Factors and Value Relevance of Voluntary †MyAssignmenthelp.com

Question: Discuss about the Factors and Value Relevance of Voluntary. Answer: Introduction The key objective of financial reporting is to offer high quality corporate financial information concerning various economic entities, especially of financial nature, useful in effective decision-making. Such provision of high-quality information is significant because it can assist in influencing stakeholders in making credit, investment, and other decisions that can enhance the overall efficiency of the market. According to the conceptual framework for financial reporting, financial information is useful only if it adheres to the qualitative characteristics. Business owners can utilize such accounting information to undertake a financial analysis of their companies. Without the presence of the proper information, it becomes difficult to take proper decision. The business owners are unable to take proper action if the qualitative features are absent. Such information plays a leading role in influencing the decision-making process. Decision making can be effective when the qualitati ve features are established and presented in a better fashion (Damodaran, 2010). Besides, qualitative characteristics consist of business owners perceived significance of the financial information. Qualitative characteristics of accounting information The fundamental qualitative characteristics are faithful representation and relevance that can enhance the quality of financial reporting. In short, the qualitative features helps in providing a strong foundation for the financial reporting and making decision-making more meaningful in nature. Further, other characteristics like verifiability, timeliness, comparability, and understandability form part of the conceptual framework to enhance decision-usefulness when these are properly established (IASB, 2010). Based on the conceptual framework, accounting information can be regarded as relevant if it possesses the ability to manipulate the financial decisions of users by assisting them to assess present, past, or future scenarios. This means that relevant information must have confirmatory or predictive value. Besides, the predictive value can assist users in assessing the past, future, and present events (Bodie et. al, 2014). Furthermore, to possess predictive value, information must not be in the kind of explicit forecast. Nevertheless, the capability to make anticipations from financial statements is maximized by the kind in which the detail on the past is reported. In addition, information can have confirmatory value if it assists the users in confirming or verifying their prior assessment. On a whole, information can be considered as relevant when it is offered in a timely way so that decision-making can be influenced. The second characteristic is a faithful representation that represents faithfully the events and other transactions it intends to either depict or can reasonably be expected to depict. It involves recognition of all obligations and rights arising from an event and accounting for the event in such a way that depicts its economic substance (Deegan, 2011). The information must be accounted for and represented in relation to the economic substance of a specific transaction and not simply its legal form. Further, the legal form of an event is not often consistent with the financial reality of the transaction. In such circumstances, the reporting of property sale will not faithfully depict the transaction entered into. To sum up, fina ncial statements must represent faithfully every transaction and other events that can assist in giving rise to liabilities, assets, and owners equity. Further, the profit and loss statement of the company must depict the transaction faithfully that can give rise to income and expenditure in a particular period (Bence Nadine, 2012). The third characteristic is materiality that assists in offering guidance as to how a particular transaction must be classified in the financial statements and/or whether it must be disclosed separately instead of being aggregated with other items. Such characteristic assists in dictating any item or transactions that can significantly affect the financial statements, and which must be accounted for utilization of GAAP exclusively (IASB, 2010). In simple words, if an event or cost that happened during the year can influence how an investor must view the company, it must be accounted for utilizing GAAP on the financials. Nevertheless, transactions that a re deemed to be immaterial can be ignored as they cannot influence how such investors can view the financials to make decisions (Fang Jin, 2012). The fourth characteristic is comparability that assists an individual in enabling comparisons within and across the entities. Further, when such comparisons are being made within an organization, information is compared with one financial accounting period to another. For instance, an income of a company is compared for the years 2015, 2016, and 2017. Nevertheless, such qualitative characteristic of financial accounting across organizations can play a key role in enabling evaluation of differences and similarities betwixt various companies. The fifth characteristic is verifiability that plays a key role in corporate reporting as it assures users that the data represents faithfully what it intends to represent. Further, financial information assisted by evidence and other independent individuals can verify them to observe whether such data is faithfully represented or not. In simple words, information in the financial statements is verifiable if it can be easily audited (Mangena, 2007). The sixth characteristic is timeliness that is one of the most vital elements in decision-making. If an individual cannot make a decision in a timely manner, the organization may miss the profits of customers and much more. Therefore, in simple words, timeliness refers to the provision of information to the decision-makers of financial statements inappropriate time so that they are able to influence their decisions. Moreover, such provision of data must not be significantly delayed otherwise it will be minimal or no value to the users (Carol et. al, 2016). The seventh characteristic is understandability that necessitates financial information to be comprehensible or understandable to the users of financial statements with ample knowledge of economic activities and business. Besides, in order to be understandable, information must be p resented concisely and clearly. However, it is inappropriate to discard complicated items in order to make the reports understandable and simple. The last characteristic is Prudence that allows preparers of financial information to exercise prudent views while making a judgment about uncertain transactions like asset lives, provision for doubtful debts, etc (Ibrahim et. al, 2013). The major crux of this qualitative characteristic is that it assists preparers in encountering uncertainties so that expenses and liabilities are not understated, and income and assets are not overstated (Carol et. al, 2016). This is one of the major reasons why it is considered one of the most significant qualitative characteristic. Qualitative characteristics are the attributes that provide usefulness to financial information in the financial statements. Based on the framework, such qualitative characteristics are all vital in nature and various similarities and differences can be found. One may argue that such fundamental characteristics are requirement-enhancing characteristics for information to be highly useful to the users. On a whole, effective judgments can be only made if the qualitative characteristics assist in enhancing the value of corporate reporting, thereby serving as a major tool for enhancement of the companys goodwill as a whole. The thought of the fair value can be defined as the price that can be grabbed by the selling of an asset or can be the price that is required for the shifting of a liability in a particular transaction that forms a bridge between the companies in a market. This definition is as per the AASB 13. The crucial point to be represented by the AASB 13 is to decisions made as in concern with the fair value which can be a boon to the people using the financial statements. In May 2011 the IASB issued a rule for the evaluation of the fair value price, and the topics covered under the IFRS 13 is in correspondence to this rule only. Attention was also paid towards the fair value evaluation in the form of AASB 13 which was issued on September 2011 by the AASB. Increase in the potential and the transparency of the corporate reporting in the form of financial statements is the main motive of following the above rules which would help the users of the financial statements and positively affect their decisions. But it should be noted that categorization of a particular liability or asset is not taken into attention, rather a fair value estimate is the only output as per the need and demand (Whittington, 2008). Many statements against such rules are put up which are broadly explained in the study. Concept of fair value It is already explained that fair value can be defined as the price that can be grabbed by the selling of an asset or can be the price that is required for the shifting of a liability in a particular transaction that forms a bridge between the companies in a market. The base target of the followed concept can be said to be independent of the alteration which takes place with time in the market. For instance, a reduction in the standard of the liabilities and the assets cannot affect the marketing conditions as it always considered as the date of evaluation. It is also seen that the value of an asset is in accordance with the marketing companies. There are some non-profit entities that provide assets for the sake and profit of the public (Porter Norton, 2014). But it may happen