Review Of The Remembered Village - 1189 Words

Book Review Of Mysoore Narsimhachar Srinivas’ â€Å"The Remembered Village† by Ashmik Pratik Roll No.142241006 M.A. Development Studies [Dept.:-HSS] Indian Institute of Technology, Guwahati (IIT-G) The Remembered Village by M.N.Srinivas was first published in 1976.From then till date, it has been deemed as a classic for sociologists and social anthropologists alike. In this book, he deals in details the social nuances and social dynamics of the various castes, genders and religion in a village called Rampura in the Mysore area in Karnataka state in Modern India. The naming of the book has an incredible story attached to it. All three copies of his work was burnt in a fire and so he had to redo hi work based on reminiscences and burnt fragments of his work, hence the name â€Å"The Remembered Village†. The novel like fluidity of these 365 odd pages of this first hand ethnographic report is like an exotic vicarious journey that one experiences rather than labyrinthine ordeal. It is like a romantic story of meeting a village, falling in love with it , learning a lot from it, then moving on as one does in life yet still get reminded of its nuances every time in life. The book is precisely divided into three distinct parts. The first three chapters of the books tells us a lot and it precisely sets the base for further penetration. Srinivas elaborates to us us how he selected Rampura, selfishly and partially as an emotional desire to uncover his own origins and also because it fit mostShow MoreRelatedThe Lottery By Shirley Jackson811 Words   |  4 Pagesâ€Å"Although the villagers had forgotten the ritual and lost the original black box, they still remembered to use stones†. During 1948, promptly world war II ,â€Å"The Lottery† was published by Shirley Jackson. The story was true expression of Jackson’s genuine thoughts about human beings and their heinous competence in an annual village event for corn harvest . First, her used to word symbolized main point of the story. Second, Jackson was inspired by few historical events happened in the past andRead MoreWitchcraft Hysteria Of Salem, Massachusetts891 Words   |  4 Pagessplit up into two distinctly separate settlements. The village of Salem was characterized by farmers who depended heavily, if not exclusively, on agriculture for their livelihoods. The town of Salem, as it was situated on the water, was comprised primarily of well-off merchants. The two technically made up the same town, but it was as if there was a boundary line separating them. This divide was not just one of housing; the incomes of the village and the town were vastly different. The town inhabitantsRead MoreMemoirs of a Geisha Review1273 Words   |  6 PagesBook Review   in History 2 Memoirs of a Geisha Date: January 6, 2011 Summary Well done! I couldn’t say more. This is one of the greatest master pieces ever written. 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As a result, Okonkwo is ashamed of his father and becomes an overly ambitious and aggressive man who despises anything that reminds him of his father. In Umuofia; a clan of nine villages that lies deep in Igbo land where Unoka lives, it is expected that a father teach his children right from wrong. Unoka did not upload this tradition with his son Okonkwo. Okonkwo relies on his own analysis of what defines a good man, and to himRead MoreChild of the Dark written by Carolina Maria De Jesus Essay1336 Words   |  6 PagesJesus, is â€Å"A desperate, terrifying outcry from the slums of Sau Paulo† says Newsweek. Testimony written by Victor Montejo is referred to as a â€Å"clear storytelling voice that makes it chillingly human.† Says San Francisco Sun. After reading theses reviews, neither piece of literature, written about 30 years apart gave me any disappointment during reading, besides the disappointment in how humans can treat other humans in such a horrendous way. 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Flaubert was born in Rouen, the son of a doctor. author began writing as a toddler and was educated at the lyceumin Rouen. In 1840, he emotional to Paris so as to review law, however found the town distasteful. one in every ofthe few folks he metRead MoreGrave of the Fireflies -------- My Personal Reactions1582 Words   |  7 Pagesin a sudden burst of desperation, cries out: Where am I supposed to get food? These two questions stabbed my heart like spears the moment I heard them. These are questions that never really need to be answered but they nevertheless need to be remembered. In the last scene, the ghost of Setsuko lays sleeping comfortably in the lap of her older brother, while he gazes at the night sky over the skyline of a fully modernized city. As one critic elaborates on this last shot, and here I quote, TheyRead MoreAnalysis Of The Book Ramona 1689 Words   |  7 PagesLuiseà ±o tribe members in the book. 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Advantages Of Qualitative Research Design - 1045 Words

