Energy Strategy of the European Union and its Impact on Oil and Gas Assignment

Vitality Strategy of the European Union and its Impact on Oil and Gas Industry - Assignment Example A few vitality related approaches and eager measures are being arranged and executed by the part conditions of EU in this account.To make these arrangements turn out to be rapidly and productively, extra accentuation must be laid on issues like accomplishing more noteworthy vitality effectiveness, tapping interchange wellsprings of vitality, augmenting the utilization of sustainable power source, and utilizing atomic force (Tindale, 2014). In any case, when an extra accentuation is laid on these above issues, it can impact the working of the oil and gas ventures. Besides, in this endeavor, saving the earth is additionally especially key thus concentrating on carbon catch and capacity (CCS) innovation is likewise significant (Tindale, 2014). Along these lines, this report will concentrate on the EU’s vitality procedure and its effect on the oil and gas businesses. Aside from the above-talked about political situation, the need to think of condition amicable vitality choices has incited EU to concoct vitality proficiency approaches from the beginning of the new thousand years. That is, from the mid-2000s, EU has been setting focuses for its part nations to improve its vitality proficiency on present moment and critically long haul premise. Long haul premise in the sense, toward the finish of 2006, the EU promised to lessen its yearly utilization of essential vitality choices of non-renewable energy sources by 20% by 2020. On similar lines, the European Commission as a strategy order likewise encircled the Energy Efficiency Directive (EED) for the EU, which sets up a general plan for the advancement of vitality proficiency inside the part states. The principle goal of the EED is to help the EU’s part states to accomplish an objective of sparing 20% of their vitality utilization by 2020. As indicated by the European Commission, the EU is o n target to accomplish a 20% decrease in 2020, 30% in 2030, and significantly the drawn out objective 80% decrease in 2050 (Ea Energy Analyses, 2012). As indicated by EU’s arrangements, the part states are specified to accomplish vitality effectiveness in the above-delineated areas including enterprises, transport, family unit, and significantly force or vitality age division (European Commission, 2013). In the family units, individuals are furnished with individual metering plan alongside liberated from cost access to continuous vitality utilization information which would help them in dealing with their vitality utilization in an obviously better way.

Sceond Cut Exam 2 SIS Essays Essays (954 words) - Education, Science

Siddarth Luthra Herndon 8-10 HR393 Character Count:1,645 Composing Prompt (SIS 1) I am undoubtedly a pioneer. I love to improve and modernize things constantly. I used to be a major enthusiast of Lego mechanical technology, and I would consistently assemble robots from Legos utilizing the guidance set that accompanied it. At the point when I came up short on things to work with the guidelines, I went looking on the web for additional things to construct. I went over a Rubik's Cube Solver. I utilized my Mindstorms EV3 Legos and assembled the robot. At the point when I gave it a shot, tragically, it didn't work. I went through days checking the sensors and making little changes to the robot, purchasing new pieces, changing the coding, thus significantly more. After different long stretches of going through in any event an hour daily evolving parts, 3D printing parts, developing the coding, and figuring out how to explain the Rubik's Cube myself, I at long last had the option to complete an effectively working Rubik's Cube Solver with my Lego set. At the point when I was improving the robot, I was likewise reporting what I was doing so I added all that I did to the first guidelines, and afterward made my own directions. Later on, I messaged the individual to initially make the robot and revealed to him the issues I ran into and sent him my improved code for the robot and my improved guidelines. At the point when he investigated my thoughts, he added my directions and coding to his site. Some other time was the point at which I fixed my 3D printer from bursting into flames, and improved it by making pieces from another 3D printer to fix mine. I accept that my aptitudes of development will be extremely valuable in a STEM school, since I can help improve things, and show individuals how I assess things to function. I never abandon attempting to improve things and improved. Sister 2 Character Count:1,598 Numerous individuals need to grow up and carry on with an actual existence where they have a great deal of cash from being well known, turning into a specialist, legal advisor, or another lucrative employment. My objective in life is an objective that includes my interests throughout everyday life. I need to consolidate my interests and get by out of it. My interests are music and STEM, all the more explicitly in the math, innovation and designing related regions. I play the trombone, piano, drum set, and I DJ. I additionally fabricate 3D printers, do innovation related rivalries, and do significant level math. I need to fuse innovation with music and get by out of it. There is an individual that passes by the name of DJ Enferno, he is a DJ himself and utilizations innovation, to make himself a stunning DJ. He makes remixes utilizing his own product, other programming, and distinctive MIDI gadgets. I need to be like him, I need to make my own product and construct my own DJ blender, controller, and turntables, to make myself an astounding DJ. I accept that with the assistance of a STEM school, I can do that since, I can gain from a network of STEM arranged individuals, on the most proficient method to do things like structure music related machines, and making my own product. A STEM school could give more chances to find out about a greater amount of what I need to do throughout everyday life. My base secondary school, would