How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan - Free Essay Example

Sample details Pages: 7 Words: 2004 Downloads: 5 Date added: 2019/07/03 Category Religion Essay Level High school Tags: Buddhism Essay Did you like this example? In this essay, I am discussing how Buddhism is being used to promote nationalism in two countries, Sri Lanka and Japan and I am discussing contemporary as well as historical perspective with its similarities and differences. Lets starts with the example of Sri Lanka Don’t waste time! Our writers will create an original "How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan" essay for you Create order With the long history and a distinctive culture, Buddhist religion plays a prominent role in the island of Sri Lanka. Buddhist monks starts to travel to the Sri Lanka by the third century BCE and inhabitants of the Island quickly embraced Buddhist institutions and practices. We can quantify the impact of Buddhism in the historical days in Sri Lanka in couple of ways. First, ancient Buddhist monasteries and archaeological sites throughout the island, which demonstrates the long-standing and extensive presence of sites associated with Buddhist worship and practices and second, the numerous historical texts called VAMSAS. The fusion of these Buddhist sites and texts are sufficient to explain the Sri Lanka as a place where the Buddhas religion has flourished for millennia. In modern Sri Lanka, these assertions charged significance in debates over national identities and multiculturalism. From the Buddhist texts such as the MAHAVAMSA (Great Chronicle) from the sixth century CE, Sri Lanka occupies a special place as Island of the Dharma, where in Buddha himself visited the Island and prophesied that his SASANA would illuminate the land and be established there for posterity. There was little doubt about the supremacy of Buddhism in the islands religious and political sphere before sixteenth century in Sri Lanka. King Parakramabahu-1, purified monkhood resulted in a huge unified SANGHA which adhered to the conservative vision of the Theravada order that stressed strict monastic discipline and the acceptance of a closed canon of Pali Buddhist scriptures. The Sri Lanka island declared itself independent from British rule on February 04, 1948, after successive colonial rules by the Portuguese, Dutch and British. The long colonialism tries severely weakened Buddhist institutions but did not lead to the conversion of more than about ten percent of the islands population. Since the nineteenth century, the modernizing trends among Sri Lankan Buddhism have given rise to a form of Buddhist nationalism that fuses religious ideals with political activity. The Buddhist Laity widely criticized the entrance of Buddhist monks into political arena. But the Scenario is slightly shifts when Anagarika Dharmapala starts to encourage monk in early twentieth century to lead the religious and social reforms he envisioned for the country, monastic involvement in politics eventually followed. Primarily, Dharmapala concentrated on the monks who would serve their village rites and practices of medicine and astrology in order to become preachers who motivated the Laity on the development of Buddhist morality, which would in turn become the basis for promoting the dignity and prosperity of the nation (Seneviratne 1999;40). In accordance with this thought, monks should pro-actively involved in Sinhala society, upgrading the morality of all citizens and bringing about a cultu ral revival in order to lay the foundations for a vibrant and independent nation-state. Thus, for securing individual comforts and the collective welfare of the people of Sri Lanka, The Buddha Dharma plays vital role. The Sinhala Buddhists, followers of Dharmapala saw Buddhism as having distinctively special role in the formation of Sinhala culture and national identity. During the several centuries of colonial rule in Sri Lanka, number of Sinhala Buddhists concludes that for a revival of Buddhism held the key to a broader cultural revival that could pave the way towards independence from Great Britain. The monks intended to focus the role of rural development in bringing about a national regeneration, during early twentieth-century. During this period some of the Buddhist monks emphasized the economic development of the rural village through development projects, crime eradication and temperance, which were finally rooted in the development of Buddhist morality, which also includes virtues such as punctuality, activeness and cleanliness. One of those Buddhist monk is Ven. Kalukondayave Pannasekhra (1895-1977). The involvement of monks in such social welfare projects strengthen the nationalist sen timents in the Island as well as the model of Christian missionary, who were also engaged in similar projects. These type of activities, also allowed the monks to regain the central role in society, which were during colonial rule took over by colonial sponsored institutions such as hospitals and schools. The numerous monks start to stress social service in national politics as part of the proper role of a Buddhists monk, in the final years of British rule in the island. The Buddhist monks along with the Indian nationalists strongly engaged in political debates and activities in their respective countries against the British imperial presence in their countries. In the years of independence in 1948 and thereafter the island witnessed vigorous debates over the legitimacy of monastic involvement in politics. Ven. Walpola Rahula, the author of the heritage of the Bhikkhu and holder of doctoral degree in France, was one of the more prominent advocates for the political monks. He argued that the Buddhist monks have a duty to serve the nation by advising the country leaders on political issues and giving popular support for righteous policies. During 1950s, the bonds between religion and the state in Sri Lanka was strengthen with the help of Monastic involvement in the countrys politics. The Buddha Jayanti was recognized in Sri Lanka publicly in the year 1956, after 2500 years since the Buddha passed away. This is the year, when election take place and new party that promote Buddhist nationalist agenda was swept into the office, who setting off a chain of events that strengthened the formal association between Buddhism and the Sri Lankan state. A report The Betrayal of Buddhism, was started by the ALL Ceylon Buddhist Congress, published in 1956 and neutralised the negative effects of Christian mission and, especially, the state-funded English schools run by missionaries in the island. During these years, numerous monks formed a political organization to campaign actively for the new party promised to support Buddhist interest. The new constitution in 1972 asserted Buddhism the foremost place among other religion in the cou ntry, and which states, that it was the duty of the state to protect and foster Buddhism while still assuring fundamental rights to members of other religions. The Tamil minorities provoked the communal riots in 1956, 1958, 1977 and 1983, due to the unfortunate effect of alienating the Tamil minorities by some other government policies. The liberation tigers of Tamil Eelam (LTTE) was formed as a Tamil rebel organization in 1976 and starts armed conflict with the state in1983 following the riots which results the deaths of several thousand Tamils in the island, which includes renowned politician and Buddhist monks. Until the military defect of the LTTE in 2009, the civil war become a cause celebre for Buddhist nationalists who warned of the dangers still facing Buddhism in postcolonial Sri Lanka. The number of Buddhist monks participated in protests against the LTTE and the foreign organization or bodies that were supposed to be supporting the Tamil separatist cause, such as Norwegian government. Following several assassinations of political leaders and peace initiatives, Buddhist nationalism gaining assertive profile in the following years of the conflict with the LTTE. The entrance of global economic and cultural forms along with Christian missions from the west sparked a backlash against foreign influences that were supposed to be threaten the islands religious and cultural heritages. To promote the Buddhism religion, Ven. Gangodawila soma (1948-2003), the reputed Buddhist monk, introduced a public campaign as a path to increase national prosperity and protect Sinhala cultural heritages. Monk soma helped to galvanize aids for a nationalist program which could defend Buddhism and the nation from foreign forces and influences that threatened to undermine them, through regular television appearances, newspaper column, and sermons delivered at temples around the island. Buddhist nationalists of Sri Lanka have drawn criticism to the World bank, Hindi films and non-government or ganizations (NGOs) for the allegedly harmful effects they have on Buddhism and Sinhala culture. The growing hostility in Sri Lanka towards the agents of globalization is seen in the formation of a political party called The Jathika Hela Urumaya (JHU) led by Buddhist monks, who subsequently secure nine seats in the parliament for the partys monastic leaders in 2004. The presence of robed monks participating as politicians remain controversial in Sri Lanka and invites public and private criticism about the morality and decorum of these monk-politicians. In contemporary Sri