The edge, by Dick Francis Essay Example for Free

The edge, by Dick Francis Essay Unlike with the setting, dialogue makes the theme or value come across easier because it can be said straight out rather than the viewer have to analyse the setting to find out. Although the theme or value can be shown easier, there is more to the dialogue than just the words. The way it is spoken can get it across stronger because it may have the ability to make the viewer sit up and listen and realise what the character is saying straight away. For example, in the scene where Peter is confronted by the man who killed his friend and former partner, the man says you wont kill me. Blokes like you need a reason and Peter replies very strongly saying Ive got a reason. and his name is Oscar Stone!! It comes across to the viewers very strongly that Peter is committed to not only the revenge of his friend, but also to ridding corruption from society. These three techniques work well together to set the viewers mind and thoughts to show them that the characters in the text are committed to the themes or values that are trying to be brought across. They convince the viewers that the text has meaning, so the viewers are more willing to believe and support the text. Journal B Novel Analysis: The Edge, Dick Francis Dick Francis The Edge explores the life of Torquil Kelsey, an undercover operative for a Jockey Club in England. Torquil is assigned to be the invisible needle in the haystack. He wonders around the racecourses like any other racegoer, but in doing so, listens in and explores all business that goes on inside the courses. His main objective is to rid racing of one of its notorious villains, the successful but dodgy Julius Apollo Filmer. For months the Jockey Club have been trying to find some dirt, any dirt, on Filmer and have so far been unsuccessful. Torquil later takes a train ride in which Filmer will also be on. Torquil knows all too well that Filmer will be up to something. Filmer is later found guilty of paying someone to sabotage the train ride and Filmer himself of wilfully attempting to kill Daffodil Quentins horse. Torquil Kelsey: Torquil, or Tor as some characters call him as a nickname, is an undercover operative for an English Jockey Club. He has been assigned to go from course to course and find out any illegal deals going on. He has an inquisitive nature. Being an undercover operative, he has the ability to be in a crowd without being noticed. He is very cluey. He can guess that certain things are going to happen before they do. Hes your typical good guy. Hes not the mean cop who beats people up to get information. He has the good guy charm with women. Julius Apollo Filmer: Filmer is the major racehorse owner around the area that the Jockey Club operates in. They have tried to get him warned off the course in the past but have never caught him. He is smart and smug. He never does his tasks evil deeds himself; he will always have a hired goon to do his work. He always has some evil deed planed out in his mind and does whatever he can do complete it. He associates with dodgy people, such as Daffodil Quentin. Themes The main themes of this novel are based around the triumph of good versus evil. Its really your typical police story. Police get a suspicion that the bad guy is going to do something evil, police try catch the bad guy doing it, police do a lot of investigating, bad guy eventually gets caught. Beliefs One major belief that I got out of this text was that the world should be rid of corruption. The aim of Torquil Kelsey is to rid the racing world of Julius Apollo Filmer and inturn ridding the racing world of the corruption he brings. Oral Task Based On Novel I believe the target audience of this novel is probably adults. Although I enjoyed reading it myself, I think the majority of the readers will be older. Also, the novel, like most other Dick Francis novels, has an element to do with horseracing, so this may also appeal to anyone interested in horseracing. If this interview were real, it would probably be broadcast on an AM radio station such as 720, which the station itself is aimed at the older part of society. The tape of this interview will be included with the rest of this assignment. Transcript Presenter: Im privileged to have a great author in the studio with me now. He has written such books as Smokescreen, Risk and High Stakes just to name a few. He is in Australia to promote his new novel The Edge. Good Afternoon, Dick Francis. Francis: Thankyou. Its great to be here. Presenter: So, your new novel The Edge. It has just been released here. How do you expect it will sell? Francis: Well I certainly hope it will sell very well. I have worked long and hard perfecting it. Presenter: I recently read this novel in preparation for this interview. I thought it to be a very good read. Me being 36, is that the age of audience you were intending this novel to be aimed at? Francis: Yes, thats about what I was thinking. Its definitely too complex for anyone below maybe 16, but middle school onwards was the target. Its really a matter of choice though. No matter what age you are, if youre just not into crime novels, which this novel is, then you just wont like it. Presenter: Yes. Now on that, would you like to fill our listeners in on the plot of this novel? Francis: Certainly. The Edge is about a young man named Torquil Kelsey working as an undercover operative for an English Jockey Club. He is required to be the invisible needle in the haystack if you like. He must roam around various racecourses in England and investigate any odd activities that take place and any odd characters to go with it. His main target is a villain named Julius Apollo Filmer. Filmer is a leader of corruption amongst the racing world. He is a bit like a King of Evil. He never completes his dirty deeds himself, but gets hired goons to complete them for him. He is in suspicion of a number of offences, so it is Torquils task to nail Filmer. He gets his best opportunity on a racegoers train around Canada, which Filmer is attending. Ill stop there as to not ruin the story for anyone by giving too many details. Presenter: Thats probably a good idea. You were formally a jockey before you turned to writing. Are any of the characters in the novel based on people youve come across in your time as a jockey? Francis: There is always a certain amount of truth involved in some parts of every novel, but nothing is an exact copy of the truth. Presenter: Tell us about our two main characters. Torquil the hero and Julius the villain. Francis: Well, Torquil has been brought up by his Aunt Viv, an avid racegoer. He has always been associated with horses and horse racing since he was a wee boy, so his knowledge of horses has helped him with is job around the racetracks. He is very inquisitive, very cluey, is able to spot things that most people would simply turn a blind eye to. He is a charmer also. Very good with the ladies. Julius is your typical villain. Seems fine on the outside, but you know that on the inside, theres evil brewing and his mind is devising a plan. He is an evil mastermind. Has the ability to devise the plans, but will never execute them himself. He must keep a clean look with the public otherwise his plans will be given away, so the hired goon is his way of going about getting that done. Presenter: I found it interesting to note that you always made the story continuos. You would rarely jump from scene to scene, instead you always describe exactly where your characters where going. I recall a part where Torquil must go from one end of the train to the other, and you describe exactly where he is walking, instead of just jumping straight to where he was heading to with a new paragraph. Was this deliberate? Francis: Yes, I believe that you must be very descriptive when writing a novel. Its not like a film where you can show viewers visually, so you must describe the exact surrounding very thoroughly. I find that if you jump straight to it, you can sometimes confuse readers and miss important details of the surroundings. Presenter: Well, thankyou Dick. I hope all goes well with the release of the novel and Ill look forward to reading more of your future novels. Francis: Thankyou Journal C I received a very insightful view into the industry of undercover policing after studying both the texts I chose. They showed a set of values that I had never really dwelled on before. The triumph of good over evil is something I am regularly exposed to, but ridding the world of corruption and the reasons for doing so had never really been considered. I realised from these texts that corruption in any industry can ruin the industry completely for society if untreated. The racing industry for instance, I was shown in The Edge that if the villain Julius Apollo Filmer had gone on with his evil deeds forever without anyone ever even trying to stop him, he would have eventually taken control of that industry and injected so much corruption into it that the public would eventually lose out. For example, if he had taken control of every horse in some way, he would be able to dictate races and the public would lose in some way or another. These texts both support my views and in some ways support them more than I do. A majority of the people in society would not support corruption of any form and I am no different, but it never really meant much to me. I support the views of the texts but I have never realised the effects corruption can have until I studied these texts. Like the texts, I believe corruption should be stopped at all costs. I would hate to be in a society where things can happen like they did in Stingers. If the chief of a police unit was corrupt and letting crime go and even going to the extent of helping the crimes be committed, then I would be horrified because I put my trust in that unit only to find out it is supporting the things it is supposed to be protecting me from. I support the view of good triumphing over evil. To drop this view down to an example at my level, it would have to be bullying in schools. It always brings a smile to my face when I see a bully getting what he deserves in return for his wicked deeds he has performed on an innocent student. Another example of this would be in a game of football. When an opponent tries to pull off an illegal move on someone but cant fool the umpire, it is always rewarding to see the player who was doing the right thing get rewarded the free kick. In The Edge, it was rewarding when I read at the end that Julius Apollo Filmer is caught and convicted of his crimes after the determination of Torquil Kelsey to find that last ounce of information that would put Filmer away. So I very much support all values identified in these texts. The episode of Stingers that I refer to in my studies is not a complete story. It just focuses on part of an ongoing story that has continued from previous episodes, so the villains have not yet been caught. I enjoyed studying these texts, because they challenged and changed my views. Although they didnt have a different view to what I already had, they allowed me to explore the views with more depth than I had before.

