Euthanasia Essay Euthanasia And Assisted Suicide

Isabella Costa Simao Professor James Kershner English Composition I (ENL 101-02) April 23, 2015 Research Paper Euthanasia and Assisted Suicide Death is always a sensitive subject to talk about. That we are all going to one day die is certain. What is unknown is the condition under which it is going to happen. The process of dying is never easy, neither for the individual that is on his or her last stage of live, nor for the family and friends that have to watch someone they love going away. Although we all wish to have a peaceful and painless goodbye, it is not always the way it happens. Once diagnosed with a terminal disease, many patients wish they could have the autonomy to end their lives at a time of their own choosing, before pain becomes unbearable. Euthanasia is a controversial subject. It divides people on many levels, medical, ethical, religious and legislative. The main purpose of euthanasia is to assuage the patient’s suffering by giving the terminally ill patient autonomy to end his or her life. Although the practice of euthanasia and assisted suicide is not yet legal in all parts of the United States, it should be legalized so that willing patients can seek the help of doctors to die with dignity, and ease their pain at the end of life. Technology and the discovery of new medication and treatments have enormously improved the medical field. Giving high hopes to sick people to get treatment and have their health restored. ItShow MoreRelatedEuthanasia And Assisted Suicide Essay3656 Words   |  15 PagesEuthanasia and Assisted Suicide Explanatory Essay â€Å"At least 36 terminally ill people died last year after taking lethal medication prescribed by doctors under the Washington State’s new physician assisted suicide law passed in 2009† (Caplin et all). This law makes euthanasia and assisted suicide an option for the terminally ill patient without the interjection from others. Due to the physician-assisted suicide and euthanasia law, terminally ill patients have been requesting physician-assisted suicideRead MoreEuthanasia Essay : Euthanasia And Assisted Suicide910 Words   |  4 PagesBackground about Euthanasia in The Netherlands. Patients Rights Council. Patients Rights Council, n.d. Web. 03 Mar. 2015. This website address euthanasia, assisted suicide, advance directive, disability rights, pain control, and more. This article features background information on euthanasia and assisted suicide in the Netherlands. In the Netherlands, for euthanasia or assisted suicide to be legal, â€Å"The patient must be experiencing unbearable pain†¦ must be conscious, The death request must beRead More Essay on Euthanasia and Doctor-Assisted Suicide1175 Words   |  5 PagesUnderstanding Euthanasia and Assisted Suicide    This paper will address some of the more popular points of interest involved with the euthanasia-assisted suicide discussion. There are less than a dozen questions which would come to mind in the case of the average individual who has a mild interest in this debate, and the following essay presents information which would satisfy that individuals curiosity on these points of common interest.    Euthanasia and assisted suicide are legal in theRead More Assisted Suicide and Euthanasia Essay1436 Words   |  6 PagesAssisted Suicide and Euthanasia   Ã‚  Ã‚  Ã‚  Ã‚  Assisted suicide is one of the most controversial topics discussed among people every day. Everyone has his or her own opinion on this topic. This is a socially debated topic that above all else involves someone making a choice, whether it be to continue with life or give up hope and die. This should be a choice that they make themselves. However, In the United States, The land of the free, only one state has legalized assisted suicide. I am for assistedRead More Assisted Suicide Or Euthanasia Essay1709 Words   |  7 Pages ASSISTED SUICIDE or euthanasia On July 26, 1997, the U.S. Supreme Court unanimously upheld decisions in New York and Washington State that criminalized assisted suicide. As of April 1999, physicians-assisted suicide is illegal in all but a couple of states. Over thirty states have established laws prohibiting assisted suicide, and of those who don’t have statues, a number of them prohibit it through common law. In Michigan, Jack Kevorkian was initially charged with violating the state statue. HeRead More Euthanasia Essay: Assisted Suicide927 Words   |  4 PagesEuthanasia and Assisted Suicide   Ã‚  Ã‚   In her paper entitled Euthanasia, Phillipa Foot notes that euthanasia should be thought of as inducing or otherwise opting for death for the sake of the one who is to die (MI, 8). In Moral Matters, Jan Narveson argues, successfully I think, that given moral grounds for suicide, voluntary euthanasia is morally acceptable (at least, in principle). Daniel Callahan, on the other hand, in his When Self-Determination Runs Amok, counters that the traditionalRead More Euthanasia Essay - Assisted Suicide1579 Words   |  7 PagesAssisted Suicide/Euthanasia      Ã‚   Remarkably, few have noticed that frail, elderly and terminally ill people oppose assisted suicide more than other Americans. The assisted-suicide agenda is moving forward chiefly with vocal support from the young, the able-bodied and the affluent, who may even think that their parents and grandparents share their enthusiasm. They are wrong.    