The Return: Midnight Chapter 13

Elena, sleeping serenely with one hand locked onto Stefan's, knew she was having an extraordinary dream. No, not a dream – an out-of-body experience. But it wasn't like her previous out-of-body visits to Stefan in his cel . She was skimming through the air so quickly that she couldn't real y make out what was below her. She looked around and suddenly, to her astonishment, another figure appeared beside her. â€Å"Bonnie!†she said – or rather tried to say. But of course there was no sound. Bonnie looked like a transparent edition of herself. As if someone had created her out of blown glass, and then put in just the faintest tint of color in her hair and eyes. Elena tried telepathy. Bonnie? Elena! Oh, I miss you and Meredith so much! I'm stuck here in a hole – A hole? Elena could hear the panic in her own telepathy. It made Bonnie wince. Not a real hole. A dive. An inn, I guess, but I'm locked in and they only feed me twice a day and take me to the toilet once – My God! How did you get there? Well†¦ Bonnie hesitated. I guess it was my own fault. It doesn't matter! How long have you been there, exactly? Um, this is my second day. I think. There was a pause. Then Elena said, Well, a couple of days in a bad place can seem like forever. Bonnie tried to make her case clearer. It's just that I'm so bored and lonely. I miss you and Meredith so much! she repeated. I was thinking of you and Meredith, too, Elena said. But Meredith's there with you, isn't she? Oh my God, she didn't fall, too? Bonnie blurted. No, no! She didn't fall. Elena couldn't decide whether to tel Bonnie about Meredith or not. Maybe not just yet, she thought. She couldn't see what she was rushing toward, although she could feel that they were slowing down. Can you see anything? Hey, yeah, below us! There's a car! Should we go down? Of course. Can we hold hands? They found that they couldn't, but that just trying to kept them closer together. In another moment they were sinking through the roof of a smal car. Hey! It's Alaric! Bonnie said. Alaric Saltzman was Meredith's engaged-to-be-engaged boyfriend. He was about twenty-three now, and his sandy-blond hair and hazel eyes hadn't changed since Elena had seen him almost ten months ago. He was a parapsychologist at Duke, going for his doctorate. We've been trying to get hold of him for ages, Bonnie said. I know. Maybe this is the way we're supposed to contact him. W here is he supposed to be again? Some weird place in Japan. I forget what it's called, but look at the map on the passenger seat. She and Bonnie intermingled as they did, their ghostly forms passing right through each other. Unmei no Shima: The Island of Doom, was written at the top of an outline of an island. The map beside him had a large red X on it with the caption: The Field of Punished Virgins. The what? Bonnie asked indignantly. What's that mean? I don't know. But look, this fog is real fog. And it's raining. And this road is terrible. Bonnie dove outside. Ooh, so weird. The rain's going right through me. And I don't think this is a road. Elena said, Come back in and look at this. There aren't any other cities on the island, just a name. Dr. Celia Connor, forensic pathologist. What's a forensic pathologist? I think, Elena said, that they investigate murders and things. And they dig up dead people to find out why they died. Bonnie shuddered. I don't think I like this very much. Neither do I. But look outside. This was a village once, I think. There was almost nothing left of the vil age. Just a few ruins of wooden buildings that were obviously rotting, and some tumbledown, blackened stone structures. There was one large building with an enormous bright yel ow tarp over it. When the car reached this building, Alaric skidded to a stop, grabbed the map and a smal suitcase, and dashed through the rain and mud to get under cover. Elena and Bonnie fol owed. He was met near the entrance by a very young black woman, whose hair was cut short and sleek around her elfin face. She was smal , not even Elena's height. She had eyes dancing with excitement and white, even teeth that made for a Hol ywood smile. â€Å"Dr. Connor?†Alaric said, looking awed. Meredith isn't going to like this, Bonnie said. â€Å"Just Celia, please,†the woman said, taking his hand. â€Å"Alaric Saltzman, I presume.† â€Å"Just Alaric, please – Celia.† Meredith real y isn't going to like this, Elena said. â€Å"So you're the spook investigator,†Celia was saying below them. â€Å"Well, we need you. This place has spooks – or did once. I don't know if they're stil here or not.† â€Å"Sounds interesting.† â€Å"More like sad and morbid. Sad and weird and morbid. I've excavated al sorts of ruins, especial y those where there's a chance of genocide. And I'l tel you: This island is unlike any place I have ever seen,†Celia said. Alaric was already pul ing things from his case, a thick stack of papers, a smal camcorder, a notebook. He turned on the camcorder, and looked through the viewfinder, then propped it up with some of the papers. When he apparently had Celia in focus, he grabbed the notebook too. Celia looked amused. â€Å"How many ways do you need to take down information?† Alaric tapped the side of his head and shook it sadly. â€Å"As many as possible. Neurons are beginning to go.†He looked around. â€Å"You're not the only one here, are you?† â€Å"Except for the janitor and the guy who ferries me back to Hokkaido, yes. It started out as a normal expedition – there were fourteen of us. But one by one, the others have died or left. I can't even re-bury the specimens – the girls – we've excavated.† â€Å"And the people who left or died from your expedition – â€Å" â€Å"Well, at first people died. Then that and the other spooky stuff made the rest leave. They were frightened for their lives.† Alaric frowned. â€Å"Who died first?† â€Å"Out of our expedition? Ronald Argyl . Pottery specialist. He was examining two jars that were found – Well, I'l skip that story until later. He fel off a ladder and broke his neck.† Alaric's eyebrows went up. â€Å"That was spooky?† â€Å"From a guy like him, who's been in the business for almost twenty years – yes.† â€Å"Twenty years? Maybe a heart attack? And then off the ladder – boom.†Alaric made a downward gesture. â€Å"Maybe that's the way it was. You may be able to explain al our little mysteries for us.†The chic woman with the short hair dimpled like a tomboy. She was dressed like one too, Elena realized: Levi's and a blue and white shirt with the sleeves rol ed up over a white camisole. Alaric gave a little start, as if he'd realized he was guilty of staring. Bonnie and Elena looked at each other over his head. â€Å"But what happened to al the people who lived on the island in the first place? The ones who built the houses?† â€Å"Well, there never were that many of them in the first place. I'm guessing the place may even have been named the Island of Doom before this disaster my team was investigating. But as far as I could find out it was a sort of war – a civil war. Between the children and the adults.† This time when Bonnie and Elena looked at each other, their eyes were both wide. Just like home – Bonnie began, but Elena said, Sh. Listen. â€Å"A civil war between kids and their parents?†Alaric repeated slowly. â€Å"Now that is spooky.† â€Å"Well, it's a process of elimination. You see, I like graves, constructed or just holes in the ground. And here, the inhabitants don't appear to have been invaded. They didn't die of famine or drought – there was stil plenty of grain in the granary. There were no signs of il ness. I've come to believe that they all killed one another – parents kil ing children; children kil ing parents.† â€Å"But how can you tel ?† â€Å"You see this square-ish area on the periphery of the vil age?†Celia pointed to an area on a larger map than Alaric's. â€Å"That's what we cal The Field of Punished Virgins. It's the only place that has careful y constructed actual graves, so it was made early in what became a war. Later, there was no time for coffins – or no one who cared. So far we've excavated twenty-two female children – the eldest in her late teens.† â€Å"Twenty-two girls? Al girls?† â€Å"Al girls in this area. Boys came later, when coffins were no longer being made. They're not as well preserved, because the houses al burned or fel in, and they were exposed to weathering. The girls were careful y, sometimes elaborately, buried; but the markings on their bodies indicate that they were subjected to harsh physical punishment at some time close to their deaths. And then – they had stakes driven through their hearts.† Bonnie's fingers flew to her eyes, as if to ward off a terrible vision. Elena watched Alaric and Celia grimly. Alaric gulped. â€Å"They were staked?†he asked uneasily. â€Å"Yes. Now I know what you'l be thinking. But Japan doesn't have any tradition of vampires. Kitsune – foxes – are probably the closest analog.† Now Elena and Bonnie were hovering right over the map. â€Å"And do kitsunes drink blood?† â€Å"Just kitsune. The Japanese language has an interesting way of expressing plurals. But to answer your question: no. They are legendary tricksters, and one example of what they do is possess girls and women, and lead men to destruction – into bogs, and so on. But here – Well, you can almost read it like a book.† â€Å"You make it sound like one. But not one I'd pick up for pleasure,†Alaric said, and they both smiled bleakly. â€Å"So, to go on with the book, it seems that this disease spread eventual y to al the children in the town. There were deadly fights. The parents somehow couldn't even get to the fishing boats in which they might have escaped the island.† Elena – I know. At least Fell's Church isn't on an island. â€Å"And then there's what we found at the town shrine. I can show you that – it's what Ronald Argyl died for.† They both got up and went farther into the building until Celia stopped beside two large urns on pedestals with a hideous thing in between them. It looked like a dress, weathered until it was almost pure white, but sticking through holes in the clothing were bones. Most horribly, one bleached and fleshless bone hung down from the top of one of the urns. â€Å"This is what Ronald was working on in the field before al this rain came,†Celia explained. â€Å"It was probably the last death of the original inhabitants and it was suicide.† â€Å"How can you possibly know that?† â€Å"Let's see if I can get this right from Ronald's notes. The priestess here doesn't have any other damage than that which caused her death. The shrine was a stone building – once. When we got here we found only a floor, with al the stone steps tumbled apart every which way. Hence Ronald's use of the ladder. It gets quite technical, but Ronald Argyl was a great forensic pathologist and I trust his reading of the story.† â€Å"Which is?†Alaric was taking in the jars and the bones with his camcorder. â€Å"Someone – we don't know who – smashed a hole in each of the jars. This is before the chaos started. The town records make note of it as an act of vandalism, a prank done by a child. But long after that the hole was sealed and the jars made almost airtight again, except where the priestess had her hands plunged in the top up to the wrist.† With infinite care, Celia lifted the top off the jar that did not have a bone hanging from it – to reveal another pair of longish bones, slightly less bleached, and with strips of what must have been clothing on it. Tiny finger bones lay inside the jar. â€Å"What Ronald thought was that this poor woman died as she performed a last desperate act. Clever, too, if you see it from their perspective. She cut her wrists – you can see how the tendon is shriveled in the better-preserved arm – and then she let the entire contents of her bloodstream flow into the urns. We do know that the urns show a heavy precipitation of blood on the bottom. She was trying to lure something in – or perhaps something back in. And she died trying, and the clay that she had probably hoped to use in her last conscious moments held her bones to the jars.† â€Å"Whew!†Alaric ran a hand over his forehead, but shivered at the same time. Take pictures! Elena was mental y commanding him, using al her wil power to transmit the order. She could see that Bonnie was doing the same, eyes shut, fists clenched. As if in obedience to their commands, Alaric was taking pictures as fast as he could. Final y, he was done. But Elena knew that without some outside impetus there was no way that he was going to get those pictures to Fel ‘s Church until he himself came to town – and even Meredith didn't know when that would be. So what do we do? Bonnie asked Elena, looking anguished. Well†¦my tears were real when Stefan was in prison. You want us to cry on him? No, Elena said, not quite patiently. But we look like ghosts – let's act like them. Try blowing on the back of his neck. Bonnie did, and they both watched Alaric shiver, look around him, draw his windbreaker closer. â€Å"And what about the other deaths in your own expedition?†he asked, huddling, looking around apparently aimlessly. Celia began speaking but neither Elena nor Bonnie was listening. Bonnie kept blowing on Alaric from different directions, herding him to the single window in the building that wasn't shattered. There Elena had written with her finger on the darkened cold glass. Once she knew that Alaric was looking that way she blew her breath across the sentence: send all pix of jars 2 meredith now! Every time Alaric approached the window she breathed on it to refresh the words. And at last he saw it. He jumped backward nearly two feet. Then he slowly crept back to the window. Elena refreshed the writing for him. This time, instead of jumping, he simply ran a hand over his eyes and then slowly peeked out again. â€Å"Hey, Mr. Spook-chaser,†said Celia. â€Å"Are you al right?† â€Å"I don't know,†Alaric admitted. He passed his hand over his eyes again, but Celia was coming and Elena didn't breathe on the window. â€Å"I thought I saw a – a message to send copies of the pictures of these jars to Meredith.† Celia raised an eyebrow. â€Å"Who is Meredith?† â€Å"Oh. She – she's one of my former students. I suppose this would interest her.†He looked down at the camcorder. â€Å"Bones and urns?† â€Å"Well, you were interested in them quite young, if your reputation is correct.† â€Å"Oh, yes. I loved to watch a dead bird decay, or find bones and try to figure out what animal they were from,†Celia said, dimpling again. â€Å"From the age of six. But I wasn't like most girls.† â€Å"Well – neither is Meredith,†Alaric said. Elena and Bonnie were eyeing each other seriously now. Alaric had implied that Meredith was special, but he hadn't said it, and he hadn't mentioned their engagement to be engaged. Celia came closer. â€Å"Are you going to send her the pictures?† Alaric laughed. â€Å"Well, al this atmosphere and everything – I don't know. It might just have been my imagination.† Celia turned away just as she reached him and Elena blew once more across the message. Alaric threw his hands up in a gesture of surrender. â€Å"I don't suppose the Island of Doom has satel ite coverage,†he said helplessly. â€Å"Nope,†Celia said. â€Å"But the ferry wil be back in a day, and you can send pictures then – if you're real y going to do it.† â€Å"I think I'd better do it,†Alaric said. Elena and Bonnie were both glaring at him, one from each side. But that was when Elena's eyelids started to droop. Oh, Bonnie, I'm sorry. I wanted to talk to you after this, and make sure you're okay. But I'm falling†¦I can't†¦ She managed to pry her lids open. Bonnie was in a fetal position, fast asleep. Be careful, Elena whispered, not even sure who she was whispering it to. And as she floated away, she was aware of Celia and the way Alaric was talking to this beautiful, accomplished woman only a year or so older than he was. She felt a distinct fear for Meredith, on top of everything else.

