Promotion of New and Renewable Sources of Energy Essay

Promotion of New and Renewable Sources of Energy Introduction Energy plays a crucial role in the economic development of all nations, especially those with limited access to resources. Access to energy sources is one of the fundamental elements of poverty reduction and sustainable development. It is for this reason that renewable energy and energy efficiency is essential to protect and preserve, as it provides a basis for economic advances, increased education, and environment sustainability. The United Nations is committed to alleviating these pressing concerns through the implementation of programs such as the Millennium Development Goals and the Johannesburg Plan of Implementation, as well as through numerous others and in†¦show more content†¦Each session opens with a statement to the committee by the Under Secretary General for Economic and Social Affairs, in which the session?s agenda, pre approved by the GA, is adopted. The body holds weekly formal meetings as well as informal consultations, which is where the majority of caucusing and drafting takes place (?Economic and Financial?). Furthermore, after thorough analysis on a subject, ECOFIN recommends actions and proposals to the GA, which are usually adopted as resolutions without opposition by the general body. In addition to policy issues, ECOFIN also organizes panel discussions and other events to supplement work on agenda items, including discussions and key note addresses featuring high level experts in academics, representatives of the UN system, civil society and the private sector (?Economic and Financial?). In 1964 the General Assembly, under direct recommendation from the 2nd committee, founded the UN Conference on Trade and Development (UNCTAD). Resolution 1995 of Session XIX outlined three main functions of UNCTAD, which include functioning as a forum for intergovernmental deliberation, undertaking data collection, and providing technical assistance to developing nations (?Establishment of the United Nations Conference on Trade and Development?). Held every four years, the conference focuses on the assessment of current trade and development issues and works toShow MoreRelatedEconomic Significance Of Renewable Energy Policy1383 Words   |  6 PagesSIGNIFICANCE OF RENEWABLE ENERGY POLICY IN INDIA: A CASE STUDY OF GUJARAT’S SOLAR POLICY I. Introduction The transition to a greener energy regime in India is driven by both external factors, like energy prices, market developments, political culture and the emphasis on climate change, as well as by internal factors like the goal to achieve long term energy security and the need for enhancing access to energy. The early emphasis on renewable energy in India was primarily on the wake of energy securityRead MoreThe Energy Development Of Greening Energy Sector917 Words   |  4 PagesGreening energy sector in India has started through the implementation of various policies and acts in energy sector. The electricity Act which was enforced in 2003 for the generation of renewable energy, providing sufficient support and facilitating its purchase was the first formal process in promoting clean energy (solar energy in India). Other energy policies and acts like National Tariff policy 2006, National rural electrification policies 2006 and semiconductor policy 2007 have provided groundRead More Russian Gas As A Foreign Policy Weapon1362 Words   |  6 PagesWith 53% of the European Union’s energy being imported in 2013, it is not a surprise that the European Union is continuously seeking alternative energy methods to help gain energy independence. 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Gender, Family Values And Work Ethics Of Young Women

Over the years there have been copious amounts of evidence suggesting that the ‘genderquake’ is delivering positive changes for women, especially for young women in western societies, to the extent it could be thought that young women are more empowered than generations beforehand. To establish the validity of the claim made by Boronski and Hassan (2015) I will be discussing the changing attitudes of women over the decades to establish the ways in which young women’s empowerment has advanced in comparison to the generations beforehand; ongoing work by government and society to further positive female change, such as new polices and reforms regarding STEM education; the ways in which positive strides for young women may negatively affect†¦show more content†¦Currently 10% of women between ages 25 and 30 have had 10 or more sexual partners, and of their mothers generation, at only 4% have had more than 10 sexual partners in their lifetime Bowie, C and Ford, N (1989). Showing that young women of today are not exactly exhibiting traits of their male counterpart, but more that values of the male and female are converging, possibly into a common good. There are still reverberations from the genderquake occurring, the effects from past generations are ongoing for the current generation and will be for many generations from now. Nicky Morgan has shown this time and time again through policies directed at empowering young women. Such as imposing legislations that ensure companies publish their gender wage gap, when the have 250 or more employees, having shared parental leave to working parents and ensuring that girls must have fair access to STEM (Science, Technology, Engineering and Maths) education. The STEM subject female management workforce has risen by 25% (Women on Boards: Davies Review Annual Report, 2015) in the last 2 years alone and in recent years, the female to male gap in pay has now narrowed to an outstanding 9.4%, and government’s continue to secure real and tangible equality for women and further reduce the pay gap, ensuring that women have the skills they need to get into highly paid professions, and are adequately paid when they ultimately break through the ‘glass’ (Hymowitz and Schellhardt, 1986).Show MoreRelatedApplication Of Social Work At The Millennium Summit768 Words   |  4 PagesAPPLICATION TO SOCIAL WORK In September of 2000 at the Millennium Summit world leaders gathered to adopt the UN Millennium Declaration that focused on changing their nations to reduce extreme poverty by the year 2015. The goals they declared are called the Millennium Development Goals. These goals address income poverty, hunger, disease, lack of adequate shelter, and exclusion. 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Contemporary Accounting and Economics

