Philosophical Argument ( 400 Words ) - 844 Words

PHILOSOPHICAL ARGUMENT (400 words) According to Sartre (1948, p.1) Existentialism is a principle that renders human life possible, through the affirmation that all truth and action denote an environment and a human subjectivity. A belief that the essence of man precedes that existence which we encounter through experience (Sartre, 1948, p. 3). Existentialism places the full responsibility for one’s existence upon our own shoulders; putting a man in ownership of himself as he is, responsible for his own individuality (Sartre, 1948, p. 3). But he is also responsible for men, as he fashions a certain image of man, as I would have them to be (Sartre, 1948, p. 4). â€Å"I think, therefore I am†, this is the supreme truth of consciousness as it attains to itself (Sartre, 1948, p. 9). Through this man invents and defines himself; this is specifically what Sartre means by ‘freedom’ and provides a connection to understanding ‘selfhood’ (Richey, 2015, p. 8). It is conceivable to be free without having explicit consciousness of our freedom (Vasey, 2010, p. 2). As if a person could simply be who he is, Vasey (2010, p. 8) states then he would be in the present, and the present tense would be just right for capturing his experience, his relationship to both himself and his world. At the core of existentialism, is the absolute character of the free commitment, by which everyone realises his or her selves in comprehending a type of humanity. Such humanity refers to a commitmentShow MoreRelatedHow Truth Was Defined By Medieval Europeans1696 Words   |  7 Pagesthe beginning of the dark ages and use religion as the impetus for unifying all of Europe. Medieval Europe was a period of European history identified the years 500-1500 the Middle Ages or the Medieval Period. The word medieval came about when early scholars combined the two Latin words medium and aevum, meaning the transition between ancient and modern times. The first 500 years of thi s period are known as the Early Middle Ages or the Dark Ages. They were called the Dark Ages because the level ofRead MoreKant And David Hume Views On The Matter1457 Words   |  6 Pagesscottish philosopher whom had a peaked interest in human nature, had a different philosophical reasoning than those before him. He expresses that inclinations are important and without the ability to express these desires or feelings misery will take place and that misery is classified as false philosophy. Hume forged a distinction between what he calls true and false philosophy. The latter is a source of misery...(Cahn, 400), unlike any philosopher before, he saw the difference in the way philosophyRead Moreapollo 500851 Words   |  4 Pageslatest research regarding the subject area. Liberty University does not necessarily endorse specific personal, religious, philosophical, or political positions found in these resources. III. Additional Materials for Learning A. Computer with internet access (broadband recommended) B. MP3 and Windows media capabilities (iTunes, Windows Media Player, etc.) C. Microsoft Word (Microsoft Office is available at a special discount to Liberty University students.) IV. Measurable Learning OutcomesRead MoreShakespeare Is The Greatest Masterpiece Ever Written? Essay1710 Words   |  7 Pagesâ€Å"To read or not to read,† that is the question. With each passing year, the philosophical question must be asked, â€Å"Is Shakespeare relevant in the 21st century.† Shakespeare lived over 400 years ago and the English style in which he wrote has changed, making it difficult for new students to read and understand his writings without the use of translation. Shakespeare’s eloquent execution of rhyme and flowing images commands a locution that slips from the tongue like silken cream, and this giftedRead MoreCorporate Social Responsibility Essays1662 Words   |  7 Pagesaction by convincing themselves that they will act virtuously in the future, in effect, offsetting the vice that they previously indulged in (Khan Dhar, 2007). The study suggests that although the consumer and citizen ‘within us’ approve of the phi losophical idea of a socially responsible firm, that when faced with seductively priced goods, all bets are out the window. Another study titled, â€Å"Licensing Effect in Consumer Choice†, provides another antithesis, proposing that by taking part in previousRead MorePhilosophy And Philosophy Of Philosophy Essay2033 Words   |  9 Pageswhat we have discussed during the time that we have been in this course. It covers the basic ideals of both eastern and western philosophy quite eloquently over the span of just one sentence. 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Although, at first sight, this is an advantage, it nevertheless fuels the philosophical debate regarding whether increases in litigationRead MoreEssay on Revenge and Love in Wuthering Heights1521 Words   |  7 Pageshis domination and maltreatment of Hearton to stick his thumb in the eye of Hindley. While an argument could be made that, Heathcliffs actions toward Cathy are an attempt to win back her favor after being spurned, one would need to look no further than Brontà «Ã¢â‚¬â„¢s description of Heathcliff’s â€Å"mourning† to see how truly and fundamentally wrong this argument is. While it must be ceded that Heathcliff s peaks words of sorrow, such as â€Å"I cannot live without my life! I cannot live without my soul!