Racial Project Jim Crow Laws - 1201 Words

Lili Arshad, Kimberly Campos, Romel Lopez, Johann Palo Professor Fong AAS201 Oct 1, 2017 Jim Crow Laws Provided by Omi and Winant, their texts give insight to our understanding of what is a racial project. A racial project explains how â€Å"[racial dynamics] are simultaneously an interpretation, representation, and explanation† (Omi et. al 54). Racial projects offer insight how race is linked to both structure and representation by the ideology that is primarily evident by everyday practices whether it be found institutionally or individually. The Jim Crow Laws are a prominent and notable example of a racial project. Jim Crow Laws explores on a macro-level dimension of racial projects by stimulating the dichotomy of structure and†¦show more content†¦included transportation, restaurants, marriage, housing, education). Daddy Rice, a famous blackface performer that was known for his â€Å"onstage character â€Å"Jim Crow,† dressed in tattered clothes and purposely acted clumsy and brainless in an attempt to mimic African Americans† (â€Å"Jim Crow†). The show became very popular amongst the white majority and overtime â€Å"Jim Crow† became a derogatory term which white people used to refer to African Americans. Before Jim Crow laws came into place, African Americans and whites shared the same railroad car, with African Americans forced to sit in the back, or sometimes the â€Å"smoking car†. In 1900, Governor J. Hoge â€Å"signed into law Virginia’s first statute requiring the railroads to furnish separate cars, or partitioned cars, for [African Americans and whites]† (417 Wynes). Brown v Board of Education is one of the most important Supreme Court cases in history. A man known as Oliver Brown had filed a lawsuit against the Topeka, Kansas, Board of Education for having segregated schools since it went against the Equal Arshad, Campos, Lopez, Palo 2 Protection Clause of the Fourteenth Amendment which made segregation illegal. Eventually, the Supreme Court came to the conclusion that separate public facilities were â€Å"inherently unequal† (McBride 1). Brown vs. Board challenged and signaled the end of Jim Crow and â€Å"separate but equal† clause. PoliticiansShow MoreRelatedThe New Jim Crow : Mass Incarceration1081 Words   |  5 PagesAlexander’s The New Jim Crow: Mass Incarceration in the Age of Colorblindness outlines how the criminal justice system has systematically designed new methods of discriminating against African Americans. The book advocates for racial justice, specifically, for African Americans and contends they [African Americans] were targeted and subsequently incarcerated, by white voters and public officials, through the War on Drugs campaign. President Reagan and his Administration exploited racial hostility or resentmentRead MoreThe New Jim Crow : Mass Incarceration1477 Words   |  6 PagesThe New Jim Crow: Mass Incarceration in the Age of Color Blindness, by Michelle Alexander. The New Press, 2010. 290 pages. Reviewed by Ashlei G Cameron. Michelle alexander is a highly acclaimed civil rights lawyer, advocate and legal scholar. As an associate professor of law at Standford law school, she directed the Civil Rights Clinic and pursued a research agenda focused on the intersection of race and criminal justice. In 2005. Alexander won a Soros Justice Fellowship that supported the writingRead MoreThe Ratio Of African American And Other Ethnic Groups1531 Words   |  7 Pagesstatuses within a group of society (about.com) and this is what people of color are facing in a daily basis. On this project I intend to research about the ratio of African American and other ethnic groups incarcerated versus whites and other races, also how this affects the community, why such a high percentage of African American he age group 25-29 are incarcerated and the racial disparities that exist in the justice system. Historically African Americans have been discriminated against in theRead MoreMass Incarceration : The Color Of Justice Essay1352 Words   |  6 Pages(DRAFT) Racial discrimination in the United States has been a radical issue plaguing African Americans from as early as slavery to the more liberal society we see today. Slavery is one of the oldest forms of oppression against African Americans. Slaves were brought in from Africa at increasingly high numbers to do the so-called dirty work or manual labor of their white owners. Many years later, after the abolishment of slavery came the Jim Crow era. In the 1880s, acts known as the Jim Crow laws wereRead MoreMichelle Alexander s The New Jim Crow Essay1123 Words   |  5 PagesMichelle Alexander expresses in The New Jim Crow that blacks are being profiled and thus are being incarcerated or harassed more frequently than any other racial group in the United States. Although this statement is partially true, Alexander misses the fact that in recent years, other racial groups have been affected by the same unjust profiling done by authorities. Recently, overall police brutality and racial profil ing has seen an increase in the United States population. Furthermore, unprovokedRead MoreThe Civil Rights Movement1286 Words   |  6 PagesThe Civil Rights movement is one of the most important acts to change the way not only African Americans were able to live their lives but all races and colors. It would slowly break down the