Question: Discuss about the Contemporary Accounting and Economics. Answer: Introduction: The first issue that has been faced by the director is related to spending time on assessing and calculating DTA and DTLs to overcome the accounting the temporary differences. Consideration of Advance tax payment is mandatory for organisations; therefore it is necessary to calculate DTA and DTL. Deferred tax assets generally arise where relief from the tax is available after reducing an expense for accounting purpose such as the balance of loss which is carried over to reduce income tax expenses of the subsequent period (Chytis, 2015). The same can be referred as the tax paid in advance of which benefit can be attained in coming years (IAS 12 INCOME TAXES, 2010). On the other hand, deferred tax liability arises when tax relief is provided in advance, as when income is accrued, but tax is not received. It refers to the tax liability to be payable in subsequent periods relating to the temporary differences in the amount of tax payable and tax paid. Management has an obligation to provi de the true state of the company in context with tax asset and liabilities. In case deferred tax is accounted as income or expense, the same shall be recorded in income and expenditure account of that period. According to AASB 112 specifies that deferred tax must be assigned on in consistent, rational and systematic manner (Compiled AASB Standard 112, 2011). Thus, the argument by several directors that as the company is not cheating and paying the current tax liability in an appropriate manner; there is no need of taking into account the DTA and DTLs is not fundamental. According to Kasipillai and Mahenthiran, (2013) it is mandatory for the company to account and consider these taxes in simultaneous with the current tax liability. Assessing future tax is necessary, and it is suggested that as it is the obligation of management to provide accurate and true state of the company. In the context of DTA and DTL, a reasonable likelihood should be available that tax difference may be reali sed in subsequent years (Guenther, 2014). The next issue that was put through by you was concerned about the frequent variance appearing in a number of warranty expenses. This had been occurring due to the difference between the initially recognised amount and the actual cost of warranty paid or incurred by the company to fix or replace the faulty products. Warranty expense can be defined as cost, which a corporate entity envisages or has already been incurred, for the concurrent replacement and repair of the product, which has been sold. The board recommendation to omit such variance is to recognise warranty expense only when it is actually incurred, and such warranty cost happens. Thus, it emphasises on paying for such cost only when the company is truly repairing or replacing the warranty products (Wen and Moehrle, 2015). The board recommendation to solve the problem is by way of recognising actual expenses and stop recognising the warranty expenses in advance, which will indeed result in reducing the variances. The solut ion to the problem is not the way it should be dealt with. Warranty cost is an expense, which is to be identified in the same period in which the sales had been taken place, wherein the incurrence of the amount can be estimated (Warranty Expense, 2016).The amount specified in context to warranty cost is to be done on the basis of accrual method. This is known as matching principle of accounting where it has been made clear that an entity is required to record all the expenses which are associated with warranty in the period when the business recognises it as sales revenue (Hanlon, Navissi and Soepriyanto 2014). Furthermore, as per Australian Accounting Standard Board, 137 provisions have made it clear that entities are mandatorily required to disclose all the contingent assets and liabilities (Compiled AASB Standard AASB 118, 2010). The cost claims possible losses or penalties of warranty are a part of contingent assets and contingent liability. Entering of warranty cost only on its incurrence will be contradictory to the provision of 137 AASB. Thus, the impact is likely seen on the income statement wherein complete amount of warranty expense is recorded when a sale happens even if there are no warranty claims during such period (Zach, and et.al, 2011). Since the company from a very long time has faced the problem of variance, it is suggested to the company to match the warranty cost by determining a historical warranty percentage from past experiences so that the predetermined claim justifies with the actual warranty claims (Graham, Raedy and Shackelford, 2012). In the case where there is minimum history on warranty expenses, simply record the cost connected with the few warranty claims as clients put them together. Moreover, it is also recommended to the board that it must prepare a report, which gives a clear indication of product quality standards to define the value of the product and estimate the cost of warranty on the basis of such value. The last issue that has been raised by the board is relating to the sale of one of the divisions to a Canadian company as it has been decided to not to focus on that particular line of business of the company. Negotiations for specified issue are going on currently, and the Canadian company is agreeable to pay supplementary $1.5 million on the