Essay on Leaders of the Nation of Islam - 3021 Words

Leaders of Nations The Nation of Islam impacted many African American people during its time. This Black Muslim nation demanded adherence to basic teachings, which included racial separation, white devilry, and the coming Armageddon. None of these basic teachings supported James Baldwin’s perceptions, which pitied whites for their inability to see through the color curtain and embrace differences that whites and blacks held together to create a better, inexorable, and supreme nation. Leaders such as Elijah Muhammad and Malcolm X provided the vision of the Nation of Islam. These moguls proved to be two of the most powerful leaders of their time. They paved their way through history and rightfully landed a spot belonging to†¦show more content†¦From his speeches on the radio and in newspapers, many people also thought of Muhammad as a fierce man, among these people was Baldwin. On first meeting Muhammad, Baldwin shows his surprise by saying â€Å"I [had] associated him with f erocity. But, no – the man who came into the room was small and slender, really very delicately put together, with a thin face, large, warm eyes, and a most winning smile† (Baldwin 323). Muhammad was a regular man that merely exuded confidence and carried himself with pride. He had a powerful air around him, because he meant every single word that escaped his mouth. As superior of the Islam movement, Muhammad helped integrate the movement’s demand within as many black communities as he could. He started out with implementing a grocery store in a nearby black community with nothing but Muslim employees. Then slowly a restaurant and a bakery came to pass. Muhammad was well on his way to proving to blacks that they could accomplish their own needs without having â€Å"to demand [anything of] the white devil or resort to him† (Clegg 50). According to a New York Times article written by Peter Kihss, the movements demand was simply â€Å"[s]eparation, not integ ration†¦ land of our own† (â€Å"Negro Extremist† 1). The black nation of Islam wanted four or five states to be turned over as payment for 300 years of slave labor. This way blacks could more establish themselves asShow MoreRelatedMalcolm X As A Leader Of The Nation Of Islam1367 Words   |  6 Pages Born Malcolm Little, and later changing it to el-Hajj Malik el-Shabazz and finally changing it to Malcolm X which it signifies his rejection to his slave name â€Å"Little†. In his early 20’s Malcolm X became a leader in the Nation of Islam. He was the first man to bring together African American culture and Islamic culture. Before his assassination in 1965, X moved to New York City (Harlem) and was involved in drugs, gambling, racketeering, robbery, and a procurer. He would usually have sex with anyoneRead MoreMalcolm X : A Leader Of The Nation Of Islam1424 Words   |  6 PagesMalcolm X was a leader who, was the spokesman for the Nation of Islam, an African American political and religious movement, embraced the Black Power philosophy. Malcolm Little was born May 19, 1925, in Omaha, Nebraska, the fourth of seven children. His Father was a local leader of the Universal Negro Improvement Association and his mother served as secretary and branch reporter, sending news of local UNIA activities to Negro World, a weekly newspaper established in New York, they inculcatedRead MoreMalcolm X Biography Essay1085 Words   |  5 Pagesthen the man who would be known as Malcolm X. Unlike many of the civil rights leaders of the time who promoted non violence, Malcolm X believed in the use of aggressive tactics in his battle for equality. Malcolm X was born Malcolm Little on May 19, 1925, in Omaha, Nebraska to Earl and Louise Little. His father, a minister and devout Christian, was known for being an outspoken follower of the black nationalist leader Marcus Garvey. Garvey’s message promoted the â€Å"back-to-Africa† movement thatRead MoreThe Nation Of Islam And African Americans949 Words   |  4 PagesThe Nation of Islam was founded by Wali Farad in Detroit, Michigan in 1930. While Farad is credited with the foundation, most of the teachings came from a different movement. It evolved from the Moorish Temple of Science founded by Timothy Drew (Source 1). Drew preached that Islam was the correct faith for African Americans. Drew also preached that African Americans were superior to Caucasians. The Nation of Islam, along with being a religious movement, was a movement for change. They wanted to raiseRead MoreEssay on Malcolm X1346 Words   |  6 Pagestook place in Montgomery, Alabama in 1955. One man stands out among all of these leaders though, Malcolm X. 