History and Culture

How to Generate a Unique ID in PHP

A unique user ID can be created in PHP using the uniqid () function. This function has two parameters  you can set. The first is the prefix, which is what will be appended to the beginning of each ID. The second is more_entropy. If this is false or not specified, it will return 13 characters; if its  true, 23 characters will be returned. Examples For Creating a Unique ID Below are examples of creating a unique user ID, but each are a little different. The first creates a normal unique ID while the second shows how to make a longer ID. The third example creates an ID with a random number as the prefix while the last line can be used to encrypt the username before storing it. //creates a unique id with the about prefix $a uniqid(about); echo $a; echo br; //creates a longer unique id with the about prefix $b uniqid (about, true); Echo $b; echo br; //creates a unique ID with a random number as a prefix - more secure than a static prefix $c uniqid (rand (),true); echo $c; echo br; //this md5 encrypts the username from above, so its ready to be stored in your database $md5c md5($c); echo $md5c; ?

Waterborne Essay Example Pdf - Free Essay Example

Sample details Pages: 9 Words: 2601 Downloads: 5 Date added: 2017/06/26 Category Chemistry Essay Type Research paper Did you like this example? What are the application differences of a Polyurethane dispersion coating compared to a solvent based polyurethane and what are the advantages upon each other? A polyurethane coating is a versatile product with many advantages upon other coating systems. A major disadvantage of classical, solvent based polyurethane coatings, are the volatile organic compounds (VOCs) present in the wet state. New regulations force formulators to keep the VOC content below 350 g/l. Don’t waste time! Our writers will create an original "Waterborne Essay Example Pdf" essay for you Create order Recent developments dealt with this problem. Developers have succeeded in making a polyurethane dispersion in water, eliminating most of the volatile organic solvents. However, the costs of a so called water borne polyurethane are higher than that of a solvent based polyurethane. A question that may arise is whether or not the dispersed polyurethane performs the same way as the classical, solvent based, polyurethanes and whether or not it is worth the money. Besides possible differences in performance, processing techniques may differ. The goal of this investigation is to give an overview of the differences between the performance, processing and cost between a polyurethane dispersion and solvent based polyurethanes. The major formulations of both types will be summarized and compared to find the best coating. The chemistry of PU A polyurethane (PU) is a polycondensation reaction product of an isocyanate with a monomer. The isocyanate must have at least two functional groups and the monomer at least two alcohol groups. The catalyst for the reaction can be a tertiary amine like dimethylcyclohexylamine or organic metallic materials like dibutyltin dilaturate. The condensation of a cyanate with a hydroxyl end-group results in a urethane linkage. Both the isocyanate and the hydroxyl alcohol (diol) need to be bi-functional to form polyurethane. The reaction mechanism of the formation of PU catalyzed by a tertiary amine is given by: Figure 1: reaction mechanism of the catalyzed condensation reaction of PU by a tertiary amine Many isocyanates can be used but MDI, aliphatics such as H12MDI, HDI, IPDI and TDI are the most widely used among others. MDI consumption exceed 45% of the total amount of isocyanates used, closely followed by aliphatics (35-40%) and TDI (15%). Whilst the reactivity of the isocyanat e determents the rate of the reaction, the main properties of the PU is devised from the diol. As with the choice of an isocyanate, a wide variety of diols can be used. EG, BDO, DEG, glycerin and TMP are all useable. For hard and weatherable coatings acrylic and polyester polyols tend to be preferred. Polyols with a low molecular weight as the main reactant produces polymer chains with more urethane groups hence a harder and stiff polymer is formed. High molecular weight polyols however produces a more flexible polymer. Also a low functionality long-chain polyol produces soft and flexible PU while short-chain polyols with high functionality makes more cross-linked products which are more rigid. Different types of PU formulations PU coatings can be divided into two main groups, namely into 1 and 2 pack systems (1k and 2k). The 1k system basically contains a dissolved, fully reacted PU whilst a 2k system can contain partially reacted PU and unreacted monomers. Both systems can be solvent-based or waterborne. Furthermore there are several curing (or drying) systems known, each resulting in different performing coatings. Two-component or 2k As mentioned briefly 2k systems are reactive and the primary reaction is of isocyanate with polyols. The main disadvantage of a 2k system is the pot-life. When the isocyanate is added the mixture begins to react and hardens. However, the main advantage of a reactive system is the outstanding mechanical performance. Because the PU particles react and crosslink, an endless polymer forms which is hard and chemical resistant. Two-component systems include solvent-based and waterborne formulations. Solvent-based 2kcoatings are obtained by mixing aliphatic isocyanates with polyester polyols or blends of polyester with acrylic grades. Formulations like these cure by partially physical drying and cross-linking with the isocyanate. Solvent-based 2k formulations are mostly used in the automotive and aviation industry as a finish coating. Waterborne 2k coatings are formulated with dispersible isocyanates and water-dispersible polyols such as polyacrylates or emulsifiable polyesters . The most commonly used isocyanate is a HDI trimer but IPDI trimers can also be used. Aromatic isocyanates cannot be used in waterborne formulations because they react dangerously with water. Dispersible isocyanates can be used as such or can, by partial reaction with a dispersible polyol, be emulsified, making it easier to mix. However some waterborne systems still need up to 10% co-solvent to form a homogeneous finish. These formulations cure by partially physical drying and by cross-linking but can also be thermally cured at temperatures ranging from 20 ËÅ ¡C to 80 ËÅ ¡C. Waterborne 2k systems are frequently used as protective coatings in the transportation, machinery and furniture industry. Their high flexibility also makes it possible for use on polymeric and wooden surfaces. One-component or 1k A 1k PU coating consists of partially reacted polymers (prepolymers) which are liquid at room temperature. These prepolymers are synthesized by reacting MDI, HDI or TDI with a polyester or polyester polyols. The main advantage of a one-component system is that no mixing is required and pot life is no issue. 1k systems are storage stable with a shelf life of up to six months. However a disadvantage is that most 1k formulations are not cross-linked making them less hard and vulnerable to solvents. 1k formulations are broadly used as maintenance and repair coatings for their ease in application and mechanical behavior. They are used for painting steel constructions such as bridges and other large steel structures where corrosion protection is needed. Solvent-based 1k coatingsare obtained through reacting aromatic or aliphatic isocyanates (MDI and IPDI) with polyesters or polyether polyols. This reaction forms high molecular weight linear PUs. Commonly used additives are cha in extenders. Curing occurs by evaporation of the solvent but 1k systems can be formulated so they cure by oxidation, with moisture and even by UV-radiation. Waterborne 1k or better known as PUDs are fully reacted polyurethane systems. The PU particles have hydrophilic groups in their backbone and are maximum one tenth of a micrometer in length, dispersed in water. This makes a both chemically and colloidal stable mixture (Figure 2). A PUD can also be formed by incorporating a surfactant. PUDs are currently very popular because they are environmentally friendly, but still being able to perform reasonably. Because PUDs are relatively expensive they are mixed with acrylic grades to lower the material costs. However more acrylic means less hardness. 