Lanka, Buddhism retains and influential place in both private as well as public affairs. Its contemporary expressions have been conditioned by the experiences of Sinhala Buddhists with European colonialism, Christian missionaries, orientalist scholarship, ideas and aspirations of gender equality, partisan politics, ethnic separatists, and global political and development organizations. For some Sri Lankan, Buddhism is a symbol of national unity and a cultural heritage that is unique to Sri Lanka. Japanese nationalism in the other hands; There are more than 75000 Buddhist temples in Japan, which claims over 93 million members. Majority of the Japanese claims that they have faith in Buddhism more than other religion. The economic problems and the pressure from western power to open its ports for trade were cracking by the timbers that supported Japanese Tokugawa regime in the mid nineteenth century. Samurai rebels finally brought down the decrepit regime in 1868, after more than 260 years of rule and vowed to restore the emperor to power. Then the Japans first modern era, called Meiji starts which ends on 1912. After getting power, the new Meiji government starts to disestablish Buddhism from the state apparatus, of which it had been a part for centuries. The government restrict Christianity and established the TERAUKE system in which all families were required to register with the Buddhist temples, from the beginning of seventeenth century. During the first few years of the Meiji government, the system of giving economic benefits to the Buddhists priests was withdrawn and new laws were passed that required families to register with government offices rather than temples. The new regime frequently characterised Buddhism as foreign, although Buddhism had been the most powerful form of organized religion in Japan for over a thousand of years. Many of the founders of the Meiji government were from domains in western Japan where anti-Buddhist sentiment ran high among rulers. These sects of societies saw priest parasites on society and are destruction to builds a strong and modern society or nation. Japanese Buddhist institutions had a long history of backing different political regimes and were hungering to prove how they could support the restoration of imperial rule. Buddhist leaders overlooked their difference and formed inter-sectarian organization to strengthen the unity. The Pan-Sectarian Buddhist Ethical League (Shoshu dotoku kaimei) was one of the most influential organization, that formed towards the closing of 1868. In the support of government, Buddhist leaders, throughout the country spreades the slogan such as love the country and protect the Dharma, revere the emperor and serve the Buddha, pacify and preserve the country through Buddhism. More than 3000 Buddhists priests joined in the Great Teaching Promulgation Campaign (Daikyo senpu undo) as instructors, as a demo of their craving to donate to the propagation of imperial ideology. Some important temples, for example, Nishi Honganji and Eiheiji, donated money to the new government to show their support. The early Meiji period was also a time for replication. Designating the hostile sentiments of many in the new government, Buddhist jumps to construct a history of Buddhism in the Tokugawa period as decadent. Tokugawa Buddhism therefor becomes a foil in contradiction of which they could define themselves and where they sought to go. Part of this redefinition of themselves involved accusing their own previous drawback for the suffering. To eliminate these transgressions Fukuda, along with Shaku Unsho and other leading clerics, tries their own restoration by seeking to revive what they saw as fundamental to Buddhism. In particularly, they emphasized with which prohibited killing, stealing, lying, illicit sex, and slandering the three jewels of Buddhism (the Buddha, the Dharma and the Sangha). During the med 1870s, government policies softened toward Buddhism and Buddhist leaders, particularly of Shin Buddhism, started to emphasize themselves.

Professional Tennis Has Inspired Much Of My Intrinsic Growth

I still recall the many hours spent as a kid hitting a tennis ball against the drywall in my empty garage. Tennis has inspired much of my intrinsic growth since then, both socially and mentally, developing two core values that I continue to adhere to today: persistence and making a substantial impact. Consistently pushing through situations in which I have struggled has contributed to my persistence and my desire to excel, whether as a professional tennis coach or as an aspiring physician in a medical care facility. I have come to learn that with people in general, there is really no losing; everyone has something they want or need that makes them tick, and throughout my tennis coaching career, I have found that the more you are able to understand people’s wants or needs, the more influential you can be for them. I began volunteering overnight on Fridays in the Emergency Department of James A. Haley Veteran’s Hospital. 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Kate Chopin A Feminist Perspective - 1515 Words

Kate Chopin, as a forerunner of feminist authors in 19th century, also interprets her understanding of how one’s social status can affect his/her ability to choose marriage suitors and make marriage decision. In the story, â€Å"love† or â€Å"affection can be given up for reaching higher social ladder. People on â€Å"top† have more power to make decision on marriage than people with lower â€Å"ranks†; also, males have more power to make decision than women. As a result, female with lower â€Å"ranks† is more likely to attracted by males with higher â€Å"ranks†. But males want to find an equal or beneficial marriage for themselves. People follow these rules in marriage selection process in order to reach better equality in marriage. It reminds me of the traditional culture in China. In old times of China, young women cannot date or talk with males, and their marriages must be arranged by their parents in order to be equal. 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Life on a Small Farm free essay sample

To me every hour of the day and night is an unspeakably perfect miracle. Walter Chrysler. This is the first time I really observed my farm in great detail. I found things I never knew were there. I watched the animals and found out things about them that I never knew before. I’m really grateful to be living on a farm even though it’s a lot of work. Its an eighty-degree day in the middle of October. The sun is shining, the sky is clear, and everything is full of life. The trees are ruffled by the warm breeze. The reds, oranges, and yellows of the trees contrast the blue sky perfectly. The young roosters practice their crowing but sound like a childs strangled cry. The talkative ducks sit and quack, having a conversation amongst themselves. The goats scream, wanting to be let out of their pen so they can munch on the last of the green grass. The pesky Asian beetles swarm my house, scurrying around, trying to find a warm place for the winter. The dogs sit out in the sun, chewing on sticks, appreciating a lazy day. When the big, green truck comes, the dogs jump up and race to herd it. The old, lady dog jumps at the truck, chewing on its fender, leaving scratches. The truck comes to a stop and she goes back to her spot on the ground to take a nap. But when someone starts to work on the ground, she’s right there â€Å"helping you. She gets in your face, wanting attention. Once you yell at her and tell her to go and lay down, she slowly walks back and lays in the sun. The outdoor cat stalks some small animal in the brush. But the young black lab finds the outdoor cat and breaks his concentration. The young dog gives him a lick and the cat sits there in disgust. Finally, the cat gets tired of the young lab’s behavior. He then swats the dog and walks away. The young dog decides to leave the cat alone for now, bu t will probably be back to torment the cat once more. The cat walks over to the sand pile and rolls in it. He appreciates the warm sand; the dust makes his black fur look lighter. The dust covers up his gray hair. Now he is napping in the dust with the sun feeling like a warm blanket. He is content. The rabbits are in one big pen. In this one pen, they lay in the hay and cuddle with each other or chase each other around. One lays on a box in the pen so the others don’t find her. It gives her a break from the others who chase her. The water on the pond shimmers when the sun hits it. People work outside, the sweat glistening on their brows. It’s another busy day on the farm, and there is much to be done in preparation for winter. Dusk rolls around on this very warm day, and it starts to cool off. The bugs all stop buzzing and everything is getting sleepy. When the sun sets, a glorious mixture of pinks, purples, and oranges emerges, creating a picture-perfect sunset. The obnoxious mosquitos come out to play, biting every warm blooded creature they can find. The goats willingly return to their pen after a long day of playing and grazing. The dogs beg for their supper, then retire for the night. The tired people wrap up their work and retreat inside to settle down. It has been another busy day on the small farm and everyone is exhausted. The chickens start to roost in their barn, and the ducks huddle in a corner with their bills tucked under their wings. As