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Aci Financial Statement Essay The companies are now preparing this statement as an integral part of their financial statements. This paper examines empirically the current practices followed by sample companies in preparation of cash flow statement and concludes that the sample companies are in line (with few exceptions) with the requirements of International Accounting Standard (IAS)-7 or Bangladesh Accounting Standard (BAS)-7. It also proposes some suggestions for improving the presentation of the statement Key words: Cash flow statement, IAS/BAS, Listed Company, Disclosure. Introduction The purpose of a cash flow statement is to provide information on the cash flow from a company’s operating, investing and financing activities to enable the users of its financial statements to evaluate the ability of the company to generate cash and to use the historic cash flows to predict future cash flows. The cash flow information enhances the comparability of the operating performance by various companies, because it eliminates the effects that arise from the use of different accounting treatments for the same transactions and events. The use of cash flow information is gaining importance in the analysis of financial statements (Epstein 1991; Yap 1997; Jones and Widjaja 1998; Previts and Bricker 1994). Cashflow information is considered less open to manipulation than information on earnings, because it is based on the actual receipt and payment of cash only and not on the accrual and other accounting principles. Rees (1995:75) adds that the cash flow statement can be more informative than the other statements. However, he literature on the cash flow statement indicates that there are grey areas in cash flow reporting that are open to various interpretations (Everingham and Watson 2002). The perceived simplicity of the cash flow statement may therefore create synthetic confidence in the reliability of companies’ cash flow reporting and the comparability of various companies’ cash flow information. The acceptance of IAS-7: The Cash Flow Statement has added a new dimension to the preparation and present ation of financial statements in Bangladesh. This paper is an attempt to investigate into the state of cash flow reporting by the listed Bangladeshi * Lecturers, Department of Business Administration, ASA University Bangladesh 210 ASA University Review, Vol. 6 No. 2, July–December, 2012 Textiles and Clothing companies in general. The focus is not on the quality of the reporting of the companies but rather on what the reporting levels are in general. Objectives of the study The major objectives of the study are as follows: 1. to identify the current practice of cash flow statement of Pharmaceutical companies in Bangladesh. 2. o provide present cash flow statement format, structure and reporting on the basis of information provided in the annual reports of the selected listed Pharmaceutical companies in Bangladesh. Methodology of the study The study was conducted in accordance with secondary information obtained from various sources. The overview of standardization of financial reporting and the regulatory framework has be en based on laws, regulation, and guideline and also on various published sources of information taken from International Accounting Standard Board (IASB) and Bangladesh Accounting Standard 7 (BAS 7). A limited survey has also been made covering a total of 12 Pharmaceutical companies’ annual reports (2009) enlisted in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). These are selected on the basis of convenience sampling procedure. In order to make the study more revealing it also covers some research articles, textbooks, publications and web sites of various accounting bodies. Limitations of the study 1. Applied non profitability techniques have been used. 2. Due to limitation of the extensive materials, books and previous studies in Bangladesh literature review could not be extensive. 3. This study consists of only 12 listed Pharmaceutical companies due to time and resources constraints. Literature review Cash flow statement: A historical surroundings/background Cash flow Accounting (CFA) was the main system of accounting up to beginning of the 18th century (Watanabe, Izumi: The evolution of Income Accounting in Eighteenth and Nineteenth Century Britain, Osaka University of Economics, Vol. 57, No. 5, January 2007, p. 27-30). Till then, accounting allocation and profit measurement were relatively unimportant; the profit and loss account being used to close off ledger accounts at each period end. However, with the advent of concept and practices of business continuity, periodic measure and statement of financial position began to grow. Thus the basis of cash transaction becomes foundation for the allocation based systems of accounting today. Although there has been a reasonably sustained interest in fund flow statements (based on allocated accounting data) since the beginning of the twenty century, CFA appears to have received little or no support from accountants until the early 1960s. At that time there was little concern over the use of ‘cash flow’ data in the financial analysis- cash flow being interpreted as ‘profit plus depreciation (. Winjum, J. o, 1972). In 1961 AICPA recognized the importance of fund statement by publishing Accounting Research Study (ARS) Cash Flow Statement Disclosures in Pharmaceutical Companies 211 NO 2â€Å"Cash flow analysis and fund statements†. Before that, accountants had prepared funds statements primarily as management report. The Accounting Principles Board (APB) responded in October 1963 by issuing APB Opinion NO. : â€Å"the statements of and application of funds†, which recommended that a statement of sources and application of funds be presented on a supplementary basis. Because of the favorable response of the business community to this pronouncement, the APB issued Opinion No. 198: â€Å"Reporting changing in Financial Position† in March 1971. This opinion required that a statement of changing financial position be presented as a basic financial statement and be covered by the auditor’s reports. In 1981 the Financial Accounting Standard Board (FASB) reconsidered fund flow issues as part of the conceptual framework project taken in 1976. At this time the FASB decided that the cash flow reporting issues should be considered at the standard level. Subsequent deliberation resulted in Statement of Financial Accounting Standard (SFAS) No. 95: ‘Statement of cash flows’ in Nobember1987 (Weygandt, Kieso, Kimmel 1998: 1936). Fund flow statement Vs Cash flow statement Both fund flow statement and cash flow statement serve as a fundamental parts of the financial statements. In 1961, the AICPA issued ARS No. 2, â€Å"Cash Flow Analysis and the Fund Statements† which