† [Ch 16Read MoreThe Problem Of National Self Reliance Essay1473 Words   |  6 Pagesis: how do proponents of liberal economics convince citizens of democracies that systemic level liberalization is beneficial even as those citizens may suffer negative economic consequences at the personal level? From an academic perspective the argument for increasing economic liberalization and the reduction of barriers to trade makes perfect sense. It is difficult for academics and policy makers to sell constituents on such an ephemeral idea. The common sense perspective says that keepingRead MorePhilosophy of Ethics Essay2233 Words   |  9 PagesThe word â€Å"ethics† comes from Greek ethikas meaning character. Today, we use ethics to describe the normative standard of behavior. The history of philosophical ethics has been broken up into five rational methods: Virtue, Traditio nal, Modern, and Post-Modern Ethics. Within these periods, the philosophy of ethics changed along with the changes being made within society. The first rational method is Virtue Ethics. The major philosophers during this period were materialists such as Plato, Aristotle

Consumer Protection Law of Uae Free Essays

Consumer Protection Law of UAE In United Arab Emirates; a new federal consumer protection law has been promulgated. Under which a consumer protection committee formed to monitor the prices of consumer goods. The provisions of the laws advocate the principle of healthy competition and fighting monopoly and commercial fraudulence. We will write a custom essay sample on Consumer Protection Law of Uae or any similar topic only for you Order Now The new legislation is complementing other laws concerning civil procedures, commercial fraudulence, commercial agencies, industry organization and trading in precious gems and metals.Disregarding any provisions of these laws could lead to violation of other related laws and this itself is enough to ensure strict enforcements. The law No: 6 of 2006 covers and tackles issues relating to the rights of consumer, responsibilities and liabilities and specifying penalties to be imposed on people for selling substandard goods. Under the law, a consumer protection higher committee will be constituted under the chairmanship of the Minister of Economy. The Committee will also comprise of representative of the Consumer Protection Societies.The Committee formation and determination of its powers will be decided by a resolution of the cabinet. In case of a crisis or extraordinary circumstances in the market leading to price hikes, the minister will recommend procedures to curb such price increases and protect consumer’s interests. A new Consumer Protection Department (CPD) will also established at the Ministry of Economy (MOE) with a mandate to supervise the execution of the general policy for the protection of consumer in cooperation with the authorities.The Key responsibilities of CPD includes; 1. To supervise the implementation of policies designed to protect Consumers in cooperation with the concerned authorities in the State. 2. To coordinate with the concerned authorities in the State in order to cope with the unlawful commercial practices detrimental to the Consumer. 3. To coordinate with the concerned authorities to heighten Consumer awareness in the State about the commodities and Services, along with having the Consumers acquainted with their rights and the methods of the claims thereof. 4.To monitor Price movements and curb Price increases. 5. To achieve the principle of the honest competition and fight monopoly. 6. To receive complaints from Consumers and refer them to the concerned authorities or otherwise take the necessary action(s) prescribed in the Department’s mandate. A Complaint may be filled directly by the Consumer or through the consumer protection association, when such acts as the representative of the particular Consumer. 7. To publish and distribute the decision and recommendations designed to raise Consumer awareness.The key responsibilities of the (CPD) includes increasing the consumer’s awareness, monitor the movement of prices and control their increase, combat monopoly, to receive consumers complaints and adopt appropriate action. The law states that the Provider shall upon offering any commodity to consumers shall prominently display in the cover of the commodity or on the packet a label the particulars of the product including date of production,or packing, net weight, country of origin, expiry date, compnents and specifications of product etc.The Provider shall also prominently display the price of the product either in the label or at the place where the commodity is displayed. The consumer shall also have the right to receive a dated bill for the product with paticlulars such as price, type etc. The laws warrants the conformity of the product or the service provided