German Nazism vs. Italian Fascism Essay -- Papers Nazi Fascism Compare

German Nazism vs. Italian Fascism Fascism and Nazism were two different political groups taken place in two different locations. Nazism was evolved in Germany which were the people that mainly were against Judaism. As for fascism, it took place in Italy and focused mainly on a system of government that was under a dictator, or a ruler who had absolute power. Both these groups had similariteis as well as differences in which will soon be understood. Benito Mussolini which was born in 1883 and died in 1945. He came to power with his new ideas in 1919, called Fascio di Combat, which is also known as Fascism. To understand Fascism better, it is basically a spiritual attitude. It sees not only the individual but also the nation and the country. Individuals and generations are bound together by a moral law. Adolf Hitler and his national socialist state influenced Mussolini. In time, Mussolini became the victim of his own propaganda efforts. He dreamed of wars of conquest, but these wars that were far beyond the industrial capacity of the state to maintain. Mussolini came to involved the state in wars of colonial conquest, which was probably the last of the great imperialistic wars of Europe. In 1938 a change was made in the Italian government which separated the people from the decision-making process entirely. The list of parliamentary candidates was no longer offered to the masses for their approval. Mussolini merely emulated Hitler by creating the totalitarian state while removing basic democracy. After Mussolini's fall from power and his heroic rescue by German paratroopers, it was created under the watchful protection of nazi troops. There was, however, time remained to develop a theory. Mussolini was wholly ... ...hen Germany becomes a dictatorship ruled by Hitler and the Nazi Party. It was also the begging of total chaos, such as several revolutions and world War II. There were many revolts like the Kristallnacht, which was a destructive rampage against the Jews. The Jews were drastically restricted and leaving Germany was each time becoming more difficult. In time the Nazis Parteis and Adolph Hitler killed many Jews, more than 30 thousand. Even though World War II was later finished by an agreement, it took many lives away. As for the fascist parties, they were not as gruesome as Nazism, even if one influenced the other. Although both were beliefs, which involved later in to something much greater and catastrophic, they were only people fighting for what they believed were right. But the problem was it effected on innocent's people's lives, and that is not tolerable.

IT and Customer Relationship Management Essay

Read the Harvard Business School case for Maru Batting Center, # KEL688. The optional technical note, Using Customer Relationship Management to Analyze the Lifetime Value of a Customer #KEL695, can also help walk through the exercises. The data in Excel format is available for download in the course package, #KEL691. Answer the questions below based on only information presented in the case and your understanding of the case. You may answer the questions in either essay or bullet points form. Be concise and substantiate your answers with logical arguments and flow of thoughts. Question 1 What is the customer acquisition cost for Maru Batting Center (MBC) for the following customers? a) A Little Leaguer b) A Summer Slugger c) An Elite Ballplayer if MBC places the ad in the local baseball enthusiasts magazine d) An Elite Ballplayer if MBC purchases the List and invites all target customers to the gala event e) An Entertainment Seeker Question 2 Without discounting cash flows to take into account the time value of money, how soon will MBC break even on the following customers? a) A Little Leaguer b) A Summer Slugger c) An Elite Ballplayer if MBC places the ad in the local baseball enthusiasts magazine d) An Elite Ballplayer if MBC purchases the List and invites all target customers to the gala event e) An Entertainment Seeker Question 3 Taking into account the time value of money and assuming that 100 percent of a customer segment will have experienced attrition once the net present value of annual profits per customer falls below  ¥100, what is the lifetime value to MBC of the following customers? a) A Little Leaguer b) A Summer Slugger c) An Elite Ballplayer if MBC places the ad in the local baseball enthusiasts magazine d) An Elite Ballplayer if MBC purchases the List and invites all target customers to the gala event e) An Entertainment Seeker Question 4 Little League representatives have approached MBC from the nearby Chiyoda ward who are eager to gain the jersey subsidy the Minato ward has enjoyed due to the company’s sponsorship. Because the parents of Chiyoda Little Leaguers will have to travel a greater distance, Maru believes there will be a lower response rate (8 percent) and a lower retention rate (65 percent), which she can make up for by purchasing slightly lowerquality jerseys, reducing the cost of sponsorship to just  ¥600 per player. However, the Chiyoda ward representatives demand that theirs be the only ward receiving such a sponsorship, which means MBC must choose between the two wards. The Chiyoda representatives argue that because their ward has twice the number of Little League customers, it is more attractive than the Minato ward. Should MBC pursue the Chiyoda ward sponsorship? Explain your reasoning.