Thus the assisted suicide agenda appears as a victory not for freedom, but for discrimination. At its heartRead MoreEssay on Assisted Suicide and Euthanasia911 Words   |  4 PagesAssisted suicide brings a debate that involves professional, legal and ethical issues about the value of the liberty versus the value of life. However, before conceive an opinion about this topic is necessary know deeply its concept. Assisted suicide is known as the act of ending with the life of a terminal illness patients for end with their insupportable pain. Unlike euthanasia, the decision is not made by the doctor and their families, but by the patient. Therefore, doctors should be able to assistRead More Euthanasia Essay - Assisted Suicide and the Supreme Court1540 Words   |  7 PagesAssisted Suicide and the Supreme Court      Ã‚   After the nations highest court declared that U.S. citizens are not constitutionally guaranteed the right to a physician-assisted suicide, the movement has sort of lost its steam. Why do the Supreme Court Justices consider legalization dangerous? How did it win legislative approval in Oregon in the first place? What is the current trend in public opinion about this question? This essay will delve into these questions. After the U.S. Supreme CourtRead More Euthanasia Essay - Religious Views on Assisted Suicide1212 Words   |  5 PagesOfficial Religious Views on Euthanasia and Assisted Suicide      Ã‚  Ã‚  Ã‚   This essay is dedicated to the expression of the various official views of religious bodies within our nation. Most major denominations are represented. These religions have long been the custodians of the truth, serving to check the erratic and unpredictable tendencies of political, judicial and social bodies which would have Americans killing off their elderly and handicapped.    The National Association of Evangelicals

Body Image A Part Of Human Nature - 2188 Words

Keelan Apthorpe Hill TPSP, Period 3 27 October 2014 Body Image in American Society Body image is a part of human nature, and it leads people all around the world to be influenced by their culture and their surroundings. It reflects the way both men and women view themselves, both esthetically and internally. Negative body image can have psychological and physical effects on members of American society, consisting of inducing eating disorders, prompting low self-esteem, causing body dysmorphic disorder, and leading some to cosmetic surgery. Unfortunately, a not so uncommon problem in American society regarding body image is the development of eating disorders. Though the causes are not always known, a seriously negative perception of body image may result in unhealthy eating patterns. The two most widely known eating disorders are anorexia nervosa and bulimia nervosa. Those with anorexia believe that thinness is the key to self-worth and most are never satisfied with their own body image. Contrary to popular belief, anorexia does not deal directly with food; it has been described that anorexia is an unhealthy way to â€Å"cope with emotional problems† (Mayo Clinic). Dieting occupies most of their day, and many purposely starve to lose weight. Many of those affected refuse to maintain a healthy weight and become extremely thin, due to being intensely afraid of gaining weight. Another example of a prevalent eating disorder is bulimia nervosa. Bulimia results in binge eating, thenShow MoreRelatedStudy Guide Week 3 Essays1465 Words   |  6 Pagesdo good works? 1- The love of God 2- Gratitude 3- The command from the Bible 4- Pragmatism Etzel Gutierrez: Chs. 11–15 1. Does the image of God refer to something a human is or something a human does? Something a human is 2. Being created in the image of God should help to point one another to whom? King of Kings 3. Is the image of God mentioned in both the Old Testament and the New Testament? Yes 4. What ideas are included in the six different Greek words in theRead MoreThomas Aquinas : The Nature Of The Body951 Words   |  4 PagesThomas Aquinas makes the argument that the soul is not a body and expresses that it is part of the body itself. The mind is aware of the soul and to attempt to find the nature of the soul, he must premise that the soul is the first principle of life of animate and inanimate things. Life can be shown by both knowledge and movement. The soul is not a body but the first principle and act of a body, like the principle of seeing are the eyes. Aquinas is not a substance dualist like Descartes even thoughRead MoreAquinas: the Soul1260 Words   |  6 Pagesits intellectual operation. Thomas Aquinas, a medieval philosopher and theologian, tackles the topic of subsistence (i.e