Comparison of IFRS and U.S GAAP in relation to intangible assets

Comparison of IFRS and U.S GAAP in relation to intangible assets 1. Introduction Businesses have never been as globalised as they are today. Numerous corporations from developed, newly industrialised and developing countries operate on a global basis and need to create financial statements using the accounting practices of their home country, as well as those existing in their areas of operations. The divergence in accounting practices of different countries creates the need for the preparation of separate financial and accounting statements and subsequent reconciliation of differences. The international accounting fraternity is now steadily moving towards global commonality in accounting practices and procedural reporting. The International Accounting Standards Board (IASB) has been working towards convergence of global accounting standards. Its mission is to develop and enforce a single set of global accounting standards, based on preparation of high quality, transparent and comparable financial statements for local and global users. The IASB has been working on compiling a stable set of International Financial Reporting Standards (IFRS) for first time users. The IFRS was mandated for all publicly listed companies in the European Union in 2005 and has also been adopted by other countries like Australia. The IASB has also been working very closely with the US Financial Accounting Standards Board (FASB), since 2002, to bring about convergence between US GAAP and the IFRS. However, while significant work has been done on harmonising IFRS with US GAAP and many pending issues are being currently addressed, a number of accounting topics are still treated differently by these two systems. A number of differences continue to remain in the accounting treatment of intangible assets. Intangibles have been defined in various ways. Essentially they comprise of assets that do not have physical presence and are represented by items like goodwill, brands and patents. These assets do not have shape but do have values; which again are sometimes indeterminate but often capable of estimation. They need to be under the direct control of the organization and capable of yielding future financial gain to be termed as intangible assets belonging to the company. A strong legal right that can lead to future financial gain is a good example of an intangible asset whose valuation is quite indeterminate but nevertheless provides security and the potential for financial gain to an organisation. The treatment of intangible assets has always been contentious and open to different interpretations. Even today, while IFRS and US GAAP have moved towards convergence in a number of accounting areas, significant differences still remain in their treatment of intangibles. These differences are specific in the treatment of goodwill and research and development costs, and lead to specific differences in the final preparation of financial statements. It is the purpose of this assignment to examine the differences and similarities between US GAAP and IFRS for the treatment of Goodwill, Research and Development costs, Brands, Patents and Trademarks. A number of texts have been referred for this assignment, especially International Accounting and Multinational Enterprises 6th edition by Radebaugh, Gray and Black, International Financial Reporting: A Comparative Approach by Roberts, Weetman and Gordon, the US GAAP and IFRS websites, a number of specialised publications by PWC andand the published accounts of many multinational corporations. Accounting statements and established practices are often subject to individual interpretation and the perusal of a number of texts has enabled the researcher to prepare a holistic and critical assessment of the selected topics. Inputs from all these texts and publications have been used in the preparation of this paper. 2. Goodwill Goodwill arises as an intangible asset and comprises of the difference between the cost of an acquisition and the fair value of its identifiable assets, liabilities and contingent liabilities. A recent analysis by PricewaterhouseCoopers (PWC) estimates that intangible assets accounted for approximately 75 % of the purchased price of acquired companies in recent years. Increasing attention is now being paid on the management of intangible assets and the IFRS3 has responded to this need by detailing accounting procedures for intangible assets. Goodwill makes up approximately two thirds of the value of intangible assets of US companies and the figure for companies registered in the EU would presumably be similar. Accounting of Goodwill arises in the case of acquisitions where the purchase price exceeds the net cost of purchased tangible assets, the monetary difference being attributed to goodwill and other intangible assets. IFRS procedures, unlike US GAAP, previously required the amortisation of goodwill over a specific number of years, thus establishing an artificial life for this asset. This procedure has since been changed and with the IFRS position converging with that of GAAP, goodwill is not considered to be a wasting asset anymore. It however needs to be emphasised that this refers only to goodwill obtained from acquisitions. Internally generated goodwill is not reflected as an asset either under IFRS or under US GAAP. The IFRS enjoins companies to distinguish between goodwill and other identifiable intangible assets. As such the value of other intangible assets like Research and Development, Patents, Trademarks, Brands and others need to be removed from the goodwill basket to arrive at the residual goodwill value. The treatment of goodwill is different from other intangibles as, subject to periodic assessments for impairment, it is expected to maintain its value indefinitely. While both IFRS and US GAAP require goodwill to be valued, reconciled, detailed by way of factors and reflected in financial statements, they have dissimilar modes for its accounting treatment. In most acquisitions the amount of goodwill is significant because of the considerable difference between the purchase price and cost of net assets of the acquired company. The difference in accounting treatment between IFRS and US GAAP thus causes the results of the financial statements prepared under the two methods to vary considera bly and calls for a detailed reconciliation. There is no immediate plan to bring about a convergence between these two modes of treatment, which is a matter of regret. a) Goodwill under IFRS Goodwill is not amortised any longer under IFRS procedures and is considered to be an asset with indefinite life. It however has to be subjected to a stringent impairment test, either annually, or at shorter notice if the need arises, to assess for erosion in value. In the event of impairment, the Profit and Loss Account is charged with the computed impairment amount to ensure the immediate highlighting of poorly performing acquisitions. Goodwill is thus not seen as a steadily wasting asset but one with indefinite life; and with a value linked to the performance of the unit. Another significant change in the treatment of goodwill has arisen out of the requirement for treating all business combinations as purchases. This will eliminate the possibility of companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ not recording goodwill by pooling the assets and liabilities of various companies together for preparation of financial statements. The test for impairment of goodwill under the IFRS is carried out at the level of the Cash Generating Unit or a group of CGUs representing the lowest level at which internal