give me openings that each understudy has, whenever I need to have openings that assist me with being one of a kind and extraordinary, in light of the fact that to achieve an alternate objective, I should have various chances. A STEM arranged network of students, will assist me with arriving at my objectives, in light of the fact that my objectives require Science, Technology, Engineering, and Math. Sister 3 Character Count:1,647 I partake in an opposition called Technology Student Association (TSA). In TSA there are numerous occasions, gathering and individual occasions. I am as of now in a gathering occasion, and my job in the gathering is being the pioneer and ensuring everybody is making some acceptable memories. My gathering is dealing with a difficult that was given to utilize and we are utilizing Arduino circuit sheets and different things to construct a kind of pair of glasses that can assist daze with peopling know where they are going. In my gathering there have been times

Learn How to Write a Good Mock Essay Using the LA Format

Learn How to Write a Good Mock Essay Using the LA FormatIn order to write a good mock essay that will attract the attention of your professor, you have to master the LA format. Whether you are trying to show off your writing ability or getting a fresh perspective on your topic, using the LA format will benefit you and make it easier for you to pass your mock.It is important that you understand the literary style of the essay before you begin writing it. Your academic advisor will have discussed this with you before hand, so you can also find out about the literary style that best fits the topic of your academic paper. This is an important step because this will help you find a way to write an essay that shows off your writing ability. Most students are already accustomed to the academic style, so finding a way to be different will help them get more out of their essay.Another reason why you need to learn the LA format is because you are going to be writing on an academic topic. You w ant to present your argument clearly in a persuasive way. The objective of the essay is to present your personal view of the topic and what you know about the topic, rather than putting together facts and statistics to create a strong argument. You need to convince your readers that your personal opinion is the correct one, but without being too critical.The format for your academic paper is also important because you are going to be using examples. You should not use factual statements or statistics; rather, use examples instead. Keep in mind that your essay will read better if you use examples and this will help you attract the attention of your professor. When you use examples, you can teach them something from your essay, but you can also add your own ideas.Remember that when you are reading the LA format, you need to keep it simple. One word per paragraph is a good guideline, and you should use the LA format in most cases. There are times that you do need to include examples, b ut the examples should be short. Long paragraphs will only take you out of focus. Of course, this will be easier for you to compose your arguments for your essay.Although your opinion may not be considered the 'correct' one, the essay will still be accepted by your professor. Keep in mind that most professors will be reading through hundreds of essays, so they will only be reviewing the essay of the person who they consider to be the best essayist. Your professor may be comparing your essay to other essays before he or she even decides to accept your work.When you are trying to write an academic essay, the main goal is to be honest about your personal views and opinions, but at the same time be able to persuade your readers. The literary style of the essay should highlight your ability to communicate your opinions in a clear and concise manner. Keep in mind that while you may think you are being truthful, your academic advisor will see things differently.If you want to make the most of your essay, you will have to understand the format, so that you can make the most of your essay. You can learn about the LA format in order to see how the formatting is used and in order to learn about the academic style of your essay. These are two of the most important things you need to know about if you want to be successful with your academic paper.

A Book Review on The Catcher in the Rye Essay - 787 Words

A Book Review on The Catcher in the Rye This book is about a few days in the life of Holden Caulfield, At the beginning of the book Holden is expelled from his private school, Pency. This is just one of many schools he has been expelled from. Holden decides that, as the school term is about to break up, he would go to New York City for a few days until he is expected home. So off he sets one night wearing his hunting hat that Holden loves because it represents independence from others. He jumps on a train and goes to the big city. Holden Caulfield is the main character in this novel; he is a typical adolescent boy. Holden is much more than a troubled teen going through a phase. Holden†¦show more content†¦This is also shown when Stradlater says For chrissake, Holden. This is about a goddam baseball glove. Here, Stradlater rejects the paper Holden has wrote for him, he is also unknowingly rejecting Allie (Holdens dead brother) this hurts Holden deeply, contributing to his self-frustration. This is shown in chapter 4 when Holden says Ask her if she still keeps her kings in the back row, this quote demonstrated Holdens childlike nature, though he is 16 years old and in high school he is still captivated by his early memories. Even Ernie, the piano player, is phony because hes too skilful. Holden automatically associates skill with arrogance (from past experiences no doubt) and thus cant separate the two. Even Holdens most trusted teacher, Mr. Antolini, proves to be a phony when he attempts to fondle H olden. Thus the poor boy is left with a cluster of memories, some good but most bad. Yet because of these memories, Holden has developed the unique ability