Ecosystems at Risk

The negative nature and rate of change that is occurring within the Great Barrier Reef(GBR) is largely due to human induced activity. Coral reefs are vulnerable to the slightest of human impacts and the frequency in which we are doing so has dramatically increased over the years, increasing it to a global scale. Climate change along with pollution, overfishing and tourism are affecting the vulnerable ecosystems existence. Climate change is affecting the globe at an increasing intensity.The Great Barrier Reef is experiencing many changes that it is unable to adapt to such as a rise in the average water temperature. The unnatural change physiologically stresses the corals and upset the critical balance that maintains their symbiotic relationship with algae that inhibits it. When this process occurs the corals lose their colour becoming bleached, the recognized biological effects reduce the calcification rates, weakening the skeletons and eventually eroding coral communities.Polar ice c aps are also melting due to global climate change, having serious impacts on the nature and life span of coral reefs. As the levels slowly rise, fresh water inlets will be contaminated with salt water affecting the biodiversity of terrestrial vegetation in these fragile environments. Humans impact the GBR is through numerous paths of pollution, all of which can cause serious damage. Although not directly, deforestation has many long-term impacts, as well as sedimentation, fertilizers and pesticides, runoff and plastic build up. 2% of the world’s coral reefs are threatened by land-based pollution; both chemical and nutrient based e. g. fertilizers, herbicides, human derived sewage and pesticides. 80% of the GBR’s adjacent land is farmland that supports agricultural production. The chemicals used to maintain the farmland pose long term damage to the ecosystem due to their high levels of phosphorus and nitrates. This runoff affect occurs when the farmer uses too much of t he product to maintain his land, or it is lost to ground water.Sediments that flow out from rivers with large amounts of eroded material carry with it many of the pollutants stated previously from farms that border the reef at risk. Tourism is vital to help people recognize and promote the value of protecting the Great Barrier Reef, but at the same time has certain elements involved with it, that are slowly taking toll on the environment, which will if not looked at closer, or eliminated all together destroy it for generations to come.Tourism is listed a s a major management issue to the GBR, because of the large amount of tourists and its value to the economy. The impacts range from low to high priority, and often trigger large infrastructure developments on islans and coastal communities, leading to further problems involving runoff and other pollutants mentioned earlier. Also associated with tourism, is the souvenir, ornamental and aquarium trade that severely affects the livelih ood of the GBR.People taking home a small piece of the reef cause significantly widespread damage to the ecosystem and its biodiversity. For the Great Barrier Reef to be enjoyed for generations to come, protections laws need to be set, understood and most of all abided by. The nature and rate of change is fast increasing the decline of one of Australia’s most beautiful ecosystems that should be enjoyed without disturbances. The fragile ecosystem is able to adapt to natural fluctuations and subtle changes in the ecosystem, but human activity is fast destroying it. Ecosystems at Risk The negative nature and rate of change that is occurring within the Great Barrier Reef(GBR) is largely due to human induced activity. Coral reefs are vulnerable to the slightest of human impacts and the frequency in which we are doing so has dramatically increased over the years, increasing it to a global scale. Climate change along with pollution, overfishing and tourism are affecting the vulnerable ecosystems existence. Climate change is affecting the globe at an increasing intensity.The Great Barrier Reef is experiencing many changes that it is unable to adapt to such as a rise in the average water temperature. The unnatural change physiologically stresses the corals and upset the critical balance that maintains their symbiotic relationship with algae that inhibits it. When this process occurs the corals lose their colour becoming bleached, the recognized biological effects reduce the calcification rates, weakening the skeletons and eventually eroding coral communities.Polar ice c aps are also melting due to global climate change, having serious impacts on the nature and life span of coral reefs. As the levels slowly rise, fresh water inlets will be contaminated with salt water affecting the biodiversity of terrestrial vegetation in these fragile environments. Humans impact the GBR is through numerous paths of pollution, all of which can cause serious damage. Although not directly, deforestation has many long-term impacts, as well as sedimentation, fertilizers and pesticides, runoff and plastic build up. 2% of the world’s coral reefs are threatened by land-based pollution; both chemical and nutrient based e. g. fertilizers, herbicides, human derived sewage and pesticides. 80% of the GBR’s adjacent land is farmland that supports agricultural production. The chemicals used to maintain the farmland pose long term damage to the ecosystem due to their high levels of phosphorus and nitrates. This runoff affect occurs when the farmer uses too much of t he product to maintain his land, or it is lost to ground water.Sediments that flow out from rivers with large amounts of eroded material carry with it many of the pollutants stated previously from farms that border the reef at risk. Tourism is vital to help people recognize and promote the value of protecting the Great Barrier Reef, but at the same time has certain elements involved with it, that are slowly taking toll on the environment, which will if not looked at closer, or eliminated all together destroy it for generations to come.Tourism is listed a s a major management issue to the GBR, because of the large amount of tourists and its value to the economy. The impacts range from low to high priority, and often trigger large infrastructure developments on islans and coastal communities, leading to further problems involving runoff and other pollutants mentioned earlier. Also associated with tourism, is the souvenir, ornamental and aquarium trade that severely affects the livelih ood of the GBR.People taking home a small piece of the reef cause significantly widespread damage to the ecosystem and its biodiversity. For the Great Barrier Reef to be enjoyed for generations to come, protections laws need to be set, understood and most of all abided by. The nature and rate of change is fast increasing the decline of one of Australia’s most beautiful ecosystems that should be enjoyed without disturbances. The fragile ecosystem is able to adapt to natural fluctuations and subtle changes in the ecosystem, but human activity is fast destroying it.

Bible & Internet

1 In the beginning God created the heavens and the earth. 2 Now the earth was formless and empty, darkness was over the surface of the deep, and the Spirit of God was hovering over the waters. -Day 1 – God created light and separated the light from the darkness, calling light â€Å"day† and darkness â€Å"night. † 3 And God said, â€Å"Let there be light,† and there was light. 4 God saw that the light was good, and he separated the light from the darkness. 5 God called the light â€Å"day,† and the darkness he called â€Å"night. † And there was evening, and there was morning—the first day. And God said, â€Å"Let there be a vault between the waters to separate water from water. † 7 So God made the vault and separated the water under the vault from the water above it. And it was so. 8 God called the vault â€Å"sky. † And there was evening, and there was morning—the second day. -Day 2 – God created an expanse to separate the waters and called it â€Å"sky. † 9 And God said, â€Å"Let the water under the sky be gathered to one place, and let dry ground appear. † And it was so. 10 God called the dry ground â€Å"land,† and the gathered waters he called â€Å"seas. † And God saw that it was good. 1 Then God said, â€Å"Let the land produce vegetation: seed-bearing plants and trees on the land that bear fruit with seed in it, according to their various kinds. † And it was so. 12 The land produced vegetation: plants bearing seed according to their kinds and trees bearing fruit with seed in it according to their kinds. And God saw that it was good. 13 And there was evening, and there was morning—the third day. -Day 3 – God created the dry ground and gathered the waters, calling the dry ground â€Å"land,† and the gathered waters â€Å"seas. † On day three, God also created vegetation (plants and trees). 4 And God said, â€Å"Let there be lights in the vault of the sky to separate the day from the night, and let them serve as signs to mark sacred times, and days and years, 15 and let them be lights in the vault of the sky to give light on the earth. † And it was so. 16 God made two great lights—the greater light to govern the day and the lesser light to govern the night. He also made the stars. 17 God set them in the vault of the sky to give light on the earth, 18 to govern the day and the night, and to separate light from darkness. And God saw that it was good. 9 And there was evening, and there was morning—the fourth day. -Day 4 – God created the sun, moon, and the stars to give light to the earth and to govern and separate the day and the night. These would also serve as signs to mark seasons, days, and years. 20 And God said, â€Å"Let the water teem with living creatures, and let birds fly above the earth across the vault of the sky. † 21 So God created the great creatures of the sea and every living thing with which the water teems and that moves about in it, according to their kinds, and every winged bird according to its kind. And God saw that it was good. 22 God blessed them and said, â€Å"Be fruitful and increase in number and fill the water in the seas, and let the birds increase on the earth. † 23 And there was evening, and there was morning—the fifth day. -Day 5 – God created every living creature of the seas and every winged bird, blessing them to multiply and fill the waters and the sky with life. 24 And God said, â€Å"Let the land produce living creatures according to their kinds: the livestock, the creatures that move along the ground, and the wild animals, each according to its kind. And it was so. 25 God made the wild animals according to their kinds, the livestock according to their kinds, and all the creatures that move along the ground according to their kinds. And God saw that it was good. 26 Then God said, â€Å"Let us make mankind in our image, in our likeness, so that they may rule over the fish in the sea and the birds in the sky, over the livestock and all the wild animals,[a] and over all the creatures that move along the ground. † 27 So God created mankind in his own image, in the image of God he created them; male and female he created them. 8 God blessed them and said to them, â€Å"Be fruitful and increase in number; fill the earth and subdue it. Rule over the fish in the sea and the birds in the sky and over every living creature that moves on the ground. † 29 Then God said, â€Å"I give you every seed-bearing plant on the face of the whole earth and every tree that has fruit with seed in it. They will be yours for food. 30 And to all the beasts of the earth and all the birds in the sky and all the creatures that move along the ground—everything that has the breath of life in it—I give every green plant for food. And it was so. 31 God saw all that he had made, and it was very good. And there was evening, and there was morning—the sixth day. -Day 6 – God created the animals to fill the earth. On day six, God also created man and woman (Adam and Eve) in his own image to commune with him. He blessed them and gave them every creature and the whole earth to rule over, care for, and cultivate. -Day 7 – God had finished his work of creation and so he rested on the seventh day, blessing it and making it holy.