to the consumer with the declared and approved standardized specifications. As per the law, the supplier is prohibited to display or promote counterfeited commodities that would inflict damages or losses on consumers.According to the new law, a consumer will be entitled to be indemnified against personal or financial damages in accordance wit h the general rules in force. Any agreement in contravention therewith be null and void. Concerning commercial and trade agencies, the law says that each commercial agent or distributor shall honour all guidance provided by the manufacturer or the trade agent of the commodity. The law also obliges the provider to provide for repair, maintain or provide service to the product after sales and to replace a product if a defect is found in the product within a specific time period.The law also confer legal capcity to CPD to represent the Consumers before the Courts and any other body prescribed by law. Without prejudicing the rights of the parties to go to the Court, the department can also proceed with any settlement to protect the consumers’ interest. According to law, those found guilty of violating the provision will face a fine of not les than Dhs. 1,000/-. In case a supplier or a distributor fails to unequivocally warn against the hazards associated with use of the commodity or the service causing damages penalty will be not less than Dhs. 0,000/-. The new law is a milestone in serving the interests of the consumers in protecting their basic rights against unfair trade practices, unscrupulous exploitation etc and their right to seek redressal against such practices. The law guarantee the consumers right to be heard and to be assured that consumers interests will receive due consideration at the appropriate forum. Environmental Law in the UAE The body of Environmental Law in the UAE comprises Federal Laws and Local Orders issued at municipal level within certain of the Emirates.The UAE also recognises certain international conventions and protocols. A list of the Laws is provided in the appendix to this article. In this article we deal broadly with the provisions of Federal Law No. (24) of 1999 for the Protection and Development of the Environment (â€Å"Law No. 24†) which forms the backbone of the Environmental Law within the UAE. We also deal more specifically with Environmental Impact Assessments, the procedure relating thereto and the institutions charged with the responsibility for implementing the Law. Law No. 24The objectives and general principles of this Law are the following: Protection and conservation of the quality and natural balance of the environment. Control of all forms of pollution and avoidance of any immediate or long-term harmful effects resulting from planning for economic, agricultural or industrial development or other programs aimed at improving life standards. Co-ordination among the FEA, competent authorities and parties concerned with the protection of the environment and conservation and consolidation of environmental awareness and principles of pollution control. Development of natural resources and conservation of biological diversity in the UAE and exploitation of such resources with consideration of present and future generations. Protection of society, the health of human beings and other living creatures from any activities and acts which are environmentally harmful or impede authorised use of the environmental setting. Protection of the UAE environment from the harmful effects of activities undertaken outside the region of the UAE.Compliance with international and regional conventions ratified or approved by the UAE regarding environmental protection, control of pollution and conservation of natural resources. Law No. 24 and the Executive Order published pursuant to Cabinet Resolution No. (37) of 2001 deals comprehensively with all aspects of environmental protection relating to projects; the marine environment and pollution thereof; liability and compensation for environmental damage; rotection of drinking and underground water; air po llution; disposal of hazardous waste; disposal of medical waste, pesticides, agricultural fixers and fertilisers; nature reserves; the protection of wildlife, as well as the penalties imposed for contravention of any provisions of the aforesaid. The Environmental Impact Assessment (EIA) According to Law No. 24, any entity that wishes to undertake a project within the UAE which may have an impact upon the environment must apply to the Federal Environmental Agency (FEA) or the relevant competent local authority for a license.The FEA in co-ordination with the competent authority undertake the evaluation of the environmental impact of projects. The procedure is as follows: The applicant shall attach with his application a complete statement on the project or activity intended to be undertaken including all information required in accordance with the Executive Order and forms included therein. The FEA in coordination with the competent authority shall decide on the application within a period not exceeding one month from the date of submission of the application.The