A pllace without people

There is no denying the fact that a place without people is very much intricate to speculate and to find out such place devoid of human habitats. It seems to be absurd to discover a place where there is no hue and cry of humans. We can discover such places like desert, hilly area and the islands in the middle of the deep sea where there is rare chance of getting humans living with one another. We can describe them as a top mountain, diving in the sea beds, digging the way through mines and caves, stomping pig-headedly through snow covered landscape and in the middle of barren arctic regions where the people find life-threatening difficulty to survive upon such unusual and unethical neighborhoods. In accordance with the theory and concept of Robert H. Haynes, York University, Toronto, Canada, the people in Mars can live in uncongenial places in two divergent ways, one is by altering the local environment, or by carrying an appropriate ‘environment’ with them. Desert irrigation for agricultural development is an example of the first, while the life-support systems of cosmological landing modules, or circumnavigating space stations, epitomize the second approach of endurance. The concluding devices cannot be populated indefinitely; for lengthy stays the crews sooner or later become dependent on resupply missions from Earth. Recently, the President of the United States called for the establishment of bases for astronauts on the moon and Mars. The first human outposts in space will, of necessity, be of the second kind, even though some local resources may be exploited by their occupants. Human settlements on other planets can become fully and permanently independent of Earth only of these distant environments are transformed to provide Earth-like living conditions and a local agriculture. Despite so many places where people are struggling and researching to explore place for the survival of humans. Specifically, the NASA scientists are day and night trying to find out places on the planets and the satellites. Nowadays, the people are thinking and expecting to live on the moon and the MARS because of postulates from the end of the scientists are predicted every time. In this civilized world. The abyss may be of such instance where the people can think to live there with required chastity and wealth whatever little is needed for the services of humans. The abyss is the deepest and most unexplored part of the Earth’s seas and oceans. It is where no sunlight ever penetrates, no sounds are heard and no human thoughts are floating about. For this reason, survival for humans is never possible in such place without people. The world is full of mystery where there is ragged mountains and uneven land, even in some places there exists perils of life, In some are, life seems to be hazardous to survive on earth because, human efforts are continuous flow so far the land needs to be beautified and smooth. The paddy field is unsuitable for humans to survive and similarly, in the woodland, humans can build their castles to live with society, friendship and love. In the Mars, the scientists all over the world has been striving to find out ways to the survival of humans and according to the research work carried out by NASA scientists, Mars might be the habitats where the necessary elements are available. It is a surprising note to ponder over that this planet is as like as the earth where the necessary growth and the developments of the environment are possible to be explored. Life is a terrestrial marvel, but the earth is the only alive planet in the solar system. Plants and animals are communally reliant on products of Earth’s global ecosystem – the biosphere. All are intricately coupled with each other, and with land, oceans and air by the recycling of water, carbon, oxygen, nitrogen and other inorganic materials needed to maintain life. Humans also are component parts of this complex, ever-changing but to some extent self-regulating, biochemical system. We are exotic products of a planetary engine originally set in motion, and continuously fueled, by energy from the sun. On other planets, high and low extremes of atmospheric temperatures and pressures, lack of free oxygen and liquid water, high concentrations of toxic gases, and deadly radiation levels variously preclude the existence of life. Though presently barren, Mars, nonetheless, is a bio-compatible planet. Its unalterable physical characteristics (e.g. size, density, gravity, orbit, rotation rate, incident sunlight) and its possible chemical resources are remarkably consistent with life. Indeed, it was the hope that organisms might be found on Mars that made life-detection the top priority for NASA’s Viking missions in 1976. However, all of the ingenious biological experiments carried out by the two robotic lander gave negative results. The Viking data did divulge that the ecological surroundings on Mars are more severe than ever had been illusory. At the two ‘temperate zone’ landing sites, local temperatures unveiled wide daily disparity averaging 60 degrees below zero Celsius. The atmospheric pressure was found to be very low, just over six millibars, which is less than one hundredth of that at Earth’s surface. This thin atmosphere consists of 95% carbon dioxide and 3% nitrogen, with only trace amounts of water vapour, oxygen and other gases. There is no protective ozone layer to shield the planet from the ultraviolet radiation emitted by the sun. Most astounding was the nonappearance from the soil of any demonstrable carbon-based molecules, the building blocks of life. Even though such materials arrive on Mars in meteorites, they are subsequently destroyed, at least on the surface of the planet. Thus, any organisms which might arrive there unprotected today would be freeze-dried, chemically degraded, and soon reduced to dust. It would not be thinkable to ‘seed’ Mars just by sprinkling bacteria over its surface. Notwithstanding its presently hostile environment, Mars did once possess a great northern ocean and substantial quantities of flowing water, together with a thick, mostly carbon dioxide, atmosphere. These conditions may have persisted long enough for early stages of chemical and cellular evolution to have occurred. It is largely for these reasons that some scientists have begun to consider whether Mars might ultimately