Internal Control System

The two primary goals of an internal control system are to safeguard assets and manage resources. This action by the organization, reasonably ensure that their specific goals and objectives will be met within compliance. This system consist of policies, measures and procedures designed to assist management with protecting the organization against waste, preventing and detecting fraud, inconsistencies, inadequacy, ineffectiveness, reliable and accurate accounting, evaluating performance and protecting both its tangible and intangible resources. It helps to minimize risks and they are an integral part of an organization’s financial and business policies. Internal controls are simply just good business practices. The Sarbanes-Oxley Act was enacted on July 30, 2002. The bill was introduced and passed as a result of the then recent corporate accounting scandals by companies such as Enron, Tyco and Worldcomm, just to name a few. These very public scandals rocked the nation; since, they cost investors billions of dollars and challenged the faith that people once had in the America’s stock markets. This new Act helped to rebuild faith in a once loosely regulated system and repair some of the damage done by such greed and deceit. Some argue that the bill has reduced America's international competitive edge against overseas financial service providers (Wikipedia); but the bill was put in place to protect investors, shareholders and the general public alike by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws (SOX-online. com). The Public Company Accounting Oversight Board, or PCAOB, is the agency created to oversee the accounting firms that act as auditors for corporate companies. The consequences for non-compliance are fines, imprisonment, or both. If a company announces deficiencies in its internal controls, the stock of that organization would most likely fall due to the public knowledge and experience with this type of thing before the Sarbanes- Oxley bill was introduced. Investors’ assurance in the safety of their stock will be negatively impacted. The negative impact can cause panic by investors, resulting in the selling of that investors’ share of stock. But if the company has a strong positive reputation and releases this information voluntarily then the company may save face and retain some of their shareholders trust and some shareholders may remain loyal by staying positive. One limitation of the internal control system is employing a staff large enough to accommodate the many segregated duties of one that is well organized and thought out. The mishandling of finances, under-protection of assets, human error, human deceit, illegal dealings, erroneous information, the size of the business, staff carelessness, poor judgment or lack of knowledge, collusion by staff, overrides by management for personal gain or other motives and controls failing to capture or flag odd transactions, are all limitations in an organization’s control system (Financial Accountability Handbook, Jan. 2010). Controls that are applicable for larger companies, are not applicable in small businesses. For example, a fewer number people perform the accounting practices in small companies since they do not have the resources or the staff to accommodate segregated duties. These persons may have dual responsibility of operation and custody. The isolation of duties may be missing or severely limited. Below is a more detail description of some of these limitations. 1. Judgment: The effectiveness of controls will be limited by decisions made with human judgment under pressure to conduct business based on certain information or a lack there of. . Breakdowns: Even well designed internal controls can break down. Employees sometimes misunderstand instructions or simply make mistakes. Errors may also result from new technology and the complexity of computerized information systems. 3. Management Override: High level personnel may override prescribed policies and procedures for personal gain or advantage; thus, should not be confused with management intervention, which justifies management act ions to depart from prescribed policies and procedures for legitimate purposes. Collusion: Control systems can be circumvented by employee collusion. Individuals acting collectively can alter financial data or other management information in a manner that cannot be identified by control systems. The internal control system is designed differently within every company depending on its own needs. This allows an organization to put in place ethnical methods and procedures that best suit its practices. The Sarbanes-Oxley Act being implemented reassures stockholders and the public that they can possibly, safely invest again with a less likelihood that similar future occurrences of corporate scandals will occur. There is no sure way to have a air-tight internal control system but if a company stays vigilant about staying within compliance, tying up loophole when discovered and prosecuting when necessary; the problem of mishandled finances may slowly become a thing of the past. Internal Control Principles: . The first internal control principal is an applied establishment of responsibility by one individual. 2. The next principal is the segregation of duties where different individuals have a specific duty. 3. The following principle is the physical, mechanical, and electronic controls. This is where there are individuals, machines and computers working together. 4. The last internal control principal is independent internal verification that employs different departments to specific responsibilities.