social, economic, political, and racial barriers that were created by the The Age of Discovery and Transatlantic Slave trade. I believe without the Civil Rights acts our country would result to be no better than what it was when the Emancipation Proclamation just took effect. In the 1950s and long before, SouthernRead MoreThe Truth About Race And Americ It s Getting Worse, Not Better, By Gary Younge891 Words   |  4 Pages In recent years, there has been increased discussion about the treatment of minorities in the U.S. While there have been numerous laws passed that protect their freedoms, many Americans maintain a negative mindset toward other ethnicities. Due to people’s reservations, our country has been unable to make substantial progress toward equality. In The Nation’s article, â€Å"The Truth About Race in America: It’s Getting Worse, Not Better,† by Gary Younge, the author utilizes factual information, historicalRead MoreFairness And Equality Within The Criminal Justice System1361 Words   |  6 Pagescriminal justice is the United States Constitution which specifically in the 14th amendment which states †no state can make or enforce laws on its citizens, nor shall they deprive a person of life, liberty, or property without due process of law, nor will they deny equal protection of the laws†. Section one of the fourteenth amendment means that the state s cannot make any laws or enforce them on any person without due process and makes it illegal to deny equal protection. The founding fathers envisionedRead MoreHow Black Codes And Jim Crow Laws1605 Words   |  7 PagesHow Black Codes Led to Jim Crow Laws What I Already Knew and What I Wanted to Know For my research topic I chose â€Å"Black Codes and Jim Crow Laws.† I chose this topic because I have heard about Jim Crow Laws many times through television, books, and history classes but never in depth. I wanted to know more about the topic, along with black codes, which I have never heard about and didn’t know existed. Choosing this topic allowed me to gain more knowledge on both of these topics. Before this paperRead MoreAfrican American Men And The United States Prison System1422 Words   |  6 PagesAfrican American Men and the United States Prison System There is a racial connection between the United States criminal justice system and the overrepresentation of black men in the United States prison system. There are over 2 million people in the U.S. prison system exceeding that of any other nation and represents 25% of the world’s prisoners (The Sentencing Project, 2016). According to Prison Policy Initiative, African American communities are the most impacted with African American men representing

Coca-Cola Sustainability Ethic Essay examples - 2746 Words

Coca Cola Hellenic Inc Corporate Case Study Table of Contents Executive summary†¦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‚¬ ¦4 Stakeholders†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦5 GRI amp; UN compact†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 Social and environment issue†¦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‚¬ ¦.†¦........6 CSR and Environmental Sustainability†¦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‚¬ ¦..8 Economic performance†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...9 Sustained competitive advantage†¦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‚¬ ¦.....10 Recommendations........................................................................................................12 References†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....13 Appendix A†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.14 Appendix B†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.17 Appendix C†¦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‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.18 Executive summary The†¦show more content†¦Stakeholders The chairman of the board, Muhtar Kent, outlines in his letter accompanying the report that, â€Å"there are no issues that will more shape or define the 21st century than the global empowerment of women, the management of the world’s precious water resources, and the well-being of the world’s growing population.† The Coca Cola Company recognize the value of maintaining an active dialogue with a diverse group of global partners, including employees, consumers, customers, bottlers, distributors, shareowners, investors, nongovernmental organizations and nonprofit partners. Maintaining open and constructive conversations strengthens our relationships, helps us to understand other views and guides our decisions to deliver on our commitments. As our sustainability reporting evolves, we continue to engage internal and external stakeholders to determine what areas in our reporting require further explanation and clarification. GRI and UN Global Compact The Coca Cola Company references both the Global Reporting Initiative (GRI) and the United Nations Global Compact (UNGC). Global reporting initiative is â€Å"a network-based organization that produces a comprehensive sustainability reporting framework that is widely used around the world.