to speak frankly (though not well spoken) about the people he meets. Though he seems very skeptical about the world, he is really just bewildered. His vocabulary often makes him seem hard, but in fact he is a very weak-willed individual. Holden has no concept of pain, and often likes to see himself as a martyrShow MoreRelatedThe Importance of Censoring in The Catcher in the Rye by J.D. Salinger1145 Words   |  5 PagesAmerican author well known for his best seller The Catcher in the Rye, a considerably influential novel that portrayed the feelings of alienation that were experienced by adolescents in North America after World War II (J.D. Salinger Biography). Salinger’s work appeared in many magazines, including a series of short stories which inspired many new authors (J.D. Salinger Biography). His inspiration for Pencey Prep boarding school in The Catcher in the Rye stemmed from his own difficult ed ucation at aRead MoreJ.D. Salinger is Holden Caulfield1666 Words   |  7 Pageswriting abilities. â€Å"Despite his slim body of work and reclusive lifestyle, ‘Salinger’ was one of the more influential twentieth century American writers.† states Biography.com, â€Å"His landmark novel, Catcher in the Rye, set a new course for literature in post World War II America.† The Catcher in the Rye told a story of Holden Caulfield and his struggle to find something pure in a world filled with â€Å"phonies† (Biography). It is arguable that some of Holden’s experiences could be comparitively autobiographicalRead MoreCatcher in the Rye Abstract Essay1364 Words   |  6 PagesCaleigh Beverly Mrs. Lehman AP English, 1A 1 October 2012 Novel Abstract: Catcher in the Rye Novel Title and Author: Catcher in the Rye by J.D. Salinger Author’s Background: J.D. Salinger was born on January 1, 1919, in New York City, New York. Jerome David Salinger was born to Sol Salinger and his wife Miriam (J.D. Salinger). Though he was a bright young man, when he attended McBurney School, he ended up flunking out and was soon after sent to Valley Forge Military Academy in Wayne, PennsylvaniaRead More Comparing Maturation in Catcher in the Rye and Red Badge of Courage1421 Words   |  6 PagesMaturation in Catcher in the Rye and Red Badge of Courage    The Catcher in the Rye and The Red Badge of Courage detail the gradual maturation of two immature boys into self-reliant young men. The steady speed at which Salingerà ­s and Craneà ­s language streams enables the reader to see the independent events that lead up to the ultimate rite of passage for both Henry and Holden. Although the pinnacle of maturity Holden reached concerned his pessimistic view of the world and Henryà ­s was a unifyingRead MoreSummary Of Salinger s The Catcher Rye And Franny And Zooey 1966 Words   |  8 PagesAmerican writer’s haven’t only impacted this country, but the world as a whole. Specifically, J.D. Salinger. He is a well-known author who has wrote many influential books such as The Catcher in the Rye and Franny and Zooey. Salinger’s childhood, education, significant people, major influences,and historical events have all had an impact on how he became the face of a literary movement as well as his contributions to the art of American Literature. Jerome David Salinger was born on January 1, 1919Read More Catcher in the Rye Essay: The Importance of Language1464 Words   |  6 PagesThe Importance of Language in The Catcher in the Rye   Ã‚  Ã‚  Ã‚   J.D. Salingers The Catcher in the Rye has captured the spirit of adolescence, dramatizing Holden Caulfields vulgar language and melodramatic reactions. Written as the autobiographical account of a fictional teenage prep school student named Holden Caulfield, The Catcher in the Rye deals with material that is socially scandalous for the time (Gwynn, 1958). As an emotional, intelligent, and sensitive young man, Holden puts his innerRead MoreAmerican Literature And Ways They Cultivate Their Own Methods Of Survival Within Their Societies1484 Words   |  6 Pageschildhood and adulthood, the lonely adolescent navigates through a loss of innocence and disenchantment to come to terms with his own male identity, as well as establish his role in society and find purpose as an adult. J.D. Salinger’s novel The Catcher in the Rye follows anti-hero Holden Caulfield through a seemingly innocuous trip in New York City. Throughout his journey, Holden tries desperately to interact with others but often finds himself alienated; in this way, Salinger portrays him more as anRead MoreThe Study Of Culture By Arnold, M., Raymond William And Attach Them With The Book1665 Words   |  7 Pagesand new outer limits. Therefore values and awareness of many things have changed or treated in a different form. In this critical review I want to describe the definition of â€Å"Culture†, using famous theories by Arnold,M., Raymond William and attach them with the book â€Å"Catcher in The Rye† by J.D Sellinger and explain my view of ‘’Culture’’. The plot of this book is based on a story of seventeen-year-old American schoolboy, who is expelled from the school just before the Christmas because of theRead MoreThe Catcher in the Rye by J.D.Salinger983 Words   |  4 PagesThe Catcher in the Rye, by J.D Salinger, is a classic novel that recognize as a perfect tale of teenage rebellion. Salinger highlights the impacts of depression in this novel. After the World War II, The Catcher in the Rye became so popular because it was the first book that revealed the true feelings of teenager. Holden Caulfield, the main character in the novel, symbolizes a teenager revolting against a society and struggles to transit into an adult world. Moreover, his personality reveals uncertaintyRead MoreThe Contemporary Age Of A Novel Written By J. D. Salinger1177 Words   |  5 PagesEventually, he returned to New York to continue his literary career. The Catcher in the Rye was published in 1951. The publishing of this book made him famous. In his adolescence, Salinger always wanted to be famous, but two years after he published his book, he fled from the publicity and New York City to go live a secluded life in Cornish, New Hampshire. In Cornish, Salinger cut off the public and no longer published any books, but he continued to write. While he was living his new lifestyle, he met

