The Da Vinci Code Chapter 98-99

CHAPTER 98 Langdon and Sophie moved slowly down the north aisle, keeping to the shadows behind the ample pillars that separated it from the open nave. Despite having traveled more than halfway down the nave, they still had no clear view of Newton's tomb. The sarcophagus was recessed in a niche, obscured from this oblique angle. â€Å"At least there's nobody over there,† Sophie whispered. Langdon nodded, relieved. The entire section of the nave near Newton's tomb was deserted. â€Å"I'll go over,† he whispered. â€Å"You should stay hidden just in case someone – â€Å" Sophie had already stepped from the shadows and was headed across the open floor. † – is watching,† Langdon sighed, hurrying to join her. Crossing the massive nave on a diagonal, Langdon and Sophie remained silent as the elaborate sepulchre revealed itself in tantalizing increments†¦ a black-marble sarcophagus†¦ a reclining statue of Newton†¦ two winged boys†¦ a huge pyramid†¦ and†¦ an enormous orb. â€Å"Did you know about that?† Sophie said, sounding startled. Langdon shook his head, also surprised.† Those look like constellations carved on it,† Sophie said. As they approached the niche, Langdon felt a slow sinking sensation. Newton's tomb was coveredwith orbs – stars, comets, planets. You seek the orb that ought be on his tomb? It could turn out to be like trying to find a missing blade of grass on a golf course. â€Å"Astronomical bodies,† Sophie said, looking concerned. â€Å"And a lot of them.† Langdon frowned. The only link between the planets and the Grail that Langdon could imagine was the pentacle of Venus, and he had already tried the password† Venus† en route to the Temple Church. Sophie moved directly to the sarcophagus, but Langdon hung back a few feet, keeping an eye on the abbey around them. â€Å"Divinity,†Sophie said, tilting her head and reading the titles of the books on which Newton was leaning. â€Å"Chronology.Opticks.Philosophiae Naturalis Principia Mathematica?† She turned tohim. â€Å"Ring any bells?† Langdon stepped closer, considering it. â€Å"Principia Mathematica, as I remember, has something to do with the gravitation pull of planets†¦ which admittedly are orbs, but it seems a little far-fetched.† â€Å"How about the signs of the zodiac?† Sophie asked, pointing to the constellations on the orb. â€Å"You were talking about Pisces and Aquarius earlier, weren't you?† The End of Days, Langdon thought. â€Å"The end of Pisces and the beginning of Aquarius was allegedly the historical marker at which the Priory planned to release the Sangreal documents to the world.† But the millennium came and went without incident, leaving historians uncertain when thetruth was coming. â€Å"It seems possible,† Sophie said,† that the Priory's plans to reveal the truth might be related to the last line of the poem.† It speaks of Rosy flesh and seeded womb.Langdon felt a shiver of potential. He had not considered the line that way before. â€Å"You told me earlier,† she said,† that the timing of the Priory's plans to unveil the truth about ‘the Rose' and her fertile womb was linked directly to the position of planets – orbs.† Langdon nodded, feeling the first faint wisps of possibility materializing. Even so, his intuition told him astronomy was not the key. The Grand Master's previous solutions had all possessed an eloquent, symbolic significance – the Mona Lisa, Madonna of the Rocks, SOFIA. This eloquence was definitely lacking in the concept of planetary orbs and the zodiac. Thus far, Jacques Sauniere had proven himself a meticulous code writer, and Langdon had to believe that his final password – those five letters that unlocked the Priory's ultimate secret – would prove to be not only symbolically fitting but also crystal clear. If this solution were anything like the others, it would be painfully obvious once it dawned. â€Å"Look!† Sophie gasped, jarring his thoughts as she grabbed his arm. From the fear in her touch Langdon sensed someone must be approaching, but when he turned to her, she was staring aghast at the top of the black marble sarcophagus. â€Å"Someone was here,† she whispered, pointing to a spot on the sarcophagus near Newton's outstretched right foot. Langdon did not understand her concern. A careless tourist had left a charcoal, grave-rubbing pencil on the sarcophagus lid near Newton's foot. It's nothing.Langdon reached out to pick it up, but as he leaned toward the sarcophagus, the light shifted on the polished black-marble slab, andLangdon froze. Suddenly, he saw why Sophie was afraid. Scrawled on the sarcophagus lid, at Newton's feet, shimmered a barely visible charcoal-pencil message: I have Teabing. Go through Chapter House, out south exit, to public garden. Langdon read the words twice, his heart pounding wildly. Sophie turned and scanned the nave. Despite the pall of trepidation that settled over him upon seeing the words, Langdon told himself this was good news. Leigh is still alive.There was another implication here too. â€Å"They don't know the password either,† he whispered. Sophie nodded. Otherwise why make their presence known?† They may want to trade Leigh for the password.† â€Å"Or it's a trap.† Langdon shook his head. â€Å"I don't think so. The garden is outside the abbey walls. A very public place.† Langdon had once visited the abbey's famous College Garden – a small fruit orchard and herb garden – left over from the days when monks grew natural pharmacological remedies here. Boasting the oldest living fruit trees in Great Britain, College Garden was a popular spot for tourists to visit without having to enter the abbey. â€Å"I think sending us outside is a show of faith. So we feel safe.† Sophie looked dubious. â€Å"You mean outside, where there are no metal detectors?† Langdon scowled. She had a point. Gazing back at the orb-filled tomb, Langdon wished he had some idea about the cryptex password†¦ something with which to negotiate. I got Leigh involved in this, and I'll do whatever it takes if there is a chance to help him. â€Å"The note says to go through the Chapter House to the south exit,† Sophie said. â€Å"Maybe from the exit we would have a view of the garden? That way we could assess the situation before we walked out there and exposed ourselves to any danger?† The idea was a good one. Langdon vaguely recalled the Chapter House as a huge octagonal hall where the original British Parliament convened in the days before the modern Parliament building existed. It had been years since he had been there, but he remembered it being out through the cloister somewhere. Taking several steps back from the tomb, Langdon peered around the choir screen to his right, across the nave to the side opposite that which they had descended. A gaping vaulted passageway stood nearby, with a large sign. THIS WAY TO: CLOISTERS DEANERY COLLEGE HALL MUSEUM PYX CHAMBER ST. FAITH'S CHAPEL CHAPTER HOUSE Langdon and Sophie were jogging as they passed beneath the sign, moving too quickly to notice the small announcement apologizing that certain areas were closed for renovations. They emerged immediately into a high-walled, open-roof courtyard through which morning rain was falling. Above them, the wind howled across the opening with a low drone, like someone blowing over the mouth of a bottle. Entering the narrow, low-hanging walkways that bordered the courtyard perimeter, Langdon felt the familiar uneasiness he always felt in enclosed spaces. These walkways were called cloisters, and Langdon noted with uneasiness that these particular cloisters lived up to their Latin ties to the word claustrophobic. Focusing his mind straight ahead toward the end of the tunnel, Langdon followed the signs for the Chapter House. The rain was spitting now, and the walkway was cold and damp with gusts of rain that blew through the lone pillared wall that was the cloister's only source of light. Another couple scurried past them the other way, hurrying to get out of the worsening weather. The cloisters looked deserted now, admittedly the abbey's least enticing section in the wind and rain. Forty yards down the east cloister, an archway materialized on their left, giving way to another hallway. Although this was the entrance they were looking for, the opening was cordoned off by a swag and an official-looking sign. CLOSED FOR RENOVATION PYX CHAMBER ST. FAITH'S CHAPEL CHAPTER HOUSE The long, deserted corridor beyond the swag was littered with scaffolding and drop cloths. Immediately beyond the swag, Langdon could see the entrances to the Pyx Chamber and St. Faith's Chapel on the right and left. The entrance to the Chapter House, however, was much farther away, at the far end of the long hallway. Even from here, Langdon could see that its heavy wooden door was wide open, and the spacious octagonal interior was bathed in a grayish natural light from the room's enormous windows that looked out on College Garden. Go through Chapter House, outsouth exit, to public garden. â€Å"We just left the east cloister,† Langdon said,† so the south exit to the garden must be through there and to the right.† Sophie was already stepping over the swag and moving forward. As they hurried down the dark corridor, the sounds of the wind and rain from the open cloister faded behind them. The Chapter House was a kind of satellite structure – a freestanding annex at the end of the long hallway to ensure the privacy of the Parliament proceedings housed there. â€Å"It looks huge,† Sophie whispered as they approached. Langdon had forgotten just how large this room was. Even from outside the entrance, he could gaze across the vast expanse of floor to the breathtaking windows on the far side of the octagon, which rose five stories to a vaulted ceiling. They would certainly have a clear view of the garden from in here. Crossing the threshold, both Langdon and Sophie found themselves having to squint. After the gloomy cloisters, the Chapter House felt like a solarium. They were a good ten feet into the room, searching the south wall, when they realized the door they had been promised was not there. They were standing in an enormous dead end. The creaking of a heavy door behind them made them turn, just as the door closed with a resounding thud and the latch fell into place. The lone man who had been standing behind the door looked calm as he aimed a small revolver at them. He was portly and was propped on a pair of aluminum crutches. For a moment Langdon thought he must be dreaming. It was Leigh Teabing. CHAPTER 99 Sir Leigh Teabing felt rueful as he gazed out over the barrel of his Medusa revolver at Robert Langdon and Sophie Neveu. â€Å"My friends,† he said,† since the moment you walked into my home last night, I have done everything in my power to keep you out of harm's way. But your persistence has now put me in a difficult position.† He could see the expressions of shock and betrayal on Sophie's and Langdon's faces, and yet he was confident that soon they would both understand the chain of events that had guided the three of them to this unlikely crossroads. There is so much I have to tell you both†¦ so much you do not yet understand. â€Å"Please believe,† Teabing said, â€Å"I never had any intention of your being involved. You came to my home. You came searching for me.† â€Å"Leigh?† Langdon finally managed. â€Å"What the hell are you doing? We thought you were in trouble. We came here to help you!† â€Å"As I trusted you would,† he said. â€Å"We have much to discuss.† Langdon and Sophie seemed unable to tear their stunned gazes from the revolver aimed at them. â€Å"It is simply to ensure your full attention,† Teabing said. â€Å"If I had wanted to harm you, you would be dead by now. When you walked into my home last night, I risked everything to spare your lives. I am a man of honor, and I vowed in my deepest conscience only to sacrifice those who had betrayed the Sangreal.† â€Å"What are you talking about?† Langdon said. â€Å"Betrayed the Sangreal?† â€Å"I discovered a terrible truth,† Teabing said, sighing. â€Å"I learned why the Sangreal documents were never revealed to the world. I learned that the Priory had decided not to release the truth after all. That's why the millennium passed without any revelation, why nothing happened as we entered the End of Days.† Langdon drew a breath, about to protest. â€Å"The Priory,† Teabing continued, â€Å"was given a sacred charge to share the truth. To release the Sangreal documents when the End of Days arrived. For centuries, men like Da Vinci, Botticelli, and Newton risked everything to protect the documents and carry out that charge. And now, at the ultimate moment of truth, Jacques Sauniere changed his mind. The man honored with the greatest responsibility in Christian history eschewed his duty. He decided the time was not right.† Teabing turned to Sophie. â€Å"He failed the Grail. He failed the Priory. And he failed the memory of all the generations that had worked to make that moment possible.† â€Å"You?