Advantages of Qualitative research design: Qualitative research is great at rearranging and overseeing information without pulverizing multifaceted nature and connection. Qualitative techniques are exceedingly proper for inquiries where preemptive lessening of the information will anticipate revelation. On the off chance that the reason for existing is to gain from the members in a setting or a procedure the way they encounter it, the implications they put on it, and how they decipher what they encounter, the scientist needs systems that will take into consideration revelation and do equity to their discernments and the multifaceted nature of their understandings. Subjective strategies have in like manner the objective of creating better approaches for seeing existing information. In the event that the reason for existing is to develop a hypothesis or a hypothetical structure that reflects reality as opposed to the analysts own point of view or earlier research results, one may require strategies that help the revelation of h ypothesis in information. On the off chance that the reason for existing is to comprehend marvels profoundly and in subtle element, the scientist needs routines for disclosure of focal subjects and investigation of center concerns. Each of these proposals has a flip side. On the off chance that one recognizes what is being conjectured and what they are prone to discover, if one don t have to know the intricacy of others understandings, if one isShow MoreRelatedA Research Study On Sedation Management799 Words   |  4 PagesResearch Critique The design of both quantitative and qualitative research offer valuable information to the health sciences. There are circumstances when certainty is necessary, and a quantitative design is needed. 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Business Impairment Loss Business Accounting

Question: Discuss about the Business Impairment Loss for Business Accounting. Answer: Part A IAS 36 , Impairment of Assets, is the standard which narrates about the accounting for impairment of assets in each accounting period. The said standard has gained importance in the recent past specifically after the global financial crisis 2008. The term impairment is defined as to when an assets value gets reduced or diminished as compared to the amount at which it is presently recorded in the balance sheet. This standard is covered by the Australian Accounting Standard as well under AASB 136. An asset is said to be impaired if its recoverable amount is lesser than its carrying amount. As per IAS 36 it is mandatory for every company to conduct an impairment test every year annually of all its assets but for some exceptions. These exceptions are due to the fact that they are covered in various other standards. The assets which are not impaired under IAS 36 are as under: Inventories IAS 2 Construction Contract IAS 11 Deferred Tax Asset- IAS 12 Employee Benefits- IAS 19 Financial Assets IAS 39 Investment properties held at fair value IAS 40 Agricultural assets held at fair value- IAS 41 Insurance contracts- IFRS 4 Non-Current Assets held for sale- IFRS 5 Thus apart from the asset categories mentioned above, the other assets have to go through an impairment test and if it is found that the carrying amount of the assets is more than the amount that can be recovered on selling the said asset, then the difference between the two amounts is treated as impairment loss. The said amount is then recorded in the income statement of the entity as an operational expense and the said amount is reduced from the balance of the asset reflecting in the balance sheet so that the present carrying amount can be brought down to its recoverable amount. This further leads to revision in the depreciation method applied for the said asset category, useful life of the assets and the salvage value of the asset (Henderson et.al. ., 2014). For concluding that an asset has been impaired, an impairment test has to be conducted. Factors both internal and external to an organization are responsible for determining whether an asset is to be impaired or not. The external factors are as under: The assets market value has dipped steeply. There is a negative impact felt due to an increase in the market interest rate The legal, economical and political scenario is highly unstable. The net asset value of a company is greater than its market capitalisation The internal factors are enumerated as under: Due to technological advancement an asset has become obsolescent. The said asset is held for sale or disposal The company has not been performing too well and its productivity has deteriorated substantially (Thornton, 2014). Thus if the top management or the accountants are of the opinion after conducting the impairment test that the asset has been impaired then the sae should be accounted for so as to reflect the actual recoverable amount of the asset in the balance sheet of the company. This also enables to understand the liquidity position of the company in case of financial crisis or need for cash and cash equivalents. Hence what is important is to understand and calculate the recoverable amount of the asset. But if an assets individual recoverable amount is not possible to derive then the amount of the cash generating unit to which the asset belongs should be derived. A cash generating unit is such an identifiable unit of the company which is capable of generating cash flows independently. Recoverable amount is the higher of the fair value of an asset after accounting for the cost of selling the asset and the value in use i.e. the net present value of an asset from the future cash flows discounted at the market risk free interest rate (iasplus.com, 2014). The second very important issue that this standard discusses about is the fact that impaired assets can be reversed as well. Thus on conducting the impairment test annually if it is found that the assets value has increased then the company should ensure to reverse the amount but limited to only assets other than goodwill. Therefore goodwill is subject to impairment loss but not impairment reversal. This is applicable in case of reversal of a CGU also. The reversal of the impairment loss can take place only to the extent the value of the asset would