People’s Republic of China Essay

Different countries have different societal structures, cultural norms and ways of forming relationships. China has strong traditions and moral values, borne out of a long history. Food In China, food is an important part of life. The official Language of China is Mandarin. In the Chinese culture there are a vast of Morals and Values that range from humility to respect and are very important in the Chinese culture. There are two main religions in the Chinese culture. Taoism, also known as Daoism, is based on the teachings of the Tao Te Ching, which was written  in China in the 6th century BC. The emphasis is on finding spiritual harmony within the individual. Buddhism is the dominant religion in China. This began in India 2, 500 years ago and follows the teachings of the Buddha, â€Å"The Enlightened One. † In China, Mahayana Buddhism is particularly common. In this form of Buddhism the path to liberation involves religious ritual, meditation and devotion. The social structure of China is a hierarchical and formal social structure. For example, in the family, children are expected to respect their elders with the eldest  family member commanding the greatest respect In the Chinese culture family is defined as mother, father and children. When the female child marries she then is a member of her husband’s family and is no longer considered as a member of her family that she was born into. Therefore the family then consists of Mother, father, son and daughter n laws and children. The oldest male in the family has he most status. This person is considered to be the oldest and the wisest therefore has the most status. In the Chinese culture success is determined by purpose. The definition of purpose is the  reason for which something exists. Meaning, â€Å"Why are we here? † In the Chinese culture they strongly believe in a creator. The creator defines there purpose for them. Amy stated that â€Å"Every moment of every day, I live my life according to what I believe†. Every decision is based on a set of values that guides her in determining the direction she is to go. When asked if she considered her parent to be successful. Her response was yes. She feels as though her parent’s success is measured by what their purpose was. Her mother purpose was to be a house wife and  take care of the home and her father’s purpose was to work and to provide for the family. Education in the Chinese culture is very important. It starts when the child is very young and in the home. In China, parents are the first educators of their children. Therefore, family education is the most basic and important education model of their culture. Given the importance of family education, parents put more and more effort in educating their children and helping them grow as persons. Amy stated that her parent always demanded that she get good grades in school. She had to attend extra classes to help her achiever higher grades and she was continuously involved in numerous activities ranging from art, dance or musical classes. She stated that she didn’t have much of a say in choosing her classes or clubs that she was a member of. Her parents made all of these decisions for her. Chinese parents tend to care so much about their children’s studies that they don’t ask them to help in any other daily tasks. The primary requirement for children is to study hard, do well in exams and graduate from reputable universities so that they could have careers. The reason for this on one hand is children’s own good, as in a populated and highly competitive society like the Chinese, good academic scores can probably guarantee a bright future; on the other hand, it is a traditional value orientation that parents will be respected if their children have great achievements in society. Therefore, Chinese parents are willing to self-sacrifice and give up their own time, hobbies and interests in order to provide better conditions for their children. In the Chinese culture breakfat is the most important meal. Most Chinese persons start  there day out woth a bowl of Congee, which is like a watery rice that can be seasoned just to give it more flavor, it can be sweet or salty or even spicy and, sometimes, with vegetables, meat or mushrooms if the person chooses. Another typical food that the Chinese people eat for breakfast is Crullers, they call them also the â€Å"deep-fried-devils† and they are basically twisted strips of dough that been deeply fried in oil, they are very popular in the street stands. The Crullers always are eaten with congee. In China, food is an important part of life. Sharing a meal is the common way to socialize in the same way that We may go to a bar or pub for a drink. In the Chinese culture they have a strong ‘waste not, want not’ . This means they can make a meal out of just about any combination with rice or noodles. In the Chinese culture ricer and noodles are like bread to our culture. It’s a common part of every meal. I asked Amy if racism existed in China and she told me no. I asked her ‘what do you think of black people’ or ‘what do you think of Japanese people’, and the answers that she gave me were very racist responses. In my opinion her responses showed me that racism against black people may be the strongest form of racism in China. I asked her how would her family react if she had of married a black man. She stated that she would probably get disowned. She said this is because most black people are known to have very little status or money unless they are basketball players or entertainers. Now the racism against Japanese People in China is just as bad. Some children in China are taught hate songs against Japanese people in elementary school – and history books in China that deal with Japan focus almost exclusively on the terrible things  Japan did around World War II, ignoring much of Japan’s recent history. This project opened my eyes to the differences among cultures. I didn’t truly understand why some of my coworkers that were Chinese acted the way that they did. For example; Amy would never give a direct answer especially of the answer was no. This was because in her culture it was not a common thing to say no, and when one did say no it meant that the relationship was now ended. She would always say, I’m not sure or maybe. This then protected her from having to end out working relationship. She also was not very affectionate. In her  culture displays of affection were seen as disrespectful. I can remember a time when we had got some great news within out department and she was sitting next to me. I immediately reached out and hugged her because she was the main person that worked on the project with me. I felt a little weird after the embrace because I felt as though I violated her space. But after doing this research on her culture I now understand why. I started out in this class not understanding what I would truly learn from this. But after the assignment I have learned how to effectively communicate with coworkers of the Chinese culture.

Race & Ethnicity: Effects on Life Essay

Ethnicity and race has had a big influence on peoples’ every day life choices. In some way or another, most people will be judged according to their color of their skin or their ethnic background. We live in a society full of different races and cultures affecting the way we interact with each other, as well as influencing our views on equality and differences among the many different races in our society. Often influential media groups and social standards shape our beliefs, also affecting how we interact with cultures different from our own, and how various groups interact with each other. Race and ethnicity may be defined as a type of grouping or classification based on a persons origin of birth and includes their racial appearance, language, religion and culture. Ethnicity can be defined as a social construction that indicates identification with a particular group who share common cultural traits, such as language, religion and traditions. Terms like ethnocentrism, racism, stereotyping, and ethnicity can affect our health status, our economical status, and just basically our status in society. Race defines who we are, and in some cases it is the root of discrimination problems. Individuals dislike other people because they do not like how they are; whether it is physically or the way they think and act. We look at people and experiences through race and culture. I was raised with family that had introverted personalities. This is one of the reasons why my personality is also like that. I grew up recognizing differences in races and ethnicity and it never affected my way of being, I simply saw everyone the same, with the same potential and equal opportunity. I have been taught by the spoken and unspoken ways of my parents, teachers, friends; I have simply grown up recognizing what is wrong and what is right among society. I was born in California but both my parents are Mexican, which makes me Hispanic. My experiences of racial profiling or prejudice due to my ethnic background or my Hispanic look have not been too common or extremely racist. My high school was about 99.99 percent Hispanic student body, so there was very little if any racial tension among students. It was when we would go out of that part of town that I would actually see racial comments made and shown by others. I was involved in the baseball team and tennis team at my  high school, and I would see some sort of labeling or stereotyping aimed at me and my teammates when we would play in other schools with Anglos or Blacks. Since we were one of the poorest schools in the city they would automatically assume we weren’t adequately prepared to be playing a team like them. Their stereotypes of us would make them think that we didn’t speak English and our playing abilities would be very novice since we didn’t have the tools or money to afford good equipment or a coach at a young age. However, I will admit that we would also judge them as being too cocky, and with the conventional ‘white people’ stereotypes. Though most of the time we were right because these were rich kids with almost everything handed to them. Being in the minority has its disadvantages, but people, specifically students can be smart and use those stereotypes to their advantage. I honestly never paid attention to my lack of resources, instead I knew that if I wanted something I was going to try and get it. A big misconception that surrounded our school or the part of town that I lived in was that we were not going to make it to college, in fact, we would be lucky if we actually graduated from high school. The name of our high school was very much and icon or a symbol. I knew some friends that wouldn’t give out the name of our school because they were afraid of being labeled a â€Å"loser† in some way. Basically, going to my school meant that we were low IQ destined to work at low paying jobs, simply because many were Mexican immigrants or first generation American born. For our advantage, now a day being in the minority can actually help you enroll into colleges of your choice and get scholarships to help pay for college. Perceptions play a great roll on judging others; many times it is influenced by race and ethnicity. It is clear to me that if lived in a more diverse part of the city; my experiences would be the very different. As society grows more with different cultures, races and ethnics, tension grows and people start disliking others ways of being that are not like theirs. But it is important to understand that it is not healthy to have prejudice feelings towards others, it only makes one bitter.

Role of HR in developing talent at work Essay Example | Topics and Well Written Essays - 1250 words

Role of HR in developing talent at work - Essay Example It is evidently clear from the discussion that dynamic organizations try to identify the top potentials in the company and try to leverage their capabilities. It is the competence that organizations must possess for attaining a sustainable competitive advantage. There have been contradictory views regarding the contributions HR has made towards developing and managing talents. According to the findings of the research conducted by the Corporate Leadership Council (CLC), only 30% of the organizations were found to apply disciplines of managing talent apart from their regular functions like recruitment, selection, training, compensation management etc. According to another survey conducted by the same institution in 2006 on the critical skills that the HR staff must possess, the HR functions rated themselves according to the functions that they considered themselves best at applying. 41% of the organizations were of the opinion that they were best at applying methods associated with re cruiting new staffs in the organizations. The survey clearly reflected the fact that only 25% of the organizations surveyed were good at applying talent development strategies at the workplace. The tendency of HR has always been inward-looking. Also, it has been particularly over conscious of its role in adding value to businesses. According to Ulrich, when he tried to push HR towards attaining a more strategic role, people belonging to HR functions were reluctant to work in a strategic manner. Their focus was more on themselves rather than on the business. Thus issues like development of talents in the workplace with the aim of growing the business took a backseat and the emphasis was more on developing themselves independently.

