Problems: Balance Sheet and Financial Statements

THE PROBLEM OF THE BEE: PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATION’S 2005 FINANCIAL STATEMENTS A Paper Submitted In Partial Fulfillment of the Requirements for the Course ACT515M (Problems in Financial Reporting) MC REYNALD SIMBAJON BANDERLIPE II Candidate for the degree of MASTER OF SCIENCE IN ACCOUNTANCY Mr. WILFREDO BALTAZAR Professor De La Salle University – Manila Term 2, SY 2006-2007 THE PROBLEM OF THE BEE: PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATION’S 2005 FINANCIAL STATEMENTS Mc Reynald S.Banderlipe II College of Business and Economics, De La Salle University Company Background This paper aims to perform an analysis of the 2005 financial statements of Jollibee Foods Corporation. Before such presentation, this chapter intended to present some information about the company, and how Jollibee became the leading company in the Philippine fast food industry. After graduating with a degree in Chemical Engineering, Tony Tan Ca ktiong decided not to compete with fellow new yuppies at his time searching for jobs after graduation.Having gained first-hand experience in managing a family eatery in Davao during his childhood years, he decided to pursue a food business that would be simple to operate. Thus, he borrowed P200,000 from his father to commence a Magnolia ice cream franchise beside Coronet Theater in 1975. With his ingenuity and passion to satisfy the cravings of his customers, the idea of serving American foods such as hamburgers and fries that is quick, tasty and affordable (Acuna, Bernardo, Dy, Malabanan, and Young. , 2004) became his vision that he never thought would be one of the entrepreneurial successes in the Philippines.In 1978, the vision became a reality when Tony and his family decided to incorporate and saw the birth of Jollibee Foods Corporation. One year after, the company posted P2 Million peso sales. It also marked the establishment of a first Jollibee franchise in Sta. Cruz, Manila and its first TV advertisement. Jollibee entered the list of the Top 1000 Corporations in 1981. Since then, the company continues its unprecedented growth as it enters the Top 500 in 1984, the Top 250 in 1986, and Top 100 in 1987. Meanwhile, in 1983, JFC launched flagship motto of JFC, known as the â€Å"Langhap Sarap. The year 1986 signaled the start of branching out in the international market by putting an international outlet in Taiwan and Brunei Darussalam. In 1989, the company posted very remarkable sales of P1. 3 Billion, while expansion efforts continued when they acquired 73% share in the Hamburger segment of the fast food industry in 1991. Jollibee became a public corporation in July 14, 1993 with its initial offering of P9. 00 per share. The expansion of JFC came when they acquired Greenwich Pizza Corporation in 1994 and Delifrance, a popular French patisserie shop, in 1995. This led to the increased variety of food items served by JFC.In 1996, the Far Eastern Economic R eview cited Jollibee as one of the leading companies in Asia. At the end of the year, more and more Filipinos abroad trooped down to their Jollibee stores in Guam, the Middle East, and Hong Kong. In 1997, Jollibee opened another branch in Xiamen, China. A year after, the company marked its 300th store in Balagtas, Bulacan, together with an international branch in Daly City, California. The following years thereafter saw the P20 Billion sales and recognition of Jollibee as the Most Admired Company in the Philippines and third overall in Asia.Jollibee opened its 400th store in Intramuros, Manila, while sales continuously shoot up to the P27 Billion mark. In the same year, Jollibee opened its 500th store in Basilan, Isabela Province. At present, Jollibee continues to expand its network of stores, after acquiring Chowking in 2000, an 85 percent share in Yonghe King in 2004, and Red Ribbon Bakeshop in 2005. Table 1 Timetable of Selected Jollibee Products from the Years 1978 – 2005 Jollibee Foods Corporation Timetable of Selected Products 1978 – 2005YEAR 1978 1979 1980 1982 1985 1986 1988 1990 1991 1992 1994 1995 1996 1999 2000 2001 2004 2005 PRODUCTS Regular Yum, Yum with Cheese Spaghetti Special Chickenjoy, French Fries Palabok Fiesta Breakfast Meals Chunky Chicken Sandwich Jollytwirl soft sundaes Coleslaw, Jolly Hotdog, Peach Mango Pie Pancakes Fruit-flavored ice cream sundaes Greenwich Pizzas and Pastas Delifrance French Pastries, Burger Steak Amazing Aloha, Chili Wings Cheezy Bacon Mushroom Burger Chowking Products, Pepper Crazy Burger, Shanghai Rolls, Pocket Pies, and Swirly Bitz Glazed Chicken Rice, Honey Beef Rice, Chicken Sotanghon Soup, Jolly Meat Pies, Yonghe King Products Super Meals, Jolly Chicken Tocino, Red Ribbon Cakes and Pastries As of 2005, the company’s store count estimated 552 Jollibee stores, 239 for Greenwich, 344 for Chowking, and 37 for Delifrance, 101 for Yonghe King, and 156 for Red Ribbon, the newest in the Jollibee family. Continuous expansion in terms of the number of food items and outlets is still underway. Table 1 below shows the timetable of elected Jollibee Products sold in the Philippine market starting from its inception in 1978. Standards Used by the Company Prior to analyzing the 2005 financial statements of Jollibee Foods Corporation, it is noteworthy to make a comparison of the standards to be adopted by the company as indicated in the 2004 financial statements in contrast with those standards actually applied in its preparation of the 2005 financial statements. Table 2 presents the comparison of accounting standards to be used in 2005 as per 2004 financial statements and the accounting standards actually used in 2005 per examination of the company’s 2005 financial statements.As can be seen, eight standards were not identified by the company in its 2004 financial statements that were actually adopted in 2005. Moreover, by looking at the 2004 financial statements, there has b een noted a difference in the presentation of the financial information. This was noted because although the year 2004 signifies the transition year towards adopting the Philippine Financial Reporting Standards and Philippine Accounting Standards, the 2004 financial statements still has presented the information in accordance with the superseded generally accepted accounting principles (GAAP). Table 2 Comparison of Standards to be used by JFC in 2005 as indicated in its 2004 Financial Statements and Standards actually used in 2005 Standard No. / NamePAS 1 â€Å" Presentation of Financial Statements† PAS 2 â€Å"Inventories† PAS 8 â€Å"Accounting Policies, Changes in Accounting Estimates and Errors† PAS 10 â€Å"Events After the Balance Sheet Date† PAS 14 â€Å"Segment Reporting† PAS 16 â€Å" Property, Plant and Equipment† PAS 17 â€Å"Leases† PAS 18 â€Å"Revenue† PAS 19 â€Å"Employee Benefits† PAS 21 â€Å" The Effe cts of Changes of Foreign Exchange Rates† PAS 24 â€Å"Related Party Disclosures† PAS 27 â€Å"Consolidated and Separate Financial Statements† PAS 31 â€Å"Interests in Joint Ventures† PAS 32 â€Å" Financial Instruments: Disclosure and Presentation† PAS 36 â€Å" Earnings per Share† PAS 36 â€Å" Impairment of Assets† PAS 37 â€Å"Provisions, Contingent Liabilities and Contingent Assets† PAS 39 â€Å"Financial Instruments: Recognition and Measurement† PAS 40 â€Å"Investment Property† PFRS 1 â€Å"First Time Adoption of International Financial Reporting Standards† PFRS 2 â€Å"Share-Based Payments† PFRS 3 â€Å"Business Combination† PFRS 5 â€Å"Noncurrent Assets Held for Sale and Discontinued Operations† PFRS 7 â€Å"Financial Instruments† 2004 * * * * * * * * * * * * 2005 * * * * * * * * * * * * * * * * * * * * * * * * * * * * This paper will elaborate the compliance of Jollibe e Foods Corporation in their adoption of the PFRS and PAS as indicated in their 2005 financial statements. It will also include a discussion of other problems in financial reporting noted in the analysis of the company’s financial statements.Discussion of Compliance with the Standards In analyzing the financial statements of Jollibee Foods Corporation for the year 2005, the researcher delved on the disclosure requirements of the Philippine Accounting Standards PAS and PFRS published by Philippine Institute of Certified Public Accountants (2005). These standards assess whether the company has complied with such requisites in preparing the PFRS financial statements for the year 2005, the year where PFRS formats became applicable in Philippine companies. In this case, the paper used the annual report released by the company in its corporate website in 2004 and in 2005. I. Philippine Financial Reporting Standards (PFRS) PFRS 1: First Time Adoption of Philippine Financial Reportin g Standards Paragraph 36 of PFRS 1 requires the inclusion of at least one year of comparative information under the IFRSs.JFC was able to follow such requirements since the financial statements presented 2005 data and 2004 restated data. The Note 2 of the company’s 2005 financial statements highlights such explanation. Paragraph 36A applies to entities that will choose to present comparative information that does not comply with IAS 32, IAS 39, and IFRS 4, which delves on financial instruments and insurance contracts, under certain conditions presented in the standard. In resolving the issue, Jollibee complied with the accounting policies set forth in IAS 32 and IAS 39. Nevertheless, the company applied for exemption in adopting the standards retroactively as permitted by SEC, applicable for the year ended 2004.Hence, the standards will be applied prospectively beginning January 1, 2005. Paragraph 37 presents the standards on historical summaries of selected data for periods before the first period for which they present full comparative information under the IFRSs. This is not applicable to JFC’s financial statements for the year ended December 31, 2005. Paragraphs 38 – 46 delve on the explanations regarding the transition to previous GAAP to IFRS financial statements. Accordingly, reconciliations of the company’s equity, profit and loss, and impairment losses should have appropriated disclosures. The company’s financial statements have presented supporting schedules for equity and profits and losses.With the adoption of PFRS 3 and PAS 36, JFC presented a disclosure under Section 2. 3. 1 (Reconciliation of Equity). Moreover, the same section also exhibited an expose on the designation of fair values on financial assets or liabilities and valuation of investment properties under paragraphs 43A – 44 of PFRS 1. Required disclosures such as the fair value of financial assets per category and the aggregate fair values and adjustment to carrying amounts under previous GAAP are also shown. The company has therefore complied with such requirements for first time adoption of Philippine Reporting Standards since it complied with its minimum requirements.PFRS 2: Share Based Payments Major provisions regarding disclosures in compliance with PFRS 2 necessitated information that enables users of the financial statements to understand the nature and extent of share-based payment arrangements that existed during the period. This includes disclosures such as description of each type of share-based payment arrangements; the number and weighted average exercises prices of share options and the weighted average share price at the date of exercise for options exercised during the period. Moreover, the range of exercise prices and weighted average remaining contractual life for share options outstanding at the end of the period, more than the option pricing model used.In addition, information should be accessible to enable users of financial statements understand the determination of fair values of goods or services received, and equity instruments granted. This includes disclosures such as weighted average fair value of share options granted and other equity instruments granted during the period and information on how the fair value was measured. Information on share-based payments that were modified during the period should also be disclosed, if any. Lastly, disclosures that enable users of financial statements to understand the effects of share-based payment transactions on the entity’s profit and loss and financial position should be provided.This includes disclosures on the total expenses recognized for the period arising from share-based payment transactions in which goods or services received but did not qualify for recognition as assets, and carrying and intrinsic value of liabilities arising from share-based payment transactions at the end of the period. JFC was able to comply w ith this standard, following the compliance of PFRS 2, including the provisions set forth in paragraphs 25B to 25C of IFRS 1. Required data to understand its effects are also indicated. Such indicators were presented in Note (b) of Section 2. 3. 1 and Section 2. 24. 2 of the company’s financial statements for the year ended December 31, 2005.A more detailed discussion about share-based payments is presented in Note 23. Here, the company disclosed basic information on each type of share-based payments such as Tandem Stock Purchase and Option Plans I and II, and Management Stock Option and Incentive Plans. It can be said that JFC has complied with the requirements on Share-Based Payments. PFRS 3: Business Combinations Required disclosures for PFRS 3 were information that enables users of financial statements to evaluate the nature and financial effect of business combinations that were effected during the period and after the balance sheet date but before the financial statemen ts are authorized for issue.It should also disclose, as in the case of the acquirer, information that enables users of financial statements to evaluate the financial effects of gains, losses, error corrections, and other adjustments recognized in the current period that relate to business combinations that were effected in the current year or in previous periods. In addition, data that will enable users to evaluate changes in the carrying amount of goodwill, if any, during the period should be disclosed. The company’s financial statements complied with the provisions of PFRS 3 for which the date is on or after March 31, 2004, the agreement date for all business combinations to be considered as stipulated in paragraph 78 of PFRS 3. Under Note (d) of Section 2. 3. 