Metallica - Kill ‘Em All free essay sample

This is Metallicas first collection which was discharged in July 25, 1983. It was recorded in a brief timeframe, fourteen days to be precise, and on an exceptionally little financial plan. The first collection title was unique however the studio encouraged them to transform it. There so they transformed it to what it is currently. The collection spread is of a sad remnant of a hand relinquishing a wicked heavy hammer. In spite of the fact that this collection isn't as amazing as Master of Puppets or Ride the Lightning yet it is as yet an entirely decent collection. It has an a lot quicker beat than different discharges and it likewise has much more thrashier sound. That is the reason this collection is a greater amount of a unique whip metal collection. This collection isnt as quick or fierce as Slayer collections however its despite everything cool to listen as well and is unadulterated whip collection. This collection has those infectious guitar riffs, crazy guitar performances, incredible vocal singing, and extraordinary drumming. We will compose a custom exposition test on Metallica Kill ‘Em All or then again any comparable subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Presently lets talk about the tunes: 1. Hit the Lights-This melody starts with a blur in of the guitars and afterward Lars, the drummer, making a drumming design. After that the guitarist are on speeding fret sheets. They have cool guitar riffs and all through melody have numerous smaller than expected performances and afterward they go in to the genuine performance. This is an extraordinary opening melody and must be one of my top picks on this collection. 2. Four Horsemen-This melody isnt as quick as the past tune however it has snappy guitar riffs and incredible performances. Despite the fact that the performances are progressively old style performances. 3. Motorbreath-This melody starts with a drum introduction. The guitars command in this tune however. 4. Bounce in the Fire-This melody is quite quick however it has snappy riffs. Toward the end there is dynamically increasingly quicker and long guitar solo that I appreciated. 5. (Sedation) Pulling Teeth-is a long performance however its not guitar solo its a BASS S OLO! This tune shows Cliff Burtons abilities in his progressively old style foundation. Likewise he utilizes overwhelming twisting and a Wah-Wah Pedal. The main verses or exchange in this tune is toward the starting where Cliff states: â€Å"Base Solo, Take One† Then likewise in the first place there is no drum beat however they do kick in at about the 2:40 imprint. 6. Whiplash-starts with low pounding of the bass drum then the guitars kick in and add flavor to the tune. 7. Ghost Lord-has its good and bad times. You can scarcely hear the vocals since they are suffocated by the guitars. This tune additionally has a cool guitar solo. At that point it hinders again after that. At that point another guitar solo comes in and speeds it up once more. Much the same as I said it has its high points and low points. 8. No Remorse-has a cool beat to it is as yet a decent piece of Metallicas live shows. 9. Look for Destroy-Finally we have gone to my main tune of this collection. This has renowned opening guitar lick that I love. It likewise has snappy vocals that simply keep so stimulated! Additionally those incredible guitar riffs that are so dull. This tune likewise has a cool guitar solo that at that point closures to the first song of this track. 10. Metal Militia-is the most crazy track out of these on the grounds that it begins quick and simply has that unadulterated whip sound to it. Really cool tune So my decision is this is an incredible collection if youre a Metallica fan. In spite of the fact that its not in the same class as different collections that I recorded however on the off chance that youre a metal head, at that point you will appreciate this incredible collection by one of the best whip metal groups.

Product Liability Suit against British Petroleum

Presentation BP is a global enterprise whose primary exercises remember investigation and exchanging for oil and gas. BP is the third biggest organization in the vitality segment on the planet and sixth in the general classification. The organization is associated with a few exercises inside the vitality segment particularly investigation of gas and oil, processing plant and dissemination of the equivalent, age of intensity and in retailing of gas and oil products.Advertising We will compose a custom research paper test on Product Liability Suit against British Petroleum explicitly for you for just $16.05 $11/page Learn More BP has likewise made significant walks in the sustainable power source area particularly in bio-fills, wind force, hydrogen and sun oriented vitality. The parent organization has its worldwide headquarter in London. There have been a few suits brought against BP because of their careless and deceptive conduct which put the two individuals and condition in danger. BP has had many negative episodes which have marked its social duty picture the world over. A portion of these slip-ups have had extreme natural effects and have influenced the occupations of a few people. There is by all accounts a culture of exemption inside the company’s top officials since a portion of its slip-ups continue happening over and over. Obviously the organization has wound up on the negative side of a few item obligation suits because of mishaps in its site and the utilization of a portion of its items. These suits have been brought by individuals, organizations and gatherings who have been harmed during these mishaps and are requesting equity and revenge for the activities or absence of them with respect to BP. Item Liability Suit against BP There have been a few item obligation suits against BP over the world because of mishaps and mischief from utilizing a portion of its items. However, this paper considers the ongoing and continuous case against BP becaus e of the unfriendly impact occasioned by the oil slick at the Gulf of Mexico. Late disclosures by the Orlando Sentinel have uncovered a condemning truth with respect to BP that the plans they utilized in the profound water rig were not the best for that specific reason and area. Considerably additionally alarming is the allegation by the sentinel that this specific plan was wrong as well as defective. This end was shown up at through a few meetings with engineers.Advertising Looking for inquire about paper on business corporate law? How about we check whether we can support you! Get your first paper with 15% OFF Learn More This uncovered the way that BP decided to utilize a structure which was less expensive and problematic. Notwithstanding the pre-owned plan, there were a few mechanical goofs which ought to have been a sign of conceivable emergency. Oil masters have singled out the Gulf of Mexico as one of the spots where boring is difficult and along these lines requires more secu re and dependable boring techniques. BP obviously overlooked this pool of extraordinary counsel and decided to put cost cutting before human security and natural concerns. The subsequent spill, one of the biggest ever, has risked BP of fire and is confronting a few item obligation suits from influenced individuals and organizations. Because of the numerous item obligation suits documented against BP, the offended party legal counselors have chosen to utilize a prosecution system called multidistrict case (Ashby, 2010). This arrangement of case has been utilized a few times in the US in significant prosecution against significant organizations. This permits all arguments brought against a solitary organization to be brought to one court and be heard by one appointed authority with the end goal of effectiveness. The significant advantages are efficient instruments like sharing affidavits and pooling assets during the time spent proof assortment. This thus decreases asset wastage in si tuations where legal counselors would need to contend the equivalent