Wednesday, October 30, 2019
Appeal Letter Personal Statement Example | Topics and Well Written Essays - 750 words - 1
Appeal Letter - Personal Statement Example Somehow and someway, the prospects of me having an everlasting career in this discipline are fading with passage of time. Throughout my academic life, my track record has been excellent and I have been often been praised for my intellectualism and intelligence. Although I am an International student and English was never my native Language but still I performed well in my English subjects and got A’s in English as well as Mathematics. My academic record, right from Kindergarten till High school, has been phenomenal. Not only from the academic point of view but my performance in various extra=curricular activities have been good. I have won several debates and essay competitions and have always been an integral part of my school basketball team. I have all the technical attributes to succeed at the Urban Studies program at UCB. I was a top performer in my bachelors program at my previous community college and was often praised by my peers and my teachers for my consistently good academic performance. As a student having an exceptional academic track record, I can certainly perform with the utmost consistency if I am transferred to the urban studies program of the University. A degree in urban studies will highly beneficial because it is able to combine various approaches related to an academic world which have various attributes of a real-world experience related to a city or a region. I do have broad vision regarding urbanization and I feel the pain which people living in impoverished areas of some of the biggest cities in the world have to face. I can make innovative and creative strategies for people of developed as well as under developed regions of the world with regard to urbanization. My strong social and communal skills will certainly help me in this regard as it can make a massive difference in my career in the
Duke Used Car Dealer Assignment Example | Topics and Well Written Essays - 750 words
Duke Used Car Dealer - Assignment Example The Executive Summary has to be persuasive, easily readable and at least two to four pages. The second is company analysis; this section provides a strategic overview of the company and describes how the company is organized, what products and services it offers or will offer, and goes into further detail on the company's unique qualifications in serving its target markets. Third is industry analysis; This section evaluates the playing field in which the company will be competing and includes well-structured answers to key market research questions such as the following: What are the sizes of the target market segments? What are the trends for the industry as a whole? With what other industries do your services compete? Fourth is analysis of customers; the Customer Analysis section assesses the customer segment(s) that the company serves. In this segment, the company has to express the desires of its objective clienteles. It then has to show in what way its merchandises and ser vices gratify these desires to a degree that the client will recompense for them. The fifth and last is Analysis of Competition; this section defines the competitive landscape of your business. It detects who the direct and unforeseen opponents are, evaluates their abilities and flaws and outlines the company's competitive leads. 3. A major factor that differentiates an S corporation from an LLC is the employment tax that is paid on earnings (Chrissie 2011). The whole net income of the business is conditional on self-employment tax. In an S corporation, just the wage remunerated to the employee-owner is open to employment levy. The residual income that is remunerated as a supply is not under the employment levy in IRS guidelines. Consequently, there is the probability to attain considerable employment levy savings. In addition, when it comes to operation control, S corporations have board of directors while LLC may be member-managed or manager-managed. In terms of flexibility or simplicity of operation, LLC is easier but S corporation are subject to some formalities and record keeping rules like traditional C corporations. 4. There are advantages and disadvantages of purchasing a permit. According to Matthew (2008), a new charter can be a part of what you are, as compared to an identity and system that is old and established and so inflexible. A new franchise suggests a chance to be innovative and relevant to the present. It will be exciting and a challenge. 5. The positive aspects, as explained by Justyn (2012), of buying an existing business include positive cash flow, an established client base and an established brand. Negative aspects for buying an established business comprise the potential for old equipment and potentially having to fire a number of employees. 6. Duke could be suggested for an LLC that has s corporation characteristics, that is, the levy treatment of an S corporation. But like the simplicity of an LLC, there is an alternative wort h considering; forming an LLC that is taxed as an S corp. An LLC may make a special balloting with the IRS to be levied as an S corp. This election is made on IRS Form 2553 and has to be cased with the IRS earlier than the 16th day of the third month of the tax year in which
Monday, October 28, 2019
The Jewish Role in Bolshevik Revolution Essay Example for Free
The Jewish Role in Bolshevik Revolution Essay The vast territory of the Russian Empire at one time hosted the largest Jewish population. Within these territories, the Jewish communities flourished, and developed many new theologies and cultural traditions in spite of facing terrible persecutions (â€Å"History of Jews†). The Czars of Russia competed with each other in persecuting the Jews. The Jews were made scapegoats for all the economic and social problems of Russia. The Bolshevik revolution put an end to the Tsarist Regime. Jewish role in Bolshevik revolution is not a new theme. There is extensive literature in English, French, and German reflecting the argument that Bolshevik revolution is a Jewish conspiracy. (Sutton) Those who try to prove that the revolution was non-Russian indicate Jewish names in an attempt to remove from the Russian people the blame of the revolution of 1917.On the other hand the Jewish scholars argue that the Bolshevik leadership which pre-dominantly Jewish was not Jews in spirit.(Solzhenitsyn). However, by that logic, leading Russian Bolsheviks were also not Russian in spirit. Therefore, what exactly was the role of Jews in Bolshevik revolution? Can they be blamed for the revolution? Was there a Jewish conspiracy? What attracted them en masse toward the Bolshevik party? Let us start with the History of Jews in Russia. The History of Jews in Russia. Records exist from fourth century showing that Jews inhabited the cities of Armenia and that there were substantial Jewish settlements in Crimea. Under the influence of these Jews, the ruling class of Khazaria adapted Judaism. After the overthrow of the Khazarian Kingdom, the Jews fled to Crimea and Russian principality of Kiev. In the 11th and 12th century, the Jews appeared to have occupied a separate quarter in Kiev called the Jewish Town. At this time, Jews were also found in northeastern Russia (Hein).     Though Russia had few Jews, countries to its west were unleashing anti-Semitic pogroms. Expelled en masse from England, France, Spain, and persecuted in Germany, Jews migrated to friendly state of Polish controlled parts of Eastern Europe. The Polish ruler, Casimir III invited the Jews to settle there as a third estate, performing commercial and middleman services between the King and the Nobility. The Jews performed the function of tax collecting, money lending, estate management, and trade. After settling in Russia, they extended to Ukraine and Lithuania, which would later become part of the Russian Empire (â€Å"History of Jews†).      In 14th Century, the Lithuanians granted more privileges to the Jews. From Lithuania, they migrated to portions of western Russia. Between 16th to 18th centuries, the Jews entered Russia either illegally or with the permission of Polish or Lithuanians, as they were involved in trade (Hein). Tsarist Russia.      The Tsarist regime started the Jewish persecutions in Russia. Muscovite Russia became a very hostile environment for the Jewish people. The treatment of Jews was harsh in the reign of Ivan IV, The Terrible. For example, after his conquest of Polotsk some 300 Jews who refused to be converted to Christianity were drowned in Dvina. Jews were not tolerated in the area of Muscovy. From 1716, the policies of the Imperial Russian were openly anti-Semitic (â€Å"History of Jews†) The Pale of Settlement      In order to keep the Jews out of Russia, the Tsars established a Pale of Settlement, which included Poland and Crimea. The Jews were supposed to remain in the Pale. They needed special permission to move to Russia proper. Pogroms.      Pogroms were mob violence against the Jews. In Czarist Russia, the number of pogroms unleashed against the Jews was numerous that it is impossible to count them. These pogroms were often organized and incited (Spiro).The Czars organized the pogroms in order to divert the public attention from corruption and allow the masses to let off the steam. Jews were perfect scapegoats for economic problems of Russia. Problems of Russia had nothing to do with the Jews. The problems were total backwardness, highly corrupt and autocratic regime, and poverty. Whenever the public discontentment grew, the Czars organized a Pogrom to divert attention (Spiro).      It is arguable which of the Russian Czars was the worst to the Jews(Spiro).Let us start with Nicholas I. Czar Nicholas I (1825-1855) sought to destroy all Jewish life in Russia. His period was a painful part of European Jewish history. He ordered the conscription of Jewish youth to the military from the age of 12 and they were forced to serve in the military for 25 years (Hein). The youngsters were kidnapped, never to be seen again. Some Jewish parents were so desperate that they would cut off the index finger of their sons in order to escape the conscription (Spiro). The Jews who were not taken into military were expelled from their towns and villages. He divided the Jews as â€Å"useful†and â€Å"not useful.†The wealthy merchants involved in trade were considered as useful and others as not useful. A law was instituted prohibiting Jews from wearing traditional dresses (Hein).      Alexander II (1855-1881) brought to end the harsh treatment of Jews. He implemented new policies for the assimilation of Jews. The Jews moved out of their settlements. Those having Russian secondary school education were given greater rights. This led to many Jews enrolling themselves in Russian schools .Emancipation of Jews began slowly. There was greater visibility of Jewish activities. This increased the anger of non-Jewish communities. The increased competition resulted in the formation of Jewish proletariat and a small Jewish upper class. Many Jews entered new professions (Hein)       In 1881, Alexander II was assassinated and the situation for the Jews deteriorated. The Jews were blamed for the assassination. Thousands of Jewish homes were burned; large numbers of men, women, and children were killed. Families were reduced to a state of poverty (Hein).      The new Czar Alexander III blamed the Jews for riots. He escalated anti-Semitism by depicting the Jews as ‘Christ killers’ and oppressors of Christians. He organized one pogrom after another to keep the anger of the masses focused on the Jews. He promulgated a series laws against the Jews. These Laws were called the May laws (Spiro). He passed restrictions in Jewish landownership and prohibited Jews from living in villages. The state enforced anti-Semitic policies with waves of pogroms, which spread through the villages. These were carried out with the tacit knowledge of the government and the police supporting it. Strict restrictions banned Jews from practicing many professions. The number of Jews studying in schools was curtailed. In 1886, an Edit of Expulsion was enforced on Jews of Kiev. Moscow was ‘cleansed’ of its Jews, except a handful who were deemed ‘useful’. Alexander justified these repressive practices with these words: â€Å"But we must never forget that the Jews have crucified our Master and have shed his precious blood†(â€Å"History of Jews†).     The persecutions resulted in many Jews emigrating to other countries. More than two million fled Russia. Vast majority emigrated to United States. Some of them turned to political activism and Zionism (Hein).      When Nicholas II took over the situation deteriorated further. Pogroms become a government policy. During his tenure one of the most famous pogrom was organized in Kishinev, 1903.This pogrom received international attention. New York Times reported: It is impossible to account the amounts of goods destroyed in a few hours. The hurrahs of the rioting. The pitiful cries of the victims filled the air. Wherever a Jew was met, he was savagely beaten into insensibility. One Jew was dragged from a streetcar and beaten until the mob thought he was dead. The air was filled with feathers and torn bedding. Every Jewish household was broken into and the unfortunate Jews in their terror endeavored to hide in cellars and under roofs. The mob entered the synagogue, desecrated the biggest house of worship, and defiled the Scrolls of the Law. The conduct of the intelligent Christians was disgraceful. They made no attempt to check    the rioting. They simply walked around enjoying the frightful sport (qtd.in Spiro).      From 1903-1907 the level of violence was unbelievable. There were 284 pogroms and casualties exceeded 50000 (Spiro).      Thus, the Jews who migrated to Russia with a hope of living in peace were driven to despair by the atrocities of the Tsarist regime. The Jewish community was devastated. People were looking for a way out. They joined the ranks of radical Russians in large numbers. The leaders of socialists, J.Martov and L.Trotsky were Jewish (Hein). The centuries of oppression led to the polarization of Jews and drove them to radicalism. They were desperate to make things better (Spiro). Socialism and Radicalism.      