Introduction Of The Sarbanes Oxley Act Accounting Essay Essay Example

Introduction Of The Sarbanes Oxley Act Accounting Essay Essay Today, the development of concern confronts multiple challenges and jobs because some public companies, including non-profit organisations, tend to fraud and manipulate with information every bit good as fiscal resources to better their public presentation and to keep their positive public image. At the same clip, the ignorance of basic regulations and norms of concern moralss leads to downfall of big organisations. In this regard, it is deserving adverting the instance of Enron which really stimulated legislators to modulate public companies accounting to increase their transparence and dependability. In such a state of affairs, legislators seemingly attempted to protect investors and stakeholders from possible losingss caused by deceitful actions of some individuals playing taking parts in public presentation of public companies. In footings of new regulatory policies the Sarbanes-Oxley Act was implemented in 2002 to protect investors and better public companies answerability. We will write a custom essay sample on Introduction Of The Sarbanes Oxley Act Accounting Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Introduction Of The Sarbanes Oxley Act Accounting Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Introduction Of The Sarbanes Oxley Act Accounting Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer On analysing the debut of the Sarbanes-Oxley Act of 2002, it is necessary to take into consideration the context in which the act was implemented and grounds why it was implemented. In this respect, the Enron dirt played the cardinal function in the execution of the act. The Enron dirt has revealed legion jobs that exists in the modern American concern every bit good as political relations. At the same clip, the nucleus of all the jobs of Enron ballads in the outlook of top executives and such big corporations every bit Enron every bit good as smaller 1s. In actuality, the discord for net income and maximization of net incomes become the dominant factors which define the policy of companies and their schemes. In such a context, it is possible to gauge that such a chase of maximal net income is based on the rule that ends justify agencies. On the other manus, the negative experience of Enron absolutely proves the extent to which this rule is erroneous and to what black effects the dis cord for maximal net incomes can take. In such a state of affairs, it is obvious that the dominating A ; acirc ; ˆ?bottom line A ; acirc ; ˆA? outlook of corporations should be wholly changed and corporations should be witting of high hazards of their discord for maximal net incomes. On analysing the current state of affairs and modern concern environment, it is necessary to underscore that fast and immense net income goes in front of ethical issues and moral concerns in the modern concern. As a consequence, basic moral and ethical norms are easy violated when a corporation receives a opportunity to increase its net incomes systematically. In fact, today, moralss and morality are inferior, while net income is superior and it is really hard to alter such a outlook. However, it is necessary to get down moving right now to alter the state of affairs for better. In this regard, it is possible to urge debut of ethical codifications which could specify basic ethical norms and rules modulating the relationship within corporations between executives and employees every bit good as the policy of corporations and its external dealingss with its client and concern spouses. However, the creative activity of ethical codifications is instead a benevolent action which does non take to existent legal duty of corporations for its unfair or unethical policies. At the same clip, it is obvious that Enron has violated non merely ethical but besides legal norms. Therefore, the Enron dirt could be prevented if governmental bureaus performed their maps efficaciously. The province control over the policy of the company and the correspondence of its actions to the bing legal norms could minimise the hazard of the failure of Enron. Furthermore, the force per unit area from the portion of the province in the signifier of a rigorous control could increase the duty of top executives of Enron and, therefore, it could forestall the ruin of the corporation and the dirt which accompanied the ruin. In such a manner, it is possible to reason that the current profit-oriented outlook can be changed on the status that actions are undertaken in two dimensions. On the one manus, corporations should alter their policies and organisational civilization and go ethically more responsible that may necessitate the debut of ethical codifications in corporations. On the other manus, the function of the province is really important since the province is the major regulator which should command the legality of policies of corporations. In such a manner, the Enron dirt revealed the ineffectualness of bing ordinances