Gun Control Is Not Crime Control Essay example -- Second Amendment The

Gun Control is not Crime Control Americans are faced with an ever-increasing problem of violence. The streets of America are now a war z whizz. Teenage gangsters murder one another for drug territory, and innocent victims are caught in the crossfire. However, most recent and most abhorrent, is our children are killing one another. They are killing with extreme prejudice. Our children are killing, exhibiting little or no remorse for lives they have taken. We cannot ignore the carnage our society endures due to the criminal demeanor of a minority, obviously lacking the basic moral behavior regarding human life. Nevertheless, we must not be misguided in our efforts to address the problem at hand. To eliminate the right of citizens to own firearms is not a solution. Violent crime is not an issue that has reared its ugly head in the nineties. The prohibition of alcohol was the origin of what historians considered the most violent time in modern history. Prohibition sparked murderous wa rs between mob families for the blacken market alcohol trade. The government in their absolute wisdom made the ownership of fully automatic firearms illegal, as a solution to the increased violence. I do not see any demand for anyone to own a machine gun, then, or now. Nevertheless, the ban on the firearms did not curb the violent behavior of the criminal element. The ban created a new black market. It was the repeal of the prohibition of alcohol that ended the massacre. This is a parallel to the drug ...

A Rose for Emily By William Faulkner :: Free Essay Writer

Faulkners "A Rose For Emily" is told by a resident physician of Jefferson, Mississippi, a townsfolkship in which the Grierson family is the closest occasion to true aristocracy. To the outside world it might have appeared that Miss Emily Grierson grew up wealthy and happy, however it was a lonely life for her overprotect ruled Emily with an branding iron fist, turning away every suitor. No man was good enough for his daughter. The first thing Emily did afterward her fathers death was find a boyfriend named Homer Barron. She went out driving with Homer, and bought him expensive and personal things like a silver bath seat and a nightshirt. The towns raft assumed she had in secret gotten married because with her father dead, a big social wedding would be in bad taste. Emily became a very stubborn old lady who refused to even up her taxes due to a tale that Colonel Sartoris who was the mayor at the time had told her. According to Sartoris, her father had lent the town some money, and therefore all of her taxes were remitted. Miss Emily would manipulate to make her self disappear for a certain period of time. This would cause people to talk because no one would know where she was or what she was doing. When her father had died people called and dropped by the house to give Miss Emily their condolences. She told them that he was not dead and that he was as yet alive. She refused for her fathers body to be disposed of. The town thought she had gone crazy. They talked a lot of Miss Emilys servant. They made racial comments about him, and sight when Miss Emilys house started giving dispatch some sort of bad odor, and complained to Judge Stevens about the smell.For a while Emily convinced herself that the townspeople still respected her. When Emily found out Homer was gay, she realise his company would cause her to be pitied and laughed at.A Rose for Emily By William Faulkner Free Essay Writer Faulkners "A Rose For Emily" is told by a re sident of Jefferson, Mississippi, a town in which the Grierson family is the closest thing to true aristocracy. To the outside world it might have appeared that Miss Emily Grierson grew up wealthy and happy, however it was a lonely life for her father ruled Emily with an iron fist, turning away every suitor. No man was good enough for his daughter. The first thing Emily did after her fathers death was find a boyfriend named Homer Barron. She went out driving with Homer, and bought him expensive and personal things like a silver toilet seat and a nightshirt. The towns people assumed she had secretly gotten married because with her father dead, a big social wedding would be in bad taste. Emily became a very stubborn old lady who refused to pay her taxes due to a tale that Colonel Sartoris who was the mayor at the time had told her. According to Sartoris, her father had lent the town some money, and therefore all of her taxes were remitted. Miss Emily would manage to make her self disa ppear for a certain period of time. This would cause people to talk because no one would know where she was or what she was doing. When her father had died people called and dropped by the house to give Miss Emily their condolences. She told them that he was not dead and that he was still alive. She refused for her fathers body to be disposed of. The town thought she had gone crazy. They talked a lot of Miss Emilys servant. They made racial comments about him, and noticed when Miss Emilys house started giving off some sort of bad odor, and complained to Judge Stevens about the smell.For a while Emily convinced herself that the townspeople still respected her. When Emily found out Homer was gay, she realized his company would cause her to be pitied and laughed at.

Mary Shelley and Parallels :: Free Essay Writer

bloody shame Shelley and ParallelsNovels, are they parallels of the authors lives? The story of Frankenstein is the first articulation of a womans experience of pregnancy and related fears. Mary Shelly, in the development and education of the monster, discusses child development and education and how nurturing of a loving parent is extremely important in the moral development of an individual. Thus, in Frankenstein, Mary Shelley examines her own fears and thoughts about pregnancy, childbirth, and child development hence a link between her and the novel is created. Pregnancy, childbirth, as well as death, played an constitutional role in the young adult life of Mary Shelley. She buzz offed four children a miscarriage that almost lead to her death, all before the age of twenty-five. only(prenominal) one of her children, Percy Florence, survived to adulthood and outlived her. In June of 1816, when she had the waking nightmare, which became the catalyst of the tale, she was only ninet een and had already had her first two children. Her first child, Clara, was born prematurely February 22, 1815 and died March 6. Mary, as any woman would be, was devastated by this and took a long time to recover. The following is a letter that was written by Mary to her friend Hogg the daylight that the baby died. 6 March 1815 My dearest Hogg my baby is dead will you take place to see me as soon as you can I wish to see you It was perfectly well when I went to bed I awoke in the night to give it suck it appeared to be sleeping so softly that I would not wake it it was dead then but we did out find out till morning from its appearance it evidently died from convulsions Will you come you are so calm a creature and Shelley is afraid of a fever from the milk for I am no longer a mother now Mary What is informative and devastating about this letter is that Mary turned to Hogg because Percy was so unsupportive. Actually Percy didnt really seem to armorial bearing that the c hild was dead and even went out with Claire, leaving Mary alone to suffer in her grief. William, Marys second child, was born January 24, 1816. (William died of malaria June7, 1819.) Subsequently, at the time that Mary conceived of the story, her first child had died and her second was only 6 months old.

U.s Monetary Policy In 1995 :: essays research papers

U.S pecuniary Policy in 1995When Alan Greenspan presented the Federal Reserves semi-annual reporton monetary policy to the Subcommittee on Domestic and International MonetaryPolicy, the Committee on Banking and Financial Services, and the U.S. House ofRepresentatives on February, Dr. Greenspan touted a cautionary yet favorableview of the U.S. economy. He states that "With inflationary pressuresapparently receding, the previous detail of restraint in monetary policy was nolonger deemed necessary, and the FOMC consequently implemented a small reductionin reserve market pressures at last July." (Greenspan, 1996, Speech)During the Summer and Fall of 1995, the economy experienced astrengthening of aggregate demand issue. According to Greenspan, this increasein aggregate demand brought finished goods inventories and gross revenue into nearequilibrium. The Feds fine tuning of the economy seemed to be paying off.Greenspan had a positive outlook for the economy for the rest of 199 5. Hestates "the economy, as hoped has moved onto a trajectory that could bemaintained--one less steep than in 1994, when the rate of growth was clearlyunsustainable, but one that nevertheless would imply continued significantgrowth and incomes." (Greenspan, 1996, Speech)     Towards the end of the year, the economy showed signs of slowing.Fearing a prolonged slowdown or even a recession in the economy, and withinflationary expectations waning, Chairman Greenspan and the Federal Reserve press clippingrates again in December. (Greenspan, 1996, Speech)     There are, of course, critics of 1995s monetary policy. Most of thecriticism came in the early part of 1995 when the Fed raised rates again.     In the clause "Are We Losing Altitude Too Fast" from the May 1, 1995issue of Time magazine written by John Greenwald, he explains that the economy great power non be coming in for a "soft landing" like the fed predicts. Trying tosustain 2 to 3 percent growth might lead us into a recession. Mr. Greenwaldexplains how the Feds actions in 1994 and early 1995 has hurt individuals andthe economy as a whole. "Corporate layoffs are far from over," says Greenwald,"they generally accelerate when firms surface themselves in an economy that isweakening." (Greenwald, Time, 5/1/95, p80)     Unemployment and layoffs arent the only thing to worry about accordingto Mr. Greenwald. The automobile industry and the housing markets are both get hit in the pocket books. Paul Speigel, owner of a New York cardealership explains his woes by saying "Were doing our best to keep up the playscript by discounting, working on our customers, but the Feds rate hikes havedampened the ability of many Chevrolet customers to buy that new vehicle."John Tuccillo, chief economist for the National railroad tie of Realtors states

Napoleon Essay -- essays research papers

During rough times in France in the late 1700&8217s, an anarchy was creation formed. A revolution turned into civil war and the people were unhappy and needed a leader. At this time, General Napoleon Bonaparte took an opportunity. Napoleon&8217s fame for winning battles in the Middle East and Egypt and crushing royalist uprisings back at home allowed him to take over the Directory with ease. Recognized for his great military skills and prominent leadership, Napoleon easily won over the hearts of the people.Napoleon&8217s first move was to obtain leadership. With the help of Pope Pius VII Napoleon was named maiden Consul of France. Though France was now declared an empire, it was technically a Republic because of the set Constitution. Through this Constitution, Napoleon set up a system of government that helped sustain the disputes of France.Napoleon&8217s career was arranged into a series of both accomplishments and defeats. He demonstrated his accomplishments during battle as w ell as in government. By setting up the Napoleonic code, Napoleon unified the old Feudal Law and Royal Laws. Many of the laws set up, were based on his knowledge of the Enlightenment. He simplified the laws of old as well as new, and allowed freedom of speech and press. His main idea with these laws was to give all men equal rights. Women were also include into several laws. Another accomplishment was shown through religion. Though he supported Cat...

Joseph Andrews Characters

Joseph Andrews A handsome and virtuous young footman whom Lady Booby attempts to corrupt. He is a protege of Mr. Adams and the devoted further chaste lover of Fanny Goodwill. His adventures in journeying from the Booby household in London back to the landed estateside, where he plans to wed Fanny, provide the main plot of the novel. Mr. Abraham Adams A benevolent, absent-minded, impecunious, and somewhat vain curate in Lady Boobys country parish. He notices and cultivates Josephs erudition and moral earnestness from early on, and he supports Josephs determination to marry Fanny.His journey back to the countryside coincides with Josephs for much of the way, and the vibrancy of his simple good temper makes him a rival of Joseph for the title of protagonist. Fanny Goodwill The beautiful that reserved beloved of Joseph, a milkmaid, believed to be an orphan. She endures many unsuccessful sexual assaults. Sir doubting Thomas Booby The recently deceased master of Joseph and patron of M r. Adams. Other characters reminiscences portray him as decent but not heroically virtuous he at a time promised Mr.Adams a clerical living in return for Adamss help in electing Sir Thomas to parliament, but he then allowed his wife to talk him discover of it. Lady Booby Sir Thomass widow, whose grieving process involves playing cards and propositioning servants. She is powerfully attracted to Joseph, her footman, but finds this attraction degrading and is humiliated by his rejections. She exemplifies the conventional flaws of the upper class, namely snobbery, egotism, and lack of restraint, and she is prvirtuoso to drastic mood swings. Mrs. SlipslopA hideous and sexually voracious upper servant in the Booby household. Like her mistress, she lusts subsequently Joseph. Peter Pounce Lady Boobys miserly steward, who lends money to other servants at steep interest and gives himself airs as a atom of the upwardly striving new capitalist class. Mr. Booby The nephew of Sir Thomas. Fi elding has adapted this character from the Mr. B. of Samuel RichardsonsPamela like Richardsons character, Mr. Booby is a rather cliquish squire who marries his servant girl, Pamela Andrews. Pamela AndrewsJosephs virtuous and beautiful sister, from whom he derives inspiration for his resistance to Lady Boobys sexual advances. Pamela, too, is a servant in the household of a predatory Booby, though she eventually marries her lascivious master. Fielding has adapted this character from the heroine of Samuel RichardsonsPamela. Mr. Andrews The father of Pamela and, ostensibly, Joseph. Mrs. Andrews The mother of Pamela and, ostensibly, Joseph. Two Ruffians Highwaymen who beat, rob, and strip Joseph on the first night of his journey. PostilionLends Joseph his greatcoat when Joseph is naked following the onslaught by the Ruffians. Mr. Tow-wouse The master of the social club where Joseph boards after being attacked by the Ruffians. He intends to lend Joseph one of his own shirts, but his s tingy wife prevents him. Later he is discovered in bed with Betty the chambermaid. Mrs. Tow-wouse The frugal, nagging wife of Mr. Tow-wouse. Betty A chambermaid in the inn of Mr. and Mrs. Tow-wouse. Her initial care of Joseph bespeaks her basic good nature, but she is also lustful, and her association with him ends badly.Mr. Barnabas A clergyman who never passes up a drink and halfheartedly attends Joseph during his recovery from the attack by the Ruffians. Surgeon Belatedly addresses the injuries Joseph sustained during his attack by the Ruffians. Bookseller A friend of Mr. Barnabas, declines to represent Mr. Adams, author of several volumes of sermons, in the London book trade. turkey cock Suckbribe The Constable who fails to guard an imprisoned Ruffian and may have some pecuniary incentive for failing in this office. LeonoraThe reclusive inhabitant of a one thousand house along the stage-coach route, a shallow woman who once jilted the hard-working Horatio for the frivolous Be llarmine and then was jilted in turn. Horatio An industrious lawyer who intend to marry Leonora but lost her to the wealthy and flamboyant Bellarmine. Bellarmine A Frenchified cavalier who values Leonoras beauty enough to steal her away from Horatio but who finally rejects her when her father refuses to supply a dowry. Leonoras Father A miserly old gentleman who refuses to bestow any money on his daughter during his feel and thereby causes her to lose Bellarmine as a suitor.Leonoras Aunt Leonoras chaperone during the period of her courtship by Horatio and then Bellarmine encourages Leonora to pursue her financial self-interest in choosing a mate. Mrs. Grave-airs A snobbish stage-coach passenger who objects to traveling with the footman Joseph but turns out to be the daughter of a man who was once a lower servant. Sportsman Encounters Mr. Adams opus out shooting one night extolls bravery when conversing with Adams but flees the scene when the cries of a distressed woman are heard. The JusticeA topical anesthetic magistrate who does not take his responsibilities very seriously. He handles the case of Mr. Adams and Fanny when Fannys attacker accuses them of having beaten and robbed him. Mr. Wilson A gentleman who, after a stung youth, has retired to the country with his wife and children and lives a life of virtue and simplicity. His eldest son, who turns out to have been Joseph, was stolen by gypsies as a child. Mrs. Wilson The wife of Wilson. She once redeemed him from debitors prison, having been the object of his undeclared love for some time. PedlarAn apparent instrument of providence who pays one of Mr. Adamss many inn bills, rescues Mr. Adamss drowning son, and figures out the single parentages of both Joseph and Fanny. Mrs. Adams The wife of Mr. Adams and mother of his six children, prone to nagging but also appreciative of her husbands loving nature. Parson Trulliber An entrepreneurial and devouring(a) clergyman, more dedicated to hog farming than to the care of souls, who refuses to lend Mr. Adams money for his inn bill. Mrs. Trulliber The downtrodden wife of Parson Trulliber. Hunter of MenAn eccentric and rather sadistic country gentleman who sets his hunting dogs on Mr. Adams, allows his friends to play cruel jokes on him, and attempts to abduct Fanny. Captain One of the Squires friends, abducts Fanny on the Squires orders but is himself interpreted prisoner by servants of Lady Booby. Player One of the Squires friends, a failed actor who pursues Fanny on the Squires orders but flees when the Captain is taken prisoner. Poet One of the Squires friends, a failed playwright who pursues Fanny on the Squires orders but flees when the Captain is taken prisoner.Quack-Doctor One of the Squires friends comes up with a Socratic practical joke that exploits Mr. Adamss pedantry. Priest Discourses on the vanity of riches before petition Mr. Adams for money to pay his inn bill. Lawyer Scout Tells Mr. Adams that Joseph has worked long en ough to gain a settlement in Lady Boobys parish, but then becomes a willing accomplice in Lady Boobys attempt to expel Joseph and Fanny. Justice Frolick The local magistrate who cooperates with Lady Boobys attempt to expel Joseph and Fanny from her parish.Beau Didapper A guest of Lady Boobys, lusts after Fanny and makes several unsuccessful attempts on her. Pimp A servant of Beau Didappers, attempts to persuade Fanny to accept his masters advances and then makes a few attempts on his own behalf. Dick Adams A son of Mr. and Mrs. Adams, well-nigh drowns in a river but is rescued by the Pedlar. He then reads the story of Leonard and Paul to his parents guests. Leonard A married man who argues frequently with his wife while entertaining his friend Paul in their home.Like his wife, he eventually accepts Pauls advice always to upshot in disputes, even and especially when he knows himself to be right. Leonards Wife The wife of Leonard, with whom she argues frequently while they are entert aining his friend Paul in their home. Like her husband, she eventually accepts Pauls advice always to yield in disputes, even and especially when she knows herself to be right. Paul Leonards friend, separately advises both Leonard and Leonards wife to adhere to the Doctrine of Submission.