be returned, by human intervention, to a habitable state. A major uncertainty in these discussions is whether there remains on Mars today adequate amounts of carbon dioxide, water and nitrogen to allow such a planetary-scale transformation. If most of Mars’ original endowment of these materials has been lost to space, then the regeneration of a habitable state would be impossible. Preliminary studies have shown that if the surface crust and polar caps of Mars still possess sufficient and accessible quantities of carbon dioxide, water and nitrogen, and if acceptable planetary engineering techniques can be devised to initiate planetary warming and release these volatile materials from their geological reservoirs, then Mars could support a stable and much thicker carbon dioxide/nitrogen atmosphere than it does at present. This atmosphere would be warm and moist, and water would flow again in the dried up river beds. The average temperature at the surface would rise to about 15 degrees Celsius and the atmospheric pressure would be roughly twice that on Earth. Appropriately selected, or genetically engineered, anaerobic microorganisms, and eventually some plants, could grow under these conditions. If future exploration reveals that the necessary volatiles are indeed available then a new home for life might someday be created on our sister planet. The creation of a self-sustaining ecosystem, or biosphere, on a lifeless planet is called ecopoiesis, a new word which means ‘the making of an abode for life’. On Mars, as was the case on Earth, the earliest biosphere would most likely have to consist of localized microbial ecosystems growing and developing under anaerobic conditions. It is hopped in future that humans may start living there as the space of the earth would have been reduced in course of time, deterioration and cumbersome motion of the factors controlling the surface of the landscape in question. Obviously, this would not provide an environment in which animals or humans could survive outdoors. All oxygen-dependent organisms transported to Mars would have to remain enclosed in life-support modules or appropriate protective gear. The word ‘terra formation’ is used to describe the formation of specifically Earth-like, aerobic conditions on planets. Such a salubrious environment is only one of many possible long-term and not necessarily inevitable, outcomes of ecopoiesis. If we consider the spontaneous development of Earth’s biosphere as a model for what might be achieved by design on Mars, terra formation would have to be initiated subsequently to ecopoiesis. If we restrict our speculations to plausible, near-term technologies, the time periods required to carry out ecopoiesis and terra formation on Mars are very different. If suitable volatile inventories exist, the thick, warm atmosphere described above might be generated in as little as 200 years. However as per statistics approximately 100,000 years would be required if an oxygen atmosphere was to be produced as efficiently as it was on Earth, that is, by microbial and green plant photosynthesis. However, it remains possible that presently unimagined, futuristic technologies could be developed to shorten these time estimates considerably. For many people, including some leading scientists, talk of humanly initiated ecopoiesis and terra formation sounds more like science fiction than any justifiable program in space research. The obstacles posed by present conditions on Mars, quite apart from the costs entailed, seem almost insurmountable. In addition, the prospect of ecopoiesis, as a long-range objective for civilian space agencies, raises many unresolved philosophical, political and even legal questions. For instance, do humans have any right to ‘play God’ on another planet? Migration and the colonization of initially in hospitable environments has been one of the most astonishing historical features of biological evolution. The first living cells were formed at least 3.8 billion years ago, presumably in the darker reaches of the primeval, anaerobic seas. At that time much of Earth’s surface environment, and certainly its land areas, would have been extremely hostile, if not downright lethal, to most of the organisms which flourish here today. However, in an amazing biotic diaspora, microorganisms, followed by plants and animals, migrated from marine to fresh water environments and then onto the initially barren land. None of this would have been possible were it not for the evolutionary development, by living cells, of the ‘technology’ of photosynthesis. Essentially all of the free oxygen (and the resulting ozone shield) in Earth’s atmosphere was, and is, generated by photosynthesis. Even though oxygen is poisonous to most anaerobic organisms, its accumulation in the atmosphere created the conditions necessary for the flowering of aerobic life as we know it today. Conceivably though, there are also subterranean psychological and biological explanations for seeking to brighten Mars: such a vast innovativeness would unquestionably be trustworthy with the Promethean myths of many cultural traditions and the proliferative imperative that stimulates life itself. The slow, chancy processes of genetic variation, natural selection and species diversification have made possible the dispersal of nonhuman life across the globe. In contrast the migration and dispersal of Homo sapiens has not entailed any significant biological progression, and certainly no speciation, ever since the emergence of ‘modern’ humans with linguistic and tool making capabilities about 100,000 years ago. Rather, it has been the amazingly rapid and efficient processes of social and technological evolution which have facilitated the propagation of our species, across every continent, and most recently into space .In 1969 astronauts first set foot on the moon. If all goes well, others are scheduled to arrive on Mars in 2019. Against this background it is not just an indolent delusion to imagine that people might yet “slip the surly bonds of Earth” to pioneer new habitats in the sky. Further exploration of Mars may well reveal that ecopoiesis is realistic on that planet. Such a discovery would provide future generations with an incredible task in life and a white-knuckle vision of the role of civilization as a participant in formation of a new landscape in the Mars tentatively.