managements monitor goodwill. The IFRS also stipulates that the level for assessing impairment must never be more than a business or a geographical segment. The test is a one stage process wherein the recoverable amount of the CGU is calculated on the basis of the higher of (a) the fair value less costs to sell or (b) the value in use, and then compared to the carrying amount. In case the assessed value is lesser than the carrying cost, an appropriate charge is made to the profit and loss account. The goodwill appropriated to the CGU is reduced pro rata. The IFRS requires detailed disclosures to be published regarding the annual impairment tests. These include the assumptions made for these tests, and the sensitivity of the results of the impairment tests to changes in these assumptions. M/s Radebaugh, Gray and Black, in their book International Accounting and Multinational Enterprises stress that these disclosures are intended to give shareholders and financial analysts more information about acquisitions, their benefits to the acquiring company and the efficacy and reasonableness of impairment reviews. Negative goodwill arises when the cost of acquisition is less than the fair value of the identifiable assets, liabilities and contingent liabilities of the company. While its occurrence is rare, negative goodwill can well arise when loss making units are acquired or a distress sale gives a company the opportunity to acquire a bargain. In such cases IFRS procedures stipulate that the acquirer should reassess the identification and measurement of the acquireeà ¢Ã¢â€š ¬Ã¢â€ž ¢s identifiable assets, liabilities and contingent liabilities and the measurement of the cost of the combination. The excess of net assets over the cost should be recognized and taken to the profit and loss account. Goodwill under US GAAP Goodwill was treated as an asset with indefinite life by US GAAP even when IFRS procedures allowed for its amortisation. The change in IFRS procedures is a thus a desirable step towards convergence. In US GAAP, goodwill is reviewed for impairment at the operating level, which specifically indicates a business segment, or at a lower organisational level. In no case can an impairment assessment be made for a level higher than a business segment. Impairment must be carried out annually or even at shorter intervals, if events indicate that the recoverability of the carrying amount needs to be reassessed. While these requirements are similar to those stipulated by IFRS, the procedure for assessment of impairment is significantly different and comprises of two steps. In the first step the fair value is computed and compared with the carrying amount of the concerned unit including goodwill. If the book value is higher than the fair value, no further exercise is suggested and goodwill carried forward at the same value. If however the fair value of the reporting unit is lesser than its carrying amount, goodwill is considered to be impaired and the second step is applied. Goodwill impairment, under US GAAP, is measured by computing the excess of the carrying amount of goodwill over its fair value. The computation for this is fairly simple and constitutes of determining the fair value of goodwill by allocating fair value to the various assets and liabilities of the reporting unit, similar to the procedure used for the determination of goodwill in a business combination. The calculated erosion in goodwill needs to be shown specifically as an impairment charge in the computation of income. The assessment and treatment of negative goodwill is also somewhat different in US GAAP, even though the basic accounting principles are similar to that followed by IFRS. In this case the excess of fair value over the purchase price is allocated on a pro rata basis to all assets other than current assets, financial assets, assets that have been chosen for sale, prepaid pension investments and deferred taxes. Any negative goodwill remaining after this exercise is recognised as an extraordinary gain. 3. Intangible Assets other than Goodwill Intangible assets other than goodwill are identifiable non-monetary assets without physical substance. M/s Radebaugh, Gray and Black state that intangible assets need to be identifiable, under the control of the company and capable of providing future economic benefits. While formulation of appropriate modes of accounting for these assets pose challenges to accounting theory and concepts, their importance in business is significant enough to warrant the application of detailed accounting thought. All the texts consulted have devoted significant attention to the treatment of intangible assets. A July 2006 paper on Accounting Standards regarding Intellectual and other Intangible Assets by Halsey Bullen and Regenia Cafini of the United Nations Department of Economic and Social Affairs is also very explanatory and deals with the subject both in depth and with comprehensiveness. This section deals with the similarities and dissimilarities under US GAAP and IFRS for specific intangible assets e.g. Research and Development Costs, Brands, Trademarks and Patents. While the growing importance of intangible assets call for their inclusion in financial statements, their intrinsic nature makes it difficult to do so. First, there is little connection between the costs incurred for creation of intangibles and their value. Second, it is also difficult to predict the extent of benefits that intangibles will be able to deliver. Both the IFRS and US GAAP have certain commonalities in the accounting treatment of intangible assets. In case of acquisitions, managements are enjoined to isolate specific intangible assets and value them separately from goodwill. All these assets have to be identified, valued and indicated separately in the balance sheet. The list of intangible assets that need to be recognised separately, as a result of IFRS 3 is extensive and includes a host of things like patents, brands, trademarks and computer software. IFRS 3 demands that the identification and valuation of intangible assets should be a rigorous process. Experts however feel that while valuing intangibles is essentially associated with subjectivity, logical mental application and the use of working sheets should be able to satisfy the demands of regulators. IFRS and US GAAP classify intangible assets, other than goodwill, into assets with limited useful life and assets with indefinite useful life. Assets with finite life are amortised over their useful life. While arbitrary ceilings are not specified on the useful life of those assets, they still need to be tested for impairment every year. An asset is classified as an asset with indefinite useful life if there is no probable limit to the period over which it will benefit the firm. It is however rare for intangible assets other than goodwill to have indefinite useful lives and most intangibles are amortised over their expected useful lives. Assets with indefinite lives have to be subjected to rigorous annual impairment tests. The fact that most intangible assets (other than goodwill) are amortised over their expected useful lives requires the determination of the expected useful life of each of the assets acquired. The general principles detailed above are common to both IFRS and US GAAP and are useful in determining the broad procedures for accounting and disclosure of intangible assets. As previously elaborated, accounting treatment primarily depends upon the determination of the life of an intangible asset, more specifically whether it has an indefinite or finite measurable life. All intangibles are governed by the same sets of disclosure requirements. Accordingly, financial