Asc 330-10

October 13, 2011 330 Inventory 10 Overall 330-10-00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates. The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates. General 330-10-00-1 330- 10-00No updates have been made to this subtopic. 330-10-05 Overview and BackgroundNote: General Note The Overview and Background Section provides overview and background material for the guidance contained in the Subtopic. It does not provide the historical background or due process. It may contain certain material that users generally consider useful to understand the typical situations addressed by the standards. The Section does not summarize the accounting and reporting requirements. General 330-10-05330-10-05-1 The Inventory Topic addresses the accounting principles and reporting practices applicable to inventory. 30-10-05330-10-05-2 An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used. Normally such revenues arise in a continuous repetitive process or cycle of operations in which goods are acquired, created, and sold, and further goods are acquired for additional sales. 330-10-05330-10-05-3 Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues.This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. In practice, this balance is determined by the process of pricing the articles included in the inventory. 330-10-10 Objectives Note: Gene ral Note The Objectives Section provides the high-level objectives that the Subtopic is intended to accomplish or attain. The Section does not summarize or discuss the main principles of accounting and reporting requirements.General 330-10-10330-10-10-1 A major objective of accounting for inventories is the proper determination of income through the process of matching appropriate costs against revenues. 330-10-15 Scope and Scope Exceptions Note: General Note The Scope and Scope Exceptions Section outlines the items (for example, the entities, transactions, instruments, or events) to which the guidance in the Subtopic does or does not apply. In some cases, the Section may contain definitional or other text to frame the scope. General > Overall GuidanceThe Scope Section of the Overall Subtopic establishes the pervasive scope for the Inventory Topic. 330-10-15330-10-15-1 > Entities The guidance in the Inventory Topic applies to all entities, with the following qualifications. Th e guidance in this Topic is not necessarily applicable to the following entities: 330-10-15330-10-15-2 330-10-15330-10-15-3 a. Not-for-profit entities (NFPs) b. Regulated utilities. 330-10-20 Glossary Note: General Note The Master Glossary contains all terms identified as glossary terms throughout the Codification.Clicking on any term in the Master Glossary will display where the term is used. The Master Glossary may contain identical terms with different definitions, some of which may not be appropriate for a particular Subtopic. For any particular Subtopic, users should only use the glossary terms included in the particular Subtopic Glossary Section (Section 20). Direct Effects of a Change in Accounting Principle Those recognized changes in assets or liabilities necessary to effect a change in accounting principle. An example of a irect effect is an adjustment to an inventory balance to effect a change in inventory valuation method. Related changes, such as an effect on deferred i ncome tax assets or liabilities or an impairment adjustment resulting from applying the lower-of-cost-or-market test to the adjusted inventory balance, also are examples of direct effects of a change in accounting principle. Inventory The aggregate of those items of tangible personal property that have any of the following characteristics: a. Held for sale in the ordinary course of business b.In process of production for such sale c. To be currently consumed in the production of goods or services to be available for sale. The term inventory embraces goods awaiting sale (the merchandise of a trading concern and the finished goods of a manufacturer), goods in the course of production (work in process), and goods to be consumed directly or indirectly in production (raw materials and supplies). This definition of inventories excludes long-term assets subject to depreciation accounting, or goods which, when put into use, will be so classified.The fact that a depreciable asset is retired from regular use and held for sale does not indicate that the item should be classified as part of the inventory. Raw materials and supplies purchased for production may be used or consumed for the construction of long-term assets or other purposes not related to production, but the fact that inventory items representing a small portion of the total may not be absorbed ultimately in the production process does not require separate classification.By trade practice, operating materials and supplies of certain types of entities such as oil producers are usually treated as inventory. Market As used in the phrase lower of cost or market, the term market means current replacement cost (by purchase or by reproduction, as the case may be) provided that it meets both of the following conditions: a. Market shall not exceed the net realizable value b. Market shall not be less than net realizable value reduced by an allowance for an approximately normal profit margin.Net Realizable Value Estima ted selling price in the ordinary course of business less reasonably predictable costs of completion and disposal. 330-10-30 Initial Measurement Note: General Note The Initial Measurement Section provides guidance on the criteria and amounts used to measure a particular item at the date of initial recognition. General > Cost Basis 330-10-30330-10-30-1 The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset.As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location. It is understood to mean acquisition and production cost, and its determination involves many considerations. 330-10-30330-10-30-2 Although principles for the determination of inventory costs may be easily stated, their application, particularly to such inventory items as work in process and finished goods, is difficult because of the variety of considerations in the allocation of costs and charges. 30-10-30330-10-30-3 For example, variable production overheads are allocated to each unit of production on the basis of the actual use of the production facilities. However, the allocation of fixed production overheads to the costs of conversion is based on the normal capacity of the production facilities. Normal capacity refers to a range of production levels. Normal capacity is the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.Some variation in production levels from period to period is expected and establishes the range of normal capacity. 330-10-30330-10-30-4 The range of normal capacity will vary based on business- and industry-specific factors. Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production). 330-10-30330-10-30-5 Examples of factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment downtime. 30-10-30330-10-30-6 The actual level of production may be used if it approximates normal capacity. In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production shall be decreased so that inventories are not measured above cost. The amount of fixed overhead allocated to each unit of production shall not be increased as a consequence of abnormally low production or idle plant. 330-10-30330-10-30-7 Unallocated overheads shall be recognized as an expense in the period in which they are incurred.Other items such as abnormal freight, handling costs, and amounts of wasted materials (spoilage) require treatment as current period charges rather than as a portion of the inventory c ost. 330-10-30330-10-30-8 Also, under most circumstances, general and administrative expenses shall be included as period charges, except for the portion of such expenses that may be clearly related to production and thus constitute a part of inventory costs (product charges). Selling expenses constitute no part of inventory costs. The exclusion of all overheads from inventory costs does not constitute an accepted accounting procedure.The exercise of judgment in an individual situation involves a consideration of the adequacy of the procedures of the cost accounting system in use, the soundness of the principles thereof, and their consistent application. General and administrative expenses ordinarily shall be charged to expense as incurred but may be accounted for as contract costs under the completed-contract method of accounting or, in some circumstances, as indirect contract costs by government contractors. > Determination of Inventory Costs 30-10-30330-10-30-9 Cost for invent ory purposes may be determined under any one of several assumptions as to the flow of cost factors, such as first-in first-out (FIFO), average, and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which, under the circumstances, most clearly reflects periodic income. 330-10-30330-10-30-10 The cost to be matched against revenue from a sale may not be the identified cost of the specific item which is sold, especially in cases in which similar goods are purchased at different times and at different prices.While in some lines of business specific lots are clearly identified from the time of purchase through the time of sale and are costed on this basis, ordinarily the identity of goods is lost between the time of acquisition and the time of sale. 330-10-30330-10-30-11 Accordingly, if the materials purchased in various lots are identical and interchangeable, the use of identified cost of the various lots may not produce the most useful finan cial statements.This fact has resulted in the general acceptance of several assumptions with respect to the flow of cost factors such as FIFO, average, and LIFO to provide practical bases for the measurement of periodic income. 330-10-30330-10-30-12 Standard costs are acceptable if adjusted at reasonable intervals to reflect current conditions so that at the balance-sheet date standard costs reasonably approximate costs computed under one of the recognized bases.In such cases descriptive language shall be used which will express this relationship, as, for instance, â€Å"approximate costs determined on the first-in first-out basis,† or, if it is desired to mention standard costs, â€Å"at standard costs, approximating average costs. † 330-10-30330-10-30-13 In some situations a reversed mark-up procedure of inventory pricing, such as the retail inventory method, may be both practical and appropriate.The business operations in some cases may be such as to make it desirab le to apply one of the acceptable methods of determining cost to one portion of the inventory or components thereof and another of the acceptable methods to other portions of the inventory. 330-10-30330-10-30-14 Although selection of the method should be made on the basis of the individual circumstances, financial statements will be more useful if uniform methods of inventory pricing are adopted by all companies within a given industry. >Consistency Required 330-10-30330-10-30-15 While the basis of stating inventories does not affect the overall gain or loss on the ultimate disposition of inventory items, any inconsistency in the selection or employment of a basis may improperly affect the periodic amounts of income or loss. Because of the common use and importance of periodic statements, a procedure adopted for the treatment of inventory items shall be consistently applied in order that the results reported may be fairly allocated between years. >Purchases and Sales of Invent ory with the Same Counterparty 330-10-30330-10-30-16 For a discussion of the initial measurement of inventory purchased from an entity to which it also sells inventory in the same line of business, see paragraphs 845-10-55-10 through 55-26. > Costs Resulting from Share-Based Payment Transactions See paragraph 718-10-25-2 for a discussion of share-based payment capitalized as a part of inventory. 330-10-30330-10-30-17 > Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed 30-10-30330-10-30-18 See Sections 985-20-25 and 985-20-35 and paragraphs 985-20-55-2 through 55-3 for a discussion of accounting for the costs of producing and acquiring computer software, including software that is marketed as part of a product or process. > Costs of Certain Construction-Type and Production-Type Contracts 330-10-30330-10-30-19 See Section 605-35-25 for a discussion of accounting for contract and precontract costs of certain construction-type and production-type contracts. 