that these assets are combined with the others in a way so as to provide profit to the companies as the market never lacks in buyers. This depicts a clear state of demarcation between assets which are used for the same caused. Processes in accordance with a transaction like share-based payments and leasing transactions are started to be eliminated by this concept. It is also estimated that the as per this concept, if a liability or asset is sold the followed process, is genuine in nature going on between the marketing companies (Mark Michael, 2016). Also, this estimate is based on the idea that no ill-equipped transaction related to the liability or asset is recorded in it and only a particular type of process is taken into account. Thus, the concept of fair value can be put up in the circumstances in which the IFRS requires exposure of the evaluation of the fair value. In this concept attention towards the marketing, conditions are also paid. The IFRS 13 acts as a boon to the users of the financial statements by positively affecting their decisions and also helps the companies by disclosing their concealed facts and figures and also evaluates the assets and the liabilities aligned with the fair value price on a recurring or non-recurring form but only after the initial scanning (Libby et. al, 20110. A whole lot of public thinks the concept to be a boon for them but as in accordance with the timely alteration and manipulation in the accounting standards, many a people have raised questions about the effectiveness of such concepts. The reasons of such questioning are the facts that the many alterations made involve the approval of such concepts (IASB, 2010). The usefulness of fair value accounting plays a vital role in influencing the down market in a negative manner. When it comes to the process of evaluation of an asset in a downward manner that happens due to a market fall, the assets lower value can play a pivotal role in increasing the selling of assets at a price that is lower in consideration of the expectation of the seller. However, when there is an absence of the valuation then it is focused on the concept of fair value so that additional downward valuation can be negated. Further, it is even argued that the information that is present in the financials offered by the method of fair value accounting is reliable and relevant only for a specific period (ICSA, 2016). Hence, when the information present in the financials is based on time for the market scenario that is prevailing then any variation in the scenario of the market will lead to a major difference in the present financial projection of the organization. The financials t end to have a change undergoing a difference in the financial projection (Shah, 2013). Hence, to have reliable information, a new financial statement needs to be requested leading to more cost for the organization. This provides a factor of additional charges for the company and the cost of operations are enhanced hence, leading to a burden on the cost of the company. Conclusion It is seen that the AASB 13 pays more attention towards the data required for the evaluation of the fair value, but it to be noted that the upper hand is always of the fair value output. Many times questions has been raised about the profits gained by the users from the concept because at times it is not at all convincing and not at all required. So as a whole the potential of the concept is under question because it is always confusion always prevails about the positive effect of the concept in the accounting framework (Davies Crawford, 2012). The profitability of the concept comes from the dark side because many a time loopholes are detected in the concept. A whole lot of a people believe that the concept of fair value is the best ever way but the changing time has given birth to many manipulative techniques which are not covered in the concepts safety. Finalization of the concept in a proper way is not sure because alterations in the market affect the concept severely. Moreover, users have also stated it as the most important approach because the variations that happened n the accounting standard is a big threat to the present course of action. This report highlights the effective selection of the intangible assets. The main target of the report is to highlight the points and the factors which are related to the evaluation and also the process of identification and the undertaken work procedures of the prevailing accounting standards. In this report, Harvey Norman is selected that is listed on the ASX. The topic of discussion broadly explains the working and the process of evaluation of different terms related to the accounting standards which are necessary to be represented. In todays worlds, the innumerable transaction takes place on a single day and it is a matter of great concern that which transaction are to be stated and which are not be exposed by the company. It is obvious that a bunch of transactions which are depicted in the financial statements can affect the decisions of certain individuals which use the statements for their profits. A specific rule to be followed by all to survive in the market has been set up by the AASB and IASB from a long time. But it is also correct that a single rule is never efficient enough to cope up with the thinking and the dream of every individual. So it is advised that to totally rely on a particular set of rule is a very dumb move by anyone (ASC, 2016). Materiality is the term that must be paid attention and in accordance with it, the transaction necessary to be depicted must be done the same and the negligible ones are free to be neglected in the financial statements. Materiality is a key factor which solely d epends on the amount and size of the transaction which is different for different organizations or companies. This is why materiality is a subjective factor. The differences between companies are the output of the various policies and the methods of survival adopted by them. This is a perfect reason of different materiality for different companies which have demarcations (Williams, 2012). Measurement and recognition All the corporate reports like the financial statements are to be made in accordance with the rules set up by the International Financial Reporting Standard which is IAS 39. The IAS-39 plays a key role in providing input for the intangibles. Credit can be seen as a process that formally welcomes a particular product into the company which can be categorized as either liability or asset or expense or proceeds. Credited products are also included in the financials of the organization in both words and figures (Harvey Norman Holdings Ltd, 2016). Similarly, evaluation is the method to compile the amounts with the key elements. Costs related to intangibles are seen as expenses till they are able to satisfy the conditions of an intangible (Maines Wahlen, 2006). Many times it may happen that the intangible costs get mixed up with the ones spent for increasing the respect of the company. Thats the reason why costumers bill, generated brands are not recognized as intangibles. As in the case of intangibles, it is seen that after their evaluation, their value remains as cost minus gathered amortization. Many a times outlook of the fair value is needed in such cases and this can be grabbed from an active running market. It is so advised that the entry of a product into the financial statements of a company is only possible if it satisfies the four conditions of the accounting standards which are in accordance to the materiality doorsill and the efficiency hold back (Needles Power, 2013). The first situation is definition which can be thought of as recognition stage of a particular product into the financials of the company. The second situation is relevance in which the provided data must be capable enough to affect and alter the decisions of the individuals (Melville, 2013). The third situation is measurability in which the product is necessary to hold a pertinent trait quantifiable amid plenty steadfastness. The last but not the least situation is reliability which gua rantees realistic demonstration, verifiability, and objectivity of financial information. The GAAP is the one that answers all questions to the measurement and recognition requirements (Berk et. al, 2015). Evaluation on Harvey Norman The company Harvey Norman has been for incorporated with intentions and purpose of doing study and for that, the company has carried out work in compiling different and substantial aspects of corporate governance to facilitate the interested and aspiring offshore investors will be able to know regarding the composition and functioning of the Board of an entity. Hence, such aspects are designed proposition in this regard. In the annual report of Harvey Norman, there is mention of the details comprising of composition and selection of the board of directors, independent members, board meetings and the other important informations. In addition, it can be noticed from the report that the company has provided all the applicable details in relation to recognition and measurement of intangible assets. This implies that the companys board has taken an ethical stand in implementing a policy where the business process and accounting are based on prescribed accounting standards (Brealey et. al, 2011). The company trusts that the accounting standard principles are the demonstrative principles that lead to the better business system. Furthermore, regarding the goodwill of the company, the report spells out the in excess of the acquisition cost over the fair value of share against the total attributable assets purchased by the date of procurement. In addition to that, the company Harvey Norman possess plenty of enterprise value that is associated with its cash-generating unit in Australia appraises such as brand image, location premium and other additions to the share of profit (Harvey Norman Holdings Ltd, 