How the Atrocities of War Exemplify the Characteristic...

In his novella Night, Elie Wiesel portrays the horrors he and his family faced at the hands of Nazi Germany through graphic and moving descriptions of his plight. A compelling excerpt, â€Å"I watched other hangings. I never saw a single victim weep. These withered bodies had long forgotten the bitter taste of tears,† demonstrates the utter disregard for human life that many of the world’s leaders adopt in times of war, inspiring further research through the evocation of a need to more thoroughly learn about the moral ambiguity that envelops those in positions of power during wartime. This characteristic moral ambiguity of human nature is most clearly seen in the atrocities of war through institutionalized torture, mass death, and willingness of leaders to sacrifice troops. Through analyses of conflicts such as the World War II, the Vietnam War, the Civil War, the An Lushan Rebellion, and the Muslim conquest of the Indian subcontinent in such genres as non-fiction books , documentaries, the internet, music, and poems, the moral ambiguity of the human race is proven to lead to atrocities of war such as institutionalized torture, mass death, and willingness of leaders to sacrifice the lives of their troops. Many painful examples of disregard for human life can be seen across all instances of war, although perhaps most notably in the horrors the Jewish people, among others, faced in the Holocaust of World War II at the hands of Hitler and the Nazi Party. The Holocaust, long viewedShow MoreRelatedPeculiarities of Euphemisms in English and Difficulties in Their Translation19488 Words   |  78 PagesINTRODUCTION 2 CHAPTER I. THE NOTION OF EUPHEMISMS IN ENGLISH 5 I.1. Definition of Euphemisms 5 I.2. Classification of Euphemisms 6 I.3. Ambiguity and Logic 9 CHAPTER II. SOURCES OF EUPHEMISMS 15 II.1. The Language of Political Correctness 15 II.2. Obscurity, Officialese,Jornalese, Commercialese 20 II.3. Vogue Words 24 II.4. Woolliness 27 II.5. Euphemisms Used in Different Spheres of Our Life 29 CHAPTER III. TRANSLATION OF EUPHEMISMS 34 III.1. Grammatical Difficulties inRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pages Agricultural and Pastoral Societies in Ancient and Classical History Jack Metzgar, Striking Steel: Solidarity Remembered Janis Appier, Policing Women: The Sexual Politics of Law Enforcement and the LAPD Allen Hunter, ed., Rethinking the Cold War Eric Foner, ed., The New American History. Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by Michael Adas for the American Historical Association TEMPLE UNIVERSITY PRESS PHILADELPHIA TempleRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesmymanagementlab is an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY Read MoreLibrary Management204752 Words   |  820 PagesSchool . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 vii viii Contents Administrative Principles . . . . . . . . . . . . . . . . . . . . . . . . 26 The Humanistic Approach . . . . . . . . . . . . . . . . . . . . . . . 29 Human Relations Movement . . . . . . . . . . . . . . . . . . . . . 29 Self-Actualizing Movement. . . . . . . . . . . . . . . . . . . . . . . 30 The Quantitative Approach . . . . . . . . . . . . . . . . . . . . . . 32 The Systems Approach . . . . . . . .Read MoreProject Managment Case Studies214937 Words   |  860 Pagesaccepted the methodology and used it. Management was pleased with the results. Also, Lakes Automotive s customer base was pleased with the methodology and provided Lakes Automotive with quality award recognition that everyone believed was attributed to how well the project management methodology was executed. In February 2000, Lakes Automotive decided to offer additional products to its customers. Lakes Automotive bought out another tier-one supplier, Pelex Automotive Products (PAP). PAP also had a good

Henrik Ibsen s A Doll s House - 2479 Words

Ibsen’s A Doll’s House: A parallel and a contrast style of Nora and Mrs. Linde A Doll s House is a play by Henrik Ibsen. Ibsen is Norwegian playwright, and Ibsen was born in 1828 in Skien, a town in the Norway. Also, Henrik Ibsen is a famous Norwegian playwright, theatre director, and poet, and Henrik Ibsen is often considered as â€Å"the father† of modern theater and one of the founders of Modernism in the theatre. In this play, Ibsen makes many hints about the roles of society and how the female gender was treated at the time. From this play, Ibsen believed about the roles of society, equality between males and females, and the idea of feminism. In the play, the main characters pretend to be someone who others would like them to be, instead†¦show more content†¦Since, she has had to work to take care of her sickly mother and two small brothers because her husband died. Then, her mother has died, and her brothers are grown up and have their own lives. Mrs. Linde is free lady now. In Henrik Ibsen’s A Doll House, even though Nora and Mrs. Linde are both brave, their attitudes toward money, their problems in their marriages, and their views on independence show that they look at life from different perspectives. Nora and Mrs. Linde are both brave women. Nora is brave because she does things typical women did not do. When Torvald was sick in the past, Nora illegally borrowed money for the trip that needed to save Torvald’s life was forced to take a loan from a rich man known as Mr. Krogstad. She told Torvald that the money had come from her father. For years, Nora has worked and saved in secret, and she slowly repaid the debt to be fully repaid. However, she is still brave, but she forged the signature in the past. Also, It is impressive that Nora was able to get the loan as Nora’s friend, Mrs. Linde, remarks â€Å"a wife can’t borrow [money] without her husband’s consent† (Ibsen 30). This implies Nora is not completely a money loving person who just follows every instruction given by her husband, but she is a brave, willing, and determined individual who does what is needed for the best of her loved ones. Additionally, when Torvald finds out of the debt and Nora’s forgery, Nora leaves the

Pet Therapy free essay sample