3 30-10-35 Subsequent MeasurementNote: General Note The Subsequent Measurement Section provides guidance on an entity’s subsequent measurement and subsequent recognition of an item. Situations that may result in subsequent changes to carrying amount include impairment, fair value adjustments, depreciation and amortization, and so forth. General > Adjustments to Lower of Cost or Market 330-10-35330-10-35-1 A departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as their cost.Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels, or other causes, the difference shall be recognized as a loss of the current period. This is generally accomplished by stating such goods at a lower level commonly designated as market market. 330-10-35330-10-35-2 The cost basis of record ing inventory ordinarily achieves the objective of a proper matching of costs and revenues.However, under certain circumstances cost may not be the amount properly chargeable against the revenues of future periods. A departure from cost is required in these circumstances because cost is satisfactory only if the utility of the goods has not diminished since their acquisition; a loss of utility shall be reflected as a charge against the revenues of the period in which it occurs. Thus, in accounting for inventories, a loss shall be recognized whenever the utility of goods is impaired by damage, deterioration, obsolescence, changes in price levels, or other causes.The measurement of such losses shall be accomplished by applying the rule of pricing inventories at the lower of cost or market. This provides a practical means of measuring utility and thereby determining the amount of the loss to be recognized and accounted for in the current period. 330-10-35330-10-35-3 The rule of lower of cost or market is intended to provide a means of measuring the residual usefulness of an inventory expenditure.The term market is therefore to be interpreted as indicating utility on the inventory date and may be thought of in terms of the equivalent expenditure which would have to be made in the ordinary course at that date to procure corresponding utility. 330-10-35330-10-35-4 As a general guide, utility is indicated primarily by the current cost of replacement of the goods as they would be obtained by purchase or reproduction. In applying the rule, however, judgment must always be exercised and no loss shall be recognized unless the evidence indicates clearly that a loss has been sustained.There are therefore exceptions to such a standard. Replacement or reproduction prices would not be appropriate as a measure of utility when the estimated sales value, reduced by the costs of completion and disposal, is lower, in which case the realizable value so determined more appropriately measures utility. 330-10-35330-10-35-5 Furthermore, when the evidence indicates that cost will be recovered with an approximately normal profit upon sale in the ordinary course of business, no loss shall be recognized even though replacement or reproduction costs are lower.This might be true, for example, in the case of production under firm sales contracts at fixed prices, or when a reasonable volume of future orders is assured at stable selling prices. 330-10-35-6 If inventory has been the hedged item in a fair value hedge, the inventory’s cost basis used in the lower 330- 10-35of cost or market accounting shall reflect the effect of the adjustments of its carrying amount made pursuant to paragraph 815-25-35-1(b). 330-10-35330-10-35-7 Because of the many variations of circumstances encountered in inventory pricing, the definition of market is intended as a guide rather than a literal rule.It shall be applied realistically in light of the objectives expressed in this Subtopi c and with due regard to the form, content, and composition of the inventory. For example, the retail inventory method, if adequate markdowns are currently taken, accomplishes the objectives described herein. It is also recognized that, if a business is expected to lose money for a sustained period, the inventory shall not be written down to offset a loss inherent in the subsequent operations. 30-10-35330-10-35-8 Depending on the character and composition of the inventory, the rule of lower of cost or market may properly be applied either directly to each item or to the total of the inventory (or, in some cases, to the total of the components of each major category). The method shall be that which most clearly reflects periodic income. 330-10-35330-10-35-9 The purpose of reducing inventory to market is to reflect fairly the income of the period. The most common practice is to apply the lower of cost or market rule separately to each item of the inventory.However, if there is only on e end-product category the cost utility of the total stock—the inventory in its entirety—may have the greatest significance for accounting purposes. Accordingly, the reduction of individual items to market may not always lead to the most useful result if the utility of the total inventory to the business is not below its cost. This might be the case if selling prices are not affected by temporary or small fluctuations in current costs of purchase or manufacture. 30-10-35330-10-35-10 Similarly, where more than one major product or operational category exists, the application of the lower of cost or market rule to the total of the items included in such major categories may result in the most useful determination of income. When no loss of income is expected to take place as a result of a reduction of cost prices of certain goods because others forming components of the same general categories of finished products have a market equally in excess of cost, such components need not be adjusted to market to the extent that they are in balanced quantities.Thus, in such cases, the rule of lower of cost or market, may be applied directly to the totals of the entire inventory, rather than to the individual inventory items, if they enter into the same category of finished product and if they are in balanced quantities, provided the procedure is applied consistently from year to year. 330-10-35330-10-35-11 To the extent, however, that the stocks of particular materials or components are excessive in relation to others, the more widely recognized procedure of applying the lower of cost or market to the individual items constituting the excess shall be followed.This would also apply in cases in which the items enter into the production of unrelated products or products having a material variation in the rate of turnover. Unless an effective method of classifying categories is practicable, the rule shall be applied to each item in the inventory. 330-10-35330-10 -35-12 See paragraphs 330-10-30-9 through 30-14 for guidance on inventory pricing methods. > Loss Due to Sales Incentive 330-10-35330-10-35-13 The offer of a sales incentive that will result in a loss on the sale of a product may indicate an impairment of existing inventory under this Subtopic. gt; New Cost Basis 330-10-35-14 In the case of goods which have been written down below cost at the close of a fiscal year, such 330- 10-35reduced amount is to be considered the cost for subsequent accounting purposes. Paragraph 270-10-45-6 provides guidance for preparing interim financial statements. > Stating Inventories Above Cost 330-10-35330-10-35-15 Only in exceptional cases may inventories properly be stated above cost.For example, precious metals having a fixed monetary value with no substantial cost of marketing may be stated at such monetary value; any other exceptions must be justifiable by inability to determine appropriate approximate costs, immediate marketability at quote d market price, and the characteristic of unit interchangeability. 330-10-35330-10-35-16 It is generally recognized that income accrues only at the time of sale, and that gains may not be anticipated by reflecting assets at their current sales prices.However, exceptions for reflecting assets at selling prices are permissible for both of the following: a. Inventories of gold and silver, when there is an effective government-controlled market at a fixed monetary value b. Inventories representing agricultural, mineral, and other products, with all of the following criteria: 1. Units of which are interchangeable 2. Units of which have an immediate marketability at quoted prices 3. Units for which appropriate costs may be difficult to obtain.Where such inventories are stated at sales prices, they shall be reduced by expenditures to be incurred in disposal. > Purchase Commitments 330-10-35330-10-35-17 A net loss on firm purchase commitments for goods for inventory, measured in the same way as are inventory losses, shall be recognized in the accounts. The recognition in a current period of losses arising from the decline in the utility of cost expenditures is equally applicable to similar losses which are expected to arise from firm, uncancelable, and unhedged commitments for the future purchase of inventory items. 30-10-35330-10-35-18 The utility of such commitments is not impaired, and hence there is no loss, when the amounts to be realized from the disposition of the future inventory items are adequately protected by firm sales contracts or when there are other circumstances that reasonably assure continuing sales without price decline. > Accounting Changes 330-10-35330-10-35-19 Paragraph 250-10-55-1 explains that a change in composition of the elements of cost included in inventory is an accounting change and provides related guidance. 30-10-35330-10-35-20 The definition of direct effects of a change in accounting principle includes a change in inventory va luation methods as an accounting change. > Vendor Accounting for Consideration Given to a Customer or Reseller See Subtopic 605-50 for a discussion of consideration given by a vendor to a customer. 330-10-35330-10-35-21 > Customer or Reseller Accounting for Consideration Received from a Vendor 330-10-35330-10-35-22 See Section 605-50 for a discussion of accounting by a customer (including a reseller) for consideration received from a vendor. >Interim Financial Reporting See paragraph 270-10-45-6 for a discussion of practices used in determining costs of inventory on an 330-10-35330-10-35-23 interim basis. 330-10-45 Other Presentation Matters Note: General Note The Other Presentation Matters Section provides guidance on other presentation matters not addressed in the Recognition, Initial Measurement, Subsequent Measurement, and Derecognition Sections. Other presentation matters may include items such as current or long-term balance sheet classification, cash flow presentatio n, earnings per share matters, and so forth.The FASB Codification also contains Presentation Topics, which provide guidance for general presentation and display items. See those Topics for general guidance. General > Change in Composition is Accounting Change 330-10-45330-10-45-1 See paragraph 330-10-35-19 for guidance on dealing with the effects of an accounting change resulting from a change in elements of cost included in inventory inventory. > Costs of Certain Construction-Type and Production-Type Contracts 330-10-45330-10-45-2 See paragraphs 605-35-45-3 through 45-5 for guidance on presenting contract costs of certain construction-type and production-type contracts. 30-10-50 Disclosure Note: General Note The Disclosure Section provides guidance regarding the disclosure in the notes to financial statements. In some cases, disclosure may relate to disclosure on the face of the financial statements. General > Basis for Stating Inventories 330-10-50330-10-50-1 The basis of stating inventories shall be consistently applied and shall be disclosed in the financial statements; whenever a significant change is made therein, there shall be disclosure of the nature of the change and, if material, the effect on income. A change of such basis ay have an important effect upon the interpretation of the financial statements both before and after that change, and hence, in the event of a change, a full disclosure of its nature and of its effect, if material, upon income shall be made. > Losses from Application of Lower of Cost or Market 330-10-50330-10-50-2 When substantial and unusual losses result from the application of the rule of lower of cost or market it will frequently be desirable to disclose the amount of the loss in the income statement as a charge separately identified from the consumed inventory costs described as cost of goods sold. gt; Goods Stated Above Cost Where goods are stated above cost this fact shall be fully disclosed. 