Review Of Research Articles About Second Language Acquisition Education Essay

Below are 10 research articles and surveies that address issue we have discussed in 2nd linguistic communication acquisition for pupils that are English Language scholars. At the beginning of the class we discussed instructors ‘ prejudices and their deficiency of appropriate preparation and instruction in learning ELL that can impact pupils that are ELL. These abstracts validate that there is a job with prejudice. We have besides discussed the function of cultural and socioeconomics and how it affects the success of SLA. During this hunt, I noticed several articles turn toing different ways to turn to this issue. The running subject I have noticed is that there is no cosmopolitan and accurate attack to learning pupils who are ELL. There are many variables involved in each academic state of affairs. Students ‘ demands for larning 2nd linguistic communication are every bit single as each pupil. The attack for SLA depends on linguistic communication acquisition for the native linguistic communication ; socioeconomics, cultural issues, and if there are linguistic communication holds in the native linguistic communication.Gunderson, A L..A ( 2008 ) . The State of the Art of Secondary ESL Teaching andLearning.A Journal of Adolescent & A ; Adult Literacy, A 52 ( 3 ) , A 184-188.A Retrieved November 5, 2010, from Children ‘s Module. ( Document ID: A 1601681651 ) .The 1968 Bilingual Education Act specified that pupils who â€Å" come from environments where a linguistic communication other than English has had a important impact on their degree of English linguistic communication proficie ncy ; and who, by ground thereof, have sufficient trouble speech production, reading, composing, or understanding the English linguistic communication † should be provided with bilingual plans ( Bilingual Education Act, 1968 ) . Students who were Spanish, Vietnamese, Tagalog, or Punjabi talkers had higher disappearing rates and lower classs in academic categories than Chinese talkers because there were differences in socioeconomic position and households ‘ abilities to scaffold their kids ‘s instruction when school plans failed to make so. It seems that the same amazing finding and intent could be focused on detecting how scientific discipline, math, societal surveies, and English instructors can learn successfully in schoolrooms that include increasing Numberss of ESL pupils. As we have learned in some of our treatment stations, we need to turn to all facets of our pupils ‘ backgrounds when learning a SLA. Culture and socioeconomics is an of import portion of this. The fact that there is a dropout rate for pupils of different cultural backgrounds shows that pedagogues are non implementing cultural sensitiveness and consciousness as portion of their direction. There can non be a cooky cutter attack to learning linguistic communication to changing civilizations.Nykiel-Herbert, A B..A ( 2010 ) . IRAQI REFUGEE Students: From a Collection of Aliens to a Community of Learners.A Multicultural Education, A 17 ( 3 ) , A 2-14.A Retrieved November 5, 2010, from Multicultural Module. ( Document ID: A 2176089481 ) .Systematic observations of kids of assorted cultural groups in their schoolrooms and communities ( Au, 1980 ; Delpit, 1996 ; Gibson, 1982 ; Philips, 1983 ) constantly demonstrate that kids perform better academically if the civilization of their schoo lrooms, including outlooks of appropriate behaviour and instructional schemes, reflect the civilization of their places. The topics of the survey are 12 refugee kids from Iraq in classs 3 through 5 ( ages 8 through 11 ) in an Upstate New York urban school, in mainstream schoolrooms, pulled out for 50-60 proceedingss of ELL instructions. After 12 to 18 months at the school, many of the Iraqi pupils in center and higher classs were hardly at the emergent degree of literacy acquisition The research workers created a separate, self-contained schoolroom for the low-performing Iraqi pupils. The Edison narrative confirms what some earlier surveies of minority pupil groups have demonstrated, viz. that â€Å" pupils ‘ public presentation in school is straight affected by the relationship between the cultural forms supported by the school and those adhered to by the pupils There were those that were opposed to the self-contained schoolroom for the Iraqi kids. They did non desire to make an ambiance of â€Å" separate † or â€Å" segregated † . This can be a valid point in some state of affairss. However, pupils had trouble with acclimatizing to their new milieus. When they were in their self-contained unit, issues that were impacting them specifically could be addressed while they were being surrounded by a group of equals that came from the same emotional and physical topographic point. They were comfy in a cultural scene that was familiar to them while larning their new linguistic communication and acclimating, with their equals, to their new location.DelliCarpini, A M..A ( 2010 ) . Success with ELLs.A English Journal, A 99 ( 4 ) , A 102-104.A Retrieved November 5, 2010, from Research Library Core. ( Document ID: A 1972796791 )Form a collaborative, interdisciplinary squad that would be after and develop an incorporate course of study th at built accomplishments and met criterions for both academic topics and the Career Development and Occupational Studies criterions developed by the New York State Department of Education. Students who participated in the eight-week faculties engaged in a assortment of reliable authorship undertakings, acquired information on US markets, and studied concern history in the United States, planetary markets, supply and demand, resume authorship, communicating accomplishments, and choosing a concern that will win in a given market and economic clime. The importance of turn toing post-secondary ends and accomplishments when learning a 2nd linguistic communication is an of import portion of SLA. As discussed in one of our faculties, motive plays a cardinal factor. Students are more invested in their acquisition when they see a existent life application that is of import to their personal ends.Rodriguez, A D. , A Ringler, A M. , A O'Neal, A D. , A & A ; A Bunn, A K..A ( 2009 ) . English Language Learners ‘Percepts of School Environment.A Journal of Research in Childhood Education, A 23 ( 4 ) , A 513-526.A Retrieved November 5, 2010, from Education Module. ( Document ID: A 1807801991 ) .This survey investigated the perceptual experiences of 123 pupils ( 57 monolingual and 66 English linguistic communication scholars [ ELLs ] ) from a rural public simple school in North Carolina with regard to school clime, course of study and direction, extracurricular activities, self-efficacy, and self-esteem. With regard to teacher readying, Smith-Davis ( 2004 ) argued that instructors are non adequately prepared to assist ELLs make their maximal academic potency. The research workers visited the school 16 times over a six-month period in order to roll up the information. During the interviews with the bilingual and monolingual pupils, the research workers followed a modified version of the questionnaire protocol titled â€Å" Measuring success in ESL plans, † which was originally authored by Carrasquillo and Rodriguez ( 1998 ) although the informations reveal basically no differences in school clime, during the interview, several pupils reported that they were punished if they spoke in their native linguistic communication. After questioning a sum of 123 pupils in kindergarten through Grade 5, the chief determination of this survey is that the perceptual experiences of simple ELLs and monolingual scholars in a peculiar rural school in North Carolina were strikingly similar. the monolingual pupils in all classs besides have less self-esteem than the ELLs at all degrees, kindergarten through class 5. This is one school that evidently had a really strong ESOL plan in topographic point. Students did non detect any differences in course of study or extracurricular activities. This shows that instructors were supplying the same degree of challenge in all scenes. The survey would hold been more interesting if they used the questionnaires in three or four different schools with different socioeconomics and diverse backgrounds. North Carolina seems to be on the film editing border when it comes to ESE plans. The universities seem to make much research with RTI, ESE and Autism Spectrum Disorder. Brice, A A. , A Shaunessy, A E. , A Hughes, A C. , A McHatton, A P. , A & A ; A Ratliff, A M..A ( 2008, A October ) . What Language Discourse Tells Us About Bilingual Adolescents: A Study of Students in Gifted Programs and Students in General Education Programs.A Journal for the Education of the Gifted, A 32 ( 1 ) , A 7-33,139-141.A Retrieved November 5, 2010, from Education Module. ( Document ID: A 1574104461 The intent of this survey was to analyze pupil discourse between bilingual pupils in talented plans and bilingual pupils in the general instruction plans in an urban in-between school. This survey suggests a minor linguistic communication advantage for the bilingual pupils in the talented plan. The overall decision seems to bespeak that bilingualism, linguistic communication abilities, and giftedness involves many variables and that the relationships are non needfully direct. Participants were 16 pupils served in public in-between school ( grades 6-8 ) in one of the largest urban school territories in the southeasterly United States. In amount, the grounds from this survey suggests assorted support for the three research inquiries and a little linguistic communication advantage for the bilingual pupils in the talented plan. Bilingualism, linguistic communication abilities, and giftedness involve many variables ) . It appears that an apprehension of bilingualism and 2nd linguistic communication acquisition would be good for gifted and general instruction instructors. Some surveies seem to province the obvious. It would look that a talented pupil would hold an advantage in any regular or ESE scene. I agree that preparation for instructors who teach general instruction and talented plan should hold cognition of SLA. Students with disablements are in the chief watercourse schoolrooms much more than in the yesteryear. It is of import for ALL instructors to understand facets of SLA and ESE instruction.Meisel, A J..A ( 2007 ) . The weaker linguistic communication in early kid bilingualism: Geting a firstlinguistic communication as a 2nd linguistic communication? A Applied Psycholinguistics, A 28 ( 3 ) , A 495.A Retrieved November 5, 2010, from Humanities Module. ( Document ID: A 1289045851 ) .Past research demonstrates that first linguistic communication ( L1 ) -like competency in each linguistic communication can be attained in coincident acquisition of bilingualism by mere exposure to the mark languages. The inquiry is whether this is besides true fo r the â€Å" weaker † linguistic communication ( WL ) . The WL hypothesis claims that the WL differs basically from monolingual L1 and balanced bilingual L1 and resembles 2nd linguistic communication ( L2 ) acquisition. In this article, these claims are put to a trial by analysing â€Å" unusual † buildings in WLs, perchance bespeaking acquisition failure, and by describing on analyses of the usage of Gallic by bilinguals whose dominant linguistic communication is German. The available grounds does non warrant the claim that WLs resemble L2. Alternatively, it shows that WL development can be delayed, but does non propose acquisition failure. Finally, reduced input is improbable to do acquisition failure. The cardinal issue at interest is to research the bounds of the human linguistic communication devising capacity. I believe this addresses BICS and CALP. Reduced input is improbable to do acquisition. However increased end product is really built-in portion of linguistic communication acquisition. If you do n't utilize it, you lose it. This besides reminds me of a survey in one of the treatment posts that discusses simplifying linguistic communication while pupils learn to cut down their defeat degree. Joko Kusmanto, A & A ; A Anni Holila Pulungan.A ( 2003 ) . The Acquisition of English Negation ‘No ‘ and ‘Not ‘ : Evidences from an Indonesian Child in Non-Native Parents Bilingual Program.A K @ Ta, A 5 ( 1 ) , A 41.A Retrieved November 5, 2010, from Humanities Module. ( Document ID: A 967696001 ) . Every kid is born with an unconditioned gift by which ( a ) linguistic communication ( s ) acquisition is possible. This position emphasizes the function of cosmopolitan belongingss every kid is born with to get ( a ) linguistic communication ( s ) . This paper presents the acquisition of English negation ‘no ‘ and ‘not ‘ by an Indonesian kid brought up in Indonesian – English Non-native Parents Bilingual Program ( NPBP ) . The analysis is directed to uncover the form of ‘no ‘ and ‘not ‘ usage as the grounds that a kid still acquires a targeted linguistic communication despite the hapless targeted linguistic communication input s/he is exposed to. The consequence of the analysis shows that the acquisition of English negation ‘no ‘ and ‘not ‘ by an Indonesian kid in Indonesian – English NPBP besides has a form which falls into syntactic, semantic, and matter-of-fact instances. To some extent, it supp orts Universal Grammar frame, but there are some which provide new penetrations on this issue. The two pupils in are data analysis in faculty 5.2 both had negation issues. One had L1 that was Spanish and another had L1 that was Chinese. This kid is Indonesian. This seems to back up the research that a targeted linguistic communication can still be learned due to cosmopolitan grammar frame. The pupils understand the basic rule of negation. They may be non be puting no and non in the right order. However, they understand the basic rule regardless of their native linguistic communication.Stanley I Greenspan.A ( 2001, A November ) . Working with the bilingual kid who has alinguistic communication delay.A Scholastic Early Childhood Today, A 16 ( 3 ) , A 28-30.A Retrieved November 5, 2010, from Children ‘s Module. ( Document ID: A 85642407 ) .Greenspan discusses what a instructor should make if she suspects that a bilingual preschool pupil has a linguistic communication hold. The first measure should be to find if the linguistic communication hold is merely in the 2nd linguist ic communication, or if it is present in both linguistic communications. It ‘s really of import for kids who have linguistic communication holds, but are otherwise synergistic, to be in scenes with other kids who are communicative. The beat of interaction is critical for linguistic communication development, so it ‘s really of import for the kid to hold communicative and verbal equals. What we want is interaction, interaction, interaction! I am used to working with pupils that are speech-language impaired. However, I ne'er think of this in footings of pupils who may be SLA. The instructor in the Deaf and Hard of Hearing Unit has a new pupil from Mexico who has no linguistic communication. She did non travel to school in Mexico. She knows no mark at all, no reading, etc in her native linguistic communication. As a adolescent, she is larning linguistic communication for the first clip. Students in my unit who are speech-language impaired have made important betterments in linguistic communication by patterning their equals and their instructor. Obviously, their linguistic communication would non hold the same betterments if they did non hold any interaction with persons ( instructor and/or equals ) that interacted with them on a day-to-day footing.Mary Ann Zehr.A ( 2010, A October ) . Boston Settles With Federal Officials in ELL InvestigationA : District Agrees to Retest 7,000 Students ‘ English Skills.A Education Week, A 30 ( 7 ) , A 10.A Retrieved November 5, 2010, from Research Library Core. ( Document ID: A 2171700391 ) .Carol Johnson, the schools overseer in Boston, where 28 per centum of the territory ‘s 56,000 pupils are ELLs, said in an interview that the system has been seeking for a twelvemonth to convey its schools into conformity with federal civil rights jurisprudence. The attempt has involved developing some 2,000 instructors in how to work with English-learners, retesting the English accomplishments of 7,000 pupils, and mapping programs to speed up the acquisition of ELLs who should hold received services before but did n't. A study last twelvemonth by the Mauricio Gaston Institute for Latino Community Development and Public Policy, at the University of Massachusetts Boston, found the territory was n't decently measuring and placing many pupils as ELLs. In May 2009, the territory hired Ms. De Los Reyes and tasked her with turn toing the deficiency of services to ELLs cite d in the 2008 province reappraisal. She said the colony resulted from a strong coaction with the Justice and Education sections. I find this interesting that pupils were non being decently assessed as ELL. These pupils were taking their standardised trials I the mainstream and non in their native linguistic communication. Students were in the schoolroom. However, I ‘m inquiring if some of these schools had ESOL plans or they were trusting on untrained instructors to turn to the educational demands of the pupils that were ELL. If instructors are non trained in ELL or ESE, they may non be cognizant of the regulations on standardised testing for pupils who were SLA. They should reexamine the deficiency of services and the deficiency of instruction for instructors to supply services to pupils that are ELL.Huang, A J. , A & A ; A Brown, A K..A ( 2009 ) . Cultural FACTORS AFFECTING CHINESE ESL STUDENTS ‘ ACADEMIC LEARNING.A Education, A 129 ( 4 ) , A 643-653.A Retrieved November 5, 2010, from Research Library Core. ( Document ID: A 1800962381 ) .Confucianism meets Constructivism in North American univers ities and our schoolrooms are neglecting to run into the educational outlooks of Chinese pupils. Specifically, pupils from the People ‘s Republic of China mentioned six countries where they feel uncomfortableness: ( a ) They feel uncomfortable with the schoolroom behaviour of North American pupils. ( B ) They question the value of a professorial focal point on treatment instead than talk. ( degree Celsius ) They query the professor ‘s failure to follow the text edition. ( vitamin D ) They feel there is excessively much accent on group work. ( e ) They note a deficiency of talk sum-ups along with an evident deficiency of organisation. ( f ) They portion on common involvements ( e.g. athleticss, faith ) with their North American opposite numbers. This paper discusses the cultural factors that affect Chinese pupils ‘ academic acquisition at North American universities. It besides provides deductions for North American professors. This is more interesting research on how civilization affects pupils ‘ positions towards linguistic communication acquisition. In one treatment station, the issue of motive and how the pupils ‘ positions of the people and civilization for SLA affects their motive to larn. The Chinese pupils did non understand certain cultural facets and behaviour of North American pupils. Hidden course of study is an of import facet to include when learning a new linguistic communication to non-native born pupils.