existence) of the human soul by looking into its power of cognition and scrutinizing its nature; more specifically, he studies the processes through which the soul can cognize the w orld that surrounds us and itself by the means of the body and the intellect. Life can be defined through its functions: movement, cognition, perception and nutrition. Aquinas attempts to unveil theRead MoreThe Golden Mean in Anatomy965 Words   |  4 PagesThe Golden Mean in Anatomy The Golden Mean is a mysterious number that has been found in plants, humans, art and even architecture. It was first discovered and studied by ancient mathematicians in Egypt a very long time ago. In the study of mathematics one realizes that many patterns often occur. None have been more relevant or fascinating that the golden ratio. 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Yet by reading closely the passage from the Epic of Gilgamesh, some aspects are quite similar in both societies. First this passage suggests that the human nature is violent

Crime and Punishment free essay sample

The Significance of Lazarus’s Resurrection In the Russian novel Crime and Punishment by Fyodor Dostoevsky, the main character, Raskalnikov goes through a vast time period of great psychological turmoil. When comparing and contrasting this death and reincarnation of his consciousness and mind to the biblical tale of Lazarus’s resurrection, the author not only highlights the extremeness of the crimes he has committed, but also touches on the importance of recognizing one’s guilt. This theme of reconciliation and religion becomes one of the central themes of the novel. Raskalnikov’s personality and behavior significantly changes right after he kills Alyona Ivanovna and her sister, Lizaveta. This event took place in total madness because the thoughts and sincerity that Raskalnikov held on to were murdered along with the woman. â€Å"But a sort of absentmindedness, even something live reverie, began gradually to take possession of him: as if he forgot himself at moments or, better, forgot the main thing and clung to trifles† (80). We will write a custom essay sample on Crime and Punishment or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As Raskalnikov begins to lose more and more of his mind, the story of Lazarus’s resurrection comes into play. In theory, this is a symbol for Raskalnikov’s mind. This comparison is significant because it provides an idea of the foreshadowing involving a reincarnation of morals and convictions. This also ties into another one of the novel’s themes which is the various versions of reality. Lazarus was dying of a disease on the border between death and life, whereas Raskalnikov was balancing on the border of madness and sanity. When Lazarus physically dies, Raskalnikov’s sanity also dies; the death of his mind. In part IV, chapter IV, Raskalnikov goes to Sonya’s room and demands her to read him the passage in the bible about Lazarus. â€Å"Raskalnikov partly understood why Sonya was hesitant to read to him, and the more he understood it, the more rudely and irritably he insisted on her reading† (326). As the reading goes on, he begins to understand how this is truly making Sonya feel inside. â€Å"He read it in her eyes, understood it from her rapturous excitement†¦ She mastered herself, suppressed the spasm verse, and continued her reading of the eleventh chapter of John’s Gospel† (327). Just as Jesus resurrected Lazarus from the grave, Sonya is Raskalnikov’s Christ-like figure who attempts to pull him back into reality. She offers him the moral thoughts and sincerities that he lost after he murdered the two sisters. No matter how severe Raskalnikov’s words or actions may be, Sonya always accepts him and turns to her religion and God to save and forgive him from an eternity in Hell. She is the base for the theme of religion throughout the novel. Eventually, Raskalnivov sees that he in fact he committed a crime and the only way to be reconciled is to â€Å"seek atonement†. The central theme of religion is very present in his realization that first he must be forgiven by God, before he can be forgiven by others. By accepting his guilt, Raskalnikov can again be compared to Lazarus who accepts Christ as his redeemer. Raskalnikov’s mind is reborn once he accepts his remorse for the crime he committed just as Lazarus accepts his new life through his resurrection. Both men accept Jesus as their savior, only Raskalnikov does this through Sonya. The themes of religion and love can be tied together as Raskalnikov realizes his deep love for Sonya, his savior. This last realization confirms that eternal life comes with the love of Christ. The story ends leaving the reader unsure of the destination of Raskalnikov’s life after his confession. â€Å"It was I who killed the official’s old widow and her sister Lizaveta with an axe and robbed them† (531). However, the theme is still prevalent through the end and Dostoevsky lets it sink in until both the audience and Raskalnikov can accept all of the consequences.

