Sunday, January 12, 2020
This memorandum is written to assist the decision making about to raise capital for further growth and recapitalize the ownership structure of TRX thorough Initial Public Offering. The analysis is examined from two scenarios. One is that TRX keep on IPO at lower price of $9 per share; another is that it postpones the IPO in 2006. I would project the IPO price of 2005 and 2006, respectively based on the management plan. According to the TRXÃ¢â¬â¢s balance sheet and financial data, TRX was a very young technology-integration company which founded in 1999. By 2004, TRX generated $113. m in total revenues and the ensuing half year it generated about $62m which was already ahead of the last yearÃ¢â¬â¢s pace. Not only had the top-line revenue growth in industry, the company created the surprised high mean margin growth of EBITDA which was 188. 8% from 2002 to 2005 as well. (Figures show in Appendix 1) Although TRX still represented the negative net income right now, the company must have tremendous profit potential to be expected, because TRX will completely remove low-margin business in 2008 in order to generate strong cash-flow and the more of higher-margin business would stems from TRXÃ¢â¬â¢s four top clients. Thus, in order to fuel the rapid growth of the business, TRX should be considered as a good candidate for going public. Nevertheless, TRX first failed to go public in 2000 attributed to the overall stock market conditions were awful since the dot-com bubble burst in the late 1990s. From travel industry condition performance, TRX encounter the recession of travel industry, which affected its fortunes since the company closely related with the overall health of the industry. From the overall stock market conditions, the performance of NASDAQ was volatility throughout 2004, even dropped a low in August 2004 and thereby the pricing of IPO was poor when the company prepare to IPO. Even though the rebounded of stock market in the first half of 2005, the market conditions still acted unstable with weak performance of IPO. Once again, TRX experienced the bad news of industry during its road show. These broader market climates were seemed like unfavorable for the companyÃ¢â¬â¢s IPO. In reposed to the first filed IPO, TRX turned to raise capital from outside strategic investor Sabre with issuing 15m convertible note and another 5m was from its original investors BCD and Hogg Robinson in order to support companyÃ¢â¬â¢s growth until it attempted the second time to IPO. Actually, Going public gives these investors the opportunity to exit, proving an attractive harvest strategy especially when the TRXÃ¢â¬â¢s stock price closed at a higher price in the post-IPO. However, the final price range of IPO offered by CSFB was $9 per share which was lower than the price Sabre paid for its share. Here, I use comparable analysis to estimate the IPO price based on the management plan in 2005 and 2006, respectively. Since a perfectly comparable company canÃ¢â¬â¢t be found, I chose primary sectorsÃ¢â¬â¢ multiples which most close to TRX with online travel and payment processing. Moreover, the average median multiples are calculated the reason I used median multiples over mean is that more accuracy projections will estimated without outliners involved in mean. Also, I chose the next yearsÃ¢â¬â¢ EBITDA and net income, respectively due the stock prices reflect the present value of future earnings. He company could offer the lender partial ownership in the venture in exchange for loan principal by swapping their debt for equity. The improves the profitability of the venture by lowering debt service payments while lowering debt liability on the balance sheet and replacing it with equity. Also, the lender is trading fixed-rate debt for equity with a potentially higher total return. If the firm is doing very well , and lenders fell that the return on investment will likely be better with equity position, this becomes an attractive option for debt holders. Memorandum My background and interests are fairly diverse and require a more in depth explanation and presentation and this is the rational behind my presentation of this exploratory memo. Hopefully, this memo will clearly address all issues in a manner that will shed light on my background. My primary academic focus is economics and international trade and I approach these avenues in a manner that is significantly different from the way many other people may approach said disciplines. I am a foreign national who was born in Korea and I believe this gives me a different perspective on international trade and economics as I have a great deal of experience seeing the actual Ã¢â¬Å"internationalÃ¢â¬ aspect of trade and economics while many people who have limited experience with foreign economies may have a limited understanding in regards to how it works abroad. More than just interested in things that involve politics and the economy, I have also invested a great deal of my time in charitable pursuits. I served as vice President of my church and from this position I was able to invest a great deal of time in charitable pursuits. These pursuits included helping out with individuals who were infirmed and in need of assistance. This experience proved very rewarding on levels that were professional, personal and spiritual. I also place a significant emphasis on my life towards the pursuit of athletic excellence. In particular, I enjoy skiing and snowboarding and have invested a great deal of time developing a proficiency in these sports. A healthy mind only remains healthy when the body that supports it is equally strong so I take the development of an athletic cardiovascular system very seriously. An inability to properly communicate remains one of the more damaging aspects that could undermine an individualÃ¢â¬â¢s ability to achieve maximum potential in the workplace. More than anything, I would prefer to develop the enhancement of my grammar, syntax and communicative language in a manner that would effectively be quite impressive to the reader. This does not mean that I would like to master the English language for the sole purpose of being able to misrepresent my knowledge on a particular subject by burying and hiding a lack of knowledge within the confines