Triple Bottom Line

TRIPLE BOTTOM LINE The triple bottom line refers to an extension of the criteria used to measure organisational success. Traditionally, business success (or failure) is measured in terms of its economic performance. A business is considered to be successful if it has generated a sufficient financial return from its investments, financing activities and operating activities. The triple bottom line takes into account three criteria for assessing organisational performance; 1. economic, 2. social 3. and Environmental.The financial or economic performance of an organisation is the easiest of the three criteria to measure accurately. Traditional accounting methods take into account the inflow and outflow of resources from the business, generally including cash and finances, assets, liabilities and other easily definable business resources. The economic criteria can then be used to determine how much an organisation generates in monetary value. It can also be used to determine the net wort h of the business at a given point in time.The social performance of an organisation is somewhat more difficult to define and measure. The social criterion of the triple bottom line takes into account the impact that a business has on people within the business (employees) and people outside of the business (the community). A business applying the triple bottom line principles will act in a way that benefits the community and will ensure that people are not being exploited or endangered by the operation of the business.Social factors that should be considered include labour utilisation and wages, working conditions and contribution to community living standards. Environmental performance is concerned with a business' total impact on the natural environment. Triple bottom line organisations aim to improve the environment where feasible, or at the very least, reduce and limit their negative impact on the environment. Organisations need to look at more than just obvious environmental i ssues (like pollution) and should consider the total lifecycle impact of their products and services.Triple bottom line reporting is becoming more widespread amongst both large and small organisations. Triple bottom line reporting makes business decisions and actions more transparent and allows people to gain a thorough understanding of a business' level of corporate social responsibility. The triple bottom line report also helps manager to assess and compare their performance across all three criteria against the business objectives and long term goals. Triple Bottom Line In the 1990's, mainly due to global warming and its effects like the â€Å"ozone layer†, the world has spread the idea of the Green Movement and people started to question organisations' practices and their environmental, social and economic impacts. With this in mind, companies started to pay more attention to business sustainability in order to improve the company's reputation. The Triple Bottom Line (TBL) concept is a methodology that focuses on the 3 P's: People, Planet and Profit. It was first introduced by John Elkington in 1994 and has increasingly become a basis for business sustainability.Not only has the world's Green mentality influenced how companies operate but also government policies have made companies implement a different approach. Although many companies are using the TBL reporting and have reported to reduce costs due to this approach some companies avoid incorporating sustainability into their practices. As Bristol was considered the European Green Capital large and is seen as a true role model for the Green economy in Europe. This award encourages cities to improve the quality of life by taking the environment and social aspects into account in urban planning and management.It is believed that companies in Bristol have been influenced by this award to take a more sustainable approach towards the operations. This paper will review the TBL concept and Corporate Social Responsibility (CSR). It will also include thoughts of TBL in relation to the organisation researched and its effects on its operations by linking theory to research findings. Research methods The research methods used in this report consist of field interviews to customers and employees of the chosen organisation.The interviews were conducted between the 29th of November and the 1st of December. The only sources of evidence used in this report are data collected from the conducted interview, relevant information from literature and personal experiences that were related to the topic. Literature review The Triple Bottom Line concept was first introduced by John Elkington in 1994 to expand the environmentalist agenda of those working towards sustainability so that it more explicitly incorporates a social dimension (Elkington, 2004).The triple bottom line is described as an inevitable  expansion of the environmental agenda [that] focuses corporations not just on the economic value that they add, but also on the environmental and social value that they add – or destroy (Elkington, 2004). This framework went beyond the traditional measures of profits, return on investment and shareholder value to include environmental and social dimensions (Slaper and Hall, 2011). . In addition, Savitz argues that TBL captures the essence of sustainability by measuring the impact of an organization's activities on the world including both its profitability and shareholder values and its social, human and environmental capital (Savitz, 2006).The three performan ce elements that compose TBL are social, environmental and financial variables. These are commonly to as the 3 Ps: people, planet and profits. Nevertheless, the 3Ps do not have a common unit of measure (Slaper and Hall, 2011). It is a very difficult task to put a value on social and environmental dimensions of the Triple Bottom Line. Some argue that monetizing these dimensions would be a good option as it would have a single unit of measurement but on the other hand, how could you find the correct price for extinct species?Different views on how to measure TBL has been a subject of argument since it began to be studied. The number of companies that use some kind of 3P accounting grows at an impressive rate (Tullberg, 2012). According to KPMG 70% of the top 250 companies of the world did so by 2005 (Tullberg 2012). This supports that companies are trying to achieve their goals of profit maximization and economic growth while increasing environmental and social awareness and responsib ility and also by focusing on having sustainable operations.Sustainability is defined as the development that meets the needs of the present without compromising the ability of future generations to meet their needs (WCED, 1987). Companies with different sizes and structures understand that having sustainable operations is extremely important and they do so by balancing the 3 dimensions of the TBL concept. Environmental sustainability is related to the reduction of the footprint left by the company on the environment. Social sustainability shifts the focus to both internal communities (i. e. , employees) and external ones (Pullman et al., 2009).In order to enhance their social reputation companies engage in Corporate Social Responsibility (CSR) (Fombrun, 2005). Corporate Social Responsibility requires companies to acknowledge that they should be publicly accountable not only for their financial performance but also for their social and environmental record (CBI, 2001) and, by relati ng the TBL concept to CSR, it can be suggested that companies not only need to engage in socially and environmentally responsible behaviour, but, also, that positive financial gains can be made in the process (Gimenez et al, 2012).In recent years, governments have implemented legislations that oblige companies to provide information on how they are being socially responsible. According to the UK Corporate Governance Code the board should set the company’s values and standards and ensure that its obligations to its shareholders and others are understood and met (Financial Reporting Council, 2012) and Henderson (2004) states that in the UK there is a minister that is charged of promoting CSR.These are some of many examples to show the importance given to CSR. It is not only in the UK that legislation plays a large role in investments by companies in CSR but, also, in other countries in the EU like Germany where companies where required to implement CSR updates on their reports. However, by implementing regulation that obligates companies to report on their CSR means that those that were already being sustainable will lose their competitive advantage.An UK Government report on CSR states that CSR is about companies acting voluntarily to raise performance beyond minimum legal standards (UK Government, 2004), but with the implementation of this type of legislation, companies which have been using sustainable practices for years, will have their positive brand image removed. Many may argue whether companies are actually using â€Å"real CSR practices† (Gallego-Alvarez, 2010) in a voluntary and caring way or simple not concerned at all about their social and environmental impact and only concerned about the positive brand recognition that come with CSR practices.Although, it is agreed by many sources that the concern of companies for CSR has significantly contributed to the social welfare, some, like Henderson, oppose the fact of companies accepting CSR as he believes that it is both harmful at the level of individual enterprises and in relation to the economy as a whole (Henderson, 2009). Furthermore, Eden (1994) stated that the use of sustainable development in a business orientation becomes problematic where that orientation obscures other issues and demotes environmental action to only shallow and reformist dimensions (Eden, 1994).In conclusion, the vision of sustainability has come a long way since first introduced and CSR has become an extremely important aspect of business processes and will continue to grow despite the opposition of some. Achieving Triple Bottom Line growth will be a continuing quest for many organisations but to achieve sustainable development other issues at a macroeconomic level must be addressed. The operation researched The chosen operation to research is a local community gym based at Gloucestershire Cricket Club located in one of Bristol's main roads.BS7 Gym provides a high quality exercise facility for members of the community alongside Gloucestershire cricket professionals. It is easily observable, staff and members could be easily approached and it had sufficient data for statistics to be developed. Data collected Data collection was essential for this report. By conducting interviews to both gym staff and members and observing its facilities it enables the development of statements. In order to gather relevant data the interviewing of staff was centred on TBL, CSR and the European Green Capital Award (EGCA).From the staff interview, it was possible to understand that staff had little or no knowledge about the concepts of CSR and TBL. After being briefly introduced to these concepts the interviewees were questioned about their thoughts on Bristol being awarded the EGCA. Many said that is was very positive and related this to businesses thinking about green issues and some gave examples of environmental friendly practices conducted by businesses and families. One interviewee in particular, referred to transport systems and their improvements and also the Bristol cycling campaign.The remainder of the questions concerned more about the 3 Ps. The interviewees were questioned on what the BS7 Gym was doing towards the environment and the community and what were their thoughts on this and if they could improve. The main answer was based on the individual and not on the Gym itself as they believed that they, as an individual, were doing their best to have positive impact on the People and Planet. They thought that the Gym, as a whole, was not considering their environmental sustainability as much as they consider social sustainability.After conducting observation of the Gym facilities it was very evident that the environmental sustainability measurements were not positive. Simple things like keeping the changing room light on even when they are not being used and the toilet discharge tank dripping constantly show that the gym's performance can be significantl y improved. Some interviewees mentioned that they are individually committed to being sustainable and improve on their environmental footprint. Interviews were also made to members of the Gym. These interviews were based on the members' thoughts about TBL and the gym's concerns towards the environment.Mostly every member identified social variables that can be used to measure their TBL such as, charity contributions (food bank, working with Multiple Sclerosis patients and autistic students) and providing the facilities to the local school. Moreover, gym members mentioned that the gym is constantly improving their facilities, projects and invest on innovation. Their thoughts towards this, related mainly to the gym trying to satisfy every member by providing different class types and improving their gym material. Operational benefitsAs Tullerg (2012) stated, the increase in companies that use some kind of 3 Ps, is perfectly seen in BS7 Gym. As a medium corporation they are paying more attention in being sustainable. With the charitable contribution they are improving their brand image and ,by showing their members that they are a sustainable corporation, they can increase their membership sales. Concentrating on both internal and external aspects of social sustainability (Pullman et al, 2009), will influence both the employees and the local community to be more socially sustainable.One interviewee said that he was influenced by other employees' commitment to being sustainable. Although BS7 Gym is very attentive to the social aspect of TBL they lack attention on the environmental aspect. The high level of light and water consumption shows that the higher levels of the organisational pyramid are not taking into consideration their environmental side of TBL and if they could implement timer on lights and water taps in order to reduce costs and improve the financial performance. ConclusionAs sustainability becomes a bigger issue nowadays, BS7 Gym although being a sm all to medium company with very simple business processes, it is possible to say that they have a sustainable approach towards their activities and that they embrace Triple Bottom Line in depth. Their sustainable approach has shown to improve their performance and how they are seen by the local community and their members. Their social and environmental accountability and responsibility lead them to economic growth although some adjustments and improvements can be done. Triple Bottom Line TRIPLE BOTTOM LINE The triple bottom line refers to an extension of the criteria used to measure organisational success. Traditionally, business success (or failure) is measured in terms of its economic performance. A business is considered to be successful if it has generated a sufficient financial return from its investments, financing activities and operating activities. The triple bottom line takes into account three criteria for assessing organisational performance; 1. economic, 2. social 3. and Environmental.The financial or economic performance of an organisation is the easiest of the three criteria to measure accurately. Traditional accounting methods take into account the inflow and outflow of resources from the business, generally including cash and finances, assets, liabilities and other easily definable business resources. The economic criteria can then be used to determine how much an organisation generates in monetary value. It can also be used to determine the net wort h of the business at a given point in time.The social performance of an organisation is somewhat more difficult to define and measure. The social criterion of the triple bottom line takes into account the impact that a business has on people within the business (employees) and people outside of the business (the community). A business applying the triple bottom line principles will act in a way that benefits the community and will ensure that people are not being exploited or endangered by the operation of the business.Social factors that should be considered include labour utilisation and wages, working conditions and contribution to community living standards. Environmental performance is concerned with a business' total impact on the natural environment. Triple bottom line organisations aim to improve the environment where feasible, or at the very least, reduce and limit their negative impact on the environment. Organisations need to look at more than just obvious environmental i ssues (like pollution) and should consider the total lifecycle impact of their products and services.Triple bottom line reporting is becoming more widespread amongst both large and small organisations. Triple bottom line reporting makes business decisions and actions more transparent and allows people to gain a thorough understanding of a business' level of corporate social responsibility. The triple bottom line report also helps manager to assess and compare their performance across all three criteria against the business objectives and long term goals.