and the Sarbanes-Oxley Act of 2002 was supposed to better the state of affairs. The Sarbanes-Oxley Act enhances fiscal coverage of public organisations, including non-profit organisations. The legislators attempted to do fiscal describing more crystalline and prevent any hazard of fraud or uses. For this intent, the Sarbanes-Oxley Act introduced the Public Company Accounting Oversight Board which should supervise and command fiscal coverage of a public company. In add-on, the act stressed the independency of hearers that maximized the effectivity and objectiveness of scrutinizing minimising the hazard of mistakes and misunderstanding of fiscal facts. The act increased the corporation duty for the truth and completeness of corporate fiscal studies. The act enhanced fiscal revelations and defined the behavior of securities analysts to increase the assurance of investors in transparence and dependability of public organisations. In such a state of affairs, a non-profit organisation should besides better its accounting system to run into the Sarbanes-Oxley Act A ; acirc ; ˆâ„ ¢s demands. In this regard, it should be said that the non-profit organisation should present alterations to run into the demands of the act. To set it more exactly, the non-profit organisation has to make the public company oversight board which should include independent professionals who can supervise and command fiscal coverage of the non-profit organisation to turn out the populace that the non-profit organisations maps in conformity to bing legal norms. In add-on, the board will be a auxiliary component of control to forestall the hazard of frauds in fiscal coverage of the organisations. Furthermore, the non-profit organisation may necessitate to alter its hearers and extent their entree to the organisation A ; acirc ; ˆâ„ ¢s fiscal coverage and accounting. In such a manner, it will be possible to maximise the indep endency of hearers and to show the transparence of the organisation. Furthermore, the non-profit organisation should concentrate on the development of an effectual accounting system and fiscal coverage to do it more crystalline and governable. Therefore, the Sarbanes-Oxley Act of 2002 purposes at the bar of frauds and sweetening of fiscal coverage of public companies, including non-profit organisations. The latter may necessitate to present alterations mentioned above to run into demands of the act.

The aim of this assignment is to find out how information processing helps the learning of motor control in dance Essays

The aim of this assignment is to find out how information processing helps the learning of motor control in dance Essays The aim of this assignment is to find out how information processing helps the learning of motor control in dance Paper The aim of this assignment is to find out how information processing helps the learning of motor control in dance Paper Motor control: Understanding the execution of those processes that lead to skilled human movement as well as factors leading to the breakdown of such skills. Motor Learning: Understanding how processes that sub serve movement are developed and factors that facilitate or inhibit this development. Modification in motor behaviour or improvement in proficiency of a motor skill due to experience or practice conditions. (http://plato.acadiau.ca/courses/kine/bmcleod/kine2013/ppoint/a/). This project has the following objectives:- * Find out about the different information processing models and apply them to dance. * Find out how these models can be used to improve the learning of motor control. * Find out about psychological and physiological factors that affect the way you react to a stimulus in dance. * How schemas help in the learning of motor control in dance. The project will be researched in different ways, the Internet, books from Scunthorpe library and the College library and course notes will be used (psychology and physical education). Letters will be written to governing bodies and journals from university libraries will be used. I chose to do my project on this because I am studying AS psychology and physical education and I am very interested in the psychological processes applied to sport, and in particular to the learning of motor skills to improve upon performance. I am particularly interested in information processing and schemas, I have been studying them and would like to find more about then. I am a dancer, I have been dancing since I was 4 years old, I am hoping to use this research to improve upon my dancing. Atkinson and Shiffrins model of information processing shows that the incoming information or the stimulus goes directly in to the sensory memory, it is then passed to the short term memory, unimportant information is forgotten and important information is passed on to the short term memory. For example a new dance move such as a jazz line is put in to the sensory memory, it is then passed on to the short-term memory. This results in a response; if the information is rehearsed or repeated in the short-term memory