330-10-50330-10-5 0-3 > Stating Inventories at Sales Prices 330-10-50330-10-50-4 Where such inventories are stated at sales prices, the use of such basis shall be fully disclosed in the financial statements. > Losses on Firm Purchase Commitments 330-10-50330-10-50-5 The amounts of net losses on firm purchase commitments accrued under paragraph 330-10-35-17 shall be disclosed separately in the income statement. >Disclosure of Significant Estimates 330-10-50330-10-50-6 See Example 1 (paragraph 330-10-55-8) for an illustration of the disclosure of significant estimates applicable to inventories as required by Section 275-10-50. 330-10-55 Implementation Guidance and Illustrations Note: General Note The Implementation Guidance and Illustrations Section contains implementation guidance and illustrations that are an integral part of the Subtopic. The implementation guidance and illustrations do not address all possible variations.Users must consider carefully the actual facts and circumstances in r elation to the requirements of the Subtopic. General 330-10-55330-10-55-1 This Section, which is an integral part of the requirements of this Topic, provides general guidance to be used in accounting for inventory Certain assumptions have been made to simplify the computations and focus on the inventory. issue at hand in each illustration. > >> Implementation Guidance Market Decline in Interim Period 30-10-55330-10-55-2 If near-term price recovery is uncertain, a decline in the market price of inventory below cost during an interim period shall be accounted for as follows. Paragraph 270-10-45-6 requires that the inventory be written down to the lower of cost or market unless either of the following conditions is met: a. Substantial evidence exists that market prices will recover before the inventory is sold. b. In the case of last-in, first-out (LIFO) inventory, substantial evidence exists that inventory amounts will be restored by year-end. A write-down is generally requir ed nless the decline is due to seasonal price fluctuations. >> Costs Capitalized to Inventory for Tax Purposes 330-10-55330-10-55-3 The following provides guidance as to whether the types of costs that are required to be allocated to inventories for tax purposes under the Uniform Capitalization Rules for Inventory under the Tax Reform Act of 1986 would be capitalizable under generally accepted accounting principles (GAAP) and, if so, whether the costing method required for tax purposes is a preferable method for purposes of justifying a change in accounting principle. 30-10-55330-10-55-4 The fact that a cost is capitalizable for tax purposes does not, in itself, indicate that it is preferable, or even appropriate, to capitalize that cost for financial reporting purposes. Certain of the additional costs that are required to be capitalized for tax purposes may also be capitalizable for financial reporting purposes, depending on factors such as the nature of the entity's operatio n and industry practice. That determination, however, can only be made after an analysis of the individual facts and circumstances. gt;;gt; ;gt;;gt;;gt; Capitalizing Pension and Other Postretirement Cost Into Inventory Interest Cost Component 330-10-55330-10-55-5 A fundamental aspect of Sections 715-30-35 and 715-60-35 is to combine or aggregate the various pension and other postretirement cost components, including service cost, interest cost, expected return on plan assets, and amortization of all of the following items recognized in accumulated other comprehensive income: a. Net transition asset or obligation b. Prior service cost or credit c.Net gain or loss. 330-10-55330-10-55-6 In the aggregate, net periodic pension and other postretirement cost is viewed as an element of employee compensation. Therefore, when it is appropriate to capitalize employee compensation in connection with the construction or production of an asset, the net periodic pension and other postretirement co st applicable to the pertinent employees for the period (including interest cost), not individual components of that amount, is the relevant amount. ;gt;;gt;;gt; Net Periodic Pension Income 30-10-55330-10-55-7 If an entity's cost allocation process capitalizes net periodic pension cost as part of the cost of inventory or other assets, net periodic pension income also shall be capitalized, thereby reducing the total employee compensation and other costs being capitalized. > >> Illustrations Example 1: Disclosure of Significant Estimates 330-10-55330-10-55-8 This Example illustrates the guidance in paragraph 330-10-50-6 regarding the disclosure of significant estimates related to inventory. Entity A manufactures high technology stereo equipment.In June 19X7, one of Entity A's competitors introduced a new model stereo system with the same features as Entity A's Model A. The competitor's version sells for significantly less than Entity A's suggested retail price for Model A. Th e introduction of this product resulted in a sharp decrease in the sales volume of Model A. As of December 31, 19X7, Entity A has accumulated significant inventory quantities beyond its normal short-term needs of its Model A system. Inventory for Model A ($6 million) represents approximately 20 percent of Entity A's inventory at that date.The remaining 80 percent of Entity A's inventory consists of products experiencing only normal competitive pressures. Entity A has established provisions for obsolescence for this latter group of products in the normal course of business. 330-10-55330-10-55-9 Management has developed a program to provide substantial dealer incentives on purchases of the Model A, which it expects will result in the sale of this inventory in the near term. Because of the existing high profit margin on its stereo systems, Entity A would continue to earn a marginal profit on sales of the Model A under the new program.It is also reasonably possible, however, that the pr ogram will not be wholly successful, and, accordingly, a material loss could ultimately result on the disposal of the inventory. 330-10-55330-10-55-10 The entity would disclose the following. As of December 31, 19X7, some portion of $6 million of inventory of one of the entity's products is in excess of Entity A's current requirements based on the recent level of sales. Management has developed a program to reduce this inventory to desired levels over the near term and believes no loss will be incurred on its disposition.No estimate can be made of a range of amounts of loss that are reasonably possible should the program not be successful. 330-10-55330-10-55-11 This situation meets the criteria for disclosure under paragraph 275-10-50-8 because circumstances that existed at the date of the financial statements, including the decreasing sales volume and excessive quantities of inventory of Model A, make it at least reasonably possible that management's plan to liquidate its excess in ventory without a loss will be less than fully successful and that such an outcome would have a near-term material effect on the entity's financial statements. 30-10-55330-10-55-12 In this Example, Entity A discloses the existence of potentially excess quantities of inventory at the date of the financial statements and indicates that the uncertainty is expected to be resolved in the near term. The disclosure is intended to provide users with insight into management's assessment of recoverability of the cost of inventories existing at the date of the financial statements.Although disclosure of the $6 million carrying amount of the inventory of Model A is not required because, based on the facts presented, $6 million does not constitute a reasonable estimate of loss on the disposal of the inventory or the maximum amount in an estimated range of loss, disclosure of this amount is not misleading and may provide useful information. 330-10-55330-10-55-13 Discussion of Entity A's provision for obsolescence for the remaining 80 percent of its inventory is not required because it is not considered reasonably possible that additional aterial losses on this inventory will occur. 330-10-75 XBRL Elements Note: General Note This section contains a list of XBRL elements that reference paragraphs in this Subtopic. For additional details regarding changes to the development version of the US GAAP Financial Reporting Taxonomy, refer to the FASB taxonomy review and comment system on the FASB web site (www. fasb. org). Adjustments for Change in Accounting Principle [Domain]Element Name: ChangeInAccountingPrincipleMember This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-1(b)(1)-(2) 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2Adjustments for New Accounting Pronouncement [Member] Element Name: NewAccountingPronouncementMember This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle Inventory AdjustmentsElement Name: InventoryAdjustments This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > 50 Disclosure > General, 50-1 This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(b)) Inventory Finished Goods , Policy [Policy Text Block] Element Name: InventoryFinishedGoodsPolicy This XBRL element references the ollowing paragraph(s)/term(s) in this Subtopic: Inventory 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-3 270 Interim Reporting > 10 Overall > 45 Other Presentation > General, 45-12 270 Interim Reporting > 10 Overall > 45 Other Presentation > General, 45-13 270 Interim Reporting > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 0-01. (b)(6)) Selling, General and Administrative Expense Element Name: SellingGeneralAndAdministrativeExpense This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > 30 Initial Measurement > General, 30-8 This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 225 Income Statement > 10 Overall > S99 SEC Materials > General, S99-2(SX 210. 5-03. 4) 2011-01Type of Change [Domain] (Deprecated 2011-01-31)Element Name: TypeOfChangeDomain This XBRL element references the following paragraph(s)/term(s) in this Subtopic: Direct Effects of a Change in Accounting Principle This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): Accounting Change Change in Accounting Principle Indirect Effects of a Change in Accounting Principle Retrospective Application 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-1(a) 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-2 250 Accounting Changes and Error Corrections > 10 Overall > 50 Disclosure > General, 50-3 250 Accounting Changes and Error Corrections > 10 Overall > S99 SEC Materials > General, S99-5(SAB TOPIC 11. M) 330-10-S00 Status Note: General Note The Status Section identifies changes to this Subtopic resulting from Accounting Standards Updates.The Section provides references to the affected Codification content and links to the related Accounting Standards Updates. Nonsubstantive changes for items such as editorial, link and similar corrections are included separately in Maintenance Updates. General 330-10-S00330-10-S00-1 Paragraph 330-10-S35-2 The following table identifies the changes made to this Subtopic. Action Amended Accounting Standards Update Accounting Standards Update No. 2009-07 Date 09/15/2009 330-10-S35 Subsequent Measurement Note: General Note The Subsequent Measurement Section provides guidance on an entity’s subsequent measurement and subsequent recognition of an item.Situations that may result in subsequent changes to carrying amount include impairment, fair value adjustments, depreciation and amortization, and so forth. General > Restoration of Previously Written-Down Inventory Value 330-10-S35330-10-S35-1 See paragraph 330- 10-S99-2, SAB Topic 5. BB, for SEC Staff views on restoration of inventory value following a previous write-down to lower of cost or market. > Classification of Inventory Markdowns and Other Costs Associated with a Restructuring 330-10-S35330-10-S35-2 See paragraph 420-10-S99-3, SEC Observer Comment: Classification of Inventory Markdowns and Other Costs Associated with Restructuring, for SEC Staff views on income statement classification of inventory markdowns associated with a restructuring. 