statements should indicate the useful life or amortisation rate, amortisation method, gross carrying amount, accumulated amortisation and impairment losses, reconciliation of the carrying amount at the beginning and the end of the period, and the basis for determining that an intangible has an indefinite life. Apart from these requirements, the differences, detailed below, between US GAAP and IFRS in the treatment of Research and Development costs, Brands, Trade Marks and Patents, also need consideration. Treatment of Research and Development Costs and Brands Development costs are however assessed for valuation of long term benefits and, amortised over their determined benefit period. Capitalisation of development costs is allowed only when development efforts result in the creation of an identifiable asset, e.g. software or processes, whose beneficial life and costs can be measured reliably. If however a Research and Development project is purchased, IFRS provides for the treatment of the whole amount as an asset, even though part of the cost reflects research expenses. In the case of further costs being incurred on the project after its purchase, research costs will need to be expensed out while development costs will be eligible for capitalisation, subject to their meeting the required criteria. US GAAP however stipulates that all Research and Development costs be immediately charged to expenses. Certain development costs pertaining to website and software development are however allowed to be capitalised. Research and Development assets, if acquired are valued at fair value under the purchase method. However if the assets do not have any alternate use they are immediately charged to expense. Both PWC and publications opine that US GAAP will most probably move towards the IFRS position on Research and Development as part of the short term convergence exercise. Brands The treatment of Brands is similar under both US GAAP and IFRS norms. It has been specifically clarified that the value of brands generated internally should not be reflected in financial statements. In case of brands obtained through purchase or acquisition the value of the brand will have to be computed at cost or fair value and it will need to be determined whether the life of the brand is indefinite or finite. Brands with indefinite lives will need to be subjected to rigorous impairment tests every year, and treated like goodwill. Brands with finite lives, while subject to yearly impairment tests, will need to be amortised like other intangible assets. It needs to be noted that the mode of assessment of impairment in US GAAP is different from IFRS and this factor will accordingly come into play for assessment of impairment. Trademarks and Patents The costs of Patents and Trademarks, when developed and obtained internally comprise, mostly of legal and administrative costs incurred with their filing and registration and are expensed out as regular legal or administrative costs. The IFRS specifies that no revaluation is possible for Trademarks and Patents in accordance with IAS 38. This is because an active market cannot exist for brands, newspaper mastheads, music and film publishing rights, patents, or trademarks, as each such asset is unique. In the case of patents and trademarks obtained through acquisition, the treatment is similar to the broad category of intangible assets, for identification, valuation, measurement and recognition for purposes of separate disclosure. Acquired patents and trademarks are measured initially at purchase cost and are amortized on a straight-line basis over their estimated useful lives. Bibliography Bullen, H, and Cafini, R, 2006, Accounting Standards Regarding Intellectual Assets, UN Department of Economic and Social Affairs, Retrieved November 14, 2006 from unstats.un.org/unsd/nationalaccount/ia10.pdf FASB: Financial Accounting Standard Board, 2006, Retrieved November 14, 2006 from www.fasb.org IFRS and US GAAP, 2005, IAS Plus , Retrieved November 14, 2005 from .net/dtt/cda/doc/content/dtt_audit_iasplusgl_073106.pdf Intangible assets: brand valuation, 2004, IFRS News Brand Valuation, Retrieved November 14, 2006 from www.pwc.com/gx/eng/about/svcs/corporatereporting/IFRSNewsCatalogue.pdf Radebaugh, L.H., Gray, S.J., Black, E.L., 2006, International Accounting and Multinational Enterprises, 6th edition, John Wiley and Sons, inc., USA Roberts, C, Westman, P, and Gordon, P, 2005, International Financial Reporting: A Comparative Approach, 3rd edition, FT Prentice Hall, USA

Appropriateness, Reinforcement, Preferences and Transformation Essay

Question: According to Eunson (2006, p.15) there are four main criteria to be considered when choosing the medium/s of communication to best articulate an argument: Appropriateness, Reinforcement, Preferences and Transformation. Select one of the criteria and discuss its importance to a communication situation. Any successful communication process requires the presence of a message, appropriate medium   and the desired message’s effect on the receiver.   Ã‚  To effect success in communication, it is important to use a suitable medium based on the Preferences criterion. Modern technologies have greatly facilitated human communication. However, as Priestley’s Paradox illustrates, people get to actually communicate less as communication technologies further advance (Eunson 2006, p.4). Hence, for effective communication, it is more important to consider the message and the effect of that message on the receiver (Eunson 2006, p.7). The successful transfer of message and its effect, however, largely depends on the communication mode used or â€Å"preferred†. The medium is crucial to the effect of a message because as emphasized by Marshall McLuhan (Lister 2003), â€Å"societies have always been shaped more by the nature of the media† . In other words, the medium is the message. A case in point would be a Human Resource Department in an office where the HR Manager normally ‘prefers’ communicating with his staff through memos and e-mail notifications. But being a smart manager, he or she will not hesitate to utilize other media as needed, according to the importance of the message and the desired effect to the recipients. He or she may ‘prefer’ to personally discuss an individual’s unsatisfactory ‘Performance Assessment Report’, earlier sent as is via individual e-mail, through   one-on-one review. The richness of media (Daft & Lengel 1986, p.557) effected by direct face-to-face discussion is ‘preferred’ to the e-mail channel, which in this case plays a secondary role as preparatory medium of documentation. Herein, interpersonal communication appropriate to a small group (Baker, Barrett & Roberts 2002, p.11), is considered and selected to amplify the Report’s â€Å"warning† content with the goal of effecting the desired change in the staffer’s behaviour. Exploring â€Å"Preferences† in choosing media is vital to effectively convey the message. Since the medium, which helps shape the content, is mostly the message itself and that the message’s effect on the receiver is affected by the medium, selecting the suitable channel from a range of Preferences becomes crucial to any effective communication.    Bibliography Baker, E. Barrett, M. & Roberts, L 2002, Working Communication, John Wiley & Sons Australia Ltd., Milton Qld. Daft, R. L. and Lengel, R. H. 1986 â€Å"Organizational Information Requirements, Media Richness and Structural Design,† Management Sci., Vol. 32, No.5, pp. 554–571. Eunson, B. 2006, Communicating in the 21st Century, John Wiley & Sons, Australia Ltd., Milton Qld. Lister, M 2003, New Media: A Critical Introduction, Routledge, London.