of excellent grammar and syntax. What I wish to do is to make my knowledge of a particular subject matter and my ability to communicate my knowledge, feelings and ideas within the confines of the business community in such a way that it becomes clear I have a solid and serious pragmatic ability to apply my knowledge on the subject. This is not to say, however, that I have extremely limited experience in business or professional communication. On the contrary, I have a fairly expansive degree of experience with business communication. I do, however, realize my limitations in this area and I will to expand my skills and capabilities in order to eliminate any limitations I may have. While some may assume (erroneously) that the Snowboarding Club that I served as president of would be exclusively a leisure pursuit, this is about as silly of a statement as stating the multi-million dollar snowboarding industry is nothing more than a leisure pursuit. As President of this club I would perform my duties as professionally as I would have performed the same duties for a more Ã¢â¬ËestablishedÃ¢â¬â¢ club such as an economics club, etc.Ã As part of my duties as President, I would routinely communicate with various entities and individuals by way of traditional business writing (I.E. pen and paper) and by way of electronic communication (email, etc) In terms of why I am taking this course, the primary reason is that the course is required. So, yes, it is a mandatory course designed to facilitate my graduation, but that is not entirely the whole case. There is much more to it than merely taking a course designed with one sole goal of graduating and receiving a degree. To do this without having developed any real or significant skill would be ludicrous and totally self defeating in terms of the way such an attitude would undermine my entire education. So, regardless of the administrative reason why I am taking this course, all courses are electives as I have elected to attend the University in order to develop my professional skills. In other words, my attendance in this course is primarily to learn the material and then take the material and develop it into functional skills that can carry into the workplace and in life in general. Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Memorandum This memorandum is written to assist the decision making about to raise capital for further growth and recapitalize the ownership structure of TRX thorough Initial Public Offering. The analysis is examined from two scenarios. One is that TRX keep on IPO at lower price of $9 per share; another is that it postpones the IPO in 2006. I would project the IPO price of 2005 and 2006, respectively based on the management plan. According to the TRXÃ¢â¬â¢s balance sheet and financial data, TRX was a very young technology-integration company which founded in 1999. By 2004, TRX generated $113. m in total revenues and the ensuing half year it generated about $62m which was already ahead of the last yearÃ¢â¬â¢s pace. Not only had the top-line revenue growth in industry, the company created the surprised high mean margin growth of EBITDA which was 188. 8% from 2002 to 2005 as well. (Figures show in Appendix 1) Although TRX still represented the negative net income right now, the company must have tremendous profit potential to be expected, because TRX will completely remove low-margin business in 2008 in order to generate strong cash-flow and the more of higher-margin business would stems from TRXÃ¢â¬â¢s four top clients. Thus, in order to fuel the rapid growth of the business, TRX should be considered as a good candidate for going public. Nevertheless, TRX first failed to go public in 2000 attributed to the overall stock market conditions were awful since the dot-com bubble burst in the late 1990s. From travel industry condition performance, TRX encounter the recession of travel industry, which affected its fortunes since the company closely related with the overall health of the industry. From the overall stock market conditions, the performance of NASDAQ was volatility throughout 2004, even dropped a low in August 2004 and thereby the pricing of IPO was poor when the company prepare to IPO. Even though the rebounded of stock market in the first half of 2005, the market conditions still acted unstable with weak performance of IPO. Once again, TRX experienced the bad news of industry during its road show. These broader market climates were seemed like unfavorable for the companyÃ¢â¬â¢s IPO. In reposed to the first filed IPO, TRX turned to raise capital from outside strategic investor Sabre with issuing 15m convertible note and another 5m was from its original investors BCD and Hogg Robinson in order to support companyÃ¢â¬â¢s growth until it attempted the second time to IPO. Actually, Going public gives these investors the opportunity to exit, proving an attractive harvest strategy especially when the TRXÃ¢â¬â¢s stock price closed at a higher price in the post-IPO. However, the final price range of IPO offered by CSFB was $9 per share which was lower than the price Sabre paid for its share. Here, I use comparable analysis to estimate the IPO price based on the management plan in 2005 and 2006, respectively. Since a perfectly comparable company canÃ¢â¬â¢t be found, I chose primary sectorsÃ¢â¬â¢ multiples which most close to TRX with online travel and payment processing. Moreover, the average median multiples are calculated the reason I used median multiples over mean is that more accuracy projections will estimated without outliners involved in mean. Also, I chose the next yearsÃ¢â¬â¢ EBITDA and net income, respectively due the stock prices reflect the present value of future earnings. He company could offer the lender partial ownership in the venture in exchange for loan principal by swapping their debt for equity. The improves the profitability of the venture by lowering debt service payments while lowering debt liability on the balance sheet and replacing it with equity. Also, the lender is trading fixed-rate debt for equity with a potentially higher total return. If the firm is doing very well , and lenders fell that the return on investment will likely be better with equity position, this becomes an attractive option for debt holders.
