Animal Farm, by George Orwell :: Animal Farm Essays

George Orwell's novel Animal Farm does an excellent job of drawing parallels from the situation leading up to the Russian Revolution of 1917. Animal Farm is a satire that uses its characters to symbolize leaders of the Russian Revolution. The animals of "Manor Farm", the setting of this novel, which symbolizes Russia, overthrow their human master after years of mistreatment. Led by the pigs, the farm animals continue to do their work, only with more pride, knowing that they are working for themselves, as opposed to working for their human master, Farmer Jones. Slowly over time the pigs gain power and take advantage of the other animals. They gain so much power that they become just as power hungry and corrupt as their human master. The theme in the novel being that in every society there are leaders who will, if given the chance, likely abuse their position. Old Major is a prize white boar who helps point out to the animals that no animal in England is free. He continues to tell the animals that the their labor is stolen by man, who benefits alone. The animals in return get near nothing, just enough to keep them away from starvation. Old Major gave many speeches to the farm animals about hope and the future. He is the main animal who got the rebellion started even though he died before it actually began. Old Major's role compares to Lenin and Marx whose ideas would spark the communist revolution. Lenin became the leader and teacher of the working class in Russia, and their determination to struggle against capitalism. Like Old Major, Lenin and Marx wrote essays and gave speeches to the working class poor. The working class in Russia, as compared with the barnyard animals in Animal Farm, were a laboring class of people that received low wages for their work. Old major tells the animals that the source of the problem is man, they must overthrow man to abolish tyranny and hunger. Soon Old Major does die, but his words still echo in the hearts of all the animals. With the leadership of the pigs, the smartest animals, they repel against the human and gain complete control of the farm. This would symbolize the Russian Revolution. Another parallel represented in the book is Farmer Jones. His character is similar to the politician Czar Nicholas who treated his people similar to how Farmer Jones treated his animals. Animal Farm, by George Orwell :: Animal Farm Essays George Orwell's novel Animal Farm does an excellent job of drawing parallels from the situation leading up to the Russian Revolution of 1917. Animal Farm is a satire that uses its characters to symbolize leaders of the Russian Revolution. The animals of "Manor Farm", the setting of this novel, which symbolizes Russia, overthrow their human master after years of mistreatment. Led by the pigs, the farm animals continue to do their work, only with more pride, knowing that they are working for themselves, as opposed to working for their human master, Farmer Jones. Slowly over time the pigs gain power and take advantage of the other animals. They gain so much power that they become just as power hungry and corrupt as their human master. The theme in the novel being that in every society there are leaders who will, if given the chance, likely abuse their position. Old Major is a prize white boar who helps point out to the animals that no animal in England is free. He continues to tell the animals that the their labor is stolen by man, who benefits alone. The animals in return get near nothing, just enough to keep them away from starvation. Old Major gave many speeches to the farm animals about hope and the future. He is the main animal who got the rebellion started even though he died before it actually began. Old Major's role compares to Lenin and Marx whose ideas would spark the communist revolution. Lenin became the leader and teacher of the working class in Russia, and their determination to struggle against capitalism. Like Old Major, Lenin and Marx wrote essays and gave speeches to the working class poor. The working class in Russia, as compared with the barnyard animals in Animal Farm, were a laboring class of people that received low wages for their work. Old major tells the animals that the source of the problem is man, they must overthrow man to abolish tyranny and hunger. Soon Old Major does die, but his words still echo in the hearts of all the animals. With the leadership of the pigs, the smartest animals, they repel against the human and gain complete control of the farm. This would symbolize the Russian Revolution. Another parallel represented in the book is Farmer Jones. His character is similar to the politician Czar Nicholas who treated his people similar to how Farmer Jones treated his animals.