† Promoting personal well-being, another of Coca Cola’s three focus areas, is a potentially tricky one for a company that is known for selling sugary drinks around the globe, oftenShow MoreRelatedEthics And Product Consumption Of Coca Cola1320 Words   |  6 PagesEthics and Product Consumption Marketing is only one intricate facet for any company sustainability. There are six components for the marketing code of ethics, also known as â€Å"the six pillars† of marketing (6PM). The 6PM components includes: 1) caring, 2) citizenship, 3) honesty, 4) fairness, 5) responsibility and 6) respect. All these components separately play a significant part in the marketing code. Understanding how each element pertains individually and collectively to the success of a businessRead MoreCoca Cola s Responsibility Of Human Rights Violations880 Words   |  4 PagesCoca-Cola’s responsibilities include remaining respectful of all cultures and their laws and traditions, maintaining their ethics and values, while being accountable for their actions. They should offer compliance and social good as required by law, yet extends farther than their own interests. Utilitarianism also comes to mind. The company is responsible to society as a whole. Unfortunately, transnational corporations do not seem to be accountable to anyone. In this case, Coca-Cola is responsibleRead MoreCoca Cola s Struggle With Corporate Social Responsibility Essay1276 Words   |  6 Pages Coca-Cola’s struggle with corporate social responsibility Name Institution Corporate social responsibility is a term that is usually associated with a company putting in place structures that aim to give back or benefit the society that enables them to do their operations in their environment. As far back as 1991 CSR has been discussed by academicians extensively one of them Mr. Carroll came up with a multi-layered pyramid approach that sought to explain the four key areas of CSRRead MoreMcdonald s The Best Food Retail Brand Of The World Essay1222 Words   |  5 Pageseffect on company reputation. McDonald should involve themselves in community programs as well as make and implement some effective strategies to stop issues like child exploitation etc.(Mcdonald’s,2016) McDonald was in news in 2012 for breaching ethics of business and bad working conditions in their outlets, abusing human rights. This matter was raised by employees of McDonald due to very low wages, unstable employment, forced to work long hours. McDonald employees from many countries such as USRead MoreComprehensive Health Data Breach Response Plan906 Words   |  4 PagesResponse Plan Student’s Name Professor’s Name Course Title Date Definition Corporate social responsibility (CSR) is the ethical behaviour of a company towards society it operates in. It is a commitment to the concern to the society’s sustainability development. â€Å"Corporate social responsibility (CSR) is concerned with the ways in which an organisation exceeds its minimum obligations to stakeholders specified through regulation.† (Johnson et al 2010) CRS in the eyes of some corporatesRead MoreCoca Colas Ethics And Compliance Committee1016 Words   |  5 Pages Currently Coca- Cola has followers on many different social media websites such as Facebook, Twitter, Indeed, You Tube, etc. They use social media sites as a way to interact with their consumers and to make sure that the Coca- Cola brand is seen by as many people as possible (Social Media Principles, n.d.). They keep all consumer’s information private unless terms and conditions for release are approved by the consumer, employees or other affiliates. Coca-Cola has an Ethics and compliance committeeRead MoreCoca Col Business Organization And Management1514 Words   |  7 PagesThe Coca-Cola Company Unit 1 Project The Coca-Cola Company is a manufacturing business in the beverage industry (â€Å"Coca-Cola Journey†). They produce a myriad of drinks, including Coca-Cola, Sprite, Fanta, Dasani, Minute Maid, Powerade, Simply Orange, Vitamin Water, and many more (â€Å"Brands†). Their products are offered all around the world. They have employed more than 700,000 workers today (â€Å"Employee†). For those who work there, they are able to extend their training with programs such as Coca-ColaRead MoreCoca Cola Struggles with Ethics1207 Words   |  5 Pages Case Study 4 - The Coca-Cola Company Struggles with Ethical Crises Case #11 January 5, 2014 1) The corporate role in any company builds the foundation of how a company succeeds and, also, how the public views them. Their organizational performance is based on how the company is run and what ethical structure they have in place. Their social responsibility runs parallel with their organizational performance. If a company is not successful within themselves they cannot be successful withinRead MoreCoca Cola Ethics Issues1698 Words   |  7 Pages 1 2.1.1 Assessing Corporate Reputation 1 2.2 Assume you have become the CEO at Coca Cola. Outline the strategic steps you would take to remedy the concerns emanating from the company’s board of directors, consumers, employees, business partners, government s and the media. What elements of social responsibility would you draw from in responding to these stakeholder issues? 3 2.3. What do you think of Coca Cola’s environmental initiatives? Are they just window dressing or does the company seemRead MoreThe Pepsi Of Coca Cola1491 Words   |  6 Pagespop, for most people the brand that comes to mind is Coca-Cola. The bright red logo and classic bottle design are recognized not only throughout the United States, but also around the globe. As a large company that carries much influence, it is imperative that Coca-Cola is aware of the impact that they are having not only on their shareholders, but also all of their stakeholders and the world as a whole. The drink that is now known as Coca-Cola was invented in 1886 by a pharmacist in Atlanta. Dr