The last 20 years of the czarist regime were a time of tension and renaissance for the Jews, especially within the younger circles. This awakening essentially stemmed from conscious resistance to, and rejection of, the oppressive regime, the degrading status of the Jew in the country, and the search for methods for change. One response to the oppressive policy of the czarist government was to join one of the trends of the Russian revolutionary movement. The radical Jewish youth joined clandestine organizations in the towns of Russia and abroad. Many Jews ranked among the leaders of the revolutionaries. The leaders of the Social Democrats included J. Martov and L. Trotsky, while Ch. Zhitlowski and G. A. Gershuni figured among the founders of the Socialist Revolutionary Party of Russia (Berdichev). With the growth of national consciousness in revolutionary circles at the close of the 19th century, a Jewish workers revolutionary movement was formed. Workers unions, which had been founded through the initiative of Jewish intellectuals, united and established the Bund in 1897. The Bund played an important role in the Russian revolutionary movement in the Pale of Settlement. It regarded itself as part of the all-Russian Social-Democratic Party but gradually came to insist upon certain national demands such as the right to cultural autonomy for the Jewish masses, recognition of Yiddish as the national language of the Jews, the establishment of schools in this language, and the development of the press and literature. The Bund was particularly successful in Lithuania and Poland, where after a short time it raised the social status of the worker and the apprentice, and implanted in them the courage to stand up to their employers and the authorities.(Berdichev) The misery of common people.      The underlining cause of Russian revolution is deep rooted in the history. For centuries, autocratic and repressive czarist regime ruled the country, while majority of population lived in utter poverty, economically and socially backward (â€Å"Russia 1917-1941†).      In 1900, approximately 110 million people lived in Russia, 97 million of which were peasants and three million were industrial workers. Russia was socially and economically backward as compared to other countries like USA, Great Britain, and France. Large majority of Russians were peasants, who lived on the dependency of soil and aristocracy. The peasantry was growing rapidly and there was great demand for land, which was in the hands of aristocracy (â€Å"Russia 1917-1941†).      Nicholas II ruled with an iron hand. The powerful sections of the society: the aristocrats, the Church, the Bureaucracy, the police and the Russian army maintained their traditional loyalty towards the Monarch. Each of these powerful elites was interested in maintaining their status and welfare. The Government was inefficient. The Tsar, Nicholas II insisted on reading every degree, which delayed the administrative decision for months. The army had been recently defeated in the war against Japan and police was chaotic. The economy was backward. The peasants were driven to misery and the food production was low. In places where industry was developing, the living conditions were so awful that the workers were angry and rebellious (â€Å"Russia 1917-1941†).     The First World War increased the existing discontentment. The war took men from the fields to the front. Railway system was clogged up so the people starved in towns. Prices rose and there was famine in 1916-1917.The Tsar took up the command over the military and the day today running of Russia was left in the hands of Tsarina who was very unpopular. The Tsarina was a German; she was overly influenced by a holy man, Rasputin. The aristocrats felt humiliated and the Church was scandalized. The Russian people lost confidence in the Romanovs (â€Å"Russia 1917-1941†).      In February, there was a general uprising. This was primarily over the lack of food and the way the war was fought. It was a spontaneous uprising. Women queuing for food joined the industrial workers sparked of the revolution. The soldiers who were sent to control the agitators joined the revolution. Tsar was forced to abdicate and a  provisional government was formed (â€Å"Russia 1917-1941†).      The Provisional government was made up of middle class politicians. They were not revolutionaries. They did not give land to the peasant and continued with war. They failed to bring in more foods into the towns. These two aspects created unrest among the public.      In April 1917, Lenin returned to Russia and promised people, Peace, Bread, and Land. This was what they wanted to hear. The Bolsheviks had catchy slogans like ‘All power to the Soviets’. By September 1917, 2 million people had joined the Bolsheviks (â€Å"Russia 1917-1941†).     The problems faced by the common people prior to the Bolshevik revolution were Shortage of food supply due to famine and war. Ruled by an autocratic regime. Awful living conditions of industry workers.     These conditions were similar to that of alienated Jews. However, apart from these problems the Jews faced intense anti-Semitic policies. The fear of impending pogroms made the life Jewish community miserable. A sense of alienation was prevailed among the Jews. The Jewish role in Bolshevik revolution.     There were many opposition parties existing during the last days of Nicholas II. The Liberals, Socialists, and Communists. The liberals wanted to establish a parliament like that of England. This group succeeded in establishing a Duma .But the Duma had no influence over the Tsar. The Socialists wanted a peasant revolution. The Communist wanted a working class revolution. The Communists were split among themselves, the Bolsheviks and the Mensheviks. Vladimir Ilyich Ulyanov or Lenin led the Bolsheviks (Russia 1917-1945).       Many members of the Bolshevik were ethnically Jews especially in the leadership of the party. The rival party Mensheviks had higher Jewish representation. The idea of overthrowing the Tsarist regime was very attractive to the Jewish intelligentsia because of the centuries of oppression and suffering the Jewish community had undergone.       The role played by Jews especially, the Jewish intelligentsia can be inferred by analyzing the leadership of Bolsheviks. Virtually all of the important Bolshevik leaders were Jews: they included the father of the revolution, Leon Trotsky (whose real name was Lev Bronstein: in an attempt to hide his Jewish ness, he adopted the name Trotsky); Lev Kamenev, the early Bolshevik leader who later went on to become a leading member of the Politburo, was born with the surname Rosenfeld; Grigori Zinoviev, head of the Petrograd Soviet, was born with the surname Apfelbaum; and many other famous Communists of the time, such as Karl Radek, Lazar Kaganovich; and Moses Urtisky, (the head of the Cheka) who all changed their names for reasons similar to that of Trotsky(â€Å"Suppressed Link†). Leo Trotsky was the brain behind the Bolshevik revolution. Trotsky was to lead the revolution and unquestionably, without him it would not have happened. Trotsky arrived in Russia with a large number of international communists in order to carry out the revolution.      Two weeks prior to the October revolution, Lenin convened the Bolshevik party. The central committee took the decision to seize power by violent struggle. This committee consisted of predominantly Jews. There were four Russians, one Georgian (Stalin), one Pole and Six Jews. To monitor the take over, a committee was formed with majority Jewish. Trotsky was the chairperson of â€Å"Military Revolutionary Committee†which was to carry out the actual seizer of power. Therefore, all the committees set by the predominantly Jewish Bolshevik party had majority of Jews in them (Weber). The Bolshevik revolution is described by an American Jewish community paper as largely a product of Jewish thinking and Jewish discontent (Weber). Winston Churchill stated in an article published in February 8, 1920:              â€Å"There is no need to exaggerate the part played in the creation of Bolshevism and in the actual bringing about of the Russian Revolution by these international and for the most part atheistically Jews. It is certainly a very great one; it probably outweighs all others. With the notable exception of Lenin, the majority of the leading figures are Jews. Moreover, the principal inspiration and driving power comes from the Jewish leaders†(Weber). David R.Francis, United States ambassador in Russia wrote in a dispatch:               â€Å"The Bolshevik leaders here, most of whom are Jews and 90 percent of whom are returned exiles, care little for Russia or any other country but are internationalists and they are trying to start a worldwide social revolution†(Weber). A Us military officer, captain Montgomery Schulyer sent two telegrams to Washington in March and June 1919 emphatically states the role of Jews in Bolshevik revolution. The first report said:          â€Å"It is probably unwise to say this loudly in the United States but the Bolshevik movement is and has been since its beginning, guided and controlled by Russian Jews of the greasiest type†(â€Å"Jews and Communism†). The second report said of the,           â€Å"384 commissars there were 2 Negroes, 13 Russians, 15 Chinamen, 22 Armenians, and more than 300 Jews. Of the latter number 264 had come to Russia from the United States since the downfall of the Imperial Government†(â€Å"Jews and Communism†). Post revolution.      Although the Jews were less than five percentage of country’s total population, they played a decisive role in infant Bolshevik regime. With an exception of Lenin, Leon Trotsky headed the red army, Yakov Sverdlov was the head of the Soviet government, and Grigori Zinoviev headed the communist international. They were many other prominent Jews in the initial Bolshevik government. Lenin was a thorough internationalist. He viewed his own fellow citizens with contempt (Weber) He considered nationalism as opposed to internationalism.     In March 1919, Lenin delivered a speech on anti-Jewish pogroms. According to Lenin anti-Semitism was an attempt to divert workers hatred from the oppressors towards the Jews. It was a political trick employed by the Tsar to divert popular anger towards a scapegoat (Weber)       A small group of Bolsheviks having come to power needed bureaucracy to run the government. The Bolsheviks revolution was possible because of the large presence of Jewish intelligentsia. Therefore, the Bolsheviks called upon the Jews to take up bureaucratic work of the Soviet apparatus. Many Jews responded this call. Men of Jewish origin dominated Lenin’s first politburo. Majority of Jews who were non-revolutionary and apolitical joined the Bolsheviks. In order to encourage the Jews to join the Bureaucracy, the Bolsheviks organized a Jewish division of nationalities commissariat. The Bolsheviks rejected anti-Semitism and loosened civil restrictions on the Jews (Solzhenitsyn).       The Jews were predominant in all organs of the Bolshevik government. The central committee of the Bolshevik party had 41 Jews out of 62 members. The secret police had 23 out of 36, the Council of People’s Commissars (the Soviet Government) had 17 Jews out of 21.Out of 556 important functionaries of the Bolshevik state 457 were Jews (Weber). The Russian civil war.     Russia was thrust into a civil war from 1917 to 19121, between the Bolsheviks (Red army) and the anti-Bolsheviks (white army).Anti-Semitism spread widely. The white army targeted the Jews, killing huge numbers. The Red army clamped down on anti-Semitic attacks. This created sympathy for the Red army among the Jews. Jewish youth joined the Red army in huge number. The white army was filled with anti-Semitism. Their slogan was â€Å"Kill the Jews and save Russia.†Finally, white army was defeated and the civil war ended (â€Å"Russia 1917-1945†).      Jews retained their leading roles in Soviet society until growing anti-Semitism within the Communist Party itself led to a change in policy. Trotsky was the first major Jewish casualty: he split with Stalin over the issue of international socialism. A Stalinist agent in Mexico City assassinated him in 1940 (â€Å"Suppressed Link†)      Stalin started removing all important Jews from the Soviet Communist Party. He saw Zionism, the Jewish nationalism contrary to an international socialist brotherhood. Zionism was forbidden and Zionist organization was targeted for persecutions. Secular Jews were put in charge in order to spread hatred towards Jewish religion. Jewish communities were dissolved and their properties confusicated.Traditional institutes of Jewish culture and education were closed down. Those Jews who were not Zionist were left alone and achieved prominent places within the post -Stalin Soviet (â€Å"Suppressed link†). However, Stalin maintained policy of Lenin towards anti-Semitism. In a letter dated January 12, 1931, he declared his official position:             â€Å"Anti-Semitism is of advantage to the exploiters as a lightning conductor that deflects the blows aimed by the working people at capitalism. Anti-Semitism is dangerous for the working people as being a false path that leads them off the right road and lands them in the jungle†(qtd.in â€Å"History of Jews†). He declared anti-Semitism as a crime, which deserves death penalty. Despite the official Soviet opposition to anti-Semitism, critics of USSR view it as an anti-Semitic regime. The Soviet hostility towards Jewish religion, the huge casualties during the Great Purge, the non-aggressive pact with the Nazi appear to be anti-Semitic. However, this hostility was applied to all religions and ethnic group. This reveals the fact that Bolshevism has no connection with Judaism. The Soviet Union did grant official equality of all citizens regardless of sex, race, religion and nationality.     Many thousands of Jews however left Soviet Union with most settling in Israel and United States. The Jewish Intelligentsia and Bolshevism: The Socialist ideals were being formed in the Hebrew literature as early as 1820.In a monthly journal ‘visions of a mad man’ the early socialist Moris vinchevsky writes,               â€Å"Go and tell them that all people are brothers, that in nature there are no great and no little people, lords and slaves, rich and poor, that there is not a person in the world who could say, ‘I have the right to use the fruits of your work, the labors of other people’s hands’†(qtd.in Horowitz).     