Good Night Essay

Michelle Magorians heartwarming novel, Good Night, Mr. Tom, is non only a touching read except an intriguing one. It tells the story of eight-year-old William Beech, the abused boy of a troubled single suffer. He is evacuated from London to a cozy town in the English countryside at the beginning of World War II, and finds himself in the c ar of Thomas Oakley. Mister Tom, as he is endearingly called by Willie, is known around the village of Little Weirwold as apathetic and gruff.Caring for Willie is just the kind of medicine he needs to turn his personality around, and it does Willie wonders as well. What really makes Good Night, Mr. Tom such a moving read is that it is easily relatable and sets readers up to c ar about the characters and appreciate their life in modern-day Maine. The events, characters, and setting of the story are very(prenominal) realistic, reservation the tidings easy to connect to. Magorian pays attention to detail and never skimps on descriptions, which m akes a big difference. Take the dialog, for example.In Little Weirwold, where Willie stays with Mister Tom, villagers use a unique slang that is clearly recognizable in even the shortest of lines Es a spry ole thing, but hes as barmy as butter, ent you, ole boy? This particular sentence is uttered by Tom himself as he convinces Willie that his dog is nothing to be afraid of. in that respects more than just slang to be examined in that quote, however. From one simple sentence, it is easy to see how much Tom loves his dog. Phrases such as ole boy are associated with affection and fondness and are usually used by caring pet owners, a fact recognizable if you are a pet owner yourself.In addition to dialog and terms of endearment, Magorian creates situations that ninety-nine percent of the population has been through. In one instance, Willie and a few of his newly befriended pals walk into the school sign of the zodiac on the first day. They see the last remaining chairs to sit in r ight in the front row and excitedly grab them afore the big uns bewilder them. Too late, the boys realize why their seats had been left empty the children in front of them are sitting on the floor, so that the five of them were now very exposed. This prevents them from whispering or, as George says, slipping toffees in their mouths. Nearly everyone has been in a similar predicament when they think there is a great opportunity and so regret the decision to jump on it. Additionally, Magorian incorporates memorable elements of childhood. For example, classroom jobs are assigned in Willies homeroom marker was the milk monitor for the week. Mrs. Hartridge had taken to heating system the milk, now the weather was so cold. She poured it into cups and Patsy carried them cardinal at a time to the desks. It is easy to picture the whole scene as the students thank Patsy for their milk and Patsy shrugs in response, eager for next week to arrive when she depart be assigned the role of ta ble cleaner. It is the specifics that Magorian includes that really make the concur relatable to a broad audience. Perhaps it is partly due to this connectability that readers come to care about the characters so deeply. In the very beginning of the book, Tom is portrayed as an irritable recluse who has not yet overcome the loss of his wife and son.As soon as he takes in Willie, however, his attitude warms up and it is kick to see that he loves the boy. He still tries to hold on to some of his crustiness, but it becomes harder and harder for him not to melt around Willie. Take a look at this quote from early on You can put that ole bag down, he said gruffly. You ent goin no place else. Compare it to this one, an excerpt from the later half of the book Now you takes care of yourself, boy. You keeps up that ole drawrin. Youve a fine gift. If you runs out of pencils, you lets me know. Since readers have watched Toms character brighten, they are able to establish a affixation with t he old man. They are proud of him for opening up and want others to see how he has changed. Just as Toms personality blossoms caring for Willie, Willies changes for the better under Toms care. When readers are first introduced to Willie, they take pity on him. He is a timid, sickly little specimen whose aim beats him regularly with a belt buckle. Readers read with wonder and glee as Willie grows mentally and physically.He becomes a playful country boy with a taste for adventure and lots of friends, and upon seeing this transformation the hearts of the readers burst with joy. Speaking of friends, the reader comes to like Zach as well because he welcomes Willie into the village with enthusiasm. The two boys become best buddies, and readers are thankful to him for befriending Willie in such a new and intimidating place. This appreciation is proved when Willie and Tom receive the awful news that Zach has been killed while visiting his parents in London. The story suddenly feels empty without Zachs wizardOut of all the characters that the reader comes to care about, Zach is probably the most profoundly felt. There is no doubt, however, that readers think of all the characters with affection. While indulging in Good Night, Mr. Tom, readers have a lot going through their mind not only are they relating to the story and connecting to the characters, but also coming to appreciate their own life in modern-day Maine. Between the mesmerizing crashing of waves on overstrung beaches and the majestic mountains bordering the sea, theres just not much to complain about Maine.Racism, sexism, and crime hardly ever make headlines in the local written document besides, here in the twenty-first century such events are rare to begin with. However, when readers immerse themselves in this novel, all of that changes. Suddenly it is not out of the public for such outdated crimes to be committed. Some of these offenses are minor, such as when Willies friend Carrie complains that her mom wont let her wear rook Shed been asking her mother for ages if she could wear shorts, but had been told that shed turn into a boy if she did and no man would want to marry her. A overtop like that seems almost laughable now, and the stark difference in terms of acceptability is wake-up call to readers. Taking it a step farther, the condition of Willies mothers London apartment is dreadful. It doesnt help that a war is raging, but in comparison to todays standards it is atrocious nonetheless There was a strong dank smell coming from somewhere. It was as if an animal had opened its bowels or peed somewhere. To think that a grown woman is allowed to raise a child in such a place is incomprehensible.Perhaps it is not so unbelievable, however, when you consider a final example the fact that the same bird abuses her son terribly both mentally and physically. She instills unrealistic ideas in Willies head such as the color red being sinful and that divinity fudge will send him to hell for his wrongdoings. Not only this, but she beats him savagely, leaving large welts and bruises all over his body Something heavy hit him across the head and he sank into a cold darkness. He could still hear her screaming and he knew she was hitting him, but he felt numb and uninvolved from himself.He had become two people and one of his selves was hovering above him watching what was happening to his body. No one should go through anything like that, especially not a child. Such an experience seems even more appalling today because it is strictly against the law. Readers recognize without question how much twentieth century Maine has changed for the better after(prenominal) reading this novel. Because of the easy relatability, developed affection towards the characters, and grown appreciation of present-day Maine, Good Night, Mr.Tom is a truly touching read. Those who immerse themselves in its pages are in for a treat they will find themselves connecting with the plot and really caring about the characters without even realizing they are doing so. Not only this, but after they put the novel down they will become aware of the fact that they are more thankful of what modern Maine has to offer. There is no doubt that you will be impressed and deeply moved by Michelle Magorians book.

Forever war Essay

Forever contend is a novel base on scientific lying with both contemplative and action laden of interstellar wars between the enigmatic Tauran species and hu pityingity, it has themes like brutality of enigmatic the wars and those involved in wars and reasons why a join may return home many centuries after the war. The novel is all about a university student, William Mandella, who is called up for elites United Nations task force that is being poised for war against the Taurans, a strange species realized when they abruptly attacked human colonists ships.Besides being sent for scouting/ reconnaissance purposes, politics of vengeance are excessively a reason for their course of studyation The army consists of very educated individual with good physical and mental health and the theme of forever war begins in the training camps when very many casualties occur due to the live weapons and the harsh conditions in the training camps. The recruits undergo grueling training on backgr ound and at that place after on Charon. The newly recruited solder leave for action and travel through worm hole like phenomena (collapsars) that lets ships to envelop many light age within a divided second.However there are relativistic effects realized due to the frequent traveling though the collapsars at close to light speed. The initial encounter with the unarmed Taurans far way from the planet becomes a massacre as the non resisting enemy is wiped out. Mandella painfully reflects how typical that encounter was for man kind past records with interaction with other cultures. From soldiers point of view, that first expedition only lasted only some months but due to magazine dilation, several years had passed upon returning to earth.As they return a longsighted the long journey, they are attacked by Taurans who have highly advanced weapons while they cannot arm themselves. Marygay, a fellow soldier and a companion and lover to Mandella resume to civilian life but after some ti me they realize that they cannot fit in the society that has greatly evolved beyond what they can comprehend. The war veterans escape and resume to the army upon realizing the world government is officially encouraging homosexuality to prevent intellectual nourishment wars and control overpopulation.They enlist to the army even though they realize that the military does not treat solders with much value but are used as machines. This further displays the Joe idea behind forever war in the Mandellas life and those of other soldiers. Mandella, through luck is able to survive four years of armed service to the military that can be termed as a number of centuries due to time dilation and as a result he attains higher ranks not from his personal imbibitions but through seniority as he is the oldest surviving soldier in that war.Despite of this Mandella is separated from his lover Marygay who has been his companion on earth since the time of his youth this is by the inevitable and unfri endly military machinery. After engaging in war for many thousand years from the earth, Mandella and other soldiers action in trying to survive the last conflicts of war. During the past time mankind begins to clone himself and the results of cloning are also called man.Through a special form of communication, the clones are able to communicate with the Taurans who eventually are able to bring peace. It is then realized that the Taurans are clone who could not communicate with the pre-cloned man there leading to misunderstanding meaning that the war was a colossal mistake especially by the trigger happy community. The worst thing in the war from Joes point of view is that one is fighting a strange enemy in such(prenominal) a hostile environment and being instruct efficiently to fuel yearns for blood. there are also problems when fighting in the clumsy assault in very low temperature besides traveling long distances in the black holes (collapsars). There are many ways a soldier ca n meet his death while fighting under such conditions there by leading to time dilation that results to the title of the book forever war. The progressions of displaying life as a fightingant both in the combat situation and during training are unforgettable and gripping. The author has set a lot of understanding as a soldier during the Vietnam War in to the novel.The both main strengths put in the book are the depiction of progressive alienation of the combatants from the rest of mankind (humanity) and the psychological experience of being a combat that fortunately ends in a sorrowful revelation that the war they were engaged in was merely a blunder. In the novel, the armed forces stuff seemed well presented throughout. There is a particular attention grabber where by when the electricity does not work, the army alternatives is edged weapons.The military implication was well developed though the science in it may be kind of rubbish. Any one who doubts war could be as a result of an enemy that never was should consider the a new-made event as the United States army panic stricken response to the inter content criminal court and their bizarre setting up of a national missile defense, this project will be costly in terms of monetary terms but will be to defend the US against a risk that is vanishingly not likely to become apparent .At the end, Mandela traces his love that had been lost for any years and the other humankind is identified as a race of the bisexual psychic clones. The Forever War doesnt have happy termination as Mandella and Marygay find each other as the book end with the announcement of their first baby boy, they are in a prison planet where by the genetic curiosity has forced the human race to abandon its humanity in favor of monstrous liaison in the company of its former foe.REFERENCES Joe Haldeman The Forever War, retrieved on twenty-first September, 2007, available at www. strangewords. com/archive/forever. html Joe W Haldeman (2003) The F orever War, Econo-Clad Boos publishers, US Review by Nicholas Whyte, retrieved on 21st September, 2007, available at www. nicholaswhyte. info/sf/forwar. htm Wikipedia, the free encyclopedia, retrieved on 21st September, 2007, available at www. wikipedia. org/wiki/The_Forever_War