applicant shall be notified of the decision and reasons for rejection of his application if rejected. The period stated above may be extended by one month if the nee d arises. Owners of projects or establishments approved by license shall undertake the regular analysis of waste and monitor the properties of discharge and pollutants generated from such projects, including degradable materials and keep monitoring records as well as send reports with the results to the FEA and the competent authorities. Federal Environmental Agency (FEA) The Federal Environmental Agency was established pursuant to Federal Law No. 7) of 1993 for the Establishment of the Federal Environmental Agency.The Law sets out the objectives of the FEA being inter alia: To protect and develop the environment: To determine the necessary plans and policies to safeguard it from damaging activities, particularly  Ã‚   Appendix The Environmental Laws in the UAE and International Protocols Federal Laws Federal Law No. 7 of 1993 for the Establishment of the Federal Environmental Agency (as amended by Federal Law No. 30 of 2001). Federal Law No. 24 of 1999 for the Protection and Development of the Environment and its Executive Order. Federal Law No. 3 of 1999 concerning Exploitation, Conservation and Development of Living Aquatic Resources. Federal Law No. 1 of 2002 for the Regulation and Control of the Use of Radiation Sources and Against Their Hazards Federal Law No. 11 of 2002 for Regulating and Controlling the International Trade in Species of Wild Fauna Flora. Abu Dhabi Local Environmental Laws Law No. 16 of 2005 pertaining to the Reorganisation of the Abu Dhabi Environment Agency. Law No. 21 of 2005 for Waste Management in the Emirate of Abu Dhabi. Law No. 28 of 2005 which is a Law Establishing the Abu Dhabi Authority for Culture Heritage.The above local laws, reference to the federal laws and the protocols can be found on http://www. ead. ae/en Dubai Environmental Laws Local Order No. 61 of 1991, a local order issued by the Municipal Council still governs environmental law at a local level. Federal Law will prevail in the event of conflict and contradiction. Local Order No. 11 of 2003 regarding Public Health and Safety of Society has replaced the specific provisions in Local Order 61 of 1991 relating to public health. Local Order No. 11 of 2003 supersedes Local Order No. 1 of 1991 in parts only (with the exception of specific provisions relating to public health and safety). We were informed by the Head of the Environment section in Dubai Municipality that a new Local Order will be issued soon. This local order will complement Local Order No. 11 of 2003 and replace Local Order 61 of 1991 in its entirety. The above local orders can be found on the below link: http://vgn. dm. gov. ae/DMEGOV/dm-legislation-localorder-a; and http://vgn. dm. gov. ae/DMEGOV/dm-legislation-order2004-a There were also amendments issued in 2004 to the Local Order No. 11 of 2003.This Local Order and its amendments can be found on Dubai Municipality ‘s website in Arabic. Please see the above links. The Municipality is currently finalizing the Executive Regulations for Local Order No. 11 of 2003 as well as a separate Local Order to be drafted for Occupational Health and Safety in Dubai . Local Order No. 7 for the year 2002 on Management of Waste Disposal Sites in the Emirate of Dubai. Local Order No. 8 of 2002 regarding Sewerage, Irrigation and Water Drainage in the Emirate of Dubai. The DM’s technical guidelines and circulars can be found on the DM’s website. Sharjah Environmental Laws Sharjah has issued Environmental guidelines pursuant to Law No. 24 of 1999 relating to specific industries, which are as follows; Environmental Guidelines for the Paint and Varnishes Related Industries. Environmental Guidelines for the Aluminium Industry. Environmental Guidelines for the Plastic and Melamine Industry Environmental Guidelines for Laundries. Environmental Guidelines for the Jewellery Industry. Environmental Guidelines for the Electroplating Industry. Environmental Guidelines for Garages and Car Wash Facilities. How to cite Consumer Protection Law of Uae, Essays

Financial Statements Relevance Corporate Finance

Question: Disucss about theFinancial Statements Relevancefor Corporate Finance. Answer: Introduction Financial statements play a key role in understanding a given companys financial performance by the stakeholders especially the shareholders. In this regard, the income statement tends to represent the profitability of the operations by highlighting the revenues earned through routine operations and the various expenses incurred therein. The balance sheet represents the financial position of the company at a given date usually the ending of a financial year or quarter and tends to reflect on the underlying liquidity and solvency for the company. The cash flow statement tends to measure the cash surplus or cash deficits that may occur during a given time period. This is imperative as at time the revenues in the income statement may not transform into cash or there may be timing difference between the receipt of revenues and