fair value of net asset identified. The same has been agreed by both the parties. Considering additional $1.5 million amount as goodwill is a disagreeable matter because it has been provided in accounting standard that no self-generated goodwill should be accounted in books of accounts. AAS 18 specifies the provisions of goodwill for cases which relate to the acquisition of business entity or a part thereof and also accounting treatment for internally generated goodwill (Johansson, Hjelstrm and Hellman, 2016). The standard clearly states that no internally generated goodwill can be recognised by such entity. According to Boennen and Glaum, 2014 , a clear line of differentiation purchased goodwill and self-generated goodwill provided in AAS 18. In the present situation, the company is not entitled to consider the amount of $1.5 million even if the same is higher in comparison to the fair value of identifiable assets by considerng the terms agreed between them. The negotiations in the contractual agreement is still pending and if the contract does not proceed for any reason that amount of goodwill cannot be stated in a position statement. As the goodwill is self-generated goodwill and the same cannot be recognised in its accounts. Directors are also not sure regarding the accounting treatment of patent i.e. unrecorded, which is supposed to be transferred to the Canadian company. The valuation of same can be done as follows: 1. The cost of the patent will include the preliminary cost of assets which consist registration, documentation, legal fees and other related costs to the patent 2. Straight line method can be applied for amortisation of same (How do I account for a patent? 2016). 3. In case, the company is not using it anymore it can be longer idea it can derecognize such accumulated amortised Further, as Canadian company is issuing, shares in return the accounting treatment of same can be done accordingly. The form of purchase consideration can be decided as per the choice of parties involved in it; therefore it can be in the form of shares of the entity to which asset is going to be sold (Glaum, Landsman and Wyrwa, 2015). The received shares can be recognised as a long-term investment or short-term investment on the basis of viable accounting provisions. The accounting treatment will be done according to the chosen method. In case the shares are treated as short term investment the net amount will be recorded in books of account and any loss or profit generated from the sale of same will be accounted in PL account and the balance amount will be recognised as capital revenue. In contrary to this, in a situation, if it is considered as a long-term investment then it will be a non-current liability. The journal entry for the same is: s. no Particulars Dr amount Cr amount Shares in XYZ (Canadian) Company a/c Dr XXX To assets transferred of selling division XXX By considering the above-described provision above specified issues provided can be resolved. Consideration of DTA and DTL is necessary and mandatory for the management for assessing advance tax payments. Provisions of AAS 112 specifies that business is required to account such taxes in appropriate and consistent manner. In accordance with matching principles of accounting, it is necessary to record expenses relating to warranty. Provisions of AASB 137 makes imperative for entities to provide disclosure relating to all their contingent liabilities and assets like warranty costs. Further, AAS 18 clearly specifies that self-generated goodwill will not be stated in a position statement. Hence the additional amount cannot be recognised as goodwill. References Graham, J.R., Raedy, J.S. and Shackelford, D.A., 2012. Research in accounting for income taxes.Journal of Accounting and Economics.53(1).Pp.412-434. Zach, T.and et.al, 2011. Warranty reserve: Contingent liability, an information signal, or earnings management tool?.The Accounting Review.86(2). Pp.569-604. Hanlon, D., Navissi, F. and Soepriyanto, G. 2014. The value relevance of deferred tax attributed to asset revaluations. Journal of Contemporary Accounting Economics. 10(2). Pp.87-99. Chytis, E., 2015, February. Deferred Tax Assets from unused Tax Losses under the prism of Financial Crisis. In International Conference on Business Economics of the Hellenic Open University, Athens. (Vol. 160). Wen, H.J. and Moehrle, S.R. 2015. Accounting for goodwill: A literature review and analysis. Guenther, D.A., 2014. Measuring corporate tax avoidance: Effective tax rates and book-tax differences. Kasipillai, J. and Mahenthiran, S., 2013. Deferred taxes, earnings management, and corporate governance: Malaysian evidence. Journal of Contemporary Accounting Economics. 9(1), Pp.1-18. Glaum, M., Landsman, W.R. and Wyrwa, S. 2015. Determinants of Goodwill Impairment under IFRS: International Evidence. Johansson, S.E., Hjelstrm, T. and Hellman, N., 2016. Accounting for goodwill under IFRS: A critical analysis. Journal of International Accounting, Auditing and Taxation, 27. Pp.13-25. Boennen, S. and Glaum, M., 2014. Goodwill accounting: A review of the literature. Online How do I account for a patent? 2016. [Online].Available from https://www.accountingtools.com/questions-and-answers/how-do-i-account-for-a-patent.html.[Accessed on 14th January 2016]. IAS 12 INCOME TAXES, 2010. [PDF]. Available from https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/ifrs-factsheets/factsheet-ias12-income-taxes.pdf?la=en. [Accessed on 14th January 2016]. Warranty Expense, 2016. [Online]. Available from https://www.accountingtools.com/warranty-expense. [Accessed on 24th January 2016]. Compiled AASB Standard 112, 2011. [PDF]. Available from https://www.aasb.gov.au/admin/file/content105/c9/AASB112_07-04_COMPsep11_07-12.pdf. [Accessed on 14th January 2016]. Compiled AASB Standard AASB 118, 2010. [PDF]. Available from https://www.aasb.gov.au/admin/file/content105/c9/AASB118_07-04_COMPmay09_01-10.pdf. [Accessed on 14th January 2016].