2016). This assessment on part of the company engrosses the managements enthusiasm to continue and use such intangible assets in the future growth (Samaha Dahaway, 2010). None-the-less the company has provided its intangible assets are having an everlasting lifespan that is derived at cost minus accumulated impairment losses, as the intangible assets are having an indefinite workable lifespan are not subject to amortization with regard to impairment testing and are evaluated annually for depreciation. The impai rment losses of these assets are perceived as the value by which the carry-forward value of the assets exceeds its recoverable value. Conclusion In conclusion, taking into consideration the detailed analysis, for an effective decision-making process can be undertaken by adapting to in recognition and measurement principles into the system and in the due course of time more focus is being given by professional approach, as it allows and provide assistance in eliminating of mistakes from the book of accounts thereby helping in preparation of healthy financial report of the company. Furthermore, that giving a boost to the decision-making process in the company. The recognition and measurement of intangible assets also provide assistance in assessing the carry forward value of the intangible assets to allow the process of disclosures of the assets can be actualized. Further, the management of Harvey Norman is successful in implementing effective adequate decisions in recognition and measurement of distinctive intangibles such as goodwill and premium etc. In short, the disclosure of all those informations in the financial statemen t by the company can allow the clients in making a suited choice as well as the company in implementing accounting standards. References ASC 2016, Standard-Setting Process, viewed 23 September 2017, https://www.aasb.gov.au/admin/file/content102/c3/Oct_2010_AP_9.3_Conceptual_Framework_Financial_Reporting_2010.pdf Bence, D Nadine, F 2012, The International Accounting Standards Boards Search for a General Purpose Accounting Model, viewed 23 September 2017https://business.curtin.edu.au/files/bence-fry.pdf. Berk, J, DeMarzo, P. Stangeland, D 2015, Corporate Finance, Canadian Toronto: Bodie, Z, Kane, A. Marcus, A. J 2014, Investments, McGraw Hill Brealey, R, Myers, S. Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Carol, A.A, Brad, P, Prakash J. S, Jodi Y 2016, Exploring the implications of integrated reporting for social investment (disclosures), The British Accounting Review, vol. 48, no. 3, pp. 283296 Damodaran, A 2010, Applied Corporate Finance: A Users Manual, New York: John Wiley Sons Davies, T. Crawford, I 2012, Financial accounting, Harlow, England: Pearson. Deegan, C. M 2011, In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill. Fang, H Jin Y 2012, Listed Corporations' contribution to non-shareholders Stakeholders: Influencing Factors and Value Relevance of Voluntary Disclosure. International Conference on Management Science and Engineering, Dallas USA Harvey Norman Holdings Ltd 2016, Harvey Norman 2016 annual report and accounts 2016, viewed 22 September 2017 https://clients.weblink.com.au/news/pdf/01773983.pdf IASB 2010, The Conceptual Framework for Financial Reporting, viewed 22 September 2017 https://www.aasb.gov.au/admin/file/content102/c3/Oct_2010_AP_9.3_Conceptual_Framework_Financial_Reporting_2010.pdf Ibrahim M, S Osama F Attayah, P 2013, Critical Factors Influencing Voluntary Disclosure: The Palestine Exchange PEX, Global Journal of Management and Business Research Finance, vol. 13 no. 6, pp. 9-15 ICSA 2016, Singapore Financial Reporting Standards, viewed 22 September 2017, https://isca.org.sg/tkc/fr/financial-reporting-standards/singapore/singapore-financial-reporting-standards/ Libby, R., Libby, P and Short, D 2011,Financial accounting, New York: McGraw-Hill/Irwin. Maines, L Wahlen, J 2006, The Nature of Accounting Information Reliability: Inferences from Archival and Experimental Research, Accounting Horizons, vol. 20, no. 4, pp. 389-425. Mangena, M 2007, Disclosure, Corporate Governance and Foreign Share Ownership on the Zimbabwe Stock Exchange, Journal of International Financial Management and Accounting, vol. 18, no. 2, pp. 53- 85 Mark A. C Michael J. P 2016, The timeliness of UK private company financial reporting: Regulatory and economic influences, The British Accounting Review, vol. 48, no. 3, pp. 297315 Melville, A 2013, International Financial Reporting A Practical Guide, 4th edition, Pearson, Education Limited, UK Needles, B.E. Powers, M 2013, Principles of Financial Accounting, Financial Accounting Series: Cengage Learning. Porter, G Norton, C 2014, Financial Accounting: The Impact on Decision Maker, Texas: Cengage Learning Samaha, K. Dahaway, K 2010, Factory influencing corporate disclosure transparency, in the active share trading firms: An Explanatory study, Research in Emerging Economies, vol. 10, pp. 87-118. Shah, P 2013, Financial Accounting, London: Oxford University Press Whittington, G 2008, Harmonization or Discord? The critical role of the IASB conceptual framework review, Journal of Accounting Public Policy, vol. 27, no. 6, pp. 44-56 Williams, J 2012, Financial accounting, New York: McGraw-Hill/Irwin.

History and Social Science Annotated Biblio and Critical Analysis Paper Essay Example

History and Social Science Annotated Biblio and Critical Analysis Paper Essay Annotated Bibliography and Critical Analysis Paper Cheirieamour Smith MTE/531 November 29, 2010 David White Theme: The Thirteen Colonies Grade: 4 (b) Knowledge and skills. (1) History. The student understands the causes and effects of European colonization in the United States. The student is expected to: (A) explain when, where, and why groups of people colonized and settled in the United States Annotated Bibliography Fradin, D. B. (2006). Turning Points in US History: Jamestown, Virginia. New York, NY: Benchmark Books. Summary: This book describes how European settlers colonized America and founded the first colony of the New World, Jamestown. The book explores the life of the settlers in Jamestown and the founding father of the first colony. The author focuses on how the settlers survived in the colony and warded off attacks from the Indians who were already living on the land. The book goes through time tracing the history of the early settlers of the New World and the founding and settling of Jamestown. The book tells how Jamestown survived as a colony. The book describes how the settlers built a fort and other building to protect their colony from attack by the Indians. The author talks about the tobacco farming which helped Jamestown survive and become a successful permanent colony in the New World. This book is well illustrated with colorful reproduction of print, paints and documents from the time and settlement of Jamestown. The author focuses on the leaders of the colony, the hardships and how they stayed strong and survived. This book will help students see the first successful colony to become permanent amidst the hardships. We will write a custom essay sample on History and Social Science Annotated Biblio and Critical Analysis Paper specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on History and Social Science Annotated Biblio and Critical Analysis Paper specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on History and Social Science Annotated Biblio and Critical Analysis Paper specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The book offers a real world fill of how colonial life was in the 1600 and 1700s. The book also encompasses color dialog boxes with extra historical facts and other interesting facts and excerpts from actual settlers during that time. There are also maps for students to see where the Jamestown and other colonies settled and what they look like today on the US map. Karwoski, G. (2001). Surviving Jamestown: The Adventures of Young Sam Collier. Atlanta, GA: Peachtree Publishers. Summary: This book provides an interesting look at the colonial times through the eyes of a young boy, Sam Collier, who is excited about traveling to the New World. Sam Collier is apprentice to John Smith, the founder of the first colony, Jamestown. In the book, Sam Collier is twelve years old and he thinks is the luckiest boy in the world because he gets to journey to the New World and start a new life. Sam finds out his journey is short of exciting due to harsh times and struggle for survival. With the settling of Jamestown, settlers were unprepared. There was lack of food, the weather was harsh, many people died, and the settlers were attacked by the Indians who were already there. This book provides an introductory look into Jamestown, the first colony settled in the New World. The setting of the story starts in England and expands into the New World when Sam Collier, John Smith, and the other settlers arrived. There is controversy throughout the book because the founder of Jamestown, John Smith is not trusted by the other settlers so this causes strife. And Sam starts to wonder if he made the right decision to come to the New World. The book is filled with colorful illustrations and maps of the route traveled to the New World. Although this a fiction book and it takes a look in the colonial times, the â€Å"Author’s Note† provides clarification of what is fact and what is fiction in the book. This a good book for young readers to help with understanding the colonial era through the eyes of a twelve year old boy. Masoff, J. (2000). Chronicle Of America: Colonial Times, 1600-1700. New York, NY: Scholastic. Summary: This book takes a deeper look into what it was like during the colonial times when settlers came to the New World. The book provides a different view of the colonial times from travel abroad the ship, the first settlers, food, work, hardship, sickness, education, and where the new settlers lived. To help with emerging oneself into the text, the author ses photographs and