1k waterborne formulations can cure physical, by oxidation and by UV-radiation. There are formulations at the market containing no solvent. These coatings find their application in the building sector. To obtain solvent-free formulations MDI is reacted with polyether or oil-modified polyester polyols. To obtain higher hardness chain extenders and catalysts are added to the formulation. Drying systems As mentioned above the way a coating cures strongly effects the final performance of the coating. The way a coating dries is dependant of its formulation. A 2k system can cure on air, by heat and under influence of UV. One-component systems can cure physically, with moisture, by oxidation, under influence of UV-radiation and by heat. Physical drying basically means that the solvent containing the PU evaporates, leaving the PU to form a film. A major disadvantage of this way of drying is that there is no cross-linking between the PU particles. This drying mechanism affects some one component systems. UV curing coatings can be formulated as solvent-based or waterborne and both 1k and 2k. In a UV-curing formulation the catalyst is inactive in absence of UV-radiation; this behavior is seen with a photo-initiator. When UV-radiation hits the catalyst it unblocks and becomes active and initiates the curing. A schematic representation of this process is shown in Figure 3. UV-cur ing coatings are predominantly used as automobile finishes as it has unmatchable hardness and gloss. Oxidative drying is a process which is used with a special type of 1k PU coatings. So called oil-modified PUs (OMU) are synthesized through an addition reaction of isocyanate with a hydroxyl bearing, fatty acid modified ester (TDI). To obtain higher densities more isocyanate can be added but this means that more solvent is needed, as much as 550 g/l (not VOC-compliant). Natural oils like linseed oil can be used as the diol and a mineral spirit can be used as the solvent. An OMU can be solvent- or water-based and cures by reacting with air surrounding the coating. The fatty acid groups of the oil (attached to the PU) form cross-links with each other by mean of oxidation. OMUs have better mechanical and weathering properties than unmodified, non-reactive alkyds, but reactive PU coatings are superior. OMUs are predominantly used as wood finishes for their distinctive yellowi ng/aging which some formulators prefer. Moisture curing PU (MCPU) coatings are formulated with NCO-terminated PU prepolymers. The NCO groups react with atmospheric moisture which produces a amine-group. This further reacts with remaining isocyanate to form highly cross-linked urea-networks. MCPU coatings have superior hardness, strength and stiffness. Even though the coating is cross-linked a MCPU has a relatively high flexibility. Because a MCPU cures with moisture this strongly affects the storage stability. Thermal curing formulations are based on deactivated isocyanate mixed with a polyol. This semi-one-component formulation is stable at room temperature but when heated (100-200 ËÅ ¡C) the deactivated isocyanate unblocks and reacts with the polyol, the same way as a reactive 2k coating. The isocyanates (aromatic or aliphatic) all have one active hydrogen. For blocking the isocyanate caprolactam is mostly used. A different way of blocking the isocyanate is creatin g uretidinedione or dimer links. Thermally cured coatings find their main usage on surfaces which need to withstand excessive heating and cooling cycles. An overview of all the PU coatings with their distinctive curing system is shown in Figure 5. Testing the coatings To make a comparison of different types of PU coatings the performance of a coating need to be tested. Because of the broad application possibilities of PU coatings and because of the need of a wide variety of different characteristics, the comparison will be narrowed down to floor coatings. Floor coatings are tested on mar and scuff resistance, taber abrasion, chemical resistance, color and KÃÆ' ¶nig hardness. Because thermal cured coatings are not applicable as flour coatings these formulations will not be used in the comparison. Moisture curedà ¢Ã¢â€š ¬Ã‚ ¦ Mar and scuff resistance Mar and scuff resistance or simply put resistance to marking can be measured by several methods. One of them is the pendulum method which consists of a pendulum arm with a hard-wood block attached to the end. The weighted block hits the coated panel four times and the average 20ËÅ ¡ gloss of the coating is measured before and after the test. The results are expressed as percentage 20ËÅ ¡ gloss retained and visual assessment of the panel (scratching and scuffing). Taber abrasion To test taber abrasion can be described as wear resistance. To measure abrasion resistance an arm is weighted with 1000 gram weights and attached to abrasive wheels (mostly consist of minerals). The arm makes 1000 cycles over the substrate. The initial weight of the coated substrate is compared with the weight after the test. The results are expressed in milligrams removed. Chemical resistance Chemical resistance is determined of dry films using eight household stains and chemicals. Test chemicals include MEK, olive oil, several cleaning chemicals, ethanol, white vinegar, water and 7% of ammonia solution. The chemicals are applied on a two-ply square towel on the test film, completely saturating the towel. The towel with the liquid is immediately covered with a watch glass. After a period of two hours the stains are removed and the panel is rinsed and dried. The impact of the chemicals on the coating is investigated immediately after the rinsing. The surface is investigated on discoloration, blistering and softening. Each chemical is rated on a scale of 1 to 10 with 10 being no effect. Color An important property to investigate of coatings is color, especially when evaluating PU coatings, because PUs tend to yellow, especially OMUs. The initial yellowness index of a coating is measured and after a period of lighting. The difference between initial and final yellowness index is also measured as the Delta E. When this value is below 1.0 the color difference is insignificant. The higher the value the more yellow the coating has become in a period of time. KÃÆ' ¶nig hardness KÃÆ' ¶nig hardness is a method used for measuring the hardness of a coating. With this method a pendulum rocks back and forth over the coated substrate. The coating will dampen the rocking motion, slowing the pendulum down. The results with the KÃÆ' ¶nig hardness are expressed in seconds; the longer the pendulum rocks, the harder the coating. Solvent-based vs. waterborne For this comparison different formulations of each type are reviewed. Solvent-based 2k, solvent-based OMU and 2k UV are compared with waterborne OMU, 2k and a PUD/acrylic mixture. Data from sb OMU, PUD/acrylic, wb OMU and wb 2k is obtained from the article Oil-modified urethanes for clear wood finishes: Distinction or extinction by Richard A. Caldwell from Reichhold. Data from sb 2k, 2k UV and 100% PUD formulations are obtained from several commercially available coatings [à ¢Ã¢â€š ¬Ã‚ ¦]. Some values may differ because of the objective opinion of the investigator and the formulation. Some values are projected as expected where data was missing. These projections include chemical resistance of sb 2k, 2k UV and 100% PUD formulations. The taber abrasion resistance at 500 cycles of the wb OMU coating is multiplied by a statistically calculated value, using know data from other formulations, to obtain a value with 1000 cycles. As shown in Graph 1 a 2k UV coating has super ior mechanical properties (KÃÆ' ¶nig hardness and taber abrasion). This is because a 2k UV coating has a high amount of cross-linking. This can be related to the 20ËÅ ¡ gloss of the dried film. High gloss usually means high cross-linkage. The solvent-based 2k formulations perform comparable with 2k UV coatings but are slightly less cross-linked as shown in the gloss and the hardness. The waterborne formulations are all significantly softer but tend to be slightly more mar and scuff resistant. However the initial gloss values of these waterborne coatings are somewhat lower. It can also be found that the 1k OMU formulations perform better than most non-reactive coatings. However they tend to yellow and perform worse than reactive (2k) coatings. This shows that the oxidative cross-linking cannot be compared with the reactive cross-linking of 2k formulations. It is somewhat surprising that 100% PUD performs comparable with a wb 2k formulation. However the chemical resist ance and the scuff resistance are lower showing the benefits of cross-linking. Conclusion If a hard coating with high gloss is wishful UV cured 2k coatings are the best choice. The best mar and scuff resistance is obtained with waterborne formulations but these show less hardness and chemical resistance. Solvent-based systems have an overall better performance than waterborne systems but VOC regulations restrict the amount of solvents used, causing a lower amount of solids possible. This results in less cross-linking hence less hardness and chemical resistance. Even though high VOC content solvent-based coatings perform better, VOC regulations cause a shift to waterborne formulations which are increasingly performing better. During the investigation it became clear that a good comparison between different PU formulations is a nearly impossible task because of the large amount of different possible formulations of each class. Waterborne PU coatings, when properly formulated, can meet the performance of solvent-based coatings, especially when compared with VOC-c ompatible solvent-based coatings but with a higher price. Eventually VOC regulations are further sharpened causing a market shift towards waterborne formulations, making them worth the money.

A Very Brief Biography of Bethoven - 2069 Words

{Quote about Beethoven} According to musicologist Berry Cooper, Beethoven was born on December 16, 1770 in Bonn, Germany, where his father was the Kapellmeister. His father, Johann, was a respected tenor, violinist, and teacher of both the clavier and the piano. Although Beethoven is not considered a child prodigy, Beethoven did start music at an early age. Around age three, he would often sit on his father’s lap and play has his father sang, and abandon his playmates to listen to his father perform. Some historians believe that he started taking formal piano lessons at age five, a normal age to start training in piano, from his father. Between the mix of Beethoven natural talent and his father’s pedagogical experience, Beethoven excelled quickly as a piano and violin player. It was said that Beethoven’s father was so intent on Beethoven’s lessons, that he would often bring Beethoven to tears. When he was seven, he made his public debut in Cologne, with two other of his fatherâ⠂¬â„¢s students, where he astounded the audience by the difficulty of music that was played.1 By 1779, his father could no longer teach the young composer and searched for other teachers. After going through many teachers Beethoven found Christian Gottlob Neefe who was the first to allow him to compose. In 1782, his first recorded work was a set of variations on a march by Ernst Christoph Dressler. This was then arranged by Neefe and published. This work, even from such an early age showed many

Bachelors Capstome in Management Free Essays

The project and the team that I have chosen for the job is that of a manufacturing business producing children’s toys. When one is to evaluate such a business it is important to look upon to the management team for the business. The management team would include with it a number of professionals. We will write a custom essay sample on Bachelors Capstome in Management or any similar topic only for you Order Now One of the most important of such management teams would particularly be the consultants and the advisors for the company. The consultants or the management of the company would be one of those people whose main job and responsibility is to conduct market research effectively and then look upon how the current market demand can be fulfilled by the manufacturing firms. Apart from this team of the management may also include with them the management accountants. These accountants may also perform the roles of the financial analysts and they actively seek to look upon at the business and the current position of the firm to identify and evaluate the possible prospects from the various products that the company usually has. In addition to this, the team may also have with it the production technicians or those individuals who are directly responsible towards managing the entire production line and how any possible slowdowns in the process of production can be amended and improved accordingly. Team Concepts and Group Dynamics: It is important to note that an effective team work is phenomenal for this team in order to produce promising output. As a result a great deal of care is taken in order to ensure that the team members have good relations with each other. One of the ways the team concepts are always and continuously strengthened is by reiterating it to the members as to how important it is for the team members to collaborate with each other. In addition to this, there can be a variety of activities outside the workplace which could also be conducted and which may prove really very helpful for the group members to strengthen and recognize their efforts as a team. Perhaps there could be outings arranged where the team management could meet up for movies or so to build good relations amongst the team members (Reeve, 2008). Apart form this; the team that has been chosen for the particular tasks tends to share a set of common values or norms. Perhaps the one reason why this sharing of the norms tends to happen is because the team chosen belongs to similar class background. In other words, since it is the management team, most of the people working within the team tend to be those having white collar highly professional jobs and are often paid more. As a result they belong to the same social class and as a result have similar backgrounds. This also implies that they often tend to think along the same lines and this makes decision among and approval much easier than it otherwise may be. Advantages: One of the most important advantages that the team would have is that there is a greater understanding between the managing team which will then collaborate easily and conveniently amongst itself. Also there may be proper rules and norms which would be clearly established. This may make simple tasks more easily and quickly to being carried out. For instance, the technical department head would have a direct contact with the head of marketing and therefore any problem with the product or changes needed could be easily communicated. Apart form this; working with such a cooperative team would make work less tiring and annoying. Rather it would make working more motivating. It is also likely that the team would be willing to take up more challenging tasks and to fulfill them with due hard work especially because they are so motivated and like working together as a team (Moore, 2004). Disadvantages: However, there may be a number of problems associated with having a strong collaborating team. One of it may be the fact that any outsider may feel it to being very difficult with adjusting with the team. Moreover, since the group already has norms establishing new ones may particularly be very difficult. Moreover, new ideas and creativity may also not very well be appreciated. I addition to