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However, in attemptingRead More Malcolm X Essay1281 Words   |  6 PagesLuther King Jr. nbsp;nbsp;nbsp;nbsp;nbsp;Malcolm X had become a member of the Nation of Islam in his earlier years. The Islamic faith borrows basic ideas from the orthodox teachings of Islam and combines them with the very racist views regarding whites taught by Elijah Mohammed. Malcolm was a very influential priest for the Nation of Islam. After questioning some of the views and beliefs of the Nation of Islam, Malcolm angered many of its followers. This forced Malcolm to travel on a journeyRead MoreMalcolm X : The Black Leader And Activist1656 Words   |  7 PagesMalcolm X was an important black leader and activist to the African American community and Nation of Islam in the 50’s and 60’s. He had a troubled childhood growing up in a time of awful racism. His childhood experiences affected him and his decisions for many years in positive and negative ways. Malcolm X was a strong willed man with huge ideas for the civil rights of African Americans that created a huge following of peop le for him. He did not feel that nonviolent approaches towards civil rightsRead MoreMalcolm X Essay1670 Words   |  7 Pagesfor the ways he went about trying to fix the way African Americans were being treated because he did so in a violent fashion instead of peacefully, but many people do not know the full story of Malcolm X. Malcolm X was a very important civil rights leader. Malcolm X was born Malcolm Little to Earl and Louise Little on May 19, 1925, in Omaha, Nebraska (Global). He grew up with 9 siblings. Malcolm Little’s family had many struggles when he was a kid. His father had had three of his brothers killed byRead MoreMalcolm X Essay855 Words   |  4 Pagesof the most prominent and controversial leaders during the civil rights era of the 1950’s and 1960’s. By the early 1960’s he had grown frustrated with the non violent, integrated struggle for civil rights and worried that blacks would ultimately lose control of their own movement. Malcolm X was a key spokesman for the nation of Islam, epitomized the â€Å"Black Power† philosophy. Malcolm became an influential leader of the nation of islam, which combined Islam with black nationalism and sought to encourage

Lilly s Long Term Debt Ratio - 1496 Words

2011. Pfizer’s debt ratio has also been above the benchmark since 2009, but it has been lower than Lilly’s. Lilly’s long-term debt-to-equity ratio was over the benchmark during the year 2008 and 2009 but stayed below 1.0 in the other years. It should be noted that Lilly’s debt ratio has declined during the period, whereas, Pfizer’s increased. Although, Lilly’s long-term debt-to-equity ratio appears to be good, its total debt-to-equity ratio, which is much more comprehensive, is above the reasonable limit and indicates that the firm has more debt than equity. Thus, weakening its long-term financial position. Summary of Firm-level Inherent Risks The following factors could either increase or decrease firm-level inherent risks for Lilly’s†¦show more content†¦Management Incentives Eli Lilly is a profitable company and is one of the top pharmaceutical firms. The company has faced losses in the year 2008 but appears to have been recovering strongly. While Lilly has much lower earnings than its competitor, Pfizer, Lilly’s ROA and ROE are substantially higher than Pfizer. However, Lilly’s earnings fell by 14.2% in the year 2011, and ROA and ROE also fell during the period. Its P/E ratio fell substantially since 2008 due to the market’s lack of optimism about Lilly’s future. Lilly’s management is under considerable pressure to reverse the declining trend. Thus, management would have incentives to manipulate the areas of accounting that require judgment call like revenue recognition policies and valuation allowances to boost in earnings in 2011. Account-level Inherent Risk Valuation Allowances Accounts Receivable The comparison of Lilly’s days receivables with changes in their valuation allowance reveals an unusual pattern. During 2009 Lilly’s days receivable increased, but its valuation allowance decreased. This was a year after the company incurred losses, this could have been a management attempt to increase net income to help demonstrate company’s recovery. During the year 2011, Lilly’s days receivable fell slightly while its allowance increased by 0.8 percentage points. However, this pattern is inconsistent

Accounting Theory and Current Issues Stipulated Bookkeeping Speculat

Question: Discuss about the Accounting Theory and Current Issues for Stipulated Bookkeeping Speculations. Answer: Introduction Bookkeeping is a field which has been being developed and as of now managing different issues in light of the enhancing innovation. This paper contends on the premise of stipulated bookkeeping speculations and the rising issues (Reddy 2004). A case of contemporary issues examined inside this paper is nature, and presentation of bookkeeping standards in innovative work organizations (RD). Bio-sustainable Feeds (BSF) is one of the organizations in the business doing research in Australia in the water sustenance creation part. Bio feasible nourishment has been recorded among organizations in the Australian stock trade market. The organization operation has been under reactions by the environmentalist who see its operations adversely. Taking into account the bookkeeping and business contentions and also hypotheses, all organizations have a patent right to their items as per the law. In this manner an organization ought to be considered responsible for they have created. Bio-sustainable i ndustry created a plant based water society nourishment items which never yield better results according to the desires and wound up losing colossal whole of cash all the while (Porwal 2000). The extent of this paper likewise uses bookkeeping speculations in connection to the present issues like BSF Ltd. The paper misuses the present issues in connection to bookkeeping hypothesis and Bio-maintainable fish nourish organization. Figuring of equitable patent worth is another issue which has been examined inside the extent of this paper. Nature