Competencies Difference Between Adn vs Bsn

Running head Differences in competencies betwixt ADN and BSN The Differences in competencies between nurses disposed(p) at the get in touch- stage level versus the baccalaureate-degree level in nursing Mini Anthony Grand Canyon University NRS 430v Professional Dynamics 01/08/11 ? The Differences in competencies between nurses inclined(p) at the associate-degree level versus the baccalaureate-degree level in nursing The nursing training or education started in 1860, after the Crimean war. This program was started by Florence Nightingale, based on her experience caring for the sick and injured soldiers during the war.The first nursing school was established in London. During the United States civil war, the American women proved the capability of ingenious nursing to provide better care for the sick and injured in the war. There was decrease in morbidity and mortality in the war camps. This incite the women in the United States to form training schools for nurses based on the nig htingale model (Woolsey, 1950 Dock, 1907). In the year1923 there was a recommendation, that the approach level of education for a professional nurse be a Bachelor of Science in nursing degree.As the years passed there was a severe shortage of nurses, to settle this Mildred Montag, in the year 1951, found the classify Degree in Nursing program. Associate degree nursing was a two year program. As the Associate Degree nursing flourished, the diploma education in nursing started to disappear. Associate degree programs produced more graduate nurses, than the Bachelor of Science and diploma nursing. Both associate degree graduate and baccalaureate degree graduate take the same NCLEX board exam for licensing and enter the same job.The tumultuous growing complex health care and broadening clinical knowledge are forcing nurses have educational preparation appropriate to the various demands. Since health care is pitiful towards primary and preventative care in the community, it requires nurses who can behave both in the hospital care setting as well as the community. Nurses need to function independently, do clinical decisions, providing direct bedside care, case management, and providing education to patient and family in regards to treatment, disease condition and how to adapt a healthy life style. The nurses with baccalaureate degrees are prepared for this.Difference between associate degree nurse and baccalaureate degree nursing The associate degree nurses are capable of working in a structured environment. They are good at bedside care, handling the equipment, and providing basic nursing care. The baccalaureate prepared nurses are good at what the associate degree nurses do, in addition to more complex care, leadership, management skill and patient education. They also construct and plan a thorough nursing care plan during the complete stay of a patient from the time of admission to discharge. Practice The graduates from associate degree programs work in t he hospital environment.The baccalaureate graduate can work in the hospital, as well outside the hospital in the community, providing primary and preventive care needed in the community. Technology The A D N graduate does not have research skills that are used in nursing, also technological advances that enhances the medical care delivery. When it comes to BSN graduate they are trained to cargo hold technical problems that need critical thinking, leading to research and the use of technology to provide nursing care. Education The associate degree in nursing is fast and easily available. It can be completed in two years if all the pre-requisites are completed.It costs less and prepares nurses clinically fit at bedside care. The baccalaureate degree nursing is expensive, and takes four years to complete. It prepares nurses for acute care and community care, and also trains in leadership and management. As the health care system is moving forward for primary care and management, prev ention and cost effective care, it needs nurses who can work in a non-structured environment and be involved at one time with the community providing health and prevention care. This requires baccalaureate nursing graduates. The demand for BSN is increasing and some states are making it mandatory.In the future the associate nursing degree may disappear as the diploma in nursing program disappeared. Many hospitals are moving towards getting magnet status this poses an importance on nurses getting baccalaureate degrees. They encourage their nurses to achieve it by providing tuition reimbursement and other incentives. The employment opportunity for BSN nurses are increasing and A DN opportunities are decreasing slowly. look has proved the need for baccalaureate nurses, based on the studies in acute care hospital where the mortality rate is reduced, and improved patient satisfaction was noted. straightway the universities provide various choices for nurses who want to pursue their hig her education as to meet the upcoming changes and standards. It can be done while working and at our pace and we get our degree with advanced knowledge and skills to meet the changing health care system. ? References Creasia, Joan L. , Friberg, Elizabeth E. (102010). Conceptual Foundations The Bridge to Professional Nursing Practice 5 (VitalSource Bookshelf), Retrieved from http//pagebursts. elsevier. com/books/978-0-323-06869-7/id/b9780323068697100029 _p0100 Taylor, D. (2008).Should the entry into nursing Practice be the Baccalaureate degree? AORN Journal, 87(3), 611. Lane,S. , & Kohlenberg,E. (2010). The future of baccalaureate degrees for nurses. Nursing Forum, 45(4) 218-227 doi10. 1111/j. 1744-6198-2010-00194. x Disparities in competencies between bsn and adn, rn nurses. (2011, september 12). Retrieved from http//academicwritingtips. org/competent/k2/item/4113-disparities-in-competencies Nursing articles to bsn or not to bsn-that is the nurses question. (n. d. ). Retrieved from http//www. nursingdegree. net/articles/se060326-bsn-nurse-htm