in various courts. BP as of late needed to pay a few millions because of a comparative issue in Alaska and it’s almost certain that they will be requested to do so again after the finishing of this item obligation suits. Alleviation against item risk suits and different emergency Six sigma investigations ought to have affected BPs the board in utilizing the correct framework from the beginning or transforming it when framework and upkeep issues began happening. They ought to have utilized the information gathered in this remote ocean rig and in different locales to figure the conceivable hazard and sanction the correct moderation measures. Yet, they excused most thoughts achieved by prestigious specialists in the field, something which negated the sigma approach (Meredith Schafer, 2010). They additionally neglected to set up elevated expectations in building the apparatus and thus the low measures may have c aused the blast and the acceleration of the emergency. The circumstances and logical results belief system can be seen grinding away during this emergency where BP’s broken structure and their reluctance to listen turned into the reason for both the fiasco and the incredible degree to which it influenced the general condition. Obviously, had they being sensible from the beginning, they would have forestalled the ebb and flow cost of review and the ensuing item risk suits.Advertising We will compose a custom research paper test on Product Liability Suit against British Petroleum explicitly for you for just $16.05 $11/page Learn More Crisis the board has picked up importance lately because of the capacity of single emergency to dissolve the advantages gathered after some time by a firm and cause death toll and income. In any case, the ramifications of an emergency may frequent an association just like the instance of BP for quite a while to come. BP has demonstrated that the ex pense of an emergency is amazing and the expense of review is constantly gigantic. One of the dangers that face organizations during times of emergency is item obligation cases. There is no preferable model over BP’s late recorded settlement of an item risk case. The outcome isn't simply paying out huge settlement or harms however the expense of initiating a PR battle to revamp the company’s picture. It isn't constantly conceivable to foresee the event of an emergency and the resultant misfortune that follows, however it is conceivable to moderate that likelihood. This would guarantee that should they happen, the degree to which they influence the association and those around the influenced zones won’t be as extreme if no measures had been taken. It is no big surprise that many feel that BP ought to be rebuffed cruelly for its numerous bumbles that cost lives and serious harm to the earth. Most academicians accept that there exist enough motions toward foresee t he conceivable event of calamity and disregarding them until it’s past the point of no return comprises carelessness. It is just passage then that organizations who inability to do so ought to be considered responsible and be made to pay for the expense of fix and repay the influenced people. Inasmuch as organizations keep on disregarding moderation by making solid emergency supervisory groups, at that point item obligation suits will are setting down deep roots. End This paper shows obviously that the lead of BP was flippant and ought to be considered responsible for the death toll and the calamitous harm to nature. Despite the fact that the organization has vowed billions in recovery exertion, it isn't sufficient for the individuals who have lost a vocation because of the oil slick. It is not yet clear whether the courts will decide for the few plaintiff’s who have recorded an item obligation class suit against BP. Be that as it may, by all signs, it is crooked to co ntrol in any case despite such gross unfortunate behavior and carelessness with respect to BP.Advertising Searching for look into paper on business corporate law? We should check whether we can support you! Get your first paper with 15% OFF Find out More References Ashby, J. (2010, September 13). As BP Suits Take Off, a Hard Look at the ‘MDL’ Process. Money Street Journal. Recovered from https://blogs.wsj.com/law/2010/09/13/as-bp-suits-remove a-hard-take a gander at-the-mdl-process/Meredith, J. Shafer, S. (2010). Activities Management for MBAs, fourth Ed. John Wiley Sons. This exploration paper on Product Liability Suit against British Petroleum was composed and put together by client TheFury to help you with your own investigations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; in any case, you should refer to it likewise. You can give your paper here.

Describe The Danger Of Illicit Drugs In Our Locality - 825 Words

Describe The Danger Of Illicit Drugs In Our Locality (Essay Sample) Content: The danger of illicit drugs in our locality.There have been so many cases of use of illicit brews in our village. It has been to the increase over several years consecutively .The illicit brew started as a traditional drink of different tribes and was used during important occasions by the different tribes that live in the locality. In these generation things have changed and it has come to be the order of the day in the way the people here live. Before this illicit brew that is modern came to be, the people before used to make it using natural herbs, grains and fruits, by fermenting them unlike these days they are just cooked anyhow producing poisonous drink. This will see to it that we have bad effects. This illicit brew will see to it that we lose lives and our future .something really needs to be done about the situation.This illicit drug came into existence after we had the villagers who brew the liquor found a new way to make it ferment quickly. This included the use of a drug that was not goes at all. The chemical is the major component that is making people get drunk immediately and with great effects. The drug is also making people get addicted to the liquor quickly at a rate which can be regarded as lethal to human beings. This drug is a component that makes the liquor a threat to our community as it has become famous, being used by people of different creed and beliefs, as once they get the effects, there is no going back in any way. This is the main reason why the drug should be done away with, as it is in fact illicit.Many people have been affected either directly or indirectly buy this brew. Students who are using it are poor performers in their academics and co-curricular activities. They miss school and sneak away from their dormitories leading to indiscipline to schools. Some have been said to be stubborn and have become ill-mannered behavior toward the elders. Some are being expelled from schools for good, making the lives of their parents difficult while searching for new schools. Some teachers in local area have taken the habit of attending classes while drunk, which is a direct way of setting a bad example to the childrenIn the village, there has been increase in the number in cases of violence. They are being initiated by the drug users. They roam during the day and hover around .Since some have no source of income and the demand of drugs is high in their bodies, they go at night and steal peoples property and money .There have been complains of killing as the thieves who are drunk become ruthless. Men who are alcoholic hurt their wives when they get home at night. There has been a case where a husband burned the wife while drunk while another put poison to the whole family to die, which was under the influence of drugs. Those homes have no peace and children live in fear of their future.Some deaths have occurred in the locality as a result of excessive drinking of illicit brew. It has been noted t hat they make one drunk faster than the normal alcohol made in the factory. Some people have lost their eyes for good. Some have generated mental disorders. The living standard of people has lowered as the breadwinner dies. The addicted are being sacked...