Saturday, January 4, 2020
Mexico, whose official name is Estados Unidos Mexicanos or United Mexican States is our neighbor to the south, the U. S. and Mexico share 1,989 miles of border territory (Ã¢â¬Å"How Long,Ã¢â¬ 2015). Mexico is made up of 31 states and one federal district. Prior to the Mexican American War in 1846, New Mexico, California, Texas, Arizona, Colorado and Utah were also part of the Mexican territory, which was about one third of their territory (Ã¢â¬Å"Mexican-American War,Ã¢â¬ 2009) The population in Mexico is estimated at 121,736,809 as of October 2015 (Worldmeters, 2015), which is equivalent to 1.71% of the total world population; 79 % make up the urban population. In Mexico there are 68 official languages which included many indigenous dialects but 92.7 % of the population speak Spanish. The Mexican currency is the peso, currently the exchange rate is $16.49 pesos per dollar. In Mexico, 82.7% of the population are Roman Catholics who worship the Virgin Mary, mother of all Me xicans. 2. - Brief history of immigration to the United States Since the earlier part of the 20th century big groups of Mexican immigrants have left their homeland to immigrate to the U.S. in hopes of finding jobs and also because of the political unrest in the country. Used to be that only the poor and uneducated came to the U. S. looking for better opportunities, but due to drug related crime and corruption citizens from all walks of life are migrating trying to escape the violence in Mexico. The Pew Research CenterShow MoreRelatedThe Mexican American War Of Mexico1255 Words Ã |Ã 6 PagesDid you know that in the Mexican-American War, the US took half of Mexico s land? After Mexico s independence from Spain in 1821, the northern lands of Mexico were rarely used. America saw this as an opportunity to expand by seizing MexicoÃ¢â¬â¢s northern lands, and took it. They accepted Mexico s offer to live in Texas, and soon Texas became overrun with Americans. They influenced Texas to go against Mexico, and eventually Texas was won by the US in bat tle. After that, Mexico and America began havingRead MoreThe Mexican American War Of Mexico2607 Words Ã |Ã 11 Pages The Mexican-American War was the war between the United States and Mexico that took place in 1846 through 1848 over disputes of land. By the time that the United States invaded Mexico, Mexico had very few resources left to defend its nation, causing the United States to win the war and making it possible for it to claim half of New MexicoÃ¢â¬â¢s national territory. However, prior to the Mexican-America War, tired and exhausted Mexico was fighting a few battles of its own. The City of Mexico was livingRead MoreThe Mexican American War : A War Between Mexico And The United States1229 Words Ã |Ã 5 PagesMonica Vela Kerry Jones Composition II November 24, 2014 The Mexican-American War was a war between Mexico and the United States that initiated in 1846 and finished in 1848 in the wake of the U.S capture of Texas, which Mexico considered part of its land. After independence from Spain in 1821, Mexico inherited the provinces of California, New Mexico and Texas. Enervated and virtually bankrupt after the war, the new Mexican government could not control its northern territories that were thousandsRead MoreMexican War/US Land and Territory600 Words Ã |Ã 3 PagesMexican War/US Land and Territory The Mexican American War caused many people to lose lives and could have been avoided. President Polk wanted more land and liked the idea of expanding the US. As a result of the war, the US had acquired more than 525,000 square miles of land. Many historians believe that the Mexican War was an unnecessary attack on a weaker country. The Mexican war had many causes and effects but ultimately Mexico lost. The Mexican American war happened for many reasons. AroundRead MoreEssay about The Mexican War as an Exercise in American Imperialism1152 Words Ã |Ã 5 PagesThe Mexican War as an Exercise in American Imperialism The US government believed firmly in the doctrine of Manifest destiny, the government argued that they had the right and duty to expand through North American because it was necessary and inevitable. During the 19th century Mexico dominated a large amount of North America which was inhabited by American settlers and the American government aimed to expand the USA from the Atlantic Ocean to the Pacific Ocean and wereRead MoreThe Mexican American War Essay1223 Words Ã |Ã 5 PagesUnited States of America has been through many wars, wars concerning many things such as land oil, pride and respect. However, when the United States went to war with Mexico, it was planned over greed. The Mexican- American war was a war provoked by the United States, in efforts to expand the coasts of the country. Mexico was a small under privileged country who had previously to the war had already lost part of their country (Texas). Needless to say this war was cut throat and violent, it was howeverRead MoreCompare and contrast the War of 1812 and the Mexican-American War.1456 Words Ã |Ã 6 PagesThe War of 1812 and the Mexican-American War are two wars that physically appear two opposites. The War of 1812 involves plenty of naval battles and a few major land battles, while the Mexican-American War involves numerous land battles and few, if any, naval battles. However there are numerous similarities. The War of 1812, The US saw Great Britain as a major problem because of their definition of contraband and the impressment of American sailors into the British Navy. And around this time theRead MoreThe Mexican-American War Essay870 Words Ã |Ã 4 