The Correlation Among Corporate Productivity Assessments Commerce Essay

In whatsoever profit- orient or nonprofit-oriented brass sections, charit open imagings have an of import function in accomplishing organisational efficiency and effectivity by pull hit the physical, fiscal and human resources in the virtu in ally effectual and efficient. To concur this, the organisation has developed a as screen outment of complex procedures and processs. One to pull offing human resources is the estimate of earth de entirely ( besides cognise as humanity insertion rating, globe notification estimation, open institution c be, reviews or evaluations ) . In a extremely competitory epoch of globalisation, companies need high human beings presentation. At the same clip, employees need feedback active their habitual presentation and counsel for future behaviour.Attempts to make caller ends open fire be realized through amplificationd productivity. Higher productiveness will make efficiencies in operations, where the degree of productiveness its elf is extremely influenced by the ordinary presentation or productiveness of employees of these companies. One of the of import factors that affect employee productiveness is theme. Work motive is whateverthing that thunder mug bring forth enthusiasm and bosom to work. pauperism can be sourced from internal and outer. External motive can be obtained from the organisation, so the responsibility director to make a work purlieu that can incorporate to the being of a motive. Meanwhile, the productiveness can be specify as the ratio of end product to input. Work productiveness is bear on by motive and, hence, extremely motivated persons who tend to be more than productive than persons who have low motive. In the globalisation epoch filled with slicked competition, every organisation should better and heighten the productiveness of work. With high productiveness fight of the organisation is anticipate to be better and net incomes besides increased. at that place is approxi matelything of import in understanding how the humanity presentation judicial decision system will convey increased productiveness. Silberman ( 2003 ) said that an effectual cosmos presentation direction plan can increase productiveness and morale in your organisation and aid you retain valued high-performers . Meanwhile, harmonizing to Bruce ( 2002 ) that the manner to increase employees motive and productiveness is to insure that every wiz has a common shoe collar of what high human race presentation is and to do certain that employees know what is expected of them. Furthermore, she suggests that directors re cognize the consequence that they have on their employees and the study to utilize their places to act upon the nexus between motive and populace presentation in positive and originative ways.In order to developing human resource to better of company humankind presentation, spread outing some motive theoretical accounts found on by former motive theories. R to ea ch oneing company overt presentation which is maximum to be needed the stop of the motive theoretical accounts so that can be made by way to trip up employees. integrated Productivity V MotivationPossibly some of people non truly recognize that the general presentation of every employee in the company is really large influence on company productiveness. Several factors atomic number 18 believed to impact the productiveness of the company areSkill, evidently this single factors that differ from one individual to anotherWellness, every eccentric person untroubled as single factors of the characters concerned.Work Attendance / Absenteeism is the last factor is more particular because it non merely influenced by the character in the drama precisely was influenced by these thespians in the company groups that related with motive of employeesAlthough some(prenominal) organisational factors contribute to effectiveness of organisation, such as turnover, absenteeism, and engineeri ng, likely the factor that is described as closely of import and one that direction feels it can act upon is occupation public presentation. Job public presentation typically is viewed as partly determined by the motive to work hard and, hence, additions in motive should ensue in greater attempt and higher public presentation ( Mitchell, 1982 ) . Furthermore, Mitchell said before any motive system is installed, one must be certain ( a ) that there is a good public presentation assessment system available, ( B ) that motive is an of import subscriber to public presentation, and ( degree Celsius ) that where motive clearly is non the major subscriber to public presentation, a separate step of motive or of behaviours clearly ca employ by motive is developed.Employees who work in an organisation have the features and backgrounds which different each other. accordingly, every employee has different demands and different desires, so that it can egg on organisational members to execute certain behaviours. Individual differences besides cause differences in public presentation / productiveness of their work. The productiveness of an employee s work among others affected by their motive. Differences in behaviour among members of the organisation make a director must understand the motive that is owned by each member of the organisation, how to actuate them, who in avert can increase their productiveness.These of import inquiries about employees behaviour can merely be answered by directors who have a appreciation of what motivates people. Specially, a good apprehension of motive can function as a valuable tool for understanding the causes of behaviour in organisations, for foretelling the effects of any managerial action, and for directive behaviour so that organisational and single ends can be achieved. ( Nadler and Lawler, 1977 ) .Motivation can be sourced from internal and external. One of the external beginnings of motive is from the organisation. Therefore, the direction of organisations should be able to make a clime that can actuate their employees. A motivated employee tends to be more productive than those non motivated. Motivation is one of import factor to increase work productiveness, which in bend would increase net incomes for the organisation or company. There are assorted constructs or theories of motive that can be utilize as mention by the directors to larn and understand the assorted motives that are owned by their employees indoors the organisation. All considered, that between the motive and productiveness can be said to be a causal relativeship, which is one of the impacts on the other side will do an impact on others.The productiveness of most organisations is a correspond of the manner at to the lowest degree three variables are managed engineering, capital, and human resources ( Latham & A Wexley, 1994,2 ) . Employee productiveness depends on the sum of clip an person is physically present at a occupation and b esides the grade to which he or she is mentally present or expeditiously working while straightaway at a occupation.Motivation is considered as the chief determiner of the of import and encouraging increased productiveness / public presentation ( Gibson, Ivancevich, and Donnelly, 1996 ) . An employee s productiveness depends on employee motive to work to be done. The higher the motive for person to execute a occupation, the higher the productiveness. This is consistent with the end of explicating the theory that productiveness is a map of motive P = degree Fahrenheit ( M ) . While harmonizing to the anticipation theory of productiveness is a generation of motive with the skill P = M x A ( Suprihanto, 1986 ) .Productivity represent generation map from attempt of employees, supported by high motive, and ability of Human Resource through productiveness patterns which mounting, intending good public presentation, will go feedback to go oning organisation activity ( Klingner and Nalb andian, 1998 ) .Feedback ( Peformance judgment )AttemptAbilityProductivenessWorking Conditions ( Safety, Healthful )Ten=Beginning Klingner and Nalbandian ( 1998 )Figure 1. The Relationship between Productivity and MotivationHarmonizing to the consequences of a study conducted by the Employers and Manufacturers Association, where they have been reviewed every bit many as 521 instances that went before the Employment Relations Authority in 2008 showed that 67 per centum descent in support of employees. One of the job is that in many instances when covering with hapless employee public presentation, because employers do non ascertain the needed procedure. ( Atkins, 2009, p.22 ) . So that the hapless public presentation of employees will impact the company s productiveness, squad spirit and work civilization within the company.Bettering productiveness is one large challenge that has act the attending of employers whether private or public by inventing appropriate mechanism for actu ating their workers. The earnestness of this challenge can be understood from direction s perceptual experience of the strong functional correlativity between employee motive and organisational productiveness.Motivation vs Assessment SystemIn the human resources direction, public presentation assessment systems have a hypercritical function. The public presentation rating is an of import mechanism for commanding the organisation, where employees can see their public presentation in the past and take concrete actions for betterment. mathematical operation assessments besides provide of import teaching for the direction of human resources to make just and right determinations sing publicities, transportations, compensation, inducements and formulation plans and calling direction. Particular companies typically contract different public presentation assessment system tailored to the demands of the maps and procedures ( Chen & A Chu, 2007 ) .Appraisal of public presentation is rel ated to the motive of employees, in proviso some of import constituents of effectual motivational schemes. Particularly in this instance is the proviso of feedback to enable employees to larn how the employee worked puting specific ends about what employees should make team-building to enable employees to take part with friends and their directors in work outing jobs that hinder their productiveness, and pecuniary inducements that reward good public presentation ( Latham and Wexley, 1994 ) .Harmonizing to Mathis and capital of Mississippi ( 2000 81 ) the factors that affect the single public presentation of workers, viz. 1. ability, 2.motivation, 3. support that received, 4. being of work that they do, 5. Relationship with the organisation. Meanwhile, harmonizing to Gibson ( 1987 ) there are three factors that affect public presentation 1 ) single factors ability, act, theater background, experience of employment, societal and demographic degrees of a individual. 2 ) Psycholog ical factors perceptual experience, functions, attitudes, personality, motive and occupation satisfaction 3 ) organisational factors organisational construction, occupation design, leading, reward systems.The IndividualAbilityMotivationSupportThe JobDesignIndvidual V TeamJob elementsJob Satisfaction / DissatisfactionOrganizational CommittednessProductivenessQualityServiceHR EffectivenessBeginning Mathis and Jackson, ( 2000, 81 )Figure 2. Model of Individual / Organizational PerformanceThe public presentation rating ( public presentation assessment ) is fundamentally a cardinal factor in order to develop an organisation efficaciously and expeditiously, due to policies or plans that better the human resources that exist within the organisation. Individual public presentation assessment is really good for the growing kineticss of the organisation as a whole, through an approximation can be known about how the existent conditions of employee public presentation. Harmonizing to Bernardi n and Russell ( 1993 379 ) A manner of mensurating the part of persons to on their organisation. The public presentation rating is a manner of mensurating the part of persons ( employees ) to the organisations where they work.Harmonizing to Cascio ( 1992 267 ) public presentation rating is a regular description or a description of the relevant strengths and failings of a individual or a group. Meanwhile, harmonizing to Wahyudi ( 2002 101 ) a public presentation assessment ratings are conducted sporadically and consistently about their work public presentation / place of a work force, including its training potency. Furthermore, sing exposition of public presentation assessment Grote ( 2002 ) says that Performance assessment is a formal direction system that provides for the rating of the quality of an person s public presentation in an organisation . Performance assessment is the procedure of measuring how good employees perform their occupations when compared to a set of criterions, and so pass oning that information to those employees ( Mathis and Jackson, 2000, 384 ) .Sing how to do a good public presentation assessment, Messmer ( 2000 ) province that there are several elements of a good public presentation judgment 1 ) preparation of the ends that will be done by workers or leader at the terminal of the appraisal, 2 ) a list of specific competences or accomplishments to be careful with a successful illustration of the behavior / public presentation, 3 ) calibrated table ranking or evaluation is right for the organisation, 4 ) the infinite for workers in measuring for themselves, 5 ) the infinite for the appraisal supervisors / directors, 6 ) infinite for particular events from the director about public presentation of their employees, 7 ) promote the schooling of worker / employee, 8 ) the end to aline with the following rating day of the month.Furthermore, in ACAS brochure ( 2005 ) that there are several the general rules in explicating a good public presentation appraisal system what is the intent of public presentation appraisal? , who should be assessed? , who conducted the appraisal? , how frequently should the appraisal take topographic register? , what methods are used in measuring employee public presentation? , how the interviews conducted? .Sing the aims of public presentation assessment system, in ACAS Booklet ( 2005 ) , states that the primary intent of appraisal system used for reexamining public presentation, measuring possible employees and place preparation demands and calling planning. Besides the public presentation assessment system can be used to find whether the employees eligible to have fiscal wagess for their public presentation or non.Klatt, Murdick, and Schuster ( 1978 ) study on a survey conducted by Schuster and Kindall ( 1974 ) in which the public presentation assessment patterns of Fortune s 500 largest corporations are described. Of the 403 corporations surveyed, 316 ( 78 % ) reported t he usage of some reference of formal public presentation assessment system. Futher, they report the public presentation evalutions were used for a assortment of intents, as showed belowTable 1. The intents of assessment systemNo.Uses of AppraisalResponsesNumberPercentage1.Merit additions or fillips23875,3 %2.Reding employees27888,0 %3.Planing preparation or development for employees27085,4 %4.Sing the publicity of employees26684,2 %5.Sing the keeping or discharge of employees18458,2 %6.Motivating employees to accomplish higher degrees of public presentation26985,1 %7.Bettering company planning17856,3 %8.Other288,9 %Entire company coverage316Beginning Klatt, Murdick, and Schuster ( 1978, p.367 )Other studies likewise conducted by Lazer and Wikstrom ( 1977 ) , based upon a study of 300 companies, that 82 % of the respondents had used public presentation rating for feedback, 70 % for compensation determinations, 67 % for publicities, and 65 % for indetifying preparation and developmen tal demands. Another interrogation worker found similar consequences in their study, Locher and Teel ( 1977 ) said that 71 % of respondents had used public presentation assessment for compensations determinations, 55 % for public presentation betterment programmes, and 11 % for certification.To sum up, the literature suggests that public presentation assessment serves both chief intents the administrative ( on the organisational degree ) and the developmental ( on both the organisational and single degree ) .The major administrative intents of public presentation assessment areTo hand over back-up informations for direction determinations sing recompense additions, publicities, transportations, and somemagazines demotions or expirations ( McGregor, 1957 Levinson, 1976 ) .To place promotable employees within the organisation for effectual work force planning and use ( Thomson, 1969 Schneier and Beatty, 1979 ) .To supply information that will ease determinations sing preparatio n and development demands ( Oberg, 1972 ) .The major developmental intents of public presentation assessment areTo supply equal feedback to the employees about how they ve conducted occupation and to propose needed alterations in behavior, attitudes, accomplishments, or occupation cognition ( McGregor, 1957 Thomson, 1969 Oberg, 1972, Levinson, 1976 Schneier and Beatty, 1979 ) .To supply a footing for the coaching and guidance of employees by supervisors ( McGregor, 1957 ) .To supply information sing both single and organisational development demands ( Oberg, 1972 ) .Formal public presentation assessment can be accomplished after any period, although it is usually conducted on an one-year footing. Sometimes organisations require that it be done more often, quarterly, or biyearly. Frequent public presentation assessments can ensue in greater apprehension of the occupation and betterment in occupation public presentation ( Nathan et al. , 1991. B.R. Nathan, A.M. Mohrman and J. Milli man, Interpersonal dealingss as a context for the effects of assessment interview on public presentation and satisfaction a longitudinal survey. Acad. Manage. J. 34 ( 1991 ) , pp. 352-369. Full Text via CrossRefNathan et Al, 1991 ) . Mathis & A Jackson ( 2000, 387 ) province that assessment typically are conducted one time or twice a twelvemonth, most frequently yearly. For new employees, common timing is to carry on an appraisal 90 yearss after employment, once more at six months, and yearly thenceforth. Besides Anderson in Towers ( 1996, 196 ) says that the most common corporate patterns are to keep public presentation assessments every twelve months or every six months, although more-frequent and less frequent fluctuations can and make occur.Harmonizing to Bhatia ( 2010 ) , based on the consequences of his enquiry where he has worked with many companies and found that each measure in the assessment procedure should be no more than 4-5 on the job yearss. Further, he said that in measuring the public presentation of at least six phases which wholly takes over 15 35 yearss. The different stairss in the appraisal procedure and their time-line might beNoStairssProposed Time-Line1Employees completing their ego appraisal and evoke it to their directors2 yearss2Directors completing the appraisal procedure and subject it to Heads of Departments5 to 10 yearss ( depending on the squad coat )3Head of the Departments completed the musical score of their employees and so subject it to the HR section2 to 5 yearss4HR do standardization ( remotion of departmental prejudice ) throughout the organisation, subtlety the appraisal tonss and subject it to the directors3 to 12 yearss ( depends on the degree of interaction required )5Directors to discourse the assessment with the employee and so give those consequences to the employee for concluding bankers acceptance2 to 5 yearss ( depending on the squad size )6Employees receive their appraisal consequences and mark it1 twe nty-four hoursEntire Time Taken15 to 35 yearssBeginning Bhatia, 2010Futhermore, public presentation assessment can carry on into two ways, informal or formal. The informal assessment is conducted whenever the supervisor feels it necessary. A systematic assessment is used when the contact between director and employee is formal, and a system is in topographic point to describe managerial feelings and observations on employee public presentation ( Mathis & A Jackson 2000, Anderson in Towers 1996, Oberg 1972 ) . Although informal assessment is utile, it should non take the topographic point of formal assessment.Performance can be appraised by a figure of methods. Winston & A creamer ( 1997 ) said that there are legion methods to mensurate employee s public presentation assessment but some of these methods are non suited in some instances. Effective assessment system should allow in lucidity, transparence, and justness give acknowledgment to productiveness through the wages and recognize the leading qualities of valuators.Harmonizing to Mathis and Jackson ( 2000 393 ) , assorted methods are categorized into four major groupsClass Rating MethodsComparative MethodsNarrative MethodsBehavioral/Objective MethodsBeginning Mathis and Jackson, ( 2000, 393 )Figure 3. Performance Appraisal MethodsRating is a public presentation assessment technique in which judges assess employee public presentation utilizing a graduated table for mensurating the public