Pet therapy can be dated as far back as prehistory time when humans noticed that animals were not only used for food, but they were also friends and companions. Animal-facilitated therapy is one of the newer forms of medicine used throughout the nation. The origin of animal-facilitated therapy can be traced as far back as 18th century. The York Retreat, founded in 1792 by the Quaker merchant William Tuke, was cited to be the first use of animal-facilitated therapy. Instead of harsh forms of treatment, the York Retreat emphasized positive means to control behavior. Animals could be found all over the retreat, and the patients were encouraged to learn to care after them. The York Retreat is used as a model today in the form of animal-facilitated therapy (Cusack 2). The earliest form of animal-facilitated therapy in the United States was when Secretary of the Interior Franklin K. Lane suggested using dogs with psychiatric patients at St. Elizabeth’s Hospital in Washington D. C (Hooker 18). Pawling Army Air Force Convalescent Hospital at Pawling, New York introduced pet therapy in 1942. The patients were encouraged to work with many farm animals as well as engage in academic studies. Amphibians were also used from the nearby forest as pets for the patients. The patients would hold frog jumping contests and turtle races which inspired a competitive spirit and provided an educational background (Cusack 3). Pet therapy was finally considered a legitimate therapeutic use in 1961 when Dr. Boris Levinson documented his observations (Hooker 18). There are a few different classified types of pet therapy. Animal-assisted activities or animal-facilitated therapy, animal-assisted therapy, and pet-facilitated therapy are the main types of therapy used. A newer form of therapy called canine candy striping started at UCLA in 1994, has also become a popular method. Researchers are beginning to distinguish between animal-assisted activities, which are practiced in over 600 hospitals nationwide and animal-assisted therapy which is a newer discipline where dogs are used by doctors to reach a specific goal (Roosevelt 2). Studies show that animals, pets in general, make humans better people. Having a pet makes you live longer, be happier, live healthier, and more sociable (Cusack 4). Doctors, therapists, and researchers have argued the fact whether pet herapy is a healthy and effective way to treat patients. Should doctors and therapists start prescribing pets instead of medicine to their patients? The first type of animal therapy is animal-assisted activities (AAA). This therapy is performed by trained professionals with the accompaniment of animals that meet specific criteria. AAA are used for multiple patients and are more of a â€Å"s it down† and â€Å"play† time. A therapist is not sitting with the patient taking notes such as, ‘what are the patient’s actions showing’ (About 2)? Many different types of animals may be used for pet therapy. The most common ones however are dogs and cats. Hospitals and nursing homes are starting to permit the use of more animals like rabbits, small rodents such as mice and gerbils, and birds. Dogs and cats do provide the best potential for therapeutic use, but they are more expensive to groom and care for (Cusack 85-91). The most important quality of the animals used for therapy is that they should have a calm personality and they must be people oriented. Cats and small dogs are very good to use because they can fit on about anyone’s lap. A large dog would be perfect for a patient in a wheelchair so the patient could stroke its hair. Pawprints and Purrs Inc. states, â€Å"They provide an invaluable service to those who are lonely, abandoned, or ill; indeed, anyone who needs the miraculous healing that can arise from a hug and a gentle touch (2). † Animal-assisted therapy (AAT) is another method used on patients. This method does have specific goals for the patient to meet. Catanzaro lists the following four types of AAT interaction between humans and animals: 1. The â€Å"individual companion,† or the owned pet, is one who is specifically trained and placed with an individual on a full-time basis. The programs for the blind and deaf often are the first to come to mind, but animals also are placed with disabled, elderly, or chronically ill individuals. 2. â€Å"Part-time companions† include animals that are used on a â€Å"loan† basis. They may be left with a person for periods of time but are generally the responsibility of someone else. This includes pets â€Å"visiting† the elderly at home or in nursing care facilities. Some of these animals are entertainers, whereas others are friends and lovers. Most often, the pet stewards are volunteers and they and their animal have been psychologically screened, as in the Pet Partner Program of the Delta Society. 3. The â€Å"mascot† or group pet essentially resides in the therapeutic setting itself, such as a psychiatric or nursing home, a children’s ward, or a half-way house. These animals provide companionship in the broadest sense for all residents and patients. As such, they are available to everyone, including the staff. 4. Animals can be â€Å"part of the living environment,† such as seen on a working farm or residential treatment center. Here, people may interact with animals who are considered part of the community of living things—plants, livestock, horses, rabbits, poultry, dogs, cats, as well as birds and animals in the wild (40). AAT can be used in a group or with an individual, but must be performed by a health/human service professional. After each visit, the patient’s progress is measured. An example of AAT would be a physical therapist using the presence of a dog to increase a stroke patient’s ambulation skills. AAT can improve the physical, mental, educational, and motivational health of a patient (About). Pet facilitated therapy (PFT) is yet another form of therapeutic aid. Prisons, hospitals, nursing homes, and other institutions use PFT. Beck states the animal’s main objective is to â€Å"act as a bridge by which therapists can reach patients who are withdrawn, uncooperative, and uncommunicative. † Upon receiving a pet, patients show a sudden emotional reaction, showing joyfulness. After a few sessions with the pet, many of the patients will start responding to human therapists. Eventually the patient will start socializing with other people when before they had no social life (Beck161-162). Animals used as therapists in prisons, is a very effective method. The pet program usually stabilizes problem prisoners (Beck 162). In an interview with Robert Kent, superintendent of the Sanger B. Powers Correctional Center in Oneida, Wisconsin, he said, â€Å"Since our dog training program started in 1997, we’ve had 68 inmates released who were involved in the program and now one has re-offended and returned to prison. This achievement was lowered costs of prisons considering that 66 percent of inmates nationwide are recidivists (Strimple 70). The idea of using pets in prisons first came from Oakwood Forensic Center in Lima, Ohio. A prison inmate found a wounded bird on the grounds and took it in the prison to care for it. The prisoners started catching bugs for the bird to eat and they started getting along with each other. When the staff noticed that animals could be an effective way of therapy, they preformed a year long study between two wards. In one ward there were no animals, and the other ward had pets. The ward with no pets had eight suicide attempts during the year while the ward with pets required half of the amount of medication, had reduced violence, and there were no attempted suicides compared to the other ward (Strimple 72). Canine candy-striping is a new form of therapy being used in a hospital at UCLA. The