The concept of regional integration

Before making an analysis on the specific case of SAARC as a regional integration process, we can highlight the connotation of region and regional integration which is significant in this context. There is no denying the fact that on collective research regions are used in shorter sense having encountered external cooperation among regions in the field of trade, commerce, economics, export and import. But regional integration may be used in broader sense as because integrations is needed in order to maneuver the basic cooperation system in relation to the relevant regions in which the respective fields of regions are settled down virtually. Regional integration has become a very common way of co-operation among states in present day international relations. Generally a 'region' is an area where some geographically proximate states join together to achieve their common objectives. As I mentioned earlier, in the present time more or less every nation-state, strong or weak, is a member of a regional system. But there are some states which exist on the borderline between two regions. That is one of the reasons for those states not joining in any regional co-operation arrangements. Although geographical considerations are an important factor for the formation of a region, other factors-for example, social, economic, political, historical, and improvisational - are also important. So we can say that a region consists of two or more proximate states and interacting states which have some common ethnic, linguistic, cultural, social, and/or historical bonds, and whose sense of identity is sometimes increased by the actions and attitudes towards those of states external to the region. The member states of SAARC are geographically proximate with each other. These states have something in common. For example, they have some common social and historical bonds. These states have common colonial past. Those states (for example Nepal) who were not under colonial rule have also been influenced by that rule owing to geographical proximity with India. There is some cultural commonality among the SAARC states. But where the region ends-for example, on the eastern side-Burma is neither a member of SAARC nor yet of ASEAN. On the western side Afghanistan neither belongs to the Middle East nor to the South Asian group. These states exist on the borderline between two regional systems.

Ananya, a symbol of silent world

She walks past alone at dead of night
To have the color of darkness
Along the shadow of the cloud,
 As if the shades of the leaves;
Fallen on the beds laden with herbs.
She is strange by her courage
 To move like the owls to guard
To protest the tyranny of the earth.
In motion to capsize the haze
In the middle of the day's burnt child
To clear off overnight the beams
On the bone mixed with blood.
Her mother sometimes overflows
Like the water and the flowing oceans
To ripen the strafe she holds
In her every gesture.
Like the sweet voice in the dreams
As if beckoning someone to push in horror
She never fears and proceeds to back loads
She confronts and washes her head all the time
She is the harbinger of truth all the time
She lives thus to respond the call
 Around the globe to murmur the song
I love the world herein after;
Despite sorrows and affliction a grace
To snatch fortune by fraternity and love.

Adverse effects of using Mobile Phone

Adverse effects of using Mobile Phone

There is no denying the fact that Mobile phone has been an integral part in modern day techniques in real life situation. It is a machine that controls the world in view of its multiple uses in respect of education, commerce, technology, communication, sports and games and it has outstanding role in socioeconomic conditions of a country. It is useful irrespective of castes and creed and as such it may be reflected as an important tool for planning and controlling activities in setting up communication linkage for business and multifarious activities in the world. Besides, in the field of science and technology, the children can easily find interesting topics which help them to learn many unknown discoveries and inventions.

