Should Abortion Be Legal - 1437 Words

The controversial issue within United States to be discussed is whether or not abortion should be legal. The issue originated from the case Roe vs Wade; henceforth abortion is now a fundamental right recognized by the US Supreme Court. Top current debates today from proponents and opponents are: pregnant women will resort to unsafe illegal abortions if there is no legal option and it is a fundamental human right for the women to choose. Many suggest there are better alternatives such as adoption, and abortion is wrong because killing a fetus demeans the value of human life. Primary advocates who support abortion are identified as pro-choice; they contend that abortion is a human right that should not be limited by governmental or religious authority. Those against abortion are identified as pro-life;they assert life begins at conception and fetuses are innocent human being entitled to human rights. Within the United States, Abortion should be a pregnant woman s choice for their well -being and safeness, restrictions interfering with unintended pregnant woman s freedom, and for the overall well-fare of the fetus if it were to born. Within United States, abortion should be a pregnant woman s choice for their health and safety. For instance, the Guttmacher Institute affirm, â€Å"Abortion is one of the safest medical procedures, with minimal—less than 0.05%—risk of major complications that might not need hospital care† (â€Å"facts on...†). Abortion is proven to be safe andShow MoreRelatedAbortion Should Not Be Legal1647 Words   |  7 PagesOne of the most highly debated topics is abortion and whether or not it should be legal. People who oppose abortion, meaning they are pro-life claim that abortion should be completely illegal with no aspects of it whatsoever; it can be a murder for the people standing against it. The other side of the argument, meaning people who are pro-choice, defend it by believing it to be a right been given t o the women. They also claim even if abortion was to be illegal, it would still be practiced. EveryRead MoreAbortion Should Not Be Legal920 Words   |  4 Pagesworld has struggled with for ages and one thing that people are advocating around the world for is abortion. Abortion is either a procedure or pill that stops a fetus s heart. Abortion should not be legal because life beings at creation, abortions are a direct violation of the 14th amendment, and thousands of people would love to adopt a child: handicapped or otherwise. Abortion should not be legal because life begins at creation. What is creation? Some people say conception, but it actually isRead MoreShould Abortion Be Legal?1320 Words   |  6 PagesAbortion, as you all may know, is a really popular topic. There have long been many debates between the two groups, pro-life and pro-choice. People who are pro-life believe that part of the government’s job is to protect all forms of human life. Those who are pro-choice believe that every individual should have control over their own reproductive systems. Pro-life supporters strongly believe that even an undeveloped fetus has life; it is still growing and it needs to be protected. And this soundsRead MoreShould Abortion Be Legal?1217 Words   |  5 PagesNovember 2015 Should Abortion be Legal Among all the issues that have been fought for or against in the United States, abortion may be one of the most popular issues that Americans are passionate about. Abortion is defined as the removal of the embryo or fetus from the uterus in order to end a pregnancy. Thousands of abortions take place every single day, and yet public opinion remains at a standstill as to whether or not abortion is ethical. Everyone holds different opinions on abortion. The proponentsRead MoreAbortion Should Not Be Legal Essay1596 Words   |  7 Pages Abortions have been performed on women for thousands of years. Abortion is the deliberate termination of a human pregnancy. Most often it is performed during the first 20 weeks of being pregnant. The controversy over whether or not abortion should be legal continues to divide Americans till this day. An important landmark case was the Roe v. Wade case, where the Court argued that the zone of privacy was broad enough to encompass a woman s decision whether or not to terminateRead MoreShould Abortion Be Legal? Essay1089 Words   |  5 PagesWhen the word abortion is heard, it is always associated with many negative things such as murder and inhumanity. However not legalizing abortion creates a huge problem for women around the world. Having a child takes consideration, planning and preparation and if pregnancy happens without any of this, why bother to have it at all? The reasons why abortion should be legal is that it supports the fundamental human rights for women by giving them a choice, it reduces crime by reducing the number ofRead MoreShould Abortion Be Legal?1135 Words   |  5 PagesKelsi Hodgkin Composition 1 Professor Chipps 19 October 2015 Should Abortion Be Legal A common debate in the world today involves abortion, the deliberate end of human pregnancy, and whether or not it should