A comparison of Marriage Practices Between American and...

Marriage practices vary across cultures. Every culture has its own way of conducting marriage according to their traditions and customs. Most cultures share common customs and practices, while some cultures have unique practices. Marriage refers to a social union agreed upon by the couples to unit as spouses. The union of couples implies sexual relations, permanence in union, and procreation. This research paper focuses on comparing marriage practices in American and Indian culture. There is significant difference between the two cultures in marriage practices. How the Contemporary American and Indian culture Approach Marriage Practices The institution of marriage is treated differently between the two cultures. Marriage practices are†¦show more content†¦The marriage practices in Indian society have remained relatively constant for a long period explaining the strength and importance of the institution. A Comparison of American and Indian cultural Marriage Practices American Marriage Practices There are various customs and traditions for marriage in United States based on varying factors such as culture, social norms, and religion. There are no unique practices because most of practices are derived from other cultures. The marriage practices and customs revolve around wedding attire, before wedding, wedding ceremony, reception, and after wedding. White bridal dresses are worn with a veil in weddings. However, those not wedding for the first time can choose any color of bridal dresses apart from white. Before a wedding, most have bridal showers where the bride receives gifts from the guests. Preparation takes considerable time to plan a wedding. In a wedding, groomsmen and bridesmaids are included (Lilian, 2013). The bride’s father walks the bride down the aisle to indicate approval of the groom. â€Å"The typical 21st century wedding can now feature a supporting cast of stepparents, half-siblings, Dads new girlfriend and her kids, the brides first stepfather and hi s new wife, and sometimes even the bride and grooms ex-spouses† Wedding cakes are used and couples kiss as a form of endearment. Cakes are seen symbols of fertility. It is a custom for the newly married woman toShow MoreRelatedAn Individual’S Sexual Curiosity In And Enticement To Other1095 Words   |  5 Pagessexual orientation. Sexuality is practiced and displayed in several ways that include opinions, imaginations, desires, beliefs, attitudes, values, behaviors, practices, and relationships. These various ways are known to transpire biologically, emotionally and physically. Furthermore, an additional way is sociocultural; the effects of human culture concerning an individual’s sexuality. Sexual behavior hold the potential to be determined through inheritances and shaped by environment. Sexuality amongRead MoreCultural Identity In Deaf Culture1444 Words   |  6 Pagesimportance five-factor models of personality, language, or learned gestures may play a role in a family or their culture based on the majority and minority which speaks also as a method of communication. Understanding there’s another way identity labeling may intercept cultural similarities and dissimilarities, and through a reflection from 3 different cultures White, Chinese, and Indian. Their label may relate or changes how their identity may interconnect in a multicultural social groups, culturalRead MoreAnalysis Of The Mango Season 1511 Words   |  7 Pages Analysis of The Mango Season by Amulya Malladi in Relation to India Indian society has always been perceived as traditional and conservative. However, after reading the novel The Mango Season by Amulya Malladi, one can see that there is definitely more to Indian history than what most are familiar with. To clarify, this novel helps one learn unique aspects of Indian culture that would normally be difficult to comprehend in a classroom environment. The novel centers around the life of Priya RaoRead MoreBenefits For Nonhomophobic Societies : An Anthropological Perspective By Walter W. Williams901 Words   |  4 Pages In Excerpts from â€Å"Benefits for Nonhomophobic Societies: An Anthropological Perspective†, by Walter W. Williams, comparisons are brought up between Western Ideologies of homosexuality and other cultures from around the world. One of the first cultures to be presented is that of the American Indian. Williams argues, before the heavy influence by the western society, the Navajo traditionally supported and accepted â€Å"the fact that such androgynous people almost always have inclinations to be sexuallyRead MoreMarriage Is A Fundamental And Vital Establishment1467 Words   |  6 PagesMarriage is a fundamental and vital establishment across the large majority of cultures and societies around the world. An arranged marriage typically refers to a circumstance in which primarily someone other than the partners themselves chooses marriage spouses. These other persons are normally the parents, but they may also be another kin. It is a merging of not only two people, but of two families through the process of agreement as well. Nevertheless, arranged marriages are an intricate subjectRead MoreCultural Differences1094 Words   |  5 PagesCultural Differences In every culture, people work diligently to find a common ground for acceptance and tolerance. Typically, people are accepting of various social criteria that are oftentimes associated with a specific ethnicity. However, many individuals simply tolerate the beliefs, standards, values, and behaviors of other