Censorship Is Only A Temporary Setback - 1598 Words

Censorship is Only a Temporary Setback Censorship will always interfere with freedom of speech. In Fahrenheit 451, by Ray Bradbury, censorship is one of the main topics depicted. Censorship including the banning of books has been an issue thoughout history. There has been violence similar to the book burnings by the firemen in the novel. In 2009, Harry Potter books as well as other novels and music records were burned by Paster Jack Brock in front of his congregation. He felt that these books were evil and went against everyone’s religious beliefs. (Applebaum) In Bradbury’s novel, Guy Montag is a fireman who cannot understand why books have to be burned. He questions what is in the books that can’t be shared with people. Guy questions his†¦show more content†¦He has everyone on a tight leash by limiting what is allowed on the radio, TV, and even in the library He controls everyone’s moves and doesn’t want anyone going against what he believes. Backer confirms that there are thi ngs going on underground in Cuba that can’t really be stopped like the type of music people listen to in Havana. What people don’t know is that it is perfectly legal to record any type of music. (par. 1) China beat out United States of America with the most Internet usage in the world but the government tries to keep their people on a tight lockdown on what people can look up on the Internet but to also keep away cyber-crimes from happening. What China doesn’t know is with all the tight lockdown people can still rebel against the government. (Liang) In the United States, many books were banned through the years starting from 1884 to 2002. The Library of Congress created a â€Å"Books that shaped America† exhibit. One of the books on the exhibit was The Adventures of Huckleberry Finn, Mark Twain; people thought the racial slurs were condescending. The book content was crass. (Par 1) Another book in the exhibit was Fahrenheit 451, Ray Bradbury, 1953. A California Middle School banned this book because it went against their religious beliefs. The book itself was a controversy so to have Bradbury write in his book about banning books and then to have his own book banned in school shows that we haven’t changed since the

Off the Leash Censoring the Internet Essay - 1737 Words

Did you check your Facebook today? How about your E-Mail? If not, you may be missing something even now! In today’s fast-paced world of instant information, if you aren’t on the internet, you’re almost certainly uninformed. Networks and the internet make up an alarmingly large part of our life. We get our news (both personal and public) via the internet, we talk to friends, shop for things, pay our bills†¦ but how vast is the monster that does all of this? This question, along with many others, is essential in the debate that rages on today: censoring the net. There are governments, not excluding our own, who believe in to some extent controlling who can access certain websites, and which are available to the general public. The very idea†¦show more content†¦(www.isoc.org) Libraries virtually depend on the internet anymore for any number of things, book orders, late fees, accounts, newsletters. Schools are even more intertwined with this fabulous t echnology, there’s a computer in every classroom. Students are now free to access a virtual infinity of data whenever they need a report on John Adams, or can use the library computers to requisition a book on the Panama Canal. Even teachers use the internet for research, pulling crucial info from reliable research websites and online news centers. As a research companion, the internet is essential, a powerful, never ending library of useful information and resource. Today’s businesses wouldn’t exactly get far with the loss of the internet, either. Emails from corporate branches, sharing of information, archiving numbers and statistics, just to name a few. Without an online presence, a business is hardly well known, and almost never efficiently organized. Advertisements online net thousands of hits a day, propelling business recognition to new heights and their customer base even further. As a consumer, a company that has a web page is more easily accessible, mo re reliable and therefore preferred over those that do not. Not having a webpage is almost unheard of for any business venture anymore. Even the governments, who are at the forefront of the battle over online regulations, are not immune to the â€Å"virus†.Show MoreRelatedEssay on Brown Vs. Board of Education1458 Words   |  6 Pages Congress shall make no law...abridging the freedom of speech, or of the press (U.S. Constitution). Throughout the ages, censorship has shown up in various forms ranging from printed works to television and the Internet. It can have the positive effect of protecting children from things they are too immature to view, but it can also have negative effects. Censorship may even suppress new and different ideas, keeping them from being made public. It may also set limitations, which stifle the creativityRead MoreProject Managment Case Studies214937 Words   |  860 Pagesthe effort. He made an appointment to see Phil Davies, director of project man agement. Tim Aston: Phil, I m a little unhappy about the way things are going. I just can t seem to motivate my people. Every day, at 4:30 P.M., all of my people clean off their desks and go home. I ve had people walk out of late afternoon team meetings because they were afraid that they d miss their car pool. I have to schedule morning team meetings. Phil Davies: Look, Tim. You re going to have to realize that in