Conceptual Framework Fair value

Questions: 1. Explain why principles-based standards require a conceptual framework? 2. Why is it important that the IASB and FASB share a common conceptual framework? 3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning? 4. What is meant by a 'cross-cutting' issue? Suggest some possible examples of crosscutting issues? 5. What you think is the fundamental problem with financial statements based upon the historic cost measurement principle used under US GAAP? 6. What do you think of the principle' accounts must reflect economic reality' as a core principle of measurement in accounting? 7. How would you measure economic reality? 8. What is reliability in accounting? 9. The article states that the US standard setter FASB requires companies to record a provision in relation to environmental costs of retiring an asset if its fair value could be reasonably estimated. How do you think companies would go about estimating such a provision? 10. What aspects of the requirements were used by US companies to defer recognition of a liability? 11. In what ways does the recognition of the liability in relation to future restoration activity affect net profit in the current year and future years; and cash flow in the current and future years? 12. The article refers to changes in disclosure requirements relating to environmental liabilities in many countries around the world. How important is it that companies recognise the liability? To what extent is disclosure about the liability sufficient? Answers: 1. Principle based standards require conceptual framework Framework refers to the platform on which any kind of work can be done and Conceptual framework refers to the infrastructure framed for performing particular work or an activity keeping in consideration the values and concepts within the ambit of which the work or an activity is required to be performed. For defining and developing any accounting and reporting principles and practices, framework is required. If the framework is not present then the principles and practices will be prepared in random and disordered manner and will automatically result in the standards which may be inconsistent with the others and with the law prevailing for that standard. Thus, conceptual framework for financial reporting helps in defining the nature and aim of the accounting by considering the theoretical issues relating to the financial reporting (IASB, 2010 and Deegan,2006). There are two types of standards rules based and principle standard. The absence of conceptual framework leads to increase in the number of rule based standards whereas its availability leads to formation of principle based standards. Rule based standards details the rules which needs to be followed in the preparation of financial statements and these rules can easily be manipulated by the influence of some group or management whereas principle based standards are formed only on the basis of pre defined principles or concepts and the framework containing it (FASB,2002). If there is no conceptual framework, the principle based standards cannot be formed. Thus, in this manner, for setting up of the principle based standards presence of conceptual framework is of utmost importance. 2. IASB and FASB Share a common conceptual framework IASB and FASB have entered into joint project namely New Conceptual Framework Project wherein the main object is to revisit the frameworks within which standards have been set up for financial accounting and reporting purposes. The main aim of revisiting the conceptual framework is to come up with the common framework by redefining, updating and completing the existing framework. This new common framework will be shared by both the standard setting bodies. As per the new project, the main aim of both the bodies IASB and FASB is that the accounting and reporting standards shall be based on defined principles and policies which can be applied universally and uniformly instead of having the standards consisting of the principles and provisions which have been created out of the individual perceptions and arbitrary provisions and that too changes in case governing body of the standard setting board changes. Without having the common framework, there will always be the matter of argument or discussion over one issue or the other (Nash,2006). Along with this reason there are factors which require the sharing of common framework: The standards of one body shall be converged with the standard of other body. This is possible only by providing the common platform. It lays down the foundation for developing future standard and other accounting and reporting policies which shall be applied consistently and uniformly across the world. It facilitates the comparability, understandability and relevance of the financial information to the users of the financial statements. 