recommended that a fund statement covered by auditor’s opinion be included in companies financial reports. According to paragraph 5 of Preface to Statement of International Accounting Standard [approved by the IASC Board in November1982 for publication in January 1983 and supersedes the preface published in January 1975 (amended March 1978)], â€Å"the term ‘financial statements’ covers balance sheets, income statement or profit and loss accounts, statements of change in financial position, notes and other statements and explanatory materials which are identified as being part of financial statements† (IASC, 2000:32). As per paragraph 7 of framework for the Preparation and Presentation of Financial Statements (approved by IASC Board in April 1989 for publication in July 1989): â€Å"A complete set of financial statement normally includes a balance sheet, an income statements, a statements of change in financial position (which may be presented in a variety of ways, for example as a statement of cash flow or a statement of fund flows) and those notes and other statements and explanatory materials that are an integral part of the financial statements† (IASC : p. 3-44). As per paragraph 4 of the previous IAS 7 (October 1977), statements of change in financial position, the term ‘ funds’ referred to cash, cash and cash equivalents or working capital (IFAC, 1992: p. 813). Funds provided or used in operation of an enterprise should be presented in the statements of changes in financial statement separately from other sources and uses of fund. Unusual items, which are not part of ordinary activities of the enterprise, should be separately disclosed (IASC: Para 21). But many users of financial statements consider current practices of reporting fund flows as confusing because too much information is compressed in the statements of change in financial position, and because no single definition has been established (Mosich and Larsen, 1982; p. 935). In order to develop a conceptual framework for financial accounting and reporting, the FASB issued in December 1980 a discussion memorandum â€Å"reporting Fund flow, Liquidity and Financial Flexibility† which was issued for the following reasons: (1) for assessing future cash flow, and (2) current practices regarding the reporting of funds flow information are not entirely satisfactory. As a result of deliberation, FASB issued SFAS NO. 95 ‘Statements of Cash Flow’ in 1987. The statements require the inclusion of statements of Cash Flows rather than a statement of Change in Financial position when issuing a complete set of financial statements 212 ASA University Review, Vol. 6 No. 2, July–December, 2012 which was made effective for annual periods ending after July 15, 1988. The major requirements of the statements are of the following two areas: Basis of Presentation: The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. Classification of cash flows: Cash flows are to be classified according to operating, investing and financing activities. The basis of such classification is derived from the financial theory, which state that the enterprise derives the cash used for investing activities and settlement of outstanding financial obligation in an accounting period from internal and external sources. Internal cash sources emanate from the net cash generated from current operation and perhaps disinvesting and depletion of cash resources at the start of the period. External cash sources come from financing activities such as borrowing and receiving cash from the sale of equity shares to existing and new shareholders (Wallace et,al). Benefits of Cash Flow Information The information in a cash flow statement helps investors, creditors, and others to assess the following aspects of the firm’s financial position. Such statements serve as a mechanism for predicting the ability to generate future cash flows for the investors, creditors and others. This enables managers or management to plan coordinate and control financial operation in an effective manner. It gives an indication of the relationship between profitability and cash generating ability thus of the quality of the profit earned. It furnishes information to the management regarding the entities’ ability to pay dividend and meet obligations. Analyst and other users of financial information often, formally or informally, develop models to assess and compare the present value of the future cash flow of entities. Historical cash flow statements could be useful to check the accuracy of past assessment (ACCA Text book part 2. P. 324). It is free from manipulation and is not affected by subjective judgments or by accounting policies. Such a statement dictates situations when a business has made huge profit but has run out money or it has sustained loss but has enough cash availability. The extent of cash generated from operational activity and external finance in order to meet capital, tax, and dividend requirements can be obtained from such statements (Lee, T. A: 1972:27-36). It aids in the evaluation of risk, which includes both the expected variability of future return and probability of insolvency or bankruptcy ( Hendrickson, Eldom. S, 1982: 237). Such statements reveal the capability of an enterprise to pay its short obligation as and when due to the lenders. A cash flow statement in conjunction with a balance sheet provides information on liquidity, viability, and adaptability. The balance sheet is often used to obtain information on liquidity, but the information is rather incomplete for this purpose as the balance sheet is prepared at a particular point of time. Cash Flow Statement Disclosures in Pharmaceutical Companies 213 It may assists users of financial statements in making judgments on the amounts, timing and degree of certainty of future cash flows. This statement provides information that is useful in checking the accuracy of past assessment of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing price (IAS 7: Para 3 4). Information on cash flows classified by three groups of activities (Operating, investing and financing) that al low users to assess the impact of those activities on the financial position of the enterprise and the amount of its cash and cash equivalents. This information may also be to evaluate the relationship among those activities (IAS 7: Para 11). This statement is of special importance in assessing future cash flows, quality of income operating capability, financial flexibly and liquidity, and information on financing and investing activities. Using cash flows from operating activities from the cash flow statements, different ratios such as liquidity, ratio, solvency ratio, and profitability ratios can also be calculated to evaluate an enterprise’s liquidity, solvency, and profitability. Aziz uddin and Bala, 2001: p. 14) Overview