Strengths and Weaknesses of Apple Company Free Essay Example, 1500 words

Any company s strengths are its capabilities and resources that a company can use to develop a competitive advantage. It can be a good reputation, any cost advantage in any form, brand name, accessibility to the distribution network, product or service exclusive features. Apple is a highly flourishing company. In its second quarter, the sale of its iPod Music player has increased enormously up to $320. This has not only increased the sale of iPod but also of Macintosh computers. So Shuffle iPod gives the company a boost which enables its sales team to sell its other products as well. Sales of iPod Shuffle in the US are very high and represented a massive part of the revenue to the company (Menzies, D. 2004). Apple brand is one of the most well-known and vigorous IT brands in the whole global market. The customers of Apple are very faithful and devoted to the brand. It means a company which owes loyal customers has no need to spend much on the advertisement. It not only attracts new customers but also retain the old clientele who come again and again to purchase a new line of Apple products. We will write a custom essay sample on Strengths and Weaknesses of Apple Company or any topic specifically for you Only $17.96 $11.86/pageorder now The absence of all those above mention strengths in a firm is its weaknesses. It could be a bad reputation among customers, high production costs structure, for example, lack of access to supplying network, lack of access to the best natural resources, etc. In some cases, it is totally opposite to strengths like in a case where a company has a high production capacity. In normal circumstances, it is a strength, but it can be a weakness if a company has done huge investment to raise the capacity and cannot change the product strategy in this situation (Barney, Jay. (2002). As per reports, the screen of iPod shuffle has been found little bit defective. Furthermore, the batteries are also found faulty. The company in return offers its valuable customers replacement of faulty screen and batteries free of cost. Furthermore, Apple Company is facing immense pressure from the music industry to increase its price of music download file. Many of such companie s make huge profits from such downloads instead of sales of their original and authentic CDs.

Fortunatos Setbacks In The Cask of Amontillado - Free Essay Example

Sample details Pages: 2 Words: 596 Downloads: 2 Date added: 2019/06/13 Category Politics Essay Level High school Tags: The Cask of Amontillado Essay Did you like this example? In spite of the fact that Fortunato is a savvy wine master, his ability drives him to his passing. In Italian the word Fortunato implies blessed, something that he isnt before the finish of the story. In The Cask of Amontillado Edgar Allan Poe utilizes foretelling and emotional incongruity and verbal incongruity to demonstrate Fortunatos setbacks which in the end prompt his passing. Incongruity and anticipating are scholarly gadgets utilized in writing. Portending is the point at which a component in the story is utilized to indicate an occasion that will happen further along in the story. There are a wide range of kinds of Irony. One of these is sensational incongruity, which alludes to when a character thinks something is valid yet the gathering of people know the genuine truth of the circumstance. Another sort of incongruity is verbal incongruity, which is the point at which a character says something however implies something else. These two kinds of incongruity are ones Poe utilizes the most in The Cask of Amontillado. Don’t waste time! Our writers will create an original "Fortunatos Setbacks In The Cask of Amontillado" essay for you Create order In The Cask of Amontillado incongruity assumes a crucial job in the story. One case of verbal incongruity can be seen when Montresor first observes Fortunato at the festival and says My dear Fortunato, you are fortunately met, (Poe 1). This announcement is a kind of verbal incongruity in light of the fact that Fortunato isnt entirely met by Montressor, whose expectations are to kill Fortunato. A sort of sensational incongruity in the story can be found in Fortunatos clothing at the fair. Fortunato was dressed as a buffoon, however it was really Montresor who was giggled at and mocked. Teacher Charles N. Nevi, of the bureau of English in Medford, Oregon, expounds on the incongruity in Fortunatos dress when he says, Fotunatos dress is unexpected, for a jokester isnt only a man to be giggled at; he is a man who makes others snicker by monitoring the frailties of humanity and after that mocking them, yet Fortunato knows about next to no and who disparages nothing. It is Montresor who cam e nearer to the job of entertainer, (Nevi par.8). Here Professor Nevi recommends that Montresor is the person who is really disparaged and ought to be a superior fit in the jokester dress. These precedents show Fortunatos amusing disasters that prompt his inevitable passing. Portending is another scholarly gadget profoundly utilized in The Cask of Amontillado. An early example of anticipating is found in the title The Cask of Amontillado. In the title Barrel nearly looks like the word coffin which alludes to where a man lays after death. The title rapidly draws consideration that the story includes the passing of a man. Another essential utilization of anticipating is in the main sentence in The Cask of Amontillado. Poe begins the story off with Montresor expressing, THE thousand wounds of Fortunato I had borne as I best could, however when he wandered upon affront I pledged retribution (Poe 1). This announcement was meaning the last time montresor would take Fortunatos abuse. In the announcement, Montresor pledged vengeance upon Fortunato for the majority of the harmed he has caused him. This model hints the passing of Fotunato as Montresor states that he is tired of the put-down. Anticipating Fortunatos passing gives us and early perspective of Fortuna tos mishap. The employments of foretelling and incongruity have a fundamental impact in The Cask of Amontillado. Foreshadowing in the story indicated towards the passing of Fortunato. The distinctive kinds of incongruity show how the diverse components of the story helped us comprehend the outcomes Fortunato faces for his destructive ways.