Book vs Movie Essay

There are different ways to get a story from different sources in modern times. Books have been good sources for stories, but movies are getting more popular and have the same story with the books. Why people still reading books; and others are prefer watching the movies? Reading books and watching movies have a lot in common, but there are some differences that makes the readers remain faithful to reading books. Reading books and watching movies are similar because they are telling the same story. They give the reader or the audience the same feelings after reading or watching about the story. The reader can feel sad of the story in a book while the audience can also feel the same after watching about the story in the movie. The general ideas, which are themes and main characters of the story, are the same. For example, Romeo and Juliet is romantic no matter it is read from a book or watched from a movie. A book and a movie both have a beginning, rising actions, and a resolution. The story are formed in the same structure regardless to it is a book or a movie. Even though there are similarities; reading books and watching movies give details through different ways. By reading the books, the reader has to open his mind for imaginations. Books only show words, and the images of the story are imagined in the brain. On the other hand, movies give a particular picture of the story to the audiences, and the audiences get details through visual and hearing. The audiences can only get what is shown in the movies but can’t think outside the box for more creative thinking. The readers can have different feedbacks to the story, but the audiences can only agree with the movies; therefore, reading books and watching movies make the readers or audiences response differently. Watching movies can save a lot of time, but reading books could take a long time depending on the speed of reading. For those who can’t read fast, they would prefer watching movies. A movie will take about two hours, but reading a book could take more than two weeks for some readers. People think reading books and watching movies are the same, so they will choose to watch the movie for their time’s sake. Watching the movie can give them a better picture about the story because it is visual and is within a shorter period of time; therefore, the audience can remember the story easier. Besides, movies keep on renewing every week, but a new book needs to be written and published which will take a long time. That’s why people who like new and fresh things will prefer watching movies. Although watching  movies seems to be more convenient, but people are still reading books. The reason is that books give more details to the readers and usually reveal more characters that are not shown in the movies. Movie producers need to cut away some details because they need to squeeze everything into one to two hours. Books can attract the reader to continue reading and give some suspense so that the reader will be hooked or tempted to finish the book to find out the truth. Reading books can improve the reader’s writing and reading skills, but watching movies brings nothing else but entertainment. Before movies were invented, most of the people read books to entertain and improve themselves. Since movies came out, people are attracted by the beautiful and colorful graphics in the movies but have forgotten the books which are full of details and meanings. People are too obsessed to the shortcuts and mirth’s from the movies, but maybe they should just grab a book, sit down, and read a good book. In my opinion I rather have the time to sit and enjoy reading a great book full of entertainment. In most cases people would watch the movie which tells the story in a short amount of time which is more convenient for them. Either they’re lazy or careless about reading the whole book ful l of fun and detail. That how I enjoy the full version of the story in which I take my time to enjoy.

Hospitality Management Essay Example | Topics and Well Written Essays - 1500 words

Hospitality Management - Essay Example Human resource department has to go an extra mile by offering effective services to the employees if an organization has to succeed. Competition in the hospitality industry especially in the UK make the human resource department of an organization to evaluate modalities, which it would use to win employees interest to service, they offer. The hotel commands a large workforce, which caters for clients who visit the hotel. Clients in the hospitality industry are sensitive to response their get from the hotels. This consideration influences the ability of human resources department to conduct its labour sourcing effectively or it would risks loosing clients. The paper analyses the strengths and weakness of human resource management of Parkes hotel. Human resource management is very essential in hospitality industry. Definition given to HRM suites the purpose it serves in the organizations. Perkes hotel boosts of its workforce that has demonstrated high ability of responding to the clien ts of the hotel. Its means that the core functions of the human resource department of the hotel are perfect. The functions include attracting, training, selecting, rewarding and assessment of employees, while providing leadership that complies with the existing labour laws (Landsbergis, 2009:2). HRM functions in Perkes hotel thus offers liaison with representatives from labour unions. The strength of the human resource department would translate to success of the organization. Perkes hotel has demonstrated to its employees that its recruitment process is effective. Many organizations find recruitment process as a daunting task because of failure to identify the right labour. The organization announces its vacancies through the organisation website. Many interested individuals find time to go through the required qualification before submitting their application. The recruitment process is usually competitive enabling the organisation to source for the right employees. Employee†™s treatment is crucial factor because it influences the work out put of an employee. Perkes hotel has been able to identify this factor as one of its strengths. The organisation has designed mechanism of ensures good treatment to its employees. Working hours is a factor that influences employee satisfaction. The organisation has designed flexible working hours for its employee in accordance with the labour laws (Landsbergis, 2009:6). Many employees of the organisation feel that their working condition is satisfactory. Working condition affects employee relation because it defines the attitude the employee would develop towards work. Adherence to the existing laws is important because it helps the organisation to achieve the desired results. For instance, sometimes the organisation faces the challenge of many customers during high seasons necessitating long working hours for the employees. The organisation has been able handle this challenge effectively by introducing work schedul e and overtime ratings, which acts as motivations to the employees. The overtime ratings pay employees for the extra service they offer to the organisation. Rewarding employees for extra performance is a common feature with this organisation. The HRM department usually conduct survey in various department of the organisation to identify exemplary performance. Once identified the organisation would offer reward that commensurate to the amount of effort

Supply Chain Management - Benchmarking Essay Example | Topics and Well Written Essays - 2000 words