of Cash flow statement The cash flow statement explains the changes that have occurred in the company’s cash and cash equivalents during the year by classifying the cash flows in its operating, investing and financing activities. The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. The classification is done in a way that is mos t appropriate to the company’s business. The following are the definitions of the components of the cash flow statement: Cash: cash on hand and demand deposits Cash equivalents: short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Operating activities: the principal revenue-producing activities of the enterprise and other activities that are not investing or financing activities Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash equivalents. Financing activities: activities that result in changes in the size and composition of the equity capital and borrowings of the enterprise (Epstein, p. 93). Objective and Scope of IAS 7 Information about the cash flow of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and cash equivalents and the needs of the enterprise to utilize those cash flows. The economic decision taken by users requires an evaluation of the ability of an enterprise to generate cash and cash equivalents and timing and certainty of their generation. The objective of IAS 7 is to require the provision of information about the historical change in cash and cash equivalents of an enterprise by means of a cash flow statement that classifies cash flows during the period from operating, investing and financing activities. An enterprise should prepare a cash flow statement in accordance with the requirements of IAS 7 and should present it as an integral part of its financial statements for each period for which financial statements are prepared. Users of an enterprise’s financial statements are interested in how the enterprise generates and uses cash and cash equivalents. This is the case regardless of the nature of the enterprise activities and irrespective of whether cash can be viewed 214 ASA University Review, Vol. 6 No. 2, July–December, 2012 as the product of the enterprise, as may be the case with a financial institution. Enterprises need cash for the same reason however different their principal revenue- producing activities might be. They need cash to conduct their operations, to pay their obligations and to provide return to the investors. Accordingly this standard requires all enterprises to present a cash flow (Para 1 3). Presentation of Cash flow statement under IAS 7 Cash and cash equivalent: The definition of cash and cash equivalent are central to the preparation and interpretation of cash flow statements. Cash consists of cash in hand and demand deposits, coins and notes of an organization, etc. In our country deposits in postal accounts may be termed as cash (Cooper and Ijiri, 1984: 88; Ghosh, 2001). Cash equivalents are short-term, highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of change in value. According to the definitions of paragraph 6 of IAS 7 cash comprises cash in hand and demand deposits; usually ‘cash on hand’ includes currency, notes, and coin in the cash box of the enterprise. It also includes prize bond, negotiable money orders, postal orders, and under posited checks, bank drafts or pay- order. Demand deposits refer to deposits in checking accounts in banks and other financial institutions that may be withdrawn without notice usually subject to deduction of outstanding check. Thus cash equivalents – 1. are short-term investments but the ‘term’ ‘short’ not clearly specified, although a period of three months and less is suggested to be taken as short term period. 2. are highly liquid investments. Here ‘liquid’ means having in a situation where cash equivalents are available in sufficient amount to meet obligation of payments. . are investments that are both: (a) readily convertible, to known amounts of cash and (b) subject to an insignificant risk of change in value. According to SFAC No. 95, the risk categorically refers to risk of change in interest rate. The short-term investments are so near their maturity that they represent insignificant risk of changes in interest rate. Examples include treasury bills, commercial papers, a nd money market funds purchased with cash that is in excess of immediate needs. However, although by definition, cash equivalents refer to short term highly liquid investments, they are usually held for the purpose of meeting short term cash commitments rather than for other purpose. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to insignificant risk of change in value. Therefore an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months and less from the date of acquisition. Equity nvestments are excluded from the cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred share acquired within a short period of their maturity and with a specified redemption date (Para 7). Cash Flow Statement Disclosures in Pharmaceutical Companies 215 Preparation of Cash flow statements IAS 7 requires cash flows to be classified into operating, investing, and financing activities. Example of cash flows by cate gory Operating Activities Inflows Receipts from customers Outflows Payments to suppliers Advance deposits from customers Wages and salaries to employees Income tax refunds Income tax payments Interest received on customers’ notes or Other tax payments accounts Dividends and interest received from Interest paid on bank debt or bonds outstanding and investments and included in determining net included in determining net income income Investing Activities Cash received from sale of capital assets Payments for purchase of capital assets Cash from sale of debt or equity investments Cash flows capitalized as intangible assets, such as:  · development costs  · start-up costs  · capitalized interest  · exploration Costs Collection of principal on loans to others Purchase of debt or equity securities of others Interest and dividends received on investments Loans extended to others and not included in determining net income Financing Activities Net proceed of issuing debt or equity securities Payment of principal on bonds or bank loans Cash proceeds received from ba nk loans Purchase of the entity’s own shares Interest paid on bank debt or bonds outstanding and not included in determining net income Dividends paid to shareholders Variations in Reporting activities for Cash flows A. Operating or Financing activities Transactions with different categories included in cash flows are classified in a different manner. According to IAS 7, Para 12, â€Å"A single transaction may include cash flows that are classified differently. For example, when the cash repayment of a loan includes both interest and capital the interest element may be classified as operating activities and the capital amount is classified as financing activities†. B. Operating or investing and financing activities Some cash flows may be classified as arising from any activities such as ‘interest’, ‘dividend’ ‘income tax’. The detailed provisions of these types are as follows. 