be legalized. â€Å"Every year in the world there are an estimated 40-50 million abortions. This corresponds to approximately 125,000 abortions per day† (â€Å"Abortions Worldwide this Year†). On one side of the argument, people are not disturbed by this grotesque number, and on theRead MoreShould Abortion Be Legal?963 Words   |  4 PagesLegal or Illegal? Which would you prefer? Not many are willing to discuss such a gut wrenching topic, but this needs to be addressed. It is a very controversial topic with having to do with women rights and activists. Since there are two sides to every argument, there is one side such as to make abortion legal and the opposing side to keep abortions illegal. In my opinion making abortion illegal can regulate the amount of women who do get pregnant. I believe that making abortions legal will let womenRead MoreShould Abortion Be Legal?867 Words   |  4 PagesABORTION Abortion is a deliberate termination of a human pregnancy, most often performed the first 20 weeks of pregnancy. There are series of legal, moral and ethical issues which may arise about abortion. Most arguments about abortion are often focused on political insinuations and the legal aspect of such actions. Some frequently asked questions’ regarding the issue is if the practice should be outlawed and regarded as murder or should women have the right to practice it. For example, prior toRead MoreShould Abortions Be Legal?939 Words   |  4 PagesShould abortions be legal? Abortions have been a big issue since the Roe v Wade case. There have been a lot of disagreements between the Pro-life supporters and the pro-choice supporters. Pro-life supporters feel like abortions deter murder, while pro-choice supporters believe that the women should be able to make their own decisions. I am a part of the pro-life supporters because I feel like abortions are wrong for several of reasons. Why should women get an abortion if there are other choices for

Serial Killers - 1651 Words

Dennis Nilson stated a mind can be evil without being abnormal. If this is the case, then what makes a serial killer tick? The definition of a serial killer is; a series of two or more murders committed as separate events usually, but not always, by one offender standing alone. (Brookes, 1988) Over the years, many murderers have been given this term. From the early days of Jack the Ripper, to the most recently publicized case of the sniper, all have different motives and reasons to the crimes that they commit. Most of the serial killers suffer from mental illness/addictions or have had traumatic life experiences. This is not always the case though; some can also be racially motivated. The typical serial killer is a lower to†¦show more content†¦Malvo was sentenced to many life sentences without parole, and Muhammad was sentenced to the death penalty. Both killers still have pending trials within other states. Forensic Science Forensic and DNA casework has been a major player in catching these cold blooded killers. Since most investigators have to work from clues, they rely on these sources to lead them in the right direction. Many findings such as, blood, weapons, hair, or any source of DNA can help put the puzzle pieces of these cases together. This has solved many cases, and is a strong piece of evidence in the judicial system. Muhammad Malvoy, The Snipers In the sniper case, an anonymous caller (believed to be Muhammad) told a priest to inform police to investigate a robbery in Alabama. When the police looked into the robbery, part of the evidence Alabamas police force had found were a set of fingerprints from a magazine. Further investigation proved these prints belongs to Malvo, who was already on file. Since Malvo lived with Muhammad for a year in Washington, they were both linked together. After police knew about Muhammad, they discovered he purchased an old police car in New Jersey. After announcing to the public the type of vehicle to search for, it led to the capture of the two killers. John Wayne Gacy Jr. John Wayne Gacy Jr. was a sexual predator/serial killer who murdered young men and buried them under his home. He confessedShow MoreRelatedSerial Killer : Serial Killers939 Words   |  4 PagesWhat is a serial killer? Serial killers are very sick and distraught compared to others. As indicated by the Vancouver Sun, a serial killer is characterized as somebody who is responsible for more than three killings over a period that than traverses over one month.In 2005 the fbi changed it to at least two killings with no reference to intention or time span. Generally, serial killers murder for some kind of mental benefit. Serial Killers can come in all shapes and sizes: don t be tricked byRead MoreSerial Killers And The Serial Killer1101 Words   |  5 Pagesâ€Å"The serial killer ‘is an entirely different criminal,’ †The term serial killer is misleading on the ground that each murder is intended to be the last.† We see them as a figure of â€Å"the dark side of human potential,† but they believe they’re â€Å"on a heroic quest for the biggest score possible† They believe they are â€Å"the archetypal figure of impurity, the representative of a world which needs cleansing.