Images to Text Free Essays

Also, the e-governance model is not so strong and hence to ensure compliance and to avoid unnecessary litigation with the various government legislations across countries, companies main overcautious in their approach leading to â€Å"death by paper Most Back-end systems are fairly automated and where the transactions are electronically processed the STEP rates are Increasing day to day. While there Is a focus on STEP and targets set to minimize paper usage there Is still considerable amount of manual work in terms of form filling, Applications for Mutual Funds, Telecoms, Credit Cards etc†¦ Manual Processing of Application Forms from multiple Customers is a laborious/time- consuming and highs process. Even though the OCCUR technology has been in vogue he accuracy rates of conversion of manual handwritten Information to text are extremely low and hence Industry acceptance has been low as it adds to the risk and complexity of the transactions. We will write a custom essay sample on Images to Text or any similar topic only for you Order Now These are confidential information and cannot be shredded publicly or stored without proper controls / documentation. The Companies these days have a dual blow hit on the bottom lines – archival of soft copies and archival of the papers as most auditors world wide continue to remain paper based and it adds as a â€Å"comfort† to the Top Management. There is a significant Operational Risk for any manual function right from reanimating the paper to the execution of the operation. Several errors occur while reproducing the information from paper to system. Generally the errors seem as Common Sense in hindsight but with the huge volumes and extremely stringent cut- offs human lapses are bound to happen. More the number of fields, operation required – greater the probability of errors to occur. It has been seen that multiple levels of control (Maker, Checker, Authorizer etc†¦ ) are still not sufficient to capture such errors. Simple Illustration This is a simple redemption form which is generally manually submitted to: Tat’s front office 0 Back office of the TA 0 Settlements team 0 Payments team Found Accounting team – The Application is generally printed tallest times by different teams. Duplication of data fields across various teams – There are tallest 2 checklists printed for each form – Minimum of 12 to 15 data fields are to be input in the system manually by looking at the form About (Image To Data) â€Å"IT’D† Tool IT’D Tool is an Application/Utility for processing of Images (. PDF, Jpg, Jeep) / scanned images and converting them to data. The data converted is stored in database which can be integrated to the Transac tion Processing system. Algorithms to scan the Application Form Image to ASCII Format Representation which is further processed in Java for normal/plain text conversion and subsequently stored into the Database (Oracle/ MYSELF) IT’D provisions global configuration settings to externalities the dependencies involved in processing and storing the Application Form Data Proposed Model Define Analyze Analyses Content Required Fields a. Standardization Forms Identification of b. Fields Definition Fields computerized text with I’. Fields with Manual Text iii. Barrowed / OCCUR fields Identifying which information / fields are elevate for processing Extract Automate Content Extraction Process Automation a. Extract the requisite fields in text / editable data format using â€Å"IT’D Tool† developed by NICE b. Determining how much the text is computerized / manual c. Identifying fields which have to remain as images only for cross-verification e. G. Signature b. Since accuracy cannot be 100% guaranteed the process SHOULD continue to follow the Maker / Checker process a. Convert data extracted to XML for c.v. for upload purposes b. Interface to be created for Integration with Transaction Processing System c. Workflow to be designed based on the success percentage of data conversion d. Logical Access Controls validated Overview of Architecture Application Form Scanning Imaginative Engine Send Processed Form Data to DB Store Scanned Enterprise Architecture Integration (EAI) Automatic Integration Capability with any other legacy systems External Systems / Databases oracle/MYSELF Benefits Productivity: We expect the product to deliver results with over 80% accuracy. This would mean a significant cycle time reduction and the company should be able to reduce manpower by tallest 40% in the first year of implementation Risk Management: Without dilution of controls the manual intervention is reduced by over 80%. The team will be provided with a dashboard of exceptions which will highlight potential areas of errors. â€Å"Management by Exception† Scalability: Increased volumes do not correspond to increase in man-power cost. On-boarding of any new volumes / client would be a cake walk Client Delight: With lower manual intervention TAT would improve significantly thereby significantly improving the Timeliness and delighting