Similarities And Weaknesses Of Heraclitus And Parmenides

Heraclitus and Parmenides were two of the most influential and enigmatic of the Presocratic philosophers. Heraclitus argued for the idea that reality is impermanent, while Parmenides argued that reality is static. Parmenides also focused on using rationality to discern the nature of reality, as opposed to Heraclitus’ use of sensory experiences. They both argued for reality being one distinct thing, however there are differences between them in this idea of unity. Nietzsche s perspectivism is important in discussing the problems with either view as we should take the strengths and weakness of both into account to create a better understanding of the world. Parmenides of Elea was a prominent philosopher of the 5th century BCE who†¦show more content†¦This leaves us with what James Warren (2007) describes as an ‘unfamiliar reality which leaves no room for change, plurality, motion, difference, people, days or nights’. This idea of change being an illusion means that complete, objective and timeless knowledge exists that cannot be changed. This also allows for analysis as many things, such as analysing how bee colonies are organised and the functions within it require a focus on structure and commonality. This view was in dialectical opposition to Heraclitus of Ephesus, who argued that the world is in a constant state of flux. Heraclitus argues that there is a problem with people’s attachment to the illusion of permanence. Everything in the world will not stay the same, we can see this from the idea from Heraclitus that ‘it is not possible to step twice into the same river, according to Heraclitus, nor to touch mortal substance twice in any condition’ (Plutarch, 392B). Rivers are bodies of water that continually flows so that every second the water at a point in the river is not the same as it was before. The state of the physical world has never remained the same; mountains move over millions of years, a few billion years ago Earth could not sustain life, and even longer ago there were no solids, no liquids, only gases. Each moment can be said to die and be reborn in the next, so that change occurs every moment and it

Death in Masque of the Red Death by Edgar Allan Poe

Masque of the Red Death by Edgar Allan Poe In the short story â€Å"Masque of the Red Death† By: Edgar Allen Poe he delivers the theme of age old inevitability of death and futility of trying to escape death, the setting of his story is based during a time when the bubonic â€Å"black† plague took over Europe. The black plague was a bacterium that survived in rats and rodents, human beings became infected when they got bitten by the fleas that lived on these rodents and rats; you knew you had gotten infected by several symptoms such as bleeding in the lungs, high fever and delirium but the most outstanding symptom was bubos. Now Bubos are painful lymph nodes that appear usually in the armpits, legs, neck or groin areas, if the infected†¦show more content†¦Shortly after their discovery each and every invited wealthy guest fell to their untimely death from becoming infected by the â€Å"red death†. Now the reason why the wealthy thousand died was because the â€Å"Red Death† infiltrat ed the whole castle by the unwelcomed guest that appeared earlier in the short story, in the end darkness, decay and the red death have at last triumphed. In conclusion death knows no difference between the wealthy persons and the less fortunate people to death we are all the same, when your time comes you cannot escape death by running, hiding, or confining yourself and your friends in a castle guarded by tall walls and iron gates Edgar Allan Poe born in 1809 to traveling actors from Boston, at the delicate age of one his mother died of tuberculosis, overwhelmed by such sorrow his father deserted him at the age of two left in abandonment he was adopted by a lovely couple Mr. and Mrs. John Allan. As time passed he only studied a brief time at the University of Virginia, his behavior and gambling habits kept him from becoming successful at UVA. In 1836 he married a young woman named Virginia who happen to be only fourteen years of age and his cousin, In 1846 he lost his wife to a long lifetime illness because of his loss he became addicted to more than just drinking he became addicted to drugs such as morphine and opium. The last twelve years of his life he worked as a journalist, editor and creative writer. Sadly in 1849 Edgar Allan Poe diedShow MoreRelatedThe Masque Of The Red Death By Edgar Allan Poe Essay1712 Words   |  7 PagesEdgar Allan Poe is a well known profound writer because of his great works of fiction through short stories and poetry. Often times inciting fear and suspense into readers by the use of tone and subject in a various literature ways. Evidently in stories such as The Masque of the Red Death, The Tale-Tell Heart, and The Raven being that they are all well known. Poe an unforgettable writer, because of his horror stories and writing style has created stories and poems that are classical and often spokenRead MoreThe Masque Of The Red Death By Edgar Allan Poe1769 Words   |  8 Pagesâ€Å"isolation† is used, most people think of it as an action performed in solitude. It brings to mind an empty space in which one person resides, far from all others. However, isolation does not always occur in a singular sense. In â€Å"The Masque of the Red Death† by Edgar Allan Poe, isolation is used by a large population as a means of safety. In â€Å"The Thing Around Your Neck† by Chimananda Ngozi Adichie, isolation occurs among crowds of people and even in the company of someone close to one’s heart. In bothRead MoreThe Masque Of The Red Death By Edgar Allan Poe2034 Words   |  9 Pagesatmosphere exudes a dream-like quality, which calls into question if the events are simply a product of one’s imagination. This situation is comparable to that of â€Å"The Masque of the Red Death† by Edgar Allan Poe. Originally published in 1842, this narrative t ells the story of a wealthy noble, Prince Prospero. An extremely deadly plague, the Red Death, has devastated the land, and Prince Prospero invited a group of a thousand friends to one of his abbeys to hide away from the disease. Everything about the partyRead MoreEdgar Allan Poe s The Masque Of The Red Death1300 Words   |  6 Pagesmovement took action during the mid-eighteen hundreds in which Poe wrote his short story, Masque of the Red Death According to Edgar Allan Poe in his short story, â€Å"The Masque of the Red Death† â€Å"No pestilence had ever been so fatal, or so hideous.