individuals in society while inwardly opposed to the model of the displayed behaviors of other individuals as it relates to another individuals beliefs, value systems, andRead MoreFamily Arranged Marriages in India Versus Self-Arranged Marriages in the United States2331 Words   |  10 PagesFamily arranged marriages in India versus self-arranged marriages in the United States Marriage has been defined in numerous terms by different cultures. The factors that play into creating a successful, happy marriage are viewed differently by people in different cultures. Family arranged marriage has been the tradition in Indian culture. Modernization, globalization, and urbanization have brought about the concept of self-arranged marriage from Western cultures, such as the United States. DespiteRead MorePast, Present, Future: American Indians and Latino Americans1480 Words   |  6 Pagesalways act differently especially in this country with such a diverse history, and plethora of people of different backgrounds. American Indians are a group that will has an interesting set of challenges because they are a minority in the United States that did not emigrate from another country, but were essentially victims of American Manifest Destiny. American Indians have gone through a lot of hardship in this country and continue to struggle with modern day America as they try to uphold theirRead MoreThe Household Circle Of France Essay2283 Words   |  10 Pagesrelatives like grandparents and cousins either settle collectively in one home or live close by if they are living separately from their extended family. Indians are not as likely as Americans to relocate away from their families and, when it is economically possible, prefer to stay in the same geographic area. It seems that the French differ from Indians in regards to the household circle in that that they maintain relations with those of the enlarged household till the third or fourth generation. AlsoRead MoreGed 210 Unit 1 Examination Answers960 Words   |  4 Pagesthe director of the geographic project which is: †¢ making significant contributions to the philosophy of archaeology. †¢ conducting ethnographic fieldwork among the Vanomamà ¶ Indians of Venezuela †¢ helping to illuminate the migrations of humans throughout the world †¢ using computer technology to do cross-cultural comparisons. 1. Kelley Hays-Gilpin, a southwestern U.S. Archaeologist, studied: †¢ Brazil †¢ gender approaches to the archaeological record †¢ tropical rainforests. †¢ East Africa

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Martin Luther King jr. Essay - 2770 Words

nbsp;nbsp;nbsp;nbsp;nbsp;Dream. Martin Luther King Jr. had a dream. A dream of freedom, of complete brother hood, the true American dream, the dream of full equality. King was one of history’s most influential leaders of racial justice. King organized marches, speeches, and much more to motivate the Africans of America to fight for their rights. His political philosophy and strong beliefs helped lead our nation to the racial justice we have today. Dreams King speaks of the American dream in almost every speech. This American dream is a dream of total equality, a society in which whites and blacks could live side by side, work together, fight together, and attend school together. His most famous speech was the speech about this†¦show more content†¦(218 Dream) King believes that if this nation does not grant these rights to the Negro’s it will be fatal. This will not pass and this is not man just â€Å"blowing off smoke†. This is the time for freedom and it must happen now. (218 Dream) King states that this year is not an end but it is a beginning. It’s the time that there is a rude awakening. There will be no rest until the rights are granted to these Negroes. (218 Dream) King’s words here show the truth and power that his people believe in. He is showing the nation that there is no time like the present to fix what is wrong. He reminds his people that they must not feel guilty for what they are doing, for it is not wrong. They are only seeking their rights and their freedom. King speaks of how whites and blacks can work together to help this nation. He uses the United States Army as an example. If we want to be powerful, we must unite together in a biracial army. â€Å"We can not walk alone† (218 Dream) King believes that there is no where to go but ahead, and that the march must every go forth. They have come this far and they can not turn around. King is asked the question â€Å"When will you be satisfied?† he answers it by saying â€Å" We can never be satisfied as long as we the Negro is the victim of unspeakable horrors of police brutality.† (218 Dream) Basically he is saying that once the Negro’s have the American Dream they will be satisfied. Negro’s will never be satisfied as long as they are the ones who are beingShow MoreRelatedMartin Luther King Jr.867 Words   |  4 Pagespeople, one of them is Martin Luther King Jr. He made the world a better place for black citizens by doing non-violence movements and marched the way to freedom. Martin Luther King Jr. was born on January 15, 1929, in Atlanta Georgia as Michael King Jr., but changed his name to Martin Luther King Jr. in honor of Protestant Martin Luther. Through his activism, King played a pivotal role in ending the legal discrimination of African American citizens. During his childhood, Martin Jr.’s father stronglyRead MoreMartin Luther King Jr1194 Words   |  5 Pagesï » ¿ Simmons 1 Gabrielle Simmons Mrs. Fitzgerald Social Studies 8A 4/27/10 Martin Luther King