Comparison of Medea and Clytemnestra Essay

Tragic heroes from Greek tragedies almost always share similar characteristics. Medea from Euripides’s play Medea and Clytemnestra from Aeschylus’s play Agamemnon display and share tragic traits. They are both vengeful wives who share similarities in the cause of their vengeance but have some differences in their chosen means of revenge; as a result of successfully exacting their revenge both Clytemnestra and Medea cause their own downfall. Both Medea and Clytemnestra seek to hurt their husbands for betraying them. Medea uses the best source of revenge ever. She uses Jason’s own children against him. For her own pride, not to look like a fool in front of anybody, Medea kills King Creon’s daughter Glauce, who is to be married to Jason, and her two children. She kills Glauce by sending her children with poisoned clothing for the princess, which also leads to the murdering of her children. She tells Jason â€Å"They died from a disease they caught from their father† (Medea 2). Killing her children is the revenge she chose because it was the best one. A woman cannot take a man’s children away from him. Men become so weak when they loose their children, especially sons. Medea says â€Å"Never again alive shall he see the sons he had by me, nor any child by his new bride of his poor girl, who has to die a wretched death poisoned by me†(Medea9). She leaves Jason with no one. By killing her sons, there is no one left to take the throne, or to carry on his name. To take a man’s sons, is the worst thing a woman can do because it takes the masculinity out of them, and they feel low. Medea knew this, and that is why she killed her sons, so he could feel horrible forever. Clytemnestra single-handedly plots the murder of Agamemnon and Cassandra, his concubine. When she is successful, she celebrates her triumph by professing it loudly, â€Å"I have had long enough to prepare this wrestle for victory†¦ I stand where I struck, over the finished work† (Agamemnon 157). Clytemnestra firmly believes her actions are ethical and fair. Standing before the Chorus, she strongly adheres to her beliefs that she was justified in killing Agamemnon. The Elders are torn between devotion to their king and the moral issues and defense Clytemnestra passionately presents before them. The entire Trojan War was based on a superfluous act of hatred and  vengefulness, spawned from the seduction of Helen. The audience can only feel sympathy for a broken hearted mother whose rage drove her to kill her husband and his concubine. It is not Agamemnon’s unfaithfulness that has spawned Clytemnestra’s hatred for her husband, but rather â€Å"a mother’s love for a daughter, and a wife’s determination to avenge that death by killing her husband† (Agamemnon 252). Clytemnestra and Medea both feel that death is the only justifiable action for what their husbands have done. The difference is that Medea does not kill her husband, instead wants him to feel the pain of the death that surrounds him. Both Clytemnestra and Medea use words to set up their victims but they do not carry out the sentences entirely in the same way. Clytemnestra mostly uses brute force where Medea uses her knowledge of poison to do the major damage. In the end though, Medea does use brute force to kill her children. After getting her revenge Medea seems triumphant but Euripides and Medea herself suggest that she suffers worse than Jason. Medea’s life becomes miserable after she kills her own children and when she realizes she will never know love again. Medea realizes that she has done something wrong by acknowledging that she is going to feel the anguish over the death of her sons. She says â€Å"then forever you may mourn; for though you will kill them, they were very dear to you† showing that she is sad that she is going to kill them (Medea 576). She realizes that she does a terrible thing and will remember it forever as she â€Å"will bring myself to Hera’s temple† (Medea 1021.) She is also devastated after being exiled from her home city. Her pain and suffering are made known when she says, â€Å"But I†¦..but this is an unexpected blow which has befallen me and has broken my heart† (Medea 876). Medea’s regret contrasts her to Clytemnestra who feels no regret even up to the time of her death. Clytemnestra believes that she was in the will of the gods because she was seeking revenge not only for her sacrificed daughter, but Agamemnon’s cousins (the brothers of Aegisthus, Clytemnestra’s lover). She was carrying out punishment for being unfaithful. According to her, she was â€Å"allowed† by the gods because of these and other repeated sins toward them (i.e. walking on the tapestries) as well as carrying out the curse of his household. This situation arouses mixed emotions in the Elders and  perhaps the same in the readers. But if the audience would put themselves in the time and culture of the Greeks, was a person not shunned unless revenge was taken for their loved ones. The entire Trojan War was based on one act of vengefulness after another, spawned from the seduction of Helen. So in that sense the reader can offer only sympathy for a broken hearted mother whose rage encouraged by her culture drove her to kill her husband and his concubine. And with this same tradition of revenge for one act to another, she too will face a day when she is killed for revenge by her son, and the cycle will continue. Many similarities exist between Euripides’ story and Aeschylus’. Both Clytemnestra and Medea are strong, passionate women who commit a horrendous crime. But then the similarity stops. In Agamemnon, we understand why Agamemnon did what he did, but somehow we feel that Clytemnestra was completely justified in planning ten years worth of bitterness against the man who killed her child. And under her circumstances, we completely sympathize with her desire to kill the man who separated her of the daughter she loved. Part of the reason we have so much sympathy for Clytemnestra is that we feel her pain, she does not seem insane to us. In the other hand, with Euripides’ Medea is the opposite. In the opening speech the Nurse warns us that Medea is dangerous; she is not presented like a suffering creature as much as the wrong woman to mess with. The reason why we can forgive Clytemnestra but not Medea is based in the innocence or guilt of their victims. Medea has killed her brother; she kills her husband’s new bride; and later she kills her children. One cannot sympathize with these acts; they are all out of proportion to Medea’s reasons for doing them; and they clearly show Medea to be out of her mind.

Global Justice & Global Poverty Essay Example | Topics and Well Written Essays - 1500 words

Global Justice & Global Poverty - Essay Example Some of the constutuents that measure living standards include the per capita, age of people and life expentancy among others. There is the fear of the gap widening more in the years to come if no action has taken place to curb this problem. Inequality is massive in the decision making of policies in the international political and in financial insititutions.John Rawl explains this in his theory on global liberties. They exist in form of both global economic and political basis. â€Å"There is uneven distribution of resources in the world† (Pogge, p34, par 3); hence, causing inequality in the living standards. Discrimination is another factor that leads to inequality especially when the poor people are discriminated in relation to their economic status the society. Many peole are dying in East Bengal due to lack of food, medical care among other basic needs. This shows how much inequality has affected the world today. It is possible to evade poverty among such poeple through a pplying several policies. This paper will focuss on the effects of global justice and the increasing cases of global poverty. It also analyzes possible solutions to this problem so to achive lower levels of poverty cases if any. The issue of double standards has also been addressed in this paper. However, double standards is not justified whatever the situation. Global justice has become an issue in political philosophy arising from the unjust state of the world today (Pogge, 2007, p345). Thinking about global justice in the world today involves a double standard. This involves two broad parties to achieve global justice. The first party is at the individual level while the second is the government level. Teh context of global justice is the impartiality that bhas been created in the world today. This is because people believe that their duties to family members, friends and their personal issues are more important than those of strangers. This makes them less concerned about issues of people who appear to be strangers to them. The government also contributes to the state of glodal injustice through the various policies they make for their cirtizens. This is because they make policies with their citizens in mind only, not considering those of other countries. â€Å"This has also led to some of the conflicts existing between some states† (Schaefer , p23 par4). Global justice is the main cause of global security because injustice causes certain feelings in people like anger and humiliation. These feelings cause violence among societies in the quest for justice. For instance, the poor feel that the wealthy people in the society are the cause of their poverty. Such feelings trigger violence and in long run lead to wars in the world. Philosophers have tried coming up with theories to solv ethe problem of global injustice in the world today. An example of such a philosopher is John Rawl. He explains how to achieve justice in the world both on the basis of eco nomic status and political inequalities. Morality is also another factor to consider when seeking to ensure justice (Pogge 2007, p34). This is because it is morally upright to ensure equality in the society. Some theories term injustice and inequality in the socity as an immoral act. However, the theory of Rawl explains clearly on how to curb the problem of injustice in the world by avoiding discrimination. He explains that making decisions should not be on the basis of teh economic status of a person. It ensures that

Research design Paper Example | Topics and Well Written Essays - 750 words

Design - Research Paper Example These factors, according to Hsieh (2011), have a profound impact on the actions, behaviors, and interests of a student in language classrooms, which either hinders or promotes their performances in learning foreign languages. In addition, gender has become increasingly important as a perspective in foreign language acquisition investigations, which have highlighted females as being more positive and interested in comparison to males. This gender perspective is especially salient because it has important pedagogical and theoretical implications in the learning of foreign languages, especially because females tend to use more learning strategies and do so more effectively (ONeill, 2008). However, there is a dearth of information about the very nature of these differences in nature and whether they are linked to attitudes, motivations, or both. Therefore, investigating affective aspects is increasingly crucial with the addition of the gender perspective to enhance the outcomes and inter ests of students in learning foreign language (Lee, 2005). This study will seek to contribute to current literature by providing more gender-sensitive insight for a Muslim country. The in-depth interview method will be used for this research study because it is considered as the best fit for collecting social and personal concerns, approach, motivations, beliefs, and attitudes (Babbie, 2010). In addition, it is possible to vary the scope of the interview method from investigations on a large scale to studies on a small scale that can be conducted by one researcher. This is especially because the rationale behind in-depth interviews involves attaining a snapshot of attitudes and conditions at a single moment or point (Fowler, 2013). For this research study, the interview questions will be adapted from the ATMB, or â€Å"Attitude Motivation Test Battery†, by Gardner. The selection of Gardner’s Attitude-Motivation Test

Covering the measurement and calculation of Real GDP Assignment

Covering the measurement and calculation of Real GDP - Assignment Example The goods as well as the services produced in a certain country and brought to the market have some price. Some experts regard GDP as the price of the total output. The GDP can be calculated in the following ways. Cumulative figure of all income within an economy or the total spending made by all the participating agents within the same economy is referred to as GDP. Both the spending and the income will roughly be the same. It should be kept in king that Gross Domestic product and Gross National product is not the same thing. The market value of the goods as well as services produced within a particular time period by the residents of a particular country is regarded as the GNP. It allocates the production based on the ownership. Three approaches can be used in order to determine the GDP. They are- the income approach, the expenditure approach and the product approach. The product also called as the output approach sums the total produced within the economy in order to attain the va lue of GDP. The expenditure approach assumes that the products produced must be bought by someone and so the total value of the product must be matched by the total expenditure of the people in purchasing things. The last approach takes into consideration that the value of the products must be equal to the incomes of the factors of production. It determines the value of GDP by calculating the sum of the income of the producers. The expenditure method: Where, C= Consumption, I=investment, G=government expenditure, X=exports, M=imports. The reciprocal circulation of income between the producers as well as the consumers is referred as the circular flow of income. From the circular flow of income the following equation is derived: Leakages=Injections (Tucker, 2010, p.429). i.e. S+T+M=I+G+X where, S= net savings, T=net taxes, M= import expenditure, I=Investment, G=government expenditure, X=export expenditure. It following equation can also be derived from the above: (S-I) + (T-G) = (X-M) . If the value of the left hand side of the equation is negative, then it must have been financed from somewhere. The right hand side of the equation denotes the current account balance. Therefore, (S-I) + (T-G) = (X-M) + foreign savings The production method consists of three stages. In the first step the gross value of the output produced domestically is estimated. The second step involves determination of the value of intermediate consumption while in the third step the value of the intermediate consumption is subtracted from the gross value in order to arrive at the net value. The total of the gross added value in various activities related to the economy is referred to as GDP at factor cost. The sum of the indirect taxes and GDP at factor cost subtracted from subsidies will give GDP at producers’ price. There are two methods to determine the gross output of any sector. The gross output can be determined by multiplying the products of each sector with the respective price s prevailing in the market and add them up. It can also be determined by manipulating data on sales as well as inventories from companies records and again add them up. According to the income approach, GDP is calculated by summing up the incomes that firms are required to pay to the households for providing the production factors namely wages, interest, rents as well as profits.