216 ASA University Review, Vol. 6 No. 2, July–December, 2012 Interest: a. For a financial institution, interest paid and interest received are usually classified as operating cash flows (para 33). b. For other enterprise, interest paid and interest received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively, interest paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Interest received may be classified as investing cash flows, because they are returns on investments (para 33). Dividend: a. For a financial institution, dividends received are usually classified as operating cash flow (Para 33). b. For other enterprise, dividends received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively dividend received may be classified as investing cash flows, because they are returns on investments (para 33). c. Dividend paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Alternatively dividend paid may be classified as component of cash flows from operating activities in order to assist users to determine the ability of an enterprise to pay dividend out of operating cash flows (para 34). Income tax: a. Taxes on income arise on a transaction that gives to the cash flows that are classified as operating, investing, and financing activities in cash flow statement. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transactions. Therefore taxes paid are usually classified as cash flows from operating activities. However, often it is practicable to identify the tax cash flow within individual transaction that gives rise to cash flows that are classified as investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed (Para 36). In the light of SFAS 95, â€Å"Transaction that enter into the determination of net income† are defined as operating activities and hence, interest received or paid, dividend received and taxes on income are rigidly treated to arise from operating activities. Dividend to stakeholders are treated as cash outflows classified as financing activities (Keiso and Weygandt, 1998: 1275-76) Cash flow statement Practices in Bangladesh Regulatory Framework, in the eyes of the Companies Act 1994 (Act no. 18 of 1994): According to Section 183 of the Companies’ Act 1994 (which came into effect from 1 January 1995), a company is required to present balance sheet, profit and loss account (income and expenditure account, in case of non profit companies). Under section 185, the balance sheet and the income statement have to be prepared according to the forms set out in Part –1 and Part –2 of Schedule XI respectively under which information on consecutive two years (concerned year and Cash Flow Statement Disclosures in Pharmaceutical Companies 217 preceding year) are to be provided. However according to note (g) of the general instruction for preparation of balance sheet (given in part –1 of schedule XI after the horizontal format of the balance sheet), â€Å"a statement of change in financial position shall be included as an integral part of the financial statements, and shall be presented for each period for which the profit and loss account is prepared†. However no specific format of cash flow statement has been prescribed in Companies Act 1994. In the light of the Security and Exchange Rule 1987 (S. R. O No. 237-l/87 dated on 28 September 1987): Under the provision of rule 12 (1) of the Securities and Exchanges Rules (SER) 1987(amended by the section notification No. SEC/ Section 7/SER/03/132 dated 22 october1997 published in the official gazette on 29 December 1997), the annual report to be furnished by an issuer of listed security shall include â€Å"a balance sheet, profit and loss account, cash flow statement and notes to the accounts collectively hereinafter referred to as the financial statement’. In the part III of the Schedule of the SER 1987, issues relating to interest paid on short-term borrowing, interest and dividend received income taxes are clearly guidelined. For example, interest paid on short-term borrowing shall be a cash outflow under operating activities; ‘interest and dividend received’ shall be a cash inflow under investing activities. And ‘interest paid on long term borrowing’ and ‘dividend paid’ shall be a cash outflow under financing activities. Under paragraph 35-36, ‘taxes on income’ should be treated as operating cash outflow unless they can be identified in financing and investing activities. Findings of the study To know the extent of cash flows statement reporting practices by Pharmaceutical companies, a survey has been conducted covering twelve annual reports (2009) (For detailed the name of the companies see Appendix-1). The major findings of the study are given below in terms of general variations in reporting and voluntary disclosure. General findings It includes the current format and structure of cash flow statement and the extent of compliance of IAS-7, followed by sample Pharmaceutical Companies in Bangladesh. All the sample companies prepare cash flow statement as required by IAS-7/BAS 7 adopted by the Institute of Chartered Accountant of Bangladesh and present it as an integral part of the financial statements. Notes to cash flow statement have been presented as part of the financial statements i n case of all the sample companies.  · The sample companies prepare cash flow statement in vertical form and shows figure of cash flows of the current year and the previous year.  · All the sample companies’ cash flow statement contains a classification of operational, investing, and financing activities.  · The sample companies did not illustrate the policy dopted in determining the formulation of cash and cash equivalents although this is required by paragraph 36 of IAS 7. 