Jr. Martin Luther King Jr. is a well known and an inspiring man to all cultures of the world. King was and still is one of the most influential heroes. King s views and believes helped African Americans through the 50 s and 60 s to the rights and liberties that was their right. King faced many obstacles on his journey, things like jail and even assassination attempts. Despite these obstacles,Read MoreMartin Luther King Jr.1078 Words   |  5 PagesMartin Luther King, Jr., was a very strong person, constantly fighting for what he believed in, which was equality for African Americans. He was not scared to stand up and tell the world what he wanted for society. He was fearless and did everything in his power to prove a point. Martin Luther King, Jr., was the strongest individual of his time, for he fought until death, which proves how much he was willing to risk his life to make the world an equal place. Growing up, he had a very interestingRead MoreMartin Luther King, Jr Essay1153 Words   |  5 Pagesbe slaves, African-Americans saw a road trip to equality through the eyes of Martin Luther King, Jr. Even after being emancipated from slaves to citizens, African-Americans were not ready to wage the battle against segregation alone. The weight which African Americans carried on their back, was lightened when they began to see what Martin Luther King, Jr. brought to the table against segregation. Martin Luther King, Jr. was the single most important African-American leader of the Civil Rights MovementRead MoreBiography of Martin Luther King, Jr745 Words   |  3 PagesMartin Luther King, Jr. (January 15, 1929-April 4, 1968) was born on in his mothers parents large house on Auburn Avenue in Atlanta, Georgia. He was the second child, and was first named Michael, after his father. Both changed their names to Martin when the boy was still young. King JR was born into a financially secu re family middle class with that, They received better education in respect to most people of their race. King Jr, noticed this and this influenced him to live a life of social protestRead MoreEssay on Martin Luther King, Jr.591 Words   |  3 PagesMartin Luther King, Jr. Martin Luther King, Jr. was born at home on Tuesday, January 15, 1929 in Atlanta, Georgia. His parents were Martin Luther, Sr. and Alberta King. He was born into a world where segregation was the law. Where his boyhood best friend, who was white, wasnt allowed to play with him once they started school. Where black people went to separate bathrooms, drank from separate water fountains, couldnt eat in whites only restaurants, and had toRead MoreMartin Luther King Jr.1144 Words   |  5 PagesMartin Luther King Jr. (January 15 1929-April 4, 1968) Brief Summary (of who MLK Jr. is): Martin Luther King Jr. was a Baptist minister and an activist who led the civil rights movement in the 1950. He was a fundamental force behind the civil rights movement that ended legal segregation. He was awarded the Nobel Peace Prize in 1964. But he was sadly assassinated in 1968 on a second floor balcony of Lorraine Motel in Memphis, Tennessee†¦ Childhood: Martin Luther was never poor. He lived with a middleRead MoreMartin Luther King Jr.2405 Words   |  10 PagesMartin Luther King Jr. was a Baptist minister and social activist, who led the Civil Rights Movement in the United States from the mid-1950s until his death by assassination in 1968. IN THESE GROUPS NOBEL PEACE PRIZE WINNERS FAMOUS PEOPLE WHO DIED IN 1968 FAMOUS PEOPLE WHO WENT TO PRISON FAMOUS CAPRICORNS Show All Groups 1 of 19  «  » QUOTES â€Å"But we come here tonight to be saved from that patience that makes us patient with anything less than freedom and justice.† —Martin Luther King Jr. Read MoreMartin Luther King Jr. Essay1862 Words   |  8 Pagesbut the content of the character,† (Martin Luther King Jr,1963) Martin Luther King Jr. was a smart child and had a good childhood. He learned values from his parents, and Martin Luther King Jr was a man of much wisdom during his time. He was a major contributor to the civil rights movement, and those contributions have profound effect even today. Michael Luther King was Martin Luther King Jr’s name when was born. His parents changed his name to Martin Luther King when he was just a young boy. TheyRead More Martin Luther King Jr. Essay637 Words   |  3 Pages Martin Luther King, Jr. was perhaps one of the most influential person of our time. As the father of modern civil rights movement, Dr.Martin Luther king, Jr., is recognized around the world as a symbol of freedom and peace. Born January 15, 1929, King was the son of an Atlanta pastor. King accomplished many achievements during his life. He graduated from Morehouse as a minister in 1948 and went on to Crozer Theological seminary in Chester, Pa., where he earned a divinity degree. After that King

The New Geography Of Jobs - 1252 Words