the sun sets, planets start to become visible. Following them are the stars. The smell of smoke comes from the small campfire thats burning brightly in the growing darkness. People stand around the fire and roast marshmallows and hot dogs. The smell of burnin g sugar is apparent as well as the smell of cooking hot dogs. Everyone enjoys watching the fire change from blue, to red, then orange, and back again. There is a piece of wood that is charred and black on the outside, but on the inside it is glowing with a fiery orange.The fire has been put out and the dogs and people go inside to settle down.Night is upon the farm. Its a warm, breezy night in October. My eyes slowly adjust to the darkness. The stars become crystal clear and quickly catch my attention. Some stars shine more brightly than others, reminding me of how stars are just like humans. Some shine more brightly than others. The Milky Way becomes clear and there are millions of stars, I can see constellations like the Big Dipper, and Orion is starting to peek up on the horizon. Satellites race across the sky, unaware of where they are going, cursed to a lifetime of going around in circles. There are few lonely clouds in the distance. The few distant clouds are illuminated by the city lights of the small town Mahtowa. I peer down at the ground from my deck;I cant see anything. The ground is a black abyss. Looking straight ahead, I find that I cant see the green field or the thick woods. Everything has been engulfed by darkness. Even the fall colors that were so bright during the day time that they were almost impossible to overlook are blac k. Everything is asleep. Creatures like owls, coyotes, and weasels come out to play in the night. You can hear the coyotes in the distance. They are laughing and howling. The dog gets up and barks at the dark, protecting us from anything that might be lurking in the shadows. She can sense the tiniest noise of a field mouse running through the fallen leaves or a slight breeze in the trees. She lets out a small woof, letting the darkness know that she is a tough dog. When the coast is clear, she saunters back into the garage and goes to bed. Everything is finally asleep. Like Walter Chryslers wise words, I have come to realize that every hour of every day is a miracle that is perfect. That there are small treasures in everyday life that most people overlook. Despite the hard work of living on a farm, there are good things that can come from it. I like living amongst all of these animals; they have become my family. There is beauty in everything, and, once in awhile, we should stop and appreciate these beautiful things, because one day, it might be too late.

Trade Unions. Final Report on Industrial Relations

Introduction Print media has been the most powerful pathway for the transmission of fashion, fashion designs and other elements of the fashion industry. In fact, fashion magazines have been the key to the fashion industry (Stone, 2004). For several centuries, the fashion industry has increasingly taken the modern advantage of technological advancements in printing.Advertising We will write a custom report sample on Trade Unions. Final Report on Industrial Relations specifically for you for only $16.05 $11/page Learn More In turn, technological advancements have turned the industry into a major consumer of print technology. Nevertheless, towards the end of the 20th century, the fashion industry made a major trend by incorporating the internet (Stone, 2004). Since 2000, the fashion industry has experienced the influence of internet revolution. Thousands of readers are migrating from print to online media. According to Kansara (2009a), readers are increasin gly getting access to the free and abundant information available online. Moreover, according to Kansara (2009b), advertisers are also pulling out of the printing industry. Advertisers are the main source of revenues in print magazines (Hill, 2004). Their migration from the print media (fashion magazines) to online magazines and blogs has left print magazines in a poor state. This state is actually forcing them out of business (Kansara 2009b). The situation worsened between 2008 and 2010 during the global economic crisis. For instance, major fashion companies were adversely affected by the crisis- major fashion and luxury titles declining significantly (Ovide Adams, 2009). According to Clifford (2009), renowned fashion publishers such as Conde Nast had their performances declining by 2009, a factor that worried many in the industry. In fact, Clifford (2009) asserts that the problem persuaded most people to evaluate the fashion industry within the context of migration from print to digital media. Since then, major printers have resolved to increase their efforts towards digitalizing their business, which, with no doubt, is killing the print media (Keen, 2008). Currently, many print magazines are still circulating every year. Nevertheless, the value, volume and significance of the printed materials in the fashion industry are reducing (Stone, 2004). Two important aspects of the digital world are worth discussion as a cause of the decline- the economics of print media versus digital media and the change of consumer preference from print media to digital media in the fashion industry. Therefore, the statement â€Å"print media is dead† seems to be true as far as the state of the migration is concerned.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The fashion industry and media as a popular culture According to Storey (1997), a popular culture is simply defined as the culture that is widely appreciated and favoured or liked by many people and organizations. Storey asserts that such a quantitative index is the one that meets the approval of many parties. To provide an example, Storey argues that such objects as books, DVDs and CDs are part of a popular culture. Within the context of media and the fashion industry, the print magazine presents a popular culture because they have enjoyed a wide appreciation and approval of many people across the globe (Albertazzi Cobley 2010). In addition, fashion is a part of a culture that has been popular since ancient times. From Storey’s definition of popular culture, it is worth taking fashion media as a form of popular culture that has grown significantly with the development of media technologies since 1670s. How did the fashion media develop into a popular culture? To answer this question, it is necessary to review the presentation of fashion magazine and its historical context. According to Barker (2000), the first fashion magazine started in France in 1672, appearing under the title â€Å"Mercure Galant†. The magazine, which was printed in Paris, provided the public with information on the latest clothing styles. It quickly became popular throughout Western Europe. By 1677, Louis XIV authorised the publisher to produce the magazine on a monthly basis as a way of enlightening the minds of his cabinet (Kondratiev 2010). At first, the magazine presented fashions in the form of drawings. However, with increasing popularity of the media, the publisher started producing issues of â€Å"Mercure Galant† with photographic representations of fashions. In the 20th century, the magazine, together with others that had sprung up in the 19th and 20th centuries, used sophisticated print and photography innovations to deliver real presentations of fashion. The fashion media combined fashion and art. Later, the magazine included short articles written by artists. Therefor e, a new era of fashion was born. It became a popular culture in the western world. According to Bailey and Seock (2008), the most successful and long-lasting player in the fashion media is the â€Å"Vogue Magazine†, which was first printed in 1892 in the US. The magazine quickly gained popularity in the US and Europe because it had a high degree of duality. In fact, the Vogue delivered information on the latest trends in fashion. It combined fashion with art and photography (Bailey Seock 2008). After the Second World War, fashion media expended significantly due to changes in perceptions towards women and feminine priorities. In fact, fashion styles became more and more dynamic- the cycles of change from one fashion to another became a common phenomenon. Women became the main target- most of the magazines contained large volume of information on the latest and expected feminine fashions.Advertising We will write a custom report sample on Trade Unions. Final Report on I ndustrial Relations specifically for you for only $16.05 $11/page Learn More Secondly, by 1960s, the magazines had started targeting young people, including teenagers. In fact, teenagers had a greater desire and purchasing power for fashions. In addition, they had their own styles. It was also during this era that numerous fashion magazines emerged and became popular in Europe and America, including the Elle, Cosmopolitan, Vogue, Marie Claire, Glamour, InStyle and Grazia. Characteristics of print fashion media as a popular culture According to Fiske (1989), a culture is the social circulation of pleasures, values and meanings to the process of forming social identities and relationships and the process of entering into the daily life. On the other hand, Fiske (1989) defines the term â€Å"popular† as ‘†¦statistically what is most renowned or appealing to most people or institutions’. Moreover, Fiske argues that â€Å"popular† serves the interest of the people. It is worth noting that the term â€Å"people† is used in reference to a shifting set of social positions and interests defined by their relations to the prominent society.  