presentation factors ( public presentation factor ) . For illustration is in mensurating the degree of inaugural and duty of employees. Scale used is 1 to 5, Internet Explorer 1 is the worst and 5 is the best. If the degree of inaugural and duty are insouciant employees, for illustration, so he was given a value of 3 or 4 and so on to measure other public presentation factors.Critical incidents a public presentation appraisal technique, in which the judge noted about what behavior / accomplishment of the best and worst ( highly good or bad behaviour ) for employees in the assessment period.Ranking is a public presentation assessment technique by comparing employee to another employee with the purpose of seting them in order of value of a aboveboard degree.Narrative study a public presentation appraisal technique, in which the judge write a description about the strenght of employees, their failings, their public presentation in the yesteryear, its possible and provide suggestions for the development of employees.Behaviourally Anchored Rating Scales a public presentation appraisal technique, in which judges assess the employee based on some type of behaviour that reflects the dimensions of work public presentation and do the graduated table. It is a combination of the evaluation graduated table and critical incident techniques of employee public presentation assessment. focal point By Objectives ( Comparison with aims ) is an appraisal method that oriented to the accomplishment of emplo yment marks. In the MBO method, each single employee is given his ain mark, which corresponds to the work unit ends in one period of work. MBO public presentation appraisal methods conducted at the terminal of the period refers to the realisation of the mark.Harmonizing to Jafari, Bourouni and Amiri ( 2009 ) , they propose a model for the choice of appraisal methods and compare some public presentation assessment methods in order to ease the choice procedure for organisations. The model is based on six factors which are developing demands rating, happenstance with institutes, excite staff to be better, ability to compare, personify of method, and free of mistake. This model is theoretical in nature, and is build based on a reappraisal of related literature. The model called Simple Additive weighting ( SAW ) , and the concluding consequence of their research as shown belowTable 2. The Grade of Performance Appraisal Method based on SAWNo.MethodsMethod s Grades1Management By Objective 0.912360 Degree Feedback0.873Parallel barss0.824The checklist0.725Forced pick, Ranking0.666The critical incident0.547The in piece of music evaluation graduated table0.518The essay0.40Beginning Jafari, Bourouni and Amiri ( 2009 )The tabular array above shows that the method of MBO has top class, because the MBO is the best method of public presentation appraisal. Following, 360-degree feedback, BARS and checklist are the most suited method for the appraisal. Forced pick method and Ranking, include group order ranking, single ranking and polar comparing, are apathetic. It means that if the human resource director uses each of them for their employees public presentation assessment, his ( or her ) consent will be the same. The critical incident, the in writing evaluation graduated table and the essay are the worst method to utilize.The procedure of public presentation assessment and employee motive are related. Futhermore, in all excessively many instances the relation is negative that is, the supervisor who does the evaluation may attach small importance to the procedure and may even resent retentivity to transport it out. When this attitute rubs off on the employee, there is a negative overall motivational consequence. Under berhaviorally based systems, more positive consequences can be achieved ( Burgess,1984 ) .Motivation vs compensation SystemTypically organisations use compensation to actuate employees. Compensation is a benefit received by employees for services that have been given to the company, it could be fiscal benefits in the course of salary, rewards, pay inducements, fillips, insurance, and allowances, and benefits non-financially in the signifier of physical conditions of work environment, and paysheet systems applied by the company. Motivation can non be imposed, the wagess can actuate some employees but non needfully able to actuate other employees. Employees will be motivated to make better work when they feel that the benefits granted d istributed reasonably. Allow a perceived deficiency of just and worthy cause assorted jobs, for which the company must recognize that the system of compensation that is applied will impact employee motive. High employee motive will better employee public presentation which finally will better public presentation of company.Fairness is a fundamental of the compensation or salary system ( Newman & A Milkovich, 2004 8 ) . A statement such as just intervention for all employees reflects a concern for justness. The intent of justness seeks to plight uprightness of compensation to all persons in employment relationships. The intent of justness focal point on doing compensation systems that recognizes both the part of workers ( the higher the public presentation or experience or developing the higher the compensation given ) and the demands of workers ( giving lower limit rewards, or wellness insurance ) .Harmonizing Simamora ( 2004 449 ) , equity compensation is divided into three, v iz. 1. External equityAppropriate pay rates with salary applicable to similar occupations in the external labour market. Assessed by comparing the external equity occupations similar between organisations unparalleled. Two conditions must be met ( 1 ) . work is being compared must be equal or about equal, and ( 2 ) . the surveyed organisations have a similar size, mission, and its sector.2. Internal equitySalary degrees are appropriate / inappropriate to value the internal work for the company. Internal justness is a map of the comparative degree position of a occupation in the organisation, the economic value of the work, or societal position of a occupation, such as power, influence, and its position in the hierarchy of the organisation. Associated with a plurality of internal equity in wages between different occupations within an organisation.3. Individual equityIndividual worker feels that he is treated reasonably compared to his co-workers. When a worker receives compensation from the companies, the perceptual experience of equity is influenced by two factors ( 1 ) the ratio of compensation to the input of attempt, instruction, preparation, opposition to adverse working conditions of a individual, ( 2 ) comparing of this ratio with the ratio of other workers who come into contact with him straight.Salary system created and organized to accomplish certain ends ( Newman & A Milkovich, 2004 7 ) . These aims include efficiency, equity ( equity ) and conformity in conformity with the Torahs and statute law in force. Efficiency objectives specifically include increased productiveness and control cost of labour. Conformity, as a end, related to the execution of all Torahs and ordinances on compensation. When the legal and statutory ordinances are changed, so the compensation system itself besides needs to be adjusted, so that eligibility purposes can go on to run.Salary is a cardinal factor that can impact relationships in the workplace. The degree and distri bution of wages and allowances can hold a major influence on the efficiency of any organisation, every bit good as on the morale and productiveness of labour. Therefore it is of import that organisations develop pay systems that suit them, that gives value for money, and that wages workers reasonably for the work they do.Salary system is a method in giving the plunder to person for his parts to the organisation. Ideally, the system must be simple and clear to follow and understand, so workers can easy happen out how they are affected. ( ACAS Booklet, 2005 Simamora, 2004 ) .Conceptual ModelThe abstract theoretical account of this research company productiveness has relationships with public presentation of employees, and employees public presentation linked with motive. The linkage can be throught of as followsCorporateProductivenessEmployeePerformanceSalarySystemPerformance Appraisal SystemEmployeeMotivationFair / EquityClear / UnderstandableCompetitiveAimsSporadicallyAppropriate methodBeginning Created by Author, adopted from many beginning.Figure 3. Linkage among corporate productiveness, public presentation assessment system and salary systemBased on the painting can be explained that the company productiveness has relationships with public presentation of employees, where the premise that the better public presentation of the employee will do an impact that company productiveness will be better. Furthermore, employees public presentation is non irrespective of the motive owned by employees. Several factors can impact the motive of employees associated with the public presentation of one of them is the execution of public presentation assessment and wage system. Although many factors that influence employee motive and public presentation. Furthermore, from the image above with the premise that with the execution of an nonsubjective public presentation appraisal, usage of appropriate methods, the periodic executing, and execution of compensation that is just, clear and competitory consequences will be honoring and actuating employees to work better. With high employee motive, it is expected that the public presentation of employees will increase productiveness of the company which subsequently rose as good. High productiveness is one of the ends of an organisation.Purpose Of This ResearchThe intent of this survey is to cognize the correlativity among, corporate productiveness, public presentation appraisal and salary system, and besides to develop quantitative relationships among them, so can mensurate how motivated person at work.Methodology adoptedThe type of research is experimental research. Sing the experimental research, harmonizing to Landman ( 1988 82 ) that experimental research is research designed to analyze the causes and effects. The basic construction of this sort of research is the two state of affairss ( the causes and effects ) are assessed to do comparings. Research experiments in rule can be defined as a systema tic method to construct relationships that contain the phenomenon of cause and consequence. The construct of the research experiment begins with understanding a simple illustration on inquiries associating to how the relationship of one or more variables in certain conditions.Location of researchThis research behavior on figure of companies in Jakarta and Surabaya, Indonesia. Why did Jakarta and Surabaya? First, It might be assumed that Jakarta, as the national capital metropolis, possessed every necessary property to back up a developing economic system skilled labour ( many university alumnuss went to Jakarta together with other job-seekers ) , a capital market, transit and communicating webs, a haven, airdrome, banking system, and cardinal authorities. Most foreign and domestic investing was allocated to this part. Between 60 and 70 per cent of Indonesia s money supply circulated in the Jakarta megalopolis ( Santosa, 2004 ) . Second, Since the 1940s, due east Java has been Indon esia s 2nd major Centre of industrial development after Jakarta. Surabaya, the provincial capital, its 2nd biggest modern metropolis after Jakarta. Profiting from a business-friendly, dynamic provincial authorities, East Java s industry sector contributed to a provincial growing rate higher than for the Indonesian economic system as a whole. The mean one-year growing rate in East Java in 2005-2006 was 5,8 % , and in 2007-2008, 6,1 % . These figures were higher than the growing rates for Indonesia, which were 5,5 % and 6 % severally. ( Beginning Planning Board of East Java Province ( Bappeprov ) , 2009 )SamplingThe exemplification is mint of the population. That means there will non try if there is no population. Population is the component or elements which we shall carefully. Research conducted over the full component is called a meander count. Ideally, that research consequences more trusty, a research worker should carry on the nose count. But for one thing research workers co uld non analyze all elements that, thence he can make is analyze some of the whole component or elements earlier.Harmonizing to Sekaran ( 1992 ) , assorted plausible grounds why the research workers did non carry on a nose count among other things the population so much so that in pattern it is non possible all the elements studied limited research clip, cost, and human resources, the research worker must hold been satisfied if the survey examines some of the elements even, sometimes, a survey of samples can be more dependable than on the population.if the elements every bit good as a homogenous population, a survey of all elements of the population to be unreasonableFuthermore, Roscoe ( 1975 ) in Sekaran ( 1992 ) provides counsel on finding the figure of samples as followsWe recommend that sample sizes between 30 to 500 elements,If the sample was split once more into a subsample ( male / female, simple school, Junior / Senior High School, etc. ) , the minimal figure should be 30 s ubsample,In the multivariate survey ( including multivariate arrested development analysis ) the sample size should be several times larger ( to 10 times ) than the figure of variables to be analyzed.To analyze a simple experiment, with rigorous controls, the sample size can be between 10 to 20 elements.Following Roscoe ( 1975 ) , due to the sort of this research is experimental research, therefore sample sizes between 10 and 20 are appropriate for this research. Therefore, it is decided to aim a sum of 13 companies, which is have location at Jakarta and Surabaya conducted in randomize. The surveyed corporations have different type of ownership and are from different sectors. The corporations can be state-owned, local, private, a foreign-owned or join venture and belong to service and the fabrication sectors. The figure of samples is considered effectual based on the available figure of establishments, research inquiries investigated ( Cavana, Delahaye & A Sekaran, 2001 ) , and bes ides this affair because of restriction of cost and clip in this research. The respondents of this research are HRD Managers / HR medical specialist / HR Supervisor in the sampled houses.Beginning of Data and Instruments of ResearchIn this research, the beginning of informations divide into two sorts primary informations and secondary informations. Primary informations include questionnaire study for analysing execution of public presentation assessment system and salary system, besides conduct interviews with respondents sampled. For secondary informations include company study, papers that relevant, and literature reappraisals.The major instruments used for informations aggregation in this research were questionnaire and interview. However, the interview method was merely used to supplement the questionnaires that were distributed to the respondents. The research worker made the questionnaires anon. by intentionally excluding such sensitive inquiries like come to of the respond ent because of its utility to the research.In informations aggregation non merely by utilizing questionnaire and interview, but besides certification. Data collection of obtained daring of this research topographic point organisation is done, that is documentation refering informations of employees public presentation, company profile, company location, and others.In fixing the questionnaire in this survey, the research worker refered to the ACAS brochure ( 2005 ) which explained the general rules in explicating a good public presentation assessment system what is the intent of public presentation appraisal? , who should be assessed? , who conducted the appraisal? , how frequently should the appraisal take topographic point? , what methods are used in measuring employee public presentation? , how the interviews conducted? . Besides sing to the salary system Is a salary system just, simple and clear to follow and understand, so workers can easy happen out how they are affected?The r esearch worker determines the weights of instrument based on literature study, which is each of the replies in the questionnaire is given weight with scale interval 1-10. Then, from each of those replies made rank, in which points that have replies highest weight is the consequence of the most ideal or suited harmonizing to the research workers, and so on. The weight is given to find the place of each of the replies compared to other replies.For the intent of this survey, productiveness was treated as the pendent variable while public presentation assesment system and salary system as independent variable. The definition of variable operational areDependent Variables is coporate productivenessCorporate Productivity ( Y ) dependant variable has been measured by how much net net income from trading divided by the entire figure of employees of the house.Independent Variables have been defined as followsPerformance appraisal system ( X1 ) This variable has been defined as the public presentation appraisal that implemented by the company, include the aim of public presentation assessment, sort of public presentation assessment, frequency of public presentation assessment have been behavior, the clip consume for for complete the procedure of public presentation assessment, the methods that used to measure employees public presentation, execution of public presentation assessment system.Salary system ( X2 ) This variable has been defined as wage system which behavior, about equity, fight, and lucidity of salary systemFactorial DesignIn this survey, research workers used a factorial design to look into the influence of two independent variables on a individual dependant variable. Factorial design is really utile for research workers and field scientists in carry oning preliminary surveies, which allows them to measure whether there is a relationship between variables or non, while cut downing the possibility of experimental mistake and confounding variables.Factor ial design represent application equation of regresi that is technique to give relation theoretical account among respon variable with one or more independent variable. Factorial design used on test to find simulationly consequence from some factor and important interaction ( Bolton, 1997 ) . Factorial design two degree mean there is two factor ( for illustration A and B ) what is the each factor tested at two different degree, that is low degree and high degree. Equation of factorial design shall be as followsY = b0 + b1XA + b2 XB + b12 XAXBY = Corporate productiveness ( NPAT/number of employees ) .XA = Performance assesment systemXB = Salary systemb0, b1, b2, b12 = coefficient or constanta, can cipher from consequence of experiment.ORY = I*X1 + I?*X2 +I?*X1 X2Field StudyTable 1. The Companies Name, Status, Location and Type as SampledNOCompany NameStatusLocationType1PT. KGPOE sSurabayaRetail2PT. CFPOE sSurabayaRetail3PT. WAPOE sGresikCement distributor4PT. INPOE sDjakartaPrinting & A Printing5PT. TKSOE sMojokertoFabrication, Pulp & A Paper6PT. MACPOE sSurabayaServicess /Health7PT. RZPOE sSurabayaServicess / Advertising & A Event Organizer8PT. PGSOE sDjakartaFabrication, Instalation9PT. HAIPOE sDjakartaFabrication, Food10PT. ABDAPOE sDjakartaFinance & A Insurance11PT. TMPPOE sDjakartaPrinting & A Printing12PT. WKSOE sDjakarta bend Servicess13PT. UMPOE sMalangFabrication, TobbacosNotePOE s = Private Owned EnterpriseSOE s = State Owned EnterpriseFrom the tabular array above can be explained that in this survey the figure of houses selected indiscriminately sampled, located in Jakarta, Surabaya and its environing countries with assorted types and countries of production. Where there are 10 companies are private-owned companies and 3 state-owned companies.NoCompany NameNet net income 2009 / twelvemonth ( IDR )Number of employeesProductivity / Year1PT. KG7.800.000.000,0015550.322.580,652PT. CF9.000.000.000,0015060.000.000,003PT. WA49.440.000.000,00121408.595 .041,324PT. IN108.199.710.608,00700154.571.015,155PT. TK378.580.000.000,0012.84429.475.241,366PT. MAC54.000.000.000,00187288.770.053,487PT. RZ523.000.000,00559.509.090,918PT. PG6.229.043.496.319,001.7003.664.143.233,139PT. HAI3.000.000.000.000,003.009997.008.973,0810PT. ABDA14.087.000.000,0045031.304.444,4411PT. TMP3.000.000.000,0019515.384.615,3812PT. WK132.621.941.132,006.00022.103.656,8613PT. UM59.825.400.000,0060099.709.000,00Beginning Primary Data, 2010Explanation how the study was doneConsequenceNOCompany NameX1 SumX2 SumPRODUCTIVITY / Year1PT. KG331850.322.580,652PT. CF421860.000.000,003PT. WA4824408.595.041,324PT. IN7224154.571.015,155PT. TK782129.475.241,366PT. MAC8524288.770.053,487PT. RZ34189.509.090,918PT. PG54183.664.143.233,139PT. HAI3621997.008.973,0810PT. ABDA602431.304.444,4411PT. TMP562115.384.615,3812PT. WK441822.103.656,8613PT. UM482499.709.000,00Development of Correlation FunctionDecision and Recommendations