and value to society of the research being done by BSF Ltd The sort of examination being finished by this organization is a formative exploration. Bio Sustainable Company fills in as RD firm performing research in the field of fish cultivation. The organization venture is an examination resolved to enhance nourishment generation in Australia through water society. The water nourish examination is a test based exploration which requires a great deal of experimentation to guarantee its prosperity. The advantages from this sort of exploration are constantly estimated to be in future. BSF LTD exploration can likewise be seen as a down to earth research in which outsiders additionally advantage. For example, in the above case the general public and the organization giving backing will have profits by the achievement of this task. Formative venture like the one being directed by bio sustainable nourishes comes toward the end of general examination. The organization had led general research and distinguished each perspective required. Advancement s ubsequently encourage the interest in the region of decision which is thinking of microbes water bolster creation. It incorporates dangers because of the point that it depends on trial. Advantages and benefits of improvement examination is procured toward the end of a given timeframe. Interests being developed and research are considered as costs making the financial specialists to have no case in instances of disappointment. This improvement research task will positively affect individuals living in Australian if there should be an occurrence of its prosperity. Despite the fact that a ton of capital has been put into the exploration, the consequence of the advancement will help to decrease world appetite sooner rather than later. BSF Ltd has attempted their best attempting to give ceaseless fish supply into the business sectors lessening the rate of word hanger. BSF ltd flow examination is to the general population salvage since it includes reusing of waste items in the formation of a superior and quickly developing fish. The examination shows that the majority of the fixings required for such fish food are waste items. The organization expects to utilize microorganisms in their assembling which may not be an excess of weight to the general public. Wood chips are waste items, woodchips are less expensive to obtain, promptly accessible and has no organic consequences for the shoppers who are individuals f rom society. Another crude material for the creation is a reused methane gas which does not require much capital. Assembling of these water food is more secure to environment the same number of the generation materials are natural toxins. Sugar buildup, methane and wood chips are disposed of items whose assistance in the end of poisons in the encompassing. This outcomes into lessened rate of sickness compression by the general population. Generation of water food as per BSF ltd in such away has a positive effect to individuals from the general public. The kind fish kept with such sort of food has its omega oil in place and develops quicker contrasted with the typical. The quicker development of fish will bring about expanded nourishment supply to the general public decreasing craving levels in Australia in future. Accomplishment of this exploration will prompt diminishment of the deviation between those who are well off and the have not in contrary to previous strategy where just the rich could bear the cost of fish. The general public values this examination since it has come about into anticipation of human quality sustenance waste. Transformation of human sustenance item into fish dinner was an incredible test to Australian culture and came about to lack of healthy sustenance and starvation as quality human nourishment was utilized to develop lavish fish which dominant part couldn't bear. Biotechnological water sus tenance innovation will prompt spreading out of water society inside the Australian culture. Rise of a few water ranches implies foundation of openings for work encouraging monetary strengthening of a given society. This sort of speculation is considerable to the group as it encourages and in addition boosting its monetary dependability. Conversion of human food product into fish meal was a great challenge to Australian society and resulted to malnutrition and starvation as quality human food was used to grow luxurious fish which majority could not afford. Biotechnological aqua food invention will lead to spreading out of aqua culture within the Australian society. Emergence of several aqua farms means establishment of job opportunities facilitating economic empowerment of a given society. This kind of investment is substantial to the community as it facilitates its progress as well as boosting its economic stability. Complications with the initial research conducted by BSF Ltd. The $360 million AUD research speculation performed by Bio-practical Feeds (BSF) Ltd has a considerable measure of downsides to the organization itself, economy and Australian culture. The exploration was not led with the examination of human sustenance, survival instrument of different sorts of fish lastly the financial status of individual national. The movement from water feast to planted produce was excessively costly analyzed, making it impossible to microscopic organisms generation of water food. Planted fixings, for