Project report about the proposed design of an environmentally Term Paper

Project report about the proposed design of an environmentally friendly HYBRID car that works by Fuel and Battery nd nicknamed ( - Term Paper Example Properties of option 1 and 2†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.17 Figures: Figure 1: BMW Turbo Charged Engine†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦9 Figure 2: Naturally Aspirated Engine†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦10 Figure 3: Hybrid Car Engine†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.11 Figure 4: Hi-Eco Car Engine Storage System†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦.12 Figure 5: Power Control Unit†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦13 Figure 6: Inductor Motor†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...14 ... These include long range, high power output and minimized battery charging hours. It also uses solar panel to charge the lithium-ion batteries. Its power efficiency is about 90%, meaning most of its energy will perform useful work of rotating the motor. The design follows six steps approach which begins from problem definition to selection of the best solution. The engine contains three main component; power control unit, energy storage system and inductor motor. This engine has a better score; 493 points against 385 points for hybrid engine which is also considered eco-friendly. These score provided the basis for selection of Hi-Eco car engine as the best solution. 5 INTODUCTION Automobiles consumes huge amount of global energy resources. Most of this energy is non renewable meaning they cannot be replaced through natural or any artificial process. Consequently, the over reliance on hydrocarbon as the main source of fuel for automobiles is unsustainable. This situation is worsened b y the prediction that hydrocarbon reserves will diminish in about 100 years to come. However, sustainability is just but one of big issues the world is grappling with about is fuel as the main source of energy in transportation sector. The cost of petroleum products is still beyond the rich of many people in the world. Countries spend billions of dollars exporting importing fuel at the expense of other social program. This situation is not changing any soon because the global consumption of fuel products is on a steep rise. Apart from cost and sustainability issues, pollution remains one of the greatest problems associated with fuel energy. Pollution is directly linked to green house effect which is responsible for climate change. Fuel powered

Security Essay Example | Topics and Well Written Essays - 1500 words - 2

Security - Essay Example Authority, source and control are the major resources of the information. In fact, the key to success is the right access towards the information. As a result, the social and political relationships are also involved in the development and growth of information systems (Hilton, Se-Hyung "David" Oh et al. 2006). It is more important and ethical that how this information is been utilized by the people. For instance, government levels, headquarters and homes include the electronic systems (Hilton, Se-Hyung "David" Oh et al. 2006). This involvement is increased so much that the people without access to these systems are exaggerated in a particular way. For this reason, new and modern techniques, innovative ethical and lawful decisions are needed in order to balance the requirements and privileges of every person (Stahl 2011). The legal decision lags lies as in modern technological field behind technical development and growth. These gaps are filled through confronting on the issue and by discussing the facts on how to use the electronic information should be proceed. Furthermore, the above observation delineates the ethical issues in a broad way. On the contrary, the deciding laws include some characteristics related to the issues. These legal issues should be resolved in Electronic Information Systems. In relation to the entire community, the ethics consists of moral options choose by the individuals or users. These include standards of acceptable behavior and rules governing members of an occupation. Moreover, these extend to the Electronic Networks, Electronic Databases and significantly to a Geographic Information Systems. The problems that are present particularly in the three areas require a little different type of ethical decisions. In general, the Electronic Systems, Geographic Information Systems and Networks are being described individually in the later section of this study. Starting from a fundamental definition of computer networks, a

Analysis of Career Guidance Essay Example | Topics and Well Written Essays - 1000 words

Analysis of Career Guidance - Essay Example These culture-specific models help in mediating career development at local levels. (ATHANASOU et al 2008). The core conceptual propositions of two of the most famous theories of learning and vocational skills development have been evaluated as follows: The Theory of Work Adjustment or person-environment correspondence theory is a theory which focuses on the difference of vocational behavior amongst individuals. In accordance with the theory, career choice and its subsequent development are viewed as a continuous process of adjustment and accommodation. This theory implies that an individual chooses a job only if its environment is in accordance with his â€Å"requirements†, while on the other hand, the environment opts for that individual which qualifies on the â€Å"requirements† of the organization. The major plus point of TWA is the fact that it develops a battery of measures to measure the various variables associated with the theory such as satisfaction, needs, ab ilities, satisfactoriness, and indexes of correspondence. However, the results of various studies conducted to evaluate the accuracy of the theory yielded mixed results. The study of Tziner, Meir, and Segal (2002) found that higher levels of performance had a strong correlation with extroverted personality style and congruence which was in accordance with the predictions of TWA. ... (ATHANASOU et al 2008). The Holland’s Theory of Vocational Personalities in Work Environment provides a typology framework on career interest and environment which is simple and easy to understand and is used both in career counseling and guidance. In accordance with the theory, vocational interest is perceived as an expression of an individual’s personality. Holland postulated the concept of vocational interest by six typologies, which are Realistic, Investigative, Artistic, Social, Enterprising and Conventional. A study conducted by Tak (2004) revealed that the arrangement of interest was not clearly hexagonal, therefore, contrary to the postulations of Holland. The general findings of another study conducted by Sverko and Babarovic (2006) revealed consistency with Holland’s circular model. The general findings from other international studies suggested that in accordance with cultural context the six interest levels tend to occupy clusters mirroring the idiosy ncratic cultural values and occupational perceptions. The most suggested arrangement was Realistic-Investigative, Artistic-Social, and Social-Enterprising-Conventional. Such an arrangement is contrary to the hexagonal arrangement postulated by Holland. (ATHANASOU et al 2008). Continuous Professional Development: Continuous Professional Development is composed of diverse dimensions which are different for different institutions and professional individuals. Continuous Professional Development (CPD) is defined as: â€Å"The systematic maintenance, improvement and broadening of knowledge and skill, and the development of personal qualities necessary for the execution of professional and technical  duties throughout the practitioner’s working life† (LORRIMAN 2003, pg 2).

Work strategic Case Study Example | Topics and Well Written Essays - 2000 words

Work strategic - Case Study Example The Real Chocolate Company, together with other chocolate and confectionery industry players must legally comply with government regulations. This includes health, sanitation and safety regulations. Product labeling regulations must be strictly followed. Franchise operations must abide with registration and disclosure of information. Candy taxes, vending machine restrictions and other legislations such as levels of lead in candies, which are introduced in various states in US, would affect the costs of chocolates and confectionery products. On the other hand, the increase in sugar imports to the country would be beneficial to the supply needed by the company. Health concerns that might affect the sales of chocolates is the increasing problem of obesity. Sweets, such as chocolates, and other high calorie products may causes obesity when taken irresponsibly. Although, health benefits of the product, especially dark chocolates, organic and natural chocolates, appeals to health-conscious consumers and old people. High income groups, Asians, and younger people are becoming the target market of gourmet chocolates. These groups have different behaviours and needs, but they serve as an opportunity for sales and growth when exploited. Prices of primary raw materials, like chocolates and nuts, used for the manufacture of gourmet chocolat... Uncertainty in the supply and the price of commodities may affect the production and operation of Real Chocolate Company stores and franchises. 1.2. Porter's 5 Forces Competitive analysis checklist was created to identify the five forces of competition. See Appendix A. Analysis shows that the market is highly competitive. Direct competitors have larger annual sales against the Real Chocolate Company. The power of suppliers is also high. The flow of supply of raw materials such as chocolates and sugar affects the production directly. Ease of entry into the chocolate market is high. Chocolate manufacture is simple and there are variations in the way the products are created and served. The company is almost dependent on the sales in franchise stores, which can be considered as customers of the Real Chocolate Company. Other sources of revenues such as company owned stores and non-traditional outlet is relatively low on the cash flow. 2. Internal Analysis 2.1. Strengths and Weaknesses "Perfection in Handmade Gourmet Chocolates" is a very good motto for both customer perspective as well as the employee's morale. This motto demonstrates the commitment of the company towards freshness and quality produced chocolates. Perfection means quality. Handmade illustrates freshness. Customer impression is important to create customer satisfaction and loyalty. Employee's morale and attitude is also guided by the motto since it reveals the responsibility of not just the management but also to the rest of the stakeholders in the company. This is a responsibility of producing quality chocolates from start to finish, from raw materials to packaged chocolates. The larger portions of chocolates in the packaging and the wide

Mysticism in Hinduism Essay Example | Topics and Well Written Essays - 500 words

Mysticism in Hinduism - Essay Example The essay "Mysticism in Hinduism" talks about the philosophy of Hinduism as an ideal model for understanding the world. The study of mysticism will bring joy to our heart and self-realization to our life. However, we should not give a definition to it and should not try to interpret it, because we will anyway fail. We receive the experience from the science, scientific discovery, history, philosophy, religion. In these experiences, we see the presence of subject and object, essence and existence, vision and sight. But the mystical experience that is the momentary unanimity overcomes all the similar discrepancies. Mystical experience is the unity with something â€Å"out of limits† that always remains inexpressible. It is a valuable experience that can’t and should be rejected. Maya is the illusiveness of existence and the Universe. While Brahman is the only reality, all the rest is the illusion. An ignorant individual can’t see the reality and perceives only the illusory world of suffering. The salvation is received through realization. Brahman is the supreme reality, the soul of the world without any form. It can’t be realized and described; it is a creation and a creator at the same time. The most important achievement for Hinduism is to realize that he is Brahman and he and the Universe is a single whole. We can argue upon the statement of Shankara â€Å"If the universe is true, let it then be perceived in the state of deep sleep also. As it is not at all perceived, it must be unreal and false, like dreams†.