it is passed on to the long-term memory. If the information in the short-term memory is not rehearsed is forgotten. The jazz line is repeated many times in the short-term memory it will then be stored in the long-term memory, where it will be remembered how it is performed for next time. (Sport and PE) Whitings model of information processing shows that when information is put in it is passed through to the perceptual mechanisms, then passed to the translatory mechanisms where the information is processed before being passed to the effector mechanisms where the output is given. Feedback data is then given to improve upon the input. E.g. doing a high kick, the receptor system senses this input and it is passed to the perceptual mechanism where the individuals own perception is put upon it. It is passed to the translatory mechanism where the information is processed about the movement, it is then passed on to the effector mechanism which is where, what is going to be done is established and the muscular system is the output. Feedback is given. (Advanced PE for Edexcel) Welfords model of information processing shows that information is input by the senses and passed on to the short-term memory store. From the short-term memory it passes to the perception stage, from there it either goes to the short-term memory before a decision is made or it goes directly to the decision process. Here it either consults the long-term memory before going back to the decision process, then the motor output or it goes directly to motor output. The motor output is stored in the long-term memory as well as being the new sensory input. E.g. learning how to do a pirouette in dance. The dancer will attempt this for the first time, this infomation will be passed to the short-term sensory store, this is followed by the dancers personal perception. The information will be passed to the short -term before being passed to the decision process. Before the motor output is performed it will consult the long-term memory to see if there has been any similar situations in the past, i f there has not, it goes to the motor output. The motor output will cause the body to receive intrinsic feedback. This will be stored in the long-term memory. Next time a pirouette is attempted it will go through the same stages except when it gets to the long-term memory, the information from the feedback will be stored improve it. If the pirouette is repeated it will improve each time. In conclusion, after looking at different information processing models, they look very different but basically say the same thing. How well the performer will react to the stimuli is affected by the stage of learning the performer is at, this is because information is processed differently at each stage: There are three stages to learning a new skill; Cognitive phase -Identification and development of the component parts of the skill. Associative phase Linking the component parts into a smooth action. Autonomous phase Developing the learned skill so that it becomes automatic (brianmac.demon.co.uk/). In the cognitive stage a learner would be very inexperienced at motor control. This means the learner would go through the stages slowly because the motor programmes have not been practiced enough. When the motor control is being performed for the first time the long-term memory doesnt have any previous experiences to follow. When the motor control has been performed a few times it will be remembered but the process is still slow. E.g. a beginner learning their first dance. The moves will be slow and the performer will not be able to make the moves flow into each other. In the associative stage a learner has some experience in motor control. They are able to do the motor control at average standard, but they are still learning and motor control still has to be thought about. E.g. when an experienced dancer is learning a new dance s/he will be able to perform the dance okay but it has not been practiced enough to become autonomous. In the autonomous stage the performer has great experience of motor control. The performer no longer has to think about what they are doing, it becomes automatic. This motor control will only stay automatic if it is performed regularly. E.g. a very experienced dancer who has performed a dance many times and can perform it excellently every time it is performed. The state of mind affects how well you perform. Research sport psychologists have shown that confident athletes tend to experience better results than their less confident counterparts (Weinberg and Gould 1995) (Psychology review). The state of mind the performer is in when participating in an event may help or hinder the performance. E.g. when performing a dance if you are confident you are more likely to perform it well. If you are not confident about your performance you are likely to do badly in the dance. Using memory to select the correct response to similar stimuli speeds up response time. (longroad.ac.uk/accreditation_project/subject_physical_education/acquisition_skill/information_processing/reaction.htm) E.g. when