From these definitions, Fiske defines popular culture as a culture of conflicts and resistances that involve a struggle to make meanings, values and pleasures to those people without power. The conflict and opposition between the class of people with power and those without describe â€Å"popular culture†.  It is evident that fashion media is a form of popular culture for a number of reasons. For instance, fashion magazines are made for the purpose of advertisement, which ensures that the corporate (the class with power), connects with the consumers (those without power). It is also evident that fashion magazines develop a relationship between the two social groups. Conflicts and oppositions between people with power and those without it define this relationsh ip. For example, the consumers need to have adequate information on fashion trends and latest designs. They also want to know the future of clothing styles. On the other hand, the corporate want to â€Å"own† the mindsets of their consumers. They compete with each other over the control of their consumers. Using fashion magazines, the designers seek to control the readers and outdo their desire to know the future of clothing styles. The development of this system of relationships between the two sides has produced a popular culture that has become a part of the modern society. The wide range of fashion magazines that have emerged over the last century has become a part of the mass media, but they seek to convey information on fashions and fashion design. The definition of fashion media is not complete without a reference to fashion magazine because magazines have been the dominant feature in fashion communication.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Blackman (2006), fashion magazine is â€Å"the printed publication that seeks to provide information and news on the latest trends in fashion†. Noteworthy, the definition also refers to the publications that are issued monthly. It further incorporates advertisements, articles and information on such things as clothing, forecast on fashions, cosmetics and other accessories related to fashion. Another definition, given by Brian Moeran in his essay â€Å"More than just a fashion magazine†, sees fashion magazine as a sociologically interesting material with two aspects- cultural product and commodities (Moeran 2006). Fashion magazines tend to deliver information on experiential and models of behaviour that reflects the lives of the readers and their ideal self (Blackman 2006). As commodities, fashion magazines belong to the publishing world and are a popular advertising and sales medium. Modern aspects of the fashion media As described in the introduction part of the essay, the modern fashion media is a sophisticated industry that is currently experiencing tremendous changes that affect both the consumer and the publishers. Technological changes and the internet are the main factors that cause changes in the fashion media. The invention of the internet in 1990s and its presentation to the public was one of the major breakthroughs in the history of communication. The internet has given consumers the opportunity to break the geographical barrier and transform their relationships with remote individuals and communities. In the modern context, the idea is to perceive the world as a web of social, cultural, economic and political interconnections enhanced by technologies that facilitate timely delivery of information. Therefore, this is the philosophy behind the World Wide Web and digital communication. Information and data overload have resulted from the presence of a huge amount of information crated and used by consumers. It further define s the modern communication. In the fashion industry, the consumer of information has been one of the most affected groups after the invention of the internet. Modern consumer behaviour and its impact on fashion media The Web 2.0 is the rebirth of the internet technology as a social medium that allows free interaction between people and groups (Kansara 2009). It is no longer a one-way communication because it allows people to interact with each other and share information on various issues affecting communities and individuals. In fact, the modern aspect of the internet technology has allowed a consumer-generated content, which means that consumers share information and opinions regarding products, services, brands companies and other issues using social networks, websites and blogs. It has also enhanced a two-way communication between consumers and producers. Consumers are no left out of major decision-making processes in industries. In fashion media, the industry had set its busine ss model as a profit-maker through printing. Therefore, profits are a crucial element for the survival of the print magazine. Magazines must fetch and attract a large audience if they are to make profits. However, Web 2.0 has brought significant changes in this model. For instance, whereas the print magazines sought to â€Å"lock-in† customers by proving to be the product with the most useful information about fashion, the internet has facilitated the springing up of thousands of websites. Customers are free to visit these websites from their remote locations, which gives them the ability to make decisions when purchasing clothes. Secondly, bloggers in the fashion industry are not mere internet users, but fashion consumers with a high interest in fashion. In the modern context, bloggers attend fashion shows and post pictures, photos and video clips with information on the latest fashion and fashion trends. The Web 2.0 has produced a number of effects on the fashion industry d ue to the above-mentioned aspects. First, it has created and enhanced knowledge through information sharing. Considering the observation â€Å"knowledge is power†, it is clear that the internet has empowered consumers in the fashion industry. Consumers have taken the position of media professionals in the fashion industry by assuming the role of fashion journalists. This is a critical situation because even the print magazines have to develop their own websites in order to interact with consumers. On the other hand, they have to endure criticism and enjoy appraisal from the consumer and consumer groups. In the modern context, media companies without websites and interactive platforms to engage consumers in dialogue have little chances of succeeding because consumers have the freedom to visit other websites that allow dialogue and socialization. In fact, by just posting comments and suggestions on media websites, an armature becomes a professional. Consumers have assumed the r ole of fashion journalists, which gives them the power to examine publishers from all points of view. They gain the potential to publish both true and false information about companies. Publishers of fashion magazine must engage consumers in productive dialogue to avoid false information being posted on websites because it may destroy their reputations. Print media cannot provide such platforms. It relies on company websites. Therefore, this aspect is affecting print materials in the fashion industry. In addition, consumers are increasingly creating websites and blogs to expose their feelings and opinions about fashion, designs and the fashion industry in general. The amount of data available on the internet is impressively high. However, people tend to access this information and appreciate it with ease. Studies have shown that the internet-provided information is easily readable because it tends to be short and in the form of post messages. This means that the people’s abil ity to read information on print materials is on the decline. In the fashion industry, this is a critical factor because the phenomenon has reduced the audience of the print magazine because people are migrating to the digitalised information. Since print magazines provide readable messages with junk information, consumers are increasingly opting to go for blogs, websites and social networks because they can find the information they need in the form of short messages and with large visual content. Consumers tend to appreciate visual content (what they see) and shun written information (Schroeder 2004). Therefore, this factor is one of the issues that have contributed to the decline of the popularity of the printed fashion magazines. It is also worth noting that the fashion industry is concerned with consumer satisfaction. In fact, for a print media to improve its appreciation as a popular culture, it is necessary for it to retain its readers. For example, consumers who read a magaz ine for the first time are likely to return to reading the same product again or failing to return based on whether there was an element of consumer satisfaction (Telsa 2010). If a fashion magazine did not satisfy the reader, it is likely that the reader will not return to read that particular magazine. He or she may not consider reading any other magazine. The reader will look for an alternative source of information such as going for fashion exhibitions and shows. However, the internet-based fashion media has used this opportunity to capture and â€Å"lock-in† consumers. Since the internet supports multiple websites, blogs and social networks, a consumer who visits one of them is not likely to exit even if there is no satisfaction (Kansara 2009b). In fact, the consumer has the freedom to move from one site to another â€Å"with a click of a mouse†. The internet seems to be the best alternative for consumers who are dissatisfied with the information presented by fashi on magazines. However, the impact is that this aspect of the internet-based fashion media is the death of print media (Keen 2008). Another important aspect of the online fashion media is the frequency of updating fashion consumers and the public in general. Whereas the print fashion magazines are issued once per month, the internet-based fashion media provides instant updates on fashion and trends in fashion. In fact, bloggers and online fashion magazines tend to compete with each other. They are trying to outdo each other based on who provides the highest rate and frequency of updating their customers (Telsa 2010). Customers feel satisfied when they get instant updates. It eliminates the time needed to wait for the monthly updates.  