Pagesdisregard for the toll a war can take on human lives. When the Alamo was fought back in February 1836, it was about the independence of Texas from Mexico. In retaliation of the death and destruction of human life, Sam Houston retaliated in April and killed 630 Mexican soldiers and took General Santa Anna prisoner (Tindall Shi, 2010). This was the start of the independence of Texas and the quest for annexation into the United States, which ultimately led to the Mexican-American War of 1846-1848. ThisRead MoreEssay The Mexican-American War1216 Words Ã |Ã 5 PagesThe Mexican-American War. The Mexican-American war was a process of years of battles between the Mexicans and Americans but I think after this informational paper, youÃ¢â¬â¢ll seem to know a little bit more knowledge about it. How it all started, well in the beginning, the Americans and Mexicans both wanted to control Texas, but at the time it was a part of the Mexican territory, well soon enough Americans wanted control over it so badly that they started to travel into TexasÃ¢â¬â¢s land. Part of the reasonRead MoreEssay on The Mexican-American War1466 Words Ã |Ã 6 PagesThe Mexican-American war determined the destiny of the United States of America, it determined whether or not it would become a world power and it established the size of the United States of America. Perhaps the war was inevitable due to the idea of Manifest Destiny - Americans thought they had the divine right to extend their territory. The Mexican-American War started mainly because of the annexation of the Republic of Texas (esta blished in 1836 after breaking away from Mexico). The United States
Friday, December 27, 2019
A prominent element in regards to oral traditions surviving the testament of time is the simplicity, directness, and concision that such traditions tend to be composed of. This makes it appear as though these early simple teaching can have an endless stream of commentary stem from a small assortment of simple words. Certainly such phrases and sayings by highly revered Islamic revolutionists Imam Ali and Jalal al-din Rumi tend to be simple in design much like these oral traditions, but a careful analysis of their work will depict the true depth of their teachings. Through their teachings, these two men are able to clearly show the distinction between spirituality as their lessons greatly depend on the individual recognizing that faith isÃ¢â¬ ¦show more contentÃ¢â¬ ¦AliÃ¢â¬â¢s did not just use religious learning but also incorporated other forms of learning as well. Ali acknowledged that religious learning though important was not the only learning that an individual must learn, b ut that through knowledge of many things much more can be understood, Ã¢â¬Å"knowledge is of two kinds that which is absorbed and that which is heard. And that which is heard does not profit if it is not absorbedÃ¢â¬ (Cleary, 52). Indeed, AliÃ¢â¬â¢s lessons on faith rely on that of the concept of knowledge. For Ali, being able to possess information about the affiliation between the concept of knowledge and of spirituality was of high importance. In none of his lessons does he seem to convey that it is possible to become knowledgeable and educated without faith, rather he advises that it is education without faith that is restricting. However, Ali does not recommended being overconfident in the obtainment of large amounts of knowledge, rather he suggest that the amount of knowledge an individual has must be used only in times of certainty, Ã¢â¬Å"Do not make your knowledge into ignorance and your certainty into doubt. When you know, act; and when you are certain, proceedÃ¢â¬ (Cleary, 47). Using knowledge as the foundation Ali then turns to the importance of faith and of spirituality. For Ali faith was of vital importance, and the concept of faith was built upon four elements and according
Thursday, December 19, 2019
The Mexican gray wolf is a large predator that, in the past, preyed on livestock, which led to their near extinction by humans because they were tired of the wolves eating their livestock, they were a danger to people, and there were land use conflicts. However, the decline in the Mexican wolf lead to an overabundance of plant life which had a direct effect on other wildlife. There are many challenges involved with re-introducing wolves to other stakeholders such as to academics, mangers, ranchers, or landowners such as the reasons listed above which led to their near extinction. It is not as simple as taking the Mexican wolf from where they are now and placing them in different areas in Arizona, New Mexico, the US, and across the border in Sonora, Mexico. This is a very large area of land that policies would have to cover. The best ways to illustrate that the re-introduction of the wolves in the many expected areas is not as easy as it may seem are best described by nature culture d ichotomy, social-ecological systems, and in the Anthropocene humans are seen as agents of change. Nature culture dichotomy is a Western world view so it is appropriate to consider using this analytical approach when discussing the issues associated with the re-introduction of the Mexican wolf to other stakeholders because of the areas where they would be re-introduced. The area is important because the people in these areas will have many of the same thoughts on how they view the re-introductionShow MoreRelatedThe Mexican Gray Wolf1543 Words Ã |Ã 7 PagesThe Mexican gray wolf is a large prey that, in the past, preyed on livestock which contributed to their near extinction by humans. However, the decline in the Mexican wolf lead to an