The Counter Culture of the 1920s Essay - 1493 Words

The counter culture of the 1920’s has affected the way the American lifestyle is today. Counter culture is a culture that primarily consists of younger people, with values and lifestyles opposing those of the original established culture. (Dictionary.com) A need for change. The 1920’s are also known as the â€Å"Jazz Age,† which was coined by F. Scott Fitzgerald, and the â€Å"Roaring Twenties.† It was a decade of change. (Hakim, 41) The counterculture of the 1920’s resulted from the Age of Jazz, Flappers, and the Harlem Renaissance. Out of the streets of New Orleans, a new form of music arose. This new type of music was not known as African or European, but simply American. It was jazz. In 1900 jazz first developed, but it wasn’t until the†¦show more content†¦Louis was born in New Orleans where he grew up and learned to play the trumpet. He also learned to sing. Because of his long improvised solos, he inspired jazz so that long solos became an important part of jazz pieces and performances. (Cayton, 462) Armstrong was the king of jazz trumpet players. The new style that he created gave a voice-like quality to his horn. (Hakim, 58) Although Jazz was very popular itself, a majority of the fans and listeners were younger people. Flappers were commonly known during this time. They danced to the jazz music with a whole new style. A flapper was a modern woman of the 1920’s with bobbed hair, short skirts, and dramatic make-up. (sparknotes.com) The flapper was also used to represent a new type of young woman. It represented a woman that was bold, rebellious, and energetic. Only a small percentage of American women were flappers. The image of the flapper had a huge impact on the rest of the nation’s fashion and behavior. Most women began to cut their hair short. It was called bobbing. Many parents wouldn’t allow it. To the older generation, it seemed taboo to have short hair. Some of the daughters of these people felt old-fashioned for not having their hair cut short. (Hakim, 42) Before the twenties, it was rare for a woman’s ankle to be glimpsed upon beneath long skirts. Yet, during the ’20’s, the ankles were highly visible as the hemlines for women’s skirts rapidly went up and up, asShow MoreRelatedThe Roaring Twenties By F. Scott Fitzgerald860 Words   |  4 Pageswas a celebration of youth and culture. All of America seemed to have an unquenchable thirst for entertainment and art. So life during the 1920’s brought new forms of entertainment, new movements in the arts, and new attitudes and fashion for women. Movies quickly became a national pastime, radios became a primary news source, painters started capturing the realities and dreams of America, and music composers created a distinct type of music called jazz. 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Symbolism in the Road Not Taken, “A Worn Path”, and I Used to Live Here Once Free Essays

string(180) " slowly in the dark pine shadows, moving a little from side to side in her steps, with the balanced heaviness and lightness of a pendulum in a grand-father clock† \(Clugston, R\." 2Symbolism in Literature Published by susansteppe, February 27, 2011 Symbolism in â€Å"The Road Not Taken†, â€Å"A Worn Path†, and â€Å"Used to Live Here Once†. When looking at the short story and poem it is impossible to see it all in a literal form. There is always some sort of symbolism that occurs within the body of the text, but what is symbolism. We will write a custom essay sample on Symbolism in the Road Not Taken, â€Å"A Worn Path†, and I Used to Live Here Once or any similar topic only for you Order Now It can be defined differently by many people. Even when looking at a dictionary it does not typically give a thorough answer. It is because symbolism is created by the author. However, it can be contradicted or have a completely obscure meaning to the reader. This is the exact reason why symbolism cannot be defined. However, it can be interpreted. Understanding the journey that characters take and their symbolic nature is definitely worth decoding. In fact, the symbolism of the journey is usually the basis behind the literary work itself. One of the well-known literary works with a symbolic journey is Robert Frost’s â€Å"The Road Not Taken. † In the poem there is a man who has come to a crossroad in his life. One path is traveled on frequently while the other path is not. He has to make a decision as to what path he should take. No matter what, he knows that he cannot turn back once he has made the choice, but it is implied. He chooses the path less traveled and, in turn, it happens to be the best choice he had ever made. Many have analyzed this poem and many have come up with different ideas of what it actually means. Some say it is about suicide, some say it is about life changes, while others insist it is about life changes. When is the interpretation wrong? The reader gets what they must out of the poem as they read it. It depends on what life situation they are going through at that time. The author, Robert Frost, knew what he was writing about. Therefore, the interpretation of the poem actually merges itself with the reader. Regardless, there is a journey that occurs throughout this poem. To analyze the literary work there needs to be a beginning. Read more in Poetry  « Does a Sonnet Always Have 14 Lines? Poetry Comparison Essay – â€Å"The Evacuee† and â€Å"Death of a Naturalist†  »In the first two lines of Robert Frost’s poem he says: â€Å"Two roads diverged in a yellow wood, And sorry I could not travel both† (Clugston, R. W. , 2010; section 2. 2). There is a certain symbolism in the yellow wood. It is not that the forest was filled with yellow trees. It was obviously at the beginning of fall. Fall is the season that everyone slows down from the summer. The anticipation of winter is coming and can cause a sort of depression in some people. It would explain why he wanted to travel both. The following line says: â€Å"And be one traveler, long I stood And looked down one as far as I could To where it bent in the undergrowth† (Clugston, R. W. , 2010; sec 2. 2). Here the reader comes to understand that the man took his time looking down the path. This could symbolize patience or a lack of movement, which would again go along with the idea that the man was depressed. Another aspect of the idea of depression, one path had leaves on it while the other was grassy. When someone is depressed they do not want to go down a dreary path. Instead, they would want to go down the grassy path that looked less traveled. Perhaps then something would change in their life. The actual symbolism of the paths themselves goes right along with that idea. However, the man was obviously optimistic because he did think about saving the one path for another day. He does contradict himself when he doubts that he will come back. The symbolism occurs with his doubts. He knows that once he goes down one path that he will not be able to come back at all. When the reader thinks about it there is an ordinary situation with this scenario because the entire poem is about a man who stops when he comes to a fork in the road. Nevertheless, the road actually is a symbol for life. That is where the imaginative language is used, and it is used in order to create emotion. Should the man go down the path with the leaves covering it? What are the leaves representing? The leaves were not scattered everywhere, so the road was less traveled upon. In fact, the leaves represent the difficult trials that were to follow. Basically, it is easier to walk a path that has nothing in the way then one that does not. Therefore, the images that are particularly effective are the two paths and the leaves. These symbols change the tone of the poem to confusion, but it actually provokes deep thought when the traveler states that he took the one less traveled by. In the short story â€Å"A Worn Path† symbolism of the journey also occurs. Yet, it is much different from Frost’s â€Å"A Path Not Taken. In Frost’s poem he has the choice of two different paths, but in â€Å"A Worn Path† the old woman, Phoenix Jackson, takes the same path over and over again. The path that Phoenix takes is a path that she has taken many times before in order to get medicine for her grandson. The symbol of the path is life’s long journey. After all, she is an old woman who has dealt with many things in her life. The symbolism of the pendulum in a grandfather clock also pertains to her age. She is an old woman, a poor one at that, who walks with a cane made from an old umbrella. She was very old and small and she walked slowly in the dark pine shadows, moving a little from side to side in her steps, with the balanced heaviness and lightness of a pendulum in a grand-father clock† (Clugston, R. You read "Symbolism in the Road Not Taken, â€Å"A Worn Path†, and I Used to Live Here Once" in category "Papers" W. , 2010 sec 6. 