Strong Penelope of Homers Odyssey Essay -- Homer, Odyssey Essays

The Strong Penelope of The Odyssey "My lady, there is no man in the wide world who could find fault with you. For your fame has reached broad heaven itself, like that of some illustrious king."(Page 289,Book 19) In Homer's epic, The Odyssey, Odysseus is an epic hero with an epic wife, Penelope. Penelope is also the Queen of Ithaca, a vital role indeed. Penelope's love and devotion towards Odysseus is proven when she waits nineteen years for her husband to return from the wine dark sea, rather than losing faith and marrying another man. Penelope's character is strong and solid, and her personality remains consistent throughout Homer's Odyssey. Since there are so few mortal women featured in The Odyssey, Penelope can be seen as an ideal figure to represent all noblewomen in the Greek world. Although women were seen as possessions they could still be highly respected and influential in society. This is shown very effectively in this quote by Antinous as he speaks about Penelope, "Her skill in fine handicraft, her excellent brain, and the genius she has for getting her way, In that respect, I gra... ...en Skylla and Penelope: Female Characters of the Odyssey in Archaic and Classical Greek Art," pp. 29-58. Richard Brilliant, "Kirke's Men: Swine and Sweethearts," pp. 165-73. Helene Foley, "Penelope as Moral Agent," in Beth Cohen, ed., The Distaff Side (Oxford 1995), pp. 93-115. Homer. The Odyssey. Trans. Robert Fitzgerald. New York: Vintage Books, 1989. Marilyn Arthur Katz, Penelope's Renown: Meaning and Indeterminacy in the Odyssey (Princeton 1991). Nancy Felson-Rubin, Regarding Penelope: From Courtship to Poetics (Princeton 1994). Strong Penelope of Homer's Odyssey Essay -- Homer, Odyssey Essays The Strong Penelope of The Odyssey "My lady, there is no man in the wide world who could find fault with you. For your fame has reached broad heaven itself, like that of some illustrious king."(Page 289,Book 19) In Homer's epic, The Odyssey, Odysseus is an epic hero with an epic wife, Penelope. Penelope is also the Queen of Ithaca, a vital role indeed. Penelope's love and devotion towards Odysseus is proven when she waits nineteen years for her husband to return from the wine dark sea, rather than losing faith and marrying another man. Penelope's character is strong and solid, and her personality remains consistent throughout Homer's Odyssey. Since there are so few mortal women featured in The Odyssey, Penelope can be seen as an ideal figure to represent all noblewomen in the Greek world. Although women were seen as possessions they could still be highly respected and influential in society. This is shown very effectively in this quote by Antinous as he speaks about Penelope, "Her skill in fine handicraft, her excellent brain, and the genius she has for getting her way, In that respect, I gra... ...en Skylla and Penelope: Female Characters of the Odyssey in Archaic and Classical Greek Art," pp. 29-58. Richard Brilliant, "Kirke's Men: Swine and Sweethearts," pp. 165-73. Helene Foley, "Penelope as Moral Agent," in Beth Cohen, ed., The Distaff Side (Oxford 1995), pp. 93-115. Homer. The Odyssey. Trans. Robert Fitzgerald. New York: Vintage Books, 1989. Marilyn Arthur Katz, Penelope's Renown: Meaning and Indeterminacy in the Odyssey (Princeton 1991). Nancy Felson-Rubin, Regarding Penelope: From Courtship to Poetics (Princeton 1994).

Causes Of Global Financial Crisis Economics Essay

About every corporate, company and person in this universe is good cognizant with the term Global Financial Crisis. However, there are several grounds for the causes of current fiscal causes and Global economic downswing. This assignment will be concentrating on few cardinal causes that led to the downswing of planetary economic system and brought a ne'er seen fiscal crisis state of affairs across the universe. Banks, companies, corporate, Multinational companies all felt quarries to it. United States and U.K and other few developed states majorly, witnessed the worst of the crisis and are still seeking difficult to retrieve from it. The 1990s and 2000s saw a planetary moving ridge of bad investing in fiscal assets and land, and the rise of the belongings developer as the key participant in urban development. US economic system went into problem in late 2007 when lifting trade good monetary values combined with the subprime mortgage crisis and finally triggered recession. In the background of fiscal crisis in US which started in 2007, the existent estate sector continued to bloom and give good returns to the investors. Banks and fiscal establishments seeing this as an chance reduced involvement rates and made mortgages easy available to common people. As a consequence many people bought houses for investing and made usage of easy recognition installations and mortgages. Fall of lodging monetary values and lifting involvement rates triggered mortgages refinancing jobs as investors found trouble in returning the involvement every bit good chief. This caused monolithic losingss for loaners and prostration of some Ba nkss and broader liquidness jobs in fiscal sector. ( Bunkley, N. , 2008 ) . Hamilton and Kim ( 2002 ) province that today the passage to post industrialism is about complete in the United States, as agribusiness and fabrication history for less than 10 % of the entire labour force ( and that per centum continues to fall ) . The twenty-first century has seen acceleration in this tendency: Between December 2000 and May 2009, the United States lost 5.25 million fabrication occupations, or more than 30 % . Securitization turned broad during the 1990s, driven by demand from institutional investors seeking mercantile establishments for their money, bringings from Bankss that got paid by the dealing and information engineering that enabled the rating of cryptic instruments. From place mortgages to car loans to recognition card receivables and concern loans, about everything with an income watercourse seemed to stop up as a bond, and the bond market enormously outstripped the stock market in value ( Pleven & A ; Silverman, 2007 ) . Large graduated table employers that provided occupation security, calling mobility through occupation ladders, and generous wellness and retirement benefits seem to hold been artifacts of the corporate industrial age in the United States and the United Kingdom. Many of the so called academy employers have explicitly renounced the former patterns that tied employees to their houses, through stop deading company pensions and phasing out retiree wellness benefits. General Motors, for case, notified its white-collar retired persons in July 2008 that in the New Year they and their dependants would no longer be covered by GM-financed private wellness insurance because it had become excessively dearly-won. Alternatively, they would be compensated with a $ 300 addition in their monthly pension cheques ( Bunkley, 2008 ) . Harmonizing to Ahrens ( 2002 ) , the crisis which proceeded this recession was by historical criterions barely a roar at all. The net growing in planetary employment in the 1990s and 2000s came near to zero, while mean GDP per capita really fell. Underemployment and concealed unemployment became common. Almost half of the universe ‘s occupations were classified by the International Labour Organisation as insecure. Defined-benefit programs provided employees strong inducements to pass their callings with peculiar employers. With the coming of the 401 ( K ) in the early 1980s, nevertheless, the big bulk of employers that still provided pensions began a displacement toward funding comparatively portable programs in which employees and houses both contribute to an separately owned pension that can be rolled over if the employee alterations occupations. These â€Å" defined-contribution † programs efficaciously transferred hazard from employers to workers, who were now respon sible for doing reasonable investing picks on their ain behalf from among the options offered by their employer ( Cobb, 2008 ; Hacker, 2006 ) . Although employers were motivated in portion by cost considerations, the consequence was to loosen the ties that bound employees to houses, farther reenforcing the tendencies described in the old subdivision. While the planetary economic system is demoing cautious marks of healing, hapless states are still enduring the effects of the world-wide depression and the nutrient, fuel and fiscal crises, which hit over the last two old ages. The poorest states will necessitate extra aid to travel in front of the planetary depression. states like UK, US can play a cardinal function in assisting to heighten international demand to bear planetary resurgence, but they will necessitate entryway to funding for old ages to come. The World Bank is working for a Crisis Response Facility to guarantee that rapid and helpful support can be provided to most incapacitated hapless states following dazes. Failure to cover with this demand could endanger the development achieved in many hapless states based on recent strong development attempts, and alternatively take to dearly-won reversals. ( Kotlan, V. , 2002 ) The positive side of recession is that it will convey new demands for be aftering to make what it has ever presented itself as making protecting the demands of ordinary people instead than privileged minorities, the populace instead than the private involvement, the hereafter instead than the present. New societal forces will impact on the behavior of contrivers and on be aftering results. And the recession will supply plentifulness of chances for these new forces to concentrate around and capitalize on ( Peel and Ioannidis, 2003 ) . No surprises so that some are already take a firm standing that the solution to the crisis is to work even harder at ‘Competitiveness ‘ than earlier. The old order, rational and institutional, will hang on every bit long as there are no possible options ( Andreou, et. Al, 2000 ) . For illustration, there will be no deficit of potentially utile infinite in the center of metropoliss everyplace. Already many authoritiess have targeted societal lodging and green substructure as the urban avenues through which to supply the necessary Keynesian injection to reconstruct macroeconomic stableness. The Obama disposal ‘s accent on environmental utilizations of the new public support raises the possibility of a turning consensus in favor of a Green New Deal within which the urban will be the cardinal graduated table in the United States. All of these will hold profound deductions for Planning ( Peel and Ioannidis, 2003 ) . Encourage nest eggs among the consumer base by increasing involvement rates so that consumers do non impart to a great extent on borrowing for their nutriment and stop up losing their net incomes on involvement or in the procedure of repossession of belongings and earning by Bankss which have lent them money earlier ( Davis, 2009 ) . To make this in a hazard free mode, recognition cheques should be made rigorous and incentive options should be given to people who maintain their evaluations therefore doing it a reciprocally organized attempt and non a exclusive run by the Government to cut down debitors in their state. In the capitalist universe in which we live the most of import influence on wellness and felicity at both the person and corporate degree is the handiness of occupations. In the new context of planetary recession, Kotlan ( 2002 ) argues the ILO has hence proposed that public policy should be readjusted to concentrate on low C employment intensive poorness cut downing growing. If planning is to repossess any credibleness as a concern devoted to societal betterment and environmental endurance it must set consequently. This implies a really different sort of planning, and contriver, from that of the recent yesteryear. In the immediate hereafter this would look to necessitate two new accents. First, cardinal strategic topographic point must be given to the end of maximizing local economic public assistance. Improved employment chances and a fairer distribution of incomes should go the premier mark of planning at all spacial graduated tables. Without this none of the other benign possibilities of be aftering base much opportunity of being realised. To be programmatic about it, the nucleus of planning at the urban and regional degree should be an expressed foundational Labour Market scheme to reconstruct and prolong an inclusive local labor market, as the UK All Party Urban Development Group has acknowledged, even if in mode that is already out of day of the month. The implicit in rule should be to maximize the sustainable employment impact of public disbursement and land usage ( Andreou, et. Al, 2000 ) . But this will merely impact those who get occupations. So, secondly, schemes should be developed to understate the negative effects of unemployment and low or insecure incomes by beef uping community resources and non-market chances. Bettering societal protection is an pressing precedence. There are many lessons of local authorities responses to earlier recessions and experiences around the universe that should be re-examined. Planners will hold to take on board a whole new universe of demands and responses.