Death of a Hired Man

Subject Matter The subject matter of the poem is of a couple that live on a farm. Mary is sat waiting for Warren to arrive home. When she sees him she tells him that Silas is back. The two start talking about Silas and Mary tells Warren how worn out he looks. They talk about how he used to work on the farm and the boy that used to work with him, who is now a scholar to Silas's dislike. Mary then tell warren that Silas has come here to die and how he sees this place as his home. Warren mentions Silas rich brother and how Silas wont go to see him because of his pride.Warren goes inside to how Silas is doing and when he returns out side he tell Mary that he is dead. Themes The themes that are present in this poem is life as well as death, Family & Friendship, Home and belonging. Life & Death The sense of death is set when Mary says â€Å"he has come home to die:/ you needn't be afraid he'll leave you this time† and the couple start to reminisce of Silas's life and the things that he used to do. Character Development Mary’s character is shown us from the first line.Although the day has been busy—busy enough that she and her husband had to go their separate ways to get everything done, with Warren returning from the market at or after dark, Mary just waits at the table, being close to Silas should he wake up, but not occupied with end-of-day tasks such that she might miss the sound of Warren’s approach. She does not dare miss Warren at the door, and prepare him for what he will find in the kitchen. Mary is a mixture of kindness, firmness, and resolve. She advises her husband to â€Å"Be kind† then â€Å"you mustn’t laugh at him† and then â€Å"Go look. See for yourself. Yet she only does this after she has softened Warren’s hard crust. She is concerned that Warren will hurt Silas’ feelings. She dragged Silas into the house, gave him tea, tried to make him smoke, urges him to talk about his situation. Sh e is comforting to the wayward worker. And his sorry condition â€Å"hurt [her] heart the way he lay/ And rolled his old head on that sharp-edged chair-back. † Yet, she is firm and resolved. Before Warren ever gets home and gives her consent, she has fed and entertained Silas, and made up a bed for him. She seems fairly certain that she can convince Warren that Silas must stay.Yet, she also trusts her man. While he has that crust she must break through, she allows him time alone with Silas and seems sure that Warren will do the right and charitable thing. Warren's Character Warren’s Character Contrasts with Mary’s in â€Å"The Death of the Hired Man† Warren returns from the market, probably at late twilight, expecting to find dinner on the table, and instead finds the next-to-worthless Silas returned, in the dead of winter, at a time when farm hands are not really needed. He hears that Silas plans to â€Å"ditch the meadow† this time, something tha t apparently has come between them before.Warren sees himself as a kind man. He has put up with Silas in times past, perhaps for several seasons. The words imply several cycles of hiring, leaving for better wages or for whatever, return in the off-season, and re-hiring. Warren, rather than interfere when Silas argued the value of education with the young farm hand working a summer while in college, stayed â€Å"well out of earshot† and let them argue. He has been kind. Yet he is cynical. He smiled at Mary’s description of Silas as â€Å"a miserable sight,† drawing from her a mild rebuke. Will Silas really work this time?Mary describes his condition as poor, and thinks he might be past his working days. Warren disputes that sight unseen. If Silas is to stay with them he is to work for his keep. Warren is not uncharitable; he just believes Silas' brother, whom he thinks is well-to-do, should be the one to provide care. Silas, the Unreliable Hired Man Although Sila s never speaks in this poem, much is revealed about him. He has a disdain for learning. He has trouble staying with a job when he thinks he can make more money elsewhere. He takes advantage of peak labor times to sell himself to the highest bidder.He makes promises he cannot keep, such as â€Å"ditching the meadow. † This is a curious phrase. What does it mean? Is the meadow poorly drained and in need of having some ditches cut—hard, backbreaking labor? If so, it appears Silas abandoned Warren and Mary when they needed him most. Or is this some kind of useless task that Silas thought needed doing but which Warren had no intention of paying for? Either way, although it is a point of contention between the farm couple and the laborer, the fact that Silas is fixated on it declares his stubbornness.Conflict Handled Through Words and Actions, not Telling The conflict between Warren and Mary reaches a peak when Mary says, â€Å"he has come home to die,† and Warren say s, â€Å"Home is the place where, when you have to go there, they have to take you in. † Mary seems to bristle at this and gives a sharp reply: â€Å"I should have called it/ Something you somehow haven’t to deserve. † What does this mean? Is it a generic description of home, that no one has to do something to deserve what should be theirs?Or is she saying that Warren is not deserving of the home he has, a stronger statement? The conflict is sharp enough that Warren leaves the front steps and does something meaningless: he walks a few feet, picks up a small stick, brings it back to the steps, breaks it, and throws the parts away. He seems to be doing something physical as a means of breaking the tension with his wife. The poem ends with the three main characters well developed, mostly through dialog but also through a minimum of actions. Much can be learned about them in these few lines excellently crafted.

Discuss whether 'dress' (clothes and style) can be Essay

Discuss whether 'dress' (clothes and style) can be considered a form of communication. Does it make sense to speak of the language of clothes - Essay Example Again, the phrase appears to give an entire cultures implicit understanding of clothing and styles as communicative function. Normally, both clothing and the communicative function of style are perceived as a kind of being problematic and well understood in some culture. Majorly, an investigation into whether clothing behavior is, in general, a communicative adjustment to a particular culture will carefully be discussed herein. Basically, the paper examines the correlation in the communicative adaptability and the clothing tendency(Barnard, 1996). Clothing has a communicative function. In accordance to the understanding of the social psychology of dress, it is important that one understands that the total arrangement of outwardly detectable body modification inclusive of all material objects added onto it brings out the body supplement (May, 2013). In this case, the body modifications directly change the body, which includes making changes of the color appearance, supplements addition such as jewelry, clothing and hearing aids and a wide range of accessories. Some of the modifications in an individual may end up permanent like teeth straightening or even temporary such as deodorant. Thus, dress can alter how the body looks, feels, smells or even sounds. Clothing is taken to be a universal human behavior in that there are no societies where people do not engage in dressing behaviourism (Gott and Loughran, 2010). In defining clothing, it was noted that clothes provide to outright functions for humans, that is a modifier in the body process and as a medium of communication. When thinking about clothing in the dimension of modifier of the body process the focus is on the supplements and modifications that usually serve as interfaces between the general body and the large physical and the social environments in which human beings are found to live. When clothing protects the human body from

How do people respond to economic incentives Term Paper - 1

How do people respond to economic incentives - Term Paper Example Literally, positive incentives offer benefits to stakeholders within an economic environment. For example, discounts reduce prices of products while bonuses are monetary gains sued to incentivize people. Contrarily, negative incentives discourage behavior by presenting undesirable economic consequences when pursued. Examples of economic incentives include fines paid upon violation of predetermined economic regulations (Bowles 369). In practice, the use of economic incentives elicits particular reactions from people. Succeeding sections of this paper contain comprehensive evaluation of varied people’s reactions attributable to the use of economic incentives. As aforementioned, positive incentives encourage the pursuit of one’s preferences. Economically, financial gain feature as the most important preference among people. Organizations use economic incentives to encourage frequent occurrence of desirable employees’ behavior. On the other hand, negative economic incentives are used to discourage certain behaviors within a workforce. For example, employees who meet or exceed predetermined levels of productivity are often rewarded with cash bonuses (Butler and Town 99). Contrarily, employees with low levels of productivity are often exempted from incentive programs, until their productivity levels increase desirably. In this context, cash bonuses provide positive economic gains to the over-productive employees, while exemption from incentive programs provides negative economic effects to under-productive employees. Conventionally, financial achievements feature as a relatively uniform interest for most stakeholders within an economic environment (Bowles 371). In this case, economic objectives are often accomplished easily when positive economic incentives are used as rewards for accomplishing the objectives. Therefore, economic incentives invariably encourage desirable behaviors high employees’ productiveness. In the economics