Justification of Human Violence Through Fight Club Essay

Throughout the history of the Human Race, violence and destruction is a reoccurring theme. In modern society we view ourselves as socially and economically evolved people when comparing ourselves to our ancestors, who were barbaric and uncivilized in comparison. However, our society has not evolved very far from this. There remains an instinct and desire for chaos and destruction in humans. I will not say this applies to all people, but it cannot be agued that the Human species is the single most destructive creature on the planet Earth. We have created war amongst each other, creating weapons and advancing our sciences for the sake of finding new and better ways of killing each other. The violence is not only contained in war, but in our entertainment as well. Romans used to watch gladiators kill each other in the coliseum, and we today watch action movies of men blowing each other up with guns and dynamite. Video games themselves allow you to kill and maim people, but why would someone want to play a game where you kill someone? Why does a violent and gory movie become so popular? What is it about aggression, destruction, and violence that attracts people? Sigmund Freud developed many theories and ideas about the human mind and explores society and its effects on people. This, as well as the movie and book â€Å"Fight Club†, will help to give insight into the minds of violent people and will give reasoning to their destructiveness. The majority of the world is made up of people who have an urge for violence and corruption, even if they don’t consider themselves to be, and the book â€Å"Fight Club† gives examples of this. Fight Club† is a book that was first written by Chuck Palahniuk in 1996 and was later transitioned into a film in 1999 starring Edward Norton and Brad Pitt. In this story, the narrator, who is never named in neither the film nor the book, but has been referred to as jack, is an office worker who lost his view on life and has one bad thing happen to him after another. He has insomnia, his condo was blown up by a gas leak, and he is overwhelmed by work, finding himself in different places after he falls asleep. To cure his insomnia, he goes to cancer meetings and other such help group. It is her where he is allowed to cry and have everyone around him assume the worst. This helps him to sleep until his lie is reflected by a woman who starts to do the same thing. Her name is Marla and keeps Jack from being able to cry. They agree to different days so that he can be alone and they ironically become close by the end of the book, due to the fact that Jack is constantly bitter towards her while she is at the self help meetings. He eventually meets a character named Tyler Durden on a business trip and finds himself living with him. Tyler is much more outgoing and adventurous than Jack, and soon becomes his mentor and teacher. After one night of some drinks, Tyler starts a fight with Jack for fun. They continue to do this every few nights and eventually gather a crowd of other men that want to fight as well. They then create fight club, a weekly gathering where two men are put together to brawl against each other in a circle of shouting man. Tyler leads this whole thing, with Jack at his side, but Fight Club grows more and more into a cult, and Tyler creates his own personal army which he call project mayhem, which has the sole purpose of bringing chaos and madness on the buttoned down society that shunned them away and led them to believe that they could be something they’re not. What Tyler tries to teach Jack throughout the story is that he needs to â€Å"hit bottom† meaning that he must detach himself from everything in his life. He says â€Å"It is only when we have nothing that we are free to do anything. With nothing to lose, no one can threaten you and you can do whatever you want. Tyler wanted to teach the world this and planned on using his followers to accomplish this. His big plan was to destroy all the major credit card company buildings and their records, putting everyone’s credit to zero. What Jack eventually finds out is that Tyler is his own split personality. Tyler is an extension of Jack, and only he sees him, but whatever Tyler has ever said to anyone or done, it was really Jack. Fight Club helps to evaluate the reasoning and deduction of violence and the need for chaos. Tyler tells his followers that they have been promises by industry that they could become movie gods and rock stars, but they’re not, and â€Å"we’re slowly learning that fact, and we are very, very pissed off. † Fight Club was created because of the first night with Jack and Tyler, and Tyler says â€Å"How much can you know about yourself if you’ve never been in a fight. I don’t want to die without any scares. † This means to say that a man is considered to show his true worth and self in a fight. It can show that he is either brave or a coward, or strong or weak. Most people cannot say that they’ve actually been in a fight before, but there is much to be learned about ones self if they are ever to encounter one. However, there are some that have actually started real fight clubs and follow the teachings of the fictional character of Tyler Durden. There do exist real fight clubs. USA Today wrote an online news article about software engineers near the age of 30 to 40, who hold fight clubs in a garage every two weeks. This is inspired by the movie, and these people that fight do it to exert their anger and frustration into something physical. They meet up and have full fledged fights with each other, two at a time and sometimes with weapons to. They took the movie and book quite literally, and many parallels can be seen. The article quotes one of the men who say â€Å"I have fantasies about it† compared to the movie where the narrator says â€Å"You aren’t alive anywhere like you’re alive at fight club. † Another man says â€Å"You get to be a superhero for a night. We have to go to work