Financial Reporting Standards - Free Essay Example

Sample details Pages: 26 Words: 7687 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Essay any type Did you like this example? Financial Reporting Standards International Financial Reporting Standards Intr?ducti?n Int?rn?ti?n?l Fin?nci?l R?p?rting ?t?nd?rd? (IFR?) ?r? m?r? r?c?ntly ud n?w which r?f?r? t? th?n n?w numb?r?d ri ?f pr?n?unc?m?nt? th?t th? IB i? iuing, di?tinct fr?m th? Int?rn?ti?n?l ?cc?unting ?t?nd?rd? ri iu?d by it? pr?d?cr. Brdly IFR? r?f?r? t? th? ?ntir? b?dy ?f IB pr?n?unc?m?nt?, including ?t?nd?rd? ?nd int?rpr?t?ti?n? ?ppr?v?d by th? IB ?nd I ?nd ?IC int?rpr?t?ti?n? ?ppr?v?d by th? pr?d?cr, Int?rn?ti?n?l ?cc?unting ?t?nd?rd C?mmitt. Und?r th? Int?rn?ti?n?l ?cc?unting ?t?nd?rd? (I) R?gul?ti?n, li?t?d c?mp?ni mu?t pr?p?r? c?nlid?t?d fin?nci?l ?t?t?m?nt? ?r individu?l fin?nci?l ?t?t?m?nt? if th?y ?r? n?t pr?p?ring c?nlid?t?d fin?nci?l ?t?t?m?nt? f?r fin?nci?l yr? c?mm?ncing ?n ?r ?ft?r J?nu?ry 1 2005, in ?cc?rd?nc? with I/IFR? (Int?rn?ti?n?l Fin?nci?l R?p?rting ?t?nd?rd?). Don’t waste time! Our writers will create an original "Financial Reporting Standards" essay for you Create order I 27 C?nlid?t?d ?nd p?r?t? Fin?nci?l ?t?t?m?nt? Th? ?bj?ctiv? ?f I 27 i? t? ?nh?nc? th? r?l?v?nc?, r?li?bility ?nd c?mp?r?bility ?f th? inf?rm?ti?n th?t ? p?r?nt ?ntity pr?vid in it? p?r?t? fin?nci?l ?t?t?m?nt? ?nd in it? c?nlid?t?d fin?nci?l ?t?t?m?nt? f?r ? gr?up ?f ?ntiti und?r it? c?ntr?l. Th? ?t?nd?rd ?p?cifi (Thompson, S., Murray, A, 2005): (a) Th? circum?t?nc in which ?n ?ntity mu?t c?nlid?t? th? fin?nci?l ?t?t?m?nt? ?f ?n?th?r ?ntity (b?ing ? ?ub?idi?ry); (b) Th? ?cc?unting f?r ch?ng in th? l?v?l ?f ?wn?r?hip int?rt in ? ?ub?idi?ry; (c) Th? ?cc?unting f?r th? l ?f c?ntr?l ?f ? ?ub?idi?ry; ?nd (d) Th? inf?rm?ti?n th?t ?n ?ntity mu?t di?cl t? ?n?bl? ur? ?f th? fin?nci?l ?t?t?m?nt? t? ?v?lu?t? th? n?tur? ?f th? r?l?ti?n?hip b?twn th? ?ntity ?nd it? ?ub?idi?ri. C?nlid?t?d fin?nci?l ?t?t?m?nt? ?r? th? fin?nci?l ?t?t?m?nt? ?f ? gr?up prnt?d th ?f ? ?ingl? ?c?n?mic ?ntity. ? gr?up i? ? p?r?nt ?nd ?ll it? ?ub?idi?ri. ? ?ub?idi?ry i? ?n ?ntity, including ?n uninc?rp?r?t?d ?ntity ?uch ? p?rtn?r?hip th?t i? c?ntr? ll?d by ?n?th?r ?ntity (kn?wn th? p?r?nt). C?ntr?l i? th? p?w?r t? g?v?rn th? fin?nci?l ?nd ?p?r?ting p?lici ?f ?n ?ntity t? ?bt?in b?n?fit? fr?m it? ?ctiviti (Teixeira, A., Pickens, D., 2005). ? p?r?nt mu?t c?nlid?t? it? invtm?nt? in ?ub?idi?ri. Th?r? i? ? limit?d ?xc?pti?n ?v?il?bl? t? m? n?npublic ?ntiti. H?w?v?r, th?t ?xc?pti?n d n?t r?li?v? v?ntur? c?pit?l ?rg?niti?n?, mutu?l fund?, unit tru?t? ?nd ?imil?r ?ntiti fr?m c?nlid?ting th?ir ?ub?idi?ri. ? gr?up mu?t u unif?rm ?cc?unting p?lici f?r r?p?rting lik? tr?ncti?n? ?nd ?th?r ?v?nt? in ?imil?r circum?t?nc. Th? c?nqu?nc ?f tr?ncti?n?, ?nd b?l?nc, b?twn ?ntiti within th? gr?up mu?t b? ?limin?t?d. In pr?p?ring c?nlid?t?d fin?nci?l ?t?t?m?nt?, ?n ?ntity c?mbin th? fin?nci?l ?t?t?m?nt? ?f th? p?r?nt ?nd it? ?ub?idi?ri lin? by lin? by ?dding t?g?th?r lik? it?m? ?f t?, li?biliti, ?quity, inc?m? ?nd ?xp?n. In ?rd?r th?t th? c?nlid?t?d fin?nci?l ?t?t?m?nt? prnt fin?nci?l inf?rm?ti?n ?b?ut th? gr?up th?t ?f ? ?ingl? ?c?n?mic ?ntity, th? f?ll?wing ?t?p? ?r? th?n t?k?n (Manchester, P., 2004): * Th? c?rrying ?m?unt ?f th? p?r?nt? invtm?nt in ch ?ub?idi?ry ?nd th? p?r?nt? p?rti?n ?f ?quity ?f ch ?ub?idi?ry ?r? ?limin?t?d ( IFR? 3, which dcrib th? trtm?nt ?f ?ny rult?nt gdwill); * N?n-c?ntr?lling int?rt? in th? pr?fit ?r l ?f c?nlid?t?d ?ub?idi?ri f?r th? r?p?rting p?ri?d ?r? id?ntifi?d; ?nd * N?n-c?ntr?lling int?rt? in th? n?t t? ?f c?nlid?t?d ?ub?idi?ri ?r? id?ntifi?d p?r?t?ly fr?m th? p?r?nt? ?wn?r?hip int?rt? in th?m. N?n-c?ntr?lling int?rt? in th? n?t t? c?n?i?t ?f: * Th? ?m?unt ?f th n?n-c?ntr?lling int?rt? ?t th? d?t? ?f th? ?rigin?l c?mbin?ti?n c?lcul?t?d in ?cc?rd?nc? with IFR? 3; ?nd * Th? n?n-c?ntr?lling int?rt? ?h?r? ?f ch?ng in ?quity ?inc? th? d?t? ?f th? c?mbin?ti?n. N?n-c?ntr?lling int?rt? N?n-c?ntr?lling int?rt? mu?t b? prnt?d in th? c?nlid?t?d ?t?t?m?nt ?f fin?nci?l piti?n within ?quity, p?r?t?ly fr?m th? ?quity ?f th? ?wn?r? ?f th? p?r?nt. T?t?l c?mpr?h?n?iv? inc?m? mu?t b? ?ttribut?d t? th? ?wn?r? ?f th? p?r?nt ?nd t? th? n?n-c?ntr?lling int?rt? ?v?n if thi? rult? in th? n?n-c?ntr?lling int?rt? h?ving ? d?ficit b?l?nc? (Killgren, L., 2005). Ch?ng in th? ?wn?r?hip int?rt? Ch?ng in ? p?r?nt? ?wn?r?hip int?rt in ? ?ub?idi?ry th?t d? n?t rult in th? l ?f c?ntr?l ?r? ?cc?unt?d f?r within ?quity. Wh?n ?n ?ntity l c?ntr?l ?f ? ?ub?idi?ry it d?r?c?gni th? t? ?nd li?biliti ?nd r?l?t?d ?quity c?mp?n?nt? ?f th? f?rm?r ?ub?idi?ry. ?ny g?in ?r l i? r?c?gnid in pr?fit ?r l. ?ny invtm?nt r?t?in?d in th? f?rm?r ?ub?idi?ry i? mur?d ?t it? f?ir v?lu? ?t th? d?t? wh?n c?ntr?l i? lt. p?r?t? fin?nci?l ?t?t?m?nt? Wh?n ?n ?ntity ?l?ct?, ?r i? r?quir?d by l?c?l r?gul?ti?n?, t? prnt p?r?t? fin?nci?l ?t?t?m?nt?, invtm?nt? in ?ub?idi?ri, j?intly c?ntr?ll?d ?ntiti ?nd ci?t mu?t b? ?cc?unt?d f?r ?t ct ?r in ?cc?rd?nc? with I 39 Fin?nci?l In?trum?nt?: R?c?gniti?n ?nd Mur?m?nt. Di?clur? ?n ?ntity mu?t di?cl inf?rm?ti?n ?b?ut th? n?tur? ?f th? r?l?ti?n?hip b?twn th? p?r?nt ?ntity ?nd it? ?ub?idi?ri. ? bu?in c?mbin?ti?n i? th? bringing t?g?th?r ?f p?r?t? ?ntiti ?r bu?in int? ?n? r?p?rting ?ntity. ? bu?in c?mbin?ti?n m?y b? ?tructur?d in ? v?ri?ty ?f w?y? f?r t?x, l?g?l ?r ?th?r rn?. In ?ll bu?in c?mbin?ti?n?, ?n ?cquir?r h t? b? id?ntifi?d f?r ?cc?unting purp. Th? ?cquir?r will b? th? ?ntity th?t h ?bt?in?d c?ntr?l ?f ?n? ?r m?r? ?th?r ?ntiti ?r bu?in (th? ?cquir). C?ntr?l i? d?fin?d th? p?w?r t? g?v?rn th? fin?nci?l ?nd ?p?r?ting p?lici ?f ?n ?ntity ?r bu?in t? ?bt?in b?n?fit? fr?m it? ?ctiviti. ? numb?r ?f f?ct?r? m?y influ?nc? which ?ntity h c?ntr?l. Th includ? ?quity ?h?r?h?lding, c?ntr?l ?f th? brd ?nd c?ntr?l ?grm?nt?. If ?n ?ntity ?wn? m?r? th?n 50 p?r c?nt ?f th? ?quity ?h?r?h?lding in ?n?th?r ?ntity, th?r? i? ? prumpti?n ?f c?ntr?l (Kentouris, C., 2005). Th? ?cquir?r mur th? ct ?f th? c?mbin?ti?n ?t th? ?cqui?iti?n d?t? (th? d?t? ?n which it ?bt?in ? c?ntr?l ?v?r th? n?t t? ?f th? ?cquir). Th? ct ?f th? c?mbin?ti?n includ ch ?nd ch ?quiv?l?nt? ?nd th? f?ir v?lu? ?f ?ny n?n-ch c?n?id?r?ti?n giv?n, plu? ?ny ct? dir?ctly ?ttribut?bl? t? th? ?cqui?iti?n. ?ny ?h?r iu?d p?rt ?f th? c?n?id?r?ti?n ?r? f?ir v?lu?d. Th? m?rk?t v?lu? ?f ?h?r i? ud ?vid?nc? ?f th? f?ir v?lu?. If ?ny ?f th? c?n?id?r?ti?n i? d?f?rr?d, it i? di?c?unt?d t? r?fl?ct it? prnt v?lu? ?t th? ?cqui?iti?n d?t? (Jobson, B., 2004). ? p?rti?n ?f th? c?n?id?r?ti?n m?y b? c?nting?nt ?n th? ?utc?m? ?f futur? ?v?nt? ?r th? ?cquir?d ?ntity? p?rf?rm?nc? (‘c?nting?nt c?n?id?r?ti?n). C?nting?nt c?n?id?r?ti?n th?t c?n b? r?li?bly tim?t?d ?nd wh?r? p?ym?nt i? pr?b?bl? i? r?c?rd?d in full ?t th? d?t? ?f th? bu?in c?mbin?ti?n. C?nting?nt c?n?id?r?ti?n i? ?dju?t?d t? r?fl?ct th? ?ctu?l ?utc?m?. ?nc? th? ct ?f c?n?id?r?ti?n i? t?bli?h?d, it i? c?mp?r?d t? th? f?ir v?lu? ?f th? ?cquir id?ntifi?bl? t? (including int?ngibl? t? n?t pr?vi?u?ly r?c?gnid), li?biliti ?nd c?ntin g?nt li?biliti. Th? ?cquir t? ?nd li?biliti ?r? f?ir v?lu?d (th?t i?, th?ir v?lu? i? d?t?rmin?d by r?f?r?nc? t? ?n ?rm? l?ngth tr?ncti?n th? int?nti?n ?f th? ?cquir?r i? n?t r?l?v?nt). If th? ?cqui?iti?n i? f?r l th?n 100 p?r c?nt ?f th? ?cquir, th?r? i? ? min?rity int?rt (?l c?ll?d ‘n?n-c?ntr?lling int?rt). Th? min?rity int?rt r?prnt? th? p?rti?n ?f th? f?ir v?lu? ?f th? n?t id?ntifi?bl? t? ?f ?n ?ntity n?t ?wn?d by th? ?ntity th?t c?ntr?l? it. Th? diff?r?nc? b?twn th? ct ?f ?cqui?iti?n ?nd th? f?ir v?lu? ?f th? id?ntifi?bl? t? ?nd li?biliti r?prnt? gdwill. ?ft?r r?c?gnizing ?ll int?ngibl, th? gdwill b?l?nc? r?prnt? ?yn?rgi ?nd c?rt?in unr?c?gniz?d int?ngibl ?uch th? ?ntity? w?rkf?rc?. Gdwill i? r?c?gniz?d ?n int?ngibl? t ?nd tt?d ?nnu?lly f?r imp?irm?nt. If th? f?ir v?lu? ?f th? t? ?nd li?biliti ?cquir?d ?xcd? th? ct ?f ?cqui?iti?n, thi? diff?r?nc? i? t?k?n t? th? inc?m? ?t?t?m?nt. Thi? w?uld b? ?xp?ct?d t? ?ccur ?nly in r?r? circum?t?nc f?r ?x?mpl?, wh?r? th?r? h bn ? b?rg?in purch (Fuller, 2005). ?cc?unting f?r Invtm?nt in ci?t In it? c?nlid?t?d fin?nci?l ?t?t?m?nt?, ?n invt?r ?h?uld u th? ?quity m?th?d ?f ?cc?unting f?r invtm?nt? in ci?t, ?th?r th?n in th tw? ?xc?pti?n?l circum?t?nc (Fleming, 2005): * Th? invtm?nt i? ?cquir?d ?nd h?ld ?xclu?iv?ly with ? vi?w t? di?pl in th? nr futur? * Th? ci?t? ?p?r?t und?r v?r? l?ng-t?rm rtricti?n? th?t ?ignific?ntly imp?ir it? ?bility t? tr?n?f?r fund? t? th? invt?r. In th c, th? invtm?nt ?h?uld ?cc?unt?d f?r in ?cc?rd?nc? with I 39. ? h?lding ?f 20% ?r m?r? ?f th? v?ting p?w?r will indic?t? ?ignific?nt influ?nc? unl it c?n b? clrly d?m?n?tr?t?d ?th?rwi. If th? h?lding i? l th?n 20%, th? invt?r will b? prum?d n?t t? h?v? ?ignific?nt influ?nc? unl ?uch influ?nc? c?n b? clrly d?m?n?tr?t?d. Th? ?quity m?th?d i? ? m?th?d ?f ?cc?unting wh?r?by ?n ?quity invtm?nt i? initi?lly r?c?rd?d ?t ct ?nd ?ubqu?ntly ?dju?t?d t? r?fl?ct th? invt?r? ?h?r? ?f th? n?t pr?fit ?r l ?f th? ci?t? (invt). Di?tributi?n? r?c?iv?d fr?m th? invt r?duc? th? c?rrying ?m?unt ?f th? invtm?nt. ?dju?tm?nt? t? th? c?rrying ?m?unt m?y ?l b? r?quir?d ?ri?ing fr?m ch?ng in th? invt ?quity th?t h?v? n?t bn includ?d in th? inc?m? ?t?t?m?nt (Canfield, C., 2005). ?n ?cqui?iti?n ?f th? invtm?nt in ?n ci?t?, ?ny diff?r?nc? (wh?th?r pitiv? ?r n?g?tiv?) b?twn th? ct ?f ?cqui?iti?n ?nd th? invt?r? ?h?r? ?f th? f?ir v?lu ?f th? n?t id?ntifi?bl? t? ?f th? ci?t? i? ?cc?unt?d f?r lik? gdwill in ?cc?rd?nc? with I 22, Bu?in C?mbin?ti?n?. ?ppr?pri?t? ?dju?tm?nt? t? th? invt?r? ?h?r? ?f th? pr?fit? ?r l ?ft?r ?cqui?iti?n ?r? m?d? t? ?cc?unt f?r: [I 28.17] * ?dditi?n?l d?pr?ci?ti?n ?f th? ci?t d?pr?ci?bl? t? bd ?n th? ?xc ?f th?ir f?ir v?lu ?v?r th?ir c?rrying ?m?unt? ?t th? tim? th? invtm?nt w ?cquir?d; ?nd * ?m?rtiti?n ?f th? diff?r?nc? b?twn th? ct ?f th? invtm?nt ?nd th? invt?r? ?h?r? ?f th? f?ir v?lu ?f th? n?t id?ntifi?bl? t?. U ?f th? ?quity m?th?d ?h?uld c fr?m th? d?t? th?t ?ignific?nt influ?nc? c, ?r if v?r? l?ng-t?rm rtricti?n? ?r? impd th?t ?ignific?ntly imp?ir th? ?bil ity ?f th? ci?t? t? tr?n?f?r fund? t? th? invt?r. Th? c?rrying ?m?unt ?f th? invtm?nt ?t th?t d?t? ?h?uld b? r?g?rd?d ct th?rft?r. If th? ci?t? u ?cc?unting p?lici th?t diff?r fr?m th ?f th? invt?r, th? ci?t trtm?nt ?h?uld b? ?dju?t?d ?nd, if it i? n?t pr?ctic?bl? t? m?k? ?uch ?dju?tm?nt?, th?t f?ct ?h?uld b? di?cld. If th? invt?r? ?h?r? ?f l ?f ?n ci?t? ?qu?l? ?r ?xcd? th? c?rrying ?m?unt ?f th? invtm?nt, th? invt?r n?rm?lly di?c?ntinu including it? ?h?r? ?f furth?r l ?nd th? invtm?nt i? r?p?rt?d ?t nil v?lu?. ?dditi?n?l l ?r? r?c?gnid t? th? ?xt?nt th?t th? invt?r h incurr?d ?blig?ti?n? ?r m?d? p?ym?nt? t? ti?fy ?blig?ti?n? ?f th? ci?t? th?t th? invt?r h gu?r?ntd ?r ?th?rwi c?mmitt?d. If th? ci?t? ?ubqu?ntly r?p?rt? pr?fit?, th? invt?r rum including it? ?h?r? ?f th pr?fit? ?nly ?ft?r it? ?h?r? ?f th? pr?fit? ?qu?l? th? ?h?r? ?f n?t l n?t r?c?gnid (Caims, D., 2004). I-31 Fin?nci?l R?p?rting ?f Int?rt? in J?int V?ntur Th? ?bj?ctiv? ?f I 31 i? t? prcrib? th? ?cc?unting trtm?nt r?quir?d f?r int?rt? in j?int v?ntur, irrp?ctiv? ?f th? ?tructur ?r f?rm? und?r which th? j?int v?ntur? ?ctiviti t?k? pl?c?. F?r th? purp ?f th? ?t?nd?rd, j?int v?ntur ?r? clifi?d j?intly c?ntr?ll?d ?p?r?ti?n?, j?intly c?ntr?ll?d t? ?nd j?intly c?ntr?ll?d ?ntiti. J?intly C?ntr?ll?d ?p?r?ti?n? J?intly c?ntr?ll?d ?p?r?ti?n? inv?lv? th? u ?f t? ?nd ?th?r rurc ?f th? v?ntur?r? r?th?r th?n th? t?bli?hm?nt ?f ? p?r?t? ?ntity. ch v?ntur?r u it? ?wn t?, incur? it? ?wn ?xp?n ?nd li?biliti ?nd r?i it? ?wn fin?nc?. Th? r?v?nu? fr?m th? l? ?f th? j?int pr?duct ?nd ?ny ?xp?n incurr?d in c?mm?n ?r? u?u?lly ?h?r?d ?m?ng th? v?ntur?r? (Buck, T., Jopson, B., 2005). J?intly C?ntr?ll?d t? J?intly c?ntr?ll?d t? inv?lv? th? j?int c?ntr?l, ?nd ?ft?n th? j?int ?wn?r?hip, ?f t? d?dic?t?d t? th? j?int v?ntur?. ch v?ntur?r m?y t?k? ? ?h?r? ?f th? ?utput fr?m th? t? ?nd ch br? ? ?h?r? ?f th? ?xp?n incurr?d. Th? ?t?nd?rd r?quir th?t th? v?ntur?r ?h?uld r?c?gni in it? fin?nci?l ?t?t?m?nt? it? ?h?r? ?f th? j?int t?, ?ny li?biliti th?t it h incurr?d dir?ctly ?nd it? ?h?r? ?f ?ny li?biliti incurr?d j?intly with th? ?th?r v?ntur?r?, inc?m? fr?m th? l? ?r u ?f it? ?h?r? ?f th? ?utput ?f th? j?int v?ntur?, it? ?h?r? ?f ?xp?n incurr?d by th? j?int v?ntur? ?nd ?xp?n incurr?d dir?ctly in rp?ct ?f it? int?rt in th? j?int v?ntur?. J?intly C?ntr?ll?d ?ntiti ? j?intly c?ntr?ll?d ?ntity i? ?n ?ntity in which tw? ?r m?r? v?ntur?r? h ?n int?rt, with ? c?ntr?ctu?l ?rr?ng?m?nt which t?bli?h j?int c?ntr?l ?v?r th? ?ntity. C?mp?rin Th? c?nv?rg?nc? t? IFR? ld? t? ?xtr? tr?ining ct ?nd ?duc?ti?n. ? m?j?r ct ?f th? intr?ducti?n ?f ? n?w t ?f fin?nci?l r?p?rting i? t? ?duc?t? ?xt?rn?l ur? und?r?t?nding th? ch?ng in th? fin?nci?l ?t?t?m?nt?, ?nd c?mp?ni nd t? m?k? ?ur? th?ir ?t?k?h?ld?r? h?v? g?tt?n th ch?ng. Thi? rp?n?ibility f?ll up?n th? c?mp?ni th?mlv, r?th?r th?n th?ir ur?. F?r in?t?nc?, b?nk? nd t? b? inf?rm?d if ln c?v?n?nt? r?ly ?n ?cc?unting numb?r?, ?nd ?n?ly?t? nd t? und?r?t?nd why numb?r? m?y ch?ng?. ?n?th?r dir?ct ct h?pp?n?d t? bu?in i? ?t?ff tr?ining ct. F?r c?mp?ni with ?v?r ?p?r?ti?n?, mting ?t?ff tr?ining nd? ?t ?ll l?v?l? in ?ll l?c?ti?n? i? th? k?y th?t ?t?ff h th? kn?wl?dg? t? d? th?ir j?b? with?ut c?n?ulting chi?f ?cc?unt?nt? c?n?t?ntly. It c?uld b? ? big pr?j?ct th?t tr?ining mu?t rch th? r?quir?m?nt ?f hd ?ffic? ?nd which h?v? t? b? m? with l?c?l ?p?r?ting unit?. Th?n, ?ignific?nt tr?ining ?nd ?upp?rt will b? r?quir?d t? ?n?ur? th?t f?r?ign ?ub?idi?ri und?r?t?nd fully th? r?quir?m?nt? ?f r ?p?rting und?r IFR? (Bruce, T., 2004). Thi? m?v? t? IFR? i? ju?t ? p?rt ?f ? gl?b?l c?nv?rg?nc? ?n ? ?ingl? t ?f ?t?nd?rd?. Th?r? i? ?till ? l?t ?f w?rk t? d? f?r building ?nd m?int?ining tru?t in th m?rk?t?. (Wright L 2004) Th?r? i? n? d?ubting ?u?tr?li? i? ? ld?r in th? qut f?r int?rn?ti?n?lly h?rm?niz?d ?cc?unting ?t?nd?rd? ?nd pr?ctic. Th? intr?ducti?n ?f IFR? will bring imp?rt?nt b?n?fit? f?r c?mp?ni, ? r?ng? ?f ?t?k?h?ld?r?. Invt?r? will ?l w?nt t? fin?nci?l ?t?t?m?nt? which th?y c?n und?r?t?nd ?nd in which th?y c?n h?v? c?nfid?nc?. Th? ?p?ci?li?t? b?li?v? th?t th b?n?fit? in l?ng t?rm mu?t ?xcd th? ?h?rt t?rm ct?. C?p? Plc ?cc?unting ?t?nd?rd? C?p? d?liv?r?d ? lid fin?nci?l p?rf?rm?nc? in th? fir?t h?lf ?f 2009, with ?n incr in Pr?fit B?f?r? T?x ?f 85% t?  £27.2m (2008:  £14.7m). Th? p?rf?rm?nc? in th? fir?t h?lf r?fl?ct? th? ?tr?ng d?f?n?iv? n?tur? ?f C?p rvic c?upl?d with ?ur f?cu? ?n furth?r p?n?tr?ti?n ?f gr?wing m?rk?t?. C?p r?v?nu ?r? d?riv?d fr?m m?int?n?nc? w?rk? ?nd ?nginring ?nd C?n?tructi?n (?C) pr?j?ct? in th? ?n?rgy ?nd mining rurc ct?r?. M?int?n?nc? ?p?nding i? ?n nti?l ?p?r?ting ?xp?n ?f pl?nt ?p?r?t?r? ?nd th?r?f?r? imp?ct?d l by ?h?rt t?rm ch?ng in th? m?cr? ?nvir?nm?nt. ?ut?id? ?u?tr?li? ?nd N?rth ?fric?, w? h?v? n littl? ?vid?nc? ?f ? ?l?wd?wn in th? p?c? ?f ?C c?ntr?ct ?w?rd?. Th pr?j?ct? c?mpri l?rg? multi-yr c?ntr?ct? f?r pr?ducti?n t? f?r which th? ?utput i? ?ft?n pr?-ld ?nd th?r?f?r? l lik?ly t? b? imp?ct?d by ?h?rt t?rm fluctu?ti?n? in c?mm?dity pric (Killgren, L., 2005). ?tr?t?gy c?ntinu t? d?liv?r C?p? h t?bli?h?d itlf ? lding int?rn?ti?n?l pr?vid?r ?f n?n-m?ch?nic?l indu?tri?l rvic t? th? d?wn?trm ?n?rgy ?nd min?r?l rurc infrtructur? ct?r?. C?p? k? t? pr?vid? rvic thr?ugh?ut th? lif?cycl? ?f l?rg? indu?tri?l t? with ? ?tr?t?gy bd up?n: 1. Th? c?n?i?t?nt ?x?cuti?n ?nd d?liv?ry ?f pr?j?ct? ?n tim? ?nd ?n budg?t; 2. ? f?ty fir?t cultur? c?ntinu?u?ly ?triving t? pr?vid? injury-fr pr?j?ct ?x?cuti?n; ?nd 3. Invtm?nt in k?y ?m?rging m?rk?t? with l?w?r d?v?l?pm?nt ct?. C?p? h c?ntinu?d t? d?liv?r m?rgin pr?gri?n, ?n incring ?rd?r bk ?nd d?bt r?ducti?n in th? fir?t h?lf ?f th? yr, d?m?n?tr?ting th? rili?nc? ?f it? bu?in m?d?l. Th? f?cu? int?rn?ti?n?lly i? ?n d?wn?trm pr?ducti?n t? which piti?n? C?p? ?t th? l?w?r ri?k ?nd ?f th? gl?b?l ?il Fi?ld rvic (?F?) ?p?c? with n? ?xpur? t? m?r? di?cr?ti?n?ry drilling, ?xpl?r?ti?n ?r w?ll ?upp?rt ?ctiviti. In th? UK, C?p? h r?inf?rc?d it? d?min?nt piti?n with th? ?w?rd ?f ? flt-wid? m?int?n?nc? c?ntr?ct f?r Briti?h ?n?rgy (Manches ter, 2004). Tr?ding p?rf?rm?nc? H1 2009 H1 2008 Ch?ng? R?v?nu?  £331.6m  £295.9m +12.1% ?BIT?(2)  £36.2m  £29.9m +21.1% ?p?r?ting pr?fit m?rgin(5) 10.5% 10.1% +0.4% pt? Hdlin? PBT(6)  £30.2m  £21.3m +41.8% Pr?fit B?f?r? T?x  £27.2m  £14.7m +85.0% ?dju?t?d dilut?d ?P?(3) 18.1p 13.1p +38.2% Bic rning? p?r ?h?r? 16.6p 11.5p +44.3% ?xch?ng? r?t? m?v?m?nt? Th? incr in ?p?r?ting pr?fit? ?ttribut?bl? t? ?xch?ng? m?v?m?nt? ?f  £6.8m (?quiv?l?nt t? 4.4p p?r ?h?r?) h ?rin l?rg?ly fr?m th? wkn ?f ?t?rling ?g?in?t th? U? D?ll?r r?l?tiv? t? lt yr, with ?n ?v?r?g? r?t? f?r th? p?ri?d ?f U?D1.48 (2008: U?D1.98). Fin?ncing ct? N?t fin?ncing ct? b?f?r? ?th?r it?m? f?ll by 30% t?  £6.0m (2008:  £8.6m) r?fl?cting th? d?bt r?ducti?n ?nd r?duc?d int?rt r?t. R?gi?n?l ?v?rvi?w Th? Gr?up c?ntinu t? gm?nt it? bu?in ?n ? ggr?phic?l bi? with 12 bu?in unit? r?p?rting int? f?ur ggr?phic r?gi?n?. F?r th? ?ix m?nth? ?nd?d 30 Jun? R?v?nu? ( £m) ?BIT?2 ( £m) R?gi?n 2009 2008 2009 2008 UK 144.1 143.5 10.8 10.8 Gulf/Middl? t 102.7 49.6 20.6 11.6 CI?, M?d N?rth ?fric? 23.2 27.9 3.9 3.4 F?r t/P?cific Rim 61.6 74.9 4.5 6.4 T?t?l b?f?r? c?ntr?l ct? 39.8 32.2 C?ntr?l ct? (3.6) (2.3) T?t?l 331.6 295.9 36.2 29.9 Th? pr?p?rti?n ?f pr?fit? g?n?r?t?d fr?m ?ut?id? th? UK h c?ntinu?d t? gr?w ?nd n?w r?prnt? 73% ?f Gr?up ?p?r?ting pr?fit b?f?r? c?ntr?l it?m? (2008: 67%). Th rult? r?fl?ct C?p ?tr?ng m?rk?t piti?n in it? c?r? ?il rvic, d?wn?trm ?C ?nd mining rvic m?rk?t?. ?v?r th? fir?t h?lf ?f th? yr ?ur cli?nt? h?v? r?duc?d ct? whil?t m?int?ining f?ty. C?p? h h?lp?d th?m ?chi?v? th ?nd? by ?xt?nding th? ?c?p? ?f th? rvic t? b? pr?vid?d ?nd ?d?pting m?r? fl?xibl? pricing m?ch?ni?m? (Canfield, 2005). Th? Gulf/Middl? t h bn ?ur k?y gr?wth r?gi?n in th? p?ri?d, wh?r? w? h?v? b?n?fitt?d fr?m ?ignific?nt m?int?n?nc? ? hutd?wn ?nd pr?j?ct ?C ?ctivity. C?mbin?d with ? ?t?bl? UK m?rk?t, thi? h ?fft r?duc?d r?v?nu in b?th th? CI?/M?dit?rr?nn N?rth ?fric? ?nd F?r t/P?cific Rim, ?ur rult? in th? F?r t/P?cific Rim, princip?lly ?u?tr?li?, h?v? bn imp?ct?d by th? Gr?up? ?xpur? t? th? wk c?mm?rci?l ?nd rid?nti?l ?c?ff?ld hir? m?rk?t?, th? d?f?rr?l ?f pr?j?ct? in th? mining rvic ct?r ?nd d?l?y? t? Plut? LNG, th? ?n? l?rg? ?c?l? ?il ?nd g pr?j?ct curr?ntly in pr?gr. W? ?r? ing ? gr?wing l?v?l ?f int?rt in C?p bundl?d rvic? ?ff?ring in ?u?tr?li? ?nd ?r? incringly ?ptimi?tic ?b?ut th? futur? ?pp?rtuniti it pr?vid. D?bt fin?ncing ct? Th? n?t fin?nc? ch?rg? ?m?unt?d t?  £6.0m (2008:  £8.6m) ?nd includ?d fin?nc? l int?rt ?f  £0.8m (2008:  £1.0m) ?nd ?m?rtiti?n ?f b?nk f ?f  £0.3m (2008:  £0.6m). Th? Gr?up? ?ff?ctiv? int?rt r?t? f?ll t? 7.0% (2008: 7.8%) with int?rt c?v?r(13) incring t? 5.7 tim (2008: 3.3 tim). T?x ch?rg? ?nd ?ff?ctiv? t?x r?t? Th? t?x ch?rg? in th? p?ri?d b?f?r? ?th?r it?m? incrd t?  £7.7m (2008:  £5.4m) with ?n ?ff?ctiv? t?x r?t? ?f 25.5% (2008: 25.4%). T?x p?id in th? p?ri?d incrd t?  £5.3m (2008:  £3.2m) p?rti?lly r?fl?cting ch?ng t? th? p?ym?nt ?n ?cc?unt ?y?t?m? in ? numb?r ?f juri?dicti?n?. K?y ri?k? ?nd unc?rt?inti Th? k?y ri?k? ?nd unc?rt?inti f?r th? Gr?up ?r? dcrib?d ?n p?g 27 t? 29 ?f th? Gr?up? ?nnu?l R?p?rt ?nd ?cc?unt? 2008. C?nclu?i?n C?nclu?iv?ly, f?r publicly tr?d?d c?mp?ni ?nd building ci?ti with li?t?d curiti ?dh?r?nc? t? ?d?pt?d I m?y h?lp t? r?duc? th? ct ?f c?pit?l b?c?u th?ir ?cc?unt? will b? m?r? ?ccibl? t? p?t?nti?l invt?r? in th? wh?l? w?rld. F?r p?t?nti?l invt?r? , cr?dit?r? ?nd ?th?r ur? ?f fin?nci?l ?t?t?m?nt?, ?d?pt?d I will pr?vid? ? c?n?i?t?nt ?cc?unting fr?m? w?rk t? f?cilit?t? c?mp?rin ?f th? p?rf?rm?nc? ?nd prp?ct? ?f c?mp?ni ?nd building ci?ti. N?t ?xt?nding th? ?pplic?ti?n ?f th? I R?gul?ti?n , ?t lt t? m? c?mp?ni ?nd building ci?ti, c?uld crt? ?n ?rtifici?l b?rri?r t? gr?wth. References Bruce, T., (2004), looking at the same page accounts under ifrs are likely to look and behave quite differently to those under national gaap. Financial times report-international financial reporting standard; p4 Buck, T., Jopson, B.,(2005), brussels seeks greater role in iasb decisions. Financial times; feb.2005 Caims, D., (2004), financial instruments, accountancy; .sep.vol 134 issue 1333, p93, 1p Canfield, C., (2005), fasb v iasc; are the structure and standard setting process at the iasc adequate for the securities and exchange commission to accept international accounting standards for cross- border offerings, northwestern journal of international law business; fall 99, vol. 20 issue 1, p125, 20p. Fleming, C.,(2005), extracting accounting sense. Accountancy; mar 2005, vol. 15 issue 1339, p78, 2p 2c. Fuller, J.,(2005), new rules work magic for some; the abolition of goodwill amortisation under a new standard on m a keeps millions on certain balance sheets. Finan cial times; 3-02-05 Jobson, B., (2004), accounting fears make japan weary of europe. Financial times feb.2004. Kentouris, C., (2005), extracting accounting sense. Accountancy; mar 2005, vol. 135 issue 1339, p78,2p, 2c. Killgren, L., (2005), accounting change boost to alcatel earnings. Financial times; march 30 2004. Manchester, P., (2004), it feels the strain of compliance. The switch to ifrs will require major changes to company it systems. Financial times report; p.3. Teixeira, A., Pickens, D., (2005), reducing reporting risk. Chartered accountants journal; feb2005, vol. 84 issue 1, p36, 3p. Thompson, S., Murray, A, (2005), the listening board. Accountancy; mar 2005, vol. 135 issue 1339, p75,1p Appendix B?L?NC? ?HT Un?udit?d Un?udit?d 30 Jun? 30 Jun? 31 D?c?mb?r 2009 2008 2008 N?t  £m  £m  £m N?n curr?nt t? Int?ngibl? t? 188.3 181.4 188.0 Pr?p?rty, pl?nt ?nd ?quipm?nt 5 140.4 142.0 152.3 Invtm?nt? ?cc?unt?d f?r u?ing ?quity m?th?d 0.7 0.6 R?tir?m?nt b?n?fit t 0.1 0.1 0.1 D?f?rr?d t?x t 10.6 9.2 11.9 340.1 332.7 352.9 Curr?nt t? Inv?nt?ri 12.5 18.5 17.2 Tr?d? ?nd ?th?r r?c?iv?bl 178.2 157.3 184.7 Fin?nci?l t? d?riv?tiv? fin?nci?l in?trum?nt? 2.6 Ch IDC* ?ch?m? fund? (rtrict?d) 35.8 38.1 37.5 Ch ?nd ch ?quiv?l?nt? 9 32.7 15.7 33.3 259.2 232.2 272.7 Li?biliti Curr?nt li?biliti Fin?nci?l li?biliti B?rr?wing? (35.8) (36.9) (38.9) D?riv?tiv? fin?nci?l in?trum?nt? (5.0) (6.9) Tr?d? ?nd ?th?r p?y?bl (109.9) (99.7) (133.0) Curr?nt t?x li?biliti (11.6) (6.2) (9.4) (162.3) (142.8) (188.2) N?t curr?nt t? 96.9 89.4 84.5 N?n curr?nt li?biliti Fin?nci?l li?biliti B?rr?wing? (148.4) (177.8) (159.9) R?tir?m?nt b?n?fit li?biliti (5.1) (3.7) (5.2) D?f?rr?d t?x li?biliti (11.7) (11.8) (11.7) IDC* pr?vi?i?n (9.7) (8.0) (9.7) ?th?r pr?vi?i?n? (4.7) (4.7) (4.7) (179.6) (206.0) (191.2) N?t t? 257.4 216.1 246.2 ?h?r?h?ld?r? ?quity C?ll?d up ?h?r? c?pit?l 33.3 33.0 33.1 ?h?r? pr?mium ?cc?unt 8.7 7.9 8.4 ?p?ci?l rrv? 1.0 1.0 1.0 ?th?r rrv 29.2 27.0 39.4 R?t?in?d rning? 183.4 146.5 163.6 T?t?l ?h?r?h?ld?r? ?quity 255.6 215.4 245.5 Min?rity int?rt in ?quity 1.8 0.7 0.7 T?t?l ?quity 257.4 216.1 246.2 IDC r?f?r? t? th? Indu?tri?l Di Cl?im? which ?r? fund?d u?ing th? ?ch?m? ch C?NLID?T?D INC?M? ?T?T?M?NT Un?udit?d H?lf yr ?nd?d 30 Jun? 2009 Un?udit?d H?lf yr ?nd?d 30 Jun? 2008 Yr ?nd?d 31 D?c?mb?r 2008 B?f?r? ?th?r it?m?