 Suffice it to say that the students and teachers are tempted to use mobile phones for its outstanding peripheral system as they can browse after browse to know the unknown as there exists a wide range of knowledge preserved in different web pages throughout the globe. Mobile phone is being used by the teenagers as it helps them as a mood of entertainments. Internet is connected with the mobile phone and in this context, the children can have rest and recreation by spending time by observing cartoons and computer games. Such activities are helpful to flourish the merits and hardihood of the children. The parents can come to learn about the whereabouts of the children and as such the children can communicate with their parents if they are far away for any unforeseen reason.Besides, the parents feel frustrated if their children are found disinterested in studies. It is clear from the viewpoints of the children they are being addicted with mobile phone as they are influenced by their Facebook fans through the Internet connected with Mobile phone.

 In view of the above, it is evident that mobile phone needs to be banned in public places. In class room when the mobile phone is heard ringing. the whole class is disturbed. In a prayer room. if it is activated, others are disturbed. From the sensitive place, mobile phone need not be used as does not serve its purposes. We should utilize the mobile phone according to the merits of the case where it is applicable. Mobile phone should not be used in class room where the teachers and other students feel disturbed.

The amazing pet

The bird looks beautiful by its gloomy look As if it has inner feeling It can talk and dance; It knows the movement of the people. It knows her master For food and drink, it beckons By her head noodling and uprising her leg. The bird is parrot not being ordinary But her spiritual feelings of love and trust It shouts when the sparrow tries to snatch her food It can dance like the dancing of a snake as if the lion does upon the foes The parrot looks green But the rays of the sun burn always itself It memorizes the past, present and future ahead It can swing and sprinkles with the birds outcries. One bird disappears as it is discovered in the dawn It was falling like the dead But it was alive when someone pushes strictly Inside of the cage where the bird stood fearfully It was snatched but recovered By its paws and sharpened teeth.

India's political prince battles criticism

There is no denying the fact that the golden boy of Indian politics may be losing some of his sheen in the sense that he was only one personality who has explored the mystery of the common people. He had no pride in his mind and as an ideal leader he has behaving with the people irrespective of castes and creed. He had never thought that he was a child of Sonia Gandhi and his father was Rajib Gandhi. In present world, Rahul Gandhi has won the mind of the people by virtue of his courage and hardihood. Rahul Gandhi — the son, grandson, and great-grandson of Indian prime ministers — has used up years positioning himself to grab hold of what is more or less seen as his inheritance and win charge of the country.

It is interesting to note that it has been alleged that Rahul has instigated the farmers against the decision made under the enactment of Indian Government. But a series of electoral setbacks, an embarrassing Leaks revelation and his accusation, without proof, that police killed and raped protesting farmers in an opposition-led state has left some questioning whether Gandhi has the skill, experience or discipline to lead India. A newspaper editorial titled "Rahul in Blunder land," illustrated Gandhi as a opinionated amateur stumbling from faux pas to gaffe, while party leaders go behind him irritating to repair the damage. Political opponents have begun calling him "the former future prime minister." A stalwart of his Congress party called for his sister, Priyanka, to jump back into politics to lend a hand rescue the family's birthright. "He's been under mammoth strain," said Aarthi Ramachandran, who is writing a book on Gandhi. "There has been logic that the Rahul Gandhi brand of politics is not going anywhere." Gandhi, who bears no relation to peace icon Mohandas K. Gandhi, grew up as the fawned-over heir to India's version of the British monarchy or America's Kennedy era. The family patriarch was Jawaharlal Nehru, a hero of the struggle for independence from British rule who became India's first prime minister.

Nehru's daughter, Indira Gandhi, later took power, followed by her son Rajiv. Both were killed in political assassinations. Rajiv's Italian-born widow, Sonia, then took over the Congress party, becoming India's most powerful politician and setting the stage for her son to eventually take up the family mantle. It is important to mention that, when Congress won the 2004 election, she gave the prime minister's post to Manmohan Singh, a treasured economist of partial political ambitions. He steered the country to record growth, but since his 2009 re-election, Singh has been seen as more of a regent, running the country while Rahul Gandhi gained the experience and stature to assume command. Earlier this month, Gandhi shook off most of his security detail, hopped on the back of a motorcycle and rode out to join a farmers' protest over land rights in the opposition-ruled state of Uttar Pradesh, which has an election next year. The maneuver cast him as a man of the people and brought national attention to the protests against the state's chief minister, a political rival. He even managed to get himself briefly arrested, a rite of passage for Indian political leaders. Source: http://www.shvoong.com/society-and-news/news-items/2168406-india-political-prince-battles-criticism.