Digitalization of publishers is an issue that is inevitable in practice and discussion. Printers are feeling the need to ensure that they find a better way of interacting with their audience and responding to their requests. Most of the requests made by consumers include the desire to get instant updates on the current trends and information (Telsa 2010). Obviously, the print media cannot provide instant updates. Therefore, a consumer will have to wait for the next issue of a fashion magazine. With the availability of large information and updates on the internet, consumers are compelled to migrate to the digital media. Although this is a positive development for both consumers and the industry, a factor has contributed to the decline of the print fashion media. In fact, the desire to get timely updates has resulted into the migration from the print media to the digital media witnessed since 2000. Combined with other factors, it can be said to be one of the causes of the death of print media. Financial crisis and the impact on print media In addition to consumer behaviour, the frequency of economic problems in the modern world has contributed to the decline of the print media in the fashion industry (Clifford 2009). According to Brook (2009), the 2008-2010 global economic crises affected the print media. For instance, the number of fashion magazines printed in 2009 decreased significantly. In addition, companies such as Vogue decided to increase the amount of information in their online publication due to the decreasing rate of reading in their print versions (Telsa 2010). In fact, it has been shown that some of the companies have decided to encourage online reading as a way of tackling the competition they face from independent bloggers, who have now assumed the role of fashion journalists (Clifford 2009). Conclusion In the fashion industry, print magazines have dominated the channels of fashion communication since 1670s. Therefore, print fashion magazines have become a popular culture in the world. However, the culture is experiencing technological changes. It is evident that the print media is slowly dying and its place taken by digital fashion media. A range of factors has contributed to the progressiv e death of print fashion media. For instance, the digital migration has been motivated by the recent economic crisis, the easiness of information searching and communication provided by the internet, the availability of a wide volume of information, bulkiness of print media and the recent economic crisis. References Albertazzi, D Cobley, P, 2010, â€Å"The Media: an Introduction†, Harlow: Pearson Bailey, LR Seock, YK, 2010, â€Å"The relationship of fashion leadership, fashion magazine content and loyalty tendency†, Journal of Fashion Marketing and Management, Vol. 14, No. 1, pp. 39-57. Barker, C, 2000, â€Å"Key concepts in cultural studies: Cultural Studies: Theory and Practice. London: Sage. Blackman, L, 2006, â€Å"Inventing the psychological: Lifestyle magazines and the fiction of autonomous self†, London: Routledge Brook, S, 2009, â€Å"Style magazine i-D to scale back to six issues a year† Accessed from http://www.guardian.co.uk/media/2009/may/1 3/id magazine-six-issuesyear Clifford, S, 2009, â€Å"Prominent Magazines Lose Weight, Shedding Nearly Half Their Ads†, The New York Times, January 4, 2009, Accessed from http://www.nytimes.com/2009/01/05/business/media/05adco.html, Fiske, J, 1989, â€Å"‘Understanding popular culture†, London: Routledge Hill, DD, 2004, â€Å"As Seen in Vogue: A century of American fashion in advertising†, Lubbock, TX: Texas Tech University Press Kansara, VA, 2009a, â€Å"Fashion 2.0: An Interactive Future for Fashion Magazines†, The business of fashion, Accessed from http://www.businessoffashion.com/2009/02/fashion-20-an-interactivefuture-for-fashion-magazines.html Kansara, VA, 2009b, â€Å"Future of fashion magazines, Part one- A changing landscape†, Accessed from http://www.businessoffashion.com/2009/07/future-of-fashion-magazines-part-one-achanging-landscape.html Keen, A, 2008, â€Å"The Cult of the Amateur: How blogs, MySpace, YouTube and the rest of to day’s user-generated media are killing our culture and economy†, Nicholas Brealey Publishing, London Kondratiev, M, 2010, â€Å"First-ever fashion magazine was made for men by men†, Accessed from www.pravda.ru, http://english.pravda.ru/society/stories/01-07-2010/114087-fashion_magazine-0/, Moeran, B, 2006b, â€Å"More than just a fashion magazine†, Current Sociology, vol. 54, no. 5, pp.725-744 Ovide, S Adams, R, 2009, â€Å"Magazine ads evaporated in 2008, faster as months went on†, The Wall Street Journal, January 15, 2009, Accessed from http://online.wsj.com/article/SB123197955715583579.html Schroeder, JE, 2004, â€Å"Visual consumption in the image economy†, London: Prentice Hall. Stone, E, 2004, â€Å"The dynamics of fashion†, New York: Fairchild Storey, J, 1997, â€Å"An introduction to cultural theory and popular culture†, London: Prentice Hall. Storey, J, 2000, â€Å"Cultural theory and popular culture: An Introductionà ¢â‚¬ , London: Prentice Hall. Telsa, L, 2010, â€Å"How the Internet is changing the fashion industry in 2010†, Accesed 21 July 2013 This report on Trade Unions. Final Report on Industrial Relations was written and submitted by user Tal1sman to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Financial Analysis of the G4S Company The WritePass Journal

Financial Analysis of the G4S Company Executive summary: Financial Analysis of the G4S Company Executive summary:Financial adaptability:PROFITABILITY RATIOS:Return on capital employed (ROCE)2007Gross profit margin:Net profit margin:Short term liquidity ratios:Current ratio:Acid test ratio:Operating efficiency ratios:Inventory turnover period:Trade receivables collection period: Trade payables payment period:Capital structure ratios:Gearing ratio:Interest Cover Ratio:Solvency Ratio:Fair value accounting:Equity approach:Income Approach:Full fair values:Argument for fair value Accounting:Fair Value Accounting Advantages:  Comparability of financial information:  Argument against fait value accounting:Fair Value Accounting Disadvantages:ReferencesRelated Executive summary: The G4S Company is the largest security services provider in the United Kingdom  Ã‚  Ã‚   that specialises in all aspects of security, including the deployment of security officers, monitoring, crisis management, planning and training, and security advice. It is part of Group 4 Securicor PLC and was established from the merger between Securicor and Group 4 Flack’s security businesses. The company provides specialist security services to more than 5,000 customers across a range of sectors, including commercial services, events, facilities management, industrial, financial and professional services, public sector, retail and transport. It also manages the security for 41 companies in the FTSE 100 and provides real solutions to customers, including Woolwich Building Society, IBM, Virgin Atlantic, and Bridgnorth Aluminium.The company is a member of British Security Industry Association (BSIA), Security Industry Authority, National Security Inspectorate (NSI), SITO, IATA, AOA, Fi re Protection Association (FPA), Confederation of British Industry (CBI), British Quality Foundation, and European Aviation Security Association.   G4S plc collectively with its subsidiaries and joint venture companies primarily supplies range of business services that encompass secure solution and cash solutions to both government agencies and commercial businesses.   Though first joined the stock market in 2004, G4S plc currently floats in the London Stock Exchange as one of the top 100 companies listed in the London Stock Exchange in 2007 (G4S Company) Financial adaptability: G4S has strong operating activities; this is due to significantly increase in cash inflow generated from operating activities, from  £373m in 2008 to  £ 509m in 2009. The firm has also invested heavily on financing investment; consequently this has had a negative effect on the cash and cash equivalent, this may have contributed to the fall in the cash equivalent from  £56m to  £38m.   