every day. We’re constantly told to buy things we don’t need, and just for a couple hours we have the freedom to do what we want to do. This is near to what Tyler Durden teaches about losing touch with personal possessions and going back to the hunter gatherer sense and also being able to do what you want. These technical engineers joined a fight club and enjoy it. They say they feel powerful and â€Å"macho†. It can therefore be dismissed that only unintelligent people would have the sense to be in a fight, seeing as we have software engineers doing it. There are other fight club that are started by teens, but they are unfortunate in the fact that sometimes a person is unwilling to fight and is beaten by his attacker. These teenagers get caught and arrested after they make DVD’s of the fight to sell online. This is the ignorant side of fighting. The tech engineers only fight with each other and organize it together, but these teenagers choose to turn it into an act of bullying by prying on the weak and taking advantage of them. It is dishonourable and untrue to the true nature and message of Fight Club. Many people can see the reasoning behind these fighting engineers, but others only see the teenager side of fight club and see it as grotesque, violent, and meaningless. The main idea though, is to put more meaning to your life than that new T. V you want, or the sofa you saw in an Ikea magazine that you think matches your curtains. There is a quote that depicts the meaning Tyler’s lesson very well. It’s from a kid named Lester in a book called â€Å"The Brimstone Journals†. He is talking about his mother working days and his dad working nights, saying â€Å"All so they can buy more crap. Man, it reminds me way too much of this movie on TV where a bunch of slaves were moving some big statue of a god. They had it on these logs that were like rollers and most of the laves pushed this god while the rest picked up the last log and hustled it around to the front. They did this all day. † The meaning behind this is that most people are stuck in the social loop of working hours like a drone, only to buy something you don’t really need. Society has everyone working hard so we can take our money and put it into the system we’re working for. The point is to drive yourself to become more than that and learn more about yourself through fight club. The other people of the fight clubs mentioned could defend to this. The movie has a scene where Jack is mad about his condo being destroyed and the amount of stuff he had in it, saying its ok, his insurance will cover it. This is when Tyler laughs and say â€Å"The things you own, end up owning you. † Meaning we become dependant and needy for material possessions. Fight Club certainly promotes violence, but it does it in a way so others don’t have to become involved if they choose so. It is a good way to get ride of anger and frustration compared to how others have done it before. As long as others have an outlet to express these feelings, others are safe. Some people choose to express their anger with a different violence witch targets others. Husbands sometime hit their wives, a student may bring a gun to school, or maybe even an office worker. These things have happened and are very unfortunate to have done so. In the book , â€Å"The Brimstone Journals† which depict poems of student in high school and their thoughts, Lester is holding his dad’s gun saying he wouldn’t hurt anyone with it, but if he did he would do it naked in the gym saying â€Å"They wouldn’t laugh then, would they? The jocks would crap their pants. The girls’d kiss my fat feet. † These people became unhappy and were mistreated and decided to act back. With fight club, anger is not contained and built up; it is exerted with friends in a brawl. As stated previously, Fight Club remains to be about finding happiness and disconnecting from society. Sigmund Freud has a writing titled, â€Å"Civilization and its Discontents† and in one chapter, he evaluates how men find it difficult to become happy and that the source of our misery is our civilization and the comfort that we as humans have made for ourselves. He says (pg38) â€Å"What we call our civilization is largely responsible for our misery, and that we should be much happier if we gave it up and returned to primitive conditions. † This is the main goal of Tyler Durden in â€Å"Fight Club†. He wants to bring civilization back to its primitive roots because it’s better than the narrowed society and community that we have worked so hard to make for ourselves. He says in the movie â€Å"In the world I see – you are stalking elk through the damp canyon forests around the ruins of Rockefeller Center. You’ll wear leather clothes that will last you the rest of your life. You’ll climb the wrist-thick kudzu vines that wrap the Sears Tower. And when you look down, you’ll see tiny figures pounding corn, laying strips of venison on the empty car pool lane of some abandoned superhighway. † This is the world that Tyler wants to create. A world where skyscrapers and highways are but remnants of an old life, and civilization has downgraded into a society of those who only perform what they need to, and are not bound by industries. Freud goes on to say that (pg38) â€Å"It is a certain fact that all the things with which we seek to protect ourselves against the threats that emanate from the sources of suffering are part of that very civilization. † Mean that society that we have created for ourselves has also created the source of our suffering. Buddhism is known to have said that the source of all suffering comes from wanting something. However, we have created an economy of â€Å"want†, surrounded by advertisements, TV commercials and supermarkets. If wanting something is suffering, then we have created it ourselves and surrounded ourselves with it. Later in this text, he states that â€Å"It was discovered that a person becomes neurotic because he cannot tolerate the amount of frustration which society