Three Gorges Dam :: China Nature Essays

Three Gorges Dam Director Owen Lammers calls it one of the "largest and most environmentally and socially destructive projects on Earth"(Maier, 1997). One of China’s oldest dreams is becoming its newest reality. Since 1914 the idea has arisen of damming the Yangtze River. China plans to do this with a 600-foot, cement wall which will take eleven years to complete and costs could rise to over 75 billion dollars. The dam is claimed to have many advantages for China and the Chinese. Three Gorges is expected to produce around one-tenth of the nation’s energy, without the use of coal, improving air quality. Also, the natural floods that occur with the Yangtze river will be stopped, supposedly saving thousands of lives in the future. The first thing needed to keep the project going is money, and many United States senators see this as a great opportunity for jobs, but it is also viewed as a good investment. Fortunately, the U.S. Export-Import Bank, (for the first time), "†¦denied financi ng solely on environmental grounds"(Giaccia, 1997). These advantages are easily outweighed by the disadvantages of this proposal; this monument threatens the environment, but construction will ensue. If the dam is so beneficial then why is it that all public debate on the issue has been banned since 1989, even for "†¦scientists and specialists"(Faison, 1997). This has probably been done to slow the process of or eliminate any opposition that may arise to this project. There are a few questions or "What if’s" about the dam, such as "What if the dam collapses?" or "What if during a war or conflict a bomb is dropped on the dam?" and since the dam is built on many seismic faults, will earthquakes be a problem? Besides all of these questions, there are numerous facts that should dissuade any proponent of the dam to insist on its construction. The dam besides hurting the environment, will also "†¦displace 1.3 million people."(Giaccia, 1997). These people were not asked to leave, they were told, and many of them still have not been compensated for their trouble, but this goes deeper than financial burdens. Individual rights have been violated, the government simply forc ed these people off their land and out of their homes and this affects children, families and livelihoods. Looking at the dam’s environmental harm specifically, it is clear that this project should immediately cause. "Environmentalists warn that sewage will back up and destroy the precious habitats for river dolphins, giant pandas and other rare animals.