overabundance in plant life which had a direct effect on other wildlife. There are many challenges involved with re-introducing wolves to other stakeholders such as to academics, mangers, ranchers, or landowners. It is not as simple as taking the Mexican wolf from where they are now and placing them in different areasRead MoreSummary Of The Mexic an Gray Wolves 1103 Words Ã |Ã 5 PagesLuz Medina English 1101 Research Essay 9 December, 2016 Mexican Gray Wolves In fifth grade I was heavily obsessed with wolves. I had a wolf backpack, socks,shirts, you name it. I would constantly draw pictures of them. One day I checked out a book on wolves at my school library. After reading the book ten year old me learned that my favorite species of wolves were endangered. I felt bad because I didnÃ¢â¬â¢t want them to disappear. So I went onto the website wwf.worldwildlife.org, an organizationRead MoreThe Wolves During Pre Columbian And Mesoamerican Times1677 Words Ã |Ã 7 Pagesfavored the steady growth of agricultural production and population. Both Aztecs and Mayans had many beliefs, rituals, traditions and gods. One of the most important symbols for all the Mesoamerican cultures was the wolf, known in Nahuatl (ancient Aztec dialect) as Cuetlachtli. The wolf was one of the species most appreciated for its bravery and strength and was associated with war, strength, the sun, individual power, and sacrifice. It is many times associated with the goddess Chantico Mexica, theRead MoreRestoration of the Red Wolf Essays2334 Words Ã |Ã 10 PagesRestoration of the Red Wolf; preventing their extinction once more Ref: (4) USFW (US Fish and Wildlife Service) and IUCN status of the Red wolf The red wolf is listed as endangered under the U. S. Endangered Species Act (ESA) (United States Public Law No. 93-205; United States Code Title 16 Section 1531 et seq.). Wild red wolves inhabiting the north eastern North Carolina (NENC), USA recovery area and a single island propagation site (St. Vincent NWR, Florida) are designated as experimentalRead MoreWildlife Conservation and Biology Essay1571 Words Ã |Ã 7 Pagesto complete schooling in wildlife biology and much hand on experience to do well in this field. Another con of this job is unpredictable subject matter (Wolfe). You never know what you will come across as a wildlife biologist. I could be tracking a wolf and run into a mama grizzly guarding her cubs. If I wanted to study snakes I could be bit, and end up dying from the venom because there are no close hospitals. In this field I will have to expect the unexpected. Along with the cons there are manyRead MoreSummary of Bury My Heart and Wounded Knee4415 Words Ã |Ã 18 Pagesis an Apache chief who fights many battles with the American military, escapes capture on several occasions, and helps lead raids against white settlers. When American soldiers shoot his fatherÃ¢ËâinÃ¢Ëâlaw, Mangas, Cochise rides to Mexico and forces a Mexican surgeon to save Mangass life. Cochise is able to secure a reservation that encompasses part of the Apaches land. Crazy Horse Crazy Horse is a Sioux chief who refuses to live on a reservation. As a young man, Crazy Horse distinguishes himselfRead MoreSummary of Bury My Heart and Wounded Knee4423 Words Ã |Ã 18 Pagesan Apache chief who fights many battles with the American military, escapes capture on several occasions, and helps lead raids against white settlers. When American soldiers shoot his fatherÃ ¢Ãâ Ã¢â¬â¢inÃ ¢Ãâ Ã¢â¬â¢law, Mangas, Cochise rides to Mexico and forces a Mexican surgeon to save Mangass life. Cochise is able to secure a reservation that encompasses part of the Apaches land. Crazy Horse Crazy Horse is a Sioux chief who refuses to live on a reservation. As a young man, Crazy Horse distinguishes himselfRead More Proposing Taxation of Products to Preserve Wildlife and the Environment1887 Words Ã |Ã 8 Pagesnative fish. It is the ignorance of the American people that has lead to the decline and the destruction of wildlife throughout the years. Ã Stephen Earl Cook was convicted in June 1994 of illegally importing, transporting, and selling more than 600 Mexican red-kneed tarantulas in violation of the Lacey Act. This act prohibits the importation of wildlife taken, transported, and acquired in violation of international or foreign law (Tarantula Trafficking, 14). Collecting this many species from one areaRead MoreEssay about Summary of History of Graphic Design by Meggs14945 Words Ã |Ã 60 Pages* piet mondrian * bart anthony van der leck * abstract geometric style which sought universal laws of equilibrium and harmony for art * piet mondrian is probably the most famous artist of this style * he used the primary colours with neutrals (gray, white, black) with straight horizontal and vertical lines + flat planes limited to rectangles and squares * artists of the movement sought to use mathematical logic to construct the visual representations of the ideas example of mondrian: ...Read MoreProject Mgmt296381 Words Ã |Ã 1186 PagesControl for Supply Chain Management, Sixth Edition Jacobs and Chase, Operations and Supply Management: The Core, Second Edition Jacobs and Chase Operations and Supply Management, Thirteenth Edition Jacobs and Whybark, Why ERP? First Edition Larson and Gray, Project Management: The Managerial Process, Fifth Edition Leenders, Johnson, Flynn, and Fearon, Purchasing and Supply Management, Thirteenth Edition Nahmias, Production and Operations Analysis, Sixth Edition Olson, Introduction to Information Systems
Wednesday, December 11, 2019