Although the women’s characters in Frankenstein are more underlying they are vital to the structure of the story Free Essays

string(204) " she is given to Victor as a â€Å"†¦ pretty present†¦ † and Caroline’s wish that they should someday marry, is a further example of women’s lack of power over their futures\." Although the women’s characters in Frankenstein are more underlying they are vital to the structure of the story. Because not only do they add depth and give moral guidance to the male characters such as Walton and Victor Frankenstein, they are also full of kindness, compassion and social consciousness. This has the effect of stressing the importance of taking care of family and friendship and especially feminine influences in your life in order to retain both your humanity and sanity. We will write a custom essay sample on Although the women’s characters in Frankenstein are more underlying they are vital to the structure of the story or any similar topic only for you Order Now They represent the good women of the world and make it easier for the target audience of the time to identify with the story. Shelley also uses them to explore several themes such as the role of women in the society of the time. For example the way women were judged and valued only for their beauty and/or their usefulness to men. That the women in Frankenstein are not given a voice and that they seem not to have any opinions or power over their future, may be a comment from Shelley about the injustice of women’s treatment in her society. Walton’s letters to his sister Mrs Margaret Saville, have several effects. They make his account feel more personal and believable for the reader. Especially as the locations described in the novel are likely to be alien to them. The introduction of Mrs Saville, an English, middle class, married woman, would have made it easier for similar people to identify with the story and therefore bring the events closer to home for them. The letters also stress the importance of family. For example in Letter One, Walton is feeling low and lonely and says â€Å"†¦ I bitterly feel the want of a friend. I have no one near me gentle†¦ to approve or amend my plans. † which stresses the importance of friendship and sharing for a person’s mental well being and happiness. Then in Letter Two, after Walton has happened upon Victor, his spirits are significantly raised because he sees Victor as an equal and a potential friend. The letters also provide an early contrast between Walton and Victor and their attitudes. As Walton speaks of his â€Å"†¦ conviction that a man could boast little happiness, who did not enjoy this blessing. and Victor replies â€Å"†¦ I once had a friend, the most noble of human creatures†¦ But I – I have lost everything,†¦ â€Å". Therefore Shelley illustrates that by seeking his sister’s moral guidance, reassurance and love and by valuing friendship, Walton is more humane than Victor who has sacrificed everything and everyone to reach his goal. This may be a warning from Shelley of the possible disastrous consequences of isolation and the healing powers of friends and family. However, it is notable that Mrs Saville lacks a voice or opinion as her letters are not included. Her lack of voice may be a comment from Shelley that despite her obvious importance to her brother and indeed to his well being, her voice, views and opinions are of little importance to the world at large. The story of Victor’s mother Caroline, stresses the fact that at the time of writing a woman’s future was dependent upon the men in her life. Beaufort, a good friend of Victor’s father, flees from society in shame when he loses his wealth and as a result his health fails. As a consequence Caroline is forced to nurse him and take on menial work below her noble station in order for them to survive. That Victor says of his mother â€Å"But Caroline Beaufort possessed a mind of uncommon mould; and here courage rose to support her in her adversity. † it may be a comment from Shelley, in that despite her status as a lowly women she had the wit, intelligence and courage to find a way to survive with the need for a male supporter. Also it may be evidence of Shelley’s disgust at how unfair it was that a woman could only seek such low status and low paid employment, despite possessing equal intelligence and strength of character as that of a man. Victor’s father clearly values friendship highly and goes to great effort to seek out his friend. When he eventually finds him, it is too late to save Beaufort but he ‘rescues’, and eventually marries, Caroline. Thus saving her from what would almost certainly have been an existence of poverty and hardship alone with no family and friends to support her. The character or Caroline also portrays the way women bring compassion and social consciousness into society, when Victor says of he parents â€Å"Their benevolent disposition often made them enter the cottages of the poor. and that to his mother â€Å"†¦ it was more than a duty; it was a necessity, a passion – remembering what she had suffered†¦ † and that she was so caring and compassionate that she saw it has her duty â€Å"†¦ -for her to in her turn be guardian angel to the afflicted. † Indeed throughout the novel women are portrayed as virtual angels lacking any malice or negative influences. They