Massage Therapy Proven Beneficial Health And Social Care Essay

Massage can be used in assorted signifiers to excite and loosen up. Physical and psychological benefits have been used throughout history and are used to handle conditions. The curative touch has led to its usage as a holistic intervention. Massage is the use of superficial beds of musculus and connective tissue to advance relaxation and wellbeing. Massage involves moving on and pull stringsing the organic structure with force per unit area. The mark tissues include musculuss, sinews, ligaments, tegument, articulations and any other connective tissue every bit good as lymphatic vass or any variety meats of the GI system. There are over 80 different recognised massage modes and the most cited grounds for presenting massage as therapy have been client demand and sensed clinical effectivity. Rubing parts of the organic structure is a natural and natural manner to alleviate hurting and uncomfortableness. This inherent aptitude was likely led to most signifiers of massage. The first to be developed was the sense of touch and it is indispensable to our growing as human existences. Massage can be used to excite or loosen up. McDonald and Goldberg ( 1996:72-89 ) insist that throughout its history it has been used for both its physical and physiological benefits and is used to handle a scope of conditions from both emphasis and position related to concerns, abdominal, pelvic, musculus and back hurting either a consequence from specific hurts like falls, athleticss and auto accidents or merely general hurting. The curative touch has led to its usage as a holistic intervention, one that treats the organic structure and head as a whole. The word ‘massage ‘ is thought to be deprived either from the Arabic for ‘press quietly ‘ or from the Greek for ‘knead ‘ , massage interventions has been passed down through centuries for 1000s of old ages. In ancient China over five thousand old ages ago there was a system of massage and exercising in usage, it is about certain that most races used massage and exercising in one signifier or another dating as far back as the prehistoric ages of adult male. Peoples of ancient civilizations in Persia, Japan and Egypt practised the art of massage for decorative intents and besides found out that they all gained curative effects when they rubbed oils and aromas into their organic structure to fancify their tegument. Around 500BC the Grecian historian Herodotus applied exercisings and massage on the intervention of disease rules about the technique of rubbing that began to be formulated. Massage was directed off from the bosom and the force per unit area was varied during the intervention. It would get down with being soft and so it becomes deeper and quicker and ends easy. In the big metropoliss of Greece, acrobatic Centres were set up where pupils and philosophers could run into to discourse doctrine and attend talks while bathing and exerting at the same clip. Hippocrates, the male parent of medical specialty about 380BC truly merely used massage for the intervention of hurts and diseases, he found that it was more good if friction was done towards the bosom during the intervention although the circulatory system was non understood so. From his accent on force per unit area application he discovered the physiological effects of massage that are accepted today. During 130-200AD a celebrated phy sician during the Roman epoch called Galen experimented in physiology and discovered that arterias were filled with blood, non air as antecedently believed. He varied the way of massage and besides greatly believed in handling hurts and diseases with it. During the fifteenth, 16th and 17th centuries, Switzerland, France, Italy, Prussia and England produced several celebrated sawboness and doctors who began one time once more to utilize massage intervention for hurts and diseases. The old nomenclature of massage remained but new words were introduced such as force per unit area, working and uses. From the terminal of the 18th century a great resurgence in massage began. Many governments wrote and expounded their theories on the topic, one extremist advocated that massage should be performed with great force and they all had different thoughts about the nomenclature, force per unit area, rate, beat and any medium such as oil or pulverization that can be used, the place of the patient and the continuance of the intervention. In the early 19th century Peter Henry Ling of Sweden made the most dramatic part to rub down at this clip. His influence spread throughout Europe and America, he realised that it was of import to get certain cognition of anatomy and physiology before using massage interventions. He created a manner of intervention to advance wellness by increasing blood circulation and exciting the organic structure ‘s curative abilities. It is known that Ling ‘s greatest influence came from a Chinese friend who was a maestro of soldierly humanistic disciplines and Chinese Tui Na massage. A Dutch practician names Johan Georg Mezgar subsequently developed a decreased set of Ling ‘s techniques to organize our modern manner of Swedish massage ; it is Mezgar who adapted the Gallic names normally used to bespeak the basic shots. Doctor Mezgar helped to set up massage as a reputable agencies of intervention by ordering it widely and rehearsing it himself. In 1894 a group of adult females joined together to organize a society of trained masseuses in order to seek to raise the repute and criterion of massage in this state. Although massage in physical therapy had reached a high criterion it seemed as though there was an pressing demand to raise the criterion in the beauty industry. Harmonizing to Jenkins, Massage of kernel ( 2006 ) , the term holistic comes from the Grecian word ‘Holos ‘ which means whole. The holistic attack takes the individuals whole organic structure