Question: Discuss about the Common Errors in Accounting for Impairment. Answer: Introduction: This report is meant for Longreach Ltd. who is intending to implement impairment testing of their assets to comply with AASB standard 136. Impairment testing of assets is endorsed by Corporation Act 2001 through the procedure fixed by AASB standard 136 basic objective of impairment testing of assets to find the logical value of assets in real time factor. Normally derivation of present value of assets is made with the comparison of fair value of assets with logical decrement or increment. Basic criteria of impairment of assets are due to logical declination of the asset value due to its return to the firm. The reason of impairment testing of assets is made to understand the quantum of undiscounted future cash flow of any asset with the quantification of carrying amount of those assets to ensure evaluation of the loss of value of those assets(Aasb, 2007). The normal procedure of calculating impairment loss is through the exercise of finding out the current value of the asset in comparison to the fair value of those assets. Different world acclaimed accounting standards put real emphasis on derivation of impairment of assets as it becomes major area of concern for them. AASB with the convergence of IASB is trying hard to make a logical platform for this purpose to ensure proper evaluation of present value of assets with the derivation of impairment loss through testing procedure. This is not one time effort; instead AASB is continually evolving different logical features to make this practice more acceptable and logical through implementation of different modification to the existing Standards. Present standard prevailing for this purpose of AASB 136 which is being implemented since 2004(Aasb, 2009). Objective of impairment test: Australian Accounting Standard Board or AASB has brought Standard 136 for impairment of assets with guideline which is endorsed by section 334 of Corporation Act. The introduction of this standard is made on 15th July 2004 for logical discussion through welcoming different value addition by experts. Ultimately this standard is put in system since 1st July 2007. This standard is at par with the IASB standard 36 and had replaced erstwhile AASB standard 116 effective for impairment of assets in order to implement logical implementation of guideline for impairment of assets. Main goal of this effort is to ensure proper guidance to the business entity related to valuation of assets with the guideline that carrying amount of any asset should not cross the valuation of recoverable amount for that asset. Exception to this conception can happen in the context if carrying valuation of any asset exceeds the recoverable value of the asset. AASB standard 136 has provided option of impairment test ing of such asset for assessing the loss by the concerned business organization. This standard is also making provision of specification through which reversal of impairment loss may be effected through relevant disclosure. The standard is to be implemented mandatorily for the business entities from Australian origin that are in the process of preparation of financial report as specified Part 2M.3 of the Corporation Act related to General Purpose Financial Report or GPFR(Jade, 2015). Impairment test of Goodwill: Impairment test of goodwill is clarified in AASB standard 136 which is defined as intangible asset. Standard 136 of AASB is covering impairment test of goodwill through different paragraphs with numbers as 80 to 84. Consideration of goodwill is directly connected with cash generating unit of the business entity for this purpose. To ensure the objective of impairment test of goodwill, it is prescribed that goodwill considered for any business combination is to be treated with the cash generating units allocation of the said entity. This instruction is framed for ensuring the synergy of the combined units and without any connection refers to the existing assets or liabilities featured in the financial position of the entity. The derived valuation of goodwill allocated through the process will make representation of the lowest level of valuation within the entity and that is to be acceptable by the management of the entity in order to evaluate in internal consequences. Goodwill is not to be evaluated in the way so that it proves bigger than the operating segment as conferred by AASB 8 which defines operating segment before impact of aggregate valuation(Bdo, 2016). This paragraph is designated for recognizing goodwill for any business organization. The concept of recognition of goodwill is conferred as an asset for the specified business entity and is featured with non-recognizable and non identifiable so far its material value is concerned. It is also inferred that goodwill is not detrimental for generation of individual cash flow refer to any asset of business. Goodwill is there to add value to different multiple units which are responsible for generating cash for the specific business entity. It is also conferred that goodwill valuation is only acceptable in the lowest level of valuation within the entity to monitor internal process of management. At times the treatment of allocation of goodwill is made to the group of identified cash generating units and cannot be provided for allocation. These paragraphs are meant for evaluation process of impairment testing of goodwill as per the discretion of entity management and allocation of goodwill. Basic steps for Impairment test: AASB 136 has defined six basic steps for this purpose: Life of Cash generating Units or CGU Working capital movement Entitys Capital Expenditure Flow Payment of Tax Discount