program began in 1994 as just another recreational activity for patients. A former nurse, Kathie Cole, convinced the hospital that animals could lift the spirits of heart-transplant patients during the months of waiting for an organ. Roosevelt writes a story about a 65-year-old patient, hospitalized for quadruple-bypass surgery: had not moved or opened her eyes in days. Her relatives, grim-faced, stood around the bed. â€Å"They thought they had lost her,† recalls Betty Walsh, a volunteer in the intensive-care unit at the UCLA Medical Center. Then Walsh ushered in Koyla, a 145-lb. shaggy white Great Pyrenees, who climbed right up onto the woman’s bed and sn uggled against her body. Five minutes passed in silence. Then the woman’s hand moved slowly toward the dog. She began to stoke his soft, thick coat. Another five minutes passed. The woman smiled and murmured, â€Å"So lovely†¦Ã¢â‚¬  â€Å"For half an hour she kept petting him and calling him ‘my friend,† says Walsh. The whole time, I watched the blood-pressure monitor go down, down, down. † Canine candy-striping is also used at Mount Sinai Hospital in New York City for patients with brain and spinal cord injuries, at the Medical College of Virginia in Richmond for shock therapy patients, and in Texas for children recovering in burn units and to the calmer patients in Alzheimer’s wards (Roosevelt 1). â€Å"Professional therapists have come to value animals as therapeutic aids in treating simple problems like loneliness in the elderly or more complex disorders such as severe autism in children (Beck 161). Many studies have been conducted to show that pet therapy really works. An example is a study performed on a 19 year old psychotic boy who would spend most of his time in bed. Recreational and individual therapy did not improve his condition. Before receiving electroshock therapy, a therapist decided to use the companionship of a dog. Upon seeing the dog, the boy jumped out of bed a nd held it closely. When the dog left the room, the boy followed it immediately to everyone’s surprise (Beck 157-58). Patients with pets, or patients that receive pet therapy, are proven to live longer. Pets cure loneliness, especially for the elderly. Pets take their minds off of the loneliness the patient feels and offers them a sense of security and protection. Pets also give patients the will to live by providing a calm and positive environment (Pawprints 1-2). Ellen Whiteley writes about a study where out of 92 coronary patients, 11 out of 29 people without pets that were hospitalized for one year died compared to the 3 out of 53 who had pets and died. This study clearly shows that having a pet by your side, while sick, will help your condition (1). Alan Beck states the following example of a cat helping a patient Mary: The health care team at the home meets to decide which resident can derive the greatest benefit from living in the private therapy room. The current resident, Marie, was chosen because she had no family or friends, would not communicate, and remained curled in the fetal position with no interest in living. She also had sores on her legs from continual scratching. When other measures failed, she was moved in with Handsome (the resident cat). Whenever she began to scratch her legs, the cat played with her hands and distracted her. Within a month the sores were healed. She began to watch the cat and to talk with the staff about him. Gradually she invited other residents in to visit with him. Now she converses with strangers, as well as the nursing home staff, about the cat and other subjects (158). Pets have also been used with people who experience dementia of the Alzheimers Type (DAT). â€Å"According to Thomas, animals in the nursing home setting promote diversity and stimuli for meaningful interactions between and among residents, family members, visitors, and staff (Baun 44). The presence of these animals makes for more of a home and less of an institution. Research shows that companion animals actually increase socialization and decrease agitation and physiological stress on the person with DAT. In some cases, people would train a dog to warn the caregiver if the patient was doing a dangerous activity like leaving the home (Baun 48). The dangers of pet therapy are very limited. Animals that don’t meet certain criteria are not allowed into the hospital. Domestic pets are primarily disease free, but there can be occasional rabies carriers. Hospital staff and other patients are at very high risk of disease carried by animals used for therapeutic purposes. Pets can carry in fleas and other insects that could infect and pass on a deadly disease or virus to a patient (About 9). Patients might also have exotic pets such as birds or some type of reptile. These animals carry an intestinal infection called Salmonella. If a sick patient caught this disease, their chance of survival would be slim (Beck 266). All animals must go through a certain procedure first before being allowed into the hospital. They must be tested for any type of disease before acceptance into the hospital. Sometimes AAA and PFT are not beneficial to the patient. The following are some examples: when animals cause a rivalry in a group of people, when a patient becomes possessive of a visiting animal, injury may happen due to inappropriate handling, animal selection might be too dangerous, people with brain injury might provoke an animal without realizing it, some patients might think that an animal is rejecting them and make that lower their self-esteem, allergies might cause problems, the animal might lose control and attack a patient, and diseases might be passed between the animal and the patient (About 9). PFT could also be disadvantageous to the animals. Animals that keep visiting people might cause the animal to have stress (Katcher 85). In a survey posted by Nursing Standard, readers were asked the following question: Should patients in hospital be allowed visits from pets to promote recovery? Kate Chapman who is a nurse in north London gives her response: Pets occupy a treasured place in many households and the health benefits are well known. However, the diseases that animals carry are dangerous. Groups particularly at risk are older people, pregnant women, children under five, and people with a suppressed immune system. In my experience it would be impossible to find any area in any hospital that did not have at least two representatives of the above groups†¦.. If a pet’s visit can be arranged to take place outside the hospital, where it will not put others at risk, it should be allowed (1). Mat O’Connor, a nursing student at Bournemouth University, gives his opinion on the topic as well, â€Å"Many studies have shown the positive effects that pet therapy can have on the chronically ill, older people, children and people with mental disabilities. It would seem, therefore, to be a natural progression to allow patients visits from their pets or a specially trained