Physician Assisted Suicide Research Paper - 1520 Words

1. In the United States today, only several states legally recognize physician-assisted suicide as an option for families and terminally ill patients hoping to embrace a death with dignity. Although there is a growing movement to promote access to physician-assisted suicide, the topic is still widely regarded as taboo. As of 2016, the states of Washington, Oregon, Vermont, Colorado, New Jersey, and California are the only states to allow full and legal access to physician-assisted suicide. Alongside those states are Montana and New Mexico, which legally offer â€Å"aid in dying,† meaning the state allows for physicians to assist in alleviating the longevity of the dying process. For terminally ill patients living in states where†¦show more content†¦On a living will, an individual can express if they would prefer not to be resuscitated or if they don’t want to be living artificially on life-support. Additionally, living wills establish a written declaration of a power of attorney, establishing a person who may legally speak on behalf of a patient who is unable to do so. Living wills are crucial pieces of documentation that are necessary for the dignity and wishes of a person who may fall unexpectedly into a life-threatening condition. If a person does not wish to live artificially on life support, a living will may be the only documentation that can secure their right to die with what they choose to be a dignified death. Unfortunately, living wills are not too common, resulting in countless Americans whose lives are extended long after they wish to live. In order to get a living will, one can either hire an attorney and have the attorney draft a living will or there are templates available that can be filled out and submitted for notarization. 3. The American movement to expand legal access to physician-assisted suicide has been waging on for decades, making significant progress in humanizing death with dignity and reducing the social taboos against the movement, but has made relatively little progress in creating federally protected access to physician-assisted suicide. It is fundamental that physicians and insurance companies are involved and actively working with the PAS movementShow MoreRelatedThe Debate Of Assisted Suicide1747 Words   |  7 Pages The topic of assisted suicide is very controversial and is heavily debated upon all around the world. While physician assisted suicide is only legal in the Netherlands, Switzerland, and a few states in the U.S., it is illegally practiced widely by physicians and nurses, such as Dr. Jack Kevorkian. I first heard of physician assisted suicide when the death of Dr. Kevorkian, an assisted suicide advocate and a suicide aid, was on the news in 2011. Kevorkian assisted in the suic ide of many patientsRead MoreSince The Fifteen Century, Society Has Viewed Suicide Or1178 Words   |  5 PagesSince the fifteen century, society has viewed suicide or intentional death as immoral. It was not until the twentieth century that these â€Å"immoral† attitudes were challenged. As of 2016, the Netherlands, Belgium, Luxembourg, and Colombia have unambiguously legalized direct assisted dying. Other areas, having to undergo a process of either a judicial or legislative decision, include Canada, Japan, and Germany. Currently in the United States, following the same process of a judicial or legislative processesRead MoreActive Euthanasia Pros and Cons Essay1640 Words   |  7 Pagescontrolled is far from over. (Sunny, Bloyd, 1995) Introduction The purpose of this paper is to briefly explore euthanasia with its different definitions, and to explore whether or not active euthanasia should be practiced in our, hospitals, and nursing homes and on the elderly. In a survey of 168 frail elderly patients at Dukes geriatric treatment clinic, researchers found that 39.9% favored physician assisted suicide for the terminally ill. 59.3% of the patients’ relatives 146 spouses, children, andRead MoreThe Legalization Of Physician Assisted Suicide976 Words   |  4 PagesResearch Paper With an advancing medical field, new technology allows doctors to do almost the impossible. Automatic genetic analysis, restoration of eyesight, and robotic limbs remain as some of the most cutting edge innovative technology in the medical field. Society witnesses the creation of even more medical breakthroughs, however, the application of new found research enhances and prolongs the quality of life for humans. A growing elderly population prompts the progression of superior palliativeRead MoreThe Ethics of Euthanasia Essay1742 Words   |  7 Pagesmisery, however in the state of North Carolina, physician-assisted suicide is illegal. Luckily, her father passed away this year and is finally free of pain and suffering. However, if physician-assisted suicide was legal, her father would not have had to suffer as long as he did. Before we explore the sides of physician-assisted suicide, let’s go over exactly what physician-assisted suicide entails. When the topic of physician-assisted suicide comes up, many individuals believe it is the sameRead MoreThe Ethical Issue Of Physician Assisted Suicide1580 Words   |  7 Pagesof happiness. Through the implications and discourse of vice and virtue, this paper explores the relevance of Aristotle’s moral philosophy in modern day and will be applied to the contemporary ethical issue surrounding physician assisted suicide. By exploring Aristotle’s work through primary and secondary sources, this paper will discuss the greater good and happiness as it relates to not only the patient or physician, but as a member of a greater social circle and that of society because to AristotleRead MorePhysician Assisted Suicide : Who Should Decide If A Terminally Ill Person?1146 Words   |  5 Pages5/25/16 Gemini Government Siembor Who should decide if a terminally ill person has the right to commit physician-assisted suicide? Introduction Physician Assisted Suicide has been a very controversial topic in the recent years. P.A.S can also be known as physician assisted death or euthanasia. Many states wonder wither this practice is morally right or wrong. Physician Assisted Suicide is when a doctor administers patient lethal drugs, upon the request of the patient, with the end result beingRead MoreNew Client. Professor__. English___. 2/28/17. The Implications1182 Words   |  5 Pagesdebate regarding the rights of an individual to make that choice. The article â€Å"A Doctor-Assisted Disaster for Medicine† loosely examines the negative implications of assisted suicide laws on patients. Toffler’s article sheds light upon how the law has changed the relationship between patients and their medical provider. Toffler suggests that many individuals are forcefully driven to pursue physician assisted suicide as treatment. In result, many mentally ill patients are wrongfully admitted to a procedureRead MorePhysician Assisted Suicide During The United States And Other Countries Essay1645 Words   |  7 PagesNovember 2016 Physician Assisted Suicide and Assisted Suicide in the United States and Other Countries Suicide. A term many of us are uncomfortable with, it is a tender subject especially for those who have been affected by it personally. What about the term physician assisted suicide (PAS) or assisted suicide? Around the world and more recently in the United States we have seen these terms in the news more often. Various forms of medically assisted dying and/or assisted suicide for the terminallyRead MorePhysician Assisted Suicide As A Suicide1587 Words   |  7 PagesThe Merriam Webster dictionary defines â€Å"physician assisted suicide as a suicide by a patient facilitated by means or information (as a drug prescription or indication of the lethal dosage) provided by a physician who is aware of how the patient intends to use such means or information.† The physician provides necessary information about drugs and patient performs the act of suicide. Letting someone die requires justification and involves personal as well as social concerns. The federal government