A rocket accident

There is no denying the fact that the Norwegian rocket incident or Black Brant scare talk about to a few minutes of post-Cold War nuclear tautness that took place on January 25, 1995, more than four years after the end of the Cold War. The incident started when a team of Norwegian and American scientists launched a Black Brant XII four-stage sounding rocket from the Andøya Rocket Range off the northwest coast of Norway. The rocket, which carried equipment to study the aurora borealis over Svalbard, flew on a high northbound trajectory, which included an air corridor that stretches from the North Dakota Minuteman-III silos all the way to Moscow, eventually reaching an altitude of 1,453 kilometers (903 mi). Nuclear forces in Russia were put on alert, and the nuclear-command suitcase was brought to President Boris Yeltsin, who then had to decide whether to launch a nuclear barrage against the United States. Notably, there is still no clear and direct confirmation that the trajectory of the rocket was taken by mistake, caused by computer or other technical failure. One version of events persists: Using the allies' facilities, the US were testing the Russian early time detection systems and response policies, since the status of the Russian defensive-offensive capacities was considered to be at least questionable after the collapse o Detection As the rocket climbed, it was detected by the Olenegorsk early warning radar station in Russia. To the radar operators, the rocket appeared similar in speed and flight pattern to a U.S. submarine-launched Trident missile, leading the Russian military to initially misinterpret the rocket's trajectory as representing the precursor to a possible attack by missiles from submarines. EMP rocket scenario One possibility was that the rocket had been a solitary radar-blocking electromagnetic pulse (EMP) rocket launched from a Trident missile at sea in order to blind Russian radars in the first stage of a surprise attack. In this scenario, gamma rays from a high-altitude nuclear detonation could create an EMP wave that would confuse radars and incapacitate electronic equipment. After that, according to the scenario, the real attack would start. Post-staging After stage separation, the rocket launch appeared on radar similar to multiple re-entry vehicles (RVs); the Russian control center did not immediately realize that the Norwegian scientific rocket was headed out to sea, rather than toward Russia. Tracking the trajectory took eight of the ten minutes allotted to the process of deciding whether to launch a nuclear response to an impending attack (Trident submarine missiles from the Barents Sea could reach Russia's mainland in ten minutes). Response This event resulted in a full alert being passed up through the military chain of command all the way to President Boris Yeltsin, who was notified immediately and the "nuclear briefcase" (known in Russia as Cheget) used to authorize nuclear launch was automatically activated. It is reported that President Boris Yeltsin activated his "nuclear keys" for the first time in his tenure. No warning was issued to the Russian populace of any incident; it was reported in the news a week afterward. As a result of the alert, Russian submarine commanders were ordered to go into a state of combat readiness and prepare for nuclear retaliation. Russian doctrine reportedly allowed Yeltsin ten minutes from the time of detection to decide on a course of action. Russian observers were quickly able to determine that the rocket was heading away from Russian airspace and was not a threat. Reports differ greatly as to whether or not Yeltsin came close to authorizing an attack, but the general consensus is that Yeltsin was able to conclude that there was no basis for attack, and therefore no danger. The rocket fell to earth as planned near Spitsbergen 24 minutes after launch. Prior notification The Norwegian and American scientists had notified thirty countries including Russia of their intention to launch a high-altitude scientific experiment aboard a rocket, however the information was not passed on to the radar technicians. Following the incident, notification and disclosure protocols were re-evaluated and redesigned. In view of the above, the Norwegian incident was a symbol of cold war which had flabbergasted the world not to involve in physical war in order to avoid destruction, huge loss of property and energy of the state mechanism. In order to realize the people about the power and strength of the Rocket lancer, such cold war was inaugurated but it was a challenge against the modern scientist was handling such phenomena at that time. Source: http://www.shvoong.com/society-and-news/news-items/2233285-norwegian-rocket-incident/#ixzz3FZVRVVrC

The Significance of Accounting Conventions

The Significance of Accounting Conventions

In regard to the fundamental accounting concepts, there are also accounting conventions. Of these the most important and widely used is the historical cost convention.