† Sophie declared, glancing up now, her green eyes boring into him with rage and realization. â€Å"You are the one responsible for my grandfather's murder?† Teabing scoffed. â€Å"Your grandfather and his senechaux were traitors to the Grail.† Sophie felt a fury rising from deep within. He's lying!Teabing's voice was relentless. â€Å"Your grandfather sold out to the Church. It is obvious they pressured him to keep the truth quiet.† Sophie shook her head. â€Å"The Church had no influence on my grandfather!† Teabing laughed coldly. â€Å"My dear, the Church has two thousand years of experience pressuring those who threaten to unveil its lies. Since the days of Constantine, the Church has successfully hidden the truth about Mary Magdalene and Jesus. We should not be surprised that now, once again, they have found a way to keep the world in the dark. The Church may no longer employ crusaders to slaughter non-believers, but their influence is no less persuasive. No less insidious.† He paused, as if to punctuate his next point. â€Å"Miss Neveu, for some time now your grandfather has wanted to tell you the truth about your family.† Sophie was stunned. â€Å"How could you know that?† â€Å"My methods are immaterial. The important thing for you to grasp right now is this.† He took a deep breath. â€Å"The deaths of your mother, father, grandmother, and brother were not accidental.† The words sent Sophie's emotions reeling. She opened her mouth to speak but was unable. Langdon shook his head. â€Å"What are you saying?† â€Å"Robert, it explains everything. All the pieces fit. History repeats itself. The Church has a precedent of murder when it comes to silencing the Sangreal. With the End of Days imminent, killing the Grand Master's loved ones sent a very clear message. Be quiet, or you and Sophie are next.† â€Å"It was a car accident,† Sophie stammered, feeling the childhood pain welling inside her. â€Å"An accident!† â€Å"Bedtime stories to protect your innocence,† Teabing said. â€Å"Consider that only two family members went untouched – the Priory's Grand Master and his lone granddaughter – the perfect pair to provide the Church with control over the brotherhood. I can only imagine the terror the Church wielded over your grandfather these past years, threatening to kill you if he dared release the Sangreal secret, threatening to finish the job they started unless Sauniere influenced the Priory to reconsider its ancient vow.† â€Å"Leigh,† Langdon argued, now visibly riled, â€Å"certainly you have no proof that the Church had anything to do with those deaths, or that it influenced the Priory's decision to remain silent.† â€Å"Proof?† Teabing fired back. â€Å"You want proof the Priory was influenced? The new millennium has arrived, and yet the world remains ignorant! Is that not proof enough?† In the echoes of Teabing's words, Sophie heard another voice speaking. Sophie, I must tell you the truth about your family.She realized she was trembling. Could this possibly be that truth her grandfather had wanted to tell her? That her family had been murdered? What did she truly know about the crash that took her family? Only sketchy details. Even the stories in the newspaper had been vague. An accident? Bedtime stories? Sophie flashed suddenly on her grandfather's over protectiveness, how he never liked to leave her alone when she was young. Even when Sophie was grown and away at university, she had the sense her grandfather was watching over. She wondered if there had been Priory members in the shadows throughout her entire life, looking after her. â€Å"You suspected he was being manipulated,† Langdon said, glaring with disbelief at Teabing. â€Å"So you murdered him?† â€Å"I did not pull the trigger,† Teabing said. â€Å"Sauniere was dead years ago, when the Church stole his family from him. He was compromised. Now he is free of that pain, released from the shame caused by his inability to carry out his sacred duty. Consider the alternative. Something had to be done. Shall the world be ignorant forever? Shall the Church be allowed to cement its lies into our history books for all eternity? Shall the Church be permitted to influence indefinitely with murder and extortion? No, something needed to be done! And now we are poised to carry out Sauniere's legacy and right a terrible wrong.† He paused. â€Å"The three of us. Together.† Sophie felt only incredulity. â€Å"How could you possibly believe that we would help you?† â€Å"Because, my dear, you are the reason the Priory failed to release the documents. Your grandfather's love for you prevented him from challenging the Church. His fear of reprisal against his only remaining family crippled him. He never had a chance to explain the truth because you rejected him, tying his hands, making him wait. Now you owe the world the truth. You owe it to the memory of your grandfather.† Robert Langdon had given up trying to get his bearings. Despite the torrent of questions running through his mind, he knew only one thing mattered now – getting Sophie out of here alive. All the guilt Langdon had mistakenly felt earlier for involving Teabing had now been transferred to Sophie. I took her to Chateau Villette. I am responsible. Langdon could not fathom that Leigh Teabing would be capable of killing them in cold blood herein the Chapter House, and yet Teabing certainly had been involved in killing others during his misguided quest. Langdon had the uneasy feeling that gunshots in this secluded, thick-walled chamber would go unheard, especially in this rain. And Leigh just admitted his guilt to us. Langdon glanced at Sophie, who looked shaken. The Church murdered Sophie's family to silence the Priory? Langdon felt certain the modern Church did not murder people. There had to be some other explanation.† Let Sophie leave,† Langdon declared, staring at Leigh. â€Å"You and I should discuss this alone.† Teabing gave an unnatural laugh. â€Å"I'm afraid that is one show of faith I cannot afford. I can, however, offer you this.† He propped himself fully on his crutches, gracelessly keeping the gunaimed at Sophie, and removed the keystone from his pocket. He swayed a bit as he held it out for Langdon. â€Å"A token of trust, Robert.† Robert felt wary and didn't move. Leigh is giving the keystone back to us? â€Å"Take it,† Teabing said, thrusting it awkwardly toward Langdon. Langdon could imagine only one reason Teabing would give it back. â€Å"You opened it already. You removed the map.† Teabing was shaking his head. â€Å"Robert, if I had solved the keystone, I would have disappeared to find the Grail myself and kept you uninvolved. No, I do not know the answer. And I can admit that freely. A true knight learns humility in the face of the Grail. He learns to obey the signs placed before him. When I saw you enter the abbey, I understood. You were here for a reason. To help. I am not looking for singular glory here. I serve a far greater master than my own pride. The Truth. Mankind deserves to know that truth. The Grail found us all, and now she is begging to be revealed. We must work together.† Despite Teabing's pleas for cooperation and trust, his gun remained trained on Sophie as Langdon stepped forward and accepted the cold marble cylinder. The vinegar inside gurgled as Langdon grasped it and stepped backward. The dials were still in random order, and the cryptex remained locked. Langdon eyed Teabing. â€Å"How do you know I won't smash it right now?† Teabing's laugh was an eerie chortle. â€Å"I should have realized your threat to break it in the Temple Church was an empty one. Robert Langdon would never break the keystone. You are an historian, Robert. You are holding the key to two thousand years of history – the lost key to the Sangreal. You can feel the souls of all the knights burned at the stake to protect her secret. Would you have them die in vain? No, you will vindicate them. You will join the ranks of the great men you admire – Da Vinci, Botticelli, Newton – each of whom would have been honored to be in your shoes right now. The contents of the keystone are crying out to us. Longing to be set free. The time has come. Destiny has led us to this moment.† â€Å"I cannot help you, Leigh. I have no idea how to open this. I only saw Newton's tomb for a moment. And even if I knew the password†¦Ã¢â‚¬  Langdon paused, realizing he had said too much. â€Å"You would not tell me?† Teabing sighed. â€Å"I am disappointed and surprised, Robert, that you do not appreciate the extent to which you are in my debt. My task would have been far simpler had Remy and I eliminated you both when you walked into Chateau Villette. Instead I risked everything to take the nobler course.† â€Å"This is noble?† Langdon demanded, eyeing the gun. â€Å"Sauniere's fault,† Teabing said. â€Å"He and his senechaux lied to Silas. Otherwise, I would have obtained the keystone without complication. How was I to imagine the Grand Master would go to such ends to deceive me and bequeath the keystone to an estranged granddaughter?† Teabing looked at Sophie with disdain. â€Å"Someone so unqualified to hold this knowledge that she required a symbologist baby-sitter.† Teabing glanced back at Langdon. â€Å"Fortunately, Robert, your involvement turned out to be my saving grace. Rather than the keystone remaining locked in the depository bank forever, you extracted it and walked into my home.† Where else would I run? Langdon thought. The community of Grail historians is small, and Teabing and I have a history together. Teabing now looked smug. â€Å"When I learned Sauniere left you a dying message, I had a pretty good idea you were holding valuable Priory information. Whether it was the keystone itself, or information on where to find it, I was not sure. But with the police on your heels, I had a sneaking suspicion you might arrive on my doorstep.† Langdon glared. â€Å"And if we had not?† â€Å"I was formulating a plan to extend you a helping hand. One way or another, the keystone was coming to Chateau Villette. The fact that you delivered it into my waiting hands only serves as proof that my cause is just.† â€Å"What!† Langdon was appalled. â€Å"Silas was supposed to break in and steal the keystone from you in Chateau Villette – thus removing you from the equation without hurting you, and exonerating me from any suspicion of complicity. However, when I saw the intricacy of Sauniere's codes, I decided to include you both in my quest a bit longer. I could have Silas steal the keystone later, once I knew enough to carry on alone.† â€Å"The Temple Church,† Sophie said, her tone awash with betrayal. Light begins to dawn, Teabing thought. The Temple Church was the perfect location to steal the keystone from Robert and Sophie, and its apparent relevance to the poem made it a plausible decoy. Remy's orders had been clear – stay out of sight while Silas recovers the keystone. Unfortunately, Langdon's threat to smash the keystone on the chapel floor had caused Remy to panic. If only Remy had not revealed himself, Teabing thought ruefully, recalling his own mock kidnapping. Remy was the sole link to me, and he showed his face! Fortunately, Silas remained unaware of Teabing's true identity and was easily fooled into taking him from the church and then watching naively as Remy pretended to tie their hostage in the back of the limousine. With the soundproof divider raised, Teabing was able to phone Silas in the front seat, use the fake French accent of the Teacher, and direct Silas to go straight to Opus Dei. A simple anonymous tip to the police was all it would take to remove Silas from the picture. One loose end tied up. The other loose end was harder. Remy. Teabing struggled deeply with the decision, but in the end Remy had proven himself a liability. Every Grail quest requires sacrifice.The cleanest solution had been staring Teabing in the face from the limousine's wet bar – a flask, some cognac, and a can of peanuts. The powder at the bottom of the can would be more than enough to trigger Remy's deadly allergy. When Remy parked the limo on Horse Guards Parade, Teabing climbed out of the back, walked to the side passenger door, and sat in the front next to Remy. Minutes later, Teabing got out of the car, climbed into the rear again, cleaned up the evidence, and finally emerged to carry out the final phase of his mission. Westminster Abbey had been a short walk, and although Teabing's leg braces, crutches, and gun had set off the metal detector, the rent-a-cops never knew what to do. Do we ask him to remove his braces and crawl through? Do we frisk his deformed body? Teabing presented the flustered guards a far easier solution – an embossed card identifying him as Knight of the Realm. The poor fellows practically tripped over one another ushering him in. Now, eyeing the bewildered Langdon and Neveu, Teabing resisted the urge to reveal how he had brilliantly implicated Opus Dei in the plot that would soon bring about the demise of the entire Church. That would have to wait. Right now there was work to do. â€Å"Mes amis,†Teabing declared in flawless French,† vous ne trouvez pas le Saint-Graal, c'est leSaint-Graal qui vous trouve.† He smiled. â€Å"Our paths together could not be more clear. The Grail has found us.† Silence. He spoke to them in a whisper now. â€Å"Listen. Can you hear it? The Grail is speaking to us across the centuries. She is begging to be saved from the Priory's folly. I implore you both to recognize this opportunity. There could not possibly be three more capable people assembled at this moment to break the final code and open the cryptex.† Teabing paused, his eyes alight. â€Å"We need to swear an oath together. A pledge of faith to one another. A knight's allegiance to uncover the truth and make it known.† Sophie stared deep into Teabing's eyes and spoke in a steely tone. â€Å"I will never swear an oath with my grandfather's murderer. Except an oath that I will see you go to prison.† Teabing's heart turned grave, then resolute. â€Å"I am sorry you feel that way, mademoiselle.† He turned and aimed the gun at Langdon. â€Å"And you, Robert? Are you with me, or against me?†

