Structure of the Federal Reserve System and Banks

Structure of the Federal Reserve System and Banks The structure and mission of the European Central Bank, The Bank of Japan and The People’s Bank of China. Do any of these central banks resemble the structure of the Federal Reserve System? If so in what ways? Abstract The central bank is the national currency issuers, is countrys bank, is banks bank. Different countries have different central bank structure and mission. Different structure and mission will influent the independence of the central bank.[documents] Therefore, this topic mainly around the ECB, FDS, PBOC and BOJ to compare their structure and mission. Specific analysis following aspects: capital structure, power structure, organization form, operation and supervision department, objective and monetary policy tools. Using these contains to analysis the influence of these aspects for central bank independence. It will mainly compare to the similar and difference between these four central bank. Our results indicate that power structure is the main factors influencing the independence of central bank. The capital structure has no great effect to its independence. Due to the nature of central bank, different central banks have similar missions. Their monetary tools are also very similar, mainly through open market operations and reserve requirements. Finally, we find that European central bank have highest independence in comprehensive view.The second highest independence is FRS. PBOC has lowest independence between these four central banks. The main reason is that PBOC is the only one directly belong to thethe State Council. It means PBOC is a government apartment. But there also have other influent factor about independence which analysis in the article. Introduction As the main implement institutions of monetary policy in a country, central bankshas a very important position for the countrys economic development. Meanwhile, it has a vital influence for the social employment security stability and price stability.Due to the different economic backgroundand organization structure in the different country, its structure and the mission of the central bank is not entirely same. Therefore, this report mainly compared the similarities and differences between four central banksthrough detailed analysis their structure and functions.At the same time, this article aims to discuss whether these differences will bring different level of central bank independence. Central bank independence is a significant problem. Lots of previous academic studies have shown that independence is an important factor to influence the national inflation rate. Additionally, the structure of this paper is as follows. Section 2 provides a literature review on the different aspect and effect of central bank structure and mission. Section 3 explains the specific aspect of structure and mission in our case study. It has 3 parts, capital structure, power structure, missions and independence of central bank. Section 4 is a summary of the papers findings.Previewing our results, we find that missions of central bank are similar because of the central bank nature.Asà £Ã¢â€š ¬Ã¢â€š ¬the same time, difference power structure will lead different independence, then affect monetary policy and the rate of inflation. 2. Background Literature According to the existing literature in central bank structure, as Schoenmaker (2013) points out, it can divided into several aspects: Banks capital structure and quantity, level of economic development, level of central bank independence. ButD. Schoenmaker (2013) mainly through the analysis of inflation index to evaluate independence, because the central bank’s common methods is through monetary policy to control inflation then keep the economic stability. First, about central bank capital aspect, animportant research results isCBFS modelwhich created byPosso and Tawadros (2013).It shows that central Banks capital strength and the rate of inflation is inversely related. But, in oppose, another view fromStella (1997)thinks that the central bank does not need a lot of capital because it is hard become bankrupt.However, in our opinions, enough capital can give central Banks greater ability to face risk. Therefore, based on this view, we will compare the capital structure between ECB, FED, PBOC and BOJ. After that, we reviewed power structure of central bank aspect. It is mainly around the external organizational form and branch institutions. Meanwhile, we consider different central bankstructureand task determines its independence. At present, we find that a lot of economics research thinks that independence and inflation rate is negative correlation. One of results fromArnone and Romelli (2012)has great guiding significance .Arnone and Romelli(2012) not only test the developed countries central banks, like FED,BOJ. Their panel data also included lots of central banks from developing countries. But, however, they do not compare the difference between developing country and developed country. So, our research will pay more attention to this problem. Thirdly, review the literature for central bank mission research, Schoenmaker (2013) was made research and analysis for this. He considers central Banks have two major objectives: monetary stability and financial stability in the traditional views.But we find that many countries have modified its development goalsmany timesin recent decades, especially the reform of PBOC in 2003.Because the development of economic. So, our research will use our four countries latest laws and regulations as a basis to comparison their mission. 