Indigenous land claims Essay Example | Topics and Well Written Essays - 2000 words

Indigenous land claims - Essay Example In fact, even after gaining independence and sovereignty, the colonial masters have always been reluctant to hand over indigenous land to the indigenous people. Landlessness is one of the significant indicators of extreme poverty levels across the globe. Actually, poor citizens mostly live in rural areas, rely on agriculture, and agricultural labor to survive. However, they do not own these pieces of land (Landesa, 2012, p.1). In the modern times, all land belongs to the government with the citizens exercising use and care over land. Through various government land commissions, the government issues ownership certificates to qualified individuals, regulates and controls use of all land in a given state. Possession, use, registration, or even land claims are important yet very difficult procedures in matters relating to land. It is usually very difficult for the government to honor indigenous land rights and land claims have always resulted to violence and court cases.  However, the re have been various claims over land all over the world by the indigenous people in specific nations from the government, colonial masters, or caretakers. A land claim is a formal statement submitted to the federal and/or provincial government by an Aboriginal community asserting violation to commitments or obligations relating to Aboriginal land rights (Darling, 2012, p.1). While it is much easier to launch a land claim against a registered land, it is much difficult to claim a right over unregistered land. This paper will address the content and significance of the central land rights claims made by indigenous people, mostly indigenous people in Australia. Like other traditional inhabitants, the indigenous people of Australia have been in existence, occupying, and using indigenous land for more than 60 000 years. Although they have greatly evolved with time just like the uses of land, the significance of land in sustaining

Total Rewards System Proposal Research Paper Example | Topics and Well Written Essays - 1750 words

Total Rewards System Proposal - Research Paper Example Due to the fact that the workers are the core of the business, the industry aims to make its collective achievement around its requirements as well as that of its workers. â€Å"By presenting the total rewards picture, employers gain the flexibility to shape the work experience in different ways at different phases in the company’s life cycle, as well as for different segments of the employee population† (Total Rewards Strategies for the 21st Century, 2012, p.6). Several industries have now begun to understand that they get improved performance from connected and engaged employees. Thus, this new insight has helped them to focus on rethinking their strategies for workers. They are introducing new methods to recognize, connect and maintain the right labor force in order to deliver plans that would entail in the overall development of the business concern. By adopting total rewards strategies, the industries are considering to make amendments in the character of work as well as expectations of workers. Managers have recognized that employee commitment affects the base line. So where reward plans have to be changed, managers are taking benefit of new tools to access improved information in order to take the most apt decisions regarding the human resource of the company. Total rewards strategy is a preparation for assigning reward resources in a way would ensure that the business achieves the organizational goals and objectives. â€Å"The eleme nts of a Total Rewards Program – compensation, benefits, work life balance, performance & recognition and development opportunities – create an environment in the organization which is completely focused on employee engagement. Total Rewards program elements are not mutually exclusive and results in satisfied, engaged and productive employees, who create desired business performance and results† (Total

Self-Assessment reflection Essay Example | Topics and Well Written Essays - 750 words

Self-Assessment reflection - Essay Example I highly value an opportunity for independent thought or action and moderately consider frequent raises in pay. Moreover, I attach little significance in developing close friendship at work. Notably, these aspects would enhance my intensity, direction, and persistence towards attaining a organizational goal. In considering my dominant needs, my scores for the need for achievement were 19, for affiliation were 14, for autonomy were 20, and for power were 18. Notably, my dominant needs relate to the McClelland's Theory of Needs, which recognizes the need for achievement, and the need for power. However, I negate the need for affiliation. More so, I do my best at work, where I rarely spend time interacting with people. I disregard supervision and enjoy leading a project in my work. This relates to the expectancy theory, which asserts that efforts lead to successful performance and that we should reward successful performance. In analyzing the rewards that I value most, I have a score of 4 for good work, 4 for prestigious title, 3 for vacation time, 4 for job security, 3 for recognition, 5 for interesting work, 3 for pleasant conditions, 5 for advancement, 3 for flexible schedule, and 2 for friendly workers. In fact, recognition is the most powerful and least expensive workplace motivator. As such, I highly value, good pay, prestigious title, and job security. However, vacation time does not matter to me. Indeed, payment should correlate with performance. Indeed, I value piece-rate pay where get a fixed sum for each unit of production completed. In considering my view on the nature of people my Theory X- Theory-Y, orientation had a score of 25. I value people of theory Y who exercise self-direction and self-control if committed to objectives. Ideally, I disagree that the average human being requires direction and supervision and hence has no ambition. This represents people of theory X whom I must coerce or control to perform. I also disagree that everybody can acq uire leadership but agree that rewards motivate people to work. However, I am not sure whether fellow employees can influence me and whether individualism is more objective oriented than teamwork. Moreover, I agree that a good leader should give specific, detailed, and complete instructions in a work environment. Indeed, this relates to the Goal-Setting Theory, which asserts that the goals set by the leaders increase performance in an organization. In analyzing my willingness to delegate, I responded to 18 items and scored 52 points. Ideally, I disagree that delegating jobs leads to poor performance. Moreover, I do not supervise my subordinates in secrecy and wholly delegate all my jobs to the subordinates with an aim of reviewing the results. Nevertheless, it is not certain that I will get time to delegate properly. As such, according to my assessment results, a manager can achieve the greatest success in motivating me by satisfying my growth needs and creating an enabling environm ent for the development of new skills and knowledge at work. Moreover, the manager can successfully motivate me by giving me a good pay and offering me a chance to think and act independently. On the other hand, according to my assessments, I highly value rewards, which include good pay, prestigious title, and job security in my work. I also value an interesting work and chance to advance in my work.

Question 2,6,7 Essay Example | Topics and Well Written Essays - 2500 words

Question 2,6,7 - Essay Example Firm diversification is a central issue of importance to managers. The research literature on the subject of diversification affirms that over the past two decades the growth in the globalization of markets and products by firms has been tremendous. Globalization as a concept is used often to imply a condition of increased mutual interdependence among nations. The given condition depends on a number of factors. First, there is decreased governmental policy on trade barriers. Second, free international movement of capital across borders. Third, there is high volume of foreign direct investment. Fourth, there is migration of the workforce across the borders. Finally, there is exchange of services and goods among the nations involved in trade. However, despite the recorded increase in diversification by firms, the definite factors that contribute to diversification remain debatable among firm managers. The drivers of a firm’s diversification decision-making process can be explained with the aid of two theoretical frameworks. Namely, the Resource Based View and the Transaction Cost Theory. The resource-based view theory offers an understanding of the choice of industries into which a firm diversifies. According to the theory, a firm is best viewed as a collection of resources that enable it to compete against other firms. The theory suggests that the potential of a firm to gain and maintain a sustained competitive advantage relies on its defined resources (Wierseme, 2008). Firms that have the ability to develop unique and difficult to imitate resources, are more likely to engage in diversification compared to other firms with no such unique and inimitable resources. The transaction cost theory of strategic management also offers an understanding of firms drivers for diversification. The theory holds that firms diversify when the firms’ activities can be performed cheaply within the company,

Domestic domestic violence Essay Example | Topics and Well Written Essays - 250 words

Domestic domestic violence - Essay Example The description and nature of domestic violence bears dissimilarity across countries. The laws and constitutional priorities of a region influence the characterization of domestic violence. Violence is a societal issue of distress. This means that it may be construed differently in unrelated areas. The forms of domestic violence vary by definition. It may range from emotional exploitation to physical resentment. In addition, there exists sexual cruelty or even financial misappropriation. All these forms of mistreatments are encompassed in domestic violence. The effects of domestic violence often trickle down to all household members (Stover). Its undesirable effects not only include terrorization and psychological cessation, but it also results in grievance and grave harm to general well-being. Depression and sexual dysfunction also follow in dangerous cases. In contrast, domestic violence may have some positive effects. In some societies, it is an approach of raising children in an upright manner. For instance, in some families, discipline involves corporal punishment or caning of children. It all hangs on the region, and the supposed meaning of domestic

The Kite Runner Essay Example for Free

The Kite Runner Essay The book Kite Runner is about a kid that passes through rough moments during his life time because of war. The boys name is Amir, and his father is a rich man of Pakistan. Amir calls his father Baba and doesnt have a quite good relationship with him. Amirs best friend is called Hassan. Hassan lives in Amirs house, and is his servant. Hassan father also works for Amirs father as a servant. Hassan and Amir do everything together, but there is always that line in the middle of them, between servant and rich kid. When the Russians invaded Pakistan Amir and his father had to leave Pakistan, and got to California. There they had to live as servants because they left Pakistan with all their belongings. Pakistan was devastated and so was Amir. He had left Hassan and his father in Pakistan. So one day Amir goes to meet other Pakistanis and sees a girl he likes. His father gets ill and tells Amir to marry her before he dies. They do get married and his father dies 2 weeks later. After amirs father died the couple realized they couldnt have children. So Amir became an important novelist. The people in India are very kind but take religion seriously. There is a total amount of 7 religions that have been documented. Those include Buddhism, Islam, Sikhism, Jainism, Hinduism, Zoroastrianism, and Christianity. People have a 54% of literacy level. Its average life expectancy is about 59 years old for males and 60 years for females. There are 18 recognized languages spoken in India. They are classifies in two groups. Those are Indo- Aryan and Dravidian. There is no official language spoken in India. Indias architecture is very unique in its own way. In fact India owns one of the most beautiful pieces of work in the world. The name of this building is called the Taj Mahal. It has a circular shaped figure. There is a fountain in the entrance. This building is a tourist attraction all over the world. It was built by a prince that wanted to give her princess a gift in 1627. The Taj Mahal has 4 pillars next to the main building. In front of it there is an opened gallery with lots of fountains. The Indian architecture is very distinguished even in todays date. After the war in Pakistan ended, Amir decided to go back to search for his best friend Hassan. When he got to his village, he asked every living person where Hassan could be. He found an old lady that told him that Hassan was murdered with his wife and that his son was in an orphanage. Amir searched for Hassans son everywhere until he found him. He took Hassans son back to California where Amir and his wife raised the child as theirs. At first the kid had problems bonding with Amir but as time passed on, the kid accepted Amir as his father. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Miscellaneous section.