Accounting Treatment of Intangible Assets

Accounting Treatment of Intangible Asset Draft Pace University ACC692 Summer I By Yigal Rechtman July 30, 2001 Introduction What is the problem? Accounting for intangibles has gained prominence in the past few decades due to changes in the way the business world operates. The technological revolution and in particular, the information age, has brought intangible resources to the fore of the business environment. Businesses ( even the most traditional production manufacturers ( are moving towards an information age where a competitive edge is increasingly linked to resources other than the fixed and liquid assets as understood by Generally Accepted Accounting Principles (GAAP). Some research has shown that accounting for Intangible Assets (IA) – a general term that will be defined and separated later – will fulfill the accuracy requirement of the accounting functions and reports. Other research has shown that accuracy will have to be traded off with relevance of the accounting functions and reports. Still other research claims that neither accuracy nor relevance are served by accounting for resources that do not meet the current definitions of Assets under GAAP. Accordingly, there are two questions regarding the accounting for IA: 1. Should the Generally Accepted Accounting Principles recognize as financially relevant and accurate events that arise from IA? 2. How should GAAP account, process and present these IA related events (if the answer to question number 1 is positive. ) Question number one is answered in the positive: the existence of IA in the current business environment is proven in repeated investigations. Further, the economic effects of IA on corporations has shown that not disclosing or accounting for such resources amounts to miscomunications regarding the activity and financial state of a business. The research that was used in this paper has shown that Intangible Resources are increasingly a factor in the business world. Intangible resources, as will be discussed below, is a super-set group of strategic elements that contribute to the success of a business. IA, in turn is a sub-set of the Intangible Resources. The paper intends to explore the current range of thinking relative to IA and how such resources should be valued, recognized and presented in the financial reporting of U. S. companies. The question of how to account for IA poses different challenges, some of them related back to the answer of the first question. As this paper will show, recognizing IA on an entity(s books can be seen as a natural next step, especially for certain knowledge industry type businesses. However, the challenges to the issue of recognition remain: how to determine IA in a meaningful manner? How to report IA and what are the possible ramification of alternative accounting treatments? Scope and Method of Exploring the ProblemScope and Method of Exploring the Problem The process of finding information about the topics relating to IA, and obtaining an understanding of the issues, involved an introduction by means of participating in a conference on the subject and obtaining complimentary readings of published articles. The Third Annual Conference on Intangible Assets, sponsored by New York University(s Ross Institute produced a documentary of the presentations, which were used in this paper. Additional published material was obtained through the ABI-Inform database, by searching for (Intangible Assets(, (Intangible Accounting( as well as (Assets Valuation( and (Appraisal, Intangibles( for the years 1976-2000[? ][i]. The search was limited to articles available in full form on line (versus articles in which only the abstract is available on line. ) This paper refers to twenty articles that were obtained through ABI-Inform and ten articles from presenters at the NYU(s conference. Two points should be made in terms of the scope of the discussion. First, the discussion includes IA as it is captured and presented for external, possibly audited, users of the entity(s comprehensive financial statements. Unless otherwise stated, financial statements herein are presented with conformity of United States( Generally Accepted Accounting Principle (GAAP). Within the latter confines, estimates such as amortization and useful life of an Intangible Asset (IA), although a valid issue, will be generally out of the scope of this paper. The reason for the limitation is that for cash flow purposes, as well as for balance sheet analysis, such estimates represent regulatory requirements and provide little by way of capturing the essence of the issues surrounding IA. Therefore, the ultimate purpose of this paper is to venture out of the confined safety of U. S. GAAP and investigate what other isms are possible for presentation of a Statement of Financial Position which incorporates intangible assets. The method of this paper consists of discussing the three criteria which are used to assess the alternatives to accounting IA: valuation, recognition and presentation. Each of these criteria is measured on a scale from 0 to 100 (alternatively, from 0. 0 to 1. 0) to show the extent of the departure of the alternative from the currently accepted method, usually the Generally Accepted Accounting Principles. Because Goodwill is already an established IA under current accounting rules, it will be discussed first (for each criteria) to show the extent of the existing treatment. Although other IA such as Human Capital or Patents exist, they are often either unaccounted for or simply replaced by a generic (Goodwill( entry on the books. Although they are all intangible resources[? ][ii], it can be shown that not all are Assets (as defined herein). This paper will also explore the possibility that, perhaps intangible assets such as Human Capital should not be substituted for by the generic (Goodwill( entry. Definitions Some unclear, overlapping and unstructured definitions occupy the set of IA issues. in turn, some researchers have used inconsistent definitions of IA, reducing the transparency that accountants and financial experts have to discuss these issues. Although excellent analysis has been published, such research is often not consistent in scope or definition to other frame work and conceptual essays that are contemporarily published. Therefore, aside from giving this (creature( a proper name, and calling all its parts using the same taxonomy, coupled here from various sources. The dictionary defines IA as (an asset that is saleable though not material or physical([? ][iii] and (Intangible: †¦ an asset that can not be perceived by the senses†¦ such as Goodwill or dedication([? ]. According to the FASB, an internally generated IA is proposed to be defined[? ][v] as: (1) a past event that has a (2) measurable effect and that presents a (3) future benefit. The FASB Special Report[? ][vi] states that there is not a need for different rules of recognition for internally and externally generated IA. The FASB clarifies that internally generated IA is simply an (Asset( without a physical presence, nor does have to it be an external acquisition: as long as all three tests are conformed with, any business event or process can produce an IA. The FASB further notes that there is an embedded conflict in this definition because it contains a departure from the (historic cost( principle. The move to a (forward looking( definition is defended by the FASB in making an argument for further disclosure, not a modification for the format and content of the existing presentation rules. In this presentation, for the purpose of defining IA (internally or externally generated) the FASB definition will be applicable. Intellectual Capital (IC): A business entity uses three types of capital: physical, financial and intellectual[? [vii]. Intellectual capital (IC) is defined as an intangible asset that is not financial or physical and that has been (formalized, captured and leveraged to produce a higher-valued asset([? ][viii]. The raw material, captured and formalized in the process of capitalization of IC, is knowledge. Knowledge resides within an individual, a group of individuals or entity-wide. Knowledge that is structured in a formal manner (usually with an information system, computerized or otherwise) is just data. When it is purposeful and useful, data is considered information. Information made use of is knowledge[? ][ix], which can become an IC. In the discussion of IC, several disaggregation of IC exist. For the purpose of this discussion, the following categorization will suffice as (all inclusive(. This paper does not intend to be exhaustive in its definitions. It can be shown that other examples of IC can be found (and the definition extended) without diluting the effect of the issues at hand. The classification proposed in this paper uses the following examples of IC: Human Capital, Intellectual Capital and Structural Capital. Human Capital (HC) is arguably the most elusive from accounting for in financial or quantitative terms. Some[? ][x] argue that HC is the most active value driver in the business world today. Intellectual Capital (InC) has been at times presented under different names, too: (Patents and brand names[? ][xi]( or Social Capital (the latter is a definition of a hybrid of Human Capital and Organizational Capital. ) InC, abstractly is intellectual property that stem from (or relate to) innovation within the entity(s business. Structural Capital (SC) can be better described that defined: SC is any leverage that can be described in terms of the relationships of functions within the organization and the leverage of entities outside the organization. For example, a customer base relationship – qualified or quantified – is a SC that can be portrayed as an external relationship; an Enterprise Resource Plan (ERP) that allows departments within a company to facilitate resource allocation is an instance of SC. Goodwill: Goodwill is arguably the most conforming IA to GAAP: It is the excess of Fair Value (FV) over Book Value in a purchase transaction. Currently, treatment of any of IA has been confined to Goodwill produced on the balance sheet from acquisition under the purchase method. As the only allowed IA capitalization, Goodwill appear in many studies pertaining account for IA. For GAAP purposes, three tests are applied to allow recognition of an event as an Asset: 1. the event is a past-event, 2. it is measurable and 3. it contains probable future benefit. Goodwill passes the (past event(, (measurable effect( and (future benefit( tests. The reason Goodwill can be seen as a past event is that it is easy to date the creation of an acquisition under the purchase method where the fair value (FV) of an acquired entity is lower than the adjusted basis (AB) to the acquiring entity. Goodwill arising from a consolidation, merger or takeover transaction has produced inconsistent definitions of the (other( classes of IA. For example, at times a well trained workforce is describe plainly as (unrecognized Goodwill( due to the disallowed recognition under GAAP (the proper classification for such a workforce is HC). Although this paper is not intended to disprove these notions, definition clarification can aid in seeing the general direction of accounting for IA Evaluating possible answers to the question of Accounting Treatment of Intangible Assets Treatment by an accounting method is based on Measurement, Recognition and Reporting dimensions. In order to present these dimensions, this paper will attempt to survey the range of possibilities and plot them on three dimensional coordinate axises of possibilities: 0 being the most conservative point and 100 being the most (daring( in terms of relevance and accuracy. Thus, the treatment of IA can create a multi-dimensional view of the accounting classification, reporting and even auditing. Imagine a three dimensional cube with an X, Y and Z axises. On the X axis spread are the ideas about recognition of IA. On the Y axis we shall plot the various metrics (measurement) that are proposed for IA. Finally on the Z axis will lie the proposed solutions for the presentation aspects of IA. The difference between recognition and metrics should be explored further: metrics are the models upon which, ultimately, monetary amounts are made available for classification. Recognition, on the other hand, are the issues that mandate the accounting perspective of the monetary (and possibly non-monetary, too) information that can be captured. The matter of presentation touches on the financial statement and the disclosure issues that surround IA. Measuring and Valuing Intangible Assets Goodwill measurement is the only existing allowed GAAP-related event. The measurability of future benefit from Goodwill is based on known measures of financial events, namely the Adjusted Basis (also known as Book Value, or AB) and the Fair Value (FV). In a Goodwill event, the FV is the purchase price. The AB amount is discernable; the FV amount can arguably be changed according to market and strategic conditions. This discussion will assume, however, that FV is a fixed amount, available to accountants and the public. Therefore, Goodwill is an excess between two set amounts, Fair Value (of assets acquired) and Adjusted Basis (paid by acquiring entity). By definition, this is a measurable amount. Realizing Goodwill can be stated this way: the reason an acquiring entity is willing to pay more for the acquired entity more than the estimated assets( FV is because of difference of assumptions in the definitions of