3. Analysis 3.1 Capital Structure Capital funds of central bank offered from the state or private or both. The source of capital funds will affect central bank system. It can be separate to state-owned, half state-owned and private-owned.. The capital structure of PBOC is quite single. It is fully owned by the state.In Article 8 of the peoples bank of China act (2003) point out that all the capital of PBOC are invested by the state, it shall be owned by the state. Nowadays, PBOC’s reserves areUS$3.201trillion. Meanwhile, BOJ capital structure is half state-owned. Bank of Japan is capitalized at 100 million yen in accordance with the Act. About 55 percent of the capital is subscribed by the government. Banking Act from Japanregulated that the BOJ do not set shareholders meeting. Shareholders can not join BOJs operation.Shareholders rights is only to get dividends per year and highest do not exceed 5%. The FRS is private equity capital form. All capital provided by private shareholders investment, after authorized by the government, then to perform the function of central Banks.FRScapital funded by12member Banks of federal reserve bank. Thesemember bank subscribe shares, get dividend per year in accordance with the stake, the highest dividend do not exceed 6%. ECB isSimilar to FRS. Itis also has share subscription, but all of share hold by member states in European Union. The amount of capital contribution is decided according to each member’s GDP proportionand populationproportion in EU.The ECB’s capital amounts toâ‚ ¬5billion.Reserves are 526 euro in total now. It can be find that only PBOC capital provided by government. Other three central banks have stock subscription. ECB is most similar than FED, all of capitalare funded by member banks or national member banks. However, this part only compared capital structure and reserves between these four banks. It is unable to see that the capital structure influence on independence, so later will compare the power structure 3.2 Power Structure 3.21 External Organizational form and branch institutions These four central bank external organizational form can be spate to 3 kinds: unit central bank systemà ¯Ã‚ ¼Ã…’Dual central bank systemà ¯Ã‚ ¼Ã…’Multinational central bank system. PBOC and the BOJ are unit central bank system. It means that a country only to set up a unified central bank to exercise power and dutyof the central bank. Central bank itself is unified, its branch institutions generally direct managed by central bank. Most countries adopt the wayat present. Because this mode is conducive to national manage and macroeconomic control. As the same time, it is obviously to limit level of branch institutions independence at central bank. FRS power structure is different from Japan and China.It use dual central bank system, means that the central bank system is composed of two parts: central (the board of governors) and local (member of Federal Reserve Bank). These two parts are relatively independent. The board of governorsis the highest financial decision-making body. Local accept the supervision from central. But local has rights in the concrete implementation and daily operation. So, local have their own independence. The Federal Reserve System divid es 12 areas, each area to set up a federal reserve bank. These 12 banks have independence in their own area. Additionally, ECB is Multinational central bank system. ECB and 27 national central banks compose to ESCB. National bank has own independence. So, we can find that ECB has highest level of independence because it not control by any government or state. The local also have own independence to operate. Similarly, FRS also has high independence level. 3.22 Inside Financial manage and supervision Although central bank not operate for profit, but itstill hasoperating income. Among these four central banks, BOJ and FRS revenue will belong to their countrys ministry of finance after dividends payment. Dividends payment proportion has been given in Section 3.1. In addition, at internalsupervision aspect, they have own supervision department respectively. At external supervision, it mainlysupervised fromgovernment with legal methods. Seminally, PBOCs all profits also belong to the ministry of finance in China, same as Japan and US. But supervision aspect, China was explicitly stipulated in the law amendment in 2003(PBOCs Act): the PBOC as a department under the state council of China, belong to the government departments. So, PBOC isdirectly regulated and supervise fromgovernment. ECB is different than other three banks, it has own financial independence. Operate revenue control by itself. ECB can make own budget. In supervision aspect, it accepts European Union rules. ECB should take responsible to offer report to European Parliament, the European Commission, and the Council of the European Union. But ECB do not control byany country or government. So, obviously, ECB have more independence in financial aspect than others. 