Aci Financial Statement

ASA University Review, Vol. 6 No. 2, July–December, 2012 Cash Flow Statement Disclosures in Pharmaceutical Companies: Bangladesh Perspective Mst. Joynab Siddiqua* Mohd. Takdir Hossan* Abstract Cash flow statement is a vital part of the financial statements. Preparation of cash flow statement is required as per Companies Act 1994 and the public limited companies enlisted with stock exchange are to prepare this statement as per other statutory laws and regulations. The acceptance of International Accounting Standard- 7: Cash Flow Statement has added a new dimension to the preparation and presentation of financial statements in Bangladesh.The companies are now preparing this statement as an integral part of their financial statements. This paper examines empirically the current practices followed by sample companies in preparation of cash flow statement and concludes that the sample companies are in line (with few exceptions) with the requirements of International Accounting Stan dard (IAS)-7 or Bangladesh Accounting Standard (BAS)-7. It also proposes some suggestions for improving the presentation of the statement Key words: Cash flow statement, IAS/BAS, Listed Company, Disclosure.Introduction The purpose of a cash flow statement is to provide information on the cash flow from a company’s operating, investing and financing activities to enable the users of its financial statements to evaluate the ability of the company to generate cash and to use the historic cash flows to predict future cash flows. The cash flow information enhances the comparability of the operating performance by various companies, because it eliminates the effects that arise from the use of different accounting treatments for the same transactions and events.The use of cash flow information is gaining importance in the analysis of financial statements (Epstein 1991; Yap 1997; Jones and Widjaja 1998; Previts and Bricker 1994). Cashflow information is considered less open to manipu lation than information on earnings, because it is based on the actual receipt and payment of cash only and not on the accrual and other accounting principles. Rees (1995:75) adds that the cash flow statement can be more informative than the other statements. However, he literature on the cash flow statement indicates that there are grey areas in cash flow reporting that are open to various interpretations (Everingham and Watson 2002). The perceived simplicity of the cash flow statement may therefore create synthetic confidence in the reliability of companies’ cash flow reporting and the comparability of various companies’ cash flow information. The acceptance of IAS-7: The Cash Flow Statement has added a new dimension to the preparation and presentation of financial statements in Bangladesh.This paper is an attempt to investigate into the state of cash flow reporting by the listed Bangladeshi * Lecturers, Department of Business Administration, ASA University Banglades h 210 ASA University Review, Vol. 6 No. 2, July–December, 2012 Textiles and Clothing companies in general. The focus is not on the quality of the reporting of the companies but rather on what the reporting levels are in general. Objectives of the study The major objectives of the study are as follows: 1. to identify the current practice of cash flow statement of Pharmaceutical companies in Bangladesh. 2. o provide present cash flow statement format, structure and reporting on the basis of information provided in the annual reports of the selected listed Pharmaceutical companies in Bangladesh. Methodology of the study The study was conducted in accordance with secondary information obtained from various sources. The overview of standardization of financial reporting and the regulatory framework has been based on laws, regulation, and guideline and also on various published sources of information taken from International Accounting Standard Board (IASB) and Bangladesh Accountin g Standard 7 (BAS 7).A limited survey has also been made covering a total of 12 Pharmaceutical companies’ annual reports (2009) enlisted in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). These are selected on the basis of convenience sampling procedure. In order to make the study more revealing it also covers some research articles, textbooks, publications and web sites of various accounting bodies. Limitations of the study 1. Applied non profitability techniques have been used. 2. Due to limitation of the extensive materials, books and previous studies in Bangladesh literature review could not be extensive. 3.This study consists of only 12 listed Pharmaceutical companies due to time and resources constraints. Literature review Cash flow statement: A historical surroundings/background Cash flow Accounting (CFA) was the main system of accounting up to beginning of the 18th century (Watanabe, Izumi: The evolution of Income Accounting in Eighteenth and Nineteent h Century Britain, Osaka University of Economics, Vol. 57, No. 5, January 2007, p. 27-30). Till then, accounting allocation and profit measurement were relatively unimportant; the profit and loss account being used to close off ledger accounts at each period end.However, with the advent of concept and practices of business continuity, periodic measure and statement of financial position began to grow. Thus the basis of cash transaction becomes foundation for the allocation based systems of accounting today. Although there has been a reasonably sustained interest in fund flow statements (based on allocated accounting data) since the beginning of the twenty century, CFA appears to have received little or no support from accountants until the early 1960s.At that time there was little concern over the use of ‘cash flow’ data in the financial analysis- cash flow being interpreted as ‘profit plus depreciation (. Winjum, J. o, 1972). In 1961 AICPA recognized the importan ce of fund statement by publishing Accounting Research Study (ARS) Cash Flow Statement Disclosures in Pharmaceutical Companies 211 NO 2â€Å"Cash flow analysis and fund statements†. Before that, accountants had prepared funds statements primarily as management report. The Accounting Principles Board (APB) responded in October 1963 by issuing APB Opinion NO. : â€Å"the statements of and application of funds†, which recommended that a statement of sources and application of funds be presented on a supplementary basis. Because of the favorable response of the business community to this pronouncement, the APB issued Opinion No. 198: â€Å"Reporting changing in Financial Position† in March 1971. This opinion required that a statement of changing financial position be presented as a basic financial statement and be covered by the auditor’s reports. In 1981 the Financial Accounting Standard Board (FASB) reconsidered fund flow issues as part of the conceptual fr amework project taken in 1976.At this time the FASB decided that the cash flow reporting issues should be considered at the standard level. Subsequent deliberation resulted in Statement of Financial Accounting Standard (SFAS) No. 95: ‘Statement of cash flows’ in Nobember1987 (Weygandt, Kieso, Kimmel 1998: 1936). Fund flow statement Vs Cash flow statement Both fund flow statement and cash flow statement serve as a fundamental parts of the financial statements. In 1961, the AICPA issued ARS No. 2, â€Å"Cash Flow Analysis and the Fund Statements† which recommended that a fund statement covered by auditor’s opinion be included in companies financial reports.According to paragraph 5 of Preface to Statement of International Accounting Standard [approved by the IASC Board in November1982 for publication in January 1983 and supersedes the preface published in January 1975 (amended March 1978)], â€Å"the term ‘financial statements’ covers balance sh eets, income statement or profit and loss accounts, statements of change in financial position, notes and other statements and explanatory materials which are identified as being part of financial statements† (IASC, 2000:32).As per paragraph 7 of framework for the Preparation and Presentation of Financial Statements (approved by IASC Board in April 1989 for publication in July 1989): â€Å"A complete set of financial statement normally includes a balance sheet, an income statements, a statements of change in financial position (which may be presented in a variety of ways, for example as a statement of cash flow or a statement of fund flows) and those notes and other statements and explanatory materials that are an integral part of the financial statements† (IASC : p. 3-44). As per paragraph 4 of the previous IAS 7 (October 1977), statements of change in financial position, the term ‘ funds’ referred to cash, cash and cash equivalents or working capital (IFA C, 1992: p. 813). Funds provided or used in operation of an enterprise should be presented in the statements of changes in financial statement separately from other sources and uses of fund.Unusual items, which are not part of ordinary activities of the enterprise, should be separately disclosed (IASC: Para 21). But many users of financial statements consider current practices of reporting fund flows as confusing because too much information is compressed in the statements of change in financial position, and because no single definition has been established (Mosich and Larsen, 1982; p. 935).In order to develop a conceptual framework for financial accounting and reporting, the FASB issued in December 1980 a discussion memorandum â€Å"reporting Fund flow, Liquidity and Financial Flexibility† which was issued for the following reasons: (1) for assessing future cash flow, and (2) current practices regarding the reporting of funds flow information are not entirely satisfactory. As a result of deliberation, FASB issued SFAS NO. 95 ‘Statements of Cash Flow’ in 1987.The statements require the inclusion of statements of Cash Flows rather than a statement of Change in Financial position when issuing a complete set of financial statements 212 ASA University Review, Vol. 6 No. 2, July–December, 2012 which was made effective for annual periods ending after July 15, 1988. The major requirements of the statements are of the following two areas: Basis of Presentation: The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents.Classification of cash flows: Cash flows are to be classified according to operating, investing and financing activities. The basis of such classification is derived from the financial theory, which state that the enterprise derives the cash used for investing activities and settlement of outstanding financial obligation in an accounting period from internal and external s ources. Internal cash sources emanate from the net cash generated from current operation and perhaps disinvesting and depletion of cash resources at the start of the period.External cash sources come from financing activities such as borrowing and receiving cash from the sale of equity shares to existing and new shareholders (Wallace et,al). Benefits of Cash Flow Information – The information in a cash flow statement helps investors, creditors, and others to assess the following aspects of the firm’s financial position. – Such statements serve as a mechanism for predicting the ability to generate future cash flows for the investors, creditors and others. – This enables managers or management to plan coordinate and control financial operation in an effective manner. It gives an indication of the relationship between profitability and cash generating ability thus of the quality of the profit earned. – It furnishes information to the management regard ing the entities’ ability to pay dividend and meet obligations. – Analyst and other users of financial information often, formally or informally, develop models to