are innocent victims, who meet undesirable ends at the hands of and due to the careless and violent actions of men. It is Caroline who adopts Elizabeth on finding her in one of the â€Å"†¦ cottages of the poor. It is notable, however, that it is not simply here ‘angelic’ nature that leads her to this action but also Elizabeth’s outstanding beauty and the rumours of her nobility. This is seen when it is said that by contrast to the four other â€Å"†¦ dark-eyed, hardy little vagrants;† â€Å"She appeared of different stock. † as â€Å"her hair was of the brightest living gold,†¦ † â€Å"†¦ her blue eyes cloudless,†¦ † and she was â€Å"†¦ fairer than a garden rose among the dark-leaved brambles. † So it is her beauty and the aforementioned rumours of a noble birth that save Elizabeth from a life of poverty. That she is given to Victor as a â€Å"†¦ pretty present†¦ † and Caroline’s wish that they should someday marry, is a further example of women’s lack of power over their futures. You read "Although the women’s characters in Frankenstein are more underlying they are vital to the structure of the story" in category "Papers" Elizabeth is a vital character in the novel as she provides a contrast within the Frankenstein family by which to compare Victor. Indeed Victor admits that she â€Å"†¦ was of a calmer more concentrated disposition;†¦ † than himself while his â€Å"†¦ temper was sometimes violent†¦ † and his â€Å"†¦ passions vehement,†¦ â€Å". Indeed, it is Elizabeth who takes motherly responsibility for the household when Caroline dies. However, despite this great responsibility she has little or no power. We also see the depth of Victor’s selfishness and disregard for others when despite the Creature’s threat to kill Elizabeth should Victor marry her, he goes ahead with it still. This action begs the question; if he loved her at all why marry her and put her in mortal peril? As had he not gone ahead with the marriage she may have survived. Again, excepting her letters, Elizabeth like Mrs Saville and Caroline lacks a voice. Further evidence of Victor’s disregard for others and the more compassionate nature of Elizabeth is seen when Justine is wrongly accused of the murder of their brother William. For although Victor knows that it was the Creature that killed him, he does nothing for fear of the discovery misdeeds in creating the Creature in the first place and also for fear of how it would appear to others. On the other hand Elizabeth, even though she has less of the facts, feels it is her moral responsibility as a friend to see justice is done. Aware of the detrimental affect it may have on her social standing and the evidence against Justine, in the form of the broach, she still speaks up for her in court to say that Justine had neither the nature, motive nor means to commit such an awful crime. This is, yet further evidence of the lack of value Victor places on friendship, family, loyalty and justice compared to Elizabeth. Justine too is adopted into the family, but is not as beautiful as Elizabeth and as a result, although she is a blood relation, she is treated as a special servant rather than a proper member of the family. This could be seen as a comment from Shelley on the unfairness of the value put on beauty and the unfairness of a class system that judges a persons moral worth by using their beauty and class position as a guide. Justine’s name may also be a play on words, in that is resembles Justice and ironically she receives non. Instead she is forced to confess to a crime she did not commit in order to save her soul. Justine’s character also illustrates the influence of the writings of Godwin on social and political justice and her mother’s feminist works on Shelley’s view of both political and female injustice within the society of the day. Both Safie and Agatha also play and important role, as it is by observing them that the Creature learns about many aspects of life. For example the Creature discovers deeper emotions within himself when he sees Agatha cry and hears man made music for the first time. However, the arrival of Safie is vital to the story as she provides a way for him to learn much more. Because she speaks a different language and is from a different culture, it is necessary for Agatha and her father to teach her their language and customs. By listening and observing her tuition, the Creature is able to gain a better understanding of the language and with the addition the some books he happens upon in the forest he learns to read. Also, due to Mr DeLacey’s minute attention to detail and eagerness to teach Safie as much as possible, the Creature gains valuable knowledge of many subjects. These include some history, a broader view of the world and its â€Å"†¦ empires†¦ â€Å", governments, religion, death, the difference between the sexes and the importance of family. He also learns more about the structure of society and the class system for example the value of possessions/wealth, lineage and family connections in relation to a persons place within society. Armed with this knowledge he begins to understand that as he has neither family, wealth nor possessions that he has little or no status within society and this compounded with his ugliness saddens him greatly. His ability to read also means that he is able to read Victor’s journal and learn of his creation, which is obviously vital as his memory of his creation was incomplete. His ability to read and the geographical knowledge he gains from