animal (Nursing 1). Pets help people of all ages and illnesses, but perhaps pets benefit the elderly the most. The most serious disease for the elderly is loneliness (Pawprints 1). The presence of a pet can improve morale and create a sense of humor in depressed patients (Cusack 39). Animals also give the patient the will to live in a nursing home (Pawprints 2). In a study of cats by Clark Brickel, it was proven that cats help the patients keep in touch with the real world. Patients would save food from their meals to feed to the cats if they thought the cat was looking sick. Brickel says the food saving showed that the cats were a part of the patients real life. They were aware of the cats needs and changed their behavior to accommodate the cat (Cusack 39). Pets also benefit children in growing up and maturing. The animal is sometimes used as an imaginary companion or the object of a fantasy. As the child gets older, he/she starts taking responsibility for the pet. They will start feeding them and taking them on walks. Pets also help the child find their identity when growing up (Levinson 43-47). Levinson states, â€Å"When a child has a pet with which he works and toward which he expresses a wide range of feelings, he can get a better understanding of what he is like and what his strengths and limitations are (48). † Pet therapy should start being used in hospitals world-wide. AAA, PFT, or AAT, and Canine candy-striping are very successful ways of treating patients. The Pawprints and Purrs Association states, â€Å"The innocence of animals and their ability to love makes animals special. Human beings want to be part of their world, to connect with them in a mysterious and powerful way that will strengthen and nurture both humans and animals. Pawprints 3)† Studies have proven that animals can help us live healthier, longer, and happier lives (Cusack 4). Pets are fun to watch, they provide us with companionship, they give us something to care and look after for, they give us fun activities to do, they make us feel protected, they return the elderly to play and la ughter, they work as a stimulus to exercise, and they love you back. Beck quotes, â€Å"The animal loves you whether you have just won or lost your fortune in the stock market, whether you smell of perfume or soiled underwear, whether you are old and poor or young and rich, crippled or ugly.

Mine Essay Example

Mine Essay The statements of Accounting Standards (SAS) are issued by the Nigerian Accounting Standards Board (NASB) for use by all those interested in published financial statements either as preparers or users. The NASB is a thirteen member body comprising the following organisations and establishments:  ¦ Central Bank of Nigeria (CBN)  ¦ Corporate Affairs Commission (CAC)  ¦ Federal Board of Inland Revenue (FBIR)  ¦ Federal Ministry of Finance (FMF)  ¦ Federal Ministry of Commerce and Tourism (FMCT)  ¦ Nigerian Accounting Teachers’ Association (NATA) Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)  ¦ Nigerian Deposit Insurance Corporation (NDIC)  ¦ Nigerian Stock Exchange (NSE)  ¦ Securities and Exchange Commission (SEC)  ¦ The Chartered Institute of Bankers of Nigeria (CIBN)  ¦ The Institute of Chartered Accountants of Nigeria (ICAN)  ¦ The Office of the Auditor General for the Federation. Standards Issuing Procedure Pri or to the issuing of any standard, a great deal of preparatory work is required which would culminate in the publication of an exposure draft. Copies of the exposure draft are sent to members and those with a special interest in the topic. After full and proper consideration and consultation, if it is seen to be desirable, an accounting standard on the topic may then be issued. In Nigeria, the SAS has precedence over other foreign standards including International Accounting Standards (IAS). Each SAS however indicates the level of compliance with the relevant IAS. SAS 1 – DISCLOSURE OF ACCOUNTING POLICIES (Issued Nov 1984) The purpose of this statement is to assist any reader in the understanding and the nterpretation of financial statements and the information disclosed therein. Definitions Accounting method – is the medium through which accounting concepts are applied to financial transactions and to the preparation of financial statements. Accounting Basis – the totality of methods adopted by an enterprise for applying fundamental accounting concepts to its financial transactions. There are two disti nctive accounting bases: i) Accrual basis; and ii) Cash basis. Accounting Policies – accounting policies are those bases, rules, principles, conventions and procedures adopted in preparing and presenting financial statements. We will write a custom essay sample on Mine specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Mine specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Mine specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Accounting concepts identified by the standard are: Entity, going concern, periodicity, realisation, matching, consistency, and historical cost. Accounting principles are employed in applying accounting concepts are: substance over form, objectivity, fairness, materiality, and prudence. SAS 2 – INFORMATION TO BE DISCLOSED IN FINANCIAL STATEMENTS (Issued Nov 1984) This standard requires that financial statements should provide quantitative and qualitative information to aid users in making informed economic decisions. Terms and meanings Accounting information – refers to the data that are found in financial statements. Accounting Period – refers to the time span, usually one year, covered by financial statements Financial Statement – consists of balance sheet, profit and loss account or income statement, notes on the account, cash flow statement, value added statement and historical financial summary. Long term – relates to a period in excess of 12 months. General Disclosures: The financial statements of an enterprise should state: ) The name of the enterprise b) The period of time covered c) A brief description of its activities d) Its legal form and e) Its relationship with its significant local and overseas suppliers including the immediate and ultimate parent, associated or affiliated company. SAS 3 ACCOUNTING FOR PROPERTY, PLANT AND EQUIPMENT (Issued Nov 1984) This statement deals with accounting for property, plant and equipment under the historical cost concept a nd the revaluation of specific items of property, plant and equipment. Definitions Property, Plant and Equipment – these are tangible assets that: a) have been acquired or constructed and held for use in the production or supply of goods and services and may include those held for maintenance or repair of such assets; and b) are not intended for sale in the ordinary course of business. Fair Value – is the amount for which an asset could be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction. Net Book Value is the amount (historical cost or valuation) at which an asset is