imposes on him in the service of its cultural ideals, and it was inferred from this that the abolition or reduction of those demands would result in a return to possibilities of happiness. † (pg39) This means that the idea of happiness in our society is reliant on the basis of a lack of work. Our lives are clustered and overwhelmed by housework, jobs, food shopping, and the idea of not doing any of that is the only thing we know as happiness and yet we are stuck in a paradoxical loop. We want to be happy, we have to buy a new coffee table, if we want that then we have to work, if we have to do that, we have to be unhappy. Being happy should not be based on the sheer contrast of unhappiness. Freud changes his subject to man’s view of God. He goes on to say â€Å"To these gods he attributed everything that seemed unattainable to his wishes, or that these gods were cultural ideals. To-day he has come very close to the attainment of this ideal, he has almost become god himself. †(pg44). What he means by this is that gods used to be beings of unforeseen knowledge with the ability to control the element and do as they please, but we have reached an age where we can control our own world and our knowledge has gone beyond what we could have ever imagined. Freud goes on to say â€Å"Future ages will bring with them new and probably unimaginably great advances in this field of civilization and will increase man’s likeness to God still more†¦. an does not feel happy in his Godlike character. †(pg45) This merely re-emphasises what is being said. That our technological and scientific advances allow us to become the God that man has always praised. We are able to alter DNA, remove and fertilise embryos, and the list goes on. In â€Å"Fight Club†, the father figure is what is expected to be seen as a person’s view of god. The narrator says† What you end up doing, is you spend your life searching for a father and God. What you have to consider is the possibility that God doesn’t like you. Could be, God hates us. This is not the worst thing that could happen. Getting God’s attention for being bad was better than getting no attention at all. Maybe because God’s hate is better than His indifference. † The brings a religious aspect to the subject. It can be questioned as to weather or not God is the reason people act violently. This is true, seeing as there are cases where people commit murder in the claim that God â€Å"told them† to do it. And yet, an entire war happened all in the name of God, it was also known as the Crusades. Could the only way to get God’s recognition is to be bad? I can’t be argued that religion has in fact created war, hatred towards other beliefs and murder. Violence is clearly an innate part of the human race as far as history and as a society. â€Å"Fight Club† helps to give a view that gives a justification for fighting and violent actions. With the help of â€Å"Fight Club† and the theories of Sigmund Freud, we have developed a better understanding as to the reasoning of actual fight clubs. We can see that they are not events where the innocent are beaten, but rather gatherings where men can exhort their anger and frustration into a physical manifestation of punches and kicks. We can see now that this type of violence among other people who want it, is better than the type of violence where others are dragged into it unwillingly. â€Å"Fight Club† says a lot of things about society and civilization being the source of our misery, as well as contains parallels with the work of Sigmund Freud. The book â€Å"Fight Club† has influenced many lives and has changed the ideals and views of many. The majority of the world is made up of people who have an urge for violence and corruption, even if they don’t consider themselves to be, and the book â€Å"Fight Club† gives examples of this.

Have We Taken Our Independence for Granted Essay - 865 Words

HAVE WE TAKEN OUR INDEPENDENCE FOR GRANTED Today as we freely move around in our country without anyone questioning or imposing any kinds of restrictions on us we feel satisfied and contended. But this satisfaction is due to the efforts taken by our freedom fighters or national leaders to free our country from the British rule. Its because of our them that today we are enjoying are freedom. Their satyagrahas, sacrifices, and tortures have resulted in the freedom that we enjoy today in our motherland India. But, what have we done after that? They gave us freedom and went, but after that what have we, as Indians, done for this country? Haven’t we taken our independence for granted? I, as a†¦show more content†¦In such situations we try to handle issues by giving the concerned officer a note of Rs.50/-. ISNT THAT CORRUPTION? These are just few examples. As we all know, there are thousands of other things going on in our country. Infact, nowadays we are so used to it that we don’t even hesitate speaking about it openly. Why? Why cant even one of us take a stand? We should always remember, â€Å"Even one person can make a difference†. Prof. Nital Kothari of H.R. College quoted, â€Å"A nation which has forgotten the quality of courage which in the past has been brought to public life is not as likely to insist upon or regard the quality in its chosen leaders of today.† â€Å"Politics is a gutter†, â€Å"Our politicians are useless†, â€Å"God knows what will happen about this country’s future†. These are a few dialogues which are said by at least 90% of our country. Why? Instead of us saying all this, why don’t we oursleves as responsible individuals go and enter that gutter and clean it? No. Of course not. Who wants to do the dirty job! That is the mentality of mostly each person of our country. That’s where the problem lies. None of us, simply, none of us wants to take up the responsibility to make this place a better place to live in. Each of us wants the other person to shoulder the responsibility. We always keep on abusing the politicians for not doing their duty properly. But what right do weShow MoreRelatedThe Second Amendment: Why It Is Important to Our Country787 Words   |  4 Pageswhich could not be taken away. Every single one of these freedoms is important for the United States of America. However, the second amendment is especially important to our nation because it allows the people to protect their freedom and defend themselves and the common good against an overreaching government. One reason we must have the second amendment is to protect the freedom for which our country fought so hard to win. The Declaration of Independence states: â€Å"We hold these truthsRead MoreSame-sex Rights Should Be a Federal Matter821 Words   |  3 Pagesheterosexuals are granted. 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Why Do People Talk About Politics On The Internet