Fv Project Summary of Fasb and Iasb Free Essays

Project Summary Background The objective of this project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the September 2005 IASB Meeting At the September 2005 meeting, the IASB added the Fair Value Measurements topic to its agenda. We will write a custom essay sample on Fv Project Summary of Fasb and Iasb or any similar topic only for you Order Now The aim of the project is to provide guidance to entities on how they should measure the fair value of assets and liabilities when required by other Standards. This project will not change when fair value measurement is required by IFRSs. Discussion at the November 2005 IASB Meeting The staff conducted an education session on the FASB’s working draft of a final Statement on Fair Value Measurements. In addition, the staff reviewed the scope of FASB’s Fair Value Measurements project as it relates to IFRSs and the issues and questions to be addressed in preparing an IASB Exposure Draft and related Invitation to Comment. No decisions were made. At a previous meeting, the Board decided to issue the FASB’s final Statement on Fair Value Measurements as an IASB Exposure Draft with an Invitation to Comment. The appendices in the FASB document dealing with consequential amendments and references to US GAAP pronouncements will be replaced with proposed consequential amendments and references to IFRSs. The Board further decided that there should be limited changes to the FASB’s document. Instead, the Invitation to Comment should discuss any areas where the Board disagrees with the FASB’s conclusions along with the basis for the disagreement. The staff expects these areas to be identified during Board deliberations during the December 2005 and January 2006 meetings whilst aiming toward issuance of the IASB Exposure Draft by April 2006. Discussion at the December 2005 IASB Meeting Definition of fair value The staff presented a paper identifying and comparing the differences between the definitions of fair value in the FASB’s draft Fair Value Measurements (FVM) standard to the definition in IFRS. This comparison was meant to assist the Board in concluding whether or not to replace the current IFRS definition of fair value with the FVM standard definition. The staff’s overall recommendation was to replace the current IFRS definition of fair value with the definition of fair value in the FVM standard. However, the staff made it clear that it was not stating that this definition be applied to all instances where fair value is currently used in IFRS. This scoping issue is the subject for a separate discussion that would span several Board meetings. The Board discussed in detail, the various components of the current and proposed definition of fair value in the context of the staff’s analysis. Although the Board was in overall agreement to proceed with the proposed definition in the FVM standard, the following points were noted: †¢ Certain Board members wanted to see the various issues discussed pulled together and presented in some logical manner that would clarify how fair value is approached. As noted below, the Board was concerned that the proposed definition would cause confusion where this was not the intention. Some Board members were concerned about changing ‘amount’ to ‘price’ as this would change the meaning of fair value. This concern seemed to emanate around the treatment of transaction costs. †¢ The explicit discussion of ‘exit values’ in the draft guidance was seen by some as problematic. Illustrations were provided indicating that at the time of the transacti on; the agreed price constitutes both an ‘entry’ and ‘exit’ value for that specific asset or liability. Others indicated that it was their belief that the current fair value definition already encompasses an exit value notion. Following on from this issue, the notion of ‘marketplace participants’ is believed by some Board members to be a less superior phrase to the widely accepted ‘knowledgeable, willing parties’ notion which is more readily understood to apply to a transaction between two parties without the necessity of the existence of a ‘market’. The FASB’s rationale for introducing the ‘marketplace participants’ notion as a means of excluding to the greatest extent possible, any entity specific factors when determining fair value, was noted. The Board will be asked to debate the meaning of the ‘reference market’ notion at subsequent meetings. Scope of the Fair Value Measurements Project The Board considered a paper setting out on a Standard by Standard basis, which individual standards should be scoped in or out of this project. That paper was organised into three sections: †¢ Standards that require fair value measurement †¢ Standards that require fair value measurement by reference to another standard †¢ Standards that do not require fair value measurement Within each of these sections, the staff made various proposals for the Board’s consideration. Overall, the staff recommended not modifying as part of this project existing reliability clauses and practicability exceptions. The staff concluded that such modifications could result in significant changes to current practice and that any changes should be considered on a standard-by-standard basis separately from this project. Standards that require fair value measurement The following standards were noted as requiring assets or liabilities to be measured at fair value in certain circumstances: †¢ (a) IAS 11 – Construction Contracts †¢ (b) IAS 16 – Property, Plant and Equipment (c) IAS 17 – Leases †¢ (d) IAS 18 – Revenue †¢ (e) IAS 19 – Employee Benefits †¢ (f) IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance †¢ (g) IAS 26 – Accounting and Reporting by Retirement Benefit Plans †¢ (h) IAS 33 – Earnings per Share †¢ (i) IAS 36 – Impairment of Asset s †¢ (j) IAS 38 – Intangible Assets †¢ (k) IAS 39 – Financial Instruments: Recognition and Measurement †¢ (l) IAS 40 – Investment Property †¢ (m) IAS 41 – Agriculture †¢ (n) IFRS 1 – First-time Adoption of International Financial Reporting Standards †¢ (o) IFRS 2 – Share-based Payment (p) IFRS 3 – Business Combinations and the June 2005 Exposure Draft †¢ (q) IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations The Board agreed with the staff recommendations (as set out in the observer notes) for each standard except in the following instances: †¢ IAS 18 – the staff concluded that in the instances where an entity received services for dissimilar goods or services, the measurement objective is not consistent with the draft FVM standard and therefore IAS 18 should be excluded from the scope. The Board noted this issue but indicated a preference to include IAS 18 within the scope of the FVM Standard as this is a minor part of the fair value requirements in IAS 18. The confusion caused in the market if the Board were to exclude IAS 18 from the project would be undesirable. †¢ IFRS 2 – due to the grant date model, the Board noted the issue that may arise where an entity measures a share-based payment transaction by reference to the equity instruments granted, not the goods or services received. However, the Board decided to include IFRS 2 within the scope of the FVM Standard on the same basis as for IAS 18. Standards that require fair value measurement by reference to another standard †¢ (a) IAS 2 – Inventory †¢ (b) IAS 21 – The Effects of Changes in Foreign Exchange Rates †¢ (c) IAS 27 – Consolidated and Separate Financial Statements †¢ (d) IAS 28 – Investment in Associates †¢ (e) IAS 31 – Interests in Joint Ventures (f) IAS 32 – Financial Instruments: Presentation and Disclosure †¢ (g) IFRS 4 – Insurance Contracts †¢ (h) IFRS 7 – Financial Instruments The Board agreed with the staff recommendation that discussion of the above is not necessary as these standards do not contain any additional requirements to measure assets or liabilities at fair value. Standards that do not require fair value measurement †¢ (a) IAS 1 – Presentation of Financial Statements †¢ (b) IAS 7 – Cash Flow Statements (c) IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors †¢ (d) IAS 10 – Events After the Balance Sheet Date †¢ (e) IAS 12 – Income Taxes †¢ (f) IAS 14 – Segment Reporting †¢ (g) IAS 23 – Borrowing Costs †¢ (h) IAS 24 – Related Party Disclosures †¢ (i) IAS 29 – Financial Reporting in Hyperinflationary Economies †¢ (j) IAS 30 – Disclosures in the Financial Statements of Banks and Similar Financial Institutions †¢ (k) IAS 34 – Interim Financial Reporting (l) IAS 37 – Provisions, Contingent Liabilities and Contingent Assets †¢ (m) IFRS 6 – Exploration for and Evaluations of Mineral Reserves With regard to IAS 37, the Board concurred with the staff that the measurement principles therein are consistent with fair value principles in many respects and went further to state that when the amendments to IAS 37 are finalise d, it would add explicit reference to fair value to clarify this issue. Discussion at the February 2006 IASB Meeting This was a brief session to inform the Board about recent tentative decisions of the FASB on its fair value measurement standard. No observer notes were provided for this session. The FASB discussed the fair value hierarchy at its last meeting. FASB’s exposure draft had proposed a five-level fair value hierarchy. The FASB has come to the conclusion that it is difficult to distinguish levels two to four in the hierarchy. They have therefore reduced the hierarchy to three levels. The FASB has not made other changes to its proposed fair value guidance. The staff said that discussion will continue in March. Discussion at the May 2006 IASB Meeting Principles of the fair value measurement project The following principles were put to the Board as those forming the foundation of the fair value measurement project: †¢ The objective of a fair value measurement is to determine the price that would be received for an asset or paid to transfer a liability in a transaction between market participants at the measurement date. †¢ The definition of fair value and its measurement objective should be consistent for all fair value measurements required by IFRS. A fair value measurement should reflect market views of the attributes of the asset or liability being measured and should not include views of the reporting entity that differ from market expectations. †¢ A fair value measurement should consider the utility of the asset or liability being measured. As such, the fair value measurement should consider the location and the condi tion of the asset or liability at its measurement date. The Board concurred with the staff that the above principles form the foundation of the fair value measurement project. Revised definition of fair value In the staff’s view, the FASB’s revised definition of fair value is substantively similar to the one tentatively approved by the IASB in December 2005. Based on that, the IASB agreed that the revised definition is consistent with the measurement objective. However, some Board members expressed concern about the change to a ‘price’ rather than ‘amount’. In addition, the revised definition is based on an exit price notion that does not consider prices that exist other than the exit price. As a consequence, other Board members noted that the current definition will require measurement based on a hypothetical market that, for some types of assets and liabilities, cannot be calibrated with reality and in most cases will result in day 1 gains or losses, which constituents are uncomfortable with. Revised fair value hierarchy The draft fair value measurement statement indicates that valuation techniques used to measure fair value shall maximise the use of observable inputs and minimize the use of unobservable inputs. The hierarchy prioritises the inputs to valuation techniques used to measure fair value based on their observable or unobservable nature. The revised three-level hierarchy is summarised as follows: †¢ Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets the reporting entity has the ability to access at the measurement date. †¢ Level 2 inputs are observable inputs other than quoted prices for identical assets or liabilities in active markets at the measurement date. Level 3 inputs are unobservable inputs, for example, inputs derived through extrapolation or interpolation that cannot be corroborated by observable data. However, the fair value measurement objective remains the same. Therefore, unobservable inputs should be adjusted for entity information that is inconsistent with market expectations. Unobservable inputs should also consider the risk premium a market participant (buyer) would demand to assume the inherent uncertainty in the unobservable input. IFRSs currently does not have a single hierarchy that applies to all fair value measures. Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance is not consistent among all IFRSs. The Board agreed with the staff’s conclusion that the revised hierarchy in the draft fair value measurement statement is consistent with the principles discussed above and that the hierarchy in the draft fair value measurement statement represents an improvement over the disparate and inconsistent guidance currently in IFRSs. Unit of account and fair value measurements The Board agreed that it is not appropriate or practical to provide detailed guidance on the unit of account within the fair value measurement project. Determining the appropriate unit of account is a critical element of accounting and is not always consistent from one asset or liability to another or from one type of transaction to another. Determination of which market The Board agreed with the FASB’s conclusion to adopt the ‘principal market’ view. While this will result in a change from the ‘most advantageous’ view currently in IFRS, the ‘principal market’ view more accurately reflects the fair value measurement objective and provides a more representative measure of fair value by giving preference to highly liquid markets over less liquid markets. Transaction price presumption At the December 2005 meeting, the IASB tentatively agreed the fair value measurement objective was an exit price. The December discussion highlighted the conceptual difference between transaction price (what an entity would pay to buy an asset or receive to assume a liability) and an exit price objective (what an entity would receive to sell an asset or pay to transfer a liability). The staff concluded that an entity cannot presume an entry price to be equal to an exit price without considering factors specific to the transaction and the asset or liability. As a consequence, the staff plans to bring a separate discussion of day 1 gains or losses to the Board at a future meeting. The Board shared the concerns of the staff that if a transaction price were presumed to be fair value on initial measurement, entities might not sufficiently consider the differences between an entry transaction price and an exit fair value. As such, IFRSs should require an entity to consider factors specific to the transaction and the asset or liability in assessing if the transaction price represents fair value. Fair value within the bid-ask spread Entities often transact somewhere between the bid and ask pricing points, particularly if the entity is a market maker or an influential investor. However, application of the rule in IAS 39 results in consistency across entities without consideration of entity specific factors that may influence where within the bid-ask spread the entity is likely to transact. Further, the rule creates a bright-line in quoted markets, thus limiting the use of judgement and subjectivity in the fair value measurement. The Board agreed to add a discussion to the invitation to comment that communicates agreement with the principle in the draft fair value measurement statement. The discussion would state that it is not appropriate to use a consistently applied pricing convention as a practical expedient to fair value. This recommendation would result in both a change to existing IFRSs as well as a departure from the FASB’s draft fair value measurement statement. Transaction and transportation costs in measuring fair value The definitions of transaction type costs vary in IFRSs, though such costs are consistently excluded from fair value measurements. Currently, IFRSs are not clear (with the exception of IAS 41) whether transportation costs are an attribute of the asset or liability, and as such should be included in the fair value measurement. The draft fair value measurement statement defines transaction costs as the incremental direct costs to transact in the principal or most advantageous market. Incremental direct costs are costs that result directly from, and are essential to, a transaction involving an asset (or liability). Incremental direct costs are costs that would not be incurred by the entity if the decision to sell or dispose of the asset (or transfer the liability) was not made. In the draft fair value measurement statement, the FASB concluded the fair value measurement of the asset or liability shall include only those costs that are an attribute of the asset or liability. The FASB concluded transaction costs are an attribute of the transaction, not an attribute of the asset or liability. Therefore the fair value measurement of the asset or liability shall not include transaction costs. The staff agreed with the conclusions in the draft FVM statement regarding transportation and transaction costs. However, the staff concluded that the discussion of what types of costs are attributes of the asset or liability could be more robust as it is difficult to decipher justification for different treatment of transaction costs and transportation costs in the current discussion in the draft FVM statement. As such, the staff recommended, and the Board agreed that the invitation to comment should include a question on the sufficiency of the discussion of costs that are attributes of an asset or liability, such as transportation costs. Discussion at the June 2006 IASB Meeting The Board continued its discussion of Fair Value Measurements (FVM), and reviewed the current project plan and due process steps. In addition, the Board had a preliminary discussion on accounting for ‘day-one gains’. Project Plan and Due Process The Board was briefly updated on the developments from the last FASB meeting at which the Fair Value Measurements project was discussed. The Fair Value Measurement project was added to the IASB’s agenda in September 2005. At that time, the Board decided that they would expose the FASB’s final FVM standard as an IASB exposure draft, not modifying it other than change US GAAP references to the appropriate IFRS references. Since then, the staff has become aware of concerns raised by IASB constituents. These include: †¢ As the FVM project could change how fair value is measured, some think that proceeding directly to an IASB exposure draft based on the final FASB document could potentially short-cut the IASB’s due process requirements. †¢ As the FASB document applies a different concept of fair value from that of older IFRSs, constituents have problems with the conceptual reasons for changing to an ‘exit price objective’ of fair value, particularly when an entity have no intention to sell an asset. As fair value is being increasingly used, fundamental questions regarding relevance and reliability need to be debated prior to completion of the project. Due to these concerns, the staff presented the Board with two alternative solutions: †¢ The first alternative was a modified plan which still would include issuing the FASB document as an exposure draft, in addition to conducting field visits and round-table discussions to get input from constituents. †¢ The second alternative was to issue the FASB document as a discussion paper, deliberate this, and then issue an exposure draft. This would allow the Board more time and more flexibility to address the concerns raised by constituents and hopefully a better standard, even if this route will be a longer one. The Board expressed sympathy for the concerns raised by the constituents, and the majority of Board members agreed that this would require a shift from the current project plan to alternative two which is to issue the FASB document as a discussion paper. However some Board members thought that the second alternative should be avoided as this would delay the issuing of a final standard too long. Alternative two will result in a final IFRS in late 2008 or early 2009. Some Board members thought that it would be crucial to communicate with constituents that this move away from the current project plan and towards the discussion paper route would take more time, but that it would be done to ensure the interest of constituents. The Board voted in favour of alternative two, resulting in a discussion paper being issued based on the FASB document. The Board noted that a final plan could not be put together before the final FASB document is issued. As long as the FASB have not issued their final document including, e. . their application guidance, the IASB will not have a public document accessible for issuing as the IASB’s discussion paper. Day-one Gains and Losses Fair value, as defined in the FASB’s document is an exit price. As a result of the Board’s tentative approval of the exit price definition of fair value, in circumstances where an asset or a liability is required to be measured at fair value on initial recognition, a day-one gain or loss may be recorded. The staff believes the existing guidance in IAS 39 is inconsistent with the exit price notion as tentatively approved by the Board, and therefore needs amendment. The Board was asked whether they would consider: †¢ To make only consequential amendments to conform IAS 39 with the guidance in the Fair Value Measurement statement and to leave the current guidance on recognition of day-one gains and losses in IAS 39. †¢ Making consequential amendments and change the existing guidance in IAS 39. The Board decided that they would not make any amendments right now, but rather put a question in the discussion paper whether this should be dealt with in a separate project or as a part of the Fair Value Measurement project. September 2006: FASB issues fair value measurement standard On 15 September 2006, the US Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements. FAS 157 provides enhanced guidance for using fair value to measure assets and liabilities. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. FAS 157 does not expand the use of fair value in any new circumstances. Click for: †¢ FASB News Release (PDF 19k) Special issue of the Heads Up Newsletter Summarising FAS 157 (PDF 218k) Some points about FAS 157: †¢ Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. †¢ Fair value should be based on the assumptions market participants would use when pricing the asset or liability. †¢ FAS 157 establishes a fair va lue hierarchy that prioritises the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data, for example, the reporting entity’s own data. †¢ Fair value measurements would be separately disclosed by level within the fair value hierarchy. †¢ FAS 157 is effective for financial statements issued for fiscal years beginning after 15 November 2007, and interim periods within those fiscal years. Early adoption is permitted. †¢ FAS 157 may be downloaded from FASB’s Website without charge. The IASB has on its agenda a project on fair value measurement. It is one of the convergence projects with the FASB. This means that the IASB and the FASB plan to have similar, if not identical, definitions and guidance relating to fair value measurements. The IASB plans to issue a discussion paper in the fourth quarter of 2006 that will: †¢ indicate the IASB’s preliminary views on the provisions of FAS 157; †¢ identify differences between FAS 157 and fair value measurement guidance in existing IFRSs; and †¢ invite comments on the provisions of FAS 157 and on the IASB’s preliminary views about those provisions. Discussion at the September 2006 IASB Meeting The staff noted that FAS 157 Fair Value Measurements was issued on 15 September 2006 (see IAS Plus News Story of 19 September 2006). The IASB staff can now complete the preparation of an IASB Discussion Paper on Fair Value Measurements, which will comprise: †¢ FAS 157; †¢ excerpts of existing FVM guidance in IFRSs; and †¢ an Invitation to Comment that expresses the Board’s preliminary views and requests constituent input on certain matters Non-performance risk The Board noted that IFRSs currently do not discuss non-performance risk in relation to the fair value of liabilities. IAS 39 requires the fair value of a financial liability to reflect the credit quality of the instrument. Reflecting credit quality in the fair value measurement of a financial liability effectively causes the fair value measurement to reflect the risk that the obligation will not be fulfilled. FAS 157 extends this principle to the fair value measurement of both financial and non-financial liabilities. It was noted that non-financial liabilities include both credit risk (which related to the financial component) and non-performance risk (which related to the activity). After some discussion, the Board agreed to include a preliminary view in the invitation to comment agreeing with the concept that the fair value of a liability should reflect the non-performance risk relating to that liability (in addition to credit risk). Issues in the Invitation to Comment Entry and exit prices The Board agreed that the Invitation to Comment should discuss the concepts of entry and exit prices without stating a preliminary view. The Discussion Paper will address two views without stating a preference. The discussion note that the notion of a price established between ‘a willing buyer and a willing seller’ matters only when one is shifting markets. In many IASB standards, ‘fair value’ is used to mean an exit price; in a few (such as IFRS 3, IAS 39, and IAS 41), the phrase is used to mean an entry price. Board members found using the same phrase to communicate two different measurement objectives confusing. Board members noted that they might need to reassess the measurement objective in IFRS 3, IAS 39, and IAS 41 should they adopt the approach in FAS 157 paragraph 17(d), which allows the use of a price other than the transaction price to represent fair value if the transaction occurred in a market other than the principal or most advantageous market. The staff proposed wording ‘on the fly’, which they will bring back to the Board. Principal or most advantageous market IAS 39 requires an entity to use the most advantageous active market in measuring the fair value of a financial asset or liability when multiple markets exist, whereas IAS 41 Agriculture requires an entity to use the most relevant market. By comparison, the FAS 157 requires an entity use the principal market for the asset or liability. In the absence of a principal market for the asset or liability, the entity uses the most advantageous market. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity for the asset or liability. The most advantageous market is the market in which the reporting entity would sell the asset or transfer the liability with the price that maximizes the amount that would be received for the asset or minimizes the amount that would be paid to transfer the liability, considering transaction costs in the respective market(s). In either case, the principal (or most advantageous) market (and thus, market participants) should be considered from the perspective of the reporting entity, thereby allowing for differences between and among entities with different activities. The Board reconfirmed their view taken in May 2006, namely: When multiple markets exist for an asset or liability, the fair value measure should be based on the principal market for that asset or liability. If there is no principal market, the most advantageous market should be used. In both instances, the principal or most advantageous market should be determined from the perspective of the reporting entity. A question will be asked on this topic in the Invitation to Comment. Calling ‘level 3’ measurements ‘fair value’ The Board noted that FAS 157 establishes a three level hierarchy for categorising and prioritising inputs for fair value measurements. Level 3 of the hierarchy is ‘unobservable inputs’ for the asset or liability (that is, they are not observable in a market). Unobservable inputs are used to measure fair value only to the extent that observable inputs are not available. These inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). When Level 3 measures are used, FAS 157 prescribes additional disclosures. The Board agreed that the disclosure requirements in FAS 157 highlight sufficiently the nature of the fair value measurement so that users of financial statements can develop a view of the potential uncertainty of that measurement. Therefore, it would not be necessary to include in the Discussion Paper a discussion of whether measurements comprised of significant Level 3 inputs should be labelled something other than fair value. Block premiums and discounts The Board agreed to address the issue of whether block premiums and discounts should be discussed in the Discussion Paper. Such premiums or discounts may arise when a larger-than-normal quantity of an asset or liability is being sold in a market. Board members noted that the requirement to use the ‘Price x Quantity’ formula is limited to Level 1 measures, and that this opens the treatment of block purchases and sales to abuse, since it could be argued that these should be measured using Level 2 or 3 inputs. Board members also agreed that there is a need to distinguish illiquidity caused by the size of the block from that caused by the thinness of the market. The staff will draft a question on this issue for inclusion in the Invitation to Comment. Day 1 gains and losses The Board noted that an exit price measurement objective could have significant implications on certain fair value measurements in IFRSs, particularly in IAS 39 on initial recognition. They reasoned that it is important to highlight situations where the guidance in FAS 157 differs significantly from current IFRSs. Further, convergence on the day-one gain matter is a high-profile issue to many large financial institutions and is an area where the staff expects many comments. The Invitation to Comment will contain a discussion and question on the transaction price presumption. US GAAP-specific material contained in FAS 157 The Board agreed that, in the interests of timely publication, they would not alter FAS 157 in any way for the purposes of the Discussion Paper and Invitation to Comment, and that it would therefore have US GAAP-specific material. The Invitation to Comment would note that any Exposure Draft would be IFRS-specific. Next steps On a poll, 12 Board members voted to issue the Invitation to Comment and Preliminary Views, and one Board member abstained, pending resolution of the discussion of entry and exit prices. The Discussion Paper is scheduled for publication in late 2006. November 2006: Discussion Paper Issued On 30 November 2006, the IASB published for public comment a Discussion Paper on Fair Value Measurements. The Discussion Paper sets out the IASB’s preliminary views on how to measure fair values when fair value measurement is already prescribed under existing IFRSs. It does not propose any extensions of the use of fair values. The DP is built around FASB’s recently issued SFAS 157 Fair Value Measurements. SFAS 157 establishes a single definition of fair value together with a framework for measuring fair value for financial reports prepared in accordance with US GAAP. Click for IASB Press Release (PDF 53k). The Discussion Paper will be available without charge on the IASB’s website starting 11 December 2006. Comment deadline is 2 April 2007 [extended to] 4 May 2007. The IASB plans to publish an Exposure Draft in 2008. Discussion at the January 2007 IASB Meeting Extension of the comment deadline on the Discussion Paper The staff reported that several constituents had asked the Board to extend the deadline for comments on the Board’s Discussion Paper Fair Value Measurements. The constituents highlighted that the comment period coincided with the financial reporting season for those with calendar year ends and asked for more time so that an important and complex document could receive the attention it deserved. The Board agreed unanimously to extend the deadline for comments to Friday 4 May 2007. Discussion at the September 2007 IASB Meeting The staff informed the Board that the FASB had formed a Valuation Resource Group (VRG). The purpose of the VRG is to provide the FASB with input for clarifying the guidance related to the application of the principles in SFAS 157 Fair Value Measurement when fair value is required or permitted under US GAAP. The VRG is drawn from accounting firms, valuation advisers, preparers, users, regulators and standard setters. The first meeting of the VRG is planned for 1 October 2007. Issues raised at that meeting will be brought to the October FASB meeting. The IASB staff noted that any decisions made by the FASB are likely to have implications for valuations performed under IFRSs because constituents may apply the US guidance in the absence of IFRS guidance. The staff will keep the Board informed of the project. No decisions were made. Discussion at the October 2007 IASB Meeting The staff presented their analysis of comments received on the IASB’s discussion paper on fair value measurement. The discussion paper was issued as a ‘wrap around’ of FASB Statement of Financial Accounting Standards No. 157. The complete analysis is available in the Observer Notes section on the IASB’s website (Agenda Paper 2C). The staff asked the Board to do the following: †¢ consider the main points raised in the comment letters (136 received); †¢ affirm the project objectives; and †¢ approve the staff’s preliminary project plan. The main points raised in the comment letter by constituents included (please refer to Agenda Paper 2C for a detailed analysis): †¢ General agreement to that the fair value measurement project is needed; †¢ Concerns about how to provide guidance on determining fair value when it is not clear in hich circumstances; †¢ The interaction between the fair value measurement project and the conceptual framework project (in particular, phase C which covers measurement); †¢ The view that in many situations an entry price notion is superior to an exit price notion; †¢ Fair value is more akin to a heading for a ‘family’ o f measurement bases and accordingly terms should be used which are more descriptive (that is, more clearly articulate what the Board’s intended measurement basis in that situation is); and †¢ With regard to measuring liabilities at fair value, the respondents raised concerns about the application of a transfer notion instead of a settlement notion and asked for guidance as to the meaning of non-performance risk. Regarding the interaction between this project and the Conceptual Framework project, some Board members noted that the outcome of this project is only one of a number of possible measurement bases that will be in the revised Framework. Consequently, the impact on the Framework project is only minor. The staff confirmed that it consults with staff of the Framework project on a regular basis. Some Board members observed that the notion ‘entry price’ should be as well defined as ‘exit price’. Staff noted that this is part of the proposed pr oject plan. No decisions were made. The Board was also asked to agree on the following project objectives: †¢ Development of principles and measurement guidance for an exit price measurement basis; and †¢ Completion of a standard-by-standard review of fair value measurements permitted or required in IFRSs to asses whether each standard’s measurement basis is an exit price. If the Board does not agree, will it agree to decide on a case-by-case basis whether or not to develop measurement guidance for those other measurement bases. The Board agreed to both objectives. On the second bullet point, it was clarified that this analysis will not lead to the development of additional guidance for those measurement bases that will be