A Rose for Emily Character Analysis

Miss Emily Grierson, the protagonist of William Faulkner’s â€Å"A Rose for Emily,† is an unusual character in the sense that she is depressed, withdrawn, and ill. Isolated in her father’s decaying mansion in Jefferson, Mississippi, unwilling to accept the passing of time, Miss Emily shows several symptoms of a mental illness. Throughout the story, Miss Emily is living all alone (except for her servant, Tobe) in her deceased father’s decaying mansion. Miss Emily’s story is told by the townspeople, who are very interested in the unusual traits that Miss Emily shows. Miss Emily refuses to change with the town and the times, and stubbornly clings to the past. She is a lonely woman because her father scared all of her suitors away when she was younger. All alone and mentally ill, Miss Emily shows that she is mentally sick through her sad, stubborn efforts to cling to the past. Miss Emily shows her first signs of being unable to change with the times at the beginning of the story, when she refuses to pay her taxes and give her house a mailbox. The members of the Board of Alderman visit Miss Emily to collect her taxes, she is very offended at the action. Miss Emily insists that she is not required to pay taxes in the city of Jefferson and that the officials can speak with Colonel Sartoris about the issue. However, at the time of this conversation, Colonel Sartoris has been dead for nearly a decade. Miss Emily struggles with moving forward with time because she does not want to change. She does not want to face the fact that she is all alone and unhappy. Miss Emily is unable to cope with the loss of her father, who was the only man in her life, and this is the main cause of Miss Emily’s mental illness. The story then jumps forward about thirty years, and the townspeople recall another incident of Miss Emily being visited by town officials. At this time, Miss Emily’s father, Mr. Grierson, has just passed away, and there is an awful smell coming from the mansion. Judge Stevens, the town mayor who pity’s Miss Emily decides to solve the problem by sprinkling lime in her yard, rather than to confront her. At this point in the story, the townspeople feel sorry for Miss Emily because she is thirty years old, and still single because her father never allowed her to date or marry. The next day, the women from Jefferson pay a visit to Miss Emily to offer condolences from her father’s death. Miss Emily refuses to admit that her father is dead, and holds on to the body for three days before finally turning it over for the funeral. The smell coming from the Grierson home, most likely from her father’s decaying corpse, shows Miss Emily’s inability to let go of the past and move on with the future. Later in the story, Miss Emily becomes very friendly with a construction foreman, Homer Barron. The townspeople assume that Miss Emily is spending time with this gentleman because she was never allowed to date when her father was alive, and the pity her because Homer is below her social class. As Miss Emily and Homer Barron continue to see each other, Miss Emily goes to the local drugstore to purchase arsenic, with no explanation. The next day, the package is delivered to her home with a note saying the arsenic is for rats. After Miss Emily purchases a sliver toilet set that is monogrammed with Homer’s initials, the townspeople assume that Miss Emily and Homer have gotten married. Soon after, Homer comes home one day, and never leaves again. Miss Emily’s appearance soon decays along with her home. No one from the town ever saw Miss Emily or Homer again, until her death at age seventy-four. When the townspeople come into the Grierson home for the funeral service, the townspeople find a room that appears to have been untouched for a number of years. Inside the room, the townspeople see Homer Barron’s dead corpse laid in the bed with an iron gray hair on the pillow next to him from Miss Emily’s latter part of life. Miss Emily was unable to admit to the loss of both her father and Homer Barron because she had a hard hold on the past, and refused to let go of it until she finally died. Miss Emily was a sad character, because she was depressed, mentally ill, and unable to grasp the passage of time. It is seen by the townspeople through her actions that she was very sad and lonely, and willing to go to great lengths to keep from being alone. Faulkner showed the struggle that Miss Emily had with this through her lack of upkeep to her home, her inability to change with the town of Jefferson, and her refusal to let go of her deceased loved ones.