carried in the books less related accumulated depreciation. Useful Life – of an asset is the shorter of a) The predetermined physical life and b) The economic life during which it could be profitably employed in the operations of the enterprise. Recoverable Amount is that part of the NBV of an item of property, plant and equipment that the enterprise can recover in the future through depreciation of the item including its net realisable value on disposal. SAS 4 – ON STOCKS (Issued March 1996) This statement deals with the valuation and preparation of items of stocks including livestock and agricultural produce. Stocks include those finished goods and livestock awaiting sale, work-in-progress, raw materials and supplies to be consumed in the production of goods or the rendering of services. Livestock Two major problems are associated with the valuation of livestock, namely a) determining the actual number and their existence especially animals that graze; and b) identifying the various stages of their development The following three approaches to valuation of livestock are allowed by the standard: a. Cost approach b. Net realisable value . Appraisal value Systems of stock taking – two systems of stock taking generally in use are (i) Perpetual, and (ii) Periodic Valuation of stocks – generally, stocks should be valued at the lower of cost or net realisable value. The following methods are recommended by the standard: (a) First in, First out (b) Average cost, where it consistently approximates historical cost (c) Specific identification (d) Standard cost with the adjustment for c ost variances, and (e) The adjusted selling price method (Retail Inventory Method) The following stock valuation methods are not allowed: (a) latest Purchase Price (b) Last in, First out, and (c) Base stock. SAS 5 – ON CONSTRUCTION CONTRACTS (Issued August 1996) The main issues involved in accounting for construction contracts are the timing, measurement and recognition of revenue and the asset created during construction. Construction contract refers to the execution of building and civil engineering projects, mechanical and electrical engineering installations and other fabrications normally evidenced by an agreement between two or more parties. In practice, two methods are generally used for accounting for construction contracts, namely: a) the completed contracts method, and b) the percentage-of-completion method Several types of contracts exist including: (i) fixed sum (lump sum) contract (ii) Cost-plus a fixed rate contract (iii) Re-measure contract (iv) Variable-Price contract SAS 6 ON EXTRAORDINARY ITEMS AND PRIOR YEAR ADJUSTMENTS (Issued August 1986) The primary objectives of this statement are: a) to examine the issues involved in the determination of operating income in any given accounting period, and ) to prescribe the accounting treatment of extra ordinary and unusual items and prior year adjustments as well as their appropriate disclosure in financial statements. Definition: Exceptional Items – are those that though normal to the activity of an enterprise are abnormal as a result of their infrequency of occurrence and size e. g. abnormally high bad debts. Extraordinary items – are those that occur outside the ordinary activities of an enterprise and are not expected to recur frequently. Prior year adjustments – are items of revenue and expenses that were recorded this year but would have been recorded in a prior year or years if all the facts had been known at that time. These do not include adjustments for differences between actual and accounting estimates. Ordinary activities – of an enterprise are normal product lines or day-to-day activities. There are two types of reporting concepts namely, †¢ Current-Operating-Performance concepts, and †¢ All-Inclusive concepts A reporting entity should adopt the All-Inclusive Concept of reporting. SAS 7 – ON FOREIGN CURRENCY CONVERSIONS AND TRANSLATIONS (Issued June 1988) The primary objectives of this statement are to provide uniform accounting treatment for: a) Foreign exchange transactions and b) The translation by a Nigerian enterprise of the financial statements of its foreign branches, subsidiaries, associates, or joint ventures based in a country other than Nigeria. Definitions Foreign Currency – is any currency other than the domestic currency, the Naira. Conversion – is the process of expressing a foreign currency amount in naira by the use of an appropriate rate of exchange. Translation – is the restating of accounting balances of foreign operations at their equivalents in naira. Exchange Rate – is the rate at which the currency of a country is exchanged for the currency of another country. Some exchange rates used in practice are: i) Official Exchange ii) Spot rate iii) Closing rate of exchange iv) Forward rate Translation of the accounts of foreign operations Three main methods of translating foreign account balances are: (i) closing rate method, (ii) temporal method, and (iii) Monetary, Non-monetary method SAS 8 – ON ACCOUNTING FOR EMPLOYEES’ RETIREMENT BENEFITS (issued June 1990) The primary objectives of this statement are to narrow the differences in the methods or manner used in a) measuring the amount of retirement obligations under retirement benefit plans, b) allocating the cost of the plan and recognising resulting gains or losses to the accounting periods, and c) disclosing as accurately as possible, the plan and the effects of the plan implementation on the reporting enterprise. Retirement benefits can be determined in either of two ways, namely;  ¦ as a function of years of service and earnings as a function of accumulated contributions Retirement costs are determined using Actuarial cost methods namely: i) accrued benefit cost method, ii) projected benefit cost method Actuarial gains or losses are recognised in practice in either of 3 ways viz: i) immediate recognition ii) spreading iii) averaging SAS 9 ACCOUNTING FOR DEPRECIATION (Issued Aug 1989) This stat ement provides a guide for uniform and acceptable methods of determining and reporting depreciation on items of property, plant and equipment whether stated at historical cost or revalued amounts. Depreciation – represents an estimate of the portion of the historical cost or revalued amount of a fixed asset chargeable to operations during an accounting period. Methods for Calculating Depreciation Methods based on passage of time include: (a) straight line (b) decreasing charge (i) sum-of-the-year-digit (ii) Reducing balance (c) annuity and sinking fund Methods based on the level of usage or output are a) service hour, and b) productive output SAS 10 – ACCOUNTING BY BANKS AND NONBANK FINANCIAL INSTITUTIONS (PART 1) (Issued October 1990) This statement focuses on three main areas of concern relating to accounting practices followed by banks, namely; †¢ Income recognition †¢ Loss recognition, and †¢ Balance sheet classification Income Statement – Each principal revenue