example, canola, corn, soya-bean, sunflower and other ranch items were costly contrasted with microscopic organisms generation which majors in reusing of waste items. The organization spent a considerable measure in the buys of crude materials without hypothesis of what may happen in future. Different sorts of fish wound up dead coming about into a colossal breakdown of cash. This happened due the disappointment of the organization to recognize the best nourishment for every kind of fish. BFS Ltd industry never considered the results of ranch based fish food to types of fish and to human nourishment as uncovered by Jillian Fry, chief of CLF's Public Health and Sustainable Aquaculture Project and an employee at the Johns Hopkins. Ranch created fish secure omega 3 unsaturated fat from different items particularly angle oil. The exploration created costly little fish which were reasonable for the rich. Regardless where just a given part of a populace can manage the cost of an item, showcase gets to be restricted due diminished interest. Such situations prompts imbalanced harmony in the free market activity and additionally flimsy economy. Extra issue with the exploration is inconsideration of the significance of the crude materials. The greater part of the homestead items utilized as a part of the creation are astounding sustenance crops for human surval. This sort of fish cultivating prompted human starvation since the majority of the fundament al sustenance products were being changed over into fish dinner. In light of human sustenance the end fish items from this movement were of low quality and could prompt wellbeing issues and entanglements. The sort of fish delivered amid the primary creation indicated decreased weight instead of enhancing the weight. Nature, accounting and comparison between general research and RD Accounting in RD is the consideration of expenses and revenues over a given period of time. The cost allocated for development should match expenses and revenues. All assets purchased in development are expensed. This capitalization of assets in the development is considered as an expense since they are meant to generate income in future. Development expenditures are formed with the expectation of future profits and products of measurement. From the given case Bio sustainable company is operating as RD. Therefore all costs of the company according to Financial Accounting Standards Board (FASB) shall be considered as expense (Caicedo 2012). This kind of assumption comes as a result of uncertainty concerning profits that will be generated by the research company in future. As discussed prior there must be a match between the revenues of BSF Company and the expenses. The matching principle in the RD accounts usually applicable after a period of time mostly ten years. For example investm ent of large amount made by the company to acquire raw materials is considered as an expense. In cases of failure, investment made by the company will not have any revenue since all assets are treated as expenses. On the other hand the company may decide to capitalize the expenses to secure some as revenue in any cases of failure. This means that there are high possibilities that the RD will lead to future economic benefit. When investments are capitalized the Company accountants are therefore able to justify putting various investment transactions on their balance sheets. General research is broad and requires a lot of funding which has got no sure benefit in return compared to development research. Investors enjoy tax breaks in which tax are often deductible but some are not deductible. General development research such as market research and assessment research are not subject to taxation making many investors to get into development research. Development allows more cost effective investment thus increasing the profit margin. In terms of financing RD enjoy the benefits of funding from other parties like established companies. Such companies enjoy qualified employees since many of graduates tend to join these companies. The above reasons makes several firms to RD industry to enjoy the benefits and exploit the available economies of scale Development is an application of already conducted research on a particular field. Development utilizes the research finding and outcome to come up with a specific end product as seen in the case of BSF ltd Development is a sub branch of a general research which deals with the generation of a more indispensable understanding and deigns important in manufacturing of the model (Jucker and Rouchota 1998). On the other hand research is defined as an indefinite investigation. It targets a more general field in comparison to development which is more specific. For instance if BSF Ltd was a general research facility it could have conducted a more broad research rather than plant based, fish based and bacteria based fish feed. Research works on a broad perspective while development only apply to the last part and on a specific finding. General research requires large amount of money while development is specific thus specific budget (Sierra 2002). The accountings in general research differs from that of development since only expenses are accounted. All company assets are not expenses as seen in development. Fair market value patent assumptions and calculations Development based research companies like BFS ltd have patent for