One Sample Hypothesis Testing

One Sample Hypothesis Testing The significance of earnings is a growing facade in today’s economy. Daily operation, individuals, and families alike rely heavily on each sale or paycheck to provide financial stability throughout. Depending on the nature of labor, wages are typically compensated in accords to one’s experience and education or specialization. Moreover, calculating the specified industry, occupation title, education, experience on-the-job, gender, race, age, and membership to a union will additionally influence wages.To help analyze operation pay scales and remain within budget a business should obtain data pertaining to current variations in wage. Today statistics allow a business or businesses to do so in a timely and proficient manner. The purpose of the succeeding report is to communicate a hypothesis statement regarding the wages of Hispanics and Caucasian workers. Team B would like to determine whether race has an influence on the wage of these specif ic workers. Team B will convey this data of wages in both a numerical and verbal manner.Moreover, it is to describe and perform the five-step hypothesis test on the wages and wage earner data set, including data tables and results of the computations of a z-test or t-test by way of graphical and tabular methods. Also the paper will depict the results of all testing and convey how the results given Team B’s hypothesis testing may be used to answer the research question. Hypotheses Learning Team B’s verbal hypothesis question asks â€Å"Does the mean salary of a Hispanic worker exceed thirty thousand dollars and that of the mean salary of a Caucasian worker? † The numerical question used for our hypothesis test is  µ > $30,000.Another numerical question is  µ1> µ2.  µ1 is defined as the sample mean of Hispanic workers salaries and  µ2 defined as the sample mean of Caucasian workers salaries. The Hispanic sample population is six workers from the â €Å"Wages and Wage Earners Data Set. † Learning Team B needs to consider whether or not the population is normal as the population size is less than 30. This also prohibits use of the Central Limit Theorem until the data set is proven normal. The wage of one worker being much higher than the others means our data will be skewed right and this data may not be a â€Å"good† sample.The existence of this outlier means our results will be skewed meaning we should find a better sample to base our results on. More importantly, the existence of an outlier reminds us that the mean is not always a good measure of the â€Å"typical† value of X. † (Doane & Seward, 2007). Five-step Hypothesis Test Team B would like to find if average Hispanic workers make more than $30,000 per year. The team’s null hypotheses or (HO) is that Hispanic pay is greater than or equal to $30,000. The team’s alternative hypothesis or (H1) is that Hispanic pay is less than $30,00 0.The significance level has been set at . 05 or 95%. The z score of . 05 is -1. 645. If the z-value is less than -1. 645 then the team can reject the null hypothesis and accept the alternative hypothesis. If the z-value is greater than -1. 645 then the team fails to reject the null hypothesis, meaning Hispanic workers do, in fact, make more than $30,000 a year. Hypotheses: HO Hispanic pay ? 30,000 H1 Hispanic pay > 30,000 Data Set: (University of Phoenix, 2007) 83,601 29,736 15,234 24,509 33,461 13,481 Formula 1: Mean = (83,601+29,736+15,234+24,509+33,461+13,481)/6M = 33,337 Formula 2: Standard Deviation = SQRT(((X1-M)Squared+(X2-M)Squared†¦)/(N-1)) SD = SQRT(((83,601-33,337)Squared+(29,736-33,337)Squared†¦)/(6-1)) SD = SQRT(((50,24)Squared =(3,601)Squared+(18,094)Squared†¦)/(5) SD = 25,841. 97 Hispanic pay mean = 33,337 Hispanic pay Standard deviation = 25,842 Sample size = 6 Formula 3: Z-Test = (Mean-X)/(Standard Deviation/SQRT(N)) Z = (33,337 – 30,000)/( 25842/SQRT(6)) Z = 3,337/10,549. 94 Z = . 3163 As a result, we find that Z > -1. 645 Next team B wanted to see what the wage difference was between Caucasians and Hispanics.The team’s null hypothesis or (HO) is that white pay wages are ? Hispanic pay wages. The teams alternative hypothesis or (H1) is White pay wages are < Hispanic pay wages. White wages mean = 31,387. 39 Hispanic Wage mean = 33,337. 00 White wages STDEV = 16,810. 03 Hispanic wage STDEV = 25,843. 24 Finally the team wanted to see if age played a part in the difference in pay wages. Our null hypothesis or (HO) is that White age is = to Hispanic ages. The alternative or (H1) is that White age is ? to Hispanic ages. White Wage age mean = 39. 71429 Hispanic wage age mean = 35. 5 White wage age STDEV = 12. 3484 Hispanic wage age STDEV = 14. 25132 Test Results This test is significant because it shows that, based on the sample population; the average Hispanic worker makes more than $30,000 per year. This is be cause the team performed a one tailed Z-Test to determine with 95% confidence that Hispanic wages were greater than $30,000 per year.This is a one tailed test because the alternate hypothesis is only proven when the Z Value is less than the critical value of $30,000 in this case. With a Z Value of . 3163, we find that our Z-Test has yielded a result significantly higher than -1. 45, which proves H0, or that Hispanic pay is greater than $30,000 per year. The test also concluded that Hispanic workers make more than Caucasian workers on average. We also gathered data showing the average age of Caucasian workers is higher than that of Hispanic workers. In conclusion, this paper has discussed and researched the various influence of one’s race and wages. Our results provided immense data relating to our hypotheses and both verbal and numerical hypothesis were proven to conclude that Hispanic workers on average make more than $30,000 a year and also more than the average Caucasian w orker.By using a smaller sample Team B was able to distinguish any correlations between both races and determine a sound result. In today’s economy wages are a momentous factor and whether ones Hispanic or not wages have a sizeable impact on one’s life. We believe our research shows that Hispanic’s have an advantage in the workplace over Caucasian workers. References: Doane, D. P. & Seward, L. E. , (2007). Applied Statistics in Business and Economics. Boston, MA: McGraw-Hill/Irwin.