FV. Therefore, the FV to the acquiring corporation is different than the FV to the acquired corporation: the former sees future cash flow that is greater than the cash flow seen by fundamental look at the balance sheet of the acquired entity. In a sense, this is a statement about the value of the effect of (gamma( ( the effect of (growth( ( in the example given elsewhere in this paper (see Appendix). Thus, the acquiring entity sees a measurable amount of inflow of cash that can justify the excessive cost up front. Current research indicates that IA and, in general, non-financial events are measurable. The main conflict is deciding on which model to rely on, and moreover, which model to use as a standard measurement. The problem with measuring IA is that such measurements are too specific to an industry and perhaps to a particular entity. Research yields plenty of data showing how measurements can be conjured up to measure certain non-financial, intangible events. For example, measurements models exist to quantify information[? ][xii], or the value of business alliances[? ][xiii], et cetera. These models show that values of quantity, rate of growth and other statistics can be obtained at a feasible cost[? [xiv]: (existing techniques and expanded use of nonfinancial metrics seem to offer a more cost effective solution. ( However, the FASB Special Report states that making such proprietary measurements useful for general purpose accounting and financial reporting is not likely. The problem with value models or future-inflow metrics is that they are estimates. Like depreciation schedu les, valuation methods are based on assumptions. Because they often include not just one or two variables but numerous independent variables, the number of assumptions grow at least in linear proportion to the number of variables. For example, a Human Resource valuation model by Skandia, an insurance and financial corporation (Sweden) has been criticized for having up to 140 variables[? ][xv]. Unlike depreciation, which requires disclosure of one or two assumptions, disclosure of such complex models, even if they include only 5 to 10 variables, can be quite unfriendly to the user. Furthermore, a multi-variable model is generally susceptible to greater risk of contradicting of any of the assumptions, leading to invalidating the results of the entire model. Generally, measuring IA is a departure from historical cost[? ][1]. GAAP requires that the cost, or past event principle, guide any valuation. This requirement is in keeping with GAAP(s frame work of conservatism. When an IA is appraised in value it becomes a forward-looking measurement which is not compatible with other elements of GAAP. Future Value is the opposite of the principle of reliability in GAAP driven financial reporting: the accuracy of past events reported is the crucial element of its reliability[? ][xvi]. However, value projection can be manipulated to create certain effects. For example, a projection can be made by Management (and included in a financial report) about the future effect of a certain Internet domain name that is owned by a company, such as (money. com(. The projection is unique enough that it cannot be verified by other sources. In order to have measurability of IA, a compromise between the forward looking and historic cost principles is sought. Seemingly, past-based and future based measuring can not be consistent. It may be possible however to reconcile the projective nature of valuating IA and the required verification by historic cost in GAAP by creating an appraisal mechanism. Arguably, appraisals can be done by means of three approaches[? ][xvii]: cost, comparable market or income. Approaches used in Appraisals: Approaches used in Appraisals The cost approach estimates the value of an asset at an arm(s length transaction; this approach is inapplicable to IA; for example, HC is not measurable or even possible to conceive as an (arm(s length( transaction. Goodwill, also by definition, can not be an (arm(s length( transaction because an excess is paid by a purchaser above the FV of an acquired target. Similarly, SC can not be assessed this way because of its unique, untransferable characteristic. The market approach states that appraisals of similar purchased (or sold) goods or services can be a basis for estimating the value of the transferred property. Although a model for HC or InC can be built based on the market appraisals approach, SC can not be fit into a model that includes transferring assets in an exchange. IA of that nature loses its value in such a transfer. The income approach is most fitting to the accounting use in terms of IA. Present Value analysis is available and established within GAAP as a model. Its application in an IA valuation depends on the class of IA. Goodwill, for example, is inherently suited to the income approach valuation: the excess over FV represents the purchaser(s belief in enhanced cash in flow over a known (fixed) length of time, such that this inflow will surpass not only the declared FV but also the (higher) purchase price. However, SC has little known useful life, as does in part InC. For example, a distributed warehousing corporate structure, or a Just In Time production process can not have a reasonable income based appraised value because their useful life is not known, nor can it be averaged in the same way that for example, investment in employee training (HC) can be. However, HC is not completely compatible with the income approach, either: employee satisfaction and loyalty (both IAs) are similar in concept to the element of (going concern( because once HC(s useful life is in doubt, the going concern of the entity is generally in doubt, too. Users of financial statements are often wary of appraisals as they represent – at best – a range of possibilities. Consequently, an approximation of value diffuses the utility of fundamental analysis of the financial statement in question. At worse, appraisals represent a biased, subjective and diverted view point of the management. Even in an honest attempt to value an IA, a range must by provided or alternatively, a tradeoff measure of (confidence level( accompanies any so-called (fixed( dollar amount. In any way, an Appraisal[? ][xviii] does not produce a consistent monetary measure. On the Y axis all appraisals are at the high read: unsubstantiated, (daring() end, at Y=90. A (Real Options( valuation model describes a series of future inflow of cash (or other benefits or desirable effects, such as employee morale) in a recursive manner: the first event (event number 1) in the series is an evaluation of the chance that a successful beneficial event will come to pass i n the second event (event number 2). For events that are not the first event, (Real Options( model defines the event number N+1 as (if event N has been successful to obtain a desired result, evaluation of the possibility of event N+1 to occur is computed, along with the possible benefit of N+1. If event N has a result that is undesirable, the entire process ends. ( So, instead of seeing the model of future cash flow (or desirable result events), a Real Options model does not have a (useful life( but attempts to predict when the series of events will end and what the accumulated result will be. The Real Options model, however weak (in terms of assumptions or addition to understanding of (useful life(), does solves another conflict in measurement of IA: the conflict between consistency of an entity-specific measurement and the fair-value approach. The key for consistency is that no assumptions are made a-priory to using the model: each step has its own unique scenario and set of assumptions that can be extended and extrapolated by an external user or for internal use[? ][xix]. Because it is a projective model where future benefits are based on some assumptions, it can not be much more conservative than any value model conjured up by managers (or auditors). Consequently, (Real Option(s( place on the Y axis is 85. Proprietary Value Models: Although research abounds with successful examples of special valuation model, the test of consistency is a challenge to these models: (1)consistency of measurement over time (because not enough materials have been collected under any particular model) ; (2)consistency between business units (because the measurements are proprietary and a valuation model that fits an insurance corporation(s will be likely mot fit for a flower-delivery corporation or even an academic institution). And (3)consistency with GAAP: although these measurements are all non-GAAP compliant, by definition of this discussion, they do not rely on GAAP in their assumption. These models often use non-financial reporting assumptions that puts them closer to cost accounting than to financial accounting. For example, banks and lending institutions use proprietary value models to assess credit worthiness of certain IA-laden companies[? ][xx], although these valuations are typically limited to IA such as patents or copyrights because they have leverage in marketable or contractual terms[? ][xxi]. Simply indicating to the user ( external or internal ( that certain valuation is (estimated( or (based on a model( without specifying the assumptions, can lead rendering the valuation an act of providing useless or mis-stated financial value. An abstract standard setting is required to fulfill the task of measuring IA. Attribution of Income: IA can be attributed and recognized by measuring normalized operating income and subtracting the portion of income attributable to other classes of assets. This is a generalized value model that is based on fewer assumptions. It, too, can be located at Y=100. Discussion of examining the range of measurements available for Intangible Assets: On the axis of measurement (Y in this paper), some possible points can be plotted: first, measuring cost is the GAAP derived method (Y=0). For example, historic cost of training, benefits and other outlays of resources can be aggregated to measuring the intangible value of Human Capital, as an asset. Of course, whether such measurement can be recognized or reported must be construed on the respective X and Z axis, as presented elsewhere herein. The historic cost measurement will be on the 0 point of the Y axis (Measurement). In contrast, at the maximum point on the Y axis (Y=100), we plot the concept that allows any proprietary value model. Whether it is acceptable as consistent (read: GAAP compliant) or not, value models are available for managers and users of financial information on any IA-based event. Data mining and computer-oriented accounting information system make creating such models a relatively easy task, albeit a proprietary tool for the reporting entity or industry. Appraisals were often hailed as the magic bullet for such metric setting and some might set that to be the magic (Y=50( on the Y axis. But, as shown earlier in this presentation, appraisals are simply value models that have been warranted or certified and are founded on their own (multiple) assumptions. Because applying the right mix of different appraisals methods, human judgement and experience causes variation in the consistency of this valuation[? ][xxii], appraisals can not be a consistent or reliable method of measuring IA. Thus, appraising an IA receives a mark of 90 on the Y axis. As alternative of future benefit inflow models, a (real-options( model is also available to some small relief of the issues. Real Options, too is set at Y=90. Recognition of Intangible Assets Recognition of Intangible Assets There exists a notion that recognizing IA is a threat to proper disclosure of current period expenditures: capitalization of certain outlays can be seen as a scheme for expense deferral, designed to enhance the perceived value to creditors (shareholders et al). Proper classification, processing and reporting structures designed to deter such improper reporting can be effective. Overall, requiring additional disclosure can only enhance the utility of the financial report to its users. On the other hand, it is easy to prove logically (see Appendix) that IA should be recognized, assuming that it can be properly and consistently measured. The argument for capitalization essentially shows that if one assumes that (1) A company must have a growth factor ((gamma() in its assets in order to survive; (2) Outlays of assets (cash) in period N reduces Equity in period N; (3) If (gamma( is present then recognizing outlays as expenses in period N understates Equity in period N; Therefore, the recognition of expenses is inaccurate, and the capitalization of these outlays is required. In this paper, the X axis will become the range of possible recognition treatments of IA. In general, several points of view are identifiable on this axis. Currently, GAAP does not allow for recognition of IA (except Goodwill from purchase transaction) either because of the control test[? ][xxiii] or because of the measurability test (measurability pertains to the Y axis in this model). An opposing view is presented states in essence that IA are either any excess of market value over book value, or that earned income, before depreciation, amortization, and taxes (or some other similar representation of operating income) can be allocated([? ][xxiv] to the different asset classes: fixed, financial and intangible. Finally, using a completely projectionist method future cash flow as the value of an IA (perhaps in conjunction to subtracting the adjusted-basis and adding the disposal value) might allow non-GAAP