3. Conceptual framework is more important for Some Parties than others As discussed, conceptual framework plays significant role in the financial accounting and reporting, it also provides various benefits to its users. One of the main parties who will get benefit of having the conceptual framework is the standard setter. Standard can only be defined when there is accounting and reporting framework and is defined and laid down by the standard setters. Along with him, there are other users. Another main party is the preparer of the financial statement. Preparer of the financial statement prepares the financial statements by keeping in view the standards set by the bodies which are known as International Financial Reporting Standards. Conceptual framework helps preparers in the way where no standard has yet been developed still the preparer forms the financial statements according to the developed conceptual framework. Another major party is the auditors of the organizations. Auditors are required to audit the financial statements of companies and give th eir opinion on the financial statements like whether it represents true and fair view or not. Auditors with the help of defined standards and where there is no standards with the help of conceptual framework checks the authenticity of financial information and gives their opinion. Third major parties are the users of the financial statements. Users of the financial statements are the stakeholder or shareholder of the companies and include banks, financial institutions, investors etc. By having the common conceptual framework, the users of the financial statements can interprets the information and can compare the same with the financial statements of the rivals of same companies. Thus, conceptual framework is more important to the other parties than the standard setters. 4. Cross Cutting Issues Cross cutting issues are defined in common parlance as the issues which are relevant to all aspects of the development like the environment, diseases, equality of gender, etc. Cross cutting issues in the context of accounting and financial reporting are defined as the issues which should be kept in consideration and are encountered when the development of any activity takes place in the field of accounting and financial reporting. These issues come across all the time and reappears whenever any sort of development takes place in the field of accounting and financial reporting. There is huge list of Cross cutting issues and following are some examples: Whether financial statements so prepared are for the use of shareholders of the company or for all the users of the financial statements, How an asset shall be defined? For instance, whether the term control shall form basic part of the definition of the asset or the event shall be defined for explaining control. How the recognition event for revenue shall be defined? For instance, it shall be defined on the basis of accrual or receipt. The concept of uncertainty and its effects. For instance, whether there will be an asset or liability in case any event that may happen in future which results in benefits or losses in the near future. Making the differences whether particular transaction is asset or liability or should be shown separately. (Bullen H, 2005) 5. Fundamental Problem in using Historic Cost Principle As per the historical cost principle, the asset or liabilities are recorded equivalent to the price of purchase or acquisition or with the amount of its incurring. The assets or liabilities so created are never revalued for appreciation or depletion in accordance with the current market prices. The basic and fundamental problem in the use of the historical cost principle is that the cost of an asset or the amount of liability does not change with the change in the market value. For instance, if the current market price of an asset increases then the figures stated in the financial statement are not reinstated to give effect to the change in the market price. This drawback give rises to another drawback which is defined as irrelevant (Whttington, 2007). By providing the historical cost based financial statements, the users of the financial information find the financial statements as irrelevant. The term irrelevancy is attached to the historical cost principle by most of the critics. (Nicole and Peppe, 2012). Users of the financial statements like bankers or investors requires the financial information which gives them the true picture of the financial results of the company and provides the insight to the users as to the amount realizable in case the company is wound up or provides the amount of cash flows which the company can generate in near future. Due to lack of this information, US GAAP and other bodies follows different measurement model which consists of mixture of the historical cost principle, fair value method and cash flows using discounted rates. 6. Economic Reality as a Core principle of measurement in accounting Economic reality is defined as the position of the economy of the world in real and fair terms which are relevant for making an analysis rather than providing the false position. For example, providing the actual death and birth rates by keeping the recent decade year as base year instead of having the start year of analysis as base year and providing the figures for people below poverty line and above that, minimum wage rate and the cost of living of normal people and so on. Economic reality in terms of accounting is referred to as the presentation of the financial statements to its users in the real and fair terms. Real term is referred to as the market or fair value with which the financial statements shall be stated. Thus, in this way, the concept of economic reality requires the financial statements to be stated with the market prices or fair value at the point of time and adjusted every time for change and thus emphasizes the importance of the concept of relevancy. There are various concepts that are described as the measurement principles of accounting like relevancy, comparability, understandability and reliability. The financial statements presented shall be reliable and relevant for the users of the financial statements and along with that it shall be understandable and comparable. As economic reality lays the focus only on the importance of relevancy and have left the portion of having reliable financial statements, I disagree with the statement that the economic reality is core principle for measurement in accounting. 