International Financial Reporting Standards Impact

International Financial Reporting Standards Impact 1. BACKGROUND OF THE STUDY The adoption rate of International Financial Reporting Standards (IFRS) has been on the ascendency since its inception in 1973. The number of countries that have adopted IFRS as a basis for financial reporting are more than hundred with others agreeing to converge or adopt it by 2011 (Deloitte, 2008). The need for transparency and comparability of financial statement across countries has increased the desire to adopt a single set of global financial accounting reporting standards (IFRS Insight: IASplus, 2008). Trade liberalisation and globalisation of capital markets have given further impetus towards the adoption of IFRS as a single set of high quality globally accepted accounting and reporting standards as against national accounting standards. The contributions of high quality financial reporting systems in national jurisdictions that experience high economic growth, stable fiscal and monetary systems and access to international investment funds cannot be overemphasised (Wong, 200 4). The need to ensure high quality reporting has forced both developed and emerging capital markets to adopt or converge with IFRS, their national accounting standards. Emerging Capital Markets (ECMs), which constitute a significant part of the global financial market, compete with their developed counterparts for investment funds due to globalization of businesses and integration of capital markets. This exposes the financial reporting information in ECMs to international scrutiny. It has been suggested that ECMs ‘lag behind the advanced capital markets in terms of adequacy and reliability of information disclose in annual reports (Ali et al, 2004). The perceived low quality of financial reporting inhibits the growth of ECMs due to its ability to erode the confidence of investors (Enthoven, 1981) and can lower productivity in the economy. Sutton (1997) asserts that a high level of accountability and transparency in corporate dealings increases the confidence of investors in capital markets. It is imperative that high quality financial reporting must be provided to investors to reduce moral hazards as a result of the agency problems created by the separation of ownership from control. Bekaoui (1999) suggests that the adoption of IFRS is the only way to trust accounting information from developing countries. Some ECMs have adopted IFRS to portray that they are following internationally best practice of financial reporting and to take advantage of the worlds investment funds. However, IFRS which is believed to have been developed for the advanced capital markets may not be an ideal accounting standards for ECMs which are made up of small, medium and sometimes family-owned businesses. Nobes (1998) suggests that due to the nature and characteristics of firms in developing/emerging economies, â€Å"the full panoply of the rules of IASs may seem unduly complex; and the resulting financial statements unduly detailed and expensive†. Choi and Mueller (1984) and Belkaoui (2004) support the suggestion of Nobes (1998). In spite of these challenges many countries in emerging economies have allowed their companies to report on the basis of IFRS either mandatorily or volu ntarily. Mandatory adoption of IAS/IFRS have the tendency to deprive firms the opportunity to choose accounting standards that reflect their information needs and the nature of their business. It has been suggested that IFRS adoption is costly but beneficial and at the same time poses challenges to companies (e.g.El-Gazzar, 1999; Jermakowicz, 2004; Barth et al, 2005; Daske and Gebhardt, 2006; Jermakowicz and Gornik-Tomaszewski, 2006; Daske et al, 2007; Tyrall et al, 2007; Hail et al, 2009). Ball (2001) suggests that companies will experience the impact of IFRS adoption differently due to different regulatory framework and institutional factors across different countries. Research into the costs, benefits and challenges of IFRS adoption to ECMs in sub-Saharan Africa, is non-existent to the best knowledge of this researcher. The adoption of IFRS in Ghana might challenge its neighbours to also follow suit. Therefore, research into the cost and benefits and implementation challenges is needed to guide other countries on the decision whether to adopt IFRS for financial reporting. It is in this light that this study is being undertaken. 1.2 STATEMENT OF THE PROBLEM The adoption rate of IAS/IFRS has been on the ascendency since its inception in 1973 (IASB.org, 2004). Capital Markets have been forced to adopt IAS/IFRS by the World Bank, International Organisation of Securities Commissions (IOSCO) and World Trade Organisation (WTO), THE European Union (EU) and the International federation of Accountants (IFAC) due to globalization of trade and liberalization of capital markets. The Institute of Chartered Accountants (Ghana) is the body responsible for the issuance of accounting standards in Ghana. Prior to the mandatory adoption of IAS/IFRS 2007, two sets of accounting standards were in use in Ghana; the Ghana Accounting Standards (GAS) issued by the Ghana National Accounting Standards Board(GNASB), and the International Accounting Standards (IAS/IFRS). The Ghana Accounting Standards were adaptation of the International Accounting Standards. Ghana, being a member of the International Federation of Accountants (IFAC), allowed companies to issue financial report based on International Accounting Standards. The credibility and quality of financial reporting in emerging capital market have not been able to match the high standards of reporting in developed capital market and Ghana, an emerging economy, is no exception. In 2004, the World Bank commissioned a report into accounting and auditing in Ghana. The report painted a gloomy picture of financial reporting and auditing in Ghana. The World Bank (ROSC-Ghana, 2004, p1) noted that; â€Å"The accounting and auditing practices in Ghana suffer from institutional weaknesses in regulation, compliance and enforcement of standards and rules. Various weaknesses were indentified in the laws and regulation governing financial reporting†. The report observed an inadequate compliance with the Ghana Accounting Standards and also made mention of the fact that some companies claim to comply with the International Accounting Standards in their annual reports but fail to do so. Consequently, the ICA (GHANA) in January 2007 adopted IFRS as the basis for financial reporting for all listed companies beginning 31st December 2007 due to the recommendation made by the World Bank. However, first time IAS/IFRS reporting date for all companies was extended to 2008 due to companies unpreparedness to migrate from Ghana Accounting standards to international standards. In spite of the world-wide acceptance of IAS/IFRS for financial reporting, the jury is still out about the costs and benefits of IFRS implementation to listed companies that adopt IAS/IFRS either voluntary or mandatory (e.g. El-Gazzar et al, 1990; Jermakowicz, 2004; Hoogendoorn, 2006; Jermakowicz and Gomik-Tomaszewski, 2006; Daske et al, 2007; Hail et al, 2009). Generally, little empirical evidence has been provided on whether the costs of IAS/IFRS adoption outweigh the benefits. Specifically, literature on the costs and benefits of IAS/IFRS implementation to listed companies in ECMs in Africa is limited. This study seeks to investigate out the costs and benefits of IFRS adoption to listed companies in Ghana. 1.3 RESEARCH OBJECTIVES AND RESEARCH QUESTIONS Ghana, in a bid to develop its capital markets, established the Ghana Stock Exchange (GSE) in 1989. The GSE became operational in 1990. Currently, there are thirty-four listed companies in Ghana. The adoption of IFRS for financial reporting became mandatory in Ghana after its official launch in 2007 by the Minister of Finance and Economic Planning. However, listed companies were given additional year to fully implement IFRS. These events provide the opportunity to access the impact of IFRS adoption on listed companies in Ghana. The main purpose of the study is to access the costs and benefits of IFRS adoption to listed companies. Primarily, the issue focused on are costs, benefits, and implementation challenges to listed companies in Ghana. The specific research questions pursued in this study are follows: What are the benefits of IFRS adoption to companies in Ghana? What are the costs of implementing IFRS? What challenges do companies in emerging capital markets face as results of IFRS adoption? What are the effects of retrospective application of IFRS (IFRS1) on financial prior periods financial statements? 1.4 METHODOLOGY Two research techniques are used to collect data on the cost, benefits and IFRS implementation challenges. Interviews and content analysis of some selected annual reports are used in this study. The interviews are used to ascertain the opinions on the costs, benefits and implementation challenges of IFRS adoption from ( ) finance directors/chief finance officers/ finance managers whose firms are all listed in Ghana. Interviews were conducted with the Big 4+1 auditing firms in Ghana. These audit firms provide audit and other accountancy services to about 95 % of the listed companies in Ghana. The interviews with auditors were necessary to seek additional insight and to validate the results of the interviews conducted with FD/CFO/FM. 1.5 CONTRIBUTION OF THE STUDY This study is undertaken bearing in mind the following contributions it intends to achieve: To the best knowledge of this researcher, this study is the first of its kind in Sub-Saharan Africa and could inform policy makers in other ECMs about the costs, benefits and implementation challenges when companies are forced to adoption IFRS as a bases of financial reporting. The study is of tremendous use to the International Accounting Standards Board (IASB) to evaluate the costs and benefits of its standards to companies and the implementation challenges to take steps to reduce the costs and challenges and improves on the benefits. This will help the IASB to achieve its aim of standardisation of financial reporting around the globe. The study could also help inform companies worldwide which decide to adopt IFRS voluntarily about the costs, benefits and implementation challenges before venturing into such initiative. 1.6 ORGANISATION OF THE STUDY This study has been structured into six chapters. The content of each chapter is detailed below: CHAPTER ONE: INTRODUCTION The background of the study, which comprises the introduction, and the statement of the problem are stated. The appropriate research objectives and specific research questions used to achieve the objectives are specified. The contributions of the study are expressed. The chapter ends with the organization of the entire study. CHAPTER TWO: EMERGING CAPITAL MARKETS AND FINANCIAL REPORTING ENVIRONMENT IN GHANA This chapter starts with the discussion of emerging capital markets. Land and people of Ghana, the economy of Ghana, forms of business ownership, the evolution and the role of the Ghana Stock Exchange, and sources of financial reporting regulation in Ghana are covered in this chapter. The chapter ends with the summary of issues covered in the chapter. CHAPTER THREE: LITERATURE REVIEW This chapter discusses the role of capital markets, the importance of financial reporting in capital markets. The role of listed companies in promoting financial reporting, the history of the International Accounting Standards, recent trends towards worldwide adoption of IFRS, and the importance of IFRS adoption, prior empirical research, and gaps in the literature are covered under this chapter. All these are studied to put the topic in context. The chapter ends with a summary of the issues discussed. CHAPTER FOUR: METHODOLOGY The methods and techniques used to collect the data and their advantages and limitations are discussed. The issues studied in this chapter are: justification for the choice of Ghana, definition of the period studied, profiles of companies and research instruments. The primary data collected through questionnaire and interviews are quantified using descriptive statistics. The chapter ends with the summary of activities undertaken. CHAPTER FIVE: FINDINGS This chapter analyses and discusses the results obtained from the descriptive statistics conducted in previous chapter. CHAPTER SIX: CONCLUSION This chapter reminds of the research objective and questions studied including the procedure for data collection and analysis. The chapter presents the key findings of the study undertaken. The chapter also presents the limitation of the study and suggestions for future research. It ends with the coverage of the overall conclusion of the study. CHAPTER TWO COUNTRY PROFILE AND FINANCIAL REPORTING ENVIRONMENT IN GHANA 2.1 INTRODUCTION The environment within which a study is undertaken influences the methodology to be used and the weight readers should put on the conclusion drawn from the study. Therefore, understanding the social, political, cultural, and economic within which this study is undertaken is important. This chapter puts the research environment in context. The location and peoples of Ghana is provided in section 2.2. Section 2.3 presents political development in Ghana. Section 2.4 outlines the structure of the Ghanaian economy. The financial reporting system in Ghana is presented in section 2.5. Section 2.8 summaries the issues studied in the chapter. 2. THE LAND AND PEOPLE OF GHANA Ghana is sub-Saharan African country located along the Atlantic Ocean with a total land area of 238,539 square kilometres. Ghana shares borders with Togo, Cote dIvoire and Burkina Faso. There are ten regions in Ghana. These regions are broadly categorised into two: Northern and Southern sector. The major vegetation of the northern sector is savannah but the southern sector is predominantly rainforest belt. The population of the country as at the last population census in 2000 was 18.91 million with an annual growth rate since 1984 2000 of 2.7% (GSS.2007).The population density of the country is 79.3% with greater concentration in the southern part of the country. The temperature is generally between 21-32 °C (70-90 °F). The Ghana Statistical Service puts the literacy rate in the country at 34.2%. There are about 56 different languages in Ghana due to the many ethnic groups. The English language is the official language of the country. 3. POLITICAL DEVELOPMENT IN GHANA Ghana was the first country in sub-Saharan Africa to gain independence from the British in 6th March, 1957. Ghana became a republic in 1 July, 1960. Ghana is a member of many notable international organisations some of which are as follows: the Africa Union, the World Bank Group, the Commonwealth, ECOWAS, International Monetary Fund, Africa Development Bank, the African Peer Review Mechanism and the Economic community of West Africa States. Ghana after going through four successful coup dà ©tats return to democratic rule in 1992 under executive presidency. The nation has enjoyed an uninterrupted democratic regime since 1992. The last election of the country was held on the 7th of December 2008. National Democratic Congress, a party with social democratic ideology took over the reigns of government from the New Patriotic Party- a party with capitalist philosophy. Internationally, Ghana is seen as a beacon of hope on the continent of Africa because of her democratic credentials. 