into history. The intervention takes an consequence on the organic structure originating from environment, psychological science and nutrition. Holistic massage dainties each individual separately in context of their ain life, it enables the individual to better and command their wellness, and it ever keeps the rule of handling the organic structure, head and psyche as one. Holistic massage is about looking at the causes of tenseness and working with the whole organic structure to assist reconstruct the whole organic structure ‘s natural interior balance. The attack with holistic massage is based around oil-based Swedish massage ( effleurage, petrissage and percussion ) Massage as a holistic intervention takes into consideration the physical, mental, religious and environmental fortunes of a individual having a massage intervention, this means that the intervention should be different for each individual. Massage benefits the organic structure because of the particular techniques it involves. The motions and steadfast force per unit area affect all systems in the organic structure, including soft tissues such as musculuss and ligaments and besides nervousnesss and secretory organs. When the force per unit area is applied in motions to your musculuss it is in melody with the natural flow of blood back to your heat. Massage is one of the best known counterpoisons for emphasis ; cut downing emphasis gives you more energy. It improves your mentality on life and reduces your likeliness of unwellness and hurt. It can besides alleviate symptoms of conditions that are aggravated by anxiousness. There are psychological and physiological effects of massage, which some of them are:PsychologicalEncourages the head and organic structure Concentration and watchfulness is frequently improved due to relaxation Emotional effusions Energy degrees are increased Addition in assurance and positive mentality Promotes a feeling of increased wellness and well-being Reduces emphasis degrees Increases the clients feeling of being cared for, supported and nurturedPhysiologicalAids general relaxation Stimulates blood circulation Helps better lymphatic flow Reduces muscular tenseness Layers of the tegument are stimulated which increases cellular map and regeneration of cells Reliefs stiffness in the cervix and shoulder ensuing in hurting alleviation Loosens scar tissue Warms the musculuss Nerve terminations are soothed and stimulated Aidss in peeling bettering the texture of the tegument Softens fatso sedimentations Helps cut down non medical puffiness Encourages deeper take a breathing to a more relaxed external respirationEffectss on the skeletal systemImproves muscle tone and balance Reduces the physical emphasis placed on articulations and castanetss It helps to liberate adhesions Additions joint mobility, cut downing any thickener of the connective tissueEffectss on the Muscular systemReliefs muscular stringency, stiffness, limitations and cramps in the musculus tissue Additions flexibleness in the musculuss Additions blood circulation Reduces musculus weariness and tenderness Promotes rapid remotion of waste and toxins from the musculusEffectss on the lymphatic systemReduces oedema Additions lymph drainage Strengthens the immune systemEffectss on the Nervous systemStimulates centripetal receptors Reduces hurting by the release of endorphins Stimulates the parasympathetic nervous system Promotes relaxation Reduces emphasisEffectss on the cardiovascular systemImproves circulation Dilates blood vass Produces an enhanced blood flow Helps temporarily diminish blood flow Decreases bosom rate due to relaxation Reduces ischaemiaEffectss on the tegumentImproves circulation Increased nutrition to the cells and encourages cell regeneration Additions production of perspiration from the perspiration secretory organs Improves snap on the tegument Additions sebum production Helps better the teguments colour Helps to better the teguments lissomeness and opposition to infectionEffectss on the digestive systemAdditions vermiculation in the big bowel Helps to alleviate irregularity Promotes the activity of parasympathetic nervous system. Which stimulates digestionEffectss on the urinary systemAdditions circulation and lymph drainage from the tissuesEffectss on the respiratory systemSlows down the rate of respiration Improves lung capacity by loosen uping stringency in the respiratory musculuss Massage uses specific techniques such as effleurage, petrissage, working and tapotement ; these treat the soft tissues of the organic structure. Motions are chiefly towards the bosom so it can better blood and lymph circulation, every bit good as to cut down musculus tenseness and to promote flexibleness. The massage techniques have certain effects to the organic structure which are:EffleurageComforting consequence on the nervousnesss including relaxation Additions both blood and lymph circulation Tension alleviation, loosen uping tense musculuss Helping peelingPetrissageAdditions blood and lymph circulation Increases venous return Breaks down tenseness nodules Aidss relaxation Speeds up the remotion of waste merchandisesTapotementAidss sulky clashs Tones and strengthens musculuss Helps loosen mucous secretion in thorax conditions Produces erethyma Stimulates nerve terminationsClashsHelps to interrupt down tight nodules Aidss in relaxation Additions lymph and blood flowVibrationsClears and stimulates the nervousnesss tracts Reliefs tenseness in the cervix and dorsum Can assist increase the action of lungs Helps to increase vermiculation in the colonIndiaIn India massage therapy was licensed in March 1955 by the section of Ayurveda, yoga and naturopathy, Unani, Siddha and homoeopathy under the ministry of wellness and household public assistance.ChinaIn china many of the smaller massage parlors are foreparts for harlotry. These are called falangmei. Most types of massage are non regulated