American Civil War The Battle of Philippi 1861

The Battle of Philippi was fought June 3, 1861, during the American Civil War (1861-1865). With the attack on Fort Sumter and beginning of the Civil War in April 1861, George McClellan returned to the US Army after four years of working in the railroad industry. Commissioned as a major general on April 23, he received command of the Department of Ohio in early May. Headquartered at Cincinnati, he began campaigning into western Virginia (present-day West Virginia) with the goal of protecting the vital Baltimore Ohio Railroad and possibly opening an avenue of advance on the Confederate capital of Richmond. Union Commander Brigadier General Thomas A. Morris3,000 men Confederate Commander Colonel George Porterfield800 men Into Western Virginia Reacting to the loss of the railroad bridge at Farmington, VA, McClellan dispatched Colonel Benjamin F. Kelleys 1st (Union) Virginia Infantry along with a company of the 2nd (Union) Virginia Infantry from their base at Wheeling. Moving south, Kelleys command united with Colonel James Irvines 16th Ohio Infantry and advanced to secure the key bridge over the Monongahela River at Fairmont. Having accomplished this goal, Kelley pressed south to Grafton. As Kelley moved through central western Virginia, McClellan ordered the second column, under Colonel James B. Steedman, to take Parkersburg before moving on to Grafton. Opposing Kelley and Steedman was Colonel George A. Porterfields force of 800 Confederates. Assembling at Grafton, Porterfields men were raw recruits that had recently rallied to the flag. Lacking the strength to confront the Union advance, Porterfield ordered his men to retreat south to the town of Philippi. Approximately seventeen miles from Grafton, the town possessed a key bridge over the Tygart Valley River and sat on the Beverly-Fairmont Turnpike. With the Confederate withdrawal, Kelleys men entered Grafton on May 30. The Union Plan Having committed significant forces to the region, McClellan placed Brigadier General Thomas Morris in overall command. Arriving at Grafton on June 1, Morris consulted with Kelley. Aware of the Confederate presence at Philippi, Kelley proposed a pincer movement to crush Porterfields command. One wing, led by Colonel Ebenezer Dumont and assisted by McClellan aide Colonel Frederick W. Lander, was to move south via Webster and approach Philippi from the north. Numbering around 1,400 men, Dumonts force consisted of the 6th and 7th Indiana Infantries as well as the 14th Ohio Infantry. This movement would be complemented by Kelley who planned to take his regiment along with the 9th Indiana and the 16th Ohio Infantries east and then south to strike Philippi from the rear. To mask the movement, his men embarked on the Baltimore Ohio as if moving to Harpers Ferry. Departing on June 2, Kelleys force left their trains at the village of Thornton and began marching south. Despite poor weather during the night, both columns arrived outside the town before dawn on June 3. Moving into position to attack, Kelley and Dumont had agreed that a pistol shot would be the signal to begin the advance. The Philippi Races Due to the rain and a lack of training, the Confederates had not set pickets during the night. As the Union troops moved towards the town, a Confederate sympathizer, Matilda Humphries, spotted their approach. Dispatching one of her sons to warn Porterfield, he was quickly captured. In response, she fired her pistol at the Union troops. This shot was misinterpreted as the signal to begin the battle. Opening fire, Union artillery began striking the Confederate positions as the infantry attacked. Caught by surprise, the Confederate troops offered little resistance and began fleeing south. With Dumonts men crossing into Philippi via the bridge, Union forces quickly won a victory. Despite this, it was not complete as Kelleys column had entered Philippi by the wrong road and was not in the position to cut off Porterfields retreat. As a result, Union troops were forced to pursue the enemy. In brief fight, Kelley was severely wounded, though his attacker was ridden down by Lander. McClellans aide earned fame earlier in the battle when he rode his horse down a steep slope to enter the fighting. Continuing their retreat, Confederate forces did not halt until reaching Huttonsville 45 miles to the south. Aftermath of the Battle Dubbed the Philippi Races due to the speed of the Confederate retreat, the battle saw Union forces sustain a mere four casualties. Confederate losses numbered 26. In the wake of the battle, Porterfield was replaced by Brigadier General Robert Garnett. Though a minor engagement, the Battle of Philippi had far-reaching consequences. One of the first clashes of the war, it thrust McClellan into the national spotlight and his successes in western Virginia paved the way for him to take command of Union forces after the defeat at the First Battle of Bull Run in July. The Union victory also inspired western Virginia, which had opposed leaving the Union, to nullify Virginias ordinance of secession at the Second Wheeling Convention. Naming Francis H. Pierpont governor, the western counties began moving down the path that would lead to the creation of the state of West Virginia in 1863. Sources West Virginia History: Battle of PhilippiCWSAC Battle Summaries: Battle of PhilippiHistory of War: Battle of Philippi

America Still Divided Racism And Discrimination