Supply Chain Management - Benchmarking - Essay Example Coca-Cola Amatil Company (CCA) is the largest soft drink bottler in Australia. Its headquarters is at Sydney and it supplies to a host of countries in the Asia-Pacific region. In Australia, where it has a 60 percent share of the soft drink market, Coca-Cola Amatil has eight manufacturing and more than 70 distribution sites, each with different products and distribution requirements. It requires several suppliers across many countries to supply various products that go into manufacture of its soft drinks and juices. The presentation covers the need and importance of Supply Chain Management (SCM) for the company. Purchase is the foundation of making an effective Supply Chain. A good purchase will often result in better margins. Organizations have specialist purchase departments. They are informed of the requirements and in turn they organize purchases according to previously laid down policies of the organization or company. Larger organization may have more than one purchasers or even a group of people making purchase decisions. Since there are individuals who finally make decisions their judgment, whether individually or in groups, are influenced by the environment they work in. Kohli (1989) proposed that influence is a function of personal resources or power. Every person has a demographic background that largely consists of his personal resources comprising mainly of ethics and education. His decision is influence by these. The status hierarchy determines the level of power but that can be moderated by the influence of the size, similarity and cohesiveness of the group he works in and th e risk, time and pressure of the situation. These factors when combined influence behaviour in purchase decisions. Sheth (1973) maintains that the psychological world of the decision makers affects purchasing behaviour. This will include the special

Propaganda Analysis Assignment Example | Topics and Well Written Essays - 750 words

Propaganda Analysis - Assignment Example This was dictated to journalists in a top-down fashion. After the media carried these dubious official stories without cross-checking facts, it was disseminated horizontally among Iraqi citizens as well as abroad. There are also instances of misattribution of sources (black) as well as intended ambiguity with respect to certain sources of information (gray). If the details presented in the report were to be true, then Saddam Hussein had had employed every technique, trick and nuance to enhance his own position and interests. As per the report, Saddam Hussein employs the entire gamut of propaganda techniques there are. This includes producing falsified on-the-record information, staging suffering and grief, restricting movements of journalists, self-inflicted damage, false man-in-the-street interviews, etc. The report even claims that Saddam showed self-inflicted damage in order to garner the sympathy of the international community. Documents were fabricated, the media censored, and military assets were located in proximity to civilian residences. The latter ploy was to use civilians as human shields and protect military installations in this fashion. The report goes on to say how Saddam exploited religious sentiment for political ends. Though an atheist in practice, his photos of praying and religious obeisance were circulated both within and outside Iraq. Through such techniques Saddam manipulated the psychology of the masses of Iraq, who are easy victims for their leader’s feigned piety. Another area where Saddam attempted a massive cover-up was regarding the effects of economic sanctions. He spread the impression that the massive malnutrition and infant mortality after the end of the Gulf war was entirely the consequence of sanctions. This claim is questionable, especially since the military expenditure continued to grow during the period, just

The design for how mobile social media tackle with Bangor university Research Proposal

The design for how mobile social media tackle with Bangor university Chinese undergraduate student's career issues - Research Proposal Example The large number of the students compounds the manifestation of the problems that students from other countries face in new societies. Integration is a vital process in the development of students in institutions of higher education. Group studies are vital learning techniques that lecturers use in ensuring that students develop holistically, the Chinese students among other students from different cultures face challenges trying to integrate with the rest in their bid to participate in the groups. Participation of the Chinese students thus remains limited to the social and cultural factors that inhibit their socialization. The use of mobile phones coupled with the advent of social media on the other hand has provided the Chinese students with several opportunities to facilitate both their learning and integration in the college. Among the common mobile social media that students use in the college, include Facebook, Twitter and Instagram among many others. The social media provide the students with virtual groups. The selection of friends and the development of friends and networks in the social media relies on the likes and preferences that the students exhibit. This implies that a student easily selects friends with whom they share several values. Among the values the students consider in the development of their networks include similarity in career options and similarity in cultures. Additionally, the students readily interact with other students willing to assist them settle in the new society. The mobile social media thus help the students develop into holistic scholars who can interact with others in the society thereby adopt to their new environment. In a summary, the cultural difference presents myriad challenges to foreign students at the Bangor University key among whom are the Chinese students. The University must investigate the trend with the view of providing solutions to some of the challenges that the research seeks to

Future of US foreign policy Essay Example | Topics and Well Written Essays - 1250 words

Future of US foreign policy - Essay Example by, as well as the concomitant recession; the United States is essentially going broke (Mandelbaum, The Frugal Superpower: Americas Global Leadership in a Cash-Strapped Era). This year alone, the United States registered a $1.3trillion deficit. This means that it will have to find a way of paying for the outsized foreign policy it has; possibly borrow every Penny of the amount. Michael Mandelbaum, the author of Frugal Superpower and a professor at the JHU School of Advanced International Studies, is quick to point out how President Obama, in his speech given at the West Point, talked a lot about limits. The President was talking about the intentions he had about escalating the war. â€Å"For even when he ordered his troops to the war in Afghanistan, the President sought to put limits on the time of their stay, as well as the mission that they were meant to carry out; and he did not forget to clarify the reasons for the limits. He said that America was not able to afford doing anymore other than what had been specified. The most vital theme from the remarks he put across was that he acknowledged the economic constraints America was having especially on its foreign policy; this is a theme that is hardly ever heard from American presidents, last time it was heard was when Roosevelt took America into the second world war† America’s time as the sole world power that is able to impose all its wills on any country everywhere in this world is coming to an end (Mandelbaum, Americas Coming Retrenchment). While this could be seen as a result of the aspect of the international environment, but it isn’t exactly that. As a matter of fact, it is just a recent history artifact whose life was short. Mr. Mandelbaum tries to address the question, now what? Mr. Mandelbaum tries to face up to the â€Å"the tyranny of numbers.† The United States of America does not enjoy the luxury of infinite resources it used to have and that was available for any project it deemed desirable or

Middleby Corp Essay Example | Topics and Well Written Essays - 1750 words

Middleby Corp - Essay Example Finally, the report includes a personal recommendation from the author, and a hypothetical recommendation from the owner of the Dallas Mavericks Basketball Club, Mark Cuban. Real GDP is forecast to contract by 2.6% in 2009 as the financial crisis and the housing downturn take their toll on domestic demand. Massive fiscal and monetary stimulus will lead to a recovery of growth to 1.4% in 2010. Average consumer price inflation is set to turn negative in 2009 as a result of declining commodity prices. Inflation should turn positive again in 2010, but will remain low owing to the massive slack in the economy. The Feds forecasts show that its staff now expects the unemployment rate to rise to between 9.2% and 9.6% this year. The central bank had forecast in January that the jobless rate would be in a range of 8.5% to 8.8%, but the unemployment rate topped that in April, hitting 8.9%. I believe the stock market will recover to pre-crash numbers by April of 2010. From there, prices should remain stable because investors will still be a little skeptical, and then rise at about 15% for three years to follow. Discussion: The results seem to indicate that Middleby Corporation’s financial progression is well directed into the future; yet, it’s also clear that if a stock purchase is not made in the immediate future it could soon become overvalued. These finds, supplemented by the previous report, constitute substantial analytical information. The information demonstrates to a reasonable level that the company will continue its positive growth for the following five years. For current and prospective investors, the historical data demonstrates that the stock will increase at a minimal level. In regards to the market forecast and contemporary economic trends, my recommendation is to retain the stock. The company seems to have a strong foundation and will continue to grow. The industry is thriving, and the company is excelling

Does the Policymaking Is the Preserve of Decision-Making Elites Essay

Does the Policymaking Is the Preserve of Decision-Making Elites - Essay Example This paper illustrates that to suggest that public policy is a technical aspect of politics is insufficient, instead it should be viewed as a multi-faceted, interactive system that is directly influenced by social and political inputs that are highly diverse. For elite policymakers to promote only a singular agenda which is aligned with elitist perspectives would lead to backlash or outrage by other societal stakeholders (i.e. community citizens or special interest groups). Hence, to state that policymaking is the preserve of elitist groups would be both irresponsible and impractical. This essay explores the notion of policy-making under an elitist agenda, offering case studies which refute the notion that bargaining, negotiation, and accommodations cannot supersede an elitist agenda. A policy is a shared resource with many multi-faceted inputs influencing policy, including the responsibility to maintain social cohesion and responding to different systemic pressures that impact multi ple societal stakeholders. Elite statesmen maintain the absolute responsibility to incorporate conceptions of brotherhood, justice, social cohesion and ensuring the proper allocation of states’ resources to provide the most benefit to all society members that maintain a vested interest in policy-making outcomes. The idea that a single elitist group can create the policy that preserves its own ideas and intended outcomes of policy does not take into consideration that maintaining unitary power in policy-making would be challenged by other societal stakeholders that have the ability to pressure or coerce policy outcomes. One can consider a policy-making situation in New Haven, Connecticut in which there were imbalanced power resources (such as wealth, knowledge and social standing) in a policy-making scenario. Even in an environment in which voters were apathetic and power resources were concentrated with the privileged and influential, city politicians considered demands impos ed by activists to develop the relevant public policy that would satisfy not only the agenda of the privileged politicians but a broader group of stakeholders as well. This represents the notion of pluralism in policy-making that must respond to diverse needs and expectations which may not always be congruent with elitist agenda.

Morality and Sacrifice Essay Example for Free

Morality and Sacrifice Essay â€Å"Sacrifice† is the surrender of a greater value for the sake of a lesser one or of a non value. Thus, altruism gauges a man’s virtue by the degree to which he surrenders, renounces or betrays his values (since help to a stranger or an enemy is regarded as more virtuous, less â€Å"selfish,† than help to those one loves). The rational principle of conduct is the exact opposite: always act in accordance with the hierarchy of your values, and never sacrifice a greater value to a lesser one. â€Å"Sacrifice† does not mean the rejection of the worthless, but of the precious. â€Å"Sacrifice† does not mean the rejection of the evil for the sake of the good, but of the good for the sake of the evil. â€Å"Sacrifice† is the surrender of that which you value in favor of that which you don’t. If you exchange a penny for a dollar, it is not a sacrifice; if you exchange a dollar for a penny, it is. If you achieve the career you wanted, after years of struggle, it is not a sacrifice; if you then renounce it for the sake of a rival, it is. A sacrifice is the surrender of a value. Full sacrifice is full surrender of all values. If you wish to achieve full virtue, you must seek no gratitude in return for your sacrifice, no praise, no love, no admiration, no self-esteem, not even the pride of being virtuous; the faintest trace of any gain dilutes your virtue. If you pursue a course of action that does not taint your life by any joy, that brings you no value in matter, no value in spirit, no gain, no profit, no reward—if you achieve this state of total zero, you have achieved the ideal of moral perfection. If you wish to save the last of your dignity, do not call your best actions a â€Å"sacrifice†: that term brands you as immoral. If a mother buys food for her hungry child rather than a hat for herself, it is not a sacrifice: she values the child higher than the hat; but it is a sacrifice to the kind of mother whose higher value is the hat, who would prefer her child to starve and feeds him only from a sense of duty. If a man dies fighting for his own freedom, it is not a sacrifice: he is not willing to live as a slave; but it is a sacrifice to the kind of man who’s willing. If a man refuses to sell his convictions, it is not a sacrifice, unless he is the sort of man who has no convictions. Sacrifice could be proper only for those who have nothing to sacrifice—no values, no standards, no judgment—those whose desires are irrational whims, blindly conceived and lightly surrendered. For a man of moral stature, whose desires are born of rational values, sacrifice is the surrender of the right to the wrong, of the good to the evil. The creed of sacrifice is a morality for the immoral—a morality that declares its own bankruptcy by confessing that it can’t impart to men any personal stake in virtues or values, and that their souls are sewers of depravity, which they must be taught to sacrifice. By its own confession, it is impotent to teach men to be good and can only subject them to constant punishment.