illustrations from living museums and authentic historical reenactments to show how colonial people lived in the 1600 and 1700s. The author does not just make mention of names of those who come over to settle into the New World but tells how and why the New World was settled. The author is very detailed in describing how things were for the settlers. The author even includes the hardships settler s and their families faced when they arrived in the New World such as the death of many settlers due to illness. There is so much information in the book and the author provides the reader with questions to begin each new topic in the book. This will help readers with critical thinking. The book has colored sidebars with even more interesting information and historical facts about colonial times and activities to try with the class. McGovern, A. (1992). If You Lived In Colonial Times (2nd ed. ). New York, NY: Scholastic. Summary: This book talks about what life was like in colonial times for young girls and boys. It describes what living conditions were like in the New England colonies, what type of clothing girls and boys wore, where they went to school, their habits and manners, how they played, their houses, and food they ate. This is a good book to help with introducing how America came about to young learners and beginning readers. This book will help students explore and imagine life as colonial young girls and boys. The author provides excellent illustrations with the help of the illustrator, June Otani, depicting how life looked in the New England colonies. The pictures help young girls and boys see what young girls and boys looked like in the colonial times. The author does a good job answering questions about what young girls and boys did doing colonial times. Along with the questions answered about colonial times, this is a good book to help introduce young readers the colonial times. This colorful book gives young girls and boys and opportunity to live in the moment of the colonial era and gain a better understanding of American history. Nobleman, M. T. (2003). History Pockets: Colonial America. Monterey, CA: Evan-Moor Corp. Summary: This is an activity book that allows students to travel through the era of the colonial times. The book provides facts about the colonial time. This book also provides hands on approach to learning about colonial times. With assistance from the teacher, students make pockets for their adventures through colonial times. The pockets are made from construction paper and are housed with information about colonial times and the activities students complete as they travel through the colonial era. The author provides a great opportunity that places students in the middle of the colonial era. The students are recreating their own version of the book and taking journeys through the colonial era with the help of the author. The book also offers an opportunity for students do activities associated with the colonial era. Each pocket has a reference page about each activity to be completed, fast fact information about the era in colonial time, an introduction to the colonial times page, and an about page for each era discussed in the book. For example, if the discussion is about schools during the colonial era, the about sheet will say ‘About School† and the activity is associated with that topic. Students will have created their own portfolio of the colonial times for future viewing. This book does not just provide fun filled activities for learning; there is an evaluation sheet for teachers at the end of the book to assess comprehension of the information learned. Critical Analysis Paper Colonial times were an important part in history that led to what is now the United States of America. Voyages to the New World helped with forming of the thirteen colonies. Many of the colonies were founded on the premise of religious freedom, a topic often eluded in classrooms today. Settlers of the New World sought out a better life free of religious persecution in England. Discussion of the founding of the thirteen colonies makes for plenty of critical thinking. In order for students to understand how and why the colonies were formed they have to step backwards a few steps and learn about the many voyages made to America. Once this has been accomplished this then opens the door for what became the thirteen colonies in the New World. A few titles have been chosen to help students submerge themselves into understanding colonial America. The titles chosen are appropriate and suitable for grades ranging from fourth through sixth grade. Along with the history textbook these titles can help students understand the colonial era and provide hands on approach to learning about what life was like in the colonial era. â€Å"If You Lived in Colonial Times† is a good opener for introducing the colonial era to young learners. This book is good for showing young learners about how young children lived during colonial times. This book also will help with opening students’ minds up to the thought that during that era children were not much different from today’s times. To aid further in critical thinking, â€Å"Chronicle Of America: Colonial Times, 1600-1700† is another excellent title that can be presented with the lesson to help with further understanding of the colonial era. This title provides a deeper look into the colonial era. It helps students see the more realistic side of how the early settlers lived. Students get to see the brighter side of the colonial era in, â€Å"If You Lived in Colonial Times† and the â€Å"Chronicle Of America: Colonial Time, 1600-1700† introduces the hardships the early settlers faced when they came to the new world. These two titles offer different perspective in the lives of early settlers in colonial times. To take a glance deeper in the colonial era, â€Å"Turning Points in US History: Jamestown, Virginia provides a look into the first successful colony to survive and become permanent in the New World. There were thirteen original colonies and to gain a better understanding the lesson is broken down farther so students can examine each of the colonies. This title gives a broader look at the first successful colony in the New World, Jamestown. This book specifically discusses the hardships the settlers faced. The author focuses on how the settlers survived in the colony and warded off attacks from the Indians who were already living on the land. In this book the author discusses how the Indians attacked the new settlers. The Indians were already settled on the land that settlers formed in the thirteen colonies. This topic will cause for even greater critical thinking as to why and how settlers could inhabit a land that is already settled by Indians. To ease the mind from all the facts associated with the colonial era. Surviving Jamestown: The Adventures of Young Sam Collier† will be introduced as extra reading and relief from all the fact filled information about the colonial era. This book provides a look into a young boy life as he voyaged from England to the New World. The interesting thing about this title is that the story is told from the perspective of a 12 year old boy. This fiction book is set in the colonia l era with facts included so that student can distinguish between the facts of the book. The last title, â€Å"History Pockets: Colonial America† is a good book to provide students with a hands on approach in the colonial era. Along with critical thinking students get to live the life a colonial boy or girl with help of the History Pocket book. This title although fun filled with activities for students to do about the colonial era, provides an assessment for teachers to check for understanding at the end the lessons. There are several titles discussing colonial America. Each author has a different perspective as to what things happened during those times. For the most part, some of the information was similar but varying views showed with discussion on how many settlers came over to settle, and how and why the Indians were disgruntled about the England settlers. References Fradin, D. B. (2006). Turning Points in US History: Jamestown, Virginia. New York, NY: Benchmark Books. Karwoski, G. (2001). Surviving Jamestown: The Adventures of Young Sam Collier. Atlanta, GA: Peachtree Publishers. Masoff, J. (2000). Chronicle of America: Colonial Times, 1600-1700. New York, NY: Scholastic. McGovern, A. (1992). If You Lived In Colonial Times (2nd ed. ). New York, NY: Scholastic. Nobleman, M. T. (2003). History Pockets: Colonial America, Grades 4-6+. Monterey, CA: Evan-Moor Corp.

What led to the eventual woes experienced by Hong Essays

What led to the eventual woes experienced by Hong Essays What led to the eventual woes experienced by Hong Kong Disneyland in its first year of operation? How should Hong Kong Disneyland rectify its market situation? Cultural Adaptation: The Chinese people were unfamiliar with the products of Disneyland, so they did not easily connect with the characters in the park; The Chinese enjoy focusing on what they can buy, eat, bring home, taking pictures and bringing them back home rather than the experience of being in the place itself. Chinese Tourist Behavior: they will choose the cheaper one, which is Ocean Park since they think going to Hong Kong means a shopping experience; Also, Chinese tourists put a premium on education, where Ocean Park provides the educational slant. Relationship with Travel Agents: Hong Kong Disneyland failed and did not heed too much attention to building a relationship with the travel agents while Chinese tourists depend a lot on travel agents. To determining differences in Chinese culture and adopting it; more understanding for Chinese tourist behavior; handling the pressures of local demand in terms of the need of Chinese shoppers and tourists; and try to pay more attention to building a relationship with the travel agents are the way that Hong Kong Disneyland should rectify.