Disciplinary Rhetoric Essay Example | Topics and Well Written Essays - 1500 words

Disciplinary Rhetoric - Essay Example which outlines the differences between the treatment of lepers in Medieval Christian and Medieval Islamic society. Based on these three articles, several features of the writing of Medieval history stand out. These features are: knowledge tends to be fairly specialized, with all authors having a general idea of the overall history of the middle ages but a much more intensive focus on a small part of that history, reliance on written primary sources, heavy use of conjecture to compensate for the paucity of written primary sources, and an odd mixture of clear and simple writing with little assumption of former knowledge and use of specialized writing, making this writing both accessible and inaccessible to a layman simultaneously. One of the first things that becomes apparent in studies of medieval history is that an incredibly accessible writing style, which assumes very little previous knowledge in the field, seems to be very highly regarded. For instance, even though one would assum e that a basic overview of the process of the Norman Conquest of England, one of the defining features of Medieval History, would be known by anyone who would bother reading an academic article on the subject, James MacGregor opens his article by explaining that â€Å"after the Norman Conquest, William the Conqueror consolidated his authority over England by rewarding his companions with lands in his newly won kingdom† (MacGregor, 219). This structure is paralleled in Chevedden’s article, which explains the beginning of the First Crusade, a subject that most medievalists would probably not need explained (Chevedden, 183). These authors go even further than to explain the basic underpinnings of the history they are discussing, by for instance always ensuring that the identity of every person discussed is explained. When referring to â€Å"Ali, ibn Tahir al-Sulami,† Chevedden does not simply assume that anyone who would be reading his article would know that perso n because they were important in the field of medieval history, but explains that he was â€Å"a legal scholar and preacher at the great Mosque of Damascus [†¦] six years after the conquest of Jerusalem in 1099† (Chevedden, 184). Likewise, Dols in his article on Leprosy in Islam explains details about individuals who suffered from the disease, where they were placed in their society, and what their role was in history (Dols, 892). Medievalists seem to go to great lengths to avoid assuming prior knowledge on the part of their readers about specifics of the history they discuss. They outline major events, names and places before going on to deeper analysis, which makes their writing incredibly accessible. This is probably done because Medieval History is such a wide-spread and diverse field, covering many different nations and time periods, so even experts might not have details on another expert’

REPORT ON TRANSITION PLACEMENT Essay Example | Topics and Well Written Essays - 1000 words

REPORT ON TRANSITION PLACEMENT - Essay Example According to Hicks (2008), obesity is a major factor in developing diabetes. The latest trend in technology--automobiles as substitute for walking; video games in lieu of tag and hide and seek, has led more and more people to drop simple physical activities for machines that decrease work effort. In a study conducted across Organization for Economic Co-operation and Development (OECD) nations, â€Å"...one in 2 adults is currently overweight and 1 in 6 is obese...† (Robb, 2010, n. pag.). Students working with specialist nursing specializing in diabetes will gain knowledge and understanding of the dynamics that surround the causes of diabetes. Knowledge on prevention of the said disease will help the student educate others in the aim of raising awareness and decreasing the incidence of the disease. Education and information dissemination will be the first step towards this goal; eventually leading towards lifestyle modification among the participants. Apart from education, the skills learned while working with the nurse specialist can be used in monitoring the blood glucose level, as well as drug therapy, of those diagnosed with the said disease. Blood sugar control and proper administration of drugs results in its desirable effects. These effects can range from symptom alleviation to prevention of complications such as heart disease and stroke, high blood pressure, blindness, kidney disease, nervous system disease, and amputation (ADA, 2011). In a study conducted by Edwall et al. (2008), constant follow-up by nurse specialist enabled the patient to foster understanding and acceptance of their disease; which demonstrated a desirable effect on the patients’ manner of coping with the struggles associated with the illness. The positive outcome was brought about by the following aspects: â€Å"being confirmed, being guided within the disease process, becoming confident and independent and being relieved† (Edwall et al., 2008, n. pag.). The patie nts gained a sense of power over the disease and this gave them satisfaction. Knowledge of special care regimen will lead to a more effective nursing care. Specialization in this field will allow the student nurse to address the patients’ concern regarding their illness. According to Heitkemper and Bond (2004), specialist nurses can provide support and guidance that can enhance patient care, refine nursing practice, and invigorate the healthcare delivery systems. Reference American Diabetes Association. (2011). Diabetes statistics. Retrieved from http://www.diabetes.org/diabetes-basics/diabetes-statistics/ Boyer, B., & Paharia, I. (Eds.). (2007). Comprehensive handbook of clinical health psychology. New Jersey: John Wiley & Sons. Edwall, L., Hellstrom, A., Ohrn, I., & Danielson, E. (2008). The lived experience of the diabetes nurse specialist regular check-ups, as narrated by patients with type 2 diabetes [Abstract]. Journal of Clinical Nursing, 17(6), 772-781. doi: 10.1111/j .1365-2702.2007.02015.x Heitkemper, M., & Bond, E. (2004). Clinical nurse specialist: State of profession and challenges ahead. Clinical Nurse Specialist: Journal for Advanced Nursing Practice, 18(3), 135-140. Retrieved from

ICT E-commerce business analysis Essay Example | Topics and Well Written Essays - 2000 words

ICT E-commerce business analysis - Essay Example Swift flow of information allows organizations to excel in their respective businesses and gain a competitive edge over the competitors. In today’s age, there are seldom any organizations that can avoid the use of technology in their business. It has become an integral part of every activity and the point of differentiation is now determined by the efficiency of the system involved. The more efficient the system, the better the operations and this reflects in the overall success of the business and its standing in the market. An appropriate and successful e-business plan can not only assist and compliment the business but also create growth opportunities in the long run. The availability of reliable and low-cost communications through the use of technology is providing new challenges and opportunities to every industry, especially the airline industry (Jiang, 2014). Relevance of technology to a business determines the effectiveness of its existence on the web. Airline industries over the world have accepted technology as an integral and unavoidable aspect of their business. Travelers require convenience and service along with information and timeliness. Use of the internet to obtain travel packages, flight information, itineraries, ticket booking and boarding details have revolutionized travelling and the airline industry greatly. Whether it’s advertising, being more mobile friendly, having an efficient response system at hand or merely being ranked above all as a result of search engine, the competitive e-business environment has had its due effect on the airlines industry too. With the shift in power from the companies to the customers, now they are at the liberty to research several options and opt for the one they find feasible for themselves (Lankes, 2008, pp. 667--686). For air travel, several website offers services like comparing rates and getting the best deal. In these circumstances, an airline company has to focus on

Internet business Essay Example | Topics and Well Written Essays - 3250 words

Internet business - Essay Example This instant connectivity has not been lost on business. As quickly as consumers are buying personal computers and accessing the Internet through modems or cable boxes, businesses are building and implementing web sites on the Internet, sensing the great potential in sales, advertising, and customer service. For some businesses, using the Internet is not just an extension ÃŽ ¿f their normal business, it is a matter ÃŽ ¿f survival. Without a web site, many businesses would not able to compete within their marketplace. However, in the frenzy to secure a "presence" on the Net, many businesses have not properly evaluated the risks they face when expanding activities to the Internet. Some businesses simply have not considered whether this new sales and advertising "tool" creates new exposures for them. Others have regarded their activity on the Internet to be merely an extension ÃŽ ¿f their normal functions, creating no new risks for them. Unfortunately, this mindset could lead to major uncovered losses for businesses. Somewhat in the same manner, insurance professionals have not thoroughly examined the exposures created by doing business on the Internet. There has been little review ÃŽ ¿f existing policies to determine if they provide adequate coverage for Internet sales or advertising, and not much has been done to identify any "new" or "unique" risks that have originated with e-commerce. This truly is the information age, and one ÃŽ ¿f the easiest sources ÃŽ ¿f information to access is the Internet. Everyone seems to be headed for the Internet in one way or another. It has become a primary vehicle for communication, replacing the telephone, regular mail service, as the way to communicate effectively in business and personal life. Business has flocked to the Internet for several reasons. Some 'f these are the same reasons that have driven the general public to the Internet--ease 'f communication and the ability to get information and conduct research quickly and efficiently from the comfort 'f one's office or home. But business also recognizes the huge potential the Internet provides for advertising, sales, and cost reduction--driving more dollars to the bottom line. The objective 'f this article is to evaluate the risks businesses face by using the Internet in sales, advertising, and other online activities. These risks will then be analyzed in view 'f several standard commercial insurance policies: ISO's Building and Personal Property Coverage Form (CP 00 10 06 95(*)), the Business Income (and Extra Expense) Coverage Form (CP 00 30 06 95*), and the Commercial General Liability Policy (CG 00 01 01 96(*)). The analysis will review the perceived exposures 'f a business with a web site to determine whether these standard coverage forms protect the business from anticipated losses. The analysis will identify exposures that do not appear to be covered under these forms. In particular, the analysis will attempt to identify risks unique to the Internet. This article will

Unit 7 Coursework Example | Topics and Well Written Essays - 250 words

Unit 7 - Coursework Example In order to look at prevalence and reduction of bribery, we look at the relative benefits and costs of engaging in such practice. If the benefits of engaging in such practices are huge for a party in contrast to the costs, then the firm will likely resort to it as a rational act in line with conducting its business. Otherwise, the behavior will be discouraged as the benefits are perceived to be not worth the trouble, or costs to engaging in it. The benefits to facilitate bribery are huge for both the giver and the receiver of the bribe. The giver or the firm gets favor, maybe from the government agencies or another firm from the private sector. The receiver, maybe the government agencies or other firms, receive a sum of money in return for this favor. The main reason why it is not reduced is because these benefits are greater than the costs to participate in such practice. There are not enough punishments in order to make the benefit seem not worth the price to be paid. Apart from lack of moral integrity in some countries, why should such a beneficial behavior to these parties be discouraged if there are not enough costs to punish them? Therefore, in order to discourage bribery, the cost to parties that participate in such practice should be increased. In what form should the cost come in? The cost should come in the form of fines, as what is included in the US laws for anti-bribery. But aside from it, these costs can come in the form of damage in reputation for the parties that involve in facilitating bribery. What multinational companies and the global community can do is to raise moral awareness on a global scale while condemning such practices. This is to increase the costs to parties who are doing it, the costs in the form of damage in reputation, if the fines are not enough, for being seen as firms who lack integrity in doing business in other countries. The effects to US firms