Brooke Parker Soc206 April 30, 2015 Final/Research Paper America Still Divided Racism and discrimination inequalities have become a major discussion throughout the years in our society. Inequalities has impacted every level of humanity on this earth. Education, tolerance and acceptance can be used to challenge one another in attempt to change the negative traditions that continue to exist in our culture. Racism and discrimination inequalities continues to be passed from generation to generation. When I read this quote, I had to laugh out loud, â€Å"America having elected an African American president twice is proof that racism is over in this country† (McWhorter). We can also assume it is our â€Å"All American† requirement to continue to place racism and discrimination at the top of all news stories and struggle to find answers for the poor minorities when in fact this is our country’s habit. These are the ideas of some American who don’t see the racism of western society and its discriminatory practices are allowed by stereotypes, prejudices and ideologies. These practices are not only reproduced in Caucasians but in all races verbally and non-verbally. In addition, as this country continues to grow and strive and traditions are passed from one generation to another, the racial inequalities will continue to pass as well unless we can make the necessary changes. My data collection consisted of three males, two females and ages from 19-60. The race categoriesShow MoreRelatedEssay on Life in the 1920s1077 Words   |  5 PagesHowever, not everyone was able to enjoy the advancement that the boom had assured. Although there were many wealthy people, there were still many people who could not afford to live luxurious lives. Many immigrants were not welcome into to United Stats. Prejudice and racism were spread throughout the country. In spite of the prosperity of the 1920s, the nation was divided between rich and poor, native-born and immigrant, and black and white. Not all Americans were able to enjoy the economic boom ofRead MorePersuasive Essay On Racism1654 Words   |  7 PagesHave a Dream† speech by Martin Luther King Jr. said on August 28, 1963. Almost 54 years later this dream has still not been accomplished. People get judged on their skin color and many other things all the time and it isn’t right. Not everybody of the same race, or religion, or sexual orientation are all the same. Racism is a horrible, horrible thing that many people in America experience. Racism and slavery go back many, many years ago. All the way back starting in the 17th century. Since then we haveRead MoreAndrew Campbell s The Power Of Myth861 Words   |  4 PagesIn fifty years, racism, sexism, homophobia, and many other types of prejudice have been challenged in the effort to create a civil and unbiased national community. However, despite the prodigious movements that have been at work for quite some time, each of these issues and many more sti ll stand and exist today. I agree with Joseph Campbell’s â€Å"The Power of Myth.† Campbell’s stance applies to the issues of present day political ethics concerning human rights, more specifically, racism, sexism, and homophobiaRead MoreNotes On The s A Jelly Bean 1681 Words   |  7 PagesRed†¦ you must be a cherry. While many choose to label this phenomenon as the fading issue of racism, the simple fact is that our obsessive desire to ‘sort’ has instead resulted in a plethora of other social divisions. Apart from race-based discrimination, we have also fabricated the modern horrors of religious profiling and the fear of the disabled, or ableism. As a result, Americans find themselves divided along these lines and it is only a matter of time before we as a society crack. For this reasonRead MoreMartin Luther King I Have A Dream Speech Analysis1173 Words   |  5 Pagesthat they are still not free like a white man. He is trying to relate the white people gathered to how bad other people have it in America who are not white. He is trying to reach out to most Americans who cannot break pass the barrier of color. He is trying to show that in that speech they say that all men are created equal. Even though, minorities are still treated like the underside of a shoe. Martin Luther King Jr. states that he understands people are trying to overcome the racism factor in AmericanRead MoreThe Conflict Of Police Brutality And Racial Profiling858 Words   |  4 Pagestheir struggle against racism was nearing a successful conclusion with the start of the NAACP (National Association for the Advancement of Coloured People). For many years, especially for people not of colour, racism, racial discrimination and police brutality were â€Å"hidden† from the mainstream media. Though, from current events and to the recent obtainability of liberal media and twenty-four-hour newsrooms, citizens of America are being exposed and educated to the effects of racism today. In my finalRead MoreJohn P. Harris And Harry Davis1577 Words   |  7 Pagesconflict with an issue of racism infecting America and around the world. The Toons in the film represent discriminated humans. They are confined to live in segregated areas and in a world where they are seen as second class citizens. This film casts light on the conflict and issues happening during the 1940s such as racism, prejudices, and segregation. Racism has existed throughout America and the world. During the 1940s era there was a widespread of racial discrimination. The film Who Framed RogerRead MoreRacism : Racism And Racial Discrimination1425 Words   |  6 PagesRacism consists of ideologies and practices that seek to justify, or cause, the unequal distribution of privileges, rights or goods among different racial groups. Modern variants are often based in social perceptions of biological differences between peoples. These can take the form of social actions, practices or beliefs, or political systems that consider different races to be ranked as inherently superior or inferior to each other, based on presumed shared inheritable traits, abilities, or qualitiesRead MoreThe Blindside1532 Words   |  7 PagesBlacks vs. Whites: Michael Lewis’s accurate portrayal of racism in America through his Biography The Blindside. Mike Ballou February 11, 2011 English 2 CPE-Mrs. Manzo Research Report â€Å"An eight year old girl in South Africa recently told Ted Koppel on Nightline, ‘White people are better then black people, I wish I was white but I am not’† (Racism in America’s Schools). This statement is believed to be true by many people. People all over the world feel hatred or dislike toward a certainRead MoreRacism Essay1634 Words   |  7 Pages1 Writing 121 Racism Changes Lives Racism is defined as views, practices, and actions reflecting the belief that human beings are divided into certain categories known as races and that these members share common attributes amongst one another. This definition causes a specific group or race to be less desirable, more desirable, inferior, or superior. The segregation between ethnicities have stirred many debates, battles, and controversy. Another issue that is related to racism would have to be