Should executives use structured or unstructured interview formats Essay

Should executives use structured or unstructured interview formats when interviewing managers What are the positive and negative implications - Essay Example Therefore, Executives should use structured interview formats to interview their managers. Structured interviews entail use of the interview questions written on a paper and the interviewer asks questions verbally noting down the answers. The script may be created in advance or may be given by the human resources department. The questions are structured in a predetermined format and are similar to all interviewees, in this case, interviewee are the managers. A structured interview allows the executive find out any information need remarkably quickly and determines the qualifications of the candidate to the next level. The executives will be released off the pressures since they will be aware of questions to ask, and the answers given by the managers will be reliably aggregated (Beebe, 2001). Structured interview questions are based on the job analysis in order to ensure impartiality and fairness. The questions asked are critically analyzed and highly effective in evoking responses from managers to enable the decision making process. Every candidate is asked a similar question, and the rating scales are detailed to enhance the quantification of the subjective data. Professionalism is highly emphasized through training the executives interviewing the managers. The interview panels in a structured interview provide checks and balances where more than one member from the executive conducts the interview. Structured interviews ensure objective assessment of the responses from the managers based on the rating scale scores (Chiba, 2010). The process of structured interview involves three main stages. The executive members perform different roles during the interview process. Firstly, before beginning any interview, determination of the scope of the interview is crucial. The number of managers in the appointment process is discussed. Review of the crucial documents forming the basis of the interview like the job description and competency profile enhances

Gender in Action- this is Women in Contemporary Society class Assignment

Gender in Action- this is Women in Contemporary Society class - Assignment Example How women were often judged through physical appearance, rather than assessing their inherent ability to possess qualities greater than that which would be seen as the normal expected behavior. In the end, â€Å"It was no ordinary thing that called her away-- it was probably farther from ordinary than anything that had ever happened in Dickson County. But what her eye took in was that her kitchen was in no shape for leaving; her bread all ready for mixing, half the flour sifted and half unsifted,† (Cook, p. 257). To epitomize the choice that many within the woman’s movement would be faced with, â€Å"Even after she had her foot on the door-step, her hand on the knob, Martha Hale had a moment of feeling she could not cross that threshold. And the reason it seemed she couldnt cross it now was simply because she hadnt crossed it before,† (Cook, p. 258). Ultimately, the choice of whether or not to enter into a new aspect of public life that may have been unimaginable up until that very moment. Not only feeling the responsibility to stay with that which would have been known but to also have the opportunity to experience new things at the same time. For children, they are often faced with the position of determining their gender roles in society, not only in terms of how they see themselves but also, how they take those perceptions and translate them into how they ultimately see others around them that they encounter. As a group of the human race that tends to be far more impressionable than those who would be older, the ability to enforce those roles within their own cultural groups is often times aided by their understanding of what either gender is expected to do and expected to be. In terms of the issue as to whether or not most children would follow such role definitions, for the most part, some children would seek to do so and some would wish to re-evaluate their role within the world and would create a different path for

Computers and Construction Dissertation Example | Topics and Well Written Essays - 22500 words

Computers and Construction - Dissertation Example Importantly, the literature review will give the study a rather vital starting point and framework, especially for an incisive comparative analysis of the current, past and future status of BIM and other technologies in the construction industry. Generally, the last three decades have seen a tremendous upsurge in the number of literatures written on BIM and other computer technologies applied in the construction, architecture and engineering sectors. In some of the old and even recent literary materials, BIM is also portrayed as a comparatively new subject, serving the interests of the AEC sciences and the construction industry (Wong & Wong, 2010). These literatures also emphasise the role of BIM in availing excellent opportunities for academics, researchers and practitioners to significantly contribute to the development and further implementation of BIM across AEC sectors of economy. Among the most popular topics in the reviewed literatures include BIM implementation in architectur al and construction practice, the influence of BIM on construction management, the changes that BIM creates to the cost estimation, virtual construction development and collaborative technique in construction industry. ... While countries such as England, Canada, Scandinavia, Australia, Singapore Slovenia, the USA and Hong Kong have reported considerable progress in the development of BIM, accompanied by adequate and valuable case studies, surveys, publications and researches, other regions such as Africa, South America, Ireland and Russia are lagging behind in BIM adoption and implementation (McGraw-Hill Construction, 2009). Similarly, big construction firms such as AutoDesk, Bentley and McGraw-Hill Construction have made tremendous steps in BIM adoption and implementation while their smaller counterparts such as those involved in building residential homes lag behind in this regard. The following sections review some of the literatures and studies related to BIM and the economic importance of its implementation. Past Publications and Results If the evidences from past and current studies and literatures on Building Information Modelling are anything to go by, BIM can be said to have immense economic value not only to its designers, owners and constructors but also to the users of the built structures (Rice & Gerber, (2010). The achievement of this project’s objectives is likely to be dependent on the information that will be assembled from past studies and literatures on the subject of the economic value of BIM. Although individual writers and researchers have also covered the subject of BIM in general and that of the economic impacts of the technology in particular, most of the authors and researchers are corporate organisations in the construction, engineering and architectural industries (McGraw-Hill Construction, 2009). One such authors and researchers is McGraw-Hill Construction. One publication by this organisation, which touches on the economic importance and impacts

