Essay on Should SEC replace FASB?

Should SEC replace FASB?

Originally established to enforce the Securities Exchange Act of 1934, the Security Exchange Commission (SEC) is a governmental body which focuses on protecting investors in US securities by setting codes of conduct to ensure transparency, relative safety and efficiency for traders.

An essential element in this process is to provide the investors clear and accurate information regarding public companies. In this context, financial reporting rules are being developed and implemented. The SEC has gave this assignment to a private body, the Financial Accounting Standard Board (FASB), whose main product are the Generally Accepted Accounting Principles, or GAAP, which serve as the basis for auditing and reporting activities in the US.

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The FASB is an NGO which receives trust from the authorities and therefore has great responsibility. However, it is dominated by the major accounting firms (known as the “Big Eight”) and therefore, as some would claim, serves as a channel to promote their interests. The result is what can be perceived as cumbersome, slow and rather expansive accounting regulations. Simply put, by obliging companies to follow the GAAP, the FASB is an instrument by the hands of the big accounting firms to keep and increase their clientele and their profits. Thus, by relying on the FASB to set the rules, the SEC, a representative body, is giving away power that should belong to the public, presumably trusting an organization which focuses much more on developing accounting processes than to emphasize disclosure and the quality of information given to the investor.

The classical case of Enron is a good example for that. Following the FAS 157 methodology, known as mark to market, the SEC authorized (and still does, although to a lesser extent) Enron to report theoretical earnings in its statements. In this case, the company and its accounting firm have crossed the line between “creative” accounting (which naturally increase companies’ market value but may create a bubble) and fraud. Some critics would also say that FAS 157 has created an extremely unfair market valuation that boosted the recent sub-prime crises. Therefore, the somewhat passive approach of the SEC regarding accounting policies was not very helpful to minimize the crises, just as happened with Enron. Critics of the FASB do not need much more than a blink on the financial newspapers to find accounting scandals, restated reports and rough mistakes, which contributes to a greater volatility of markets, at least in the short run. Naturally, they will blame the gatekeeper for setting the wrong standards or not enforcing them properly.

On the other hand, it is not so clear that a governmental body will better serve those causes. Even if the FASB is dominated by the firms, it is a safe to assume that these firms are much more connected to the players in the market than the federal government. In addition, as happens sometimes with legislation, there is a risk that a governmental body would set rules that are impossible to enforce. Cooperation with the professional bodies is vital; without it rules would not be implemented. The result may be a cause in reporting which will harm the market and its players.

Moreover, the FASB is aware of the criticism on it and seems to improve its work and remain relevant. Issues such as valuation of intangible assets (e.g., intellectual property) and the accounting implications of complicated contracts demand the involvement of top professionals. Some other issues, in particular those which influence the daily work of the accountant (e.g., timeliness of accounting processes) must be guided by the bodies who actually perform the tasks.

In conclusion, I would not rush to assume that replacing the FASB with the full control of the SEC. Bad experiences in the past and present prove that the contemporary methods are not sufficient to protect and improve financial markets. Nevertheless, one should not expect perfection and should bear in mind that every system will always leave loopholes; some of those may be quite hazardous.

Therefore, power should be divided between the two bodies. By promoting a system with more checks and balances and through continuous dialog between the industry and the state, the SEC and the FASB can build a comprehensive and safer environment for investors.

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American History Essay

In the XVIII century the duels went into decline. Nevertheless, the duels that noticeably influenced political and economic life still occurred. In the U.S., it has been already vice president, who fired at the person not in the war. In the first years of independence, there were many inveterate duelists among American politicians. 

The judges, governors and congressmen were fighting on the swords and pistols. The duels were purposely provoked before the elections to prove to the voters the courage and after the elections the loser yearned for satisfaction. Avoid the duel meant an end of someone political career.

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From time to time duels continued to shake the social life, even where they should not be at all: that is in the USA. In the young transatlantic republic was neither nobility nor the titled aristocracy, however, there were enough gentlemen who regarded themselves as people of honor. The loudest duel in American history is the duel between U.S. Vice President Aaron Burr and Alexander Hamilton who was one of the architects of American nationhood (he was Minister of Finance in the first U.S. government).

Both statesmen were the heroes of the War of Independence, and Hamilton was one of the closest allies of George Washington. Both had serious ambitions up to the presidential, and, in the addition, Hamilton had his own economic program. He believed that the U.S. should pursue a protectionist policy and strongly support the domestic producer. The relationship between Hamilton and Burr was complicated. As a vice president in the administration of Jefferson, Burr began the campaign for the governorship of New York but Alexander Hamilton prevented to realize his plans. Hamilton wrote some humiliating pamphlets about Burr.

After losing the election, Burr challenged Hamilton to a duel, which was held in July 11, 1804. Alexander Hamilton was fatally wounded but a political fame of Burr has waned as well. The assassination of national hero never brought popularity yet.

