Wednesday, June 17, 2020

Role Of Fair Value Accounting In Barclays Bank - Free Essay Example

Before starting Research Methods, it is vitally important to understand the real meaning of Research in general. à ¢Ã¢â€š ¬Ã…“Research is a planned and methodical approach of finding answers to the questionsà ¢Ã¢â€š ¬?(R Cottrell J F McKenzie; 2010) It is an organized set of actions and steps which we will follow to achieve our objectives. There are many factors in Research Method which are always done to get the most precise results. Research is a pre-planned method, not a spontaneous approach. It is focused and limited to a particular scope. A good research is focused on appropriate, valuable, imperative questions and their answers. If there are no questions, there is no point of doing research and similarly finding answers to those questions is the most important. Whether its an answer to a hypothesis or even a simple question. A good research is ineffective unless we find the answers to the questions. A good Research is a major key to complete a successful project, report or Dissertation because if the research is not professional and well organized, then it is nearly impossible to complete a Project or Dissertation. TYPES OF RESEARCH METHODS:- Research methods can be categorised into two types. They are:- Deductive Research and Inductive Research. In research methods, conclusions are based on these two methods. Both are widely used in research projects. DEDUCTIVE METHOD:- Deduction follows an approach which is à ¢Ã¢â€š ¬Ã…“top-downà ¢Ã¢â€š ¬? or à ¢Ã¢â€š ¬Ã…“from general to specific. Aristotle a Greek philosopher described deduction asà ¢Ã¢â€š ¬? Drawing conclusions by applying rules or principles; logically moving from a general rule or principle to a specific solution(www.hubpages.com/hub/Types-of-Research Dated:03-05-2010) It is the procedure of getting a conclusion that is certain to pursue, if the data given is factual and the analysis used to achieve the conclusion is right. In deductive method, the grounds (facts) give an assurance of 100% accurate conclusion. EXAMPLE OF DEDUCTIVE METHOD:- 1. There are 15 packs of cigarettes on the top-shelf of the cigarette case, 2. There are 7 packs of cigarettes on the lower-shelf of the cigarette case. 3. There are no cigarettes anywhere on the middle-shelf cigarette case From the above, it can be concluded that there are 22 packs of cigarettes in the cigarette case. INDUCTIVE METHOD: Induction method is from precise to general. In induction, we scrutinize some events, deduct a pattern and draw conclusion. This method involves moving from an exact condition to a common conclusion. This method is undefined and investigative. It does not give 100% assurance of reality but a chance of being accurate. EXAMPLE OF INDUCTION METHOD:- This coffee is hot. (Specific, based on a direct observation.) All coffees are hot. (General, can be applied to any ice) OBJECTIVES OF RESEARCH METHODS: The key objectives of this research are:- To Critically Analyze the Role of Fair Value Accounting (FVA) in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. Norbury Branch, London and what are its effects on Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. before, during and after Credit Crunch? To Investigate whether the systematic risk is associated with the financial crises of Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. or not? To Highlight the impact of market to market reporting in contributing financial difficulties for Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. To Find out the contagion of Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc with Recommendations Conclusion. KEY LITERATURE REVIEW:- An efficient banking system is an indicator of sustainable economy (Imola; 2006). Banks perform fundamental roles not only in financial system of a country but also globally due to their nature of business performance and corresponding assets policy. Banks play the role of financial intermediaries in an economy (Imola; 2006) FAIR VALUE ACCOUNTING: DEFINITION: Financial Accounting Standards define Fair Value Accounting as:à ¢Ã¢â€š ¬? The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (Whittgton; 2008) ROLE OF FAIR VALUE ACCOUNTING AND ITS BACKGROUND: In accounting, fair value is used as an estimate of the market value of an asset or liability for which a market price cannot be determined. The measurement of assets and liabilities takes place at three levels. At the first level, the fair value of an asset or liability is calculated at quoted prices if the market is active for that asset and liability. At second level, the cost of similar assets and liabilities are taken for evaluation and at last level, the market for these assets and liabilities are not available, the standard supports to use market to model approach for valuation of assets and liabilities (MacNamara; 2009). Evaluation of assets and liabilities at Level three is considered to be more problematic. This increases the manipulation risk because of non availability of market prices. (Penman; 2009) argue that for most of the loans, the quoted prices are not available in the markets. Even if the prices for these loans are available, they do not reflect the private information of these loans for banks. Therefore, to determine the fair value of these loans, different valuation models are used (Penman; 2007). Financial Accounting Standards (FAS) allows financial institutions to report their assets at level three but the opponents of (FAS) argue that it has forced banks to value troubled securities at lower prices (MacNamara; 2009). Wall Street Journal claims that the reporting of assets and liabilities on Fair Value Accounting (FVA) causes financial institutions and banks to write down their mortgage backed securities (Gold, 2008). However, most of accountants, regulators and investors defend this by arguing that it provides more accurate and transparent reflection of a companyà ¢Ã¢â€š ¬Ã‹Å"s position (MacNamara; 2009). Kurt N. Schacht managing director of CFA (Institute of Chartered Financial Accountants) argues that fair value measurement is only relevant information under the prevailing circumstances (Gold; 2008). ADVANTAGES AND DISADVANTAGES OF FAIR VALUE ACCOUNTING (FVA):- Many Banks around the world have started revising their estimates of credit losses. Several parties blame FVA for the sub prime crisis (G.Ryan; 2008). The controversy has been observed during the discussion paper on Statements of Financial Accounting Standards (SFAS 2006) that the interpretations made by Financial Accounting Standards Board (FASB) about fair value ignored the transaction costs and entityà ¢Ã¢â€š ¬Ã‹Å"s specific assumptions (Whittington; 2008). However, the advocators of FVA argue that FVA is not responsible for crisis. It is just a reporting and measurement system of assets and liabilities (Christian Laux; 2009). Wallace (2009) suggests that the fair value accounting is not the main cause of current financial crisis. He names it as a messenger of current crisis and advocates that FVA has helped us to recognize the problem earlier otherwise the situation would be much worse as compare to its current position (Wallace; 2009). Moreover, the advocators argue tha t the accounting rules contradict with framework of institutions. They point out that sometime managers make deviations from market prices due to their own interests (Christian Laux; 2009). Singleton (2006) argues that historical cost accounting is out of date and there is a strong possibility that management manipulate it. In modern era, the current values based reporting (e.g. market based) are more relevant and reliable. Henceforth, the supporters suggest that it is difficult to say that FVA is responsible for the current crisis (Singeton; 2006). The supporters further assert that under FVA, assets and liabilities are recorded at the price, at which these assets and liabilities can be sold (Gold; 2008). Thus, FVA represents the current market condition and provides accurate financial information of an entity. (Stephen; 2006). In support of FVA, Stephen Penman (2006) mentions the following points. Firstly, inventors are more interested in value not in cost. Secondly, in prevail ing situations the historical prices are not relevant