4. THE ECONOMY OF GHANA The economy of Ghana depends predominantly on agriculture, mining and quarrying and forestry. The economy has been designated in three major sector-agriculture, service and industrial sector. Agriculture is the main economic activity and currently accounts for about 34.3 of GDP, followed by 31.0% from the Services sector (GSS, 2007). Ghana relies mostly on Cocoa and Gold for its foreign currency earnings. The industrial sector contributes. Ghana has recently discovered oil in commercial quantities with first lifting expected in the year 2010. The GDP growth rate of the country between 2005 and 2008 are as follows: 5.9%, 6.4%, 6.3% and 7.2% percent respectively (World Bank, 2008). The currency of the country was re- denominated in July 1, 2007 by setting ten thousand Cedis to one Ghana Cedi. This was done to remove dead weight zeros of the old cedis as the volume and value of transaction keeps increasing to make recording easier (GOG, 2008). In 2007, Ghana successfully raised US $750M from the Euro Bond Market. The bond was oversubscribed by the international community. The oversubscription and the quality and internationality of the investors were attributed to the confidence of the international community in the Ghanaian economy (MoFEP, 2008). 5. FINANCIAL REPORTING ENVIRONMENT IN GHANA 2.5.1 Sources of Financial Reporting Regulation in Ghana The government and the private sector are responsible for financial reporting regulation in the country. The government exercise its responsibility through the department and the agencies under its purview namely: Registrar Generals Department, Securities and Exchange Commission, Bank of Ghana and the Insurance Commission. The Ghana Stock Exchange (GSE) and the Institute of Chartered Accountants (Ghana) (ICAG) are the private sector institutions responsible for financial reporting regulation in the country. 2.5.2 The Registrar Generals Department (RGD) Every company in Ghana is expected to registrar with the Registrar of companies in accordance with the Companies Code 1963, Act 179. The Registrar Generals Department in Ghana is responsible for the issuance of certificate of incorporation and commence before a company can start its operating activities. Companies are expected to submit their annual account to the (RGD). The RGD has the power to exempt a company from disclosure requirements. 2.5.3 Bank of Ghana The Banking Law 1989, PNDC 225 gives the Central Bank, Bank of Ghana (BoG) an oversight responsibility over the banking and non-banking financial services institutions in Ghana. Banks and non-banking financial institutions are suppose to comply with financial reporting requirements in Ghana in addition to Manual of Accounting and Auditing specified by the BoG. The BoG regularly visits the banks and nonbanking institutions in the country. Financial and nonfinancial banking institutions are supposed to file their annual returns with the BoG. With the adoption of IFRS Ghana, banking and non-banking financial institutions are required to comply with IFRS in addition to the Accounting and Auditing Manual specified by the BoG and the requirements of the Companies Code 1963, Act 179. 2.5.4 Internal Revenue Service The Internal Revenue Service is empowered by the Government of Ghana to develop the forms and basis of taxation in Ghana. Taxes, which affect corporate financial reporting, are as follows: corporate tax, capital gains tax, stamp duty, gift tax and national reconstruction levy, value added tax and now the Economic Stabilisation Levy.The Customs Excise and Preventive Services (CEPS) levy imports and Exports duties on companies. 2.5.5 Institute of Chartered Accountants (Ghana) An Act of Parliament, Act 170, established the Institute of Chartered Accountants (ICA) (Ghana) in 1963. The Act 170 empowers the ICA (Ghana) as the regulator of financial reporting in Ghana. The members of ICAG are only persons recognised under the Companies Code, Act 179, for the purpose of audit of companys account. Until the adoption of IFRS in Ghana, the Ghana Accounting Standards (GAS) that was in used was adaptation of the IASC standards after the each IASC standard was reviewed. The ICAG is a member of the International Federation of Accountants and Association of Accountancy Bodies in West Africa. 1. Ghana Companies Code 1963, Act 179 The companies code 1963, Act 179 prescribes the nature and form of information which must be provided in the annual reports and accounts of corporate entities in Ghana. The Companies Code defines annual reports and accounts as directors report, profit and loss accounts for a period, balance sheet as at the end of the period, notes to the accounts and the auditors report. Section 124 (1) enjoins directors of corporate entities to prepare and submit audited accounts to members and debenture holders every calendar year at intervals of not more than fifteen months. With the adoption of IFRS companies are required to comply with the requirements of the Companies Code in addition to the measure and disclosure requirements as specified by the IASB. In Ghana, failure to comply with the provisions of the Companies Code carries sanctions. 2.5.6 Ghana Stock Exchange (GSE) The Ghana Stock Exchange (GSE) was incorporated as a private company in 1989 under the Companies Code Act 179(GSE WEBSITE). Trading on the floor of the exchange commenced on November, 1990. There were thirty-five (34) companies listed on the GSE as at 31st December, 2008. Trust Bank Gambia Limited is only foreign issuer on the GSE. The total volume of shares traded on the exchange in the year 2008 were two hundred and six teen million, five hundred and eighty four thousand and six hundred (216,584,600). The year-to-date performance of the GSE as at 31st December, 2008 was 58.06%. The Stock Exchange Listing Regulation 1990, Legislative Instrument No.1509 instructs listed companies to make additional disclosure in their annual reports regarding the number shares and stated capital, information about the company secretary and registrars, transactions with directors, statement of source and application of funds, interim reports and unaudited report to the GSE prior to the submission of a udited annual reports. The role of the GSE is to win the confidence of the investing public (internal and external), protect investors and encourage companies to raise funds through the equity and debt markets. Therefore, IFRS which has been perceived by the IASB to be a high quality accounting standards will help the GSE in their quest to build confidence and protect investors. The focus of this study is the impact of this perceived high quality standards on listed companies in Ghana which to the best knowledge of this researcher has not yet been studied. 2.5.7 International Financial Reporting Standards With the adoption of IFRS in Ghana, listed companies are require to comply with the measurement, presentation and the disclosure requirements of applicable standards in addition to the requirements of the Companies Code 1963 Act 179 and the Banking Law 1989. 6. Summary Globalisation of businesses and integration of capital markets of which GSE is part, makes it imperative that financial reporting practices of listed companies should be reliable, relevant, verifiable, comparable and confirm with international financial reporting standards. Financial reporting is affected by the social, political and economic environment within which its operates. This chapter discussed the country profile of Ghana and the financial reporting environment in Ghana. The next chapter reviews the literature. CHAPTER 3 LITERATURE REVIEW 3.1 INTRODUCTION The issues studied in this chapter include conceptual issues and theoretical framework on the impact of IFRS adoption on companies. Specifically, the issues studied include, the meaning and history of international financial reporting standards, IFRS adoption around the world, the role of capital markets, the relevance of IFRS to emerging capital market and theoretical framework on the impact of IFRS on companies. 3.2 HISTORY OF INTERNATIONAL ACCOUNTING FINANCIAL STANDARDS BOARD (IASB) The International Accounting Standards Board (IASB) is private non-profit making organisation responsible for the development, issuance and approval of accounting standards to form the basis of financial reporting. The objective of the IASB is to, â€Å"provide the worlds capital markets with a single set of high quality accounting standards to be used as a common language for financial reporting† (IASB. org). The IASB came into effect in 2001 to replace the International Accounting Standards Committee (IASC).The IASC was formed by a group of professional accountants from nine countries (Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom/Ireland, and the United States of America) in 1973. Sir Henry Benson, who put forward a proposal for the formation of IASC at the 10th World Congress of Accountants in 1972, was elected the first chair in 1973 (IASPLUS.org). The immediate tasks of the IASC were the development of accounting standards on accounting policies, inventories, and financial statements. The IASC issued its first accounting standards in I975. The accounting standards developed and issued by the IASC were called the International Accounting Standards (IAS). These accounting standards are still in used today. The IASB and its predecessor lack the power and authority to ensure that companies that adopt their them are complying with their standards. They rel y on national standard setters to ensure that companies comply with their standards. 3.3 THE MEANING OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Accounting standards are a set of rules, regulation, and convention that guide the preparation of financial statements and financial reports. Accounting standards form the basis for the preparation and auditing of corporate annual report. Accounting standards are developed based on conceptual framework and in the case of the IASB the ‘due process. Conceptual framework for the preparation of account has been described as a constitution (FASB, 1976; Miller, 1985; Solomon, 1986) which forms the basis for developing accounting standards. Conceptual framework are developed to guide standard setters to ensure consistency in issuing future standards and as a guide in settling accounting issues in situations where there are no accounting standard ( IAS.PLUS.org). The conceptual framework defines the elements in the financial statements, how they are recognised, measured and presented which serve as a point of reference to management in situations where there are no accounting standards (IAS. 8). Conceptual framework is not an accounting standard in itself. In situation where there is a clash between a particular standard and conceptual framework, the interpretation of the accounting standard supersedes that of the conceptual framework. The development of accounting standard undergoes several stages before it is published. The process through which a project undergoes before it is finally issued or rejected through voting is known ‘Due Process. ‘Due Process allows interest groups (preparers, users, auditors, analyst, academia etc) to take part in the standard setting process through the submission of comments. In spite of the democratic nature of the standard setting process, prior research document intense lobbying by constituents of the standards setters (see Zeff, 2002; Georgiou, 2004; Cortese et al, 2006). Accounting standards can at best be thought of as a compromise between competing constituents. International Financial Reporting Standards (IFRS) are developed and issued by the IASB. The standards issued by the IASC are called International Accounting Standards (IAS). IFRS has both narrow and broad meaning (IAS PL US.org). In the narrow sense, IFRS refers to the sets of new standards issued by the IASB different from the previous standards (IASs) issued by the IASC. The IASB has issued eight new standards (IFRS 1, 2, 3, 4, 5, 6, 7 and 8) since 2001. Broadly, IAS 1.11 defines IFRS as the entire standards (IFRSs and IASs) as issued by the IASB and IASC respectively and the interpretations issued by the International Standards Interpretation Committee (IFRIC) and the Standards Interpretation Committee (SIC). 3.4 IFRS ADOPTION AROUND THE WORLDWIDE IFRS has gained acceptance as a single set financial reporting standards in countries around the world. Deloitte (2008) suggests that globalisation of capital markets have created the need to scrap local standards in favour of international standards and benchmarks and attributed IFRS adoption as single set of global accounting standards as the best example towards this end. Deloitte asserts that more than hundred (100) countries have adopted IFRS for financial reporting but others including (Chile, Korea, Brazil, India, and Canada) have agreed to adopt or converge to IFRS by 2011. Chile and Japan have agreed to work the IASB to eliminate the difference between their local GAAP and the IFRS to ensure convergence. The European Union (EU) in 2002 mandated all listed companies within the EU to issue financial report using IFRS beginning 2005 (EC No. 1606/2002). This applies to new countries that will be admitted to the EU membership. This development made the EU the largest customer of the IASB because no continent had and have still not taking such bold initiative. Even though IFRS is mandatory for all listed companies in the EU, the EU does not issue blanket adoption of the standards issued by the IASB. The Accounting Regulatory Committee (ARC) within the European Commission must endorse the standards before they become applicable in the EU. This endorsement process confers political power on EU over the IASB (Whittington, 2005) at least for now. This power would dwindle if the largest capital market of the world, the United States, eventually adopts IASB standards, which has started with the removal of reconciliation requirements ( ) for non-US issuers who issue financial report based on IFRS . In 1993, the IOSOC tasked the IASC to develop ‘core standards to be used for cross boarder listing after the existing standards had been reviewed. The core standards were issued in 1999 and the IOSCO recommended its members to use IASC for cross boarder listing in the year 2000 (IASPLUS.com). Many countries have adopted IFRS due to their association affiliation with politically powerful bodies and their agents, which offer a great deal of assistance, which could be financial, training, trade partnership etc. Ghana perhaps allowed IFRS for financial reporting due to its affiliation with the IFAC (World Bank, 2006) and mandatorily adopted IFRS in 2007 after the recommendation by the World Bank in 2006. The United States, which would, perhaps be the last country to adopt IFRS, has taken a giant step towards converging the US GAAP with the International Accounting Standards Boards. The US SEC has removed the requirements, which ensures that foreign issuers who report based on IFRS reconcile their financial statement with that of the US (SEC, 2007 A.III.2). The US SEC has developed seven milestones, which must be achieved in order for the SEC to determine in 2011 whether IFRS should be mandatory for US issuers in their filings with the SEC in 2014 (SEC, 2008). When the US finally adopts IFRS it would become the language for reporting as other countries would be attracted to do so (Tweedie, refer to assignment). This development when actualised will lead to global convergence, which has been the long cherished vision of the IASC (now IASB) since its creation in 1973 (Benson, 73; IASB, 2003). IFRS adoption can come in many forms and shapes. Some countries (e.g. South Africa, Ghana) have adopted IFRS without modificat