identified as not fitting in the definition of fair value for the purpose of the fair value measurement project. However, the Board noted that a working definition for fair value must first be agreed on before the analysis can be done. Additional Discussion at the October 2007 IASB M eeting This was an education session and accordingly no decisions were made. The session was led by representatives of the valuation profession to illustrate practical valuation concepts and issues (the complete presentation [Agenda Paper 11A] can be obtained from the Observer Notes section on the IASB Website). The focus was on the valuation methodologies used in the measurement of tangible and intangible non-financial assets. The background of the session was the Discussion Paper on Fair Value Measurements that was issued by the IASB in November 2006. The main topics of the presentation were: †¢ Value concepts in IFRSs †¢ The purchase price allocation process Overview of valuation methodologies (that is cost approach, market approach, income approach) The presenters’ main focus was the valuation requirements resulting from a business combination and what are the factors valuation professionals consider in such transactions. Although this was an education session only the Board showed particular interest in certain topics of the presentation: †¢ If and how appraisers exclude entity-specific factors from their valuation models †¢ Customer-related intangible assets (separation and assumptions used in valuation) †¢ Consideration of tax in the valuation process †¢ Separation and valuation of contingent liabilities On the last point, the representatives of the valuation profession admitted that they have difficulties identifying all contingent liabilities and how to value them based on a transfer notion (that is what would an entity have to pay to pass on the risk – in contrast to a settlement notion). Discussion at the November 2007 IASB Meeting The staff began the morning session by informing the Board about the latest developments in relation to the implementation of SFAS 157 Fair Value Measurements which is the basis for the Discussion Paper published by the IASB. The developments included the deferral of the effective date of SFAS 157 for non-recurring measurements (for example in business combinations). It was noted that these developments would have no impact on the IASB project on fair value measurements. The staff presented its preliminary definitions of ‘current exit price’ and ‘current entry price’ for assets and liabilities that will be used in the standard-by-standard review. The Board and the staff reiterated that they do not want to change the measurement within the standards. The goal of the analysis carried out by the staff would be to find out which measurement attribute the Board and its predecessor (the IASC) had in mind when using the term ‘fair value’. The preliminary working definitions of the staff are as follows: †¢ Assets: Current entry price: The price that would be paid to buy an asset in an orderly transaction between market participants at the measurement date. o Current exit price: The price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. †¢ Liabilities: o Current entry price: The price that would be received to incur a liability in an orderly transaction between market participants at the measurement date. o Current exit price I (transfer notion): The price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. o Current exit price II (settlement notion): The price that would be paid to settle a liability in an orderly transaction at the measurement date. At the request of a Board member staff confirmed that possible components of fair value will be addressed in later stages of the project. The staff also confirmed that it will involve practitioners to gain insight into current valuation practice in the specific circumstances. The Board had a short discussion on certain aspects of fair value measurement and was informed by staff that some of the issues will be discussed at the December Board meeting. The Board agreed on the preliminary definitions of current entry price and current exit price for assets and liabilities and that staff should not consider other measurement bases for the purpose of the standard-by-standard review. Discussion at the December 2007 IASB Meeting The purpose of this session was to continue the deliberations on the issues in the Fair Value Measurements Discussion Paper and to present an analysis of the ‘market participants view’ under SFAS 157 compared to the ‘knowledgeable, willing parties in an arm’s length transaction’ in IFRSs. After staff review of the two approaches, the Board was asked if it agrees with the staff analysis on the market participants view. Some Board members raised concerns about the possible differences of the notion ‘market participants view’ in comparison to a ‘knowledgeable, willing party’. The staff noted that they see no differences in content. One Board member asked why a change in terminology would then be necessary as constituents are familiar with the notion of a ‘knowledgeable, willing party’. Other Board members said that the document must make clear that the terms are interchangeable. After this the Board discussed what a market is and whether, for certain transactions, one can assume a market exists if, for example, actually only two parties are acting. As no definition of ‘market’ was provided, the Board asked the staff to develop an analysis. As all further discussions depend on the outcome of that analysis the Board agreed to postpone discussion of the other items in the agenda paper to a later Board meeting. No further decisions were made. Discussion at the March 2008 IASB Meeting Whether the fair value measurement project should have a working group or other type of specialist advisory group The Board has on its agenda a project on fair value measurement that aims to provide guidance on how to determine fair value if a standard requires or allows fair value measurement. The staff informed the Board that it worked under the assumption that a working group would not be required as there is an overlap with existing working groups that could be involved as required. On further reflection, the staff has concluded that this approach does not work as it proved difficult to involve the other working groups without a clear mandate. The staff also believes that it would not be necessary to set up a formal working group but instead to establish a ‘technical advisory group’ (TAG) that could work on a informal, as-needed basis. Information exchange could be done in person or via electronic communication. However, the IASB Due Process Handbook requires the Board’s consent for not establishing a working group for a major project. One Board member raised the question whether the Valuation Resource Group of the FASB could be involved. The staff answered that this group would interpret and implement SFAS 157, the US standard providing fair value measurement guidance. The Board agreed not to establish a working group, but to form a technical advisory group instead. Discussion at the April 2008 IASB Meeting Representatives of the International Valuation Standards Committee (IVSC) presented an education session to the Board on four valuation issues. No decisions were made at this education session. The four issues presented by the IVSC delegation were: †¢ What is the difference between ‘price’ and ‘value’? †¢ Is there a valuation difference between an entry and an exit price? †¢ Highest and best use †¢ What makes the market? What is the difference between ‘price’ and ‘value’? The representatives made clear that in their view ‘price’ is the amount agreed on in a transaction while ‘value’ is the outcome of a valuation. In practice, most valuations assume a transaction but, depending on the purpose of the valuation exercise, a value could also be entity-specific. It was made clear that in many cases price and value would result in (nearly) the same number. It was also noted that the IVSC standards use three types of valuation with two of them taking a market view and one of them being an entity-specific approach – which could possibly result in different amounts for the same valuation object. Some Board members were confused by the terminology used by the presenters and it was agreed that this could be the cause for much confusion within the constituency and that any communication by the Board must clearly articulate what they mean. One Board member noted that ‘value’ must always be accompanied by an adjective as people understand different things in different situations. Other Board members were confused about where the difference in amounts results from. The IVSC representatives explained that there are many reasons (for example, synergies). Is there a valuation difference between an entry and an exit price? The delegation moved then on to the second question. The representatives explained that the profession holds the view that for non-entity-specific values entry and exit price for the same market should be the same. Often a perceived difference results because entry price is determined on a different market than the exist price. The Board had a lengthy discussion on that issue with a view on the guidance in US GAAP. Highest and best use The highest and best use is terminology from the US GAAP standard SFAS 157 Fair Value Measurements that assumes an entity would also use its asset the best way it can. It was highlighted that the SFAS 157 definition is very similar to the IVSC one. It was noted that this is not a different type or basis of value and that it is inherent in any basis that requires the estimate of an open market transaction. Some Board members expressed their doubt that this always could be assumed for liabilities. What makes the market? The representatives explained that there is an opinion that fair values could only be made where active markets exist. They made it clear that in their view this is not the case. The valuation profession assumes as long as there is enough evidence to establish a valuation it is assumed that a market exist even if the degree of reliability is lower than that for a market with frequent transactions. They would not necessarily link value and liquidity. The Board showed interest in the valuation for some of the instruments where markets have contracted recently and had some debate on that point with the representatives. The Chairman closed the session by asking the IVSC representatives if they have experts on valuing liabilities that could participate in the planned IASB technical experts group. The representatives confirmed that such experts would be available to participate in the group. Discussion at the May 2008 IASB Meeting Discussion of the Meeting of the IASB Expert Advisory Panel on Valuing Financial Instruments in Illiquid Markets The issue was added to the agenda with short notice and no observer notes were available. The staff informed the Board that the Financial Stability Forum has established an expert advisory panel to assist the IASB in enhancing its guidance on valuing financial instruments when markets are no longer active. In addition the staff noted the following: †¢ The first meeting will take place on 13 June 2008. †¢ At the first meeting the panel will decide on the form of guidance issued, e. g. est practice guidance or input for amendment of standards. †¢ The duration of the panel is expected to be two or three months. June 2008: IASB Forms an Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets On 5 June 2008, th e IASB formed an expert advisory panel on valuation of financial instruments in inactive markets, in response to Recommendations made by the Financial Stability Forum (FSF). The new panel will assist the IASB in: †¢ reviewing best practices in the area of valuation techniques, and †¢ formulating any necessary additional practice guidance on valuation methods for financial instruments and related disclosures when markets are no longer active. Organisations participating in the panel include AIG (American International Group); Basel Committee on Banking Supervision; BNP