recognition of an such an IA. GAAP Recognition: Currently GAAP contains no reco gnition of IA, other than Goodwill as provided by GAAP. As discussed in the measurement section, above, Goodwill is recognized only under certain purchases where certain tests of the excess of FV over AB are present, giving rise to Goodwill. However, Goodwill is often realized and recognized when another class of IA should be created, instead. Goodwill is realized and recognized due to an excess of a purchase consideration over FV (GAAP). This excess, however can be disaggregated or classified more finely than simply calling it Goodwill: Take for example a hypothetical acquisition of a Value Added Network (VAN) provider by an Internet Service Provider (ISP). The former provides the communication tools, the phone lines and the data traffic from customer(s homes to the Internet. The latter, the Internet Service Provider, can benefit from this acquisition by avoiding renting the VAN(s and instead capitalizing on the acquisition(s future cash in flows. Moreover, the ISP can direct its customer base to use VAN as a preferred channel, creating certain loyalties, flexibility (for the customers) and other added value benefits. Assuming – under GAAP – that the ISP paid the VAN(s shareholders more than the FV of their stock, an entry for Goodwill is required. However, this entry is a misnomer: the Goodwill is not really for the excess value but for the additional structure capital (SC) of the acquiring entity. Mostly, the VAN(s organizational structure can benefit from this excess (only in secondary order is the future cash inflows of the acquired VAN to the ISP. ) Because Goodwill is the only GAAP compliant IA combined with its possible vagueness or generality, it receives a position of 0 on the X axis. Recognizing only Marketable IA: This method allows for some latitude in recognizing certain IA, for example, patents, copyrights, and contractual leverage (with employees, suppliers or customers). Using this method excludes most internally generated IA because their effect is not legally binding. Recognizing IA based on their enforcability and to some degree, marketability gets placed at X=50. Recognizing All Events: Some knowledge based essays argue that all events in a business entity is one of IA. As such, all otherwise not measured events can be considered intangible and once measured, recognized on the entity(s books. Because it is the most relaxed method, recognizing all non-financial events in an index or model of fair value[? ][xxv] obtains X=100. Recapitulate: Valuation & Recognition Valuation and Recognition of IA has yielded a two dimensional plain on which different methods are available. At the most conservative level, GAAP driven, is the point (X=0,Y=0) which asserts that measuring asset must be according to the past-event principle (historic cost) and that with the exception of Goodwill, no internally or externally generated IA are accounted for. Departing from this basis, on the valuation scale (the Y axis) are proposed method of measuring the value of IA ((future cash flow(, (appraisal( or (real-option( models) make an interesting combination. For example, assume the point (X=0,Y=100) on the X,Y plain is proposed and accepted. This means that a only historic cost (X=0) is realized and yet, that future cash flow (Y=100) is used for measuring the value of these asset. Thus, any hybrid of such a nature (cell D in the Table I) of conventional measurement and unconventional recognition poses the challenge to the third axis in this paper: presentation of IA.    |   |   |   | |   |Recognition: X=0   |X=50 |X=100 | |   |   |   |   | |Valuation |(A) |(B) |(C) | |Y=0 |( IA not recognized[? [2] |( Select IA recognized, based on |( All events recognized, if not | |   |( Historic Cost |market, contractual. |classified elsewhere they are IA | | |   |( Historic Cost |events | | | |( Historic Cost | |   |   |   |   | |Y=85 |(D) |(E) |(F) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Real option valuation model |market, contractual. classified elsewhere they are IA | | | |( Real option valuation model |events | | | | |( Real option valuation model | |   |   |   |   | |Y=90 |(G) |(H) |(I) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Appraisal (cost, market, income |market, contractual. classified elsewhere they are IA | | |approaches) |( Appraisal (cost, market, income |events | | | |approaches) |( Appraisal (cost, market, income | | | | |approaches) | |   |   |   |   | |Y=100 |(J) |(K) |(L) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Proprietary Value Model |market, contractual. |classified elsewhere they are IA | | | |( Proprietary Value Model |events | | | | |( Proprietary Value Model | Table I: Intersection o f measurement and recognition approaches for IA[? ][3] Presentation of Intangible Assets The issue of possible presentation of IA as part of a financial statement must be addressed by the Reporting utilization that such a report contains. Not specifically within the scope of GAAP(s IA (other than Goodwill) are vaguely disclosed in the financial statement. As research shows, some Securities and Exchange Commission regulated corporations disclose Goodwill in aggregated format, while others disclose the underlying detail. Moreover, the other (disclosure( of IA, specifically to the external user, is done by the Management Discussion and Analysis (MD&A) that accompanies most financial statements of publicly held entities. However, MD&A is a really only another form of appraisal, and not unbiased at that, in relation to IA valuation. In reference to accounting for IA, MD&A is inapplicable as interpretation of the value, structure and other forms of unclassified (and unaudited) material statement can become vague in its message to external users. It is important to note that the internal users of a financial statement are slightly better equipped to properly ascertain the message in the financial report; internal accounting practices, cost management and non-financial reporting facilities can aid an internal user to better gauge the weight and context of an IA reference within the financial statement, be it a Goodwill or otherwise disclosed IA. The current GAAP disclosure practice (but not requirement) is at the lower end of the Z axis (Z=0). Under GAAP, a balance sheet of a corporation that might have intangible resources at its disposal might be presented in the following way (example 1): |   | |Balance Sheet, GAAP Driven | |   | |Assets $1000 | |   | |Liabilities (100) | | | |Equity (900) | Example 1: GAAP Driven Balance Sheet Complete inclusion of any intangible resource available to a company is in contrast to the current GAAP treatment. A complete inclusion of non-required disclosure of IA is at the farthest end of the Z axis the concept of full integration of IA in the financial reporting (Z=100) . Of course, this in itself is a valid notion because full disclosure of IA represents expressing mostly relevant information to the user of the financial report. [? ][4] Relevance however, has a trade off with accuracy. The relevance of including any and all IA in a financial statement might hinder on its accuracy; the example below makes this point. Full integration of IA in a financial report can lead to a balance sheet of the following format (example 2):    | |With Considering IA, Complete Inclusion | |   | |Assets $1500 | |(capture events related to both tangible and intangible resources) | |   | |Liabilities (100) | |   | |Equity (1500) | Example 2: Complete Inclusion driven Balance Sheet A possible over-statement of Assets by $500 exists under a complete inclusion method, which is most permissive in relation to GAAP. This type of presentation contains all resource-based events pertaining to the business at hand. It includes both financial and non-financial events pertaining to the entity. Some of this superset(s contents are IA that are externally or internally generated. For example, employee loyalty or positive media coverage are non financial events that affect its financial position. A possible reconciliation between the requirements to present certain financial statement elements (such as fixed assets, financial assets, current and non current liabilities, shareholders( capital et cetera) can be obtained in a tiered financial report. The concept behind a tiered financial report is that the core of any financial report must be GAAP driven. Its benefit to any user must continue in order to provide consistent, accurate and standardized language of communication of a financial position. Within this core, GAAP reporting is one where the balance sheet presents the assets and the claims against them. This fundament is in turn included in a larger set which can include not only cost-related assets but value driven assets, i. e. IA. Conceptually, IA that provide a growth factor (recall: gamma > 1) is meaningful to the financial position of the reporting entity. For example, suppose an internally generated IA such as organizational structure or shared knowledge exist (assuming it can be valued and recognized). Under GAAP IA are not attributed to growth of several periods (by definition, growth is the increase of the value of an asset between successive periods). However, for the users of the financial statement, the information about such growth is important in making educated decision about the going concern and prospects of the entity. Thus, the compromise format of financially reportable events includes a degree of IA-related events that can affect a reasonable user(s decision-making process. This type of reporting mechanism is about mid-way between GAAP and Non-GAAP reporting format, at Z=50. An example of a tiered balance sheet follows (example 3): |   |   | |Without Considering IA |With Considering IA, Tiered Format | |   |   | |N/A |Intangible Asset $300 | | |(Note: Recognize IA events based on historical ost) | |   |   | |Assets $1000 |Assets 1000 | |   |   | |Liabilities (100) |Liabilities (100) | |   |   | |Equity (900) |Equity (900) | |   |   | |N/A |Equity Attributed to Intangible Asset | | |(300) | Example 3: (Padded( Balance Sheet In essence, this type of (padding( of a balance sheet is derived from the set concept introduced above. The (core( statement, consisting only of Asset, Liabilities and Equity, remains intact. An extended set of financial events allow further disclosure of the financial effect of IA (in this example, by using the most aggressive GAAP-departure valuation method). Recapitulate: Recognition and DisclosureRecapitulate Recognition and Disclosure Just as Valuation and Recognition can be plotted on a two dimensional plain, so can the axis of Recognition and Disclosure. Overall, the X,Y and Z axis allow us to examine the problem at hand on a three-dimensional basis. The intersection point of the Recognition alternatives in relation to the Disclosure alternatives follows: |   |   |   |   | |   |Recognition |   |   | | |X=0 |X=50 |X=100 | |   |   |   |   | |Disclosure |(M) |(N) |(O) | |Z=0 |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | |   |( No GAAP required Disclosure, |market, contractual. classified elsewhere they are IA events | | |only discretionary MD&A |( No GAAP required Disclosure, only |( No GAAP required Disclosure, only | | |   |discretionary MD&A. |discretionary MD&A | |   |   |   |   | |Z=50 |(P) |(Q) |(R) | | |( IA not recognized |( Select IA recognized, based on |( All events recognized, if not | | |( Tired ((Padded() Financial |market, contractual. |classified elsewhere they are IA events | | |Report |( Tired ((Padded() Financial Report. ( Tired ((Padded() Financial Report | |   |   |   |   | |Z=100 |(S) |(T) |(U) | | |( IA not recognized |( Sele ct IA recognized, based on |( All events recognized, if not | | |( Full financial incorporation |market, contractual. |classified elsewhere they are IA events | | |of IA – undefined |( Full financial incorporation of IA. |( Full financial incorporation of IA | Table II:Intersection of measurement and reporting approaches for IA. Cells M-U describe the X,Z plain (the letter are assigned sequentially). To complement tables I and II, the intersection of valuation alternatives and disclosure methods available are included in Table III: |   |   |   | | |   |Disclosure |   |   | | |Z=0 |Z=50 |Z=100 | |   |   |   |   | |Valuation |(V) |(W). (A1) | |Y=0 |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. |( Full financial incorporation of IA | |   |only discretionary MD&A |discretionary MD&A. |( Historic Cost | | |( Historic Cost |( Historic Cost | | |   |   |   |   | |Y=85 |(A2) |(A3) |(A4) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. ( Full financial incorporation of IA | | |only discretionary MD&A |( Real option valuation model |( Real option valuation model | | |( Real option valuation model | | | |   |   |   |   | |Y=90 |(A5) |(A6) |(A7) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. ( Full financial incorporation of IA | | |only discretionary MD&A |( Appraisal (cost, ma rket, income |( Appraisal (cost, market, income | | |( Appraisal (cost, market, |approaches) |approaches) | | |income approaches) | | | |   |   |   |   | |Y=100 |(A8) |(A9) |(B1) | | |( No GAAP required Disclosure, |( Tired ((Padded() Financial Report. |( Full financial incorporation of IA | | |only discretionary MD&A |( Proprietary Value Model |( Proprietary Value Model | | |( Proprietary Value Model | | | Table III:Intersection of measurement and disclosure approaches for IA. DiscussionDiscussion The problem of Intangible Assets revisited Conceptually, the accounting for IA is at the heart of the framework that links the Balance Sheet and the Income Statement: at its core the balance sheet is a statement of resources while the income statement is a an expression of the utilization of these resources (tangible or otherwise available to the entity). Coupled, the traditional balance sheet and income statement includes only tangible resources. However, the traditional Income Statement includes activities that stem from using all available resources. In the asymmetry lies the reason for inclusion of IA resources on the Balance Sheet. For example, outflows for compensation is often the single largest expense of a corporation. Yet, employee knowledge, or other types of Human Capital are rarely disclosed. Further, any activities that are profitable, i. e. where the growth factor ((gamma() is greater than 1, are attributed only the tangible resources. Classes of Intangible Assets IA can be divided to two classes: resources that are within the control of the organization and resources that are only partially within the control of the organization. To maintain a mathematic model, we can introduce OC, Organizational Control, such that: For IA such as Customer Base and Customer Relations Index, Vendors( Credit and Trust, Internal Production or Service Procedures, OC = 1. 