Strategic Management plant Essay Example | Topics and Well Written Essays - 3000 words

Strategic Management plant - Essay Example The opportunities that are available to the firm are that of growth and government support. Threats that the company is facing include pirate attacks, weak economy, and environmental pressure groups. In this report we have suggested three long term objectives for the company. First long term objective is to lower operating expenses to 1500 million Euros by year 5. The second long term objective is to increase revenue by 20 percent by the end of year 5. The third long term objective is to reduce environmental pollution by decreasing the use of environmentally dangerous fuel by 20 percent by year 5. By using the tools like Grand Strategy Selection Matrix and the Model of Grand Strategy Clusters we have reached a conclusion that concentric diversification strategy should be adopted by Hapag-Lloyd because of the large size of the firm and its relative position in the market. The key success factor for the company is to lower its operational cost. The whole industry is facing this problem and it is important for the company to solve this issue in order to maintain its competitive position. Another key success factor is to enter in similar businesses like air cargo services in order to achieve concentric diversification. ... Both the companies operated during the World Wars too and this shows the rich history of the company. It can therefore be safely concluded that the foundations of the shipping giant Hapag-Lloyd is quite strong. The size and stature of the company can be deduced by the fact that it is currently the fifth largest shipping firm in the world (Taylor, 2010). Hapag-Lloyd has offices in around 114 countries which show the extent of their business. The services offered by the company are aimed at providing ultimate customer satisfaction. The internal company structure is vertical with a board controlling all decision making. All international offices follow a standardized plan designed in the Hamburg headquarters. Although some levy is also given to the foreign offices so that they can adapt to the local environment. Hapag-Lloyd mainly targets high end customers who are willing to pay high prices for quality services. Currently the company is facing problems from the Somalia pirates who are looting and hijacking ships in Arabian and Indian oceans. Hapag-Lloyd is also facing pressure from environmental groups to reduce sea pollution. The industry in general is constantly searching to find environmental friendly ways to reduce pollution and preserve natural habitat. Increasing fuel prices is also affecting the shipping industry. Vision Statement The company does not have a vision statement currently. I would suggest the following vision statement, â€Å"Satisfaction of global clients by providing, safe, superior and quick services in an environmental friendly manner†. This vision statement broadly speaks to the external world about the business of the company. The mention of the word ‘global’

Images of Japan Within and Without Term Paper Example | Topics and Well Written Essays - 1750 words

Images of Japan Within and Without - Term Paper Example It is characterized by rudimentary agriculture and pit dwellings (Walt, 1980). Decorated clay vessels are examples of the oldest surviving world pottery. Japan was also characterized by Neolithic and Mesolithic culture of semi-sedentary hunter-gatherer. Japanese culture has evolved from its origin. This study is aimed at examining the images of Japan within and without. These include Japan and Japanese images in the western world. The primary objective is to determine the kinds of images, and how Japan has been seen by the outside world - western images and western myths. The other area of interest is the nationalism of Japan together with key aspects of change in the country; home and family in Japan’s continuity and transformation. Japan as Seen by the Outside World- Western Images and Myths Japan is seen by the western world as a country of cherry trees and volcanoes. Japan’s icons are cherry blossoms and volcano Fudzijama. This makes Japan to be viewed as a loyal, h onorable and brave country. Samurai traditions demand that profits to Japanese only be second to prestige and honor. The virtues of old warriors were courage, loyalty and endurance, which smoothly translated into managerial skills (Black, 1999). Japan is also an isolated country with great contradictions. It has booming cities in the south, which are beautiful and peaceful (Escola & Rikkinen, 1976). This is an indication that Japanese people are hard working and group oriented. According to Totman (2005), the tradition of Japan has been working together by discussion and agreement. Japanese people are hardworking and highly skilled. Japan is also clean and neat. The garden has little stream, waterfall and small bridges. There are also manicured paths shrubs, rocks and flowers. It therefore, has the image of being very neat and cleans (Clavell, 1998). Japan is also seen as unique and different for many years remaining an unresolved riddle and enigma. Though it is in Asia, it is so we sternized, unlike any other country of Asia. It is uniquely adaptable countries where modernity and traditions are consisting of one continuum (Whitney, 1967). In the entire world, Japanese are known to be polite and courteous people (Clement, 1906). Littlewoods (1996) says that Japan’s idea on western images and myths is that different western countries have different views towards Japan. On the other hand, European images also differ from American images. The west has always been seen as an industrialized, urbanized, capitalist, modernized and highly developed. Its concept is therefore a product of 16th century historical processes as people tend to divide the world into west and non west, Japan’s position becomes confusing. The images are based on old pictures and descriptions. The historical perspective of Japanese images is mainly based on historical notes and books written by authors from the west. Historians have for a long time debated on the seclusion of Japan . Few European works in description of Japan, appeared during the period of seclusion, and were exclusively attached to the Dutch factory. Although there were several information limitations, Kaempfer formed the most popular western image in Japan (Clavell, 1998). The two compilations that were widely read were published in New York and London, two years before the expedition of Perry. Perry’s arrival in Uraga was especially felt because of his decorative fine arts. It was also conspicuous in architecture ceramics, religious studies dance, fashion, interior design, literature and landscape gardening among others. The interest of Americans and European first rose from observable images, without an intermediary aid. The popular Japanese imaginations were stirred by fans, curios, kites, parasols, combs,

Marketing Plan for Masters Home Improvement Stores in Australia Assignment

Marketing Plan for Masters Home Improvement Stores in Australia - Assignment Example According to the research findings, it can, therefore, be said that the microenvironmental factors comprise of all the elements that are closely linked with the company and has a positive or negative effect on the business operations of the company and hence ultimately has an impact on building relationships with customers and creating value. The various microenvironmental factors comprise of suppliers, marketing intermediaries, public, competitors, and customers. Amongst the above-stated factors two of which would create the major impact on the operations of Master’s Home Improvement are suppliers and competitors. The other factors can be easily managed by the company only when these two selected elements are effectively managed by the company. Suppliers play a very important part in retail business and in such home improvement business the availability of pre-packaged goods as it is offered by Master’s solely depends on the quality level maintained by the suppliers an d even on-time delivery from the suppliers so that the demand of the consumers are met without losing on any customer in such highly competitive market. Master’s also needs to develop very strong relationships with their suppliers and offer them good incentives so that they do not shift to their competitors as that would have a drastic impact on their business operations. In a market where competition is high bargaining power of suppliers is high due to the availability of more number of operations. The Master’s brand is owned by Woolworth limited and has faced a second mover advantage as well as a disadvantage in the retail business. The major competitors of the brand are Bunnings, Mitre 10, and Home Timber and Hardware. The competitors greatly have an impact on an organization such as if the competitors have set attractive prices with innovative product line then it can affect other players who have set higher prices as per the market demand. In the industry that Mas ter’s operates there are well-established players such as Bunnings which causes the company to constantly update its services so as to sustain in the market.