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Do ideas and threads posted b y members seem respectful and open to meaningful discussion of the election? Does the forum appear to broadly cover all political sides, questions, and concerns? Furthermore, does the forum seem to favor a particular sided of conversation about the election? At first, I was unsure when choosing a digital community to research. After discovering the forums that Craigslist hosts online my interest was peaked. I was unaware of the many diverse forums Craigslist had and it particularlyShow MoreRelatedEssay about Media Influences on State and Local Government1219 Words   |  5 PagesAround 50 million people watch CBS, ABC, or NBC every single night in order to obtain information from the day. Since the amount of people watching a news channel every night is so great, the media has had a great effect on the lives of everyone living in the United States. 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Indigo Jones and the Classical Language of Architecture

Inigo Jones and the Classical Language of Architecture Classical architecture elements can be traced from early Greek and Roman styles. Classici refer to the highest rank of Roman social structure. Classical norms are based on a formal hierarchal system of clarity, symmetry, deceptive simplicity, harmonious proportion and completeness. (Curl, 12) There is a difference seen between the inside and the outside of a building. Classical architecture develops every part individually as these parts become a larger whole. Orders, or columns, play an important role in the development of classical architecture. The parts of the order include a pedestal, but not always, a column and some type of horizontal element above the column.†¦show more content†¦The outside gives the appearance of a multi-story building. Two cherubs support a large shield in the pediment which was intended to contain a coat of arms. (Anderson 157) Ionic and engaged Corinthian orders are used. The orders on the exterior side walls combine flat and rounded columns with a pair of coupled pilasters at the end of each facade. Exterior street faà §ade show the classical element of symmetry matching left to right and right to left. One can view the differences from top to bottom and bottom to top. Lower window tops alternate rounded and pointed where upper windows are all flat topped. Each window and order section is a separate design but is also part of the complete building. The interior of the Banqueting House is not multi-storied but a single double cube room. The space has Ionic orders under and Corinthian orders over a cantilevered gallery. (Summerson 53) The flat ceiling is covered with Ruben panels. The Banqueting House is still in use today for concerts, government function and private parties. Inigo Jones was picked to design a new Chapel at St. James Palace. The Queen’s Chapel is a double cube hall with a coffered ceiling that has an adjoining Queen’s Closet. There is a triple window rising behind the altar. The center rounded window rises higher than the two flanking windows and is topped with carved angels and falling garlands. The Queen’s Closet is a gallery separated from the chapel by Corinthian pilasters andShow MoreRelatedExploring Corporate Strategy - Case164366 Words   |  658 Pagesdepot. As an old Etonian (the UK’s most elitist private school), a graduate of Oxford University and a former merchant banker, Palumbo was an unlikely entrant into a dance culture that was still raw and far from respectable. He actually preferred classical music. The club’s name, the Ministry of Sound, ironically recalled Palumbo’s father, a former Minister in the Conservative government of the day. Yet within just 10 years, Palumbo built the Ministry of Sound into a music and media empire worth nearly

Single Lessee Accounting Model †Free Samples to Students

Question: Discuss about the Single Lessee Accounting Model. Answer: Introduction IFRS 16 is an International Financial Reporting Standard, developed by IASB (International Accounting Standard Board). This standard provide the guidelines for the lease accounting. The main motive of the standard is to report that data which shows the accurate information about the lease transactions ("IFRS", 2017). It introduces a single lessee accounting model and requires that all the leases should be reported on the balance sheet and the lessee has to recognize all the assets and liabilities for almost all leases with a period of more than 12 months. Once applicable, it will replace IAS 17 ("IFRS 16 Leases", 2017). Great Eastern Holdings Ltd. was founded in 1908, is a life insurance group in Singapore and Malaysia. It is the oldest insurance company in Asia listed on Singapore Exchange. It provides services like banking, insurance and asset management. The mission of the company is to provide financial security to its clients ("Great Eastern", 2017). This report is about the requirements of the new lease standard for the lessee and lessor. It also explains the effects of IFRS 16 on the Great Eastern Ltd. IFRS 16 and its Requirements The new standard for lease was published by IASB in January 2016 and will come in effect from January 1, 