0, i. e. there is complete control over the resource, which is an intangible asset; For IA such as Human Skill Level , Employee Satisfaction and public Relation Index ((Public Image(), OC < 1. 0. The following is an imaginary – yet possible – comparison of two companies that might have different levels of Organizational Control over their IA, classified according to their business type. Table IV is an illustration of OC levels: |   |   |   | |   |(Tobacco and food conglomerate(|(Northeastern Ice-cream | | | |Manufacturer( | |   |   |   | |Organization Control Level = 1. 0 |   |   | |   |   |   | |Customer Base |1. 0 |1. | |   |   |   | |Vendor(s Credit |1. 0 |1. 0 | |   |   |   | |Internal Production Procedures |1. 0 |1. 0 | |   |   |   | |Organization Control Level < 1. |   |   | |   |   |   | |Human Skill |0. 9 |0. 7 | |   |   |   | |Employee Satisfaction |0. 8 |0. 8 | |   |   |   | |Public Image |0. 5 |0. 9 | Table IV:The (determined) values of Organizational Control (OC) over Resources We assume these values derive from internal yet consistent studies and valuation, we can see that for the first three (classified as IA over which the entity has complete control) the OC value remain 1. 0. This simply indicates an existence of an IA (completely within the company(s control). The second group of so called (assets( (or generally: resources) are not completely within the control of their respective entity. We can say, perhaps, that the ice cream factory workers need less training than the tobacco production plant workers but that they are equally satisfied. Further it is clear that the tobacco conglomerate has less leverage in their public image (OC = 0. 5) than the ice-cream maker (OC=0. 9). The important point about all these resources is that the entities are not controlling the value drivers. Therefore, for example, their public images is different and it can not be enlisted as an (asset( because it is outside the scope of their respective control. [? ][5] The three sets of resource group can be summarized as follows: The most inner core of assets that are GAAP driven: Tangible Assets that are at the core of the Income Statement and Balance Sheet pair. These assets produce tangible activities such as cash (inflow) or products (output). The intermediate outer tier consists of resources that are fully under the control of the entity, thus they can be classified as Assets, albeit intangible: they too produce activity such as competitive edge (HC) and customer loyalty (SC). In contrast to HC and SC, the outmost tier class of resources are intangible resources that are not fully under the control of the entity thus fail the control test of the definition of an Asset. In a sense, the inner set of Balance Sheet and Income Statement represent the fundamental analysis that an external or internal user of these statement might be interested in. Under this framework, fundamental ratios and projections are available in the most traditional sense. Extrapolating from that tier, the resources described as (true( Intangible Assets, i. e. hat they are measurable resources that occurred in the past and are within the entity(s full control, describe the effect of growth and going concern. Growth is indicative of innovation or competi tive edge, while going concern is more general and encompasses other factors. In this vein it has been shown that IA are a source of both growth and continuity: IA are key to strategic planning and success[? ][xxvi]. Resources such as reputation, employee know-how, and organizational culture were also linked to success factors of companies[? ][xxvii]. Finally, the outer tier of partially controlled resources can be described ( if so wished by the reporting entity ( as additional disclosure of interest to the user of a financial report. The outer tier is only marginally useful because of the lack of full control the reporting entity might have over factors such as public image. It will be interesting to see if the two outer tiers of resources will play out in future disclosure: the FASB is now encouraging companies to discloses elements of intangible assets in their financial reports. However, from a review of the two tiers it seems that disclosing resources in the intermediate tier can add to the reporting utilization of the entity(s financial report, perhaps if it is presented in a two tier Balance Sheet ((padded(, described earlier). Resources that are not within the complete control of the entity (the outer tier(s elements) will most likely not be disclosed. Assuming a valid and consistent index can be obtained   (by an external review, for example), there can be usefulness to disclosing elements of intangible resources which are (true( IA such as index of customer base, customer loyalty and vendors( credit which reflect on a positive (going concern(. In contrast, disclosure of elements such as employee retention, public image and human skill index, can provide external users a marginal utility regarding the activity and prospects of the entity. Conclusion Measurement of IA is the area where the disparity is widest (on the Y axis in this discussion(s three dimensions model). The alternatives to historic cost are valuations based on proprietary models or based on certified models. Both alternatives are insufficient because they require judgement which lead to substantial variation. Historic cost is most consistent but inapplicable because it can not measure certain IA such as customer base or affiliations and alliances. Therefore, an allocation approach is suitable: computing the ratio of growth in equity to fixed, financial and intangible asset allows measurement of IA at least as a class of resources on the balance sheet statement[? ][xxviii]. Further discussion and research is required in order to properly weigh the specific intangible assets within this class, and thus compute the financial value attributed to it. Generally, the emergence of IA and in general, intangible resources, is unavoidable. The accounting profession should treat this type of financial event within its GAAP guidelines and not attempt to preclude it from recognition. Plainly, accounting for IA by including it in the financial statement (specifically, as part of the Balance Sheet) is not helpful to the external user. Such recognition will simply inflate the value of corporations and will cause comparisons to be more difficult and the financial statement viewed more skeptically. However, by methodically presenting IA in a tiered manner, users of the financial statement can view the traditional fundamental (current) GAAP elements as well as supplementary elements. In a sense, allowing companies to literally (pad( their balance sheet with separate IA and IC (Equity due to IA) will put to a (vote( of the external and internal users the concept of systematic disclosure. To wit, instead of a honorable mention in the MD&A section or a buried treasure in the footnotes to the financial statement, disclosing IA on the face of the balance sheet, without reducing its existing utility, might be a solution to the emerging need to report IA as a financial event. References [pic] [pic] [1][1]IA are often labeled knowledge assets. Much has been written about a knowledge economy and some attempted to define all resources as knowledge-based. The device in which this is possible is usually illustrated by an example of an organization that can be described all in terms of knowledge. Such zeal is convincing only to the extent that a counter example is not produced. Knowledge is information produced by data and ideas. Transforming knowledge to a benefit producing resource ((value() converts knowledge to an IA. Thus, in terms of scope of valuation of IA, not all business process are considered IA: only business processes that have not been measured or presented elsewhere can be considered measurable for purposes of this discussion. [2][2]In all the instances of Y=0, IA is not recognized except for Goodwill in purchase. [3][3]The recent FASB sponsored attempt to account for certain types of IA by rules of annual impairment valuation (read: appraisal valuation method) is position in box (B( of Table I: using historic cost and a (certified) appraisal of fair value of an IA to trigger both valuation and recognition. 4][4]However, (strange bedfellows( effect might occur if we simply plot the Z axis against, say the Y axis (measurement): the point (Y=0, Z=100) yields an IA that (is not recognized (Y=0)( and (integrated in the financial report( (Z=100). Therefore, at least from a practical point of view, these type of pairing with GAAP (Y=0 and Z=100) can not be used for our analysis: this point in our exploration model is undefined. [5][5]It is the public, the society in which they operate for example, that determines which company is the (Kind American Corporation( and which is the (Evil American Corporation. ( [i][i]. ABI-Inform is available via the Internet from ProQuest Information and Learning Company. [ii][ii]. Accuracy of the yield and direct capitalization methods: A twenty-year empirical study of the electric utility industry(; Assessment Journal Chicago; Richard R Simonds; Vol. 6; No. 4; pp. 49-55 [iii][iii]. Internet: available: www. dictiornary. com. Source of this citation: 1997 Princeton University. [iv][iv]. Internet: available: www. dictionary. com. Citation source: The American Heritage Dictionary of the English Language, 4th Edition. [v][v]. FASB presentation, Nakamura in 4th Annual Intangible Assets Conference, Ross Institute, New York University, May 2001. [vi][ vi]. Financial Accounting Standards Board; Special Report : Business and Financial Reporting, Challenges from the New Economy; Wayne S. Upton, Jr; No. 219-A; April 2001 p. x (Executive Summery). [vii][vii]. Lynn, Bernadette, CMA; Intellectual Capital Key to Value added Success in the Next Millennium; Society of Management Accountants of Canada, CMA Magazine. Available: Internet http://www. cma-canada. org. [viii][viii]. Lynn, Brenadette. [ix][ix]. Data is the superset of information which in turn is the super set of knowledge. Purposeful and formal conversion of data to information and information to knowledge, creates Intangible Capital, which can be leveraged. [x][x]. Berry, John; MIT, Wharton Search for IT Asset Metric; Internetweek; Manhasset; Feb 5, 2001. [xi][xi]. (†¦ Brand assets and patents are knowledge assets, not just technology(. Companies May Be Unwittingly Ignoring The Bulk of Their Asset Value; Investor Relation Business; New York; Dec. 3, 1999; p. 4. [xii][xii]. Hal Varian; How Much Information is Produced Worldwide? University of Berkeley; Presented in the 4th Intangibles Conference at New York University, Stern School of Business, Ross Institute of Accounting Rese arch; May 2001. [xiii][xiii]. Christopher Tucci; The Value of Collaborations and Alliances; New York University; Presented in the 4th Intangibles Conference at New York University, Stern School of Business, Ross Institute of Accounting Research; May 2001. [xiv][xiv]. FASB; Special Report; Chapter 2. [xv][xv]. John Rutledge, You(re a Fool if You Buy into This One; Available: ABIinfrom. [xvi][xvi]. Alfred M. King, Jay M. Henry; Valuing intangible assets through appraisals; Strategic Finance; Vol. 81, No. 5, Montvale; Nov. 1999. pp. 32-37. [xvii][xvii]. Alfred M. King, Jay M. Henry, Strategic Finance, Nov. 1999. [xviii][xviii]. Lawrence C. Rose; Accuracy of Appraisers and Appraisal Methods of Closely Held Companies; Entrepreneurship Theory and Practice (ET&P) Vol. 17, No. 3; Spring 1993; pp. 21. [xix][xix]. FASB; Special Report; p. 39 [xx][xx]. Alfred M. King, Jay M. Henry, Strategic Finance, Nov. 1999. [xxi][xxi]. Wiley A. Scott, Jr. ; Borrowers( Intangibles May be Off-Balance-Sheet Gold; Commercial Lending Review Vol. 9, No. 3; Boston; Summer 1994, pp. 26. [xxii][xxii]. Lawrence C. Rose; Accuracy of Appraisers and Appraisal Methods of Closely Held Companies; Entrepreneurship Theory and Practice (ET&P) Vol. 17, No. 3; Spring 1993; pp. 21. [xxiii][xxiii]. FASB; Special Report; Chapter 4. [xxiv][xxiv]. Lev, Baruch. [xxv][xxv]. IAS 36 defines (value in use( as (future cash flows expected to arise from the continuing use of an asset. [xxvi][xxvi]. Joseph A. Patrick et al; Global Leadership Skill and