a duet has been learnt well it is easier to respond to what your partner is doing. Reaction time is quicker to an optimum age, then deteriorates. Males have quicker reactions that females but the deteriorate quicker (longroad.ac.uk/accreditation_project/subject_physical_education/acquisition_skill/information_processing/reaction.htm) Age and gender have a part to play in how fast the reaction time will be. The reaction time is faster at optimum ages 16 18. Males have a faster reaction time than females but this deteriorates quicker than females. E.g. a male dancer aged 18 will be faster than a women of 25. A schema is an organised packet of information stored in the long term memory. It helps us make sense of situations and provides us with guides for information (The Cognitive Approach). Schemas are an essential part of learning. When a new skill is being learned, the new skill is assimilated and the structure of the schema is accommodated when further information is added. E.g. when learning a new dance you learn sections at a time, you assimilate the new information and start to make a schema, you add to it by assimilating the information and accommodating. The schema can be further accommodated when feedback is given to improve the skill. In final conclusion I think that by understanding how the information processing models work help in the learning of motor control in dance. If you know the stages that you need to pass through you know how to improve upon it. I have found out about psychological and physiological factors that affect the way you react to a stimulus. By knowing them I can now work out what state of mind I need to be in to perform to be at my optimum. I have also found out about schemas, this is very helpful in gaining knowledge about how to change the scheme to improve upon performance. Appraisal of study. I found it difficult to find information, for my literary review, which related to dance. Most textbooks were general and I found the Internet had websites on either dance specifically with unrelated information or sites unrelated to dance with relevant information. If I did this project again, I would write to appropriate associations involved in dance and ask specific questions and ask for specific information on dance and motor control. My project had limitations because dancers learn their specific movements and perfect the performance to make it smooth and defined, while other sports practice basic skills but then have to cope and adapt accordingly during a game or performance situation. This changes the amount of control and skill required to produce a performance as dancers perform in closed skill areas and only have to keep their own timing. I found dance as a sport limited because many people dance for recreation and awards rather than competitively. This changes the amount and level of training and there are significant differences in the amount of motor control and the degree to which it is used or developed.

Ethical Project Research Paper Example | Topics and Well Written Essays - 750 words

Ethical Project - Research Paper Example The Rose Revolution is a protest call to the resignation of the former Georgian President Eduard Shevardnadze in November 23, 2003. It took place after the highly contestable parliamentary elections. The Rose Revolution ended the more than 30 year rule of Eduard Shevardnadze â€Å"as its Soviet-era Communist Party boss and its longest-serving post-independence president†. The protest can be illustrated in the following account of BBC News â€Å"student demonstrators decided to give red roses to the soldiers. Many soldiers laid down their guns. "People were kissing the police and military, it was really spectacular," said Giorgi Kandelaki, a 21-year-old student. "And the roses of course which people had with them, which Misha carried with him into the parliament hall, that was the moment when people said that it was a rose revolution.† (BBC News, May 10, 2005). The Civil disobedience on Arizona Immigration Law was precipitated by the â€Å" The  Support Our Law Enforcement and Safe Neighborhoods Act  (introduced as  Arizona Senate Bill 1070  and thus often referred to simply as  Arizona SB  1070). According to the law, all aliens over the age the 14 who are in the United States for more than 30 days should register with the US governments and carry their documents at all times and making it a misdemeanor for an alien not to carry such documents. The law also allows law enforcers to check such papers upon the suspicion that an individual is an illegal alien. The Arizona Immigration Law has been touted as racist. The law sparked a civil disobedience protest culminating in March 21, 2010 where â€Å"about 100 participants formed a chain of linked arms to stop traffic around the Federal Building†.   16 prominent New Yorkers were arrested whose disgust over the law was released in a press statement as thus â€Å"Our act of civil disobedience is performed