3.3. Missions As a non-profit financial institutions,the mission ofthese central banktrends to be consistent: play its functions effectively andachieve their core goal. The main way is through monetary policy, to keep price stability, to promote economic development. According to the ECB official website state, the European Central Bank and the national central banks together constitute the Euro system. The main objective of the Euro system is to maintain price stability: safeguarding the value of the euro. In Japan, the Act sets the BOJs objectives is ‘to issue banknotes and to carry out currency and monetary control’ and ‘BOJ shall be aimed at achieving price stability’ Similarly in China, the Act of PBOC (2003) points out that PBOC’s missions are: to formulate and implement monetary policy, to maintain price stability, to provide financial services. In the US, the Board of Governors of the FRS and the Federal Open Market Committee shall ‘maintain long run growth of the monetary and credit aggregates commensurate to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates. (1977 Federal Reserve Reform Act specified) Monetary policy tools To sum up, we could find that these central bank’s missions all around to keep price stability. It is determined by the central bank’s nature. But their also has some different. For instance, the US also clearly point out FRS should maximum employment and moderate long-term interest rates. Similarly, their monetary policy tools also trends to be consistent, all mainly to use two methods: open market operations and reserve requirements. 3.4 Independence As background literature described, independence is an important aspect to the central bank. This part is extended based on above analysis, to compare these several central bank independence. In the angle of structure, despite these four central banks has different capital structure, but it didnt have obvious effect to independence. Because shareholders do not to participate operations, only charge a small amount of dividends. In organizational form aspect, BOJ and PBOC independence is lowest. Americansdual central bank systemgives more independence between the central and local. In this aspect, ECB system is similarly with FRS. In financial aspect, the biggest independent central bank still is ECB. Becauseother three central bank’s revenues are belong to their national Treasury. About supervision, except PBOC is directly control by government, other three central banks have great independence. They have their own internal supervision mechanism and external legislative intervention by the government. 4. Conclusions On the whole, we find that ECB, BOJ, FRD and PBOC missions are consistent. It is mainly around to keep price stability. Through the contrast of central banks objective and monetary tools also reflects their similarity. With the research of central bank structure and independence, ECB has highest independence,resemble to FRS.It should be mention that the ECB does not public members vote process, so the independence has been questioned in recent years. However, it is no doubt that the worst independence of central bank is PBOC. It is mainly caused by nationalization of the structure. In addition, our study is based on theoretical angle, around power structure and missions’ analysis, to evaluate its independence. It has not using quantitive data.But reference toMasciandaro,ect.(2008)released specific quantitative rating of the independence of the central bank, (A total of 19 criteria are identified to assess the degree of supervisory independence, and 21 for accountability.) the data are consistent with our analysis. They measured thatPBOC independence index is 0.47 and BOJ is 0.34. ECB and FRS independence is significantly higher. Thus, it could prove our results correctness. References Arnone, M., Romelli, D. (2012). Dynamic central bank independence indices and inflation rate: a new empirical exploration.Paolo Baffi Centre Research Paper, (2012-118). Masciandaro, D., Quintyn, M., Taylor, M. W. (2008). Inside and outside the central bank: Independence and Accountability in Financial Supervision: Trends and Determinants.European Journal of Political Economy,24(4), 833-848. Posso, A., Tawadros, G. B. (2013). Does greater central bank independence really lead to lower inflation? Evidence from panel data. Economic Modelling,33, 244-247. Schoenmaker D. (2013),Chapter 28 -Central Banks RoleinFinancial Stability HandbookofSafeguarding Global Financial Stability,271-284 Stella, P. (1997).Do central banks need capital?. International Monetary Fund.