Sentencing of Juveniles Essay -- Juvenile Crime Criminal Sentence Essa

The Sentencing of Juveniles Today, we live in a society faced with many problems, including crime and the fear that it creates. In the modern era, juveniles have become a part of society to be feared, not rehabilitated. The basis of the early juvenile justice system was to rehabilitate and create safe havens for wayward youth. This is not the current philosophy, although the U.S. is one of the few remaining countries to execute juveniles. Presently, our nation is under a presidential administration that strongly advocates the death penalty, including the execution of juveniles. The media and supporters of capital punishment warn of the "superpredator," the juvenile with no fear, remorse, or conscience. Opponents of this view encourage the idea that another death is only revenge, not deterrence. We will examine the rights allotted to juvenile offenders, and the punishments inflicted upon them for violations of the law. Juvenile Transfers and Waivers For those juveniles deemed dangerous, or those that have committed a serious crime, a different process would follow their initial contact with the court. This involves the removal of the offender from the juvenile system, to be transferred to the adult criminal court. These offenders are adjudicated as an adult if certain factors are present. The waiver to the adult court is often a critical step in receiving a harsh sentence for juveniles. Two Supreme Court cases have addressed the issue of juvenile waivers and transfers, Kent v. United States and Breed v. Jones. The two cases resulted in specific requirements for transfer hearings, including a) a legitimate transfer hearing b) sufficient notice to family and defense attorney c) right to counsel d) a statement regarding reason for the transfer. However, the waiver of juveniles is often criticized by experts for various reasons. "Minors are likely to be looked upon as special persons by prosecutors, probation officers, and judges in the criminal courts. They are younger than the main population of defendants before the criminal courts†¦while a minor may be looked upon as a hardened criminal in the juvenile court, (s)he may be viewed as a mere innocent youngster in criminal court." (Abadinsky 72). Some research has shown that the transfer of juveniles is a waste of both time and money. Why? Because the offender often receives the same treatment or senten... ...ny high profile issue, and in this case we are dealing with the lives of young offenders, many of which claim their age excuses their "mistake." While society must recognize the issues that often fuel adolescent rage, we should be hesitant to withhold punishment. In death row cases, many inmates will reside on death row for more than ten years before being executed. During this time, they undergo many changes, both physically and psychologically and often feel like a different man, and certainly not a violent threat to society. Moreover, we are not executing men (and women) for the people they have become, but for the crime they committed. Their victims did not receive a second chance, so why should we as a society grant convicted killers the chance to live, love, and grow? However, the death penalty must be examined for flaws, including incorporating DNA technology whenever possible. Age has obviously been an important factor in the debate over the death penalty, but we must rea lize we live in an age of violent school shootings and declining alternatives for misplaced youth. Society should not advocate the death of innocents, but vindicate a willful and deliberate loss of life.