The Flaws Of Fracking Environmental Sciences Essay

The Flaws Of Fracking Environmental Sciences Essay Most people who drive cars or heat their houses would concur that finding a cheaper, more accessible substitute for oil would be a positive advancement. With benefits such as energy independence from foreign oil companies and economic stimulus, natural gas drilling seems the obvious solution. However, substituting oil drilling with natural gas drilling is not as positive of an alternative as it may seem. Commonly known as fracking, the process of drilling for natural gas is fairly uncomplicated, yet it poses some serious risks. The process starts with geologists who identify types of rock that are most likely to contain natural gases within them. These gases began forming millions of years ago when layers of plant and animal matter decayed, and then became trapped by sand and silt that later turned to rock. Beneath the rock, heat and pressure acted together to turn this organic matter to coal, oil, and natural gas (Natural Gas Basics). However, unlike coal and oil which remain structurally trapped under the rock, most of the tiny bubbles of natural gas mainly composed of methane with butane and propane byproducts are absorbed into the micro-porous matrix of coal. This type of gas is called coalbed methane (Environmental Protection Agency). In order to access this energy-convertible methane, drilling companies have turned to a process called hydraulic fracturing. Its name basically explains the process; hydraulic means operated by the  pressure created by forcing water, oil, or another liquid through a comparatively narrow pipe or orifice, and fracturing is defined as to break or crack (Dictionary.com). Basically, a small crack in underground rock or coal is turned into a large crack using a water-based fluid pumped into the ground at a high pressure, so that the gas contained within the rock can more easily escape. The first step in the process is to drill a production well deep into the earth until it meets the coal seam that contains the gas. The next step is to make a connection between this well and the coal seam so that once the gas is released it has a structured means of transportation to the surface. This connection is made by creating or enlarging a fracture in the seam by pumping a thick fluid into the ground at a steadily increasing speed and pressure. Eventually, the rock will not be able to capacitate the fluid at the rate at which it is enteri ng the seam, and a fracture will ensue because of the high pressure. The size of the fracture depends on the features of the surrounding rock, the type of fracturing fluid, the pressure at which it enters the ground, and the depth of the coal seam. However, all contributing factors aside, a hydraulically created fracture will always take the path of least resistance through the coal seam and surrounding formations (Environmental Protection Agency). So in order to keep the fracture from being consumed again by the surrounding rock once the pumping of fluid is discontinued, a proppant usually sand is also pumped into the ground to prop the fracture open. Once the flow of injected substances has stopped, the open fracture filled with proppant becomes a discontinuity in the continuous pressure of the surrounding rock. When the gas contained within the rock is no longer being held under strict pressure it can escape, and the fracture functions as an avenue for deabsorbed gas to flow ba ck up the production well (Environmental Protection Agency). The risk mentioned in the opening paragraph does not manifest itself in the fracturing process itself, nor in the mere presence of fractures. The danger of this practice is based upon the consistency of the fracturing fluids. However, the recipes for these fracking cocktails are hard to come by, and thus measuring their true negative impact is difficult. Drilling companies strive to keep the chemical make-up of their fluids a secret so as not to lose their competitive edge. In a comment to ProPublica writer Abrahm Lustgarten, Diana Gabriel, a spokesperson for natural gas drilling pioneer Halliburton Energy Services Inc., stated, Halliburtons proprietary fluids are the result of years of extensive researchà ¢Ã¢â€š ¬Ã‚ ¦ We have gone to great lengths to ensure that we are able to protect the fruits of the companys researchà ¢Ã¢â€š ¬Ã‚ ¦. We could lose our competitive advantage (Abrahm Lustgarten). In an effort to keep their businesses viable and lucrative, companies have made an effo rt to publicly assure people that drilling fluids are mostly made up of non-toxic, even edible substances, and that when chemicals are used, they are just a tiny fraction of the overall mix a mix that can reach up to over a million gallons of liquid (Lustgarten). However, that small fraction as tiny as less than one percent of the total can actually end up as over 10,000 gallons of unknown chemicals being dumped into the ground. While many of these chemicals used remain unidentified, The Bureau of Land Management believes they can identify about 300 different compounds being used in fracking fluids, and of these suspect 300, 65 are considered hazardous by the federal government. The Environmental Protection Agency [EPA] has established several of these known chemicals as lubricants and biocides that with repeated exposure can be linked to kidney, liver, heart, blood, and brain damage. Most of the remaining 235 out of the 300 have not been studied so their negative affects cannot be predicted. Also, even if these chemicals really are only used in trace amounts as the drilling companies assert, scientists believe that even low doses of contact with them through contaminated drinking water can have damaging affects (Lustgarten). One instance of water contamination happened in July 2008 when a hydrologist took a water sample from a 300-foot water well in Sublette County, Wyoming near where drilling had been taking place. The sample contained brown, foul-smelling, oily water, and when tested it showed benzene a chemical found in gasoline and cigarettes, known to cause aplastic anemia and leukemia at 1,500 times the safe level for human ingestion. Another unsettling encounter with contaminated drinking water showed fluoride which although commonly used for medicinal purposes, can cause bone damage or even be fatal in high doses in drinking wells near drilling sites at nearly three time the maximum limit set by the EPA. Fluoride is listed on Halliburtons hydraulic fracturing patent applications, which those opposed to drilling would say leaves little room for doubt as to how the above mentioned fluoride ended up in drinking water. Spokespeople for drilling companies argue that the advent of high levels of th ese and other chemicals happened naturally or as a result of another catalyst. Thus far it has been a challenge to prove otherwise because of the secrecy surrounding the contents of the fracking fluids not even the EPA knows what is in them. Thus, it is hard for them to measure the relative safety of the use of these solutions in the ground. As a result, movements are being made by those who are concerned about the contamination of their drinking water towards requiring drilling companies to disclose the chemicals in their frac juice (Lustgarten). Natural gas drilling companies are not required to disclose the makeup of their fluids because of an exemption laid out in the 2005 Energy Policy Act. Signed into law by President George W. Bush on August 8, 2005, the act exempts oil and gas producers from certain requirements of the Safe Drinking Water Act, which means that the EPA does not need to monitor water affected by drilling for possible health-risk-carrying contaminants (Energy Policy of 2005). This loophole is commonly known as the Halliburton loophole, because of the alleged involvement in its passage by former Halliburton CEO and then Vice President of the United States, Dick Cheney (Energy Policy of 2005). Validating this assertion, Benjamin Grumbles, a  former Bush-Cheney EPA  Assistant Administrator for Water, admitted his knowledge of foul play during an interview with ProPublica. In order for the exemption to be included in the bill, the EPA needed to be able to prove to lawmakers that the hydraulic fracturing p rocess was not dangerous, and therefore liable for an exemption, while also not digging themselves into a hole if their findings were later challenged. That is where Grumbles comes in: What came across clearly to the EPA was that the [Bush] administration did not want us to take a formal position of opposition to the exemption. It wasnt so much a pressure. It was just very clear, here is the situation: EPA officials or career staff are not to take a position of opposition or support for the legislationà ¢Ã¢â€š ¬Ã‚ ¦I know the office of the vice president [Dick Cheney] was involved (Bill Wolfe). Representatives Diana DeGette and Maurice Hinchey seek to repeal this unfair and unfounded exemption by introducing the Fracturing Responsibility and Awareness of Chemicals [FRAC] Act. Commenting on the bill, DeGette said, Our bill simply closes an unconscionable Bush-Cheney loophole by requiring the oil and gas industry to follow the same rules as everyone else (Sarah Jones). Adding to her comment, another anti-drilling Representative, Jared Polis, said, It is irresponsible