For members of the assimilated Jewish intelligentsia, participating in the socialist movement was often a method of social integration. The ideology, which stressed strong class divisions rather than ethnic ones, helped them avoid the identity problems associated with assimilation and discrimination. All socialist organizations had Jewish members (â€Å"Socialism and Jews†).The concept of international brotherhood as against nationalism attracted the Jewish intelligentsia     At the close of the 19th century, the Jewish proletariat increased and numbered some 600,000. Approximately half of them were apprentices and workers employed by craftsmen, about 100,000 were salesmen, about 70,000 were factory workers, and the remainder daily workers, porters, and domestics. The desire of this proletariat to improve its material and social status, and its contacts with the revolutionary Jewish intelligentsia during the generation, which preceded the 1917 Revolution, became an important factor in the lives of the Jews of Russia (â€Å"Socialism and Jews†).     The Bolsheviks believed in organizing the party in a strongly centralized hierarchy that sought to overthrow the Tsar and achieve power. Although the Bolsheviks were not completely monolithic, they were characterized by a rigid adherence to the leadership of the central committee, based on the notion of democratic centralism. The Bolsheviks took an internationalist stance that emphasized solidarity between the workers of Russia, Germany, and the rest of the world. The philosophy of Bolsheviks was based on Marxism. Lenin was guided by a spirit of internationalism. According to him nationalism did not exist and must not exist, and that the question of nationalism divided revolutionary from reactionary socialism (â€Å"Bolsheviks†) Jewish Chronicle published in London stated,          â€Å"There is much in the fact of Bolshevism itself, in the fact that so many Jews are Bolshevists. The ideals of Bolshevism are consonant with many of the highest ideals of Judaism.†(qtd.in Weber).An American Bulletin carried the words of Rabbi S.Wise, â€Å"Some call it Marxism I call it Judaism†(qtd.in Weber)     The socialist philosophy of the Bolsheviks, which was based on Marxism appealed to the Jewish intelligentsia. The spirit of internationalism, solved the problem of nationalism in an alien land. The promise of bread and equality of the proletariat solved the problem of poverty. The stand taken by the Bolsheviks against anti-Semitism gave them the dream of security. Role of Western Jews.     The Bolshevik revolution is seen by some as a Jewish conspiracy worldwide. However, this is not entirely true. In Britain the 300000 strong Jewish communities was a recent immigration from Russia. For the indigenous Anglo-Jewry, the fate of a fellow diaspora community could no longer be distant concern. The mass immigration brought the problem to their doorstep. For the immigration, Jews political interest in Russia was not a mere academic concern but it was mixed with sentimental attachment and close family ties. It was limited to relief work, philanthropy, and diplomacy. Relief funds were collected for people affected by pogroms. Lucien Wolf the defacto foreign secretary of Anglo-Jewry engaged in diplomatic activities with British government and at League of Nations (Khadish). However, there was no involvement by the British Jews in the Bolshevik revolution.     In United States, millionaire Jews extended financial support to Bolshevik revolution. A group of wealthy Jews and Jewish firms extended financial support to Trotsky. Jacob Henry Schiff, an investment banker was one of the main financiers. Jacob Schiff was a partner in Wall Street banking house of khuhn, Loeb and company. He was an active member in most Jewish charitable organizations and lobbied for the Jewish interest. He and other Jewish leaders successfully persuaded the federal Government to direct official remonstrance to Russia on behalf of human rights of Jews there. Leo Trotsky was given $20 million for the success of the revolution (Best). On March 1917, Trotsky left along with the communist revolutionaries Jacob Schiff and Paul Warburg helped him to reach Russia. Paul Warburg who was vice chairperson of Federal Reserve board handled large sums furnished by the Germans for Lenin and Trotsky. Rothchilds, the banking dynasty of Jewish origin, Olaf Aschberg, a Jewish banker, another Jewish financier Jovotovsky were some of the wealthy Jews who financed the Bolshevik Revolution(Rivera) Though, there was communication passing between the Jewish leaders in America, Germany, France and Britain, there is no hard empirical truth that western Jews conspired together for a Bolshevik revolution (Sutton). Conclusion.     Jewish hatred for Tsarist regime had a basis in objective conditions. Of the leading European powers, Imperial Russia was most anti-Jewish. What else can we expect from centuries of oppression and suffering? However understandable, and perhaps even defensible, Jewish hostility toward the imperial regime may have been, the remarkable Jewish role in the vastly more despotic Soviet regime is less easy to justify (Weber). Sonya Margolina, a Russian born Jewish writer calls it a â€Å"historical sin†She points to the role of Jewish communists in labor camps and the systematic destruction of churches by the Jewish communists (Weber). Neverthless,it cannot be concluded that Bolshevik revolution was Jewish consiparcy.The Jewish Bolshevik leaders like Trotsky had nothing in common with the people of Pale settlement. The Bolshevik Party had many Jews holding important posts. However, there were many Non-Jews holding important posts for example, Lunacharsky, Bukharin, Kirov, Beria, Molotov, â€Å"Iron Felix†Dzerzhinsky (founder of the KGB), Kalinin (First Soviet President), many others. Whatever their religious or ethnic background the Bolsheviks were essentially atheists who hated all religious and ethnic categories. When they came to power, the Bolsheviks burned down the synagogues and killed the Rabbis as much as they did it to the Christians (Spiro).     Original Bolsheviks received funds from bankers. Some of them were Jews and many of them non-Jews. The Germans who wanted to weaken Russia did the main funding (â€Å"Stanford University†).     In the first days after October revolution made great effort to hunt down Jews for use in the state bueracracy.This is not out of the love they had for the Jews but for the abilities of the Jews. They did the same to Latvians, Hungarians, and Chinese (Solzhenitsyn). Some anti-Semites pick up some prominent Bolsheviks and claim that they were Jews. Trotsky was a Jew.However,he was one of the early critics of Stalin and  his criticisms cost him his life. There were many Jews in the leadership of Bolshevik party. As Aristotle says, â€Å"One swallow does not a summer make†(qtd.in Green), we cannot say all Jews in Russia were Bolsheviks.     We can conclude, therefore, that it is wrong to blame a single ethnicity for the crime of few individuals. We cannot blame all Germans for the Holocaust. Similarly, we cannot blame that Georgians are responsible for the atrocities of Stalin. Guilt should be assigned individually not collectively. Bolshevik revolution was a class struggle and nothing to do with ethnicity and religion (Green).                                                                Works Cited Best,Gary â€Å"Sciff ,Jacob Henry†The Online Handbook of Texas.6 June,2001.Texas State       Historical Association.10 April,2007 http://www.tsha.utexas.edu/handbook/online//aricle/SS/fsc53.html       httpp://www.tsha.utexas.edu/handbook/online/articles/SS/fsc53.html  â€Å"Bolsheviks.†Wikipedia.2007 Answer.com 5April 2007.       http://www.answers.com/topic/bolshevik â€Å"Communism and the Jews†. World Association of International studies.5 April 2005. Stanford        University, California.8 April 2007http://cgi.stanford.edu/group/wais/cgi-         bin/index.php?p=1082 Green,Richard.â€Å"The Bolshevik Canard†. The Holocaust History Project. July 2000.8 April 2007          http://www.holocaust-history.org/bolshevik-canard/ Hein, Avi. â€Å"The Jewish Virtual History Tour, Russia.†Jewish Virtual Library.2007.TheAmerican          IsraelcooperativeEnterprise.http://www.jewishvirtuallibrary.org/jsource/vjw/russia.html Horowitz, Brian.Rev.ofâ€Å"Great Russian-Jewish Historians,†ed.Lokshin.A.V.C.Menorah Review           14 September 2005.5 April 2007. http://menorahreview.org.aspx?id=17 â€Å"History of Jews in Russia and Soviet Union†.AllExperts 2006.6 April 2007.     http://en.allexperts.com/e/h/hi/history_of_the_jews_in_russia_and_the_soviet_union.htm â€Å"Jews and Communism†. March of the Titans.Ostra Publication. 1999. 6 April 2007          http://www.white-history.com/hwr61iii.htm Khadish, Sharman â€Å"Bolsheviks and British Jews†Frank Cass Publishers 1992 Rivera,David,â€Å"Final Warning: A history of the New World order†Modernhistoryproject.org          http://www.modernhistoryproject.org/mhp/ArticleDisplay.php?Article=FinalWarning Russia 1905-1945.Redruth School.2006.7 April.2007           http://www.redruth.cornwall.sch.uk/content/departments/history/gcse/russia/Russia1905- htm â€Å"Russia 1917-41†Greenfield History Site 18 March 2007.5 April2007            http://johndclare.net/Basic Russia.htm â€Å"Socialism and Jews†. Information service.Diapositive. Adam Mickiewicz Institute 8 April2007       http://www.diapozytyw.pl/en/site/slownik_terminow/socjalizm_a_zydzi/ Solzhenitsyn, Alexander â€Å"Two Hundred years Together†ed.Mark Weber.2May 2003 Adelaide        Institute 8.April 2007 http://www.adelaideinstitute.org/Dissenters/weber.htm Spiro, Ken .The Czars and The Jews.†Jewish History 23 December 2001 Aish.com.8 April2007       http://www.aish.com/literacy/jewishhistory/Crash_Course_in_Jewish_History_Part_57_-         _The_Czars_and_the_Jews.asp â€Å"Suppressed Link-Jews and Communism.†March of Titans.1999 Ostra Publication 6 April 2007          http://www.white-history.com/hwr61.htm Sutton, Antony. â€Å"Wall street and the Bolshevik Revolution.†Studies in Reformed Theology2001             April 2007. http://reformed-theology.org/html/books/bolshevik_revolution/index.html â€Å"The Jews and Bolshevism†. Jew Watch. 2000 Jew Watch Library.8 April2007.          http://www.jewwatch.com/jew-genocide-USSRchristians-sexpeditionaryforces.html Weber, Mark. â€Å"The Jewish Role in Bolshevik Revolution and Russia’s Early Soviet Regime†            5 April 2007 http://www.ihr.org/jhr/v14/v14n1p-4_Weber.html
Sunday, October 27, 2019
The Recreational Gaming Zone
The Recreational Gaming Zone Statement of Financing needed: In order establish a new business, we need approximately Rs.50 Millions. In which half of the financing will be accessed through our Partners and the remaining will be accessed through Banks, investment companies and other financing companies. Statement of Confidentiality Report: This report is confidential and is the property of the co-owners as listed above. It is intended for use only by the persons to whom it is transmitted, and any reproduction of any of its contents without the prior written consent of the company is prohibited. Executive Summary The keys to success for The Recreational Gaming Zone is our ability to market effectively, creating an unmatched, cool, marvelous, and felicitous atmosphere where people will like to be, and hiring qualified/certified and skilled and knowledgeable staff to aid in the running of our programs and leagues. The sports and fitness club industry is a booming business that offers considerable turnover for individuals investing in it. The company provides a wide range of indoor sports services. Customers can join the sports club for a justified monthly fee. The large number of sports customers represents an attractive pool of prospective customers. The customers are private customers. The expected revenue is between à ¢Ã¢â€š ¬Ã‚ ¦. in the first year. The goal of this start-up is the operation of an indoor sports center Industry Analysis: Over the next five years, the sports industry is forecasted to show moderate growth, largely driven by demography and new entertainment opportunities. The company expects that the sports industry is undergoing significant change from professional sports to entertainment. Future outlook and trends: A brief analysis of the industry has provided us with the following facts and trends that might follow in the future. With the rapid change coming in the technological environment the establishment is expecting to face immense competition in the coming era. The company intends to pursue a strategy aimed at delivering sustainable growth in earnings and company value. The company expects that the highly fragmented market and its anticipated growth provide an opportunity for expanding the companys business and increasing its overall market share. The key strategies of the company are to: produce high quality sports experience increase the number of customers by making strategic investments, improving service quality. Demographic facts: Regarding economic trends and outlooks the income is at booming level and is expected to grow with the same pace in the area of Gujrat. Per capita income in Gujrat District was Rs. 1625/- compared to overall Punjab (Rs. 1389/- per month). In district Gujrat 34 percent people are living below the income level of Rs. 750 per month compared to Punjab where 39 percent people live under poverty line of Rs. 750/- per month (Government of Punjab, 2004).About 75-80% of the heads supporting families of the city reside in foreign countries particularly European countries, UK, U.S, and Gulf Region to earn their income. This has also fostered a belief in us to initiate a project like this in our chosen operational area. Beside the population of the city has also increasing vigorously. This increment in population coupled with an increase in the income level of the inhabitants has provided a strong opportunity for our business to thrive in the coming time. Analysis of competitors: Currently there is only one