expenses incurred which may be troublesome. These statements together provide a glimpse into the financial and operational performance of the financial statements in the past and predict the estimations for the future (Guerard, 2013). In this background, the financial statements of one of the leading home retailers of Australia i.e. JB-Hi Fi are analysed using ratio analysis as the primary tool so as to comment on the recent performance of the company and estimate the expectations in the future. Additionally the accounting policies of the company would also be reviewed. Accounting Policies The various accounting policies adhered by the company in relation to the various items such as inventory and sales, are in line with the applicable norms for the industry and relevant to the company. For instance, the recording of inventories is taken at the value which is lower between the realisable value and cost which is critical especially in the industry the company operates in as technological obsolescence could be sizable and hence it is imperative that the inventory captures the existing value of the inventory. Further, the revenue recognition, provisions and impairment are in line with the relevant provisions of the IFRS. Additionally, the fixed assets of the company are measured at either the historical cost or the fair value depending on the underlying asset. Fair value is primarily applied in case of land while machines and building are primarily measured at cost price in line with the relevant AASB standards. Thus, the accounting policies of the company are compliant w ith the applicable norms and accounting standards advocated by relevant authority or AASB (JB Hi Fi, 2016). Analysis of Relevant Ratios In order to analyse the performance of the company, ratio analysis would be performed as the analysis tool which would take into consideration the financial statements from FY2012 to FY2016 as indicated below. Profitability The profitability ratios for the company are summarised in the table below. The ratios represented above suggest that there is a constant improvement in the profit margins at gross level from FY2012 to FY2016. This is primarily on account of sourcing efficiency exhibited by the company primarily as it grows in size and is able to leverage economies of scale. However, the concerning observation is that the increase in gross margins has been declining and also almost eroded in FY2016 which may be attributed to the excessive competition in the industry and hence efficiency gains need to passed on to consumers. The profitability margins have exhibited a constant improvement primarily on account of decreasing cost on a per unit basis as the number of stores has constantly widened. The companys profit margin at the net level has also expanded over the given period primarily on improvement in gross profits. The ROA also shown an increasing trend primarily on the back of increased net profits coupled with fluctuations in the total asset base. However, unlike ROA, th ere is a decline in the ROE. This is apparent as it stood at 56.72% and 37.60% in FY2015 and FY2016 respectively. This may be attributed to rapid rise in equity on the back of high amount of retained earnings which has to lead to significant increase in equity in % terms as compared to profit. The asset turnover from FY2012 to FY2015 has shown an increasing trend but in FY2016 has reduced. This may be attributed to the higher increase in assets caused due to unexpected increase in inventories level at the end of FY2016 (JBHiFi, 2016) Liquidity The liquidity ratios for the company are summarised in the table below. It is apparent from the above table that the inventory turnover has increased in FY2013 indicating that the inventory levels were lower than expected as sales might have been higher in FY2013. In FY2014 and FY2015, the inventory levels have been rather moderate while in FY2016 due to higher inventory level, there has been a drop in the inventory turnover ratio. A steady downfall has been noticed in the receivables turnover which is indicative of the time delay experienced by the company in deriving cash for the credit sales. This may be attributed to the increasing competitive landscape where incentivising the buyers with long credit period and flexible EMIs becomes essential. Clearly this would have negative impact on the cash cycle as it would become longer and hence enhance the need for working capital. The current ratio has seen a major jump in FY2014. This potentially can be explained by the current liabilities decrease caused due to huge decrease in trade payables which stood a t $387 million at the end of FY2013 but reached $ 303 million at the end of FY2014. Further, in subsequent years, the decrease in the current ratio which is primarily on account of the rising trade payables outstanding at the end of FY2015 and FY2016. This is indicative of the higher competition which in turn leads to greater payables period so as to decrease the cash cycle and hence save on requirements in relation to working capital (JB Hi Fi, 2016;2014;2012). Solvency The solvency ratios for the company