1 of JFC’s financial statements, the notes also depicted information about the financial effects of gains, losses, and other adjustments that were effected in current or previous periods.Moreover, the financial statements presented the changes in reversal of goodwill amortizations and recognition of goodwill in accordance with PAS 21. It included several notes in relation to the commencing testing for impairment losses, and reflected effects of changes of these policies to goodwill account of JFC. This can be best explained in Notes 8 to 10, where information regarding their investments in subsidiaries, interests in a joint venture, and goodwill arising from such transactions were designated. PFRS 5: Non-Current Assets Held for Sale and Discontinued Operations PFRS 5 specifies the accounting for assets held for sale and presentation and disclosure of discontinued operations.It requires assets that meet the criteria to be classified as held for sale to be measured at the lower carrying amount and fair value less costs to sell, and the depreciation on such assets to cease. Furthermore, assets that meet the criteria as held for sale should be presented separately on the face of the balance s heets and the results of discontinued operations to be presented separately in the income statement. Disclosure requirements include information that will enable users to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal groups). Since the company believes that this will have no material effect on the company’s financial position and results of operations as indicated in the 2004 financial statements, this has never been an issue in the 2005 financial statements.PFRS 7: Financial Instruments Revised disclosures on financial instruments provided by the standard will be included in consolidated financial statements when the standard is adopted in 2007. II. Philippine Accounting Standards (PAS) PAS 1: Presentation of Financial Statements PAS 1 provides a framework within which an entity assesses how to present fairly the effects of transactions and other events; provides the basic criteria for classifying liabilities as cu rrent or non-current; and prohibits the presentation of income from operating activities and extraordinary items as separate line items in the income statement. Disclosure requirements include the measurement basis (or bases) used in preparing the financial statements and other accounting policies used that are relevant to an understanding of the financial statements.It also requires disclosures of judgments management has made in the process of applying the entity’s accounting policies that have the most significant effect on the amounts recognized in the financial statements. Additionally, it also requires disclosures as to key sources of estimation uncertainty and other disclosures if not disclosed elsewhere in information published with the financial statements. In 2004, JFC’s financial statements noted the probable change in the presentation of minority interest in the balance sheet and income statement will be effected in 2005 in addition of restating prior years ’ financial data to conform to the 2005 presentation.However, in 2005, the company believes that this standard will have no effect on equity on the reporting periods presented. In other aspects of the standard, the company’s financial statements also complied with the inclusion of significant accounting judgments and estimates made by the company’s management, in addition to the disclosure of key estimation uncertainties. The Note 2 of the financial statements indicates such compliance. Corporate information was also included in Note 1 of the Notes to Financial Statements (including the description of the entity’s operations and the name of the parent company), together with the basis of preparation and consolidation of the financial statements.Details of dividends are located in Note 15 and Note 17(b) of the financial statements. In general, the company’s financial statements complied with the requisites of PAS 1. However, the company should also include in Section 2. 3. 5 the additional disclosures regarding capital management that are not yet effected by the company until January 1, 2007. PAS 2: Inventories Disclosure requirements in PAS 2, as shown in paragraphs 36 to 39 are the accounting policies adopted in measuring inventories and cost formula used, the carrying amount of inventories carried at fair value less costs to sell, and the amount of inventories recognized as expense during the period, the amount of any write-downs.In addition, the notes should indicate reversal of inventory write-downs, circumstances that led to the write-downs and the amount of inventories held as security or pledge. In the adoption of PAS 2, the company has no foreseen significant changes in its accounting policies; thereby PAS 2 will not be an issue for JFC. As indicated in section 2. 11 in Note 2, the company disclosed the accounting policies and cost formula used in the inventory items of Jollibee, both food and non-food items. In Note 6 of the financial statements, the presentation of the carrying amount of inventories was in accordance with the lower of cost or net realizable values as indicated in the standard. Hence, the financial statements complied with the requirements of the standard.PAS 7: Cash Flow Statements As can be seen, the financial statements were presented classified by operating investing, and financing activities. While is it encouraged to adopt the direct method in accounting for cash flows from operating activities, JFC used indirect method, which is still acceptable in practice because of its easy application. On the other hand, almost all disclosure policies stated in PAS 7 have complied by Jollibee such as those regarding interest, income taxes, cash flows related to the acquisition of a subsidiary, and components/reconciliation of cash and cash equivalents in the financial statements and in the notes. This means that the company was able to meet the requirements of PAS 7.PAS 8: Accounting Policies, Changes in Accounting Estimates and Errors Under PAS 8, requisite disclosures as to changes in accounting standards or policies include the title of the standard or interpretation, the note that signifies that the change is in accordance with transitional provisions, its descriptions, the amount of adjustments, and certain conditional disclosures and how the standard addressed the disclosure, the nature of the changes in accounting policy, and reasons why this new policy will lead to a more reliable and relevant information. It should also divulge information when a voluntary change in accounting policy has an effect on the current period or any prior period that would have and effect on that period except that it is impracticable to determine the amount of the adjustment, or might affect future periods. Moreover, it should also present information as to the standards issued but not yet effective to the company. In terms of hanges in accounting estimates, the financial st atements must depict the nature and amount of change in accounting estimate and its effect on current and future periods when it is practicable to estimate the effect. If not possible, the fact should be disclosed. With regards to errors, disclosures should include the nature and amount of the errors, and the circumstances that led to the error and how it will be addressed by such correction. The company does not expect any significant changes in the accounting policies when it adopts PAS 8 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2006. With regards to standards issued but not yet effective, section 2. 3. 5 of Note 2 depicted such disclosure.Still, the company should also have included the disclosures regarding capital management in compliance with PAS that will be applicable in 2007 to fully disclose all standards issued but not yet effective. PAS 10: Events after the Balance Sheet Date PAS 10 provides a limited clarification of the accounting for dividends declared after the balance sheet date. Disclosure requirements include the date when the financial statements were authorized for issue and who gave the authorization. It should also disclose the fact that the entity’s owners or others have the power to amend the financial statements after the issue. Moreover, if the entity receives information after the balance heet date about that conditions that existed at the balance sheet date, the entity should update disclosures in the light of new information. The company does expect any significant changes in the accounting policies when it adopts PAS 10 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and December 31, 2004. Compliance with this standard is stated in Note 1 with regards to the date of authorization for issue of the financial statements and section 2. 30 of Note 2 and Note 29 regarding subsequent events. Furtherm ore, disclosure on dividends may not be an issue since the company annually declares and pays dividends to its stockholders, as evidenced by the cash flow statements for the years ended December 31, 2004 and 2005.For this reason, the company was able to comply with the disclosure requirements set forth in PAS 10. PAS 14: Segment Reporting This standard establishes the principles for reporting financial information by segments about the different types of products and services an enterprise produces and the different geographical areas in which they operate. Reportable segments should present the segment’s results of operations, carrying value of total assets and liabilities, contingencies, expenditures, depreciation, share in profits or losses, and other requirements mentioned in the standard. It also provides secondary reporting format requisite disclosures for segment revenues, expenses, results, assets, liabilities, and accounting policies.Accordingly, this standard has no effect on equity at January 1 and December 31, 2004 and as such, is not an issue for the company’s financial statements as of December 31, 2005. As can be seen, the company maintained the same format in segment reporting for the presentation of segment information in Note 3 of both 2004 and 2005 financial statements. Disclosures are generally in compliance with PAS 14. The company focused on using the primary reporting format, since the use of geographical segment reporting is not feasible due to a non-substantial portion of revenues earned by international operations, which are still few in number. In addition, the company disclosed information for inter-segment sales and transfers and the basis of pricing these transactions.PAS 16: Property, Plant, and Equipment Disclosure requirements on property, plant and equipment are the measurement bases to determine gross carrying amounts; depreciation methods and useful lives used; gross carrying amounts and accumulated depreciatio n at the beginning and end of the period; reconciliations of carrying amount of PPE assets pertaining to additions, reclassifications, and other increases or decreases; the recognition of impairment and reversal of impairment losses; restrictions on title of PPE assets, PPE assets pledged as security for liabilities; expenditures related to property, plant and equipment; and changes in accounting estimate as to residual values. Furthermore, the entities should disclose contractual commitments for acquisition of PPE assets; compensation to third parties rising from impairment of PPE items included in profit and loss; information regarding the revaluation of property, plant, and equipment as to effective date of revaluation, involvement of third parties for revaluation, assumptions in estimating fair values, carrying value of assets under cost models, and revaluation surplus; and information on idle properties. The company believes that there is no significant effect on equity upon ad option of PAS 16. Similar formats were presented, with differences in the probable restatements done in the 2005 financial statements. This is evidenced in note (c) of section 2. 4. 2, which depicted the management’s estimation uncertainty assumptions regarding PPE assets. In section 2. 9, the policy on accounting for PPE assets was presented, including compliance with general disclosures in accordance with PAS 16; while in Note 11, the financial statements showed the reconciliation of carrying amounts of PPE assets pertaining to additions, retirements, reclassifications, and transfers, including the disclosure regarding a fire that damaged the company’s commissary. It also included compensation from the insurance company for the damage of the property. No disclosure is necessary on revaluation of properties, as the company had not yet hired appraisers to revalue their properties. Disclosures regarding derecognition on PPE assets and idle and fully depreciated property are not of greater importance, since all properties have found its usage in the company.PAS 17: Leases PAS 17 prescribes appropriate accounting policies and disclosures to apply in relation to finance and operating leases. It also prohibits expensing of initial direct costs in the financial statements of the lessors. Under this standard pertaining to operating leases, which the company have adopted (as can be seen in section 2. 3. 1 reconciliation of equity in the company’s financial statements, in letter (c) in note 2. 4. 1, and section 2. 26 in Note 2 of the financial statements), disclosures should include total future minimum lease payments under non- cancellable operating leases for periods within one year, within after one year but not more than five years, and after 5 years (for both lessors and essees); future minimum sublease payments under non-cancellable subleases; lease and sublease payments recognized as expenses (for the point of view of lessees); disclosures r egarding contingent rents recognized as income, general description of leasing arrangements, bargain purchase options or renewal options, and restrictions involving lease arrangements as lessors or lessees (for both lessors and lessees). JFC does not expect any significant changes in accounting policies when it adopts PAS 17. In Note 26, the future minimum rental receivables and payables were presented, including the general details of lease arrangements entered by JFC (both positions are renewal options), and legal issues normal to its operations. The company did not entered into sale and leaseback transactions. The Company complied with the accounting rules in accordance with PAS 17.However, as a lessor, the company did not classified assets subject to operating leases according to the nature of the assets in the balance sheet. This is on the assumption that the firm’s lease transactions involve only commercial properties. Information on such classification was aggregated i n the financial statements, which ensured its compliance. PAS 18: Revenue Disclosure requirements to comply with this standard includes accounting policies adopted for the recognition of revenue; methods used in accounting for stage of completion of service transactions; the amount of significant categories of revenue recognized during the period, which includes sale of goods, rendering of services, nterest, royalties, and dividends; and the amount of revenue arising from exchanges of goods and services included in each significant category of revenue. The policies adopted for revenue recognition is presented in section 2. 