this, there may also be some problems with group loafing whereby peplum may spend more time socializing and less time working on the job (Rae, 2007). Communication Network and Organization Culture: It is important to note that since the group may be tightly knit there may be a more dire need to adopt formal needs of communications. This is particularly important also because informal communicational network in such a group may mean that things might get out of hand. Thus it may be4 better to adopt and explain to the team a proper network which needs to be followed for the firm process to be effective. moreover, there may be a need for a somewhat flexible form of leadership mostly with the leader filling the role of a mere facilitator and the group members contributing in. this may also imply that the organizational structure would be more informal but then a certain deal of care ought to be taken to insure that a certain degree of formality within the organization is maintained (Thomas, 2009). Strike Issue: Since the labor is unsatisfied and has been on strike the best option to adopt in this case may be to talk and try and placate and fulfill the demands as much as possible. Since half the labor hired has been laid off it might get helpful if the remaining one of the labor is paid a greater compensation. This may lead them to have an incentive to work harder. At this point in time it is also important to convince the labor, perhaps by allowing profit sharing from the amount of output obtained as a greater incentive to work harder. Apart form this; there may be a number of techniques which may help to increase their loyalty. Perhaps one of the many can also be greater job security and fringe benefits. Reference: Reeve J (2008). Understanding Motivation and Emotion, Wiley Thomas K (2009). Intrinsic Motivation at Work, Berret Koehler Publishers Rae, D (2007). Entrepreneurship: from opportunity to action, Palgrave Moore, G (2004). Inside the Tornado, Harper Paperbacks How to cite Bachelors Capstome in Management, Essays

Revenue Recognition Capitalization Structure

Question: Discuss about the Revenue Recognition for Capitalization Structure. Answer: Introduction: The Salter Gordon was one of the first law firms to be listed in Australian stock exchange. It was one of the largest Australian law firms and has a brand that is recognized by three out of four persons. The investors had high expectation on the profitability of the firm and were always interested that the key bottom line figures are as high as possible. The firm also every year after year presented the figures that showed high net profit after tax, price to earnings ratio and earnings per share figures (Legg and Nehme 2016). These profit figures were high due to accounting treatment of work in progress by the law firm. The cases usually continued for more than one year as a result law firm followed a policy of recognizing revenue as the case progressed. The estimated profits from the ongoing cases were recorded in work in progress figures of the firm that inflated the profit figure of the company. The company specialized in personal injury cases where the firm did not charged fees if it does not win the case. Therefore, the work in progress figures includes profits are not yet received and there exists a possibility that the profit may not be received (Muzio et al. 2016). The expectation of the capital market of high growth was meet by the firm by inclusion of unrecognized revenue in the work in progress figures and thereby inflating profits. The investors always had high expectations from the firm but the share price of the company fell due to multiple reasons. The research conducted by the hedge fund group VGI showed that the work in progress figures of Salter Gordon was overvalued. The firm acquired smaller firms and then showed their work in progress at inflated value. This policy of over valuing the work in progress inflated the profit and revenue of the firm (Laugesen 2013). The research conducted by the VGI group also showed that the company did not receive the declared work in progress amount in the eighteen months to two years time. The VGI group in its analysis of the firms balance sheet found that there was a loophole of about $80 millions in 2013, and$90 million in 2014. It expected that the share price of the company would fall so it took short position in the market. The Australian security and Investment Commission (ASIC) initiated an investigation on the accounts of 2014 and 2015 of the firm (Barton et al . 2015). The findings of the research of VGI group, the short position it took on the share price of the law firm and the investigation undertaken by the ASIC was all jointly responsible for the fall of share price by 50% in 2015. The Australian Accounting Standard Board has issued AASB 118 that deals primarily with the recognition of revenue in accounting. This Accounting standard is applicable for all the entities that are required to prepare the financial statements in accordance with the corporation act. In Para 1 of the AASB 118 it is provided that this standard will be applicable for revenues that are arising from transactions and events that are related to the selling of goods, rendering of services and the use of the assets of the company by others (Markle 2013). The revenue is defined in the Para 7 of the AASB 118 as the gross inflow of the economic benefits by the entity in the ordinary course of its activity. In Para 9 it is provided that the measurement of the revenue should be based on the fair value of the consideration that is received or receivable. The rules regarding recognition of revenue from rendering of services is provided in Para 20 of the AASB 118. In this Para, it is stated that in ca se of rendering of services if the outcome of a transaction can be reliably estimated then in such cases revenue should be recognized at the end of the reporting period based on the stages of completion (Phi and Finney 2015). The outcome of the transaction is said to be reliably estimated if the amount of revenue can be measured, it is probable that the economic benefit will flow to the entity; the stages of completion of the transaction can be measured, the cost associated with the providing the services can be measured. From the above it can be concluded that as per AASB 118 the Revenue is recognized when it is probable that the entity will receive the future economic benefit and the benefits can be measured reliably. The Australian Accounting standard Board has issued AASB 15 Revenue from contract with customers and it is applicable to an entity that is required to prepare the financial report in accordance with the corporation act. The AASB 15 is the new accounting standard for recognizing revenue and its measurement. This standard provides a five-step approach for revenue recognition and measurement. The first step is to identify the contract with the customer and the second step is to separate the performance obligation of both the parties in the contract (Rhode 2013). The third step for recognizing the revenue is to establish the transaction price of the contract. In the fourth stage the transaction price are allocated for separate performance obligations. The last stage is to recognize the revenue when the separate performance obligations are satisfied. From the above it can be concluded that the revenue under AASB 15 should be recognized when there is a commercial contract between the parti es and each parties recognizes its rights. In such cases, the revenue is recognized if it is probable that entity will collect the consideration (Candler 2016). On analysis of both the standard AASB 118 and AASB 15, it can be seen that definition and criteria is for recognizing revenue is more detailed in the new AASB 15 than in AASB 118. The new standard has offered significant improvement in the measurement and recognition of revenue. It has also helped to improve the comparability of the financial statements of companies. The main improvements