218 ASA University Review, Vol. 6 No. 2, July–December, 2012 Variation in Reporting Another objective of the survey was to determine which alternatives, permitted by IAS-7, are used most in practice by Bangladeshi pharmaceutical companies. It is found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accoun ting treatments. The results are set out in table 1. Table-1 Variations in reporting [Cash flow statement (CFS)] Factors 1 Notes to CFS Options Separately, following the CFS Part of the notes to the financial statements Incorporated in the CFS Total Direct method Indirect method Total Operating activities or no interest Financing Investing activities Total Financing activities or no dividends Operating activities Investing activities Total Part of accounting policy note Nothing disclosed Total Operating activities or no tax Financing activities Investing activities Total Number of companies 0 12 0 12 12 0 12 12 0 0 12 12 0 0 12 12 0 12 12 0 0 12 2 Operating activities 3 Interest received and Interest paid 4 Dividend received and Dividend paid 5 Definition of cash and cash equivalents 6 Income tax Notes to table 1  · Refer to point 2 of Table 1. According to IAS-7 and SEC Rule 1987, the enterprises are encouraged to report cash flows from operating activities using the direct method. The direct method provides information which may be useful in estimating future cash flows which is not available under the indirect method. All the sample companies followed the direct method in reporting operating cash flows. One company (Pharmaceutical Mithun Knitting Dyeing Ltd. ) discloses cash flows from operating activities under indirect method in notes of financial statements as additional information. Cash Flow Statement Disclosures in Pharmaceutical Companies  ·  · 219 Refer to points 3 4 of Table 1. All the companies studied have shown ‘interest received and paid’ under operating activities and ‘interest paid on long term borrowing’ and ‘dividend paid’ under financing activities. Refer to points 5 6 of Table 1. All the companies studied have shown â€Å"definition of cash and cash equivalents† in the notes of accounting policy and â€Å"income tax† under operating activities. Voluntary disclosure The survey also included an examination of any additional information that is disclosed regarding the company’s cash flow which is not required by IAS-7, but which may be helpful to the user. For example, separate disclosure of cash flows increases operating capacity and cash flows that maintain operating capacity, disclosure of segmental cash flows, cash flow per share etc. The survey found no company to disclose such additional voluntary information in its cash flow statement. Conclusion and Recommendation A materially misstated cash flow statement, whether it is in terms of incorrect classification in the categories or numerical accuracy, can be misleading to the user and can lead to wrong decisions taken by the users of the statement. The survey has revealed that although sample companies prepare cash flow statement according to International Accounting Standard-7 (BAS-7), there is also a degree of non-compliance. It is, however, found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. To make cash flow statement more informative and useful for users, the companies should disclose additional voluntary information such as cash flow per share in their cash flow statements. Items consisting of cash flows from operating, investing and financing activities should also be clarified in the notes of the financial statements. Due to the limited scope of the present study, a large number of research issues have not been attempted but are identified in the course of the study. Disclosure practices of additional items other than operating, investing and financing activities, disclosure practices differences between listed and unlisted companies, disclosure practices differences between financial and other institutions are some such potential issues for future research. 220 ASA University Review, Vol. 6 No. 2, July–December, 2012 References Annual Reports of Sample Pharmaceutical Companies Listed in Dhaka Stock Exchange and Chittagong Stock Exchange 2009. Aziz Uddin, A. B. M and Bala. , S. K. ( 2001), â€Å"Cash Flow Reporting in Bangladesh†, The Cost Management, Nov- Dec. ICMAB, p. 13. FASB Discussion Memorandum (1980), Reporting Funds Flow, Liquidity and Financial Flexibility, FASB, Stanford. Thomas H. Beechy. Joan E. D. Conrod, Intermediate Accounting, second Edition, Chpter 5, Exhibit 5-1 pp. 91 Ghosh, Santi N. (2001),â€Å"Workshop Material on IAS # 7 : Cash Flow Statements† compiled under the Institute of Chartered Accountants of Bangladesh (ICAB)Project, Development of Accounting and Auditing Standards in Bangladesh, The World Bank. Government of Bangladesh (GOB) (1994), The Companies Act 1994 (Act No. 18 of 1994). Gup, B. E. Samson, W. D. 1993. An analysis of patterns from the statement of cash flows. Financial Practice Education, 3(2):73-79. Hendrickson, Eldom. S(1982), Accounting Theory, Richard D. Irwin, Inc. , Illinois, p. 236. Hertenstein, J. McKinnon, S. 1997. Solving the puzzle of the cash flow statement. Business Horizons, 40(1):69-76. International Accounting Standards Committee (IASC) (2000), International Accounting Standards 2000 International Accounting Standards Committee, London, â€Å"International Accounting Standard IAS 7 (revised 1992): Cash Flow Statements† in pp. 139165. International Federation of Accounting (IFAC) (1992), IFAC Handbook 1992: Technical Pronouncements (New York: IFAC). â€Å"IAS 7 (October 1977): Statement of Changes in Financial Position† in pp. 812- 816. Khan, M. H. Akter, M. S. Ghosh, S. K (2005), â€Å"Cash Flow Statement Disclosures: A Study of Banking Companies in Bangladesh†. Available at www. pcte. edu. in/site/OJMR/Finance/cashflow. pdf Keiso, Donald, E. and Jerry. J. Weygandt (1998), Intermediate Accounting, John Wiley Sons, Inc. New York, 9th Edition, pp. 1275-76. Lee, T. A. 1982. Cash flow accounting and the allocation problem. Journal of Business Finance Accounting, 9(3):341-352. Lee, T. A (1972), â€Å"A Case for Cash Flow Reporting†, Journal of Business Finance, Vol. 4, No. 2, pp. 27-36 as quoted in Studies of Accounting Theory, Steyn, B. W. Hamman, W. D. 2003. Cash flow reporting: are listed companies complying with AC 118? Meditari, 11:167-180. Weygandt, Kieso, Kimmel, Accounting Principles, 9th edition, John, Wilely and Sons, Inc, pp. 732-733 Wallace, R. S. O. and Choudhury, M. S. I. And Pendelbary, M. 1997), â€Å"Cash Flow Statements: An International Comparison of Regulatory Positions†, The International Journal of Accounting, Vol. 32, No, 1, pp. 1-22 Cash Flow Statement Disclosures in Pharmaceutical Companies 221 Appendix-1 List of the twelve Pharmaceutical companies studied. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Gla xcoSmithKline Bangladesh Limited (2009) The IBN SINA Pharmaceutical Industry Ltd. (2009) BEXIMCO PHARMACEUTICAL LTD. (2009) ORION INFUSION LTD. (2009) ACI Formulation Limited (2009) Ambee Pharmaceutical Limited (2009) Square Pharmaceutical Ltd. (2009) Libra Infusions Limited (2009) BEACOM Pharmaceuticals Limited (2009) Rahman Chemicals Limited (2009) Renata Limited (2009) Therapeutics (Bangladesh) Limited (2009)

Management of Change Essay -- essays research papers