Rate of Industry Perpetual or Terminal Value of EBIT and EBITDA with to-be maintained cash flow(Murone, 2012). Conclusion: To summarize the report, impairment testing of assets of any entity is determined with the guideline of proper evaluation of assets as per compliance of AASB 136 so far Australian perspective is concerned. This standard is endorsed by Corporation Act 2001 of Australia. This impairment testing process of assets as per AASB 136 is complying with globally acclaimed IAS 36. Hence for Longreach Ltd, when they are intending to take impairment testing of assets, they have to consider the features of AASB standard 136 for successful implementation of this process. References: Aasb, 2007. Impairment of Assets. [Online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPapr07_07-07.pdf [Accessed 10 January 2017]. Aasb, 2009. Impairment of Assets. [Online] Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf [Accessed 10 January 2017]. Bdo, 2016. Blind Freddy- Common Errors in Accounting for Impairment. [Online] Available at: https://www.bdo.com.au/getattachment/Microsites/Accounting-News/Accounting-News-May-2016/Home/elements/In-this-issue/1605_Accountingnews.pdf.aspx [Accessed 12 January 2017]. Jade, 2015. Impairment of Assets. [Online] Available at: https://jade.io/j/?a=outlineid=500075 [Accessed 10 January 2017]. Murone, P., 2012. The six steps to testing if your impairment testing is impaired. [Online] Available at: https://www.pitcher.com.au/news/six-steps-testing-if-your-impairment-testing-impaired [Accessed 12 January 2017].
Tuesday, December 3, 2019
The Merriam-Webster Dictionary defines existentialism as a concept of [assuming] ultimate responsibility for acts of free will, this meaning that a person has control over their ultimate destination In life through the choices they make. Some may say that this describes Metamorphosis and the journey that Gregor undertakes. The novella is, in truth, a perfect example of the opposite of existentialism. The first counter-argument to the idea of existentialism that presents itself in the novella was at the very beginning. The event that sparks the entire story, Gregors transformation, is entirely outside the realm of his control. He awoke and found himself changed into a monstrous vermin (3). Not only does Gregor not have control of the situation, he doesnt even know that anything has happened to him until he wakes up. He has no choice in the matter of turning into a giant insect. This transformation disgusts Gregors family. Over time, it turns them against him, even though everything Gregor does in his life seems to be centered around the happiness and comfortability of his family. We will write a custom essay sample on The Existentialism of Metamorphosis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He works as a traveling salesman to pay off the debts of his parents, and had even planned to send his sister away to perfect her skills at playing the vlolln. Eventually his entire family grows to resent him, even his sister whom he cared so deeply for, and who takes care of Gregor when he first changes. She eventually even goes as far as to say that the family must try to get rid of [Gregory (51 With total disregard to all of the things he has done for them, his family leaves him virtually abandoned. This same abandonment is what eventually leads to Gregors death. When he first hanges, his sister takes the time to pay attention to what he does and does not like. When she realizes that he Ilkes to crawl on the walls, she tries to move furniture so that he can do so more easily. She brought him all types of food so that she could know what he would eat. However, as time marches on, she gives no thought to Gregor. She barely feeds him, and when she does, she makes no effort to give him food that he actually finds edible. Giving Gregor space no longer becomes a priority, and extra furniture is moved into his room, which is never even cleaned anymore. This neglect drives him to death, partially from starvation, and partially from the lack ofa will to live and be a burden to the people that he loves. Some people may argue the existentialism and that Gregor could have done more to try to fix his situation. There are very few things Gregor could have done. He could no longer communicate with his family, and therefore could not connect with them on a personal level. This is why Gregor has no freedom of choice. His family wrote him off as a beast, and as something that could not be reasoned with. The only eason they kept him alive was out of a sense of obligation to their son. Eventually this feeling of obligation wore off, The events that happen to and around Gregor that affect him and change his life are completely outside his control. This lack of choice is what makes this story not about existentialism, but about the effects of being separated from fellow mankind and not being given the ability to make choices. over their ultimate destination in life through the choices they make. Some may say that this describes Metamorphosis and the Journey that Gregor undertakes. The of the situation, he doesnt even know that anything has happened to him until he This transformation disgusts Gregors family. Over time, it turns them against him, her skills at playing the violin. Eventually his entire family grows to resent him, even of [Gregor] (51). With total disregard to all of the things he has done for them, his When she realizes that he likes to crawl on the walls, she tries to move furniture so of a will to live and be a burden to the people that he loves. this feeling of obligation wore off.