assess and compare the present value of the future cash flow of entities. Historical cash flow statements could be useful to check the accuracy of past assessment (ACCA Text book part 2. P. 324). It is free from manipulation and is not affected by subjective judgments or by accounting policies. – Such a statement dictates situations when a business has made huge profit but has run out money or it has sustained loss but has enough cash availability. – The extent of cash generated from operational activity and external finance in order to meet capital, tax, and dividend requirements can be obtained from such statements (Lee, T. A: 1972:27-36). – It aids in the evaluation of risk, which includes both the expected variability of future return and probability of insolvency or bankruptcy ( Hen drickson, Eldom.S, 1982: 237). – Such statements reveal the capability of an enterprise to pay its short obligation as and when due to the lenders. – A cash flow statement in conjunction with a balance sheet provides information on liquidity, viability, and adaptability. The balance sheet is often used to obtain information on liquidity, but the information is rather incomplete for this purpose as the balance sheet is prepared at a particular point of time. Cash Flow Statement Disclosures in Pharmaceutical Companies 213 It may assists users of financial statements in making judgments on the amounts, timing and degree of certainty of future cash flows. – This statement provides information that is useful in checking the accuracy of past assessment of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing price (IAS 7: Para 3 & 4). – Information on cash flows classified by three groups of activ ities (Operating, investing and financing) that allow users to assess the impact of those activities on the financial position of the enterprise and the amount of its cash and cash equivalents.This information may also be to evaluate the relationship among those activities (IAS 7: Para 11). – This statement is of special importance in assessing future cash flows, quality of income operating capability, financial flexibly and liquidity, and information on financing and investing activities. Using cash flows from operating activities from the cash flow statements, different ratios such as liquidity, ratio, solvency ratio, and profitability ratios can also be calculated to evaluate an enterprise’s liquidity, solvency, and profitability. Aziz uddin and Bala, 2001: p. 14) Overview of Cash flow statement The cash flow statement explains the changes that have occurred in the company’s cash and cash equivalents during the year by classifying the cash flows in its operat ing, investing and financing activities. The statement must focus on cash receipts and payments and must explain the change in cash plus cash equivalents. The classification is done in a way that is most appropriate to the company’s business.The following are the definitions of the components of the cash flow statement: Cash: cash on hand and demand deposits Cash equivalents: short term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Operating activities: the principal revenue-producing activities of the enterprise and other activities that are not investing or financing activities Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash equivalents.Financing activities: activities that result in changes in the size and composition of the equity capital and borrowings of the enterprise (Epstein, p. 93). Objective and Scope of IAS 7 Information about the cash flow of an enterprise is useful in providing users of financial statements with a basis to assess the ability of the enterprise to generate cash and cash equivalents and the needs of the enterprise to utilize those cash flows. The economic decision taken by users requires an evaluation of the ability of an enterprise to generate cash and cash equivalents and timing and certainty of their generation.The objective of IAS 7 is to require the provision of information about the historical change in cash and cash equivalents of an enterprise by means of a cash flow statement that classifies cash flows during the period from operating, investing and financing activities. An enterprise should prepare a cash flow statement in accordance with the requirements of IAS 7 and should present it as an integral part of its financial statements for each period for which financial statements are prepared.Users of an enterprise’s financial statements are interest ed in how the enterprise generates and uses cash and cash equivalents. This is the case regardless of the nature of the enterprise activities and irrespective of whether cash can be viewed 214 ASA University Review, Vol. 6 No. 2, July–December, 2012 as the product of the enterprise, as may be the case with a financial institution. Enterprises need cash for the same reason however different their principal revenue- producing activities might be.They need cash to conduct their operations, to pay their obligations and to provide return to the investors. Accordingly this standard requires all enterprises to present a cash flow (Para 1 & 3). Presentation of Cash flow statement under IAS 7 Cash and cash equivalent: The definition of cash and cash equivalent are central to the preparation and interpretation of cash flow statements. Cash consists of cash in hand and demand deposits, coins and notes of an organization, etc. In our country deposits in postal accounts may be termed as c ash (Cooper and Ijiri, 1984: 88; Ghosh, 2001).Cash equivalents are short-term, highly liquid investments that are readily convertible into known amount of cash and which are subject to an insignificant risk of change in value. According to the definitions of paragraph 6 of IAS 7 cash comprises cash in hand and demand deposits; usually ‘cash on hand’ includes currency, notes, and coin in the cash box of the enterprise. It also includes prize bond, negotiable money orders, postal orders, and under posited checks, bank drafts or pay- order.Demand deposits refer to deposits in checking accounts in banks and other financial institutions that may be withdrawn without notice usually subject to deduction of outstanding check. Thus cash equivalents – 1. are short-term investments but the ‘term’ ‘short’ not clearly specified, although a period of three months and less is suggested to be taken as short term period. 2. are highly liquid investments. Here ‘liquid’ means having in a situation where cash equivalents are available in sufficient amount to meet obligation of payments. . are investments that are both: (a) readily convertible, to known amounts of cash and (b) subject to an insignificant risk of change in value. According to SFAC No. 95, the risk categorically refers to risk of change in interest rate. The short-term investments are so near their maturity that they represent insignificant risk of changes in interest rate. Examples include treasury bills, commercial papers, and money market funds purchased with cash that is in excess of immediate needs.However, although by definition, cash equivalents refer to short term highly liquid investments, they are usually held for the purpose of meeting short term cash commitments rather than for other purpose. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to insignificant risk of change in value. Therefore an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months and less from the date of acquisition. Equity nvestments are excluded from the cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred share acquired within a short period of their maturity and with a specified redemption date (Para 7). Cash Flow Statement Disclosures in Pharmaceutical Companies 215 Preparation of Cash flow statements IAS 7 requires cash flows to be classified into operating, investing, and financing activities. Example of cash flows by category Operating Activities Inflows Receipts from customers Outflows Payments to suppliersAdvance deposits from customers Wages and salaries to employees Income tax refunds Income tax payments Interest received on customers’ notes or Other tax payments accounts Dividends and interest received from Interest paid on bank debt or bonds outstanding and inve stments and included in determining net included in determining net income income Investing Activities Cash received from sale of capital assets Payments for purchase of capital assets Cash from sale of debt or equity investments Cash flows capitalized as intangible assets, such as:  · development costs  · start-up costs  · capitalized interest  · exploration Costs Collection of principal on loans to others Purchase of debt or equity securities of others Interest and dividends received on investments Loans extended to others and not included in determining net income Financing Activities Net proceed of issuing debt or equity securities Payment of principal on bonds or bank loans Cash proceeds received from bank loans Purchase of the entity’s own shares Interest paid on bank debt or bonds outstanding and not included in determining net income Dividends paid to shareholders Variations in Reporting activities for Cash flows A. Operating or Financing activities Transactio ns with different categories included in cash flows are classified in a different manner. According to IAS 7, Para 12, â€Å"A single transaction may include cash flows that are classified differently.For example, when the cash repayment of a loan includes both interest and capital the interest element may be classified as operating activities and the capital amount is classified as financing activities†. B. Operating or investing and financing activities Some cash flows may be classified as arising from any activities such as ‘interest’, ‘dividend’ ‘income tax’. The detailed provisions of these types are as follows. 216 ASA University Review, Vol. 6 No. 2, July–December, 2012 Interest: a. For a financial institution, interest paid and interest received are usually classified as operating cash flows (para 33). b. For other enterprise, interest paid and interest received may be classified as operating cash flows because they enter into the determination of net profit or loss.Alternatively, interest paid may be classified as financing cash flows, because they are costs of obtaining financial resources. Interest received may be classified as investing cash flows, because they are returns on investments (para 33). Dividend: a. For a financial institution, dividends received are usually classified as operating cash flow (Para 33). b. For other enterprise, dividends received may be classified as operating cash flows because they enter into the determination of net profit or loss. Alternatively dividend received may be classified as investing cash flows, because they are returns on investments (para 33). c. Dividend paid may be classified as financing cash flows, because they are costs of obtaining financial resources.Alternatively dividend paid may be classified as component of cash flows from operating activities in order to assist users to determine the ability of an enterprise to pay dividend out of operating c ash flows (para 34). Income tax: a. Taxes on income arise on a transaction that gives to the cash flows that are classified as operating, investing, and financing activities in cash flow statement. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transactions. Therefore taxes paid are usually classified as cash flows from operating activities.However, often it is practicable to identify the tax cash flow within individual transaction that gives rise to cash flows that are classified as investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed (Para 36). In the light of SFAS 95, â€Å"Transaction that enter into the determination of net income† are defined as operating activities and hence, interest re ceived or paid, dividend received and taxes on income are rigidly treated to arise from operating activities. Dividend to stakeholders are treated as cash outflows classified as financing activities (Keiso and Weygandt, 1998: 1275-76) Cash flow statement Practices in BangladeshRegulatory Framework, in the eyes of the Companies Act 1994 (Act no. 18 of 1994): According to Section 183 of the Companies’ Act 1994 (which came into effect from 1 January 1995), a company is required to present balance sheet, profit and loss account (income and expenditure account, in case of non profit companies). Under section 185, the balance sheet and the income statement have to be prepared according to the forms set out in Part –1 and Part –2 of Schedule XI respectively under which information on consecutive two years (concerned year and Cash Flow Statement Disclosures in Pharmaceutical Companies 217 preceding year) are to be provided.However according to note (g) of the general in struction for preparation of balance sheet (given in part –1 of schedule XI after the horizontal format of the balance sheet), â€Å"a statement of change in financial position shall be included as an integral part of the financial statements, and shall be presented for each period for which the profit and loss account is prepared†. However no specific format of cash flow statement has been prescribed in Companies Act 1994. In the light of the Security and Exchange Rule 1987 (S. R. O No. 237-l/87 dated on 28 September 1987): Under the provision of rule 12 (1) of the Securities and Exchanges Rules (SER) 1987(amended by the section notification No.SEC/ Section 7/SER/03/132 dated 22 october1997 published in the official gazette on 29 December 1997), the annual report to be furnished by an issuer of listed security shall include â€Å"a balance sheet, profit and loss account, cash flow statement and notes to the accounts collectively hereinafter referred to as the financi al statement’. In the part III of the Schedule of the SER 1987, issues relating to interest paid on short-term borrowing, interest and dividend received income taxes are clearly guidelined. For example, interest paid on short-term borrowing shall be a cash outflow under operating activities; ‘interest and dividend received’ shall be a cash inflow under investing activities. And ‘interest paid on long term borrowing’ and ‘dividend paid’ shall be a cash outflow under financing activities.Under paragraph 35-36, ‘taxes on income’ should be treated as operating cash outflow unless they can be identified in financing and investing activities. Findings of the study To know the extent of cash flows statement reporting practices by Pharmaceutical companies, a survey has been conducted covering twelve annual reports (2009) (For detailed the name of the companies see Appendix-1). The major findings of the study are given below in terms of general variations in reporting and voluntary disclosure. General findings It includes the current format and structure of cash flow statement and the extent of compliance of IAS-7, followed by sample Pharmaceutical Companies in Bangladesh. All the sample companies prepare cash flow statement as required by IAS-7/BAS 7 adopted by the Institute of Chartered Accountant of Bangladesh and present it as an integral part of the financial statements. Notes to cash flow statement have been presented as part of the financial statements in case of all the sample companies.  · The sample companies prepare cash flow statement in vertical form and shows figure of cash flows of the current year and the previous year.  · All the sample companies’ cash flow statement contains a classification of operational, investing, and financing activities.  · The sample companies did not illustrate the policy dopted in determining the formulation of cash and cash equivalents although this is r equired by paragraph 36 of IAS 7. 218 ASA University Review, Vol. 6 No. 2, July–December, 2012 Variation in Reporting Another objective of the survey was to determine which alternatives, permitted by IAS-7, are used most in practice by Bangladeshi pharmaceutical companies. It is found that there are not many differences between companies in their reporting of cash flow information. This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. The results are set out in table 1.Table-1 Variations in reporting [Cash flow statement (CFS)] Factors 1 Notes to CFS Options Separately, following the CFS Part of the notes to the financial statements Incorporated in the CFS Total Direct method Indirect method Total Operating activities or no interest Financing Investing activities Total Financing activities or no dividends Operating activities Investing activities Total Part of accounti ng policy note Nothing disclosed Total Operating activities or no tax Financing activities Investing activities Total Number of companies 0 12 0 12 12 0 12 12 0 0 12 12 0 0 12 12 0 12 12 0 0 12 2 Operating activities 3 Interest received and Interest paid 4 Dividend received and Dividend paid 5 Definition of cash and cash equivalents 6 Income tax Notes to table 1  · Refer to point 2 of Table 1.According to IAS-7 and SEC Rule 1987, the enterprises are encouraged to report cash flows from operating activities using the direct method. The direct method provides information which may be useful in estimating future cash flows which is not available under the indirect method. All the sample companies followed the direct method in reporting operating cash flows. One company (Pharmaceutical Mithun Knitting & Dyeing Ltd. ) discloses cash flows from operating activities under indirect method in notes of financial statements as additional information. Cash Flow Statement Disclosures in Pharma ceutical Companies  ·  · 219 Refer to points 3 & 4 of Table 1.All the companies studied have shown ‘interest received and paid’ under operating activities and ‘interest paid on long term borrowing’ and ‘dividend paid’ under financing activities. Refer to points 5 & 6 of Table 1. All the companies studied have shown â€Å"definition of cash and cash equivalents† in the notes of accounting policy and â€Å"income tax† under operating activities. Voluntary disclosure The survey also included an examination of any additional information that is disclosed regarding the company’s cash flow which is not required by IAS-7, but which may be helpful to the user. For example, separate disclosure of cash flows increases operating capacity and cash flows that maintain operating capacity, disclosure of segmental cash flows, cash flow per share etc.The survey found no company to disclose such additional voluntary information in its ca sh flow statement. Conclusion and Recommendation A materially misstated cash flow statement, whether it is in terms of incorrect classification in the categories or numerical accuracy, can be misleading to the user and can lead to wrong decisions taken by the users of the statement. The survey has revealed that although sample companies prepare cash flow statement according to International Accounting Standard-7 (BAS-7), there is also a degree of non-compliance. It is, however, found that there are not many differences between companies in their reporting of cash flow information.This is expected because the preparation of cash flow statement does not allow for many choices, differences of interpretation or different accounting treatments. To make cash flow statement more informative and useful for users, the companies should disclose additional voluntary information such as cash flow per share in their cash flow statements. Items consisting of cash flows from operating, investing a nd financing activities should also be clarified in the notes of the financial statements. Due to the limited scope of the present study, a large number of research issues have not been attempted but are identified in the course of the study.Disclosure practices of additional items other than operating, investing and financing activities, disclosure practices differences between listed and unlisted companies, disclosure practices differences between financial and other institutions are some such potential issues for future research. 220 ASA University Review, Vol. 6 No. 2, July–December, 2012 References Annual Reports of Sample Pharmaceutical Companies Listed in Dhaka Stock Exchange and Chittagong Stock Exchange 2009. Aziz Uddin, A. B. M and Bala. , S. K. ( 2001), â€Å"Cash Flow Reporting in Bangladesh†, The Cost & Management, Nov- Dec. ICMAB, p. 13. FASB Discussion Memorandum (1980), Reporting Funds Flow, Liquidity and Financial Flexibility, FASB, Stanford. Thomas H. Beechy. Joan E. D. Conrod, Intermediate Accounting, second Edition, Chpter 5, Exhibit 5-1 pp. 91 Ghosh, Santi N. (2001),â€Å"Workshop Material on IAS # 7 : Cash Flow Statements† compiled under the Institute of Chartered Accountants of Bangladesh (ICAB)Project, Development of Accounting and Auditing Standards in Bangladesh, The World Bank. Government of Bangladesh (GOB) (1994), The Companies Act 1994 (Act No. 18 of 1994). Gup, B. E. & Samson, W. D. 1993. An analysis of patterns from the statement of cash flows. Financial Practice & Education, 3(2):73-79. Hendrickson, Eldom. S(1982), Accounting Theory, Richard D. Irwin, Inc. , Illinois, p. 236. Hertenstein, J. & McKinnon, S. 1997. Solving the puzzle of the cash flow statement. Business Horizons, 40(1):69-76.International Accounting Standards Committee (IASC) (2000), International Accounting Standards 2000 International Accounting Standards Committee, London, â€Å"International Accounting Standard IAS 7 (revised 1992): Cash Flow Statements† in pp. 139165. International Federation of Accounting (IFAC) (1992), IFAC Handbook 1992: Technical Pronouncements (New York: IFAC). â€Å"IAS 7 (October 1977): Statement of Changes in Financial Position† in pp. 812- 816. Khan, M. H. & Akter, M. S. & Ghosh, S. K (2005), â€Å"Cash Flow Statement Disclosures: A Study of Banking Companies in Bangladesh†. Available at www. pcte. edu. in/site/OJMR/Finance/cashflow. pdf Keiso, Donald, E. and Jerry. J.Weygandt (1998), Intermediate Accounting, John Wiley & Sons, Inc. New York, 9th Edition, pp. 1275-76. Lee, T. A. 1982. Cash flow accounting and the allocation problem. Journal of Business Finance & Accounting, 9(3):341-352. Lee, T. A (1972), â€Å"A Case for Cash Flow Reporting†, Journal of Business Finance, Vol. 4, No. 2, pp. 27-36 as quoted in Studies of Accounting Theory, Steyn, B. W. & Hamman, W. D. 2003. Cash flow reporting: are listed companies complying with AC 118? Meditari, 11:167-180. Weyg andt, Kieso, Kimmel, Accounting Principles, 9th edition, John, Wilely and Sons, Inc, pp. 732-733 Wallace, R. S. O. and Choudhury, M. S. I. And Pendelbary, M. 1997), â€Å"Cash Flow Statements: An International Comparison of Regulatory Positions†, The International Journal of Accounting, Vol. 32, No, 1, pp. 1-22 Cash Flow Statement Disclosures in Pharmaceutical Companies 221 Appendix-1 List of the twelve Pharmaceutical companies studied. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. GlaxcoSmithKline Bangladesh Limited (2009) The IBN SINA Pharmaceutical Industry Ltd. (2009) BEXIMCO PHARMACEUTICAL LTD. (2009) ORION INFUSION LTD. (2009) ACI Formulation Limited (2009) Ambee Pharmaceutical Limited (2009) Square Pharmaceutical Ltd. (2009) Libra Infusions Limited (2009) BEACOM Pharmaceuticals Limited (2009) Rahman Chemicals Limited (2009) Renata Limited (2009) Therapeutics (Bangladesh) Limited (2009)

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5 - Essay Example In other words, they wanted to fulfill their feudal obligations. There were strong connections between the social necessity of violence and papal reforms, as well as the exploitation of this revivalistic imagination of the Papacy age. Even though the Crusades failed to attain permanent control of the Holy Land, their influence was both wide and deep. In their crusading fervor, they carried out succesful fights against the Muslims in Spain along with the pagan Slavs in the eastern Europe. In some instances they engaged in the war with infidels in self-defense (Prevità ©-Orton 282). As cited by Esposito (335), in 1095, the destruction of the Holy Sepulchure by the Fatmid caliph al-Hakim sparked the initial Crusade. Majority of the Christians viewed al-Hakim as an Antichrist. In the same way, Prevità ©-Orton (282) notes that the Holy Sepulcher was the holiest shrine in Christianity. Another motivation for the Crusade was the Byzantine’s Emperor Alexius I plea for assistance. Most of the Byzantine Empire had been conquered by the Constantinople together with Seljuk Turks. The Christians engaged in the war because Jerusalem, Jesus’ birthplace was also at threat. They wanted to regain the occupied territories (Madden 10). Lastly, the Crusades also had economic motives. They were responsible for the reopening of the eastern Mediterranean to Western commerce. This resulted in the emergence of great cities like Venice in addition to the emergence of a money economy in the

The mitigation analysis of unusable motor vehicles in Saudi Arabia Assignment