Americans frequently discuss the difference of success for some places and the decline for other. One of the main reasons are the growing opportunities for the well-educated college population and the exclusion for the less skilled workforce. Another primary cause of the divergence of the economy in the United States is that cities until nowadays have a traditional economy and they did not shift to knowledge or human capital economy. However, on the opposite side, many cities took advantage of the human capital and invested their forces to be a high-tech market. The book, â€Å"The New Geography of Jobs† of Enrico Moretti is a perfect tool that explains the reasons why this might happen. The book focuses in to explain why the â€Å"Great Divergence†Ã¢â‚¬ ¦show more content†¦Another example that he used was the decline of Detroit which was the Silicon Valley of the 1950s and today is a city with a high rate of crime, poverty, and unemployment. Moretti states that the economic map follows the three America theory that divides the United States into three different classes. He uses this theory to explain why these disparities occur between regions and their divisional factors. On the one hand, high wages for a skilled and unskilled labor force, on other low levels and declining markets and between the two, undecided cities. In other words, innovative cities, traditional manufacturing regions and in between the towns that can go anyways. What we can observe is that places where highly specialized innovation is predominant, for example where the engineers and designers are, clusters generate for each job created an additional five jobs outside the high technology industry. We can attribute this reason to the dense cluster phenomenon which the multiplier effect of high-tech companies when they are located near each other. The result of creating additional local service jobs increase significantly because people with a high ave rage of wages tend to spend part of their salary on wealthy service. Moretti refers this type of employment as the non-traded sector, to exemplify, it is jobs that only be performed by the local workforce. On the opposite direction, the manufacturing industryShow MoreRelatedThe New Geography Of Jobs1882 Words   |  8 PagesThe New Geography of Jobs According to Enrico Moretti s ground breaking book, â€Å"The New Geography of Jobs,† manufacturing sector companies have been superseded in the knowledge economy by innovation sector companies. While they were once the holy grail of community planners, manufacturing sector companies are no longer the ideal economic model. One key premise of Moretti s book is that industry-focused brain hubs create thick labor markets with lots of specifically skilled workers. For exampleRead MoreDr. Steven M. Quiring1523 Words   |  7 Pagesprofessor and graduate director in the Department of Geography at Texas AM University. As his research assistant, I felt so happy to work with such an excellent, patient, and easygoing scholar over this semester. And I was fortunate to be assigned to interview him so as to have an opportunity to know him better. Dr. Quiring and I met at his office on Tuesday, November 17th. Due to he is one of the busiest faculty members in the department of geography, so finally we conducted a short half-hour interviewRead MoreGeography Is Not The Way For A Successful Career Opportunity1069 Words   |  5 Pages Often geography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ is avoided by students who have decided that geosciences â€Å"a general term used to describe a wide range of specialized scientific fi elds within the broad areas of geology and resource management† (Clarke, Earle, and Wallace, 2006) is not the way to a successful career opportunity. Many students believe that obtaining a geography degree will get them nowhere, but I believe differently. Geography is not just learning the capital cities of Canada, drawing maps or even writingRead MoreGeography And The World Of Geography1221 Words   |  5 Pagessuch as globalization, political geography, or industries and services. I was surprised at what all we learned in such a short period of time. I gained a new prospective and information about the world around me. Throughout the semester, my understanding and knowledge about geography has drastically changed from before this course. This course has made me think about topics and things that I have never reflected upon. I have had this standard premonition of geography as just places or maps, but thereRead MoreCulture and Geography effects of the Mississippi River1023 W ords   |  5 PagesThe culture of the Mississippi River has an effect on geography and in turn geography impacts the culture along the Mississippi River. The geography of the Mississippi River provided early settlers with the natural resources to survive and thrive. At the same time the aggressive expansion of culture significantly impacted the Mississippi River’s region. History of settlement along the Mississippi River illustrates the fact that the geography of the river is a natural attraction to settlers. ArcheologicalRead MoreThe Five Themes Of Geography827 Words   |  4 Pages What is geography? Geography is when you study features of the earth and its atmosphere, human species and how human activity affect and are affected by these things. Geographers often tell people they study the â€Å"why of where.† Geographers often have to explain their interests in all the patterns of human and natural experiences and as they happen in certain places. Have you heard of the five themes of geography? 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Not many of the images that come to mind when â€Å"Egypt† is mentioned contain clouds, and that is because the land of Egypt has swelteringRead MoreImportance Of World Geography994 Words   |  4 Pages Madie Stark Mrs. Bezy World Geography Honors August 16, 2017 According to merriam-webster.com; geography is a science that deals with the description, distribution, and interaction of the diverse physical, biological, and cultural features of the earth’s surface. In other words, it is the physical features and characteristics of certain areas that make the area unique. Small towns, big cities, and everything in-between each has its own culture, location, and special touches that