Positivist and Interpretivist Research

Positivist and Interpretivist Research Qualitative research can be defined as, A multi-method in focus, involving an interpretive, naturalistic approach to its subject matter. This means that qualitative researchers study things in their natural settings, attempting to make sense of or interpret phenomena in terms of the meanings people bring to them. Qualitative research involves the studied use and collection of a variety of empirical materials case study, personal experience, introspective, life story interview, observational, historical, interactional, and visual texts-that describe routine and problematic moments and meaning in individuals lives (Denzin and Lincoln, 1994). Qualitative research emphasizes qualities of entities the processes and meanings that occur naturally (Denzin Lincoln, 2000). Qualitative research methods have for many years made a significant contribution to management research. In this essay, I critically evaluate Gepharts paper on qualitative research, where he writes pertaining to traditional research methods such as positivism and post positivism, interpretive research and critical postmodernism. In the second part of the essay, I evaluate David Silvermans On Finding and Manufacturing Qualitative Data from the book A Very Short, Fairly Interesting and Reasonably Cheap Book about Qualitative Research where his methodology merges with the two methods highlighted in Gepharts paper. Gephart in his paper brings to light three main research traditions used in management research. They are positivism and postpositivism, interpretive research and critical post modernism, which have evolved from the behaviourist and cognitive perspectives of qualitative research. In this part of the essay I shall give an overview about the three research traditions and the distinctions between them. Positivist and post positivist research traditions arise from the behaviourist perspective of qualitative research which is based on the knowledge of consistent relationships. The term positivism was first introduced by Auguste Comte, Our doctrine is one which renders hypocrisy and oppression alike impossible. And it now stands forward as the result of all the efforts of the past, for the regeneration of order, which, whether considered individually or socially, is so deeply compromised by the anarchy of the present time. It establishes a fundamental principle by which true philosophy and sound polity are brought into correlation; a principle which can be felt as well as proved, and which is at once the keystone of a system and a basis of government. (Auguste Comte, 1798-1857). A major tenet of logical positivism is its thesis of the unity of science (Hempel, 1969 Kolakowski, 1968). In its broadest sense, positivism is a position that holds the goal of knowledge. In a positivist view of the world, science is seen as the way to get at truth, to understand the world well enough to predict and control it. In other words, Positivism assumes an a priori (truth) which is discoverable through methodical, rigorous, careful observation that can be proven through testable and repeatable methodologies. A post-positivist might begin by recognizing that the way scientists think and work and the way people think in their everyday life are not distinctly different. It can be defined as, non-foundational approach to human knowledge that rejects the view that knowledge is erected on absolutely secure foundation for there are not such things; Post-positivists accept fallibilism (the philosophical doctrine that absolute knowledge is impossible) as an unavoidable fact of life (Phillips Burbules, 2000). It is characterized by a more nuanced belief in an ontologically realist out there reality that can only be known within some level of probability (Groat Wang, 2002). Additionally, Post-positivists concede that the experimental methodologies employed in the natural sciences are often inappropriate for research involving people (Groat Wang, 2002). Within Post-positivist methodologies, the researcher is autonomous from the subject of inquiry, objectivity is important, and the inquirer manipu lates and observes in a dispassionate, objective manner. This perspective assumes modified experimental, manipulative methodologies that can include both qualitative and quantitative practices (Denzin Lincoln, 2003). Positivism and post-positivism are almost similar, the only difference is, Post-positivism takes into account the criticisms against and weakness of the rigidity of positivism, and now informs much contemporary social science research, including reality-oriented qualitative inquiry (Patton, 1990). Interpretive research tradition arises from the cognitive perspective of qualitative research which is based on shared understanding and awareness of multiple social and organisational realities. The foundation assumption for interpretive research is that knowledge is gained or at least filtered, through social constructions such as language, consciousness, and shared meanings (Klein Myers, 1999). In addition to the emphasis on the socially constructed nature of reality, interpretive research acknowledges the intimate relationship between the researcher and what is being explored, and the situational constraints shaping this process. Interpretive research traditions take the position that humans are social animals that live in societies and as such investigate and interpret lived experience and their inter subjective realities (Bruce H. Rowlands, 2005). Interpretive researchers thus attempt to understand phenomena through accessing the meanings participants assign to them (Orlikowsk i Baroudi, 1991). Unlike atoms, molecules and electrons, people create and attach their own meanings to the world around them and to the behaviour that they manifest in that world (Schutz, 1973). Interpretive studies assume that people create and associate their own subjective and inter-subjective meanings as they interact with the world around them. Positivism and Interpretive research can be distinguished as objective versus subjective (Burrell Morgan, 1979), nomothetic versus idiographic (Luthans Davis, 1982), quantitative versus qualitative (Van Maanen, 1979), outsider versus insider (Evered Louis, 1981), and etic versus emic (Morey Luthans, 1984). Critical postmodernism transcends mere description or reconstructs reality and derives meaning from situations through its critical approach. Critical postmodern theory is about the play of differences of micro political movements and impulses of ecology, feminism, multiculturalism, and spirituality without any unifying demand for theoretical integration or methodological consistency (Boje, Fitzgibbons Steingard, 1996). Critical postmodern is definable as the nexus of critical theory, post colonialism, critical pedagogy and postmodern theory (Boje, 2001). Critical postmodern theory is a way to get a clearer understanding of the relation between modern and postmodern, and take a Deleuzian journey into the middle of the hybridity of pre-modern, modern, and postmodern (Boje, 1995). Critical postmodern spatial theory privileges the lived spatialities of left-margined communities as sites of socio-spatial critique. A postmodern identity politics enacts critical postmodern spatial theory by nurturing the development of, and solidarity between, counter publics, which are subaltern community spaces where private spatialities of alienation are brought to public discourse (Allen, 1999).This tradition is focused on how meanings and reality are shaped over time and seeks to uncover and understand the historical evolution of these meanings, practices, contradictions and expose hidden inequalities in societies. The five distinguishing characteristics of the three research traditions (i) positivism and post positivism (ii) interpretive research and (iii) critical postmodernism, are as follows. First is in terms of the underlying assumptions about reality. Positivism and postpositivism adheres to realism and rely on the assumption of an objective world external to the mind that is mirrored by scientific data and theories; interpretive approach proceeds through the advocacy of relativism with investigation proceeding with data derived from interlinking contextual realities so that data holds both objective and subjective characters; while critical postmodernism adheres to historical realism or the assumption that material or symbolic reality comprised by multidimensional values that crystallizes over time so that the investigation involves the collection of objective and subjective data. Second is in terms of the goal of the investigation. Positivism and post-positivism proceeds with the goal of discovering truths, interpretive research is in line with the goal of describing and understanding of meanings, and critical postmodernism is guided by the goal to uncover hidden interests and contradictions in order to arrive at criticisms that in turn facilitate change. Third is in terms of the tasks involved in the investigation. Positivism and postpositivism involves the identification, explanation and control of variables directed towards the verification of hypothesis or non-falsified hypotheses, interpretive research applies through producing descriptions of members meaning and definitions of situation in order to have a clear understanding of the manner that reality is constructed, while critical postmodernism involves the task of determining insights from the structures of relationships and historical changes that reveal contradictions. Fourth is in relation to the unit of analysis of the research traditions. Positivism and postpositivism utilises variables as the core unit of analysis, interpretive research focuses on verbal and non verbal actions, while critical postmodernism centres on contradictions, criticism, signs and symbolism as key elements of the research. Variables become the core unit of analyses because of their objective reality. Verbal and non verbal are the units of analyses in interpretive research because of their subjective nature. Conflict, criticism and symbolism are the core unit of analyses of postmodernism because these elements appropriately capture historical realism. Fifth is with regard to the focus of the methods. Positivism and postpositivism involves the discovery of facts and the comparison of these facts with predefined hypothesis or propositions, interpretive research does not predefine dependent or independent variables, does not set out to test hypotheses, but aims to produce an understanding of the social context of the phenomenon and the process whereby the phenomenon influences and is influenced by the social context (Walsham, 1995), while critical postmodernism involves the derivation and understanding of historical evolution of meanings, conflicts and inequities evolving through time as the method of data gathering and analyses. Since positivism and post positivism involve objective reality, the methods that apply in these research are those useful in gathering facts while methods able to derive meaning appropriately applies to interpretive research and critical postmodernism because these should be able to capture subjective realities in order to derive meaning. Over the last generation there has been a shift in qualitative methods, from a scientist-oriented research, toward a more dynamic representational strategy .Beginning in the late 19th century, Antipositivism was perhaps the first movement to challenge the rigid nature of dominant Positivism. Early Antipositivists like Wilhelm Dilthey (1833-1911), Heinrich Rickert (1863-1936) and later, Max Weber (1864-1920), addresses the Positivist failure to appreciate the fundamental experience of life, and instead favour physical and mental regularities, neglecting the meaningful experience that was really the defining characteristic of human phenomena. Adorno, 1969 (cited in Fuchs. C Sandoval. M., Positivism, Postmodernism, or Critical Theory? : A Case Study of Communications Students Understanding of Criticism) stresses that positivism is only oriented on appearance, whereas critical theory stresses the difference between essence and appearance. Above all, critical theory, poststructuralism, a nd postmodernism are effective as critiques of positivism, interrogating taken-for-granted assumptions about the ways in which people write and read science (Stockman, 1984). Such opinions against positivism lead to a breakthrough from positivism to other research traditions such as interpretive research and critical postmodernism which meet the needs of current researchers. In contradiction to Gephart, Silverman takes a rather interpretive and critical postmodernist stance when writing his piece about manufactured data and found data. Silverman in his paper uses Sacks insights to support the positive things that can be learnt through observations (found data) and the critique view on the use of interview data (manufactured data). He also states that researchers prefer to manufacture data using artificial research settings such as interviews and focus group which use pre-determined research questions. Manufacture of data to answer a specified research problem is precisely the