Defense in a Criminal Case Essay Example | Topics and Well Written Essays - 250 words

Defense in a Criminal Case - Essay Example Despite the many perceptions to uphold the insanity mechanisms as a form of defense, defendants hardly enter pleas of being not guilty. After examining the defendant, the psychiatrist produces the testimony to the judge or magistrate who determines the verdict (Mariorty, 2001). However, freedom is not ultimately earned when the judge determine that the accused is not guilty rather a further consideration on the favor of the defendant usually affect the sentence if administered. The defendant is directed to a mental hospital until the allegation of insanity is medically proved, which requires time and may give the convict a chance to escape from the law. Defendant in some instances pretends to be hostile. The main purpose of pretense is to prove to the judge that the defendant is not guilty. In some instances, the defense works when proven by a psychiatrist appointed by the court. As a result, the defendant must ensure that the psychiatrist report is positive about his or her insanity contrary to which the offender faces the full

International trade and economic growth of China Essay

International trade and economic growth of China - Essay Example China before 1980s was agriculture based economy and almost all the businesses, factories and commercial activities were under the state control. Capitalism was a forbidden and a hated world (USChina, 2011). This section examines the growth of the Chinese economy and trade. 2.1. Growth of the Chinese Economy After the people revolution, China closed its doors to external influences, seized all private factories and businesses and nationalised all the industries and banks. The result was a total shut down of free enterprise. Capitalists and scholars were hunted down and all trade, industries were state owned. As a result, the nations stagnated and led to a sharp increase in poverty. While the rest of the world saw booms and busts, China had a stagnant and stable economy that was controlled by the state. The standard of living was slow and bicycles were the main mode of transport in the city. From 1979 onwards, the Chinese premier Deng Xiaoping started the measures of liberalisation, a llowed trade with foreign nations, allowed FDI and created industrial zones along the eastern coast so that foreign firms could set up manufacturing activity (Zhang, 2007, p. 12). This far-reaching vision paid off and very soon, China started its upward trajectory of growth. The growth in the GDP and other economic indicators are given in Appendix â€Å"Table A1. China Economic Indicators – 1 of 3† to â€Å"3 of 3† that gives details of the economic indicators. Growth figures of the economy have been given for 19 indicators for the years 1980 until 2013. Projections for 2012 and 2013 are estimated figures. Following graph illustrates the growth rates in GDP, PPP and the CAB in USD billions from 1980 to 2013 (IMF, 2012).... This paper presents a comprehensive review of various trade and economic policies that China has used to promote the growth of its economy, which is illustrated with the help of analysis of data from different databases on the Chinese economy and trade. It is clear that China, which was lagging far behind the west has grown its GDP by more than 30 times from 1980 to 2011. This huge growth in GDP was brought out by growth in many sectors such as construction, industry, agriculture and trade. China has used its trade policies in a very clever manner to trap the western nations at their own games. The western nations came to China initially to make use of the low labour costs. However, the lure of China proved to be very strong and hundreds of western nations moved to China. China set up huge manufacturing centres where low cost labour was available and other benefits provided to western firms. Hundreds of firms from the west set up their factories in China and exported the goods to USA, Europe and many other nations. China carries out trade with a large number of countries. However, the maximum trade in terms of value of goods is done with only a few nations. After the acceptance of WTO treaty, there was shift in the balance of trade in Chinas favour. In the previous decade, China was a net importer since it could not manufacture many of the products. However, with increase in the manufacturing sector, exports have grown. With a positive trade balance, China offers a unique competitive advantage to western nations.

From reading the selected pre-1914 Essay Example for Free

From reading the selected pre-1914 Essay The Return of the Native (pg 414 447) near end of novel From reading the above, what do you learn of Hardys use of vivid description, dramatic incident and reference to Nineteenth century customs and traditions? Which of the three pieces was your favourite and why? From reading the two extracts and the story, I can see that the main difference in the book is how life is in the book compared to our modern 21st century. People in the 19th century depended very heavily on agriculture and farming especially in Wessex, where nearly all of Hardys novels were set. Wages for agricultural labourers were the lowest in the country in Dorset, averaging out at the equivalent of 37p a week in 1840. Magic and superstition was rife in the 19th century, and many people believedin dark powers. Every village in Wessex was supposed to have their own witch. Magic play a big role in two of the stories which I am studying, The Withered Arm, and The Return of the Native. People who committed crimes in the 19th century were severely punished. Poachers were transported to Australia to do hard labour, night burglary was punishable by death. Hangings were still very popular in the 19th century and any hanging was an excuse for a holiday. Class systems in the 19th century were very rigid not many people succeeded in moving up to a higher class, but Thomas Hardy was one of the few people who managed to do this. Thomas Hardy uses vivid description in all of his novels and short stories, including the novels which I am studying, in particular The Mayor of Casterbridge. At the beginning of the chapter, we have an almost cinematic view, as if a camera is zooming in on the three travellers, describing them from afar at first, then in more detail as we begin to see them from closer up. We can almost feel the tension between the two adults, when Hardy says: What was really peculiar was the perfect silence they preserved. In The Withered Arm, Hardy uses vivid description very effectively when description Rhoda Brooks vision. He uses words such as: Peered cruelly and shockingy distorted to imply that Gertrude is mocking her for being cast aside and then Gertrude taking her place as Farmer Lodges wife. This vivid description is also linked to dramatic incident as it is a key chapter in the story, and Hardy uses adjectives to describe Rhodas dream, it makes us feel as though we are actually there, watching this distorted version of Gertrude attacking Rhoda, so Hardys descriptions are very effective in this chapter of the book. Also, at the beginning of the story, we learn a lot from the dairy workers in the farm, who gossip. They gossip about Farmer Lodges new wife and they try to guess how old Farmer Lodge is, all the while ignoring Rhoda Brook, Farmer Lodges ex-wife. In The Return of the Native, when the superstitious Susan creates a voodoo doll resembling Eustacia, Hardys use of vivid description is effective when Susan thrusts pins in the doll, and then puts it in the firem murmuring the Lords Prayer backwards which was a proceed which called for help against an enemy. Magic played a key part in this story; Susan believed that Eustacia was making her son ill, because at the exact moment that he said he was feeling unwell, Eustacias dark shadow crossed the light from her house, but this was just a coincidence. Also, in The Return of the Native, when Eustacia falls into the pool of water near weir, Hardy uses pathetic fallacy, which is when events in the natural world mirror what is going on in the human world. In this case, Eustacia is very depressed and unhappy, so the weather is atrochiously stormy, raining and windy. Because, it has rained so much, the pool has created a whirlpool, and Eustacia falls in. To describe the scene more effectively, Hardy uses metaphors such as: Boiling cauldron, referring to the whirpool, the current, and emphasising the amount of water in the pool. Hardys use of dramatic incident in all three of his stories manage to shape the whole story, especially in The Mayor of Casterbridge. In think amin the dramatic incident in the extract is when Michael Henchard sells his wife at auction when he becomes drunk. The day after, Michael realises how stupid he has been and vows never to touch another drop of alcohol for however many years as his age. I think this is very effective because the day after Michael sells his wife and baby, he realises that alcohol changed him into something he doesnt want to be. In The Mayor of Casterbridge, when Hardy uses dramatic incident, we learn that Hardy builds up suspension before the dramatic climax. When Michael Henchard is trying to sell his wife and baby at auction, nobody will bid the price that he is looking for, then just as Michael is going to withdraw: Yes. said a voice from the doorway. The man in the doorway was in fact, a sailor. He bought Michaels wife for five guineas, and she left, leaving us with the impression that she is glad that she has got away from her husband at last. Hardy uses lots of dialect to show exactly how Michael Henchard feels about his current state of affairs: The woman is no good to me. Who will have her? When Michael is trying to sell his wife, Hardy describes Michaels distaste for her effectively, and when he finally does sell her, even the rough country people in the tent are surprised that he let his wife and child go without a second glance. In The Withered Arm, I think there are two main dramatic incidents: Rhoda Brooks dream, and Gertrudes turning of her blood, when she sees that the young man who has been hanged is, in fact, Rhodas son. When Rhoda has a dream that Gertrude visits her to mock her, Gertrude looks ugly and old. Hardy used use of vivid description works effectively in making us understand that Gertrude has come to mock her because Rhoda has been replaced by her in Farmer Lodges affections. Hardys use of verbs work well in this incident, using words such as thrust, swung, and peered cruelly to create a feeling of hate between Rhoda and the figure come to visit her at night. The other dramatic incident in The Withered Arm is when Gertrude travels to get her arm cured by holding her arm against a newly hanged mans neck, who is in fact Rhodas son. Hardys use of dialect again gives and extra depth to the story, when Rhoda walks in when Gertrudes blood is in the process of being turned: This is the meaning of what Satan showed me in the vision! Rhoda shouts. Hardys use of the word Satan, emphasizes the hatred Rhoda has for Gertrude and perhaps jealousy, for stealing her husband although Gertrudes character is kind and gentle. In The Return of the Native, the main dramatic incident is when Eustacia falls into the whirlpool and Clym Yeobright and Wildeve try to save her, but fail. Three bodies are pulled out, and only one, Clym, survives. Referring again to pathetic fallacy, the weather is awful when Eustacia falls into the boiling cauldron. The slow realisation that Wildeve was actually holding on to Clym when Diggory Venn was seemingly just pulling Clym out creates images of horror. My favourite story is The Withered Arm, because I like Hardys use of magic in Rhodas vision, how Gertrudes arm became deformed because of this. Gertrude obviously has no idea how this happened. Hardys use of vivid description in the book is very effective throughout, but especially in Rhodas vision. Rhoda is obsessed with the idea of Farmer Lodge being with another woman, and sends her son to look at Gertrude and report back to her. When he says that Gertrude is shorter that Rhoda, she seems pleased and smug about herself. I like the way how Hardy has interlinked everything, e. g. Rhodas sons father is Farmer Lodge, the young man who was hanged was Rhodas son. I think it is a very clever story, and at the end, Gertrude dies at the fright of seeing Rhodas son dead, lying limp in the coffin. I think that the story shows that Rhoda is perhaps so obsessed about Farmer Lodge and Gertrude it is almost unhealthy, and because of this, maybe this is why she had the vision in the first place. I learn that Gertrude is forgiving, even though when she went to see Conjuror Trendle and he created the concoction of egg white and water, Rhodas image formed. Gertrude was surprised, but she doesnt question it because she had no idea that Rhoda had anything to do with her arm.