† However, society knows that serial killers are not heroes, and they’re not cleansing the worldRead MoreSerial Killer And Serial Killers Essay1171 Words   |  5 PagesAmerica has some of the most infamous serial killers who marked history, serial killers who once didn’t even think to harm any human being. Many people grow up differently from others, some people grow up in a safe environment surrounded with caring people and others grow up in a completely different environment being missed treated by others, therefore are serial killers made or born? A serial killer is defined as â€Å"a person who commits more than three murders over a period that spans more thanRead MoreSerial Killer And Serial Killers1644 Words   |  7 PagesSerial Killer A serial killer is someone who has killed three or more people on separate occasions with enough time between, allowing them to calm down or reflect on what they did. There are separate categories for serial killers. The types of serial killers are organized killers, unorganized killers, and medical killers (Crime museum, 2015, para. 1, 2, 3). Beverley Allitt was considered to be under the medical killer category. Allitt killed a total of 4 children in less than a year span (McCrystalRead MoreSerial Killer : Serial Killers909 Words   |  4 PagesAccording to an FBI study, â€Å"there have been approximately 400 serial killers in the United States in the past century, with anywhere from 2,526 to 3,860 victims (Hickey). No one really understands serial killers. It is actually quite difficult to comprehend how the mind of a serial killer works. Some believe that a serial killer feels strongly attracted by a specific physical characteristic in the victim. It could be his or her appe arance: facial features, clothes, or even personality. On the otherRead MoreSerial Killers And The Serial Killer1080 Words   |  5 Pageshelp? This was the technique one of the most infamous serial killer Ted Bundy used to approach his victims and ultimately murder them. B. Background and Audience Relevance: Today, I will be speaking to you about serial killers. C. Speaker Credibility: I decided to do my topic on serial killers because, criminology is something I’m genuinely interested in and would like to learn more about it myself. D. Thesis: By learning about serial killers, hopefully in the future they can be captured fasterRead MoreSerial Killers : A Serial Killer1820 Words   |  8 Pagesunderstand a serial killers background to get an understanding of how childhood trauma could lead to their need to kill. Although there are no exact factors that would absolutely cause a child to grow up into a serial killer, research found by Laurence Miller in â€Å"Serial killers: II. Development, Dynamics, and Forensics,† suggest that there are several common factors found in multiple serial killers’ childhoods. For example, some of the leading childhood characteristics found among serial killers includeRead MoreSerial Killers : A Serial Killer Essay1003 Words   |  5 PagesCrimes and criminals define not only places, but certain time periods. Serial killers are usually the ones that individuals tend to remember the most. An individual is considered a serial killer when they murder three or more individ uals during a period of time with a cooling off period between each crime (Frailing Harper, 2016). The purpose of this paper is to discuss one of the most controversial and yet famous serial killer, Theodore Robert Bundy. Something interesting that attracts the attentionRead MoreSerial Killers : The Serial Killer Essay2076 Words   |  9 PagesThis serial killer was chosen because this serial killing pair is the most infamous English serial killers duo in the 1990s. Fred and Rosemary West were not convicted of all the murders they participated in; however, they were sentenced to life imprisonment. Also, this case is interesting because Rosemary West, to this day, does not claim to know anything about the murders even though she has victims that survived her attacks and have spoken against her in court. These serial killers have been coveredRead MoreFemale Serial Killers : A Serial Killer Essay1190 Words   |  5 PagesFemale Serial Killers For the most part the domain of serial homicide is ruled by men. There is however some females that has and can be serial killers. According to Bartol Bartol (2005) there have been at thirty six female serial killers throughout the United States. In general society we do not like to believe that women are capable of committing such acts, but as we continue to alter our views, moral, and beliefs of women’s equality and feminism there is room for women to be just as likely

Mock Exam Constitutional Law B Free Essays