23 as to how they recognize revenue from various categories. Its compliance with standards related to revenue recognition from royalty and franchise fees are delineated in Note 18. Though the financial statements do not present the breakdown of revenues according to significant categories, they believe that the use of segment information is already sufficient enou gh to present the revenues of the company. In this case, such segment information suffices compliance with PAS 18.PAS 19: Employee Benefits Disclosure requirements under PAS 19 include the policy for recognizing actuarial gains and losses; general description of the types of plans; reconciliation of assets and liabilities regarding defined benefit obligations; actuarial gains or losses; fair value of plan assets; reconciliation of movements in the next period of net assets or liabilities, total expenses related to employee benefits such as current service costs, interest costs, expected actuarial returns on plan assets, past service costs, effects of curtailment and settlement; actual return on plan assets and actual return on reimbursement right recognized as an asset; and principal actuarial assumptions used at balance sheet date such as discount rates, expected rates of returns, expected rates of salary increases, medical cost trend increases, and other assumptions all expressed in absolute terms. The company was able to comply with the rules set on PAS 19. As can be seen in Note (a) of Section 2. 3. 1 of the Notes to Financial Statements, the policies on actuarial gains, losses, past service costs, plus its effect on the retained earnings and net income were depicted. Moreover, such information was also presented in the reconciliation of equity. In section 2. 4, the company disclosed their policy on employee benefits, both pension and share-based payments. Accordingly, the company uses defined benefit accounting. They also used defined contribution accounting to some extent for employees of Chinese domiciled subsidiaries of the company, as seen in Note 22; only a limited disclosure regarding the use of this plan was indicated. It also provided information as to actuarial gains, actual returns on plan assets, plan liabilities, reconciliation of movements in the present value of obligations and fair value of plan assets, fair value of plan assets, the date o f actuarial valuation, the actuarial assumptions such as salary increase rate, rate of return on assets, and discount rates.Termination benefits and other long-term benefits are not considered issues to the company. Other disclosures such as medical costs, schedules of contributions by employers and employees, and the recognition of actuarial gains and losses not presented in the financial statements will not affect the company’s compliance with the standard. PAS 21: The Effects of Changes in Foreign Exchange Rates Disclosure requirements under PAS 21 referring to functional currency of the parent includes the amount of exchange differences recognized in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in ccordance with PAS 39 and net exchange differences classified in a separate component of equity, in addition to the reconciliation of the amount of such exchange differences at the beginning and end of the period. Moreover, reasons for using presentation currency rather than functional currency should be indicated if such is the case; or if there is a change in the functional currency of either reporting entity or a significant foreign operation, that fact and the reason of change should be disclosed. It will only be deemed complying with the IFRS if all the requirements of each applicable accounting standard and interpretations are followed including the method of translation. The company disclosed its adoption of PAS 21, and they will be applying it prospectively.They also noted that goodwill arising from acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are now treated as assets and liabilities of the foreign operation and are to be translated at a closing rate. However, this new policy will have no significant impact to the company. As seen in letter (d) of note 2. 4. 1, the company has determine d the Philippine peso as the functional currency of the company. Additional information regarding functional currency and translation method is provided in section 2. 5. There is no issue as to the use of functional currency, since both parent and subsidiaries will use the Philippine peso.But as can be noticed, although there is a presented amount of exchange differences resulting from translation as indicated in the Statement of Changes in Equity, there is no reconciliation of the amount of such differences at the beginning and end of the period. PAS 24: Related Party Disclosures Relationships between parents and subsidiaries shall be disclosed irrespective of whether there have been transactions between those related parties. An entity shall disclose the name of the entity’s parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next senior parent that does so shall also be disclosed. Moreover, disclosure requirements include key management personnel ompensation in total and per categories presented in paragraph 16 regarding short-term employee benefits, post-employment benefits, other long-term benefits, termination benefits, and share based payments; the nature of related party relationships and information on the amount of transactions and outstanding balances, provisions for doubtful debts, and expenses recognized during the period in respect of bad and doubtful debts. The parent shall make separate disclosures, in addition to their interests in a joint control or significant influence over the entity, information regarding the parent company’s subsidiaries, associates, joint ventures, key management personnel, and other related parties.JFC finds this standard to have no effect on its equity but they are amenable to adopt the new standard. In note 24, the company noted that the transactions with members of the Jollibee group are eliminated while intercompany advances are major transactions with joint venture. They complied with the presentation of outstanding balance of advances as indicated in the standard. The company was able to justify such presentation in Notes 8 and 9. Yet on the other hand, there is no information regarding key management personnel and their compensation schedule. Accordingly, since JFC, as a parent, runs its business independently of its subsidiaries and other related parties, there is no dependence on the company’s related parties.PAS 27: Consolidated and Separate Financial Statements In this standard, the entity’s compliance of the standards depends on their disclosure of the nature of the relationship between the parent and the subsidiary, reasons that will not constitute control of an investee in the entity, differences in reporting dates, and a listing of information regarding significant investments in subsidiaries, jointly cont rolled entities or associates. In note 8, the company’s financial statements presented its required disclosures of investments in subsidiaries, although information with their compliance to paragraphs 41 and 42 of the standard is not that material for their presentation regarding separate financial statements. Hence, the company managed to comply with the disclosure requirements of PAS 27.PAS 31: Interests in Joint Ventures PAS 31 delineated several disclosure requirements such as the aggregate amount of specified contingent liabilities, unless the probability of loss is remote; the aggregate amounts of capital commitments of the parties with respect to their interest in the joint venture; a listing and description of their interests in joint ventures; and accounting methods in recognizing interests in joint ventures. JFC was able to comply with the disclosure provisions of the standard, having presented its description of their interest in a joint venture and the accounting method for its joint venture, as seen in section 2. 18 in Note 2 and the entire Note 9 of the financial statements. The first two items are not applicable in the company at the moment. In this case, the company was able to comply with the requirements of PAS 31.PAS 32: Financial Instruments: Disclosure and Presentation To enhance the understanding and significance of financial instruments of the entity, the firm should describe its financial risk management objectives and policies, including hedging policies for each main type of forecast transaction for which hedge accounting is used. The firm should also disclose a description of the hedge; financial instruments designated as hedging instruments including their fair values, nature of risks being hedged, and for cash flow hedges, the period in which cash flows are expected to occur. Information about the nature of financial instruments and basis for accounting recognition must also be divulged.The firm should disclose the amount of gain or loss on a hedging instrument recognized in equity, removed from equity, and the amount removed from equity and was included in the initial measurement of acquisition cost or carrying amount of non-financial assets or liabilities. Information about their exposures to credit risk and interest rate risk are also mandated. Furthermore, the standard requires information regarding fair valuation of financial instruments, de-recognition of financial instruments, financial assets held as collateral, compound financial instruments with multiple embedded derivatives, reclassification and presentation of income, expenses, gains, and losses resulting from financial assets and financial liability transactions, and impairment and defaults/breaches. Under Note (c) of section 2. 3. of the notes, JFC has embedded information on how the company identified its financial assets, and how they valued those financial assets. These pertain to their investment in stocks, refundable deposits on leas es and noninterest bearing car loans. These financial assets were explained in full detail in section 2. 6 of Note 2. In section 2. 16, information on de-recognition of financial assets and liabilities in accordance with PAS 32 were presented. Under Note 27, the company expressed its compliance with PAS 32, showing their risk management objectives and policies, and information on how JFC addresses the financial risks discussed in the standard.In Note 29, the financial statements presented the valuation of financial assets and liabilities, in accordance with the valuation set by PAS 32, together with the information of multiple embedded derivatives. However, detailed information about the maximum degree of risk exposure must be presented. PAS 39: Financial Instruments: Recognition and Measurement PAS 39 has no disclosure requirements since they were moved to PAS 32. However, to comply with IAS 39, information about the decrease in retained earnings and carrying amounts of financial a ssets was disclosed. In note (c) of Section 2. 3. 1, they also disclosed unrealized loss in the company’s AFS financial assets as part of compliance with the standards. Section 2. 6 provided a description of financial instruments held by JFC.In Section 2. 10 the company disclosed information on the impairment of financial assets in accordance with the requirements of PAS 39. Section 2. 22 presents information on the impairment of non-financial assets. Information on Notes 27 and 28 are still applicable in compliance with PAS 39 regarding measurement of financial assets and liabilities. PAS 33: Earnings per Share In presenting the financial statements in accordance with PAS 33, the standard requires the presentation of amounts used as numerators in calculating basic and diluted earnings per share and its reconciliations to profit or loss attributable to the parent entity for the period.It should also disclose the average number of ordinary shares used to calculate basic and di luted EPS, instruments that could dilute basic EPS in the future, and a description of ordinary share transactions that occur after balance sheet date. Jollibee’s compliance with the standard was indicated in section 2. 27 of Note 2 and Note 25, which presented the Earnings per share computations. As indicted in section 2. 3. 4, comparative information and disclosures have been presented as required. However, the adoption of PAS 33 has no effect on equity of JFC. The presentation of Earnings per Share of Equity Holders of the Parent was indicated in the Income Statement of JFC.PAS 36: Impairment of Assets Disclosure requirements in accordance with PAS 36 include the amount of impairment losses recognized in profit or loss during the period in each class of assets and revalued assets, the reversals of impairment losses in each class of assets and revalued assets. For material impairment losses, disclosures as to the events that led to the recognition or reversal of impairments losses in assets, cash generating units and information on aggregate losses should be indicated. Such compliance by JFC’s 2005 financial statements is indicated in letter (b) of section 2. 4. 2, section 2. 