their products (Tavares and Barretta 2006). Calculation of the patent value according to GAAP involves appropriate assumptions to come up with the fair values (W. In the case of Bio-sustainable, the company received a lot of grants from Australian government research sector (Commonwealth Scientific and Industrial Research Organization (CSIRO) the company agrees to spend the money in two years and the addition ten years. The assumptions during the calculations of fair market patent value under the combination of discounted cash flow and real option method. The method assumes that a sole biotechnology firm has ten years. Since BSF ltd is among the biotech industry the sum of total year applies and addition two years of agreement. Fair market patent is probably the most recognized standard of patent calculation (Pulgar and Cano 2001). Calculation of patent is recognized by bio sustainable food company as the most standard appropriate method to cover their patent rights within the market. In order to arrive to the fair market value, several approaches can be used. These approaches have been put in place by GAAP other framework organizations to help in identifying the nature of the company patent right (Humphrey and Miller 2012). The company in this case operates under the grants of $500 million from the government therefore the nature of patent is calculated based on the royalty determination methods. Income based approaches methods are based on the future cash flows from the royalty grants. The discounted cash flow (DFC) is the basic tool appropriate in the determination of fair market patent. Patent valuation technique is applicable in this situation since probability adjustment can be determined. Identifying fair market patent depends on the creation of intellectual property (Zuppiroli 2012). Applying the approach to BSF research and development of fish food made from bacteria as a raw material an d other recycled raw materials such as methane. The company is determined to find the most suitable fish food production to facilitate aqua culture. Therefore in these case fair market value (FMV) would be equal to cost of new replacement (CRN) less physical depreciation (PD), functional obsolescence (FO) and economic obsolescence (EO) (Kosfeld and Titze 2015). FMV = CRN PD FO EO (Gaffikin 2006). To arrive to fair market value the (DCF) method is integrated with other patent calculation methods resulting to fair market patent indication. (10yers +2yrs= 12 years). The DCF market value* (1+factor %) = patent fair value indication. The value lies two methods as shown. The NVP = $ 700000000 *(1+8.0) = $630000000. Therefore fair patent value =Preliminary DCF value (1 + factor %) = Patent fair market value indication. Methods integrated during fair market value calculation includes competitive advantage valuation which most of the time contradicts other methods (Holl 2016). The competitive advantage contribution of an intellectual property asset is defined as the asset's advantages or disadvantages in comparison to an average subs titute intellectual property asset. The major premise of the CAV method is that the value of an intellectual property asset derives entirely from the value of the product, process or service that utilizes the intellectual property asset. The petty principle of the CAV method is that the value of an intellectual property asset can best be identified by the competitive advantage that it contributes to a product, process or service (Riahi 2005). BSF journal entries for BSF LTD. Bio sustainable aqua culture food operates as an RD therefore the kind of transactions made between the period ended 2013 and 2016 can be presented in the books of account. The nature of accounts in research and development RD is different from other normal business transactions. Therefore the company operations is considered as long term assets (Veugelers 2012). Bio sustainable aqua feed Journal Entries for Purchase of long lived assets from 2013 to 2016 Balance brought forward from the previous business operation Debit ($) Credit ($) Balance brought forward Cash $ 34000000 $34000000 Research and development costs are an expense; therefore, those costs incurred by the company cannot be amortized. Will only be decreased for any impairment to its market value. Goodwill will never be increased in value due to an increase in its market value. BSF Ltd. received a $500 million AUD grant from the Commonwealth Scientific and Industrial Research Organization (CSIRO, Federal Government of Australia Grants Debit ($) Credit ($) CSIRO, Federal Government of Australia $ 500000000 Cash $ 500000000 Research and development cost are to be treated not as an intangible asset but only as an expense. particulars Debit credit facility $160000000 cash $160000000 Cost involve in transporting Particulars Debit credit transport $200000000 Cash $200000000 In consideration of $500 million AUD grant from the Commonwealth Scientific and Industrial Research Organization (CSIRO, Federal Government of Australia) the right place is the credit since the company is to refund back the money (Evans 2003). All the liabilities such the grant is debited since it is the companies responsibility to refund back the money to the owners after the purpose is achieved. In the research and development a third party such as the agencies are beneficiaries thus any funding from them is a liability to the research