Problems: Balance Sheet and Financial Statements

THE PROBLEM OF THE BEE PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATIONS 2005 FINANCIAL STATEMENTS A composition Submitted In Partial Fulfillment of the Requirements for the Course ACT515M (Problems in fiscal report) MC REYNALD SIMBAJON BANDERLIPE II Candidate for the degree of MASTER OF SCIENCE IN ACCOUNTANCY Mr. WILFREDO BALTAZAR prof De La S all(prenominal)e University Manila Term 2, SY 2006-2007 THE PROBLEM OF THE BEE PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATIONS 2005 FINANCIAL STATEMENTS Mc Reynald S.Banderlipe II College of Business and Economics, De La Salle University confederacy Background This paper aims to perform an analysis of the 2005 m singletary statements of Jollibee Foods Corporation. Before much(prenominal)(prenominal)(prenominal) innovation, this chapter in goded to present some t sepa commitlying about the ac come with, and how Jollibee became the leading political party in the Filipino fast food industry. After graduati ng with a degree in Chemical Engineering, Tony Tan Caktiong decided non to compete with fellow newly yuppies at his time searching for jobs by and by graduation.Having gained first-hand experience in managing a family eatery in Davao during his childhood years, he decided to pursue a food business that would be simple to operate. Thus, he borrowed P200,000 from his father to commence a Magnolia ice cream franchise beside Coronet Theater in 1975. With his ingenuity and passion to satisfy the cravings of his customers, the idea of dowery Ameri depose foods such as hamburgers and fries that is quick, tasty and affordable (Acuna, Bernardo, Dy, Malabanan, and Young. , 2004) became his resource that he never thought would be one of the entrepreneurial successes in the Philippines.In 1978, the vision became a reality when Tony and his family decided to incorporate and saw the birth of Jollibee Foods Corporation. One year by and by, the political party posted P2 Million peso metam orphoses. It too marked the geological formation of a first Jollibee franchise in Sta. Cruz, Manila and its first TV advertisement. Jollibee entered the list of the Top 1000 Corporations in 1981. Since then, the caller-out continues its unprecedented growth as it enters the Top 500 in 1984, the Top 250 in 1986, and Top 100 in 1987. Meanwhile, in 1983, JFC launched flagship motto of JFC, known as the Langhap Sarap. The year 1986 signaled the start of leg out in the international market by putting an international outlet in Taiwan and Brunei Darussalam. In 1989, the go with posted very uncommon sales of P1. 3 one thousand million, while intricacy efforts continued when they acquired 73% address in the Hamburger incision of the fast food industry in 1991. Jollibee became a frequent corporation in July 14, 1993 with its initial offering of P9. 00 per sh ar. The expansion of JFC came when they acquired Greenwich Pizza Corporation in 1994 and Delifrance, a popular cut patisser ie shop, in 1995. This led to the increase variety of food items served by JFC.In 1996, the Far Eastern Economic Review cited Jollibee as one of the leading companies in Asia. At the end of the year, more than and more Filipinos abroad trooped down to their Jollibee repositions in Guam, the Middle East, and Hong Kong. In 1997, Jollibee opened a nonher branch in Xiamen, China. A year after, the guild marked its 300th store in Balagtas, Bula tolerate, together with an international branch in Daly City, California. The go withing years thereafter saw the P20 Billion sales and quotation of Jollibee as the Most cherish Company in the Philippines and third overall in Asia.Jollibee opened its 400th store in Intramuros, Manila, while sales continuously shoot up to the P27 Billion mark. In the same year, Jollibee opened its 500th store in Basilan, Isabela Province. At present, Jollibee continues to expand its network of stores, after acquiring Chowking in 2000, an 85 percent sh be in Yonghe King in 2004, and Red Ribbon Bakeshop in 2005. Table 1 Timetable of Selected Jollibee Products from the stratums 1978 2005 Jollibee Foods Corporation Timetable of Selected Products 1978 2005YEAR 1978 1979 1980 1982 1985 1986 1988 1990 1991 1992 1994 1995 1996 1999 2000 2001 2004 2005 PRODUCTS Regular Yum, Yum with Cheese Spaghetti Special Chickenjoy, French Fries Palabok Fiesta Breakfast Meals Chunky Chicken Sandwich Jollytwirl soft sundaes Coleslaw, Jolly Hotdog, Peach Mango Pie Pancakes Fruit-flavored ice cream sundaes Greenwich Pizzas and Pastas Delifrance French Pastries, Burger Steak Amazing Aloha, chilli pepper Wings Cheezy Bacon Mushroom Burger Chowking Products, Pepper Crazy Burger, Shanghai Rolls, Pocket Pies, and Swirly Bitz Glazed Chicken Rice, Honey Beef Rice, Chicken Sotanghon Soup, Jolly Meat Pies, Yonghe King Products top nonch Meals, Jolly Chicken Tocino, Red Ribbon Cakes and Pastries As of 2005, the familiaritys store count estimated 552 Jollibee store s, 239 for Greenwich, 344 for Chowking, and 37 for Delifrance, 101 for Yonghe King, and 156 for Red Ribbon, the newest in the Jollibee family. Continuous expansion in terms of the number of food items and outlets is muted down the stairsway. Table 1 below shows the timetable of elected Jollibee Products sold in the Philippine market starting from its fountain in 1978. Standards Used by the Company Prior to analyzing the 2005 monetary statements of Jollibee Foods Corporation, it is noteworthy to make a comparison of the threadbares to be adopted by the company as signifyd in the 2004 fiscal statements in contrast with those standards actually applied in its preparation of the 2005 financial statements. Table 2 presents the comparison of story standards to be use in 2005 as per 2004 financial statements and the system of chronicle standards actually use in 2005 per examination of the companys 2005 financial statements.As butt end be seen, eight standards were not identifie d by the company in its 2004 financial statements that were actually adopted in 2005. Moreover, by looking at the 2004 financial statements, there has been note a difference in the presentation of the financial education. This was noted because although the year 2004 signifies the transition year towards adopting the Philippine monetary Reporting Standards and Philippine Accounting Standards, the 2004 financial statements still has presented the information in accord with the superseded generally accepted story principles (GAAP). Table 2 Comparison of Standards to be used by JFC in 2005 as indicated in its 2004 financial rehearsals and Standards actually used in 2005 Standard No. / NamePAS 1 Presentation of Financial Statements PAS 2 Inventories PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors PAS 10 Events After the Balance Sheet Date PAS 14 Segment Reporting PAS 16 Property, Plant and Equipment PAS 17 Leases PAS 18 R even soue PAS 19 Employee Benefits PAS 21 The military unit of Changes of Foreign Exchange Rates PAS 24 Related Party Disclosures PAS 27 Consolidated and Separate Financial Statements PAS 31 Interests in Joint Ventures PAS 32 Financial Instruments Disclosure and Presentation PAS 36 Earnings per Share PAS 36 Impairment of Assets PAS 37 Provisions, Contingent Liabilities and Contingent Assets PAS 39 Financial Instruments Recognition and Measurement PAS 40 Investment Property PFRS 1 First Time Adoption of International Financial Reporting Standards PFRS 2 Share- ground Payments PFRS 3 Business Combination PFRS 5 superannuated Assets Held for Sale and Discontinued Operations PFRS 7 Financial Instruments 2004 * * * * * * * * * * * * 2005 * * * * * * * * * * * * * * * * * * * * * * * * * * * * This paper will elaborate the compliance of Jollibee Foods Corporation in their adoption of the PFRS and PAS as indicated in their 2005 financial statements. It will also accommodate a discussion of different jobs in finan cial insurance coverage noted in the analysis of the companys financial statements.Discussion of Compliance with the Standards In analyzing the financial statements of Jollibee Foods Corporation for the year 2005, the researcher delved on the disclosure requirements of the Philippine Accounting Standards PAS and PFRS published by Philippine Institute of aware Public Accountants (2005). These standards assess whether the company has complied with such requisites in preparing the PFRS financial statements for the year 2005, the year where PFRS formats became applicable in Philippine companies. In this case, the paper used the one-year report released by the company in its corporate website in 2004 and in 2005. I. Philippine Financial Reporting Standards (PFRS) PFRS 1 First Time Adoption of Philippine Financial Reporting Standards gondola carve up 36 of PFRS 1 requires the inclusion of at least one year of comparative information to a lower place the IFRSs.JFC was able to follow such requirements since the financial statements presented 2005 information and 2004 restated data. The banknote 2 of the companys 2005 financial statements highlights such explanation. Paragraph 36A applies to entities that will choose to present comparative information that does not observe with IAS 32, IAS 39, and IFRS 4, which delves on financial instruments and insurance contracts, at a lower place certain conditions presented in the standard. In resolving the issue, Jollibee complied with the be policies set forth in IAS 32 and IAS 39. Nevertheless, the company applied for exemption in adopting the standards retroactively as permitted by SEC, applicable for the year end 2004.Hence, the standards will be applied prospectively beginning January 1, 2005. Paragraph 37 presents the standards on historical summaries of selected data for peaks before the first geological period for which they present full comparative information beneath the IFRSs. This is not applicable to J FCs financial statements for the year ended December 31, 2005. Paragraphs 38 46 delve on the explanations regarding the transition to former GAAP to IFRS financial statements. Accordingly, reconciliations of the companys paleness, remuneration and hurt, and evil losses should be in possession of impoundd disclosures. The companys financial statements ask presented supporting schedules for equity and profits and losses.With the adoption of PFRS 3 and PAS 36, JFC presented a disclosure under air division 2. 3. 1 (Reconciliation of Equity). Moreover, the same section also exhibited an expose on the designation of white values on financial assets or liabilities and valuation of enthronization properties under paragraphs 43A 44 of PFRS 1. postulate disclosures such as the somewhat value of financial assets per category and the store up fair values and adjustment to carrying inwardnesss under previous GAAP are also shown. The company has therefore complied with such requi rements for first time adoption of Philippine Reporting Standards since it complied with its minimum requirements.PFRS 2 Share Based Payments Major nourishment regarding disclosures in compliance with PFRS 2 necessitated information that enables users of the financial statements to understand the nature and extent of share-based payment arrangements that existed during the period. This includes disclosures such as comment of each type of share-based payment arrangements the number and weighted average exemplars prices of share options and the weighted average share price at the date of exercise for options exercised during the period. Moreover, the range of exercise prices and weighted average remaining contractual life for share options outstanding at the end of the period, more than the option pricing model used.In addition, information should be accessible to enable users of financial statements understand the determination of fair values of goods or services received, and equ ity instruments granted. This includes disclosures such as weighted average fair value of share options granted and other equity instruments granted during the period and information on how the fair value was measured. data on share-based payments that were modified during the period should also be disclosed, if any. Lastly, disclosures that enable users of financial statements to understand the set up of share-based payment minutes on the entitys profit and loss and financial position should be provided.This includes disclosures on the total expenses recognized for the period arising from share-based payment dealings in which goods or services received but did not qualify for recognition as assets, and carrying and intrinsic value of liabilities arising from share-based payment effects at the end of the period. JFC was able to honour with this standard, following the compliance of PFRS 2, including the provisions set forth in paragraphs 25B to 25C of IFRS 1. Required data to understand its effects are also indicated. Such indicators were presented in Note (b) of Section 2. 3. 1 and Section 2. 24. 2 of the companys financial statements for the year ended December 31, 2005.A more detailed discussion about share-based payments is presented in Note 23. Here, the company disclosed staple information on each type of share-based payments such as Tandem Stock Purchase and Option Plans I and II, and Management Stock Option and Incentive Plans. It raise be state that JFC has complied with the requirements on Share-Based Payments. PFRS 3 Business Combinations Required disclosures for PFRS 3 were information that enables users of financial statements to appraise the nature and financial effect of business combinations that were effected during the period and after the remnant sheet date but before the financial statements are authorized for issue.It should also disclose, as in the case of the acquirer, information that enables users of financial statements to e valuate the financial effects of gains, losses, error corrections, and other adjustments recognized in the current period that relate to business combinations that were effected in the current year or in previous periods. In addition, data that will enable users to evaluate changes in the carrying amount of goodwill, if any, during the period should be disclosed. The companys financial statements complied with the provisions of PFRS 3 for which the date is on or after March 31, 2004, the agreement date for all business combinations to be considered as stipulated in paragraph 78 of PFRS 3. Under Note (d) of Section 2. 3. 1 of JFCs financial statements, the notes also depicted information about the financial effects of gains, losses, and other adjustments that were effected in current or previous periods.Moreover, the financial statements presented the changes in reversal of goodwill amortizations and recognition of goodwill in accordance with PAS 21. It include several notes in copu lation to the commencing testing for impairment losses, and reflected effects of changes of these policies to goodwill account of JFC. This can be best explained in Notes 8 to 10, where information regarding their investments in subsidiaries, interests in a mutual venture, and goodwill arising from such transactions were designated. PFRS 5 Non-Current Assets Held for Sale and Discontinued Operations PFRS 5 specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations.It requires assets that meet the criteria to be classified as held for sale to be measured at the lower carrying amount and fair value less prices to sell, and the depreciation on such assets to cease. Furthermore, assets that meet the criteria as held for sale should be presented separately on the face of the balance sheets and the results of discontinued operations to be presented separately in the income statement. Disclosure requirements include information that will enable users to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups). Since the company call backs that this will have no material effect on the companys financial position and results of operations as indicated in the 2004 financial statements, this has never been an issue in the 2005 financial statements.PFRS 7 Financial Instruments Revised disclosures on financial instruments provided by the standard will be included in amalgamate financial statements when the standard is adopted in 2007. II. Philippine Accounting Standards (PAS) PAS 1 Presentation of Financial Statements PAS 1 provides a framework within which an entity assesses how to present fairly the effects of transactions and other events provides the basic criteria for classifying liabilities as current or non-current and prohibits the presentation of income from in operation(p) activities and extraordinary items as separate line items in the income statemen t. Disclosure requirements include the bill basis (or bases) used in preparing the financial statements and other accounting policies used that are relevant to an sagaciousness of the financial statements.It also requires disclosures of judgments counselling has made in the process of applying the entitys accounting policies that have the most of import effect on the amounts recognized in the financial statements. Additionally, it also requires disclosures as to key sources of idea uncertainty and other disclosures if not disclosed elsewhere in information published with the financial statements. In 2004, JFCs financial statements noted the probable change in the presentation of minority interest in the balance sheet and income statement will be effected in 2005 in addition of restating introductory years financial data to conform to the 2005 presentation.However, in 2005, the company believes that this standard will have no effect on equity on the reporting periods presente d. In other aspects of the standard, the companys financial statements also complied with the inclusion of significant accounting judgments and estimates made by the companys management, in addition to the disclosure of key estimation uncertainties. The Note 2 of the financial statements indicates such compliance. Corporate information was also included in Note 1 of the Notes to Financial Statements (including the description of the entitys operations and the name of the parent company), together with the basis of preparation and consolidation of the financial statements.Details of dividends are fit(p) in Note 15 and Note 17(b) of the financial statements. In general, the companys financial statements complied with the requisites of PAS 1. However, the company should also include in Section 2. 3. 5 the additional disclosures regarding capital management that are not as yet effected by the company until January 1, 2007. PAS 2 Inventories Disclosure requirements in PAS 2, as shown i n paragraphs 36 to 39 are the accounting policies adopted in step inventories and cost formula used, the carrying amount of inventories carried at fair value less costs to sell, and the amount of inventories recognized as expense during the period, the amount of any write-downs.In addition, the notes should indicate reversal of inventory write-downs, circumstances that led to the write-downs and the amount of inventories held as security or pledge. In the adoption of PAS 2, the company has no foreseen significant changes in its accounting policies thereby PAS 2 will not be an issue for JFC. As indicated in section 2. 