to provide up to date financial position of a business. Thirdly, the fair value is based on reality of assets and liabilities actual financial position. Further, it reflects the true economic substance. Finally, as markets are efficient, they are not influenced by a single firm or business. Therefore, the information based on market prices is more relevant (Stephen; 2006). Finnegan (2009) concludes that FVA is suitable to apply in both periods e.g. when market prices are available as well as when markets are inactive and market prices are not available (I.Victor; 2009). However, the opponent asserts that FVA is irrelevant and misleading especially for those assets and liabilities which are held for long term (held to maturity).They further argue: firstly, as efficient market hypothesis theory does not always true in real life. It fails in some situations. Therefore, in the situation of inefficient market FVA provides wrong inf ormation to investors and creates liquidity problems. Secondly, FVA measurement model are not reliable and finally, FVA contributes pro cyclicality in the financial system (Mary E. Barth; 1995). In spite of all criticism, The FASB IASB believe that fair value measurement of financial assets is more relevant in producing useful financial position of firm as compare to historical cost based measurements. They argue that fair value shows the current cash equivalent of the businessà ¢Ã¢â€š ¬Ã‹Å"s financial instruments rather than the price of acquisition of financial instruments (Benston; 2008). Further, supporting FVA, the former chairman of SEC Mr. Breeden, suggests that all financial institutions like banks as well as publicly held companies should report their financial position on market based because market based information are most relevant to financial attributes (Mary E. Barth; 1995). Allen and Carletti (2008) assert that banks may become insolvent with the effect of m arket to market prices. The valuation based on market prices creates instability in market prices that affect the value of banking assets and this leads to ruin banking portfolio and contagion (Mahan, 2009). However, the advocators of FVA assert that it has provided early warning of current crisis and asked banks to take corrective actions (Wallance; 2009). Mahan (2009) points out that the fair value is not a single reason of the current crisis the other factors, for example, inadequate risk management, poor lending requirements, the assessment of rating agencies and insufficient capital requirements are also contributors of these crisis. Mahan (2009) claims that the banking regulation, especially the capital requirement is also one of major reason in failure of banks. However, the logic behind the capital requirement of regulators and central bank is the same as the secured loans issue by banks to creditors to protect market from financial distress and keep insurance of market d iscipline. Recently, the London based International Accounting Standards Board (IASB) declared that they are going to change the market to market rule and will follows the United States Standard. Recently, the US companies are reporting their assets under level three categories (Morgan; 2009). BARCLAYà ¢Ã¢â€š ¬Ã¢â€ž ¢s BANK PLC. CONCERN ABOUT FAIR VALUE ACCOUNTING (FVA) DURING FINANCIAL CRISIS:- Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s explain the following reasons for rejection of FVA during financial crises. Firstly, they argue the FVA is irrelevant for investors. It does not communicate the rationality (Christian Laux; 2009). Critics of FVA have accused it of pouring fuel on the fire rather than simply measuring the flame (Morley; 2008). Secondly, it is not suitable for banking industry and finally, they said fair value is inappropriate for those assets which are held for long term (i.e. held to maturity) and the assets which have no active market (i.e. for illiquid assets). In the mid of 2008, when the crisis reached at its maximum point, the bank started blaming FVA and their main focus of criticism was the valuation of liquid assets. Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s argue that FVA has played an effective role in creating these crises. On the other side of the coin, (Ball; 2000) (Leuz; 2003) suggested that investors, and other interested groups e.g. Accountants and customers ha ve opposite opinion. These interested groups are against the suspension of FVA standards. For example, during November 2008, the joint letter to SEC the Consumer Federation of America, Centre for Audit Quality, Council of Institutional Investors, Investment Management Association, and CFA Institute assert that investors are more confident on the standards (i.e. FVA) which are more transparent and report current and relevant information for valuation of financial instruments regardless of the direction of markets (Christian Laux; 2009). Nicolas (2008) argues that the illiquidity criticism spots light at the market conditions for many financial instruments. These instruments were imbalanced from August 2007 and were not reporting the true prices in markets on the basis of demand and supply principle. Most of prices did not reflect the potential to generate the future cash flows associated with an assets or investment. Nicolas (2008) further argues that fair value compelled Barclayà ƒ ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. to record assets and liabilities on the value which is unjustified by economic conditions. Resultantly, Barclays Bank Plc. was forced to raise new capital under depressed valuation conditions to meet the legal solvency requirements which resulted in reduction in the equity value of existing shareholders. The pro-cyclicality criticism of fair value is based on the idea that when there is boost in market prices it apparently strengths the balance sheet of Barclays Bank. However, in the time of reduction in market prices, it damages the economic position of the bank more severely (Amola; 2006). Futher, Nicolas ( 2008) argues that as the studies support that markets do not work efficiently during the time of crisis when every participant is in the condition of uncertainty and market information are disordered. Therefore, the accounting standards which rely on marketà ¢Ã¢â€š ¬Ã‹Å"s information, damages the decision of ità ¢Ã¢â€š ¬Ã‹Å"s users. Additionall y, he argues that criticism of pro-cyclicality of FVA is not only when markets are inactive for securities but also in the normal conditions of economy (Nicolas; 2008). Regardless of criticism of FVA, Wallace (2009) suggests that elimination of fair value standards is not solution to the problem. The government should focus on stabilizing the financial markets, rebuilding investors confidence by promoting liquidity conditions in markets and improving regulations (Wallace; 2009). Barclays Bank can overcome the shortcomings of historical cost accounting. Reporting at FVA standards, the bank can record their financial instruments including loans at fair value (market based price). Buckland (2005) also argues that for the purpose of monitoring and supervision, the supporters of FVA consider it more reliable source of information. EMPIRICAL LITERATURE REVIEW RESEARCH OBJECTIVES:- During existing literature review, I observed that mostly, the underlying subject has been discussed working papers, reports, conferences and general argumentations. The following literatures give the guidelines to understand the issues related to financial crisis, systemic risk and FVA standards. I went through the following literature to understand my topic of research. Magnan (2009) provides general overview of FVA on financial statements. He briefly explains the origins of FVA, its applications and role in the financial crisis. He believes that FVA has contributed in acceleration of financial crisis especially in banks and financial institutions (Magnon; 2009). Magnan (2009) explains, how fair value has contributed and created financial crisis? He describes that at the start of 2007, some of the financial institutionà ¢Ã¢â€š ¬Ã‹Å"s (including Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Plc.) assets and liabilities drop in value and this drop in value forced these institutions to repor t assets and liabilities lower at their balance