Constitutional Law Exam (Practice) N. B. The questions in this exam are taken, in part, from the tutorial questions – but expanded. We will write a custom essay sample on Mock Exam Constitutional Law B or any similar topic only for you Order Now Question One: The Commonwealth government passes a tax act on coal which is 10% tax on the sale of coal. The act also deals with regulations on the way coal is mined in states. If a coal company heeds all the regulations the government will increase the amount of funding given to the States for all its projects. The tax will increase the price of coal sold interstate as the companies attempt to offset the tax increase. The act also provides provisions for new mining companies that set up in ‘country towns’ will pay only 7% of the tax – this is part of its decentralised sustainable planning policy. To encourage people to go and work in these country towns and to encourage other businesses also the act adjusts the income tax rate for people who work in the mines and live in the country. It also prescribes a reduction in HECS and education costs for miners with children who attend university/school. †¢Is there a head of power to support these laws? If yes, †¢Is the Act constitutionally valid? Issues for concern: Multi-characterisation: †¢S 51(20) – Corporations power – ‘trading corporation’ –Adamson’s activities test etc. †¢S 51(1) – Trade and Commerce. †¢S 51(2) – Taxation power. †¢S 51(39) – Incidental Power. Constitutional Limitations: †¢S 51(2) does it discriminate between States? – s51(2) – issue of non-coal mining tax compared to coal mining states – Tasmania v Queensland †¢Regulations – cleaner technology – more funding from federal government gives preference to mining States – Tasmania v Queensland – possible breach of s 99? The coal tax act must deal exclusively with tax anything else [regulations] shall have no effect: s 55. So notwithstanding s 99 breaches may have no effect through s 55 anyway. †¢Section 92 – in effect the laws impact on the ‘absolutely free’ intercourse of trade between states à ¢â‚¬â€œ increase in prices. †¢Section 117 – tax reduced to 7% or new business setting up in country towns; adjustment of income tax rates in for country towns – and educational benefits – discrimination between the residences of States. Question Two: The Federal Government makes a regulation in the immigration legislation in relation to that claiming refugee status. It states that the applications of those who come from Middle Eastern countries should not be processed for six months. The Government argues these rules are necessary because the situation in those countries is unsettled, and it is difficult for them to properly assess claims of persecution at this time. The new regulations also prevent the renewal of all working visas for Middle Eastern people, and require immediate deportation of people whose visas have expired. The new regulations also require that those of Islamic faith (from Middle-Eastern countries) must identify themselves with a patch sewn on their clothes and any mosque must be registered with the Australian Federal Police. The regulations prescribe that the accounting books of these mosques are audited every two months. There has been a great deal of protest over these new laws and so the government has also passed regulation that attempts to retard the more aggressive protestors by imposing mandatory prison sentences for those people cause grievous bodily harm to police officers in protesting, or cause damage to cars/buildings or other property. †¢Is there a head of power to support these laws? If yes, †¢Is the Act constitutionally valid? Issues for concern: Multi-characterisation: †¢S 51(19) – Alien power. †¢S 51(26) – Race. S 51(2) – Emigration or Immigration. †¢S 51(39) – Incidental Power. †¢S 51(6) – Defence Power (not an issue for the exam – but noteworthy). Constitutional Limitations: †¢Breach of freedom of religion s 116. †¢Implied freedom of political communication †¢Possibly an issue of Separation of Powers – Kable – (not an issue for the exam – but noteworthy). Question Three: The F ederal Government makes regulation to stimulate the economy and then begins issue handouts to business in the Eastern States, as well as Eastern State Governments. They argue that because Eastern States contribute the most to our economy their economies are more important coming out of a recession. †¢Is there a head of power to support these laws? If yes, †¢Is the Act constitutionally valid? Issues for concern: Multi-characterisation: †¢S 96 – Grants to the States. †¢S 81 – Appropriations – head of power for this section: †¢S 51(20) – Corporations power – ‘trading corporation’ –Adamson’s activities test etc. †¢S 51(1) – Trade and Commerce. S 51(39) – Incidental Power. Constitutional Limitations: †¢Section 99 – preference to States. †¢Section 117 – residence. Question Four: (Essay Question) Are rights in Australia sufficiently covered by the Constitution; even when rights have been provided for – right to trial by jury – they have been narrowly construed to circumvent their application? Should this happe n? Is a bill of Rights need in our constitutional regime? Are implied rights sufficient. Discuss – with reference to examples. How to cite Mock Exam Constitutional Law B, Essays

The Routledge Companion to Financial Accounting Theory.