Sociological perspective Assignment Example | Topics and Well Written Essays - 250 words

Sociological perspective - Assignment Example Rather, external influences – our experiences – become part of our thinking and motivations. The society in which we grow up, and our particular corners in that society, then, lie at the center of our behavior,† (Henslin 5). Accordingly, the role imagination plays from the sociological perspective is that it must be employed as a tool to comprehend the experiences of others and, consequently, their social understanding of the world. Of course, social imagination is an imperfect tool. I come from a lower middle-class background, but was raised in an upper middle-class neighborhood. As such, it was always difficult for me to fully comprehend the nature of the drug culture and the situation of those living in the underclass of American society. My closest exposure to this social perspective was simply coming into contact with heroine and cocaine addicts and dealers while walking down the street. From this point of view, it was difficult to understand how confined and oppressive their situation was; the exclamation of many work-a-day citizens toward such people – â€Å"get a job!† – almost made sense to me. However, this was until I came into contact with David Simon’s book, The Corner, in which he immersed himself in the drug culture of Baltimore. Simon brings this experience right to the audience and with profound effect. Because of my experience with this book, I believe I have develo ped a vastly more accurate social imagination regarding those caught-up not just in drug addiction but also in the culture surrounding its sale. Naturally, where it not for Simon’s experiences and his communicative ability, this social perspective would still be completely foreign to me; and my imagination would not be nearly as

Do you think UK stock market behaviour in 2009 was consistent with Essay

Do you think UK stock market behaviour in 2009 was consistent with efficient market theory - Essay Example The money available in the hand of the public was lesser than normal. The Government had to introduce a huge amount of money into the system to sustain the stability of the environment. (UK in for prolonged recession, 15th November, 2008). The state of the UK economy can be attributed to some of the policies of the banks in the country. Like the USA, the UK banks were providing loans during the â€Å"house bubble†. When the bubble burst out the banks were in serious debt. The status of the borrowers was not analyzed properly and this caused the downfall in the economy. The age-old values of honesty and hard work have to be imbibed in the system to recover fully from the downturn and the system should introduce a system to minutely analyze the credentials of the borrowers before offering them the money. (UK economic conditions, n.d.) As the investments pouring in the company reduced their activities in the business front. The companies were looking to reduce their costs and hence the economic conditions worsened. The effect of these activities had an impact on the stock market of the UK. The paper deals with the effect on the stock market during recession and its confluence with the efficient market theory. â€Å"The Efficient Market Theory† (EMT) is one of the most important theories that has risen in the context of the stock market. The main propaganda of the EMT is that information about the stock market is available to all. The information about various incidents enters the stock markets and is available to all. As a result, the stocks are influenced by the information and the price changes are related to it. Therefore, the investors cannot take undue advantage of the market and has to follow the similar trajectory of the other investors. Any form of fundamental and technical analysis does not help the situation of the investors. Therefore, no investor

Conservation of the Great Barrier Reef: is the Benefit worth the Cost?

Conservation of the Great Barrier Reef: is the Benefit worth the Cost? Introduction The Great Barrier Reef has been an iconic part of Australia’s global image for decades. It is considered one of the seven natural wonders of the world, it has been a world heritage site since 1981 and it is considered a state icon of Queensland. This stunning and complex natural resource draws in more than two million visitors a year, and yet there is immense controversy surrounding the conservation of the reef. The Great Barrier Reef is a sensitive environment that relies on the costal ecosystems surrounding the reef to function. The costal ecosystems provide the aquatic terrestrial link that â€Å"†¦support[s] the physical, biological and biogeochemical process that underpin the ecosystem health of the Great Barrier Reef†¦Ã¢â‚¬  (Great Barrier Reef Marine Park Authority, 2012). The Great Barrier Reef provides Australians and people worldwide many social benefits such as agricultural production, commercial and recreational fishing, tourism, recreation and environm ental values. Total Economic Value of the Great Barrier