the client with â€Å"Early to Market† reports Go Green: The entire process including Checklists can be based in the system hereby doing away with print-outs and their associated costs / maintenance issues. We would be contributing our bit to protect the environment Placement Services Statutory Compliance COMA, MOM Executive Education, CA Flexi-staffing Payroll Processing Soft Skills, Personality Development Trainings Start up Hiring Organizational Structuring Manufacturing Top Line Improvement Project Report / Funding Risk Based Internal Audit Credentials Verification Finance, Risk Management and Audits Programs for Educational Institute Statistical Process Control Advisory Software Marketing Software Support Accounting Services Funding Business Plans Compliance Monitoring Software Development Indirect Taxation International Non-Resident Taxation Application Development Software Maintenance Networking Support Identifying the Type of Registration Registration across various Acts Management and Legal Consultancy Functional Testing Non-functional Testing Core Services Performance Engineering Corporate Synopsis Our Organizational behavior and Management Strategy to achieve our Vision Focused Actions How to cite Images to Text, Papers

Qualitative Characteristics of Financial Accounting and Balance Sheet

Question: 1. Describe what you understand by the above statement and explain briefly the qualitative characteristics. 2. Discuss and describe two IASB / AASB accounting standards and the utilisation of the qualitative characteristics to promote decision useful information. 3. Select a company from the Australian Securities Exchange (except banks) website and download the most recent annual report. With regard to your chosen standards, and in the context of your company annual report, comment on the effect the qualitative characteristics have had on the financial statements. Answer: Introduction The financial information presented in the Balance sheet is useful but it should also possess the qualities that assist in the fundamental decision making qualities of relevance and representation in a faithful manner. Both the aspects are very critical. However, even if the information is relevant but does not faithfully represent the economic phenomena then it is useless. Difficulty is faced by the FASB in balancing the neutrality and the various economic consequences. In order to make a difference in the process of decision making by using the information from the financial statements, the information must be relevant to the decision. Relevance of information means that the information must have a predictive value and the information must also have a confirmatory value. For example, the net income and the components of net income confirm the expectations of the investors about the future cash generating ability of the company. The net income serves as an important tool for effecti ve investment decision making. There is existence of faithful representation when there is agreement between the measure or the description and the phenomenon that is represented (ey.com, 2015). For example, in the balance sheet, the term inventory in the balance sheet of a retail company represents the items that are intended to be sold in the course of the business. But if the inventory says that the machines that has been used to produce inventory then it lacks faithful representation. Qualitative characteristics of financial information is useful for making economic decisions The prime objective of financial reporting is to provide financial information about the reporting entity that is useful for the investors, lenders and the other creditors for the purpose of decision making. The conceptual framework of the financial statement is prepared to for the primary users of the financial statements like the investors , lenders and the creditors and it is also addresses the employees , suppliers , customers , government bodies and the general public (Vitez, 2015). The revised framework of the financial statements attempts to create a conceptual framework based on the fundamental economic concept that is useful for the purpose of decision making (Mukherjee Hanif, 2015). The financial information presented in the balance sheet does not limit itself to the presentation of the entitys financial position, performance and the changes in the financial position to assess the ability of the entity to generate the cash flows (ifrs.org, 2014). But the financial information is presented in a broader aspect. It reports the entitys economic resources, claims and changes. In the revised framework, the qualitative characteristics represented by the financial statements are divided into the fundamental qualitative characteristics and the enhancing qualitative characteristics (Porter Norton, 2009). The fundamental qualitative characteristics comprises of relevance and faithful representation and the enhancing qualitative characteristics includes comparability , timeliness, verifiability and the ability to understand (Fasb.org, 2015). The investors can make a difference in the decision making by using relevant information from the financial statements. The financial information presented in the balance sheet must have a predictive value and confirmatory value (Fasb.org, 2015). The financial information must have a faithful