Outline Ways to Help Children to Develop Communication and Language Skills Essay

Parents play a critical role in a child’s language and communication development. It is thought that children who are read to and spoken with during early childhood, will have a larger vocabulary and better grammar than those who aren’t. There are different ways in using language. Verbal ways are to question, clarify, describe, explain and debate. There are also non-verbal ways to communicate like listening, looking and touching. There are many ways to nurture your childs language and communication development. Being able to communicate and express ones self can build self confidence, self esteem and the knowing of ones self and surroundings Talking to your child, tell your child what is going to happen for example, â€Å"Now we’re going to take a bath. When you get dry, we’ll get dressed.† Reading. Parents can start with simple board books and progress to picture books and longer stories as their child gets older. Story times where they can use their imagination and have an input in the stories are also effective. Follow your child’s lead. Repeat there babbles and laughs back to them, ask questions and interact with them. If the child seems interested in a picture in a book, by talking about it and discussing it, this helps the child to develop an interest. Music. Young children love music and dance. When they listen to lively songs or rhymes they learn about the world around them and the rhythm of language. This can help the child learn to thread words together to form sentences. Repeat their statements back to them with the correct pronunciation or word usage. Give your child lots of praise for their efforts. Try not to pressure or expect to much from your child as this can discourage them in exceeding. Television and computers can influence speech and communication. Some educational programs can be beneficial to kids but tv shows don’t interact or respond to children. Computer games are interactive, but they aren’t changeable to a child’s ideas. Go on days out. A visit to the zoo, the aquarium or a museum will open up a whole new world. They may even want to learn the names of all the creatures and activities they experienced Role play. Role play is great for expanding your child’s imagination and introducing new vocabulary. Games involving different characters will allow you to introduce lots of new related language and stretch your child’s creative play skills. Pretending to be a firemen putting a fire out can introduce many relating words fire, fireman, fire engine, ladder, water, hose, burning, building, driving, climbing, up, down, smoke, hat, boots, jackets, save, squirt, bucket, fire out, hero, etc. Role play with others encourages the sharing of ideas and opinions.

Essay to explain role of support worker Essay

My job as support worker is based within a residential unit for eleven service users. It involves working day shifts on a fortnightly rotating rota. Before entering the unit, we have a code that we have to enter to allow us entry to the building. This code unlocks the front door, and is for safety and security of staff and residents, and complies with our duty of care. All employees and visitors have to sign in a book, kept within the hallway. This is so at any time, the manager has a detailed record of who is within the building, staff, residents, workmen, or visitors in case of that an emergency, or in case an evacuation procedure may arise. All visitors to the building are asked their identity. All the external doors can be opened from inside the building to allow persons to exit at any time, however the doors are alarmed. This alerts staff by the use of a paging device, carried by all support staff. This enables safety and security of all persons within the building. When my shift begins all staff have a hand over meeting, lead by the manager on duty. This ensures all important information is communicated: for example any medical or dental appointments that the residents may need escorting to. Or any health issues, or requests made by the residents to go out. Maintaining confidentiality at all times. Any updates or new risk assessments are handed over for all to read and sign. Working to all policies and procedures at all times. As a support worker, duty of care is an obligation that ensures that no harm is done to people in your care; if this duty of care is not met you are held accountable for the negligence which has occurred. We must put the best interests of service users health, safety and wellbeing as a priority to protect them and keep them safe from harm in all aspects of care, this includes: maintaining confidentiality, reporting concerns (both about service users and colleagues/ other professionals) and maintaining high standards of conduct; it is what underlies the Code of Practice on day to day working practice. Policies and procedures are in place to ensure that a  duty of care is implemented and carried out in working practice; this is a legal obligation which if not implemented into your working practice could be classed as negligence or malpractice which is a breach of duty. Duty of care is not just having correct working practice but also to maintain confidentiality of both service users and staff and not doing anything which could put them at risk. In my working role I have to think of duty of care when planning a task, taking everyone’s best interests into consideration. Other ways I implement duty of care into my working practice is to carry out daily checks to ensure the working environment is safe both for service user and employees. Duty of care also involves being aware of potential hazards, preventing mistakes/ accidents from occurring and making competent and informed decisions in the role. After greeting the service users, I often have a chat with them all individually to ask how their day has been, and what they would like to do for the rest of the day. It is important to empathise and actively listen in a sensitive manner accessing appropriate additional support where necessary, promoting equal opportunities and respecting diversity, different culture and values.