Effectiveness of Sponsorship Strategies

Effectiveness of Sponsorship Strategies This paper discusses how Under Urmour gets noticed by the customers. It does this by; making its brand personally relevant, surprising, and easy to process; use of objective and subjective comprehension through sponsoring up-and-coming athletes and ensuring that the consumers can clearly see different models as well as its mission and guarantee on its website. The paper also discussed how Coca cola and Pepsi are marketing their brands to teens worldwide via music. OPTION 2 HOW UNDER ARMOUR GETS NOTICED What is Under Armour doing to make its brand personally relevant, surprising, and easy to process? Initially, the company positioned itself as a brand for the athletes of the next generation by sponsoring upcoming athletes; which is in contrast with its competitors such as Nike who only sponsor established athletes. The audience interprets this as a gesture of community service by promoting new athletes who are known for their dedication and athleticism. The Under Armours brand gains customer attention and visibility as these sponsored athletes perform well. Additionally, Under Armour has put tremendous effort to attract women to its brand. In the past decade, the company has increased its credibility by investing heavily in terms of time and energy to reach the female consumer. In Sept 2010, the company launched a Facebook fan page for women called Under Armour Women, where members can get to upload various videos articles, and workouts. The aim is to market its products to the females just the same way it does to their male counterparts (Mick, 1992). The company gives incentives to its customers such as wholesale discounts or discount on new products. To further maintain the element of relevancy and surprise, it sells variety of sports gear both light and heavy for both sexes. The company has also established a healthy long term relationship with its retailers, wholesalers as well as their customers. The bottom line is; persuasion is the primary element of the companys marketing goal which consists two key ingredients: credibility and relevancy (Mick, 1992). The role of objective and subjective comprehension in Under Armours ability to market its products by sponsoring up-and-coming athletes Objective comprehension is usually understood as the extracting or grasping of a pre-specified meaning from an advertisement; these meanings are normally given or rather directly implied by the advert as intended by the advertiser. Thus, objective comprehension is basically a one-dimensional construct with the major aim of ensuring the recipients of the message draw accurate amount of meaning from the message. On the other hand, Subjective comprehension is understood as the creation of meanings by an individual through the activation of mental perceptions related to the advertisement and the processing context (Mick, 1992). By using the objective and subjective comprehension in the adverts, consumers can easily draw practical comprehension inferences that cannot be linked directly to the advert message. Thus, through sponsoring up-coming athletes, the consumers draw practical comprehension conclusions that the company is not only promoting a high-quality product but also promoting the community welfare. The use of the objective and subjective comprehension in the advertisements makes the consumers feel more involved and also helps them to acquire higher product knowledge which in turn increases their comprehension elaborations. As a result, Under Armour does not personally sell of their products; the advertisements helps customers know what the company is all about (Mick, 1992). Why would Under Armour want to be sure that consumers can clearly see different models as well as its mission and guarantee on the brands website? Unlike its competitors such as Nike; Under Armour has an optimistic perspective of helping athletes develop their careers. Additionally, for the past decade, the company has provided its customers globally with precisely superior products engineered with their unique fabric construction, as well as absolute moisture management proven innovation in all its products. The company has been building a strong brand image over the past years giving it the following strengths: a strong brand equity for both the company and customers; innovativeness couple with professional armature athletes sponsorship giving it good public relations; a superior brand; has a strong brand name; has a unique, recognizable logo; rapid growth; and produces high quality apparel. Thus, with the unique and practical mission statement coupled with the companys distinctive strengths, Under Armour wants make sure that the consumers understands that they are getting the best products in the market as well as getting a good value for their money (Business Teacher, 2012). OPTION 3 Marketing to Teens Worldwide via Music The long-term results that Coca-Cola and PepsiCo hope to achieve by investing heavily in marketing to teens around the world. The long-term result that Coca-Cola and PepsiCo hope to achieve by investing heavily in marketing to teens globally is brand loyalty. Brand loyalty refers to the continuous preference by the customer for the products of an existing company. Companies create brand loyalty through; relentless advertisements of their names and brand; protecting their products through patents, product inventions and innovations through continuous research as well as, through development of programs that emphasis on development of high quality products and high-quality after-sales services. Brand loyalty has a positive influence to the manner in which the consumer perceives the product or the company. To create brand royalty, a firm has to relate a brand to human personalities which in turn creates feelings of affection, warmth and belonging to a product (Bryson, 2010). The best way of creating long term brand loyalty to a product is by cultivating feelings of warmth, fondness, and a sense belonging towards this product in people while they are young. The two companies recognize the need to reach the younger audiences because the teenage demographic is expected to represent a third of the worlds population by 2020. Human beings a generally habitual creatures thus, by creating the brand loyalty with teenagers, they will remain royal to this brand even as they grow older. Marketing advantages and disadvantages of associating a soft drink brand such as Coca-Cola or PepsiCo with musical groups that are just beginning their careers. Music is integrating in mass electronic media (internet, tv and radio) advertisements so as to enhance its the advertisement success. Advantages Entertainment Music has the entertainment aspect that makes advertisements more appealing to the audience. This increased attractiveness enables an advertisement to capture more attention. Thus, music enhances the brands, products or services value by connecting it to music (Bryson, 2010). Memorability It is easier to recall a piece of music than images or spoken language because music tends to linger in the listeners mind for long. New music groups mostly have new songs that have not yet bored the audience. As the listeners get to learn the new songs, they also get to learn more about the product. These new songs enable listeners to remember company details such as the company name, webpage or even an appealing slogan linked to the brand (Bryson, 2010). Authority Establishment and Targeting Certain kinds of groups or life styles attribute themselves to certain kind of music. This makes it is possible to appeal to a particular group through use of certain kinds of musical genres. The company can also easily use the new musical groups to target a particular kind of groups or lifestyles than. This is because new music groups are more flexible than established music groups because they are more willing to experiment with various music genres. In this case music serves as a nonverbal identifier. Growth of brand as well as The musical Group As the sponsored musical group gains popularity, the companys brand gains attention and visibility. Disadvantages Not all sponsored music groups end up becoming popular: poor performance of a musical group results in less advertising revenues. Brands have the ability to make up-coming artists into stars but at the same time, these artists have the ability to destroy the brands name by not being successful enough (Bryson, 2010). The reason why the two companies emphasize new music and emerging performers in their ads, rather than well-known songs and groups Brands are identifying and embracing the new ways in which various kinds of audience access music and are finding ways and means to capitalize. With their major targets being teenagers globally, the two companies have realized that, teenagers have a high affinity for new music and also emerging performers. Thus, the up-coming musicians promote their brand while the companies sponsoring and also give their new music some exposure. This is more or less a collaborative process, by leveraging the power of each. It is a fact that there is a greater association to the product or brand being promoted by a new talent than renting an existing talent. This is because the young people love the element of surprise in the brand image (Bryson, 2010).