Accounting Disclosure And Other Requirements †MyAssignmenthelp.com

Question: Disscuss about the Accounting Disclosure And Other Requirements. Answer: Introduction Accountingis the integral part of the finance function. Theaccounting helps in recording the transactions that are entered into by the company during the period and presents the results of theaccounting in the form of the financial statements of the company consisting of the statement of profit and loss and the statement of the balance sheet. The former is known as the process of financial accounting and the latter is known as the process of financial reporting. This financial reporting will help the users of the financial statements to make an effective decision and an informed decision. In the report, thefinancial accounting has been given the main importance. The company that has been selected for the purpose of the report is the Boral Limited. The report has been at first started with the identification of the major accounting policies that are duly mentioned in the annual report and laying down in the report. In the second section, the instances have been given as to how the man agers are in the way of exercising the flexibility in making choices of accounting practices and concepts and how are they getting motivated for selection. In the third section, the strategies of the company have been evaluated majorly in relation to the flexibility enjoyed by the managers in selection of the different accounting policies and the accounting procedures. After that in the next section, the degree of the quality of the financial information and other information has been disclosed. After assessing the quality of disclosure made by the company, the areas have been identified and detailed where there is the high potentiality of having the frauds, mistakes and the related flaws and discrepancies. In the last, the importance of the framework of accounting which is known as the conceptual framework has been given and ascertained whether the company has complied with the same. The report has then ended up with the defined and appropriate result. Important Accounting Policies The accounting policies are very important for the success of any company. It is because if the there were no accounting policies present then the accounting for every transaction will be in haphazard manner and will be done at the will of the managers rather than in the form of compliance with the laws of the governing country . In order to discuss the key accounting policies of the company, it is required to investigate into the understanding of the business of the company as well as the understanding of the areas in which the company is dealing and period of working. The company Boral Limited has been incorporated in the year of nineteen hundred and forty six in the country of Australia only. It was then named as Bitumen and Oil Refineries (Australia) Limited. In the year of two thousand and sixteen, the company has covered successful completion of the seventy years of its incorporation. The company has been established by David Craig. The company is engaged in the business of refining the oil, supply of the gas across the counties of operation and the manufacturing and the trading of the material used in the production and the manufacturing work. Currently the company is now operating in the sixteen countries in Australia, Middle East, The United States of America and Asia (Company Official Website, 2017). The financial year of the company has been ended up on the thirty of June two thousand and seventeen only. For the purpose of identifying the key accounting policies the annual report of the company has been considered for the two years including the year immediately preceeding to the year of two thousand and seventeen. On verification of the annual report of the company, the following are the key policies of the company including the notes: In the section 1 of the notes to the financial statements, the accounting policies have been started with the statement of compliance. This statement consists of the declaration that the financial statements of the company has been prepared in the consolidated format and has complied with the provisions of the relevant accounting standards of the Australia which in turn was issued by the Australian accounting standard board. It also states that the company has complied with requirements of the Corporations Ac, 2001 and the financial statements so prepared complies with the globally accepted International Financial Reporting Standards which was adopted by the standard setter body of the International accounting standards. It has further mentioned that the company, while preparing the financial statements of the company, through its management makes the accounting estimates, accounting judgments and the material assumptions about the future events. It has further mentioned that areas where the estimates and the judgments have been made. These are revenue, accounts receivables, property plant and equipment, valuation of the intangible assets, Income tax and deferred tax expense, Impairment, business combinations and lastly share based payments. These estimates and the judgments so made help the company to adopt the best practices in accounting and will made efforts to avoid any type of flaw and inconsistency. In note number 2.2 of the financial statements of the company, under the heading profit for the period, it has been stated the accounting policy in relation to the revenue earned by the company. It states that the company is recognizing the revenue from the sale of goods only when the risks and rewards pertaining