and objectives of the AASB 15 are as follows: To provide a single revenue recognition model for both the transfer of goods and services; To remove weakness and inconsistencies in the existing revenue recognition standards; To simply the process of preparation of financial statement; To increase the disclosure requirement about the revenue; The Salter and Gordon specialized in the cases of personal injury. It offered to its clients no win, no fees service. This means the firm company will only receive fees at the end if the case if it wins the case otherwise the firm will receive no fees. The firm while calculating its Work in progress included the fees that are not yet realized in the revenue based on the progress of the case and the estimated result (Adams 2013). This work in progress calculation of the Salter and Gordon is evaluated by using all the five stages in the revenue recognition model under AASB 15. In Para 9 of the AASB 15 it is provided that there are certain criterias that are required to be followed before an entity can account for a contract with the customer. These criterias are given below: The contract is approved by the parties and they are also committed in performing the contract; The rights of each parties can be identified by the entity for goods and services transferred; The payment terms regarding the goods and services transferred can be identified by the entity; There is a commercial substance in the contract; The entity will be entitled to receive consideration for the goods and services it transfers to the customers and it is probable that this will be collected. In addition to this as per this accounting standard, a contract is not recognized if it is wholly unperformed. Further, if the parties in the contract have unilateral right to terminate contract then the contract is not recognized. In the case of Slater and Gordon, there is a contract between the firm and the customer that explicitly provides that in cases of personal injury if the firm does not win the case then it will not receive fees (Akdogan and Ozturk 2015). In the Para 9 of the standard mentioned above it is clearly stated that the contract should not be recognized if it is not probable that consideration for the services and goods will be collected. In case of personal injury, Slater and Gordon may or may not receive the fees it is based on the outcome of the case. As there is no probability that the fees will be received so the first step of revenue, recognition is not satisfied therefore the fees should not be recognized as revenue. In Para 46 of the AASB 15 it is stated th at if the performance obligations under the contract are satisfied then the entity should recognize revenue (AASB 2015). In the case of Slater and Gordon the performance obligation is to win the case as the firm has not yet own the case so the revenue that yet has not been received should not be recognized as per the Para 46 of AASB 15. Based on the above analysis it can be concluded that the accounting treatment for the work in progress of the firm is not appropriate, as the revenue that is yet no probable to be received has been recognized as income under work in progress. The Slater and Gordon is one of the biggest law firms of Australia that is listed in Australian stock exchange. On analysis of the financial report shows, that the firm derives its revenue by providing legal service related to personal injuries, personal legal services and business specialized litigation (Mollik and Berapi 2014). The Annual financial report of 2013 showed that the revenue of the firm is AUD $ 297.6 million and it has increased by 36.7% from the last financial year of 2012. The revenue increase in 2013 is mainly due to the increase of 8% revenue in the personal injuries. In 2014, the annual financial report showed that the revenue of the firm during the year is AUD $ 418.5 million. The revenue of the firm has increased by 40.4% from the financial year of 2013. This revenue figure included the work in progress related to the acquisition of the Fentons. The business successfully achieved its revenue target due to good performance of the core Slater and Gordon business of personal injury law. The almost 77% of the revenue of the firm comes from the personal injury law. The reason for such good revenue figures is due to strong performance of the Fentons (Bodle et al. 2016). In 2015, the analysis of the annual financial report showed that the net profit after tax of the firm increased by 22.8% that is AUD $ 83.8 million. The revenue was generated by providing legal services to the multiple clients. The most of the revenue was generated from the personal injury law cases. This cases was performed on the condition that if firm wins the case on favor of the client then fees will be received otherwise the firm will receive no fees. The revenue from the personal injury law cases was recognized in the revenue in percentage completion method in accordance with the AASB 118. This process of recognizing revenue gave rise to a corresponding asset of work in progress that is shown in the asset side of the balance sheet (De George et al. 2012). The difference i n work in progress is included in the calculation of Revenue. The work in progress is calculated or measured based on the percentage completion, probability of the success and estimated fees of the case. Therefore, the revenue of the firm included amount that is not yet realized and is not assured that the revenue would be realized. The operating cash flow of the firm during the financial year 2015 was AUD $ 40.8 million and it was less than the operating cash flow of 2014. The less operating cash flow is mainly due to implementation of the management system in UK that caused delay in billing. The cash from the personal injury law cases is not received in the year the revenue is recognized but generally in later year. It is one of the primary reasons that the cash flow from the operation of the firm is low (Kraal et al. 2015). On the above analysis of the financial statement of 2013, 2014 and 2015 shows that the increase in revenue is 36.7%, 40.4% and 22.8% respectively. It can be s een that there is a decline in the percentage increase of revenue and it is mainly due to the treatment of work in progress. The revenue is recognized by an entity when it provides services or sells goods to the customers in the normal course of business. The amount of the revenue that is recognized is dependent on the consideration that the customer has agreed to pay (Pacter 2014). The information related to the revenue is critical in evaluating the financial performance of the company. It is important for the investors to have information regarding the amount of revenue earned by the entity and the nature of the revenue so that they can make appropriate decision. It is also important for the shareholders and investors that the revenue derives by the entity are comparable to the similar entity so that performance of the entity could be compared (Aghimien and Bashnini 2013). The Slater and Gordon should adopt this new standard so that the revenue measurement policy of the firm becomes comparable with the other firms. The other reason that makes it necessary for adopting the new standard by Slater and Gordon is that there are problems in the existing revenue recognition standards. The existing standard relating to the revenue recognition has led to the inconsistencies in the revenue reported mainly in cases of revenue recognition for long-term contract. In order to overcome this problem of inconsistencies in revenue recognition it is important that a new standard in place of existing standard should be adopted (Loyeung et al. 2016). The Australian Accounting Standard Board adopted a new standard AASB 15 to replace the existing standard of AASB 118. The new standard of AASB 15 aims to overcome the weaknesses of the previous standard by providing more consistencies in revenue recognition and by improving the disclosure requirements. This new standard