potential competitor in our locality, a project initiated by Zamindar Degree College. Other potential competitors might be organizations that can offer high technology like Virtual Reality to their customers, a product more advanced than the mere computer games offered by our entity to its prospects. From the industry data it is evident that sports business is a thriving business with strong market growth rate, and rate of return for investors. Our establishment is offering unique services and options contrary to our potential competitor in our locality. There are a number of benefits and advantages our business has got over competitors, like better gaming options, timing hours, a rich and diversified target market, and other geographic advantages. Market Segmentation: Based on the analysis of market we have decided to differentiate the market on the basis of gender, income, age and stage in the life cycle, usage status, and usage rate. On the basis of stage in the life cycle the categories include singles, married couples with children, married but without children, and retired individuals. The individuals meeting the criterion of income include those having income level of Rs. 40000 and above. In addition individuals having savings of Rs. 30000+ are also included among our prospects. The criterion of income applies to all other segments as well i.e. individuals coming under the heading of singles, married individuals and others should also have the above mentioned income level. Single females are prohibited to get membership in our venture. This classification has specifically been made by looking at culture of the locality of operation of our business. However there is no restriction for the membership of males. Separate timing hours have been organized for both singles and family memberships keeping in view the convenience of both categories. There are no age limits on getting membership in our gaming zone. But again the restriction and conditions described above equally apply to individuals of all ages and gender. Under the heading of user status come tourists, and other members like businessmen, teachers, engineers working at prominent positions, and similar knowledgeable intellectuals. Separate timing hours matching their schedules would be arranged, along with special promotion offers pertained to attract and retain them would be considered. Tourists another small market segment for The Entertainer will be the tourists who are attracted to the facility because of its size and appearance. Description of the Venture: Mission: It is our mission to provide the best programs, staff, and equipment, to fully meet the various sports and fitness needs of our members, while generating a profit for the owners and investors. Besides providing an excellent value to our customers Description: The Recreational gaming zone is a new multisport complex that will provide both members and casual users an opportunity to participate in a variety of sports and leisure programs and activities. The establishments main purpose is to provide an environment of pleasure and choice to its members seeking fun, recreation, and excitement by providing a myriad of strategic, adventurous, and other pleasure oriented gaming options. We have started this venture to provide residents of the locality with a completely new option to fulfill their need of refreshment and having fun. Currently the sports opportunities available to masses of the city are rapidly depleting due to increased population, and advancement in industry which has turned rural areas into urban ones. There is currently no other option in the city that matches our establishment. Currently there is only one major Playing Ground namely Zahoor Elahi Stadium operating in the city. Besides this there are some gymnasiums and karate clubs as well; however none of these provide opportunities comparable to our venture. So in order to avail the opportunity to satisfy our customers needs of refreshment we have decided to include versatile games in our venture like Bowling, chess, snooker, table tennis, and with relatively new technology based computer games to entertain children by grabbing their attention and sensation. The uniqueness of our idea has offered us with high chances of success, for there is currently no close competitor operational in our target market area. Only one such club is under construction near Marghazar Colony under the custody of Zamindar Degree College, which is directed to provide sports facility to respective college students and faculty members. No membership option is available to people of local community in this sports complex. We have chosen a site located near Chenab River, occupying a total area of 1 acre. A total of Rs. 10 Million has been spent out to purchase the land. The site has provided us with a strategic position to better target population of two major districts namely Gujrat, and Gujranwala, and their suburbs. In this way we are better able to gain first mover advantage by initiating this unique project oriented to capture the market of particularly Gujrat and secondly Gujranwala. Hence by choosing this locality to situate our business we are in a position of market leader and therefore can get high rate of return on our investment. High cost volumes have been incurred to acquire land and other capital necessary for full functioning of the venture. Every thing is purchased and nothing is acquired on lease. The budget to initiate such a costly project is expected to be round about Rs.40 to 50 million. Up to 50% of the financing is decided to be made through Banks and investment firms. The venture would comprise of single story building, including two major partitions. One portion is entirely dedicated to Bowling court which would consist of 25 columns. While the rest of the area is reserved for other games mentioned above in the discourse. Special endeavor has been paid to match the facility with latest standards. Besides these efforts to provide food arrangement have also been made to relinquish our customers. As this facility is completely new to our potential customers so we have also explored the option of trainers, to guide them and help them to get familiar with rules, and policies involved in playing games available at the establishment, during their membership with the institution. For this purpose we have hired the expertise of well reputed trainers working in established organizations similar to ours in other cities like Lahore, Faisalabad and others. This option to provide expert trainers for our customers was also necessary because none of the entrepreneurs initiating the venture has been expert in the field dealt by the establishment. Keys to Success The Keys to Success for The Recreational Gaming Zone are as follows: Marketing: We must make The Recreational Gaming Zone a common name in the Gujrat and creatively market our services to each of our market segments. Atmosphere of facility: By creating an unmatched cool atmosphere in the gaming zone through the use of first class equipment, floors, and colors, people will want to frequent visit our facility and our ability to retain members will be enhanced. Knowledgeable/qualified staff and management: By providing the users of the facility with knowledgeable and qualified staff who show genuine concern for the patrons, people will feel comfortable and confident that The RGZ can meet all of their sport and fitness needs. Production Plan: Recreational gaming zone is a service oriented entity in contrast to manufacturing business. Hence there is no section of production plan included in the business plan of this venture. This section is mainly discussed in the business plans of manufacturing businesses. What we need to discuss here is to list the sources of supplies of games involved. Some of the supplies include pins used in bowling, the bowls that will be used for rolling, snooker balls, sticks for playing snooker, badminton shuttles and rackets, technical assistance in the successful implementation of computer games plus fixation of any defects, pieces used in the playing of chess and the boards on which the game is played, and finally the necessary equipment required in the playing of table tennis. Suppliers and their Location: Principal suppliers of our utilities are operating in Sialkot, Lahore and Gujrat as well based on the specialization of different regions. The accessories required in the playing of table tennis, badminton, and snooker can be found at least cost from the companies situated in Sialkot. The rest of the equipment particularly things made of wood would be procured from the suppliers at Gujrat, which is well known for its wood works. All the remaining items not available from the specified regions would be purchased from suppliers in Lahore. Operational Plan: The operational plan of the business is simple and straight forward. The company intends to sell its memberships to its prospects. Initial membership fee is fixed at Rs. 5000 for all members regardless of their category. As all the operations are carried out entirely at the establishment facility so the operational plan of our venture is somewhat different from most other service oriented businesses. The requirement of additional major capital is seldom, because it includes relatively long term assets and thus need not be purchased on a continual basis rather occasionally for e.g. in case of breakage of snooker tables or table tennis ones. On the other extreme there is often a need of utilities like shuttles, pins, rackets, to name a few. So it has been decided to keep an adequate stock of these items to meet the regular demands of customers adequately and instantaneously, plus reducing the costs associated with the storage of surplus inventory. There is an arrangement of separate department at RGZ to monitor the working of various operations performed. The hierarchy at the organization is depicted in the following diagram. The company intends to starts operations in the region of Jehlum city as well after two years of operations. This location is selected by looking at the charming market providing great potential for our business to thrive. Marketing Manager Goals: Establish valued relations with customers and employees Create awareness in the market place Providing the good environment. Make the policy attractive more and more people Flow of orders for goods and services Technology utilizations Finance: Finance is considered a backbone of any entity particularly the one going to establish newly. At RGZ the finance department has the following working described below Finance Manager: Responsibilities: Financial reporting. Checking cash inflow and outflows Profit and loss statements of monthly opening and closing. Prepare and review budget, revenue, expense, payroll entries, invoices, and other accounting documents. Check of proper working of the cashier. Budgeting Serial No. Item Registration Fee Membership Fee Monthly fee 1 Snooker Rs.500 Rs.5000 Rs.2500 2 Table Tennis 500 5000 2500 3 Chess 500 5000 2500 4 Bowling 1000 5000 2500 5 Computer games 500 5000 2500 Total 3000 5000 2500 The salaries of various employees working at RGZ are given in the table drawn below HRM DEPARTMENT: Recruitment / Selection of Personnel: Recruitment/selection criteria Employee orientation and training Compensation and Benefit Packages: Employee Bonus Base Pay (Salary) Medical Benefits Basic Needs Advance Salary Marketing Plan Effective marketing together with consistent promotion are the keys to success. The company focuses on a comprehensive web marketing and classical marketing strategy designed to attract new customers, convert leads into sales, and maximize revenue. In the start-up phase it is a central task of the marketing concept to establish name recognition and its own trade mark. Several marketing and sales promotion strategies are available in the industry to choose from. Later on the strategy will primarily be targeted to gain new customers and create customer loyalty of repeat customers. Market Research: Prior to starting our venture we have estimated the size and intentions of our prospects. The research data was very conducive for the opening of the venture of the type in discussion. The following chart depicts the response our prospects have provided to us. Research Methodology: The research methodology adopted consisted of the following contents. Both the primary and secondary sources of data collection options were explored as, EXPLORATORY RESEARCH INTERVIEWS QUESTIONNAIRE SAMPLING TECHNIQUE SWOT analysis of RGZ: The principal strengths of our venture are the unique games provided compared to our current competitors. The chosen site has also provided us with first mover advantage, for there is no present comparable venture operational in the region under consideration. Among the weaknesses come options that we have not included yet, such as swimming pool, Basket Ball, karate club, and other products that have been available from our close competitors like pace, AFC and others. There is a strong potential for the venture to gain advantage from the opportunity of first move plus innovation by reaping the rewards from prospective customers, for there is no alternative to our venture, to which they might refer as substitute. By using this opportunity we are in a better position to obtain high rate of returns on our investment, a part demonstrated in the financial section of the plan. The major threat as described earlier is the innovation and improved technology that might be introduced by our potential competitors in the future. Specifically if any competitor that enters the market with relatively advanced technology in the coming next two years can pose a serious threat to the profits generating capability of the sports complex. Another recent threat comes from the political scenario prevailing in the country, particularly war against terrorism, and the resulting bomb blasts and explosions made by extremists in various parts of the Country. To avoid this threat special endeavor would be made to void any security lapse. Competitor analysis: The information on this topic has been covered earlier in the plan however here a concise detail regarding the topic is made. The company is in a sense market leader, with no comparative competitors