What Does it Cost to Attend the University of California-Davis?

Located in the college town of Davis in sunny California, UC Davis is a public research university a part of the University of California system. With four colleges and seven graduate and professional schools, UC Davis is known for its cutting-edge research as well as interdisciplinary approach to learning. If you’re considering applying to or attending UC Davis, read on to learn more about how you might navigate the tuition prices, and get more help in paying for an education at UC Davis. You’ll probably see many different numbers from many sources regarding college costs, but some can be misleading. A good place to start for estimating how much a four-year education at any institution is to go to the institution’s page for tuition and financial aid . However, know that the tuition you see listed on the university’s website—what we call the list price– only a good place to start, for most students will not end up paying that price. The costs of college are highly variable. What you will actually pay is based on many different factors from family income to on-campus employment. This is what we call the net cost , the amount families actually pay out of their pockets. In general, the amount of aid you receive comes down to three parts: We’re going to look at each of these in how they can lower net cost. Tuition for colleges generally rise each year. That being said, for the 2016-2017, the list price for UC Davis was $34,967 for in-state students and $61,649 for out-of-state students. This number includes tuition, room and board, and other student necessities such as a student activities fee. Remember that the families who pay the full list price are those whose annual household income is greater than $175,000. The good news is that many students receive financial aid. For the 2016-2017 school year, the average net cost of attendance with financial aid at UC Davis was $30,198 for in-state students and $56,880 for out-of-state students. When it comes to financial aid awarded, the greater your family’s financial need, the more need-based aid your student will qualify for. In the table below, we have the average net costs for Davis students after receiving financial aid based on family income: Merit aid, different from need-based aid, is awarded based on exceptional performance and potential in regards to academics and/or extracurriculars, and does not factor in a family’s financial need. Merit aid often comes in the form of a scholarship. At Uc Davis, 211.4% of students without financial need receive merit aid . In 2016, the average amount awarded was $395. The average net price for students who didn’t qualify for financial aid was $34,572 for in-state students, and $61,254 for out-of-state students . Estimating your chance of getting into a college is not easy in today’s competitive environment. Thankfully, with our state-of-the-art software and data, we can analyze your academic and extracurricular profile and estimate your chances. Our profile analysis tool can also help you identify the improvement you need to make to enter your dream school. If you think your student might still need additional help financing their college education, this is the time to look at federal student loans. Remember that loans need to be paid back, often with interest. Taking out loans is often for Davis students. In 2016, 68% of students took out loans, with an average amount of $2,801 per student. It’s important to understand past-student outcomes at a school to get a sense of your student’s â€Å"return† on their â€Å"college investment†. At UC Davis, 79% of students graduate within 6 years, and the average salary ten years after graduation is $58,200. Aside from tuition, room and board, health insurance, and student fees, college students will inevitably have other expenses, so it’s useful to look at local area living costs. Of course, if your student plans on living off-campus, this is even more important. Davis, California has an overall cost of living index of 153 ; it’s 1.5 times more expensive to live in Davis than in the rest of the U.S. in general. Housing costs contribute the most to Davis’ relatively high cost of living; with a housing index of 255, Davis’ rentals go for 2.5 times higher than the national average. Students looking to find off-campus housing can expect to pay around $1,353 in rent for a 1-bedroom apartment, and $2,478 for a 3-bedroom . While the UC Davis campus offers many student job opportunities, students looking to find off-campus jobs will be glad to know that the California minimum wage is now $12 per hour. Private, merit-based scholarships are an excellent way to help reduce your net cost further for college. To begin, you can take a look at UC Davis’ page for external scholarships . You can also take a look at our guide to the National Merit Scholarship program , for which anyone who takes the PSAT is considered for qualification. Another way to help finance an education at UC Davis is right here at , with our College Applications Program . In addition to helping students get into their dream schools, we also help them earn more aid to pay for college and make the right financial decisions.

Historical and Social Science Research Essay Example | Topics and Well Written Essays - 3000 words

Historical and Social Science Research - Essay Example Witch hunt soon began to be regarded as politically motivated, associated with corruptions and intrigues rather than a means of alleviating evil. It was hindered when severe economic conditions took toll on the economy and made witch hunt difficult (Lemieux, 2007). The article relates in detail the case of Anne Bodenham, an old woman who was executed for being a ‘stereotypical witch,’ who owned things symbolic of witches, predicted future and was even able to transform into different animals. Her association with the well-known astrologist and wizard, John Lambe, is also strongly confirmed in the accounts. The source for most of the information available on Bodenham is Edmond Bower, a legal clerk from Dorset, who, as a religious writer and ‘an eye and ear Witness of her Examination and Confession, was inspired to write a descriptive pamphlet. According to Bower, this was in order to warn ‘good Christians’ against the seduction of such ungodly practises. His eagerness to declare Bodenham as a witch could be seen from his constant efforts to make her confess before her death. Through this, he could establish himself as a successful witch hunter. Diane Purkiss also tells of he used politics to disgrace her complete ly in Britain along with an highly implicit line of attack. It is hence, inappropriate to base evidence on religious clerics like Edmond Bower as his account may involve bias resulting from the friction between religious and the then emerging unconventional ways that need not be evil, as mentioned in the article itself. Apart from religious clerics, historical pamphlets have been used in the article that indicates sexual relationship between Dr John Lambe and student, Anne Bodenham and other such major affairs. Their adherence is attributed to extensive height of politics and low morality. Another source is Anne Styles, a maid servant of Richard Goddard,

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The Epistle of Paul the Apostle to the Galatians - Term Paper Example Because of this the other missionaries who were most probably recently converted Jews (Judaizers, they were called) saw the weaknesses in the faith of the newly converted people. They were telling the neophytes that they would not reach salvation if they would not follow certain laws, specifically laws that have Jewish inclinations, which includes the rite of circumcision, among others. These neophyte Christians became so confused that they were at risk of losing their faith in Jesus Christ. Â  The other missionaries vehemently insisted that the neophytes carry on their belief of Jesus Christ along with following certain aspects of the Mosaic Law. They were also undermining Paul’s authority because, according to them, Paul is not trained by Jesus himself, and therefore not a true and original apostle. They were also telling the neophyte Christians that Paul lied to them, the Galatians, about the necessity of accepting certain Jewish practices like circumcision just so he could easily win their faith to Jesus Christ (Gal 2:2). When Paul knew of the situation, he defended his own authority and religion and in his being an apostle. He clarified the correct understanding of faith through this letter.

Analysing Edgar Allan Poe's Short Stories The Black Cat and The Research Paper

Analysing Edgar Allan Poe's Short Stories The Black Cat and The Tell-Tale Heart - Research Paper Example African American girls and women also suffered or were exposed to various forms of racism, causing them to exhibit different reactions. This inferior image of African American women also got reflected in the fictional works as well. Most times authors in their fictional works will write what they have seen, heard, felt and lived. Those writers without fictionalizing will provide those aspects as a form of autobiography. American woman author Anne Moody wrote about the racism that happened in her life in the form of autobiography titled, Coming of age in Mississippi. So, this paper will discuss how Anne Moody in the book offers several moments and descriptions of how she learned about the meanings of race, and how she became aware of the racial differences that existed, and finally how she responded to those racial actions and differences. Anne Moody, although was born to parents who belonged to the same race, was exposed to racism because of the period and area, she lived in. Born in 1940 as Essie Mae, Moody (changed her name and) grew up in Wilkerson County, a rural county which was manifested with poverty and racism by the White population against the African Americans. Exposure to racism and different sides of racial relations from a young age itself made Moody aware of this issue, causing her to exhibit different emotions. ... Although, she was a small girl, she was intimidated and treated in a harsh manner in the household. This incident is her early exposure to racism and importantly made her award about the social hierarchy. With her biological father deserting, her step-father also proving out to be incompetent and also with her mother delivering babies quite often, Ann Moody had to take the responsibility of earning for the family. â€Å"Things seemed to get harder. Mama was always having another baby.† (). So, she worked at the White household in a suppressing environment for many hours in a day after her school timings and continuously during weekends. Along with her mother, who worked in various odd jobs offered by enterprises owned by the White population, Moody had to work in dominating White households. Doing such jobs based on race was quite demeaning and oppressing to the African population, and it was felt by Anne Moody as well. That is, as Moody worked in a suppressing white household , she understood the position of their population vis-a-vis the white population in the social hierarchy. â€Å"that not only were they better than me because they were white, but everything they owned and everything connected to them was better than hat was available to me.† (Moody 38). Anne started experiencing racism when she went to the high school, thereby experiencing different meanings of race and racial differences that existed. In the school, she became ‘racially aware’, as she was prejudiced by the White students. The one even, which disturbed her and made her understood the extreme side of racism is the murder of Emmett Till, a fourteen-year-old black boy. Hill was visiting Mississippi from Chicago, when he was lynched to

