Ethics in the 21st Century Research Paper Example | Topics and Well Written Essays - 1250 words

Ethics in the 21st Century - Research Paper Example Today, the world tolerates the problems of ethics alongside the technological and scientific domains that dominate the human race. Human beings can not just respond by themselves without the assistance of technology. Issues within the scientific community cannot be confronted until philosophical and ethical considerations are taken into account. Ethical reconciliation should be utilized when solving problems or interacting with diverse cultures. If one wishes to arrive at ethical clarifications of problems at hand, references must be cited to the traditional world of thought and wisdom. According to Prof. H. Atlan, philosophy is the key to arrive at ethical answers and to attend the problems of science and technology faced today. (UNESCO Headquarters|2001). There are two types of ethics that relate to globalization. First one is based on the ethics of sovereignty of States and the power structure. The second one relates to the responsibilities of the liberal market. These two kinds o f ethics and the vibrant relationship between the state the condition of ethics today. Globalization in the 21st Century gave birth to an accord between people who think internationally. In actuality, the emergence of a global civil community, through the sponsorship of global democracy, global governance and residency all contribute towards surfacing of ‘globalization of ethics’. (UNESCO Headquarters|2001)  Most students and officers when hearing the word â€Å"ethics† become spell bounded and images of departmental sanctions, internal affairs of a company, and extensive lawsuits came dawdling into their minds.  

Discuss problems arising from IAS 17 Essay Example | Topics and Well Written Essays - 750 words

Discuss problems arising from IAS 17 - Essay Example Firstly, restructuring of the asset at the inception of lease treaty creates more amounts recorded in the fixed assets and decreases the asset earnings. If the current value of total future lease obligations upsurges, it affects debt equity ratios and liquidity solvency ratios. Secondly, identification of entire forthcoming lease payments as obligations may cause breaching of debt agreements causing debts to become due immediately. Similarly, reporting profits may decrease when depreciation and interest expense is more than rental expenses. This makes it difficult for the IAS 17 to be fully implemented in international accounting. What’s more, it is impossible to deduct interest expense for tax purposes. The principle is inapposite in service contracts like copyrights and patents. It is normally applicable to tangible assets. ISA 17 is irrelevant and inapplicable to the service part of the contract as the guideline does not transfer the right to use the property. Additionally, classification of a sublease into an operating lease may lead to income incongruity. Categorization of a sublease into operating lease will lead to a leaser recognizing amortization of interest expenses and their right to use the property leased (Monson, 2001). Hence, the leaser may recognize rent proceeds in a manner that is considered as evenly spread during the entire lease period (Young, 2011). The transitional leaser will, thus, incur a forfeiture due to the earlier murky arrangements previously made. Also, this mushroom from interest and depreciation that increases proceeds of operating lease in earlier periods causing a swap in later years from interest rates decreases. A situation arises under current standards where the head lease is a finance lease and sublease is operating lease, but the IAS 17 proposals will lead to arrangements to classify head lease currently as an operating lease. The staff may also not propose to adjust and amend