Slackness and more slackness Essay Example for Free

Slackness and more slackness Essay Bob Marleys One Love is heralded as the song of the 20th century. Jamaicans are jubilant about this. We boast of the impact of such songs as Redemption Song in encouraging the anti-apartheid movement in South Africa. Millions across the world identify with the message in Bob Marleys songs. We agree that music has tremendous power and effect. Isnt this evident in how Jamaica has become known worldwide because of Bob Marleys music? How is it then that the same voices that acknowledge the powerful effect of Marleys music now seek to deny the effect of dancehall artistes such as Vybz Kartels lyrics on the minds and subsequent behaviour of those who listen to them? Dancehall has moved from the space that reggae occupies, in its promotion of social and political consciousness, to the elevation and advancement of slackness. This affects our youth in a negative fashion. Dancehall is not just the music, but it is a culture which impacts dress, fashion and body language; it influences attitude. Dancehall dress leaves little of the womens bodies to the imagination. It is this mindset that is now affecting so many of our young people in school. They are following the dancehall culture of badmanism, hottie girls, nuff girls, nuff skin and body parts exposed, nuff slackness, public wining and grinding, bling and more bling, and every thing else that the culture promotes. PARENTS ALSO MORE DULGING There are parents who are indulging in this dancehall lifestyle and who, therefore, cannot guide their children to lead moral, self-disciplined lives. The children and the parents are now both indulging in the dancehall slackness. We see the effect of this in our schools. We see it when little children are taken to Passa Passa and adults delight in watching them wining and grinding their undeveloped hips in imitation of their slackness. Before these children can begin to know what innocence is, they have lost it. Their innocence has been aborted. This exposure to unbridled slackness from an early age has ensured that we produce a generation whose morality has been warped from the beginning. They will now believe that this slack and loose behaviour is the norm. WOMEN AS SEX OBJECTS We add slackness to slackness when the songs played on the sound systems and the images portrayed in the music videos all promote women as sex machines. These women represent themselves merely as objects of sex as is made clear by how they dress and by the sex-simulating gyrations they indulge in, which are termed dancing, with bottoms bouncing and going round like gigs and pelvic thrusts emphasising their genital areas. With such a constant diet being fed to the senses of the young, how can their consciousness develop in an innocent, childlike way? Add to these stimuli, the images of upstanding Jamaicans wining and grinding on the roads during carnival; women sandwiched by men from behind and before; women and men of all shapes and sizes, some totally unknown to each other, wearing the barest of coverings, indulging in unrestrained sexual conduct on the streets with the media promoting and covering it, with hordes of police (including high-ranking police officers) guiding the train. What are we saying to our young? We are saying that slackness is acceptable, that sexual behaviour is not a private matter; that sex can be practised publicly with societys approval. Why, then, are we shocked when our schoolchildren display this same type of behaviour on the streets, at the transportation hubs, on the buses, on the school grounds? Why are we shocked when they want their sex acts to be video-taped and published? Children live what they learn. They have simply taken a step further what they have been taught by the big people, the adults, around them. We are simply reaping what we have sown. This is what some young teenagers say about the impact of dancehall on their behaviour: It makes me break out of my little shell. I am an innocent girl and dancehall music breaks that barrier. It makes you feel all gangsterish and cool. And the music teaches you how to dress. The lyrics are influential. They tell you to walk roun, smoke weed and buss gun. Many people, children in particular, look up to some of the artistes who feature these lyrics in their songs and they actually do some of these things because they feel that if their favourite artiste is doing it and they are hip and admired, then why not do it too. Hence, dancehall music is influential, not only to me, but to the wider society. I have stopped listening to dancehall music now and thats good because it had such a negative influence on me. At one point, I found myself acting in the way that the songs portray a hot girl should be.

Battle Of The Sexes And The Prisoners Dilemma Philosophy Essay

Battle Of The Sexes And The Prisoners Dilemma Philosophy Essay Ive had two experiences in the cases of Battle of Sexes and Prisoners Dilemma. My friend Chris and I once had a dispute on which movie to watch either Harry Potter or Toy Story. Both of us would like to watch both of them, but Chris would like to watch Harry Potter while I prefer Toy Story. Eventually, I suggested to watch Harry Potter first and Toy Story later. The other case happened when I was a kid. I used to lie to my mum when I was young. I always failed to hand in my homework on time. However, my teacher reported to my mom about the poor quality of my work. So my mum once inspected me and caught me for watching cartoons before finishing my homework. Then, she subjects me to study sessions at school for a year so I could catch up with my school work. However, in this year, my mom was disappointed about my attitude and I could no longer enjoy watching cartoons. Ive realized I could analyze both scenarios with Game Theory, specifically Battle of Sexes and Prisoners Dilemma. And both two games belong to Two-Person Non-Zero Sum Game, which describes a situation where a participants gain or loss is not balanced by the gains or losses of the other participant. Many common social dilemmas fall into this category, such as Centipede Game, Dictator Game (these will not be discussed in the essay) and etc. Utility Theory To support the claims of these games, the term utility has to be introduced. Utility refers to a measure of relative satisfaction. However, how much pain or pleasure a person feels and psychological effects can hardly be measured. In order to create a measurable platform for mathematicians to examine the best probable solution, numbers are assigned to notate utility for the concrete numerical reward or probability a person would gain. For instance, if I watch cartoons in order to escape from 50 difficult math questions, I will gain 50 util. Although this is relatively subjective, it is better to set a more objective measurement than having pure language description. Non-cooperative In Game Theory, we will always deal with games that allow players to cooperate or not in advance. A cooperative game refers to a game in which players have complete freedom of communication to make joint binding agreements. On the other hand, a non-cooperative game does not allow players to communicate in advance. Rationally, players would make decisions that benefit them the most. However, in some cases, like the Battle of Sexes and Prisoners Dilemma, the common interests would not be maximized by their selfishness. Zero Sum Game Zero-sum describes a situation in which a participants gain or loss is exactly balanced by the losses or gains of the other participant(s). If there are n participants and their outcomes are notated as O1, O2 à ¢Ã¢â€š ¬Ã‚ ¦ On. Mathematically speaking, If player 1 uses a set of strategy A = (A1, à ¢Ã¢â€š ¬Ã‚ ¦ , Am) and player 2 uses B = (B1, à ¢Ã¢â€š ¬Ã‚ ¦ , Bn), the outcome Oij would have the probability xiyj, where both 1à ¢Ã¢â‚¬ °Ã‚ ¤ i, j à ¢Ã¢â‚¬ °Ã‚ ¤ m,n . The M1(x,y) = player 1, and M2(x,y) = player 2 Basically they are the expected value function for discrete X which express the expected value of their utilities. XiYj is the probability to certain decision while Ai and Bj are the respective decisions of player 1 and 2. The motivation of player is 1 to maximize M1 and of player 2 to maximize M2. In a competitive zero-sum game we have zeros of the utility functions so that M2(x,y) = -M1(x,y) which led to the term zero-sum. Therefore, it is never advantageous to inform your opponent the strategy you plan to adopt since there is only one clear winner and clear loser. So now we understand the concept that players cannot cooperate with each other. However, Battle of Sexes and Prisoners Dilemma could maximize the outcome through cooperation because they are non-zero sum game. M2(x,y) à ¢Ã¢â‚¬ °Ã‚   -M1(x,y). Notation Suppose we have two players Chris (C) and Me (M) in a game which one simultaneous move is allowed for each player the players do not know the decision made by each other. We will denote two sets of strategies as follows: S1: C = {C1, C2, C3 à ¢Ã¢â€š ¬Ã‚ ¦ Cm} S2: B = {M1, M2, M3 à ¢Ã¢â€š ¬Ã‚ ¦ Mn} A certain outcome Oij is resulted from a strategy from each player, Ai and Bj. Matrix: So if I pick strategy 1, Chris picks strategy 2 for himself, the outcome would become O21. Therefore, each sets of strategy between Chris and me would have a distinctive outcome, in which there are mn possibilities. However, in this essay we do not deal with many decisions, mostly 2 per person Harry Potter (HP) or Toy Story (TS), or Honest or Dishonest. So it would come down to a 22 matrix, like the following diagram shown in Two-Person Non -Zero-Sum Game. Two person Non-Zero Sum Game Non-zero-sum games are opposite to zero-sum games, and are more complicated than the zero-sum games because the sum could be negative or positive. And a two person non-zero sum game is only played by two players. In a non-zero-sum game, a normal form must give both payoffs, since the loss is not incurred by the loser, but by some other party. To illustrate a few problems, we should consider the following payoff matrix. Payoffs shows as (Player 1, Player 2) Player 1 Strategy A Strategy B Player 2 Strategy X (8,9) (6,5) Strategy Y (5,10) (1,0) Apparently, if we sum up the payoffs of player 1, we would have 8+6+5+1 = 20. While Player 2 would have the payoffs of 9+5+10 = 19. This has clearly illustrated on of the properties of a non-zero sum game. Moreover, even if their payoffs are equal, one more requirement has to be met. The sum of all outcomes has to be 0. Since we only have positive integers here, we can conclude that the sum of all outcomes in this case is strictly > 0. So this is a typical example of two-person non-zero sum game. Introduction to Pure and Mixed Strategies Suppose a player has pure strategies S1, S2à ¢Ã¢â€š ¬Ã‚ ¦Sk in a normal form game. The probability distribution function for all these strategies with their respective probabilities: P = p1, p2 à ¢Ã¢â€š ¬Ã‚ ¦pk are nonnegative and = 1 because the sum of the probability of all strategies has to be 1. A pure strategy is achieved when only one is equal to 1 and all other pm are 0. Then P is a pure strategy and could be expressed as P = . However, a pure strategy is also used in a mixed strategy. The pure strategy is used in mixed strategy P if some is > 0. So in a micro-scale, there are many strategies in the pure-strategy set S; and in macro-scale, these strategy-sets contribute to a bigger profile P. We define the payoffs to P as following: where m,k à ¢Ã¢â‚¬ °Ã‚ ¥ 1 But if the strategy set S is not pure, the strategy profile P is considered strictly mixed; and if all the strategies are pure, the profile is completely mixed. And in the completely mixed profile, the set of pure strategies in the strategy profile P is called the support of P. For instance, in a classroom has a pure strategy for teacher to teach and for student to learn. Then these strategies, teaching and learning, are the support of the mixed strategy. Payoffs are commonly expressed as So let i ( s1,à ¢Ã¢â€š ¬Ã‚ ¦,sn) be the payoff to player i for using the pure-strategy profile (P1,à ¢Ã¢â€š ¬Ã‚ ¦,Pn) and if S is a pure strategy set for player i. Then the total payoffs would be the product of the probability of each strategy in the strategy set S (ps ) and the payoffs of each strategy (. So if we sum up all the payoffs: I (P) = , which is again similar to the expected mean payoff function we set up in the zero-sum game section. However, a key condition here is that players choices independent from each others, so the probability that the particular pure strategies can be simply notated as . Otherwise, probability of each strategy is expressed in terms of other ones. Nash Equilibrium The Nash equilibrium concept is important because we can accurately predict how people will play a game by assuming what strategies they choose by implementing a Nash equilibrium. Also, in evolutionary processes, we can model different set of successful strategies which dominate over unsuccessful ones; and stable stationary states are often Nash equilibria. On the other hand, often do we see some Nash equilibria that seem implausible, for example, a chess player dominates the game over another. In fact they might be unstable equilibria, so we would not expect to see them in the real world in long run. Thus, the chess player understands that his strategy is too aggressive and careless, which leads to continuous losses. Eventually he will not adopt the same strategy and thus is put back to Nash equilibrium. When people appear to deviate from Nash equilibria, we can conclude that they do not understand the game, or putting to ourselves, we have misinterpreted the game they play or the payoffs we attribute to them. But in important cases, people simply do not play Nash equilibria which are better for all of us. I lied to my mom because of personal interests. The Nash equilibrium in the case between my mom and me would be both being honest. Suppose the game of n players, with strategy sets si and payoff functions I (P) = , for i = 1à ¢Ã¢â€š ¬Ã‚ ¦n, where P is the set of strategy profiles. Let S be the set of mixed strategies for player i. where m,k à ¢Ã¢â‚¬ °Ã‚ ¥ 1 The fundamental Theorem of a mixed-strategy equilibrium develops the principles for finding Nash equilibria. Let P = (P1à ¢Ã¢â€š ¬Ã‚ ¦Pn) be a mixed-strategy profile for an n-player game. For any player i, let P-i represent the mixed strategies used by all the players other than player i. The fundamental theorem of mixed-strategy Nash Equilibrium says that P is a Nash equilibrium if and only if, for any player i = 1 à ¢Ã¢â€š ¬Ã‚ ¦ n with pure-strategy set Si and if s, s Si occur with positive probability in Pi, then the payoffs to s and s, when played against P-i are equal. Battle of Sexes We shall begin with my example: At the cinema (C: Chris, M: Me) M1 M2 C1 (2,1) (-1,-1) C2 (-1,-1) (1,2) *Choice 1: Harry Potter *Choice 2: Toy Story The game can be interpreted by a situation where Chris and I could not make the choice that satisfies both of them. Chris prefers Harry Potter while I prefer a movie. Consequently, if we choose our preferred activities, they would end up at (C1, M2) where the outcomes would only be (-1,-1) because both of us would like to watch the movie together. Thus the Utility Function (U): Utility from the movie + Utility from being together. Considering a rather impossible situation where both of us do not choose our preferred options (C2, M1). This dilemma has put one of us sacrifice our entertainment and join the other, like (C1, M1) or (C2,M2). Thus the total outcome could be up to 3 util instead of -2 in the other two situations. Therefore, I made a decision to give up watching Toy Story and join Chris watching Harry Potter. Let be the probability of Chris watching Harry Potter and be the probability of me watching Toy Story. Because in a mixed-strategy equilibrium, the payoff to Harry Potter and Toy Story must be equal for Chris. Payoff for me is and Chris payoff is . Since , , which makes . On the other hand, has to be 1-2/3 = 1/3. Thus, the probability for (C1, M1) or (C2, M2) = and that for (C2, M1) and (C1, M2) = Because both go Harry Potter (2/3)(1/3) = 2/9 at the same time, and similarly for Toy Story, and otherwise they miss each other. Both players do better if they can cooperate (properties of non-zero sum game), because (2,1) and (1,2) are better than . We get the same answer if we find the Nash equilibrium by finding the intersection of the players best response functions. The payoffs are as follows: To find the payoffs of Chris relative to my probability, which is similar to probability distribution function (p.d.f.). Here are the cases Similarly for player B Thus. Chris would have a lower tendency for a positive payoff since his payoff tends to decrease if 0 à ¢Ã¢â‚¬ °Ã‚ ¤ Prisoners Dilemma Now it is the situation of where I lied to my mom. Heres the action between me and my mom. I could choose to be honest or lie to my mom while my mom, on the other hand, could only trust me or suspect me of being dishonest. The payoff matrix is as follow (Me: I, Mom: M): I1 I2 M1 (2,2) (0,3) M2 (3,0) (-1, -1) *Choice 1: Honest/Trust *Choice 2: Dishonest/Suspect This situation is a prisoners dilemma because it sets up a few key conditions. If both my mom and I choose to be honest, I would do the homework but I will not be subject to homework session for a year, and my mom will not be upset about me. So it results in the best mutual benefits (2,2). If I lie to her and she trusts me, I am happy from watching cartoon (3,0). But if she suspects me and I am honest, I would feel like a prisoner being suspected. (0,3). And eventually, if I am dishonest and she suspects me, we would end up in a bad relationship (-1,-1). Interestingly, I would prefer (I2, M1) because I have the greatest personal utility. But if I go for greatest mutual benefits, I would choose (I1, M1). Utility Function for Me: (UI): C + H + S + R C = Utility from watching cartoon H = Utility from doing homework S = Utility from homework session R = Utility from relationship with mom Now, to further discuss Prisoners dilemma for all cases, we had rather set up some variables. I1 I2 M1 (1,1) (-y,1+x) M2 (1+x,-y) (0, 0) Now let be the probability of I play I1 and be that of M playing M1 and x,y > 0. And now we could set up the payoff functions easily with these notations. Which could be simplified into is maximized when = 0, and similarly for be maximized when = 0, regardless of what each other does. So in fact it is a mutually defect equilibrium because the best-response for each other is not the best response for both of us. Therefore, one of us should sacrifice for the others or both of us cooperate to work out the best solution. In real life, people should choose to cooperate with trust. Assume that there is a psychic gain > 0 for I and > 0 for M when both of us cooperate, in addition to the tempting payoff 1+x. If we rewrite the payoffs with these assumptions and equations, we get Which can further be simplified into The first equation shows that if player I will then play I1 and if , then player M will play M1. Apparently, I would have done it because the total mutual payoffs of (I1, M1) both my mom and I are honest and trustworthy, would be higher than that of (I2, M1) where I lie to my mom who trust me. This would happen, for instance, I could get 10 candy bars and my mom can enjoy watching TV if both of us are honest. In fact, many corporates in the real world result in such way; therefore, sometimes, cooperation with others could be beneficial to ourselves. Conclusion