Using examples, describe and critically assess how key decisions Essay

Using examples, describe and critically assess how key decisions relating to international strategic activity may be influenced by cognitive bias - Essay Example However, to influence international customers to purchase goods or services from foreign nation needs a well-developed marketing strategy to access them as a way to generate new growth. For example, since a business management cannot employ salespeople globally, it has to use modern communication means as a way to access foreign customers via internet. The literate level on internet use by small and medium enterprises (SMEs) of a nation influences the ability to communicate with customers in international markets to generate sales. Internet offers sellers and buyers an opportunity to interact internationally via business-established websites and e-mail in business activities easing business transactions of goods and services internationally at a low cost an over a long period compared to employing salespeople globally. Prominent customers can be obtained via the influence of online advertisements on the product offered by different businesses globally hence easy to create new market internationally(Aaker 238-241). Moreover, an international business strategy on market penetration can be influenced by the ability of a business firm to conduct market research to identify its weakness and strength and concentrate on strengthening its weaknesses. However, cognitive ability of a business firm internationallyplays an important role on the success of market research. Market research helps to determine the pace and race in the growth of international market. For example, language barrier adversely affects communication and poor communication affects a business ability to influence customers to purchase their products. Therefore, the ability of a business firm to access the market field and come up with problems leading to poor performance in the international market and how to solve these problems depends on the knowledge, skills and

Handout Essay Example | Topics and Well Written Essays - 250 words

Handout - Essay Example ssion can also occur from mother to child during â€Å"pregnancy, birth or through breast feeding† and this happens when infected maternal fluids enter a baby’s circulation. Another mode of transmission is through injections in which people share infected needles and syringes, especially those who abuse drugs. The shared materials often contain blood samples of previous users and the blood is injected into another person’s system (Public Health 1). Transfusion of contaminated blood, though this is controlled by screening blood products before use to minimize the risk, is another mode of the infection’s transmission. Other medical processes such as organ transplant may also transmit HIV but prior screening reduces recipients’ vulnerabilities. Previous infections by sexually transmitted infections like gonorrhea and syphilis among other sexually transmitted infections increases a person’s risk of contracting HIV. Lastly, transmission can occur in health care settings when one encounter contaminated fluids or accidental injury by contaminated objects. The virus does not however spread through casual contact like shaking hands, toilet seats, and sharing towels as well as contact with saliva unless it is contaminated with blood (NHS Choices 1; Public Health

Psychological knowledge or research Essay Example | Topics and Well Written Essays - 1000 words

Psychological knowledge or research - Essay Example Political psychology is relevant to this article as it is an interdisciplinary subject which touched on areas of cognition, communication, emotion and the human mind. This particular filed of study is certainly at work in most or all of the news reports and media that we view. The author of this particular article really does not employ a heavy power of persuasion or even emotion thereby slightly losing her readers’ attention or emotional response. Deeper and more thorough analysis of this article may in fact yield a psychological media tactic actin within this article. In a different and unrelated article from the Chicago Tribune, Bonnie Miller and Ashley Wiehle note the case of a particular woman who suffered for years with an eating disorder. Her picture is present with the article as is the fact that her recovery cost her family $100,000. The fact that the authors placed a picture of the now healthy Traub in order for their readers to view her as a real person. When we are able to rest our eyes on the tangibility of human suffering, we are that much more likely to actively empathize with that individual as an entity and not just a disembodied name or case study. Certainly, the article raises interesting points that spark the interest of the reader. This includes the amount of money spent on treatment for an eating disorder as well as how blatantly necessary treatment is to those suffering with an eating disorder. The authors also provide quantitative data such as Traub’s morbidly low weight of less than 100 lbs and the startling amount o f money required for treatment. This truly allows the reader to ponder things such as what Traub must have looked like prior to treatment. The reader can also better appreciate the expense of treating an eating disorder when insurance has in the past, never covered treatment for Anorexia and Bulimia. The authors list

Managing Organizational Change Essay Example | Topics and Well Written Essays - 1250 words