sheets. This reporting at lower value negatively affected their capital adequacy ratios (Magnan; 2009) Morley (2008) discusses the role of accounting standard setters and their comments about the FVA. Further, spotting light at the problems of FVA they argue that the sharp fall in market values of many financial instruments adversely affect the market price of these instruments. Additionally, they point out the challenges IASB is facing after the recent financial crisis. They state that the political threat to IASBà ¢Ã¢â€š ¬Ã‹Å"s independence and credibility is continuously growing. Moreover, the headlines such as, Bankà ¢Ã¢â€š ¬Ã‹Å"s accounting gets murkier (Wall Street Journal, November, 11, 2008). The third quarter reports of banks provide evidence that bankà ¢Ã¢â€š ¬Ã‹Å"s accounting system get murkier e.g. The Royal Bank of Scotland is said to have avoided booking à ¢Ã¢â‚¬Å¡Ã‚ ¤1.4 billion of losses as a result of the rule c hange, and Deutsche Bank, Lloyds TSB and HSBC collectively are said to have avoided booking losses of à ¢Ã¢â‚¬Å¡Ã‚ ¬1.5 billion (Morley; 2008). SYSTEMATIC RISK-DEFINITION:- The banking regulations were introduced in the system to avoid systemic risk in the sector (Allen; 1995). The regulators of prudential law are fully aware of the danger that systemic risk can produce in the banking sector. Systemic risk is the risk that can breakdown an entire system (Acharya; 2002). Kaufman (2003) founded that there is high correlation between systemic risk and failure of banking system in a country, a number of countries or throughout the world. Sohnke. M (2005) defines systemic risk as à ¢Ã¢â€š ¬Ã…“ The risk of a failure of the global banking system resulting from a failure of the global inter-bank payment systemà ¢Ã¢â€š ¬? (Sohnke M; 2005). SYSTEMATIC RISK BANKING SYSTEM:- In the case of the banking industry, all banks are connecting to each other due to inter-banking transactions (Sohnke M; 2005). They have common deposits, loans, payment systems and other different indirect services to other financial institutions. Inter-banking system works within a country as well as across countries. Therefore, the adverse shock that effects on a bank in a system damages the entire system. Thus, the insolvency of one bank transforms the insolvencies of other banks in the system. The theory and evidence advocate that the danger of contagious systemic risk in the banking industry is faster and stronger as compare to any other industry (Kaufman Scott, 2003). Additionally, Kaufman (2003) suggests that the initial failure of a bank starts knock on reaction in the system. However, at the start of this shock, the other banks do not expect its transmission to them. Kaufman (2003) explains that if a bank has smaller capital to assets ratio, this means that the bank i s highly leveraged. Therefore, this set of banks transfer their insolvency to other banks in a system (Khan; 2009). Moreover, Kaufman (2003) suggests that in banks, the downward trend in the credit market affects the quality of private and public information. This information also increases the uncertainty in the credit market and badly affects these market conditions. In such situations of uncertainty no participant wants to take risks. Therefore, investors quickly transfer their funds to a safer place (Kaufman Scott; 2003). Cifuentes, Ferrucci, and Shin (2005) argue that when assets and liabilities are reported on market to market basis and there are also external solvency requirements (e.g. prudential regulation), these situations lead to increase of risk in the financial system. They further argue that when the prices of assets are falling, these assets disrupt the solvency ratio of firms. Prudential regulations in banking system demand banks to maintain capital reserves for their solvency in estimation of risk associated with institutions (Khan; 2009). Plantin (2008) has observed that banks sell their assets when prices of assets were falling and purchased assets when prices were rising. Such acts of banks increased the volatility in market prices which increased the probability of rise in the systemic risk in banking sector. MARKET TO MARKET REPORTING FAIR VALUE ACCOUNTING:- Plannutin (2008) suggest that when markets are inactive, FVA becomes more inefficient as compare to historical based accounting (Plannutin G; 2008). As market to market accounting increases the probability of pro-cyclical trades that creates the illiquidity situation in markets. The logic behind is that when the market is illiquid for particular assets as compare to other assets which have active market, the sale of assets adversely affects the price of assets and firm for whom there is no seller or buyer ( Khan; 2008). Therefore, it can be argued that under the FVA reporting (which is based on market to market), prices of assets and liabilities further decline prices of assets and liabilities for which no markets exist. Further, in such situations of uncertainty, the management of these firms sell these assets at lower prices. In reaction to this, pro-cyclical trades starts which increase the overall risk especially in the banking sector. Therefore, we can understand that durin g the recent financial crisis, how the FVA is associated with the systemic risk of banking system? As the market for banking assets became illiquid during the financial crisis and sale of assets of other firms increased pressure on bankà ¢Ã¢â€š ¬Ã‹Å"s management to sell their asset at lower prices (Pollock A 2008). JUSTIFICATION:- Why I have chosen the role fair value accounting in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc.? Being a student of MBA Banking and finance, this topic will give me a unique opportunity to cover both fields of my MBA in one research i.e Banking as well as Finance. Fair value accounting will help me to learn about the finance and financial crises while FVAà ¢Ã¢â€š ¬Ã¢â€ž ¢s role in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. will give me a chance to understand more about UK Banking system. This topic will also provide me empirical evidence about the role of fair value accounting in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. I have a strong desire to built my career in Banking or Finance sector in future as those two fields are of my interest so definitely, this topic will be help me to achieve my future goals. It is also pertinent to mention here that three of my close friendà ¢Ã¢â€š ¬Ã¢â€ž ¢s working in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. (two of them working in the same branch i.e.Norbury, lond on) which will give me an easy access to the data to complete my research methods/dissertation without any hurdles. HYPOTHESIS:- To make an assumption or prediction about any research is not an easy thing to do but on the basis of literature review, I can predict that the role of Fair Value Accounting (FVA) in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. has a positive effect on UK Banking industry as (Nicolas; 2008) argues that Fair Value Accounting compelled Banks to record assets and liabilities on the value which is unjustified by economic conditions and it has played an important role in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. success during credit crunch. I can also predict that the systematic risk is not associated with the financial crisis of Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. and by highlighting the impact of market to market reporting in financial difficulties for Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc, It is assumed that its contribution for the banking industry was vital during financial crisis. RESEARCH METHODOLOGY:- Research methodology consists of two types of research. They are:- Primary Research. Secondary Research. PRIMARY RESEARCH:- Primary Research is research which is used to gather statistics for a precise task. Types of primary data collection methods include:- Personal Observation:  The observation of the respondent by a skilled observer or by electronic tools e.g camera, video. The aim is to observe customer response and activities to a product or consumer service. Personal Interviews:  Face to face interview between an interviewer and the respondent. ADVANTAGES OF PERSONAL INTERVIEWS:- In detail answers achievable. Qualitative statistics can be obtained from small sample. Observation improves precision. Understanding leads to less refusals. DISADVANTAGES OF PERSONAL INTERVIEWS:- Costs qualified Interviewer expensive. Interviewer bias. Difficult to get an appointment if the interviewer is a busy person. Invasion of privac y. FINDINGS ANALYSIS-PRIMARY RESEARCH:- SCOPE OF QUALITATIVE METHOD:- To collect the primary data for my qualitative analysis, Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll develop questionnaires to identify answers of the research questions in the dissertation. Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll follow (B Healey; 2005) approach who developed close ended questionnaires with check boxes to answer these questions. Gannon (2001) asserts that amongst all the other research techniques, the questionnaires have been given high priority due to negligible cost and scope for easy evaluation they offer. Close ended questionnaires are one of the most common used tools for getting opinions ( L H Wang; 2006). Further, it is an adequate way to get the opinion of experts from the relevant field of research that has good representation of practical experiences and expert knowledge. Underneath this logic, most of companies, Banks and government agencies use this method to collect information. LIMITATIONS OF QUALITATIVE METHOD: Gannon (2001) critics that the information gathered as the results of questionnaires are limited because mostly questions ask in questionnaire allow only positive or negative response. Additionally, it is pragmatic that sometime the respondents refuse to answer certain questions or giving their answers in hazel and even sometime do not read the questions (Sproull; 2001). Chambers and Pretty claim that in spite of problem with answering the questionnaires, it was considered that it is time consuming, expensive and not suitable for reaching at conclusion ( Marslan; 2001) . SECONDARY RESEARCH:- Secondary research is the most general research method engaged in the every field today. It involves dealing out facts figures that has already been collected by a different party. With this research, researchers will check with previous studies and findings such as reports, press articles and earlier market research projects in order to come to a conclusion. This has comparatively low cost in comparison to  primary research. TYPES OF SECONDARY RESEARCH:- There are different types of resources offered for secondary research. The most well-known are: Published statistics: survey, housing and social security statistics Published texts: abstract work, secondary analysis by  experts  and reports Media: documentaries as a source of information Personal documents: diaries ADVANTAGES:- Economical and reachable especially at University/College Library. Often the only source, for example historical documents Books. Only way to look at major trends. DISADVANTAGES:- Lack of stability of perception. Biases and inaccuracy can not be checked Available data often increase more questions than they answer. The worry over whether  any  statistics can be completely detached from the perspective of its gathering or not. FINDINGS AND ANALYSIS-SECONDARY RESEARCH:- SCOPE OF QUANTITATIVE METHOD:- Prior to 2004, UK firms and Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. were preparing their financial statements according to UK GAAP (Generally Accepted Accounting Principles). 2005 was the first year when International Accounting Standard Board (IASB) and UK Accounting Standard Board asked UK firms Banks including Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. to prepare and report their financial statements at IFRS. (Ormrod; 2007). Additionally, Gannon and Ashwal claim that more than hundred countries worldwide use International Accounting Standards on either a compulsory or on a permitted basis and more countries are expected to follow in the near future.(Ormrod; 2007). Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll consider year 2005 when Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. adopted IFRS as start of FVA regime. Henceforth, year 2005 to date, Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll take as my sample period for quantitative testing. Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll use secondary data sources to gather information for quantitative analysis eg B arclays website, Journals, Books. Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll collect the details of assets and liabilities which are reported at fair value of different banks from the web sites of these banks and then Ià ¢Ã¢â€š ¬Ã¢â€ž ¢ll compare them with Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. This study will provide me evidence that the difference between reporting assets and liabilities at fair value and book value on investment securities explains the share prices of insurance companies and banks as (Penman; 2007) described. LIMITATIONS OF QUANTITATIVE METHOD:- Mirosevich (2008) argues that most of quantitative methods are based on classical tests which produce correct results only when underlying assumptions are fulfilled. These tests produce incorrect P-values, effect sizes and confidence intervals when they violate the key assumptions to calculate P- values. Therefore, the evaluations of these results mislead the research objectivity (Mirosevich; 2008). The researchers observed that the assumptions made under quantitative methods to test hypotheses are mostly not correct in real life. Many factors are to be considered constant or assumed not affecting the dependent variables. Therefore, the results obtain from such tests are sometimes misleading the research goals (Mirosevich; 2008). RECOMMENDATIONS AND CONCLUSION:- The debate of costs and benefits of fair value will go on and the analyses conducted in this study are considered to be a new addition to literature which addresses important and complex issues of FVA in current debate of accounting usefulness. These issues require further investigative studies. The financial crisis has made clear that the financial statements organizers need additional guidance to calculate fair values in illiquid markets. Users of these financial reports need better disclosures of financial information especially at the critical level 3 inputs. The users of financial information are interested to analyse the sensitivity of fair value measurements and its influence on the Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. Accounting standard-setters need to consider the demands of interested parties and issue guidance and disclosures accordingly. Preparers need to provide these disclosures in an informative fashion, and users must analyze them carefully and dispassionately. Additionally, accounting researchers and teachers can contribute to all of these processes. Indeed, for all of us who care about accounting and its role in the economy, there is much work need to be done (G.Ryan; 2008). Further, I believe that more time and research is required to determine reality that whether FVA has played its role in failure of Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. or not? To understand the role of FVA seems vital for future developments and implementations of accounting standards in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. Additionally, future studies of FVA will give new shape and directions to financial reporting framework. I hope that over next few years, most likely the conduct of lot of empirical studies will give us a distinct answer to the question about the role of FVA in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. during financial crisis. The debate of FVA mainly revolves around the issues cost and benefit of reporting assets and liabilities at fair value an d its role during financial crisis. The researchers such as Penman (2007) Simatupang (2009) Kevin (2009) Magnan (2009) and Khan (2009) are enthusiastic to determine the appropriateness of FVA and its link to increase systemic risk in Barclayà ¢Ã¢â€š ¬Ã¢â€ž ¢s Bank Plc. The role of accounting is to provide useful information to users of financial statements (Ryan; 2009). The advocates of FVA assert that it provides critical information to users of financial statements which help them to take their economic decisions.

