My Personal Philosophy Of Philosophy - 968 Words

Everyone has a different way of thinking and reasoning. In my studies I have learned that philosophy is the study of knowledge, reality, and human existence. Socrates once said, â€Å"The unexamined life is not worth living.† I agree with this statement, because I believe any intellectual person must question the world around them. Questioning different aspects of life is a vital way to gain knowledge. During my search for knowledge, I began to develop my own personal philosophy. Our philosophies are largely based off of our perceptions of the world around us. My philosophy of life is shaped by my experiences, morals, and reasoning skills. Two major opposing philosophical beliefs are rationalism and empiricism. Rationalism is the idea that through unaided reason we can come to know the truth. Parmenides, a pre-Socratic philosopher, was considered to be the first rationalist. He believed that everything that we think exists in this world is merely an illusion. Empiricists rejec t this view and believe that our knowledge comes from sense experience alone. I consider myself to be a rationalist. In my life I have often used my powers of deduction to determine truths about the world. For example, while watching a magic show I can observe with my senses that a person was sawed in half or has disappeared. However through reasoning I am able to conclude that this is only a magic trick or an illusion, not a reality. If I relied solely on my sense experience I would be unable to learnShow MoreRelatedPersonal Philosophy : My Philosophy1257 Words   |  6 PagesPersonal Philosophy My nursing philosophy is helping people in terms of humanistic care, that I discovered it when I was a fourth year nursing student. From my philosophy, I desired to be a family and community health nurse. Since I became a nursing student, I never considered that I needed to have a nursing philosophy to navigate my career. I practiced in hospitals about three years, which I got both negative and positive experiences. In particular, I figured out that working in hospitals persuadeRead MoreMy Personal Philosophy Of Philosophy902 Words   |  4 PagesStatement of Philosophy My personal philosophy its important for me that I stay true to my personal, moral and ethical values that has followed me throughout my life. The American Nursing Association stats â€Å" The nurse owes the same duties to self as to others, including the responsibility to preserve integrity and safety, to maintain competence and to continue personal and professional growth†. (American Nurse Association, 2011, p. 7) Jean Watson says that nursing should be â€Å"concerned with theRead MoreMy Philosophy : My Personal Philosophy958 Words   |  4 Pagesâ€Æ' My philosophy is to do something I love. I realized that teaching was my passion by experiencing many other things that weren’t. I tried to immerse myself in other topics, such as business but it just did not feel right to me. By pursing education I can do something I love every day. I believe it is very important to have a strong passion and knowledge in the field you choose to follow. From my past experiences, to educate one another, one must have a strong backbone so the students know whatRead MoreMy Personal Philosophy : My Philosophy2538 Words   |  11 Pageswould treat all of my stuffed animals with various cuts or â€Å"boo boos†. However, this dream I had continued to stay with me as I grew older, but the complexity of my dream began to change. I still had the mentality of wanting to heal others, but the reasons behind it began to develop and this can be shown through my personal philosophy. Defining my personal philosophy begins with incorporating my prof essional philosophy. I believe that my personal and professional philosophy is congruent in thatRead MoreMy Philosophy : My Personal Philosophy929 Words   |  4 PagesMy Personal Philosophy My whole life I have wanted to teach. Ever since watching my kindergarten teacher write on the chalk board, create fun activities, and grade papers I knew I wanted to teach. My motives have changed since that time in my life. I want to teach because it brings me a sense of accomplishment and satisfaction when I know I am helping another person grow intellectually and as a person. Whether it s inside or outside of the classroom, I will try my best to help my students succeedRead MoreMy Personal Philosophy : My Philosophy Of Philosophy1339 Words   |  6 PagesI am a philosopher: always have been, always will be. The moment I stop questioning the world that we currently reside in, I would cease to follow my inquisitive qualities. While there are moments when I accept things for what they truly are, I’m often caught in the act of trying to piece together the world and its elements. Christ has called me to live a unique life. A life where I am told to have a certain type of fait h while maintaining an eternal ideology. How this all works in the end, I cannotRead MoreMy Philosophy And Philosophy Of Personal Educational Philosophy1042 Words   |  5 PagesIt is true that many educators do