item should be stated separately in a bank’s financial statements to enable the user assess the contribution of that particular source of revenue. Balance Sheet – a bank should group its assets and liabilities in the balance sheet according to their nature and list them in order of their liquidity and maturity. SAS 11 – ON LEASES (Issued March 1991) The primary objectives of this statement are: a) to ensure that published financial statements contain sufficient information about lease transactions to make it possible for users of such statements to determine the effects of lease commitments on the present and future operations of the reporting enterprises. (b) To ensure uniform disclosure of terms and classes o f leases in financial statements. A lease is a contractual agreement between an owner (the lessor) and another party (the lessee) which conveys to the lessee the right to use the leased asset for an agreed period of time in return for a consideration, usually periodic payment called rents. Classification of Leases ) Operating lease ii) Finance or capital lease Other variants of finance or capital leases are: a) Leveraged lease b) Sales-tyoe lease c) Direct finance lease SAS 12 – ON ACCOUNTING FOR DEFERRED TAXES (Superseded by SAS 19 – Accounting for Taxes) SAS 13 – ON ACCOUNTING FOR INVESTMENTS (Issued Nov 1992) The statement focuses on three main forms of investments, namely (a) Short-term investment (b) Long-term investments, and (c) Investment properties Investments are assets acquired by an enterprise for purposes of capital appreciation or income generation without any activities in the form of production, trade, or provision of services. Valuation Short-term investments should be valued at the lower of cost and market value. Long-term investments should be carried at cost or at a revalued amount Investment properties should be carried in the balance sheet at their market value and revalued periodically an a systematic basis at least once in every three years SAS 14 – ACCOUNTING IN THE PETROLEUM INDUSTRY: UPSTREAM ACTIVITIES (Issued Dec 1993) This statement deals with accounting and reporting for upstream activities. It does not cover the downstream activities. Upstream activities involve the acquisition of mineral interest in properties, exploration (including prospecting) development, and production of crude oil and gas. Oil and gas producing activities involve costs which may be classified as: (a) mineral right acquisition costs (b) exploration and drilling costs (c) development costs (d) production costs (e) support equipment and facilities costs, and (f) general costs Oil and Gas Accounting Methods Two basic accounting methods in common use are the Full cost and the Successful Efforts methods. A third method known as Reserve Recognition Accounting (RRA) allows an enterprise to recognise the value of proved oil and gas reserves as assets and changes in such reserve values as earnings in the Financial Statements. This method is however not in common use and is not recommended. SAS 15 – ON ACCOUNTING BY BANKS AND NONBANK FINANCIAL INSTITUTIONS (PART II) (Issued Dec 1996) This statement seeks to provide a guide for accounting policies and accounting methods that are to be followed by non bank financial institutions as: Finance Houses/Companies  ¦ Bureaux De Change  ¦ Mortgage Institutions  ¦ Discount Houses  ¦ Stock Brokerage Firms ; and  ¦ Other Capital Market Operators SAS 16 – ACCOUNTING FOR INSURANCE BUSINESS (Issued Dec 1997) This statement establishes financial accounting and reporting standards for the financial statements of nonlife and life assurance undertakings. The business of insurance can be broadly divided into two categories: (a) General Insurance Business (non life) (b) Life Assurance Business (long term business) Basis of accounting for Insurance transaction include:  ¦ Annual Accounting  ¦ Deferred Annual accounting, and  ¦ Fund accounting General insurers are required to adopt the annual basis of accounting. Where it is not possible to determine underwriting results with reasonable certainty until the following accounting period, the deferred annual basis should be adopted. Life assurance business should be accounted for on the fund accounting basis. Balance sheet – both general insurers and life assurers should arrange their balance sheet items in order of liquidity. SAS 17 – ACCOUNTING IN THE PETROLEUM INDUSTRY: DOWNSTREAM ACTIVITIES (issued Dec 1997) This statement provides guide on accounting practices and reporting formats to be followed by companies operating in the downstream sector of the Nigerian Petroleum Industry. Downstream activities involve transporting, refining and marketing of oil, gas and derivatives. Such companies include those engaged in:  ¦ Refining and petrochemicals  ¦ Marketing and distribution; and  ¦ Liquefied Natural Gas SAS 18 – ON STATEMENT OF CASH FLOWS (Issued Dec 1997) This standard requires that a statement of cash flows should be part of the financial statements prepared by an organisation. It replaces the statement of source and application of funds required by SAS 2. Definitions Cash – comprises cash in hand and demand deposits, denominated in Naira and foreign currencies. Cash Equivalents – are short term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Generally, they are within three months of maturity. Cash flows – are inflows and outflows of cash equivalents There are two methods of preparing a statement of cash flows: 1) Direct method; and 2) Indirect method Classification of cash flows The standard requires that cash flow items be classified under the following headings:  ¦ Operating activities  ¦ Investing activities; and  ¦ Financing activities. Interest paid, dividend paid and other distributions to owners should be classified as cash flows from financing activities while interest received and dividend received should be classified as cash flows from investing activities except where the investor-company has significant control over he investee company and holds at least 20% of the equity. In such cases, dividends received should be classified as cash flows from operating activities. SAS 19 Accounting for Taxes (Issued December 2000) This Statement replaces the Statement of Accounting Standard No. 12. SAS 19 – Accounting for Taxes covers taxes on business organisations including Companies Income Tax, Petroleum Profit Ta x, Capital Gains Tax, Value Added Tax and Education Tax. The Statement does not cover Customs and Excise Duties and Royalties. Key Definitions Deferred Tax is the tax (liability or asset) attributable to timing differences. Input Tax (VAT) is the tax paid on goods and services purchased. Output Tax (VAT) is the tax collected by a taxable person from other parties for goods and services supplied. Permanent Differences are differences between taxable and accounting income, for a period, that are not expected to reverse in subsequent periods. Tax Expense/Tax Income is the total