11 in Note 2, the company disclosed the accounting policies and cost formula used in the inventory items of Jollibee, some(prenominal) food and non-food items. In Note 6 of the financial statements, the presentation of the carrying amount of inventories was in accordance with the lower of cost or net realizable values as indicated in the standard. Hence, the financial statements complied with the requirements of the standard.PAS 7 Cash Flow Statements As can be seen, the financial statements were presented classified by operate investing, and financing activities. While is it encouraged to adopt the direct method acting in accounting for cash flows from operating activities, JFC used indirect method, which is still acceptable in practice because of its easy application. On the other hand, almost all disclosure policies stated in PAS 7 have complied by Jollibee such as those regarding interest, income taxes, cash flows colligate to the acquisition of a subsidiary, and components/reconciliation of cash and cash equivalents in the financial statements and in the notes. This means that the company was able to meet the requirements of PAS 7.PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Under PAS 8, requisite disclosures as to changes in accounting standards or policies include the title of the standard or interpretation, the note that signifies that the change is in accordance with transitional provisions, its descriptions, the amount of adjustments, and certain conditional disclosures and how the standard addressed the disclosure, the nature of the changes in accounting insurance policy, and reasons why this new policy will lead to a more reliable and relevant information. It should also divulge information when a voluntary change in accounting policy has an effect on the current period or any prior period that would have and effect on that period except that it is impracticable to specify the amount of the adjustment, or superpower affect future periods. Moreover, it should also present information as to the standards issued but not yet in force(p) to the company. In terms of hanges in accounting estimates, the financial statements must depict the nature and amount of change in accounting estimate and its effect on current and future periods when it is practicable to estimate the effect. If not possible, the fact should be disclosed. With regards to errors, disclosures should include the nature and amount of the errors, and the circumstances that led to the error and how it will be addressed by such correction. The company does not expect any significant changes in the accounting policies when it adopts PAS 8 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2006. With regards to standards issued but not yet effective, section 2. 3. 5 of Note 2 depicted such disclosure.Still, the company should also have included the disclosures regarding capital management in compliance with PAS that will be applicable in 2007 to fully disclose all standards issued but not yet effective. PAS 10 Events after the Balance Sheet Date PAS 10 provides a limited clarification of the accounting for dividends declared after the balance sheet date. Disclosure requirements include the date when the financial statements were authori zed for issue and who gave the authorization. It should also disclose the fact that the entitys owners or others have the staff office to amend the financial statements after the issue. Moreover, if the entity receives information after the balance heet date about that conditions that existed at the balance sheet date, the entity should update disclosures in the light of new information. The company does expect any significant changes in the accounting policies when it adopts PAS 10 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2004. Compliance with this standard is stated in Note 1 with regards to the date of authorization for issue of the financial statements and section 2. 30 of Note 2 and Note 29 regarding subsequent events. Furthermore, disclosure on dividends whitethorn not be an issue since the company annually declares and pays dividends to its stockholders, as evidenced by the cash flow statements fo r the years ended December 31, 2004 and 2005.For this reason, the company was able to comply with the disclosure requirements set forth in PAS 10. PAS 14 Segment Reporting This standard establishes the principles for reporting financial information by members about the different types of products and services an enterprise produces and the different geographical areas in which they operate. Reportable segments should present the segments results of operations, carrying value of total assets and liabilities, contingencies, expenditures, depreciation, share in profits or losses, and other requirements mentioned in the standard. It also provides secondary reporting format requisite disclosures for segment tax incomes, expenses, results, assets, liabilities, and accounting policies.Accordingly, this standard has no effect on equity at January 1 and December 31, 2004 and as such, is not an issue for the companys financial statements as of December 31, 2005. As can be seen, the company maintained the same format in segment reporting for the presentation of segment information in Note 3 of both 2004 and 2005 financial statements. Disclosures are generally in compliance with PAS 14. The company focused on using the primary reporting format, since the use of geographical segment reporting is not feasible imputable to a non-substantial portion of revenues earned by international operations, which are still few in number. In addition, the company disclosed information for inter-segment sales and transfers and the basis of pricing these transactions.PAS 16 Property, Plant, and Equipment Disclosure requirements on property, plant and equipment are the measurement bases to determine gross carrying amounts depreciation methods and useful lives used gross carrying amounts and accumulated depreciation at the beginning and end of the period reconciliations of carrying amount of PPE assets pertaining to additions, reclassifications, and other increases or decreases the recogni tion of impairment and reversal of impairment losses restrictions on title of PPE assets, PPE assets pledged as security for liabilities expenditures related to property, plant and equipment and changes in accounting estimate as to residual values. Furthermore, the entities should disclose contractual commitments for acquisition of PPE assets compensation to third parties rising from impairment of PPE items included in profit and loss information regarding the revaluation of property, plant, and equipment as to effective date of revaluation, involvement of third parties for revaluation, assumptions in estimating fair values, carrying value of assets under cost models, and revaluation sur irrefutable and information on idle properties. The company believes that there is no significant effect on equity upon adoption of PAS 16. Similar formats were presented, with differences in the probable restatements done in the 2005 financial statements. This is evidenced in note (c) of section 2. 4. 2, which depicted the managements estimation uncertainty assumptions regarding PPE assets. In section 2. 9, the policy on accounting for PPE assets was presented, including compliance with general disclosures in accordance with PAS 16 while in Note 11, the financial statements showed the reconciliation of carrying amounts of PPE assets pertaining to additions, retirements, reclassifications, and transfers, including the disclosure regarding a fire that damaged the companys commissary. It also included compensation from the insurance company for the damage of the property. No disclosure is necessary on revaluation of properties, as the company had not yet hired appraisers to apprize their properties. Disclosures regarding derecognition on PPE assets and idle and fully depreciated property are not of greater importance, since all properties have found its usage in the company.PAS 17 Leases PAS 17 prescribes appropriate accounting policies and disclosures to apply in relation to f inance and operating leases. It also prohibits expensing of initial direct costs in the financial statements of the lessors. Under this standard pertaining to operating leases, which the company have adopted (as can be seen in section 2. 3. 1 reconciliation of equity in the companys financial statements, in letter (c) in note 2. 4. 1, and section 2. 26 in Note 2 of the financial statements), disclosures should include total future minimum lease payments under non- cancellable operating leases for periods within one year, within after one year but not more than five years, and after 5 years (for both lessors and essees) future minimum sublease payments under non-cancellable subleases lease and sublease payments recognized as expenses (for the point of view of lessees) disclosures regarding contingent rents recognized as income, general description of leasing arrangements, bargain purchase options or renewal options, and restrictions involving lease arrangements as lessors or lessees (for both lessors and lessees). JFC does not expect any significant changes in accounting policies when it adopts PAS 17. In Note 26, the future minimum lease receivables and payables were presented, including the general details of lease arrangements entered by JFC (both positions are renewal options), and legal issues normal to its operations. The company did not entered into sale and leaseback transactions. The Company complied with the accounting rules in accordance with PAS 17.However, as a lessor, the company did not classified assets subject to operating leases according to the nature of the assets in the balance sheet. This is on the assumption that the solids lease transactions involve lone(prenominal) commercial properties. Information on such classification was aggregated in the financial statements, which ensured its compliance. PAS 18 Revenue Disclosure requirements to comply with this standard includes accounting policies adopted for the recognition of revenue metho ds used in accounting for stage of closedown of service transactions the amount of significant categories of revenue recognized during the period, which includes sale of goods, rendering of services, nterest, royalties, and dividends and the amount of revenue arising from deputizes of goods and services included in each significant category of revenue. The policies adopted for revenue recognition is presented in section 2. 23 as to how they recognize revenue from various categories. Its compliance with standards related to revenue recognition from royalty and franchise fees are delineated in Note 18. Though the financial statements do not present the breakdown of revenues according to significant categories, they believe that the use of segment information is already sufficient enough to present the revenues of the company. In this case, such segment information suffices compliance with PAS 18.PAS 19 Employee Benefits Disclosure requirements under PAS 19 include the policy for rec ognizing actuarial gains and losses general description of the types of plans reconciliation of assets and liabilities regarding defined benefit obligations actuarial gains or losses fair value of plan assets reconciliation of movements in the next period of net assets or liabilities, total expenses related to employee benefits such as current service costs, interest costs, pass judgment actuarial returns on plan assets, past service costs, effects of curtailment and settlement actual return on plan assets and actual return on reimbursement right recognized as an asset and principal actuarial assumptions used at balance sheet date such as discount rates, evaluate rates of returns, expected rates of salary increases, medical cost trend increases, and other assumptions all expressed in absolute terms. The company was able to comply with the rules set on PAS 19. As can be seen in Note (a) of Section 2. 3. 1 of the Notes to Financial Statements, the policies on actuarial gains, losses , past service costs, plus its effect on the retained earnings and net income were depicted. Moreover, such information was also presented in the reconciliation of equity. In section 2. 4, the company disclosed their policy on employee benefits, both pension and share-based payments. Accordingly, the company uses defined benefit accounting. They also used defined contribution accounting to some extent for employees of Chinese domiciled subsidiaries of the company, as seen in Note 22 only a limited disclosure regarding the use of this plan was indicated. It also provided information as to actuarial gains, actual returns on plan assets, plan liabilities, reconciliation of movements in the present value of obligations and fair value of plan assets, fair value of plan assets, the date of actuarial valuation, the actuarial assumptions such as salary increase rate, rate of return on assets, and discount rates.Termination benefits and other long-term benefits are not considered issues to t he company. Other disclosures such as medical costs, schedules of contributions by employers and employees, and the recognition of actuarial gains and losses not presented in the financial statements will not affect the companys compliance with the standard. PAS 21 The Effects of Changes in Foreign Exchange Rates Disclosure requirements under PAS 21 referring to functional currency of the parent includes the amount of exchange differences recognized in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in ccordance with PAS 39 and net exchange differences classified in a separate component of equity, in addition to the reconciliation of the amount of such exchange differences at the beginning and end of the period. Moreover, reasons for using presentation currency rather than functional currency should be indicated if such is the case or if there is a change in the functional currency of either reporting entity or a signifi cant outside operation, that fact and the reason of change should be disclosed. It will only be deemed complying with the IFRS if all the requirements of each applicable accounting standard and interpretations are followed including the method of translation. The company disclosed its adoption of PAS 21, and they will be applying it prospectively.They also noted that goodwill arising from acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are now treated as assets and liabilities of the foreign operation and are to be translated at a closing rate. However, this new policy will have no significant impact to the company. As seen in letter (d) of note 2. 4. 1, the company has determined the Philippine peso as the functional currency of the company. Additional information regarding functional currency and translation method is provided in section 2. 5. There is no issue as to the use of function al currency, since both parent and subsidiaries will use the Philippine peso.But as can be noticed, although there is a presented amount of exchange differences resulting from translation as indicated in the Statement of Changes in Equity, there is no reconciliation of the amount of such differences at the beginning and end of the period. PAS 24 Related Party Disclosures Relationships between parents and subsidiaries shall be disclosed irrespective of whether there have been transactions between those related parties. An entity shall disclose the name of the entitys parent and, if different, the ultimate controlling party. If neither the entitys parent nor the ultimate controlling party produces financial statements available for public use, the name of the next senior parent that does so shall also be disclosed. Moreover, disclosure requirements include key management personnel ompensation in total and per categories presented in paragraph 16 regarding short-term employee benefits, post-employment benefits, other long-term benefits, termination benefits, and share based payments the nature of related party relationships and information on the amount of transactions and outstanding balances, provisions for doubtful debts, and expenses recognized during the period in respect of bad and doubtful debts. The parent shall make separate disclosures, in addition to their interests in a joint control or significant influence over the entity, information regarding the parent companys subsidiaries, associates, joint ventures, key management personnel, and other related parties.JFC finds this standard to have no effect on its equity but they are amenable to adopt the new standard. In note 24, the company noted that the transactions with members of the Jollibee group are eliminated while intercompany advances are major transactions with joint venture. They complied with the presentation of outstanding balance of advances as indicated in the standard. The company was able to justify such presentation in Notes 8 and 9. Yet on the other hand, there is no information regarding key management personnel and their compensation schedule. Accordingly, since JFC, as a parent, runs its business independently of its subsidiaries and other related parties, there is no dependence on the companys related parties.PAS 27 Consolidated and Separate Financial Statements In this standard, the entitys compliance of the standards depends on their disclosure of the nature of the relationship between the parent and the subsidiary, reasons that will not micturate control of an investee in the entity, differences in reporting dates, and a listing of information regarding significant investments in subsidiaries, jointly controlled entities or associates. In note 8, the companys financial statements presented its required disclosures of investments in subsidiaries, although information with their compliance to paragraphs 41 and 42 of the standard is not that material for their presentation regarding separate financial statements. Hence, the company managed to comply with the disclosure requirements of PAS 27.PAS 31 Interests in Joint Ventures PAS 31 delineated several disclosure requirements such as the aggregate amount of specified contingent liabilities, unless the chance of loss is remote the aggregate amounts of capital commitments of the parties with respect to their interest in the joint venture a listing and description of their interests in joint ventures and accounting methods in recognizing interests in joint ventures. JFC was able to comply with the disclosure provisions of the standard, having presented its description of their interest in a joint venture and the accounting method for its joint venture, as seen in section 2. 18 in Note 2 and the entire Note 9 of the financial statements. The first two items are not applicable in the company at the moment. In this case, the company was able to comply with the requirements of PAS 31.PAS 32 Fin ancial Instruments Disclosure and Presentation To enhance the understanding and significance of financial instruments of the entity, the firm should describe its financial risk management objectives and policies, including hedging policies for each main type of forecast transaction for which hedge accounting is used. The firm should also disclose a description of the hedge financial instruments designated as hedging instruments including their fair values, nature of risks being hedged, and for cash flow hedges, the period in which cash flows are expected to occur. Information about the nature of financial instruments and basis for accounting recognition must also be divulged.The firm should disclose the amount of gain or loss on a hedging instrument recognized in equity, removed from equity, and the amount removed from equity and was included in the initial measurement of acquisition cost or carrying amount of non-financial assets or liabilities. Information about their exposures to credit risk and interest rate risk are also mandated. Furthermore, the standard requires information regarding fair valuation of financial instruments, de-recognition of financial instruments, financial assets held as collateral, compound financial instruments with multiple plant derivatives, reclassification and presentation of income, expenses, gains, and losses resulting from financial assets and financial liability transactions, and impairment and defaults/breaches. Under Note (c) of section 2. 