in China without the exclusion of some traditional Chinese medical specialty.JapanIn Japan oil and Thai massage are non regulated but shiatsu massage is cocottes presenting as massage healers are reasonably common in the larger metropoliss ; they pose in manner wellness stores and pink salons.FranceIn order to acquire a licence it requires three old ages of survey and two tests.South KoreaIn South Korea, merely visually- impaired and unsighted people can go accredited massage healers.New ZealandIn New Zealand, massage is unregulated. The professional organic structure for massage healers and the enrol lment at the remedial massage healer denotes competence in the pattern of remedial or orthopedic massage ; these are two degrees of enrollment of massage in New Zealand. Both degrees are defined by in agreement minimal hours and competences.MexicoMassage healers in Mexico combine massage utilizing oils or lotions, the healers are called †sob adores † and they are used to alleviate digestive jobs every bit good as back and articulatio genus hurting. Many of these healers work from the dorsum of a truck and in many parts of Mexico cocottes are allowed to sell sexual massage. This concern is frequently confined to a specific country of Mexico such as zonte norte.Client CareWhen you give a massage intervention to a client appropriate attention for that client involves sing all their demands associating to the massage. Client attention involves practical stairss you take to care for the client ‘s well- being before, during and after the intervention. A clean and unagita ted ambiance will assist the client to experience more comfy and relaxed, and to besides concentrate on the individual acquiring a massage throughout the whole intervention.Client ModestyA client ‘s privateness and modestness must be respected at all times during and after the intervention. You need to merely expose the organic structure portion that gets treated one by one. Clients need privateness in which to undress, besides any notes made during and after the intervention must be locked up firmly afterwards. A audience must be done where no organic structure else can hear it.Client ConfidentialityDuring a intervention anything the client says must be regarded and should non be discussed outside the intervention room or to any other healer. If advice is needed from another healer to come on clients needs so it should be understood from the other healer that it maintains the confidentiality other than that the clients permission is needed to make so.Health and safetyThe well ness and safety Torahs are designed to protect the healer and their clients and punishments for conflicting these Torahs can be terrible, therefore it is extremely of import that the healer high spots their duties and their rights. The wellness and safety at work act 1974 covers all facets of wellness, safety and public assistance at work. It indentifies the duties of the employers and employees. Employers are responsible for the wellness and safety to anyone who comes into their premises. They must supply a safe environment and personal protection. They must take sensible safeguards to protect the wellness and safety of themselves, co-workers and clients.Cite survey ; Massage eases AnxietyKaren J.Sherman, a senior research worker at the group wellness research institute ( 2010 ) states that on mean three months after having 10 massage interventions, patients had half the symptoms for anxiousness. Massage therapy is among the most popular complimentary and alternate medical intervention for anxiousness. A test began to asses how effectual massage is for patients with an anxiousness upset. The test was assigned 68 group wellness patients with a upset to Sessionss in a pleasant and restful environment. Massage healer ‘s delivered their interventions of massage or one of two control interventions. The massage interventions were designed to heighten the map of the nervous system and to alleviate symptoms of anxiousness including musculus tenseness. The control groups were relaxation and thermotherapy. Anxiety upset can be treated besides through medical specialty therapy which is medical and cost effectual. The benefits of massage may be due to a general relaxation response. The massage therapy reduces stress endocrines and epinephrine and increases the relaxation of alpha encephalon moving ridges and besides reduces anxiousness degrees where as the negative consequence is that massage is to be no more effectual than simple relaxation with comforting music. The results of this survey is that Massage easing anxiousness is seeking to turn out that it is n't merely a massage that can assist with anxiousness ; there are other ways of assisting such as sitting in a unagitated environment listening to comforting music. It shows that massages decreases the symptoms of anxiousness and can besides be less expensive.

Acca F7

Answers Fundamentals Level – Skills Module, Paper F7 (INT) Financial Reporting (International) 1 (a) December 2008 Answers Pedantic Consolidated income statement for the year ended 30 September 2008 $’000 98,000 (72,000) ––––––– 26,000 (3,000) (7,600) (500) ––––––– 14,900 (5,400) ––––––– 9,500 ––––––– Revenue (85,000 + (42,000 x 6/12) – 8,000 intra-group sales) Cost of sales (w (i)) Gross profit Distribution costs (2,000 + (2,000 x 6/12)) Administrative expenses (6,000 + (3,200 x 6/12)) Finance costs (300 + (400 x 6/12)) Profit before tax Income tax expense (4,700 + (1,400 x 6/12)) Profit for the year Attributable to:Equity holders of the parent Non-controlling interest (((3,000 x 6/12) – (800 URP + 200 depreciation)) x 40%) (b) 9,300 200 –––à ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œ 9,500 ––––––– Consolidated statement of financial position as at 30 September 2008 Assets Non-current assets Property, plant and equipment (40,600 + 12,600 + 2,000 – 200 depreciation adjustment (w (i))) Goodwill (w (ii)) Current assets (w (iii)) Total assets Equity and liabilities Equity attributable to owners of the parent Equity shares of $1 each ((10, 000 + 1,600) w (ii)) Share premium (w (ii)) Retained earnings (w (iv)) 55,000 4,500 ––––––– 59,500 21,400 ––––––– 80,900 ––––––– 11,600 ,000 35,700 ––––––– 55,300 6,100 ––––––– 61,400 Non-controlling interest (w (v)) Total equity Non-current liabilities 10% loan notes (4,000 + 3,000) 7,000 Current liabilit ies (8,200 + 4,700 – 400 intra-group balance) 12,500 ––––––– 80,900 ––––––– Total equity and liabilities Workings (figures in brackets in $’000) (i) Cost of sales Pedantic Sophistic (32,000 x 6/12) Intra-group sales URP in inventory Additional depreciation (2,000/5 years x 6/12) $’000 63,000 16,000 (8,000) 800 200 ––––––– 72,000 ––––––– The unrealised profit (URP) in inventory is calculated as ($8 million – $5 ·2 million) x 40/140 = $800,000. 1 (ii) Goodwill in Sophistic Investment at cost Shares (4,000 x 60% x 2/3 x $6) Less – Equity shares of Sophistic (4,000 x 60%) – pre-acquisition reserves (5,000 x 60% see below) – fair value adjustment (2,000 x 60%) $’000 (2,400) (3,000) (1,200) –––––– Parent’s goodwill Non-controlling interest’s goodwill (per question) Total goodwill The pre-acquisition reserves are: At 30 September 2008 Earned in the post acquisition period (3,000 x 6/12) Alternative calculation for goodwill in Sophistic Investment at cost (as above) Fair value of non-controlling interest (see below) Cost of the controlling interestLess fair value of net assets at acquisition (4,000 + 5,000 + 2,000) Total goodwill Fair value of non-controlling interest (at acquisition) Share of fair value of net assets (11,000 x 40%) Attributable goodwill per question $’000 9,600 (6,600) –––––– 3,000 1,500 –––––– 4,500 –––––– 6,500 (1,500) –––––– 5,000 –––––– 9,600 5,900 ––––––– 15,500 (11,000) –à ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œ 4,500 ––––––– 4,400 1,500 –––––– 5,900 –––––– The 1 ·6 million shares (4,000 x 60% x 2/3) issued by Pedantic would be recorded as share capital of $1 ·6 million and share premium of $8 million (1,600 x $5). $’000 16,000 6,600 (800) 200 (600) –––––– 21,400 ––––––– (iii) Current assets Pedantic Sophistic URP in inventory Cash in transit Intra-group balance (iv) Retained earnings Pedantic per statement of financial position Sophistic’s post acquisition profit (((3,000 x 6/12) – (800 URP + 200 depreciation)) x 60%) (v) Non-controlling interest (in statement of financial position) Net assets per statement of financial position URP in inventory Net fair value adjustment (2,000 – 200) Share of goodwill (per question) 12 $’000 35,400 300 ––––––– 35,700 ––––––– 10,500 (800) 1,800 ––––––– 11,500 x 40% = 4,600 ––––––– 1,500 –––––– 6,100 –––––– (a) Candel – Statement of comprehensive income for the year ended 30 September 2008 $’000 297,500 (225,400) ––––––––– 72,100 (14,500) (21,900) (1,400) ––––––––– 34,300 (11,600) ––––––––– 22,700 Revenue (300,000 – 2,500) Cost of sales (w (i)) Gross profit Distribution costs Administrative expenses (22,200 – 400 + 100 see note below) Finance costs (200 + 1,200 (w (ii))) Profit before tax (Income tax expense (11,400 + (6,000 – 5,800 deferred tax)) Profit for the year Other comprehensive income Loss on leasehold property revaluation (w (iii)) (4,500) ––––––––– Total comprehensive income for the year 8,200 ––––––––– Note: as it is considered that the outcome of the legal action against Candel is unlikely to succeed (only a 20% chance) it is inappropriate to provide for any damages. The potential damages are an example of a contingent liability which should be disclosed (at $2 million) as a note to the financial statements. The unrecoverable legal costs are a liability (the start of the legal action is a past event) and should be provided for in full. (b) Candel – Statement of changes in equity for the year ended 30 September 2008 Balances at 1 October 2007 Dividend Comprehensive incom eBalances at 30 September 2008 (c) Equity shares $’000 50,000 Revaluation reserve $’000 10,000 ––––––– 50,000 ––––––– (4,500) –––––– 5,500 –––––– Retained earnings $’000 24,500 (6,000) 22,700 ––––––– 41,200 ––––––– Total equity $’000 84,500 (6,000) 18,200 ––––––– 96,700 ––––––– $’000 $’000 Candel – Statement of financial position as at 30 September 2008 Assets Non-current assets (w (iii)) Property, plant and equipment (43,000 + 38,400) Development costs 81,400 14,800 –––––––– 96,200 Current assets Inventory T rade receivables 20,000 43,100 ––––––– Total assets Equity and liabilities: Equity (from (b))Equity shares of 25 cents each Revaluation reserve Retained earnings 63,100 –––––––– 159,300 –––––––– 50,000 5,500 41,200 ––––––– Non-current liabilities Deferred tax 8% redeemable preference shares (20,000 + 400 (w (ii))) Current liabilities Trade payables (23,800 – 400 + 100 – re legal action) Bank overdraft Current tax payable Total equity and liabilities 13 6,000 20,400 ––––––– 23,500 1,300 11,400 ––––––– 46,700 –––––––– 96,700 26,400 36,200 –––––––– 159,300 â⠂¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œÃ¢â‚¬â€œ Workings (figures in brackets in $’000) (i) Cost of sales: Per trial balance Depreciation (w (iii)) – leasehold property – plant and equipmentLoss on disposal of plant (4,000 – 2,500) Amortisation of development costs (w (iii)) Research and development expensed (1,400 + 2,400 (w (iii))) (ii) $’000 204,000 2,500 9,600 1,500 4,000 3,800 –––––––– 225,400 –––––––– The finance cost of $1 ·2 million for the preference shares is based on the effective rate of 12% applied to $20 million issue proceeds of the shares for the six months they have been in issue (20m x 12% x 6/12). The dividend paid of $800,000 is based on the nominal rate of 8%. The additional $400,000 (accrual) is added to the carrying amount of the preference shares in the statement of financial position.As these share s are redeemable they are treated as debt and