to stand by while innocent people are getting sick because of an industry exemption that Dick Cheney snuck in to our nations energy policy (Jones). While industry executives have strongly opposed this comment, one point that reporter Sarah Jones makes is extremely valid: if the gas industry is not doing anything harmful to the water ergo, if they have nothing to hide then why do they need to be exempt from regulations? In Jones opinion, and in the opinions of many others, these drilling companies have come up with an effective yet dangerous method of making millions of dollars; thus, the American people are saddled with the potentially disastrous consequences of Cheneys tsunami of massive and reckless special interest deregulation, whose sole motivation still appears to be the enrichment of the former vice presidents personal financial interests (Jones). The FRAC Act is being supported in the Sen ate by Frank Lautenberg of New Jersey, Chuck Schumer of New York, and Bob Casey of Pennsylvania. As a result of repealing its exemption, the Act would require public disclosure of fracking chemicals. It would also force drilling companies to adhere to the standards set by the Safe Drinking Water Act by modifying it to include hydraulic fracturing in its definition of underground injection. Lautenberg commented on the act saying, People have a right to know if chemicals are being injected into the ground near their homes and potentially ending up in the water supply. This bill will ensure that the [EPA] has the tools to assess the risks of fracking and require appropriate protections so that drinking water in New Jersey and other states is safe (Matt Fair). The FRAC Act is not the only major piece of legislation in the works that is pursuing regulation of natural gas. Three congressmen in the House of Representatives, led by Rush Holt, echoed Lautenberg and Caseys motions towards cleaning up drilling processes by introducing the BREATHE Bringing Reductions to Energys Airborne Toxic Health Effects Act. The act will undo additional exemptions from the Clean Air Act for oil and gas rigs, requiring them to meet air quality standards. Although this law will not impact hydraulic fracturing specifically, it will help create a sense of accountability for drilling companies who up to today have had to answer to next to no one. The act will also help clean up the pollution that ensues from the process itself. Noting this lack of monitoring by authorities, Holt said, Our loyalties shouldnt be with oil and gas companies our loyalties should be with families affected by fracking (Fair). Moving to bypass small preventative measures, Senator Linda Greenstein and two other legislators introduced a bill last year that would outlaw fracking completely in New Jersey if it passed (Fair). Additionally in New Mexico, a survey conducted in Santa Fe discovered hundreds of cases of water contamination from unlined pits where fracking fluids and other wastes are stored. As a result, the state has passed a one year moratorium on drilling around the city, until further research can be conducted (Lustgarten). Colorado has been fighting against natural gas drilling with the most gusto of any state, completing a complete rewrite of all drilling regulations in 2007 and moving towards requiring full disclosure of the exact make up of all fracturing fluids. An early compromise between the state and drilling companies was reached in August of 2008 when gas companies agreed to disclose the makeup of fracturing liquids only to health officials and regulators. This compromise was stimulated by news of an accident involving fracking fluid that nearl y killed Colorado nurse, Cathy Behr. While treating a hunter who had run in to a fracking fluid spill, she came in contact with the fluid. The hunter was eventually discharged, but shortly afterwards Behr was admitted into the hospital herself with multiple organ failure and in critical condition. In order to treat her in hopes of saving her life, hospital doctors asked to be informed of the chemicals she had been exposed to, but the gas company declined. The Behr incident inspired public outcry against the drilling industry, which moved companies to make concessions with the state. However, their partial disclosure deal was not as much progress as it was made out to be; a clause was included in the deal that would ensure that the disclosure agreement would only apply to chemicals stored in containers that could hold 50 gallons or more. So to avoid full disclosure it has been found that drilling companies often store their fracking fluids in smaller containers. This agreement was un fortunately the best deal that could be reached, because the three main fracking companies in Colorado threatened to leave the state if disclosure was forced upon them. Their absence would deprive the state of $29 billion in future gas-related tax revenue over the next ten years, so the state settled for a mediocre deal (Lustgarten). These anti-drilling legislative actions have been brought about by the rising awareness of the risks that the effects of drilling pose. Legislators, namely in Pennsylvania, seek to update their regulations so as not to allow their communities to fall victim to the negative effects of fracking (Risky Gas Drilling: Threatens Health, Water Supplies). Such negative effects fall into three main categories that are often interrelated: environmental, human, and animal risks. The most notable environmental risk of natural gas drilling is the pollution of ground water that it has been shown to cause. Fracking fluids leak into the surrounding water tables which then provides for the possibility of the chemicals leeching into drinking wells that are for human and animal use. Fracking is a suspect in polluted drinking water in Arkansas, Colorado, Pennsylvania, Texas, Virginia, West Virginia and Wyoming, where residents have reported changes in water quality or quantity following fracturing operations (Risky Gas Drilling: Threatens Health, Water Supplies). Although in their 2004 study on hydraulic fracturing the EPA asserted that it posed no threat to drinking water, there have been more than 1,000 documented cases of water contamination near drilling sites in Colorado, New Mexico, Ohio and Pennsylvania alone. More recently, the EPA has discovered that up to one third of injected fracturing fluids may stay in the ground subsequent to drilling. They have also a sserted that these fluids, specifically benzene, are likely to be transported by groundwater (Lustgarten). In September of 2008, tests performed on wells in Sublette County, Wyoming showed contamination in 88 of the 220 wells examined in an area spanning over 28 miles. Upon returning to these same sites at a later date, scientists were unable to even open the water wells because their monitors showed they contained so much flammable gas that they were likely to explode (Lustgarten). Although the State is aware of these risks, New York legislators are looking towards allowing drilling in the Marcellus Shale region of their state, which holds an underground abundance of natural gas. This region runs underneath a portion of the New York City watershed that provides pure, unfiltered drinking water (Risky Gas Drilling: Threatens Health, Water Supplies). Drilling in this area would leave over 9 million New Yorkers at risk of being exposed to and/or ingesting contaminated water (Risky Gas Drilling: Threatens Health, Water Supplies). Another problem regarding contaminated water arises not from underground drilling, but from chemical spills on the surface that allow fluids to seep into the water table from above. Accidental spills and leaky tanks, trucks and waste pits [have] allowed benzene and other chemicals to leach into streams, springs and water wells (Lustgarten). State records in Colorado have shown that between 2003 and 2008 over 1,500 fracking chemical spills have occurred, with 206 of those spills occurring in 2008. 