22 of Note 2, Note 3 regarding segment information on impairment losses, Notes 10 and 11. The company provided disclosures of their assessment of impairment losses on non-financial assetsPAS 37: Provisions, Contingent Liabilities, and Contingent Assets PAS 37 requires disclosures regarding contingent assets, liabilities, and provision. Contingencies are disclosed except when the possibility of an inflow or outflow of resources is remote. Information regarding the nature and estimated amount of such contingency, its financial effects, the uncertainties relating to the outflow and amount of reimbursements are also noted. Obligatory disclosures for provisions include carrying amounts, additions of provisions, provisions used, and unused amounts reversed during the period. Mor eover, brief descriptions on each class of provisions are due for presentation in the financial statements.The company was able to provide information regarding the company’s provisions, as stated in Note 14. While information on contingencies is not substantial, still, the assumptions are still presented in Note 2 of the financial statements. PAS 40: Investment Property PAS 40 identified the presentation requirements for investment properties. Disclosures under this standard are and extension of the requirements presented in IAS 17 (or PAS 17, â€Å"Leases†). Entities shall disclose whether they apply the fair value model or cost model in valuing investment properties. Should they apply fair value model, firms should indicate the circumstances property interests held under operating leases are classified and accounted for as investment property.If the classification is difficult, they should distinguish investment property from owner-occupied property and from propert y held for sale in the ordinary course of business. In addition, entities have to identify the methods and significant assumptions in valuation of investment properties. Amounts recognized in profit or loss such as rental income, operating expenses incurred from properties that are income and non-income generating, existence of restrictions on realizable characteristic of investment properties upon disposal, and contractual obligations regarding investment properties should be disclosed. Because JFC elected to use cost model in the valuation of investment properties as shown in note (e) of Section 2. 3. of Note 2, disclosures require the depreciation methods used, useful lives or depreciation rates used, gross carrying amount and accumulated depreciation, a reconciliation of the beginning and ending balances showing additions, assets classified as held for sale, depreciation, transfers, impairment losses, and fair value of investment properties. In the same notation, JFC presented t he effects of adopting the policy in the financial statements, as evidenced by the reconciliation found in the same note. Here, the changes in retained earnings and net income were presented, in addition to the expressed carrying value of the property. In Section 2. 20, the company presented their significant accounting judgments and policies regarding the adoption of the new standard. In Note 10, since they are using the cost method of valuing investment properties, reconciliation was presented showing the cost and accumulated depreciation of investment properties.Moreover, it also showed information regarding any transfers; retirements; impairment losses; and depreciation were depicted. Yet, they did not disclose the accounting methods used and the estimated useful lives of investment properties subject to depreciation. Table 3 Financial Reporting Issues Presented in the Analysis of Jollibee’s Financial Statements for the Year 2005 Standard No Financial Reporting Issues Pre sented The non-inclusion under Notes 2. 3. 5 regarding disclosure standards regarding capital management that should be indicated even though the provisions are not yet effective The classification of Judgments a-c in Notes 2. 4. 1. Is that considered a judgment, or an estimation uncertainty? PAS 1 PAS 8 PAS 24 PAS 40 ADDITIONAL NOTESSame as the problem of application in PAS 1 regarding disclosure standards on capital management Information about key management personnel was not indicated in the notes to financial statements. Information about the persons, their salaries, etc. is found in the 2005 SEC Form 17A. Only the disclosure regarding accounting methods used and estimated lives of investment properties subject to depreciation were not described. The release of the financial statements in the annual report has produced several encoding errors in the production of the financial statements. In summarizing the entire discussion, Table 3 highlights all financial reporting issues no ted in the analysis of Jollibee Foods Corporation’s 2005 financial statements. As can be seen, there has been an issue regarding the adoption of ten Philippine Accounting Standards.In addition, there was noted some encoding errors in the financial statements per examination of the annual report. Referencing regarding the reconciliation of equity upon adoption of the new standards is one example. Such errors, if noticed, may lead to some confusion in understanding the financial statement information. Other Problems in Financial Reporting This section tackles the problems that might have encountered by Jollibee in their preparation and presentation of the financial statements other than disclosure requirements. In addition, this paper will address how the company may have resolved such setbacks to achieve a fair presentation of the financial information.Functional Currency and Translation This problem arose for the reason that Jollibee has been maintaining international operati ons in the United States, Hong Kong, Vietnam, Brunei, Guam, and Saipan. In addition, its Chowking stores are located in Dubai, while their Yonghe King restaurants situated in China. Red Ribbon had also expanded in the US even before it was acquired by Jollibee. Because these countries uses different currencies in their daily operations and in the preparation of financial data, it is wondered how Jollibee will address such problem in their consolidated financial statements, whose parent company is situated in the Philippines.The problem was resolved in Note 2. 5. As can be said, the company’s management determined its functional currency to be the Philippine peso. In this case, the company measured these international transactions in Philippine peso at the transaction dates. Monetary assets and liabilities were measured using the exchange rate at balance sheet date. Non-monetary assets and liabilities wee measured at historical cost using the exchange rate at the date of initi al transaction. Its foreign subsidiaries’ financial statements were translated into the presentation currency of the company. Exchange rate differences were presented in the financial statements, though in aggregate form.Receivables Although the company’s main business is the development, operation, and franchising of Quick Service Restaurants (QSR), the company also maintains other operations in support of their QSR restaurants like franchising and leasing of facilities to other companies, it can be inferred that the company does not only depend on cash sales brought about by their restaurant operations. Receivables arose because franchising and real estate are also revenue-generating areas of the organization which also forms part of their trade receivables. Moreover, they also have dues from the joint venture and other related parties, which were aggregated as loan receivables. To prevent confusion, the company presented in its segment information the operations of such segments and as such, users can find out those transactions under franchising and real estate operations may primarily cause such receivables recognition.Inventory Valuation Because the primary operation of Jollibee is the operation of QSRs, it is noteworthy that the major bulk of their investments are food supplies, novelties, packaging, store supplies, and processed inventories. The perishable nature of food supplies and processed inventories, and the obsolescence of other supplies due to the release of new packaging designs, the lapse of periods where Jolly Kiddy meals come with novelties, and other time-based factors are the problems that Jollibee encounter in the valuation of its inventories. As such, the company maintained the policy of the First-In, First-Out (FIFO) basis of inventory system and in their valuation of inventories as of the balance sheet date.This is to prevent the deterioration of goods that may be harmful if not used within a certain amount of time, and to maximize the usability of these items. Though designs change, its utility value is the same for packaging all Jollibee products. Cost valuation using FIFO allows the firm to value its unsold or unused inventories at more recent dates of acquisition, which is acceptable under the new standard. Revenue Recognition Jollibee recognizes revenue from various sources such as from sale of goods, royalty fees, franchise fees, dividend income, rental income, and interest income. While the policy of revenue recognition was presented in the notes to financial statements, certain question on how they recognize revenues from franchise fees.Accordingly, such revenues are recognized when all services or conditions relating to the transaction have been substantially performed. Substantial may not be the total performance demanded to the company in providing such services. The question lies regarding new franchisee transactions that the company’s services commence at one period and terminat es on the other period. How will the company assess their substantial performance on such franchise services to its new franchisees on the first period? Segment Reporting As can be seen, Jollibee has presented its segments on the basis of the nature of operations. Specifically, the company presented the food service, franchising, and real estate segments of its business.Knowing that Jollibee has international operations in the USA, East and Southeast Asia, and even in the Middle East, it is of question why did the company did not presented information related to geographical segments. Be it noted that of the more than 1,000 outlets of the Jollibee Group, less than 140 of them were located outside the Philippines, including the 101 Yonghe King restaurants in China. Based on the combined performance of these stores, the international operations has yet to contribute more in the total operations of Jollibee, as approximately 90% of their stores are located in the Philippines. Again, it should also boil down on the notation that Jollibee has other major operations.That could be the reason for segment information to be reported that way. Admission of Red Ribbon into the Jollibee Group In 2005, the company bought Red Ribbon, a company that sells cake products to Philippine consumers. Red Ribbon’s financial statements prior to acquisition are prepared for the fiscal year ending June 30. Since Jollibee and Red Ribbon have time differences in financial reporting, the stockholders and the Board of Directors agreed that the reporting period of the company should follow the calendar year presentation of Jollibee. Hence, the notes presented the summative position and performance of Red Ribbon for the fiscal year endedJune 30, 2005 and for the six months ended December 31, 2005, following the calendar year. Financial Instruments Due to the applicability of PAS 32 and 39, the company classified certain investments in shares of stocks as available-for-sale financial as sets and valued at fair value, though these has been measured at lower of aggregate cost or market value in the previous GAAP. Refundable deposits on leases and non-interest bearing car loans were re-measured at fair value at initial recognition and subsequently at amortized value under the effective interest method. Prior to such adoption, these are carried at cost, less impairment in value under previous GAAP.Such adoption resulted in a decrease in retained earnings for the company, which may have brought adverse effects to the company from the point of view of layman financial statement reader. Realizations After analyzing the financial statements of Jollibee Foods Corporation’s 2005 financial statements to identify the issues and problems in their financial reporting in accordance with the PFRS and PAS, this paper presents some realizations about the state of the company struggling to ensure compliance with the Philippine accounting standards under issue in the preparatio n of the financial statements. In addition, an insight regarding problems in financial reporting is presented. 1. Some judgments may not be considered judgments at all.While the company may have a point in identifying several issues to be as accounting judgments, it may be preferable if such judgments like impairment, leases, and asset retirement be presented under estimation uncertainties. This is because this transactions or events normally require estimations rather than judgments. 2. Keep abreast with the release of new standards. It can be assumed that the newest release of PAS 1 standards relating to capital management may not yet noted by the company. Jollibee must continuously upgrade its awareness of these new standards since it might have a significant bearing on how they will present the information to comply with such new standards. Such can be achieved through attendance to seminars on PAS and PFRS, and continuous training and research. 3. Redundancy can lead to fair pr esentation.Standards have the say. Sometimes, the notes have to be redundant in stressing out the emergence of applications, measurement, and valuation of items that are covered by a particular accounting standard (e. g. PAS 14, â€Å"Segment Reporting† and PAS 18, â€Å"Revenue,† where both standards require the presentation of similar information related to reportable and non-reportable segments). In such case, preparers of financial information have no option but to present the information more than once, as per accord with the standards. 4. Show reconciliations, when necessary. The use of such reconciliations may lead to a better understanding of the financial statements.Showing the movements in the beginning and ending balances may already be an important tool to understand the information related to such reconciliation. 5. Encode information with accuracy and with precision. Preparers of financial statements must exercise due care in encoding of information in th e soon-to-be published financial statements. Errors resulting from such carelessness may mislead users of financial information in making economic decisions for the company. 6. Problems are immortal. New policies, new standards, new conventions. These lead to problems especially in dealing with the preparation of the company’s financial statements. Instant compliance maybe difficult. Sometimes, resolving these problems might have adverse effects.It really depends on the company on how they are motivated to face these situations and eventually gear itself to imminent financial reporting problems in the future. References Acuna, C. , Bernaldo, R. , Dy, L. , Malabanan, R. , & Young, L. (2004). A comparative study on the performance and financial position of Jollibee and McDonald’s for the years 1999 – 2006. Unpublished undergraduate thesis. Manila, Philippines: De La Salle University. Jollibee Foods Corporation (2004). Jollibee Foods Corporation Annual Report 2004. Pasig City, Philippines. Jollibee Foods Corporation (2005). Jollibee Foods Corporation Annual Report 2005. Pasig City, Philippines Philippine Institute of Certified Public Accountants (2005). Philippine Accounting Standards Vol. 1-5. Mandaluyong City, Philippines.