have been had it not been impaired in the past after taking into consideration the depreciation. The reversal amount is duly recorded as an income and is added back to the asset category. IAS 36 has defined that the impairment should be duly disclosed in the notes to financial statements. Thus the disclosure requirements as per the standard are as follows: Following are the disclosures required to be done for each class of assets being impaired: The amount of impairment loss that has been calculated and recognized in the profit and loss account and the line item(s) of the statement of comprehensive income in which the impairment loss is recorded. The amount of impairment loss reversed and recognized in the income statement of the company and the line item(s) of the statement of comprehensive income in which the impairment loss reversal is recorded. The impairment loss of revalued assets which are recognized in the other comprehensive income during the period. The impairment loss reversal of the revalued assets which is recognized in the other comprehensive income during the period (Buschhuter, Striegel, 2011) . For entities which also do segmental reporting, they are required to disclose the following too: The impairment loss which is recorded in the income statement and in the equity during the accounting period. The impairment loss amount which is reversed and recorded in the income statement and in the equity during the accounting period. If the asset being impaired is of material nature then the below mentioned disclosures are necessary: The factors that led to impairment of an asset. The value to which the asset is being impaired. For single assets the entity is required to disclose the nature of the asset and in case it does segmental reporting as per IFRS 8, then the segment to which the impaired asset belongs to is also required to be mentioned in the disclosures of the said standard (accaglobal.com, 2014). For a cash generating unit being impaired, disclosures with regards the nature of the CGU and the amount of impairment recognized or reversed of the assets in the CGU. Therefore on summarizing the said standard it is clear that it upholds the concept of recording the assets at its actual recoverable value so as to give a true picture to the suppliers, creditors, investors and the owners of the company with regards the liquidity position of the entity. It enables to prevent over-statement or under-statement of assets value in the balance sheet. Part B The subject case study clearly connotes that the inventories and the brand Crossbow Shoe is not subject to any kind of impairment. The former because it is covered under IAS 2 and the later because factors do not incline towards such impairment. Firstly the land is to be impaired as its recoverable amount is known individually. The total financial position of the entity as on the date of reporting is $1680000 and the recoverable amount is $1420000. Thus it is clear since the recoverable amount is lesser than the carrying amount hence the assets are subject to impairment. The total impairment is $1680000- $1420000 = $260000. Now since the recoverable amount of the land is known separately i.e. $171000, hence the impairment loss of land is $200000- $171000 = $29000. The journal entry is as under: Profit and Loss Account (loss on impairment) Dr...............$29000 To accumulated impairment loss (Land)...............................................$29000 Further, as per IAS 36, since the recoverable amount of the other individual assets is not known hence first and foremost the goodwill will be impaired to the full. After the same the rest of the assets will be reduced on a prorate basis (ey.com, 2014). Thus the remaining amount of impairment after allocation of $29000 to land is $231000 ($260000 - $29000), of which $40000 is allocated to goodwill and $191000 is allocated to the factory and the machinery in the ratio of 7:4. Thus the impairment loss for factory is 7/11*191000 = $121545 and for machinery is 4/11*191000= $69455. The Journal Entries is as under: Profit and Loss Account (loss on impairment) Dr.................$231000 To goodwill A/c.....................................................................................$40000 To accumulated impairment loss (Shoe Factory)A/c...........................$121545 To accumulated impairment loss (machinery) A/c................................$69455 References: accaglobal.com, (2014), IAS 36 Impairment of Assets, Available at https://www.accaglobal.com/in/en/discover/cpd-articles/corporate-reporting/ias36-impairment.html (Accessed 19th September 2016) Buschhuter, M., Striegel, A., (2011), IAS36- Impairment of Assets, Gabler: USA ey.com, (2014), Impairment Accounting the basics of IAS 36 , Impairment of Assets, Available at https://www.ey.com/Publication/vwLUAssets/Impairment_accounting_the_basics_of_IAS_36_Impairment_of_Assets/$FILE/Impairment_accounting_IAS_36.pdf (Accessed 19th September 2016) iasplus.com, (2014), IAS 36 Impairment of Assets, Available at https://www.iasplus.com/en/standards/ias/ias36 (Accessed 19th September 2016) ifrs.org., (2014), IAS 36- Impairment of Assets, Available at https://www.ifrs.org/IFRSs/Documents/Technical-summaries-2014/IAS%2036.pdf (Accessed 19th September 2016) Henderson, S., Peirson, G., Herbohn, K., Howieson, B., (2014), Issues in Financial Accounting, Pearson: Australia Thornton, G., (2014), Impairment of Assets- A Guide to applying IAS 36 in practice, Available at file:///C:/Users/E-ZONE/Downloads/IAS%2036%20Impairment%20of%20Assets%20-%20A%20guide%20to%20applying%20IAS%2036%20in%20practice.pdf (Accessed 19th September 2016)