Safie’s tuition also helps him in his search for Victor. However, Safie is and important character for other reasons to. In that her escape from non-Christian Asia and an undesirable existence in a Harem, to a Christian culture where by comparison women are free and â€Å"†¦ allowed to take rank in society,†¦ † may be a comment from Shelley that although the fate of women in the western world is unfair their fate is worse in some other cultures and religions. Safie’s story also gives the Creature hope as he sees that although her father was very unkind to the DeLacey family they welcome her into their home all the same. It is also a classic romantic tale of how love can conquer all, which would have appealed to the readership. In conclusion, I do not agree that the women in Frankenstein play an insignificant part in the story. Indeed without them the male characters would lack depth and the novel would have been less appealing to its audience. They bring the far away and foreign locations closer to home and make what is often an unbelievable story more believable. Without Safie’s character the Creature would not have been able to learn so easily or convincingly. Also Shelley’s views about women’s contribution to the balance of society, their relative lack of power, freedom or control over their future’s when compared to men could not have been expressed so strongly. Her point that society tends to judge people by appearances and wealth rather than their moral character and the misconceptions this causes could not have been made so convincingly. Overall I believe the story is strengthened and made more complete by their existence. How to cite Although the women’s characters in Frankenstein are more underlying they are vital to the structure of the story, Papers

Corporate Accounting In Pearson Education -Myassignmenthelp.Com

Question: Discuss About The Corporate Accounting In Pearson Education? Answer: Introduction The company we selected is Transpacific Industries Group Ltd its name changed to Cleanaway Waste management it is a recycling and waste management company providing services to industries operating in Australia. Transpacific came into existence in August 1987 and listed on Australian Securities Exchange in May 2005. Requirements We did analyse the firms annual report of 2016. The firm has applied impairment test on goodwill that is only asset where firm applied the impairment test is on the goodwill allocated to the Cash Generating Unit. The goodwill is allocated in staffing, maintenance and marine.The CGUs to which goodwill is allocated (Staffing, Maintenance and Marine) are tested for impairment annually or the test can be conducted more frequently if the changes or the events indicate that the goodwill is impaired. The impairment test is done by reviewing the carrying amounts of the assets and group of assets to decide as if there is any symptom that those assets have undergone any impairment loss. If there is any such sign then the firm will guess the recoverable amount of such asset to access the degree or amount of impairment loss (Dagwell, Wines Ambert, 2015). Yes, the firm has recorded an impartment expenditure of $ 102397000 during the period. The impairment comprises the use of estimates and judgements that are not restricted to timing of the impairment and quantity of impairment. Significant judgements are made by the management about the estimation of the impairment indicators, that can be expectations of growth, changes in the competitive position, increase in cost of capital and many other issues that may lead to impairment like business restructuring. In addition this the management is required to make substantial estimations regarding the future cash flows of the firm and about the calculation of fair values while measuring the recoverable amount of the assets or the group of assets. The conventions and estimations are made about the forecasted earnings before interest and tax and future cash flows, applicable discount rates, growth rates, residual value and useful life of the asset. The estimates, judgements and assumptions which are made by management for assessing the impairment are based on forecasted as well cu rrent market situations. Changes in operating and economic situations will impact these assumptions that would result in the recognition of changes in impairment in future periods. The Recoverable amount of (CGU) that is Cash Generating Unit is based on the value in use which is calculated by using the pre-tax cash flow projections which are based on the financial budget of 2017 approved by the directors of the firm, which is then extrapolated for four years at a growth rate of 2% (between 1.70% and 1.80%) and pre-tax discount rate used is 12.20%. The cash flow projections of this period are based on the gross margins which were expected to be same throughout this period. These are substantially consistent with the gross margins of 2016. The cash flows which are beyond that five year period are generalized using the growth rate of 2.50% per annum. This growth rate is not over the long term average growth rate used in the business markets of Australia. Based on the above assessment, the Directors concluded that the carrying amount of Goodwill and other intangibles will not go beyond its Recoverable amount (Annual Report, 2016). The company did the impairment test and identified the impairment loss. It was companies contention that if the recoverable amount of the cash generating