Reef The Great Barrier Reef provides economic benefits when either preserved or destroyed. Environmental and economic concerns tend to raise controversy, whether it be land rights, natural resources, pollution or any other variety of environmental concerns. Public opinion is heavily divided, some believe that the environment should come first at all costs while others believe the economy is of greater importance. There is no right or wrong answer. The truth is that economic benefits often conflict with environmental and social benefits. This effects the way that policy makers make decisions, therefore it is very important that there is a way to value environmental features within nature in monetary terms. â€Å"Valuing nature in monetary terms can effectively inform policy settings and help industry, government, the science community and the wider public fully understand the contribution of the environment to the economy and society.† (Total economic value of the Great Barrier Reef what you need to know, 2017). In a world that is continually growing more environmentally conscientious it is important that there is a way to assist with mutual understanding of environmental and economic costs and benefits. Using the Total Economic Value (TEV) framework a monetary value can be placed environmental features such as the Great Barrier Reef. The aim of this essay is to provide an analysis of the value of the Great Barrier Reef and provide a case for conserving the Great Barrier Reef and limiting or modifying the main activities or driving forces that are putting pressure of the Reef’s overall health. What is Total Economic Value (TEV)? TEV is a cost-benefit analysis framework used for valuing a natural resource and comparing the cost and benefit of having said resource to the cost and benefit of not having it. As represented in figure 1 below, there are many different types of values, the main two being use values and non-use values. Figure 1: Total Economic Value Framework (Total economic value of the Great Barrier Reef what you need to know, 2017) Putting a monetary value on a natural resource is a complex task and therefore all values must be reviewed and understood. For example the Great Barrier Reef is an iconic Australian image, as an icon the Great Barrier Reef holds icon value which is internationally influential on not only tourism but politics and business as well. Identifying the Costs and Benefits of Great Barrier Reef Conservation Cost Benefit analysis (CBA) is a process that attempts to measure the positive and negative consequences of something. CBA measures externality effects, social benefits and effects on both participants and non-participants. Social Benefits of Great Barrier Reef Conservation The Great Barrier Reef holds a significant number of social benefits that need to be reviewed when considering the TEV or a CBA of the reef. In a report of this size not all benefits can be reviewed, just the most major social benefits and costs will be briefly discussed. The Great Barrier Reef has been an important resource for thousands of years, stretching back to when the indigenous population lived within the coastal areas surrounding the Great Barrier Reef. Today the reef is used and valued as a place for people to visit and enjoy. The reef has provided over 54000 full time jobs for Australians through fishing and tourism (At what price? The economic, social and icon value of the Great Barrier Reef, 2017). The reef is also an important area for culture, recreation, scientific research and defence force training (McCook et al., 2010). Even through indirect use the Great Barrier Reef effects millions of people purely by existing. Having a pristine coastal and marine area to use for recreational activities promotes a healthier lifestyle, this is a social benefit that provides a healthier population and therefore in the long term decreases medical costs. There is a similar situation regarding air pollution. Having a healthy coastal environment and healthy marine environment would help to increase clean air and reduce air pollution, this again would cut medical costs in the long term and promote a healthy lifestyle. Social Costs of Great Barrier Reef Conservation It can be argued that the conservation of the Great Barrier Reef will have a negative effect on jobs due to the fact that reef conservation has a negative effect on coal mining and shipping routes. In order to protect the reef costal development must be regulated and minimised and this will have a significant effect on population growth and will economically effect coastal towns. Conservation of the reef does not necessarily mean removing all profitable practices from the reef. Conservation can mean that economic activity may continue but only in a way that is sustainable. Great Barrier Reef conservation will result in decreased growth rate for jobs within mining, fishing, agricultural and tourism sectors. Although growth rates for jobs would have to slow in the long term picture the jobs that are created would be created to