 Historical cost convention: The historical cost convention refers to the value at which items are recorded in the accounts. Historical cost is the cost in cash terms paid for an item. Most sets of accounts are prepared this way because it is easiest to understand, simplest to record and preserves the double entry with cash.

Current cost convention: In inflationary environments, the use of the historical cost convention produces exceptional results where an entity might have substantial assets but these are carried at a very low value in the accounts.

To address this problem a number of conventions have been developed to include the effect of inflation in the accounts. These conventions are all quite complex and difficult to apply and are not considered further in this course.

Cost or valuation: More common is a form of modified historical cost convention where most assets are carried at historical cost but some are revalued from time to time. The most common assets for this type of treatment are current financial assets and certain types of property. Concepts of value – fair value, value in use, carrying value. While identifying these matters, it is relevant to consider some terms which accountants use to approach the question of value.

The term fair value is generally taken to be similar to “market value” – what an asset might be sold for assuming a sale to a willing third party at arm’s length, for the asset in its present condition.

Value in use is the value to the entity of the future use of the asset. This might often be more than market value and carrying value. Carrying value is the amount at which the asset is being carried in the accounts from time to time. 

The Importance and Purpose of Commercial Accounting

The Importance and Purpose of Commercial Accounting

In regard to the fundamental accounting concepts, there are also accounting conventions. Of these, the most important and widely used is the historical cost convention. Historical cost convention The historical cost convention refers to the value at which items are recorded in the accounts. Historical cost is the cost in cash terms paid for an item.

Most sets of accounts are prepared this way because it is easiest to understand, simplest to record and preserves the double entry with cash. 

 However, there are alternatives, and although these are beyond the scope of this course, they are included here for completeness • Current cost convention/other inflation accounting conventions.

In inflationary environments, the use of the historical cost convention produces peculiar results where an entity might have substantial assets, but these are carried at a very low value in the accounts.

To address this problem, several conventions have been developed to include the effect of inflation in the accounts. These conventions are all quite complex and difficult to apply and are not considered further in this course.

 • Cost or valuation.   More common is a form of modified historical cost convention where most assets are carried at historical cost, but some are revalued from time to time. The most common assets for this type of treatment are current financial assets and certain types of property. Concepts of value – fair value, value in use, carrying value.   While discussing these matters, it is relevant to consider some terms which accountants use to approach the question of value.

The concept and principles of accounting

There is no denying the fact that accounting rules have been updated in course of time, which shows that every time a new accounting dilemma arises, the predicament has to be analysed and a solution hunted. Many accountants consider that what is mandatory is a abstract framework, rather than this gradually loom. In general terms, a conceptual framework is defined as “a statement of generally accepted theoretical principles which form the frame of reference for a particular field of enquiry”. Unfortunately, so far it has not been possible to decide on a coherent conceptual framework which resolves all problems in accounting, although it is possible that this will evolve over time. For the moment accounting standards are set to deal with problems in separate areas and theoretical inconsistencies remain. Fundamental concepts Despite the difficulties with a conceptual framework, it has been possible to identify some ideas of special significances. There are many concepts in accounting but four in particular are considered fundamental, namely: • Going concern • Consistency • The prudence concept • The accruals (or “matching”) concept We will now discuss each of these in turn • Going Concern – From an accounting point of view, the going concern concept arises from the periodicity rule and assumes that the business will continue in the foreseeable future, unless we have evidence to the contrary. Why this continuation is so important, is that it underpins the measurement basis for the financial statements. If the enterprise is not a going concern, then the measurement and accounting rules will be different. Please note that the concept takes on additional importance for the auditor who will be stating to the users that the going concern basis has been used, unless the auditor believes to the contrary. EXAMPLE A shop is closing down. Normally where there is a continuing business stock would be valued at the lower of cost (what it paid for it) or net realisable value (what it can get for selling it). One would expect this to be cost, as the net realisable value will be higher where the shop is continuing to trade profitably. But if the shop is ceasing to trade it will sell off its stock for whatever (low) price it can get. In this case the accounts will use net realisable value which will be lower than stock. • Matching - The concept of accruals and prepayments is embodied in the matching concept. By using either an accrued charge or a prepayment, the financial statements are adjusting to reflect what the business has consumed economically, as distinct from consuming in cash terms only. The payment of rent in advance is common business practice. The period in which it is paid is generally prior to the period in which it is consumed Source: http://www.shvoong.com/business-management/accounting/1906021-concepts-conventions-commercial-accounting/#ixzz3FZRH6M5O