330-10-S45 Other Presentation MattersNote: General Note The Other Presentation Matters Section provides guidance on other presentation matters not addressed in the Recognition, Initial Measurement, Subsequent Measurement, and Derecognition Sections. Other presentation matters may include items such as current or long-term balance sheet classification, cash flow presentation, earnings per share matters, and so forth. The FASB Codification also contains Presentation Topics, which provide guida nce for general presentation and display items. See those Topics for general guidance. General > Separate Presentation of Classes of Inventory 330-10-S45-1 See paragraph 210-10-S99-1, Regulation S-X Rule 5-02. 6, for requirements for inventory presentation 330- 10-S45on the balance sheet. 30-10-S50 Disclosure Note: General Note The Disclosure Section provides guidance regarding the disclosure in the notes to financial statements. In some cases, disclosure may relate to disclosure on the face of the financial statements. General > Inventory Disclosure Requirements See paragraph 210-10-S99-1, Regulation S-X Rules 5-02. 6(b) through (d), for inventory disclosure 330-10-S50330-10-S50-1 requirements. > LIFO Liquidations 330-10-S50330-10-S50-2 See paragraph 330-10-S99-3, SAB Topic 11. F, for SEC Staff views on disclosure of income realized as a result of a last-in, first-out (LIFO) liquidation. 330-10-S55 Implementation Guidance and IllustrationsNote: General Note The Implementat ion Guidance and Illustrations Section contains implementation guidance and illustrations that are an integral part of the Subtopic. The implementation guidance and illustrations do not address all possible variations. Users must consider carefully the actual facts and circumstances in relation to the requirements of the Subtopic. General > LIFO Inventory Practices 330-10-S55330-10-S55-1 See paragraph 330-10-S99-1, SAB Topic 5. L, for SEC Staff views on appropriate last-in, first-out (LIFO) accounting practices. 330-10-S75 XBRL Elements Note: General Note This section contains a list of XBRL elements that reference paragraphs in this Subtopic.For additional details regarding changes to the development version of the US GAAP Financial Reporting Taxonomy, refer to the FASB taxonomy review and comment system on the FASB web site (www. fasb. org). Effect of LIFO Inventory Liquidation on Income Element Name: EffectOfLIFOInventoryLiquidationOnIncome This XBRL element references the fol lowing paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S50 Disclosure > General, S50-2 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-3 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-3(SAB TOPIC 11. F) Inventory, Raw Materials, Net of ReservesElement Name: InventoryRawMaterialsNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(4)) Inventory, Supplies, Net of Reserves Element Name: InventorySuppliesNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL elemen t references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(5))Inventory, Work in Process and Raw Materials, Net of Reserves Element Name: InventoryWorkInProcessAndRawMaterialsNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(3),(4)) Inventory, Work in Process, Net of Reserves Element Name: InventoryWorkInProcessNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5.BB) This XBRL element references the following paragraph(s)/term(s) in other S ubtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6(a)(3)) Other Inventory, Net of Reserves Element Name: OtherInventoryNetOfReserves This XBRL element references the following paragraph(s)/term(s) in this Subtopic: 330 Inventory > 10 Overall > S99 SEC Materials > General, S99-2(SAB TOPIC 5. BB) This XBRL element references the following paragraph(s)/term(s) in other Subtopic(s): 210 Balance Sheet > 10 Overall > S99 SEC Materials > General, S99-1(SX 210. 5-02. 6) 330-10-S99 SEC Materials Note: General Note As more fully described in the Notice to Constituents, the Codification includes selected SEC and SEC Staff content for reference by ublic companies. The Codification does not replace or affect how the SEC or SEC Staff issues or updates SEC content. SEC Staff content does not constitute Commission-approved rules or interpretations of the SEC. General > >> >>> SEC Staff Guidance Staff Accountin g Bulletins SAB Topic 5. L, LIFO Inventory Practices The following is the text of SAB Topic 5. L, LIFO Inventory Practices. 330-10-S99330-10-S99-1 Facts: On November 30, 1984, AcSEC and its Task Force on LIFO Inventory Problems (task force) issued a paper, â€Å"Identification and Discussion of Certain Financial Accounting and Reporting Issues Concerning LIFO Inventories. This paper identifies and discusses certain financial accounting and reporting issues related to the last-in, first-out (LIFO) inventory method for which authoritative accounting literature presently provides no definitive guidance. For some issues, the task force's advisory conclusions recommend changes in current practice to narrow the diversity which the task force believes exists. For other issues, the task force's advisory conclusions recommend that current practice should be continued for financial reporting purposes and that additional accounting guidance is unnecessary. Except as otherwise noted in the pap er, AcSEC generally supports the task force's advisory conclusions.As stated in the issues paper, â€Å"Issues papers of the AICPA's accounting standards division are developed primarily to identify financial accounting and reporting issues the division believes need to be addressed or clarified by the Financial Accounting Standards Board. † On February 6, 1985, the FASB decided not to add to its agenda a narrow project on the subject of LIFO inventory practices. Question 1: What is the SEC staff's position on the issues paper? Interpretive Response: In the absence of existing authoritative literature on LIFO accounting, the staff believes that registrants and their independent accountants should look to the paper for guidance in determining what constitutes acceptable LIFO accounting practice. FN11 In this connection, the staff considers the paper to be an accumulation of existing cceptable LIFO accounting practices which does not establish any new standards and does not div erge from GAAP. FN11 In ASR 293 (July 2, 1981) see Financial Reporting Codification 205, the Commission expressed its concerns about the inappropriate use of Internal Revenue Service (IRS) LIFO practices for financial statement preparation. Because the IRS amended its regulations concerning the LIFO conformity rule on January 13, 1981, allowing companies to apply LIFO differently for financial reporting purposes than for tax purposes, the Commission strongly encouraged registrants and their independent accountants to examine their financial reporting LIFO practices.In that release, the Commission acknowledged the â€Å"task force which has been established by AcSEC to accumulate information about [LIFO] application problems† and noted that â€Å"This type of effort, in addition to self-examination [of LIFO practices] by individual registrants, is appropriate†¦ † The staff also believes that the advisory conclusions recommended in the issues paper are generally con sistent with conclusions previously expressed by the Commission, such as: 1. Pooling-paragraph 4-6 of the paper discusses LIFO inventory pooling and concludes â€Å"establishing separate pools with the principal objective of facilitating inventory liquidations is unacceptable. In Accounting and Auditing Enforcement Release 35, August 13, 1984, the Commission stated that it believes that the Company improperly realigned its LIFO pools in such a way as to maximize the likelihood and magnitude of LIFO liquidations and thus, overstated net income. 2. New Items-paragraph 4-27 of the paper discusses determination of the cost of new items and concludes â€Å"if the double extension or an index technique is used, the objective of LIFO is achieved by reconstructing the base year cost of new items added to existing pools. † In ASR 293, the Commission stated that when the effects of inflation on the cost of new products are measured by making a comparison with current cost as the base- year cost, rather than a reconstructed base-year cost, income is improperly increased.Question 2: If a registrant utilizes a LIFO practice other than one recommended by an advisory conclusion in the issues paper, must the registrant change its practice to one specified in the paper? Interpretive Response: Now that the issues paper is available, the staff believes that a registrant and its independent accountants should re-examine previously adopted LIFO practices and compare them to the recommendations in the paper. In the event that the registrant and its independent accountants conclude that the registrant's LIFO practices are preferable in the circumstances, they should be prepared to justify their position in the event that a question is raised by the staff.Question 3: If a registrant elects to change its LIFO practices to be consistent with the guidance in the issues paper and discloses such changes in accordance with APB Opinion 20 [Subtopic 250-10] will the registrant be requ ested by the staff to explain its past practices and its justification for those practices? Interpretive Response: The staff does not expect to routinely raise questions about changes in LIFO practices which are made to make a company's accounting consistent with the recommendations in the issues paper. >>> SAB Topic 5. BB, Inventory Valuation Allowance The following is the text of SAB Topic 5. BB, Inventory Valuation Allowance. 330-10-S99330-10-S99-2 Facts: ARB 43, Chapter 4, Statement 5 [paragraph 330-10-35-1], specifies that: â€Å"[a] departure from the cost basis of pricing the inventory is required when the utility of the goods is no longer as great as its cost.Where there is evidence that the utility of goods, in their disposal in the ordinary course of business, will be less than cost, whether due to physical obsolescence, changes in price levels, or other causes, the difference should be recognized as a loss of the current period. This is generally accomplished by stating such goods at a lower level commonly designated as market. † Footnote 2 to that same chapter indicates that â€Å"[i]n the case of goods which have been written down below cost at the close of a fiscal period, such reduced amount is to be considered the cost for subsequent accounting purposes. † Lastly, Opinion 20 provides â€Å"inventory obsolescence† as one of the items subject to estimation and changes in estimates under the guidance in paragraphs 10-11 and 31-33 of that Opinion. Question: Does the write-down of inventory to the lower of ost or market, as required by ARB 43 [Section 330-10-35], create a new cost basis for the inventory or may a subsequent change in facts and circumstances allow for restoration of inventory value, not to exceed original historical cost? Interpretive Response: Based on ARB 43, footnote 2, the staff believes that a write-down of inventory to the lower of cost or market at the close of a fiscal period creates a new cost b asis that subsequently cannot be marked up based on changes in underlying facts and circumstances. FN68 FN68 See also disclosure requirement for inventory balances in Rule 5-02(6) of Regulation S-X. >>> SAB Topic 11. F, LIFO LiquidationsThe following is the text of SAB Topic 11. F, LIFO Liquidations. 330-10-S99330-10-S99-3 Facts: Registrant on LIFO basis of accounting liquidates a substantial portion of its LIFO inventory and as a result includes a material amount of income in its income statement which would not have been recorded had the inventory liquidation not taken place. Question: Is disclosure required of the amount of income realized as a result of the inventory liquidation? Interpretive Response: Yes. Such disclosure would be required in order to make the financial statements not misleading. Disclosure may be made either in a footnote or parenthetically on the face of the income statement.