The wife of Baths tale Essay -- essays research papers

Among unequals what society   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Can sort, what harmony or true delight?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Milton, Paradise Lost, VIII, ll. 383-4   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  GEOFFREY CHAUCER AND THE WIFE OF BATH ´S TALE   Ã‚  Ã‚  Ã‚  Ã‚  Chaucer begins the tale by exploring the institution of marriage,through the character of the Wife who starts by making an statement of authority, her own experience on marriage. In order to show her experience in relationships she states that three of her husbands were old and rich and two of them, young and wild.   Ã‚  Ã‚  Ã‚  Ã‚  Marriage at that time, was considered a transaction organized by males to serve economical and political ends, in where women were treated as an object, a very useful one intended for procreation, and the exchange of land and goods that they owned before marriage.   Ã‚  Ã‚  Ã‚  Ã‚  As the Wife recalls, she had her first arranged marriage at the age of twelve years old, and this aspect was very common since marriage was used to be solemnized and arranged, when children were even in their own cradles.   Ã‚  Ã‚  Ã‚  Ã‚  The Wife does not regrets to have had five husb...

Human Event Essay

Point: to argue that a balance of both texts' strategies are most effective l. Opening sentences] define leadership. What makes a good leader. Or a quote from a good leader II. Background on Chinese historic] In 500 BC, the Chou Dynasty was falling apart and there was civil strife. Confucius tried to bring people together through ritual and culture. Sun Tug was an ancient ill. No one can follow a leader without a balance of both strict rules and humanity lb.Thesis: Although the Confucius and Sun Tug share different points of view on leadership, a balance of both strategies would e the most effective in times of both war and peace. II. Rebuttal I. Include somewhere either in beginning or the end. I'. Each theory on political leadership is different and can be used effectively and separately because there is more than one way to win the hearts of the people. Ill. Confucius can easily win the hearts of the people through the moral values and cultures of China lb.Sun Tug can easily win a war through his strategic skills and defense tactics Ill. How Confucius strategies alone will not work. His teachings are all about the value and culture. He doesn't give the best advice as to how to win a war though I. 13. 120 â€Å"even with a true king, it would certainly take one generation for humanity to prevail† if. 12. 210 â€Å"always put the effort before the reward; is this not the way to accumulate moral power? To attack evil in itself ill. 8. 90 â€Å"you can make people follow the Way, you cannot make them understand it† define what the Way means. Lb. 5. 00 † there was a time went I used to listen to what people said and trusted that they would act accordingly, but not I listen to what they say and watch what they do† e contradicts himself v. 2. 30 â€Å"lead them by political maneuvers, restrain them with punishments: the people will become cunning and shameless. † Another contradiction IV. How Sun Tutu's strategies alone will not wo rk. Book doesn't display any uses of humanity and only focuses on how to gain victory. L. â€Å"In order to kill the enemy, men must be roused to anger; that there may be advantage from defeating the enemy, they must have their rewards† (46) ii.Sun Tug beheads two girls for disobeying him and disobeys his master by beheading them when he said not to hen says â€Å"there are commands of the sovereign which must not be obeyed† (12). Sun Tug shows no humanity in his leadership and performs his actions to prove a point I†. â€Å"In war, the way to avoid what is strong is to strike what Is weak† too harsh on people. (62) iv. â€Å"He wins his battles by making no mistakes† (53) must complete perfection to gain victory, but no one is perfect and every one will make a mistake at some point. V. The use of humanity and kindness by Confucius.There is no need to kill the bad if unnecessary. I. 12. 190 â€Å"suppose I were to kill the bad to help the good; how about that? â€Å"you are here to govern; what need Is there to kill? If you desire what Is good, the people will be good. The moral power of gentleman Is wind, the moral power of the common man Is grass. Under the wind, the grass must bend. † II. 12. 220 love all men and no one contradicts you-is this not almost a case of ‘one single maxim that could ruin a country? † must understand your own faults even as a leader or else whole country will fall ‘v. . 190 â€Å"raise the straight and set them above the crooked, and you will win the hearts of the people. If you raise the crooked and set them abaca the trait, the people will deny you their support† v. 2. 200 ‘Approach them with dignity and they will be respectful. Be yourself and a good son and a kind father, and they will be loyal. Raise the good and train the incompetent, and they will be zealous† VI. The use of spies and deceit by Tug can be used effectively to ensure your country or even company will succeed. I. â€Å"all warfare is based on deception† (42) it.Explain how all 5 uses of spying can be used. â€Å"Without subtle ingenuity of mind, one cannot make certain of the truth of their reports† (98) iii. Doomed spies are robbery the most confusing and difficult type of spy but can be the most helpful because it will distract the other side from the real truth. ‘v. Uses deceit to win war, be very tricky. Best way to gain an advantage on your enemy. † if he is inactive, give him no rest. If his forces are united, separate them. Attack him where he is unprepared, appear where you are not expected† (43) VI'.Combining both strategies and how it will prove to be most effective in leading a country or wartime against other countries. Effective way to rule a country with the balancing of both strategies ill help because one is more on humanity and ritual while the other is more on war and doing anything possible to win. I. 12. 70 â⠂¬Å"if you had to do without one of these three, which would you give up? † â€Å"weapons, then food; after all, everyone has to die eventually. But without the trust of the people, no government can stand† gaining trust will be effective in ruling a country. People must trust the leader or else he will not be followed. T. 8. 20 â€Å"when gentlemen treat their kin generously, common people are attracted to goodness; when old ties are not forgotten, common people are not sickle. † iii. 7. 310 â€Å"whenever I make a mistake, there is always someone to notice it† good to learn your mistakes even as a leader. No one is perfect not even leaders ‘v. 7. 260 â€Å"a perfect man, I cannot hope to meet. I would be content if only I could meet a principled man† no leader will be perfect and the leader must be well taught and know literature v. â€Å"in war, a general receives his commands from the sovereign, collects his army and concentrates his forc es† (69) vi. . 70 â€Å"a gentleman avoids competition† goes well with â€Å"when able to attack, we must seem unable; when using our forces we must seem inactive† (42 vii. â€Å"Hence it is only the enlightened ruler and the wise general who will use the highest intelligence of the army for purposes of spying, and thereby they achieve great results† (99) viii. â€Å"the general who is unable to control his impatience will launch his men to the assault like swarming ants, with the result that one-third of his men are slain. † (49) VIII. So now what? Today's society I. Apply to our past presidents and how they led our country ii.How these leadership philosophies can be applied to businesses iii. Explain how philosophies are applied to the war strategies we use today Write an argumentative analytic comparison of the political leadership philosophies advanced in The Analects of Confucius and The Art of War. For example, your thesis might compare the id eas of Sun Tug and Confucius on political leadership and argue (I. E. , in times of war/peace, for democracies/monarchies, etc. ), you might argue that a balance of both texts' strategies are most effective, you might argue that both texts are fundamentally advocating similar behaviors, etc.