† Even though plagues had been common throughout the years, none of them had been as hideous as society was during the Movement. In his short story â€Å"The Masque of the Red Death†, Edgar Allan Poe demonstrates that people are naturally born evil, during the Anti-TranscendentalismRead MoreEdgar Allan Poe s The Masque Of The Red Death1225 Words   |  5 Pagesstories of tribes, to colonial poems, to the twisted mind of Edgar Allan Poe, there is a connection. Poe’s â€Å"The Masque of the Red Death† may not seem to portray the ideas of religion but through close examination, the association will become less cloudy. Poe’s use of symbolism, narrator, word choice, helps readers unmask the idea of religion. Poe’s use of symbolism is very evident throughout the story of â€Å"The Masque of the Red Death†. Much has been made about the meaning of the rooms that fillRead MoreThe Masque Of The Red Death By Edgar Allan Poe And Shirley Jackson1219 Words   |  5 Pagesa writer masterfully orchestrates their piece of literature to capture and intrigue an audience, the author utilizes a certain depth in the piece, where their vernacular elicits emotions. The short stories written by Edgar Allan Poe and Shirley Jackson, â€Å"The Masque of the Red Death† and â€Å"The Summer People†, produce an unexpected ending. The key to creating feelings of tension and suspense lies within their command of literary elements. Each of these aspects contribute toward the bigger pictureRead MoreLiterary Analysis Of Edgar Allan Poe s The Masque Of The Red Death1409 Words   |  6 PagesA Literary Analysis of Edgar Allan Poe’s â€Å"The Masque of the Red Death† Edgar Allan Poe is popularly known as a Gothic short story writer. He has produced many gruesome stories, including the short story â€Å"The Masque of the Red Death†. In this short tale, Prince Prospero decides to lock himself and his friends of the court into a magnificently decorated abbey to escape becoming ill of a disease which has caused half the people in his land to perish. The Prince provides indulgences and throws partiesRead MoreMasque Of The Red Death By Edgar Allan Poe Analysis758 Words   |  4 PagesEdgar Allen Poe is famous for his distinct style of writing. Authors use stylistic elements to create an effect on their writing that develops a voice. Factors such as Edgars past has influenced his writing and has contributed to his style. In his literary works, Poe uses figures of speech such as irony, similar point of views, and allegory to establish his voice as an author. Figures of speech such as irony are used by Poe to create his style. In Masque of the Red Death it states, No pestilenceRead MoreComparative Essay- Rachel Orbach In â€Å"The Masque of the Red Death† by Edgar Allan Poe, and â€Å"To900 Words   |  4 Pages Comparative Essay- Rachel Orbach In â€Å"The Masque of the Red Death† by Edgar Allan Poe, and â€Å"To Build a Fire† by Jack London, both authors use similar protagonists who unwillingly have to face their death. Prince Prospero, in â€Å"The Masque of Red Death†, is avoiding a deadly plague by hiding in his castle with his kinsmen, and the man in â€Å"To Build a Fire† is traveling in the freezing weather trying to abstain from hypothermia and death. Prince Prospero and the man, while different from one anotherRead MoreCompare And Contrast The Style Of Edgar Allan Poe And The Masque Of The Red Death1018 Words   |  5 Pagesjust by reading it once. Edgar Allen Poe has a very distinct style one will see. Through themes, symbolism and tone, Poe is easily distinguished from other writers by having a style that is very dark, and suspenseful. Poe uses recurring themes that set him apart and emphasize the dark suspenseful style. One of the most common themes he uses is death, found in almost all of Poes works. In A Cask of Amantillado, it is centered around Montressor killing Fortunato, death being the only thought he

Jesus Christ Reigns over the World-Free-Samples-Myassignmenthelp

Question: The body of Jesus Christ can only be a visible body, or else it is not a body at all discipleship,p.225. How does Bonhoeffer understand the visibility of the church in chapter 11 of discipleship? What are the social implications of this idea of the visible church? Answer: There's no doubt that there are certain statements made in the New Testament, regarding the Church, in which spatial analogies have been used and one may consider the Church being mentioned as a house, a temple, a building and in the same way, also as a body. It becomes clear from this that just needs to be mentioned as the visible Church - the community of God present on earth; it is not possible to avoid spatial images. In fact, a particular space is occupied by the judge in the world. That is decided by its order, its worship and also on the basis of its congregational life. This fact is the point of departure concerning the thinking in context of realms in general.[1] It is worth mentioning that it can be perilous to overlook it and in the same way, to deny the visibility of the church and therefore to devalue the church in completely spiritual entity. In such a case, the fact related with the revelation of God in the world will lose its power and the same way, Christ will be spi ritualized. It is an intrinsic part of the God's revelation in Jesus Christ that has occupied space in this world, even the space in a stable. The reason is that 'there is no other place present in the inn'. The whole reality of the world has been embraced by God in this narrow space.[2] Similarly, God reveals its ultimate foundation in it. Hence it can be said that the Church of Jesus Christ is the place, or in other words, the space in this world where it has to be proclaimed and demonstrated that Jesus Christ reigns over the world. Hence, it can be stated that the space of the Church does not exist only for itself. The existence of the space is already always something that had been reached beyond it.[3] The reason is that it is not the space of a cult that has to make efforts for its own existence in this world. Instead, the space of the church can be described as the place where a proclamation is made and seriously considered that God has reconciled the world in Christ and in t he same way, it is also proclaimed that God loved the world so much that He has given his Son to it. On these grounds, it can be said that space of the Church is not present for the purpose of fighting with the world to get a piece of its territory. On the other hand, it is present executive testified to the world that it is still the world or in other words, the world that God loves and reconciled.[4] Many other scholars have also agreed with Bonhoeffer, and have said something similar. Generally speaking, it can be said that the Church is not required to fight for its own existence. If truth is spoken by Church, then, ultimately, the truth will win. In this way, the existence of the Church is not for itself. It speaks regarding the issue of apologetics. It can be stated that most apologetics have a hint of desperation regarding them.[5] In the same way, most of them are the exercises in deus ex machina. At this point, it can be argued for God, based on what we do not know. Generally, it comes up in context of the discussions that are related with faith and science. In such cases, the problem is present that God is always in retreat.