Fair Value Accounting Essay Example | Topics and Well Written Essays - 1500 words

Fair Value Accounting - Essay Example (Parshall, 2009) This study is set out to discuss fair value accounting and more specifically determine its role in the credit crisis that rocked the world in 2008. It will try to justify the statement that, â€Å"Fair value accounting only works in efficient, active and liquid markets. In order to produce information which is relevant and reliable, fair value focuses on market prices.† Due to the financial crisis, fair-value approach for accounting has triggered major debates globally. Among the debaters are the European Commission, USA Congress as well as accounting and banking regulators in the globe. Cynics have it that the financial crisis impacting the whole world in the recent past has been mostly caused by the effects of fair-value accounting. The study is going to determine whether fair value accounting is only applicable in active, efficient and liquid markets. Various arguments will be considered while trying to draw the befitting approach to the issue. The Standards of accounting reports, IFRS and US GAAP, aid in deriving from market prices in various circumstances. However, it is not very clear whether these standards are the origin of the predicaments. The allowing of the managements of organisations to be flexible when it comes to dealing with future value accounting problems leads to the manipulation during such times as those of financial crisis. From the perspective thus the market conditions may impact on fair value accounting. However, according to Laux and Leuz, future value accounting is an approach to the measurement of liabilities and assets in a given company’s balance sheet. FAS’s number 157 definition is that fair value accounting is â€Å"the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.† Under IFRS fair value has been defined as the sum at which a certain asset and liability could be

Defining Religion Essay Example | Topics and Well Written Essays - 500 words

Defining Religion - Essay Example ?s explanation of his duties as a warrior and the ways where he can elevate his consciousness to the level of Krishna made the Bhavad Gita a structured theology for the Hindus just like the Bible to the Christians. In the Gita, as it is simply known, contains the guide on how to live one’s life which led Hinduism to be â€Å"a way of life†. In the Gita, Lord Krishna explains to Prince Arjuna why he has to fight the Kuruskshetra War to restore his karma; that there is a cycle of birth and death and the soul does not really die but only the body that decays during the cycle of birth and death. This is to allow a person to improve on their karma through their lifetime of action until enlightenment and vijnana is achieved. Darsan for Hinduism is a way of seeing with reverence and devotion that one may receive blessings. It is the equivalent of the Christian faith’s â€Å"vision† of something holy or the divine. In simple practice, Darshan only involves seeing the image of god so that the devotee may experience spiritual upliftment (Pattnaik). The New Testament’s Gospel of Mark and Gospel of John are one of the synoptic gospels of the life of Jesus Christ, the central figure of the Christian faith. The Gospel of Mark is the narration of Jesus Christ’s baptism to His nailing to the cross to ascension. The Gospel of Mark Chapter 14 – 16 is the prelude to Jesus Christ’s nailing to the cross when Judas betrayed Jesus with a kiss. Jesus Christ knows about it as he already predicted the betrayal and had Last Supper with his Disciples before he was arrested. The miracles that Jesus Christ known to perform are also contained in the Gospel of Mark such healing of the sick. The Gospel of John on the other hand accounts the teachings of Jesus Christ when He was doing His ministry. It begun with Jesus Christ’s affirmation with St. John the Baptist and culminated with His resurrection from the dead. Gospel of John’s chapter 1 was Jesus Christ’s teaching