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Case Study Example Therefore, in return, I should also be given what compensates my efforts in monetary form. The approval procedure is quite long. For a potential applicant, the waiting for a job which pays lower than the others at such a long period would not be acceptable. This can lead to possible excellent employees to find other job offerings so with the sluggish flow of the process, the procedure is quite unsatisfactory. Thus, more should be employed for the recruiting process to make the job faster or at least an easier technique should be carefully planned to eliminate all unnecessary parts of the procedure that hinder a quick process. If I were to design a recruiting system, there should be an advertisement that reaches good potential applicants. In the case of Northwest State where obviously money and staff is a problem, perhaps some teachers can be given the job to do the initial screening of applicants like written exams. The results will then be given to Department Head, Vice President for Academic Affairs and the President of the college for them to evaluate applicants as a group to save

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Film analysis on the movie Pulp Fiction Essay Example | Topics and Well Written Essays - 2000 words

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U.S Navy in early American history - Essay Example Despite the fact the Old Navy was ultra sized; it had the most sophisticated warships in the world. It presented a platform to the modernization of the Navy. The Status and existence of the Rhode Island was prioritized by the US government. Therefore the creation of the navy was billed and passed by Parliament of the Rhode Island in seventeen seventy seven in Greenwich (East). It should be noted that these events took place after the military hierarchy promotion of Captain Abraham Whipple in to an Army General. Governor Nicholas Cooke issued a confirmation to this. It was a defense move against the Frigates from Britain who posed a constant threat to the trade activities in Rhode Island. It was so serious that President George Washington begun buying warships using his own resources. The Schooner Hannah was one of the ships. The Continental Congress endorsed the buying of two ships that were well armed to attack the ships from their enemies like British for this matter. There was to be the existing policy that was to be adhered to by the continental fleet that was to reign throughout the Revolution. The first policy was written by John Adams which was accepted by the congress. Towards the end of 1775, the Congress ordered the putting up of thirteen frigates in the following a quarter a year, putting into account the resolution that was passed earlier on. Also, there was building of five ships that have two and two thirds dozens of guns, five ships with two and a quarter dozens guns, and three ships with two dozens of guns. A dozen ships that were build under the order of Benedict Arnold to prevent the British from attacking New York after Canada. This Arnold’s fleet did not manage that of British whereas the fleet which brought the British fleet was the U.S fleet in the war called Battle of Valcour Island. Later on, the ships vessels that were constructed were overpowered by the Royal Navy, which was more powerful than them. The only American hero in the navy who defeated the British fleet was John Paul Jones, who was Thought to have attacked other ships by their owners and when asked he put it boldly that the fight had not yet began. There took place the Revolutionary War which its end resulted into the break up the Navy of the continent in 1785, after the approval of Treaty of Paris. It is the Treaty of Paris that kept British Navy to work together with the ship trading and their support ended after the dispersing of the continental navy. The war between the American marine trade transporters and their attackers at the coast led to the Naval Act 1794. There was order that the Act should have the six frigates as one of its composition. the frigates comprised of four with three ant two thirds dozens of guns and two having three dozens of guns. The Navy then allied with the northern states and the coastal part and their enemies came from the interior parts. The establishment of the Naval Act led to the start of building a half a doz en frigates, namely: USS United States Chesapeake, Constitution, Constellation, USS United States, the congress and the president. The most popular of all was Constitution that was branded a name â€Å"Old Ironsides† with a lot of input from Oliver Wendell Holmes Sr. The American Navy later fought the Navy from France in The Quasi-war as a result of Treaty of Alliance formed in 1778. The US played in away that it supported British and French equally in their fight but after the formation of the treaty referred to as Jay Treaty became

Answer the questions in Bold Essay Example | Topics and Well Written Essays - 500 words

Answer the questions in Bold - Essay Example My earliest memory of visiting a hospital as a patient was after hurting my thumb during a game of football as a pre-adolescent. It predictably turned out to be a sprain, but the pain and parental concern called for a doctors evaluation. I remember a brief exchange with the doctor, who eventually wrapped my thumb and suggested some type of over-the-counter pain medication before disappearing into the hallway. Later, in my teens, I contracted a mild form of strep throat. This time I ended up at a doctors office rather than the emergency room since it first presented as a potential flu. After an excruciating examination of my throat, the doctor prescribed antibiotics to counter the infection that was present. As I further contemplate the aspects of my healthcare memories, the contributions of various organizations become apparent. The hospital is the earliest interaction with a primary healthcare provider that I can recall, which is fitting since hospitals serve as the foundation of all healthcare delivery services (Weinberg et al., 2012). It was very evident that the place served a massive amount of people, based on the number of patients I noticed and the concise, turn style type of diagnosis and treatment I received. My other stated experience with a direct healthcare provider (at the doctors office for strep throat) was slightly less machine-like. This was probably a result of the scaled-down nature of an office compared to a hospital. However, the process still felt rushed, and I remember feeling that the doctor was more concerned with dazzling my parents via jargon than trying to make me feel comfortable. Spraining my thumb and catching strep throat also resulted in some experience gained with indirect care organizations. As with any professional healthcare delivery situations, my parents, being responsible for me as a patient, had to deal with the consequences imposed by the dreaded insurance