company such as BSF Ltd. Management asserted in a prospectus of patent value The above calculation of the fair market patent value enable company to proceed with their operation. The assertion is true and allows the company to continue with operation based on the decision of going concern. One of the accounting theories is the issue of going concern as seen in this case where the company is proceeding with the business (Belderbos et al. 2014). For the company to procedure with their line of production, it must have a patent right. Bio-sustainable Feed has got the patent right to access the bacteria since they had operated a food company prior to the current development. The company aquaculture food production for the last period before venturing into the new technology where bacteria is used as a raw material for production (Henderson et al. 1992). The assertion is true since the patent rights allow RD companies to utilize complementary resources to bring their final idea into the market. Therefore BSF ltd is permitted to access bacteria from the previous com pany. The issue of going concern has been put into practice to facilitate the investment. Conclusion The above discussion indicates the relevance of accounting theory and its application to research and development (RD). It is clear from above that the nature of accounting used in development is quite different from other business entities. Recording transactions in RD Company requires a deeper understanding since cots and assets used are all considered expense. Another important issue is the calculation of fair market patent value which also takes a different dimension. The calculation of patent value assists a company to determine their level of operation. The issue of going concern is another factor that is under theories of accounting and determines ability of a company to remain operational. References Belderbos, R., Van Roy, V., Leten, B. and Thijs, B., 2014. Academic research strengths and multinational firms' foreign RD location decisions: evidence from RD investments in European regions. Environment and planning A, 46(4), pp.920-942. Veugelers, R., 2012. Improving Europes industry-science links. Science, Innovation, Firms and Markets in Europe, 33. Ferreira, J.J. and Ratten, V., Competitiveness of Locations: The Effects of Regional Innovation and Entrepreneurial Practices. Ferreira, J.J. and Ratten, V., Competitiveness of Locations: The Effects of Regional Innovation and Entrepreneurial Practices. Holl, A. and Rama, R., 2016. The spatial distribution of foreign direct investment in RD within host countries. An empirical examination of foreign subsidiaries in Spain. International Journal of Multinational Corporation Strategy, 1(1), pp.65-86. Kosfeld, R. and Titze, M., 2015. Benchmark Value-added Chains and Regional Clusters in RD-intensive Industries. International Regional Science Review, p.0160017615590158. Belderbos, R., Leten, B. and Suzuki, S., 2011. Academic research firm heterogeneity and foreign rd locations. In DRUID 2011 Summer Conference. Gaffikin, M., 2006. The critique of accounting theory. Humphrey, C. and Miller, P., 2012. Rethinking impact and redefining responsibility: The parameters and coordinates of accounting and public management reforms. Accounting, Auditing Accountability Journal, 25(2), pp.295-327. Caicedo, I.J.C., 2012. dgar Nieto, un proyecto de transparencia. Sus travesas hacia una nueva Contabilidad Pblica. Nmadas (Col), (36), pp.274-276. Zuppiroli, L., 2012. La burbuja universitaria: hay que perseguir el sueo americano?. Dykinson Place of publication not identified. Zuppiroli, L., 2012. La burbuja universitaria: hay que perseguir el sueo americano?. Dykinson Place of publication not identified. Pulgarn, H. and Cano, J., 2001. El Sistema de Contabilidad Pblica en Colombia. Visin Contable, 2, pp.35-63. Tavares, M. and Barretta, N., 2006. Sistemas de Planeacin Estratgica e Innovaciones Presupuestaras. Informe plan de acciones a media-no plazo para la efectividad del desarrollo. Banco Interamericano de Desarrollo, BID. Sierra, E., 2002. El Balance General de la Nacin: una visin crtica. Sindresis. Revista de la Auditora General de la Repblica, 5, pp.143-155. Pardo, R., 20. aos de la Constitucin Poltica de Colombia 1991-2011. Homenaje al ex presidente Csar Gaviria Trujillo. Instituto de Pensamiento Liberal. Bogot. Jucker, A. H., Rouchota, V. (1998). Current issues in relevance theory. Amsterdam [u.a.], J. Benjamins Kieso, D. E., Weygandt, J. J., Warfield, T. D. 2010. Intermediate accounting: IFRS approach. Volume 2 Volume 2. Hoboken, N.J., Wiley. Collings. S ,2003 . Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015. https://site.ebrary.com/id/11031335. Pricewaterhousecoopers Llp. 2013. Manual Of Accounting: New Uk Gaap - 2013. Jarnagin, B. D. 2008. 2009 U.S. Master Gaap Guide. Chicago, Il, Cch. Riahi-Belkaoui, A. 2005. Accounting Theory. London, Thomson. Evans, T. G. 2003. Accounting Theory: Contemporary Accounting Issues. Mason (Ohio), Thomson/South-Western. Porwal, L. S. 200. Accounting Theory: An Introduction. New Delhi, Tata Mcgraw-Hill.. Pandikumar, M. P. 2007. Management Accounting: Theory And Practice. New Delhi, Excel Books. Henderson, S., Peirson, G., Brown, R. 1992. Financial Accounting Theory: Its Nature And Development. Melbourne, Australia, Longman Cheshire. Reddy, R. J. P. 2004. Advanced accounting: theory and practice. New Delhi, A.P.H. Publ.