Accounting Implication of Global Financial Crisis

The term ‘Global Financial Crisis’ means economic scarcity where there exists a continuous drawback against strategic stable economic growth in the world. The underlying backgrounds with regard to the crisis had been reported in business journals for many months before September 2008, with the emphasis about the financial stringency of U.SA and world investment banks, insurance firms and mortgage Securities Companies consequent to the sub prime business crisis. Introducing with some evil critics against the business failures predominated by misapplication of risk controls for bad debts, collateralization of debt insurance and fraud, large financial institutions in the United States and other countries in the world had faced a credit crisis and a slowdown in economic activity. The impacts rapidly promoted and spread wide ranging into a global shock resulting in a number of European bank failures and declines in various stock indexes, correlated with numerous reductions in the market value of equities and commodities take place. The sub prime mortgage crisis arrived a critical stage during the first week of September 2008, featured by severely contracted liquidity in the global credit markets and insolvency threats to investment banks and other institutions. It is observed by a critical analysis that the position in respect of the reserve from banks in the Federal Reserve System began increasing over required levels of about $10 billion at the beginning of September 2008, just after the Democratic and Republican national conventions, and just before the stock market crash and presidential debates. Accounting Implication of Global Financial Crisis As a result of global financial crisis, there was great impact in accounting implication and in reference to world trade economy; there was scarcity of resource to measure the strength of the existing pose of the financial institutions. For such adverse connotation of Accounting, the International Accounting Standards Board and the Financial Accounting Standards Board (FASB) in the present day publicized supplementary steps in response to the global financial crisis following their joint board meeting held in London on 23 and 24 March 2009. These postulates have helped to establish the original form of financial statements. In former format of balanced sheet strategy, there was no scope to reflect some economic events like inflation/deflation, stock growth, currency fluctuation, interest rate and mortgage declining affairs but in the present reform strategy, sufficient changes based on accounting implication have been made with so many revolutionary altercations. In reference to global financial crisis, the IASB was accepted in 2001 and is the standard-setting establishment of the International Accounting Standards Committee (IASC) Foundation, and self-regulating private sector, not-for profit organization. The IASB is steadfast to mounting, in the public interest, a single set of high quality, global accounting standards that provide high quality crystal clear and equivalent in order in general purpose financial statements. With regard to the objective, the IASB demeanor wide-ranging public consultations and seeks the co-operation of intercontinental and national bodies around the world. Its 14 members are drawn from nine countries and have a variety of professional backgrounds. They are appointed by and accountable to the Trustees of the IASC Foundation, who are required to select the best available combination of technical expertise and diversity of international business and market experience. Since 1973, the US Financial Accounting Standards Board was elected organization in the private sector for establishing standards of financial accounting and reporting. Those standards administer the preparation of financial reports and are authoritatively recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are indispensable to the resourceful functioning of the cost-cutting measure for the reason that investors, creditors, auditors and others rely on credible, transparent and comparable economic information. Structuring on work underway, the two boards have agreed to work jointly and expeditiously towards common standards that deal with off balance sheet activity and the accounting for financial instrument. They will also work towards analyzing loan loss accounting within the financial instruments project. Furthermore, the boards have agreed to issue proposals to replace their respective financial instruments standards with a common standard in a matter of months, not years. As part of this project the boards will examine loan loss accounting, including the incurred and expected loss models. The boards will continue to draw on expertise provided by the Financial Crisis Advisory Group (FCAG), a high level advisory body formed to guide the boards in their joint response to the financial crisis. Composition of the FCAG includes current and former investors, regulators, central bankers, finance ministers and others from industry and the public sector. Source: http://www.shvoong.com/business-management/management/1883273-accounting-implication-global-financial-crisis/#ixzz3FZPogVig