Lead effective meetings Essay - 1427 Words

Understand how to lead effective meetings A meeting is a gathering of two or more people which can be formal or informal and is convened to achieve a common goal through verbal interaction. Purpose of a meeting Meetings are held for a variety of reasons, with the most important being communication. Within the National Health Service we hold monthly staff meetings for the purpose of receiving updates from managers, exchanging information and ideas, sharing views, co-ordinating activities and formulating plans for the service we deliver. This type of meeting is also a good opportunity for staff to keep in touch, gather information, to express concerns as a collective and network. Meetings are also held to problem solve, make†¦show more content†¦They will draw discussions to and end and attempt to clarify any decisions and action plans to be formulated. A Chairperson should demonstrate active listening, engage all attendees and control the discussions where necessary. They also need to ensure they impose on the attendees any matters of confidentiality. The Secretary is responsible for recoding the minutes of the meeting accurately, concisely and without bias. They also record attendance, apologies and ensure there are sufficient copies of the previous minutes and any additional essential paperwork. Secretaries check the action plans, check they are completed and confirm the correct assigning of the actions. They also understand that the minutes are confidential to the meeting. The individuals attending the meeting have a responsibility to arrive at the meeting on time and prepared, having read the agenda in advance and any important items are researched. They need to attend with an open attitude, engage in active listening and be prepared to get involved. They should be polite to and respect other members and avoid personal conflict and confrontation. Basic meeting protocols and procedures Once the notice of the meeting has been given and minutes have been distributed, encourage punctual attendance and ask for any apologies of lateness to be addressed to the Chairperson. Ensure spare copies of the agenda and minutes are available. All documents should be checked by the chairperson inShow MoreRelatedIlm Level 3 Unit 328 Understand How to Lead Effective Meetings2163 Words   |  9 PagesUnit 328:- Understand how to lead effective meetings AC 1.1 Explain the purpose of a meeting Staff meetings The purpose of regular staff meetings helps an organisation become much more organised and efficient and places both employees and managers on the same page, it makes it easier to establish roles and collaborates to finish projects and achieve goals. They make it possible for all members of a company to work together with less confusion and accomplish objectives faster. 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Civil War During The Reconstruction Era - 906 Words

During the Reconstruction Era, Congress passed many laws to provide equal rights to people of color. But at the local level, specifically in the South, many Democrats took the law into their own hands. They supported the Ku Klux Klan (KKK) hoping to restore the pre-Civil War social hierarchy. The texts in Going to the Source illustrates two groups of individuals who opposed the KKK. In testimonies given by white witnesses, Republicans from the North felt the KKK posed a political and social danger in the South, but did not feel intimidated. The testimonies given by black witnesses were people who had experience of the Klan’s violence, and felt their lives were threatened. The Klan’s attacks on whites were more inclined towards social harassment, while their attacks on blacks, which consisted of voting intimidation and night rides, were violent and abusive because the KKK’s main goal was white supremacy. After the Civil War, many white Republicans from the North moved down South in order to develop more economic opportunities. But this meant that white Republicans brought their own political beliefs. For example, many Northerners that moved down South encouraged economic developments models such as a free labor market. According to David Hardin, a post-Civil War historian, Northerners â€Å"play a central role in shaping new southern governments during Reconstruction† (18). The KKK viewed these white Northerners as moral threat to their political views, so they â€Å"would writeShow MoreRelatedThe Reconstruction Era During The Civil War1370 Words   |  6 PagesThe Reconstruction Era beginning in 1865 marked the period where white men and recently freed African Americans quarreled over the concept of equality on the basis of race as well as where freedom extended to. 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Eating Disorders Are Responsible For The Rise Of Eating...