method which quantitative or positivist researchers prefer as explained by Gephart. Alternatively, naturally occurring (found) data arises from being aware that the research situation is not straight forward as eliciting data from interviews. Indeed collecting data through reading, looking, listening, facial expressions, sights, sounds, smells etc are taken into account. It provides a broader perspective of the research problem in hand when compared to manufactured data. Data manufactured through interview talk is approached with very different expectations, this can be explained by, The meaning of an answer is not a straightforward matter of external or internal reference, but also depends on the local and broader discursive system in which the utterance is embedded (Wetherell Potter, 1988). Positivist might interpret interviews in a different manner when compared to interpretive and critical postmodernist. Positivist researchers believe that their research methods and data mirror reality. The positivist researcher might strive to discover objectively the truth hidden in the subjects mind, Rather than an interviewee providing prepared/manufactured responses to standard questions designed to be unbiased and neutral, we strive to engage in social construction of a narrative with our participants. In this way we hope to activate the respondents stock of knowledge. (Richie and Rigano, 2001: 744, cited in Post-Positivist Approaches To Research : Anne B Ryan). We regard ourselves as people who conduct research among other people, learning with them, rather than conducting research on them (Wolcott, 1990). Researchers dont ask themselves is this the truth? Rather, we talk about the issues raised during the interviews, the participants reactions, and our interpretations of these interwoven ideas. In this context, it seems right to open up the interpretive discussions [to our respondents], not f or them to confirm or disconfirm them, but to share our thinking and how the ideas might be used. (Richie and Rigano, 2001: 752, cited in Post-Positivist Approaches To Research : Anne B Ryan) Use of manufactured data in qualitative research might make the respondent bias his result, as stated by Crotty (1998) Leading to the epistemological idea that the very act of observation causes a particle to behave differently. Sacks states that, we can treat what people say as an account which positions itself in a particular context. Here the researcher is viewing what people say as an activity awaiting analysis, thus the researchers interpretations play a key role in manufacturing data. Bringing such subjectivity to the fore, backed with quality arguments rather than statistical exactness (Garcia Quek, 1997). Many researchers have criticized the use of manufactured data in qualitative research, which is the positivist view as stated by Gephart and the greater use of naturally occurring data or found data which is the interpretivistic approach. The Dead Social Scientist Test describes manufactured data as, The test is whether the interaction would have taken place in the form that it did had the researcher not been born or if the researcher had got run over on the way to the university that morning'(Potter, 1996). In all research, the choice of data depends on the research problem. Equally, there is no question that all polarities should be investigated particularly where, as here, they involve an appeal to nature (Speer 2002). As Kuhn (1964) stated in his publication The structure of Scientific Knowledge, scientists work withinà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬and are constrained byà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬prevailing paradigms while questioning the alleged objectivity and value-free neutrality of scientific discovery. Interpretive approach is synonymous with ethnography. Doing ethnography is doing an interpretation of the behaviour of human subjects in their local settings. Interpretivistic do not reject the concept of a real world out there but presented the reality which mattered most and they try to understand the respondents response in their own terms. Researchers are the measuring instruments and their understanding will derive from personal experience rather than manipulation of variables, as Hirschman(1986) puts it, personally experienced knowledge serves as scientific data. Reality has to be constructed through the researchers interpretation and ability to communicate the respondents reality; hence the researcher has to be a part of the research to conduct a successful research. Qualitative researchers can access naturally occurring data by finding everyday features in extraordinary settings, this is an interpretive approach. Naturally occurring data can serve as a wonderful basis for theorizing about things that the researcher would never imagine. What ordinarily happens in the world around us means we can start with things that are not currently imaginable, by showing that they happened (Sacks, 1992). Sanday (1979) states that, empathy and identification with the observed people are needed to go about the understanding held by the human subjects. Geertz says that, the trick is not to get yourself into some inner correspondence with your informants. The researcher uses ethnography and manages to interpret an individual behaviour in such a way that it no longer appears to be absurd but appears rational. A successful interpretation is one which makes clear the meaning originally present in a confused, fragmented, cloudy form.. what is initially strange, mystifying, puzzling, contradictory (for the researcher) is no longer so, is accounted for (Taylor, 1979). As stated by Potter (2002), naturally occurring data opens up a wide variety of novel issues that are outside the prior expectations embedded in interview questions. In addition to the interpretive approach through the critical approach, the researcher is able to delve into the determination of differential characteristics, nature of conflict, aspects underlying differences and conflicts, and consequences of differences and conflict which help to address the issues that arise in naturally occurring data. With these types of information derived through the application of critical postmodernist tradition, the investigative approach is able to assess data and explain reasons for these differences and conflicts that in turn catalyses the determination of solutions that leads to eventual change. It can be supported as with the following evidence. Critical postmodern theory is a way to get a clearer understanding of the relation between modern and postmodern, and take a Deleuzian journey into the middle of the hybridity of pre-modern, modern, and postmodern (Boje, 1995). A critical postmodern project can move us beyond exploitation, racism, sexism, and abuse by reframing and restoring organization theory away from its patriarchal lingo in order to reaffirm social justice, equality, democracy, and the wonders of multiplicity (Boje, 1995: 1004). In a critical postmodern theory, such as Tamara, we can explore the micro-practices of organizational life, as well as contextualize the stories of the marginal Other, within the workings of a post-industrial supply and distribution chain addicted to sweatshops, and the cover-stories produced and distributed by the postmodern storytelling organizations that turn out consumer identities and spectacles for mass consumption (Boje, 1995: 99 8-2). On the plus side, there is always resistance to the forces of global and individual domination and exploitation that stem from the strange hybridity of premodern, modern, and postmodern organizing amalgams. Ultimately, the criticism provides insights into historical events to catalyse change that should be for the betterment of relationships and systems. It can be summarised that good qualitative research is difficult and challenging to undertake. Data manufactured through artificial research settings such as interviews and focus groups restricts the information available to the researcher and it also leads to biased results since the respondent is aware of the researchers need. The positivist researcher might strive to manufacture data by discovering objectively the truth hidden in the subjects mind; while interpretivist tries to collect naturally occurring data by understanding the respondents response in their own terms. Reality has to be constructed through the researchers interpretation and ability to communicate the respondents reality; hence as Silverman states the researcher has to be a part of the research to conduct a successful research. Thus naturally occurring data (interpretivist) is more suitable for qualitative research than manufactured data (positivist) because, Naturally occurring data does not flood the research setting with the researchers own categories (embedded in questions, probes, stimuli, vignette and so on) It does not put people on the position of disinterested experts on their own and others practices and thoughts. It does not leave the researcher does not leave the researcher to make a range of more or else problematic inferences from the data collection arena to topic as the topic itself is directly studied. It opens a wide variety of novel issues that are outside the prior expectations embedded in, say, interview questions. It is a rich record of peoples living their lives, pursuing goals, managing institutional tasks and so on. (Potter,2002) Ultimately the type of data used in qualitative research depends on the research topic hence researchers prefer to combine and test their observations by asking questions from the research sample. REFERENCES Journal Articles: Agger.B., 1991. Critical Theory, Poststructuralism, Postmodernism: Their Sociological Relevance. Annual Review Social, 17, pp.105-31. Allen S. Lee.,1991. Integrating Positivist and Interpretive Approaches to Organizational Research, Organization Science, 2(4), pp.342-365. Boje, D. M., 1995. Stories of the Storytelling Organization:A postmodern analysis of Disney as Tamara-Land. Academy of Management Journal, 38(4), pp.997-1035. Boje, D. M., Fitzgibbons, D. E., Steingard, D. S., 1996. Storytelling at Administrative Science Quarterly: Warding off the postmodern barbarians. pp. 60-92. Boje, D. M., 2001c. Tamara Manifesto. Tamara: Journal of Critical Postmodern Organization Science (Online). 1, pp.15-24. 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Grounded in Practice: Using Interpretive Research to Build Theory. The Electronic Journal of Business Research Methodology, 3(1), pp.81-92. Available online at, www.ejbrm.com. Sanday, Peggy R., 1979. The Ethnographic Paradigm(s). Administrative Science Quarterly, 24(2), pp.527-538. Sanna Talja., 1999. Analyzing Qualitative Interview Data: The Discourse Analytic Method University of Tamper, Library Information Science Research,21(4), pp.459-477. Schutz, Alfred. 1973. Concept and Theory Formation in the Social Sciences. Maurice Natanson (Ed.), Collected papers, 1, The Hague: Martinus Nijhoff, pp48-66. Speer, S., 2002 Natural and contrived data: a sustainable distinction?. Discourse Studies, 4 (4), pp.511-25. Szmigin, I. Foxall,. G., 2000. Interpretive Consumer Research: how far have we come?, Qualitative Market Research: An International Journal, 3(4), pp.187-197. Van Maanen, John., 1979. Reclaiming Qualitative Methods for Organizational Research : A Preface. Administrative Science Quarterly, 24(4), pp.520-526. Walsham, G., 1995. Interpretive Case Studies in IS Research: Nature and Method. European Journal of Information Systems, 4(2), pp.74-81. BOOKS: Burrell, Gibson. Gareth, Morgan., 1979. Sociological Paradigms and Organisational Analysis. London: Heinemann Crotty, M., 1998. The Foundations of Social Research: Meaning and Perspective in the Research Process. London: Sage Publications. Denzin, N. Lincoln, Y. S., 1994. Introduction : Entering the field of qualitative research. In N. K. Denzin Y. W. Lincoln (Eds.), Handbook of qualitative research: 1-17. Thousand Oaks, CA: Sage. Denzin. N. K. Lincoln, Y. S., 2000. Introduction: The discipline and practice of qualitative research. In N. K. Denzin Y. S. Lincoln (Eds), Handbook of qualitative research. 2nd ed.: 1-28. Thousand Oaks, CA: Sage. Denzin, Norman., Guba Lincoln., 2003. 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Theories o/Modernity and Postmodernity . Newbury Park, Calif: Sage Taylor, Charles., 1979. Interpretation and the Sciences of Man., R. Rabinow W. Sullivan (Eds.), Interpretive Social Science, Berkeley and Los Angeles, CA: University of California Press, pp.25-71. Wetherell, M. Potter, J., 1988. Discourse analysis and the identification of interpretive repertoires. In: Antaki, Charles Editor. 1988. Analysing everyday experience: A casebook of methods Sage, London, England, pp. 168-183. Wolcott,H.F., 1990. Writing up qualitative research. Sage publications, 20. ONLINE ARTICLES: Anne. B .R., Post- Positivist Approaches To Research. http://eprints.nuim.ie/874/1/post-positivist_approaches_to_research.pdf Boje.D., 2001. What is Critical Postmodern Theory? http://business.nmsu.edu/~dboje/pages/what_is_critical_postmodern.htm Trochim. W., Positivism Post-Positivism www.socialresearchmethods.net/kb/positvsm.php