Learning Disability Nurse Reflection

Learning Disability Nurse Reflection Summary reflection –Modules 5 9 Working as a learning disability nurse, poses a career fraught with many interesting and often frustrating challenges. However, this is a population that cannot be ignored or slighted medically just because they present with special needs (DOH 2001). Emerson et al. (2001) state that 2.5 – 3% of the population in the UK are among the learning disabled, with 30% of these individuals presenting with categorically severe or profound learning disabilities. Emerson et al. (2001) also tell us that frequently multiple learning disabilities present in the same individual, including physical and/or sensory impairments, physical or sensory disability and/or behavioural difficulties. The five modules presented an opportunity to explore various aspects of this specialty area and reflect on the experience on a module by module basis. The act of revisiting the individual reflection pieces to present the current summary essay allowed for not only intellectually experiencing what I wrote, but it also allowed me to re-experience each situation and gain a new appreciation for the patients I worked with, the teams I took part in, the pros and cons of each situation and what I have learned that will be immediately applicable to a real world work environment. Importance of reflection Driscoll and Teh (2001) tell us that practitioners can gain a stronger understanding about various interventions and protocols used, as well as reviewing the situation specifics of each incident, through the process of reflection. In particular, Foster (1985) stressed the importance of using a journal for purposes of written reflection on nursing practices and procedures in order to help clarify issues and make them more real and visual. Gardiner and Lawley (1995) believe that self awareness, one of the outcomes of nursing reflection, can enable staff to recognise the skills they employ and add meaning to their interactions with peers, team members and clients/patients. There were many positives and negatives I experienced on a module by module basis, but in summary, these will be presented thematically. Achievements Module Five offered the opportunity to gain insight into the lifestyle experienced by those with learning disabilities. Similarly, Module Seven provided much needed and interesting information on the role of special health needs observed in those with special needs. This enabled me to make a difference for a client with diabetes through the development of a health care action plan that included the client’s smoking cessation; something the social worker assigned to the case was no knowledgeable of. It was quite exciting to improve my communication skills throughout the five modules. For example, I was able to improve my rapport with other colleagues and various multidisciplinary healthcare professionals as well as clients as I achieved Module Nine communication based learning objectives. Godsell and Scarbrough (2006) comment communication skills are essential for healthcare practitioners. I believe they are even more critical for those working with the learning disabled. Another example was the ability to communicate effectively myself and help others, such as residential home management, communicate with a specific autistic client experiencing difficulty in choosing daily activities based on his disability. I was able to include this client in the decisions made which is critical to empowering the client with a sense of self. Similarly, during Module Five, I worked with a cerebral palsy client who was screaming due to discomfort; that was her mode of communication, which at th e time I failed to recognise, but upon reflection now know actions as well as words are important modes of communication for those with learning disabilities. Shortcomings In general, a major negative I encountered was feeling I was used as â€Å"the help† rather than as a student nurse during my placement. This limited my ability to contribute and to grow personally and professionally. This was particularly evident during Module Five. Similarly, during Module Eight I was faced with a situation creating a significant amount of stress with no stress management advice or training opportunities from which to learn how to effectively cope. Contrary to Davidson’s (2001) research, there were no in-house stress management training opportunities to take advantage of. There was a sharp discrepancy in Module Nine when reviewing the Valuing People (2001) discourse in relation to people with learning disabilities (PWLD) between what was written in the document and what I experienced at work; whereas the document stresses the rights inherent for all people be extended to PWLD, it was my experience that daily patients and clients were denied access to services due to budgetary measures rather than expressing interest in people’s rights to quality healthcare and a quality standard of life. Gates (2003) tells us those with learning disabilities have rights and should be encouraged to attain respect and reach their potential. Challenges/Learning opportunities One of the main challenges I experienced in the module series, particularly with Module Five, was relating theory to practice. However, through additional research and self motivated learning I was able to bridge the gap. I also experienced a number of personal and professional challenges that I believe helped me become a stronger person and future professional. For example, at the beginning of Module Six, my mentor informed me he would not be available to me. This was very frustrating and upsetting as I knew without the help of a mentor, it would be very difficult to achieve the specific learning objectives outlined. However, I was able to turn this situation into a positive by becoming an active contributor to my own educational process by learning, understanding and solving real life problems (Kaufman, Mann Jennet 2000). Similarly, in Module Nine, I found several of the teaching styles challenging, but that helped to develop my research skills and allow me to make contributions in the group and EBL sessions. This also helped to develop my learning and presentation skills. An additional challenge in Module Nine was situation I encountered when viewing a medication administration concern at work. While I informed my manager of the situation, the team had a negative reaction rather than positive which would have been consistent with concern over patient/client care. Thomas, Mason and Ford (2003) tell us it is difficult for workers to become whistleblowers, especially in situations related to patient/client care or maintaining standards of care. This was an even more difficult challenge for me as I was only a student with limited status in the work environment. This was similar to the situation I found myself in during Module Seven when the community care social worker appeared to be neglecting the client’s diabetes, which is inconsistent with the General Social Care Council (2002) code of practices. I felt I was caught in the middle being a student making suggestions and pointing out care inconsistencies. Through the increased communication skills I developed, I was able to participate with the social worker in the role Gates (2003) identified as a learning disability nurse educator and facilitate changes. In conclusion, through the combined effects of achieving the modules’ learning objectives, reflection on the positive and negative events as well as challenges I encountered throughout modules 5 – 9 have enhanced my skill development of working with the learning disabled, improved my problem solving skills, allowed for improved communicative ability both on interdisciplinary teams as well as working with learning or developmentally challenged persons. The added use of written reflection as a tool will further my ability to transfer these skills into practice in my future placement and allow me to be effective in my nursing capacity on day one of my engagement. References Davidson, J. 2001. Stress management: Minute 10 guide. New York: Macmillan, USA. Department of Health. 2001. Valuing People: A new strategy for learning disability for the 21st century. White Paper CM5086. Great Britain. Driscoll, J Teh, B. 2001. The potential of reflective practice to develop individual orthopaedic nurse practitioner and their practice. Journal of Orthopedic Nursing, 5, 95 – 103. Emerson, E, Hatton, C, Felce, D Murphy, A. 2001. Fundamental facts. London: The Foundation of People with a Learning Disability. Gates, B. 2004. Learning disabilities: Towards inclusion (4th ed). London: Churchill Livingstone. General Social Care Council. 2002. Code of Practice for Social Care Workers and Code of Practice for Employers of Social Care Workers. [Online]. Retrieved from: http://www.gscc.org.uk/NR/rdonlyres/8E693C62-9B17-48E1-A806-3F6F280354FD/0/CodesofPractice.doc [Accessed 20 September 2008]. Godsell, M Scarbrough, K. 2006. Improving communication for people with learning disabilities. Nursing Standards, 20(30), 58 – 68. Kaufman, DM, Mann, KV Jennet, P. 2000. Teaching and learning in medical education: How theory can inform practice. London: Association for the Study of Medical Education Monograph. Gardiner, A Lawley, K. 1995. Health and social care: Longman advanced GNVQ test and assessment guide. London: Longman Publishing Group. Thomas, A, Mason, L Ford, S. 2003. Care management in practice for the registered manager award: Essential reading for all care managers (2nd ed). Oxford: Heinemann Educational Publishers