Question: Discuss about the The Routledge Companion to Financial Accounting Theory. Answer: Revisiting the conceptual framework Reason for Principles-based standards requiring a conceptual framework The FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) holds the responsibility of establishing accounting standards for financial accounting and reporting. The FASB and IASB are sharing a common goal for developing accounting standards to be principles-based. The current accounting standards are mainly based on conventions and thus there exist a requirement of financial accounting standards to be based on fundamental accounting concepts and principles. The accounting standards of FASB and IASB are currently based on a set of rules and conventions in order to enhance accuracy and reducing ambiguity in the preparation of financial statements. On the other hand, principles-based accounting standards are based mainly on generally accepted accounting principles (GAAP) that will provide a conceptual basis for accountants in financial reporting. There is a wide debate on the current accounting standards of IASB and FASB to be based on principles based or rules-based (Camfferman and Zeff, 2015). The current objective of FASB and IASB is to develop conceptual framework for accounting that are principles-based to ensure good financial reporting. The main advantage of principles-based accounting to be used in conceptual framework is that accounting reporting guidelines are practically based to aid accountants for ensuring good reporting. The principles-based accounting standards will help in ensuring that financial statements prepared are reliable and publish consistent information to be used in decision-making. Thus, the conceptual framework of the board should be based on body of principles that guides the accounting and reporting standards (Wolk, 2008). Importance of IASB and FASB sharing a common conceptual framework IASB and FASB should share a common conceptual framework for refinement, updating, completing and converging IASB and FASB accounting standards. The conceptual framework of IASB and FASB were established in the 1970s and 1980s and therefore requires refinement and updation. The FASB and IASB are recently aiming to converge their accounting standards for overcoming the difficulties that can arise if the decisions are based on different frameworks. The convergence of accounting standards would help in establishing clear and appropriate accounting principles that helps in developing accurate financial statements (Epstein, 2009). The IASB and FASB are presently undertaking a common project for developing an improved conceptual framework that is based on common standards for removing inconsistency in financial reporting. The convergence of IASB and FASB will help in new accounting standards that are based on generally accepted accounting principles in order to enhance reliability and tran sparency of financial reporting. Also, the convergence will aid in updating the conceptual framework so that financial information presented to the stakeholders is helpful in analysing and examining the financial stability of a firm (Epstein, 2009). The IASB and FASB have initiated a joint project with the main agenda of converge their accounting standards to remove inconsistency existing in financial accounting reporting standards. The business organisations around the world would gain large benefit from convergence of IASB and FASB accounting standards as there will be less ambiguity in reporting standards to be followed while developing financial statements. The reliability of financial statements developed by businesses around the world would increase in case of following one universally accepted accounting standard. The accounting representations of business organisations around the world will be more complete, neutral and error-free. The faithful representation of the accounting information to the stakeholders would increase with the convergence of IASB and FASB accounting rules and principles (Macve, 2015). Conceptual Framework is more important to some parties than others The primary purpose of the conceptual framework is to assist the preparation and presentation of financial reports by business organisations around the world. The International Accounting Standards Board (IASB) have stated that the main purpose of the conceptual framework is to aid IASB in develop accounting standards that will be used by businesses worldwide in accounting and financial reporting. The IASB develop accounting policies from the guidelines of revised conceptual framework that helps in understanding and interpretation of financial statements prepared by businesses across the world. The revised conceptual framework also assists several parties other than IASB in providing better understanding of the accounting policies and standards (Stolowy and Lebas, 2006). The most important user of the conceptual framework is IASB as it consistently uses its concepts in developing and revisiting accounting standards. However, some parties other than IASB also gain the help of conceptual framework in developing an understanding of the accounting standards and policies. This is because conceptual framework provides a basic understanding and