Essay about Compare and Contrast Leadership Theories

Leadership From Wikipedia, the free encyclopedia Leadership has been described as the â€Å"process of social influence in which one person can enlist the aid and support of others in the accomplishment of a common task†. Definitions more inclusive of followers have also emerged. Alan Keith of Genentech states that, Leadership is ultimately about creating a way for people to contribute to making something extraordinary happen. According to Ken SKC Ogbonnia, effective leadership is the ability to successfully integrate and maximize available resources within the internal and external environment for the attainment of organizational or societal goals. The following sections discuss several important aspects of leadership including a†¦show more content†¦Students of leadership have produced theories involving traits,[1] situational interaction, function, behavior, power, vision and values,[2] charisma, and intelligence among others. Arieu, A. defines a leader as a person capable of inspiring and associate others with a dream. It is therefore important that organizations have a visionary mission, since it is a powerful way to strengthen the leadership of its directors. Early history The search for the characteristics or traits of leaders has been ongoing for centuries. Historys greatest philosophical writings from PlatosShow MoreRelatedCompare And Contrast Leadership Theories1225 Words   |  5 PagesI. Introduction of theories: Emotional Intelligence, Servant Leadership, Social Identity Theory, and Trait Theory II. Leadership Theories A. Emotional Intelligence 1. Emotional intelligence defined 2. Importance and application of emotional intelligence B. Servant Leadership 1. Who are servant leaders 2. How to be a servant leader C. Social Identity Theory 1. Concept of Social Identity Theory 2. Self-perceptionsRead MoreCompare and Contrast Any Two Theories of Leadership Essay1515 Words   |  7 PagesCompare and contrast any two theories of leadership In the following essay I will look at leadership, its definition and compare and contrast two theories behind it. I will firstly see if there is a distinction between leadership and management as suggested by John Kotter(1990) who goes on further to stress that organisations require both a leader and a manager but the function can be provided by a single individual. I will then look at some definitions of leadership such as that by Bryman(1999)Read MoreEssay about Compare and Contrast Select Leadership Theories1455 Words   |  6 PagesCompare and Contrast of Select Leadership Models Leadership comes in different forms and in different aspects of life from private business to government entities (Wren, 1995, p. 5). The models of leadership used are dependent upon the individual attributes of the leaders, for example traits, values, self-identity, skills, and competencies (Yukl, 2013, p. 136). A close look at select leadership models and how they compare and contrast with each other provides insight into the types of leadershipRead MoreCompare and Contrast Two Theories of Leadership. Do These Theories Offer Practical Guidance for Managers?1414 Words   |  6 PagesCompare and contrast two theories of leadership. Do these theories offer practical guidance for managers? Practice in management There has been a long debate about the functions of leadership and management. Kotter (1990) argued the goal of leadership is to pursue the adaptive and constructive changes and the purpose of management is to acquire stability and consistency. In addition, he suggested that the process of leadership is to influence others and management is to maintain operationsRead MoreCompare and Contrast Different Structure of Organisation and Culture964 Words   |  4 Pagesbusinessballs.com Section 1 Understanding the relationship between organisational structure and culture You will need to: ï‚ · compare and contrast different organisational structures and culture Here you need to briefly describe the different types of organisational structure, and what different types/formats of culture can be found in organisations, and then compare and contrast them – what causes/creates each type, and positive factors / negative factors of each. ï‚ · explain how the relationship betweenRead Morebusiness Assignment1024 Words   |  5 PagesUnit 3: Organisations and Behaviour Outcome 1: Understand the relationship between organisational structure and culture Outcome 2: Understand different approaches to management and leadership Outcome 3: Understand ways of using motivational theories in organisations Outcome 4: Understand mechanisms for developing effective teamwork in organisations SCENARIO According to Bergstram and Hamilton, organisations have different structures and these structuresRead MoreLeaders and Managers: Role Comparison Essay891 Words   |  4 Pagestalk about leadership in todays world it has captured much attention though the media. We live in the technical age of communication where leadership is a hot topic. A strong leader motivates us and moves us from complacency to competitiveness. The accomplishments of an organization can directly be related to the combined efforts of everyone involved. This paper will examine the leadership of the organization I work for. We will discuss the role of its leaders and managers. We will compare and contrastRead MoreLeadership And Management Theory Of Nursing989 Words   |  4 PagesThere are different styles of leadership and my style inclines