unit is less than the carrying amount then the impairment loss will be first allocated to reduce the carrying amount of goodwill if any distributed to the CGU and then to the other assets of the CGU in proportionate amount. The impairment loss of goodwill is directly transferred to profit and loss account and is not to be reversed in the subsequent years (AASB 136, 2009). Fair Value measurement is all about the price to be received at the point of sale or to transfer the asset. Fair value is market based measurement and not to be called as an entity based measurement. The firm also did the fair value measurement following the criteria used in the market. The fair value is calculated using the cash forecast of 5 years. Referring to the case, the IASB chairman believes that previous lease accounting standard does not shows economic reality. Reasons being, under current accounting standard, more than 85% of leases are recognized as operating leases and are not reported on the balance sheet of the company. Though they are off balance sheet, they create real liabilities and it becomes difficult for the major sectors like retail industry to adjust with the new economic reality during financial crisis. The fact that companies are allowed to be discrete about their operating leases, leads to faulty representation of companys financial position and investors find it difficult to compare and contrast the economic condition of separate entities. Moreover, the information, investors and analysts receive from the balance sheet is not true and reliable for doing analysis. This is why the chairperson feels that former lease standard does not reflect economic reality. According to old standard, when a lease is recognized to be similar to a purchase of an asset, it is considered as financial lease and is reported in companys balance sheet. All the other remaining leases are considered to be operating lease and are not reported. These are called off balance sheet lease liabilities (Iasplus.com, 2017). Entities reporting under former lease accounting standard have their off balance sheet lease liabilities 66 times greater than reported debt. The reason for this much difference is reporting requirements of the standard. The companies are not required to record their operating leases leading to the flawed presentation of its financial condition. As they are not recorded, so the investors and other people are not aware about the same. They can trade these lease liabilities in any manner and as and when they required. Having off balance sheet leases, helps the company to keep their debt equity ratio low. In the case given, the chairperson argued that there is no level playing field between some airlines companies in respect to their reporting formats. Airline entities working under old lease standard will report their leases as required but the competitor company which bought their product make a different entry in its books of accounts. The airline company, which leases its fleet may recognize it as an operating lease and does not report about the same in its balance sheet. On the other side, the competitor company which purchases its fleet will recognize it as a finance lease because it is considered to be similar to the purchase of an underlying asset. This finance lease will be reported in the balance sheet of the competitor. The difference between such reporting formats and requirements makes it difficult to compare the financial statements of both the airline entities. This is why the chairperson said that, former lease standard does not provide a same level to compare between two companies (Deloitte UK. 2016). Introduction of new lease standard will mainly impact airline industry, retail and shipping sector. As the chairperson said, it will not be popular among everyone. The reason for this unpopularity may be the retaliation by the companies towards the new standard. IASB has established IFRS 16, a new lease standard which will replace IAS 17 and will be effective from 2019. Under this standard, the leasing requirements for the lessee will be changed as they have to record all the leases on the balance sheet and the classification as operating and finance will be eliminated (KPMG, 2016). Another reason is that the reporting of all leases will increase the assets and liabilities which results in changes in the key financial ratios. Companies debt equity ratio may increase because of this (Morales-Daz and Zamora-Ramrez, 2017). The IFRS 16 will bring certain changes in the lease accounting. By complying with this standard, companies will be able to reflect true and fair position of the finances in their financial statements. This will ultimately help the investors to take correct decision and accurately evaluate the financial performance of the companies. Comparability will become easier which results in better decisions regarding lease or buy. The new format will bring a single lessee accounting model which removes the classification of off balance sheet and on balance sheet lease liabilities. Reporting all the leases in the annual financial statements will provide analysts with the true and reliable figures. Moreover, IFRS 16 will results in better allocation of capital, which will be advantageous for economic growth (IFRS 16, 2016). References: AASB 136, 2009. Impairment of Assets, Accessed on 29-01-2018, from https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf. Annual Report, 2016. Transpacific Industries Group