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Define the utility of Katharine Kolcabas Comfort theory for application to clinical practice using an actual clinical problem you observed - Essay Example This meeting of needs may be addressed physically, socioculturally, psychospiritually or environmentally. Whatever the means adopted, the ultimate aim is to reduce the discomfort of the patient which is perhaps the primary goal of any nursing care activity. Although it may be impossible to utilize all contexts (physical, psychospiritual, sociocultural or environmental) simultaneously; there is yet the possibility of utilizing the maximum modes possible, all aim at reducing discomfort while enhancing the feeling of comfort (Sitzman & Eichelberger, 2011). In my opinion, one of the main problems that are encountered in the clinical setting on frequent basis is the care of patients having impaired integrity of skin, especially those patients who are unable to move on their own and are therefore immobilized to a variable extent. This group of patients comprises a special population who are destined towards a slow decline in their health status if appropriate measures are not taken during the early stages of their illness. As skin is the main barrier between the external and internal environment of the body, any defect in this barrier is likely to expose the individual to a variety of pathogens that can not only infect the dermatological tissue, but also invade the body, affect other organs and destroy the homeostasis of the body ultimately resulting in an unfavorable outcome (Freinkel & Woodley, 2001). A gravely uncomfortable consequence of impaired skin integrity is seen in the form of development of pressure-sores in patients are immobilized for extended periods of time. These lesions result due to the presence of persistent pressure on certain areas of the body and can ultimately contribute towards the fatality of the disease for which a patient is under treatment. The intervention designed for the chosen problem includes a number of measures that are collectively

How HR managers should best staff their new subsidiary Essay

How HR managers should best staff their new subsidiary - Essay Example x-patriots is oftentimes seen in a negative light by the host nation; either through the understanding that their own human resources are too expensive or otherwise not suited to the task at hand. Another potentially negative drawback from utilizing ex-patriots as a means of fulfilling certain needs and expanding a given business within certain geographical region has to do with the danger that these ex-patriots might not fully recognize all of the cultural nuances that are part and parcel of the way in which business is conducted within such a locale. The inherent harm that is affected within such a situation is that expatriates might be totally and completely clueless with respect to the cultural norms that underscore effective business negotiation and development within a given international space. As can be seen from the information thus far discussed, it is of inherent importance that a firm seeking to expand within an international market space should carefully consider the iss ue of human resource allocations and whether or not they will be brought in from the external environment or they will be leveraged from the internal environment. The case in question illustrates a situation faced by Las Vegas Sands Corp-one of the largest gambling companies in the entire world. As such, the firm is seeking an international expansion within Japan; in anticipation for the expected legalization of gambling in 2015. As no other entrants into this market currently exists, the firm hopes to effect a dominating position as the first to effectively establish a base of operations and market presence within the nation of Japan. However, before this can be affected, the firm faces a fundamental issue with respect to where it will draw its human resources from. Three choices are essentially represented; two of which involve leveraging ex-patriots from either the Las Vegas corporate office or employees at the Macau branch of the firm. The third choice is that the employees for

Project Administration in Construction Essay Example | Topics and Well Written Essays - 1000 words

Project Administration in Construction - Essay Example Good project managers attempt to make sure that the work is done right first time and that key accidents take place on the project. Whilst adherence to subsisting design decisions is the key concentration of quality regulation, there are exceptions to this standard. To begin with, unexpected circumstances, inaccurate design decisions or transformations needed by an owner in the facility purpose may need re-examination of design at the time of construction. Whilst these transformations might be influenced by the issue for quality, they stand for the occasions for re-design with all the attendant goals and restrictions. The other thing is that some designs depend on informed and suitable decision making during the building process itself. Since such decisions are founded on greater information regarding real site settings, the facility design could be more cost effective as a consequence. Safety during the building project is as well affected highly by decision made at the time of fore casting and design process. Some designs or building strategies are generically hard and hazardous to carry out, whilst other, comparable strategies possibly will minimize the likelihood of accidents. A range of distinct companies are possible for quality and safety regulation during building process. One widespread paradigm is to have a group accountable for quality guarantee and another group chiefly accountable for safety inside an organization. Supervisors and quality assurance personnel will be engaged in a project to stand for a range of distinct. Each of the parties directly concerned with project possibly will have their own quality and safety supervisors, including the owner and the architect. The inspector will be the contractor from the company. Over and above on-site inspections, samples of material will regularly be tested by a specialized laboratory to assure adherence. The supervisor to assure adherence with regulatory expectations will as well be involved. The United States Occupational Safety and Health Administration (OSHA) regularly carry out site visits of work places alongside authorized inspection agencies. OSHA supervisors are expected by statute to give citations for all average infringements identified. Whilst the whole host of participants engaged in the building process will need the services of the supervisor, it cannot be stressed too boldly that the supervisor will just concentrate on formal check on quality regulation Quality regulation must be a key goal for all the members of this project team. Managers must be accountable for preserving and enhancing quality regulation. Worker engagement in quality regulation must be sought and awarded, including the introduction of novel ideas. Most crucial of all, quality enhancement will serve as a catalyst for enhanced efficiency. Provisions of work quality are an essential aspect of facility designs. Provisions of needed quality and components stand for the necessary documentation to illu strate a facility. Overall specifications of work quality are accessible in various areas and are issues in publications. For instance, excavation should proceed an adequate distance to allow inspection and other events. Concentrate pavements of greater strength amount to cost savings by delaying the time at which re-constructions are needed. On the contrary, concrete of substandard quality will require more regular covers or other re-construction processes. Contract specifications with modifications to the amount of a

Macro O Assignment Example | Topics and Well Written Essays - 750 words

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Most Influential People in European History Essay Example for Free