Coffee and tea Essay

a. Drinking coffee and tea is a part of the daily life of adults and some of the young. Coffee which is made from Coffee beans and Tea which is made from tea leaves are often considered as helpful to our daily lives although tea is regarded as more healthy due to coffee having more Caffeine. However, they are technically both considered harmful to our health too. The pleasure of drinking coffee and tea excessively can have harmful effects to our health because of the Tannic Acid that is involved. Coffee beans that are grown in very high altitudes and mineral-rich soil often produce more acidity. The acid content also depends on the type and length of bean roasting and brewing method. Coffee’s pH averages about 5. 0 while tea (depending on what type) has a pH ranging from 4. 0 to 6. 0. The tea also becomes more bitter as the tea is steeped in the hot water. b. c. We love to drink coffee and tea because they satisfy and make us feel more awake. This is done because one part of their component is caffeine which helps us energize so that we could do the things that we do for longer periods of time. Not only that, Coffee and Tea are actually very helpful in preventing different kinds of diseases and cancers. Coffee can be beneficial because it can help prevent Alzeimer’s, Heart Disease, Type 2 Diabetes and etc. Not only do they help in preventing sickness but they also help us in exceeding our limitations like how coffee helps us improve our memory recall and how the different types of tea have different effect like Green tea which improves the cholesterol level and how Oolong tea promotes weight loss. However, by excessively or regularly drinking Coffee and Tea without giving care of what we ingest whether it be solid or liquid, we are just endangering ourselves to getting ulcer, stained teeth or maybe even worse; Esophageal cancer. To be able to help reduce the chances of falling into the harm of these beverages that we so love, we should always drink a cup of water after so that the acid that covers our teeth after drinking these beverages would mostly be washed off and so that the acids in our stomach would also get diluted and thus lessening the chances of our insides getting harmed. After drinking Coffee or Tea, we should always remember to never drink or eat anything sour shortly after because it will increase the chances of getting GERD which will cause heartburn and will lead to serious problems like Esophageal cancer later on if it is frequently experienced. To avoid the chances of experiencing these harmful side effects, we should not drink Coffee, Tea or other beverages with Tannic acid or others similar acidic ingredient on a regular basis. References: http://www. healthline. com/health/gerd/coffee-tea http://www. bhg. com/health-family/staying-healthy/dental-health/coffee-tea-your-teeth/ http://www. healthcentral. com/acid-reflux/h/decaf-coffee-and-decaf-tea-are-good-for-acid-reflux. html http://www. dreamstime. com/stock-image-coffee-tea-icon-image20628291