tragoed Oedipus as the Ideal Tragic Hero of Oedipus the King (Oedipus

Oedipus as the Ideal Tragic Hero of Oedipus the King In the introduction to Sophocles' Oedipus the King, Sophocles defines a tragic hero as one who "[behaves] admirably as a man, [but who] is nevertheless tripped up by forces beyond his control and understanding..." (Sophocles 76).   In Oedipus the King, Oedipus is the tragic hero. The force that "trips up" the hero is fate, or, moira. It is Oedipus's actions that set the events into motion,   but it is ultimately his fate, and his attempted aversion to it, that brings about his downfall. This downfall, and elements such as plot, character, diction and spectacle (Aristotle 175), that cause Oedipus the King to be a tragedy. In order to describe Oedipus as a tragic hero, one must begin by describing a tragedy. A tragedy must consist of a variety of elements in order to truly fulfill its purpose. According to Aristotle, the most important element is plot (175). Without the events that unify all aspects, the story would not be held together. It is the actions of the tragic hero that lead to his downfall, and that define his characteristics and set into motion all other aspects of the work. In Oedipus the King, it is Oedipus's attempt to avoid his destiny, an overt act of hubris, that leads to his rise in power and ultimate fall. In this aspect, he completely fulfills the job of a tragic hero. Another aspect of a tragedy is character. These are the qualities that are imbued in each character in the story. There have to be admirable traits in the characters, or the readers would not care what happened to them. Some of these characteristics can include honor, bravery, and intelligence, as with Oedipus. If readers did not care, there would be no catharsis... ...hat it was his father whom he killed. He was also acting out of love for his parents when he tried to avoid his fate by leaving town. Due to these circumstances, it can be seen that Oedipus's punishment far exceeded the crime; but this is just one more reason   why he is a tragic hero. Bibliography Bloom, Harold, ed. Sophocles. Philadelphia: Chelsea House Publishers, 2003. 54-57. The Complete Plays of Sophocles. "Introduction." Ed. Moses Hadas. New York: Bantam Books, 1967. p.vii-xvi The Complete Plays of Sophocles. "Introduction to Oedipus the King." Ed. Moses Hadas. New York: Bantam Books, 1967. p.75-76 The Complete Plays of Sophocles. "Introduction." Ed. Moses Hadas. New York: Bantam Books, 1967. p.77-114 Aristotle. "Poetics". Aristotle's Theory of Poetry and Fine Art. Ed. Butcher, S.H. New York. Dover Publications, Inc. 1951.

Essays --

Quanisea Moses February 11, 2014 Dr. Yousuf Article Review Reconstructing the "Problem" of Race By: Edmund Fong Political Research Quarterly, Vol. 61, No. 4 (Dec., 2008), pp. 660-670â€Æ' Central Thesis In Reconstructing the â€Å"Problem† of Race an article written by Edmond Fong, he uses W.E.B Dubose’s The Souls of Black Folks, Woodrow Wilson’s 1913 Gettysburg Reunion Speech, Louis Harz’s The Liberal Tradition in America, and Rogers M. Smith’s Civic Ideas to help support his main points. The main point in this article understands the problem of race in American politics by examining its productive function by grounding the meaning of American liberalism. In the article the author sates that many doubt that there is still a problem with race in American politics, and even fewer doubt that it was a productive role in American History. Fong says that this article tries to show the economy of absence of and presence that connects racial discourse to American liberal national identity, by putting together its ongoing productivity as a criticism mask for American politics. In Rogers M. Smit...

Epic of Beowulf Essay - Alliteration in Beowulf -- Epic Beowulf essays

Alliteration in Beowulf  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚  Ã‚   The diction of the Old English poem Beowulf is distinguished primarily by its heavy use of   allliteration, or the repetition of the initial sounds of words.    In the original manuscript version of the poem, alliteration is employed in almost every line (or two half-lines); in modern translations of the poem this is not so. Beowulf uses alliteration [my italics] and accent to achieve the poetic effect which Modern English poetry achieves through the use of poetic feet, each having the same number of syllables and the same pattern of accent (Wilkie 1271). In lines 4 and 5 of the poem we find:    Oft Scyld Scefing   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   sceapena preatum monegum maegpum  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   meodo-setla ofteah    The repetition of the â€Å"s† sound in line 4 and of the â€Å"m† sound in line 5 illustrate alliteration, and this occurs throughout the poem, providing to the listener an aesthetic sense of   rightness or pleasure. In 1958 two language scholars, Lehmann nd Tabusa, produced an alphabetized list of every alliterated word in Beowulf. One translator, Kevin Crossley-Holland, in his rendition of the poem in Literature of the Western World, actually includes considerable alliteration, but less than the original version of the poem (Wilkie 1271). The Old English poet would â€Å"tie† the two half-lines together by their stressed alliteration (Chickering 4).    The first half-line is called the on-verse, which is followed by the off-verse. Each line of poetry ideally contains four principal stresses, two on each side of a strong medial caesura, or pause, and a variable number of less-heavily stressed or unstressed ones. â€Å"At least one of the two stresse... ...lishing, 2000.    Magoun, Frances P. â€Å"Oral-Formulaic Character of Anglo-Saxon Narrative Poetry.†Ã‚   In TheBeowulf Poet, edited by Donald K. Fry. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1968.    Renoir, Alain. â€Å"Point of View and Design for Terror in Beowulf.† In TheBeowulf Poet, edited by Donald K. Fry. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1968.    Stockwell, Robert. P. and Donka Minkova. â€Å"Prosody† In A Beowulf Handbook, edited by Robert Bjork and John D. Niles. Lincoln, Nebraska: Uiversity of Nebraska Press, 1997.    Tharaud, Barry. â€Å"Anglo-Saxon Language and Traditions in Beowulf.† In Readings on Beowulf, edited by Stephen P. Thompson. San Diego: Greenhaven Press,1998.    Wilkie, Brian. â€Å"Beowulf.† Literature of the Western World, edited by Brian Wilkie and James Hurt. New York: Macmillan Publishing Co., 1984.         