Influence of alcohol on youths life Essay

Alcohol abuse among the youths has become a major concern in the recent past in various parts of the world. Alcohol is one of the most abused drugs with more than 60% of homesteads having access to alcohol. While in the past alcohol was not termed as a drug, today it is the leading cause of many deaths in the United States especially among the youths. Alcohol use and abuse by the youths has significant impact on their mental development and other health issues. Alcohol has been known to compromise the capability of a person to perform some of the normal tasks and also other complex tasks, the ability brain cells to retrieve information and it also slows information recording by the brain cells. Alcohol also has the effect of degrading coordination and slowing down reaction process. Apart from destroying the brain, alcohol abuse leads to other physical health problems as well as social and economic problems (Buddy, para 2). Currently, most youths drink due to peer influence or just to appear superior to their peers. Drinking has become a major problem in most colleges as more young people engage in alcohol drinking. In America for example, research has established that almost 50% of all students consume alcohol even before they reach their 8th grade (National Institute on Alcohol Abuse and Alcoholism (NIAAA), para 1). This trend continues as the students continue to 12th grade with the frequency at which alcohol increasing as students’ sets on adolescent and early adulthood. Some of the negative impacts associated with youth drinking include risky sexual activities, high risks to societies and individuals through road accidents and subsequent deaths, alcohol stimulated or induced brain damage, increased crime such as homicide, assaults and rapes all associated with alcohol, poor academic performance and poor general health of youths who take alcohol among other effects (National Institute on Alcohol Abuse and Alcoholism (NIAAA), para 1-2). This research paper will thus evaluate the various negative effects that alcohol abuse has on youths’ lives as well as their families and the society as a whole. Effects of alcohol abuse on youths As mentioned earlier, alcohol abuse is the leading cause of deaths in the United States as well as other parts of the world. Unlike in the past where terminal illnesses were ranked as the first killers in the world, today alcohol has been identified as the major killer around the world a scenario which has been attributed to the exposure of individuals to alcohol. Alcohol is one of the oldest drugs in the world. However, its abuse especially among the youths has increased in the recent past and its effects are felt across all nations (Felsted, pp 16). One of the major impacts of alcohol abuse on youth’s lives is that it interferes with the normal development process of the brains. Current research has established that brain development continues through the early twenties in a person. However, the pre-frontal cortex which is the part which is responsible for controlling cognitive ability and reasoning develops later in life as it takes a longer time to mature. Drinking in the early ages by a person (before the complete development and maturity of the brain) thus affects a person memory as it damages the region of the pre frontal cortex. Most of the youths who begin drinking do so at tender ages when their brain cells are still at the development stages. Brain cells develop when individuals are young and excessive drinking interferes with this development making young people more ineffective and unproductive. Research has established that most of the youths start drinking before the age of 16 (Barnes & Brown, pp 45). During this period, it is the time when brain cells fully mature and intoxication with alcohol reduces or interferes with hormone release and functioning. Excessive use of alcohol reduces the capability of the brain to coordinate and integrate information thus interfering with good decision making process (Barnes & Brown, pp 45). Academic degradation is another effect of alcohol abuse amongst the youths. As mentioned above, alcohol interferes with effective brain development as well as the ability of the brain to integrate and coordinate information to make meaningful translation of assimilated information. The ability of a person to comprehend and perform complex tasks and also to control impulses is controlled by the pre-frontal cortex which is destroyed by early age drinking. Alcohol abuse also slows down a person’s ability to be creative and make mature and meaningful decisions. Most of the youths who abuse alcohol are in their college levels or junior classes. Due to the negative impact alcohol abuse has on brain development and concentration capability, such youths end up performing poorly in their course work. Poor academic performance has various implications both in the short run and long run life of a youth. Mostly, students who perform poorly in class or course work end up getting poor grades which in turn forces the students to retake a course or a unit. Students who are forced to retake a course usually find it to be offensive and end up dropping out of school. This has further implications in their later life as it is difficult to find a descent job without good grades. Also, students who perform poorly in their academics are unlikely to find good jobs to support them and their families in the future. They thus end up with blue collar jobs which are not capable of supporting them financially in the long run (Buddy, para 4-6). Poor academic performance by youths and the subsequent loss of welfare has significant impact not only to the youths but also the communities in which they live in. Youths are the energetic and creative generation which is entitled to take up community development projects and to take care of the younger ones in their families in cases where parents are old or incapacitated. When youths are involved in alcohol abuse, they are unable to bring development in their communities thus affecting the overall development of these areas. Also, the government loses out as there are few youths to employ in more sophisticated careers thus end up importing professionals which can be costly. Alcohol has not only destroyed the future lives of youths but it has also destroyed the welfare of the families, societies and the overall economic growth of a country (Barnes & Brown, pp 76). Another negative impact of alcohol abuse among the youths is that it leads to loss of jobs thus economic welfare. Alcohol is very addictive and once addicted; a person becomes alcohol dependence and cannot work effectively without it. Once in the blood stream, alcohol changes the normal functioning systems and makes it to become dependent on alcohol for functioning. Most of the young adults have lost some prestigious jobs due to alcohol addiction and abuse. Once fully addicted, a person cannot perform his or her duties and thus end up being retrenched or laid off from their work places. Loss of economic welfare renders a person incapable of feeding and taking care of his or her family leading to marital problems which may even lead to divorce or separation. Domestic violence associated with alcohol and drug abuse is the main reason given by most people while filing for a divorce. Alcoholics tend to become violent and unruly which have negative impacts on the children development. Most children who are brought up in families characterized by domestic violence tend to become reserved and perform poorly in class and they may even become violent later in their lives. Young married couples who abuse alcohol are more likely to raise unhealthy families and are even more likely to be violent and disorderly (NIAAA, para 5). Alcohol abuse among the youths also leads to increased crime and homicide cases. In America for example, over 36% cases of homicide which are reported are related to alcohol intoxication and abuse. 0% of these cases are reported to have been committed by young persons under the age of 25 years whose history verify excessive use of alcohol (Felsted, pp 22). Alcohol has different effects on adults and youths which make these two groups of individuals to behave different while under its effects. In adults, alcohol acts as a sedative which makes the adults to be more controlled even after they are totally drunk. On the contrary, alcohol acts as a stimulator for young people which make them to drink past the necessary or legal limits. Alcohol brings some kind of energy in young people which stimulates them to do things they would rather not do while sober. This explains why more homicide cases which are reported to be carried out by young people are linked to alcoholism. Other crimes which are commonly committed by young persons while under the influence of alcohol include rape cases, assaults and robberies. In America for example, over 45% of all rape cases are committed by young adults between the ages of 19 and 23 years while 44% of robberies and over 35% of assaults are all alcohol related. This is still the trend in most of the colleges where over 90% of all college rapes and violence are directly related to alcohol abuse. Most of the young persons who are imprisoned for homicide cases and rape cases attribute their actions to alcohol intoxication (Felsted, pp 25). Alcohol abuse amongst the youths is also an avenue through which most of the young persons are introduced to hard drugs such as cocaine, brown sugar, heroine and bhang. Young people are usually very eager and anxious to try out new things and love being adventurous. However, under the influence of alcohol, they become more vulnerable to be introduced to other dangerous drugs which are more fatal to their health as well as their lives. Under the influence of alcohol, young people are unable to make rational decisions which make it easy for them to fall prey of hard drugs abuse. Most of the young people who are today addicted to drugs say they were first introduced to such drugs during a drinking spree. Once introduced to such drugs, it becomes difficult to quit and even treat. Other health complications may arise which may not only be costly to treat but may lead to death. Drug addiction is hard to quit hence it can easily destroy the live of the youth (Barnes & Brown, pp 109). Death is also another negative impact of alcohol on youths today. Alcohol intoxicates the mind making a person to act and behave irrationally. As already mentioned, youths are in their development stages and they are very energetic, curious and explorative. Unlike their counterpart adults, they tend to make decisions at impulse without thinking of the consequences that may accrue. Most of the youths who commit suicide are said to have prior being intoxicated with alcohol and other drugs. Alcohol is a leading cause of suicide cases which are reported around the world. Apart from suicide, most youths also meet their death while driving under the influence of alcohol. It is normal for the youths to explore and try out different things to satisfy their curiosity. Drinking is one of the means of doing this and at times they end up driving under this condition. This is dangerous as a person is not mentally and physically stable to drive which leads to major road accidents and deaths. Accidents caused by driving under the influence of alcohol are usually fatal and may cause further harm to other motorists and pedestrians as well. Families end up losing their children in such accidents all due to alcohol abuse. Another influence of alcohol on youths is that it leads to increased sexual activity amongst the youths which exposes them to dangers of contracting sexually transmitted diseases some of which may be terminal such as AIDS. Alcohol intoxicates a person and hinders rational thinking and decision making. Under the influence of alcohol, youths engage in sexual activities without reasoning or even taking precaution. This exposes or makes them vulnerable of contracting sexually transmitted diseases. Currently, most of the persons living with HIV/AIDS virus are young people and they attribute it to alcohol and drug abuse. Such diseases are terminal and before a youth realizes he or she is infected, he can pass it over to others especially when drunk. Once infected with sexually transmitted diseases especially those which are terminal, a person feels worthless and may even become ill to an extent that he or she cannot work normally or may even commit suicide. Youths who are energetic, creative and future leaders and pillars of the world thus end up dying due to alcohol abuse (NIAAA, para 7). Alcohol also leads to poverty both for the youths and their families in that once a youth becomes infected with sexually transmitted diseases; their families are forced to cater for him which requires finances. Alcohol also has other health issues in the lives of youths. Alcohol is the leading cause of liver cirrhosis and kidney failure problems. Such diseases require a lot of money to treat and usually lead to diversion of money from other family welfare issues. This may easily lead to family poverty thus further complications in family matters. Alcohol abuse among the youths also leads to stress among the family members as they try to help the addicted person. Apart from economic constraints in the family for medical care, excessive alcohol especially amongst the youths makes them to become unruly and disorderly. They may also become abusive both physically and emotionally and sometimes sexually. This may cause trauma in families and may even attract legal suits against the perpetrator. Most of the youths are incarcerated as a result of alcohol abuse. This is also costly to their families as well as the youths (Felsted, pp 43-46). Alcohol drinking by the youths also affects their reproductive and maturation systems. During puberty and adolescence, young people experience rapid growth and set the onset of maturity to adulthood. During this growth and development process, different hormones are released to aid in maturity of an individual and development of reproductive system. Alcohol destroys or tampers with the production of growth hormones thus slowing growth and development of productive organs, bones, and muscles. Excessive alcohol intake by youths especially in males can cause impotence or immaturity in development of sexual organs. Women who take excessive alcohol during their youth may also become infertile or develop other fertility complications in the future. This affects the future reproductive health of an individual as such people may become incapable of procreating. This is also a major reason for family breakups and divorces in the world (Barnes & Brown, pp 116). Another heath effect of alcohol intake among the youths is that it lowers the immune system. Exposure to alcohol especially during the youthful years leads to suppression of the immune system of an individual making such a person vulnerable to illnesses and diseases. Chronic exposure to alcohol changes the pattern in which hormones are released in the body. Hormones are the ones which stimulate the immune system in the body and once they are altered, the immunity of a person is affected greatly. Low immune system exposes a person to various kinds of health risks and diseases such as liver damage (NIAAA, para 9). Alcohol abuse by youths affects their behavioral development. Usually, youths who are under the influence of alcohol tend to be rowdy and disorganized and pick fights with almost everybody even their parents and teachers. In colleges, such students’ education is terminated which may mean end of their careers and aspirations. Termination of education also means that they cannot get better paying jobs due to lack of proper school qualifications and certificates. Alcohol makes the youths behave in an immature and irresponsible manner despite where they are. Behaving irresponsibly also has legal implications on youths. Most of the rowdy youths who become a public nuisance are picked up by the authorities and may be taken to rehabilitation centers or juvenile courts. This delays their education and prolongs their time in school which in some instances can be humiliating especially when a student is schooling with younger students. Such students may end up dropping out of school which further decreases their chances of getting good jobs. Alcohol generally leads to poverty in the long run for the youths (Felsted, pp 67-68). Conclusion Youth drinking has become a major concern in most parts of the world due to the negative impact alcohol has had on the young generation. The youth comprise of over 30% of the total population and they comprise the future generational leaders. Alcohol has however changed some of the youths and corrupted their energetic and agile minds rendering such youths almost useless to the global economy. Alcohol abuse among the youths is the leading cause for their deaths, poor performance thus poor paying jobs for the youths, diversion of family financial resources to cater for huge medical bills associated with alcohol related ailments, diseases and rehabilitation costs. Effects of alcohol on youth’s awareness campaigns should be planned to ensure that the future generation is protected.