7. Measurement of Economic Reality Economic reality is nothing but the economic position and performance of the company in real and fair terms as per the current market price and situations prevailing. To measure the economic reality, first all the items of the financial statements including the Balance Sheet, Statement of Income and Comprehensive Income shall be adjusted with the change in the market price as on that date and for the year respectively (CFA,2010). For example an asset purchased 30 years ago for $5,000 /- and stated in balance sheet at $1,250 after providing depreciation and impairment shall be adjusted for change in market price and shall be reported at the fair value as on the date of balance sheet. Similarly with the liabilities. The amount of liabilities shall be stated at the market price. After reinstating the same, the statements shall be made available for the users. The users then analyze the financial statements and information and if they find it relevant and comparable then the economic reality is positive. For instance, as per the current market price, it is assumed that the current net worth of the company shall be $200 billion and earnings per share shall be $20000 /- and the actual figures comes out with the approximate figures of the same then it will be assumed as the company has positive economic effect and the figures are real and sufficient to effect the decision of the users of the financial statements. Otherwise, the measurement of economic reality will serve no purpose and is less useful. 8. Reliability in Accounting As per the principle of reliability in accounting, only those transactions can be recorded in financial statements which can be easily verified and checked. For example, purchase of asset of $1000 with the invoice and payment has been made through cheque. In this way, the transaction of purchase of asset can be verified through invoice and cheque and thus can be recorded. Concept of reliability plays very significant role in the preparation of financial statements. Every user of the financial statements has reliance on the financial statements of the company. Only because of this reliance, financial institutions gives loans to the companies, investors invest their money in the company and so on. The financial information is said to be reliable only when the information is verifiable and genuine. These can be checked through invoices and payment mode, etc. After checking the reliability of financial information the auditors of the companies issues clean audit report otherwise they issues qualify audit report or sometimes issues disclaimer of opinion depending upon the circumstances and facts of the case. The reliability in accounting presupposes the presence of historical cost based accounting method. It underlines that an asset or liability shall be recorded with the purchase or acquisition price and thereafter adjusted for depreciation and impairment. Thus, the concept of reliability in accounting provides the reliable figures on which every users can easily rely and it does not focus the principle of fair value measurement as the figures in this method are questionable at each and every stage and are not authentic. 9.Provision of Environmental Costs As per the principle of prudence, losses shall always be anticipated and recorded in the books of accounts. Following the rule of prudence, it is very difficult and challenging task of estimating the provision of environmental costs because of the presence of the higher degree of uncertainty and contingency in the occurrence of environmental expenses like clean up costs, damages related to third party or damages of natural resources. Companies have different methods in estimating the cost varying from single outcome method to the probability methods. Therefore, it is clear that the one price can never be fitted to estimate the environmental costs (Ernst and Young, 2010). It is because in each case there are different uncertainties. Following are the methods to estimate the provision: Single Outcome In this method, the environmental costs is based on the estimate made by the engineer who is authorized professional to perform this task. But simultaneously it cannot be regarded as the best method because it assumes one overriding fact that the professional engineer knows the future and can certify the costs. ASTM - Association for Testing and Materials (ASTM) has provided four different methods by including the uncertainty analysis while estimating the environmental costs. First method is Expected Value Approach wherein the cost is equal to the estimated value of the probability of occurrence of all possible outcomes over the possible values. Second method is Most Likely approach, wherein the cost is equal to the amount in the scenario where the event is more likely to occur. Third method is Range of Values Approach. The cost ranges from the low to high with reliable assumptions and that too without probabilities. Last method is Known Minimum Value Approach. This is adopted when it can be reasonably identified that the costs will definitely occur (Sullivan, 2005). 