Critically discuss the arguments for and against the use of fair Essay - 1

Critically discuss the arguments for and against the use of fair values in the preparation and presentation of financial statements. Cite literature to support your answer - Essay Example As the report explores financial statements need to be comparable from one year to the next and between one company and another. However, even though fair values may be said to be current and therefore more comparable, the fact that judgement need to be exercised brings subjectivity into play. In addition to that, those judgements on which investors and other stakeholders depend have their own agenda. In some cases they may exercise their judgement in such a way as to manipulate the accounts. This therefore brings us back to the reliability of the figures in the financial statements. This essay stresses that the arguments against fair value accounting appear to outnumber those in favour. Most of the arguments against essentially relate to the classification of financial instruments the fair value hierarchy. According to Ernest and Young the 2008 amendment of the International Financial Reporting Standards (IFRS) requires that the classification of financial instruments be recorded at fair value in a hierarchy consisting of three levels. The first levelrelates to quoted prices that have not been adjusted for identical assets and liabilities in active markets. The second level relates to input prices but excludes quoted prices which are included in the first level and which can be observed directly for assets and liabilities, in the form of prices or in the form of derived prices indirectly. The third level relates to both assets and liabilities that are not based on market data that can be observed.

Legality On The War In Iraq Essay Example | Topics and Well Written Essays - 2000 words

Legality On The War In Iraq - Essay Example Not only were civilian casualties huge, but countless soldiers died hostility and in the result of the fight. Even inferior, this whole war was built of false premises and deceptive proof. Iraq is a country that was created after world war 1, by the then coalition. It neighbours with Turkey, Saudi Arabia, Iran, Syria and Jordan. It is split, pretty much in two by the rivers, Tigress and Euphrates. Habitation and life along these two waterways have flourished since the dawn of time. In biblical times it was a flourishing water way, important for trade. The ground found in between these two is known as Mesopotamia. The cradle of life itself. Iraq is also close to Bethlehem and Jerusalem. So there for the people in this region have very strong religious beliefs. Iraq is also dominated by desert. It is does not have sand dunes or sand hills spreading for miles. The Iraq desert is however almost completely flat with occasional wadi's breaking the landscape. The ground is also dry and a lot of the desert is also bedrock. The weather that this desert can produce in the winter can be unrelenting. As T.E. Lawrence writes. The gulf war of 1991 saw some of the worst weather the region had suffered for thirty years. Iraq itself comprises three main groups: Sunni Muslims in the centre nearby the capital of Baghdad, Kurds in the north plus Shi'a Muslims in the south. Concerning 15% of the population is Kurdish, 80% Arab. A number of 60% are Shi'ite Arab Muslims like their neighbours in Iran, but they are Arabs, not Persians. No doubt, there are also significant Assyrian and Turkomen minorities in the north. These lesser groups were not known any national rights when a resolution was made. So consequently civil war and turbulence has spooked Iraq still since. In 1931/1932 Iraq gained self-government. This was beneath a pro-British government under King Feisal plus Nuri-as-Said. A coup was stopped up by the British in 1941. In 1958, the pro-West government was conquering by Abd al-Karim Qasim. Qasim stay alive effort coups by the Ba'athist communal gathering which Saddam Hussein donates in. Kuwait and other neighbours go after in 1961 which Iraq laid claims on, mostly oil. Qasim was conquering in 1963 by Abd al-Salam Arif; they say that with the help of the CIA. Arif was conquered by a Baathist coup in 1968. By 1979 Saddam Hussein was major minister and was bearing in mind tyranny government for which he is so well identified for. Saddam chosen high officials from members of his family and inhabitant town Tikriti. Meaning he could faith them more, creation a coup (past leaders downfalls) less probable. U.S. Practice Going to conflict by means of Iraq was unjust, needless and illegal. Was the assault on Iraq justified beneath the United Nations (UN) Charter The Bush management surely felt that its understanding of the articles pertaining to self protection in the UN gave plenty justification for the war. According to a lot of United States officials, aggressive Iraq was lawful under the UN Charter, Article 51, which states: nations have the "right of, human being or communal self defence if an armed assault occurs against a member of the United Nations, until the Security