Since the 1950s the cases of eating disorders have been increasing, especially in westernized countries (Wade, Keski-Rahkonen, Hudson, 2011). 1950 was the year where having curves was accepted, but this view changed when societal culture started to become more important to the average person. Culture is comprised of how people think, behave, and work in a particular society (Merriam-webster’s collegiate dictionary, 2015). Societal culture is comprised of athletic influence, media, and the fashion industry. All of the societal culture factors are responsible for the rise of eating disorders in young adults. In 2011, it was found that 20 million women and 10 million men suffer from eating disorders at some point in their lives (Wade et. al, 2011). Eating disorders are not always considered an important mental illness, but due to the high number of cases they should be because they can lead to health problems including slow heart rate, low blood pressure, and severe dehydration. These side effects can lead to death if not treated properly which is why eating disorders should be looked at as a clinical disease. Athletics To illustrate how societal culture plays a crucial role in the rise of eating disorders, influence from parents and coaches of athletes were looked at. Eating disorders in athletics have been growing alongside the growth of eating disorders in those not involved in sports. The overall cause of eating disorders in athletes is the pressure society puts on them.Show MoreRelatedThe Media Responsible For Females Essay1679 Words   |  7 PagesDissertation – Chapter 2 Is the media responsible for females, especially youths, for having low self-esteem and lack of confidence? Is the media responsible for the development of eating behaviours and disorders? In a culture with saturated media, the powerful influence upon women and younger girls is a continuous debate. 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Global Financial Other Firm Characteristics-Myassignmenthelp.Com

Question: Discuss About The Global Financial Other Firm Characteristics? Answer: Introduction The report will be analyzing the annual reports of Downer EDI limited and will also be analyzing whether the company has charged any impairments on the assets of the company. The report will be analyzing and identifying the assets on which impairments has been charged. Downer Group is a company engaged in providing infrastructure and building services for public concerns as well as private concerns. The company provides public and private, energy and infrastructure and resources all over Australia. The company has its headquarters in Sydney, Australia and the company was founded in 1933. The operating income of the company is around $6.56 billion as per the recent estimates (Downer Corporate Site 2018). Impairments of the Assets of Downer EDI ltd Impairment of assets refers to the reduction in the value of assets by the company as per IAS 36 which deals with impairment of assets. Downer EDI ltd is following impairment policies on intangible assets of the company. The company shows that indefinite life is possessed by goodwill and other intangible assets and the company has the policy of testing such assets annually for impairment purposes which the company (Kuzmina and Kozlovska 2012). The company also has charged impairment cost on the asset of the company such as equipment, property and plant. The others assets are also checked if there is any case of impairments on them, whenever there is any occurrence of events or circumstance change which can suggest the doubt in recoverability of the carrying amount. Trade receivable is another group which has been considered for impairment. An allowance has been made for doubtful debts which is suppose to be irrecoverable determined from the experience from the past. Impairment Test The impairment of assets test of the company is done annually for intangible assets especially goodwill. Intangible assets have indefinite life of usefulness and are tested every year for impairment purposes (Capalbo 2013). The other assets which the company shows in the balance sheet are impaired whenever events or situations indicate that the carrying cost of the asset may not be recoverable. The company allocates goodwill to the cash generating units for the purpose of impairment considering the resource allocations, natural resources, how operations of the business are controlled and where flow of cash can be identified (Devalle and Rizzato 2012). As per the balance sheet analysis and notes to accounts six cash generating units have been identified which are transport, utilities, Rail, ECM, Mining and spotless. These groups will be subjected to impairment test and goodwill allocation is done to these units (Khokan Bepari Rahman and Taher Mollik 2014). Impairment Expenditure The company has recognized impairment charges on intangible assets such as goodwill, customers contract and relationship, brand name and acquisition and intellectual property on