Reflection Of Communication Skills Relevant To Clinical Scenario

Reflection Of Communication Skills Relevant To Clinical Scenario In 2006, a patient named Robin became pregnant. In the 5th month of pregnancy, the patient began having trouble with diarrhoea and then developed a severe infection in her upper respiratory system. Robins obstetrician immediately hospitalized her and within 24 hours, Robin had a temperature of 105 degrees and was in preterm labour. Just before Christmas, Robin was diagnosed with Acute Viral Pneumonia. After getting permission from the doctor to go home for Christmas, Robin was back at the hospital 15 days later because she was in preterm labour yet again. It was then that Robin was introduced to a gastroenterologist who diagnosed her with Crohns Disease. Robin was immediately put on medications to try to save her and her unborn childs lives. On 3rd February, Robins contractions were five minutes apart but her due date was the 17th of March. Robin came to the hospital and within one hour, I performed an ultrasound only to let her know that her unborn baby boy was no longer alive. Afte r the funeral of her son, Robin was diagnosed with Deep Vein Thrombosis (DVT) in her inner thigh. Reflection: Interpersonal communication skills Listening is an active and basic process that involves not only taking the content of the person speaking by looking at their body language and listening to their words, but also being perceptive (Boyd, 2007, pp. 654-683). Good listening skills are shown by attending behaviour that is practiced by establishing eye contact, maintain a relaxed posture and sending appropriate messages to the patient through gestures (Timby, 2008, pp. 298-312). Attending behaviour works well in that it encourages the patient to verbalise their feelings and ideas freely (Hart, 2010, pp. 287-299). During listening, the nurse paraphrases the words of the patient in fewer words so as to make sure that the nurse understood what the patient wants. Paraphrasing is an important part of listening because it exposes and clarifies any mixed or double messages sent when the patient fails to make a direct statement (Huber, 2006, pp. 754-783). The third part of listening is clarifying. Clarifying goes beyond paraphras ing with an intention of bringing vague material into sharper focus (Kneedler Dodge, 1994, pp. 258-295). Perception checking is an effective part of ensuring accuracy of a communication because it is a method of giving and receiving feedback from the patient (White, 2004, pp. 634-683). When helping Robin, I can say that I had effective listening skills. I made a point of listening to what Robin told me and I made sure that when she was talking, I made her feel comfortable and showed that I was interested in what she was saying. Leading is a communication skill that encourages the patient to respond in an open communication so as to invite verbal expression (Chitty, 2005, pp. 512-554). The helper slightly anticipates what the patient is thinking and where those thoughts are headed. In anticipating these thoughts, the nurse leads the patient so as to stimulate the communication. Leading encourages the patient to retain primary responsibility for the direction of the communication and helps them to be active in the process (Ray Donohew, 1990, pp. 112-148). Leading also encourages the patient to explore and elaborate on their feelings. One of the tools used in leading is using open questions that can be answered by more than just a yes or a no (Giger Davidhizar, 2004, pp. 212-237). Choosing appropriate questions lead to clarification for the patient (Sully Dallas, 2005, pp. 37-82). Another tool used in leading is by being indirect when leading the patient. Indirect leading keeps the responsibility of keeping the communication going on the patient. Indirect leading allows the patient to control the direction of the communication and protect their ideas (Knapp Daly, 2002, 145-187). Direct leading on the other hand specifies a topic and the nurse uses suggestions to direct the patient. Direct leading is important in elaborating, clarifying and illustrating what the patient has been saying (Miller, 2008, pp. 284-325). In the case of a patient who has multiple problems or is vague, focussing is an important aspect that should be used in leading the communication (Marrelli Hilliard, 2004, pp. 213-263). Focussing is a way that emphasizes on a certain idea or feeling and helps the patient get in touch with their feelings (Williams Davis, 2005, pp. 27-39). I did not use leading skills when communicating with Robin and this is a skill I should in the future. I will enhance my abilities in leading skills by using open questions that will encourage the patients to share their ideas and feelings freely. Reflecting feelings, experience and content of the patient expresses that the nurse understands and wants to perceive the world as the patient does (Chase, 2004, pp. 278-317). Reflecting the patients feelings brings those feelings into clear awareness from the vague expressions that they were (Sheldon, 2009, pp 87-113). Helping the patients to own their feelings is done by identifying both the obvious and subtle feelings that are hidden behind words (Rosdahl Kowalski, 2007, pp. 1563-1612). In reflecting experience, the nurse broadly observes the patients verbalised feelings and their nonverbal feelings (French, 1983, pp. 116-145). Like paraphrasing, reflecting content involved repeating the essential ideas of the patient in fewer and fresher words (Hegner, Acello Caldwell, 2003, pp 744-763). When the patient is having difficulty in expressing an idea, reflecting content helps the nurse to clarify those ideas. During communication, reflecting helps the patient to recognise and expre ss their feelings effectively (Lipe Beasley, 2003, pp. 267-301). In communicating with Robin, I sounded monotonous and insincere when I began my reflection with saying, It seems you were very upset even after yelling for everyone to get out. In saying this I also said words that that Robin was unprepared for because they had too much depth of feeling. In future communication with patients, I should not read more interpretations into the statement than was intended, and I should use less monotonous words that sound sincere. Confronting the patients is intended to help them recognize what is going on or what the nurse infers is going on (Cherry Jacob, 2005, pp. 478-501). A patient may feel threatened and anxious at first when they are confronted. However, the patient is also grateful for the honesty albeit direct expression that shows that the nurse cares (Perry Potter, 2002, pp 1114-1163). Confronting the patient presents feedback that is difficult to hear, and as such, the nurse should poses good timing to ensure that the patient is ready for honest feedback (Fitzpatrick Wallace, 2005, pp. 341-367). Sometimes I find it hard to confront patients. In Robins case, I was finding it hard to understand and deal with her. I know that confronting the patient is one of the crucial skills that I must poses. I must recognize my feelings as the nurse and share those feelings with the patient. I must be able to involve myself in self-reflection as a form of confrontation. I believe that by practicing, training a nd observing others, I can develop my confronting skills. Using interpretation helps the patient to see their problems in new ways (Barnum Kerfoot, 1995, pp. 256-298). Unlike paraphrasing where the patients frame of reference is maintained, in interpreting, the nurse offers the patient a new frame of reference. The nurse adds his or her own meaning to the patients basic meaning (Ellis Hartley, 2004, pp. 114-146). When the nurse adds on to the basic message from the patient, and the patient understands the new idea, then communication is accelerated. Interpreting is useful in helping the patient get a broader perception their feelings (Ferrell Coyle, 2006, pp. 542-568). Interpretation is a communication skill that I used with Robin. While talking to Robin, she mentioned that she felt that the nurses around her were angels who lit her fire up in a time when she needed much encouragement. I told Robin that the way I saw it, she could join also become a nurse. Due to the Crohns disease, Robin could only live a stress-free life. However, afte r living the hospital, the first thing that Robin did was to go to Upper Valley Joint Vocational School where she applied for pre-requisite classes in the Licensed Practical Nurses (LPNs) program. Robin graduated in November 2009 and has been working in the nursing profession since then. The most important thing that a nurse can do for the patient is sharing simple facts (Crisp Taylor, 2008, pp. 1112-1196). Informing is a communication skill that is integrated with giving advice (Maurer Smith, 2005, pp. 360-378). Under some circumstances, where advice giving does not foster dependency and is not arrogant, giving advice can be helpful to the patient. Communication through informing gives the patient a recommended course of action that the nurse has experience with. Through giving suggestions, the patient can decide the course of action that he or she will take (McConnell, 1993, pp. 96-118). Crisis situations where the patient has to adjust to a readjustment in life are an appropriate situation for giving the patient advice. In Robins case, after she had a stillbirth, I advised her to take her time with her son, Benjamin. I encouraged Robin to spend as much time as she wanted holding the five pound fifteen ounce baby boy. As much as Robin did not want to, I took pict ures of robin and Benjamin for the memory album. I knew that that was the best albeit hardest thing robin had ever done. Summarising skills involve paying attention to what, how, why, when and the effect of what the patient said (Antai-Otong, 2007, pp. 116-128). After communicating with a patient, the nurse should try to gather all the ideas and feeling expressed in one statement (Sines, Appleby Frost, 2005, pp. 273-312). Summarising is important in that it gives the patient awareness of progress in exploring ides and feelings, problem solving and learning (Clark, 2009, pp. 45-96). In summarising, the communication ends in a natural note that clears a way for new ideas and clarifies scattered ideas (Quinn, 1989, pp. 324-364). Patients also gain confidence in that the nurse was attentive to them throughout the conversation. The nurse can use summarising as a means to check the accuracy of the ideas and feelings that were communicated by the patient. When communicating with Robin, I did not use summarising skills. In future communications, I should use the ideas from the patients to make a summary of th e statements made. Instead of making the summary myself, I could ask the patient to summarize the themes, agreements and plans made during the communication. Enablers and impediments to interpersonal communication While communicating with Robin, the physical environment did not pose as an obstacle. However, my discomfort as a nurse was an obstacle when communicating with Robin. This discomfort originated from death and dying in general terms. I dealt with this discomfort by thinking that it was not my responsibility to communicate with Robin about hospice care and prognosis. My desire to maintain positive thoughts in Robin and her parents was also an obstacle. I would put off discussions about Robins possibility of a stillbirth until I felt that Robin and her parents could handle that conversation. In the future, I will initiate communication on prognosis and hospice care without thinking it is too much trouble. I will also control fear that emerges after telling the patient bad news. The patient can also be an obstacle to effective communication when he or she is unwilling to accept prognosis or hospice care (Mauk, 2009, pp. 374-412). This unwillingness that was evident in Robins case is ascr ibed to her non-acceptance of her sons death and her diagnosis with Crohns disease. In helping with Robins acceptance, I encouraged her by letting her know that I would be there to help her and listened to her. Because this worked well, I will continue being an encouraging factor for future patients. Cultural and social issues did not act as an obstacle while I was communicating with Robin. During Christmas, Robin when home to celebrate the holiday with her family, and when she was admitted back a few days later, I gave Robin a Christmas present that facilitated communication. Conclusion and recommendation Nurses play an important role in communicating with patients because they are always in close contact. A nurse-patient relationship is improved by communication and as such, having effective communication skills is an important factor and a priority for every nurse (Daniels, 2004, pp. 1312-1325). I must develop my skills further in leading, confronting and summarising by participating in training activities. By participating in learning activities, I can develop strategies and acquire new skills as well as effectively employ those skills. Another strategy I will use is practicing key skills with actors and simulated patients because I will be able to control the nature and complexity of the task. Lastly, I must use the communication skills acquired in practice.

battle for the muddy mississippi :: essays research papers

Battle for the Muddy Mississippi "Take Cover!" This phrase was used daily as the citizens of Vicksburg scattered from the raining of mortars by Union guns. Vicksburg, Mississippi is a city in the heartland of the deep South. It sits on high bluffs overlooking the Mississippi River near the mouth of the Yazoo River. Settled in 1790, Vicksburg was and is an important shipping and trading center (Leonard 40). During the Civil War, Vicksburg was a key factor in the control of the entire Mississippi River. After the surrender of Natchez, Baton Rouge, and New Orleans, the Union wanted Vicksburg. The city wouldn't go easy. "Mississippians don't know, and refuse to learn how to surrender†¦"(Ward 420). Confederates fortified it with guns and field artillery to keep the city out of the Union's hands. The Union knew it wasn't going to be easy. In the siege of Vicksburg, Farragut tried to take the city, Grant took over, and he seized the city. General Farragut, a Union general, reaches Vicksburg on May 26, 1862. His ships fired 20 shots and continued down stream. The following day Farragut returned and bombarded the city for 12 hours (Miles 194). The civilians left to live in the country until things calmed down (Foote 395). Van Dorn, leader of defense for Vicksburg, sent the "Arkansas" to Vicksburg. The "Arkansas" destroyed three warships for an estimated loss of $3,000,000 (Foote 386). The ship was later grounded and her own crew destroyed her (Miles 224). The process of trying to run past Vicksburg's guns became too difficult. The Union tried to build canals to bypass the city. Farragut started a canal across a peninsula north of Vicksburg that would return to the river 10 miles past the city but his attempts failed (Miles 202). He finally withdrew from Vicksburg and headed south to Baton Rouge (Miles 229). In October of 1862 the commander of Tennessee was brought in to clear the Confederates off the ir turf. Ulysses S. Grant replaced Farragut to finish what he started. Gen. Pemberton was brought in to lead in Vicksburg's defenses. Gen. Pemberton found many of the defenses inadequate and replaces cannon, rebuilds forts, and placed them in more effective locations (Miles 283). Major Sam Lockett was chief engineer under Pemberton. He worked on the layout of the forts. The main forts protected the entrances of the 6 main roads entering the city.

Justice As Desert: Is There Any Such Thing? :: Philosophy Philosophical Essays

Justice As Desert: Is There Any Such Thing? ABSTRACT: Philosopher Matthew Lipman, in Social Inquiry, says that there are instances in which 'what one deserves may be specified fairly readily. A sick child deserves medicine, a hungry child deserves food, children deserve an education...' This seems to imply that these are cases in which what one deserves is clear-cut, and only when 'the cases become more complicated' does it become 'progressively more difficult' to determine desert. I would submit that these cases are not nearly so cut-and-dry, in terms of determining desert, as one might imagine. Is it really correct to say that a sick child deserves medicine? Who is to say? Who is to be the ultimate arbiter? Is there some sort of authority or power (higher or otherwise) who is looked to in order to make such a determination (or who is looked to in order to justify making such an assertion in the first place)? Is desert to be determined based on need? On abundance of what is deserved? On legal entitlements? This paper will add ress just such questions. Philosopher Matthew Lipman, in Social Inquiry, says that there are instances in which "what one deserves may be specified fairly readily. A sick child deserves medicine, a hungry child deserves food, children deserve an education...." (1) This seems to imply that these are cases in which what one deserves is clear-cut, and only when "the cases become more complicated" does it become "progressively more difficult" to determine desert. (2) I would reply: not so fast. These aforementioned cases, I submit, are not nearly so cut-and-dried, in terms of determining desert, as one might imagine. Is it really correct to say that a sick child deserves medicine? Who is to say? Who is to be the ultimate arbiter? Is there some sort of authority or power (higher or otherwise) who is looked to in order to make such a determination (or who is looked to in order to justify making such an assertion in the first place)? Certainly, a sick child usually needs certain medication in order to get better. Moreover, in a society in which such medication is plentiful, legislators may be prompted to enact a law that stipulates that all sick children are entitled legally to such medication. But do they deserve such medication, just because they need it or the medication is abundant or they are legally entitled to it?