Managing Organizational Change - Essay Example The move was an intentional one to ensure that the organization is able to resurrect itself from a loss of market share, loss of revenues and unwitting loss of employees that may take place in case the organization undergoes an organizational decline. Downsizing in my organization led to employee and personnel reduction only. However, resources are also brought down in some other organizations. The goal is to improve the efficiency of the organization. According to Freeman and Cameron (1993), downsizing affects the way work is accomplished. The overall workforce declines when downsizing takes place and hence less number of individuals is available to do the same amount of work. The same happened in my organization. As a result of downsizing the overall work load on one individual increased. This led to burnout, lower morals and inefficiencies. Thus the change within my organization was directly related to marshalling and channeling of resources. This has also been referred to and exp lained in the IBM change story of Table 1.1. The story depicts how it is important for resources to be channeled appropriately when an organization is undergoing an organizational change. (Alexander, 2003) Reference: Alexander. (2003, Feb). From the President. Retrieved Jan 12, 2009, from Leadership in Action: http://www.ccl.org Week 2: Forum 2 Over the course of last couple of decades internet has changed the paradigms of media. News is no longer restricted and limited to print media. Electronic media has emerged on the forefront and now it is being regularly referred to by many. Its integration on the media front is also coupled with the fact that technology has embedded itself in the society today. Today’s man is more dependent on the web then he was ever before. In a recent study conducted by a firm, it was claimed that over three quarters of American adults make use of the Internet while more than half of them connect to the net through wireless connections either throug h laptops or through their handsets. Over 60% of these broadband connections are consumed at home. This in itself is indicative of the fact of the extent internet and with that how e-media has integrated itself in today’s society. I believe that both news print and online media are important in their own right though in my life I won’t deny the fact that the latter holds more significance. This is because I am always on the go and hence it becomes easy for me to read the news on my handset then piquing it down through newspapers. I very seldom read news on newspapers. Most of the time I find myself logging in on websites like nytimes.com, washingtonpost, bbc.com and cnn.com In the given article, the demise of TDI is illustrative of the growing influence of e-media in our society today. Reference: R.E.Goodin. (1975). How to determine who should get what. Ethics , 310-21. Week 3: Forum 3 Post economic down turn and recession, leadership roles and leadership perception ac ross the board has changed significantly. There are innumerable issues and challenges that confront the leaders of today, each of which is engrossing and highly intimidating. Empowerment of work forces, cultural and ethnic diversity, demands of the labor unions are some but of

Video games good or bad Essay Example for Free

Video games good or bad Essay Are Video Games Good For You, by Steven Berlin Johnson a author and writer of numerous magazine articles. Johnson has stirred academia and parents alike by professing that video games have a place in education. Johnsons views on video games are so out of the mainstream most people dismissed his assertions without much thought. His ideas seemed to find traction though when he wrote his book on the subject advocating a controversial view point video games are good for you. Johnson makes a simple claim that video games can be beneficial. Is it possible the biggest distracter of teenagers and college students in America, could actually be doing some good? There are numerous studies on video game play and the amount of time people spend on them, especially our youth. Many previous studies do not reflect Johnsons view point. So, are video games educational, or just another distraction to traditional education and parents? Johnson argues that video games not only attract kids through sex and violence. He claims people are drawn to the structure and sense of adventure. Johnson contends that certain parts of the brain are stimulated that actually make you crave conquest. Johnson claims that video games are so complicated, filled with problem solving and realistic scenarios that they must be doing something positive. He asserts that television has some of the same characteristics as video games. The most debased forms of mass diversion video games and violent television dramas and juvenile sitcoms turn out to be nutritional after all, Johnson writes. They offer an increasingly rigorous cognitive workout. Whats more, the mental skills they hone are just as important as the ones exercised by reading books.(pp. 381-394 ). Johnson continues throughout his article to bring scientific data to light on the subject, but it does not convince this writer that video games are good for you. Johnson does not take all the blame on that data because there really isnt much available on the subject. Johnson tries to take liberty with IQ scores on the rise over the last few years but that is a stretch in his attempt link it to video game play. Johnson ignores any data that conflicts with his position, such as better education techniques or more access to information through the use of the internet. Inquiring deeper in the area of study, there seems to be quite a bit of data that Johnson doesnt mention in his article. Studies reveal that there is a great deal of harm caused by extended video game play. Links have been made to aggressive behavior and even physical altercations to video game play. Parents have nothing but complaints about video games. Most parents want their children to play the traditional way, outside. Parents also have a hard time getting children to do anything else when a video game takes over. Johnson himself backs away from his own argument when he makes statements like dont stop reading books or do not depend on video games for your entire education. Johnson has caused me to explore the idea that video games are more than just a distraction, but in the end they are not best way to educate our children-they are a distraction. References Johnson, S. (2012) Why Games Are Good For You, From Inquiry to Academic Writing, pp. 481-494Ã'Ž