[6] On the other hand, science always marches forward. Due to this reason, the things that were mysteries for us in the past have taken the form of theories today. In this regard, a little work of Bonhoeffer is present titled 'Jesus the Center. He had also talked about knowing God in what we know in all his writings. In this way, on a practical level, when the ministry and the efforts of the local church board towards surviving, in such a case, it can be said that the gospel has been lost. When a Church is required to provide new motivation so that it may appeal to its own congregants and also to those outside, it can be said that the gospel is no longer at the center. These may include coffee bars on new buildings etc. However, this does not mean that a new building may not be required in all the cases but when it is clear that everything needed by the Church is already present by someone else, it results in changing the understanding regarding what is necessary. Bibliography Caputo, John D. The Weakness of God: A Theology of the Event Indiana Series in the Philosophy of Religion. Bloomington: Indiana University Press, 2006 Carson, D. A. Becoming Conversant with the Emerging Church: Understanding a Movement and Its Implications. Grand Rapids, Mich.: Zondervan, 2005 Cousland, J. R. C. The Crowds in the Gospel of Matthew Supplements to Novum Testamentum V. 102. Leiden; Boston: Brill, 2002. Gibbons, Dave. The Monkey and the Fish : Liquid Leadership for a Third-Culture Church The Leadership Network Innovation Series. Grand Rapids, Mich.: Zondervan, 2009 Harper, Steve. The Way to Heaven: The Gospel According to John Wesley. 2nd ed. Grand Rapids, Mich.: Zondervan, 2003 Hirsch, Alan. The Forgotten Ways: Reactivating the Missional Church. Grand Rapids, Mich.: Brazos Press, 2006 Carson, D. A. Becoming Conversant with the Emerging Church : Understanding a Movement and Its Implications. Grand Rapids, Mich.: Zondervan, 2005 Hirsch, Alan. The Forgotten Ways : Reactivating the Missional Church. Grand Rapids, Mich.: Brazos Press, 2006 Cousland, J. R. C. The Crowds in the Gospel of Matthew Supplements to Novum Testamentum V. 102. Leiden; Boston: Brill, 2002. Caputo, John D. The Weakness of God : A Theology of the Event Indiana Series in the Philosophy of Religion. Bloomington: Indiana University Press, 2006 Gibbons, Dave. The Monkey and the Fish : Liquid Leadership for a Third-Culture Church The Leadership Network Innovation Series. Grand Rapids, Mich.: Zondervan, 2009 Harper, Steve. The Way to Heaven : The Gospel According to John Wesley. 2nd ed. Grand Rapids, Mich.: Zondervan, 2003

Property, Plant, and Equipment free essay sample

Plant and Equipment Property, Plant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets, such as equipment, furniture, tools, machinery, buildings, and land. These fixed assets are long-term or relatively permanent assets. Also, they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are known under are plant assets or property, plant and equipment. Depending on the industry, the plant assets of a business can be a significant part of its total assets. That is why the accounting for these long-term assets has important implications for a company’s reported results. In this paper, we discuss the proper accounting for the acquisition, use, and disposition of property, plant, and equipment. Before going over a brief overview of the nature of accounting issues, we ought to take a deeper look at what plant assets really are. We will write a custom essay sample on Property, Plant, and Equipment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The major characteristics of property, plant, and equipment are as follows: * They are acquired for use in operations and not for resale. Only assets used in normal business operations are classified as property, plant, and equipment. For example, an idle building is more appropriately classified separately as an investment. Also, land developers or sub dividers classify land as inventory. * They are long-term in nature and usually depreciated. Property, plant, and equipment yield services over a number of years. Companies allocate the cost of the investment in these assets to future periods through periodic depreciation charges. The exception is land, which is depreciated only if a material decrease in value occurs, such as a loss in fertility of agricultural land because of poor crop rotation, drought, or soil erosion. * They possess physical substance. Property, plant, and equipment are tangible assets characterized by physical existence or substance. This differentiates them from intangible assets, such as patents or goodwill. Unlike raw material, however, property, plant, and equipment do not hysically become part of a product held for resale. The content of this paper will be centered on the four main accounting issues we face when dealing with property, plant, and equipment. The first one is computing the costs of these plant or fixed assets; the following one is how to allocate the costs of those fixed assets–depreciation- (less any salvage amounts) against revenues for the cor responding periods; the third one is how to account for expenditures such as repairs, additions and improvements to these plant assets; and finally how to record their disposal. The following table provides a summary of these accounting issues: II- Historical Background of the Accounting Rules in the U. S and Internationally * IFRS Standards Background Information An important and considering factor for understanding the International Financial Reporting Standards is having a little history about it how it came to be. Before we go any further about property, plant, and equipment, we must first discuss the history and background of how the standards under IFRS originated and the importance of defining why it originated. In order to understand IFRS, we need to examine what the International Financial Reporting Standards are. With that in mind, we want to reference the authors of Understanding IFRS Fundamentals: International Financial Reporting Standards, â€Å"IFRS are a set of standards promulgated by the International Accounting Standards Board (IASB), an international standard-setting body based in London† (Ankarath 2). This quote tells us who makes IFRS and where IFRS originated from. The International Accounting Standards Board made it clear that when developing the standards, they wanted to make them clearly stated and based on principles instead of rules-based like U. S. GAAP. In other words, IFRS are rooted in â€Å"the approach [principles-based, that] focuses more on the business or the economic reality of transactions and the underlying rights and obligations instead of providing prescriptive rules† (Ankarath 2). This basically means that IFRS is not setting certain rules to be followed and are instead giving guidance in the form of principles. We now want to look into the International Accounting Standards Board and framework for the preparation and presentation of financial statements. The conceptual frameworks are split into five categories and are in the following order: the objective of financial