representation. It has replaced the previously used term reliability that was used to describe the financial statements (Ifrs.org, 2015). A faithful financial information represents the economic phenomena that has three major features. Completeness Neutrality Free of error Qualitative features of the financial statements such as comparability, verifiability, timeliness and understandability will increase the relevance and the faithfulness of the financial information (Iasplus.com, 2015). The qualitative characteristics of the financial statements assist in financial decision making in the following ways Comparability helps the user to identify the similarity and the variances among the various items. The similarity and the difference can be identified between the different periods within the set of the financial statements and the across the reporting entities. The methods are applied consistently during the preparation of the financial statements in the achievement of comparability. The framework of the financial statement has introduced new term verifiability. The financial information presented in the financial statements is verifiable which enable the users to reach to a particular consensus that the depiction of a particular event or a transaction is a faithful representation. In the new framework, timelessness of the financial information is also considered as a qualitative characteristic. While providing the information in the financial statements it is stressed that there is balance between the reporting technique and the information has to be reliable. Timelessness will influence the decision makers (kpmg.com, 2010). Understandability of the financial statement is a key qualitative characteristic. The information presented in the financial statements must be clear and presented in a concise manner which is understandable (Aasb.gov.au, 2015); (Iasplus.com, 2015). Description of the accounting standards and the utilization of the qualitative characteristics for the purpose of decision making AASB 129 Financial Reporting in the Hyperinflationary Economy According to AASB 129, the financial reporting in the Hyperinflationary economies has been discussed. The standard is applicable to the individual financial statements including the consolidated financial statements of any organization whose functional currency is the currency of a hyper inflationary economy (Comlaw.gov.au, 2015). The calculation of the operating costs and the financial position in the local currency without any kind of restatement is not useful. The money loses the power to purchase at the rate of the local currency that comparison of the amounts from the transactions and the from other events has occurred at different times even if the accounting period is same can be misleading. It is important for the restatement of the financial statements according to the Standard in order to avoid any kind of error. Hyperinflation is an indication of the characteristics of the economy of a country. The entities that report in the currency of the same hyperinflationary economy must apply this standard in the same date (aasb.gov.au, 2015). The standard is applicable for the entity at the beginning of the reporting period in which the existence of hyperinflation in an economy has been identified in whose currency the reporting is being done (Australian Master Accountants Guide, 2015). The restatement of the financial statements will depend in the change in the prices of the goods as a result of the various political, economic and social forces that are acting in the economy that will affect the purchasing power of money. In a hyperinflationary economy, the property, plant and equipment must be measured at fair value. However in some cases, the financial statements are based on the current cost approach that reflects the changes in the prices of the assets that has been held. In case of a hyper inflationary economy, the standard is applicable for the representation of the primary financial statements of the entities in the currency of the hyper inflationary economy (Horngren, 2013). In case of a hyperinflationary economy, the accounting standards presented by AASB will make the information reliable and authentic. The gain or loss in the monetary position of the entity in case of a hyperinflationary economy can be derived by the resulting difference between the restatement of the non- monetary assets, owners equity and the items represented in the comprehensive income and the adjustment of the index that is linked with the assets and the liabilities. This will make the information presented in the balance sheet more reliable. The qualitative characteristics that are that are presented by the balance sheet are the relevance and faithfulness of the financial information. In case of a hyper inflationary economy, the financial information that is presented in the balance sheet will increase the faithfulness of the information to the investors. In a hyperinflationary economy, the purchasing power of the investors declines. Thus the financial information presented in t he balance sheet will reflect the change in the purchasing power of money. This will be helpful in taking the economic decisions (Henderson et al., 2015). AASB 2 Share based Payment The Standard specifies the financial reporting in case of share based payments. The profit