last. As population size will continue to grow it must be determined if the conservation of the Great Barrier Reef will be enough to support many coastal and inland communities in north Queensland. The biggest driving force for the support of development of new coal mines and coastal ports in north Queensland is the promise of new jobs for the people living in proximity to the Great Barrier Reef. Measuring the costs and benefits of Great Barrier Reef conservation Benefits of the Great Barrier Reef Benefit Benefit Type Economic Value Type Valuation Method Recreational Benefits Social Benefit Direct Use Both visitors and residents use the Great Barrier Reef for recreational activities. The travel cost method would be used to determine the amount of money that people spent travelling in order to use the reef for recreational activities.    â€Å"About 60 per cent of recreational visitors visit the Reef between one and 10 times in a year, but a small proportion (about 15 per cent) visit the area more than 50 times a year. Recreational use (including recreational fishing) contributed $153 million to the Australian economy in 2006/07. The exact contribution of the non-fishing component is not known.† (Gbrmpa.gov.au, 2017) Economic Sustainability Private Benefit Direct Use By maintaining the health of the Great Barrier Reef it will continue to be an asset and supply jobs to the local area. Economic Sustainability can be valued using the Damage Cost Avoided, Replacement Cost, and Substitute Cost Methods Cultural Benefits Social Benefit Bequest Value Altruist Value Existence Value Icon Value Many Australians take pride in the natural phenomena within the country and are inclined to protect it for the use of future generations. Hedonic pricing would be used to determine the benefit of the reef in terms of cultural and aesthetic value. Health Benefits Social Benefit Direct Use Cleaner air and promotion of recreational activities will have health issues decrease and money will be saved on Medicare. Health Benefits would be measured using the contingent valuation method. Scientific Research Social and Private Benefit Direct Use The Great Barrier Reef can continue to be used for scientific research that may one day supply invaluable research. Fishing industry Private Benefit Direct use The use of the reef for commercial fishing can be valued using the market price method, as fish can be valued within a commercial market. Tourism Industry Social Benefit Direct Use The use of the reef for tourism can be valued using the productivity method or the contingent valuation method as the reef supplies many products and services within the tourism industry. Costs of the Great Barrier Reef Options for quantifying the costs and benefits of Great Barrier Reef conservation It appears that the best way to determine a monetary value of the Great Barrier Reef is the total economic value (TEV) framework. This framework has been used many times by many different organisations and repeatedly appears to have consistent conclusions. Oxford Economics assessed the TEV of the Great Barrier Reef in 2009 and came to the conclusion that it is worth 51.4 billion dollars (Valuing the effects of Great Barrier Reef bleaching, 2017), and in 2017 Deloitte economists determined that the value of the Great Barrier Reef stood at 56 billion dollars (At what price? The economic, social and icon value of the Great Barrier Reef, 2017). The TEV framework effectively encompasses the greatest range of costs, benefits and values out of all other frameworks. When using cost benefit analysis (CBA) the indirect benefits are not considered in the same way that they are with the TEV approach. It was determined in the Deloitte economists report that the second most valuable aspect of the Great Barrier Reef was indirect or non-use value at 23.8 billion dollars, second to only tourism which was determined to be worth a staggering 29 billion dollars. It is clear that the TEV framework is the best system currently within use. Conclusion The final thoughts on the topic of evaluating the value of the Great Barrier Reef, one of the world’s greatest natural resources, is that currently the best and most effective way to put a monetary value on the reef is to use the TEV approach. This resource must preserved and Australia must not allow this resource to become abused and destroyed, it is one of the country’s greatest resources and is such an iconic image that represents Australia as a whole. The value that this brings through non-use value is irreplaceable and is in no way worth destroying for an economic trade off. References Deloitte Access Economics 2013, Economic contribution of the Great Barrier Reef, Great Barrier Reef Marine Park Authority, Townsville. Ecosystemvaluation.org. (2017). Market Price Method. [online] Available at: http://www.ecosystemvaluation.org/market_price.htm [Accessed 5 Aug. 2017]. Gbrmpa.gov.au. (2017). Coastal development and protecting the Great Barrier Reef GBRMPA. [online] Available at: http://www.gbrmpa.gov.au/managing-the-reef/threats-to-the-reef/coastal-development-and-protecting-the-great-barrier-reef. Gbrmpa.gov.au. (2017). Recreation GBRMPA. [online] Available at: http://www.gbrmpa.gov.au/managing-the-reef/how-the-reefs-managed/Managing-multiple-uses/recreation [Accessed 5 Aug. 2017]. Great Barrier Reef Marine Park Authority (2017). Ports and Shipping information sheet. pp.1-7. Great Barrier Reef Marine Park Authority (2012). Informing the outlook for Great Barrier Reef coastal ecosystems. Townsville: Great Barrier Reef Marine Park Authority, pp.1 18. Great Barrier Reef Marine Park Authority (2009). Coastal development. pp.1-2. Great Barrier Reef Marine Park Authority (2004). Environmental Impact Management Policy. pp.1-10. Great Barrier Reef Marine Park Authority (2014). 