A Roman Revolution Essay Example for Free

A Roman Revolution Essay ? It was May 30, 1347.  Ã‚   The city was once at the center of the world, and varying nations vied to pay homage.  Ã‚   Since that time, however, its institutions, its buildings, and its very name seem to have been forgotten by time.  Ã‚   Local nobility compete for control while the rest of the populace starved, and banditry thrived.  Ã‚   The religious shrines and public buildings were dilapidated, and worn out from neglect.   From this one day, however, and from one such ruin, issued a declaration from a man who stirred hope in people’s breast.   Ã‚   Cola di Rienzo, who in the course of time would ambitiously set himself up as a virtual dictator in the city, at that moment declared the restitution of the Roman Republic, to the cheers of an excited throng.  Ã‚   The restless crowd seemed far disconnected from the reality of a Holy Roman Empire, independent Italian city-states, Norman and Spanish sovereignty in the south, or the hundred more kingdoms and treaties that kept Italy divided and the Republic from becoming reality, but no one cared.   A brief, tragic drama began to unfold, taking hold of the city and its dreamer alike.  Ã‚   For a few months, the Roman Republic seemed to breathe life and its Dictator Rienzo came close to uniting Italy.  Ã‚   The smaller city-states and principalities all sent their delegations and intentions to forming a loose federation with Rome.  Ã‚   And the Dictator put ambitious reforms and decrees, which championed the cause of the people.   His pride, however, got the better of him, and he soon alienated the senators and the Church.  Ã‚   The senators amassed armies against him, and the Pope called to the people to reject him.  Ã‚   Having lost all his allies, he fled the city, wandering Italy to find people to rally for his cause.   Ã‚  Dejected, beaten, his spirit finally broken, he surrendered to the Pope in Avignon, and was allowed to return to Rome where the people could not long stomach his disillusionment and killed him as a traitor[1].    This brief Roman Revolution was an early experiment of that age to attempt the reconstitution of an age that seemed lost in time.  Ã‚   The people of the Renaissance, from the artisan to the poet, was fascinated with ancient Greek traditions and culture and created works of art that mimicked Classic styles.  Ã‚   Ancient texts were gathered from the libraries where it was copied and preserved, and crude attempts at translation were made to introduce these historical artifacts to the world.  Ã‚   Most of the entire Renaissance was electrified at the thought of the old â€Å"heroic† Roman Republic, and the Caesars and Ciceros that once walked the Forum.    In due course, this paper would seek to identify the sources of the ideology behind the Italian Renaissance’s fascination with the ancient Greco-Roman, and how it seemed to suit their needs.  Ã‚   The paper will then explain the various attempts to reconstitute the past in the present, and how close they were in succeeding.    The thought of a restored Rome was not unique to Renaissance thought.  Ã‚   Even as the western portion of the empire collapsed under the pressure of barbarian migrations, the eastern emperor Justinian drafted ambitious plans of gaining back the lost lands of Gaul, Italy, Spain and Africa. This having failed, the Frankish kings, and later the German emperors, stylized themselves as Caesars that had legitimacy given to them by the authority of the Pope and the acquiescence of the eastern emperor.   Italian dreams of Rome, however, had political and cultural context.   They loathed the plain ugliness of Gothic and barbarian architecture, and largely preserved the Roman tradition and culture.   They lamented Italian as a bastardized form of Latin, and deplored Dante’s use of the former as the vernacular. Italian writers, at the beginning of the Renaissance, began to collect ancient texts from faraway libraries[2].  Ã‚   Petrarch, the Father of the Renaissance, was the first of the writers to amass Greek and Latin texts, and encouraged a fellow writer, Boccaccio, to pore into Greek research.   Unique also in the Renaissance, was the way the ancient texts were interpreted. In the medieval ages, the various ancient works of art were interpreted in Christian context.  Ã‚   Pagan ideals and traditions were explained with a Christian theme. Thus, a Hercules-like figure would be used to represent Christ.  Ã‚   The Renaissance began to separate the contemporary Christian thought from the ancient texts, and began to appreciate the latter in their historical context. They read into classical texts their appropriate classical meaning; they did not allegorize Latin writings as one to justify medieval Christian Europe, but in the context of ancient Rome[3].   The thought of a united Italy was sometimes reconciled with the restoration of the ancient Greco-Roman tradition.   Ã‚  Rienzo certainly thought of this when he donned the garb of the old senatorial toga and declared the return of the Roman Republic. Petrarch saw it when he asked King Charles IV of Bohemia to unite all of Italy [4] , and many might have seen it when the son Alexander VI, Cesare Borgia, began a long campaign to win back much of the lost cities of the Papal States.    For all the dreams and ideals of the Renaissance Italians, a Roman Republic could not be reconstituted from 14 th to 15 th century Europe.  Ã‚   The Holy Roman Empire, primarily, would not stand for a united Italy outside of their control or power, as they would, and have claimed, Italy as an integral part of the empire. Neither, however, can the Holy Roman emperors be able to unite Italy, as they become too embroiled in disputes with the Pope, who has nominal sway over the Italian city-states.  Ã‚   And the Popes, for all their universal spiritual authority, would not be able to wrest control of all of Italy from powerful independent Italian city-states, the Normans and the Spanish, the Germans and the French, and even the Greeks until their collapse in the latter half of the 15 th century.   The Italian Renaissance sought to reintroduce ancient Greco-Roman thought into the mainstream, envisioning a past that was nobly glorious.  Ã‚   Several hundred years brings distance and unreality to history, even when taken from historical context.   The Italian city-states of the Renaissance was freer in practice with its people than the ancient Roman Republic, which countless times brought down reformer tribunes, and curbed attempts to relieve the proletariat in keeping the wealthy in their state.  Ã‚   The ancient Roman Empire was less free as the centuries passed, and its economy was in nightmarish shambles, a thought that the Renaissance Italians might have shuddered at.   In the end, the Renaissance Italians might have fallen in the same way their medieval counterparts have: to see the ancient culture in their contemporary values.   Certainly the Renaissance wanted to detach itself from the â€Å"barbarism† and disunity, which seemed to plague Europe, but the reforms of a Rienzo would have shocked the ancient Roman aristocracy, and Byzantine intrigue would be far closer to Roman court morals than the Renaissance Italian sensibilities.   A final word must be said of the Renaissance dream: in the 16 th century, one man came closest to uniting Italy and much of Christendom under a loose â€Å"Roman empire†.  Ã‚   Politics and religion, in the end, got in the way, and Charles V of the Hapsburg dynasty and his successors would find himself humbled by an alliance of French, Turks, Protestants and even the Pope[5]. Durant, Will. The Renaissance . New York: Simon and Schuster, 1953. Durant, Will, Caesar and Christ . New York: Simon and Schuster, 1935. Rice, Eugene Jr., The Foundations of Early Modern Europe, 1460-1559 . New York: W.W. Norton and Company,1971. Krailsheimer, A.J., The Continental Renaissance: 1500-1600 . Middlesex: Penguin Books, 1970. [1] Durant, Will, The Renaissance (New York: Simon and Schuster, 1953) 16-21. [2] Durant, Will, The Renaissance (New York: Simon and Schuster, 1953) 67-69. [3] Rice, Eugene Jr., The Foundations of Early Modern Europe, 1460-1559 (New York: W.W. Norton and Company, 1970) 72-76. [4] Durant, Will, The Renaissance (New York: Simon and Schuster, 1953) 46. [5] Krailsheimer, A.J.,   The Continental Renaissance: 1500-1600 (Middlesex: Penguin Books, 1971) 93-98. A Roman Revolution. (2017, Apr 01).

Hinduism and Islam Essay Example | Topics and Well Written Essays - 1250 words

Hinduism and Islam - Essay Example All these three religions originated from Abraham. Abraham’s eldest son Ishmael is the father of Islamic religion. Hindu religion is standing out from other religions because of their belief in multi God theory. It should be noted that Muslims believe in single God theory like Jews and Christians. There are certain common elements and differences in the belief structure of Hindus and Muslims even though their theories about God are entirely different. This paper analyses the similarities and differences between Hindu beliefs and Islamic beliefs. Analysis of Hinduism & Islam through research Hindu religion is the religion of Vedas based on the practice of Dharma. (Dharma is the code of conduct of life principles). â€Å"The foundations of Hindu religion were laid by ancient rishis (sages), who taught their disciples the eternal principles of life they had discovered through their meditations† Since Hinduism has no founder, anyone who practices Dharma can call himself a H indu†(Devshoppe). There are 4 different types of people in the Hindu religion basically as per the ancient belief; Brahman, Kshathriya, Vaisya and Shudra. Only the Brahman people got the rights to do the rituals in the temple and they are considered as the highest class in the Hindu religion. Kshathriya people had the right to rule the country while the other two were the working class. The word Brahmin is derived from the word Brahman ie the supreme self. This caste is traditionally ranked first, among the four main castes. Vedas are the primary source of knowledge for brahmins. The word Kshtriya denotes an aristocratic status. In Sanskrit it is derived from the word â€Å"Khatra† ie Power, Rule, Roof, Government etc.. This caste is traditionally ranked second in the four main castes. The Vaishya are on the third rank of four main castes in Indian society. The word Vaishya is derived from a word which means to live, and the caste was originally focused on farming, agri culture, and trading. The shudras are the lowest and largest caste. As per the Sanskrit definition, Shudra can be any person, regardless of his Varna. As per the Purush-Sukta of Rig-Ved,the Shudras are originated from the feet of the Lord (Brahmana-Kshatriya-Vaishya-Shudra) Hindus believe in â€Å"The three-in-one god known as â€Å"Brahman,† which is composed of: Brahma (the creator), Vishnu (the Preserver), and Shiva (the Destroyer)† (Hindu Beliefs). In other words, for every Godly activity, Hindus have a separate God. They believe that the entire world is controlled by different Gods who have different duties. Bhagavad Gita is the Holy book for Hindus. â€Å"Spoken by Lord Krishna, the Supreme Personality of Godhead to His intimate disciple Arjuna, the Gita's seven hundred concise verses provide a definitive guide to the science of self realization† (Bhagavad Gita). Hindus give more respect to women compared to any other religions in the world. According to H induism, a soul is reincarnates again and again on earth till it becomes perfect and reunites with its Source. During this process, soul enters many bodies and attains many forms (Jayaram) Islam means to submit freely to The Commandments and Will of The One and Only God (Allah). This submission should come from within, from sound belief in and

Your Reading Experience Essay Example | Topics and Well Written Essays - 3000 words

Your Reading Experience - Essay Example In addition, all the five works take characters that have a background of African origin. In this essay, the themes of isolation and alienation, materialism and social position, race and African identity will be discussed by means of the five works and their analysis. Othello’s being an Alien in Venice and the gulf of culture, race and complexion—that exists between him and the Venetians—in an important theme in the tragedy in Othello. The theme of race and the themes of isolation and alienation can be combined because it is because of the race that the character of Othello considers himself alienated from the Venetian society. Shakespeare forced his audience to see Othello with the â€Å"bodily eye† of Iago. Othello tries to attach himself to the Venetian society on the basis of universal virtues such as love and loyalty. However, Iago’s attempt in realizing himself as an alien makes him to a step that takes him to his tragedy. Therefore, it is quite clear that Othello has evidently awareness of his race and color as different to Desdemona. This racial difference becomes a cause for his consideration that Desdemona has illicit relationships with Cassio. He also considers himself alienated from a society, which is not his. He tries to be a part of that society but he is always aware of his being different due to which, he is alienated and isolated. Like Othello, the themes of isolation and alienation in Everyday Use can also be assembled with the theme of race. The family of Maggie and Dee has an African background while Maggie remains stick to her traditions and culture while Dee wants to stay away from her culture, which is quite impossible. Dee belongs to African culture and she cannot deny this fact. Dee makes many friends, out of which, no one is sincere to her according to Maggie. Due to this fact, Dee is alienated from the society in which, she lives because of

Domain Name System in Different Jurisdictions Term Paper

Domain Name System in Different Jurisdictions - Term Paper Example According to (Turban, Leidner, McLean, & Wetherbe, 2005, pp. 217-218), web addresses at Internet are acknowledged as domain names. The Domain Name System synchronizes the two main types of translations: website hostnames to IP (internet protocol) addresses as well as IP addresses into hostnames. The conversion of web-based IP addresses into website hostnames is indispensable if the remote machine presents confirmation or logging. In the working of the DNS, the Internet applications access DNS in the course of a resolver that is a software library connected by the application. A Domain Name System resolver interacts with one or more DNS servers to carry out these jobs on behalf of the application (Krishnan, 2004) and (Turban, Leidner, McLean, & Wetherbe, 2005). Basically, there are two levels of domain names. The first level is known as the top-level name like that amazon.com or phoenix.edu. While a second level name will be amazon.com/books or fuel.ac.uk. The top-level names are issu ed by central nonprofit companies that inspect the issues and potential violation of trademarks. Undoubtedly, organizations that sell products and services using Internet require customers to be capable to reach them without difficulty; therefore it is most excellent when the URL (web address) relates the organization’s name. However, troubles occur when a number of organizations that have matching names struggle for the same domain name. For instance, if a customer wants to reserve a room at a Holiday Inn hotel and the customer opens the URL ‘holidayinn.com’, and he finds the website for a hotel situated in Niagara Falls, New York. On the other hand, to go to the hotel chain’s website customer needs to open this URL holiday-inn.com, which looks similar. Furthermore, a number of cases of disputed name previously registered in the courts.