Financial Reporting Techniques and Methods

Financial Reporting Techniques and Methods Introduction Over the course of the last few decades there has been considerable discussion and debate regarding financial reporting and, in particular, the appropriate measurement basis that should be implemented for use with a corporation’s financial statements. During this period international accounting standard bodies have been endeavouring to develop an agreed standard conceptual framework that is acceptable by all accounting regulatory bodies for use in financial statement, irrespective of the corporation and its country of domicile, and one that identifies the items to be included within the statements and the manner in which these should be measured (Johnson 2004). The intention is to avoid a situation where there are numerous differing standard of financial reporting in operation within the global market place (Bullen and Crook 2005, p.5). However, attempts to achieve this international consensus, specifically in terms of the measurement basis used, has not been universally accepted, with many divergence of views on the subject emerging from corporate management, the accounting profession and the users of financial statements. As the ICAEW (2006, p.5), commented in their recent report, â€Å"Current measurement practices are complex, diverse and apparently inconsistent. There is clearly at least a case for something more consistent and, presumably, simpler.† The difficulty remains that arriving at such a simplistic resolution needs to address the fact that many elements of measurement within accounting processes are subject to judgment, convention and estimation (ICAEW 2006, p.20). The purpose of this paper is to analyse the various measurement basis currently in use and evaluate their advantages and disadvantages and, as a result of this analysis attempt to identify the areas that required further consideration prior to the requirements for measurements being embodied within a revised international conceptual framework. However, to provide some background on this issue, it is considered necessary to firstly understand the purpose of financial statements, in terms of those who use them and their needs to facilitate that usage. Users of Financial Statements Whilst in terms of publicly quoted companies the main users are seen as management, investors and analysts, there are a number of other groups that use financial statements for a range of purposes. These include the business employees, its lenders and suppliers, governmental departments and, in some cases, members of the public (IFP 2006). Each of these groups have different needs which the financial statements need to address when considering the measurement base they are going to employ, dependent upon which group these reports are being targeted at. In terms of investors, analysts and those generally involved with the global capital markets and stock exchanges, their need is for reliable and accurate information upon which they can base economic decisions (Gregoriou and Gaber p.16 and p.64). Furthermore it is important to this group that the monetary information provided reflects a current and fair value of the business and its relevant information. Governments and regulatory bodies have similar needs in relation to assessing the financial position and results of a business, in their case the purpose is to evaluation economic decisions such as potential taxation revenue from which they will be able to assess the state of the national economy and public spending levels. Other users groups identified, which include employees, suppliers and lenders, approach financial statements in a slightly different manner, with their focus on using the financial statements to assess the corporations potential impact upon their lives and businesses. For example, a supplier or lender is unlikely to conduct business with a corporation whose financial statements show lack of liquidity or cash flow difficulties. Similarly, employees wish to assure themselves that a) their pensions are protected and b) that their employment is with a financially secure business. In other words their needs relate more to the physical tangible and immediately realisable assets such as cash, rather than less relevant â€Å"fair value† aspects of the statements. However, historically management have been more reluctant to provide these groups with financial accounting data (Purdy 1978), although corporate governance regulations have eliminated much of their control over such matters. Whilst there ate differing purposes for which these groups need financial statements, and they may value certain measurements bases more than others, as Johnson (2004) accurately stated, the basic need of all the users is wealth. Just as Investors and capital market players are looking to protect and increase their wealth, so to are governments, employees, lenders and suppliers. In reality it is the user who is benefited by improvements in the quality of the reporting standards more than the company itself (Langendijk et al 2003, p.194) and they need to be assured that the statements provided by corporations that they are involved with show an accurate and truthful position of the business that they can rely upon to make informed judgements relating to their individual needs. Measurement Bases for Financial Statements Over the decades there have been a number of measurement bases used for financial reporting purposes and his reports focuses upon those that are considered the most important of these methods. Historical Cost In the past the historical cost reporting method has been the predominant choice for financial reporting, favoured by many because it is more factually based and therefore considered to be â€Å"more transparent† (Langendijk et al 2003, p.74 and p.329). The basis of historical cost measurement is that a monetary item can be identified by the actual price paid for an item purchased or received from an item sold, whether these relate to revenue and expenditure items or assets and liabilities. Therefore, if a business purchases an item of equipment for  £10,000, that is the fiscal amount that will appear within its balance sheet. The historical cost measurement, whilst it takes into account the loss of value of an asset, for example by depreciating the value of a motor vehicle over its perceived useful life, does not take into account any potential increase in the value of an asset until the date the asset has been sold. Therefore, if the business owns a property, which is known generally to be an appreciating asset, under the historical cost method, this property will appear in the balance sheet at cost until it is subsequently sold. Therefore it is apparent that any true gain or loss made on such assets will not be accounted for until the time of sale. Similarly, assets and liabilities that have no cost, such as internally developed software that can be sold, as they do not have a unit value will not appear as within the company’s financial statements using this method of measurement. With regard to income, the purpose of the historical cost method is to link costs expended with revenue that is generated at the same time (ICAEW 2006, p.23). Current Cost – Value to the Business In essence current cost measurement, of value to the business, as it is sometimes known, is based upon the concept of â€Å"physical capital maintenance† (Gregoriou and Gaber 2006, p.132). In other words as Gregoriou and Gaber (2006) state in the same passage â€Å"a periods income is positive only if the depreciation amount based on current cost is earned.