Monday, May 18, 2020

Essay about Privacy and the American Government - 1435 Words

Most Americans feel trapped by the government. They believe that the government is spying on them just to do so and that there is absolutely no reason for it. However this is wrong because the government has several reasons to spy on us Americans. Even though this may seem outrageous, it is needed and there are ways the United States’ citizens have privacy. With all of these false accusations it is simple to see why people would be supportive of our right to privacy. On the other hand, the government eavesdropping on the people of the United States has helped save many lives and justice being served. The United States of America is a free country, so we should have the option to be spied on by the government; however, as citizens we do†¦show more content†¦If you were going to see what a fight was all about would you go to an adult or the children that were fighting? The children; they will tell you everything in full detail. This is the same concept that the governme nt is using. If a terrorist was to plan anything it is likely that there is more than one person involved. Contact with any outside source would be listened into by the government and may prevent more attacks to happen. The government looks at our emails, text messages, listens to our phone calls and other similar communication devices. â€Å"The U.S. has led a worldwide effort to limit individual privacy and enhance the capability of its police and intelligence services to eavesdrop on personal conversations. The campaign has had two legal strategies. The first made it mandatory for all digital telephone switches, cellular and satellite phones and all developing communication technologies to build in surveillance capabilities; the second sought to limit the dissemination of software that provides encryption, a technique which allows people to scramble their communications and files to prevent others from reading them† (Solove). How much of this did you know about? Almost all of our current devices already have technology that makes it an easy access for the government to know about all of your conversations. So what exactly are our rights to privacy? In the Bill of Rights, the 1st, 3rd, 4th, 5th, 9th, and 14thShow MoreRelatedPrivacy Is More Important? Privacy Or National Security?1278 Words   |  6 PagesDuring the past decade, an issue has arisen from the minds of people, on which is more important? Privacy or national security? The problem with the privacy is that people do not feel they have enough of it and national security is increasing causing the government to be less worried about the people. National security is growing out of control which has led to the decrease in people’s privacy and has created fear in the eyes of U.S. citizens. â€Å"Twelve years after the terrorist attacks of Sept. 11Read MoreSocial Media s Eroding Our Privacy Essay1312 Words   |  6 PagesSurveillances Eroding our Privacy The emerge of our privacy invasion has mount with government surveillance by the U.S national security system (Baumer, Roth, Epstein, 2014). Government surveillance and social website such as Facebook, Twitter, Google, and YouTube are source of privacy invasion (Cole, 2015). Connecting to social website to communication with friends, family, and co-worker; sharing, updating news, and information which overcast privacy according to Cole, 2015. Many Americans became occupiedRead MoreEssay on American Rights to Privacy645 Words   |  3 PagesAmerican Rights to Privacy In 1787, the constitution was born. The constitution has been America’s guideline to the American way of life. Our US constitution has many points in it to protect America and it’s people from an overpowered government, our economy, and ourselves. The only thing the constitution doesn’t directly give us, is our right to privacy, and our right to privacy has been a big concern lately courtesy of the National Security Agency (NSA).(#7) Although our constitution doesn’tRead MoreAdvantages And Disadvantages Of Privacy1188 Words   |  5 Pages2016). In other words, American Federalism, a system of government where people distribute power between national and state governments. The constitution gives each government their own power, but they also share some power and responsibilities. All people living in the United States have the right to privacy. The privacy of American citizens was a Supreme Court decision, which over the years has established that the right to privacy is a basic human right. The right to privacy is often protected byRead MoreSecurity For Liberty : Freedom Of Life, Liberty And Pursuit Of Happiness1101 Words   |  5 Pageshappiness, American citizens crumple up their own desires and follow laws such as the speed limit and paying taxes. These laws are given by the government, created by citizens to protect all residences. After all, one would give up a few priorities for the name of common good too, right? But there is a borderline between what an individual should and shouldn’t give up. For example, privacy rights. In most cases, people would claim that they have nothing to hide, but the definition of privacy is notRead MorePersonal Privacy In Peter Singers Visible Man955 Words   |  4 Pageschanged the world’s view on privacy listing both the benefits and drawbacks following this. Privacy is a very big aspect for Americans and the freedom we represent. As America defines itself as a democracy, the Government ties a lot into the privacy role, attemp ting to keep citizens safe. Generally, having personal privacy is crucial to feeling safe and comfortable in any environment but I think the overall role of privacy should only be focused heavily by the government in regards to certain situationsRead MoreThe Security Is More Important Than Our Nation s Security And Defeating Terrorism Trump All Other Priorities.954 Words   |  4 Pageswhether privacy or the nation’s security is more important arose in the United States. Even after fifteen years, this debate is still relevant in politics. Our nation’s security is more important than the citizen’s privacy because lives will be protected and saved, the average person has nothing to hide for the government, and privacy has already been breached. After September 11, there were few people who questioned their right to privacy. The argument of whether national security or privacy was moreRead MoreThrow Your Hands in the Air Maybe You ´ll Hit a Drone Essay891 Words   |  4 Pagesare scrambling to fight this delivery idea. People are right to be opposed to the plan now because to them its more than just the immediate issue of drone delivery, it’s the issues of drone usage in general, violations of privacy, and the allowance of big business by the government to do whatever they want. The Author makes the point that yes people are concerned, but shouldn’t be as overwrought as they are now. However, people are not wrong to be against the plan right now because they see that thisRead MoreApple Vs. Fbi Case979 Words   |  4 Pagesunlock the phone. Apple replied that they had a responsibility and an obligation to protect the privacy of their customers. Supporters of Apple s response have argued, creating a new sof tware was not a wise decision. In the past, government agencies have been known for their abuse of power. Had Apple chosen to create a master key for this particular case, there would be no limit to government invasion of privacy. In the end Apple could have potentially lost costumers by changing the protection of theirRead MorePrivacy : National Security Vs. The Fourth Amendment1046 Words   |  5 PagesPrivacy: National Security vs. The Fourth Amendment Privacy! It’s an elementary principle we all value and fight to protect. However, with technological trends, such as Facebook, Instagram, Twitter and Snapchat, our lives have now become accessible to all. These social media platforms have become part of our daily lives, from sharing personal information or activities to communal networking. The fascination to be trendy and acquire followers, is compromising our privacy principles and places us at