Ltd, Accessed on 29-01-2018, from https://programmed.com.au/media/65229/13-programmed-2016-annual-report.pdf. Dagwell, R., Wines, G. Ambert, C., 2015. Corporate Accounting in Australia, Pearson Higher education. IFRS 16, 2016.The Leases Standard is Changing, Pwc.com. Retrieved 29 January 2018, from https://www.pwc.com/gx/en/services/audit-assurance/assets/ifrs-16-new-leases.pdf IFRS 16 Leases | Deloitte UK. 2016.Deloitte United Kingdom. Retrieved 29 January 2018, from https://www2.deloitte.com/uk/en/pages/audit/articles/ifrs-16-leases.html Iasplus.com. 2017.IAS 17 Leases. [Online] Available at: https://www.iasplus.com/en/standards/ias/ias17 [Accessed 29 Jan. 2018]. Morales-Daz, J. and Zamora-Ramrez, C., 2017. Effects of IFRS 16 on Key Financial Ratios: A New Methological Approach. KPMG. Retrieved 29 January 2018, from https://www.in.kpmg.com/ifrs/files/first-impressions-leases-IFRS16.pdf

Corporate Accounting In Pearson Education -Myassignmenthelp.Com

Question: Discuss About The Corporate Accounting In Pearson Education? Answer: Introduction The company we selected is Transpacific Industries Group Ltd its name changed to Cleanaway Waste management it is a recycling and waste management company providing services to industries operating in Australia. Transpacific came into existence in August 1987 and listed on Australian Securities Exchange in May 2005. Requirements We did analyse the firms annual report of 2016. The firm has applied impairment test on goodwill that is only asset where firm applied the impairment test is on the goodwill allocated to the Cash Generating Unit. The goodwill is allocated in staffing, maintenance and marine.The CGUs to which goodwill is allocated (Staffing, Maintenance and Marine) are tested for impairment annually or the test can be conducted more frequently if the changes or the events indicate that the goodwill is impaired. The impairment test is done by reviewing the carrying amounts of the assets and group of assets to decide as if there is any symptom that those assets have undergone any impairment loss. If there is any such sign then the firm will guess the recoverable amount of such asset to access the degree or amount of impairment loss (Dagwell, Wines Ambert, 2015). Yes, the firm has recorded an impartment expenditure of $ 102397000 during the period. The impairment comprises the use of estimates and judgements that are not restricted to timing of the impairment and quantity of impairment. Significant judgements are made by the management about the estimation of the impairment indicators, that can be expectations of growth, changes in the competitive position, increase in cost of capital and many other issues that may lead to impairment like business restructuring. In addition this the management is required to make substantial estimations regarding the future cash flows of the firm and about the calculation of fair values while measuring the recoverable amount of the assets or the group of assets. The conventions and estimations are made about the forecasted earnings before interest and tax and future cash flows, applicable discount rates, growth rates, residual value and useful life of the asset. The estimates, judgements and assumptions which are made by management for assessing the impairment are based on forecasted as well cu rrent market situations. Changes in operating and economic situations will impact these assumptions that would result in the recognition of changes in impairment in future periods. The Recoverable amount of (CGU) that is Cash Generating Unit is based on the value in use which is calculated by using the pre-tax cash flow projections which are based on the financial budget of 2017 approved by the directors of the firm, which is then extrapolated for four years at a growth rate of 2% (between 1.70% and 1.80%) and pre-tax discount rate used is 12.20%. The cash flow projections of this period are based on the gross margins which were expected to be same throughout this period. These are substantially consistent with the gross margins of 2016. The cash flows which are beyond that five year period are generalized using the growth rate of 2.50% per annum. This growth rate is not over the long term average growth rate used in the business markets of Australia. Based on the above assessment, the Directors concluded that the carrying amount of Goodwill and other intangibles will not go beyond its Recoverable amount (Annual Report, 2016). The company did the impairment test and identified the impairment loss. It was companies contention that if the recoverable amount of the cash generating unit is less than the carrying amount then the impairment loss will be first allocated to reduce the carrying amount of goodwill if any distributed to the CGU and then to the other assets of the CGU in proportionate amount. The impairment loss of goodwill is directly transferred to profit and loss account and is not to be reversed in the subsequent years (AASB 136, 2009). Fair Value measurement is all about the price to be received at the point of sale or to transfer the asset. Fair value is market based measurement and not to be called as an entity based measurement. The firm also did the fair value measurement following the criteria used in the market. The fair value is calculated using the cash forecast of 5 years. Referring to the case, the IASB chairman believes that previous lease accounting standard does not shows economic reality. Reasons being, under current accounting