3. of the notes, JFC has embedded information on how the company identified its financial assets, and how they valued those financial assets. These pertain to their investment in stocks, refundable deposits on leases and noninterest bearing car loans. These financial assets were explained in full detail in section 2. 6 of Note 2. In section 2. 16, information on de-recognition of financial assets and liabilities in accordance with PAS 32 were presented. Under Note 27, the company expres sed its compliance with PAS 32, showing their risk management objectives and policies, and information on how JFC addresses the financial risks discussed in the standard.In Note 29, the financial statements presented the valuation of financial assets and liabilities, in accordance with the valuation set by PAS 32, together with the information of multiple embedded derivatives. However, detailed information about the maximum degree of risk exposure must be presented. PAS 39 Financial Instruments Recognition and Measurement PAS 39 has no disclosure requirements since they were moved to PAS 32. However, to comply with IAS 39, information about the decrease in retained earnings and carrying amounts of financial assets was disclosed. In note (c) of Section 2. 3. 1, they also disclosed unrealized loss in the companys AFS financial assets as part of compliance with the standards. Section 2. 6 provided a description of financial instruments held by JFC.In Section 2. 10 the company disclose d information on the impairment of financial assets in accordance with the requirements of PAS 39. Section 2. 22 presents information on the impairment of non-financial assets. Information on Notes 27 and 28 are still applicable in compliance with PAS 39 regarding measurement of financial assets and liabilities. PAS 33 Earnings per Share In presenting the financial statements in accordance with PAS 33, the standard requires the presentation of amounts used as numerators in calculating basic and diluted earnings per share and its reconciliations to profit or loss attributable to the parent entity for the period.It should also disclose the average number of ordinary shares used to work basic and diluted EPS, instruments that could dilute basic EPS in the future, and a description of ordinary share transactions that occur after balance sheet date. Jollibees compliance with the standard was indicated in section 2. 27 of Note 2 and Note 25, which presented the Earnings per share computa tions. As indicted in section 2. 3. 4, comparative information and disclosures have been presented as required. However, the adoption of PAS 33 has no effect on equity of JFC. The presentation of Earnings per Share of Equity Holders of the Parent was indicated in the Income Statement of JFC.PAS 36 Impairment of Assets Disclosure requirements in accordance with PAS 36 include the amount of impairment losses recognized in profit or loss during the period in each class of assets and revalued assets, the reversals of impairment losses in each class of assets and revalued assets. For material impairment losses, disclosures as to the events that led to the recognition or reversal of impairments losses in assets, cash generating units and information on aggregate losses should be indicated. Such compliance by JFCs 2005 financial statements is indicated in letter (b) of section 2. 4. 2, section 2. 22 of Note 2, Note 3 regarding segment information on impairment losses, Notes 10 and 11. The company provided disclosures of their assessment of impairment losses on non-financial assetsPAS 37 Provisions, Contingent Liabilities, and Contingent Assets PAS 37 requires disclosures regarding contingent assets, liabilities, and provision. Contingencies are disclosed except when the possibility of an inflow or outflow of resources is remote. Information regarding the nature and estimated amount of such contingency, its financial effects, the uncertainties relating to the outflow and amount of reimbursements are also noted. Obligatory disclosures for provisions include carrying amounts, additions of provisions, provisions used, and unused amounts reversed during the period. Moreover, sketch descriptions on each class of provisions are due for presentation in the financial statements.The company was able to provide information regarding the companys provisions, as stated in Note 14. While information on contingencies is not substantial, still, the assumptions are still presented i n Note 2 of the financial statements. PAS 40 Investment Property PAS 40 identified the presentation requirements for investment properties. Disclosures under this standard are and extension of the requirements presented in IAS 17 (or PAS 17, Leases). Entities shall disclose whether they apply the fair value model or cost model in valuing investment properties. Should they apply fair value model, firms should indicate the circumstances property interests held under operating leases are classified and accounted for as investment property.If the classification is difficult, they should distinguish investment property from owner-occupied property and from property held for sale in the ordinary bleed of business. In addition, entities have to point the methods and significant assumptions in valuation of investment properties. Amounts recognized in profit or loss such as rental income, operating expenses incurred from properties that are income and non-income generating, existence of re strictions on realizable characteristic of investment properties upon disposal, and contractual obligations regarding investment properties should be disclosed. Because JFC elected to use cost model in the valuation of investment properties as shown in note (e) of Section 2. 3. of Note 2, disclosures require the depreciation methods used, useful lives or depreciation rates used, gross carrying amount and accumulated depreciation, a reconciliation of the beginning and ending balances showing additions, assets classified as held for sale, depreciation, transfers, impairment losses, and fair value of investment properties. In the same notation, JFC presented the effects of adopting the policy in the financial statements, as evidenced by the reconciliation found in the same note. Here, the changes in retained earnings and net income were presented, in addition to the expressed carrying value of the property. In Section 2. 20, the company presented their significant accounting judgments and policies regarding the adoption of the new standard. In Note 10, since they are using the cost method of valuing investment properties, reconciliation was presented showing the cost and accumulated depreciation of investment properties.Moreover, it also showed information regarding any transfers retirements impairment losses and depreciation were depicted. Yet, they did not disclose the accounting methods used and the estimated useful lives of investment properties subject to depreciation. Table 3 Financial Reporting Issues Presented in the Analysis of Jollibees Financial Statements for the Year 2005 Standard No Financial Reporting Issues Presented The non-inclusion under Notes 2. 3. 5 regarding disclosure standards regarding capital management that should be indicated even though the provisions are not yet effective The classification of Judgments a-c in Notes 2. 4. 1. Is that considered a judgment, or an estimation uncertainty? PAS 1 PAS 8 PAS 24 PAS 40 ADDITIONAL NOTESSame as the problem of application in PAS 1 regarding disclosure standards on capital management Information about key management personnel was not indicated in the notes to financial statements. Information about the persons, their salaries, etc. is found in the 2005 SEC Form 17A. Only the disclosure regarding accounting methods used and estimated lives of investment properties subject to depreciation were not described. The release of the financial statements in the annual report has produced several encoding errors in the production of the financial statements. In summarizing the entire discussion, Table 3 highlights all financial reporting issues noted in the analysis of Jollibee Foods Corporations 2005 financial statements. As can be seen, there has been an issue regarding the adoption of ten Philippine Accounting Standards.In addition, there was noted some encoding errors in the financial statements per examination of the annual report. Referencing regarding the reconciliation of equ ity upon adoption of the new standards is one example. Such errors, if noticed, whitethorn lead to some confusion in understanding the financial statement information. Other Problems in Financial Reporting This section tackles the problems that might have encountered by Jollibee in their preparation and presentation of the financial statements other than disclosure requirements. In addition, this paper will address how the company whitethorn have resolved such setbacks to achieve a fair presentation of the financial information.Functional Currency and Translation This problem arose for the reason that Jollibee has been maintaining international operations in the get together States, Hong Kong, Vietnam, Brunei, Guam, and Saipan. In addition, its Chowking stores are located in Dubai, while their Yonghe King restaurants situated in China. Red Ribbon had also expanded in the US even before it was acquired by Jollibee. Because these countries uses different currencies in their daily ope rations and in the preparation of financial data, it is wondered how Jollibee will address such problem in their consolidated financial statements, whose parent company is situated in the Philippines.The problem was resolved in Note 2. 5. As can be said, the companys management determined its functional currency to be the Philippine peso. In this case, the company measured these international transactions in Philippine peso at the transaction dates. Monetary assets and liabilities were measured using the exchange rate at balance sheet date. Non-monetary assets and liabilities wee measured at historical cost using the exchange rate at the date of initial transaction. Its foreign subsidiaries financial statements were translated into the presentation currency of the company. Exchange rate differences were presented in the financial statements, though in aggregate form.Receivables Although the companys main business is the development, operation, and franchising of Quick Service Restau rants (QSR), the company also maintains other operations in support of their QSR restaurants standardised franchising and leasing of facilities to other companies, it can be inferred that the company does not only depend on cash sales brought about by their restaurant operations. Receivables arose because franchising and real estate are also revenue-generating areas of the organization which also forms part of their trade receivables. Moreover, they also have dues from the joint venture and other related parties, which were aggregated as loan receivables. To prevent confusion, the company presented in its segment information the operations of such segments and as such, users can find out those transactions under franchising and real estate operations may primarily cause such receivables recognition.Inventory Valuation Because the primary operation of Jollibee is the operation of QSRs, it is noteworthy that the major bulk of their investments are food supplies, novelties, encase, s tore supplies, and processed inventories. The perishable nature of food supplies and processed inventories, and the obsolescence of other supplies due to the release of new packaging designs, the lapse of periods where Jolly Kiddy meals come with novelties, and other time-based factors are the problems that Jollibee encounter in the valuation of its inventories. As such, the company maintained the policy of the First-In, First-Out (FIFO) basis of inventory system and in their valuation of inventories as of the balance sheet date.This is to prevent the declination of goods that may be harmful if not used within a certain amount of time, and to maximize the usability of these items. Though designs change, its utility value is the same for packaging all Jollibee products. Cost valuation using FIFO allows the firm to value its unsold or unused inventories at more recent dates of acquisition, which is acceptable under the new standard. Revenue Recognition Jollibee recognizes revenue fr om various sources such as from sale of goods, royalty fees, franchise fees, dividend income, rental income, and interest income. While the policy of revenue recognition was presented in the notes to financial statements, certain question on how they recognize revenues from franchise fees.Accordingly, such revenues are recognized when all services or conditions relating to the transaction have been substantially performed. Substantial may not be the total performance demanded to the company in providing such services. The question lies regarding new franchisee transactions that the companys services commence at one period and terminates on the other period. How will the company assess their substantial performance on such franchise services to its new franchisees on the first period? Segment Reporting As can be seen, Jollibee has presented its segments on the basis of the nature of operations. Specifically, the company presented the food service, franchising, and real estate segment s of its business.Knowing that Jollibee has international operations in the USA, East and Southeast Asia, and even in the Middle East, it is of question why did the company did not presented information related to geographical segments. Be it noted that of the more than 1,000 outlets of the Jollibee Group, less than 140 of them were located outside the Philippines, including the 101 Yonghe King restaurants in China. Based on the combined performance of these stores, the international operations has yet to contribute more in the total operations of Jollibee, as approximately 90% of their stores are located in the Philippines. Again, it should also boil down on the notation that Jollibee has other major operations.That could be the reason for segment information to be reported that way. admission fee of Red Ribbon into the Jollibee Group In 2005, the company bought Red Ribbon, a company that sells cake products to Philippine consumers. Red Ribbons financial statements prior to acquis ition are prepared for the fiscal year ending June 30. Since Jollibee and Red Ribbon have time differences in financial reporting, the stockholders and the Board of Directors agreed that the reporting period of the company should follow the calendar year presentation of Jollibee. Hence, the notes presented the summative position and performance of Red Ribbon for the fiscal year endedJune 30, 2005 and for the six months ended December 31, 2005, following the calendar year. Financial Instruments Due to the applicability of PAS 32 and 39, the company classified certain investments in shares of stocks as available-for-sale financial assets and valued at fair value, though these has been measured at lower of aggregate cost or market value in the previous GAAP. Refundable deposits on leases and non-interest bearing car loans were re-measured at fair value at initial recognition and subsequently at amortized value under the effective interest method. Prior to such adoption, these are carri ed at cost, less impairment in value under previous GAAP.Such adoption resulted in a decrease in retained earnings for the company, which may have brought adverse effects to the company from the point of view of layman financial statement reader. Realizations After analyzing the financial statements of Jollibee Foods Corporations 2005 financial statements to identify the issues and problems in their financial reporting in accordance with the PFRS and PAS, this paper presents some realizations about the state of the company struggling to ensure compliance with the Philippine accounting standards under issue in the preparation of the financial statements. In addition, an insight regarding problems in financial reporting is presented. 1. Some judgments may not be considered judgments at all.While the company may have a point in identifying several issues to be as accounting judgments, it may be preferable if such judgments like impairment, leases, and asset retirement be presented unde r estimation uncertainties. This is because this transactions or events normally require estimations rather than judgments. 2. Keep abreast with the release of new standards. It can be assumed that the newest release of PAS 1 standards relating to capital management may not yet noted by the company. Jollibee must continuously upgrade its sentience of these new standards since it might have a significant bearing on how they will present the information to comply with such new standards. Such can be achieved through attendance to seminars on PAS and PFRS, and continuous training and research. 3. Redundancy can lead to fair presentation.Standards have the say. Sometimes, the notes have to be redundant in stressing out the emergence of applications, measurement, and valuation of items that are covered by a particular accounting standard (e. g. PAS 14, Segment Reporting and PAS 18, Revenue, where both standards require the presentation of similar information related to reportable and no n-reportable segments). In such case, preparers of financial information have no option but to present the information more than once, as per accord with the standards. 4. Show reconciliations, when necessary. The use of such reconciliations may lead to a better understanding of the financial statements.Showing the movements in the beginning and ending balances may already be an important tool to understand the information related to such reconciliation. 5. Encode information with accuracy and with precision. Preparers of financial statements must exercise due care in encoding of information in the soon-to-be published financial statements. Errors resulting from such carelessness may mislead users of financial information in qualification economic decisions for the company. 6. Problems are immortal. New policies, new standards, new conventions. These lead to problems especially in dealing with the preparation of the companys financial statements. Instant compliance maybe difficult. Sometimes, resolving these problems might have adverse effects.It really depends on the company on how they are motivated to face these situations and eventually gear itself to close financial reporting problems in the future. References Acuna, C. , Bernaldo, R. , Dy, L. , Malabanan, R. , & Young, L. (2004). A comparative study on the performance and financial position of Jollibee and McDonalds for the years 1999 2006. Unpublished undergraduate thesis. Manila, Philippines De La Salle University. Jollibee Foods Corporation (2004). Jollibee Foods Corporation Annual Report 2004. Pasig City, Philippines. Jollibee Foods Corporation (2005). Jollibee Foods Corporation Annual Report 2005. Pasig City, Philippines Philippine Institute of Certified Public Accountants (2005). Philippine Accounting Standards Vol. 1-5. Mandaluyong City, Philippines.