Management of Change Journal Personal/Interpersonal Change Entry 1: On Thursday night February 10th, I left work at 8:30 p.m. Earlier that day my boyfriend asked if I had plans to go out that night. At the time I felt tired and I said no. Once I got home my friends called and asked if I would go to Riley’s with them and of course I did. I am the type of person that doesn’t go out very often, because I stay so busy with school and by the end of the day I’m usually too tired. I was out having a good time with the girls, when he called and asked where I was. I told him I was at Riley’s with some friends; I could tell by the sound of his voice he wasn’t happy with the situation. His behavior became aggressive, and because I had been drinking I became defensive. Some of the friends I went out with that night he seems not to get along with and feels that they have a negative influence on me. The conversation ended with him hanging up on me. We both engaged in aggressive behavior, because we were yelling at each other and said some things that normally would not have been said if we would have dealt with the situation differently. I lost focus of the problem because of anger and neither of us got our point across. I should have called and let him know ahead of time that I was going out with my friends and none of this would have happened. From this situation I have learned to be more considerate towards him with my actions and communicate without saying things out of anger that occur from the situation. The Material we covered in class relating to aggressive behavior is that we both expressed our feelings in a negative inappropriate fashion. We both also lost the message during expression because we both became angry and the point wasn’t conveyed properly. He also wasn’t positively influencing my behavior, because I just became angry and defensive with him. He became aggressive when I told him where I was at, and I didn’t call before I had went out to Riley’s. I became aggressive when he crossed on my side of the invisible net, and said the friends I was with was a negative influence. I learned that I need to be more responsible with my actions, like calling before I decide to go out and make plans ahead of time. Also instead of raising my tone of voice I should speak more calmly and remain more assertive. Entry 2: Friday afternoon February 11th I was t... ...y problems. So once my sister returned I said thanks for the offer for dinner but I’m going to go ahead and leave. I kissed her and the baby and told them I loved them and I left. I feel that I dealt with the situation correctly because he is the type of person that no one can get along with. This engagement relates to material covered in class because aggressive behavior is behavior expressing personal feelings in an inappropriate way where another person feels violated. He did not convey his feelings to me because he did it in a way that I wasn’t willing to listen to him and his opinion didn’t make any sense at all. I became aggressive when he told me how and what I should do to make my situation better when the advice he was telling me didn’t sound very appealing and I didn’t agree with it. He became aggressive when he realized that I wasn’t listening to any of the information he was telling me. From this situation I have learned that everyone has a different opinion and each person has a different way of expressing their opinion. Its how their opinion is interpreted by the receiver. I feel that I might need to be more open but I don’t agree with certain things he had to say. Management of Change Essay -- essays research papers Management of Change Journal Personal/Interpersonal Change Entry 1: On Thursday night February 10th, I left work at 8:30 p.m. Earlier that day my boyfriend asked if I had plans to go out that night. At the time I felt tired and I said no. Once I got home my friends called and asked if I would go to Riley’s with them and of course I did. I am the type of person that doesn’t go out very often, because I stay so busy with school and by the end of the day I’m usually too tired. I was out having a good time with the girls, when he called and asked where I was. I told him I was at Riley’s with some friends; I could tell by the sound of his voice he wasn’t happy with the situation. His behavior became aggressive, and because I had been drinking I became defensive. Some of the friends I went out with that night he seems not to get along with and feels that they have a negative influence on me. The conversation ended with him hanging up on me. We both engaged in aggressive behavior, because we were yelling at each other and said some things that normally would not have been said if we would have dealt with the situation differently. I lost focus of the problem because of anger and neither of us got our point across. I should have called and let him know ahead of time that I was going out with my friends and none of this would have happened. From this situation I have learned to be more considerate towards him with my actions and communicate without saying things out of anger that occur from the situation. The Material we covered in class relating to aggressive behavior is that we both expressed our feelings in a negative inappropriate fashion. We both also lost the message during expression because we both became angry and the point wasn’t conveyed properly. He also wasn’t positively influencing my behavior, because I just became angry and defensive with him. He became aggressive when I told him where I was at, and I didn’t call before I had went out to Riley’s. I became aggressive when he crossed on my side of the invisible net, and said the friends I was with was a negative influence. I learned that I need to be more responsible with my actions, like calling before I decide to go out and make plans ahead of time. Also instead of raising my tone of voice I should speak more calmly and remain more assertive. Entry 2: Friday afternoon February 11th I was t... ...y problems. So once my sister returned I said thanks for the offer for dinner but I’m going to go ahead and leave. I kissed her and the baby and told them I loved them and I left. I feel that I dealt with the situation correctly because he is the type of person that no one can get along with. This engagement relates to material covered in class because aggressive behavior is behavior expressing personal feelings in an inappropriate way where another person feels violated. He did not convey his feelings to me because he did it in a way that I wasn’t willing to listen to him and his opinion didn’t make any sense at all. I became aggressive when he told me how and what I should do to make my situation better when the advice he was telling me didn’t sound very appealing and I didn’t agree with it. He became aggressive when he realized that I wasn’t listening to any of the information he was telling me. From this situation I have learned that everyone has a different opinion and each person has a different way of expressing their opinion. Its how their opinion is interpreted by the receiver. I feel that I might need to be more open but I don’t agree with certain things he had to say.