The Psychological Labyrinth in Owl Creek Bridge, Yellow Wallpaper, and

The Psychological Labyrinth in Owl Creek Bridge, Yellow Wallpaper, and Garden of Forking Paths      For millennia, the labyrinth has been used as a sacred tool for spiritual enlightenment.    Sometimes called a "divine imprint" because of its prevalence combined with its unknown origin,    the labyrinth provides a "transcendent experience of connection and clarity" ("What is a Laby-    rinth") through the act of walking the winding paths to its center. Unlike a maze, which has dead    ends and trick turns, the labyrinth has only a single path leading to and from the center; the    principle of the labyrinth is such that a person must traverse every inch of space before reaching    his/her goal. In this way, the labyrinth subverts the logical aspect of the mind (normally dominant)    and enables the individual to enter a state of mental calmness, allowing him or her to experience    the spiritual benefits of a sort of walking meditation.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Probably the most famous historical labyrinth is the one constructed by Daedalus to house    the Minotaur in classical mythology. In that case, according to Ovid, Daedalus "built a house in    which he confused the usual passages and deceived the eye with a conflicting maze of various    wandering paths ("Ariadne's Thread"). There is no mention of a specific shape for this "house,"    but traditionally most such mazes have been made in a circular formation. Another famous laby-    rinth is built into the floor of the cathedral at Chartres; the fact that the same design has been    found on coins minted at Cnossus gives rise to the theory that it may be connected to the laby-    rinth of Daedalus and the Mi... ...Garden of Forking Paths. » The Story and its Writer.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Ed. Ann Charters. Boston: Bedford Books of St. Martin's Press, 1995. 1391-1392.    Gilman, Charlotte Perkins. "The Yellow Wallpaper." The Story and its Writer. Ed. Ann Charters.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Boston: Bedford Books of St. Martin's Press, 1995.531-542.    Green, Edward J. "Labyrinth." www.concentric.net/~Egreen/prof/otherstudies/labyrinth.html.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (accessed 11/21/99).    Irwin, John T. "A Clew to a Clue: Locked Rooms and Labyrinths in Poe and Borges."      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   MasterFILE Premier database from Raritan, Spring 91, Vol.10 Issue 4. <... /      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   print2.asp?records=CURRENT&pFormNum=PrintCitation&pFulIText=ON&kwic=on&deliv>      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (accessed 11/20/99).    "What is a Labyrinth?". www.mindspring.com/~Iabyrinth/Iabyr2.htm (accessed 11/20/99).      

I am Obligated to Use my Talents to Benefit Society Essay -- Medicine

I am Obligated to Use my Talents to Benefit Society As a potential medical student, I will strive to be a tremendous asset to The Chicago Medical School by devoting all my time and life to becoming an excellent physician. I believe that I am obligated to use my talents in a constructive manner, in a manner that benefits society. The medical career gives me the unique opportunity to express my many talents while benefiting human life. B. Berston M.D. once said: " ... a funny thing happens to medical students on their way to becoming physicians: they forget how to hold a conversation." I believe that my ability to communicate makes me well suited to pursue a medical career. While I possess the strong science background necessary for success in the profession, I also consider myself a " people" person. As a waiter and bartender, I dramatically improved and expanded my communication skills since I was constantly meeting new people and discussing different topics. Because people constantly disclosed thei... ... of medicine as a career because I am convinced that medicine offers me the opportunity to live a fulfilling, rewarding life dedicated to helping others. I will enter medicine eager to learn and thirsting for the knowledge to help my fellow human beings. Attending The Chicago Medical School would be one of the greatest rewards for my motivation and persistence for success. I swear to uphold and exceed all that is expected of a future physician while promoting the progress of medicine and humanity.

The Caretaker by Pinter Essay -- essays research papers

The Caretaker by Pinter: A Play Can Be Confrontational, Challenging and Disturbing to the Values and Assumptions of An Audience. Discuss With close Reference The Caretaker, written by the British playwright Harold Pinter in the late 1950's and early 1960's disrupts the audiences perceptions of existence and their understandings of it. The play deconstructs perceived notions and conceptions of reality, and disturbs the audiences perception of their own identity and place within a world which is primarily concerned with the search and need for identity. Pinter was clearly influenced by the fashionable philosophic review of human condition that was prominent in the 1950's and 1960's – existentialism. The play attacks the notion that there are no absolute truths or realities. Pinter is therefore concerned with what exists as unknown and intangible to humanity. His theatre interrogates the truth of nature and realities of language and demonstrates that much of what the audience regards as fact is fiction as he explores the uncertainty of human existence. When an audience of the 1960's went to the theatre, it can generally be assumed that they had preconceived ideas about what they expected and what they are going to gain from the theatrical experience. The traditional attitudes towards theatre and the conventions of realist drama are disrupted by Pinter. This confronts the assumptions and values of the audience, an experience which would be disconcerting and frightening to many. Pinter divorces and exposes society's codes, institutions and human relations. Throughout the play the audience is rarely comfortable. This disruption is established from the outset of the play when Mick, a character who at this stage of the play the audience knows nothing about, sits on the bed and stares at the audience in silence for ‘30 seconds'. Traditionally in realist drama such as Henrik Ibsen's Hedda Gabler characters use simple exposition through language and non-verbal elements to ‘let the audience in' and enlighten them on what is happening on the stage and the results and reasons for and behind actions. Pinter disrupts this tradition and this in itself would have been a disturbing phenomena to the conservative audiences of post-war Britain. Mick's arrival on stage generates unease within the audience and the tension would only increase as Pinter provides the audience with... ...entity and the structure of society. This deferral of action is primarily indicated by Davies and Aston. The prime example of this is in Davies constant references to his planned trip to Sidcup and in Aston's references to the shed that he is planning to build. Through the representation of these possible future activities, it appears that it gives purpose to their current actions and to some extent a reason for living. It allows these characters to suggest that they are in fact worthwhile human beings with a purpose and a ‘life'. Pinter suggests through this deferral of actions that people's lives hold no worthwhile meaning and ultimately there is nothing gained at the point of death. The Caretaker is a subversive play that demythologises many of an audiences assumptions and values. Pinter makes the audience experience paranoia and feelings of menace and by disrupting conventions of social behaviour and ignoring traditional dramatic ‘realist' protocol, Pinter confronts and challenges the values and assumptions of an audience. He successfully deconstructs notions of power and security, and problematises the conservative belief that there are in fact absolute truths and realities.