Critical Thinking Questions Assignment Example | Topics and Well Written Essays - 250 words - 1

Critical Thinking Questions - Assignment Example Also this program helps in analyzing the structure of various sentences within a context. These programs have also provided an easy way on how to indentify problems within a word and sentence particularly in terms of spellings and possible misuse of words within a sentence. These programs also help in checking word count and pages and they do so by providing very accurate answers. However these programs have also there short comings, for example the programs can be manipulated to fit the situation that an individual is in. This means that an individual can add a word to the dictionary as long as he/she feels that is the way it should be hence this may confuse other writers who may use the same machine for their work. These programs require a lot of practice in order to master them hence individuals who are not aware of how they are used, may find it difficult to use the programs. Through Information Right Management (IRM), a business is able to set in place security management systems that assist in protecting the important documents of the business, by only allowing the information to be shared by the relevant people. Also through the IRM the business is able to identify and set deadlines on the duration of the information that has been communicated by the business. Also IRM has helped to reduce conjestion in the mail inbox since it gives the writer time to reexamine on who is in need of the information that is to be

French press scandal media Essay Example | Topics and Well Written Essays - 750 words

French press scandal media - Essay Example For example, in early October of this year Sarkozy was featured on front news pages as having suffered a migraine that prevented him from attending his weekly ministerial meeting with rival de Villepin. A story of such a personal nature would likely not have been run prior to 2002, when he was first appointed interior minister. There are certain laws and restrictions that govern the French press and ensure protection of individuals. "The free communication of thoughts and opinions is one of the most precious human rights: hence every citizen may speak, write, print with freedom, but shall be responsible for such abuses of this freedom as shall be determined by Law." Freedom of speech, thus defined by Article 11 of the 1789 Declaration of the Rights of Man and of the Citizen has achieved universal scope worldwide. The article inspired the Universal Declaration of Human Rights adopted by the United Nations on 10 December 1948 (Art. 19) and the European Convention on Human Rights adopted on 4 November 1950 (Art. 10). In France, the State guarantees press freedom and safeguards media independence by ensuring the diversity of opinion and pluralism of news and information. The law prevents excessive media concentration by prohibiting any one media group from controlling more than 30% of the daily press. The Act of 29 July 1881 on freedom of the press provides a framework for press freedom by setting restrictions designed to strike a balance between freedom of expression, protection of citizens and maintaining law and order. In 1984, the Constitutional Council acknowledged the constitutional value of press freedom and its necessary role in a democracy. Protection of individuals The law protects minors from written material and illustrations in which they can be identified. It prohibits licentious and violent publications which target minors. The law punishes slander and defamation: "Any offensive expression, contemptuous term or invective, not based on fact, constitutes slander. Any allegation or imputation of an act which dishonours or damages the reputation of the person or entity against whom it is made constitutes defamation". (Article 29, Act of 29 July 1881). Audiovisual media Article 1 of the Act of 30 September 1986 (amended) on Freedom of Communication states that "this freedom may be limited only, to the extent required, for the respect of human dignity, freedom and property of other people, the pluralistic nature of the expression of ideas and opinions and, for the protection of children and adolescents, safeguarding of law and order, for national defense, public service reasons ()." REASONS FOR AND AGAINST IMPOSITION OF A NEW LAW There are reasons why the Government should impose a new law that limits the intrusion of the press taking into consideration people's personal lives/ affairs and problems. First, the information intended to be published by the media should be subjected to scrutiny to ensure there is no contravention of the law leading to defamation or erosion of character of the party involved. Another reason is that as in the Sarkozy's case, the media have not been so sure

Persepolis and Spring, Summer, Fall, Winter and...Spring Essay

Persepolis and Spring, Summer, Fall, Winter and...Spring - Essay Example It is one of a kind movie, for it is rare that politico-historical subjects are treated in an animation format. This cinematic experiment has worked out well, as symbolism and abstract depictions are well suited to socio-political drama. Spring, Summer, Fall, Winter and...Spring is a masterpiece in its own right. This film treats such difficult subjects as nature v nurture, religion, meaning of life, human tendencies for sin, methods for salvation, etc. Broad and yet profound in its interpretative scope, the director conveys his musings mainly through visuals set amongst brilliant natural scenery. Dialogues playing second fiddle as a narrative device but are potent nevertheless. The two main characters of the two films are Marjane and the young monk respectively. The character and life story of the young monk holds a better universal appeal, as the director treats his life history via universal metaphors. In other words, the events, conditions and temptations that confront the young monk are representative of broader humanity. Religion is shown in a benign light in Spring, Summer...while it is shown as oppressive in Persepolis. Indeed, in the life of young Marjane, religion (at least those who claim to stand for it) is authoritative, repressive and cruel. In contrast, in Spring, Summer..., the young monk comes of age by committing mistakes that were discouraged by his religious code. Yet, his wise master was not prohibitive of those mistakes, although he was well cognizant of their implications. The wise and experienced master allows his ward to learn the realities of life by himself. The master is not indifferent to the wellbeing of his ward, but merely austere and understated in his guidance. For the master knows scriptures cannot substitute real life experience and that the young monk will have to eventually find his own way out of worldly temptations. Hence, the process of coming of age for the young monk is by learning to see his own shortcomings. The comp assion and warmth of the wise master was also instrumental in his growth. In contrast, in the case of Marjane, the process of coming of age is not through understanding her frailties. To the contrary, she is a regular girl with normal affections and inclinations reflecting various stages of growth. But the country in which she grows up – Iran – was going through radical political upheavals. She gets valuable guidance through elders in her family, most notably, her uncle and her grandmother. Her uncle fought the excesses of Shah’s regime and was persecuted for the same. Later, when he objected to the oppression of the Islamic regime, he was imprisoned and eventually executed. But he made a profound impression on the formative mind of young Marjane. His words of advice to her – â€Å"stay true to yourself, never compromise on your dignity† - would remain as a guiding beacon to Marjane whenever she is troubled by social and political circumstances. He r grandmother too reiterates the thoughts of her illustrious uncle and admonishes Marjane whenever she breaches those lofty standards. Marjane grows up, albeit with lots of hurdles en-route, by upholding her principles in light of strong authoritarian opposition. She doesn’t always win, as illustrated by her sad return to home from Vienna and her short-lived marriage. But, she is the stronger for it. This is evident in her last

History of Coca Cola Essay Example for Free

History of Coca Cola Essay About the Company: The first signs of the Coca-Cola Company started out in Atlanta in 1886 when a pharmacist named John Pemberton developed a caramel colored carbonated drink and sampled it to customers. Soon after, the drink was for sale at five cents a glass, selling about nine glasses a day in the local pharmacy. After Pemberton’s death in 1888, an Atlanta businessman named Asa Griggs Candler, secured the rights to Coca-Cola for a total of $2300 and it was at this time that Coca-Cola transformed from an invention into a business. Over the next several years, through coupons, advertisement, and sampling, the demand for Coca-Cola continued to grow making it necessary to open syrup plants in Chicago, Dallas, and Los Angeles. In 1899, two lawyers secured the rights from Candler to sell Coca-Cola in portable bottle sized serving, as opposed to only being offered in the soda fountains. Not realizing the popularity bottles would have, Candler sold the rights for just one dollar. Going into the new century, Coca-Cola continued to see rapid growth moving into other countries including Canada, Panama, Puerto Rico, France, and Cuba to name a few. From having just two bottlers in 1990, Coca-Cola had almost 1000 bottlers in 1920. Over the next twenty year, focus was on introducing the beverage around the world with much success. After 70 years of success with Coca-Cola, the company began introducing other flavored beverages including Fanta ®, Tab ®, Fresca ®, and Sprite ®. The company’s presence was growing more and more internationally in countries such as Cambodia, Turkey, and Paraguay. In1971, the company was selected to be the only company allowed to sell packaged cold drinks in The Peoples Republic of China. During the 1980’s, Diet Coke was introduced and the company made an attempt at developing a new improved formula for Coca-Cola. While this had good test panel results, when the new formula was introduced on the market, the public begged for the old formula to be reinstated. The public opinion eventually won and Coca-Cola Classic was back on the shelves. The 1990’s  brought other new beverages to the line up including Dasani ® bottled water, Powerade ® sports drink, and Barq’s ® root beer. The company continued to move into other countries including East Germany and India. By 1997, the company was up to over 1 billion servings of their product a day and continually growing. Coca-Cola started out as an experiment in a pharmacy selling just nine glasses a day and now has over 500 brands world wide selling over 1.7 billion servings per day. Even with the tough economy, Coca-Cola has continued its growth and remains to be a beverage that consumers reach for da ily, not just in the United States, but all over the world.