Wednesday, May 6, 2020

Education Has An Significant Correlation On Health Outcomes.

Education has an significant correlation on health outcomes. The following presented case study will demonstrate an example of how the Social Determinant of Health (SDOH) directly impacts health status. As described in Appendix A, Mrs. Smith is a 68-year-old female who was diagnosed with type I diabetes 37 years ago. She has developed a pressure ulcer on her left foot, which has increasingly worsened and become necrotic in certain areas. She has had uncontrolled diabetes for many years and often does not prescribe to her medication regiment â€Å"because it doesn’t really work anyways.† She has a long history of neuropathy resulting from her poorly controlled diabetes. She also has difficulty understanding the appropriate dose of short-acting†¦show more content†¦Research indicates that low education that occurs early in childhood has long-term implications on health and mortality. According the Canadian facts, when an individual has a higher education, they h ave improved health outcomes. This is often related to the fact that education increases income, employment and provides improved job security. Education also produces enhanced literacy. Education allows for individuals to have an improved comprehension of the societal aspects that influence their health. Furthermore, by having improved education, a patient can advocate for their health, implement healthier lifestyle choices and seek out appropriate resources to enhance their health. The literature also demonstrates that poor education is equated with increased hospitalization stays, the use of emergency services and reduced medication compliance (Mikkonen, Raphael, 2010). Recommendations for Change at Level of the Healthcare Provider The recommendations for change to practice at the level of the provider would include first treating the underlying problem that Mrs. Smith was admitted for. According to the literature, a progressively worsening diabetic foot ulcer requires implementing a multitude of strategies to prevent amputation of the limb. Adequate wound management, including debridement if required, and offloading techniques should be instilled for Mrs. Smith. Furthermore, education by the provider would be of critical importance forShow MoreRelatedHigh School Dropouts At Risk Students1419 Words   |  6 Pagesmore vulnerable to dropping out of school than others. These at risk students usually exhibit behavioral, attitudinal, or academic problems (Lemon and Watson, 2011). However, other factors do contribute to dropping out which include family issues, health issues, mobility, and cultural issues. According to Laqana (2004), high school dropouts present serious implications for society such as reduced earnings, higher unemployment, increased crime rates, increased teen pregnancy, and increased alcoholRead MoreThe Social Determinants Of Health1443 Words   |  6 PagesEducation has a significant correlation on health outcomes. The following presented case study will demonstrate how the Social Determinants of Health (SDOH) directly impacts health status. As described in Appendix A, Mrs. Smith is a 68-year-old female who was diagnosed with type I diabetes mellitus 37 years ago. She presented in hospital with a pressure ulcer on her left foot, which has increasingly worsened and become necrotic in certain areas. She has had uncontrolled blood glucose levels for manyRead MoreHow The Social Determinants Of Health Have A Direct Impact On Health Status1388 Words   |  6 PagesEducation has an imperative correlation to health outcomes. The following presented case study will demons trate an example of how the social determinants of health have a direct impact on health status. Mrs. Smith is a 68-year-old female who was bad a diagnosis of type I diabetes for 37 years. She has developed a pressure ulcer on her left foot, which has increasingly worsened and become necrotic in certain areas. She has had uncontrolled diabetes for many years and often does not prescribe to herRead MoreCritique Of Disease And Disadvantage Of The United States And England755 Words   |  4 Pagesincluded the English Longitudinal Survey on Aging (ELSA) and 3 years of the Health Survey for England (HLS). US surveys were the Health Retirement Survey (HRS) and the National Health Interview Survey (NHANES).1 The combination of these 4 surveys were used to assess biological measures and self-reported health status. ELSA and HRS were used to compare biological measures and HSE and NHANES were used to compare self-reported health status. There was a variance in age of respondents between surveys, withRead MoreThe Between Intelligence And Longevity1373 Words   |  6 PagesMental ability can be defined as having the cognitive ability to acquire and preserve knowledge. The prospect of mental abilities being associated to longevity has been an area of interest for social scientists. Scottish Mental Surveys (SMS) of 1932 and 1947 carried a major research on intelligence-longevity association. This essay will demonstrate how different studies have supported the association using the four mechanisms proposed in the Scottish Mental Surveys: (a) bodily insults, (b) bodilyRead MoreBaccalaureate Degree Of Nursing And Patient Care Outcomes1599 Words   |  7 PagesNursing and Patient Care Outcomes â€Å"The Institute of Medicine (IOM) calls on nurses to take a greater role in America’s increasingly complex health care system. It acknowledges the need for nurses to take a leadership role in all settings to meet the demands of our forever changing health care system.† (IOM,n.d). It has been established that education makes a difference when it comes to nursing practice. Because there are numerous benefits in having an advanced education in nursing, those who currentlyRead MoreHealth Literacy And Its Effect On Health1501 Words   |  7 Pagesthe ability someone has to read and write. Most of us are taught this skill when we are young. Those of us who learn this during childhood seem to forget this is a privilege not everybody has. The people who do not has this advantage are affected in more ways than we think. Especially when it comes to their health, this understanding is known as health literacy. â€Å"Health literacy is the degree to which individuals have the capacity to obtain, process, and understand basic health information and servicesRead MoreThe Influence Of Patient Health Literacy On Positive Health Outcomes1274 Words   |  6 Pages The Influence of Patient Health Literacy on Positive Health Outcomes Introduction With an increase in the number of new prescriptions hitting the market and the growing number of patients taking prescription medications, patient health literacy becomes a rising problem. Approximately ninety percent of Americans currently take prescription or over-the-counter medications; however, patients that have an inadequate health literacy level are more likely misinterpret or suffer adverse drug effectsRead MoreDecision Making Styles And Their Associations With Decisions Making Competencies And Mental Health1045 Words   |  5 Pagesassociations with decision-making competencies and mental health.† Judgment and Decision Making 10(2015): 115-122. Web. 1 Jan. 2015 Problem: The issue that is being addressed is finding out what the relationship are between the different decision-making styles and how this affects our decision-making competencies and mental heath. Hypothesis: If you use certain decision-making styles then it will affect the outcome of your mental health and competency. The independent variables are the five decision-makingRead MoreThe Importance Of Nutrition Interventions In African-American Population1529 Words   |  7 Pagesassessment. To obtain a sample, that was reflective of the target population. All interested women were screened for eligibility that included American-born, African-American women of child-rearing age, residing in urban public housing communities. Five outcome areas were measured using 24-hour recalls and a questionnaire focusing on, dietary change, knowledge and skill capacity, and height and weight, during the F2F format classes. The 24-hour recall is a widely accepted as a reliable, and with strong internal