10. Defer Recognition of Liability As per the provisions issued by United States Financial Accounting Standard Board (US FASB) in the year 2002, every corporation is required to make the provision for environmental cost in the financial statements on the retirement of an asset which will occur in the near future provided the fair market value of the environmental costs can be estimated. The pre requisite of having the fair market valuation of the environmental costs on making the provision of environmental costs has given way to many corporations to defer the creation of provision of environmental costs for future years and that too till the litigation or pending case be settled. The similar way has been adopted by the companies of United States. Second requirement that has been taken as plea for deferment of the liability for environmental costs is the uncertain time and method for settlement of the retirement of an asset. No certain method has been identified for valuing the environmental costs and also the correct time for settlement when the liability in actual arise cannot be determined. Companies of US has taken this plea also for deferment but it has not been come longer as the FASB in due time has clarified that the provision needs to be maintained even when the time or method for settlement is not certain and thus thereafter all the companies have created the piled up environmental costs of different properties in one year itself. Thus, US companies has been able to defer the creation of obligation towards environment for some years. 11. Affects of Recognition of the Liability By recognizing the liability of environmental costs, following affects has taken place: Net Profit On recognition of the liability towards the environmental costs, on one hand the liability will arise in the Balance Sheet and on the other hand the expenditure will be increased by an equal amount. As the expenditure is charged to the Statement of Income in the current year, therefore, net profit of the company will decrease. In the future years, there is no need to create the provision for environmental liabilities again and again unless there is requirement to reinstate the provision according to the market value in the future years. Therefore, in the future years there will be no effect in the Net profit or loss of the company. In the case study it is mentioned that once it has been clarified that the provision has to be maintained irrespective of the fact that the timing or the method is not certain. After that all the companies have created the provisions and the Net Profit of the companies has been gradually decreased in the current year as compared to the future years. Cash Flows As the payment has not been made in the current year, only the provision for environmental costs has been made, therefore, there will not be any cash inflow or outflow in the current year. In the future years, as the time for settlement comes, the environmental costs is required to be paid and thus in the future years the there will be cash outflow. 12.Importance of Recognition and Its Disclosure Importance of Recognition- Every standard mandates for every companies to comply with their provisions. By recognizing the environmental costs and liabilities thereon the financial statements of the company not only gives the true and fair view of the business of the company but also helps the users of the financial statements to analyze and compare the financial results of the company with the other companys financial results. All the statutory and regulatory bodies of different countries have made the standard as mandatory and lists down the disclosure requirements. Disclosure - Following disclosures shall be made: Environmental and Disposal Liabilities schedule shall contain the amount of cost recognized under various heads total estimated clean up costs or in bifurcation of recognized and unrecognized portion of clean up costs, amount of expenditure required to make the waste usable and the change if any in costs which has occurred due to change in conditions, statutory requirements, etc. A detailed note shall be given in the Notes to accounts detailing nature of the business, reasons for effecting the environment, number of properties, the amount of environmental costs estimated and the method used to estimate the same along with the list of properties. References Mac Donald L, (2002), Principle based approach to standard setting, FASB newsletter, available on https://www.fasb.org/project/principles-based_approach.shtml accessed on 24/01/2017. BullenH,(2005),Revisitingheconcepts,availableonhttps://www.fasb.org/cs/BlobServer?blobcol=urldatablobtable=MungoBlobsblobkey=idblobwhere=1175818825710blobheader=application%2Fpdf accessed on 24/01/2017. Nicole T and Peppe M, (2012), Fair value accounting versus historical cost accounting - the impact on financial statement presentation Ovidus, Romania. CFA,(2010),FairValueastheMeasurementbasisforfinancialinstruments,availableon https://www.cfainstitute.org/ethics/Documents/fair_value_as_measurement_basis.pdf accessed on 24/01/2017. 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