to the goods are transferred to the buyer of the goods. It requires that the recovery of the consideration involved in the transaction of business shall be probable and the related costs associated with the goods shall be measured in the reliable terms. The same note number 2.2 also prescribes that revenue from the business of the contracting shall be recorded and recognized on the basis of the completion of the different levels or stages as finalized at the time of entering into the contract. The loss thereon if any come to know is directly charged to statement of profit and loss and is treated as an expense. Further the same note number describes that the revenue from supply of services shall be recognized when the services are delivered to the customer in the manner specified and when there are no requirements pending in fulfillment of the conditions of the provision of the services (Anastasia, 2015). As per note number 3.3 of the annual report of the company, it has been mentioned that the property plant and equipment shall be valued at the cost of acquisition less the amount of the depreciation so accumulated till date and the amount of the impairment if any. Depreciation as mentioned under the note of the Property plant and equipment is calculated on the straight line method and is depreciated over the useful life of the asset. At the end of every financial year, the useful life of the assets is reviewed and the changes are made accordingly if required. The effect of changes are then recorded in that financial year only and the effect will be made in the current year and the future years only and not in the earlier years. It means the change in the useful life of an asset will affect the depreciation part on prospective basis rather than the retrospective basis. The note number 3.4 of the financial statements of the company deals with the Intangible assets. Intangible assets include the goodwill and the other intangible assets. Goodwill is acquired during the business combination and is the excess of the purchase consideration paid over the fair value of the assets of the target company. The business combinations have been accounted for by using the equity method. Goodwill is recognized at cost less the amount if the impairment loss if any occurred at the end of the year. Other Intangible assets including the brands, trademarks and others are valued at the cost less the impairment loss and less the amount of accumulated amortization and the amortization are calculated on straight line basis in consonance with the estimated useful life of the asset. The above are the key accounting policy that has been identified from the annual report of the company. There is other accounting policy also like inventories, accounts receivable, etc. Financial Information Flexibility The financial information is provided through the annual report of the company. These are sometimes to some extent enjoys the flexibility in terms of the distortion or manipulating the actual results of the company. These are generally in the hands of the managers of the company involved in the executing and the planning function of the company. Following instances has been observed where is clear that flexibility has been enjoyed by the managers: Useful lives- In the note number 3.3 of the annual report of the company, the managers of the company determines the useful life of an asset depending upon the historical experience that the company has faced and the management uses their judgments for assessing the condition of the assets on an annual basis and determines the useful life of an asset accordingly (Bryer, 2013). It is because of this fact, the company has not specified the fixed percentage of depreciation or the amortization rates and rather they have mentioned the depreciation rates as per the slab like the depreciation rate of the building has been specified between the gap of 1% to 10% and mineral reserves and licenses are depreciated between the gap of 1% to 5%. These are so tailored so as to increase the net worth of the company and it moreover will benefit to the shareholders of the company and also the stakeholders. The shareholders and the stakeholders are interested in the knowing the return on assets immediat ely after having the earnings per share. More the return more the investor will move forward to invest in the company (Cooper, 2015). Shareholders Interest - In the remuneration report of the company, it is mentioned that the remuneration of the key managerial personnel of the company will to some extent depends on the feedback of the shareholders of the company. If the feedback of the shareholders will be good regarding the performance of the company then the variable portion of the remuneration will be increased (Weygandt, 2012). There are much more incentives like increase in the sales revenue of the company, increase in the debtors and such other figures ensures that the managers have enjoyed the flexibility in accounting. Strategy In Accounting Every company has their own strategy in operating the business. Some develops their own strategy and some develops on the basis of the conditions in the market. In this case the company has developed its own strategy and that too in accordance with the market conditions. The two strategies have been adopted by the company which has led the managers to enjoy the flexibility in the financial accounting as well as in the financial reporting. In the first case, the company has adopted the strategy to ensure that the interest of the shareholders of the company are considered at the highest peak and due to this the useful lives of an asset and the depreciation rates have been mentioned in the longer gap depending upon the checking on an yearly basis as to the condition of the asset. Secondly the company has adopted the strategy of including the shareholders feedback as the part of determining the increment level in the remuneration of the company (Ingram, 2008). The company has included th e same keeping in consideration the collapses that have taken place across the globe on the continuous basis. It is because