Fv Project Summary of Fasb and Iasb

Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards.This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB's working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASB's Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure D raft and related Invitation to Comment. No decisions were made.At a previous meeting, the Board decided to issue the FASB's final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASB's document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASB's conclusions along with the basis for the disagreement.The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differenc es between the definitions of fair value in the FASB's draft Fair Value Measurements (FVM) standard to the definition in IFRS.This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staff's overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings.The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staff's analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board member s wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing ‘amount' to ‘price' as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of ‘exit values' in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transaction; the agreed price constitutes both an ‘entry' and ‘exit' value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of ‘marketplace participants' is believed by some Boar d members to be a less superior phrase to the widely accepted ‘knowledgeable, willing parties' notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a ‘market'. The FASB's rationale for introducing the ‘marketplace participants' notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted.The Board will be asked to debate the meaning of the ‘reference market' notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measuremen t Within each of these sections, the staff made various proposals for the Board's consideration.Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 – Construction Contracts †¢ (b) IAS 16 – Property, Plant and Equipment (c) IAS 17 – Leases †¢ (d) IAS 18 – Revenue †¢ (e) IAS 19 – Employee Benefits †¢ (f) IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 – Accounting and Reporting by Retirement Benefit Pla ns †¢ (h) IAS 33 – Earnings per Share †¢ (i) IAS 36 – Impairment of Assets †¢ (j) IAS 38 – Intangible Assets †¢ (k) IAS 39 – Financial Instruments: Recognition and Measurement †¢ (l) IAS 40 – Investment Property †¢ (m) IAS 41 – Agriculture †¢ (n) IFRS 1 – First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 – Share-based Payment (p) IFRS 3 – Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 – the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be exclu ded from the scope.The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 – due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received.However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 – Inventory †¢ (b) IAS 21 – The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 – Consolidated and Separate Financial Statements †¢ (d) IAS 28 – Investment in Associates †¢ (e) IAS 31 â €“ Interests in Joint Ventures (f) IAS 32 – Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 – Insurance Contracts †¢ (h) IFRS 7 – Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 – Presentation of Financial Statements †¢ (b) IAS 7 – Cash Flow Statements (c) IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors †¢ (d) IAS 10 – Events After the Balance Sheet Date †¢ (e) IAS 12 – Income Taxes †¢ (f) IAS 14 – Segment Reporting †¢ (g) IAS 23 – Borrowing Costs †¢ (h) IAS 24 – Related Party Disclosures †¢ (i) IAS 29 – Financial Reporting in Hyperinflationary Economies †¢ (j) IA S 30 – Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 – Interim Financial Reporting (l) IAS 37 – Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 – Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalised, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB MeetingThis was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASB's exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance.The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity tha t differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condition of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project.Revised definition of fair value In the staff's view, the FASB's revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a ‘price' rather than ‘amount'. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price.As a consequence, other Board members noted that the current definitio n will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs.The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurem ent date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input.IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staff's conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statemen t represents an improvement over the disparate and inconsistent guidance currently in IFRSs.Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASB's conclusion to adopt the ‘principal market' view.While this will result in a change from the ‘most advantageous' view currently in IFRS, the ‘principal market' view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price.The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting.The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in as sessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor.However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement.The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from th e FASB's draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements.Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability).Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the ass et or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability.Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement.As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meet ing The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for ‘day-one gains'. Project Plan and Due ProcessThe Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASB's agenda in September 2005. At that time, the Board decided that they would expose the FASB's final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents.These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASB's due process requiremen ts. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an ‘exit price objective' of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alternative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft.This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopeful ly a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long.Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB do cument is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASB's discussion paper. Day-one Gains and Losses Fair value, as defined in the FASB's document is an exit price. As a result of the Board's tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measured at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment.The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential a mendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project.September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfe r a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair value hierarchy that prioritises the information used to develop those assumptions.The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entity's own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASB's Website without charge. The IASB has on its agenda a project on fair value measurement.It is one of the convergence pr ojects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASB's preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASB's preliminary views about those provisions.Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Board's preliminary views and requests constituent input on certain matters Non-performance riskThe Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities.It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in additio n to credit risk). Issues in the Invitation to Comment Entry and exit pricesThe Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between ‘a willing buyer and a willing seller' matters only when one is shifting markets. In many IASB standards, ‘fair value' is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price.Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording ‘on the fly', which they will bring back to the Board. Principal or most advantageous marketIAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability.The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would b e received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities.The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling ‘level 3' measurements ‘fair value'The Board noted that FAS 157 establishes a three level hierar chy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is ‘unobservable inputs' for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other tha n fair value. Block premiums and discountsThe Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the ‘Price x Quantity' formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs.Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initia l recognition. They reasoned that it is important to highlight situations where the guidance in FAS 157 differs significantly from current IFRSs.Further, convergence on the day-one gain matter is a high-profile issue to many large financial institutions and is an area where the staff expects many comments. The Invitation to Comment will contain a discussion and question on the transaction price presumption. US GAAP-specific material contained in FAS 157 The Board agreed that, in the interests of timely publication, they would not alter FAS 157 in any way for the purposes of the Discussion Paper and Invitation to Comment, and that it would therefore have US GAAP-specific material. The Invitation to Comment would note that any Exposure Draft would be IFRS-specific.Next steps On a poll, 12 Board members voted to issue the Invitation to Comment and Preliminary Views, and one Board member abstained, pending resolution of the discussion of entry and exit prices. The Discussion Paper is sc heduled for publication in late 2006. November 2006: Discussion Paper Issued On 30 November 2006, the IASB published for public comment a Discussion Paper on Fair Value Measurements. The Discussion Paper sets out the IASB's preliminary views on how to measure fair values when fair value measurement is already prescribed under existing IFRSs.It does not propose any extensions of the use of fair values. The DP is built around FASB's recently issued SFAS 157 Fair Value Measurements. SFAS 157 establishes a single definition of fair value together with a framework for measuring fair value for financial reports prepared in accordance with US GAAP. Click for IASB Press Release (PDF 53k). The Discussion Paper will be available without charge on the IASB's website starting 11 December 2006. Comment deadline is 2 April 2007 [extended to] 4 May 2007. The IASB plans to publish an Exposure Draft in 2008.Discussion at the January 2007 IASB Meeting Extension of the comment deadline on the Discussi on Paper The staff reported that several constituents had asked the Board to extend the deadline for comments on the Board's Discussion Paper Fair Value Measurements. The constituents highlighted that the comment period coincided with the financial reporting season for those with calendar year ends and asked for more time so that an important and complex document could receive the attention it deserved. The Board agreed unanimously to extend the deadline for comments to Friday 4 May 2007.Discussion at the September 2007 IASB Meeting The staff informed the Board that the FASB had formed a Valuation Resource Group (VRG). The purpose of the VRG is to provide the FASB with input for clarifying the guidance related to the application of the principles in SFAS 157 Fair Value Measurement when fair value is required or permitted under US GAAP. The VRG is drawn from accounting firms, valuation advisers, preparers, users, regulators and standard setters. The first meeting of the VRG is planne d for 1 October 2007. Issues raised at that meeting will be brought to the October FASB meeting.The IASB staff noted that any decisions made by the FASB are likely to have implications for valuations performed under IFRSs because constituents may apply the US guidance in the absence of IFRS guidance. The staff will keep the Board informed of the project. No decisions were made. Discussion at the October 2007 IASB Meeting The staff presented their analysis of comments received on the IASB's discussion paper on fair value measurement. The discussion paper was issued as a ‘wrap around' of FASB Statement of Financial Accounting Standards No. 157.The complete analysis is available in the Observer Notes section on the IASB's website (Agenda Paper 2C). The staff asked the Board to do the following: †¢ consider the main points raised in the comment letters (136 received); †¢ affirm the project objectives; and †¢ approve the staff's preliminary project plan. The main poi nts raised in the comment letter by constituents included (please refer to Agenda Paper 2C for a detailed analysis): †¢ General agreement to that the fair value measurement project is needed; †¢ Concerns about how to provide guidance on determining fair value when it is not clear in hich circumstances; †¢ The interaction between the fair value measurement project and the conceptual framework project (in particular, phase C which covers measurement); †¢ The view that in many situations an entry price notion is superior to an exit price notion; †¢ Fair value is more akin to a heading for a ‘family' of measurement bases and accordingly terms should be used which are more descriptive (that is, more clearly articulate what the Board's intended measurement basis in that situation is); and †¢ With regard to measuring liabilities at fair value, the respondents raised concerns about the application of a transfer notion instead of a settlement notion and as ked for guidance as to the meaning of non-performance risk. Regarding the interaction between this project and the Conceptual Framework project, some Board members noted that the outcome of this project is only one of a number of possible measurement bases that will be in the revised Framework. Consequently, the impact on the Framework project is only minor. The staff confirmed that it consults with staff of the Framework project on a regular basis. Some Board members observed that the notion ‘entry price' should be as well defined as ‘exit price'. Staff noted that this is part of the proposed project plan. No decisions were made.The Board was also asked to agree on the following project objectives: †¢ Development of principles and measurement guidance for an exit price measurement basis; and †¢ Completion of a standard-by-standard review of fair value measurements permitted or required in IFRSs to asses whether each standard's measurement basis is an exit pric e. If the Board does not agree, will it agree to decide on a case-by-case basis whether or not to develop measurement guidance for those other measurement bases. The Board agreed to both objectives. On the second bullet point, it was clarified that this analysis will not lead to the development of additional guidance for those measurement bases that will be identified as not fitting in the definition of fair value for the purpose of the fair value measurement project. However, the Board noted that a working definition for fair value must first be agreed on before the analysis can be done. Additional Discussion at the October 2007 IASB MeetingThis was an education session and accordingly no decisions were made. The session was led by representatives of the valuation profession to illustrate practical valuation concepts and issues (the complete presentation [Agenda Paper 11A] can be obtained from the Observer Notes section on the IASB Website). The focus was on the valuation methodolo gies used in the measurement of tangible and intangible non-financial assets. The background of the session was the Discussion Paper on Fair Value Measurements that was issued by the IASB in November 2006. The main topics of the presentation were: †¢ Value concepts in IFRSs †¢ The purchase price allocation process Overview of valuation methodologies (that is cost approach, market approach, income approach) The presenters' main focus was the valuation requirements resulting from a business combination and what are the factors valuation professionals consider in such transactions. Although this was an education session only the Board showed particular interest in certain topics of the presentation: †¢ If and how appraisers exclude entity-specific factors from their valuation models †¢ Customer-related intangible assets (separation and assumptions used in valuation) †¢ Consideration of tax in the valuation process †¢ Separation and valuation of contingent liabilitiesOn the last point, the representatives of the valuation profession admitted that they have difficulties identifying all contingent liabilities and how to value them based on a transfer notion (that is what would an entity have to pay to pass on the risk – in contrast to a settlement notion). Discussion at the November 2007 IASB Meeting The staff began the morning session by informing the Board about the latest developments in relation to the implementation of SFAS 157 Fair Value Measurements which is the basis for the Discussion Paper published by the IASB. The developments included the deferral of the effective date of SFAS 157 for non-recurring measurements (for example in business combinations).It was noted that these developments would have no impact on the IASB project on fair value measurements. The staff presented its preliminary definitions of ‘current exit price' and ‘current entry price' for assets and liabilities that will be used in the stan dard-by-standard review. The Board and the staff reiterated that they do not want to change the measurement within the standards. The goal of the analysis carried out by the staff would be to find out which measurement attribute the Board and its predecessor (the IASC) had in mind when using the term ‘fair value'. The preliminary working definitions of the staff are as follows: †¢ Assets: Current entry price: The price that would be paid to buy an asset in an orderly transaction between market participants at the measurement date. o Current exit price: The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. †¢ Liabilities: o Current entry price: The price that would be received to incur a liability in an orderly transaction between market participants at the measurement date. o Current exit price I (transfer notion): The price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. o Current exit price II (settlement notion): The price that would be paid to settle a liability in an orderly transaction at the measurement date.At the request of a Board member staff confirmed that possible components of fair value will be addressed in later stages of the project. The staff also confirmed that it will involve practitioners to gain insight into current valuation practice in the specific circumstances. The Board had a short discussion on certain aspects of fair value measurement and was informed by staff that some of the issues will be discussed at the December Board meeting. The Board agreed on the preliminary definitions of current entry price and current exit price for assets and liabilities and that staff