heavily toward what is called participative/democratic. My leadership style tends to bring people together so that we all come to a majority agreement of how best to meet the goals at hand. I work in an emergency room and the challenges of nursing in this work setting are to achieve organized chaos. I will describe in this paper what leadership and management theories align with my style of leadership. I will also describe three keyRead MoreLeadership Theories1387 Words   |  6 PagesRunning Head: Leadership Theories 1 Leadership Theories Leadership Models and Theories 2 Leadership Theories According to Daft (2008, p.20) leadership typically reflects the larger society, and theories have evolved as norms, attitudes, and understandings in the larger world of changeRead MoreA Comprehensive Leadership Approach On Leadership1421 Words   |  6 PagesComprehensive Leadership Approach Thoughts on Leadership Just the thought of leadership excites me. This is because I became very interested in the topic of leadership, immediately after I joined the United States Army in 2003. As a civilian, without any job experience, I had never been formally exposed to leadership, although, in retrospect, I was surrounded by family and community leaders. There are numerous sources that depict leadership. In this writing, I describe my thoughts on leadership in terms

Impairment Loss Joint Ventures

Question: Discuss about the Impairment Loss for Joint Ventures. Answer: Introduction: Before understanding the concept of impairment loss it is very important to know the meaning of the word impairment. It is basically a drop in the value of an asset as reflected in the balance sheet. The said word connotes to those set of assets which has a long market but the value of such an asset in the market has devalued significantly. Thus in simple terms the difference between assetss carrying amount or a cash generating unit and the actual recoverable amount is termed as impairment loss. Impairment happens only of assets and the accounting standard that spells out the same is IAS 36 Impairment of Assets. For the same it is very important to understand how carrying amount is calculated (investopedia.com, 2016). The amount of an asset which is recorded in the balance sheet of a company after reducing the same with the depreciation and the impairment loss accumulated is termed as carrying amount. The broad category of asses which fall under this purview are assets such as goodw ill, plant and machinery, investments in subsidiaries, joint ventures, buildings and other intangible assets. The main aim of the said accounting standard is to ensure that the true recoverable amount of the assets of a company are known to the investors and the shareholders of the company which would further enable to determine the true worth of the company. As per the accounting standard it is mandatory that the provision for the same is duly made under the head impairment loss (iasplus.com, 2014). The amount is treated as an expense in the income statement of the company and is reduced from the value of the respective asset while disclosing the same in the balance sheet. The said standard applies to all the assets except the following mentioned below simply because there are separate standards which deals with these assets. They are: Inventories IAS 2 Construction contract assets IAS 11 Deferred tax asset- IAS 12 Employee benefits- IAS 19 Financial assets such as financial lease- IAS 39 Investment properties that are carried at fair value- IAS 40 Agricultural assets carried at fair value- IAS 41 Insurance contract- IFRS 4 Non-current assets which are held for sale- IFRS 5 Upon completion of every Financial Year or triggering of any predefined date / period, it is mandatory for every entity to carry out a test of impairment in spite of no apparent sign of the same. There are various indications (external and internal) of impairment which enable an enterprise to decide whether to impair the asset or not. Factors such as a demur of the market value, technological, economical or changes in the legal system which has a negative impact, increase in the market interest rates or an imbalance between the net assets of the company and the market capitalization wherein the inclination is towards a higher net asset value of the company are all factors external in nature. Further internal factors such as obsolescence of the asset, assets held for sale, the performance of the company is worse or in case of mergers and acquisitions if the carrying amount of the assets is greater than the carrying amount of the investees assets are also contributory to the impairment of assets. If there seems to be indication of impairment then it is very crucial to revisit the life of the asset, method of depreciation to be used and residual value (accaglobal.com, 2014). For example where an asset is held for sale then the carrying amount of the said asset should be revised to the amount that would be recovered on sale of the said asset rather that the future cash flows that the said asset would generate. However the said standard not only tells about the accounting for the diminution in the value of the assets but also deals with situations wherein the impairment loss may be reversed as well. The said amount should be reversed only to the extent of the depreciated historical cost of the asset that would have been had the said asset not been impaired. Apart from the reversal with regards the revalued asset, the impairment loss that is being reversed is recognized in the profit and