interpretation of the accounting policies used in developing of financial statements. For examples, auditors and regulators uses conceptual framework at the time of decision-making during reviewing the financial statements of business organisations. The IFRS committee also gains the help of conceptual framework guidelines for developing an understanding of the financial statements. Thus, it can be stated that several parties uses conceptual framework guidelines but it is more important to IASB than other parties (Mazhambe, 2014). Cross-Cutting Issue and its examples The cross-cutting issue in accounting refers to take into account uncertainty during the measurement of an asset or liability. The uncertainty arises when as asset or liability is assessed by analysing future cash flows or when future cash flows are uncertain. The conceptual framework presents the guidelines on use of cash flow information in order to provide fair value of an asset or liability during preparation of financial reports. The possible example of cross-cutting issue is measuring the unit of account. This refers whether the items should be measured in aggregation or individually. Other example of cross-cutting issue includes accounting of direct acquisition costs as an asset in insurance industry. However, the U.S. has introduced changes about the type of costs to be included as asset and that to be included as expenditure. The accounting of acquisitions costs is a major cross-cutting issue for the insurers as they incur a huge cost in acquiring and originating insurance c ontracts. Thus, there is high debate over the accounting of acquisition costs so that it can be recovered during cash flows. The most important point of discussion in accounting of acquisition costs its meeting the criteria of an asset (Camfferman and Zeff, 2015). The trend toward fair value accounting Fundamental problem with financial statements based upon historic cost measurement principle under US GAAP Historic cost in accounting refers to the value of an asset based on its initial cost at the time of its purchase. The historic cost of an asset denotes its price on the balance sheet that is entirely based on its nominal or original cost. The method of historic costing is used mainly in generally accepted accounting principles (GAAP). The historic cost method of accounting does not take into account inflated adjusted market value and only record an asset based on its initial purchase price. This method of accounting has been criticised by accountants over a period of time as it does not reflect the present market value of an asset. The main problem with financial statements that are based on historic cost measurement principle under US GAAP is that it does not depict any change in market value of an asset over a period of time. Thus, the financial statements prepared with the use of historic accounting method have a major problem of lack of relevance. The financial statements cannot predict the relevant information about the future growth and profitability of an enterprise though the use of historic cost measurement principle. The investors cannot analyse and examine the real financial condition of an enterprise through the use of historic cost accounting as the assets are valued on past values under this method. Thus, the method of historic cost accounting though being a simplistic accounting method is not very useful as the financial information depicted is not reliable for the end-users (Jones, 2015). Analysis of principle accounts must reflect economic reality as a core principle of measurement in accounting The financial reporting of business organisations must faithfully present economic reality in order to safeguard the interest of stakeholders. The introduction of a principle-based system will help in developing financial reports that truly present the economic reality of the business transactions. In this context, it is essential that financial statements should be prepared through the use of fair value accounting method rather than historic cost measurement principle. The core principle of measurement in accounting should be based on reflecting economic reality so that financial reports reflect the true financial condition of an organisation to the end-users. The auditors, investors and all the stakeholders can gain clear information about the market reality with the use of such an accounting principle. The use of principle-based accounting standards will truly represent the economics of transaction and thus help in tracking a real interpretation of economic reality. The true and faithful presentation of the economic information through financial reporting would also help in sound judgement taken by management for improving the financial condition of the organisation. Thus, the principle accounts must reflect economic reality as a core principle of measurement in accounting should be used in order to depict the real economic condition of an organisation through financial reporting (Greenberg, 2013). Measuring Economic Reality Economic reality plays a highly important role in establishing of accounting