Family Created Essay -- essays research papers

The Family Created The dream of a getting married, starting a family , a house with a white picket fence, two kids and a dog eludes a huge number of couples in America and abroad. The perfect picture of a family is usually made complete with the addition of children. There are now more options to create a family than the traditional natural conception. The advances in technology have opened up the option of assisted reproduction such as artificial insemination, invitro fertilization, donor egg or sperm, and assisted hatching. Another option for family creation is adoption. Each option has advantages and drawbacks. With either option there are emotional, financial, and moral issues associated with these options. Finding a perfect fit for the fertility impaired couple, each option, assisted reproduction, or adoption, must be reviewed and weighed for the emotional, moral, and financial aspects, to see whether the end justifies the means. It is important to explain the emotional issues associated with infertility. A couple who has tried for many months to conceive a child and find that there are physical issues that are causing this continued problem, are emotionally mortified. The shock causes feelings of loss and failure that at affect the very core of a person, delivers a terrible blow to their self esteem and self value. Once the shock has passed and decisions need to be made about the option of assisted reproduction or adoption, a whole new slew of emotions arise. In assisted reproduction the initial testing and prodding and digging into the couples lives and sexual history causes a huge amount stress and emotional strain. There are skeletons in the closet for most people that are exposed, in an attempt to find a cause for the infertility. The secrets exposed very possibly can lead to a breakdown of the trust respect and bonds for a couple, discussions then become loaded and judgmental. Once the testing is over and the relationship is back on a somewhat even keel, the treatment plan comes along. The person who is found to have the main infertility problem suffers additional emotional trauma besides being the cause of the problem they are now being pumped with either pills or shots of hormones. These hormones cause such a change in that persons chemistry their emotions are swinging from moment to moment. The time comes near for the plan to ... ...range of $3000.00, just to find the root of the fertility problem. The range of costs for the medications associated with the procedures can be anywhere from $10,000 to $18,000 for one cycle. Many couples do not have insurance policies that will cover the costs, because it is generally deemed as elective. For adoption the costs can be free if state adoption is a consideration. The children that are wards of the court have been victims of some sort of abuse. Infants usually have been abandoned or are drug addicted. The time involved in seeking termination of parental rights is a drawn out process. The other options for adoption would be either private domestic adoption or foreign adoption. The costs for either are in the ranges of $8,000 to $25,000. In review, both assisted reproduction and adoption come at extremely high costs, emotionally, morally and financially. The decision in choosing one or none depend heavily on the situation and desperation of the people who are trying to create a family. The considerations are great and the outcome is dependant on many outside individuals. The question still remains which end justifies the means for the perfect family.