The mitigation analysis of unusable motor vehicles in Saudi Arabia - Assignment Example The cars, like any other machine, grow old and require repair, maintenance and eventually replacement. The well off urban population has been noted to more often than not opt for replacement of their aging cars, rather than have them repaired to elongate their working life. Like any other waste, the then retired cars pose a problem of disposal to their owners and some of them will either choose to abandon them either where they breakdown, at a mechanics compound, by the roadside or at the public parking places. Though legitimate methods of disposal exist –like selling the vehicle to scrap dealers in places like Bariman, most of the people opt for the illegal yet easy mode of disposal. What the law says. The ministry of the interior defines an abandoned property as any motor vehicle, outboard motor, vessel, ATV or trailer that is unattended which is operational or not and which is subject to removal or is removed from private or public property (PME 2012). It also defines a tow ing company as an entity or person who toes, stores or removes property which has been abandoned. The abandonment offence as defined by the presidency of the environment is the abandonment of a vehicle or any part that was part of a vehicle on any open land or any land constituting part of a highway or waterway. The offence also includes anything that has been abandoned and which was brought on land purposefully for abandonment. The law enforcement agencies will grant a towing company authorization to remove an abandoned property where: Abandoned on the right of way of any highway or on a freeway where: If in an urban area and the vehicle is left unattended for a maximum ten hours or four hours where the law enforcer feels that it poses a danger to other motorists or Away from an urban are if the vehicle abandoned for 24 hours or after 4 hours where it is perceived to pose a hazard to other motorists. If the unattended vehicle is on a bridge and obstructs the normal flow of traffic and no efforts from the owner to remove the property are evident. If the property had been reported as stolen or taken from the actual owner without their consent. Where the operator of such property has been arrested and taken to custody and has not been able to secure removal in time. Where the owner has parking/traffic violations which relate to any other local ordinance or municipal law and which are outstanding. Where the unattended property is violating any local ordinance or municipal law for which visible signs have been posted to give notice. Where the property is on territorial waters, is obstructing movement and has been there for more than ten hours or is floating loose. Where the operator of the property successfully eludes arrest for an offense which would otherwise have seen them taken into custody. The law enforcement agencies are allowed to immediately tow any vehicle or cargo that poses a hazard on any municipal highway, this includes the vehicle, the property ther ein, spilled cargo or personal property. For commercial haulers, if they are not transporting waste or cargo that is designated as hazardous, the enforcers have to grant the owner a reasonable chance to contract a towing organisation of their own. If property is abandoned on a private property, the security/property manager or the property’s lessee can have it removed without consent. They only need to contact an enforcement agent in their jurisdiction who will

The united States Constitution Essay Example | Topics and Well Written Essays - 500 words

The united States Constitution - Essay Example First passed by the Senate in April 1864 and by the House on 31st January 1865, the amendment was adopted the same year on 6th December (GPO-CONAN 1793-4). Section 1 of the 13th amendment explicitly maintains the abolishment of slavery and involuntary servitude from all parts of the country, as well as the territories outside the USA under American jurisdiction, in these words: â€Å"Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction† (GPO-CONAN 1796). In Civil Rights Cases, 109 U.S. 3, 20 (1883), the Supreme Court held that the amendment under-examination concentrates upon the eradication of slavery and involuntary servitude only with the aim of introducing an absolute freedom in the country (109 US 4, 20). Somehow, the court further exclaims, that denial of equal accommodations in public places does not impose any mark of slavery; instead it actually infringes the rights had been protected by the law abolishing slavery and involuntary servitude. In other terms, despite the reality that SC applies observing of equality at public places; nevertheless, it does not enforce the strict banishment of ethno-racial or religious prejudice and bias being demonstrated by the (white) subjects at the public places towards their black counterparts (Parks 24). However, the judgment issued by the court expressively turns down the prevalence of wide-scale ethno-racial prejudice in the country (109 US 62, 20). Similarly, through its verdict in 392 U.S. 409 Jones v. Alfred H. Mayer Co. (No. 645), the court held in its Para 2 (a) that Section 1982 completely bars any type of racial discrimination to be observed with regards to the sale and purchase of any property. In other words, witnessing of racial bias in property-related business has been declared

Bringing Home Adam Essay Example for Free

Bringing Home Adam Essay Adam Walsh in his book â€Å"Bringing Adam Home† conveys different important information concerning people and the society they dwell. This book is based on Mathew Joe’s experience in his investigation for the murder and abduction. The book suddenly reveals the cases of abduction and murder that the world at large gets to be no longer innocent wit. Bring Adam Home is a definitive story about a six year old Adam Walsh who was kidnapped, raped, and murdered in 1981. It explains how Adam stopped by the local store to get some new lamps. He was captivated by a video game at the entrance of the store and begged his mother, Reve, to allow him try it out while she shopped. However, his mother never found him when she returned a few minutes later. His body was later found mutilated in a drainage canal. The book details the botched investigations conducted by the police that prevented discovery of the killer for nearly twenty seven years. The book is one of the finest true-crime stories that can be related to Thomas Thompson’s Blood and Money of 1976. Les Standiford is the author of the story that exposes notoriety of the case. He has authored other nonfiction books and novels such as The Man Who Invented Christmas that was released in 2008. Bring Adam Home tells the story of the young boy’s abduction with the help of detective Joe Matthews, who eventually solved the case. The detective was working for John Walsh’s TV show, America’s Most Wanted, while investigating the case. The book gives a meticulous recount of the events leading up to the kidnapping of Adam from a Sears store at the Hollywood Mall in Hollywood, Florida. It illustrates the unsuccessful search for the missing boy leading to the subsequent location of his severed head bobbing in a canal miles away. The shock of Adam’s abduction and murder, as well as failure by the police to find the killer, was the most consequential in American history. Efforts of the parents of the young boy, John and Reve Walsh, revolutionized the justice system on crimes involving missing and murdered children. It influenced the way local, state and federal authorities investigate such cases. During the time of Adam’s abduction and murder, there were no Amber Alerts and the National Center for Missing and Exploited Children was nonexistent. In addition, the federal government did not have the pedophile registry or a database for crimes against children. It was a time when children received little attention as they played outside all day. Before his abduction, Adam was playing video game in a departmental store. The report of Adam’s abduction and eventual death led to investigations conducted by detectives from Hollywood Police Department. Detective Matthews joined the investigation team from Miami Beach Police department. Two years after the death of the boy, an illiterate arsonist, Ottis Toole, admitted to kidnapping and killing Adam. The police got this revelation during questioning about several unresolved murders. Toole was later convicted as a serial killer, but Adam’s case was not included among the crimes he had committed. There was a time Toole recanted his confession. However, he admitted to committing the crime several times later. In his confession, Toole explained that he took Adam to raise him as his own child. He only killed him when he found out that Adam could identify him. There are several reasons that resulted in failure by the police to issue charges against Ottis Toole. More prominently, the police failed in their work in correctly documenting the findings. This led to their eventual failure in the gathering of the physical evidence. Therefore, a warrant of arrest was never issued against Ottis Toole leading to dismissal of his confession. Several other facts clearly demonstrated that Toole was the culprit. Firstly, he was the only person who gave twenty five independent confessions connecting him to the crime. Secondly, Toole had detailed information concerning the crime scene that would only be known by the killer. Thirdly, scores of eyewitnesses identified Toole as the killer. The book outlines the tireless work done by the bereaved parents in search for justice on behalf of other missing children. The main attraction of the book is the investigation of the Hollywood Police Department that exposes the bulging of the investigators that had previously worked on the case. Standiford and Matthews carefully builds the case against the police. They provide details that contain numerous leads that were disregarded during the initial investigation. These included some obvious questions that were never asked, a number of crucial witnesses that were ignored, and details concerning incomplete or falsified reports. In addition, the fresh investigation of the investigators exposed evidence that was never examined and a number of vital evidence that got lost. The book exposes the most damning revelation concerning ignorance of the Hollywood police on repeated confessions by a serial killer. The killer had detailed information concerning the crime that was never made public. However, he was never tried for the crime despite confessing to the boy’s murder. The author does not bend facts to show his artistic skills. He details factual information and is not self-consciously literary. The spilling of the narrative follows a matter-of-fact style. This is an excellent choice for a narrative laced with so much mistrust, heartbreak, perversion, and gore. The authors also exposed names of several people that were never mentioned in the initial investigation. The authors recount how detective Matthews was, on numerous occasions, stonewalled by other detectives and superiors from the Hollywood police department. This occurred when he was on loan from Miami Beach Police department as a detective to assist in investigating the case. He was further frustrated when he accepted to assist the desperate parents in investigating the case afresh. It seems the Hollywood detectives and their superiors had ulterior motives of frustrating the cause of justice for the case. Moreover, the disappearance of the boy had attracted national attention with the media being at the fore front. Joe Matthews was a topnotch homicide detective who was entrusted the responsibility of unraveling who had killed the boy. However, his concerns on disorganization witnessed at the station handling the case went ignored. There was a time he was excused from the case after suffering a nasty road accident. The case was further groped by new revelations on shotgun accusations and lack of any tangible leads. This was until Ottis Toole, a convicted serial killer admitted to the murder. The investigations dragged for two decades before Matthews got access to all information on the case files. On scrutinizing the information, the detective found out what he had long suspected. The case files showed that there had been sufficient evidence to prosecute the killer of the young boy. Unfortunately, the said killer, Ottis Toole, had died in prison in 1996. He died of liver failure at the age of forty nine. He had confessed earlier to the killings and other grisly crimes. It was hurting for a country that has arguably the best justice system to allow the grieving parents of a murdered child to lead investigations that would culminate to the deserved justice. One may wonder why the case took that long without finding justice. There are several reasons that may have jeopardized the quality of investigations into convicting the actual culprit. During the time period when the crime occurred, DNA forensic technology was still rudimental. This could have been the reason why Toole was not charged for the murder despite loads of evidence linking him to the crime scene. The Hollywood Police Department was highly respected at the time of the crime. Failure by the department to effectively solve Adam’s case may have been caused by assigning wrong detectives to work on the case. The lead investigator failed to perform his duty as the investigation was marred with claims of laxity and lack of proper supervision. The assigned leader of the investigation team was very territorial. This is evidenced by his refusal to consider inputs made by other detectives, especially Joe Matthews. The case would have been closed twenty five years earlier had he put into consideration all the findings. Though nothing could have