48 of the 206 have been reported as linked to water contamination (Lustgarten). Beyond just water contamination, natural gas drilling threatens to pollute clean air and destroy natural landscapes. Inevitably, this damage to the environment caused by drilling will rapidly begin to disturb the inhabitants of that environment. As people must have a place to live, they are very much affected by the contamination of their surroundings. Because of the large-scale nature of drilling operations and the isolated landscapes where natural gas reservoirs often are found, rural communities end up being transformed into industrial zones. Even when done in compliance with existing regulations, natural gas production brings with it toxic waste, diesel fumes, traffic and wall-rattling noise all of which would be incredibly disruptive to people who are accustomed to pure, tranquil landscapes (Risky Gas Drilling: Threatens Health, Water Supplies). Besides just noise pollution and traffic which, while they can be annoying, are not life threatening the safety of those who live in close proximity to drilling sites can be in jeopardy. Because we are talking about natural gas, there is always the possibility of a fire or gas explosion. While safety procedures are in place to prevent this from happening, it can, and does hap pen (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). Just the mere possibility that an explosion could occur is troubling, as a REBUBLIKID writer noted that fluid storage tanks and other drilling materials have been kept in residential areas, and even near a school (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). There have been several documented cases of explosions. In one case, investigators deduced that the explosion of a house was caused by methane gas that entered the residential water supply. Fracturing provided a means for the gas to reach this water supply, as it forged underground passageways through which the gas could travel. In a similar case that occurred in December 2007, a house in Bainbridge, Ohio exploded in a fiery ball (Lustgarten). A study of the situation proved that hydraulic fracturing produced pressure that forced methane gas upward from its usual location of thousands of feet below the surface. The gas traveled through a series of cracks until it reached the groundwater aquifer, and eventually the tap water of the Bainbridge neighborhood. Investigators discovered that the neighborhoods tap water contained so much methane that the house ignited (Lustgarten). The most famous case of an explosion occurred at the home of Larry and Laura Amos in western Colorado. Just beyond the Amoses property line, the usual drilling for the day had commenced, when suddenly, less than 1,000 feet from their house, their drinking water well exploded like a Yellowstone geyser, firing its lid into the air and spewing mud and gray fizzing water high into the sky. State inspectors tested the Amos well for methane and found lots of it (Lustgarten). Following the incident, the family was assured that they were in no real danger, as long as they vented their house by keeping doors and windows open to ensure an explosion did not ensue as a result of more gas trapped inside th eir house. However, they were never warned that the water could possibly be seriously contaminated, even after it returned to its original color. Thus, the family continued to bathe in and drink the water, until three years later when Laura Amos was diagnosed with a rare adrenal tumor (Lustgarten). Concerned for her then three year old daughter, who had been bathed in the possibly polluted water daily as an infant, she began to challenge the state about the mysterious chemicals that might have been in her well. Laura contacted scientist Theo Colborn, whose studies on the affects of low-dose exposure to chemicals are considered the most comprehensive available (Lustgarten). In Colborns Congressional testimony to the House Committee on Oversight and Government Reform, she expressed grave concern at her discovering that fracturing fluids contained the chemical 2-butoxy ethanol [BE-2]. She produced a long list of bizarre health effects that were possible at relatively low levels of expo sure, and explained that BE-2 is odorless, colorless, tasteless, and evaporates at room temperature. If this chemical were to surface as a gas or get into a drinking water supply, it could cause health problems in domestic and wild animals and humans that could baffle veterinarians or physicians (The Applicability of Federal Requirements to Protect Public Health). In what could be considered undisputable proof of the contribution of fracking fluids to Laura Amos condition, Colborn also noted that adrenal tumors, which are extremely rare, are known to be caused by exposure to this chemical (The Applicability of Federal Requirements to Protect Public Health). This is just one case, regarding one health issue, caused by one chemical; however, fracturing fluids contain hundreds of known and unknown chemicals that have been linked to dozens of other critical health problems. Colborn believes even very low doses of some of the compounds can damage kidney and immune systems and affect repr oductive development, which is very disturbing from a health standpoint, as millions of people already have been, or will be exposed to these chemicals in the future (Lustgarten). A third and final risk posed by natural gas drilling is the negative impact that the influx of drilling machinery and the contact with fracturing fluids has on animals. Drilling companies may need to clear forests and pave roads in order to have access to their drilling sites, which is disruptive to the natural habitat of wild animals. Animals may also flee when they encounter drilling machinery, as they perceive it as a new predatory. The combination of these two factors may lead to forced migration of animals to another area, which then starts off a chain reaction of wildlife related problems (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). More than 25 million acres of wildlife habitat in the West have been leased by the Bureau of Land Management, and could potentially be opened to drilling, which would be devastating to the natural ecosystems there (Risky Gas Drilling: Threatens Health, Water Supplies). Contact with fracturing fluids t hrough contaminated water has proved to be extremely detrimental to animals, both wild and domestic. In one area of Wyoming, as drilling activity increased, mule deer numbers declined by 30 percent from 2000 to 2007 (Risky Gas Drilling: Threatens Health, Water Supplies). In Garfield County, Colorado, domestic animals that had produced offspring like clockwork each spring were no longer giving birth to healthy young (Lustgarten). In addition, a bull went sterile, and a herd of beef cows stopped going into heat, as did pigs. In the most striking case, sheep bred on an organic dairy farm had a rash of inexplicable still births (Lustgarten). All these peculiarities occurred near drilling waste pits, where wastewater that includes fracturing fluids is misted into the air for evaporation (Lustgarten). Many organizations are fighting against this devastation, as well as the other two types addressed above. The Natural Resource Defense Council especially is fighting to protect communities a cross the country from the pollution caused by natural gas production. By tightening loopholes in our bedrock environmental laws, banning drilling on sensitive lands and requiring the most stringent regulatory requirements wherever production does take place, we can help protect critical water supplies and other precious resources and keep our communities safe and healthy (Risky Gas Drilling: Threatens Health, Water Supplies). After addressing all these negative factors and reasons not to drill, a reader could be left wondering why companies do it at all. Below are some of the pros to the fracturing process that drilling companies stand behind. First is accessibility. The technological advances in the drilling process make extracting gas from previously inaccessible sites possible (Risky Gas Drilling: Threatens Health, Water Supplies). This new ability to tap into a previously nonexistent resource has been exciting for many, and as inspired a gold rush affect for those in the gas and oil business. The fracturing method allows gas to be collected from thousands of feet beneath the earth, a feat that, as of yet, can only be accomplished by hydraulic fracturing (Risky Gas Drilling: Threatens Health, Water Supplies). Secondly, natural gas drilling provides energy independence from foreign oil companies. More domestic drilling means less dependence on oil from terror sponsoring countries Like Saudi Arabia, and Iran, and socialist dictatorships such as Hugo Chavezs Venezuela (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). Many would also agree that weaning the United States from dependence on oil would be good for everyones pocketbooks. According to T. Boone Pickens in a comment to ProPublica, natural gas is cleaner, cheaperà ¢Ã¢â€š ¬Ã‚ ¦abundant, and ours. Gas is also more environmentally friendly than oil, as it emits 23 percent less carbon when burned (Lustgarten). Finally, the collection of natural gas provides economic stimulation. Drilling companies are always hiring, and they provide jobs that have an annual income of $40,000 a year. As many drilling sites are located in rural and often poor areas, that kind of salary is welcomed by struggling families. If plans for full-scale drilling in Pennsylvania and New York are carried out, thousands of such jobs could be created. Local employees and workers from out of town will end up spending much of their salary near the drilling site, stimulating the local economy and allowing local businesses to keep their doors open (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). Land leases and taxes on drilling sites will generate income for the state, and landowners will receive royalties as high as 10 percent for relinquishing their lands to be leased for drilling (REPUBLIKID: The Pros And Cons Of Natural Gas Drilling In Pennsylvania and Central New York). When all of these factors are examined and weighed against each other, it is my personal opinion that the risks of drilling far override the benefits the health and safety of human beings should always have priority over money. However, the benefits certainly have merit, and provide a solution to several problems facing the American people today. If a safer drilling process could be developed without using harmful chemicals and with increased safety precautions to prevent explosions, natural gas drilling could possibly be the catalyst towards a better, more stable US economy.