3). When Phoenix hears the noises in the thicket she is determined to make sure they stay away. This represents her strength of mind. Her willpower is a large part of the symbolism within the story because of the long journey she has to take. She is not on a mission to help herself. Instead, she is on a mission to help a part of her family. Therefore, it is a purpose driven trip, so when the animals make noise in the distance she does everything possible to make sure she scares them off. It is a life-saving task in which she cannot fail. It is then that Phoenix has to climb a hill that is almost too difficult for her. The hill actually symbolizes the struggle of life. When everyone is a child it is easy to do anything. Hills are no big deal to climb, bicycles are easy to ride, and running everywhere is as simple as eating. However, as a person ages it is more difficult to do things. That is where the hill comes in to play. She needs to climb the hill in order to conquer aging. There was no way that she could give up easily because of the journey she was taking. Also on the hill is a bush that catches her dress. The bush signifies the obstacles in her life. She obviously lived a hard life. She had many wrinkles, her clothes spoke for themselves, and she had not been able to clean herself every day. The fact that she was poor epitomizes the fact that she had lived a hard life up until this point. Once she freed herself from the bush it characterized her willpower again. Nothing was going to stop her from completing her task. Another important factor about the bush was that she yelled at it. She called in a pretty green bush. That symbolizes the fact that she did not recognize the many of the obstacles in her life until they actually came to pass. After she struggles with the bush she sees the sun. The sun signifies the importance of dealing with the struggles in her life. Basically, there was a light at the end of the tunnel. She was freed from that turmoil that happened in her life and she could go on. There was a new beginning, or she could start things anew. Unfortunately, that was not the end of her struggle through life because there was the large log in the way. The log embodies the act of accomplishment. No one could stand in for her. She, Phoenix, had to overcome her own tussle. Once again, a fight for security is symbolized with the barbed wire fence. On her journey she sees a buzzard, which is a symbol of death. When thinking about a buzzard many imagine them circling around a carcass. It is their way of claiming their meal for the day. Nevertheless, this one was just sitting there. The fact that he was not moving could symbolize death waiting for her. Yet, Phoenix was not ready for death. She may be getting old, but there was no room for death in her excursion. Shortly after she sees the buzzard she comes upon a scarecrow. Buzzards, crows, and other birds usually sit on the arms of a scarecrow. That exemplifies death as well, but instead of avoiding the scarecrow she dances in front of it. She was mocking death, or telling death in her own way that she would have no part of it. After all, she was on a mission to help her grandson. He had a throat condition, probably asthma, which prevented him from doing many things. There was no way she was going to give up her exertion. When Phoenix finally reached her destination it was a symbol of accomplishment. When thinking about the entire path it indicates the journey throughout life. As a baby everything is taken care of. There are no worries within life because there is someone to lean on. That is the first part of the path. The second part of the path, the hill, is the beginning of hardships. Each tribulation got bigger and bigger the older Phoenix became until she came to a point in her life when her burdens were easier to overcome. Yet, when she does get the medicine for her grandson she has to go through the entire trip over again. Again, it symbolizes more difficulties in life and the many obstacles that she had to deal with in her life. â€Å"A Worn Path† is the perfect depiction of how many people’s lives turn out. No one gets a free ride in life, which means everyone has to deal with their own miseries, troubles, and sufferings in order to become better people. Phoenix is a strong-natured, strong-willed, and head-strong woman because she dealt with her ordeals in life. It may have been difficult at times, but she became an accomplished woman in her own right. Another short story that symbolizes life’s journey is â€Å"Used to Live Here Once. † The first trek of her journey was the rocks in the stream. Each rock represents a significant part of the trials everyone has to deal with in life. For instance, the round unsteady rock symbolizes the rocky road people must endure throughout life. No one truly gets the easy way out of life because there is always something that makes the journey unstable. The safe stone represents childhood. When someone is a child they do not need to be dependent on themselves in order to get through their distresses in life. A mother carries her newborn, feeds them, and cares for them. Basically, the newborn has no worries. Even as a child growing up there are really no burdens to deal with. There might be anxieties, but the child’s mother, or father, is there to catch them when they fall. They can look around as long as they want at their life and perhaps where they might be in the future. The rock, itself, is the parents. The next rock was no so safe because it was slippery and when the water rose it would be covered. This rock indicates the time of life when there are trials and tribulations to endure. The first is, of course, becoming a teenager. There are worries, distresses, pains, and hardships to deal with. The rising of the water actually designates the rush of life after becoming an adult. A person is on their own with no one to catch them, but themselves. They need to have a watchful eye whenever difficulties arise, and sometimes those ordeals can be overbearing. There are even times when that person falls, but they always get up again. Reaching the other side of the stream designates or symbolizes the triumph over the tribulations in life. It is safe, so there is nothing to fear. The ground is secure and it is easy sailing from there. The road that the woman travels on is much wider than it used to be. It says in the story, â€Å"The road was much wider than it used to be but the work had been done carelessly† (Clugston, R. W. , 2010, sec 7. 