The firms have decided to spend less on investing activities; consequently the net cash inflow from investing activities has fallen down significantly from  £504m in 2007 to  £184m in 2009. Therefore since the firm can generate revenue from operating activities, this will enable the firm to adapt to any new business venture. PROFITABILITY RATIOS: Return on capital employed (ROCE) 2007 2008 2009 8.83 % 6.81 % 8.22% G4S ROCE is with the median range compare to other firm in the same sector. The ROCE slightly fell in 2008 from 8.83% to 6.81%. This was due to increase in capital employed from  £2148.3 million in 2007 to  £3402.6 million in 2008. Also contributing to the fall was the increase in profit before interest and tax from  £217m to  £264m However G4S ROCE slightly increased in 2009 to 8.22%. This was due to the fall of fixed asset from  £3402.6 million in 2008 to  £3316.5 million in 2009. This may contributed to the increase in ROCE. Furthermore PBIT has increased from  £264m to  £303m. Gross profit margin: 2007 2008 2009 22.38% 92.99 % 21.91% G4S gross profit margin plummeted in 2008 from 22.38% to 92.99%. This was due mainly to the increase of gross profit from  £ 1,005 m to  £ 5,527m, compare to the slightly increase in revenue from  £ 4,490.4m to 5,942.9m. This indicates the firm is relatively depended on cost of sales to generate profits. However G4S gross profit margin fell significantly in 2009 from 92.99% to 21.91%. This was due to the fall of gross profit from  £ 5,527m in 2008 to  £ 1,536m in 2009. Even though revenue increased from  £ 5,943m to 7,009m in 2009, this did not affect the fall in the gross profit margin. Since the firm is operating exceptionally in relation to generating profit through gross profit activities. This indicates the firm is profitable since it can generate profit from its own activities. Net profit margin: 2007 2008 2009 4.83 % 4.45 % 4.32 % G4S net profit margin has fallen in the last three years.G4S net profit margin slightly reduced in 2008 from 4.83% to 4.45% this was due to the increase in profit before tax the company had to pay compare to previous year. G4S paid interest in 2008 of  £ 264m compare to 2007 of  £ 217m. Also the revenue significantly increases in 2008 from  £ 4,490m to  £ 5,943m. The ratio fell again in 2009, once again contributing to the fall in net profit margin was due to increase in tax and interest G4S had to pay from  £264m to  £303m. The fall in the ratio may be due to the fall in cost of sales, since, despite the significant increase in revenue from  £5,943m to  £ 7,009m, this did not affect the fall in the ratio. This indicates the firm is profitable since the revenue has increased in the last 3 years. Short term liquidity ratios: Current ratio: 2007 2008 2009 1.25 1.28 1.25 G4S current ratios were lower in 2007 compare to 2008, this indicates the firm have financial problem in the short term. However G4S current ratio has slightly increased in 2008 from 1.25 to 1.28, this was due to increase in current assets from  £ 1,528m to  £ 2,174m, and current liabilities increased from  £ 1,220m to  £ 1,694m. Since current asset are higher than current liabilities, this implies the firm has no financial difficulties in the short time. However the ratio fell in 2009 from 1.28% to 1.24% this was due to decrease in current assets from  £ 2,174 m to  £ 1,847m; this was mainly due to fall in bank and deposits from  £562m to  £308m.   Also the current liabilities fell down from  £ 1,694m to 1,482m. This was mainly due to reduce of bank overdraft from  £283m to  £183m. Acid test ratio: 2007 2008 2009 1.19 1.23 1.21 G4S acid test slightly increased in 2008 from 1.19 to 1.23, this was due to the increase of inventory from  £57.1m to  £85.5m. The actuality that the differences between the current and acid test ratios is not too high this indicates that G4S stocks are not that high. The stocks are worth around  £85.5m; but since current assets are  £ 1527.5, that’s not a huge level of stock holdings. Also the increase in current asses and current liabilities contributed to the increase in current ratio. However the ratio fell down in 2009 from 1.23 to 1.21, this was due to descend of inventory the firm holds from  £85.5m to  £ 77.8 m. also contributing to the fall was the reduction of current assets from  £ 2,174 m to  £ 1,847m.   Additional this indicates that G4S has good financial situation that it had before. Operating efficiency ratios: Inventory turnover period: 2007 2008 2009 78.64 69.51 90.08 G4S inventory turnover ratio has fallen in 2008 by 9 days. This indicates efficient management of inventory because the inventories are frequently sold. Moreover, revenue significantly increases in 2008 from  £ 4,490m to  £ 5,943m. Furthermore this indicates the firm requires high level on inventory in order to operate the business. Since the inventory has increased from  £57m to  £86m. The ratio increased significantly in 2009 by 20 days.   This was due to the high increase of revenue from  £ 5,943 m to  £ 7,009m, also the inventory fell down from  £86m to  £78m, and this was due to reduction on holding stock from  £23m to  £16m. Trade receivables collection period: 2007 2008 2009 62 72 59 In 2009, the trade receivable increased from 62 days to 75 days. This was mainly due to significant increase in trade debtors from  £ 763 m to  £1,171m. This may indicate the firm policy is to allow more credit in order to generate more sales. This contributed in fall in cost of sales from  £ 3,485m to  £416 m. However G4S trade receivable collection fell down in the year 2009 from 72 days to 59 days this shows the firm policy of efficient management to reduce debt. The increase could be due to slightly increase in trade debtor collection from  £ 1,171 m to  £1,127 m Trade payables payment period: G4S trade payable payment period fallen down in 2008 from 11 days to 12 days, this was due to the increase in payment period form  £137.m to  £197m this resulted in the increase of 1 day payment period. This indicates the firm policy is to collect the creditors too quickly. Since the firm revenue increased in 2008 from  £ 4,490m to  £ 5,943m, the firm should allow more time for collection from creditors.Trade payables payment period: However in 2009 the firm reduced the trade payables payment period from 12 to 10 days, this resulted in reducing the payment to creditors from  £197m to  £192 m. is clear that G4S has efficient control of its creditors. Although G4S may miss out on extra cash discounts from the creditors for paying late. Although the revenue increased from  £ 5,943m to 7,009m, this did not affect the ratio to fall down. Capital structure ratios: Gearing ratio: 2007 2008 2009 144.98% 193.48% 176.43% G4S gearing ratio has a higher gearing ratio compare to other industry. The gearing ratio dramatically increases in 2008 from 133.98% to 193.48%. This was due to significant increase in long term loan from  £ 1,369m to  £ 2.455m, which affected the increase in creditors in order to finance the business. However the ratio fell down in 2009 to 176.43%, this was due to reduction in long term borrowing, also contributed in fall of gearing was due to reduction in   current liabilities from  £ 1,694m to  £ 1,482m. This indicate the firm is too dependent on borrowing in order to finance the business, since the firm has high gearing ratio, therefore the firm could enter liquidation if they don’t solve its debts. Interest Cover Ratio: 2007 2008 2009 2.48 2.40 2.54 In 2008 the interest cover was slightly reduced from 2.48 to 2.40, this was due to a dramatic increase in interest charge from  £ 217 m to  £264 m. However the interest cover ratio reduced slightly in 2009 from 2.40 to 2.54, this was due to the increase in PBIT from  £264m to  £303 m, which the business incurred. However the interest cover slightly increased from 2.40 to 2.54, this was due to profit before interest slightly increased from  £ 454m to  £499m. G4S has a low interest cover which may not be enough to pay off its interest in difficult economical times and could consequence face bankruptcy. Solvency Ratio: 2007 2008 2009 29.57% 25.59% 27.24% G4S solvency ratio reduced in 2008 from 29.75% to 25.59%. This was due to increase in total asset from 3,676m to 5,577m. Also the increase of share holders’ funds from  £1,087m to  £1,427m contributed to fall in the ratio. This indicates the firm is too dependent on borrowing in order to finance their business. However the ratio fell down in 2009 to 27.24%, this was due to slightly fall in total assets from  £ 5,577m to  £ 5,164m; this was due to reduction of current assets from  £2,174m to  £1,847m and also the fall in shareholders’ funds, from  £1,427m to  £1,407m, may have   contributed to increase in solvency ratio. This indicates the firm is solvent, since it has higher total assets compare to total liabilities. Fair value accounting: â€Å"Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction†. (IAS 39)   Starting out from the idea that the best estimation of the fair value is the market price of the asset or liability in quires, and attitude in mind that this price does not exist for all items, or if it does exist it may not always be reliable, it is essential to lay down some ordered procedure that institution can follow when making their estimates. Based on IAS 39. The continuation of published prices in a dynamic market is the best indication of fair value and when it exists, should be used to value the financial asset or liability. A financial instrument is deemed to be quoted on an dynamic market if the listed prices are regularly and easily available If the market for a financial instrument