been done to prevent the abduction, the lead investigator should have solved the Adam Walsh case at the time it occurred. Adam’s father, John, later became a steadfast advocate for missing and exploited children. He was the host of America’s Most Wanted. Through his program, he championed for the transformation of law enforcement on matters pertaining to handling similar cases. The activism of the Adam’s father influenced Congress to pass the Missing Children Act in 1982. Two years later, the National Center for Missing and Exploited Children was launched. John reunited with Joe Matthews, the decorated Miami Beach homicide detective, after twenty five years of Adam’s death. It was in February, 2006, when the parents requested the detective to re-investigate the case involving their son. The investigator, armed with an arsenal of forensic tools and heartfelt intent, reopened the case and went through all the case files that contained all information pertaining to the initial investigation. After two years and nine months, Joe Matthews emerged with a 10,000 page report that exposed evidence that was never recorded or looked at by the original investigators. The findings had enough evidence to indict Ottis Toole with the abduction and murder. Bring Adam Home is an account of a crime that captured public attention. It is a story of dedication, tragedy, love, and faith. The author reveals the pain and persistence of a family determined to find justice. It reveals how police failed in their work and allowed a criminal remain without being indicted. The story shows how a determined police officer was capable of accomplishing what an entire legal system failed to achieve. It is a testimony of love shown by distraught parents who took up the cause of finding justice over twenty five years after the death of their son. Their struggle and that of detective Matthews has helped the nation develop programs dealing with the exploitation of missing children. Moreover, Adams abduction and death has had an impact on how mothers watch over their children. The themes in the book is much convincing in that, it has a lot of elements of brutality in the form of thriller. But it gets concern most on the unsympathetic characters as the lead officer could term. Also, it was portrayed as bumbling brute which was much discouraging. However, the book is made more attractive when Matthews’s works of detectives get started almost in the middle of the book. This also makes the author to recount in great details. For instance Toole confesses for the various ways of killings he made in his life and the tough readings of parents. The book is much unique in to the fact that, it confronts the readers through various horrifying natures of the world relating to the crime situations that comes to pass. However, with the clear and thorough understanding of the book, it reveals why the investigations took long in solving the crime and also where the investigation horribly went off target. Readers also come to admire the determinations of Walshes and Mathews for not giving up at an early stage until when the book comes to an end. The book is not so much perfect to some extend. This is evident when the police officer reports of the author’s quotes and even some of the information found in it, seem nauseam. After clearing the book, well, the tone is better placed. However since that period; 1981, there have been many rumors and doubts about the murder of Adam Walsh. The book leaves the reader in full world of doubt about the perpetration of the investigated crime. The book also puts the reader in a bad mood in that it disturbs the mind set of a person. The book is much graphic in its illustrations on what befallen the poor Adam. It imposes too much information on the person who was suspected to be behind the murder which is much uncalled for. For instance, if the story was about how the US handles cases of child abduction, it would stick on the issue other than giving more details of different murder, rape and other horrified acts which happened long time ago.

Memorable Experience Essay Example for Free

Memorable Experience Essay There has been many good and many bad things in my life. Although it was only at the age of five, I will always remember when my godfather David passed away. My mom dad and I lived together with David in Mathews, Virginia. I was always with him and would never leave his side; I was more attached to him than I was to my father. We did everything together we went to the playground, he took me to work with him, and we would take our dog on walks. He was the most special person to me, and I will always have a burning hole in my heart without him by my side. It was my birthday, May 18th, 2002 and my family would always take me out to dinner on my birthday. The whole day I couldn’t wait for David to get home so we could get ready together for dinner, I hadn’t seen him all day because he had work, and I had school. When he arrived at our house as usual he came to my room and gave me the biggest bear hug, David said, â€Å"Are you ready for our dinner sweetheart.† I said, â€Å"Yes, I’ve been waiting all day I’m so excited to go.† So we both got ready for dinner, I chose to eat a Ruby Tuesdays because when I was that age it was my favorite restaurant. Before we went to dinner mom, dad, and David gave me the presents that they had gotten me, of course I was thankful for everything I had gotten. Mom, dad, and I drove separately from David; he rode his motorcycle. We had the best time at dinner, and I thoroughly enjoyed myself. I loved eating out away from home, and it was always a big treat to me. Since it was my birthday I ordered a steak, the staff surprised me by singing Happy Birthday and bringing me a free piece of delicious chocolate lava cake. Chocolate lava cake happened to be my favorite dessert so you could not imagine the happiness it brought me for them to surprise me with it. Afterward, we all went to Walmart and David told me I could pick out one toy from the toy isle, and he would buy it for me. This treatment was nothing out of the ordinary David always treated me like a princess and bought me little gifts just because. Once we checked out at Walmart, we all decided we would meet back at the house. David wouldn’t be home until a little after us because he was some plans to take care of, but he told me he loved me and would see me in the morning before he went to work. Later that night my mom woke me up and said David had lost control of his motorcycle going around a turn and had gotten split in half by a road sign. I couldn’t believe what happened I was astonished, I was in doubt. It just couldn’t be true that someone that I loved so much was tooken from me  on what is supposed to be the best day each year for me. I cried and cried. At his funeral, the preacher spoke of me, how special of a person I was to him and that I was the light of his eyes. Anywhere David was I was strolling right behind him with the biggest smile on my face. The preacher said, â€Å"If any of you lose hope that he is not on this earth anymore, look at that little girl because he will always be watching over her.† Each birthday I start my day off with going to see my Guardian Angel at his resting place. He has always been and forever will be a part of my heart. In life, this has taught me anything can change in a matter of seconds people come and go, even people who mean the world to you. Sadly you can’t change what has happened but you have to move forward and grow from the experience because I know that he continually watches over me and will never leave my side.

Learning Perspectives in Education

Learning Perspectives in Education Learning: Perspectives, Perceptions and Performance â€Å"Learning† is a vague, important term. When mentioned, common associations are often relegated to the association with young schoolchildren and not so often as one of the most intriguing and inquired upon aspects of psychology. Prior to further elucidation, as if oft the case, the examination of â€Å"learning† merits a definition. Though it seems to be a word of self-evident meaning, because it is hard to study directly, some further refining must be utilized. This self-evident ‘acquisition of knowledge’ can only be measured with behavioral outcomes and should be observationally able to be distinguished from reflexive or instinctive responses. A behavioral outcome might consist of a high test score, a rat that quickly presses a lever, an employee that receives bonus compensation or any other number of commonly conceived examples. In discussing the nature of learning, there are perhaps two or three popularly dominant perspectives which are essential to understand in the formation of any reasonably comprehensive review. These perspectives include the behaviorist, the social learning, and the cognitive schools. Though it becomes apparent that these three influences are not without critique and that, even within each, there exists what might be labeled ‘factions’, their fundamental contributions cannot be ignored. Behaviorism The first of these perspectives is the behaviorist. In this scheme, there are two broad branches: classical conditioning and instrumental conditioning. In classical conditioning, learning occurs by the pairing of the stimulus with a desired response of the subject. Experimentally, this is an example of Pavlov’s famous dogs and the learning that results is a consequence of the learned associative relationship and is not contingent upon any action by the subject. The alternative to this method is instrumental conditioning in which the subject gets to â€Å"choose†. By this, it is meant that the reinforcement is contingent upon what the subject â€Å"chooses† as evidenced by the behaviorally discernibly different response. Within the realm of behaviorism, one key contributor and voluminous icon of psychology in general is Thorndike. As a function of his experiments with cats in boxes for which they had to perform some specific behavior to escape, he concluded that learning was a process of an incremental nature and that their was became a neural link between the stimulus and response. This was evidenced by his successive experiments in which the cats became ‘smarter’, that is, they learned what specific behavior was required in order to be released. As the number of trials progressed, there was an inverse relationship with the time needed to escape. The work of Skinner furthered the science of behaviorism by his greater elucidation of the four broad categories of reinforcement: Application of a positive stimulus – Commonly referred to as a reward, this involves the presentation of something the subject desires. Removal of a positive stimulus – An example of this for children would be â€Å"time-out†. Theoretically and often in reality, this method is useful to extinguish unwanted behaviors. In fact, according to Skinner, the most effective way to eliminate a behavior is to ignore it, thus removing any external reinforcement. Application of a negative stimulus – Typically referred to as â€Å"punishment†, this involves the application of an unwanted or noxious stimulus to shape behavior. Removal of a negative stimulus – This is the be the restoration of â€Å"normal† conditions upon cessation of an undesirable action or commission of some desired behavior. A parenting example would be the removal of a ‘grounded’ condition upon acceptable repentance of some past action. In addition Skinner identified another type of reinforcer that he labeled a â€Å"general reinforcer† due to its wide applicability. Money is one such item and is so labeled because subjects desire it regardless of their state of depravity. This is in contrast to food which is not an adequate stimulus unless one is hungry, that is deprived of food. Another theorist, Guthrie provides yet additional insight into the theories and methods of learning. One of his key contributions to the field is with his â€Å"Law of Continuity†. In this, Guthrie proposes eloquently that, â€Å"a combination of stimuli which has been accompanied by movement will on its recurrence tend to be followed by that movement†Ã¢â‚¬ ¦ in other words, an action in a given situation will likely be repeated when the subject finds themselves in a similar situation. The Cognitive Approach While there is the well-known debate of nature versus nuture that runs throughout science, such polarity also exists within the field of psychology and learning. A pure behaviorist would insist that so-called ‘choices’ are really nothing more than an animal-like actions in all behavior is reducible to stimulus and response type mechanisms. As behaviorism has significantly added to our understanding of the human condition, there exist alternative perspectives that are also quite useful. One such branch of the more cognitive division of psychology is referred to a Gestalt psychology. From this perspective, the