Hamilton fired first and missed. Barry’s shot struck Hamilton's liver and spine. Hamilton lived a day and a half after wounding. After Hamilton's death, the whole Republican press, which has just badgered Hamilton, raised a war against Barry, as if it was the only duel in the US. Although contemporaries were recognized that no one forced Hamilton fight with Burr, openly almost no one spoke in his defense.

It may be that the death on the duel glorified and immortalized Hamilton, as his political star has already waned and he could be one of the many personalities of the Revolution and early republic. In the contrary ... His portrait even got to the bank note of the 1977 issue. The circulation is small but this is also a glory.

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Essay on Being a Leader

Essay on Becoming a Leader

Not every person is able to be a leader.  Some people are born to be leaders: they are ambitious, knowledgeable, driven to learn something new and, most importantly, know how to set goals and guide people to meet those goals.  Other people are followers and prefer to stay in the shadow of the team:  they prefer being given a detailed guidance on what and how to do. I belong to the first group of people, leaders, and I am not afraid to assume responsibility for the results of my leadership. Being a leader, I try to identify the strengths and weaknesses of the people I lead in order to elevate the potential of the team and achieve the set goals and objectives effectively and efficiently. 

Recently, I had a project, SAP BW Rollout, for Adidas in Italy. The project manager became ill and had to assume the role of the leader until the end of the project.  I have been the leading the Italian team (even though I am from Germany) for half a year.  Even though I lacked leadership experience on such a scale, I tried very hard to achieve the set goals and got every person of a team involved. I believe that participative leadership, when members of the team have an opportunity to express their ideas and thoughts freely, is the most effective one.

The Adidas project had very tough time lines and not every decision from my side was correct. Despite of all hardships, I finished the project successfully with insignificant delay in time. The part of that success was my inner motivation to finish the project.  I saw a clear goal and inspired my team members to try their best to achieve that goal.  I had to work in a multicultural environment and my teams consisted of Italians, Germans, Indians and British people. We all came from different cultures but it made my team more successful. Under my leaderships, the diversity of the team became the critical success factor.

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Essay on Federal Government

Question 1: According to the Constitution, does the federal government have the power to seize state land to build military bases or armory?

According to the Constitution of the United States of America, the federal government does not have the power to seize state lands to build military bases or armory without fair compensation. According to the Fifth Amendment, “…nor shall private property be taken for public use, without just compensation”. This clause poses a restriction on the actions of the government, especially in terms of the use of public and private land. Furthermore, the primary function of the government under the U.S. Constitution is to secure the rights that are guaranteed by this document to the people. Thus, the government does not have the legal right or power to seize the lands to build military bases. The government is not granted the right to violate the fundamental guarantee of the Constitution.

Question 2: Does this power, or lack of it, raise any environmental policy?

Undoubtedly, the government may not seize the land to build military bases because it raises specific environmental policies. According to the National Environmental Policy Act (NEPA), the federal government must disclose major federal actions including the use of the land to establish military bases. The construction of the military bases on state or private land raises significant environmental concerns. The fact alone that the public land is to be used for the building of military base suggests that the unconstitutional seizure of the land is accompanied with the potential harm done to the environment in the result of military training or other army-related activities. The environmental impact of the military bases is a matter of public as well as legal concern. Even though the National Environmental Policy Act does not prohibit the establishment of the military bases, the government is required to disclose the impact of construction on environment.

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The Austere Academy Essay

"The Austere Academy" is the fifth book written by Lemony Snichet in her set of books united under the title “The series of Unfortunate events”.  Violet, Klaus, and Sunny Baudelaire are the main characters of the story, who experience different adventures trying to escape their evil uncle. The main characters are youngsters who are pulled out of their happy and ideal childhood by the early death of their parents and have to meet difficulties and hardships as adults. The book is recommended for children but personally I think that it can be interesting for both – children and adults, who didn’t forget about their childhood and can look at the world with children’s eyes.

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The story is presented in the 3rd style narration where all the events are described by the author with many dialogs which help us to get the insight into the inner world of the characters. The plot is more complex and elaborate than in the most part of the stories written for youngsters. 

The setting of the story describes our modern days, the events take place in the Prufrock Preparatory School that has ridiculous rules and cruel teachers.

 Fourteen-year-old Violent, twelve-year-old Klause, and baby Sunny are the protagonists of the story.  They are orphans who have lost their parents in fire and had to experience a series of misfortunes trying to survive and find a new family. They have to fight with their evil uncle Olaf – main antagonist of the book who is haunting poor orphans to get their fortune. Like in previous books, he disguises himself. This time he becomes a coach Genghis but children uncover his plan quickly and try to persuade others in that. But there is more than one protagonist in the book to my mind. Several teachers who make their best to spoil children’s life also deserve for this title to my mind. Vice principal Nero is definitely one of them. Lemony describes him as a «tone deaf person who is also apparently blind and possesses an I.Q. lower than that of a common forest mammal» and Carmelita Spats, who «deserves a gold medal for being the least delightful person on Earth». They also hate the Bauldelaires and make their best to bring them as much trouble as possible.