loss account. After the same is done the depreciation for the future period should also be accounted for. One exception to the reversal of impairment loss is that the same is not applicable in case of goodwill. IAS 36- Impairment of assets, states certain disclosure requirements. They are as under: Disclousure By Class of Assets (IAS 36.126) As per the said disclosure requirement it asks for disclosing the impairment loss which is being recognized and the loss which is being reversed in the profit and loss account. The line item(s) of the statement of comprehensive income, the losses due to impairment recognized and reversed on the revalued assets in other comprehensive income are also to be disclosed under the said sub-heading. Disclousure ByReportabe Segment(IAS 36.129) The reportable segments of the company under segmental reporting also has various assets, therefore the disclosure of the recognized and the reversed impairment losses if the assets of the segments are to be disclosed. Other Disclosures If the loss of impairment or reversal is of substance then the same should be disclosed as per IAS 36.130. The disclosure would be the circumstances due to which such a reversal or recognition is being done, the amount, the asset to which is being impaired or reversed, the cash generating unit and the allocation of the individual amount to the class of assets. Further to this if the recoverable amount is determined as the balance of the fair value and the cost of selling the asset then IFRS 13 should be applied for determination of the fair value of the asset (pwc.com, 2014). As per the Australian Accounting Standard Board, impairment of assets is described under standard AASB 136 which is similar to the International Accounting Standards. Fort he Australian Companies or the companies registered in Australia, the same is applicable on or after January 1st, 2005. There are times when it is not possible to determine the impairment amount of assets of a company individually. In such a situation a concept of cash generating unit (CGU) arises wherein the recoverable amount of the CGU to which the impaired asset belongs is determined. If the situation is so then the amount of impairment is first and foremost allocated to the goodwill and then the remaining impairment amount is allocated to the assets in the CGU on a prorate basis (Australian Accounting Standards Board, 2009). Therefore the disclosure requirements of IAS 36- Impairment of Assets are comprehensive and exhaustive so as to determine each and every detail about the asset being impaired along with the reasons for the same and the amount of impairment. These data is of utmost importance and hence are made compulsory by the accounting standards acclaimed internationally. Further the Australian Standard for the same is also very similar to IAS 36. The assets being impaired are land, shoe factory, machinery for manufacturing shoes and Goodwill on acquisition of competing companies. The brand Crossbow Shoes will not be impaired as the impairment of assets are being done due to online buying strategy which clearly shows that the brand value of the company is nowhere hampered and due to the same it is being able to enter the online selling market easily. Further inventory is not subject to impairment as the valuation of the same is covered under IAS 2. Since the recoverable amount of land is known separately hence separate accounting for impairment is required to be done for the same. The total financial position of the company as on 30 June 2015 was $1680000. However the recoverable amount is estimated at $1420000. Thus the total impairment is of $1680000 - $1420000 = $260000. Out of the same the recoverable amount of land is separately known as $171000, therefore the amount of impairment loss for the land is $200000 - $171000 = $29000. As per IAS 36, since the recoverable amount of the other individual assets is not known hence first and foremost the goodwill will be reduced. After the same the rest of the assets will be reduced on a prorate basis (ey.com, 2014). Thus the remaining amount of impairment after allocation of $29000 to land is $231000, of which $40000 is allocated to goodwill and $191000 is allocated to the factory and the machinery in the ratio of 7:4. Thus the impairment loss for factory is 7/11*191000 = $121545 and for machinery is 4/11*191000= $69455. The Journal Entries for the impairment loss occurring as on 30 June 2015 are as under: For impairment of land: Profit and Loss Account (loss on impairment) Dr...............$29000 To accumulated impairment loss (Land)...............................................$29000 For impairment of other assets: Profit and Loss Account (loss on impairment) Dr.................$231000 To goodwill A/c.....................................................................................$40000 To accumulated impairment loss (Shoe Factory)A/c...........................$121545 To accumulated impairment loss (machinery) A/c................................$69455 References: accaglobal.com, (2014), IAS 36 Impairment of Assets, Available at https://www.accaglobal.com/in/en/discover/cpd-articles/corporate-reporting/ias36-impairment.html (Accessed 14th September 2016) Australian Accounting Standards Board, (2009), Impairment of Assets- AASB 136, Available at https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf (Accessed 15th September 2016) Dagwell, R., Wines, G., Lambert, C., (2012), Corporate Accounting in Australia, Pearson: Australia ey.com, (2014), Impairment Accounting the basics of IAS 36 , Impairment of Assets, Available at https://www.ey.com/Publication/vwLUAssets/Impairment_accounting_the_basics_of_IAS_36_Impairment_of_Assets/$FILE/Impairment_accounting_IAS_36.pdf (Accessed 14th September 2016) iasplus.com, (2014), IAS 36 Impairment of Assets, Available at https://www.iasplus.com/en/standards/ias/ias36 (Accessed 14th September 2016) investopedia.com, (2016), Impairment, Available at https://www.investopedia.com/terms/i/impairment.asp (Accessed 15th September 2016) pwc.com, (2014), Making Sense of a complex world- IAS 36 Impairment of Assets, Available at https://www.pwc.com/gx/en/communications/pdf/ias36_impairment_of_assets_final.pdf (Accessed 14th September 2016)