Authoritarian Rule in Latin America Essay Example for Free

Authoritarian Rule in Latin America Essay â€Å"Latin American politics since independence have been characterized by instability, authoritarianism, and violence. In a three page essay please discuss the role of the military in creating such problems using the chapter in the course reader entitled â€Å"The Good Sailor. † Also, discuss whether or not the Argentinean case is typical or unique to Latin America. Provide explanations and analysis from â€Å"The Good Sailor,† lecture, and the textbook. An â€Å"A† paper will use all three. Use size 12 Times New Roman font. The paper must be typed (or word-processed) on standard size paper (8 ? y 11) and double spaced with appropriate margins. Use MLA format with parenthetical citations-i. e. (Rosenberg, 84). † Violence in Latin America is a significant part because so much of it is political: planned, deliberate, and carried out by organized groups of society. It is used to make a point. The above quote supports that the violence and military is interrelated and it is used as tool by the military to instill fear and dominate people of the Latin America. Ranked as the third most unstable region in the world in the post-war era, political instability has been a pervasive problem in Latin America. Whether it is a caudillo, a charismatic boss with an armed following, or a general leading a golpe de estado or an authoritarian institution, Latin America is conceived as an authoritarian region always ruled by either military or civilian leaders. Only three Latin American countries were consistently democratic over the thirty year period from 1935 to 1964: Costa Rica, Colombia, and Venezuela. During this time, there were 56 changes of government by military coups in 20 Latin American nations. In sum, political instability is a persistent and pernicious problem in the region. The question arises how military insurrection remained instrument of ruling in Latin America. It might be because since the time of caudillos, violence when used as a method to rule has brought desired results and authority. So it has become a used and proven instrument in the ruler’s toolbox. Also, it might be possible that the institutional inertia of the violent politics as inherited from predecessor’s success is deep rooted in the psychic of the rulers. Brazil was the first of these Institutional dictatorships. When military rule began in 1964 after the overthrow of Joan Goulart, it was not a long project but hard liners in military demanded more and more until soft liners came into action in 1974 to loosen up the political rein. This military regime was institutionalized and created two political parties to channel political activity [Skidmore, Thomas Pg 358-360]. While in Chile, you will see the example to an institutional regime changing into personalistic one with emerging of a dictator Augustus Pinochet, who ruled Chile from 1973 to 1989. Pinochet staged a very bloody coup in which probably 2,000 people were killed in the coup and in the years immediately afterwards. Most Chileans supported some sort of army intervention, in part ironically because of their democratic history. They felt, It cant happen here. Our military isnt like the other militaries. They meant that the Chilean military cannot be as brutal as Argentinean military was. Our military will come in and restore order and clean house for six months and then leave. Seventeen years later, the military left after carrying on one of the most brutal and repressive regimes in Latin America and becoming a symbol of state terrorism. Argentina presents one of the most acute cases in the period after 1955. In this country during this period there occurred 12 military coups. While Colombias violence had its roots because of the lack of social order and the Government’s inability to place rules on a most chaotic society, in Argentina, the junta that came in power in military created exactly the opposite situation. When the military coup came into power in 1976; it suffocated Argentina with social order. It took over the educational institutions, changed the life style of people even their appearance. [Article â€Å"The Good Sailor† Pg. 13] Alfredo Astiz, a lieutenant general for the Navy who was active in it from 1970 to 1995. [Article â€Å"The Good Sailor† Pg. 24] Astiz was in Task Force 3. 2. 2 which killed more people during the Dirty War than any other group. The Dirty War lasted from 1976 until 1983 and involved people getting disappeared. The term disappeared describes those who vanished during this period and were probably killed by the military before being tortured in inhumanely ways. It is these trocities and the new and brutally creative ways to torture people that made the Argentinean military different from the other regimes in Latin America. The term Dirty War originates in the military junta itself, which claimed that a war, albeit with different methods was necessary to maintain social order and eradicate political subversives. Although the junta claimed its objective to be the eradication of guerrilla activity, the repression struck mostly the general population, and specifically all political opposition, trade unionists (half of the victims), students, and other civilians. Many others were forced to go into exile, and many remain in exile today. When the Dirty War was a year and a half old, it had disappeared more than 6,500 Argentines. [Article â€Å"The Good Sailor† Pg. 12. ] Even though the military knew in 1978 that 90% of the left was eradicated, they kept on fighting against imaginary subversives for 5 more years. Human rights were not important to the Argentines. Despite contrary opinion from the military, the article â€Å"The Good Sailor† by Tina Rosenberg proves that excessive torture occurred. It is evident from testimonies in the article and the experience of Vilerinos. Article â€Å"The Good Sailor† Pg. 15, 16. ] He talked about a torture chamber with an electric shock machine, torturing instruments and sand bags to hit people so no marks would show up. The military General and even the low rank officers believed that they have godlike powers instilled in them and it is their duty to clear all the dirt from the society by killing people they see fit. They had no shame in executing horrendous tortures instead they took pride and enjoyed the process. As compared to Argentina, Mexico had one part rule (PRI ruled since 1929 to 2000) rather than military wars but still there was colossal bloodshed. It is not that only military intervention brings in political instability and violence as Mexico is a live example of both. However, after the study of the article â€Å"The Good Sailor† and reading the book â€Å"Modern Latin America† it seems to me that the extent of atrocities military regimes brought is incomparable to civil dictatorship. It is their hunger for power and vehemence to rule that make them feel they are god and have right to â€Å"punish† people. â€Å"Here we are the only gods† said by a torturer in a chamber after brutally torturing a 52 year old women.

Only in America Essay Example for Free

Only in America Essay â€Å"Only in America† was written by Leiber, Stoller, Weill, and Mann (1963) as a song to propagate the American dream. After more than four decades of American dream to own a house, a car, and to have a good-paying job one can see that it is not enough any longer for many ‘new’ Americans. Hard work and determination perhaps were good enough tools to â€Å"take a giant step and reach right up and touch the stars†¦Ã¢â‚¬  four decades ago (that is if you were the right skin color) but not any longer. It does take a genius of Bill Gates and Steve Jobs to become wealthy using their own talents as leverage. Or it takes a sheer luck and some intuition to participate in real estate speculations at exactly the right time. Either, that precludes honest working folks who work their given hours a week and get enough to pay the bills. More (2003) compared such to a drug â€Å"first prescribed to us as children in the form of a fairy tale. † Certainly, it happens for some, for a very few. It does seem that those very few knew exactly what they were doing – either investing into the right stock, buying properties when they still cost in low 100s in California, or get on the tip of the wave of progress, like Bill Gates did. Well, for the few it worked but not for the majority of us. It is not difficult to figure out the reasons. A rational thought would suggest that American government is able to render every citizen rich – not necessarily with the money distribution but with the controlling the purchase power of an average citizen. If to eliminate the political agenda and change the status quo to people-centered market, it is not difficult to see that one carrying President of the country can do so by a) eliminating unnecessary government agencies and departments and b) removing political and financial limitations to the free enterprise. The latter action by itself can be very powerful for business owners not having a need to compensate for the high rents and other costs to run a business will keep their products of low cost. Everything, from energy to communication services, to the infrastructure will cost less, much less as the result. Any business owner understands that selling products by the quantity will bring more financial result than doing so by higher cost and selling by the lesser numbers. As the result, people, even those with meager incomes, will have more purchase power by being able to afford much more than they can do today. That would raise the daily comfort of people. They would become content for their minds would not be preoccupied with the sheer necessities needed by their families. Material things and services, like houses, cars, food, clothes, education needs, health needs should not cost so much of a fortune that people must get into the life-time debt to be able to afford it. If the necessities are met and people do not have a difficult time to find an appropriate for them job, the content should become widespread. As of now, most people live in fear, in fear of loosing their jobs, in fear not being able to pay the mortgage and the car notes, for fear not being able to meet their responsibility to their families. People who live by such fear cannot experience content. I once knew a family, good solid one. He was a teacher working in the same district for over a decade. She worked at the bank. They had a nice house, two cars, good-looking furniture, but could not save enough to pay their financial obligations sooner. They lived a nice life, but in debt. And then, the tragedy stroke. He lost the purpose, feeling stagnated he left to his home country that he came from originally. Looking for happiness, he left his wife and children. To avoid gossip and talk in their community, she moved to another state with 50K dollars that came from his retirement plan. Because she could not afford to continue paying for the house, the house was foreclosed. The same happened with one of the cars. Her credit was in ruin, and now she had to start anew. She was afraid to touch the money, whatever left from moving and initial expenses. After three months, she found a job at the bank. The income was just enough to cover rent and monthly bills. What did happen to such a strong family who used to have everything: each other, nice house, cars, two wonderful kids, and ability to buy things they wanted†¦? One could say they lived American Dream, but did they? Does material things constitute the Dream most people strive to in their lives? It is apparent to me, that people who do not have material comfort around them, whose life is difficult because they have to calculate whether they have enough money to purchase oranges or grapes but cannot afford both, they would think that the end to their means would be living like that couple lived. And yet, my friend, being a nice and decent man felt trapped and not content. Once people obtain the material means around them they soon realize that their American Dream was not fancy cars or bigger homes – it is the opportunity to do what their heart desires: self-expression in the least amount. That would not happen if he had an opportunity to change a job that he was doing for 26 years, or at least to take a year of sabbatical. That would not happen if they were not in debt paying $ 2500 for the house and $ 1000 a month for their two cars. That would not happen if financial obligations did not overload him conflicting with his inner desires. Here, I believe I came to the root of the question whether this great country can give a feeling of being at home. Obviously, having enough income is not enough. Eliminating the need to obtain debts to rise economically perhaps would do for some. To my opinion, however, the concept of American Dream was neither of that: it had nothing to do with the financial part of it. If one looks deeper perhaps it can be seen that the fulfillment of personal dreams through the structure’s support to each family’s happiness can render people happier, and if happy they feel the more at home they would consider the country they live in. When people have to struggle thinking about their family economics and knowing that they cannot change their occupations because the discontinuation of income would bring their family to the financial ruin, they cannot think of their personal development through the change of direction in their life. They grow more and more discontent and discontented people are bitter people, people who can at the brink of a move quit their country and go looking for the happiness elsewhere. In conclusion, more and more people understand that described is not enough to be happy in life, that doing the job for the only purpose to get the money to buy the house and a nice car causes stagnation, and as the result unhappiness and discontent. An opportunity that was promised as a part of all American dream is waning and harder to grasp. That is because people understand more and more that to be called Home, the society must offer something else: as in the promise to personal fulfillment – whatever it be. The idea of a home can be different from different perspectives. Certainly, living in a house with the backyard, driving a brand new car, and having a respectable income can make characteristics of a home for many people who had never had such before. Yet, for others these are not enough for they seek something else, perhaps certain characteristics of the society that increase the degree of their satisfaction from living this life. Yet for others the dream is to become wealthy just to discover (in case if they achieve it) that even that was an illusion. The idea of a home cannot be objectified for it is unique to the subjective perception of every person who lives within the society. References More, M. (2003). Dude, where’s my country? (publisher? ) Jay and the Americans (1963). Only in America. Song written by Leiber, J. , Stoller, M. , Weill, C. , and Mann, B.