5). This can be interpreted a couple different ways. One way is that life is unpredictable. In other words, there is no telling what could happen next because no one knows their future. The second way of understanding the wider road is to signify change. When people become older and go through their struggles, or heir rocks, they become different people. Everything that a person endures allows them to grow into the person that they are. For instance, a child that has had a mellow life growing up suddenly decides to join the military when they become of age. They go to boot camp one person, but come back someone completely different. It is because they dealt with obstacles throughout boot camp and had to grow up int o an adult. That is a forced measure of growing up, but the concept is the same. Each trouble or ordeal they go through makes them into a better person. When the woman gets near the house she sees more changes. A house gone and one built a car, and items that were no longer there. Yet, she is so excited about coming back to place she grew up she does not really care. This, again, symbolizes the changes in life that occur. Once life has changed and the hardships are endured nothing is the same. Trials in life either become more difficult or easier to deal with. There is no telling but, nonetheless, the changes stay. Then the woman comes upon the two children playing in the yard. She attempts to say hello, but the children ignore her. She thinks it is because she is colored. The woman gets closer to the children and she attempts to say hello again. However, they do not answer still. When she gets very close to the children one of them say it is cold, so they leave. This is when she realizes that she is no longer among the living. Therefore, the entire trip she took symbolizes the entire cycle of being born to the moment of death. In conclusion, the symbolisms between â€Å"The Path Not Taken,† â€Å"A Worn Path,† and â€Å"Used to Live Here Once† are quite similar. All three are about life’s challenges and the struggles throughout life. There are always decisions that need to be made through life and there are always going to be obstacles that get in the way. It is getting through those tribulations that are the trick. Not only that, but it is crucial not to give up. The stories portray that indefinitely. In â€Å"The Path Not Taken† the man takes the road less traveled. Yes. He had to go through many troubles throughout his life, but in the end he chose the right path. In â€Å"A Worn Path† the old woman pretty much has to go through the same difficulties throughout her life, but her endurance presides over her. Therefore, she has made the right choice. Last, but not least, in â€Å"Used to Live Here Once† the woman path symbolizes the entire trek through life from birth to death. These three literary works are definitely worth reading, but they are also there to teach about life itself. References Clugston, R. W. (2010) Journey into Literature. San Diego, CA. Bridge point Education. (http://content. ashford. edu/books/AUENG125. 10. 1/sec2. 2) (http://content. ashford. edu/books/AUENG125. 10. 1/sec6. 3) (http://content. ashford. edu/books/AUENG125. 10. 1/sec7. 5) Phillips, R. T. (March 1986) Diverging and Converging Paths: Horizontal and Vertical Movement in Robert Frost’s Mountain Interval. Vol 58, Issue 1, pg. , 17 p. American Literature. Moberly, K. (Winter 2005/Spring 2006) Toward the North Star: Eudora Welty’s â€Å"A Worn Path† and the Slave Narrative Tradition. Vol. 59, Issue ? , p. 107-127, 21p. Mississippi Quarterly. Piwinski, D. J. (Winter 2008) Mistletoe in Eudora Welty’s ‘A Worn Path. ’ 16 (1): 40-42. ANQ: A Quarterly Journal of Short Articles, Notes, and Reviews Flag It Spam Adult Content Plagiarism Insufficient Quality Wrong Category Select the Right Category about Writing Autos Books Business Computers Creative WritingDomesticGamingGeneralHealthInternetMoviesMusicNewsOff eatPetsPoetryRecipesReligionScienceShort Stories Society Sports Television Travel Women Selected for you by a sponsor: 10 Signs You May Be in an Emotionally Abusive Relationship (HeathCentral. com) What Happened to Marie Osmond’s Face? (Style Goes Strong) You might be interested in: A Summary and Review of The Goal by Eliyahu M. Goldratt and Jeff Co x: A Guide for Thinking Executives – and Those Who Want to be One (Book stove) Childhood Phrases and Their Darker Meanings (Book stove) Tahrir Flame Flame (Trifter) The Stupid King (Trifter) How to cite Symbolism in the Road Not Taken, â€Å"A Worn Path†, and I Used to Live Here Once, Papers

Analysis of the Environment of Woolworths-Free-Samples for Students

Question: Write a report on your chosen firm/organisation which examines the key trends and dimensions of the internal contexts in which both the strategy and the strategy process of the company are embedded. Answer: Introduction This section is briefly introducing the details of the key performance indicators which are useful in measuring the performance of any organization. The study is focused on one of the most reputed retail chain Woolworths which is located in Australia. It should be discussing on the analysis of the internal environment of Woolworths. The three key performance indicators which are evident in Woolworths would be the culture of Woolworths, brand image and profitability of the company. The company is developing an embedded and store led culture within the team and develops goals which are fulfilling the requirements of the customers. The customer claims reduced by 19 percent in the year 2017 and the Lost Time Injury Frequency rate has reduced down to 6.76 and the Total Injury Frequency Rate of 12.97 (woolworthsgroup.com.au, 2018).It is also seen that the company has the dedicated and diverse team which has been bringing the culture into play and the culture is aligned with the goals of the customers. The brand image of the company provides an indication of how much the company is liked by the customers which is the second KPI for Woolworths. The next performance indicator for Woolworths should be the high profitability and sales of the company. There has been the growth of around 3.7 percent from 2016. There is the growth of say 4.5 percent and 4.3 percent in Australia Food and Endeavour Drinks. There has been the gross profit margin of around 28.71 percent. It is seen that the sales for the year of $36.4 billion has been incare4sed 4.5 percent on the previous year while the comparable sales has been increased by 3.6 percent (woolworthsgroup.com.au, 2018).There has been the online sale grew by 15.8 percent. It is also seen that the sales for the year has been enhanced in hotels. Internal Environment AnalysisResources and Capabilities Woolworths is considered as one of the largest and reputed retail chain operating in Australia. The resources are very important in bringing sustainability to the business. There are basically two types of resources which include the tangible and the intangible resources. A tangible resource is the resource which can be felt or touched wand that indicates that the resource is physically available (Evans, Stonehouse Campbell, 2012). The intangible resource is the one which is not felt but it is significant in developing the core competencies for any organizations. The tangible resource for Woolworths could be that they have around 3000 stores across Australia and New Zealand and have the employees of around 185,000. Woolworths has the effective management and the human resources. They also have the well designed and well equipped machineries inside the stores so that they can be able to provide high quality services and customer satisfaction (Keupp, Palmi Gassmann, 2012). One of the intangible resources could be that Woolworths should be developing and delivering quality and value driven products and services to the customers. It is important that there is the need of developing the high quality products and services to be given to the customers with the enhanced employee engagement practices and right kind of motivation to be given to them so that they can become customer centric and hopefully they will be achieving the requirements of the customers on a daily basis as well (Lasserre, 2017). The next intangible resource which they have is basically the high brand equity and reputation for their excellent quality fresh foods and their strong relationship with the alliance and partnering organizations they have been collaborated with. Capabilities are defined as the resources when come together in the achievement of the organizational objectives. One such capability for Woolworths is to be delivering high quality products and services to the customers. The next could be the development of the good compensation packages and incentive systems for their employees working in the respective stores helps them to