of current and deferred taxes charged against or credited to the income of the accounting period. Temporary Differences are the differences between the amount an asset or a liability is carried in the balance sheet and its tax base. Timing Differences are differences between the accounting income and taxable income which arise because the periods in which some items of revenue and expense are included in accounting income differ from the periods in which they are included in taxable income. Such differences originate in one period and are expected to reverse in one or other subsequent periods. Bases of providing for deferred taxes nil provision basis; partial provision basis; and full provision basis. Methods of computing Deferred tax deferral method (FIFO or Average) liability method Presentation in financial statements There are two major methods of presenting tax effects of timing differences in the financial statements: net-of-tax method (prohibited) separate line item method (permitted) Investment income should be accounted for at gross amounts and the tax withheld at source should be deducted from the tax payable. Deferred taxes should be computed using the liability method Only the timing differences that are expected to reverse during the period allowed by the tax law should be considered in computing deferred taxes for treatment either as an asset or as a charge to the deferred tax account. Full provision should be made for deferred taxes. Deferred taxes relating to ordinary activities should be shown as part of the tax on profit or loss resulting from ordinary activities. Deferred taxes relating to extraordinary items should be shown as part of the tax on extraordinary items. Capital gains tax should be included in the tax expense for the period. Where capital gains tax relates to a disposal treated as an extraordinary item, it should be stated as a deduction from the item. Where non-recoverable VAT in respect of an expense item should be expensed. Where a non-recoverable VAT is paid in respect of an item of fixed asset, the VAT should be capitalised as part of the cost of the fixed asset. The net amount owing to or due from the tax authority should form part of debtors or creditors. Where recoverable VAT remains consistently outstanding for three years, it should be fully provided for. Output VAT should be excluded from the turnover shown in the profit and loss account. Disclosure Requirements The following components of tax expense (income) should be disclosed by way of notes: Company income tax; Petroleum profit tax; Capital gains tax; Education tax; and Deferred tax. Taxes on extraordinary items and prior year adjustments Deferred tax balance should be presented in the balance sheet separately in the case of liability, between long term and current liabilities and in case of assets, between fixed and current assets. Movements in tax accounts should be shown as follows: Current Taxes balance at the beginning of the peri od; tax charge or credit for the period; payments made during the period; tax credits received during the period; and balance at the end of the period. Deferred taxes balance at the beginning of the period; current year provision (reversal); and balance at the end of the period. TUTORIAL NOTE ON DEFERRED TAXATION – SAS 19 IAS 12 (Revised) Background The amount of tax payable in any particular period does not necessarily bear a direct relationship to the amount of profit or loss shown on the income statement. This is because the tax laws provide for the computation of the taxable income for a period based on rules different from the generally accepted accounting principles followed while preparing the income statement. In order to account for the tax effects of all transactions occurring within a period, a deferred tax asset or liability (as appropriate) is usually recognise. This is in line with the matching concept. Key Terms Deferred Tax Liabilities are the taxes payable in future accounting periods attributable to timing differences. Permanent Differences are differences between taxable and accounting income, for a period, that are not expected to reverse in subsequent periods. Tax Expense/Tax Income is the total of current and deferred taxes charged against or credited to the income of the accounting period. Temporary Differences are the differences between the amount an asset or a liability is carried in the balance sheet and its tax base. Temporary differences may be either taxable differences or deductible differences. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Timing Differences are differences between the accounting income and taxable income which arise because the periods in which some items of revenue and expense are included in accounting income differ from the periods in which they are included in taxable income. Such differences originate in one period and are expected to reverse in one or other subsequent periods. While all timing differences are temporary differences, not all temporary differences are timing differences. Bases of Providing for Deferred Taxes The objective of providing for deferred taxes is to ensure that the tax expense reported in an income statement of a particular period reflects the tax effects of transactions included in the accounting profit/loss of the period. Permanent differences are not taken into consideration as they do not affect other periods. In providing for deferred taxes, three major bases are commonly in use. These are: nil provision basis; partial provision basis; and full provision basis. Under the nil provision basis, the tax effects of timing differences are ignored completely. Only the tax payable in respect of the accounting period is charged to income in that period and no provision is made for deferred taxes. Proponents of this basis hold the view that since tax liability arises only on taxable income and not on accounting income, there is no need to provide for deferred taxes. However, this practice is not recommended because it could understate or overstate the tax expense for the period. Under the partial provision basis, the tax effects of some timing differences are excluded from the computation of deferred taxes when there is reasonable evidence that those timing differences will not reverse for some considerable number of years. Supporters of this basis argue that deferred tax has to be provided for only where there is a high probability that the tax will become payable as a result of the reversal of timing differences. Opponents of this basis argue that the current deferred taxes will reverse. It may only be replaced by other originating differences in future. This practice is also not recommended because the amount of the provision is subjective. The full provision basis takes into account all the timing differences. Proponents of this basis submit that financial statements of a particular period are expected to recognise the tax effects of all the transactions occurring