Paribas; Capital International Research Inc. ; Citigroup; Deloitte; Deutsche Bank; Ernst Young; Financial Stability Forum; Fitch Ratings; Goldman Sachs; HSBC; International Association of Insurance Supervisors; International Organization of Securities Commissions (IOSCO); KPMG; Pioneer Investments; PricewaterhouseCoopers; Swiss Re; and UBS. FASB will have a staff observer. The first meeting of the panel will take place on 13 June 2008 in private session. A summary of the meeting will be presented to the IASB at its June 2008 meeting and will be published on its website. More Information on IASB’s website. Related resources are available on our Credit Crunch Page. Discussion at the June 2008 IASB Meeting [pic]Fair Value Measurements – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The staff presented a summary of the first meeting held on 13 June 2008 of the Expert Advisory Panel. The staff noted that the purpose of that meeting was to identify the issues arising on valuing financial instruments when markets are no longer active and that possible solutions will be discussed at future meetings. In addition the staff noted the following: †¢ No decision was made regarding the form of guidance the panel will provide, e. g. best practice guidance or input for amendment of standards. Subsets of the issues identified will be discussed by a subgroup of panel members at the next meetings in July (measurement issues) and August (disclosure issues). Meeting dates have not yet been confirmed. The meetings will be held in private sessions with public updates being provided at the July and September Bo ard meetings. †¢ The last meeting is expected to be in September 2008. Updates on the activities of the panel are also available on the IASB’s website. Discussion of the Fair Value Measurements Project Following the joint IASB-FASB meeting in April 2008 the Board discussed the way forward in this project. At the joint meeting the IASB decided not to re-debate all aspects of the Fair Value Measurement discussion paper (the DP), i. e. ot to fully re-debate FAS 157 Fair Value Measurements on which the DP is based. Instead the Board agreed to redeliberate certain areas of confusion or areas in which FAS 157 had proved difficult to apply. The staff presented an analysis of issues raised in the DP and provided recommendations on whether a particular issue should be redeliberated or not. Technical aspects of fair value measurement were not discussed at this meeting. The Board agreed to discuss further the topics listed below. These topics will be redeliberated mainly because th e Board did not express a preliminary view in the DP and/or comments received on the DP indicated a need for further discussion: The exit price measurement objective The Board agreed to consider both entry and exit notions of fair value measurement based on the standard-by-standard review currently performed by the staff. The market participant view In general the Board reaffirmed its preliminary view in the DP. However, the staff was asked to improve the wording in order to address concerns raised by constituents. In particular, it should be clarified how to apply the market participant view in cases where no market exists (for example, liabilities that cannot be transferred). Transfer vs. settlement of a liability The Board agreed to a staff analysis that this is an important cross-cutting issue for other Board projects, particularly, amendments to IAS 37. Transaction price and fair value at initial: Day one gains and losses This issue is considered to be interrelated with the entry vs. exit price issue. The principal (or most advantageous) market The Board reaffirmed the preliminary view in principal but noted that questions about the practical application needs to be resolved. Valuation of liabilities: Non-performance risk There seemed to be a broad consensus to reaffirm the preliminary view that non-performance risks needs to be considered when measuring the fair value. However, the majority of Board noted that this is an important cross-cutting and that there are unresolved issues with regard to presentation (of the counter-entry) and disaggregation. Highest and best use The staff intends to address comprehensively all issues relating to ‘different markets’. Bid-ask spreads: Applicability of mid-market pricing to all levels of the hierarchy? The staff noted that the Board still needs to reach a preliminary and that the question of which transaction costs are to be included will be addressed in this context. Issues not discussed †¢ Disclosures: Redeliberation in light of current market environment †¢ Application guidance: Redeliberation in light of current market environment Topics not to be redeliberated The Board decided not to redeliberate the following five topics: 1. Attributes (characteristics) specific to an asset or liability 2. Whether transaction costs are separate from fair value The staff intends to discuss any outstanding issues in connection with bid-ask spreads. (this sentence relates to bullet 2) 3. Three-level fair value hierarchy Accepted as described in the Discussion Paper without any further deliberations 4. The prohibition of blockage factor adjustments at all levels of the hierarchy The Board had a thorough debate on this issue. One Board member emphasised that the majority of constituents disagreed with the preliminary view expressed in the DP. Finally, there seemed to be a consensus not to redeliberate the issue but to deal with the concerns in the feedback statement. The staff was asked to review the comments received to ensure that the Board ‘has not missed anything’ in reaching the preliminary view. 5. The unit of account for financial assets and liabilities The staff noted that the topics not to be discussed by the Board are broadly consistent with the principles in IFRSs and that they can therefore be addressed in the exposure draft in a way that considers the concerns raised by constituents and is consistent with FAS 157. Discussion at the July 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Meeting update The project manager on the fair value measurement project gave an oral update on the activities of the expert advisory panel. The purpose of this panel is to assist the IASB in reviewing best practices in the area of valuation techniques as well as formulating any necessary additional guidance on valuation methods for financial instruments and related disclosures when markets are no longer active. The panel or subgroup met three times. At the kick-off meeting the panel identified specific issues that panel members felt must be addressed (such as forced transactions, the use of pricing services, illiquid markets). It was noted that there seemed to be consistency in applying the fair value measurement requirements in IAS 39 despite the use of different techniques. The staff informed the Board that there will be a draft document to be discussed end of July on those issues, but that it is not clear yet who will publish it. The panel would then turn to appropriate disclosures with the aim to have an exposure draft published in Q4/08. It was noted that there would be ongoing communications with the consolidations project team. Discussion at the July 2008 IASB Meeting At this session the staff asked the Board to decide on a definition of ‘fair value’ – what is the measurement object for items with a measurement basis currently referred to as ‘fair value’? The staff acknowledged that some aspects of fair value have not been discussed yet, but will be brought to the Board at future meetings (for example, principal market and day-one gains/losses). Staff’s view, however, is that whether fair value means an entry or exit price can be decided separately. The staff then turned to the standard-by-standard review as requested by the Board. This review had been requested to help the Board to decide whether: †¢ To retain the term ‘fair value’ and define it appropriately, or †¢ To replace the term ‘fair value’ with more specific terms more appropriate in the individual context. It was noted that a consistent definition of fair value might lead to fewer instances where the Board would require or permit its use. It was also highlighted that a precise definition of fair value would help to ensure proper application where it is required or permitted. The Board had a lengthy discussion about whether entry and exit price would be the equal for the same item on the same date in the same market. Also, the Board discussed which market an entity should refer to in measuring fair value and whether an exit price could include exit by consumption of assets. Board members expressed a range of views on these issues. No clear consensuses were reached. Some Board members observed that if the Board cannot clearly define what fair value means, it would be even more difficult for constituents in applying IFRSs. Board members said that some of the issues that are to be brought back for discussion at future meetings must be resolved before the Board can agree on a definition of fair value. The staff also asked the Board to consider whether to keep the term ‘fair value’ or abandon it. The Board seemed to be split on that issue. The Board discussed whether, in measuring the exit-price fair value of an asset the entity is using, the measurement should take viewpoint of the entity or of an independent market participant. Board members’ views varied, and no decision was reached. The staff distributed a flow chart which was not part of the observer notes that was intended to facilitate the discussion. The Board decided that, once fair value is precisely defined, each reference to fair value in IFRSs should be assessed in relation to the definition. Where ‘fair value’ as used in an IFRS is not consistent with the agreed definition, the term should be replaced with a more descriptive term. Discussion at the September 2008 IASB Meeting – Credit Crisis: Proposed amendments to disclosure requirements Please see separate project page on Amendments to IFRS 7 – Credit Crisis Discussion at the September 2008 IASB Meeting – Expert Advisory Panel on Valuing Financial Instruments in Inactive Markets: Update The staff presented the Board with an update on the work of the expert advisory panel formed in response to recommendations from constituents. The panel’s task is to develop best practice guidance on measurement and disclosures for financial instruments in inactive markets. It was noted that the panel had met six times and will meet again in October. One single document would be published covering both measurement and disclosure. A draft report has just been posted on the IASB’s website. The staff informed the Board that although comments would be solicited until 3 October, comment letters would not be published on the IASB’s website. Asked by a Board member, the staff confirmed that this non-mandatory guidance would be considered when developing the fair value measurement standard and, hence, might become mandatory in the future. Discussion at the September 2008 IASB Meeting – Fair Value Measurements Exposure Draft The staff introduced the session by highlighting the objectives and timeline. The purpose of the session was to seek the Board’s decision on: †¢ Whether a fair value measurement exposure draft should state that fair value reflects the highest and best use of an asset; and †¢ Whether blockage factors should be excluded from fair value measurement. Blockage factors The staff started with the second issue on blockage factors. The staff highlighted that it only sought the Board’s input on this type of discount, not on other discounts or premia. The staff defined a blockage discounts as a discount that represents a discount to the quoted price of an instrument (usually equity securities) to reflect the reduction in the price if the entity were to sell a large holding of instruments at once. The Board had a lengthy debate on this. Some Board members were concerned about ignoring blockage factors as they would represent a real economic phenomenon. Others were of an opposite How to cite Fv Project Summary of Fasb and Iasb, Essay examples