Fv Project Summary of Fasb and Iasb

Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards.This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB's working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASB's Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure D raft and related Invitation to Comment. No decisions were made.At a previous meeting, the Board decided to issue the FASB's final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASB's document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASB's conclusions along with the basis for the disagreement.The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differenc es between the definitions of fair value in the FASB's draft Fair Value Measurements (FVM) standard to the definition in IFRS.This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staff's overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings.The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staff's analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board member s wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing ‘amount' to ‘price' as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of ‘exit values' in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transaction; the agreed price constitutes both an ‘entry' and ‘exit' value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of ‘marketplace participants' is believed by some Boar d members to be a less superior phrase to the widely accepted ‘knowledgeable, willing parties' notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a ‘market'. The FASB's rationale for introducing the ‘marketplace participants' notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted.The Board will be asked to debate the meaning of the ‘reference market' notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measuremen t Within each of these sections, the staff made various proposals for the Board's consideration.Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 – Construction Contracts †¢ (b) IAS 16 – Property, Plant and Equipment (c) IAS 17 – Leases †¢ (d) IAS 18 – Revenue †¢ (e) IAS 19 – Employee Benefits †¢ (f) IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 – Accounting and Reporting by Retirement Benefit Pla ns †¢ (h) IAS 33 – Earnings per Share †¢ (i) IAS 36 – Impairment of Assets †¢ (j) IAS 38 – Intangible Assets †¢ (k) IAS 39 – Financial Instruments: Recognition and Measurement †¢ (l) IAS 40 – Investment Property †¢ (m) IAS 41 – Agriculture †¢ (n) IFRS 1 – First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 – Share-based Payment (p) IFRS 3 – Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 – the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be exclu ded from the scope.The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 – due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received.However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 – Inventory †¢ (b) IAS 21 – The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 – Consolidated and Separate Financial Statements †¢ (d) IAS 28 – Investment in Associates †¢ (e) IAS 31 â €“ Interests in Joint Ventures (f) IAS 32 – Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 – Insurance Contracts †¢ (h) IFRS 7 – Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 – Presentation of Financial Statements †¢ (b) IAS 7 – Cash Flow Statements (c) IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors †¢ (d) IAS 10 – Events After the Balance Sheet Date †¢ (e) IAS 12 – Income Taxes †¢ (f) IAS 14 – Segment Reporting †¢ (g) IAS 23 – Borrowing Costs †¢ (h) IAS 24 – Related Party Disclosures †¢ (i) IAS 29 – Financial Reporting in Hyperinflationary Economies †¢ (j) IA S 30 – Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 – Interim Financial Reporting (l) IAS 37 – Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 – Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalised, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB MeetingThis was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASB's exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance.The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity tha t differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condition of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project.Revised definition of fair value In the staff's view, the FASB's revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a ‘price' rather than ‘amount'. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price.As a consequence, other Board members noted that the current definitio n will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs.The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurem ent date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input.IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staff's conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statemen t represents an improvement over the disparate and inconsistent guidance currently in IFRSs.Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASB's conclusion to adopt the ‘principal market' view.While this will result in a change from the ‘most advantageous' view currently in IFRS, the ‘principal market' view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price.The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting.The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in as sessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor.However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement.The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from th e FASB's draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements.Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability).Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the ass et or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability.Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement.As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meet ing The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for ‘day-one gains'. Project Plan and Due ProcessThe Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASB's agenda in September 2005. At that time, the Board decided that they would expose the FASB's final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents.These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASB's due process requiremen ts. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an ‘exit price objective' of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alternative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft.This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopeful ly a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long.Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB do cument is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASB's discussion paper. Day-one Gains and Losses Fair value, as defined in the FASB's document is an exit price. As a result of the Board's tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measured at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment.The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential a mendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project.September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfe r a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair value hierarchy that prioritises the information used to develop those assumptions.The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entity's own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASB's Website without charge. The IASB has on its agenda a project on fair value measurement.It is one of the convergence pr ojects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASB's preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASB's preliminary views about those provisions.Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Board's preliminary views and requests constituent input on certain matters Non-performance riskThe Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities.It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in additio n to credit risk). Issues in the Invitation to Comment Entry and exit pricesThe Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between ‘a willing buyer and a willing seller' matters only when one is shifting markets. In many IASB standards, ‘fair value' is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price.Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording ‘on the fly', which they will bring back to the Board. Principal or most advantageous marketIAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability.The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would b e received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities.The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling ‘level 3' measurements ‘fair value'The Board noted that FAS 157 establishes a three level hierar chy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is ‘unobservable inputs' for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other tha n fair value. Block premiums and discountsThe Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the ‘Price x Quantity' formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs.Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initia l recognition. They reasoned that it is important to highlight situations where the guidance in FAS 157 differs significantly from current IFRSs.Further, convergence on the day-one gain matter is a high-profile issue to many large financial institutions and is an area where the staff expects many comments. The Invitation to Comment will contain a discussion and question on the transaction price presumption. US GAAP-specific material contained in FAS 157 The Board agreed that, in the interests of timely publication, they would not alter FAS 157 in any way for the purposes of the Discussion Paper and Invitation to Comment, and that it would therefore have US GAAP-specific material. The Invitation to Comment would note that any Exposure Draft would be IFRS-specific.Next steps On a poll, 12 Board members voted to issue the Invitation to Comment and Preliminary Views, and one Board member abstained, pending resolution of the discussion of entry and exit prices. The Discussion Paper is sc heduled for publication in late 2006. November 2006: Discussion Paper Issued On 30 November 2006, the IASB published for public comment a Discussion Paper on Fair Value Measurements. The Discussion Paper sets out the IASB's preliminary views on how to measure fair values when fair value measurement is already prescribed under existing IFRSs.It does not propose any extensions of the use of fair values. The DP is built around FASB's recently issued SFAS 157 Fair Value Measurements. SFAS 157 establishes a single definition of fair value together with a framework for measuring fair value for financial reports prepared in accordance with US GAAP. Click for IASB Press Release (PDF 53k). The Discussion Paper will be available without charge on the IASB's website starting 11 December 2006. Comment deadline is 2 April 2007 [extended to] 4 May 2007. The IASB plans to publish an Exposure Draft in 2008.Discussion at the January 2007 IASB Meeting Extension of the comment deadline on the Discussi on Paper The staff reported that several constituents had asked the Board to extend the deadline for comments on the Board's Discussion Paper Fair Value Measurements. The constituents highlighted that the comment period coincided with the financial reporting season for those with calendar year ends and asked for more time so that an important and complex document could receive the attention it deserved. The Board agreed unanimously to extend the deadline for comments to Friday 4 May 2007.Discussion at the September 2007 IASB Meeting The staff informed the Board that the FASB had formed a Valuation Resource Group (VRG). The purpose of the VRG is to provide the FASB with input for clarifying the guidance related to the application of the principles in SFAS 157 Fair Value Measurement when fair value is required or permitted under US GAAP. The VRG is drawn from accounting firms, valuation advisers, preparers, users, regulators and standard setters. The first meeting of the VRG is planne d for 1 October 2007. Issues raised at that meeting will be brought to the October FASB meeting.The IASB staff noted that any decisions made by the FASB are likely to have implications for valuations performed under IFRSs because constituents may apply the US guidance in the absence of IFRS guidance. The staff will keep the Board informed of the project. No decisions were made. Discussion at the October 2007 IASB Meeting The staff presented their analysis of comments received on the IASB's discussion paper on fair value measurement. The discussion paper was issued as a ‘wrap around' of FASB Statement of Financial Accounting Standards No. 157.The complete analysis is available in the Observer Notes section on the IASB's website (Agenda Paper 2C). The staff asked the Board to do the following: †¢ consider the main points raised in the comment letters (136 received); †¢ affirm the project objectives; and †¢ approve the staff's preliminary project plan. The main poi nts raised in the comment letter by constituents included (please refer to Agenda Paper 2C for a detailed analysis): †¢ General agreement to that the fair value measurement project is needed; †¢ Concerns about how to provide guidance on determining fair value when it is not clear in hich circumstances; †¢ The interaction between the fair value measurement project and the conceptual framework project (in particular, phase C which covers measurement); †¢ The view that in many situations an entry price notion is superior to an exit price notion; †¢ Fair value is more akin to a heading for a ‘family' of measurement bases and accordingly terms should be used which are more descriptive (that is, more clearly articulate what the Board's intended measurement basis in that situation is); and †¢ With regard to measuring liabilities at fair value, the respondents raised concerns about the application of a transfer notion instead of a settlement notion and as ked for guidance as to the meaning of non-performance risk. Regarding the interaction between this project and the Conceptual Framework project, some Board members noted that the outcome of this project is only one of a number of possible measurement bases that will be in the revised Framework. Consequently, the impact on the Framework project is only minor. The staff confirmed that it consults with staff of the Framework project on a regular basis. Some Board members observed that the notion ‘entry price' should be as well defined as ‘exit price'. Staff noted that this is part of the proposed project plan. No decisions were made.The Board was also asked to agree on the following project objectives: †¢ Development of principles and measurement guidance for an exit price measurement basis; and †¢ Completion of a standard-by-standard review of fair value measurements permitted or required in IFRSs to asses whether each standard's measurement basis is an exit pric e. If the Board does not agree, will it agree to decide on a case-by-case basis whether or not to develop measurement guidance for those other measurement bases. The Board agreed to both objectives. On the second bullet point, it was clarified that this analysis will not lead to the development of additional guidance for those measurement bases that will be identified as not fitting in the definition of fair value for the purpose of the fair value measurement project. However, the Board noted that a working definition for fair value must first be agreed on before the analysis can be done. Additional Discussion at the October 2007 IASB MeetingThis was an education session and accordingly no decisions were made. The session was led by representatives of the valuation profession to illustrate practical valuation concepts and issues (the complete presentation [Agenda Paper 11A] can be obtained from the Observer Notes section on the IASB Website). The focus was on the valuation methodolo gies used in the measurement of tangible and intangible non-financial assets. The background of the session was the Discussion Paper on Fair Value Measurements that was issued by the IASB in November 2006. The main topics of the presentation were: †¢ Value concepts in IFRSs †¢ The purchase price allocation process Overview of valuation methodologies (that is cost approach, market approach, income approach) The presenters' main focus was the valuation requirements resulting from a business combination and what are the factors valuation professionals consider in such transactions. Although this was an education session only the Board showed particular interest in certain topics of the presentation: †¢ If and how appraisers exclude entity-specific factors from their valuation models †¢ Customer-related intangible assets (separation and assumptions used in valuation) †¢ Consideration of tax in the valuation process †¢ Separation and valuation of contingent liabilitiesOn the last point, the representatives of the valuation profession admitted that they have difficulties identifying all contingent liabilities and how to value them based on a transfer notion (that is what would an entity have to pay to pass on the risk – in contrast to a settlement notion). Discussion at the November 2007 IASB Meeting The staff began the morning session by informing the Board about the latest developments in relation to the implementation of SFAS 157 Fair Value Measurements which is the basis for the Discussion Paper published by the IASB. The developments included the deferral of the effective date of SFAS 157 for non-recurring measurements (for example in business combinations).It was noted that these developments would have no impact on the IASB project on fair value measurements. The staff presented its preliminary definitions of ‘current exit price' and ‘current entry price' for assets and liabilities that will be used in the stan dard-by-standard review. The Board and the staff reiterated that they do not want to change the measurement within the standards. The goal of the analysis carried out by the staff would be to find out which measurement attribute the Board and its predecessor (the IASC) had in mind when using the term ‘fair value'. The preliminary working definitions of the staff are as follows: †¢ Assets: Current entry price: The price that would be paid to buy an asset in an orderly transaction between market participants at the measurement date. o Current exit price: The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. †¢ Liabilities: o Current entry price: The price that would be received to incur a liability in an orderly transaction between market participants at the measurement date. o Current exit price I (transfer notion): The price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. o Current exit price II (settlement notion): The price that would be paid to settle a liability in an orderly transaction at the measurement date.At the request of a Board member staff confirmed that possible components of fair value will be addressed in later stages of the project. The staff also confirmed that it will involve practitioners to gain insight into current valuation practice in the specific circumstances. The Board had a short discussion on certain aspects of fair value measurement and was informed by staff that some of the issues will be discussed at the December Board meeting. The Board agreed on the preliminary definitions of current entry price and current exit price for assets and liabilities and that staff