is not active, the financial institutions should find out the fair value using a valuation technique incorporate all the factors that participant in the market would consider when establish the price and which is familiar with accepted economic way used to set the prices of financial instruments. In a perfect market, fair value equals practical market price. If there is no active market, fair value is an estimate of value in use. The IASB differentiates between three levels for estimating fair values: Using quoted prices for identical assets or liabilities in active markets whenever that information is available (market values); If quoted prices are not available for similar assets or liabilities, fair value should be approximated using quoted prices of similar assets or liabilities with market equivalents. If quoted prices of identical or similar assets or liabilities are not available or not objectively determinable, fair value should be estimated using valuation methods based on present value techniques of future earnings, or cash flows and valuation techniques. Fair value of an asset usually is based on the judgment of future cash flows of the entity, which means that the same asset can be measured differently for two companies because of different borrowing rates and managerial appraisals. Thus, the reliability of fair value estimates declines with the shift from liquid markets to non-traded items. Botosan et al. (2005) provided a concise summary of the extant academic literature on The relevance and reliability of fair value estimates in financial statements. They suggest (Citing Barth, 1994, Petroni Wahlen, 1995, and Nelson, 1996, amongst others, in Support) that: â€Å"The evidence generally shows that fair values obtained from actively traded markets are more reliably associated with share prices than those derived from thinly traded markets or internal estimation models .Supporters of fair value accounting argue that, the fair value accounting measurement is relevant than the historical cost accounting as it provides up to date information in line with market and it takes in to account to economic adjustments to the acquired cost. Many accounting academics’ argue that the fair value method shows the economic realities that are avoided by the historical cost accounting†. Calculating fair value of an asset or liability Equity approach Mixed approached Income approach Full fair value approach Equity approach: All unrealized fair value changes are admitted in a revaluation reserve when transaction is realized. According to IAS 116 realized holding gains do not affect the income statement. Mixed approach: Changes on unrealized fair values are transferred into revaluation reserve however; changes on realized fair values are reflected in income statement instead of equity according to IAS 39. Income Approach: Gains or losses resulting from changes in fair values are usually reflected in the income statement. Full fair values: Changes made in every fair value are recorded in the income statement including internally generated goodwill. Self produced goodwill is the difference between the equity values of the firm and book value of the firm. Argument for fair value Accounting: Supporters of the market value accounting argue that the fair value accounting measurement is relevant than historical cost accounting as provides as up to date information constant which market with market and it takes in to account economic adjustment to the acquired cost. Many accounting academics argue that is method shows the economics reality that is avoided by historical cost accounting. Valuing all financial instruments by their fair value will allow stakeholders of the financial statements to gain a fair and true view of the companys true financial conditions as only fair value shows the economic situation and the changes in them. However, historical cost-based accounting indicates the conditions that happened when the transaction took place and any possible changes in the price do not appear until the asset is realized. Although, the well-known application of fair value offers a more as good as and consistent valuation Framework, as financial instruments are valued at the same time and according to the same standard. The Traditional model, on the other hand, does not allow comparisons easily made. Companies similarly financial instruments, with the same cash flows and risks, can show different values on their Financial statements according to the moment in time when they purchased the Justification of the full fair value model is draws upon the criticism that may be leveled against the mixed valuation model, where some instruments are recorded at historical cost and others according To their fair value. In the mixed model the criterion for valuing an instrument at its cost or market value Do not depend on the character of the instrument but on whether the companies intends to hold it Long term or trade it; this is strictly related to the difference between the instruments to old banking activity and the asset trading portfolio. Thus, if the mixed model is applied, similar instruments may be valued differently and have a Different result on the financial position and the income statement. Moreover, the difference between, the credit portfolio and the trading portfolio may vary from one company to the next, and therefore Make it difficult to compare financial statements. Lastly, the mixed model creates advantages for a degree of accounting principles that, The categ orization rules might be interpreted so as to categories assets and liabilities so that it is possible to apply the most advantageous valuation criterion, in detriment to the quality of the information And, in short, the ability of financial statements to show the economic reality of the company Reliably and objectively, Fair Value Accounting Advantages: Market value measurement is more important to stake holders are it reflects market price of the asset and the liabilities It provides more transparency for the users if all financial instruments can be measured at fair value stake holders can achieve grade advantages (Jackson 2000) Reliability of fair value accounting Financial information’s must be   reliable when it   must show faithful   economic reality of the transactions, regardless of its legal form, as well as being prudent, free and complete   from errors. For this reason fair value should not be applied to all financial instruments as it is not possible to get reliable values for some as important as loans   and deposits acquired, as there are no active markets for most of them, nor are there adequate valuation techniques allowing them to be estimated reliably.   Comparability of financial information: Stakeholders of the financial information should able to investigate a companys financial statements timely basis and compare them with similar industry to analyses the companys financial position, Changes in its financial position and performance in similar terms. Familiar situations and events must therefore be treated in a similar way. Whereas the mixed model may head to conditions in which similar instruments are given different Valuations because they were bought at different times, the results obtainable by this method are parallel and similarity comparable with one another. However, applying fair value would, in many cases, involve a degree of bias in the preparation of these financial statements which would make assessment more difficult. Given that companies may use different models with considerably different assumption to find out the fair value of different financial instruments, both the fair Value and the implication for the income statements of different companies coul d be very difficult to compare. Although, users of financial information are familiarized to the mixed model and understand it Perfectly well, having developed technique that use the historical cost information to assess the Company’s situation and estimate future cash flows.   Argument against fait value accounting: There are wildly held views on fair value accounting that the suitability of applying the criteria of fair value to instruments held in asset management. However, this method is vigorously rejects for the valuation of the non current asset and financial liabilities. In order to be useful as the basis for rational economic decision-making, financial information must be reliable, comparable and relevant. The criticism mainly on these features and the force obtaining the advantages of the fair value process would have constancy of the system as a whole Fair Value Accounting Disadvantages: Fair values and invaluable it is subjective of managers and directors and agency theory indicates that managers and directors usually keep their advantages of un very volubility to the manage financial report ( Ramanna Watts 2007)   when fair value on asset liability is not available fair value is measured based estimated by using best   available   information and technique available in the circumstances however most oven difficult occur when choosing estimated of fair value by using in appropriate models. E.g Cash in hand or using assumptions that is not reflect the risk of asset (Jackson 2000) References cemla.org/pdf/acp/dp-0607-bde-eng.pdf. accessesed 5th of may 2011, time. 23:43 Melville, A international financial reporting practical guide. ACCA global   reviews Fame G4S financial analysises.