Nike And Asian Labour Essays - Business, Nike, Inc., Fashion

Nike And Asian Labour There has been much debate and controversy recently concerning Nike's Asian labour practices. This is a very complex issue and one that is a long way from being solved. It is very difficult to determine which side of this argument to defend, as both sides acknowledge the facts, yet put a completely different spin on them. Do you believe Nike's critics who say they're exploiting workers? Or, do you believe Nike when they say that they are giving workers in these countries wonderful opportunities to raise their standard of living? The consensus answer to this question by all sides seems to be that Nike is improving but still has a ways to go. Nike's Asian ties can be traced back to the birth of the company. The CEO, chairman of the board of directors, and co-founder, Phil Knight, wrote his masters thesis at Stanford University in the 1960's on the prospects for using Asian labor to produce goods cheaper and more effectively. In order to incorporate this plan in to Nike's business structure, a partnership was set up with a Japan based company called Tiger Sports. Tiger Sports would manufacture shoes for Nike in Asia then shipped them to the United States to sell. In the 1980's however, this aspect of Nike's partnership with Tiger Sports was dissolved, and Nike was forced to expand production from the United States to countries such as Taiwan and Korea where their products could be manufactured at the same relatively low cost that Nike enjoyed through the Tiger Sports partnership. Over the last five of years, however, the production numbers for these countries have been decreasing at an alarming rate due to the fact that their economies expanded at a very rapid pace. This, in turn, caused the cost of labour to increase dramatically, and therefore Nike could no longer produce their product as efficiently as before. In lieu of the rapid economic growth in the pacific rim, and the increased production cost, Nike has moved more into countries such as Vietnam and China where the labour is cheaper and labour laws less stringent. (VLF, VN Fact Sheet) Nike does not own any of the factories that produces its products in Asia, and subsequently they do not directly employ the workers or management. They contract out work to factories that make all of the products and run all of the factories. They do, however, have a massive amount of leverage when dealing with these factories because of the huge contracts they supply. To ensure good labour practices, Nike has a Code of Conduct that every contractor must agree to abide by in order to get a contract. The Conduct Code in theory condemns and prohibits child labour, requires that workers be paid fair wage, imposes caps on the days and hours a worker can be forced to work, prohibits mistreatment or discrimination of workers in any form, obligates factories to implement programs that benefit worker's health and safety, and recognizes and respects the workers right to freedom of association. There are 1000 Nike employees worldwide monitoring operations at the subcontractors and specifically the Code of Conduct adherent. The most consistent criticism of Nike is that the workers in the factories contracted by them are not aware of the Code of Conduct that was agreed upon, and/or it is not enforced (especially the wages and overtime aspects) by the factory officials. Critics contend that the factories pay less than minimum wage at times, force too many overtime hours, and fail to make the workplace as clean and as safe as standards dictate. Many of the factories that are contracted have workers and management from different countries, causing some problems in communication. Some factories in China have Taiwanese Managers while factories in Vietnam have Korean managers. This is one reason offered by Nike in defense of the factories failure to comply with the Code of Conduct. To look into this issue, earlier this year Nike commissioned Andrew Young, a former civil rights leader and United Nations ambassador to do an analysis of how well the Code was working. Young and his staff visited four factories in Vietnam, Indonesia, and China for three to four hours each led by Nike's people. Young's conclusion proved not only to be uninformative, but somewhat aggravating to the public due to its elementary tone. "Nike is doing a good job, but could do better" was the statement released by Young at the end of the report. Another aspect of the inquiry that bothered the public was