their dividend is treated as a finance cost. (iii) Non-current assets: Leasehold property Valuation at 1 October 2007 Depreciation for year (20 year life) 50,000 (2,500) –––––––– 47,500 (43,000) –––––––– 4,500 –––––––– Carrying amount at date of revaluation Valuation at 30 September 2008 Revaluation deficit Plant and equipment per trial balance (76,600 – 24,600) Disposal (8,000 – 4,000) Depreciation for year (20%) Carrying amount at 30 September 2008 Capitalised/deferred development costs Carrying amount at 1 October 2007 (20,000 – 6,000) Amortised for year (20,000 x 20%)Capitalised during year (800 x 6 months) Carrying amount at 30 September 2008 $’000 52,000 (4,000) –––––––– 48,000 (9,600 ) –––––––– 38,400 –––––––– 14,000 (4,000) 4,800 –––––––– 14,800 –––––––– Note: development costs can only be treated as an asset from the point where they meet the recognition criteria in IAS 38 Intangible assets. Thus development costs from 1 April to 30 September 2008 of $4 ·8 million (800 x 6 months) can be capitalised. These will not be amortised as the project is still in development. The research costs of $1 ·4 million plus three months’ development costs of $2 ·4 million (800 x 3 months) (i. . those incurred before 1 April 2008) are treated as an expense. 3 (a) Equivalent ratios from the financial statements of Merlot (workings in $’000) Return on year end capital employed (ROCE) Pre tax return on equity (ROE) Net asset turnover Gross p rofit margin Operating profit margin Current ratio Closing inventory holding period Trade receivables’ collection period Trade payables’ payment period Gearing Interest cover Dividend cover 20 ·9% 50% 2 ·3 times 12 ·2% 9 ·8% 1 ·3:1 73 days 66 days 77 days 71% 3 ·3 times 1 ·4 times (1,400 + 590)/(2,800 + 3,200 + 500 + 3,000) x 100 ,400/2,800 x 100 20,500/(14,800 – 5,700) 2,500/20,500 x 100 2,000/20,500 x 100 7,300/5,700 3,600/18,000 x 365 3,700/20,500 x 365 3,800/18,000 x 365 (3,200 + 500 + 3,000)/9,500 x 100 2,000/600 1,000/700 As per the question, Merlot’s obligations under finance leases (3,200 + 500) have been treated as debt when calculating the ROCE and gearing ratios. 14 (b) Assessment of the relative performance and financial position of Grappa and Merlot for the year ended 30 September 2008 Introduction This report is based on the draft financial statements supplied and the ratios shown in (a) above.Although covering many aspects of performance and financial position, the report has been approached from the point of view of a prospective acquisition of the entire equity of one of the two companies. Profitability The ROCE of 20 ·9% of Merlot is far superior to the 14 ·8% return achieved by Grappa. ROCE is traditionally seen as a measure of management’s overall efficiency in the use of the finance/assets at its disposal. More detailed analysis reveals that Merlot’s superior performance is due to its efficiency in the use of its net assets; it achieved a net asset turnover of 2 ·3 times compared to only 1 ·2 times for Grappa.Put another way, Merlot makes sales of $2 ·30 per $1 invested in net assets compared to sales of only $1 ·20 per $1 invested for Grappa. The other element contributing to the ROCE is profit margins. In this area Merlot’s overall performance is slightly inferior to that of Grappa, gross profit margins are almost identical, but Grappa’s operating profit ma rgin is 10 ·5% compared to Merlot’s 9 ·8%. In this situation, where one company’s ROCE is superior to another’s it is useful to look behind the figures and consider possible reasons for the superiority other than the obvious one of greater efficiency on Merlot’s part.A major component of the ROCE is normally the carrying amount of the non-current assets. Consideration of these in this case reveals some interesting issues. Merlot does not own its premises whereas Grappa does. Such a situation would not necessarily give a ROCE advantage to either company as the increase in capital employed of a company owning its factory would be compensated by a higher return due to not having a rental expense (and vice versa). If Merlot’s rental cost, as a percentage of the value of the related factory, was less than its overall ROCE, then it would be contributing to its higher ROCE.There is insufficient information to determine this. Another relevant point may be that Merlot’s owned plant is nearing the end of its useful life (carrying amount is only 22% of its cost) and the company seems to be replacing owned plant with leased plant. Again this does not necessarily give Merlot an advantage, but the finance cost of the leased assets at only 7 ·5% is much lower than the overall ROCE (of either company) and therefore this does help to improve Merlot’s ROCE. The other important issue within the composition of the ROCE is the valuation basis of the companies’ non-current assets.From the question, it appears that Grappa’s factory is at current value (there is a property revaluation reserve) and note (ii) of the question indicates the use of historical cost for plant. The use of current value for the factory (as opposed to historical cost) will be adversely impacting on Grappa’s ROCE. Merlot does not suffer this deterioration as it does not own its factory. The ROCE measures the overall efficiency of manage ment; however, as Victular is considering buying the equity of one of the two companies, it would be useful to consider the return on equity (ROE) – as this is what Victular is buying.The ratios calculated are based on pre-tax profits; this takes into account finance costs, but does not cause taxation issues to distort the comparison. Clearly Merlot’s ROE at 50% is far superior to Grappa’s 19 ·1%. Again the issue of the revaluation of Grappa’s factory is making this ratio appear comparatively worse (than it would be if there had not been a revaluation). In these circumstances it would be more meaningful if the ROE was calculated based on the asking price