should not consider other measurement bases for the purpose of the standard-by-standard review.Discussion at the December 2007 IASB Meeting The purpose of this session was to continue the deliberations on the issues in the Fair Value Measurements Discussion Paper and to present an analysis of the ‘market participants view' under SFAS 157 compared to the ‘knowledgeable, willing parties in an arm's length transaction' in IFRSs. After staff review of the two approaches, the Board was asked if it agrees with the staff analysis on the market participants view. Some Board members raised concerns about the possible differences of the notion ‘market participants view' in comparison to a ‘knowledgeable, willing party'. The staff noted that they see no differences in content.One Board member asked why a change in terminology would then be necessary as constituents are familiar with the notion of a ‘knowledgeable, willing party'. Other Board members said that the document must make clear that the terms are interchangeable. After this the Board discussed what a market is and whether, for certain transactions, one can assume a market exists if, for example, actually onl y two parties are acting. As no definition of ‘market' was provided, the Board asked the staff to develop an analysis. As all further discussions depend on the outcome of that analysis the Board agreed to postpone discussion of the other items in the agenda paper to a later Board meeting. No further decisions were made. Discussion at the March 2008 IASB MeetingWhether the fair value measurement project should have a working group or other type of specialist advisory group The Board has on its agenda a project on fair value measurement that aims to provide guidance on how to determine fair value if a standard requires or allows fair value measurement. The staff informed the Board that it worked under the assumption that a working group would not be required as there is an overlap with existing working groups that could be involved as required. On further reflection, the staff has concluded that this approach does not work as it proved difficult to involve the other working grou ps without a clear mandate.The staff also believes that it would not be necessary to set up a formal working group but instead to establish a ‘technical advisory group' (TAG) that could work on a informal, as-needed basis. Information exchange could be done in person or via electronic communication. However, the IASB Due Process Handbook requires the Board's consent for not establishing a working group for a major project. One Board member raised the question whether the Valuation Resource Group of the FASB could be involved. The staff answered that this group would interpret and implement SFAS 157, the US standard providing fair value measurement guidance. The Board agreed not to establish a working group, but to form a technical advisory group instead. Discussion at the April 2008 IASB MeetingRepresentatives of the International Valuation Standards Committee (IVSC) presented an education session to the Board on four valuation issues. No decisions were made at this education session. The four issues presented by the IVSC delegation were: †¢ What is the difference between ‘price' and ‘value'? †¢ Is there a valuation difference between an entry and an exit price? †¢ Highest and best use †¢ What makes the market? What is the difference between ‘price' and ‘value'? The representatives made clear that in their view ‘price' is the amount agreed on in a transaction while ‘value' is the outcome of a valuation. In practice, most valuations assume a transaction but, depending on the purpose of the valuation exercise, a value could also be entity-specific.It was made clear that in many cases price and value would result in (nearly) the same number. It was also noted that the IVSC standards use three types of valuation with two of them taking a market view and one of them being an entity-specific approach – which could possibly result in different amounts for the same valuation object. Some Board member s were confused by the terminology used by the presenters and it was agreed that this could be the cause for much confusion within the constituency and that any communication by the Board must clearly articulate what they mean. One Board member noted that ‘value' must always be accompanied by an adjective as people understand different things in different situations.Other Board members were confused about where the difference in amounts results from. The IVSC representatives explained that there are many reasons (for example, synergies). Is there a valuation difference between an entry and an exit price? The delegation moved then on to the second question. The representatives explained that the profession holds the view that for non-entity-specific values entry and exit price for the same market should be the same. Often a perceived difference results because entry price is determined on a different market than the exist price. The Board had a lengthy discussion on that issue with a view on the guidance in US GAAP.Highest and best use The highest and best use is terminology from the US GAAP standard SFAS 157 Fair Value Measurements that assumes an entity would also use its asset the best way it can. It was highlighted that the SFAS 157 definition is very similar to the IVSC one. It was noted that this is not a different type or basis of value and that it is inherent in any basis that requires the estimate of an open market transaction. Some Board members expressed their doubt that this always could be assumed for liabilities. What makes the market? The representatives explained that there is an opinion that fair values could only be made where active markets exist.They made it clear that in their view this is not the case. The valuation profession assumes as long as there is enough evidence to establish a valuation it is assumed that a market exist even if the degree of reliability is lower than that for a market with frequent transactions. They would no t necessarily link value and liquidity. The Board showed interest in the valuation for some of the instruments where markets have contracted recently and had some debate on that point with the representatives. The Chairman closed the session by asking the IVSC representatives if they have experts on valuing liabilities that could participate in the planned IASB technical experts group.The representatives confirmed that such experts would be available to participate in the group. Discussion at the May 2008 IASB Meeting Discussion of the Meeting of the IASB Expert Advisory Panel on Valuing Financial Instruments in Illiquid Markets The issue was added to the agenda with short notice and no observer notes were available. The staff informed the Board that the Financial Stability Forum has established an expert advisory panel to assist the IASB in enhancing its guidance on valuing financial instruments when markets are no longer active. In addition the staff noted the following: †¢ T he first meeting will take place on 13 June 2008. †¢ At the first meeting the panel will decide on the form of guidance issued, e. g. est practice guidance or input for amendment of standards. †¢ The duration of the panel is expected to be two or three months. June 2008: IASB Forms an Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets On 5 June 2008, the IASB formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF). The new panel will assist the IASB in: †¢ reviewing best practices in the area of valuation techniques, and †¢ formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active.Organisations participating in the panel include AIG (American International Group); Basel Committee on Banking Supervision; BNP Paribas; Capital Interna tional Research Inc. ; Citigroup; Deloitte; Deutsche Bank; Ernst & Young; Financial Stability Forum; Fitch Ratings; Goldman Sachs; HSBC; International Association of Insurance Supervisors; International Organization of Securities Commissions (IOSCO); KPMG; Pioneer Investments; PricewaterhouseCoopers; Swiss Re; and UBS. FASB will have a staff observer. The first meeting of the panel will take place on 13 June 2008 in private session. A summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on its website. More Information on IASB's website. Related resources are available on our Credit Crunch Page.Discussion at the June 2008 IASB Meeting [pic]Fair Value Measurements – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The staff presented a summary of the first meeting held on 13 June 2008 of the Expert Advisory Panel. The staff noted that the purpose of that meeting was to identify the issues arising on valuing financial instruments when markets are no longer active and that possible solutions will be discussed at future meetings. In addition the staff noted the following: †¢ No decision was made regarding the form of guidance the panel will provide, e. g. best practice guidance or input for amendment of standards. Subsets of the issues identified will be discussed by a subgroup of panel members at the next meetings in July (measurement issues) and August (disclosure issues). Meeting dates have not yet been confirmed. The meetings will be held in private sessions with public updates being provided at the July and September Board meetings. †¢ The last meeting is expected to be in September 2008. Updates on the activities of the panel are also available on the IASB's website. Discussion of the Fair Value Measurements Project Following the joint IASB-FASB meeting in April 2008 the Board discussed the way forward in this project. At the joint meeting the IASB decid ed not to re-debate all aspects of the Fair Value Measurement discussion paper (the DP), i. e. ot to fully re-debate FAS 157 Fair Value Measurements on which the DP is based. Instead the Board agreed to redeliberate certain areas of confusion or areas in which FAS 157 had proved difficult to apply. The staff presented an analysis of issues raised in the DP and provided recommendations on whether a particular issue should be redeliberated or not. Technical aspects of fair value measurement were not discussed at this meeting. The Board agreed to discuss further the topics listed below. These topics will be redeliberated mainly because the Board did not express a preliminary view in the DP and/or comments received on the DP indicated a need for further discussion: The exit price measurement objectiveThe Board agreed to consider both entry and exit notions of fair value measurement based on the standard-by-standard review currently performed by the staff. The market participant view In general the Board reaffirmed its preliminary view in the DP. However, the staff was asked to improve the wording in order to address concerns raised by constituents. In particular, it should be clarified how to apply the market participant view in cases where no market exists (for example, liabilities that cannot be transferred). Transfer vs. settlement of a liability The Board agreed to a staff analysis that this is an important cross-cutting issue for other Board projects, particularly, amendments to IAS 37.Transaction price and fair value at initial: Day one gains and losses This issue is considered to be interrelated with the entry vs. exit price issue. The principal (or most advantageous) market The Board reaffirmed the preliminary view in principal but noted that questions about the practical application needs to be resolved. Valuation of liabilities: Non-performance risk There seemed to be a broad consensus to reaffirm the preliminary view that non-performance risks needs to be considered when measuring the fair value. However, the majority of Board noted that this is an important cross-cutting and that there are unresolved issues with regard to presentation (of the counter-entry) and disaggregation. Highest and best useThe staff intends to address comprehensively all issues relating to ‘different markets'. Bid-ask spreads: Applicability of mid-market pricing to all levels of the hierarchy? The staff noted that the Board still needs to reach a preliminary and that the question of which transaction costs are to be included will be addressed in this context. Issues not discussed †¢ Disclosures: Redeliberation in light of current market environment †¢ Application guidance: Redeliberation in light of current market environment Topics not to be redeliberated The Board decided not to redeliberate the following five topics: 1. Attributes (characteristics) specific to an asset or liability 2.Whether transaction costs are separate from fair value The staff intends to discuss any outstanding issues in connection with bid-ask spreads. (this sentence relates to bullet 2) 3. Three-level fair value hierarchy Accepted as described in the Discussion Paper without any further deliberations 4. The prohibition of blockage factor adjustments at all levels of the hierarchy The Board had a thorough debate on this issue. One Board member emphasised that the majority of constituents disagreed with the preliminary view expressed in the DP. Finally, there seemed to be a consensus not to redeliberate the issue but to deal with the concerns in the feedback statement.The staff was asked to review the comments received to ensure that the Board ‘has not missed anything' in reaching the preliminary view. 5. The unit of account for financial assets and liabilities The staff noted that the topics not to be discussed by the Board are broadly consistent with the principles in IFRSs and that they can therefore be addressed in the exposure draft in a way that considers the concerns raised by constituents and is consistent with FAS 157. Discussion at the July 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The project manager on the fair value measurement project gave an oral update on the activities of the expert advisory panel.The purpose of this panel is to assist the IASB in reviewing best practices in the area of valuation techniques as well as formulating any necessary additional guidance on valuation methods for financial instruments and related disclosures when markets are no longer active. The panel or subgroup met three times. At the kick-off meeting the panel identified specific issues that panel members felt must be addressed (such as forced transactions, the use of pricing services, illiquid markets). It was noted that there seemed to be consistency in applying the fair value measurement requirements in IAS 39 despite the use of different tech niques. The staff informed the Board that there will be a draft document to be discussed end of July on those issues, but that it is not clear yet who will publish it. The panel would then turn to appropriate disclosures with the aim to have an exposure draft published in Q4/08.It was noted that there would be ongoing communications with the consolidations project team. Discussion at the July 2008 IASB Meeting At this session the staff asked the Board to decide on a definition of ‘fair value' – what is the measurement object for items with a measurement basis currently referred to as ‘fair value'? The staff acknowledged that some aspects of fair value have not been discussed yet, but will be brought to the Board at future meetings (for example, principal market and day-one gains/losses). Staff's view, however, is that whether fair value means an entry or exit price can be decided separately. The staff then turned to the standard-by-standard review as requested by the Board.This review had been requested to help the Board to decide whether: †¢ To retain the term ‘fair value' and define it appropriately, or †¢ To replace the term ‘fair value' with more specific terms more appropriate in the individual context. It was noted that a consistent definition of fair value might lead to fewer instances where the Board would require or permit its use. It was also highlighted that a precise definition of fair value would help to ensure proper application where it is required or permitted. The Board had a lengthy discussion about whether entry and exit price would be the equal for the same item on the same date in the same market.Also, the Board discussed which market an entity should refer to in measuring fair value and whether an exit price could include exit by consumption of assets. Board members expressed a range of views on these issues. No clear consensuses were reached. Some Board members observed that if the Board cannot cl early define what fair value means, it would be even more difficult for constituents in applying IFRSs. Board members said that some of the issues that are to be brought back for discussion at future meetings must be resolved before the Board can agree on a definition of fair value. The staff also asked the Board to consider whether to keep the term ‘fair value' or abandon it. The Board seemed to be split on that issue.The Board discussed whether, in measuring the exit-price fair value of an asset the entity is using, the measurement should take viewpoint of the entity or of an independent market participant. Board members' views varied, and no decision was reached. The staff distributed a flow chart which was not part of the observer notes that was intended to facilitate the discussion. The Board decided that, once fair value is precisely defined, each reference to fair value in IFRSs should be assessed in relation to the definition. Where ‘fair value' as used in an IFR S is not consistent with the agreed definition, the term should be replaced with a more descriptive term.Discussion at the September 2008 IASB Meeting – Credit Crisis: Proposed amendments to disclosure requirements Please see separate project page on Amendments to IFRS 7 – Credit Crisis Discussion at the September 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Update The staff presented the Board with an update on the work of the expert advisory panel formed in response to recommendations from constituents. The panel's task is to develop best practice guidance on measurement and disclosures for financial instruments in inactive markets. It was noted that the panel had met six times and will meet again in October. One single document would be published covering both measurement and disclosure. A draft report has just been posted on the IASB's website. The staff informed the Board that although comments would be sol icited until 3 October, comment letters would not be published on the IASB's website.Asked by a Board member, the staff confirmed that this non-mandatory guidance would be considered when developing the fair value measurement standard and, hence, might become mandatory in the future. Discussion at the September 2008 IASB Meeting – Fair Value Measurements Exposure Draft The staff introduced the session by highlighting the objectives and timeline. The purpose of the session was to seek the Board's decision on: †¢ Whether a fair value measurement exposure draft should state that fair value reflects the highest and best use of an asset; and †¢ Whether blockage factors should be excluded from fair value measurement. Blockage factors The staff started with the second issue on blockage factors.The staff highlighted that it only sought the Board's input on this type of discount, not on other discounts or premia. The staff defined a blockage discounts as a discount that repr esents a discount to the quoted price of an instrument (usually equity securities) to reflect the reduction in the price if the entity were to sell a large holding of instruments at once. The Board had a lengthy debate on this. Some Board members were concerned about ignoring blockage factors as they would represent a real economic phenomenon. Others were of an opposite