2019. It defines the principles for the measurement and disclosure of the leases. The companies who have applied for IFRS 15 Revenue from Contracts with Customers can choose to apply for IFRS 16 before its effective date. The main objective of IASB to introduce this new standard, is to improve the financial reporting of lease. Under IFRS 16, a leases is defined as a contract that provides right to the customer (lessee) to use an asset for a particular period of time in exchange of some consideration. The requirements of the definition of lease has also changed from those in IAS 17. The new standard brings a significant change in the approach and will effect several industries. The enterprises which will be mainly affected by IFRS 16 are retail and consumer, telecommunications, banking and financial institutions, metals and mining, oil and gas and insurance entities. Once the new s tandard became effective, it will replace the old standard of lease that is IAS 17. It will eliminate the classification of leases as financial lease and operating lease and all of them are treated in a similar way ("IFRS 16 Leases | Deloitte UK", 2017). As the new standard provide a single lessee accounting model, the lessee is required to: Recognize assets and liabilities of most of the leases with a time period of more than 12 months. The exemption is provided for assets having low value. Separation of the depreciation charged on lease assets from the interest on lease liabilities. Previously, according to the IAS 17, the focus was mainly on identifying the finance lease that is required to be reported in the balance sheet. The lease which is economically similar to the purchasing of a leased asset is considered to be finance lease. All the other leases were termed as operating leases and were not required to be shown on balance sheet. They were known as off balance sheet leases. Now, as per IFRS 16, lessees are require to report all the leases on their balance sheet, irrespective of the industry in which the entity works. The whole accounting treatment of leases done by lessees will change fundamentally. It will completely remove the current dual accounting model which distinguishes between the on balance sheet leases and off balance sheet leases. Another requirement for the lessee is to separate lease components and the non-lease components of their contracts. After identifying the components, they are require to provide consideration for each component. Lessees who do not make an accounting policy election are required to allocate the consideration to the separated components on the basis of standalone selling price ("IFRS 16: The leases standard is changing", 2016). The requirements for the lessor, stated under IFRS 16 are same as to IAS 17. The classification of leases is done in the similar way that is operating and finance leases by the lessor in order to report them differently. The requirements of lessor accounting are not fundamentally changed like those of lessee accounting. Changes in accounting environment Implementation of IFRS 16 has brought number of changes in the accounting environment of leases. It brings dramatic changes in the balance sheet of lessees, whereas lessor accounting is slightly changed. According to the new standard, lessee are required to do the initial recognition of the lease liability for which the lease payment has to be made. They are also required to recognize the right-of-use asset to use the underlying asset for the lease. After recognition, the lease liability and right-of-use asset are being measured. A lessee measures the liability of lease at the present value of future lease payments. The payments include, fixed, non-cancellable payments, variable lease payments, residual value guarantees, the price of a purchase option which is to be exercised by lessee and penalties for termination options. The measurement of right-of-use asset is based on the amount of lease liability, with the adjustments for the prepayments, lease incentives received and initial direct cost incurred ("IFRS 16 LEASES FACT SHEET", 2017). While doing the subsequent measurement, the lessee accounted the lease liability like a financial liability through the use of effective interest method. The accounting for right-of-use asset is done similarly to the accounting of a purchased asset and it is depreciated as per the requirements of depreciation of IAS 16. After doing the recognition and measurement, the lease liability and asset is presented in the financial statement of lessee. The right-of-use assets are either shown separately in the balance sheet or are disclosed in the notes and the similar presentation of the lease liabilities is done. Expenses related to depreciation and interest are shown separately in the income statement. Payments of lease liabilities are presented in financing activities in cash flow statement and interest payments are presented on the basis of accounting policy election in compliance with IAS 7. The accounting of lessor is not changed under the new standard. It remains the same from current accounting in IAS 17. Lessors classify all the leases as per the classification mentioned in IAS 17 and categorize the leases in operating and finance leases. In operating lease, the lessor continues to recognize underlying asset and for finance lease, lessor derecognize the underlying asset and recognize a finance lease receivable according todays requirements (2016). At time of subsequent measurements: Operating lease: lessor measure the income from lease on straight-line basis or on another basis which shows a reduced benefit derived from the use of underlying asset. Finance lease: for the accumulation of the net investment in lease, lessor measures the interest income and reduce that investment for the received payments. Effects on financial statements Implementation of IFRS 16 will majorly affect the balance sheet and income statement of the lessee. As per the requirements of the new standard, lessee have to show