of each company (which has not been disclosed) as this would effectively be the carrying amount of the relevant equity for Victular. GearingFrom the gearing ratio it can be seen that 71% of Merlot’s assets are financed by borrowings (39% is attributable to Merlot’s policy of leasing its pl ant). This is very high in absolute terms and double Grappa’s level of gearing. The effect of gearing means that all of the profit after finance costs is attributable to the equity even though (in Merlot’s case) the equity represents only 29% of the financing of the net assets. Whilst this may seem advantageous to the equity shareholders of Merlot, it does not come without risk. The interest cover of Merlot is only 3 ·3 times whereas that of Grappa is 6 times.Merlot’s low interest cover is a direct consequence of its high gearing and it makes profits vulnerable to relatively small changes in operating activity. For example, small reductions in sales, profit margins or small increases in operating expenses could result in losses and mean that interest charges would not be covered. Another observation is that Grappa has been able to take advantage of the receipt of government grants; Merlot has not. This may be due to Grappa purchasing its plant (which may then be eligible for grants) whereas Merlot leases its plant.It may be that the lessor has received any grants available on the purchase of the plant and passed some of this benefit on to Merlot via lower lease finance costs (at 7 ·5% per annum, this is considerably lower than Merlot has to pay on its 10% loan notes). Liquidity Both companies have relatively low liquid ratios of 1 ·2 and 1 ·3 for Grappa and Merlot respectively, although at least Grappa has $600,000 in the bank whereas Merlot has a $1 ·2 million overdraft. In this respect Merlot’s policy of high dividend payouts (leading to a low dividend cover and low retained earnings) is very questionable.Looking in more depth, both companies have similar inventory days; Merlot collects its receivables one week earlier than Grappa (perhaps its credit control procedures are more active due to its large overdraft), and of notable difference is that Grappa receives (or takes) a lot longer credit period from its suppliers (1 08 days compared to 77 days). This may be a reflection of Grappa being able to negotiate better credit terms because it has a higher credit rating. Summary Although both companies may operate in a similar industry and have similar profits after tax, they would represent very different purchases.Merlot’s sales revenues are over 70% more than those of Grappa, it is financed by high levels of debt, it rents rather than owns property and it chooses to lease rather than buy its replacement plant. Also its remaining owned plant is nearing the end of its life. Its replacement will either require a cash injection if it is to be purchased (Merlot’s overdraft of 15 $1 ·2 million already requires serious attention) or create even higher levels of gearing if it continues its policy of leasing. In short although Merlot’s overall return seems more attractive than that of Grappa, it would represent a much more risky investment.Ultimately the investment decision may be determ ined by Victular’s attitude to risk, possible synergies with its existing business activities, and not least, by the asking price for each investment (which has not been disclosed to us). (c) The generally recognised potential problems of using ratios for comparison purposes are: – – – – – – inconsistent definitions of ratios financial statements may have been deliberately manipulated (creative accounting) different companies may adopt different accounting policies (e. g. use of historical costs compared to current values) different managerial policies (e. . different companies offer customers different payment terms) statement of financial position figures may not be representative of average values throughout the year (this can be caused by seasonal trading or a large acquisition of non-current assets near the year end) the impact of price changes over time/distortion caused by inflation When deciding whether to purchase a company, Victular should consider the following additional useful information: – – – – – 4 in this case the analysis has been made on the draft financial statements; these may be unreliable or change when being finalised.Audited financial statements would add credibility and reliance to the analysis (assuming they receive an unmodified Auditors’ Report). forward looking information such as profit and financial position forecasts, capital expenditure and cash budgets and the level of orders on the books. the current (fair) values of assets being acquired. the level of risk within a business. Highly profitable companies may also be highly risky, whereas a less profitable company may have more stable ‘quality’ earnings not least would be the expected price to acquire a company.It may be that a poorer performing business may be a more attractive purchase because it is relatively cheaper and may offer more opportunity for improving efficienci es and profit growth. (a) A liability is a present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow of economic benefits (normally cash). Provisions are defined as liabilities of uncertain timing or amount, i. e. they are normally estimates. In essence provisions should be recognised if they meet the definition of a liability.Equally they should not be recognised if they do not meet the definition. A statement of financial position would not give a ‘fair representation’ if it did not include all of an entity’s liabilities (or if it did include, as liabilities, items that were not liabilities). These definitions benefit the reliability of financial statements by preventing profits from being ‘smoothed’ by making a provision to reduce profit in years when they are high and releasing those provisions to increase profit in