also provides a framework for addressing the revenue related issues in a more robust way (Bugeja and Loyeung 2016). This application of new standard si mplifies the process of revenue recognition by reducing the number of requirements that the entity is required to follow. This new standard will also enhance the comparability of the financial information provided in the financial statement of the entity and provide a more improved disclosure requirement. The advantages of the new standard forced the Slater and Gordon to be an early adopter of the standard. The annual financial report of 2015 in note to financial statement it is provided that the new standard of AASB 5 is operational from 1 January 2017 and the firm at the end of 2015 is evaluating the consequences and affect the new standard will have on the financial result of the company (Cameron and O'Leary 2015). The analysis of the financial result of 2015 showed that the Salter and Gordon performed reasonably well in that year with an increase in net profit of 22.7% during the year. The firm did not adopt the new accounting standard for revenue recognition AASB15 during the financial year 2015. The firm adopted the new standard for revenue recognition AASB 15 early in the financial year 2016. Due to adoption of AASB 15, the balance in the work in progress on 1 July 2015 is 16% lower. This standard required that the revenue from the no win no fee of the personal injury law cases should only be recognized when it is probable that the reversal of revenue recognized will not occur (Tweedie et al. 2013). As a result, the company performed significant data analysis to estimate the average fees and to determine the probability of success. This new standard was retrospectively applied from 1July 2014. This change in accounting policy resulted in the valuation of Work in progress 15 to 20% lower as a result the revenue has also decreased in for the financial year 2016 and also the revenue of the financial year 2015 declined as the standard was applied retrospectively from 1 July 2014 which affected the result of financial year 2015. The accounting profession is distinguished for its commitment to act on the behalf of the public interest. It is the responsibility of an accountant not only to satisfy the needs of the client but also to act for the public interest (Martinov-Bennie and Mladenovic 2015). In order to satisfy this need a member of the accounting profession is required to comply with the code of ethics. The code of ethics has three parts first part is the identification of the threat to compliance with the accounting standard. The second part of the code of ethics is to evaluate the significance of the threat and the last part is to apply the safeguards to minimize the threat. Therefore, the most important part of the code of ethics is to identify the fundamental principles. The fundamental principles that should be complied is given below: Integrity: The accountant should be honest and straight forward and should also maintain professional and business relationship with the client; Objectivity: The decisions of the accountant should not be influenced with the biases and conflict of interest; Professional competence and due care: The accountant should maintain the professional knowledge and skill so that clients could receive the best services; Confidentiality: The professional should maintain the confidentiality of clients information; Profession Behavior: The professional should comply with all the rules and regulations that are required to be followed; In the case of Slater and Gordon, the treatment of work in progress in the accounts was questionable. The work in progress included the profits that were not recorded not yet realized and there was a possibility that the revenue may not be realized. This treatment of work in progress showed that the fundamental principles of professional competence and due care was breached (Horngren et al. 2012). The principle of professional behavior was also breached. This principles was breached because if the profession knowledge and due care were applied then the no win no fees revenue should not have been recorded in the working progress because the general principle of the revenue recognition is that only those revenue should be recorded that is probable that it will be received. Reference AASB, C.A.S., 2015. Revenue from Contracts with Customers. Adams, E.S., 2013. Rethinking the Law Firm Organizational Form and Capitalization Structure.Mo. L. Rev.,78, p.777. Aghimien, P. and Bashnini, K., 2013. The Development Of International Financial Reporting Standards: Origination To Present Day.International Journal of Business, Accounting, Finance,7(2). Akdogan, N. and Ozturk, C., 2015. A Country Specific Approach To IFRS Accounting Policy Choice In The European, Australian And Turkish Context.Emerging Markets Journal,5(1), p.60. Barton, B.H., Lockett, H. and Lockett, C., 2015. Middle Income Access to Justice.University of Toronto Law Journal,65(4), pp.434-444. Bodle, K.A., Cybinski, P.J. and Monem, R., 2016. Effect of IFRS adoption on financial reporting quality: Evidence from bankruptcy prediction.Accounting Research Journal,29(3). Bugeja, M. and Loyeung, A., 2016. Accounting for business combinations and takeover premiums: Pre-and post-IFRS.Australian Journal of Management, p.0312896215614630. Cameron, R.A. and O'Leary, C., 2015. Improving ethical attitudes or simply teaching ethical codes? the reality of accounting ethics education.Accounting Education,24(4), pp.275-290. Candler, A., 2016. Beware the Ides of June.Equity,30(5), p.13. De George, E.T., Ferguson, C.B. and Spear, N.A., 2012. How much does IFRS cost? IFRS adoption and audit fees.The Accounting Review,88(2), pp.429-462. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D. and Tan, R., 2012.Financial Accounting. Pearson Higher Education AU. Kraal, D., Yapa, P.W.S. and Joshi, M., 2015. The Adoption of International Accounting Standard (IAS) 12 Income Taxes: Convergence or Divergence with Local Accounting Standards in Selected ASEAN Countries?.Australasian Accounting Business and Finance Journal,9(1), pp.3-24. Laugesen, A., 2013.'Boredom is the Enemy': The Intellectual and Imaginative Lives of Australian Soldiers in the Great War and Beyond. Ashgate Publishing, Ltd.. Legg, M. and Nehme, M., 2016. Ethics and practice management: Insolvency and incorporated law firms: Lessons from Slater and Gordon's troubles.LSJ: Law Society of NSW Journal, (24), p.76. Loyeung, A., Matolcsy, Z., Weber, J. and Wells, P., 2016. The cost of implementing new accounting standards: The case of IFRS adoption in Australia.Australian Journal of Management, p.0312896216649015. Markle, T., 2013. Call to Partner with Outside Capital: The Non-Lawyer Investment Approach Must Be Updated, A.Ariz. St. LJ,45, p.1251. Martinov-Bennie, N. and Mladenovic, R., 2015. Investigation of the impact of an ethical framework and an integrated ethics education on accounting students ethical sensitivity and judgment.Journal of Business Ethics,127(1), pp.189-203. Mollik, A.T. and Berapi, M.K., 2014. Effects of Audit Quality and the Qualifications of Audit Committee Members on the Firms Compliance with IFRS: Evidence from Australias Listed Firms. Muzio, D., Faulconbridge, J., Gabbioneta, C. and Greenwood, R., 2016. Bad Apples, Bad Barrels and Bad Cellars: A Boundaries Perspective on Professional Misconduct. Pacter, P., 2014.IFRS as global standards: A pocket guide. IFRS Foundation. Phi, B. and Finney, T., 2015. Establishing causation in Australian shareholder class actions.Precedent (Sydney, NSW), (129), p.28. Rhode, D.L., 2013. Reforming American Legal Education and Legal Practice: Rethinking Licensing Structures and the Role of Nonlawyers in Delivering and Financing Legal Services.Legal Ethics,16(2), pp.243-257. Tweedie, D., Dyball, M.C., Hazelton, J. and Wright, S., 2013. Teaching global ethical standards: a case and strategy for broadening the accounting ethics curriculum.Journal of business ethics,115(1), pp.1-15.