all the liabilities and the supported assets related to operating leases on-the balance sheet except from those leases which are for the period of less than 12 months and the lease assets are of low value. As a result, there will be a significant increase in the assets and liabilities of the lessee company which will eventually reduce its equity. On the top of that, the companys income statement will show an interest expense and a depreciation charge on the lease assets in place of annual rental cost. All this will lead to an increase in the earnings before income, tax, depreciation and amortisation (EBITDA) and earnings before income and tax (EBIT) of the company as compare to the previous standard IAS 17 accounting. The interest expense calculated will be higher at the beginning of the lease contract and will decline la ter on as and when payments are made and the depreciation is charged on straight line basis. This reflects a profile of front loaded cost, which means that there should be little or no impact on the profit during the life of an individual lease. Like IAS 17, the profit will remain stable under IFRS 16 ("Ex ante Impact Assessment of IFRS 16", 2017). The new standard will also affect the cash flow statement of the company. As such the cash outflow will have no impact, but the structure of cash flow statement changes. The net cash flow generated from financing activities decreases and with the same amount the cash flow from operating activities increases. The below table shows the changes in EBITDA, EBIT and in the profit margin of the different industries sector, after the implementation of IFRS 16. Hypothetical values are been taken to show the comparison between the reporting under IAS 17 and IFRS 16. As it can be seen that the sectors which are highly affected by the new standard a re Airlines, Retail and travel and leisure sectors. While other sectors like healthcare, information technology are slightly affected (Lavi, 2016). The key financial ratios and performance metrics will also have impact of IFRS 16. Ratios like gearing, asset turnover, interest coverage, EPS, ROE, ROCE, current ratio, operating profit and operating cash flows are affected. Performance metrics like EBIT, EBITDA, will increase without any changes in the underlying cash flows. Overall, the financial statements of the entities working in different industries will be majorly affected by the adoption of the new lease standard IFRS 16. Effects on Great Eastern Holdings Ltd. The new lease standard IFRS 16 has affected many companies working in different industry sectors. The majorly affected are airline industry, retail sector, telecommunication, banking and other financial institutes, oil and gas. While other companies like insurance and health care have a minor impact on their financial statements. As it is already discussed that the accounting for operating lease has been changed under IFRS 16 for the lessee, so the companies who takes assets on the basis of operating lease has to make major changes in its final accounts. As far as Great Eastern Holdings ltd. Is concerned, it is an insurance company operating in Singapore and Malaysia. The company provides services like banking and insurance to its customers. For preparing its financial statements, the company follow the guidelines and the provisions of Singapore Financial Reporting System. The accounting of leases is done under FRS 116, whose provisions are same as IAS 17. The policy adopted by the company regarding leases is, as a lessor, the accounting of rental income derived from operating leases is done on straight line basis and as a lessee, the lease payments are been reported as an expense in the income statement on straight line basis. If the company adopts IFRS 16, it will have to prepare its final accounts according to the provisions under the new lease standard. Being a lessor, the company may follow the concepts of IAS 17 for doing the lease accounting. But when working as a lessee, it has to make certain changes in its financial reporti ng. As it can be seen above that, when the company entered into operating lease agreement for commercial property, it has a total of $73.1 million lease payment under non-cancellable operating leases in the year 2016. When it entered in the lease agreement for computer equipment, it has $21.5 million payments payable under non- cancellable operating leases. Both the values are not reported in the balance sheet of the company as liabilities and are shown in notes to accounts ("Annual Reports", 2016). As per the requirements of IFRS 16, the lessee has to show all the leases and their supported assets in the balance sheet as financial lease. This means the operating leases which is shown in balance sheet will be changed and the liability of $73.1 million and $21.5 million has to be recognized on the balance sheet. All the off balance sheet items will be eliminated and the operating expenses will be replaced with finance cost in profit and loss account. Adoption of new lease standard can als o affect capital adequacy. Covenants, credit ratings and borrowing costs. Conclusion From the above report, it can be concluded that the IFRS 16 has laid the new requirements which will change the procedure of accounting for leases, especially for operating leases. It will remove the classification of operating and finance lease and would provide a single accounting model. The report explains that the lessee companies will be majorly affected by the implementation of IFRS 16 as they have to change their policies regarding the accounting of leases. Overall, the new lease standard will replace the IAS 17 and will provide accurate information about the leases. References IFRS 16 Leases. (2017).Iasplus.com. Retrieved 13 November 2017, from https://www.iasplus.com/en/standards/ifrs/ifrs-16 (2016).KPMG. Retrieved 14 November 2017, from https://www.in.kpmg.com/ifrs/files/first-impressions-leases-IFRS16.pdf Annual Reports. (2016).Great Eastern, Singapore. Retrieved 