not know what their educational philosophy is. However it is imperative for educators and future educators to know their personal educational philosophies so that they can be accountable, explain how they teach, what they are doing and why. My personal Educational philosophy is made up of four components; metaphysics, epistemology, axiology, and logic. My educational Philosophy Metaphysics (reality) is a combination of realism and idealism, that the mind, spiritRead MoreMy Personal Philosophy : My Educational Philosophy1747 Words   |  7 PagesAbstract My educational philosophy can be summarized in one word â€Å"family†. Every thing can begin and end with the family. This paper examines my personal belief that a student has higher success rate in life when they have a supportive, loving family environment. The primary roles of a mother and father in today’s society are drastically lacking. These particular reasons vary from absentee fathers, overworked single mom, and/or grandparents having to assume the role of parents again. My theory startingRead MoreMy Personal Philosophy : My Philosophy Of Education1046 Words   |  5 Pagesmanipulate the information for their own use in the future. Choosing between the four, I would say my philosophical views line up more as an essentialist. My philosophy of education, is that every teacher and student has an environment where they are challenged, yet still encouraged, in their instructional matter and teaching and learning strategies to prepare them to meet the goals set upon them. A philosophy is a search for wisdom in a particular area; it builds a framework of thinking, and guides instructionalRead MorePersonal Philosophy : My Educational Philosophy1452 Words   |  6 Pages When I first set out to write my educational philosophy, I had absolutely no idea what to write about, to be perfectly honest. So, I thought that I would start with the most essential aspect of an educational philosophy: why do I want to become a teacher? The reason why I want to teach is because I want to be able to impact young people’s lives and help them to learn how to become successful citizens in our world. I feel that it is important that no matter what students do with their lives, they

Business Impairment Loss Business Accounting Scenarios

Question: Describe about the Business Impairment Loss for Business Accounting Scenarios. Answer: The International Accounting Standard (IAS) 36 on Impairment of Assets deals with accounting for those long lived assets whose market value has diminished significantly and hence the value of the same needs to be revised in the balance sheet of the company. The standard similar to the same spelt out by the Australian Accounting Standard Board (AASB) is AASB 136, Impairment of Assets under section 334 of the Corporations Act 2001. The main aim for the introduction of this standard was to ensure that the value of the assets reflected in the balance sheet of a company is not more than the amount that is recoverable on selling the asset. In such a situation the asset is classified as impaired and the amount by which an asset gets impaired is known as an impairment loss. As per the said standard it not only details about the accounting of impairment loss but also describes the scenarios when such losses are to be reversed and the disclosure requirements too. Broadly speaking assets such as intangible assets like goodwill, tangible assets like plant and machinery, land and buildings, motor vehicles, computer etc fall under the purview of impairment. However impairment of an asset is arrived at after assessing the situations which point out towards impairment and the calculations which help to arrive at the amount by which such impairment is to be done. There exist some exceptions to the said rule wherein certain category of assets do not fall under the purview of the said standard. They are inventories, construction contracts, deferred tax assets, investment and the biological assets which are valued at fair value and assets which are held to be disposed off. All these are covered by separate standards (Australian Accounting Standards Board, 2009). Certain terms are very crucial to understand before impairment of an asset is calculated. They are as under: CARRYING AMOUNT: The amount at which an asset reflects in the balance sheet of a company after accounting for the accumulated depreciation and the impairment loss / reversal of the asset. CASH GENERATING UNIT (CGU): The smallest cluster of assets of a company that enable generation of adequate cash flows to the company. The cash flows that a CGU generates is separate and easily identifiable from the other CGUs of the company (Hamilton et al. 2011). IMPAIRMENT LOSS: The difference between the carrying mount of the asset or a CGU in the balance sheet of an entity and the actual amount that can be recovered from that asset or CGU is termed as impairment loss. RECOVERABLE AMOUNT: The fair value of an asset or the CGU or the value in use of the same whichever is higher is termed as recoverable amount. VALUE IN USE: Net present value of the future