operational in the locality. A portion of competition comes from establishments like AFC, Pace, and Zamindar Degree College Sports Complex (under construction), due to somewhat similar products offered by these institutions, and in some cases offering products that have not been included in our planning operations. Despite all these our company has significant strategic advantage over our current and potential competitors. The product offering at the RGZ is completely unique in all aspects. Games like chess, bowling have a strong market potential and are currently offered by less similar establishments working in the surrounding areas of our venture. Marketing Objectives at RGZ: Marketing plays an important role in the survival of any business .The success of the co. in market depends considerably upon the role of marketing department. RGZ consists of marketing department with high aptitudes and innovative ideas in sports centers. Here a marketing manager, and sale manager, dealing officer, assistant manager and several other employees are working within marketing department. Specific Marketing Department Goals: By looking at the outcomes from the conducted SWOT analysis of RGZ and by completing competitor analysis the following main objectives for RGZ marketing plan have been set. Sell 750 memberships in year one, 1200 by the end of year two, and 2000 by the end of year three. Organize and develop various sports leagues and market them effectively. Provide young generation of Gujrat and surroundings a good entertaining plate form Show at least a 10% return to investors in the first year of operation. Marketing Strategies: Due to the size and convenient location of our facility, many people will be attracted to The Recreational Gaming Zone (RGZ) to see what we have to offer. However, we will not be content to just wait for customers to come to us. Instead, we will focus our marketing strategies on those market segments who match our offerings. The great thing about marketing The Recreational Gaming Zone (RGZ) is that each market segment relates, in certain ways, to all the others. Our main objective with our early marketing strategy will be to get people into our facility. Once people see what we have to offer, and feel the atmosphere that will be created, they will want to return and participate in the many activities and programs that will be available to them. Some of the ways The Recreational Gaming Zone (RGZ) will get people into the facility include: Offering tours to junior and senior high schools during the building and early completion stages of the facility. Having a large promotional event to open the facility that will be free to everyone. Hosting and/or supporting various community events that will bring in many people who otherwise would not come. Mailing out free day passes to all of the surrounding area. Following the opening of The Recreational Gaming Zone (RGZ), print and radio media will be used to promote both the facility and the programs that are being offered to attract new people from all over the Gujrat and surrounding target market areas. Target Market Segment Strategy: Advertising Media Used Sales Strategies Sales promotion Public relations Pricing Print advertising Direct marketing The company uses direct-response advertising, including television, internet and other media, to attract buyers to the center. Advertising Advertising is any paid form of non-personal communication of ideas or products in the prime media i.e. television, newspapers, magazines, billboards, posters, radio, cinema etc. Advertising is intended to persuade and to inform. Advertisement Objectives: To create maximum awareness of this new sports complex among the people and tell them how important health for anyone. To build a strong brand equity by having a distinct position in the minds of the customers. Media Usage for Advertisements (Budget Requirements): FM Radio Print advertising Direct marketing Cable TV Ads Online marketing Online marketing The Company has the budget and strategy that allows it to use dozens of traffic providers to link to its core web site www.RGZ.com.pk . Newspaper advertising is an integral and desired part of the marketing strategy. Print media advertising is a mass communication tool. Printed advertisements will be used in national and international magazines to increase the number of customers. Marketing cooperation the best way to find out who would make a good partner is to research the potential businesses in the industry. Direct marketing The company uses direct-response advertising, including television, internet and other media, to attract buyers to the center. Media Used Time/Type Duration Total Costs (Rs.) Cable TV 6:00 pm to 11:00 pm 30 seconds 100000 monthly Radio 6:00 am to 10:00pm 45 seconds 60000 monthly Banners Handwritten 50000 annually Print Adverts. 100000 annually Public Relations Providing them proper coaching to run machines. Oversee game management operation Provide instant help to any member when he/she need. Organizing some programs on events like Eid, and other important events. Oversee and provide guidance for the scheduling of all athletic and recreational facilities including the developing of a price structure and the procedures to bill and collect all fees charged. Strategy and Implementation The Recreational Gaming Zone (RGZ) has a very large potential market. Because of the small number of recreation and fitness facilities in the Gujrat City, we feel we will become the number one sports and fitness complex quickly. This will be accomplished by actively and continuously promoting The Recreational Gaming Zone (RGZ) through radio and media advertisements. Sales Strategy Sales in the sport and fitness club business are based on the services and amenities provided by the facility. The something for everyone slogan fits perfectly with The Recreational Gaming Zone (RGZ). All of the users of our facility must feel like they are getting the best possible value out of their money. If there is a better value, for equal services, The Recreational Gaming Zone (RGZ) will match or beat that value for our customers. Each person desiring a membership at The Recreational Gaming Zone (RGZ) will be able to sit down with a representative and be notified of all of their membership policies, terms and conditions. During this brief discussion, the person will be also be informed of all of the services, programs, and amenities The Recreational Gaming Zone (RGZ) has to offer. It will be important to establish a relationship of trust with our members as retaining membership is equally important as developing new customers. Sales promotion Sales promotion strategies have temporary effects only. Sales promotion will be used for a limited time to increase the number of customers. The strategy will include special offers with opening discounts for new customers. The initial membership prices will be reduced by 50% for the first three months. Organizational Plan Company Ownership The Entertainer will be a Limited Partnership corporation that will be privately owned. Eight partners will own the company Identification of Partners: The principal partners of the venture are Mr. Usman Shaukat Mr. Faisal Amjad Mr. Fawad Saleem Mr. Hassan Mushtaq Mr. Qasim Javed Mr. Mohammad Babar Mr. Mohammad Adeel Mr. Fawad Zaman All these partners have contributed with the same percentage in the total equity of venture. Up to Rs. 0.8 Million has been paid by each party. While the remaining part has been financed from Banks and financing firms. Authority of Principals: The authority is distributed uniformly among all the entrepreneurs. There is no difference in potential for different principals. Management Summary and Background: The entrepreneurs will stay within their expertise in running the day-to-day operations of the facility, along with running and developing various leagues and programs for the community. Back-up for the general partners will include staff members who will compensate for the founders lack of experience in each area. For example, qualified personnel will be hired for the food and beverage and fitness areas. General help staff will be hired on a need basis as the users of the facility increase. There will also be a janitor hired for basic cleanliness and maintenance of the complex. The Entertainer will have a total staff of 13 people in the first year of operation. It is projected that an additional three people will be added each year for the next two years. The majority of the salaries are projected to raise 5% per year for the first three years. This estimate may be conservative. Assessment of Risks: Among the weaknesses come options that we have not included yet, such as swimming pool, Basket Ball, karate club, and other products that have been available from our close competitors like pace, AFC and others. New technologies: We are providing the latest technology in RGZ. And we expecting that for the next 2-5 years, the possibility of change in technology will be low. Financial Plan: Important Assumptions The financial plan depends on important assumptions, from the beginning, we recognize that collection days are critical, but not a factor we can influence easily. At least we are planning on the problem, and dealing with it. Interest rates, tax rates, and personnel burden are based on conservative assumptions. Some of the more important underlying assumptions are: We assume a normal economy(not very strong as in Pakistan), with recession. We assume the rate of growth for the number of sports club memberships will continue. The company assumes that a number of trends are likely to further increase the demand for indoor sports. Break-even analysis: The risk analysis considers critical factors that may lead to a failure of the business concept. Such factors can involve failures during the implementation phase as well as during operations. Such potential factors are ordered according to the probability at which they can arise. Shown are the key factors that can lead to the failure. Data is drawn from surveys from five businesses with different services as well as revenue and cost structures. Growth is the core strategy of the company. Development activities require a high level of funding over a long period of time and, over the course of its existence, the company intends to develop or acquire other companies. There is no assurance that additional funding will be available to the company in the future or be secured on acceptable terms. If adequate additional funds are not available, the growth of the company might be significantly lower. The company may be unable to adjust spending quickly enough to offset any unexpected revenue shortfall. If the company has a shortfall in revenue in relation to the expenses, the operating results will suffer. The operating results for any particular quarter may not be indicative of future operating results. The company will experience a period of rapid growth that will result in new and increased responsibilities for existing management personnel. Further, the company will employ a number of additional senior management personnel. The companys growth is expected to continue to place, a significant strain on the companys management and operating and financial systems. . Insufficient demand and wrong capacity frequently leads to business failure. This includes permanently low demand as well as a temporary collapse in demand. Often demand estimates were too optimistic at the outset. Such failures might also come from external shocks instead of operating deficiencies. Disruptions or management failures may cause interruptions in service or reduced revenues. If service is not restored in a timely manner, this would reduce revenues or increase costs. Service disruptions could also damage
Saturday, October 26, 2019
Native Dye Plants of the United States :: Botany
Native Dye Plants of the United States The first to use native dye plants in the United States were the Native Americans. Their culture was totally dependent on what the land produced. This is reflected in the wealth of information Native Americans possessed about useful plants, from medicinal to ceremonial and dye plants. This is reflected in the types of houses they built and the names of places (often after the plants that grew there). Early European colonists foolishly ignored the wisdom of the Native Americans and modern Americans are not much wiser. Americans need to learn about the plants and animals in our own country and how they can be useful to mankind. Instead of bringing non-adapted species of Europe to North America we need to learn what native adapted species can fulfill our needs and wants (Gilmore 1977). For example, we spend thousands of dollars feeding, sheltering, and caring for European cattle when we have native bovines, bison which are naturally adapted to the climate and environment. Melvin Randolp h Gilmore sums this idea up well in the following quote: "The country can not be wholly made over and adjusted to a people of foreign habits and tastes. There are large tracts of land in America whose bounty is wasted because the plants which can be grown on them are not acceptable to our people."(Gilmore 1977). Native Americans learned about the plants in their environment through general trial and error and through communication with other tribes (Gilmore 1977). Some of the dyes used by Native Americans of the Missouri River region are discussed below. Far more plants were used for medicines, shelter, and tools than dyes. Various green dyes came from pond scum probably Protococcus, Ulothrix, Chaetophora, and Spirogyra. Another green dye that was used for bows and arrows came from lamb's quarter, Chenopodium album. Yellow dyes came from a variety of places including smooth sumac, Rhus glabra, roots, the lichens Parmelia borreri and Usnea barbata, and young cottonwood (Populus sargentii) leaf buds collected in early spring; this particular yellow dye was used for coloring arrow feathers and quills. An orange dye also used as a feather dye was boiled out of the vines of dodder (Cuscuta paradoxa). Red dyes came from pokeberry (Phytolacca americana) and were used to paint horses and people. The familiar bloodroot (Sanguinaria canadensis) was also used as a skin dye or to dye articles that were boiled with the roots.