15 November 2017, from https://www.greateasternlife.com/sg/en/about-us/investor-relations/annual-reports.html Ex ante Impact Assessment of IFRS 16. (2017).Efrag.org. Retrieved 15 November 2017, from https://www.efrag.org/Assets/Download?Asseturl=%2Fsites%2Fwebpublishing%2fsiteassets%2FIFRS%252016%2520-%2520Europe%2520Economics%2520-%2520Ex%2520ante%2520Impact%2520Assessment%2520%2822%2520February%25202017%29.pdfaspxautodetectcookiesupport=1 Great Eastern. (2017).Great Eastern, Singapore. Retrieved 13 November 2017, from https://www.greateasternlife.com/sg/en/about-us.html IFRS 16 Leases | Deloitte UK. (2017).Deloitte United Kingdom. Retrieved 15 November 2017, from https://www2.deloitte.com/uk/en/pages/audit/articles/ifrs-16-leases.html IFRS 16 LEASES FACT SHEET. (2017).Cpaaustralia.com.au. Retrieved 14 November 2017, from https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/professional-resources/reporting/factsheet-ifrs16-leases IFRS 16 Leases Road map. (2016).Ey.com. Retrieved 15 November 2017, from https://www.ey.com/Publication/vwLUAssets/ey-leases-a-summary-of-ifrs-16/$FILE/ey-leases-a-summary-of-ifrs-16.pdf IFRS 16 Leases. (2016).Ifrs.org. Retrieved 15 November 2017, from https://www.ifrs.org/-/media/project/leases/ifrs/published-documents/ifrs16-effects-analysis.pdf IFRS 16: The leases standard is changing. (2016).Pwc.com. Retrieved 15 November 2017, from https://www.pwc.com/gx/en/services/audit-assurance/assets/ifrs-16-new-leases.pdf IFRS. (2017).Ifrs.org. Retrieved 15 November 2017, from https://www.ifrs.org/issued-standards/list-of-standards/ifrs-16-leases/ Lavi, M. R. (2016).The impact of IFRS on industry. John Wiley Sons. Morales-Daz, J., Zamora-Ramrez, C. (2017). Effects of IFRS 16 on Key Financial Ratios: A New Methological Approach. Singer, R., Pfaff, A., Winiarski, H., Winiarski, M. (2017).Accounting for Leases under the New Standard, Part 1 - The CPA Journal.The CPA Journal. Retrieved 14 November 2017, from https://www.cpajournal.com/2017/08/23/accounting-leases-new-standard-part-1/

Compettive Analysis Costco Wholesale Company free essay sample

It has undergone expansion and is now represented in many countries around the world. Limited product offerings (usually only 10% of typical retail establishments) create a â€Å"treasure hunt† atmosphere for Costco customers. Costco members are very loyal, with renewal rates consistently between 85 and 90 percent. Weaknesses Its limited range of products in stores may not allow it much flexibility compared to competitors that are less specialized. Costco’s â€Å"discount† business plan is typically immune to economic downturn, however, an extended recession or the rising value of the dollar may pinch margins. Opportunities Expanding product offering in individual stores may provide greater prospects. Costco should also enter new domestic markets and international markets. Costco should also enter unexploited markets such as automobiles, entertainment, or furniture. Threats Costco Wholesale Co. is under the threat of worldwide competition from other stores, including up-and-coming or unknown retail concepts. Other threats include inflation and the general slow-down of the world economy. We will write a custom essay sample on Compettive Analysis Costco Wholesale Company or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Cross-implication matrix for Costco Wholesale Company |Strength |Weaknesses | |Opportunities |Enter unexploited markets |More focus on particular products | |Threats |Make use of economies of scale |Maintain high value products | Competitors Brand Competitors: Wal-Mart (Sams Club), BJ’s Wholesale Club Industry Competitors: Wal-Mart, Kroger, Supervalu Form competitors: Safeway, Target Generic competitors: Best Buy, local grocery/market, Chevron SWOT Analysis of Sam’s Club/Wal-Mart Stores, Inc. Sam’s Club is the membership warehouse outlet of Wal-Mart Stores, Inc. Wal-Mart is the worlds largest retailer, with nearly $400 billion in sales in the fiscal year ending Jan. 31, 2007. The company employs more than 2 million associates worldwide through more than 7,400 stores around the world. (www. finance. yahoo. com) Strengths Wal-Mart is the most powerful retail brand. It has a reputation for value, convenience and a wide range of products all in one store. Wal-Mart has grown substantially in recent years and has experienced global expansion (for example, its purchase of the United Kingdom based retailer ASDA). The company’s key to success is its use of information technology to support its international logistics system. For example, on-demand reports are available to track the performance of individual products world-wide, store-by-store at a glance. IT also supports Wal-Marts efficient procurement system. A focused strategy is in place for human resource management and development. People are key to Wal-Marts business and it invests time and money in training people, and retaining a developing them. Weaknesses Wal-Mart is the worlds largest grocery retailer and control of its empire, despite its IT advantages, could leave it weak in some areas due to the huge span of control. Since Wal-Mart sells products across many sectors (such as clothing, food, or household items), it may not have the flexibility of some of its more focused competitors. Wal-Mart is a global brand; however, its presence is limited to a few countries world wide. Opportunities The most significant opportunity for Wal-Mart is to acquire, merge with, or form strategic alliances with other global retailers, focusing on specific markets such as Europe or the Greater China Region. Global expansion has been limited in size and success. There are tremendous opportunities for future business in expanding consumer markets, such as China and India. Previous attempts by Wal-Mart were independent of existing retailers, so joint efforts may provide greater opportunity for success. In addition, new locations and store types offer Wal-Mart opportunities to exploit market development.