Other-than-temporary impairment (OTTI) Essay

Introduction O.T.T. Incorporated, principally engaged in the manufacture and sale of clothing, has six investments remaining in the department’s portfolio as of December 31. According to ASC, this memo analyzes whether any of its investments are other-than-temporary impaired, and determines the amount of the impairment. Facts Investment 1 — Happy New Year & Co. OTT purchased 11 shares of Happy New Year & Co. stock on at $20 a share †¨on Jan. 3, 20X1, and the price dropped to $15 in March and remained steady till Dec. 31, 20X1. OTT management does not believe the decline in price to be permanent and has asserted that it does not intend to sell this investment in the future. Investment 2 – Beary Beary OTT held notes of Beary Beary with an amortized cost of $95 and a fair value of $88 on Dec. 31, 20X1. OTT’s investment committee established a policy requiring the sale of this security when the fair value declines below $90. Investment 3 – Buy-A-Lot Company OTT held bonds of Buy-A-Lot Company with an amortized cost of $100 and a fair value of $88 as of December 31, 20X1. The company’s credit rating upgraded from BBB to BBB+ that management has asserted it does not intend to sell this investment. Investment 4 – March Madness Incorporated On March 25, 20X1, OTT bought 50 shares of March Madness Incorporated stock †¨at $100 a share, classifying its investment as available for sale. As of December 31, 20X1, the price of the stock was $72. On January 31, 20X2, the date the Company’s financial statements are issued, the price of the stock went up to $75. Investment 5 — Tohoku Toys OTT held bonds issued by Tohoku Toys with an amortized cost of $25 and a fair value of $5 as of December 31, 20X1. Tohoku Toys is going through a restructuring because it was significantly affected by a severe earthquake in April 20X1. OTT does not believe that the restructuring will ultimately be successful. Investment 6 — Chatterbox OTT holds a debt security issued by Chatterbox with an amortized cost of $100 and a fair value of $90 as of December 31, 20X1. The present value of the cash flows OTT expects to receive, discounted at the security’s original effective interest rate is $92 as of December 31, 20X1. OTT intends to sell this security. Issues The other-than-temporary impairment depends on two issues:  ·Whether the fair value of the investment is less than its cost.  ·The impairment is either temporary or other than temporary depending on other guidance when the fair value is less than its cost. Discussion Investment 1—Happy New Year & Co. ASC 323-10-35-32: â€Å"A loss in value of an investment that is other than a temporary decline shall be recognized. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment.† ASC 320-10-35-34: â€Å"If it is determined in Step 2 that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made.† Because the share price had a large decline from $20 to $15 and remained steady around $15 in most of time, it seems the share is absence of an ability to recover the carrying amount of the investment. Therefore, other-than-temporary impairment has  occurred, and loss of $55 (11*$5) should be recorded. Investment 2 – Beary Beary ASC 320-10-35-33A: â€Å"If an entity intends to sell the debt security (that is, it has decided to sell the security), an other-than-temporary impairment shall be considered to have occurred.† The company intends to sell the investment because the fair value is below $90. Therefore, other-than-temporary impairment has occurred, and loss of $7 ($95-$88) should be recorded. Investment 3 – Buy-A-Lot Company ASC 320-10-35-33F: â€Å"Changes in the quality of the credit enhancement should be considered when estimating whether a credit loss exists and the period over which the debt security is expected to recover.† Although the fair value of the investment was lower than the amortized cost, the credit rating had been upgraded from BBB to BBB+, and the investment does not intend to be sold. These evidence show that the bond is expected to recover, so no other-than-temporary impairment has occurred. Investment 4 – March Madness Incorporated ASC 320-10-35-34: â€Å"The fair value of the investment would then become the new amortized cost basis of the investment and shall not be adjusted for subsequent recoveries in fair value.† Based on ASC 320-10-35-34 I mentioned above, the other-than-temporary impairment should be recoded as $28 ($100-$72) as of December 31, 20X1. On January 31, 20X2, when the price of the stock went up to $75, the other-than-temporary impairment should be recoded as $25 ($100-$75). If the share price was $95 instead of $75 on January 31, 20X2, I think no other-than-temporary impairment needs to be recorded, because there is no material decrease occurred. Investment 5 — Tohoku Toys ASC 320-10-35-35: â€Å"In periods after the recognition of an other-than-temporary impairment loss for debt securities, an entity shall account for the other-than-temporarily impaired debt security as if the debt security had been purchased on the measurement date of the  other-than-temporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. For debt securities for which other-than-temporary impairments were recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected shall be accreted in accordance with existing applicable guidance as interest income.† Although Tohoku Toys is undergoing a restructuring because of earthquake, OTT does not believe the restructuring will be successful. Based on authoritative literature mentioned above, the other-than-temporary impairment shall be recognized as $20 ($25-$5) when no addition evidence provided. Investment 6 — Chatterbox –Alternative 1: SAB 320-10-35-34B: â€Å"If an entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date.† Based on the authoritative literature, if OTT intends to sell this security, the other-than-temporary impairment shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis ($100) and its fair value ($90), which is $10. –Alternative 2: SAB 320-10-35-34C: â€Å"If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment shall be separated into both of the following: a. The amount representing the credit loss. b. The amount related to all other factors. Different from alternative 1, if OTT does not intend to sell the security and it is not more likely than not that it will be required to sell the security, †¨the credit loss will be $8 ($100-$92) and other factor loss will  be $2 ($10-$8).

The Management Of An Organization - 1607 Words

Management is found everywhere you go and without realizing people are somewhat managers themselves even if they don t hold a management position in their job such as, taking care of the household. Management can be simply defined as taking care of things and people, and managers are the people who ensure this. (Pyle, G 2015) There are different types of Managers in an organisation and this is referred as the management hierarchy which include: Top-level managers, which are the board directors and CEO. They make long term objectives and plans for the organisation. Middle Managers are branch and department managers who work with Top-level Managers. They help direct and organize the objectives and plans. First-level managers are supervisors, who deal with everyday operations of an organisation such a dealing with staff and customers. (Boundless 2015) (Schermerhorn et al 2014) Every type of manager will go through the four functions of management no matter of their management position to ensure objectives are met, which are: Planning, Controlling, Organising and Leading (Functions et al. 2015). Planning is setting and deciding how to achieve performance objectives. Controlling is measuring the performance and taking action if needed. Organising is giving tasks and distributing resources. Leading is basically ensuring the employees are motivated. To help achieve long or short term plans and objectives every manager will to use the four management approaches Such approaches areShow MoreRelatedOrganization And Management : Organization1742 Words   |  7 Pages Organisation and Management [Writer’s Name] [Institute’s Name]â€Æ' Organisation and Management 1. 1.1 The concept of â€Å"leadership by example† means to have a leader who does the exact thing that he is asking his employees to do. 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