in that period. Opponents of this basis argue that there is the problem as to whether, and why, distant and contingent possibilities of paying greater tax in the future should be recognised now as liabilities in the account. This practice is prudent and acceptable internationally and is the basis required by SAS 19. Methods of Computation The tax effect of a timing difference is computed as the difference between the tax computed after taking into account the transaction(s) giving rise to the timing difference and the tax computed without including such transaction(s). There are two methods of computing deferred taxes: deferral method liability method Deferral Method Under this method, deferred taxes are determine on the basis of the prevailing tax rates when the timing differences originate. No adjustments are made later to recognise subsequent changes in tax rates. Reversals of the tax effects of timing differences are accounted for using the tax rates current at the time the differences arose. In practice, the rates used may be either an average rate to date, or a rate determined through the first-in-first-first-out approach. A basic argument against the deferral method is that the balance of deferred taxes may not represent the actual amount of additional taxes payable or recoverable in the periods that timing differences reverse. Liability method Under this method, the amount of deferred tax is computed using the tax rate expected to be in force during the period in which the timing differences reverse. Usually, the current tax rate is used as a reasonable estimate of the future tax rates, unless changes in tax rates are known in advance. As a result, the deferred tax provision represents the best estimate of the amount which would be payable or recoverable if the relevant timing differences reverse. Thus, the difference between income tax expense and income tax payable for the period is directly adjusted on the deferred tax balance. When accounting for timing differences results in a debit balance, and there is reasonable expectation of its recovery, it is usually carried forward as an asset. Presentation in Financial Statements There are two major methods of presenting tax effects of timing differences in the financial statements: net-of-tax method separate line item method Net-of-Tax-Method Under this method, the tax effects of timing differences (determined by either the deferral or liability method) are not reported separately; instead, they are reported as adjustments to the carrying amounts of specific assets or liabilities and the related revenues or expenses. Although this method recognises that the values of assets and liabilities are affected by tax considerations, it fails to distinguish between transactions and their tax effects and thus it is not recommended. Separate Line Item Method Under this method, the tax effects in the financial statements are shown separately from the items or transactions to which they relate. The main advantage of this method is that it distinguishes between an item and its tax effects. Disclosure Requirements The major components of tax expense or income shall be disclosed separately  ¦ the amount of deferred tax expense (income) relating to the origination and reversal of temporary differences  ¦ the amount of a deferred tax asset and the nature of the evidence supporting its recognition  ¦ an explanation of changes in the applicable tax rate(s) compared to the previous accounting period  ¦ an explanation of the relationship between tax expense (income) and accounting profit (i. e. econciliation o f effective to statutory tax rate)  ¦ the aggregate current and deferred tax relating to items that are charged or credited to equity  ¦ the amount of deferred tax expense (income) relating to changes in tax rates or the imposition of new taxes DEFERRED TAXES – Points to Note  ¦ Deferred taxes should be computed using the liability method  ¦ Only the timing differences that are expected to reverse during the period allowed by the tax law should be considered in computing deferred taxes for treatment either as an asset or as a charge to the deferred tax account.  ¦ Full provision should be made for deferred taxes (Full basis). Deferred taxes relating to ordinary activities should be shown as part of the tax on profit or loss resulting from ordinary activities.  ¦ Deferred taxes relating to extraordinary items should be shown as part of the tax on extraordinary items.  ¦ Deferred taxes, other than those relating to extraordinary items or prior year adjustments, sh ould be shown separately from the items or transaction to which they relate.  ¦ Deferred tax balance should be presented in the balance sheet separately in the case of liability, between long term and current liabilities and in case of assets, between fixed and current assets. The tax effect relating to the increase in the carrying value of a revalued asset should be determined and charged or credited directly to equity. SAS 20: Abridged Financial Statements (Issued Dec 2001) The primary objectives of this Statement are to: specify the minimum contents of Abridged Financial Statements; standardise formats for presentation of Abridged Financial Statements; and improve comparability and usefulness of Abridged Financial Statements. Abridged Financial Statements should carry a declaration that: a) they are abridged financial statements; ) the financial statements and the specific disclosures included in them have been derived from the full financial statements of the company; c) the abridged financial statements cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the organisation as the full financial statements; and d) copies of the full financial statements can b e obtained from the Registrars of the company. A company whose financial statements for a period are qualified by its auditors should not publish Abridged Financial Statements for that period. Abridged Financial Statements must include the following as in the full financial statements: a) accounting policies; b) profit and loss account for the financial year; c) balance sheet as at the end of the financial year; d) statement of cash flows for the financial year; e) notes in relation to exceptional and extraordinary items; f) five-year financial summary; and g) any other information necessary to ensure that the abridged financial statements are consistent with the full accounts and reports for the year. Other information to be included in an abridged financial statements are: a) Notice of Annual General Meeting; b) Names of Directors during the year and their shareholdings; c) Report of the Audit committee which should confirm that the auditors report is unqualified; d) Financial highlights (Result at a glance); and e) Dividends paid or proposed and dates of payment. Disclosure  ¦ Material events occurring after the balance sheet date; and  ¦ Where there is a change in accounting policy or estimates  ¦ Informatio