Estimation of Tramadol Hydrochloride and Diclofenac Sodium

Estimation of Tramadol Hydrochloride and Diclofenac Sodium Derivative Spectrophotometric Method for Estimation of Tramadol Hydrochloride and Diclofenac Sodium in Pharmaceutical Dosage Form Pekamwar S. S., Kalyankar T. M, Lokhande M. V. ABSTRACT Purpose: Tramadol is opioid analgesic and diclofenac is NSAID and are used in severe to moderate pain management. Combination of Tramadol and Diclofenac drugs were approved by FDA to market in India with a dose of 50 mg for TRA and 75 mg DIC respectively. Method: The employed method is based on first order derivative spectrophotometry. Wavelengths 278.7 nm and 281.7 nm were selected for the estimation of the Tramadol and Diclofenac respectively by taking the first order derivative spectra. The concentrations of both drugs were determined by proposed method. The results of analysis have been validated statistically and by recovery studies as per ICH guidelines. Result: Both the drugs obey Beer’s law in the concentration range of 5-30 ÃŽ ¼g mL-1 and 5-45 ÃŽ ¼g mL-1 with regression 0.9997 and 0.9990, intercept- 0.0008 and 0.0062 and slope- 0.004 and 0.0316 for TRA and DIC respectively. The accuracy and reproducibility results are close to 100% with 2% RSD. Conclusion: A simple, a ccurate, precise, sensitive and economical procedures for simultaneous estimation of Tramadol and Diclofenac in tablet dosage form have been developed Key words: Tramadol, Diclofenac, First order derivative spectrophotometry, ICH guidelines, Validation, FDA Introduction Tramadol Hydrochloride (TRA) is a synthetic 4-phenylpiperidine analogue of codeine. Chemically it is cis -2-[(dimethylamino) methyl]-1-(3 methoxyphenyl) cyclohexanol hydrochloride (Figure-1), is a centrally acting opioid analgesic, indicated in the treatment of moderate to severe pain. TRA is used to treat postoperative (dental, cancer etc.) pain, treatment of rheumatoid arthritis, restless legs syndrome, motor neuron disease and fibromyalgia and as an adjuvant to NSAID therapy 1-8. Chemically Diclofenac Sodium (DIC) is 2-{2-[(2, 6- dichlorophenyl) amino] phenyl} acetic acid (Figure -2), is a nonsteroidal anti-inflammatory (NSAID) drug. DIC gives anti-inflammatory, antipyretic, and analgesic action thought the inhibition of prostaglandin synthesis by inhibition of cyclooxygenase (COX). DIC is used in acute to chronic treatment of signs and symptoms of osteoarthritis and rheumatoid arthritis 9-19. Tramadol (50 mg) and Diclofenac (75 mg) combination, resulting central and peripheral analgesia a â€Å"balanced analgesia† used in wider spectrum of pain management. In the literature survey it was found that various analytical methods involving spectrophotometry 1-4, HPLC (High-performance liquid chromatography) 5-7, stability-indicating RP-HPLC (Reverse phase high performance liquid chromatography) 8, and GC/MS (Gas chromatography- mass spectrophotometry) 7 have been reported for TRA in single form and in combination with other drugs. Several analytical methods have been reported for DIC in single form and in combination with other drugs including spectrophotometry 9-12, HPLC 13-16, RP-HPLC 17,18, and LC-MS (Liquid chromatography-mass spectrophotometry) 19. Extensive literature survey reveals that derivative spectrophotometric method is yet not reported for simultaneous determination of TRA and DIC in tablet dosage form. In the present work an attempt is being made to develop simple, precise, accurate and reproducible first-order derivative UV- spectrophotometric method for simultaneous estimation of TRA and DIC in combined dosage form. Materials and Methods Apparatus and Instruments The instrument used in the present study was UV- spectrophotometer UV-1800 (Shimadzu, Japan) with spectral bandwidth of 2 nm and 10 mm a matched quartz cell was used. All weighing was done on Digital balance (Anamed). Chemicals and Reagents Analytically pure drug sample of TRA and DIC was kindly provided by Supriya Lifescience Ltd. (Mumbai, India) and J.B. Chemicals Pharmaceuticals Ltd. (Gujarat, India) respectively. The pharmaceutical dosage form used in this study was unavailable in market but has been approved by the FDA to market in India. So this bilayer (Core) tablets manufactured in School of Pharmacy, S.R.T.M. University, Nanded, labeled to contain 50 mg of TRA and 75 mg of DIC. All chemicals (AR grade) were purchased from RANKEM, Delhi, India. Preparation of standard stock solutions Accurately weighed 10 mg of TRA and DIC transferred to two separate 100 mL volumetric flasks. Added sufficient methanol and sonicated for 5 min. and volume was made upto 100 mL with methanol. 1 mL of the stock solution was further diluted to 10 mL with methanol to get a working standard solution of concentration 10 ÃŽ ¼g mL-1 of both TRA and DIC and scanned in the wavelength range of 200-400 nm. First-Order Derivative Spectroscopic Method 20, 21 Working standard solution of concentration 10 ÃŽ ¼g mL-1 of both TRA and DIC were scanned in spectrum mode between 400-200 nm using methanol as a blank. Then zero order spectrums of both the drugs were transformed mathematically into their individual first order derivative spectrum and first derivative overlain of both the drugs were obtained in 400-200 nm which is shown in figure 3, figure 4 and figure 5. It was observed that wavelengths selected for quantification of both the drugs were 281.7 nm for TRA and 271.7 nm for DIC in such a way that at zero crossing of one drug another drug shows substantial absorbance (Zero crossing method). Therefore these two wavelengths were employed for the estimation of TRA and DIC without any interference. The calibration curves were plotted at these two wavelengths. Preparation of Sample Stock Solution Contents of twenty tablets were weighed accurately and powdered. Powder equivalent to 50 mg of TRA and 75 mg of DIC was weighed and dissolved in 50 mL of methanol with the aid of ultrasonication for 5 min. The solution was filtered through Whatman filter paper no. 41 to a 100 mL volumetric flask. Filter paper was washed with methanol, adding washings to the volumetric flask and volume was made up to the mark with methanol to get sample stock solution which was further diluted with methanol to get final concentration of solution (TRA 10 ÃŽ ¼g mL-1 and DIC 15 ÃŽ ¼g mL-1 ) in the linearity range. Results and Discussions Linearity and range A standard stock solution was prepared for both TRA and DIC; they were serially diluted to yield six for TRA and nine for DIC standard solutions. For UV spectrophotometric method, linearity was obtained in concentration range of 5-30 ÃŽ ¼g mL-1 and 5-45 ÃŽ ¼g mL-1; with regression 0.9997 and 0.9990, intercept- 0.0008 and 0.0062 and slope 0.004 and 0.0316 for TRA and DIC respectively. The results are depicted in table1. Accuracy and precision To ascertain the accuracy of the proposed methods, recovery studies were carried out by standard addition method at three different levels (80%, 100% and 120%) as per ICH guidelines. Known amount of pure TRA and DIC were added in preanalyzed powder of tablet formulation and analysis was carried out by proposed method for recovery at each level and % recovery, SD, % RSD was calculated. Results of recovery studies are shown in Table 2. The accuracy and reproducibility is evident from the data as results are close to 100 % and the value of standard deviation and % R.S.D. were found to be Specificity The proposed method was found to be specific as there is no interference from other excipients. Results of analysis of tablet formulation Analysis of formulated tablet was carried out and the amounts recovered were expressed as percentage amount of tablet claim. The percentage recovery for TRA is 100.52 ±1.486 and DIC is 99.57 ±0.555 respectively. The proposed methods was evaluated by the assay (n = 6) of formulated tablets containing TRA and DIC. The results of assay are presented in Table 3. LOD and LOQ LOD was found to be 0.0686  µg mL-1and 0.155  µg mL-1 for TRA and DIC respectively. LOQ was found to be 0.2081  µg mL-1 and 0.4719  µg mL-1 for TRA and DIC respectively. The results of LOD and LOQ are shown in table 4. Conclusion The first-order derivative spectrophotometric method has been developed for simultaneous determination of TRA and DIC in combined dosage form. The developed and validated first order derivative spectrophotometric method is simple, economic, accurate and reproducible. The method was validated as per ICH guidelines in terms of linearity, specificity, accuracy, precision, limits of detection (LOD) and limits of quantification (LOQ). The proposed validated method can be utilized for routine analysis and quality control assay of TRA and DIC in combined dosage form. Acknowledgments The authors are very thankful to Supriya Lifescience Ltd., Mumbai and J.B. Chemicals Pharmaceuticals Ltd., Gujarat, India for providing Tramadol Hydrochloride and Diclofenac sodium respectively as gift samples of pure drugs. Authors are also very thankful to School of Pharmacy, Swami Ramanand Teerth Marathwada University, Nanded, Maharashtra, India for providing all the necessary facilities to complete research work very successfully. Conflict of interest The authors report no conflicts of interest.

The Role of Railroad Companies, Farmers, and Cowboys in the Development

The 1880s proved to be a time of change for America. High unemployment rates and low wages in many cities forced many to look to new opportunities in cities and elsewhere. This included the newly expanded west. In the 1880s Kansas had three dominating groups- railroad companies, farmers, and cowboys. All three dealt with individual triumphs and struggles when developing the West and specifically Kansas in the later part of the 19th century. Railroads spent most of the 1880s concerned with previous legislation, farmers worried about land allotment and surviving on the Plains. Cowboys also worried about land allotment and surviving. The worries of the last two created some tension between them but in the end survival of one depended on the survival of the other. Insuring their place in history, the three groups together made the expansion of the West possible and forever changed the face of Kansas. The 1880s was a time of substantial change for Kansas and railroads, which were very important to the development of Kansas. As many historians say â€Å"rails didn’t build Kansas City, but they carried almost everything that did† (Worley 1). While most of the legislation that affected the railroads had taken place at some point prior to this time period, it was now coming full swing and affecting the settlers now. In May of 1854, the Kansas- Nebraska Act was passed. Although mostly known for repealing the Missouri Compromise it also gave â€Å"the railroads the right to build a railroad system from Chicago to the Pacific Coast† (Kansas- Nebraska Act 1). With this new access to land, railroad companies began building cross-country railroads. New settlers and merchants knew that railroads were the up and coming mode of transportation and a vit... ... University of Chicago Press, 1988. Miner, Craig. West of Wichita. University Press of Kansas, 1986. Nelson, Oliver. The Cowman’s Southwest. Glendale, CA: The Arthur H Clark Company, 1957. 19th Century Legal Treatise. A Letter from Honorable William Whiting to Honorable Henry Wilson, of the U.S. of senate ) microform: showing that the government is bound to fulfil in good faith its contract with the Central BranchUnion Pacific R.R. Company. Washington: U.S. Government Printing Office, 1870. Ostler, Jeffrey. â€Å"The Rhetoric of Conspiracy and The Formation of Kansas Populism.† Agricultural History1995 69 (1): 1-27. â€Å"Populist Platform of 1892†. Online. Internet 30, June 1998. White, Richard. â€Å"It’s Your Misfortune and None of My Own†. Norman: University of Oklahoma Press, 1993. Worley, William Dr. Online. KC Railroads Timeline. Internet.