People in Religion Essay Example | Topics and Well Written Essays - 1000 words

People in Religion - Essay Example Senior Tibetan monks receive information during meditation which helps them to track down the new Dalai Lama. They have an indication of who is going to be the next Dalai Lama and after verification through their secret set of criteria, they take him away. Familiarity with the same possessions of the previous Dalai Lama is considered a confirmation of the reincarnation. The reincarnation takes place a few years after the death of the previous Dalai Lama. A Dalai Lama has a short lease of life as a childhood before he is taken away from the family and plunged into endless ceremonies and an intensive education (Richardson, 1962). Dalai means ocean and Lama is the Sanskrit equivalent of Guru and hence Dalai Lama means a spiritual teacher (Wikipedia). The present Dalai Lama was educated in Lhasa in a 1000-room palace surrounded by doting monks who educated him in subjects like philosophy, medicine and metaphysics (NYTimes, 2007). Although the present Dalai Lama is defined by his Tibetan identity his roots were firmly anchored in reality (Chopra, 2001). He believes that all human beings have an equal right to happiness and freedom from suffering but money should not be a part of the definition of success and happiness (Dalailama, 2006). The world is undergoing transformation and the Dalai Lama emphasizes that one way of being diligent is to pursue knowledge. The freedom campaign that he is pursuing is based on non-violence. One must always maintain truth because that alone will fill a person with a sense of pride. Dalai Lama is an advocate of non-violence and believes the truth, courage and determination should be the weapons for liberation (CNN, 2001). Dalai Lama is considered the most skilled and successful of all religious leaders; he is tolerant and informed and can enchant anyone at the very first instance but he is intent upon forcibly subjecting the world to its law. Religion and history are not separated from one another in the Tibetan world view, nor

Financial Reporting Case analysis Study Example | Topics and Well Written Essays - 1000 words

Financial Reporting analysis - Case Study Example The Generally Accepted Accounting Principles (GAAP) also play a major role in the solving of the issues at hand (Epstein and Nach 77). The case involving Philadelphia Communications Inc. first of all presents the issue of disclosures before, during and after an Initial Public Offer. Since Philly had just recently completed an IPO, the SEC, FASB and IFRS requirements require certain disclosures concerning this process. Another issue arising out of Philly’s case is the testing and verification of receivables to the company. These too require certain considerations under the SEC, FASB and IFRS provisions. Revenue recognition needs to receive keen focus at this stage. The fact that the receivable support provided by the client does not specify interest or payment terms for the notes receivable from several of the company’s chief executive officer’s cousins is another issue of great concern. The bodies stated above, namely the SEC, FASB and the IFRS have provisions an d requirements for these kinds of transactions and thus need to be followed (Shamrock 11). The family members, being considered related parties, need to have more disclosures besides those stated above. The family, though only actively represented by Mr. Sigar in his position as the company’s chief executive and chairman, still owns a large part of the company hence the need to put into consideration its role in the firm’s operations. The fact that there is dependence on records from another party from the previous year presents another issue to be put into consideration. The Generally Accepted Accounting Principles play a serious role in this area; enabling the auditor draw clear conclusions from the information available. Options and Solutions to the Issues a. Initial Public Offer Philadelphia Communications Inc. became a public company through the Initial Public Offer. The Securities and Exchange Commission, upon receiving an application from any company willing to go public, compels the company to apply all accounting standards to which the company subscribes (Epstein and Nach 55). These include the IFRS requirements, among others. The information disseminated in this period includes the share of the company owned by the individual participants. This serves to ensure there is transparency and accountability. The information from Philly’s IPO doesn’t state the ownership in terms of the number of shares owned. This type of non-disclosure is against the SEC and GAAP requirements and should be adhered to. b. Receivables The other issue involves receivables and in this particular case from shareholders. This basically is the money received from shareholders in their purchase of a company’s shares. It is an investment into the company hence keenness is required in handling this issue. The SEC provisions and GAAP in place concerning receivables from shareholders are that the shareholder should be in the know concerning the type of shares purchased and their amount. The notes receivable from Mr. Sigar’s cousins should have clearly stated interest rates and payment terms. This applies to all other shareholders’ notes (Shamrock 23). For transparency’s sake, interest rates and payment terms on all notes receivable should be stated beforehand. According to the Financial Accounting Standards Board, the risk level to which shareholder’s receivables are exposed to should also be known by the