standards and practices. The IASB and FASB are presently sharing a common goal of revising the conceptual framework for updating and revisiting the accounting standards and policies. In this context, the main objective of FASB and IASB is to incorporate the use of principles-based accounting standards in conceptual framework. The establishment of principle-based accounting standards will promote faithful presentation of economic reality in accounting and financial reporting. The economic reality can be measured through the use of fair value accounting method under GAAP by the IASB and FASB (Mazhambe, 2014). The fair value method of accounting reflects the true market value of an asset and thus helps the end-users to develop an in-depth understanding of the economic condition of financial market. The fair value accounting method will provide a clear display of the actual volatility in the market and thus prov iding a better understanding of the economic transactions to the investors and auditors. The establishment of principles-based accounting standards that incorporates the use of fair value measurement principle would promote transparent disclosure of financial information to the end-users. Also, it would help in developing the confidence of investors in financial reports through the depiction of actual economic condition of an organisation and thus promoting its future growth and profitability (Jones, 2015). Reliability in Accounting Reliability in accounting refers to presentation of verified and consistent financial information to the end-users that is free from any error. The reliability principle of accounting states that financial statements should present true, reliable and relevant financial information to the stakeholders of an organisation. The principle in accounting states that only those accounting transactions should be recorded in the accounting system that can be verified completely with the objective evidence. The financial information presented through financial reporting is believed to be materially accurate if it truly represents the economic condition of an organisation. Thus, reliability in accounting usually refers to trustworthiness of the financial statements. The accounting reliability means that financial information presented to the end-users consistently provide the same financial outcomes (Maali and Jaara, 2014). The principal of reliability in accounting is mainly introduced with the objective of reduction of errors and omitting misstatements of financial information presented before the investors and creditors. In addition to this, the principle of reliability in accounting also refers that financial information presented to the end-users can be verified with objective evidence. The most common example of objective evidence includes purchase receipts, cancelled cheques and bank statements. The financial information published in financial reports must be error-free and accurate so that it serves the purpose with which it is has been developed (Maali and Jaara, 2014). Disclosure of Environmental liability Companies should record a provision in relation to environment costs of retiring an asset as per the US standard setter The business organisations operating in the U.S. are currently facing environmental legislation for minimising the environmental damage done by the companies. Business operating in the U.S. is expected to maintain environmental compliance for ensuring environment protection. In this context, the US standard setter FASB has adopted a provision in relation to environmental costs of retiring an asset for reserving environmental liabilities if its fair value can be reasonably estimated. The major difficulty faced by the businesses regarding estimating an accounting provision is recognition of environmental liabilities. The environment liabilities presents difficulty in financial reporting due to uncertainties associated with it in the nature of contingencies (Uzochukwu, et al., 2009). The difficulty in assessing a fair market value of the environment liability caused the business organisations to postpone the recognition of their environmental liability. However, later FASB has implement ed strict litigation for the business organisations to reserve for environment liabilities even in the condition of uncertainty. For example, an asbestos-contaminated factory is required to have sufficient reserves for covering the environmental damage that can occur due to asbestos. Companies have to incur huge cost for achieving environmental compliance as they have to display millions of dollars in their income statements for covering environment liabilities. Thus, companies have to estimate the provision relating to environment liabilities by taking into account adequate reserves for covering the environment damage (Wolk, 2008). Requirements for US companies to defer recognition of a liability The US companies defer their liability in relation to recognition of an environment liability by mothballing a contaminated property. The FASB has issued provisions in the year 2002 for accounting environment liabilities in relation to the