Biography of William Travis, Texas Revolution Hero

Biography of William Travis, Texas Revolution Hero William Barret Travis (August 1, 1809–March 6, 1836) was an American teacher, lawyer, and soldier. He was in command of the Texan forces at the Battle of the Alamo, where he was killed along with all of his men. According to legend, he drew a line in the sand and challenged the defenders of the Alamo to cross it as a sign of their promise to fight to the death. Today, Travis is considered a great hero in Texas. Fast Facts: William Travis Known For: Travis became a Texas hero for his role in the defense of the Alamo.Also Known As: BuckBorn: August 1, 1809 in Saluda County, South CarolinaDied: March 6, 1836 in San Antonio, Texas Early Life Travis was born on August 1, 1809, in South Carolina, and grew up in Alabama. At the age of 19, while working as a schoolteacher in Alabama, he married one of his students, 16-year-old Rosanna Cato. Travis later trained and worked as a lawyer and published a short-lived newspaper. Neither profession made him much money, and in 1831 he fled to the west, staying one step ahead of his creditors. He left Rosanna and their young son behind. By then the marriage had soured, and neither Travis nor his wife was upset by his departure. He chose to head to Texas for a new start; his creditors could not pursue him into Mexico. Anahuac Disturbances Travis found plenty of work in the town of Anahuac defending slaveholders and those who sought to recapture runaway slaves. This was a sticky point at the time in Texas, as slavery was illegal in Mexico but many of the Texas settlers practiced it anyway. Travis soon ran afoul of Juan Bradburn, an American-born Mexican military officer. After Travis was jailed, the local people took up arms and demanded his release. In June 1832, there was a tense standoff between angry Texans and the Mexican Army. It eventually turned violent and several men were killed. The fighting came to an end when a high-ranking Mexican official arrived to defuse the situation. Travis was freed, and he soon found he was a hero among Texans who wanted to separate from Mexico. Return to Anahuac In 1835, Travis again was involved in trouble in Anahuac. In June, a man named Andrew Briscoe was jailed for arguing about new taxes. Infuriated, Travis rounded up a gang of men and they rode up to Anahuac, supported by a boat with a lone cannon. He ordered the Mexican soldiers out. Not knowing the strength of the rebel Texans, they agreed. Briscoe was freed and Travis’ stature grew enormously with those Texans who favored independence. His fame increased even more when it was revealed that Mexican authorities had issued a warrant for his arrest. Arrival at the Alamo Travis missed out on the Battle of Gonzales and the Siege of San Antonio, but he was still a dedicated rebel and anxious to fight for Texas. After the Siege of San Antonio, Travis, by then a militia officer with the rank of Lieutenant Colonel, was ordered to collect up to 100 men and reinforce San Antonio, which was, at the time, being fortified by Jim Bowie and other Texans. The defense of San Antonio centered on the Alamo, a fortress-like old mission church in the center of town. Travis managed to round up about 40 men, paying them out of his own pocket, and arrived at the Alamo on February 3, 1836. Discord at the Alamo By rank, Travis was technically the second-in-command at the Alamo. The first commander there was James Neill, who had fought bravely at the siege of San Antonio and who had vigorously reinforced the Alamo in the intervening months. About half the men there, however, were volunteers and therefore answered to no one. These men tended to listen only to James Bowie, who generally deferred to Neill  but did not listen to Travis. When Neill left in February to attend to family matters, the differences between the two men caused a serious rift among the defenders. Eventually, two things would unite Travis and Bowie (and the men they commanded): the arrival of the diplomatic celebrity Davy Crockett and the advance of the Mexican Army, commanded by General Antonio Là ³pez de Santa Anna. Sending for Reinforcements Santa Annas army arrived in San Antonio in late February 1836 and Travis busied himself sending dispatches to anyone who could help him. The most likely reinforcements were the men serving under James Fannin in Goliad, but repeated pleas to Fannin brought no results. Fannin did set out with a relief column  but turned back due to logistical difficulties (and, one suspects, the suspicion that the men in the Alamo were doomed). Travis wrote to Sam Houston, but Houston was having trouble controlling his army and was not in any position to send aid. Travis wrote the political leaders, who were planning another convention, but they moved too slowly to do Travis any good. He was on his own. Death According to popular lore, sometime on March 4, Travis called together the defenders of the Alamo for a meeting. He drew a line in the sand with his sword and challenged those who would stay and fight to cross it. Only one man refused (an ailing Jim Bowie reportedly asked to be carried across). There is little historical evidence to support this story. Still, Travis and everyone else knew the odds and chose to remain, whether he actually drew a line in the sand or not. On March 6, the Mexicans attacked at dawn. Travis, defending the northern quadrant, was one of the first to fall, shot down by an enemy rifleman. The Alamo was overrun within two hours, and all of its defenders were either captured or killed. Legacy Were it not for his heroic defense of the Alamo and his death, Travis would most likely be a historical footnote. He was one of the first men truly committed to Texas separation from Mexico, and his deeds in Anahuac are worthy of inclusion on an accurate timeline of events that led to Texas independence. Still, he was not a great military or political leader. He was just a man in the wrong place at the wrong time (or the right place at the right time, some would say). Nevertheless, Travis showed himself to be a capable commander and brave soldier when it counted. He held the defenders together in the face of overwhelming odds and did what he could to defend the Alamo. In part because of his discipline and hard work, the Mexicans paid very dearly for their victory that March day. Most historians put the casualty count at around 600 Mexican soldiers to some 200 Texan defenders. Travis showed true leadership qualities and might have gone far in post-independence Texas politics had he survived. Travis greatness lies in the fact that he obviously knew what was going to happen, yet he remained and kept his men with him. His final missives show clearly his intent to stay and fight, even knowing he would likely lose. He also seemed to understand that if the Alamo were crushed, the men inside would become martyrs for the cause of Texas Independence- which is precisely what happened. Cries of Remember the Alamo! echoed out all over Texas and the United States, and men took up arms to avenge Travis and the other slain Alamo defenders. Travis is considered a great hero in Texas, and many things in Texas are named for him, including Travis County and William B. Travis High School. His character appears in books and movies and everything else related to the Battle of the Alamo. Travis was portrayed by Laurence Harvey in the 1960 film The Alamo, which starred John Wayne as Davy Crockett. Sources Brands, H.W. Lone Star Nation: The Epic Story of the Battle for Texas Independence. New York: Anchor Books, 2004.Thompson, Frank T.  The Alamo. University of North Texas Press, 2005.