Wednesday, November 27, 2019
George Balanchine 11.13.00 One of the most important and influential people in the world of ballet is George Balanchine. He became a legend long before he died. He brought the standards of dance up to a level that had never been seen before, and he created a new audience for ballet. Balanchine was one of the greatest and most prolific choreographers in ballet history, choreographing at least 300 ballets; he was rivaled in quantity only by Jules Perrot and Marius Petipa. At the age of nine he started training at the Imperial School in St. Petersburg. He rarely saw his family because they lived far away and he became the ward of Grigory Grigorevich, who was in charge of the school. There Balanchine performed his first role as cupid in Sleeping Beauty. During the Russian Revolution in 1917, the Imperial School closed and the students were put out on the street. Balanchine was cut off from his family in the Caucasus, and was taken in to live with Mr. Grigorevich. The school did reopen and Balanchine graduated in 1921. He then joined the Soviet State Ballet. Upon graduation Balanchine married Geva, a fellow student whom he had met in the ballroom dancing class. Geva described her husband as a cross between a poet and a general. In order to have his choreography seen, Blanchine organized a small company called The Young Ballet, to perform at halturas (bread and butter jobs). At the Maryinsky, Balanchine had been assigned to stage the procession in Rimski-Korsakoff's opera Coq d'Or, and what he devised, although beautiful, shattered tradition. The company tried to re-train him, but he wouldn't conform. His choreography continued to be controversial, so the board at the Maryinsky Theater dismissed him from the company. They also threatened all of Blanchine's dancers with the same fate if they continued to dance for him. In 1924, with Vladimir Dimitriev's help, Balanchine, Tamara Geva, Nicholas Efimov, and Alexandra Danilova formed the Soviet State Dancers, and were allowed to tour Germany during the Maryinsky vacation. They decided not to return to Russia, but to defect and go to England. The small company did so poorly in London that they were bought out of their contracts. They then went to Paris in hopes of finding work. Serge Diaghilev heard of this Russian company and sent for them. He hired the four dancers, and also allowed Dimitriev to work for the company. Diaghilev thought the Georgian's name Balanchivadze was too difficult to pronounce and changed it to Balanchine. Diaghilev was immediately impressed with Balanchine's creative ballets and wanted him to choreograph for the opera in Monte Carlo. For the Ballets Russes he created Apollo in 1928 and The Prodigal Son in 1929, which have remained Blanchine's signature pieces to this day. In 1926 Geva divorced him and went to America, and Alexan dra Danilova became his unofficial wife. In 1929, while still with the Diaghilev company. Balanchine choreographed and danced in Dark Red Roses, the first talking motion picture in England. It was at this time that Balanchine heard of Diaghilev's death, leaving him and the entire Ballets Russes without work. George Balanchine past successes found him work as a choreographer in London, Copenhagen, Paris and also for a new company in Monte Carlo under the sponsorship of the Monaco Royal House. Rene Blum and Colonel William de Basil were the impresario and director of the Ballets Russes de Monte Carlo. Balanchine was fired from the Blum - De Basil company because of his unorthodox choreography and was replaced by Leonide Massine. In 1933 Balanchine formed his own company, Les Ballet 1933. It opened to poor reviews in Paris and gave only 20 performances in England. It was in England that he met his future benefactor, Lincoln Kirstein, a wealthy young American. Kirstein, with his friend Edward M.M.Warburg, invited Balanchine and Vladimir Dimitriev to come to America in order to open a ballet school in Hartford, Conn., far away from the enticements of Broadway. Since the stage at the Hartford Museum was too small for ballet performances Balanchine refused the offer. Kirstein searched the island of Manhattan until he found an appropriate place. The School of American Ballet (SAB) opened at 59th Street and Madison