Criminal Justice Essay

To understand contemporary policing in America it is necessary to understand its antecedents; we will gain a better understanding of this history by looking at its three eras. The police, said, are â€Å"to great extent, the prisoners of the past. Day-to-day practices are influenced by deeply ingrained traditions.† Another reason for analyzing historical developments and trends is that several discrete legacies have been transmitters to modern police agencies. In view of the significant historical impact on modern policing, it is necessary to turn back the clock to about A.D.900. Therefore, we begin with a brief history of the evolution of four primary criminal justice officers—sheriff, constable, coroner, and justice of the peace—from early England to the twentieth century in America (Ken, 2006). English and Colonial Officers the Law: All four of the primary criminal justice officials of early English-the sheriff, constable, coroner, and justice of the peace there was a lack of established practice in the United State. Accordingly, it is important to have a basic understanding of these offices, including their early functions in England and, later, in America. Following is a brief discussion of each (Ken, 2006). Sheriff: The word sheriff is derived from the term shire reeve—shire meaning â€Å"county† and reeve meaning â€Å"agent of the king.† The shire reeve appeared in English before the Norman conquest of 1066. His job was to maintain law and order in the tithing. They followed a brand of English common Law, although the sheriff was never a popular officer in England and since the nineteenth centenary sheriff has had no police powers. When the office began, the sheriff assisted the king in fiscal, military and judicial affairs and was referred to as the â€Å"king’s steward.† The sheriff’s principal duties were to enforce laws, collect taxes and oversee elections. CONSTABLE: Like the sheriff, the constable can be trace back to Anglo-Saxon times. The office began during the reign of Edward I when every parish or township had a constable. As the county police officer turns more and more to matter of defense, the constable alone pursued felons focusing in later the ancient custom of citizens rising aloud noisy and joining in pursuit of criminals lapsed into disuse. During the middle Ages there was yet on high degree of specialization. The constable had a variety of duties including collecting taxes, supervising highways, and serving as magistrate. The office soon became subject to election and was conferrer upon local men of prominence; however, the creation of the wearing away grinding down office of the justice of the peace around 1200 quickly changed this trend forever; soon the constable was limited to making arrests only with warrants issued by a justice of the peace. As a result, the office deprived of social and civic prestige was no longer attractive. It carried on salary and the duties were often dangerous. In addition there was heavy attrition in the office, so the constable’s term was limited to one year in an attempted attract officeholders; in 1856 Parliament completely discarded the office The office of constable experienced a similar process of disintegration in the colonies However, the American constables usually two in each town were give control over the night watch. By the 1930s, State constitution in twenty-one states provided for the office of constable but constable still received no pay and like their British colleagues they enjoyed little prestige or popularity after the early 1930s. The position fell into disfavor largely because most constables were untrained and was believe to be wholly inadequate as officials of the law (Ken, 2006). CORONER: The office coroner is more difficult to describe. It has been use to fulfill many different roles throughout its history and has steadily changed over the centuries. There is no agreement concerning the date when the coroner first appeared in England but there is consensus that the office was functioning by the end of the twelfth century. From the beginning, the coroner was elect; his duties included oversight of the interests of the crown, not only in criminal matters but also in fiscal matters as well. In felony cases, the corner could conduct a preliminary hearing and the sheriff often came to the coroner’s court to preside over the coroner’s jury. The coroner’s inquest provided another mean of power and prestige, determining the cause of death and the party responsible for it. Initially coroner was elect for life. Soon becoming unhappy with the absence of compensation however, eventually they were give right to charge fees for their work (Ken 2006). As was true of sheriffs and constables at first the office of the coroner in America was only slightly different from what it had been in England. The office was slow in gaining recognition in America, as the sheriffs and justice of the peace were already performing many of the coroners’ duties. By 1933, the coroner was recognizing as a separate office in two-thirds of the states. Tenure was generally limited to two years. By then however, the office had been stripe of many of its original functions especially its fiscal roles. In many states, the coroner legally served as sheriff when the elected sheriff was disabled or disqualified however, since the early part of the twentieth century the coroner has performed a single function: determining the cause of all deaths by violence or under suspicious circumstances. The coroner or her assistant is expect to determine the causes and effects of wounds, lesions, contusions, fractures, poisons, and more. The coroner’s inquest resembles a grand jury at which the coroner serves as a kind of presiding magistrate (ken, 2006). JUSTICE OF THE PEACE: The justice of the peace (JP) can be trace back as far as 1195 in England. By 1264, the customs paces, or conservator of the peace, nominated by the king for each county, presided over criminal trials. Early JPs were wealthy landholders. They allowed constables to make arrests by issuing then warrants. Over time, this practice removed power from constables and sheriffs. By the sixteenth century, the office came under criticism because of the people holding it. Officeholders were often referral to as â€Å"boobies† and â€Å"scum of the each.† The only qualification necessary was being a wealthy landowner who was able to buy his way into office. By the early twentieth century, England had abolished the property-holding requirement and many of the medieval functions of JP’s office were remove. Thereafter the office possessed extensive but strictly criminal jurisdiction with on jurisdiction whatsoever in civil cases. This contrasts with the American system, which gives JPs limited jurisdiction in both criminal and civil cases. The JPs Office in the colonies was a distinct change from the position, as it existed in England. JPs was elect to office and given jurisdiction in both civil and criminal cases. By 1930, the office had constitutional status in all of the states. JPs have long been allows to collect fees for their services. As in England, it is typically not necessary to hold a law degree or to have pursued legal studies in order to be a JP in the United States. Perhaps the most colorful justice of the peace was Roy Bean, popularized in film as the sole peace officer in a 35,000-square-mile area west of the Pecos River near Langtry Texas. Bean was knows to hold court in his shack where signs hung on the porch proclaimed, â€Å"Justice Roy Bean, Notary Public,† â€Å"Law West of the Pecos.† and â€Å"Beer Saloon.† Cold beer and the law undoubtedly shared many quarters on the Western Frontier (Ken, 2006).