standard, more than 85% of leases are recognized as operating leases and are not reported on the balance sheet of the company. Though they are off balance sheet, they create real liabilities and it becomes difficult for the major sectors like retail industry to adjust with the new economic reality during financial crisis. The fact that companies are allowed to be discrete about their operating leases, leads to faulty representation of companys financial position and investors find it difficult to compare and contrast the economic condition of separate entities. Moreover, the information, investors and analysts receive from the balance sheet is not true and reliable for doing analysis. This is why the chairperson feels that former lease standard does not reflect economic reality. According to old standard, when a lease is recognized to be similar to a purchase of an asset, it is considered as financial lease and is reported in companys balance sheet. All the other remaining leases are considered to be operating lease and are not reported. These are called off balance sheet lease liabilities (Iasplus.com, 2017). Entities reporting under former lease accounting standard have their off balance sheet lease liabilities 66 times greater than reported debt. The reason for this much difference is reporting requirements of the standard. The companies are not required to record their operating leases leading to the flawed presentation of its financial condition. As they are not recorded, so the investors and other people are not aware about the same. They can trade these lease liabilities in any manner and as and when they required. Having off balance sheet leases, helps the company to keep their debt equity ratio low. In the case given, the chairperson argued that there is no level playing field between some airlines companies in respect to their reporting formats. Airline entities working under old lease standard will report their leases as required but the competitor company which bought their product make a different entry in its books of accounts. The airline company, which leases its fleet may recognize it as an operating lease and does not report about the same in its balance sheet. On the other side, the competitor company which purchases its fleet will recognize it as a finance lease because it is considered to be similar to the purchase of an underlying asset. This finance lease will be reported in the balance sheet of the competitor. The difference between such reporting formats and requirements makes it difficult to compare the financial statements of both the airline entities. This is why the chairperson said that, former lease standard does not provide a same level to compare between two companies (Deloitte UK. 2016). Introduction of new lease standard will mainly impact airline industry, retail and shipping sector. As the chairperson said, it will not be popular among everyone. The reason for this unpopularity may be the retaliation by the companies towards the new standard. IASB has established IFRS 16, a new lease standard which will replace IAS 17 and will be effective from 2019. Under this standard, the leasing requirements for the lessee will be changed as they have to record all the leases on the balance sheet and the classification as operating and finance will be eliminated (KPMG, 2016). Another reason is that the reporting of all leases will increase the assets and liabilities which results in changes in the key financial ratios. Companies debt equity ratio may increase because of this (Morales-Daz and Zamora-Ramrez, 2017). The IFRS 16 will bring certain changes in the lease accounting. By complying with this standard, companies will be able to reflect true and fair position of the finances in their financial statements. This will ultimately help the investors to take correct decision and accurately evaluate the financial performance of the companies. Comparability will become easier which results in better decisions regarding lease or buy. The new format will bring a single lessee accounting model which removes the classification of off balance sheet and on balance sheet lease liabilities. Reporting all the leases in the annual financial statements will provide analysts with the true and reliable figures. Moreover, IFRS 16 will results in better allocation of capital, which will be advantageous for economic growth (IFRS 16, 2016). References: AASB 136, 2009. Impairment of Assets, Accessed on 29-01-2018, from https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf. Annual Report, 2016. Transpacific Industries Group Ltd, Accessed on 29-01-2018, from https://programmed.com.au/media/65229/13-programmed-2016-annual-report.pdf. Dagwell, R., Wines, G. Ambert, C., 2015. Corporate Accounting in Australia, Pearson Higher education. IFRS 16, 2016.The Leases Standard is Changing, Pwc.com. Retrieved 29 January 2018, from https://www.pwc.com/gx/en/services/audit-assurance/assets/ifrs-16-new-leases.pdf IFRS 16 Leases | Deloitte UK. 2016.Deloitte United Kingdom. Retrieved 29 January 2018, from https://www2.deloitte.com/uk/en/pages/audit/articles/ifrs-16-leases.html Iasplus.com. 2017.IAS 17 Leases. [Online] Available at: https://www.iasplus.com/en/standards/ias/ias17 [Accessed 29 Jan. 2018]. Morales-Daz, J. and Zamora-Ramrez, C., 2017. Effects of IFRS 16 on Key Financial Ratios: A New Methological Approach. KPMG. Retrieved 29 January 2018, from https://www.in.kpmg.com/ifrs/files/first-impressions-leases-IFRS16.pdf