Children Today free essay sample

There are many factors which lead to the way children act today. The way a child is raised, is a reflection of the lack of respect which an adolescent embraces for their elders. Over time, generations of human beings have become more reliant on technology. This has made mankind lazy and uncultured, causing a reflection on our children. Also, there have been many laws which were set against structure in a childs life. Whether the child is at home, school, or with a care giver such as a â€Å"babysitter†, there are limits to how a child can be disciplined. However, when a child has a lack of authoritative parents, it often times produces the young ones disrespect for others. The powerful painting by Banksy entitled, Girl Patting Down Army Soldier, demonstrates role reversal between child and adult. The image clearly illustrates a young girl in a pink dress and pig-tails, patting down a strong, fierce soldier. We will write a custom essay sample on Children Today or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Soldiers represent power and authority, and this little girl is taking over that roll. This, to an extent, is the way our generation of children are becoming. They believe they are equals with adults in this world. They do this by bossing their parents around, and disrespecting them day after day. The way our world uses technology is only part of the reason why our children are so ignorant today. In the past, parents would send their children outside to get their pride and joy out of their hair and to have some fresh air. Presently, they set their child in front of a television to watch a show or play a video game. Due to the fact that most parents do not monitor every show or game their child takes part of, many children begin learning how to act by observing what is on the television screen in front of them. The television show entitled, Toddlers and Tiaras, is a prime example of these types of shows. Here, children of various ages dress as though they are twenty years old, yet act the total opposite. Kids which are two and three yeas old talk back to their parents and constantly role their eyes at the people they love. There are also multiple children hitting their competition and parents when they do not get what they want. When any child watches this type of show, they often times will begin to mirror the negative behavior. In fact, according to Illinois State Medical Societys  experiment entitled, Monkey See Monkey Do, â€Å"In a matter of seconds, most children can mimic a movie or TV character, sing an advertising jingle or give other examples of what they have learned from watching media. These examples may include naming a popular brand of beer, striking a â€Å"sexy† pose, acting impolitely, or play fighting. Children only have to put a movie into the DVD player, flip through the channels, open a magazine, click on a web site, pop a video game into an X-Box or watch television to experience all kinds of messages. The impact of these messages can build slowly when children see and hear them over and over again.† Our youth today does not understand what is real and what is not on the T.V. If kids do not have guidance from their parents, they will most likely begin transforming into impolite little people. Therefore, parents need to not place their child in front of the television, but rather spend more time with them. Many kids care givers are also beginning to spend more time with their technology instead of their child. This is beginning to cause children to act up due to the fact they feel they are getting no attention. An article on The Washington Post entitled, Parents are ignoring their children for their Blackberry, stated, If youre taking [parental attention] away from the child, for what looks like it is not a good reason, kids might think, What am I doing wrong that my parents dont like me? and may start acting out to get their parents attention because they have a hard time distinguishing positive from negative attention. Although parents do not mean to push their child away and make them feel as though they are less important than their phone, they are. This is why our generation of kids are beginning to throw tantrums and are becoming more impolite. The laws which have been set against a childs punishment have changed tremendously over the past fifty years. This is a large factor of why our children have become so disrespectful to the people around them. In the past, teachers had the right to inflict corporal punishments on children. This is a form of discipline which ended around 1989 in Oregon. According to American Academy of Child and Adolescent Psychiatry, corporal punishment is a method which a, â€Å"Supervising adult deliberately inflicts pain upon a child in response to a childs unacceptable behavior.† The purpose for this  type of punishment was to try to prevent non-tolerated actions to reoccur. It was meant to change their long-term behaviors and to show the child what was and was not acceptable. In current times, children can not be touched in any physical matter from any one other than their parent or guardian. This is because it is now illegal to physically harm kids. This law has led some children to understand they can get away with excessive amounts of negative behaviors due to the fact there are less ramifications that follow their unfavorable actions. Because of these laws, kids can not be disciplined to any amount which the state would find excessive. Therefor, when these kids become disrespectful, there is no possible way for the children to be disciplined by any teacher or caregiver. The law of non corporal punishment has effected our children to a point because they cannot be punished for their actions, making them more disrespectful. There are many parents who hold a lack of authority. This is part of what is producing our youths disrespect for others. An authoritative parent is someone who expects a lot from their child. They also have strict rules which they predict will be followed at all times. These parents are also a large part of child rearing. According to ChildRearingMatters.com, â€Å"The aim is always to bring out the best in each child, and to prevent and overcome difficulties.