Corporate Social Responsibility for Cleaner - myassignmenthelp

Question: Discuss about theCorporate Social Responsibility for Cleaner Production. Answer: Corporate social responsibility is a type of self-imposed regulations which are incorporated into a business structure. The policies of corporate social responsibility act as a self-regulatory mechanism through which a business supervisors and ensures that compliance is made actively with ethical standards, spirit of law an international or National norms. The purpose of every business is to make profit which can only be insured in the long run through positive public relations in order to enhance shareholder trust along with ethical standards to mitigate legal and business risk by indulging in responsible corporate actions. Through the compliance with CSR policies emphasising on the legal aspects of the policies a company can be encouraged to have a positive effect on stakeholders of the company including employees, investors, the society, consumers and the environment Tai and Chuang (2014). This paper discusses the key aspects of legal component of CSR in relation to Fuji films. The company provides based on the principles that safety is one of the core needs of a business operation, they directs their operations for the purpose of ensuring the protection of employees through given the utmost importance to safety measures. The company also implements mandatory compliance with regulations and legal provisions which are in relation to health and safety in Australia according to Blowfield and Murray (2014) a company would only be able to provide best and safe working environment for its employees if they have the intention of ensuring compliance with the laws related to occupational health and safety strictly. Through the statement the company makes it clear that they have the intention and objective of providing a safe workplace for the employees. The operations of the company are conducted based on the health and safety policy implemented by it. The company again emphasises its intention through the policy by stating that it considers providing a healthy and safe working environment to the employees as a basic and fundamental corporate activity which must be one of the top priorities for any organization. The organization states through its policies that it provides proactive support towards the promotion and maintenance of the health of its employees. The organization aims to realize high quality standards as demanded by the society in relation of OHS. The organization also aims to develop a process of smooth communication between the all companies related to Fujifilm with respect to the OHS related matters of their employees. The organization through its policy on OHS also emphasises on providing education and raising awareness related to OHS. In Australia thee organization have the legal responsibility of complying with the legislations related to OHS provided by the commonwealth and the states. The primary legislation which deals with OHS in Australia is the Work Health and Safety Act 2011 (WHSA). Along with the legislation the Work Health and Safety Regulation 2011 also deal with OHS at workplace. The major code of practice in relation to OHS in the county is the Work Health and Safety code. Each state also have their own codes, regulations and legislations in relation to OHS. SafeWork of each state is the regulator of OHS. The legislations set out various provisions to be followed the organization in relation to OHS. These provisions include the primary duty of care (s 19), duties of officers (s 27-29), health and safety committees (s 75-79), issue resolution (s 80-82), provisional improvement notice (s 90-102), Misleading, Coercive or Discriminatory Conduct (Part 6) and various other provisions. The regulations provid e a standard which have to be observed by the companies with respect to the provision of the legislation towards OHS. Fujifilms have created a group wide health promotion council which included the human resource division, and industrial doctors of the group companies along with Fujifilm Group health insurance association. The council since it had been incorporated in July 2013 have directed its focus on four primary areas which include quitting smoking, prevention of overwork, mental illness and lifestyle related diseases. The council through its activities have been able to reduce metabolic syndrome which occurs through lifestyle related dieses from 25% to 21% from 2015-2016 with the help of diet counselling and life-style habits. The company uses Ministry of Health, Labour and Welfares STOP Falling Accidents Project in from of a reference to conduct activities for raising awareness to prevent falling accidents. As provided by Ruggie (2014) a good CSR policy can only be implemented if the organization not only implements it within itself but also raises awareness about it in the society. The compa ny ensures strict compliance with law and in addition provides a better working environment to its employees in relation to health and safety as prescribed by the regulations (Fujifilmholdings.com. 2017). This section of the paper provides a discussion about the corporate/workplace governance policies of Fujifilm in relation to its CSR. According to Fernandez et al. (2014) corporate governance is related to establishing a balance between social and economic goals and between communal and individual goals. The principles of corporate governance provide that the available resources should be used in an effective manner and the stewardship in relation to such resources has to be raised. The focus of corporate governance of a company is ensure the interest of its shareholders and the stakeholders such as creditors and thee society as a whole. It has been provided by Kolk (2016) that an organization cannot function effectively within having in place a sound and appropriate corporate governance policy in relation to its functioning. Through its website it is provided by the company that it follows a very concise and legit corporate governance structure. Fujifilm through its policies related to corporate governance provide that their aim is to achieve growth in a sustainable manner and enhance the value of the Group. This is done by the organization through indulging in fair and sincere business activities which are in accordance to corporate visions and philosophy. In order to achieve such objectives corporate governance has been positioned as a significant priority of the management. The company promises through its website to utilize latest technology in order to ensure top quality in relation to its products. The actions also ensures enhancement of technology, science, culture along with better environmental and health protection in the society. The organization has the objective of enhancing the quality of life of people globally. The company through its visions states that based on its clear, fir and open culture along with latest technology it has the aim to be the leading organization through taking up challenges of creating new value and products. In addition the company strives to get accustomed with alterations and changes in the operation and management of the group in order to ensure