are summarised in the table below. The debt to equity ratio for the company has reduced from 0.82 at the end of FY2015 to 0.27 at the end of FY2016. The debt to equity ratio trend is highly dependent on the movement of the long term debt as the short term debt is negligible only for the company. Hence, the debt to equity ratio essentially mirrors the movement in long term debt. Also, the decreasing trend in the debt to equity ratio is also caused to an extent by the continuously increasing equity levels on the back of higher retained earnings due to high profits of the company. The interest coverage has grown stronger over the years and augers well for the company as the operating profit is significantly higher than the interest obligations (Graham Smart, 2012). Also, the interest obligations have also shown a decline in line with the long term debt. As a result, the company is in a strong position to honour its interest obligations and there is negligible risk in this regard. The long term debt to equity has shown a declining trend which was interrupted in FY2014 due to hike in non-current borrowings by about $ 55 million. Further, the declining trend is attributed to the increased equity on the back of higher retained earnings (JBHiFi, 2016;2014;2012). Market The market ratios for the company are summarised in the table below. Evident from the above table is that there is a surge in P/E ratio in FY2013 due to the doubling of firms stock price over the last year. This was on account of superior financial performance by the company and the significant growth potential that investors perceived in the company in the near future. Over the years, the company has met the market expectations and hence the P/E ratio has continued to be on FY2013 levels and shown marginal improvement. With regards to dividend yield, due to increase in price by almost 100% in FY2013, the dividend yield in the corresponding year has taken a hit. In subsequent years, the trend has been choppy but still a healthy dividend tiled of about 5.5 -6% is available for companys stock which is attractive for the investors. Besides, the stock also offers value for long term investors (JBHiFi, 2016). Conclusion Future Prospects From the above discussion, it is apparent that in the recent times despite high competition, the company has managed to retain its gross margins and infact has improved the net margins and hence has delivered a strong performance in terms of profitability. However, going forward, the margins would most likely be stagnant only considering the high competition that the industry is currently facing. Further, in relation to short term liquidity also, there has been an improvement in the current ratio and acid test ratio. This is favourable for the firm and indicates that in the near term there would not any difficulty to meet the obligations outstanding in the books of the company (Guerard, 2013). Also, the solvency concerns do not seem to hover on the company as its equity has increased due to higher retained earnings. As a result of increasing equity levels due to higher retained earnings, the solvency ratios are healthy during the given period and the trend observed in the period refl ects that solvency risks are minimal for the company. Further, the superior performance of the company has been aptly rewarded by the markets, which is reflected from the jump in P/E ratio led by price rise (Petty et, al., 2015). These entire factors auger well for the company and indicates for better times ahead for the company as it consolidates the various processes. Also, the company is embarking on an ambitious expansion plan in its major markets (Australia and New Zealand). This is likely to lead to improvement in the stock price further in the future on account of superior operational performance backed by an established brand name coupled with presence and high degree of operational efficiency. However, the macroeconomic environment would continue to be a vital aspect impacting the business prospects particularly the margins as in an adverse trading environment, various competitors launch discount schemes to attract consumers which tend to have adverse impact on the margins which may transform into tumbling of stock prices. References Graham, J Smart, S 2012, Introduction to corporate finance, 5th eds., South-Western Cengage Learning, Sydney Guerard, J 2013,Introduction to financial forecasting in investment analysis, 6th eds., Springer. New York JB Hi FI 2016, Annual Report 2016, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/2016%20JB%20Hi-Fi%20Annual%20Report_ASX.pdf (Accessed on October 15, 2016) JB Hi FI 2014, Annual Report 2014, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/Annual%20Reports/JB%20Hi_Fi%20Limited_Annual_Report_2014.pdf (Accessed on October 15, 2016) JB Hi FI 2012, Annual Report 2012, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/Annual%20Reports/119_2012-09-14_11-11-23.pdf (Accessed on October 15, 2016) Petty, JW, Titman, S, Keown, AJ, Martin, P, Martin JD Burrow, M 2015, Financial Management: Principles and Applications, 6th eds., Pearson Australia, Sydney