† In other words, parenting. When a childs parents lack this, their children in most cases, end up running the house. These children think they are their own parent. When this occurs, the adolescent ends up pushing their own parents around as well as the others around them. Many children today are becoming unexceptionably disrespectful to their elders and others around them. This is due to the way they are raised and brought up since birth. There are three main aspects which have created this issue which is occurring now. These include the number of parents relying on technology, the laws which protect children from any form of physical discipline, and the lack of authoritative parents which these children have. If the way our children are raised never changes, the issue of disrespect towards others is only going to worsen. Having respect for other is a large aspect of life. If children can not learn how to respect others, how are they supposed to respect themselves?

Wednesday, April 15, 2020

Business Topics For Essay That Are Worthwhile

Business Topics For Essay That Are WorthwhileAs you look over the books and research topics for the essay, you might find that a lot of those topics are based on the same types of ideas. But there are some topics that have something unique that can be quite fascinating.Writing a paper is not just about finding essay topics that you like, but it is also about learning a new way to express yourself in a creative way. You want to make your topic to stand out and be different from all the other similar topics that are available. Here are some business topics for essay that may prove to be quite interesting.What type of products can you offer that can give people a reason to buy? A typical business topic for essay might have this theme. Look around your area or even online to see what types of things people want and need and then find a way to create your product or service around those needs. Writing your article based on these types of ideas is a great way to get started writing the ess ay.Do you know a lot about your competition and how they operate? An important part of being able to come up with an interesting business topic for the essay is to know what others are doing, but it does not necessarily mean you have to try to copy them to become successful.Try to think of a product line that your competitors do not have. When you are trying to come up with business topics for the essay, you need to have a unique idea to give your product or service a unique twist. Look for ways to make a product or service stand out by thinking outside the box.If you are going to venture into any type of home based business, consider your niche market as one of your business topic for essay. You might think that your competitors will just offer everything to everyone will be buying their product. You might want to write about something that people will be interested in and a home based business is a good starting point.There are so many business topics for essay that you can use to write about. You should spend some time researching how your niche market or area has been treated in the past. Think about what kind of treatment they are receiving now and what is making them dissatisfied. This will help you create a product that is completely different from what they have been getting in the past.Writing business topics for essay is one of the easiest parts of writing an essay. You just need to put some time and effort into looking at business topics that relate to your area of interest and find something to write about. When you spend some time doing this, you will begin to see success and your essay will start coming out in a very interesting way.

Tuesday, April 7, 2020

How to Avoid Errors in a Technical Dissertation

How to Avoid Errors in a Technical DissertationA thesis proposal has always been a controversial topic in the market. There are people who believe that a thesis should not be a component of the written work but rather an original topic or research. In this case, the thesis proposal could become a part of the written work and the thesis is not given as an extension of the research that was just completed.Proofreading is one area where the thesis proposal could help in terms of creating the thesis. All the works of the entire work should be checked with precision. A proofreading should help to edit the thesis proposal, along with assessing if there are already known mistakes.In order to avoid mistakes in the thesis proposal, a proofreader should help the writer to write the proposal. They should proofread the documents and checks the errors in the document. This can be beneficial for the quality of the thesis. A proofreader will be able to spot the errors and they may also offer sugges tions that can help the writer in the process of editing the work.One way that one can avoid errors in the thesis proposal is to keep it as short as possible. There are many references to research that could not be included in the thesis proposal. This is not an option in the written work. One should always create a thesis proposal that is clear and simple. A short document will be more effective in the written work.It is important to mention that a thesis proposal has to be short. This is very important because a shorter proposal will make it easier for a proofreader to detect any mistakes in the thesis. The writer needs to be able to indicate the most important points in the document.A thesis can also be edited after the initial review stage. These are the main areas where editing could be done. The thesis can also be added or corrected.One can also add references that are proven in the thesis proposal. It is important to mention the people that will be dealing with the thesis. Th is will help in bringing in the research in the document. The references may also include a paragraph or two about the people involved in the research.

Friday, March 13, 2020

The Definitive Solution for People Write Research Essays in Order to You Can Find Out About Today

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