cash flows that is expected to be earned from the particular asset or CGU (Kpmg.com, 2010). Before impairment of an asset or a CGU as a whole it is very important to understand whether situations prompting impairment exists or not. Various factors enable determination of the same. They are external as well as internal to the entity. The external factors are: Considerable diminution in the market value of the asset or the CGU due to normal wear and tear or the time lapse. The market capitalisation amount is far less than the amount at which the assets of a company are being carried in the balance sheet. The discounting rate used to find the value in use of the assets have increased due to an increase in the market interest rate will lead to reduction of the recoverable amount of the asset or the CGU. Uncertain legal, economic or political environment or a significant technological change which entails the asset to become obsolescent. The internal factors are as under: If the asset has suffered any significant damage or breakage which has led to reduction of the value of the asset significantly. Situations which denote that the companys performance has reduced considerably. In case of major acquisitions, carrying amount of the assets is greater than the carrying amount of the investees assets, contribute to the impairment (ey.com, 2014). Apart from the same it is very significant to note that IAS 36 and AASB 136 both detail about situations which entails to reversal of such impairment as well. The said situation is applicable to all assets except goodwill. A reversal will take place only if there is a situation which points out towards the fact that there is a change in the estimate of the amount of the asset and the same is expected to be more than the present carrying amount. However the reversal can take place only to the extent of the depreciated historical cost of the asset that would have been had the asset not been impaired. The impairment loss/ (reversal) both are recorded in the income statement of an entity and the immediate effect is felt on the balance sheet of the firm. The standard requires certain disclosures to be made regarding the impairment of assets. They are enumerated as under: For each class of asset or CGU the entity must disclose the following: The impairment loss or reversal amount that is reflected in the income statement of the firm as well as the line item(s) of the statement of comprehensive income. The impairment loss or reversal amount in case of any revalued assets that is recognized in the other comprehensive income (Albrecht, et.al. 2011). In case of segmental reporting done by an organization, the amount of impairment loss or reversal captured in the profit and loss account or in the other comprehensive income statement should be disclosed. Apart from the above the organizations who have impaired an asset or reversed the past impairment of any asset or a CGU shall also disclose the following: The factors (both external and internal) which led to the impairment of an asset or a CGU The amount by which the asset is impaired or impairment is reversed. The assets nature and in case of segmental reporting doen by an entity then the particular segment to which the impaired asset belongs should also be disclosed. The method by which the recoverable amount of an asset has been arrived at i.e. whether it is arrived by using the value in use method or the fair value less selling expenses method (Kvaal, 2005). Thus on a concluding note, it s very clear that the provisions spelt out by IAS36 and AASB 136 with regards impairment is similar. The impairment test is of utmost importance to enable determination of the quality of the financials of an entity. It has an effect on the health of the company, its stock prices as well as the liquidity position of the entity in case it goes for liquidation. References: Kpmg.com, (2010), Impairment Testing, Available at https://www.kpmg.com/AL/en/IssuesAndInsights/ArticlesPublications/Factsheet/Advisory/Documents/Impairment%20testing.pdf (Accessed 15th September 2016) Australian Accounting Standards Board, (2009), Impairment of Assets- AASB 136, Available at https://www.aasb.gov.au/admin/file/content105/c9/AASB136_07-04_COMPjun09_01-10.pdf (Accessed 15th September 2016) Albrecht, S., Stice, E., Stice, J., Swain, M. (2011).Accounting: Concepts and applications(11th ed.). Mason: South-Western ey.com, (2014), Impairment Accounting the basics of IAS 36 , Impairment of Assets, Available at https://www.ey.com/Publication/vwLUAssets/Impairment_accounting_the_basics_of_IAS_36_Impairment_of_Assets/$FILE/Impairment_accounting_IAS_36.pdf (Accessed 15th September 2016) Hamilton, K., Hyland, B., Dodd, J.L., (2011), Impairment : IASB-FASB Comparison, Drake Management Review, vol.1, no. 1, pp. 55-67 Kvaal, E., (2005), Topics in Accounting for Impairment of fixed assets, A dissertation submitted to Bi Norwegian School of Management for the degree of Dr. Oecon, Available at https://brage.bibsys.no/xmlui/bitstream/handle/11250/94340/05-03-kvaal.pdf?sequence=1 (Accessed 15th September 2016)