improve their performance. The next could be the wide range of products and services along with the huge volume of stores they have which helps in enhancing their capabilities. Core Competencies of the firm A core competency is defined as the capability of any firm which helps in developing competitive advantage for that firm. The wide variety of food products and services they deliver it to the customers adds a competitive advantage. The effective culture as well the huge volume of stores helps in reaching out millions of customers providing them immense satisfaction (ausfoodnews.com.au, 2018).The innovation they make for example petrol retailing. They have also vertically integrated some of their suppliers in reduce their competition in the market. VRIO Analysis The VRIO analysis is the analysis where there is the identification of the resources which has been segmented into different categories. This explains that if the resources which are identified can be integrated then only it creates competitive advantage. Value- The Company has its dedicated and high skilled and talented staffs who can deliver high quality services to the customers. Rarity- They basically relies on the capabilities which are valuable but they are common in other retail stores like the quality and innovative products and the skilled employees (Stead Stead, 2014). Imitation- Woolworths has been adopting the green refrigeration technology which has taken several years to adopt and this is quite costly to imitate for the competitors. Organization-The company has been exploited the resources quite successfully within the retail market of Australia. This will help them to exploit the competitive advantage they are enjoying it now. Value Chain Analysis The value chain analysis is the tool which is useful in creating value for the activities they are doing for holding a high position within the retail industry of Australia (Rothaermel, 2015). So the value chain analysis has been depicted below Inbound Logistics- They have their own distribution centers and this results in added advantage of procuring huge volumes and reduce the cost price (Hill, Jones Schilling, 2014). They should also be taking the advantage from the suppliers by providing the discounts. Operations- Woolworths has owned local farmers who can be able to provide fresh raw materials and this result in the development of fresh products with cost reduction to the customers. Outbound Logistics-There has been the application of the in store vendor quality management system to be implemented so that the freshness of the products and its quality could be maintained for a long period of time (Slack, 2015). Marketing and Sales- Woolworths has been using advertisements and the social media marketing as the tool for promoting the new products (Evans, Stonehouse Campbell, 2012). They also provide discounts, customer loyalty cards in order to increase their sales. Customer Service- The use of the trolley system inside the stores and the refund policies has been useful in providing high quality customer service resulting in high customer loyalty. Discussion on the culture of the firm There is a transformation to be made in the culture of Woolworths. After the new CEO has been appointed, the new CEO is sending the staffs to the boot camp before they start their career in the respective stores of Woolworths (mumbrella.com.au, 2018).They are paying quite heavy in order to make them motivated and they are also organizing meetings in head offices for the staffs to identify themselves. They have also provided good working conditions to work on. Strategic Issues Explaining the major strategic issues of Woolworths The major strategic issues for Woolworths could be the decline in the sales and profit margins for the shareholders of the company. It should also be the prices of the products they deliver it to the customers and fostering of growth within the retail market of Australia as there was increase in competitors in the market taking place for Woolworths. In the context of the sales decline and less profit margin for Woolworths, there is some of the statistical evidence which justifies the issue for this company. The company has 190,000 employees working currently and it is needed to be increased. There is around net loss of $973 million achieved at Woolworths. The profitability for Woolworths is $925 million which is down by 33 percent in the year 2016 (ausfoodnews.com.au 2018).They have only made a profit of $1.3 billion which is less than its competitors like Coles and Wesfarmers as well. This could be improved with improved quality of products to the customers as well as innovation in the promotion of the products as well. In the context of the prices for Woolworths, the company is altering its pricing policies and developing new pricing strategies in order to overcome the pricing issue. The pricing issue is basically making it difficult for Woolworths to be able to compete with the new and small retailers coming in this retail market (Killen et al., 2012). It is seen that there is the around $125 million or price reductions for the customers to be taken place from 2015 and this helps in enhancing the value proposition for the business (the conversation, 2018). They are also trying to match the in store prices of the products with the online stores. In the context of enhancing growth and efficiency of the company, it is useful that they have been trying to introduce lean retail management model where the waste is eliminated and he wastes are recycled or make it consumed by the animals so that there is no wastage of food products took place. There is reduction in the level of inventory to be taken place as well for Woolworths. Conclusion From the study it is evident that Woolworths has been reinventing and changing their business strategies in order to become much more competitive within the retail market of Australia. It is concluded that there is the development of the high quality products and its delivery at the right time will help in enhancing the customer satisfaction. It is also concluded that Woolworths has a sound working environment and fresh culture to be developed in order to meet the customer expectations. It concludes that they have the quality and talented staffs who can provide high quality services to the customers. References ausfoodnews.com.au (2018).Ausfoodnews.com.au. Retrieved 9 April 2018, from https://www.ausfoodnews.com.au/2015/05/06/woolworths-announces-new-strategies-to-win-over-grocery-shoppers-afn-reveals-full-detail.html Evans, N., Stonehouse, G., Campbell, D. (2012). Strategic management for travel and tourism. Taylor Francis. Harrison, J. S., John, C. H. S. (2013). Foundations in strategic management. Cengage Learning. Hill, C. W., Jones, G. R., Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning. Hitt, M. A., Ireland, R. D., Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning. Keupp, M. M., Palmi, M., Gassmann, O. (2012). The strategic management of innovation: A systematic review and paths for future research. International Journal of Management Reviews, 14(4), 367-390. Killen, C. P., Jugdev, K., Drouin, N., Petit, Y. (2012). Advancing project and portfolio management research: Applying strategic management theories. International Journal of Project Management, 30(5), 525-538. Lasserre, P. (2017). Global strategic management. Palgrave. mumbrella.com.au (2018).Woolworths: Where did it go wrong? - Mumbrella.Mumbrella. Retrieved 9 April 2018, from https://mumbrella.com.au/woolworths-where-did-it-go-wrong-308694 Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education. Slack, N. (2015). Operations strategy. John Wiley Sons, Ltd. Stead, J. G., Stead, W. E. (2014). Sustainable strategic management. Routledge. theconversation (2018).The Conversation. Retrieved 9 April 2018, from https://theconversation.com/retail-outlook-big-retailers-feel-the-pressure-of-new-challengers-54745 woolworthsgroup.com.au (2018).Woolworthsgroup.com.au. Retrieved 9 April 2018, from https://www.woolworthsgroup.com.au/icms_docs/188795_annual-report-2017.pdf