Friday, October 25, 2019
Hemp: A Help Or A Hindrance? Essay -- essays research papers fc
Hemp: A Help or a Hindrance? Hemp, also known as Cannabis sativa, marijuana, grass, and by many other names, has not been a legal commercial crop in the United States for almost sixty years. As common two centuries ago as cotton is today, hemp is not seen on the market. As many groups fight for hemp to become legalized as a drug, many people are battling for the plant to become legalized for its industrial and medical uses. From Disney Indiana Jones hats to fuel for our automobiles, hemp is a hardworking, environmentally sound renewable resource. People have become so wrapped up in the "drug" aspect of marijuana that many are forgetting its uses as an industrial material. Hemp is an ancient drug, first mentioned in a Chinese manuscript in 2700 BC. Its uses included treating gout, malaria, gas pains, and absent-mindedness. Hemp was an integral part of early Indo-European religious ceremonies for thousands of years. Records from Assyria in 650 BC referred to it as a drug called azulla that was used for making rope and cloth, and which was also used for experiencing euphoria. Hempen sails brought the Spanish, Dutch, and British conquerors to the new world (Charpentier 18). In North America, hemp was planted near Jamestown in 1611 for use in making rope. In order to keep a constant supply of hemp available, a law was passed in Massachusetts in 1639, requiring every household to plant hemp seed. In Maryland, Virginia, and Pennsylvania, hemp was even used as a monetary unit. Thomas Jefferson's draft of the Declaration of Independence, released by the Continental Congress on July 4, 1776, was written on paper made from hemp (Whole Earth Review 46). And the 49ers washed gold from California creeks in Levi's made from hemp. In 1937, the United States government passed the Marijuana Tax Act which prohibited the use of marijuana as an intoxicant and regulated its use as a medicine. Although there are hundreds of ingredients in marijuana, the main ingredient is a chemical called tetrahydrocannabinol (THC). THC affects the brain and the circulatory system, especially the heart. This makes the heart beat faster and causes small blood vessels to expand. This is the most visible in the eyes, where tiny capillaries swell and fill with blood, giving the eyes a bloodshot look (Ravage 6). Marijuana had its day of glory in the 1960s. Casual use was widespread, mai... ...aren't afraid to take the risk. The government may not approve of this, but it is going to happen. Legalize hemp to be used for its practical purposes. For many years, there has been debate on whether or not to legalize marijuana. Hemp has been used in many ways. From using it to get high, to making paper for money. Throughout its history the plant has been very useful. It has proven to be a valuable asset to our economy and is something that cannot simply be brushed away. Although there are many people that abuse it, they are far many more people that can benefit from its legalization. Works Cited "Tree Free Paper." Whole Earth Review Fall 1993: 46 Charpentier, Sean. "Kentucky's Tobacco vs. Hemp." Dollars and Sense May-June 1991: 18 "Can hemp help Northwest solve its timber problem?" Wood Technology May-June 1993 : 8 Ravage, Barbara. "Hemp or Health?" Current Health 2 Oct 1994 : 6 Mason, Alan. "Hemp for Victory." Whole Earth Review Fall 1993 : 48 Barry, John Byrne. "Is grass really greener?" Sierra Nov-Dec 1995 : 22 "Marijuana use among teens nearly doubles in two years." USA Today Nov 10, 1995 : Money
Thursday, October 24, 2019
Animal Farm.The role of Stalinism
The book that I decided to do was Animal Farm. I have read this book once before and it really shows the role of Stalinism. Napoleon, the head pig and the ruler of the farm is most similar to the Russian leader during the Russian Revolution, Joseph Stalin. Napoleon is similar to Stalin in the way that they share most character traits such as intelligence and leadership. Although it seemed in the book that Napoleon never displayed in interest in the strength of Animal Farm itself, instead he was worried more about the power he was able to hold over the farm.Stalin did not start off with power from the start. Joseph Stalin was first appointed to serve on the Central Committee of the Bolshevik Party. The Bolsheviks were able to seize power over Russia in 1917 and the Soviet Union came about shortly after. Through the next years Stalin was able to make his way up the party rank. He was promoted to General Secretary of the Communist Party in 1922 by the parties’ first leader, Vladi mir Lenin. Having this role allowed him to appoint people that were loyal to him and help him collect information on other members of the party.Once Lenin died in 1924, Stalin outmaneuvered his rivals with his intelligence and soon become the dictator of the Communist Party. The book Animal Farm was published during the same time that Stalin was starting to take over Russia. The farm is taken over by the overworked and mistreated animals. Once they are able to run off the farm owner the main pig, Napoleon is able to use his smarts and leadership to get the other animals to follow his command. Napoleon is best portrayed as Stalin in this book as they both were able to rise up from the bottom by using their cleverness to overcome any of the obstacles in their way.They both were great leaders and were able to get a lot of followers that had the same beliefs that they did. The author has more than one way that he uses to describe totalitarian power throughout Animal Farm. He first start s off by using Mr. Jones as an example by stating that he runs Manor Farm based on the idea that human power over the animals is the natural order of things. Once the animals heard Old Major give his speech on the chance to have a better life without any humans, the animals decide to rebel and overthrow Mr.Jones. As this revolution happens, Napoleon and the other pigs start to run the newly named, Animal Farm with the declaration that they are all fighting for animals against evil humans. The way that I understand the way totalitarian government is used is that one leader is able to do certain things that are able to persuade people to follow in their beliefs. They are able to use such things as power and smarts to get a person to do such things and anyone that does not will usually have those people killed.Also those who hold power in totalitarian regimes only care about one thing while they rule and that is maintaining power by any means possible. I feel that Orwell was able to de scribe totalitarian in several ways by using the humans as an example then using the animals. Adolf Hitler and Stalin are the two most known totalitarian leaders in Europe. Hitler was the leader of the Nazi Party and is to blame for World War II and causing the holocaust which led to the suffering of many nations. The two leaders were both very cruel and strict.The circumstances in which the two leaders were able to take power were very similar because they were able to take advantage of the situation they were in and rise to the top. The method in which they used were a little bit different, as Stalin built his way up the ladder slowly and had to remove anybody that seemed to be a threat whereas Hitler’s road to power was shorter to where he was able to become the only leader in just 19 months. Overall the roads to power for the two were different.Hitler took power by means of election where Stalin had to make his way by outmaneuvering many people. In the book the animal tha t becomes the main leader is the pig, Napoleon. I feel that even though he is modeled as Stalin his rise to power is mostly similar to that of Hitler’s. He is the smartest animal on the farm. By being the smartest he was able to use that ability to get the other animals on his side and believe whatever he said which ultimately led to the animals just accepting him as leader. What I have learned about the totalitarian style of government is that once he leader is able to get to the top he ultimately only cares about one thing and that is staying leader. Such as Stalin was able to outmaneuver people to get to the top and he made sure he appointed people that would be loyal to him from the start so they would not get in his way in the future. Bibliography â€Å"Joseph Stalin. † History. com. A&E Television Networks, n. d. Web. 10 Dec. 2012. â€Å"Animal Farm: Themes. †LitCharts. com. N. p. , n. d. Web. 8 Dec. 2012 Orwell, George. Animal Farm;. New York: H arcourt, Brace, 1954. Print
Difference in Us Gaap and International Accounting
IS IFRS a better Accounting Standard than US GAAP for achieving good financial reports? This research paper delivers an analysis of determining whether the International Financial Reporting Standards, hereafter known as IFRS, is a better reporting standard than the US Generally Accepted Accounting Principle (GAAP). Financial Statements have to provide high quality financial reporting information with regards to economic entities, primarily financial in nature, which are useful for economic decision making (FASB, 1999; IASB, 2008).International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have been extremely involved in making IFRS the international Accounting Standard. The Securities and Exchange Commission (SEC) has been working on evaluating the implications of incorporating IFRS into the US financial reporting system, currently known as US GAAP. More than one hundred countries have moved to IFRS reporting, or have decided to require the use of these standards in the near future. (SEC,[2007]).Financial reports are a combination of four different key statements. They are balance sheets, income statements, cash flow statements and the statements of shareholders equity. Currently, the FASB is the highest authority in establishing generally accepted accounting for public and private companies in the United States. Financial reports are a necessary tool used by current and prospective investors to see how a company function and stands financially. It is also used to analyze and assess a company’s potential areas of growth as well as its areas of weakness.US GAAP has many guidelines and rules to follow whereas IFRS is more based on basic principle. Comparing the US Generally Accepted Accounting Principle (GAAP) and IFRS might help to understand which standards will better serve the Goal of achieving good financial reports. Both IFRS and US GAAP have many rules in common and are significantly similar due to the conjunction efforts of both officials over the years. Despite this, numerous differences between US GAAP and IFRS also exist. The big four audit firms have been instrumental in developing a difference between the standards.The followings are the comparisons of rules between IFRS and US GAAP to remotely see the difference between two accounting standards in three different areas. The areas are A) Revenue Recognition, B) Business Combination and C) Inventories. A) Revenue Recognition: US GAAP revenue recognition guidance is extensive and includes a significant number of standards issued by the Financial Accounting Standard Board (FASB) and the US Securities and Exchange Commission. The guidance tends to be highly detailed and is often industry-specific.One of the most common general revenue recognition issues has to do with the determination of when transaction with multiple deliverables should be separated into components and how the revenue gets allocated to the different components. Under US GAAP, detailed separation and allocation criteria is focused whereas IFRS focus on the economic substance of the transactions (Ernst & Young, 2011). Revenues are likely to increase with less detailed guidance under IFRS. B) Inventory Valuation: The US GAAP permits last in first out (LIFO), first in first out (FIFO), and weighted average cost.The inventories carried are recorded at the lower of the cost or market price. According to IFRS, first in first out and weighted average cost are only permitted. Companies that use last in first out must revalue inventory, which could result in tax liabilities due to the IRS’s last in first out conformity