Information Security in Cisco Organization-Samples for Students

Question: Write reflection on the role of Information Security in an Cisco Organization. Answer: Background to the case This assignment depicts the role of Information Security auditing in any organization however this particular paper is focused on a recent news case published on 9th April, 2018. The case is about 200,000 Cisco Network switches reported hacked by the external attackers that interrupted the regular revenue and competitive market of the company (cisco-network 2018). This news conveys that over 200,000 worldwide network switches of Cisco were hijacked by the external attackers on this Friday (9th April, 2018). The worldwide large internet service providers and data centers of Iran, Russia, China, United States, Europe and India were apparently affected. The Iranian Government official was reported this particular news. Serious level of investigation is going on to find out the main attackers who carried out this operation. Not only to find out the attacker but also find out the impact of the attack that includes data loss has information hijacked etc. Not only this but also, someone in the control department said that, they are absolutely tired of the frequent attack arising from the government back attacks of the United States attackers. The targeted devices were over 200,000 router switches all over the world that operates the large network system of Cisco throughout. It was the responsibility of the Chief Information executives of the company to look at the security of the data centers. Apart from 200,000 router switches, 3,500 switches were negatively impacted due to this attack. Due this attack more than 55,000 devices, 14,000 devices are attacked respectively in United States and China and the rest of the victims were from other countries (cisco-network 2018). According to blog presented by Kaspersky Lab, it has been found that, the attackers who have attacked on the Cisco Router devices has also exploited a susceptibility in the software which is known as Cisco small Install. This particular device allows the hackers to run all arbitrary codes over the router switches. Cisco is planning to resolve or mitigate this negative impact by running a command which implies that no vstack config over those devices which are affected by the attack (cisco-network 2018). Even if this recommendation was found to be not that much effecting then they also have a second option in terms of restricted device access through a list of access control in Cisco Interface. It is expected that, with the help of access control no unauthenticated user will be able to access information from the server. IS risks The information security risks occurred in Cisco impacted negatively both the consumers and the users. However, it is not necessary that, the impact of all the risks will be similar for each case (Soomro, Shah and Ahmed 2016). After identifying and analyzing the risks, based on their negative impact the risks are prioritized. The different types of IS security level risks occurred in Cisco, are prioritize in terms of level of risks and its implication. No of risk Risks Level of risk Frequency Mitigation strategy Probability 1 Lack of experiences of all the employees involved in the Cisco service providers. High High In order to mitigate these issues Cisco has planned to organize professional training and development programs or the employees associated to the company (Schinagl et al. 2016) Likelihood 2 Lack of data security High High Proper encryption mechanism is needed to be adopted by the company to make sure that, none of the third party can access those data from the server without permission Probable 3 Lack of security monitoring High High There is lack of supervision of the higher authority. Due to this reason the company failed to control their confidential information. Moderate 4 Improper data encryption High Medium The Cisco router switches were directly affected by the external attack as a result the confidential information was accessed by the attackers (Al Izki and Weir 2015). Apart from encryption mechanism, firewall is needed to install to make sure that the network channel through which the data are transferred from the service providers to the users. High 4 Lack of installed antivirus High High The higher authority of the company has planned to find out to the simplest way to resolve the issues in terms of a command named as no vstack config (Shameli-Sendi et al. 2016). In addition to this another mitigation strategy was developing restrict access through access control list. Likelihood Audit plan, objectives and procedures Audit plan number Objectives Procedures 1 Before implementing proper security approaches for Cisco, an accurate training and development program for the company should have to be arranged by the higher authority To develop proper security policies and procedures To perform appropriately for performing illegal acts for the company -Development of training and development program -Adopting ISO 31000:2009 risk management policies -Installation of proper illegal acts 2 To develop proper procedures of data encryption To install firewall mechanism for securing the router network -After analyzing the current situation of the company, proper encryption mechanism in terms of private and public key should have to be installed (Garba et al. 2015). The most important part of the application is to keep the asymmetric key secured from the third party access. -In order to keep the network channel secured from the external attackers it is necessary for the company to implement firewall to keep the information secured in the server. 3 To implement data verification approaches To make those data validate -installing firewall and data antivirus -In order to validate those data, software license and SLA should have to be developed by Cisco (Tsohou Karyda and Kokolakis 2015.). 4 Regular maintenance Proper data maintenance approaches are needed to be adopted by Cisco to make sure that none of the information are well maintained Audit Questions and documents What is the eligibility criteria considered for the applicants who wish to take job in Cisco? What are the interview steps to be followed to hire an employee for the company? What the training and development programs arranged for the employees who have been hired for the company? Is the training program appropriate for the employees who have been hired? What is the total time duration for the training program? What are the security policies adopted by the company? What are the encryption mechanisms adopted by the company to ensure data security? What are the data control approaches used by the company to avoid information security risks? What are the other technologies adopted to secure the sensitive information of the company? How did the information and control system of the company was interrupted? What will be the list of benefits the company may have faced after the adoption of the security policies? In order to ensure the access of the employees, what are the details document logs have been followed? What are the different network activities and data security approaches have been followed by the company? What are the data monitoring and information security mechanisms to be followed by the company to avoid information Security risks? Control recommendations Due to the sudden attack on the router switch Cisco faced many challenges. In order to avoid information security risks and other risks the company should adopt some of the control mechanism in terms of recommendations and those are as follows: Encryption and firewall: In order to keep maintain the Information Security of the company it is necessary for Cisco to adopt suitable encryption mechanism and firewall to avoid unauthenticated data access. With the help of Encryption technology, the unauthorized users will not be able to access information or even misuse them. Installation of antivirus software: Proper antivirus within the operating system and software vendors should have to be adopted to avoid external infection. The antiviruses are to be active and updated as well. Strong password: The data server is needed to be secured with strong password to avoid unwanted users to access information from the server. It will help the company to keep the credential information secured from the external attackers. Data backup: In addition to firewall and encryption mechanism, another thing that should have to be recommended include data backup. Data backup will ensure that, if any of the data gets hijacked by the external attackers then, data backup will help the users to access those data from the server. Conclusion From the overall discussion it can be concluded that, Cisco has faced a data hijack related challenge, due to external attack in its router switches. Besides this, the hackers also reset the target devices and make them unavailable to be reconfiguration. They also left a message informing them to not to mess up with their election. Not only the consumers but also the employees working for Cisco have also faced major challenges. It is the responsibility of the company executives to develop certain IS risk management strategies and policies to ensure the success of the company. An IS risk management strategy and recommendations to mitigate the issues are illustrated in this report. References Ahmad, A., Maynard, S.B. and Park, S., 2014. Information security strategies: towards an organizational multi-strategy perspective.Journal of Intelligent Manufacturing,25(2), pp.357-370. Cisco-network (2018).cisco-network-switches-reportedly-hacked. [online] inforisktoday.com. Available at: https://www.inforisktoday.com/200000-cisco-network-switches-reportedly-hacked-a-10788 [Accessed 11 Apr. 2018]. Garba, A.B., Armarego, J. and Murray, D., 2015. A policy-based framework for managing information security and privacy risks in BYOD environments.International Journal of Emerging Trends Technology in Computer Science,4(2), pp.189-98. Moore, T.W., Probst, C.W., Rannenberg, K. and van Eeten, M., 2017. Assessing ICT Security Risks in Socio-Technical Systems (Dagstuhl Seminar 16461). InDagstuhl Reports(Vol. 6, No. 11). Schloss Dagstuhl-Leibniz-Zentrum fuer Informatik. Rebollo, O., Mellado, D., Fernndez-Medina, E. and Mouratidis, H., 2015. Empirical evaluation of a cloud computing information security governance framework.Information and Software Technology,58, pp.44-57. Scott, K., Richards, D. and Adhikari, R., 2015. A review and comparative analysis of security risks and safety measures of mobile health apps. Shameli-Sendi, A., Aghababaei-Barzegar, R. and Cheriet, M., 2016. Taxonomy of information security risk assessment (ISRA).Computers security,57, pp.14-30. Soomro, Z.A., Shah, M.H. and Ahmed, J., 2016. Information security management needs more holistic approach: A literature review.International Journal of Information Management,36(2), pp.215-225. Tamjidyamcholo, A., Baba, M.S.B., Shuib, N.L.M. and Rohani, V.A., 2014. Evaluation model for knowledge sharing in information security professional virtual community.Computers Security,43, pp.19-34. Tsohou, A., Karyda, M. and Kokolakis, S., 2015. Analyzing the role of cognitive and cultural biases in the internalization of information security policies: recommendations for information security awareness programs.Computers security,52, pp.128-141. Al Izki, F. and Weir, G.R., 2015, September. Gender Impact on Information Security in the Arab World. InInternational Conference on Global Security, Safety, and Sustainability(pp. 200-207). Springer, Cham. Schinagl, S., Paans, R. and Schoon, K., 2016, January. The Revival of Ancient Information Security Models, Insight in Risks and Selection of Measures. InSystem Sciences (HICSS), 2016 49th Hawaii International Conference on(pp. 4041-4050). IEEE.

Ludwig Van Beethoven Essay Research Paper Education free essay sample

Ludwig Van Beethoven Essay, Research Paper Education in general and in music Beethoven came from a musical household, and his early musical preparation was under his male parent # 8217 ; s counsel. His male parent taught him piano and fiddle. His general instruction was non continued beyond the simple school. He was practically illiterate in math. II. Self averment As a young person of 19, in 1789, Beethoven took legal stairss to hold himself placed at the caput of his household. He petitioned for half his male parent # 8217 ; s salary to back up his brothers. This act of self-assertion is an indicant of his character. III. Surveies with Haydn A. The first contact On one of Haydn # 8217 ; s trips to London, he met the immature Beethoven. Beethoven showed Haydn a oratorio and he received Haydn # 8217 ; s citation. The Voter of Bonn paid for Beethoven # 8217 ; s lessons and expences in to analyze with Haydn in Vienna. We will write a custom essay sample on Ludwig Van Beethoven Essay Research Paper Education or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page B. The surveies Beethoven arrived in Vienna in 1792 and studied with Haydn for approximately one twelvemonth. The agreement proved to be a dissappointment to Beethoven. C. The relationship Outwardly in public the two were affable, but there were problems with the relationship # 8211 ; possibly professional green-eyed monster caused the jobs. D. Other instructors Beethoven turned to other instructors when Haydn went to London for the 2nd clip. He studied with Albrechtsberger, celebrated as a choir manager at St. Stephens in Vienna and the best-known counterpoint instructor in Vienna. He so studied Salieri, celebrated in Mozart # 8217 ; s life. Salieri helped Beethoven in puting Italian words to music. IV. Establishment as piano player and composer His first undertaking in Vienna was to set up himself as piano player and composer. He achieved both quickly. A. Aristocracy He had worked for a tribunal in Bonn so his first contacts were in arist ocratic circles. He needed financial support from them. B. Public concerts Public concerts were not yet the way of life in Vienna, but Beethoven did begin a series of charity concerts. Later in 1800 he gave his first concert for his own benefit. C. Opus 1 His opus 1, Trios for Piano Violin and Cello, were designed to impress Viennese society. Each trio is in 4 movements. Beethoven created parity among the instruments in these trios. V. Brothers and Nephew A. Fighting with brothers All three brothers lived in Vienna and they often â€Å"came to blows† in the street. B. Fighting for nephew After his brother Carl died in 1815 Beethoven felt responsible for his nephew Karl. He had little difficulty in persuading himself that his sister-in-law was unfit to care for Karl. He went to court requesting guardianship (he won). VI. Deafness A. The secret It is not known for sure when he began to go deaf, but he kept the fact a secret until 1801 when he wrote a Bonn friend about his â₠¬Å"miserably life†. B. Heiligenstadt Testament Having moved out of the city for medical reasons he wrote the Heiligenstadt Testament. C. Total deafness He was totally deaf by 1818. He continued to compose until the year of his death in 1827. Works of Beethoven ? 9 SYMPHONIES ? 1 OPERA â€Å"Fidelio† ? 32 PIANO SONATAS ? 5 PIANO CONCERTOS ? 16 STRING QUARTETS ? 16 SONATAS FOR ONE INSTRUMENT AND PIANO (CELLO,5; VIOLIN,10; FH,1) The Symphonies ? op.21 Symphony No. 1 in C 1800 ? op.36 Symphony No. 2 in D 1801-02 ? op.55 Symphony No. 3 in E flat â€Å"Erocia† 1803 ? op.60 Symphony No. 4 in B flat 1806 ? op.67 Symphony No. 5 in c minor 1807 ? op.68 Symphony No. 6 in F â€Å"Pastoral† 1808 ? op.92 Symphony No. 7 in A 1811 ? op.93 Symphony No. 8 in F 1812 ? op.125 Symphony No. 9 in d minor 1822

Andrew File System essays

Andrew File System essays The Andrew File System (AFS) is a distributed network file system that enables files from any AFS machine across the country to be accessed as easily as files stored locally. It is an enterprise file system designed for use in a distributed environment on multiple computing platforms. AFS allows users on various types of computers to access the same file system. To a casual UNIX user, AFS disk space looks like a regular local disk; to Windows and Mac OS X users, it looks like a normal network drive. So with a single namespace and Kerberos authentication, AFS allows a user to log into any machine participating in the DCI and be presented their files and/or applications. AFS is composed of cells, with each cell representing an independently administered portion of file space. Cells are composed of two types of machines: fileserver and client. Fileservers are machines that typically store and control the files. A client machine accesses the files. Cells connect to form one enormous UNIX file system under the rootafs directory. PSC organizes and maintains the disk space associated with the cell psc.edu. One can access your PSC AFS space from most of PSC's machines, and can also make your directories accessible to users from any other AFS machine at any remote site. Like any network application, AFS has two components, a client and a server. The client component resides on each machine that wants to use AFS. This client asks the server for files stored in AFS and the server sends the file to the client over the network. The client then presents the file to the user as if it were local to the machine. When the user makes any changes in AFS space, such as creating a new file, saving a file or deleting files, the client sends the information to the server where updates occur. AFS speeds this process up by using disk caching. The AFS client keeps pieces of commonly used files on local disk. When the user asks the AFS client ...