statements; underlying assumptions; the qualitative characteristics that determine the usefulness of information in financial statements; the definition, recognition, and measurement of the elements from which financial statements are constructed; and the concepts of capital and capital maintenance (Ankarath 11). The standards under IFRS are beginning to become much more popular across the world for several different reasons. The International Financial Reporting Standards are currently being used by at the very least 100 countries and â€Å"[was] expected that by 2011, more than 150 countries [would] have adopted them† (Ankarath 1). We happen to find this important because it seems that a lot of countries are starting to adopt IFRS to report their financial statements. One of the reasons why many countries made the switch over to IFRS is because â€Å"the decision of the U. S. SEC to allow foreign private issuers to list their securities on U. S. stock exchanges using IFRS and without reconciling to U. S. GAAP has also made it incumbent upon accountants, finance professionals, analysts, and bankers to become proficient in IFRS† (Ankarath 1). Another significant factor when dealing with IFRS is the rise of globalization and businesses within countries wanting to have the flexibility and ability to compete worldwide. This made countries seek and adopt accounting standards to give investors, creditors, financial analysts, and the financial statements needed to be comparable and of high-quality. This became a difficult issue because companies ran into the problem of not being able to compare financial statements unless they were under a certain set of standards. With that being said, â€Å"International Financial Reporting Standards are increasingly becoming the set of globally accepted accounting standards that meet the needs of the world’s increasingly integrated global capital markets† (Ankarath 2). * U. S. GAAP Standards Background Information In order to fully understand the topic of plant, property, and equipment, we first must consider how the FASB has implemented its standards in the past. So before we go any further into the â€Å"nuts and bolts† and foundation of the accounting standards followed under U. S. GAAP, we first want to discuss what GAAP is, who created GAAP, how it was created, and the hierarchy of GAAP after codification. The answers to these questions will give us a better understanding of U. S. GAAP and the historical background needed to fully understand how U. S. GAAP works in practice with respect to fixed assets. According to Steven Bragg, author of Wiley GAAP 2011: Interpretation and Application of Generally Accepted Accounting Principles, â€Å"the phrase â€Å"generally accepted accounting principles† is a technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time† (Bragg 1). The main concerns under GAAP are the measurements of economic activity, as mentioned earlier, GAAP used a more rules-based approach and â€Å"thus GAAP is a reaction to and a product of the economic environment in which it develops† (Bragg 2). The creation of U. S. GAAP dates back to the stock market crash of the 1930’s. Its original goal was to try and help pick the economy back up. With the economy being in distraught, â€Å"the AICPA created a special committee to work with New York stock exchange toward the goal of establishing standards for accounting procedures† (Bragg 2). This committee did not get very far in achieving its goals because of limited resources and lack of research efforts. The APB (Accounting Principles Board) was then used in order to have better research and to report its findings to the division of the AICPA concerning accounting principles. However, the APB was not as successful as they hoped for and this made forth for the Financial Accounting Standards Board (FASB) to try and solve these problems of poorly written accounting procedures. The FASB was formed in 1972 and â€Å"is recognized as authoritative through Financial Reporting Release 1 of the SEC and through Rule 203 of the AICPA code of professional conduct† (Bragg 3). The FASB issues many types of pronouncements to help ensure that companies using U. S. GAAP are doing so by the book and â€Å"the FASB staff is empowered to issue implementation guides† to help companies report their financial statements to be comparable (Bragg 3). Another important creator of U. S. GAAP that we want to briefly explain is the Emerging Issues Task Force (EITF) that was formed by the FASB in 1984 in order to help assist current and future issues to be raised. We now want to shift our topic away from the creators of U. S. GAAP and discuss how the 5-level hierarchy got condensed into two categories and briefly explain the hierarchy of GAAP after codification. An important date in history is July 1, 2009, when the FASB Accounting Standards became the official source of authoritative, nongovernmental U. S. generally accepted accounting principles (Bragg 7). This codification or condensation in our opinion made the 5-level hierarchy split into two categories that reorganizes the large number of U. S. GAAP pronouncements into roughly 90 accounting topics and each has some sub-topics. The way the codification is arranged is simply by topic, subtopics, sections, and subsections to make it easier for accountants to follow the rules and it also makes it easy for accountants to look up. The four main areas of the codification for topics are as follows: presentation, financial statement accounts, broad transactions, and industries. An example we found as to how to read the codification is through â€Å"a hybrid classification developed by the FASB that follows the structure of XXX-YY-ZZ-PP, where XXX=topic, YY=subtopic, ZZ=section, and PP=paragraph† (Bragg 8). As you can see this makes it very easy for anyone to find the topic they are looking for because everything is broken down by code. We also must account for what happens when there are updates to the codification and the way the FASB handles this is through organizing the new standards using the same section heading as those used in the codification. Whenever there is a new standard they are â€Å"deemed to be non-authoritative in their own right; [and] instead, the new standards serve only to update the codification and provide the historical basis for conclusions of a new standard† (Bragg 9). Now that we have discussed some background information of U. S. GAAP, we are now ready to examine these standards with respect to property, plant, and equipment. III. Recognition and Measurement The International Accounting Standards, or IAS, and Generally Accepted Accounting Principles, or GAAP are both essential tools in helping accountants provide accurate financial information and reports to shareholders, external users and internal users. There are differences and similarities as well as advantages and disadvantages between the two sets of recognition and measurement rules when it comes to the requirements under the topic of Property, Plant, and