rule. C) Business combination: Business combination refers to the takeover of one enterprise by another. Business combinations are one of the important business activities carried out in current capital market (Bohusova, 2009). More than 13000 M&A transactions were carried out worldwide in 2006 (IASB, 2006).Although US GAAP has largely converged with IFRS in this area, certain important differences have remained. The business combination standards under US GAAP and IFRS have two major differences: (1) Full goodwill and (2) the requirements regarding recognition of contingent assets and contingent liabilities. Different requirements for impairment testing and accounting for deferred taxes are among the most significant. The Business combination project has contributed to Mergers and Acquisition recording harmonization and to comparability of financial statement in the area of business combination (Svoboda, 2009).Importance of Good Financial Reporting: Financial reporting and disclosure quality are very important because it is linked with various economic consequences such as market liquidity, firms’ cost of capital, and corporate decision making (Daske, 2006). It is relatively impossible to compute all of the economic consequences that may have cause due to corporate decision. Additionally, all the effects a re not properly understood nor will there be supportive evidence. Investors depend upon the financial reports provided by the companies for investment opportunities.Financial reports provided by the companies are the only evidence of the effectiveness of reporting quality. Less informed investors are worried about the better informed investors. This causes less informed investors to lower the price of the security to protect against the losses from trading with better informed financiers. The unwillingness of the less informed investors reduces the liquidity of the securities market. Corporate disclosure can alleviate the problem and increase market liquidity by leveling information among investors (Verracchia, 2001).Good reporting and disclosure can affect the cost of capital. Better disclosure can improve risk sharing in the economy, either by making investors aware of certain securities or by making them more willing to hold them, which again reduces the cost of capital (Diamond and Verrecchia, 1991). It is also very likely that better reporting improves corporate decision making. For instance the efficiency of firm’s investment decision would improve. There have been a number of studies conducted suggesting that better reporting leads to higher investment efficiency.However, the evidence on the effects of reporting quality on corporate decisions is still in its early stages (Biddle et al, 2008). The disclosure of one firm can be very useful to other firms for decision-making purpose but it can also help reduce agency problems in other firms. The disclosure of operating performance and governance engagements provides useful standards that help outside investors to evaluate other firm’s managerial efficiency or potential agency conflicts and doing so lowers the cost of monitoring. Another very important element of corporate reporting is its comparability among firms.Corporate reporting can be precisely useful to the investors and other stakehol ders if they are using similar accounting standards. More comparable reporting makes it easier to differentiate between less and more profitable firms, which in turn reduces information asymmetries among investors and provides lower risk to the investors. These improvement resulting from greater comparability can also increase market liquidity and reduce firms cost of capital (Daske, 2006). Better comparability can also have positive effects on corporate decision making.More comparable reports allow firms to make better informed investment choices due to a better understanding of competing firms, both within a country and across countries. Growing numbers of firms with comparable financial reports increases the number of two ways communication linkages in the â€Å"Financial reporting†network. This enhances the value of the overall network to both the investors and firms (Meeks and Swann, 2008). Although there are many benefits of more comparable reporting and disclosure, th ere are also costs to improving corporate reporting.The reporting and disclosure costs include the preparation and certification. Regulators should carefully weigh the convergence of costs and benefits to firms, investors, and other parties in the economy. The benefit of high quality and more comparable reporting may also vary significantly across industries and markets. Impact of IFRS in Foreign Countries: Financial reporting quality is affected by many factors other than just the accounting principle adopted. These include legal and political systems, reporting incentives and other market incentives. Ball, Robin, & Wu, 2003). The quality of financial reporting also depends on the relevance and reliability of the financial and non-financial information recognized and disclosed (Ferrari, Momente, and Reggiani, 2011). Empirical research conducted by Ferrari, Momente and Reggiani studied the earning quality in relation between the German companies practicing IFRS and German companies practicing German accounting standards (HGB). This research has been conducted based on German companies, excluding financials and utilities listed on the Frankfurt stock exchange.German is the only large country in Europe with a strong set of local GAAP where a substantial quantity of firms applied IFRS on a voluntary basis before 2005. Out of 746 German companies 368 were following IRFS and 378 companies were following HGB (SEE APPENDEX 1). The mathematical finding articulates that the analyses supports the idea that the IFRS adopter are generally characterized by a level of earnings management lower than or equal to the HGB adopters. Another study conducted by Daske, Hall, Leuz and Verdi looked for evidence on economic consequences after mandatory IFRS Reporting.The analyses were based on market liquidity and cost of capital in 26 different countries. Their research provides us with the synopsis on the capital market effects after introducing the IFRS in 26 countries around the w orld. The study analyzes the effects in stock market liquidity, cost of equity capital, and equity valuations. The results propose that the mandatory adopters experience statistically significant increases in market liquidity after IFRS reporting becomes compulsory. These research and results indicate that results have mixed results on quality changes after the adaption of IFRS in different countries.Whether IFRS can work properly in markets that are disciplined mainly by regulators rather than the market mechanism can be verified by observing the adoption of IFRS by China (DING & SU, 2008). What’s more, a single set of standards may not be suitable for all settings and thus may not improve reliability due to differences among countries (Soderstrom & Sun, 2007). The adoption of IFRS in the Chinese economy has significantly improved the quality of accounting and reported earnings (Liu el at, 2001).Evidence also reveals that value significance of reported earnings increased whi le earning leveling decreased with the standard change. Empirical evidence showed by Daske et al. ’s (2008) claim that quality improvement from IFRS adoption is expected to be higher for adopters with poorer quality as firms audited by the Big Four before the standard change. This clearly shows that IFRS has been the preferable accounting standards for foreign countries. Is Conversion to IFRS economically advantage? Quality reporting and more comparable reporting and disclosure can create economy-wide benefits.Therefore it is safe to say that it makes economic sense for regulators to access the current reporting environment within a market or country to determine if any changes to the reporting environment could move reporting quality and comparability closer to the peak. My question is, what role the accounting standards play in achieving good quality and comparable reporting practices? How will policymaker achieve these goals? The capital markets and investors appreciate hi gher transparency and high quality reporting.However, the evidence from academic studies suggests a limited role of standards in influencing reporting practices (Daske, 2006). To further support this point, we need to highlight the role of reporting incentives and institutional frameworks in shaping firms’ reporting practices. We can also assume that changing the accounting standards can also lead to undesirable effects depending upon the economy. Studies steered by Ball and Shivakumar (2005) illustrated the importance of firms reporting incentives, rather than accounting standards, as key drivers of observed reporting quality.The studies identify that accounting standards give firms considerable reporting choice because the application of the standards involves considerable judgment since accounting measurements rely on management’s private information and involve an assessment of the future, making them subjective demonstration of management’s evidence set. Fi rms reporting inducements are molded by many factors which includes the capital market forces, the law of the nation and a firm’s compensation on performance to the management.It is relevant for the IFRS debater that the studies show that even the firms with the same accounting standards, reporting practices fluctuate considerably across firms and countries (Ball and Shivakumar, 2005). Studies also shows that even if these standards are strictly enforced and implemented, moving to a single set of accounting standards is not enough to produce comparability of reporting and disclosure practices (Ball and Shivakumar, 2005). This proves that accounting standards are more limited than often thought.They are just one of many factors which help shape actual reporting and disclosure practices. Accounting standards are a very important organized element that affects financial reporting practices in a country. In a good economy, these elements are most likely to help one another becaus e accounting information plays an important role in financial contracting (Ball, 2001). Investors in public equity markets use financial statements to witness their entitlements, make speculations, or use their rights at shareholder meetings.Therefore, it is practical to think that corporate reporting improvements in conjunction with other institutional factors to enable financial transaction and contracting (Ball, 2001). IFRS is favored because of the idea behind its effects on capital market and investors. Another thing to consider is that the adoption of IFRS can also improve financial reporting to outside investors. We can conclude that IFRS leans more toward capital markets which is more relevant to investors. Tightening the accounting standard can reduce the level of earning management and improve reporting quality (Soderstrom, 2007).Hence, IFRS helps to lower the quantity of reporting discretion comparative to many local GAAP. However reducing the level of reporting discretio n can also makes it more difficult for management to track their private information through the financial statements. Using a similar accounting standard across the world likely improves foreigner’s ability to notice earnings management and accounting manipulations. Hence, a shift to IFRS does in fact increase the comparability of a firm’s report, and it can also improve market liquidity. In contrary, Daske et al. 2008) verifies that the capital market effects around the mandatory IFRS reporting are not evenly distributed across countries because countries with weak law enforcement and reporting incentives are most susceptible to remain substantially unaffected by the IFRS mandate. There is evidence of constructive capital market outcome by the IFRS mandate in several countries. However, there is significant variance in the effects across firms and countries. IFRS adoptions in the US economy rests on whether the quality of US firms reporting fluctuate in the capital m arket.Therefore, it is necessary to acknowledge such changes in reporting