2014 Great Barrier Reef Outlook Report. Great Barrier Reef Outlook Report. [online] Great Barrier Reef Marine Park Authority, pp.5-18. Available at: http://www.gbr.qld.gov.au/documents/gbr-outlook-report-2014-full.pdf. Great Barrier Reef Marine Park Authority (2009). 2009 Great Barrier Reef Outlook Report. Great Barrier Reef Outlook Report. [online] Great Barrier Reef Marine Park Authority, pp.1-12. Available at: http://www.gbrmpa.gov.au/__data/assets/pdf_file/0018/3843/OutlookReport_Full.pdf. Greenpeace. (2017). Boom Goes the Reef. [online] Available at: http://www.gbrmpa.gov.au/__data/assets/pdf_file/0019/6607/gbrmpa_EIM_Policy_2010.pdf. McCook, L., Ayling, T., Cappo, M., Choat, J., Evans, R., De Freitas, D., Heupel, M., Hughes, T., Jones, G., Mapstone, B., Marsh, H., Mills, M., Molloy, F., Pitcher, C., Pressey, R., Russ, G., Sutton, S., Sweatman, H., Tobin, R., Wachenfeld, D. and Williamson, D. (2010). Adaptive management of the Great Barrier Reef: A globally significant demonstration of the benefits of networks of marine reserves. Proceedings of the National Academy of Sciences, 107(43), pp.18278-18285. Moore, T. (2017). International concern about LNG industrys impact on Reef. [online] Brisbane Times. Available at: http://www.brisbanetimes.com.au/queensland/international-concern-about-lng-industrys-impact-on-reef-20111106-1n2fx.html. Queensland Department of Environment and Heritage Protection (2013). Draft report on the economic and social impacts of protecting environmental values in Great Barrier Reef catchment waterways and the reef lagoon. Marsden Jacobs, pp.38-117. Total economic value of the Great Barrier Reef What you need to know. (2017). 1st ed. [ebook] Deloitte Access Economics, pp.4 9. Available at: https://barrierreef.org/uploads/Total%20economic%20value%20of%20the%20Great%20Barrier%20Reef%20-%20Need%20to%20know.pdf [Accessed 9 Aug. 2017]. Valuing the effects of Great Barrier Reef bleaching. (2017). 1st ed. [ebook] Saint Aldates: Oxford Economics, pp.1 80. 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Michael Imaginary Friend :: short story

Michael Fritz was a very lonely boy. His parents died in a nasty car crash when he was two, so Michael was sent to live with his Aunt and Uncle. Michael was known as a shut in, and never would he go play with kids his own age. He was content with the inside of his home and that is where he stayed. While Michel’s Aunt and Uncle were at work his nanny, Kendra, would watch after him and take him to the park. On a day that seemed to be as normal as the rest something very abnormal happened. Michael was taken to the park, and like his usual routine; he went off and played by himself. A few hours later Michael went to Kendra, and told her he was ready to go. She agreed and they started to the car. â€Å"Miss Kendra, can I bring a friend home with me,† stated Michael. Kendra replied, â€Å"I can’t see a reason why not.† Kendra looked around for Michael’s friend, but she did not see him anywhere. â€Å"He’s right here,† stated Michael, â€Å"he is very excited to come home with us.† It was at that moment that Kendra realized that Michael had an imaginary friend. She was fine with the idea and thought the concept of an imaginary friend was perfectly normal. â€Å"Oh, now I see your friend. What is his name?† the nanny said. â€Å"His name is Jonny, and he is one year older than me.† The whole car ride home Michael was talking to his imaginary friend. Kendra did not mind; she was acutely very happy to know that Michael made some type of friend. When Michael’s aunt came home that night the Kendra pulled her to the side and told her about Jonny. Kendra also told her that Michael began using very bad words when he spoke with Jonny. Sarah (Michael’s aunt) was very surprised that Michael would ever use swear words, and frankly did not believe what the nanny was telling her. Later that night Sarah pulled Michael to the side and asked him about his friend. Sarah’s first words were, â€Å"Kendra told me that you have a new imaginary friend.† â€Å"He’s not imaginary he is really!† Michael answered angrily. â€Å"Oh, Ok,† Sarah replied sarcastically. â€Å"Well does your friend have a name?† â€Å"Yes, his name is Jonny.† Sarah asked, â€Å"Kendra has brought to my attention that some choice words has slipped out of your mouth.