† The basic premise of this measurement is an attempt to calculate â€Å"how much worse off a business would be if it were deprived of an asset† (ICAEW 2006, p.24). The reverse is also true in that with a liability it is necessary to ascertain how much better off a business would be if the said liability were removed from the business. The core measurement in this case is predominantly based upon including within the financial statements the current replacement cost of the asset and to this extent, unlike the historical cost method it recognises the gain or loss to the business within the period of the statements rather than at some later date. Furthermore, the value to the business method takes into account the serviceable quality of the asset when comparing the asset held against the value of a replacement asset of the same specification. Current cost measurement is designed to provide a measurement of opportunity cost of a business, which some researchers, such as Edwards et al (1987, p.10) have regarded as the only correct manner to measure the true profit and capital. Realisable Value IFP[1] (2006, p.28) define net realisable value as the â€Å"selling price of the item in the ordinary course of business.† Although similar to the historical, current cost and fair value measurement methods in some respects, the realisable value method focuses upon the price at which an asset can be sold, or the cost at which a liability can be cleared. The realisable value measurement also includes, in the majority of cases, the costs that are attached to that sale or settlement. Therefore it will record the net monetary result of the transaction, for example settlement of a liability will be shown as the cost of settling the debt and any costs that are incurred within that process, such as commissions or interest payable. Similarly, with assets the sale price reflected will be net of such costs as commissions and associated costs. Realisable value is considered by some to reflect the value that might attach to a business in the event of a forced sale, for example in the case of liquidation. Others, such as the ISAB[2] (ISAB 2) view it as an â€Å"entity-specific† form of measurement, which differentiates its focus from that of the fair-value method of measurement. Fair Value The fair value measurement basis is perhaps the most difficult model to describe, although it is currently the method favoured by the majority of the international standards board. The primary target of this method â€Å"extends to non-financial items† and is directed at the â€Å"valuation of assets and liabilities in the balance sheet† (Langendijk et al 2003, p.22 and p.108). The ISAB (2006, p.12) paper states, â€Å"the objective of fair value measurement is to reflect the market value of an asset† with the reporting statements. Where this is not possible, because such a market does not exist then an estimate should be used based on what would be considered to be the value if a market was available for the asset. Thus, when preparing the financial statements, if the fair value method is being used, it is incumbent upon the management and their auditors to seek and report independent valuations in respect of the assets and liabilities that will be recorded in the corporation’s balance sheet. In practice therefore, fair value is based upon an exit value approach (ICAEW 2006, p.29) to monetary recording, although the international standard regulatory body (ISAB) does allow for the use of other measurement methods where â€Å"fair value† is not deemed feasible or appropriate. In reality corporations have a tendency in practice to utilise a combination of the measurement bases depending upon the monetary item being recorded and the differences that occur in terms of their individual industry, business size and structure (ICAEW 2006, p.3). Furthermore, as can be seen from the ICAEW (2006) discussion paper, there is an element of inter-relationship between them, which provides for additional complication. Advantages and Disadvantages Generally it is agreed that, irrespective of the method of measurement used, all of the methods have a certain degree of uncertainty and the need for estimation, although the intention is for such estimations to be based on factual information available on the date the measurement takes place (ISAB 2006, p.12). However, as outlined below, there are some significant advantages and disadvantages that attract to each of the measurement bases that are discussed within the previous section of this report. One of the fundamental benefits of this measurement method is its conservative approach to financial reporting. This is beneficial in that: It reduces the risk of unrealised future gains, which may not transpire, being distributed to shareholders in advance of the event, thereby protecting lenders and creditors. Reported profits are lower (IFP 2006, 310), which has taxation benefits in that tax is not payable upon income that has not been realised. Furthermore, management incentive schemes are unable to take advantage of profits shown though other methods that may not materialise. Less opportunity for use of inflated valuations. Another advantage that attracts to historical cost is that it is more in tune with the information that the business managers use, and indeed their processes of financial recording systems and, for some users will be more relevant to the business and, as such is an objective measurement of values (IFP 2006 p.33). In terms of the inherent disadvantages of this method, some critics view its historical nature as being the major drawback because: The information contained is out of date and therefore cannot be relied upon to give an accurate worth. The lack of value appreciation leads to an understating of the business worth and asset value. The difference between historical and current values is misleading for investors and analysts (ICAEW 2006, p.8). Current Cost – Value to the Business The major advantage that attracts to the current cost method is the relevance that it has to users of the information outside of the business