Equipment. Even though under IFRS, the International Financial Reporting Standards, it is globally accepted amongst most countries, GAAP provides easier comparability, a more straight forward cost system and may be less costly in the long run. Before comparing the similarities and differences between the recognition and measurement rules of property, plant and equipment in IFRS and GAAP, it must first be clarified whether accountants within the United States are even allowed to apply IFRS guidelines in reporting. According to one of the well-renowned and respected accounting firms, McGladrey it has been a constant and ongoing debate within the Securities Exchange Commission or SEC for the final decision on determining which set of reporting standards to adopt. The recognition and measurement rules for property, plant and equipment is located in the International Accounting Standard (IAS) 16 under IFRS and in the Accounting Standards Codification (ASC) 360 of FASB. First, to determine what is recognized as Property, Plant and Equipment under IAS 16: it must be a tangible item, held for use in the production or supply of goods and services. Then, recognition under IFRS requires the entity to apply â€Å"the general asset recognition principle to all property, plant and equipment costs at the time they are incurred, including initial costs and subsequent expenditures† (IN6) meaning that they are all measured at cost at initial recognition, and after that the entity can choose either to apply the cost or revaluation model. Under GAAP, however, property, plant and equipment are still measured under the cost model: the carrying amount is equal to the initial cost minus accumulated depreciation minus accumulated impairment losses. Also, it is noted that during the construction period in preparing the asset to become ready for its final stage of intended use, certain interest costs are capitalized. Since the revaluation method is not allowed under U. S. GAAP, it can be argued that IFRS would be a more accurate model of reporting the costs of property, plant and equipment. Under valuation, IFRS uses the cost model, like in GAAP mentioned above or it can use the revaluation model in which it recognizes the carrying value of property, plant, and equipment assets at fair value at the date of revaluation minus accumulated depreciation since revaluation date minus accumulated impairment losses since revaluation date. According to IAS 16 if the carrying value is less than fair value at revaluation date, then the carrying value is increased to fair value and recognized in comprehensive income. On the other hand, if the carrying value is greater than fair value at revaluation date, then the carrying value is decreased to fair value, decreasing revaluation surplus which is then recognized in profit or loss. Measurement at recognition under IFRS standards also include a lot of the obligations in anticipating the disposal element of an asset, such as requiring entities to both include the costs of removal, restoration and dismantlement of an aspect of property, plant and equipment as well as measuring a property, plant and equipment asset at fair value if there is commercial substance in an exchange involving a non-monetary asset. For the issue of recognition and measurement of depreciation in an asset of property, plant or equipment IFRS and GAAP both allow the same depreciation methods including: straight line, accelerated, and units-of-production. They both allocate the cost of the asset over its useful life, and have the option of component depreciation; however, it is not often used in US GAAP, while component depreciation is required under IFRS if the useful lives of the component are different. GAAP requires the recognition of an impairment loss under certain events that change the book value of an asset, like a significant decrease in market price, a significant change in its physical condition or how it is being used to name a few. The measurement of depreciation is a two-step process involving two tests. First, applying the recoverability test, which is required only when the undiscounted sum of future cash flows is less than the book value and thus, the entity will record depreciation at cost basis, for example: debiting depreciation expense and crediting accumulated depreciation on the income statement. Second, is measuring an impairment loss of the revaluation, which is the fair value minus the book value. Then, to adjust the property, plant and equipment assets to fair value and record revaluation surplus, the entity will debit accumulated depreciation for its cost, and credit the asset and its revaluation surplus for the difference between fair value and book value. In analyzing the differences and similarities between the recognition and measurement guidelines that GAAP and IFRS provide, it can be seen that a convergence between the two reporting standards may be the best solution to a more uniform and easy to comprehend universal accounting principles. The cost method is used in GAAP for both the initial costs and thereafter, while both the cost method and revaluation method is used in IFRS allowing the cost basis to be raised to fair market value, this then allows for appreciation without creating a capital gain. Regarding the recognition and measurement of depreciation and impairment losses, there are also both similarities and differences between IFRS and GAAP and the conceptual framework. It has consistently been an ongoing issue in the convergence of the guidelines of recognition to using the fair value measurement and revaluation option for property, plant and equipment over the cost model of US GAAP, but only time can tell what is decided for the future of accounting reporting. IV- Presentation and Disclosure Rules There are presentation and disclosure rules that both IFRS and GAAP set forth in order to provide adherence and cooperation amongst many for the sake of a better understanding and communication of the financial statements for different entities. Presentation rules amongst IFRS and US GAAP are very similar but there are some differences. For presentation of financial statements under IAS 1, there are many requirements and guidelines set in order to provide a structure for financial statements that everyone could understand. There is an exact objective for providing presentation rules for financial statements and that is to be able to compare information with previous periods or with other financial information from other entities. â€Å"The objectives of IAS 1 are to ensure comparability of presentation of that information with the entity’s financial statements of previous periods and with the financial statements of other entities (Wiley IFRS). Usually, the presentations of financial statements include the Balance sheet, income statement, a cash flow statement, and a statement of changes in equity. Now with IAS 1 revised, the balance sheet is called the statement of financial position and there is a statement of comprehensive