development of the software. This is shown as accumulated amortization and impairment charges. Except the figure of Goodwill impairment and amortization charges on all other intangible assets has increased from the previous year. The impairment of the trade receivables are also shown in the notes of accounts of the company. Thus impairment of trade receivable are also done along with the intangible assets as per the financial statement of the business. Key Estimates and Judgements The first major requirement for the process of testing the impairment of assets is that the company need to a make an accurate assumption of how much amount can be recovered from the Cash Generating Units (CGUs) to which allocations can be done. The group also uses the method of value in use to determine the amount which is recoverable from the asset. Recoverable amount is the higher figure of fair value less cost to sale and the value in use. The impairment loss which arises then is taken in the profit and loss account as an expense. The assumptions which are taken into considerations are that the recoverable amount of CGUs is analyzed with the fair value of the assets which are acquired minus the cost which is incurred for sales. The fair value is taken on the basis of the takeover offers. Downer EDI company have no such events of takeovers which can cause impairment of the assets. The key assumption are also taken in the value in use calculations of the company (Paugam and Ramond 2015). The company has made assumptions on the budgeted EBITDA, long term growth rates and discount rates as well. The projected cash flow of the company has been done on the basis of value in use calculations which uses three years cash flow projections including 2018 budgeted estimates on the basis of which value in use is calculated. The company also uses Budgeted EBITDA which is based on past experience of the group assessment. The growth rate on a long term basis is based on the future yearly growth rate till year 2021 based on GDP which are at nominal rates prevailing in the country. In case of budgeted working capital, assumption is that it will be consistent with historic trends giving the level of utilisation and operating activity. Subjectivity in Impairment The company has made a lot of key assumptions and estimates in regards to the impairment process of intangible assets. If any of this area is mistaken or misstated than the figure of the impaired assets will be misstated drastically. The key estimates and assumptions of Downer EDI ltd seems a little too far stretched and might hamper the impairment process either recording less or more impairment loss in the process. Impairment Process Analysis The company uses value in use method in the calculation of recoverable amount. The whole of this process is a bit complex as the company has to make a lot of key assumptions and estimates which are also considered on some basis thereby raising a series of doubts on the impairment process which is followed by the company (Shiramizu et al. 2012). The calculation area which is used for the calculations of the recoverable amount depends on a variety of estimates and assumptions out of which if any goes wrong the whole impact will come to the value of the assets on which the impairment process is being conducted. Insights on Impairment Downer EDIs Impairment test shows that the company uses value in use method for calculation of the recoverable amount. The impairment testing process divides the Cash generating units into six groups on which the impairment test is being conducted by the company. the company assumes various areas such as budgeted cash flows and EBITDA and long term growth rate as well (Mazzi, Liberatore and Tsalavoutas 2016). Fair value Measurement As per IAS 36, impairment of assets is done on the basis of carrying amount and recoverable amount. Fair value measurement states the measure of the market or intrinsic value of the aassets As per the chairperson of IASB, Hans Hoogervorst a new standard is required for accounting for leases which can ensure full disclosures of all kind of leases in the annual reports. The chairperson considers that the former lease standard did not reveal economic reality is because most of the companies showed they had more operational leases which had no treatments in the financial statements as per the former standard. As per the chairperson currently listed companies around the world has around 3 trillion euros worth leases in most of the sectors, especially airline sector, retail and shipping. Most of theses companies as per accounting treatment of former standard show 85% of such leases as operating risks and not recorded in the financial statements. However such operating risks are capable of creating real liabilities for the company. As per the Chairperson of IASB, under the former lease standard the operating leases was not stated in the balance sheet. This fact was used by most of the companies and they recorded 85% of the leases as operating