insight that the brain is not the passive recipient of stimulus but actively involved in the perception and construction of reality is posited. Further, Gestalt psychologists attest that a given stimulus exists not in isolation but in the total context of the perception of the subject. For example, Wertheimer, the father of Gestalt psychology, cited the example of two blinking lights being able to present the perception of apparent motion. This as well as the popular psychology examples in which a certain line has the appearance of being longer than another depending on the lines and figures around it speaks to the tenet of Gestalt psychology that an experience as a whole, is greater than the sum of the individual parts that make it up. From these and other example, the idea that the mind is able to shape its own perspective of reality by virtue of its own beliefs about how things should be or how they are desired to be is a major enduring contribution of t he Gestalt movement. Though not a cognitivist, Piaget’s contribution to learning could arguably be filed in this area. Particularly noted for his contributions to developmental psychology and thus much appropriate for child rather than adult learning, Piaget declared the existence of fairly defined period of development. During these periods, a child was able to learn specific skills and acquire certain abilities with not being able to achieve certain others due to the maturation and innate abilities that of a developing brain. For example, the period of approximately seven to twelve years old is referred to as the concrete operations period. During this range, reasoning and problem solving abilities are generally limited to â€Å"concrete† phenomena that can be seen and observed rather than abstract in nature. Observational or Social Learning Though cognitive in nature, these theories have been treated separately due to both their easy discernment by more ‘pure’ cognitive perspectives and by the distinctness of the contributions of the key theorists. Up to this point, the models of learning that have been postulated, whether behaviorist or cognitive, have been focused on the subject only. Moving somewhat further away from the ‘clean’ and ‘pure’ perspective of behaviorism, social learning theory attests that the focus must extend beyond the subject to the contextual influence on others. In describing the views of social learning, some of the most controversial and informative experiments in modern psychology have be conducted. For example, Bandura’s famed ‘prison experiment’ in which subjects were put into a mock prison with some subjects assigned to be â€Å"guards† while others were simply â€Å"prisoners†. The experiment was terminated early due so me of the subjects ‘taking their roles a bit too seriously’. In another classic experiment, children were shown a film showing an adult acting aggressively by hitting a doll or shown an adult being kind to a doll. These same children later modeled the demonstrated behavior, whether aggressive or not. Such findings are reinforced by LeBon’s work on â€Å"crowd psychology† in which individuals and groups are influenced by others to model or imitate certain implicit behaviors. Implications on Health Well-Being Animals, depending on the species, have a number of unlearned, innate behavioral responses to certain stimuli. Examples such as sea turtles that ‘automatically’ head toward the sea upon birth on a sandy beach to dogs that seek the warmth and scent of their mothers while they cannot see after birth abound in literature. On the other hand, humans seem to come into the world as a blank slate to be written upon by life’s experiences. It is this aspect of humanity that makes learning play such a pivotal role in our development and beyond. Further, after even a short perusal of the various schools of thought, it becomes apparent that the human animal is complex enough to warrant the consideration and application of all perspectives. By doing so, it is possible not only achieve specific learning goals but also to achieve the avoidance of certain other issues that may occur from situations in which learning does not occur. One such example of this is the child who is raised with excessive punishments to shape behavior. According Skinner and other behaviorists, this can produce a ‘maladapted’ adult who has emotional issues. These emotional issues may manifest themselves in any manner of behaviors such as avoidance of others or difficulties in relationships to, at the extreme, sociopaths who ‘act out’ their frustrations upon others. From a cognitive perspective, much of the therapeutic approach of this school is in bringing the â€Å"cognitive errors† that a person commits to their conscious awareness. These â€Å"errors in thinking† occur when a person creates false assumptions or acts utilizing illogical conclusions in choosing their responses to stimuli. Extreme but common examples are those who express feelings of being a â€Å"total failure† and consider suicide. In most cases, such errors are much more subtle but just as insidious with regards to their ability to alter behavior. Clearly, learning plays not just a role in the development of humans but is an ongoing factor in the ‘success’ of daily living. Psychologists, human resource specialists, trainers and managers and supervisors of any business are vitally concerned about learning in the workplace. As the business world grows more sophisticated, new skills are needed. These new skills must be taught, learned and successfully applied for the mutual success of the individual and the enterprise. As such, lessons from all three perspectives are quite relevant. By utilizing key components of each perspective and theorist, one can gain a flexible paradigm by which there is greater understanding and application to additional circumstances. It is with this goal of greater applicability that a number of specific contributions are outlined below: Thorndike on Education Thorndike had much to say in regards to educational process and the efficacy of teaching methods and styles. This insight is relevant regardless of the age of the learner. Consider the situation the student faces. Consider the response the wish to connect with this situation. Form the bond. All else equal, from no bond that will have to be broken. All else equal, from as few bonds as possible. All else equal, form bonds in the way they are required to act later. Favor the situations and responses that naturally occur in life (Hergenhahn and Olson 2005, p. 72). The bond that Thorndike refers to is the previously mentioned neural bond that exists between the stimulus and the response. Though these recommendations contain a number of Thorndike’s behavioral precepts, a key ‘learning’ for typical occupational settings is the last advisement. Reminiscent of the idea that if one is going to train for a five-kilometer road race, it is at some point necessary to train by running reinforces the point that training for a specific task should, as much as possible for effective learning, resemble the task itself. Skinner on punishment Just as Thorndike â€Å"lectured† on educational process, the iconic behaviorist Skinner advises in regards to punishment. This topic is perhaps most salient to child-rearing, an occupation in which there exists considerable frustration that might be at least slightly abated by the application of a learning theory. From a behaviorist standpoint, â€Å"punishment† is the application of a negative or undesired stimulus in order to shape behavior. While commonly utilized, Skinner cautions that punishment: Causes unfortunate emotional byproducts Indicates what an organism should not do rather than what it should do. Justifies inflicting pain on others. Being in a situation where previously punished behavior could be engaged in without being punished may excuse a child to do so. Punishment inflicts aggression toward the punishing agent and others. Punishment often replaces one undesirable response with another (Hergenhahn and Olson 2005, pp. 92-94). Guthrie on breaking habits Also a behaviorist, Guthrie addressed the issue of â€Å"habits†. From a behavioral perspective, habits are simply a specific response to a large number of stimuli in which the greater the number of the stimuli, the greater the strength of the habit. As habits can be a significant annoyance and possibly quite maladaptive, insight into their extinguishment is valuable. According to Guthrie, the following four methods are useful and valid: Threshold Method – In this method, the technique of ‘warming up’ to an idea is utilized rather than the sudden presentation of the stimulus in order to attenuate the response. Fatigue – This method demonstrates the futility of a response to gain the desired results but simply letting a subject ‘wear themselves out’ when a stimulus is presented. Incompatible Response Method – This method relies upon the pairing of a stimulus which generates an unacceptable response with a stimulus in which the response is not compatible with the unacceptable response. Such action has the effect of lessening the ability of the former stimulus to evoke and undesirable response. Though this is a behavioral percept, it has the net effect of forcing the subject to cognitively â€Å"rethink† the pairing and its meaning. Sidetracking – This method is one in which a habit in not so much eliminated as simply avoided. By removing the stimulation, one can effectively sidetrack the response (Hergenhahn and Olson 2005, pp. 220-224). Wertheimer’s Facts versus Principles According to Wertheimer, the father of Gestalt psychology, real â€Å"learning† occurs not by the simple recitation of facts but rather by the understanding of underlying principles. As apt illustration of this idea is the following example: A school inspector who was impressed by the children he had observed but wanted to ask one more question before departing. â€Å"How many hairs does a horse have?† he asked. Much to the amazement of both the inspector and the teacher, a nine-year old boy raised his hand and answered, â€Å"3,571,962.† â€Å"How do you know that your answer is correct?† asked the inspector. If you do not believe me,† answered the boy, â€Å"count them yourself.† The inspector broke into laughter and vowed to tell the story to his colleagues when eh returned to Vienna. When the inspector returned the following year for his annual visit, the teacher asked him how his colleagues responded to the story. Disappointedly, the inspector said, â€Å"I wanted very much to tell the story but I couldn’t. For the life of me, I couldn’t remember how many hairs the boy said the horse had.† (Hergenhahn and Olson 2005, p. 281). Enough said. Piaget’s â€Å"Learning depends on failure† Though we generally judge the success of learning by achievement, the noted developmental psychologist Piaget suggests that perhaps this should be reconsidered to some extent. Specifically, Piaget indicated that learning occurs only when the dilemma of ‘not learning’ or a failure to learn is present. To elaborate, the inability or failure of previous learning to account for a given set of circumstances makes it possible for new situations to be assimilated and accommodated, thus providing the raw material for learning to occur. Important to this assimilation and accommodation, or learning process is the ability of the teacher to gradually challenge rather than overwhelm the individual ((Hergenhahn and Olson 2005, pp. 302-303). Bandura: Human Monkeys are Different†¦ In early behaviorist experiments, animal subjects did not â€Å"look† at other animals to learn adaptive strategies. While more recent experiments have indeed demonstrated this phenomena, is was the failure of these early experiments that led Bandura to postulate model learning. In this system, Bandura explained and predicted human behavior by such as means that the stimulus was simultaneously internal and external to the subject. This is, to some extent, a cognitive behavioral approach and aptly illustrates the importance of positive role models and the influence that others can have upon learning and behavior. Conclusion Human learning simply cannot be fully understood by the use of a single perspective. It is not that any one paradigm is incorrect but rather each is only a partial representation of the range and diversity of the human condition. By availing oneself of multiple perspectives, one becomes the beneficiary of significantly more vast knowledge by which life, through work-, school- or home-life can be improved through the application of numerous principles and precepts designed to foster adaptive responses to the stimulation life brings. Works Consulted Hergenhahn, B. and M. Olson. (2005). An Introduction to the Theories of Learning, 7th Edition. Upper Saddle River, New Jersey, US: Pearson Prentice-Hall. Le Bon, G. (1914). The Crowd: A Study of the Popular Mind. London: T.F. Unwin.