The Illusionist Movie Review Film Studies Essay

The Illusionist Movie Review Film Studies Essay The genre of the movie is drama. It has been one of the most famous films because of their excellent  presentation; good script, directing and clear enough to deliver the message to the audience. The Illusionist Film is produced by Brian Koppelman, David Levien, Michael London, Cathy Schulman,Bob Yari and screen writer/director is by Neil Burger and starring Edward Norton, Jessica Biel, and Paul Giamatti. That movie is based on Steven Millhausers short story called sEisenheim the Illusionist. The Illusionist movie is right balance to the romance and true piece of the magic. The story is basically about of Eisenheim who was a magician in turn-of-the-20th-century Vienna. First of all, I would like to tell about the Eisenhemins lifestyle and history. He was the son of a cabinetmaker in  Austria-Hungary. One day, he met a travel magician along street. That magician illustrated him some a few magic tricks. Since then Eisenhemin become obsessed with the magic tricks and started to practice to become better in it. At that time, some people believed that Eisenhemin got some special power. Eisenhemin and Sophie were childhood friends and when they grew older they fell in love but Sophes family did not approved of it. After that, Eisenhemin went out to his native town and traveled around the world and started to learn more magic tricks.  Ã‚  After 15 years later, Eisenhemin became a famous magician in Vienna. So Crown Prince Leopold came to see his illusionist. In that time, Eisenhemin wanted to show one of his best illusion tricks. So he requested that he needed one performance to help with his illusion. That is why, Crown Prince made his fiancà ©e Sophie volunteered for his performance. By the time, Eisenhemin and Sophie met on stage again; both were immediately remember their childhood days. However, The Illusionist is an intense battles of wills between the despicable Prince Leopold and the cunning Eisenheim, with officer Uhl an amateur magician himself and someone fascinated with Eisenheims work stuck in the middle. Is Eisenheim calling on supernatural powers when he makes butterflies appear out of thin air, plants grow to full height in the space of mere minutes, or performs other extraordinary tricks onstage, or is it all smoke and mirrors? Uhl seeks answers to the source of Eisenheims powers while delicately balancing his admiration for the magician with his duty to the Crown Prince. At a royal Eisenheim takes the princes sword, balances it on its tip on the floor, evokes the myth of Excalibur and invites soldiers in the audience to remove it. The prince succeeds, but only after Eisenheim lifts the spell. Eisenheim though about his new kind of magic show and he prepare for some equiment and purchases a run-down theater and opens a new performance. During his show, apparently spirits, on the stage. However people believe that he had supernature powers. In those days, Price Leopold heard that news, he was so disguise. During his show, he summons the spirit of Sophie who says someone in the theater murdered her, panicking Leopold. Later that Uhl has to shop that show and he just to do to make prince orders to rrest Eisenheim during his show but Uhl could not rest Esienheim because his body fades and disappears like his summoned spirits. So that why, Edward Norton was good performance as a master of illusionist and he is a calm reserve for the most part, yet is able to unleash playfulness when its called for specifically in the scenes when hes showing off his magical talents on stage and he also make tricks and rescuers for his lover Sophie and he is good treatment for Inspeter Uhl. It was so good presentation for scene by scene. As a conclusion, the Illusionist movie is really good performance, excellent Actor and Actress and nice screen play, good story board and so on. Other best way is that movie using a muted color is like a brown color and we just know about to wear 19th century old fashion style and we just know characteristic of in 19th century. The film was nice cinematography, costumes and overall tone helped modern audiences forget its 2006. The film is amazing job of transporting its view back in time to 1900 in Vienna. Moreover, the effects support for magic show and sound effect make it more interesting for the whole movie. All of all, the good thing is a 2 hrs script con ­verted from a short inter ­est ­ing story as well.

Juvenile Delinquency :: essays research papers

BOOT CAMPS ARE A BAD ALTERNATIVE Boot Camps For Children are A Failure According To Substantial Media Research. Wilderness Therapy Treatment - A non-profit consumer protection information, health, safety, referral & education site. More Information: www.Wilderness-Therapy.Org E-mail: info@Wilderness-Therapy.Org Peter S. Canellos, Contributing Roporter, BOSTON GLOBE, April 30, 1989, PAGE: 29 SHERIFFS, LAWMAKERS EXPLORE ALTERNATIVES TO JAIL //acs-VT2000 At least one former supporter of boot camp has turned into a skeptic, however. Larry R. Meachum, who opened the first prisoner boot camp in the nation while serving as commissioner of corrections in Oklahoma, opposed such a proposal when it came up in Connecticut, where he now serves as corrections commissioner. Meachum, a one-time acting corrections commissioner in Massachusetts, cited three potential pitfalls in the program, said Connecticut corrections spokesman William Flower. - The"widening-net syndrome."Judges, seeing the boot camp as a positive alternative for jail inmates, will sentence to jail young delinquents who would otherwise be placed on probation, adding to the corrections population rather than reducing it. - Limited effectiveness."That 'scared straight' philosophy doesn't work for everyone,"Flower said."Some of the street toughs like it. They like the violence of it." - Brutality."It can lead to training instructors going into excess,"Flower said. Instructors have a hard time taming the street kids, he said, and respond, as in the military, by demanding more and more physical exercise. "He started the first one in the country in Oklahoma,"Flower said of Meachum."What he discovered is the support systems for the program have to be in place before you do a boot camp. It's not the simple solution that it appears to be. It's not the panacea that people think it is." AMERICA'S FOREMOST EXPERT ON BOOT CAMPS SAYS THEY DO NOT REDUCE RECIDIVISM -- THEY FAIL GARY MARX, Chicago Tribune, Oct. 12, 1994, From: NewsHound@sjmercury.com HARD TIME: BOOT CAMPS FORCE OFFENDERS TO SHAPE UP? \ acs-VT2000 ''The simplistic view that military and physical training will work (in reducing recidivism) is wrong,"says Doris MacKenzie, a University of Maryland criminologist who is the nation's foremost expert on boot camps. ''Many boot camps Use punishment for punishment's sake. They try to make it look tough for the public, but they are not doing what really works." BOOT CAMPS ARE NOT WORKING GARY MARX, Chicago Tribune, Oct. 12, 1994, From: NewsHound@sjmercury.com HARD TIME: BOOT CAMPS FORCE OFFENDERS TO SHAPE UP? \ acs-VT2000 There's only one problem: boot camps aren't working, or at least not as well as politicians and other proponents said they would.