retirement of an asset if its market value can be reasonably estimated. The conditional nature of estimating a fair market value of assets being retired from service has caused the businesses to defer their liability indefinitely by taking proper reserves against a contaminated property. The retirement of assets such as manufacturing facilities or parts of facilities in business organisations requires to be taken into account as environment liability. Thus, the main requirement for US companies to defer recognition of a liability is that fair value of a retiring asset should be estimated properly (Stolowy and Lebas, 2006). Impact of recognition of a liability in relation to future restoration activity on Net Profit in current and future years The recognition of an environment liability requires business organisations to take proper reserves for minimising the environmental damage that can occur in the future. Thus, as per the litigation implemented by the FASB business organisations have to incur million of dollars for restoring environmental damage that can occur with the recognition of a liability in future. Thus, net profit for the current year is negatively impacted with huge expenditure of a business corporation in deferring an environment liability. However, the business organisations after taking into account adequate reserves against an environmental liability can minimise the occurrence of a contingency condition. Thus, the future net profit is expected to increase with the implementation of proper measures for restoring environment damage in a business corporation (Wolk, 2008). Cash flow in the current and future years As discussed above, the net profit in the current year will decrease with the recognition of an environmental liability as companies have to incur high cost for maintain adequate reserves against the recognised liability. The reduction in net profit is estimated to decrease the present cash flow position of the current year. On the other hand, future cash flows is expected to increase with the rise in net profit in future years. Importance of companies recognising environment liability and extent of disclosure being liability sufficient The environment legislation has proliferated at the federal, state and local levels with the increase of environment damage caused by business operations. Businesses worldwide now have to obtain environmental compliance for ensuring environment protection by their operational activities. The companies must recognise their environment liability for addressing the issues relating to environmental protection and thus protecting it from any damage that can occur due to release of hazardous substances into the environment (Rogers, 2005). The recognition of an environmental liability is important so that companies can take into account adequate reserves for covering the environmental damage. It is important for companies to identify environment liability for minimising the occurrence of a future contingency that can negatively impact its sustainability and growth (Uzochukwu, et al., 2009). The recognition of environment liability will also help business companies to take into consideration the environment hazards associated with its operational activities. Thus, the business companies can take measures in advance that will help in missing the chances of occurrence of environmental hazards and thus ensuring environment protection. The proper accounting of environment liability also help business companies to promote their goodwill in the international market and thus increasing brand awareness. The recognition of an environment liability is not easy due to unknown damage associated with it. The business companies should therefore maintain proper financial reserves for environment liabilities so that environment hazards can be prevented from the occurrence. The FASB has also implemented litigation that business companies should follow in order to safeguard environment protection from their operational activities. In addition to this, the business organisations should als o comply with the environmental laws and regulations in order to safeguard from any environment damage. The disclosure about the environment liability is sufficient to an extent for business companies that its fair value is estimated in the income statement of a company (Uzochukwu, et al., 2009). References Camfferman, K. and Zeff, S.A. 2015. Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001-2011. OUP Oxford. Epstein, B.J. 2009. Wiley GAAP 2010: Interpretation and Application of Generally Accepted Accounting Principles. John Wiley Sons. Greenberg, M. 2013. Fair Value Accounting, Historical Cost Accounting, and Systemic Risk: Policy Issues and Options for Strengthening Valuation and Reducing Risk. Rand Corporation. Jones, S. 2015. The Routledge Companion to Financial Accounting Theory. Routledge. Maali, B. and Jaara, O. 2014. Reality and Accounting: The Case for Interpretive Accounting Research. International Journal of Accounting and Financial Reporting 4(1), 155-168. Macve, R. 2015. 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