Argumentative Essay Example Should High School Be Mandatory

Argumentative Essay Example Should High School Be Mandatory High school students are facing the whole new world of education. Is it worth getting? When you’re in high school, it’s challenging enough to plan for the next week, let alone the next 10, 15, 25 years. But if a high school student had the foresight to look ahead that far in the future, and even further down the road, they would undoubtedly see the importance of having a high school education. Rather than leaving it up to the near-sighted adolescent to decide, a law should be enacted mandating that all American residents and citizens complete a high school education. After all, it’s free to the public (or paid for with taxes) kindergarten to the 12th grade. And it’s probable that most people who drop out before graduating from high school tend to lead lives of struggle, financial hardship, and criminal troubles, too. HIGH SCHOOL YEARS ARE THE MOST MEMORABLE ONES To begin with, a high school diploma should be the standard in America, because a solid high school education lays a solid foundation for the rest of a person’s life. In high school, as well as the years leading up to high school, a student learns the basics, of course – reading, writing, and arithmetic – but also how to do many other skills that will serve them well as working adults. The school prepares a person to be a responsible, resourceful adult. In school, whether a student realizes it at the time, they are developing quite valuable skills and learning important information. When a person finishes high school, they can do just about anything an adult person needs to do to survive and live a good life – read road maps and plan a trip; understand contracts and agreements, as well as read directions on how to assemble something; balance a checkbook, research how to solve a problem. A high school education is imperative for everyone looking to survive adulthood. Ultimately life is disease, death and oblivion. Its still better than high school. Dan Savage Secondly, a high school education provides a person with the knowledge and fundamental skills needed to get a job as an adult; therefore, it should be made mandatory. To survive in America as an adult, one needs a decent-paying job – and to get a job that pays even the minimum wage, a person generally needs a high school diploma. Take, for example, a gas-station attendant. They work with money most of the day, so they must have a strong foundation in math – a skill taught in school from the very beginning, up until the more-advanced math courses in high school, such as algebra and statistics. Even gas-station attendants are generally required to have some basic knowledge of technology to work the money machines. Nowadays, students begin working on computers from a very early age, in elementary school, and they’re taught more advanced computing skills in high school. Also, attendants each day must communicate information to customers and supervisors alike. Communi cation skills are created and developed through one’s schooling, through writing papers, engaging in discussions, reading, researching and conversing. Without a high school education, a person lacks the necessary skills to be successful as an adult. Thirdly,  a high school education should be mandatory for all Americans for another important reason: the entire point of education is to establish the intellectual foundations needed to be self-educated. In other words, when a person graduates from high school, they possess the intellectual and  informational resourcefulness one needs to teach him or herself just about anything. Naturally, there are tons of people with just a high school education who have gone on to become very successful individuals in just about various fields and industries. Due to their educational foundation, however, they are self-learners capable of mastering any task and challenge they face as adults. FRATERNITY VIOLENCE IN HIGHER EDUCATION To conclude, there should be a law that makes a high school education mandatory for all Americans; that is, a person should be penalized for not finishing high school and getting their diploma. A lack of education hinders an individual, which hurts the economy in the long run – which in turn hinders a country from moving forward and flourishing. It gets left behind. One may go as far to argue how Americans should be legally required to have some sort of post-high school education – whether a college degree or at the very least some sort of specialty education, an apprenticeship, if one prefers the less-academic route. Either way, a high school education is necessary for anyone required to work for a living. It’s imperative for success.

Assignment Essay Example | Topics and Well Written Essays - 250 words - 33

Assignment - Essay Example American Airlines has started using an efficient Baggage operation system that ensures efficient working of all systems, as well as accurate processing and handling of passengers’ bags. Another way to resolve the issue of mishandled baggage and improve customer loyalty is to do smarter baggage management. Moreover, the airline can also use IBM software solutions to improve its services in baggage handling. IBM solutions include innovative technologies, such as, built on service oriented architecture (SOA), a robust infrastructure, and full track and trace bar code readers that ensure improved safety and security of passengers’ bags. Summing it up, ensuring safety of passengers’ bags is critical for the success of any airline. American Airlines should take the above-mentioned steps immediately in order to improve baggage mishandling issue, as well as to improve the level of customer satisfaction with the

K-12 national Education Technology Standards for teachers Essay

K-12 national Education Technology Standards for teachers - Essay Example Further they must become aware of the dangers of misusing these tools whether it is for publication purposes or for depending wholeheartedly on the accuracy and possible bias of electronic sources. Technologies available to teachers in K-12 education According to Hannafin and Vermillion (2008) the technologies that are available to teachers to facilitate teaching, learning and communications include ‘educational (nonadministrative) uses of computers, peripherals, curriculum and productivity software, personal digital assistants (PDAs and other wireless devices, as well as all Internet-enabled applications (e.g., e-mail, Web sites, Webquests, wikis, Massively Multi User Virtual Environments (MMUVEs), vidcasts, Web conferencing, online discussion boards, simulations, course management systems, games, simulations, podcasts, blogs, digital storytelling).’ Computers through the use of the Word processor for writing or Excel for Mathematics can be used to enhance reading and w riting, personal digital assistants which offer audio recording, the various Internet applications, and software has been created for almost every imaginable curriculum content therefore they should be available to teachers.

Preparing for the BMAT (biomedical admissions test) Essay Example for Free

Preparing for the BMAT (biomedical admissions test) Essay The biomedical admissions test was created to assist medical and veterinary schools in the admissions process. Some of the universities have much more applications than places and the majority of these applications are strong. The BMAT allows the universities to filter out the strongest candidates based on exam performance. The BMAT exam lasts for 2 hours and is split into 3 sections. The examination test date is 31st October 2008. This article will aim to provide you with some advice and give an overview to students who are planning on taking the BMAT exam. †¢ aptitude and skills (1 hour) †¢ scientific knowledge and application (30 minutes) †¢ writing task (30 minutes) The universities which currently require you to take the BMAT are: †¢ The university of Cambridge †¢ The university of Oxford †¢ Imperial college London †¢ The royal veterinary college †¢ University of central London Aptitude and Skills This section aims to explore your problem solving skills, your ability to understand and interpret data and your analytical skills. It is multiple choice for the most. This is the main reason as to why you should guess intelligently, take a look at the given data and take a guess. Practice is key in this section. For the problem solving element of this section look at all the given data carefully. Here are some techniques to help you. †¢ Divide and conquer technique: Break down any large chunks of data into smaller chunks, making the smaller problems which are easier to solve and then once you have solved them put the data back together and form an answer. †¢ Trial and error: Use different approaches to come to a final conclusion and answer. †¢ Working backwards: start with one of the possible answers and work backwards from it. †¢ Incubation: This is a last resort method which seldom works. Put all of the starting details relating to a problem in your mind picture them and then stop focusing on them and carry on with the examination (take an intelligent guess). Your subconscious mind may come up with an answer during the rest of the examination The understanding and interpreting subset involves using the information in front of you, do not make assumptions unless it is appropriate to the question. Analyse all data given carefully not leaving anything out. The data analysis subset involves extracting certain points out of the data and using these to make suitable conclusions, to give the answer. Depending on the starting data you are provided with this could include using statistical methods, interpreting graphs, curve fitting or even eradicating unwanted information and prioritising said data. Scientific knowledge and application This section attempts to make students utilise their scientific knowledge to help them answer questions. Again this section is multiple choice, so make informed guesses when there is a need using the data given. This section also requires practice and revision of scientific principles in order to score high marks, so we advise you do some revision covering the basics of biology, chemistry and physics. Writing task The writing task is asking you to create an essay from a given question. Here are some general pointers to help you achieve a great score. †¢ Read: Read articles, newspapers, journals and book. This will help you to gain an understanding of how to put forward logical thought and will also help improve your English writing skills †¢ Partake in group discussions/debate forums: By doing this you will develop the skills that allow you to analyse certain situations and statements, in addition to developing the ability to generate a fair argument looking at both sides of the situation and can help you produce good conclusion. †¢ Good structure: Ensure you have an introduction, Main body and conclusion. By having an assigned essay structure your ideas will flow more freely and will follow a logical order that makes it easier for the reader to understand. †¢ Snappy conclusion and introduction: the introduction and conclusion can be the sections of your essay that sell it to the reader. Because these are the first and last things they read and so will remain in their mind the longest. An extremely good conclusion will stick in the readers head and maybe it might help you to boost your mark. Conclusion One key aspect for revision regarding the UKCAT is to sit some mock BMAT examinations; this will allow you to get a feel for the allocated time slot for the exam and thus ensure that you can finish all the questions. Some final general pointers I would like to add are 1. Don’t waste too much time on one question. 2. Generate a short plan for your writing task, just pointing out what you are going to cover and in what order. 3. Make sure you get plenty of rest before the exam. 4. If you have time available at the end of the exam use it to check over your answers.