and loss of the entity is reflected after the share based transactions has been made. It also reflects the expenses that are associated with the transaction in which the option of the share is granted to the employees. The Standard is applicable for all share based transactions. It includes equity settled share based payment transactions and cash settled share based payment transactions. In a share based payment transaction, the entity will recognize the goods and services that has been received or acquired (aasb.gov.au, 2006). The entity will also have to recognize the increase in the equity if the goods and services were received in equity settled transaction or the liability of the goods and services were acquired in case of cash settled share based payment transaction (Charteredaccountants.com.au, 2015). The increase in equity when the goods and services have been received will be measured at fair value of the goods and services (Comlaw.gov.au, 2015). The fair value has to be estimated in a reliable manner. If it is not possible to estimate the value of the goods and services at the fair value then the entity will measure the value and the increase in equity in reference to the fair value of the equipments that has been granted (aasb.gov.au, 2015). Qualitative characteristics of the financial information that is relevance and faithfulness will be reflected in the calculation of the share based payment transaction. This will make the information available to the investors more reliable and authentic. The trust of the investors will increase if there is clarity in the transactions made by the organization. The main qualitative characteristics of financial information are its comparability, verifiability, timelessness and understandability. Since the share based payments for the equity transactions are made at fair value, the information reflected in the financial statements are reliable and relevant. They can be used for taking the major economic decisions. The information in the financial statements can be used for the major investment decisions (Australian Master Accountants Guide, 2015). Application of the AASB standards in the reporting techniques of Wools worth annual report The financial statement of Wools worth presents a comprehensive statement of the financial performance of the company. The standard AASB -2, Share based payment has been noted in the financial statements. The fair value of the changes in the equity transactions has been noted. For the year 2014, the movement in the fair value of the investments in equity securities has been seen in the balance sheet of Wools worth. The changes in the equity have been presented in the financial statement. The financial statement presents consolidated information related to the changes in equity transactions and the transaction regarding the share based payments. This will make the information more reliable to the investors and will assist them in sound decision making (Woolworthslimited.com.au, 2015). Since, Australia does not operate in a hyperinflationary economy; the Accounting standard of AASB 129 is not applicable in case of the organization (Asx.com.au, 2015). Conclusion Qualitative characteristics of the financial statements assist in the process of decision making. The qualitative characteristics help in economic decision making. It makes the information presented in the balance sheet more reliable and faithful. The financial information must be relevant and faithful. It should be able to assist in sound decision making. The qualitative features of the financial statements that assist in sound decision making are comparability, verifiability, timelessness and understandability. In the present report the qualitative characteristics of the accounting standards AASB 129 and AASB 2 has been analyzed. AASB -129 represents the financial reporting in a hyper inflationary economy. The changes in the value of the assets have to be noted in a hyperinflationary economy. The value of the assets will be measured at fair value. This makes the information reliable and authentic. In AASB 2 , the standards for share based payment transactions has been discussed. The share based payment transactions of the equity shares are done at fair value. Wools worth has been chosen as the organization where the standards are applicable. Since the organization operates in Australia, it operates in an economy with inflation rate stability. Thus the standard for hyper inflation will not be applicable for Wools worth. But the financial statement of Wools worth has shown the transactions related to the share based payments. This will help the investors in sound decision making and make the information faithful and relevant. References aasb.gov.au,. (2006). Proposed Amendments to AASB 2 Share-based Payment Vesting Conditions and Cancellations. aasb.gov.au,. (2015). Financial Reporting in Hyperinflationary Economies. aasb.gov.au,. (2015). Share-based Payment. Retrieved 28 January 2015, Aasb.gov.au,. (2015). Accounting standards. Retrieved 28 Asx.com.au,. (2015). ASX. Retrieved 28 January 2015, Australian Master Accountants Guide. (2015) (pp. 20-100). Australian Master Accountants Guide. (2015) (pp. 600-700). Charteredaccountants.com.au,. (2015). AASB 2 Share-based payment. Comlaw.gov.au,. (2015). 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