Oral Tradition And The Middle Ages - 1163 Words

Much of the known history of a certain nation, which survived the Middle Ages, is derived from a specific story or collection of stories. These stories are defined as epics, because they often contain a hero or heroic group that slayed an evil force of some kind. One of the greatest effects the epics had on the tribes or communities of the Middle Ages was their unifying influence. Through oral tradition, the tribal communities were brought together to be educated in their history. With the prevailing overthrow of the Roman Empire, the European world was brought into a period known as the Dark Ages. Learning via oral tradition was rather common during the Middle Ages, as the literacy skills to read and write mostly died with the beginning of Germanic tribe rule. Oral tradition also provided people something to compare themselves to what they strive to be. The epics allowed for the tribal people to be unified with a common goal. This was more often than not the objective of keeping the ir history, and the most dominant way of achieving this came through defeating their enemies who wished to overthrow the tradition. The tribes were brought together to fight the â€Å"outsider† enemy. These â€Å"outsiders† were viewed as being different based on their life, religious, and/or cultural views. Two of the most significant elements in defining how epics create nations are the effects war and Christianity had on the culture. The epic of Beowulf was successful in defining Anglo-Saxon culture.Show MoreRelated Devil on the Cross by Ngugi wa Thiong’o Essay1224 Words   |  5 Pagesspeaking to us himself. Muturi or Nugugi believe in oral tradition. That by telling a story one learns from it. Just as â€Å"heart makes man,† oral tradition smoothes out the rough edges one has. Oral tradition leads to the shaping of our great grand kids. â€Å"The [heart] co-operates with all the other organs of the body,† unlike the upper class that only ten d to work with themselves, the middle and lower classes work together like the heart. By the middle and lower classes working together their heart isRead MoreDevil on the Cross Essay1229 Words   |  5 Pagesspeaking to us himself. Muturi or Nugugi believe in oral tradition. That by telling a story one learns from it. Just as heart makes man, oral tradition smoothes out the rough edges one has. Oral tradition leads to the shaping of our great grand kids. The [heart] co-operates with all the other organs of the body, unlike the upper class that only tend to work with themselves, the middle and lower classes work together like the heart. By the middle and lower classes working together their heart isRead MoreTaking a Look at the Old Testament868 Words   |  4 Pagesin this long process. The early Judaism and acient Israel had particular traditions that were very vital to them. This led to writing of a form that was read, revised, interpreted and reread. The outcome of this reflec ts a complexity and diachronic richness that should be accounted for in every discussion if its composition and redaction. The Old Testament is tied and linked closely to the ears where those traditions were corrected, script down, edited, re-scripted, and finally joined to formRead More Beowulf Society Essay1717 Words   |  7 Pages Beowulf Society The earliest known manuscript of Beowulf is thought to have been written in the tenth century, however, the poem had most likely been told as an oral tradition for centuries before that. In fact, the poem’s events date back to the sixth century. However, because there is only one manuscript of Beowulf still in tact very little is known about the poem or its author. The poem does, however, give us great insight into the culture of the people who composed and told this epic tale.Read MoreBeowulf Society1744 Words   |  7 PagesBeowulf Society The earliest known manuscript of Beowulf is thought to have been written in the tenth century, however, the poem had most likely been told as an oral tradition for centuries before that. In fact, the poems events date back to the sixth century. However, because there is only one manuscript of Beowulf still in tact very little is known about the poem or its author. The poem does, however, give us great insight into the cult ure of the people who composed and told this epic tale. BecauseRead MoreThe Age Of Reason By Judaism1449 Words   |  6 PagesDuring the â€Å"Age of Reason†, Judaism was forced to re-evaluate its core values in response to acculturation and assimilation. The question of emancipation and participation in their new countries brought the Jewish community to a crossroads as they had to determine how far they would veer away from their Jewish values in efforts to fit into the new societies. Jewish philosophers were forced to offer options to the different sects of Judaism that correspond with those sects core values and ethicsRead MoreThe Word Of History By Frederick Dielman1569 Words   |  7 Pages[14] It was from Anglo-Norman that history was borrowed into Middle English, and this time the loan stuck. It appears in the thirteenth-century Ancrene Wisse, but seems to have become a common word in the late fourteenth century, with an early attestation appearing in John Gower s Confessio Amantis of the 1390s (VI.1383): I finde in a bok compiled | To this matiere an old histoire, | The which comth nou to mi memoire . In Middle English, the meaning of history was story in general. The restrictionRead MoreThe origin of the fairy tale derives from oral tradition. These tales vary depending on the800 Words   |  4 PagesThe origin of the fairy tale derives from oral tradition. These tales vary depending on the culture, time, and purpose of the teller, hence why there are multiple versions of a single tale. Every narrator reinvents the tale to meet their needs. The familiar themes, images, and symbols associated with the fairy tale tradition have been recycled by film makers and writers a like. This is because fairy tales are not only the most recognisable narrative worldwide, but they have a certain quality thatRead MoreCharacteristics Of Middle English Literature1356 Words   |  6 PagesSocial Structure in Middle English Literature In today’s time, we have modern day literature and it’s refreshing to be able to go back into the past and look at classic English literature to see how different literature has become. There hasn’t been another time frame of English literature like the Middle English Literature era. During the middle English era literature and its writers were unique and their pieces of literature were created during the Middle English era to cover a variety of manyRead MoreChristianity, Islam and Buddhism728 Words   |  3 PagesEarly Middle Ages moving to the Dark Middle Ages, life was brutal and not choosing what religion you belong to makes it even harder for the individual. You had to believe and set aside your difference with religion. During the Early Middle Ages the Roman Empire suffered many lost but were not destroyed by the constant warfare from the north. Civil war inside Roman Empire cause Rome to decline and less could not protect itself. They were lots of invasions and warfare throughout the Early Middle Ages