lease which was not recorded in the balance sheet. As the companies considered leases to be operating in nature. The debt which was shown in the balance sheet was less than such off balance sheet leases which were 66% greater as compared to debts shown in the balance sheet. As per the chairperson, an airline which has obtained most of its aircrafts with the use of leases can make the balance sheet look more decent. However in the case of firms which purchases the air fleet has to bear the costs of such air fleets which requires a considerable amount of finances which will definitely be affecting the companys revenue for that year. The company which is leashing air fleets does not faces the above problem. Therefore the chairperson comments that the airline company which leases its air fleet will be on a different ground as compared to the airline company which purchases its air fleets. The chairperson is of the opinion that the basic problems which were present in the previous lease standard will be taken care of in the current lease standard. In the former lease standard which is going to be replaced the lease were recognized only of financial nature and operating risks were not shown in the balance sheet. The new standards will be tackling the problems which were present in the old standard. The new standard will be recognizing all the assets and liabilities concerning leases. The accounting process will be better in reflecting the economic consideration which a lease may have on the overall business and thus ensure that the decision making process of the management considers the lease of the company. The books of accounts is also going to reflect the effect of lease in the balance sheet. The new changes will not be welcomed by many companies accounting changes are always controversial in nature. However the chairperson has provided the assurance that IASB has lo oked after all the possible risk which may arise due the introduction of the new standards on lease. Another reason for the unpopularity of new standard on leasing as per the opinion of the chair[person might be the increased level of costs which will arise and which the company has to bear. With the introduction of the new standard on leasing the accountability of the balance sheet will increase and the stakeholders will be provided with clear information on lease agreements of the business. The new agreement will not shorten the advantages of a lease agreement but ensure that proper records of the same is maintained in the books of accounts. As per the chairperson with the introduction of the new standard the cosmetic affect which the company adds to the balance sheet is reduced showing a clear analysis of the same. The new lease agreement will be increasing the costs of the company. However it is the expectation of the IASB that the benefits associated with the introduction of the new standard can outweigh the costs factor associated with the standard. The shareholders will get the clear information on the leases and the short term and long term impacts of such leases and then they will be able to take decisions accordingly. In case of the management of the business, they will also be benefiting from the new standard as this will increase the costs of the leases and so the management can effectively measure the costs of the business while taking the lease and also the benefits which arise from taking such a lease. The company can also compare these costs and benefits and decisions can be taken accordingly. Reference Capalbo, F., 2013. Impairment of Assets. Devalle, A. and Rizzato, F., 2012. The quality of mandatory disclosure: the impairment of goodwill. An empirical analysis of European listed companies.Procedia Economics and Finance,2, pp.101-108. Downer Corporate Site. (2018).Downer Group. [online] Available at: https://www.downergroup.com [Accessed 24 Jan. 2018]. Khokan Bepari, M., F. Rahman, S. and Taher Mollik, A., 2014. Firms' compliance with the disclosure requirements of IFRS for goodwill impairment testing: Effect of the global financial crisis and other firm characteristics.Journal of Accounting Organizational Change,10(1), pp.116-149. Kuzmina, I. and Kozlovska, I., 2012. ACCOUNTING MEASUREMENT OF LONG-LIVED ASSETS: A CASE OF IMPAIRMENT PRACTICE.Journal of Business Management, (5). Mazzi, F., Liberatore, G. and Tsalavoutas, I., 2016. Insights on CFOs perceptions about impairment testing under IAS 36.Accounting in Europe,13(3), pp.353-379. Paugam, L. and Ramond, O., 2015. Effect of Impairment?Testing Disclosures on the Cost of Equity Capital.Journal of Business Finance Accounting,42(5-6), pp.583-618. Shiramizu, B., Ananworanich, J., Chalermchai, T., Siangphoe, U., Troelstrup, D., Shikuma, C., De Grutolla, V., Sithinamsuwan, P., Praihirunkit, P., Rattanamanee, S. and Valcour, V., 2012. Failure to clear intra-monocyte HIV infection linked to persistent neuropsychological testing impairment after first-line combined antiretroviral therapy.Journal of neurovirology,18(1), pp.69-73.