Fv Project Summary of Fasb and Iasb

Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards.This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB's working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASB's Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure D raft and related Invitation to Comment. No decisions were made.At a previous meeting, the Board decided to issue the FASB's final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASB's document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASB's conclusions along with the basis for the disagreement.The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differenc es between the definitions of fair value in the FASB's draft Fair Value Measurements (FVM) standard to the definition in IFRS.This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staff's overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings.The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staff's analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board member s wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing ‘amount' to ‘price' as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of ‘exit values' in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transaction; the agreed price constitutes both an ‘entry' and ‘exit' value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of ‘marketplace participants' is believed by some Boar d members to be a less superior phrase to the widely accepted ‘knowledgeable, willing parties' notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a ‘market'. The FASB's rationale for introducing the ‘marketplace participants' notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted.The Board will be asked to debate the meaning of the ‘reference market' notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measuremen t Within each of these sections, the staff made various proposals for the Board's consideration.Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 – Construction Contracts †¢ (b) IAS 16 – Property, Plant and Equipment (c) IAS 17 – Leases †¢ (d) IAS 18 – Revenue †¢ (e) IAS 19 – Employee Benefits †¢ (f) IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 – Accounting and Reporting by Retirement Benefit Pla ns †¢ (h) IAS 33 – Earnings per Share †¢ (i) IAS 36 – Impairment of Assets †¢ (j) IAS 38 – Intangible Assets †¢ (k) IAS 39 – Financial Instruments: Recognition and Measurement †¢ (l) IAS 40 – Investment Property †¢ (m) IAS 41 – Agriculture †¢ (n) IFRS 1 – First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 – Share-based Payment (p) IFRS 3 – Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 – the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be exclu ded from the scope.The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 – due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received.However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 – Inventory †¢ (b) IAS 21 – The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 – Consolidated and Separate Financial Statements †¢ (d) IAS 28 – Investment in Associates †¢ (e) IAS 31 â €“ Interests in Joint Ventures (f) IAS 32 – Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 – Insurance Contracts †¢ (h) IFRS 7 – Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 – Presentation of Financial Statements †¢ (b) IAS 7 – Cash Flow Statements (c) IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors †¢ (d) IAS 10 – Events After the Balance Sheet Date †¢ (e) IAS 12 – Income Taxes †¢ (f) IAS 14 – Segment Reporting †¢ (g) IAS 23 – Borrowing Costs †¢ (h) IAS 24 – Related Party Disclosures †¢ (i) IAS 29 – Financial Reporting in Hyperinflationary Economies †¢ (j) IA S 30 – Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 – Interim Financial Reporting (l) IAS 37 – Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 – Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalised, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB MeetingThis was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASB's exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance.The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity tha t differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condition of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project.Revised definition of fair value In the staff's view, the FASB's revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a ‘price' rather than ‘amount'. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price.As a consequence, other Board members noted that the current definitio n will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs.The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurem ent date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input.IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staff's conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statemen t represents an improvement over the disparate and inconsistent guidance currently in IFRSs.Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASB's conclusion to adopt the ‘principal market' view.While this will result in a change from the ‘most advantageous' view currently in IFRS, the ‘principal market' view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price.The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting.The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in as sessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor.However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement.The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from th e FASB's draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements.Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability).Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the ass et or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability.Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement.As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meet ing The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for ‘day-one gains'. Project Plan and Due ProcessThe Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASB's agenda in September 2005. At that time, the Board decided that they would expose the FASB's final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents.These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASB's due process requiremen ts. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an ‘exit price objective' of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alternative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft.This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopeful ly a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long.Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB do cument is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASB's discussion paper. Day-one Gains and Losses Fair value, as defined in the FASB's document is an exit price. As a result of the Board's tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measured at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment.The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential a mendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project.September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfe r a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair value hierarchy that prioritises the information used to develop those assumptions.The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entity's own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASB's Website without charge. The IASB has on its agenda a project on fair value measurement.It is one of the convergence pr ojects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASB's preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASB's preliminary views about those provisions.Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Board's preliminary views and requests constituent input on certain matters Non-performance riskThe Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities.It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in additio n to credit risk). Issues in the Invitation to Comment Entry and exit pricesThe Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between ‘a willing buyer and a willing seller' matters only when one is shifting markets. In many IASB standards, ‘fair value' is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price.Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording ‘on the fly', which they will bring back to the Board. Principal or most advantageous marketIAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability.The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would b e received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities.The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling ‘level 3' measurements ‘fair value'The Board noted that FAS 157 establishes a three level hierar chy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is ‘unobservable inputs' for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other tha n fair value. Block premiums and discountsThe Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the ‘Price x Quantity' formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs.Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initia l recognition. They reasoned that it is important to highlight situations where the guidance in FAS 157 differs significantly from current IFRSs.Further, convergence on the day-one gain matter is a high-profile issue to many large financial institutions and is an area where the staff expects many comments. The Invitation to Comment will contain a discussion and question on the transaction price presumption. US GAAP-specific material contained in FAS 157 The Board agreed that, in the interests of timely publication, they would not alter FAS 157 in any way for the purposes of the Discussion Paper and Invitation to Comment, and that it would therefore have US GAAP-specific material. The Invitation to Comment would note that any Exposure Draft would be IFRS-specific.Next steps On a poll, 12 Board members voted to issue the Invitation to Comment and Preliminary Views, and one Board member abstained, pending resolution of the discussion of entry and exit prices. The Discussion Paper is sc heduled for publication in late 2006. November 2006: Discussion Paper Issued On 30 November 2006, the IASB published for public comment a Discussion Paper on Fair Value Measurements. The Discussion Paper sets out the IASB's preliminary views on how to measure fair values when fair value measurement is already prescribed under existing IFRSs.It does not propose any extensions of the use of fair values. The DP is built around FASB's recently issued SFAS 157 Fair Value Measurements. SFAS 157 establishes a single definition of fair value together with a framework for measuring fair value for financial reports prepared in accordance with US GAAP. Click for IASB Press Release (PDF 53k). The Discussion Paper will be available without charge on the IASB's website starting 11 December 2006. Comment deadline is 2 April 2007 [extended to] 4 May 2007. The IASB plans to publish an Exposure Draft in 2008.Discussion at the January 2007 IASB Meeting Extension of the comment deadline on the Discussi on Paper The staff reported that several constituents had asked the Board to extend the deadline for comments on the Board's Discussion Paper Fair Value Measurements. The constituents highlighted that the comment period coincided with the financial reporting season for those with calendar year ends and asked for more time so that an important and complex document could receive the attention it deserved. The Board agreed unanimously to extend the deadline for comments to Friday 4 May 2007.Discussion at the September 2007 IASB Meeting The staff informed the Board that the FASB had formed a Valuation Resource Group (VRG). The purpose of the VRG is to provide the FASB with input for clarifying the guidance related to the application of the principles in SFAS 157 Fair Value Measurement when fair value is required or permitted under US GAAP. The VRG is drawn from accounting firms, valuation advisers, preparers, users, regulators and standard setters. The first meeting of the VRG is planne d for 1 October 2007. Issues raised at that meeting will be brought to the October FASB meeting.The IASB staff noted that any decisions made by the FASB are likely to have implications for valuations performed under IFRSs because constituents may apply the US guidance in the absence of IFRS guidance. The staff will keep the Board informed of the project. No decisions were made. Discussion at the October 2007 IASB Meeting The staff presented their analysis of comments received on the IASB's discussion paper on fair value measurement. The discussion paper was issued as a ‘wrap around' of FASB Statement of Financial Accounting Standards No. 157.The complete analysis is available in the Observer Notes section on the IASB's website (Agenda Paper 2C). The staff asked the Board to do the following: †¢ consider the main points raised in the comment letters (136 received); †¢ affirm the project objectives; and †¢ approve the staff's preliminary project plan. The main poi nts raised in the comment letter by constituents included (please refer to Agenda Paper 2C for a detailed analysis): †¢ General agreement to that the fair value measurement project is needed; †¢ Concerns about how to provide guidance on determining fair value when it is not clear in hich circumstances; †¢ The interaction between the fair value measurement project and the conceptual framework project (in particular, phase C which covers measurement); †¢ The view that in many situations an entry price notion is superior to an exit price notion; †¢ Fair value is more akin to a heading for a ‘family' of measurement bases and accordingly terms should be used which are more descriptive (that is, more clearly articulate what the Board's intended measurement basis in that situation is); and †¢ With regard to measuring liabilities at fair value, the respondents raised concerns about the application of a transfer notion instead of a settlement notion and as ked for guidance as to the meaning of non-performance risk. Regarding the interaction between this project and the Conceptual Framework project, some Board members noted that the outcome of this project is only one of a number of possible measurement bases that will be in the revised Framework. Consequently, the impact on the Framework project is only minor. The staff confirmed that it consults with staff of the Framework project on a regular basis. Some Board members observed that the notion ‘entry price' should be as well defined as ‘exit price'. Staff noted that this is part of the proposed project plan. No decisions were made.The Board was also asked to agree on the following project objectives: †¢ Development of principles and measurement guidance for an exit price measurement basis; and †¢ Completion of a standard-by-standard review of fair value measurements permitted or required in IFRSs to asses whether each standard's measurement basis is an exit pric e. If the Board does not agree, will it agree to decide on a case-by-case basis whether or not to develop measurement guidance for those other measurement bases. The Board agreed to both objectives. On the second bullet point, it was clarified that this analysis will not lead to the development of additional guidance for those measurement bases that will be identified as not fitting in the definition of fair value for the purpose of the fair value measurement project. However, the Board noted that a working definition for fair value must first be agreed on before the analysis can be done. Additional Discussion at the October 2007 IASB MeetingThis was an education session and accordingly no decisions were made. The session was led by representatives of the valuation profession to illustrate practical valuation concepts and issues (the complete presentation [Agenda Paper 11A] can be obtained from the Observer Notes section on the IASB Website). The focus was on the valuation methodolo gies used in the measurement of tangible and intangible non-financial assets. The background of the session was the Discussion Paper on Fair Value Measurements that was issued by the IASB in November 2006. The main topics of the presentation were: †¢ Value concepts in IFRSs †¢ The purchase price allocation process Overview of valuation methodologies (that is cost approach, market approach, income approach) The presenters' main focus was the valuation requirements resulting from a business combination and what are the factors valuation professionals consider in such transactions. Although this was an education session only the Board showed particular interest in certain topics of the presentation: †¢ If and how appraisers exclude entity-specific factors from their valuation models †¢ Customer-related intangible assets (separation and assumptions used in valuation) †¢ Consideration of tax in the valuation process †¢ Separation and valuation of contingent liabilitiesOn the last point, the representatives of the valuation profession admitted that they have difficulties identifying all contingent liabilities and how to value them based on a transfer notion (that is what would an entity have to pay to pass on the risk – in contrast to a settlement notion). Discussion at the November 2007 IASB Meeting The staff began the morning session by informing the Board about the latest developments in relation to the implementation of SFAS 157 Fair Value Measurements which is the basis for the Discussion Paper published by the IASB. The developments included the deferral of the effective date of SFAS 157 for non-recurring measurements (for example in business combinations).It was noted that these developments would have no impact on the IASB project on fair value measurements. The staff presented its preliminary definitions of ‘current exit price' and ‘current entry price' for assets and liabilities that will be used in the stan dard-by-standard review. The Board and the staff reiterated that they do not want to change the measurement within the standards. The goal of the analysis carried out by the staff would be to find out which measurement attribute the Board and its predecessor (the IASC) had in mind when using the term ‘fair value'. The preliminary working definitions of the staff are as follows: †¢ Assets: Current entry price: The price that would be paid to buy an asset in an orderly transaction between market participants at the measurement date. o Current exit price: The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. †¢ Liabilities: o Current entry price: The price that would be received to incur a liability in an orderly transaction between market participants at the measurement date. o Current exit price I (transfer notion): The price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. o Current exit price II (settlement notion): The price that would be paid to settle a liability in an orderly transaction at the measurement date.At the request of a Board member staff confirmed that possible components of fair value will be addressed in later stages of the project. The staff also confirmed that it will involve practitioners to gain insight into current valuation practice in the specific circumstances. The Board had a short discussion on certain aspects of fair value measurement and was informed by staff that some of the issues will be discussed at the December Board meeting. The Board agreed on the preliminary definitions of current entry price and current exit price for assets and liabilities and that staff