should not consider other measurement bases for the purpose of the standard-by-standard review.Discussion at the December 2007 IASB Meeting The purpose of this session was to continue the deliberations on the issues in the Fair Value Measurements Discussion Paper and to present an analysis of the ‘market participants view' under SFAS 157 compared to the ‘knowledgeable, willing parties in an arm's length transaction' in IFRSs. After staff review of the two approaches, the Board was asked if it agrees with the staff analysis on the market participants view. Some Board members raised concerns about the possible differences of the notion ‘market participants view' in comparison to a ‘knowledgeable, willing party'. The staff noted that they see no differences in content.One Board member asked why a change in terminology would then be necessary as constituents are familiar with the notion of a ‘knowledgeable, willing party'. Other Board members said that the document must make clear that the terms are interchangeable. After this the Board discussed what a market is and whether, for certain transactions, one can assume a market exists if, for example, actually onl y two parties are acting. As no definition of ‘market' was provided, the Board asked the staff to develop an analysis. As all further discussions depend on the outcome of that analysis the Board agreed to postpone discussion of the other items in the agenda paper to a later Board meeting. No further decisions were made. Discussion at the March 2008 IASB MeetingWhether the fair value measurement project should have a working group or other type of specialist advisory group The Board has on its agenda a project on fair value measurement that aims to provide guidance on how to determine fair value if a standard requires or allows fair value measurement. The staff informed the Board that it worked under the assumption that a working group would not be required as there is an overlap with existing working groups that could be involved as required. On further reflection, the staff has concluded that this approach does not work as it proved difficult to involve the other working grou ps without a clear mandate.The staff also believes that it would not be necessary to set up a formal working group but instead to establish a ‘technical advisory group' (TAG) that could work on a informal, as-needed basis. Information exchange could be done in person or via electronic communication. However, the IASB Due Process Handbook requires the Board's consent for not establishing a working group for a major project. One Board member raised the question whether the Valuation Resource Group of the FASB could be involved. The staff answered that this group would interpret and implement SFAS 157, the US standard providing fair value measurement guidance. The Board agreed not to establish a working group, but to form a technical advisory group instead. Discussion at the April 2008 IASB MeetingRepresentatives of the International Valuation Standards Committee (IVSC) presented an education session to the Board on four valuation issues. No decisions were made at this education session. The four issues presented by the IVSC delegation were: †¢ What is the difference between ‘price' and ‘value'? †¢ Is there a valuation difference between an entry and an exit price? †¢ Highest and best use †¢ What makes the market? What is the difference between ‘price' and ‘value'? The representatives made clear that in their view ‘price' is the amount agreed on in a transaction while ‘value' is the outcome of a valuation. In practice, most valuations assume a transaction but, depending on the purpose of the valuation exercise, a value could also be entity-specific.It was made clear that in many cases price and value would result in (nearly) the same number. It was also noted that the IVSC standards use three types of valuation with two of them taking a market view and one of them being an entity-specific approach – which could possibly result in different amounts for the same valuation object. Some Board member s were confused by the terminology used by the presenters and it was agreed that this could be the cause for much confusion within the constituency and that any communication by the Board must clearly articulate what they mean. One Board member noted that ‘value' must always be accompanied by an adjective as people understand different things in different situations.Other Board members were confused about where the difference in amounts results from. The IVSC representatives explained that there are many reasons (for example, synergies). Is there a valuation difference between an entry and an exit price? The delegation moved then on to the second question. The representatives explained that the profession holds the view that for non-entity-specific values entry and exit price for the same market should be the same. Often a perceived difference results because entry price is determined on a different market than the exist price. The Board had a lengthy discussion on that issue with a view on the guidance in US GAAP.Highest and best use The highest and best use is terminology from the US GAAP standard SFAS 157 Fair Value Measurements that assumes an entity would also use its asset the best way it can. It was highlighted that the SFAS 157 definition is very similar to the IVSC one. It was noted that this is not a different type or basis of value and that it is inherent in any basis that requires the estimate of an open market transaction. Some Board members expressed their doubt that this always could be assumed for liabilities. What makes the market? The representatives explained that there is an opinion that fair values could only be made where active markets exist.They made it clear that in their view this is not the case. The valuation profession assumes as long as there is enough evidence to establish a valuation it is assumed that a market exist even if the degree of reliability is lower than that for a market with frequent transactions. They would no t necessarily link value and liquidity. The Board showed interest in the valuation for some of the instruments where markets have contracted recently and had some debate on that point with the representatives. The Chairman closed the session by asking the IVSC representatives if they have experts on valuing liabilities that could participate in the planned IASB technical experts group.The representatives confirmed that such experts would be available to participate in the group. Discussion at the May 2008 IASB Meeting Discussion of the Meeting of the IASB Expert Advisory Panel on Valuing Financial Instruments in Illiquid Markets The issue was added to the agenda with short notice and no observer notes were available. The staff informed the Board that the Financial Stability Forum has established an expert advisory panel to assist the IASB in enhancing its guidance on valuing financial instruments when markets are no longer active. In addition the staff noted the following: †¢ T he first meeting will take place on 13 June 2008. †¢ At the first meeting the panel will decide on the form of guidance issued, e. g. est practice guidance or input for amendment of standards. †¢ The duration of the panel is expected to be two or three months. June 2008: IASB Forms an Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets On 5 June 2008, the IASB formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF). The new panel will assist the IASB in: †¢ reviewing best practices in the area of valuation techniques, and †¢ formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.Organisations participating in the panel include AIG (American International Group); Basel Committee on Banking Supervision; BNP Paribas; Capital Interna tional Research Inc. ; Citigroup; Deloitte; Deutsche Bank; Ernst & Young; Financial Stability Forum; Fitch Ratings; Goldman Sachs; HSBC; International Association of Insurance Supervisors; International Organization of Securities Commissions (IOSCO); KPMG; Pioneer Investments; PricewaterhouseCoopers; Swiss Re; and UBS. FASB will have a staff observer. The first meeting of the panel will take place on 13 June 2008 in private session. A summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on its website. More Information on IASB's website. Related resources are available on our Credit Crunch Page.Discussion at the June 2008 IASB Meeting [pic]Fair Value Measurements – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The staff presented a summary of the first meeting held on 13 June 2008 of the Expert Advisory Panel. The staff noted that the purpose of that meeting was to identify the issues arising on valuing financial instruments when markets are no longer active and that possible solutions will be discussed at future meetings. In addition the staff noted the following: †¢ No decision was made regarding the form of guidance the panel will provide, e. g. best practice guidance or input for amendment of standards. Subsets of the issues identified will be discussed by a subgroup of panel members at the next meetings in July (measurement issues) and August (disclosure issues). Meeting dates have not yet been confirmed. The meetings will be held in private sessions with public updates being provided at the July and September Board meetings. †¢ The last meeting is expected to be in September 2008. Updates on the activities of the panel are also available on the IASB's website. Discussion of the Fair Value Measurements Project Following the joint IASB-FASB meeting in April 2008 the Board discussed the way forward in this project. At the joint meeting the IASB decid ed not to re-debate all aspects of the Fair Value Measurement discussion paper (the DP), i. e. ot to fully re-debate FAS 157 Fair Value Measurements on which the DP is based. Instead the Board agreed to redeliberate certain areas of confusion or areas in which FAS 157 had proved difficult to apply. The staff presented an analysis of issues raised in the DP and provided recommendations on whether a particular issue should be redeliberated or not. Technical aspects of fair value measurement were not discussed at this meeting. The Board agreed to discuss further the topics listed below. These topics will be redeliberated mainly because the Board did not express a preliminary view in the DP and/or comments received on the DP indicated a need for further discussion: The exit price measurement objectiveThe Board agreed to consider both entry and exit notions of fair value measurement based on the standard-by-standard review currently performed by the staff. The market participant view In general the Board reaffirmed its preliminary view in the DP. However, the staff was asked to improve the wording in order to address concerns raised by constituents. In particular, it should be clarified how to apply the market participant view in cases where no market exists (for example, liabilities that cannot be transferred). Transfer vs. settlement of a liability The Board agreed to a staff analysis that this is an important cross-cutting issue for other Board projects, particularly, amendments to IAS 37.Transaction price and fair value at initial: Day one gains and losses This issue is considered to be interrelated with the entry vs. exit price issue. The principal (or most advantageous) market The Board reaffirmed the preliminary view in principal but noted that questions about the practical application needs to be resolved. Valuation of liabilities: Non-performance risk There seemed to be a broad consensus to reaffirm the preliminary view that non-performance risks needs to be considered when measuring the fair value. However, the majority of Board noted that this is an important cross-cutting and that there are unresolved issues with regard to presentation (of the counter-entry) and disaggregation. Highest and best useThe staff intends to address comprehensively all issues relating to ‘different markets'. Bid-ask spreads: Applicability of mid-market pricing to all levels of the hierarchy? The staff noted that the Board still needs to reach a preliminary and that the question of which transaction costs are to be included will be addressed in this context. Issues not discussed †¢ Disclosures: Redeliberation in light of current market environment †¢ Application guidance: Redeliberation in light of current market environment Topics not to be redeliberated The Board decided not to redeliberate the following five topics: 1. Attributes (characteristics) specific to an asset or liability 2.Whether transaction costs are separate from fair value The staff intends to discuss any outstanding issues in connection with bid-ask spreads. (this sentence relates to bullet 2) 3. Three-level fair value hierarchy Accepted as described in the Discussion Paper without any further deliberations 4. The prohibition of blockage factor adjustments at all levels of the hierarchy The Board had a thorough debate on this issue. One Board member emphasised that the majority of constituents disagreed with the preliminary view expressed in the DP. Finally, there seemed to be a consensus not to redeliberate the issue but to deal with the concerns in the feedback statement.The staff was asked to review the comments received to ensure that the Board ‘has not missed anything' in reaching the preliminary view. 5. The unit of account for financial assets and liabilities The staff noted that the topics not to be discussed by the Board are broadly consistent with the principles in IFRSs and that they can therefore be addressed in the exposure draft in a way that considers the concerns raised by constituents and is consistent with FAS 157. Discussion at the July 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The project manager on the fair value measurement project gave an oral update on the activities of the expert advisory panel.The purpose of this panel is to assist the IASB in reviewing best practices in the area of valuation techniques as well as formulating any necessary additional guidance on valuation methods for financial instruments and related disclosures when markets are no longer active. The panel or subgroup met three times. At the kick-off meeting the panel identified specific issues that panel members felt must be addressed (such as forced transactions, the use of pricing services, illiquid markets). It was noted that there seemed to be consistency in applying the fair value measurement requirements in IAS 39 despite the use of different tech niques. The staff informed the Board that there will be a draft document to be discussed end of July on those issues, but that it is not clear yet who will publish it. The panel would then turn to appropriate disclosures with the aim to have an exposure draft published in Q4/08.It was noted that there would be ongoing communications with the consolidations project team. Discussion at the July 2008 IASB Meeting At this session the staff asked the Board to decide on a definition of ‘fair value' – what is the measurement object for items with a measurement basis currently referred to as ‘fair value'? The staff acknowledged that some aspects of fair value have not been discussed yet, but will be brought to the Board at future meetings (for example, principal market and day-one gains/losses). Staff's view, however, is that whether fair value means an entry or exit price can be decided separately. The staff then turned to the standard-by-standard review as requested by the Board.This review had been requested to help the Board to decide whether: †¢ To retain the term ‘fair value' and define it appropriately, or †¢ To replace the term ‘fair value' with more specific terms more appropriate in the individual context. It was noted that a consistent definition of fair value might lead to fewer instances where the Board would require or permit its use. It was also highlighted that a precise definition of fair value would help to ensure proper application where it is required or permitted. The Board had a lengthy discussion about whether entry and exit price would be the equal for the same item on the same date in the same market.Also, the Board discussed which market an entity should refer to in measuring fair value and whether an exit price could include exit by consumption of assets. Board members expressed a range of views on these issues. No clear consensuses were reached. Some Board members observed that if the Board cannot cl early define what fair value means, it would be even more difficult for constituents in applying IFRSs. Board members said that some of the issues that are to be brought back for discussion at future meetings must be resolved before the Board can agree on a definition of fair value. The staff also asked the Board to consider whether to keep the term ‘fair value' or abandon it. The Board seemed to be split on that issue.The Board discussed whether, in measuring the exit-price fair value of an asset the entity is using, the measurement should take viewpoint of the entity or of an independent market participant. Board members' views varied, and no decision was reached. The staff distributed a flow chart which was not part of the observer notes that was intended to facilitate the discussion. The Board decided that, once fair value is precisely defined, each reference to fair value in IFRSs should be assessed in relation to the definition. Where ‘fair value' as used in an IFR S is not consistent with the agreed definition, the term should be replaced with a more descriptive term.Discussion at the September 2008 IASB Meeting – Credit Crisis: Proposed amendments to disclosure requirements Please see separate project page on Amendments to IFRS 7 – Credit Crisis Discussion at the September 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Update The staff presented the Board with an update on the work of the expert advisory panel formed in response to recommendations from constituents. The panel's task is to develop best practice guidance on measurement and disclosures for financial instruments in inactive markets. It was noted that the panel had met six times and will meet again in October. One single document would be published covering both measurement and disclosure. A draft report has just been posted on the IASB's website. The staff informed the Board that although comments would be sol icited until 3 October, comment letters would not be published on the IASB's website.Asked by a Board member, the staff confirmed that this non-mandatory guidance would be considered when developing the fair value measurement standard and, hence, might become mandatory in the future. Discussion at the September 2008 IASB Meeting – Fair Value Measurements Exposure Draft The staff introduced the session by highlighting the objectives and timeline. The purpose of the session was to seek the Board's decision on: †¢ Whether a fair value measurement exposure draft should state that fair value reflects the highest and best use of an asset; and †¢ Whether blockage factors should be excluded from fair value measurement. Blockage factors The staff started with the second issue on blockage factors.The staff highlighted that it only sought the Board's input on this type of discount, not on other discounts or premia. The staff defined a blockage discounts as a discount that repr esents a discount to the quoted price of an instrument (usually equity securities) to reflect the reduction in the price if the entity were to sell a large holding of instruments at once. The Board had a lengthy debate on this. Some Board members were concerned about ignoring blockage factors as they would represent a real economic phenomenon. Others were of an opposite