years when they are low.It also means that the statement of financial po sition cannot avoid the immediate recognition of long-term liabilities (such as environmental provisions) on the basis that those liabilities have not matured. (b) (i) Future costs associated with the acquisition/construction and use of non-current assets, such as the environmental costs in this case, should be treated as a liability as soon as they become unavoidable. For Promoil this would be at the same time as the platform is acquired and brought into use. The provision is for the present value of the expected costs and this same amount is treated as part of the cost of the asset.The provision is ‘unwound’ by charging a finance cost to the income statement each year and increasing the provision by the finance cost. Annual depreciation of the asset effectively allocates the (discounted) environmental costs over the life of the asset. Income statement for the year ended 30 September 2008 Depreciation (see below) Finance costs ($6 ·9 million x 8%) Statement of financ ial position as at 30 September 2008 Non-current assets Cost ($30 million + $6 ·9 million ($15 million x 0 ·46)) Depreciation (over 10 years) Non-current liabilities Environmental provision ($6 ·9 million x 1 ·08) (ii) $’000 3,690 552 36,900 (3,690) –––––– 33,210 ––––––– 7,452 If there was no legal requirement to incur the environmental costs, then Promoil should not provide for them as they do not meet the definition of a liability. Thus the oil platform would be recorded at $30 million with $3 million depreciation and there would be no finance costs. However, if Promoil has a published policy that it will voluntarily incur environmental clean up costs of this type (or if this may be implied by its past practice), then this would be evidence of a ‘constructive’ obligation under IAS 37 and the required treatment of the costs would be the same as in part (i) above. 6 5 Year ended/as at: Income statement Depreciation (see workings) Maintenance (60,000/3 years) Discount received (840,000 x 5%) Staff training Statement of financial position (see below) Property, plant and equipment Cost Accumulated depreciation Carrying amount Workings Manufacturer’s base price Less trade discount (20%) Base cost Freight charges Electrical installation cost Pre-production testing Initial capitalised cost 30 September 2006 30 September 2007 30 September 2008 $ $ $ 180,000 270,000 119,000 20,000 20,000 20,000 (42,000) 40,000 –––––––– –––––––– –––––––– 198,000 290,000 139,000 ––––––– –––––––– –––––––– 920,000 (180,000) ––â €“––––– 740,000 –––––––– 920,000 (450,000) –––––––– 470,000 –––––––– 670,000 (119,000) –––––––– 551,000 –––––––– $ 1,050,000 (210,000) –––––––––– 840,000 30,000 28,000 22,000 –––––––––– 920,000 –––––––––– The depreciable amount is $900,000 (920,000 – 20,000 residual value) and, based on an estimated machine life of 6,000 hours, this gives depreciation of $150 per machine hour. Therefore depreciation for the year ended 30 September 2006 is $180,000 ($150 x 1 ,200 hours) and for the year ended 30 September 2007 is $270,000 ($150 x 1,800 hours).Note: early settlement discount, staff training in use of machine and maintenance are all revenue items and cannot be part of capitalised costs. Carrying amount at 1 October 2007 Subsequent expenditure Revised ‘cost’ 470,000 200,000 –––––––– 670,000 –––––––– The revised depreciable amount is $630,000 (670,000 – 40,000 residual value) and with a revised remaining life of 4,500 hours, this gives a depreciation charge of $140 per machine hour. Therefore depreciation for the year ended 30 September 2008 is $119,000 ($140 x 850 hours). 17Fundamentals Level – Skills Module, Paper F7 (INT) Financial Reporting (International) December 2008 Marking Scheme This marking scheme is given as a guide in the context of the suggested answers. Scope is given to markers to award m arks for alternative approaches to a question, including relevant comment, and where well-reasoned conclusions are provided. This is particularly the case for written answers where there may be more than one acceptable solution. Marks 1 (a) (b) Income statement: revenue cost of sales distribution costs administrative expenses inance costs income tax non-controlling interest 11/2 3 1/ 2 1 1/ 2 1/ 2 2 9 Statement of financial position: property, plant and equipment goodwill current assets equity shares share premium retained earnings non-controlling interest 10% loan notes current liabilities Total for question 2 (a) (b) (c) Statement of comprehensive income: revenue cost of sales distribution costs administrative expenses finance costs income tax other comprehensive income 2 5 11/2 1 1 2 2 1/ 2 1 16 25 1 5 1/ 2 11/2 11/2 11/2 1 12 Statement of changes in equity: rought forward figures dividends comprehensive income 1 1 1 3 Statement of financial position: property, plant and equipmen t deferred development costs inventory trade receivables deferred tax preference shares trade payables overdraft current tax payable Total for question 19 2 2 1/ 2 1/ 2 1 1 11/2 1/ 2 1 10 25 3 (a) (b) 1 mark per valid comment up to (c) Marks 8 Merlot’s ratios 1 mark per relevant point 12 Total for question 4 5 25 (a) 1 mark per relevant point 5 (b) (i) explanation of treatment depreciation finance cost non-current asset provision 2 1 2 1 7 (ii) figures for asset and depreciation if not a constructive obligation what may cause a constructive obligation subsequent treatment if it is a constructive obligation Total for question 5 1 1 1 3 15 Total for question 2 1 1 3 1 1 1 10 initial capitalised cost upgrade improves efficiency and life (therefore capitalise) revised carrying amount at 1 October 2007 annual depreciation (1 mark each year) maintenance costs charged at $20,000 each year discount received (in income statement) staff training (not capitalised and charged to income) 20

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