income included. With presentation rules under US GAAP, the presentation of comparative financial statements’ objective is to clearly bring out the nature of certain events and changes in an entity. According to U. S GAAP, financial statements for a period should also show the financial position at the end of the period, earnings and net income for the period, cash flows during the period, and investments by and distributions to owners during the period. Comprehensive income for the period is included in one statement, or two separate but consecutive statements, only if the reporting entity is required to report comprehensive income. The statement of financial position, the income statement, and the statement of changes in equity should be presented for one or more previous years and also for the present years. Just by looking at the presentation of the financial statements, it is recognized that there are many similarities between IFRS and US GAAP. Therefore it is not much of surprise to see there is an abundance of similarities under both IFRS and US GAAP with the subject of property, plant, and equipment disclosures but there are few differences that should be acknowledged. Under IFRS, IAS 16 provides disclosure requirements and a specific way of presentation for property, plant and equipment. The information that needs to be disclosed is the gross carrying amount, the accumulated depreciation, and the detailed reconciliation of the carrying amount at the beginning and end of the period. Other information includes the measurement bases used for determining the gross carrying amount and the depreciation methods and rates or useful lives. Restrictions and contractual commitments related to property, plant, and equipment and compensation for assets impaired, given up or lost must be disclosed as well (Friedrich, 2009). For example, with each class of long-lived asset the amount of impairment losses recognized in profit or loss for each period being reported upon must be stated under the comprehensive income statement. Or if any impairment losses were recognized in other comprehensive income and in revaluation surplus in shareholders’ equity it should be disclosed as well. If the items of property, plant, and equipment are stated at revalued amounts then there are certain requirements that the entity must disclose such as: * the effective date of the revaluation * whether an independent valuer was involved * the methods and significant assumptions applied in estimating the items’ fair values * the extent to which the items’ fair values were determined directly by reference to observable prices in an active market or recent market transactions on arm’s-length terms or were estimated using other valuation techniques * for each revalued class of property, lant, and equipment, the carrying amount that would have been recognized had the assets been carried under the cost model * the revaluation surplus, indicating the change for the period and any restrictions on the distribution of the balance to shareholders (Friedrich, 2009) Although US GAAP does not have a comprehensive standard that reports long-lived asset, its definition of prope rty, plant and equipment is very similar to IAS 16. For example, with impairments of long-lived assets to be held and used, a description of the events and circumstances of the impairment should be stated. The amount of the impairment loss should as well be stated, along with it recorded in the income statement. Another aspect that should be considered is the methods used to determine the fair value. This information must be disclosed as well. Items of property, plant and equipment cannot be revaluated because it is not permitted under U. S GAAP. Another important difference that can be discussed deals with investment property. Under U. S GAAP, investment property is considered and treated to be held for use or held for sale. This is not the case with IFRS. In fact, IFRS discusses investment property under IAS 40 instead of IAS 16 that was previously discussed. Determining the similarities and differences amongst IFRS and U. S GAAP provides a better and clearer distinguishing of presentation and disclosure rules with the subject of property, plant, and equipment. We found that there were many similarities in the presentation and disclosures of property, plant, and equipment but one difference that really stood out. Although IFRS and U. S GAAP both record their property, plant, and equipment cost as historical, IFRS allows revaluation of assets. Up to this point, we have assumed that companies use the historical cost principle to value long-lived tangible assets or fixed assets after acquisition. However, under IFRS companies have a choice: they may value these assets at cost or at fair value. * In testing for impairments of plant assets, GAAP uses a two-step model to test for impairments. As long as future undiscounted cash flows exceed the carrying amount of the asset, no impairment is recorded. The IFRS impairment test is stricter. However, unlike GAAP, reversals of impairment losses are permitted. The accounting for impairments is different under GAAP and IFRS. A fixed tangible asset is impaired when a company is not able to recover the asset’s carrying amount either through using it or by selling it. To determine whether an asset is impaired, on an annual basis, companies review the asset for indicators of impairments—that is, a decline in the asset’s cash-generating ability through use or sale. This review should consider internal sources (e. g. , adverse changes in performance) and external sources (e. g. , adverse changes in the business or regulatory environment) of information. If impairment indicators are present, then an impairment test must be conducted. This test compares the asset’s recoverable amount with its carrying amount. If the carrying amount is higher than the recoverable amount, the difference is an impairment loss. If the recoverable amount is greater than the carrying amount, no impairment is recorded. Recoverable amount is defined as the higher of fair value less costs to sell or value-in-use. Fair value less costs to sell means what the asset could be sold for after deducting costs of disposal. Value-in-use is the present value of cash flows expected from the future use and eventual sale of the asset at the end of its useful life. Future Developments: As a result of these divergences between U. S GAAP and IFRS with respect to accounting for property, plant and equipment; the two boards have in plan to examine the measurement bases used in accounting for fixed assets with respect to revaluations specifically. As part the conceptual framework project, fair value measurement might be recommended in the converged conceptual framework for property, plant and equipment. However, it will be a very difficult change to adopt due to conservatism proponents who still prefer the historical cost model. Works Cited: Ankarath, Nandakumar, et al. 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