The light spot of the story is that orphans who experience only misfortunes and hardships meet new friends finally. These are Quagmire triplets - Duncan and Isidora (the third triplet died in fire) who also have a very different life.

The main conflict of the story is the outer conflict between The Bauldelaires and their evil uncle. The conflict develops through the story and reaches its climax at the end of the book when the uncle tries to capture poor kids. Next comes the resolution when children escape with the help of their new friends - Quagmire triplets who stay captured.

 The theme of the book is resourcefulness, optimism and bravery, which help us to find the way out of the most difficult situation.  Another very important theme of the book is the value of friendship and friends as the dearest people who are ready to help you even running risks.

I like the book. It’s entertaining and useful at the same time. It makes you to feel companionate to the hardships of poor children, plunges you into imaginary world of monsters, crabs cruel adults. The story is spiced with the humorous remarks, which make you smile in the hardest situations and remind you about the importance of good sense of humor and optimism.

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Social Responsibility Essay

Essay on Social Responsibility

In today's world, the social position of the organization has an increasing impact on its reputation and image. Evaluating its activities, the society takes in consideration not only the operational and financial performance but also how the organization conducts its activities, taking care of their own employees, to what extent its activities corresponds to the interest of other market participants, local community as well as society as a whole.

Disputes about the role of business in society caused too many arguments for and against social responsibility. 

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Some arguments in favor of social responsibility are the following:

Favorable long-term prospects for business. Social activities of enterprises that improve life of the local community or eliminating the need for government regulation may be in their own interests because of the benefits of participation in society. From the social point of view, there is favorable environment for business activities in more prosperous society.

Availability of resources to assist in solving social problems. As the business has considerable human and financial resources, it should be transferred part of them to the social sector.

Moral obligation to behave socially responsibly. The company is a member of society. Therefore, morality must also manage its behavior.

Here are arguments against social responsibility:

Violation of profit maximization principle. The transfer of some resources to social needs reduces the influence of the profit maximization principle. The company conducts itself as the most socially responsible organization, focusing only on economic interests and leaving social problems to the public institutions and services, charitable institutions, and educational organizations.

Expenditure for the social involvement. Funds directed on social needs are expenses for business. Ultimately, these costs are transferred to consumers in the form of rising prices.

In the basis of mechanism of forming social maturity of company management, there is the degree of their formation of social responsibility. Namely, its development is an indicator which enables to guarantee not only the economic efficiency of the organization but also its social development.

In order to enhance social responsibility, the company management should keep in mind that demands of society are becoming more personalized for organizations. Therefore, there are problems in determining the degree of social responsibility of organizations to the society as a whole, the public and their employees, and development of the concept of social responsibility towards all stakeholders.

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University Admission Essay Sample

Today we got accustomed to using such term as “leadership” and “team work”. It was not so before, however it the last couple of decades it became vital for a person to be different from others. 

Employers, school authorities, and even counterparts became to be interested in dealing with people who are not afraid to stand up and speak out, with people who are eager to take initiative and who are not afraid to be different from others. Additionally, though being ambitious and determined it is vital for an individual to be a team player.

In my opinion in order to be able to lead, one should be born with some set of characteristics peculiar to a leader, however, should be ready to work on developing leadership characters. From yearly years it became clear to me that I was willing to lead teams and work for the good of others. However, I was rather shy, that is why I had to nurture my leadership skills and overcome fears in order to reveal what I really represented.  Starting in Junior High School I began participating in various school projects, always trying to take initiative and contribute to the team I was working in. Two years in a row I was elected class president as well for many years I was a member of the school council.

After completing my first degree that was a major in…, I started working. That was the time when I had to fully reveal by leadership skills and, additionally, improve my abilities to work in teams. For three years I had been working in Dubai as a consultant (civil engineer). When working at …company I had engaged into few rather big projects in the framework of which I had a chance to put the theoretical knowledge I had acquired into practice. My job gave me a chance to see the importance of efficient team work. Many times it was impossible to complete projects unless the whole team was working together for the common good.

Subsequent to working with residential projects in Dubai I returned to India where I undertook to open my very own construction company. This was not an easy decision to make because I realized there had been many constrains on my way. For example, it was very uneasy to receive all the needed approvals from Indian bureaucratic authorities. Though, I was determined to succeed and I knew that the plan I had in mind could benefit not only me but those around me. The experiences of team-working that I had acquired when working in Dubai helped me built an effective team of my own and give all team-members a feeling of common mission.

Over the course of my life I have faced many challenges. I know how it is not to receive what is desired, I know how it is to be disappointed. Though, at the same time I also know that hard work and determination overcomes all the restrictions on one’s way. Moreover, I know that one can reach the heights only when working hand in hand with other people. I am certain that I would be able to contribute to the unique environment of your university and I am eager to participate in one of your team-based projects. Should you decide to include me into your first year study group, I would be honored to be part of the community of our university. 

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