enhanced corporate value and sustainable growth. The organization also have the objective of contributing to the development of the society by responding to its expectations and requests. The Australian Securities Exchange (ASX) provide Eight Recommendations in relation to corporate governance of an organization. The first principle provides recommendations about laying concrete foundation with respect to the management and oversight. The second principle takes about structuring the board in such a way as to add overall value to it. The third principle imposes an obligation to act responsibly and ethically. The forth principle provides to safeguard integrity in relation to reporting obligations. The fifth principle is in relation to making disclosures in a balanced and timely manner. The sixth principle imposes an obligation to respect the rights of all shareholders. The seventh and one of the most important principle is in relation to the recognition and management of risk related to the business. The final recommendation is in relation to providing fair and responsible remuneration to the employees. Although these recommendations are not compulsory to follow the ASX uses a if not why not approach in relation to all listed organizations. Fujifilm have its own corporate governance policy which is mostly in accordance to the recommendations of the ASX (Fujifilmholdings.com 2017). In addition in Australia Fujifilm also have to ensure compliance with the Australian Consumer Law given through Schedule 2 of the Australian Competition and Consumer Act 2001 (Cth). Under the same legislation the company has an obligation to retrain itself from any anti-competitive activities. The company is Australia also has to comply with the provisions of the Corporation Act 2001 (Cth). The legalisation sets out the basic functioning for the organizations operating and Australia such as the duties of its directors, remedies and constitution of the company and issue of shares and dividends. This section of the paper deals with the environmental legal responsibility of Fujifilm in Australia. Crane, Matten and Spence (2013) have stated that it is one of the core responsibility of an organization to ensure the protection of the environment. The company provides through its website that it upholds tits corporate philosophy and clarifies the approach of the group towards CRS for the purpose of fulfilling the companys social responsibilities which are basic to the philosophy. The approach of the group in relation to CSR is towards contributing to sustainable development and green economy. The company emphasizes on the fact that sustainable development is the most significant issue in relation to the earth, the humans and all business organization in the 21st century. The company aims to provide a forefront effort with respect achieving its goals in relation to the environment. The company aims to provide satisfaction to its customers as well as make contribution towards susta inable development through ensuring appropriate environmental quality in services, products and corporate activities. In order to reduce risks in relation to the environment the company aims to manage the chemical content in its products in an effective manner. The organization promises to abide by its own regulations as well as all legislations in relation to environmental protection. The organization also takes active part in community activities to enhance the environment by collaborating with the government and business partners. The company has set targets for its self in the long run in relation to enhancing the environment. These targets include resolving issues related to energy, CO2 emissions and water resources (Fujifilmholdings.com. 2017). The primary legalisation which deals with the environment is Australia is the Environment Protection and Biodiversity Conservation Act 1999. The legislation sets out strict guidelines to be followed by organizations in relation to activ ities which can have an effect on the environment. According to Kolk (2016) the legal component in relation to CSR is mandatory for any organization to follow in order to ensure that it has a sound and effective CSR policy. In order to cover the legal aspect of CSR the three basic areas of law discussed above namely Health and safety law, corporate law and environmental law have to be given significant relevance. Suliman et al. (2016) highlights that all areas of law in retain to corporate social responsibility of an organization are inter-related and the non-compliance with such areas not only results in violation of the principles of CSR but also legal provisions which have significant consequences in relation to the organization. Noncompliance with any legal area not only subjects the organization to financial risks but also to the risk of losing out reputation and value in the society. Goodwill is a significant asset to any organization and a reduction of reputation of the organization in the society is bound to take place if it is identified that the organization is indulging in the violation of laws. The investors would not like to invest in an organization which has a bad public reputation. Therefore the legal aspects of CSR has to be complied with by any organisation in order to achieve its business goals. Through the above discussion it can be evidently provided that Fujifilm have a very sound CSR policy in relation to the Corporate, health and safety and environmental law. However the organization must ensure the development of such polices in order to adopt with the changing legal environment. References Blowfield, M. and Murray, A., 2014.Corporate responsibility. Oxford University Press. Crane, A., Matten, D. and Spence, L.J., 2013. Corporate social responsibility in a global context. Fernandez-Feijoo, B., Romero, S. and Ruiz, S., 2014. Commitment to corporate social responsibility measured through global reporting initiative reporting: Factors affecting the behavior of companies.Journal of Cleaner Production,81, pp.244-254. Fujifilmholdings.com. (2017). [Priority issue 1] Raise Compliance Awareness and Ensure Risk Management: Outline of Activities in FY2015:Ocupational Health and Safety/Promotion of Health | FUJIFILM Holdings. [online] Available at: https://www.fujifilmholdings.com/en/sustainability/valuePlan2016/process/policy03/cprm2016/03.html [Accessed 30 Sep. 2017]. Fujifilmholdings.com. (2017). Green Policy (Environmental Policy) | FUJIFILM Holdings. [online] Available at: https://www.fujifilmholdings.com/en/sustainability/vision/greenpolicy/ [Accessed 30 Sep. 2017]. Fujifilmholdings.com. (2017). Our Basic Policy on Corporate Governance | FUJIFILM Holdings. [online] Available at: https://www.fujifilmholdings.com/en/about/governance/framework/index.html [Accessed 30 Sep. 2017]. Kolk, A., 2016. The social responsibility of international business: From ethics and the environment to CSR and sustainable development.Journal of World Business,51(1), pp.23-34. Ruggie, J.G., 2014. Global governance and new governance theory: Lessons from business and human rights.Global Governance,20(1), pp.5-17. Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate Social Responsibility.Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.117.