Transport and Maritime Traffic free essay sample

Cost is an important factor which trading industries will have to consider. In Europe and North America the proportion of development of road and rail is the highest at 25 to 35 per cent. Thus, trade is predominantly transacted by road and rail. Cargo between countries without a common border is carried mainly by sea because of the growth rates for air freight are more than double those for shipping in recent years. In comparison to transporting via ocean freight and air freight, maritime traffic is considerably much cheaper. Airlines bills a chargeable weight. Chargeable weight is calculated from a combination of the weight and size of a shipment. We will write a custom essay sample on Transport and Maritime Traffic or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Whereas, sea carriers charge per container rates for shipping in standard containers. For example; while a standard shipment shipped from Singapore to Europe costs Sgd5000, the same shipment might cost up to Sgd35,000 via air freight. While weight can factor into the price from sea carriers, their charge tends to be based more on the size of a shipment. Thus, with larger and heavier shipments, it is much cheaper to ship by sea. Thus, the main advantage of marine transportation is its economies of scale making it the cheapest per unit of all transport modes which is one of the important factors as to why maritime traffic is growing. According to data statistics UK, US, EU, NZ and many other countries marine government data statistics show that maritime traffic holds the highest transportation statistics in the country. Growth in World Trade via globalization As mentioned in the introductory paragraph, the main reason behind the growth in maritime traffic is the growth in globalization. In the past, the WTO provided a new cycle to world trade whereby China’s economic opening led to their admission to the WTO in 2001 causing its exports to increase 4times within 5 years. Another example of integrated markets boosting international trade are exports from Mexico to the USA within 6 years of NAFTA being established. This measure taken by WTO helped newly-industrializing emerging economies, particularly China and India, for energy and mineral resources. These resources had to be transported regionally via marine traffic. This led to increasing quantities of goods being transported from far-distant countries via ships. (http://worldoceanreview. com/en/wor-1/transport/global-shipping/3/WTO). The growth in globalization causes the growth in maritime traffic as well. This had and is still causing a steady growth in maritime traffic as well. This is evident via the statistics review by the United Nations marine trade which shows that Around 80 per cent of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. Thus, globalization has played a huge role as to why maritime traffic has and is growing. †¢Effective mode of transportation Physical properties of the various modes of transportation available also play a key role as to why maritime traffic is growing. Due to the physical properties of water conferring buoyancy and limited friction, maritime transportation is the most effective mode of transportation to move large quantities of cargo. The approximate maximum takeoff weight for air cargo planes is~910,000. worlds longest, heaviest trains. Demonstration union train-WTO†). Road transportation have both weight and distance constraints which will be the least option to consider for bulk and far distance transportation. Whereas, bulk carriers ships are designed to carry specific commodities. They include the largest tankers, the Ultra Large Crude Carriers which are up to ~500,000 dwt. (Aragon, James R. ; Messer, Tuuli Anna (2001). Masters handbook on ships business. Cambridge, Md: Cornell Maritime Press). In July 2009,the global merchant fleet consisted of a total of 53,005 vessels. In all, the global merchant fleet has a capacity of ~1192 million dwt. (http://worldoceanreview. com/en/wor-1/transport/global-shipping/3/). Thus, it is evident that maritime transportation is the only feasible mode of transportation for bulk shipping such as coal, minerals, oil tankers and other bulky goods for companies which needs to ship a large amount of goods at once, with longer lead times. This is one of the reasons as to why there is a growth in maritime traffic. (III)Conclusion Despite the fact that maritime transportation has high terminal costs since port infrastructures are among the most expensive to build, maintain and improve; maritime traffic is growing. As mentioned above, due to reasons such as cost efficiency, global trading and most effective transportation of heavy and bulky goods with long lead times; as long as there is world trade there will definitely be a demand and growth in maritime traffic.