Most Influential People in European History Essay Charles Darwin Greetings peers. My name is Charles Darwin. I am a British scientist who laid the foundations of the theory of evolution and transformed the way we think about the natural world. I was born in 1809 into a very earthy and well-connected family. In 1809 after graduating from Cambridge University, I joined the HMS Beagle as the ships’ naturalist on a five-year voyage around South America. This is the trip in which I credit with establishing my working methods and knowledge that sustained my scientific career. My observations on the Galapagos Islands, gave me the first inkling of what would eventually become The Origin of The Species. My theory of natural selection states that a species adapts to its surroundings by making small genetic mutations in order to survive. The species that do not adapt will die and those who do will survive. Apparently this was very controversial. People claimed that it stripped away any room for fate and God. Because my ideas of evolution and natural selection rely on my observations and science rater than a pure irrational faith in Gods will, many were upset. However, I saw my findings as a way to prove Gods influence on earth and show how he operates. Even though  natural selection did not become a widely accepted principle until the 1930s, in the end my findings were becoming more accepted. I am definitely one of the most influential people in European history because my findings have not only influenced the world of science, but the world of religion. I also influenced later social theories such as Social Darwinism. Adolph Hitler Greetings to all who have come today. My name is Adolph Hitler. I should efinitely be considered to win the award for the most influential person in European history because I was the leader of Germany in the Third Reich and my action changed the world forever. Please allow me to elaborate. I was born on April 20, 1889 in Austria. When I was 16 both of my parents died, so I decided to move to study the art of painting at an art school in Vienna. However, fortunately for me, I was kicked out of art school due to my lack of artistic talent. I stayed in Vienna for some time, and this is when I was able to develop my personal views towards certain groups, such as my hatred for Jews and Marxists. In 1913 I moved to Munich and avoided Austrian military service during WWI at all cost. In 1914, I joined the 16th Bavarian Infantry Regiment and ended up serving throughout the First World War. I was discussed with Germanys surrender and the Treaty of Versailles. This was when I became convinced I was destined to save Germany. Once discharged from the army,  I became heavily involved in the National Socialist Party, a small extremist group during the Weimar Republic. Quickly rose to a powerful position due to my impressive intelligence and people skills. I gave the party the symbol of a Swastika, which million came to fear and still fear to this day. It came to represent the personal army of storm troopers known as the SA or Brownshirts, whose job was to attack any opponents to the party’s objectives. Because the Weimar Republic was so weak and Germany was in a state of political and economic crisis, I thought that the National Socialist Party would be able to revolt and seize power of the government. In 1923, I led a small sect of the socialist party and attacked Munich, Germany. The attack was known as the Beer Hall Putsch. Unfortunately for myself, this attempt was a monumental failure. Fortunately for me, I only had to serve none months in prison. Prison turned out to be not that bad, and it provided me with loads of time to refocus my tactics. While in prison I wrote one of the most controversial and important books of all time, know as Mein Kampf or my struggle. In it I outlined my theories on race, specifically anti-Semitism, Germany, specifically how I wanted all true Aryan Germans to become one united pan-German state, and my goal to abolish the Treaty of Versailles. After I was released from jail, I was determined to seek power by infiltrating and corrupting the Weimar Republic. I cautiously reinstituted the Nazi party. In 1932 I acquired German citizenship and ran for president, coming only second to Hindenburg. Later that year the Nazi party acquired 230 seats in the Reichstag, making us the largest political party in Germany. I got lots of support from conservative politicians believing they could control me if I was given a high political position, so I was appointed Chancellor of Germany on January 30th 1933. I knew then that I was capable of achieving my goals. I moved with great acceleration to isolate and expel any other politicians who posed a threat to my power, shut trade unions down, and to remove all communists, conservatives and Jews. At this rate it was no wonder that I soon took over the role of president when Hindenburg died, thus merging my current role of chancellor to become the Furrier of Germany. I then did everything in my power to radically change Germany. I combined power positions to my benefit, locked up German enemies like Jews, rebuilt the army and broke the constraints of the Treaty of Versailles. I tried to change the social acceptances in Germany by encouraging women to become more active and bringing in laws to secure racial purity. As promised I made employment fall to zero, despite the fact that Europe was in a great depression. In order to ensure nothing went wrong, I also made myself head of the army. After that I knew it was time to expand Germany and reassert its dominance as a world power. I used my keen tactical skills and put together a plan to expand Germany. I was able to unite Germany with Austria in what is now called an Anschluss, as well as divide Czechoslovakia. In 1939, I had German forces invade Poland, which caused much controversy amongst other nations who as a result declared war. I saw this as a great opportunity for Germany to assert its dominance through war. At first the war was going well. However, in 1941 when we unsuccessfully invaded Russia and lost battles in Western Europe it became clear that Germany was slowly loosing the war. I had never felt a greater disappointment in my life, so on April 30 1945 I decided to end my life. Although my efforts in Germany ended in the most disappointing way, there is not doubt that I forever influenced not only all of Europe, but the world. I will forever be remembered for being the most prominent catalyst of the Second World War, which was and still is the most costly conflict in European history. I will also be remembered for how I managed to manipulate and convince thousands of people the help me peruse my dreams of racial purity, which I was charged for the brutal execution of million of innocent people. It is for these reasons that I should be chosen for the most influential man in European history. Sir Isaac Newton Hello. For those of you who do not know my name is Sir Isaac Newton. I am so very pleased to be acknowledged by such an esteemed committee for my efforts to improve the world. I am an English physicist, mathematician, astronomer and theologian, who has been considered by many to be the greatest and most influential  scientist  who ever lived. I was born in 1642 in Woolsthorpe, Lincolnshire. However, I made my true impact in the later years of my life. As an intellectual, I wanted to solve the problem that past intellectuals like Copernicus, Kepler and Galileo have developed. All of them made theories about how the planets revolve around the sun, but I always wondered How? I wanted to be able to give credibility to their theories, so I worked for almost two decades on trying to solve the problem. I eventually published my book Principa, in 1687, which is sometimes to be considered the most influential book of all time. In it I determined that all planets and objects are held in the elliptical orbit by a force called gravity. I also built the first practical  reflecting telescope  and developed a theory of color based on the observation that a  prism  decomposes white light into the many colors that form the  visible spectrum. My findings scared me because I was a man of God and I knew that the church would not be very pleased with my findings. However, my findings were very important and influential in the world forever changing how people view the whorl as well as contributing to future scientific efforts. I hope that you all will consider me as a viable nominee for most influential. John Locke Good evening. My name is John Locke (1632-1704). I definitely believe that I should be considered as the most influential people in European history because I am widely known as the Father of Classical Liberalism and am regarded as one of the most influential philosopher and physicians of the Enlightenment. I wrote the literary piece Two Treaties on Government  in, which was published before the Revolution of 1688, but after William and Mary came to power. In it I argue that all men are born free of sin and free in nature. I argued that all men are born with a tabula rasa, or a clean state of mind, and that fate is not predetermined by God, but up to how the person corrupts his mind. Because all men are born free, as soon as he joins society he enters a social contact with the state. The contract protects mans natural rights to life, liberty and property and as long as the social contract is kept there would be no controversy. However, I made it very clear that if a government begins to oppress a persons natural rights it is the peoples duty to rebel against the government. I believe that I am truly Europes most influential people of all time. My ideas and beliefs served as a defense for many a revolution, as well as the main basis for the English Bill of Rights. My work also played a critical part in the foundation in the United States Bill of Rights. Frederick William Good day to you all. My name is Frederick William. I am often referred to as the Great Elector since while I was a ruler of Brandenburg I served as one of the electors of the Holy Roman Emperor. Because my state of Prussia consisted of three loosely bordered chances of lard, I wanted to build up an army capable of unifying them. Because I did not have the considerable resources needed to achieve this goal on my own, I worked out an agreement with the Junkers. The Junkers provided me with revenue in exchange for my acceptance of their rule over serfs. This arrangement worked out very well for quite some time because it provided me with support and resources and them with economic reassurance and opportunity. I definitely should be considered as one of the most influential men in history because I build up the strong militarized empire of Prussia in which I built was left to my son Fredrick the Great, who was able to use the considerable resources left to him to further strengthen Prussia. Joseph Stalin Greetings. My name is Joseph Stalin. I served as the first General Secretary of the Communist Party of the Soviet Unions Central Committee from 1922 until my death in 1953. I am known for assuming the leading role in Soviet Politics after Vladimir Lenins death in 1924. As primary ruler of Russia, I integrated the Five-Year Plans that radically altered Soviet economic and social structures resulting in the death of millions. In the 1930s, I eliminated any threat to my power through purge trails and secret xecutions. In World War II I signed the German-Soviet Nonaggression pact of 1938, attacked Finland, and annexed parts of Eastern Europe to strengthen Russias western frontiers. When Hitler went against our nonaggression pact, I decided to take control of military operations. I allied Russia with Britain and the U. S. , which ended up being a very smart move, seeing that we won the war. After the war I consolidated Soviet Power in Eastern Europe and built up the Soviet U nion as a world military pose. I should definitely be considered the most significant person in European History because I brought the Soviet Union into world prominence, even if it was at the cost of my people. I left a legacy of repression and fear as well as making Russia an industrial and military power, which made Russia more prominent in future world conflicts such as the Cold War. Napoleon Bonaparte Bonjour mes Amis!! I am so pleased to be given the opportunity to speak for you today. My name is Napoleon Bonaparte and I was born August of 1769. I was the French military and political leader during the latter stages of the French revolution. I was the sole Emperor of France from 1804-1815. While in power I made many legal reforms, specifically the Napoleonic code, which has been a major influence on many civil law jurisdictions, but I am best remembered for my role in the wars led against France by a series of coalitions, now known as the Napoleonic Wars. During the wars, I  established authority over most of Europe and sought to spread the ideals of the French Revolution, while building an empire. Because of my consistent success in these wars, I am  generally regarded as one of the greatest military commanders of all time. I  was born in Corsica to parents of noble ancestry and trained as an officer in France. I rose to a high level political standing under the French First Republic and led successful campaigns against the First and Second Coalitions. In 1799, I staged a  coup detat  and put myself as First Consul. Five years later, the French Senate proclaimed me as emperor. In the first decade of the 19th century, the  French Empire engaged in some conflicts-the Napoleonic Wars-involving every major European power. After a few victories, I made sure France secured a dominant position in Europe, and I maintained French influence to rule other European countries. The fight against Spain and my invasion of Russia was the turning point for me. My impressive army was damaged and was never able to fully recover. In 1813, the Sixth Coalition defeated my forces and invaded my dear France. As a result I was forced to give up my position as Emperor and exiled to an island called Elba. However, I was not quite done fighting yet, as I escaped less that a year later and returned to power, but made the mistake if not building up more support and as a consequence lost the battle of Waterloo in 1815. I spent the rest of my life on an English island called Saint Helena, where I eventually died of stomach cancer. I believe that I should definably be considered as the most influential person in all of European History because I was one of the greatest military commanders of all time and I was twice the Emperor of France, whose military actions and sheer personality dominated Europe for a full decade. Mussolini For those of you who do not know, my name is Benito Mussolini. Although I am not surprised for my nomination, I am completely honored to have the opportunity to try and convince you why I was the most influential person in history. I am an Italian politician who led the National Fascist Party, as well as being credited as one of the key figures in the creation of fascism. I was among the founders of Italian Fascism, which included elements of nationalism, corporatism, expansionism, social progress, and anti-socialism in combination with censorship of conspiracies and propaganda. My formation and release of the fascist ideology resulted in many political figures having a deep admiration for me. I eventually became the fortieth Prime Minister of Italy in 1922 and had many domestic achievements. I started many public works programs, improved job opportunities, public transportation, and fixed Italys economic battles. I also solved an ongoing problem with the church with the Lateran Treaty between the state of Italy and the Pope. In 1940, I led Italy into World War II. I was aware that Italy did not have the military capacity to carry out a long war with France and the UK, so I waited until both were on the verge of imminent collapse and surrender because of the German invasion before declaring war on France and the UK. I  believed that after the imminent French surrender, Italy could gain some territorial concessions and then concentrate its forces on a major offensive in Egypt where British forces were outnumbered by Italian forces. In 1943,  soon after the start of the  Allied invasion of Italy,  I was defeated in the vote at the  Grand Council of Fascism, and the day after the vote the King had me arrested. Hitler rescued me, installed me as puppet dictator of northern Italy. I then  facilitated significant war production for the Germans and the creation of large, ruthless Fascist counterinsurgency forces. The April 1945 German surrender in Italy forced me to flee. I was then captured and shot. I should definitely be considered as the most influential person in history because my actions as an Italian dictator unified Italy, borough Fascism to be one of the leading political parties of the time, and had a significant impact in WWII. Karl Marx Hello. My name is Karl Marx. I was a German philosopher born in 1818 and was by far on e of the most influential political writers in history. My ideas played a significant toll in the development of social science and the socialist political movement. I grew up in a pretty well of family that could afford to have things like a prized education, so as a result I ended up going to study at the university of Berlin to study for four years. My studies allowed me to become a very thoughtful and intelligent person capable of seeing perspective. After I finished my studies I went to go work at a newspaper, and began to work out my theory of dialectal materialism. I then moved to Paris in 1843, where I began working for a few other radical newspapers. Because of my radical views, I was exiled to Brussels and became the leading figure in the Communist League. It was at this point where I began to write and formulate my theories about the nature of society and how I believed it could be drastically improved through a series of changes. When I saw the working conditions in London, I became a leading figure in the International Workingmens Association. My theories about society, economics and politics, now known as Marxism, state that societies progress through class struggle, or a conflict between the upper classes reign and the lower classes abuse. In other words I believe that capitalism is true oppression instigated by the upper class for there sole benefit, and thus increasing mass tensions in society. As a result of these tensions society would lead to self-destruction and eventually be replaced by a new system called socialism. I believed that under socialism, the working class or â€Å"the workers’ democracy† would govern society. Eventually, I believed that socialism would turn and be replaced by a stateless, classless society called communism. I eventually wrote all of my ideas down in  a highly influential book known as  The Communist Manifesto. Unfortunately, I was never able to see communism take true form. However, throughout world history, I have proved to be very influential, as revolutionary governments have used my concepts leading to the formation OD socialist states such as the Soviet Union and the Peoples Republic of China. Countless workers parties have also been influenced by my ideas making me a viable candidate for most influential person in European History. Otto von Bismarck Hallo. My name is Otto Von Bismarck. I was born in Brandenburg Germany in 1815. I studied law and agriculture and in 1847 entered the new Prussian Parliament as an ultra-royalist. When I entered parliament I was extremely opposed to democracy because I had little to know faith in allowing peasants and unintelligent people run the great German state. During the 1848 Revolutions, I even tried to argue against constitutional reform, but the Frankfurt Assembly demanded equal rights. For a while I served as a foreign ambassador in Russia and France, but was recalled in 1862 so I could become the President of Prussia. As president of Prussia, I instigated wars that made Prussia dominant over Austria and France. In 1867, I also become the Chancellor of the North German Confederation. I practically designed and created the German Empire in 1871, becoming the first chancellor and largely controlling all of its affairs until the arrogant Kaiser Wilhelm II removed me from office. My diplomacy of Realpolitik and powerful rule eventually gave me the nickname the iron chancellor           As leader of revolutionary conservatism, I became a hero to German nationalists, I was primarily responsible for the unification of the German states and I used balance of power diplomacy to keep Europe peaceful. It is for these reasons that I should be a serious candidate for the most influential person in all of European history.