should not consider other measurement bases for the purpose of the standard-by-standard review.Discussion at the December 2007 IASB Meeting The purpose of this session was to continue the deliberations on the issues in the Fair Value Measurements Discussion Paper and to present an analysis of the ‘market participants view' under SFAS 157 compared to the ‘knowledgeable, willing parties in an arm's length transaction' in IFRSs. After staff review of the two approaches, the Board was asked if it agrees with the staff analysis on the market participants view. Some Board members raised concerns about the possible differences of the notion ‘market participants view' in comparison to a ‘knowledgeable, willing party'. The staff noted that they see no differences in content.One Board member asked why a change in terminology would then be necessary as constituents are familiar with the notion of a ‘knowledgeable, willing party'. Other Board members said that the document must make clear that the terms are interchangeable. After this the Board discussed what a market is and whether, for certain transactions, one can assume a market exists if, for example, actually onl y two parties are acting. As no definition of ‘market' was provided, the Board asked the staff to develop an analysis. As all further discussions depend on the outcome of that analysis the Board agreed to postpone discussion of the other items in the agenda paper to a later Board meeting. No further decisions were made. Discussion at the March 2008 IASB MeetingWhether the fair value measurement project should have a working group or other type of specialist advisory group The Board has on its agenda a project on fair value measurement that aims to provide guidance on how to determine fair value if a standard requires or allows fair value measurement. The staff informed the Board that it worked under the assumption that a working group would not be required as there is an overlap with existing working groups that could be involved as required. On further reflection, the staff has concluded that this approach does not work as it proved difficult to involve the other working grou ps without a clear mandate.The staff also believes that it would not be necessary to set up a formal working group but instead to establish a ‘technical advisory group' (TAG) that could work on a informal, as-needed basis. Information exchange could be done in person or via electronic communication. However, the IASB Due Process Handbook requires the Board's consent for not establishing a working group for a major project. One Board member raised the question whether the Valuation Resource Group of the FASB could be involved. The staff answered that this group would interpret and implement SFAS 157, the US standard providing fair value measurement guidance. The Board agreed not to establish a working group, but to form a technical advisory group instead. Discussion at the April 2008 IASB MeetingRepresentatives of the International Valuation Standards Committee (IVSC) presented an education session to the Board on four valuation issues. No decisions were made at this education session. The four issues presented by the IVSC delegation were: †¢ What is the difference between ‘price' and ‘value'? †¢ Is there a valuation difference between an entry and an exit price? †¢ Highest and best use †¢ What makes the market? What is the difference between ‘price' and ‘value'? The representatives made clear that in their view ‘price' is the amount agreed on in a transaction while ‘value' is the outcome of a valuation. In practice, most valuations assume a transaction but, depending on the purpose of the valuation exercise, a value could also be entity-specific.It was made clear that in many cases price and value would result in (nearly) the same number. It was also noted that the IVSC standards use three types of valuation with two of them taking a market view and one of them being an entity-specific approach – which could possibly result in different amounts for the same valuation object. Some Board member s were confused by the terminology used by the presenters and it was agreed that this could be the cause for much confusion within the constituency and that any communication by the Board must clearly articulate what they mean. One Board member noted that ‘value' must always be accompanied by an adjective as people understand different things in different situations.Other Board members were confused about where the difference in amounts results from. The IVSC representatives explained that there are many reasons (for example, synergies). Is there a valuation difference between an entry and an exit price? The delegation moved then on to the second question. The representatives explained that the profession holds the view that for non-entity-specific values entry and exit price for the same market should be the same. Often a perceived difference results because entry price is determined on a different market than the exist price. The Board had a lengthy discussion on that issue with a view on the guidance in US GAAP.Highest and best use The highest and best use is terminology from the US GAAP standard SFAS 157 Fair Value Measurements that assumes an entity would also use its asset the best way it can. It was highlighted that the SFAS 157 definition is very similar to the IVSC one. It was noted that this is not a different type or basis of value and that it is inherent in any basis that requires the estimate of an open market transaction. Some Board members expressed their doubt that this always could be assumed for liabilities. What makes the market? The representatives explained that there is an opinion that fair values could only be made where active markets exist.They made it clear that in their view this is not the case. The valuation profession assumes as long as there is enough evidence to establish a valuation it is assumed that a market exist even if the degree of reliability is lower than that for a market with frequent transactions. They would no t necessarily link value and liquidity. The Board showed interest in the valuation for some of the instruments where markets have contracted recently and had some debate on that point with the representatives. The Chairman closed the session by asking the IVSC representatives if they have experts on valuing liabilities that could participate in the planned IASB technical experts group.The representatives confirmed that such experts would be available to participate in the group. Discussion at the May 2008 IASB Meeting Discussion of the Meeting of the IASB Expert Advisory Panel on Valuing Financial Instruments in Illiquid Markets The issue was added to the agenda with short notice and no observer notes were available. The staff informed the Board that the Financial Stability Forum has established an expert advisory panel to assist the IASB in enhancing its guidance on valuing financial instruments when markets are no longer active. In addition the staff noted the following: †¢ T he first meeting will take place on 13 June 2008. †¢ At the first meeting the panel will decide on the form of guidance issued, e. g. est practice guidance or input for amendment of standards. †¢ The duration of the panel is expected to be two or three months. June 2008: IASB Forms an Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets On 5 June 2008, the IASB formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF). The new panel will assist the IASB in: †¢ reviewing best practices in the area of valuation techniques, and †¢ formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.Organisations participating in the panel include AIG (American International Group); Basel Committee on Banking Supervision; BNP Paribas; Capital Interna tional Research Inc. ; Citigroup; Deloitte; Deutsche Bank; Ernst & Young; Financial Stability Forum; Fitch Ratings; Goldman Sachs; HSBC; International Association of Insurance Supervisors; International Organization of Securities Commissions (IOSCO); KPMG; Pioneer Investments; PricewaterhouseCoopers; Swiss Re; and UBS. FASB will have a staff observer. The first meeting of the panel will take place on 13 June 2008 in private session. A summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on its website. More Information on IASB's website. Related resources are available on our Credit Crunch Page.Discussion at the June 2008 IASB Meeting [pic]Fair Value Measurements – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The staff presented a summary of the first meeting held on 13 June 2008 of the Expert Advisory Panel. The staff noted that the purpose of that meeting was to identify the issues arising on valuing financial instruments when markets are no longer active and that possible solutions will be discussed at future meetings. In addition the staff noted the following: †¢ No decision was made regarding the form of guidance the panel will provide, e. g. best practice guidance or input for amendment of standards. Subsets of the issues identified will be discussed by a subgroup of panel members at the next meetings in July (measurement issues) and August (disclosure issues). Meeting dates have not yet been confirmed. The meetings will be held in private sessions with public updates being provided at the July and September Board meetings. †¢ The last meeting is expected to be in September 2008. Updates on the activities of the panel are also available on the IASB's website. Discussion of the Fair Value Measurements Project Following the joint IASB-FASB meeting in April 2008 the Board discussed the way forward in this project. At the joint meeting the IASB decid ed not to re-debate all aspects of the Fair Value Measurement discussion paper (the DP), i. e. ot to fully re-debate FAS 157 Fair Value Measurements on which the DP is based. Instead the Board agreed to redeliberate certain areas of confusion or areas in which FAS 157 had proved difficult to apply. The staff presented an analysis of issues raised in the DP and provided recommendations on whether a particular issue should be redeliberated or not. Technical aspects of fair value measurement were not discussed at this meeting. The Board agreed to discuss further the topics listed below. These topics will be redeliberated mainly because the Board did not express a preliminary view in the DP and/or comments received on the DP indicated a need for further discussion: The exit price measurement objectiveThe Board agreed to consider both entry and exit notions of fair value measurement based on the standard-by-standard review currently performed by the staff. The market participant view In general the Board reaffirmed its preliminary view in the DP. However, the staff was asked to improve the wording in order to address concerns raised by constituents. In particular, it should be clarified how to apply the market participant view in cases where no market exists (for example, liabilities that cannot be transferred). Transfer vs. settlement of a liability The Board agreed to a staff analysis that this is an important cross-cutting issue for other Board projects, particularly, amendments to IAS 37.Transaction price and fair value at initial: Day one gains and losses This issue is considered to be interrelated with the entry vs. exit price issue. The principal (or most advantageous) market The Board reaffirmed the preliminary view in principal but noted that questions about the practical application needs to be resolved. Valuation of liabilities: Non-performance risk There seemed to be a broad consensus to reaffirm the preliminary view that non-performance risks needs to be considered when measuring the fair value. However, the majority of Board noted that this is an important cross-cutting and that there are unresolved issues with regard to presentation (of the counter-entry) and disaggregation. Highest and best useThe staff intends to address comprehensively all issues relating to ‘different markets'. Bid-ask spreads: Applicability of mid-market pricing to all levels of the hierarchy? The staff noted that the Board still needs to reach a preliminary and that the question of which transaction costs are to be included will be addressed in this context. Issues not discussed †¢ Disclosures: Redeliberation in light of current market environment †¢ Application guidance: Redeliberation in light of current market environment Topics not to be redeliberated The Board decided not to redeliberate the following five topics: 1. Attributes (characteristics) specific to an asset or liability 2.Whether transaction costs are separate from fair value The staff intends to discuss any outstanding issues in connection with bid-ask spreads. (this sentence relates to bullet 2) 3. Three-level fair value hierarchy Accepted as described in the Discussion Paper without any further deliberations 4. The prohibition of blockage factor adjustments at all levels of the hierarchy The Board had a thorough debate on this issue. One Board member emphasised that the majority of constituents disagreed with the preliminary view expressed in the DP. Finally, there seemed to be a consensus not to redeliberate the issue but to deal with the concerns in the feedback statement.The staff was asked to review the comments received to ensure that the Board ‘has not missed anything' in reaching the preliminary view. 5. The unit of account for financial assets and liabilities The staff noted that the topics not to be discussed by the Board are broadly consistent with the principles in IFRSs and that they can therefore be addressed in the exposure draft in a way that considers the concerns raised by constituents and is consistent with FAS 157. Discussion at the July 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The project manager on the fair value measurement project gave an oral update on the activities of the expert advisory panel.The purpose of this panel is to assist the IASB in reviewing best practices in the area of valuation techniques as well as formulating any necessary additional guidance on valuation methods for financial instruments and related disclosures when markets are no longer active. The panel or subgroup met three times. At the kick-off meeting the panel identified specific issues that panel members felt must be addressed (such as forced transactions, the use of pricing services, illiquid markets). It was noted that there seemed to be consistency in applying the fair value measurement requirements in IAS 39 despite the use of different tech niques. The staff informed the Board that there will be a draft document to be discussed end of July on those issues, but that it is not clear yet who will publish it. The panel would then turn to appropriate disclosures with the aim to have an exposure draft published in Q4/08.It was noted that there would be ongoing communications with the consolidations project team. Discussion at the July 2008 IASB Meeting At this session the staff asked the Board to decide on a definition of ‘fair value' – what is the measurement object for items with a measurement basis currently referred to as ‘fair value'? The staff acknowledged that some aspects of fair value have not been discussed yet, but will be brought to the Board at future meetings (for example, principal market and day-one gains/losses). Staff's view, however, is that whether fair value means an entry or exit price can be decided separately. The staff then turned to the standard-by-standard review as requested by the Board.This review had been requested to help the Board to decide whether: †¢ To retain the term ‘fair value' and define it appropriately, or †¢ To replace the term ‘fair value' with more specific terms more appropriate in the individual context. It was noted that a consistent definition of fair value might lead to fewer instances where the Board would require or permit its use. It was also highlighted that a precise definition of fair value would help to ensure proper application where it is required or permitted. The Board had a lengthy discussion about whether entry and exit price would be the equal for the same item on the same date in the same market.Also, the Board discussed which market an entity should refer to in measuring fair value and whether an exit price could include exit by consumption of assets. Board members expressed a range of views on these issues. No clear consensuses were reached. Some Board members observed that if the Board cannot cl early define what fair value means, it would be even more difficult for constituents in applying IFRSs. Board members said that some of the issues that are to be brought back for discussion at future meetings must be resolved before the Board can agree on a definition of fair value. The staff also asked the Board to consider whether to keep the term ‘fair value' or abandon it. The Board seemed to be split on that issue.The Board discussed whether, in measuring the exit-price fair value of an asset the entity is using, the measurement should take viewpoint of the entity or of an independent market participant. Board members' views varied, and no decision was reached. The staff distributed a flow chart which was not part of the observer notes that was intended to facilitate the discussion. The Board decided that, once fair value is precisely defined, each reference to fair value in IFRSs should be assessed in relation to the definition. Where ‘fair value' as used in an IFR S is not consistent with the agreed definition, the term should be replaced with a more descriptive term.Discussion at the September 2008 IASB Meeting – Credit Crisis: Proposed amendments to disclosure requirements Please see separate project page on Amendments to IFRS 7 – Credit Crisis Discussion at the September 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Update The staff presented the Board with an update on the work of the expert advisory panel formed in response to recommendations from constituents. The panel's task is to develop best practice guidance on measurement and disclosures for financial instruments in inactive markets. It was noted that the panel had met six times and will meet again in October. One single document would be published covering both measurement and disclosure. A draft report has just been posted on the IASB's website. The staff informed the Board that although comments would be sol icited until 3 October, comment letters would not be published on the IASB's website.Asked by a Board member, the staff confirmed that this non-mandatory guidance would be considered when developing the fair value measurement standard and, hence, might become mandatory in the future. Discussion at the September 2008 IASB Meeting – Fair Value Measurements Exposure Draft The staff introduced the session by highlighting the objectives and timeline. The purpose of the session was to seek the Board's decision on: †¢ Whether a fair value measurement exposure draft should state that fair value reflects the highest and best use of an asset; and †¢ Whether blockage factors should be excluded from fair value measurement. Blockage factors The staff started with the second issue on blockage factors.The staff highlighted that it only sought the Board's input on this type of discount, not on other discounts or premia. The staff defined a blockage discounts as a discount that repr esents a discount to the quoted price of an instrument (usually equity securities) to reflect the reduction in the price if the entity were to sell a large holding of instruments at once. The Board had a lengthy debate on this. Some Board members were concerned about ignoring blockage factors as they would represent a real economic phenomenon. Others were of an opposite