quality are likely to occur. IFRS is now similarly compared with US GAAP and the remaining differences are minor (Krishnan el at 2012). Both standards have a similar fundamental viewpoint and capital market positioning. In 2002, the two standard setting bodies issued a Memorandum of Understanding (â€Å"Norwalk Agreement†), agreeing to make the two financial reporting standards more compatible and to coordinate their future work program in order to maintain compatibility (FASB (1999).IFRS and US GAAP have converged in many areas bringing both standards closer to each other. The US is one of the largest economies in the world. The institutional framework of the US economy is very unique. US firms typically rely heavily on publicly traded external finance (Juang el at, 2012). Directly or indirectly, a larger portion of US household hold debt and equity securities through mutual funds compare to other coun tries. Retirement savings represents a substantial amount of those securities. Hence, the regulators have a great responsibility to support this financial system.Therefore, the current securities laws and the US GAAP primarily are geared towards supporting public debt and equity markets. The US economy and its capital market are diverse. Reporting outcomes under US GAAP are generally considered to be high quality because of its ability to reflect economic events in a timely manner (Ball et al, 2001). The public enforcement system is supplemented by robust private administration, intimidating lawsuit, and potentially substantial financial consequences for managers, directors, and corporations that engage in reporting crimes.FASB standards and additional SEC filing rules requires a more substantial amount of disclosure than in any other countries (SEC). Hence, a switch to IFRS can bring a dilemma weather to maintain disclosure requirements mandated by the SEC or stick to IFRS limited disclosure (SEC). Cost Analysis of Adopting IFRS-From the preceding discussion, the capital market benefits of IFRS and the effects on U. S reporting practices are likely to be small. However, let’s take a look at the cost consequences of adopting IFRS.In the first year of publishing IFRS reports, companies will have to train their employees in the preparation of IFRS financial statements. Hiring outside specialists and consultants and upgrading the software are other major expenses companies will have to bear. It should be noted that there will be additional revenue for the firms who does the advisory and auditing of those firms. Not surprisingly, many of the accounting firms take very optimistic attitude regarding the potential adoption of IFRS by the US. The cost for US firms would be substantial.According to ICAEW, 2007 per firm estimates ranging from 0. 31% of total sales for firms with sales below $700 million to . 05% of total sales for larger firms. This amounts to an average onetime cost of $430,000 for small firms and $3. 24 million for large firms. Based on these estimates, the US economy as a whole could cost up to $8 billion. The cost might go up if SEC requires firms to provide reports under both standards. Although the one-time conversion costs are likely to be substantial, there is no guarantee for any recurring cost.There might be periodic costs associated with inconsistencies within the US legal and institutional system (ICAEW, 2007). To my understanding issues like this wouldn’t be easily to fixed. One can argue that there are also many reasons to believe that adoption of IFRS could also save money because of a single global reporting system in the long run. The foreign US holdings multinationals often have to fulfill with the domestic reporting standards of their residence which is most likely to be IFRS. If foreign multinationals that use IFRS no longer have to maintain US GAAP reporting then they will save money on the conve rsion.The adoption of IFRS could save money to many US firms indirectly. Effect on Education System due to conversion: The accounting professionals and educators need to be brought up to speed in an adequately time frame in order for smooth conversion to IFRS. As mentioned earlier, China and Germany were able to convert the standard smoothly; the same should be possible in the U. S. The big four accounting firms have been releasing a number of reports that IFRS education is lagging behind. The big four accounting firm have reported that U.S. investors and issuers are not yet appropriately educated with IFRS, and that at present college curriculums, text books and other instructional tools do not adequately train students and other interested parties in IFRS proficiencies (Ernst & Young, 2007b; KPMG, 2008b). Writers Point of View: This research paper has mentioned a few times about the issues related to the compatibility of IFRS with the US institutional framework. The countryâ€℠¢s financial reporting system is a very important determinant of aggregate economic effects.Hence, the financial reporting system is one of the basics of country’s organized framework which is likely to detect the performance of a country’s financial and economic system. A switch to IFRS by US regulators can cause unwanted concerns for the US economy if there are any incompatibilities with other elements of the organizational framework, even when IFRS are thought to be high quality and perform well in other countries. Financial markets are a network where one is reliant upon others’ financial reports. It is difficult to ascertain and quantify the complexity that can caused due to the adoption of IFRS.As countries institutional frameworks play a key role in determining manager’s reporting inducements and the use of discretion, it is significant to know whether the amount of reporting preference in IFRS creates a problem for the US litigation system since i t is moderately exclusive. Because IFRS has less specific standards and guidance, executives have to apply more judgment in interpreting IFRS. IFRS could lead to uncertainty about litigation outcomes which could even induce executives to make conservative accounting decisions.A vital issue is whether a single set of accounting standards is necessary and would benefit firms, investors, and additional stakeholders. Striving for a single set of accounting standards can generate some cost savings and comparability supports, but the adoption of IFRS in the US would also eliminate the existing competition between IFRS and US GAAP. This could also mean the monopoly of IFRS. Monopoly has never been a good sign in the business world for a consumer. As I have mentioned earlier in my paper, US GAAP and IFRS have very small differences.Hence, it makes perfect logic that comparability of US GAAP is likely to increase globally because additional countries plan on adopting IFRS. US investors will be in better position if they are capable of understanding the IFRS due to growing adoption around the globe. Alternatively, FASB could keep up with the work on adapting the favorable principles of IFRS into the US GAAP yet not converting completely into IFRS. U. S investors and executives will have sufficient time to adapt with the change if U. S GAAP is slowly modified to converge with IFRS.This could possibly be the most inexpensive and least disruptive option for the US economy. CONCLUSION: A vital role of accounting standards is to cut back the transactions cost of communicating data among various shareholders, permitting them to make more effective judgments and to undertake transactions within, outside, and among firms. There are pros and cons for adopting IFRS. Comparability could be seen as pros whereas higher initial cost for convergence and monopoly of IFRS could be seen as cons. Since US economy is very complex, the effect of IFRS could not be forecasted in its eternity. It is better for US regulator to slowly convert the favorable principle of IFRS into US GAAP. BIBLIOGRAPHY: Ball, R. , A Robin, and Wu, 2003, Incentives Versus Standards: Properties of Accounting Income in four East Asian Countries, Journal of Accounting and Economics36, 235-270. Ball, R. , 2001, Infrastructure Requirements of an Economically Efficient System of Public Fianncial Reporting and Disclosure, in Brooking- Wharton papers on Financial Services, R. Litan, And T. Herring (eds), Brooking Insitution Press, Washington, 127-169. Ball, R. , Shivakumar, 2005, Earning quality in U.K Private Firms, Journal of Accounting and Economics 39, 83-128 Biddle, G, G Hilary and R. Verdi, 2008, How does Financial Reporing Quality Improve Investment Efficiency.? Working paper, University of Hong Kong, Hong kong university of science & technology and MIT Sloan School of Management. Bohusova, Hana, and Patrick Svoboda. â€Å"IFRS AND US GAAP CONVERGENCE IN AREA OF MERGER AND ACQUISITION. †Economics & Management 14. 1822-6515 (2009): 20-27. Print. Daske, Holger. â€Å"Economic Benefits Of Adopting IFRS Or US-GAAP – Have The Expected Cost Of Equity Capital Really Decreased?. Journal Of Business Finance & Accounting 33. 3/4 (2006): 329-373. Business Source Premier. Web. 6 Aug. 2012. (65 pages) Daske, H. , Hail, L. , Leuz & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46, 1085-1142. Diamond, D and R, Verrecchia, 1991, Disclosure, liquidity and the cost of capital, journal of finance 46, 1325-1359. Ding, Y. , & Su, X. (2008). Implementation of IFRS in a regulated market. Journal of Accounting and Public Policy, 27, 474- 479.Ernst & Young, 2007b, IFRS- An option for U. S Issuer? , Hot Topic, Professional Practice Group, Ernst & young LLP. Ernst & Young, DEC 2011, US GAAP versus IFRS: The Basic, Ernst &Young LLP. FASB (1999). International standard setting: a vision for the future. Norwalk Ferrari, Mascia, Francesco Momente, and Francesco Reggiani. â€Å"Investor Preception of the International Accounting Standards Quality: Inferences From Germany. †Journal of Accounting, Auditing & Finance (2011): n. pag. Business Source Complete. Web. 03 Aug. 2012.Hail, Luzi, Christian Leuz, and Peter Wysocki. â€Å"Global Accounting Convergence and the Potential Adoption of IFRS by the United States: An Analysis of Economic and Policy Factors by Luzi Hail, Christian Leuz, Peter Wysocki :: SSRN. †Social Science Research Network (SSRN) Home Page. N. p. , n. d. Web. 4 Sept. 2012. . IASB (2008). Exposure Draft on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision- Useful Financial Reporting Information.London ICAEW, 2007, EU Implementation of IFRS and the Fair Value Directive: A Report for the European Commission, The Institute of Chartered Accountants in England and Wales, London. Juang, Yuan, and Guochang Zhang. â€Å"An Examination of the Incremental Usefulness of Balance-Sheet Information Beyod Earnings in Explaining Stock Returns. †Journal of Auditing & Finance 27. 2 (2012): n. pag. EBSCO. Web. 03 Aug. 2012 Krishnan, Sudha, and Lin Ping. â€Å"Inventory Valuation Under IFRS And GAAP. †Strategic Finance 93. 9 (2012): 51-58. Business Source Premier. Web. 6 Aug. 2012. (8 pages) Liu, chunhui, lee J. Yao. Nan Hu and Ling Liu. The Impat of IFRS on Accounting Quality in Regulated Market: An Empirical study of China. †Journal of Auditing & Finance 26. 4 (2001): 659-76. Business Source Complete. Web 04 aud 2012 Ramanna, Karthik , and Ewa Sletten. â€Å"Why do countries adopt International Financial Reporting Standards?. †Harvard Business Publication 5 Jan. 2009: 09-102. Print. Rodrigo Verdi, et al. â€Å"Mandatory IFRS Reporting Around The World: Early Evidence On The Economic Consequences. †Journal Of Account ing Research 46. 5 (2008): 1085-1142. Business Source Premier. Web. 28 Sept. 2012. Securities and exchange commission(SEC).Sec soliciting public comment on role for IFRS in the U. S Washington, DC: SEC, July 25, 2007. http://www. sec. gov/news/press/2007/2007-145. htm SEC â€Å"How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation (Securities and Exchange Commission). †U. S. Securities and Exchange Commission | Homepage. N. p. , n. d. Web. 29 Sept. 2012. . Soderstrom, N. S. , & Sun, K. J. (2007). IFRS adoption and accounting quality: A review. European Accounting Review, 16, 675-702. Verrechia, R. , 2001, Essay on Disclosure, Journal of Accounting and Economics 32, 91-180.
Subscribe to:
Posts (Atom)