012.Auditing and assurance services: an applied approach. McGraw-Hill/Irwin. William Jr, M., Glover, S. and Prawitt, D., 2016. Auditing and Assurance Services: A Systematic Approach.Auditing and Assurance Services: A Systematic Approach.