management. By its nature this method provides: Competitors with an idea of the costs of new entry to the specific corporations industry market place. Regulatory bodies can use the information to assess whether there is fairness being exercised in terms of competitive advantage. Potential investors are more able to ascertain the business operational capacity on an ongoing basis. Furthermore, it is perceived by many observers that the relevance of each individual asset or liability being measured in this manner is advantageous because it provides a better overall view of the business. The reverse view of this method is based upon a number of points, the main one being the fact that the purpose of management is the maintenance of profit and increase in shareholder value, and that this does not relate to the operating capital. It is more important in this respect to increase the wealth that stakeholders receive from their investment, by achieve better returns on resources, than it is to concentrate upon operating capital. It is also considered that the rapid changes currently occurring within the market place and the pace of advancement in modern technologies negates the perceived advantages that potential new entrants gain from the this method. Realisable Value Realisable value is attractive to some users, particularly investors and vendors, because of its accuracy in denoting and reflecting the net cash position from the realisation of an asset or liability. Therefore: They are not misled into making decisions based upon monetary information that has not taken into account contractual costs attached to the sale or settlement of a balance sheet item. It becomes easier to ascertain the ongoing prospects of the business. For example, one can decide on the basis of realisable value, when a business is approaching a position of no longer being seen to be a going concern. As with current cost and fair value, the disadvantages of this method are that it does not directly relate to the information that the business management uses on a regular basis and, additionally, it relies upon a degree of estimation that is calculated according to the judgement of the business advisors, which may or may not come to fruition in the amounts submitted. Thus the position indicated within the statements may not be sustainable (ICAEW 2006, p.33). There are many academics, economists and other observers who believe that fair value is the most appropriate measurement for use in financial account, but equally there are those who disagree with this view (Langendijk et al 2003, p.52). Those who support the fair value approach claim that it is beneficial to certain user groups, including investors and lenders in that its application to individual and separate assets and liabilities gives a number of benefits: Provides a measure of the realisable value of the asset worth on disposal. More accurately identifies which assets could be sold without adversely affecting the business activity and future success. It saves the user considerable time, effort and cost in having to recalculate figures contained within other methods of valuation. Those who disagree with this measurement state that it is irrelevant to the actual intention of the business management in that the fact that the item is included within the financial statements indicates that there was no intention to sell at that time. Similarly, those in disagreement argue that, in the majority of cases, separating assets in a sales situation produces a lower return for the business than a sale containing an amalgam of asset sales is likely to return. For example, the sale of a part of a business specific revenue asset would produce a lesser price than the sale of the total assets that contribute to that asset stream. Thus it has the effect of depreciating rather than enhancing shareholder and business value. The other difficulty that is perceived to attach itself to fair value is the variety of ways in which it can be calculated and the various treatments that are used (ICAEW 2006, p.9). Improvement to conceptual framework Both of the major accounting standard boards, ISAB and FSAB[3] are aware that the existing conceptual framework for financial reporting requires improvement (Gregoriou and Gaber 2006, p.101) and that it is important that the information that these produce relating to corporations is â€Å"complete and free from error and bias† (IFP 2006, p.21). However, there are a number of areas that need to be investigated further to ensure that the revised conceptual framework envisaged is an improvement on the existing situation. The most important of these is clarification of the information that needs to be included or omitted from the financial reports and, additionally, if inclusive how and where it should be presented (Bullen and Crook 2005, p.13). At present the framework classification is not extensive enough to eradicate confusion. Furthermore, there remains at present some ambiguity in relation to the definition of the control and terminology with relation to â€Å"assets† and â€Å"liability† (Bullen and Crook 2005, p.12). Similarly, a more constructive approach to the measurement bases needs to be taken. In this respect the conceptual framework needs to more precisely identify which measurements would be appropriate for each particular item that appears within the financial statements. Failure to address this leaves an element of uncertainty, which can be damaging for both business managers and those who use and rely upon the reports. Additionally, in our opinion, there remains the problem of compatibility. There is no doubt that it is necessary to endeavour to achieve a standard of reporting that is acceptable to all of the business stakeholders, which includes the management and users who rely upon these statements. At present, as can be evidenced by the continuing debate on this subject, that harmony between the parties involved is not being met. Conclusion From the research that has been conducted in the preparation of this paper, it is the opinion of the author that there is a need for a revision of the international conceptual framework. In addition, it is also considered that the measurement bases to be used within this need to be more clearly defined. In the author’s opinion, one important and central point that it is felt necessary to take into account is that, in effect, all financial statements are historical at the time they are released. The rapidity of change that occurs within the market place and in new technology development means that factual, opinion based and estimated information contained within the financial statements is historical at the moment of publication. Therefore it is necessary to temper any improvements to the framework being considered against this premise. 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