all the companies including the Lehman Brothers, HIH Insurance and others have been collapsed as the company was not looking after the fall down of the value of the shareholders of the company in the eyes of the operations of the company (Kothari and Ball, 2014).. In this way by increasing the shareholders wealth and confidence, the managers pay will increase and which in turn will increase make the managers to provide the financial information in the distorted manner so as to serve the purpose. Disclosure Quality In the beginning of the notes to the financial statements of the company, it has been stated that the company has complied with all the requirements of the Corporations act 2001 and the provisions of the accounting standards of the company. As per the listing rules of the recognized stock exchange of Australia, Company is required to follow the full and continuous disclosure scheme and accordingly the company has disclosed all the relevant facts and figures in the annual report of the company and as per the details on the website of the company, the company has been disclosing the facts and figures on the timely basis. For instance as per the Australian accounting standard number 116 on the tangible assets, the company is required to provide the full disclosure relating to the carrying amount of the asset, the amount of depreciation charged, impairment loss if any and the net carrying amount. Along with above figures the company is required to provide the accounting policy adopted by the company in connection with the valuation and measurement of the tangible assets and it has been observed by looking after the note number 3 of the annual report that the company has disclosed the required information effectively and efficiently (Sinha, 2012). Further as per the accounting standard on the segment reporting, the company is required to identify the reportable segment and is required to disclose the segment revenue and expenses and the loss thereon shall be mentioned. The company has done the reporting in the same manner (Company Official Website, 2017). Thus, the company has the high quality of the disclosure. Potential Flaws In Accounting Although identifying the flaws or the discrepancies in accounting from the annual report of the company without having the scrutiny of the ledgers and the books of accounts of the company is little bit difficult but as per the deep analysis of the annual report of the company, following potential flaws have been identified which required the urgent attention of the management of the company: The account receivable of the company has been considerably increased by 200 million dollar approximately where as the revenue of the company has been increased by 290 million dollar approximately. It indicates that there might be the situation where the revenue figure has been increased on bogus basis and also the debtors (Weiss, 2014). It might be done because of the two major reasons. One reasons is of the covenant imposed by the banks or the financial institutions of the company to have the high amount of the accounts and receivable and the second reason is of the having the higher remuneration from the company by the managers of the company. Second reason is that the financial income has been considerably increased from 7.6 million dollars in the year 2016 to 24.4 million dollars in the year of 2017 (Phillips and Heiser., 2011).. The increase exhibits that there might be the possibility of having the losses which has been converted into profits. Conceptual Framework Every operation has the structure in which the way of performing that function is described. The function may be small or big but the way of doing that function will remain the same. Similarly, in case of accounting the structure has been named as the conceptual framework of accounting. As per the conceptual framework of accounting, the information so provided shall be error free, neutral and shall b relevant for the users of the financial statements. In order to further enhance the information usefulness, the information shall be understandable and comparable. In the given case, the company has complied with all the accounting standards and the accounting concepts in the complete manner and have also complied with the requirements of the corporations act 2001 and have also considered the interest of the shareholders of the company and thus it depicts that the company has complied with the conceptual framework of accounting in the true spirit (Capital Markets Advisory Committee Meeting, 2013). Conclusion The success of any company whether it is big or small depends upon the efficiency of the finance function of the company. All the functions stops at the finance function and in case the latter functions ineffectively then the working of the company will come to the closure. Managers in planning and executing the function play the very important role. Managers generally have the flexibility in selection of the accounting procedures and the accounting concepts and sometimes they take the way which will benefit the managers in some manner. The report has laid down all the policies and the disclosure framework adopted by the company Boral Limited and has provided as to where be the discrepancies in the financial statements of the company which will be the potential risk matters. The report has laid down the importance of the conceptual framework of accounting. The report has answered all the questions of the investigation and has been able to achieve all the objectives of the study and thus it is concluded that the study has been able to describe that the company has been following the sound accounting policies and practices. References Anastasia, (2015), Financial Statement Analysis : An Introduction available on https://www.cleverism.com/financial-statement-analysis-introduction/ accessed on 28-09-2017 Bryer, R.A., 2013. Double-entry bookkeeping and the birth of capitalism: accounting for the commercial revolution in medieval northern Italy.Critical perspectives on Accounting,4(2), pp.113-140. 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