* ?th?r it?m?* T?t?l B?f?r? ?th?r it?m?* ?th?r it?m?* T?t?l B?f?r? ?th?r it?m?* ?th?r it?m?* T?t?l N?t  £m  £m  £m  £m  £m  £m  £m  £m  £m C?ntinuing ?p?r?ti?n? R?v?nu? 331.6 331.6 295.9 295.9 622.7 622.7 ?p?r?ting pr?fit b?f?r? ?th?r it?m? 34.7 34.7 29.9 29.9 65.0 65.0 ?m?rtiti?n ?f int?ngibl? t? (1.4) (1.4) (1.4) (1.4) (2.7) (2.7) Indu?tri?l di ct? (2.0) (2.0) (2.7) (2.7) (5.7) (5.7) ?xc?pti?n?l it?m? 3 (3.5) (3.5) (4.1) (4.1) ?p?r?ting Pr?fit 34.7 (3.4) 31.3 29.9 (7.6) 22.3 65.0 (12.5) 52.5 ?h?r? ?f pt t?x pr?fit? fr?m j?int v?ntur 1.5 1.5 0.5 0.5 T?t?l ?p?r?ting pr?fit 36.2 (3.4) 32.8 29.9 (7.6) 22.3 65.5 (12.5) 53.0 Fin?nc? inc?m? 0.4 0.4 0.8 0.4 1.0 1.4 0.8 2.0 2.8 Fin?nc? ct? (6.4) (6.4) (9.0) (9.0) (18.0) (18.0) Pr?fit b?f?r? t?x 30.2 (3.0) 27.2 21.3 (6.6) 14.7 48.3 (10.5) 37.8 T?x?ti?n (7.7) 0.9 (6.8) (5.4) 4.8 (0.6) (12.2) 6.3 (5.9) Pr?fit fr?m c?ntinuing ?p?r?ti?n? 22.5 (2.1) 20.4 15.9 (1.8) 14.1 36.1 (4.2) 31.9 Di?c?ntinu?d ?p?r?ti?n? L ?ttribut?bl? t? di?c?ntinu?d ?p?r?ti?n? (0.2) (0.2) (0.2) (0.2) Pr?fit f?r th? p?ri?d 22.5 (2.1) 20.4 15.7 (1.8) 13.9 35.9 (4.2) 31.7 ?ttribut?bl? t?: ?quity ?h?r?h?ld?r? 19.1 13.2 30.6 Min?rity int?rt 1.3 0.7 1.1 20.4 13.9 31.7 rning? p?r ?h?r? f?r pr?fit ?ttribut?bl? t? ?quity ?h?r?h?ld?r? Fr?m c?ntinu ing ?nd di?c?ntinu?d ?p?r?ti?n? Bic 4 16.6p 11.5p 26.7p Dilut?d 4 16.3p 11.3p 26.3p Fr?m c?ntinuing ?p?r?ti?n? Bic 4 16.6p 11.7p 26.9p Dilut?d 4 16.3p 11.5p 26.4p ?T?T?M?NT ?F C?MPR?H?N?IV? INC?M? Un?udit?d Un?udit?d H?lf-yr H?lf-yr Yr ?nd?d ?nd?d ?nd?d 30 Jun? 30 Jun? 31 D?c 2009 2008 2008  £m  £m  £m Pr?fit f?r th? p?ri?d 20.4 13.9 31.7 ?th?r c?mpr?h?n?iv? inc?m? Curr?ncy tr?n?l?ti?n diff?r?nc (13.5) 19.7 42.6 ?ctu?ri?l (l)/g?in r?c?gnid in th? p?n?i?n ?ch?m? (2.7) 2.5 (3.3) M?v?m?nt in rtricti?n ?f r?tir?m?nt b?n?fit t in ?cc?rd?nc? with I 19 2.5 (2.8) 2.6 Ch fl?w h?dg f?ir v?lu? g?in?/(l) 1.6 1.8 (6.5) N?t invtm?nt h?dg f?ir v?lu? g?in?/(l) 2.7 (5.5) D?f?rr?d t?x ?n h?dg (1.2) 3.3 ?th?r c?mpr?h?n?iv? inc?m? f?r th? p?ri?d, n?t ?f t?x (10.6) 21.2 33.2 T?t?l c?mpr?h?n?iv? inc?m? f?r th? p?ri?d 9.8 35.1 64.9 ?ttribut?bl? t?: ?quity ?h?r?h?ld?r? 8.7 34.4 63.8 Min?rity int?rt 1.1 0.7 1.1 9.8 35.1 64.9 ?T?T?M?NT ?F CH?NG IN ?QUITY Un?udit?d ?h?r? C?pit?l ?h?r? Pr?mium ?p?ci?l Rrv? R?t?in?d rning? ?th?r rrv T?t?l Min?rity int?rt T?t?l  £m  £m  £m  £m  £m  £m  £m  £m ?t 1 J?nu?ry 2008 32.8 7.5 1.0 132.9 5.5 179.7 1.0 180.7 Pr?fit f?r th? p?ri?d 13.2 13.2 0.7 13.9 ?th?r c?mpr?h?n?iv? inc?m?: Curr?ncy tr?n?l?ti?n diff?r?nc 19.7 19.7 19.7 Ch fl?w h?dg f?ir v?lu? g?in? inp?ri?d 1.8 1.8 1.8 ?ctu?ri?l g?in r?c?gnid in th? p?n?i?n ?ch?m? 2.5 2.5 2.5 M?v?m?nt in rtricti?n ?f r?tir?m?nt b?n?fit tin ?cc?rd?nc? with I 19 (2.8) (2.8) (2.8) T?t?l c?mpr?h?n?iv? inc?m? f?r th? p?ri?d ?nd?d 30 Jun? 2008 12.9 21.5 34.4 0.7 35.1 Tr?ncti?n? with ?wn?r?: ?cqui?iti?n ?f min?rity int?rt (1.0) (1.0) ?h?r? ?pti?n? pr?cd? fr?m ?h?r iu?d 0.2 0.4 0.6 0.6 v?lu? ?f ?mpl?y rvic 0.7 0.7 0.7 0.2 0.4 0.7 1.3 (1.0) 0.3 ?t 30 Jun? 2008 33.0 7.9 1.0 146.5 27.0 215.4 0.7 216.1 ?t 1 J?nu?ry 2008 32.8 7.5 1.0 132.9 5.5 179.7 1.0 180.7 Pr?fit f?r th? p?ri?d 30.6 30.6 1.1 31.7 ?th?r c?mpr?h?n?iv? inc?m?: Curr?ncy tr?n?l?ti?n diff?r?nc 42.6 42.6 42.6 Ch fl?w h?dg f?ir v?lu? l in p?ri?d (6.5) (6.5) (6.5) N?t invtm?nt h?dg f?ir v?lu? l in p?ri?d (5.5) (5.5) (5.5) D?f?rr?d t?x ?n h?dg 3.3 3.3 3.3 ?ctu?ri?l l r?c?gnid in th? p?n?i?n ?ch?m? (3.3) (3.3) (3.3) M?v?m?nt in rtricti?n ?f r?tir?m?nt b?n?fit tin ?cc?rd?nc? with I 19 2.6 2.6 2.6 T?t?l c?m pr?h?n?iv? inc?m? f?r th? p?ri?d ?nd?d 31 D?c?mb?r 2008 29.9 33.9 63.8 1.1 64.9 Tr?ncti?n? with ?wn?r?: ?cqui?iti?n ?f min?rity int?rt (1.0) (1.0) R?ducti?n in min?rity int?rt (0.4) (0.4) ?h?r? ?pti?n? pr?cd? fr?m ?h?r iu?d 0.3 0.9 1.2 1.2 v?lu? ?f ?mpl?y rvic 1.2 1.2 1.2 d?f?rr?d t?x ?n ?h?r? ?pti?n? (0.4) (0.4) (0.4) 0.3 0.9 0.8 2.0 (1.4) 0.6 ?t 31 D?c?mb?r 2008 33.1 8.4 1.0 163.6 39.4 245.5 0.7 246.2 C?NLID?T?D CH FL?W ?T?T?M?NT Un?udit?d Un?udit?d H?lf-yr H?lf-yr Yr ?nd?d ?nd?d ?nd?d 30 Jun? 2009 30 Jun? 2008 31D?c2008 N?t  £m  £m  £m Ch fl?w? fr?m ?p?r?ting ?ctiviti Ch g?n?r?t?d fr?m ?p?r?ting ?ctiviti 6 32.5 25.6 70.9 Int?rt r?c?iv?d 0.6 1.4 2.6 Int?rt r?c?iv?d ?n rtrict?d fund? (0.2) (1.0) (2.0) N?t int?rt r?c?iv?d 0.4 0.4 0.6 Int?rt p?id (6.2) (8.3) (17.0) Iu? ct? ?f n?w b?nk ln? (1.5) (1.5) T?x p?id (5.3) (3.2) (4.8) N?t ch infl?w fr?m ?p?r?ting ?ctiviti 21.4 13.0 48.2 Ch fl?w? fr?m invting ?ctiviti Purch ?f bu?in n?t ?f ch ?cquir?d (3.6) (3.6) Purch ?f bu?in d?f?rr?d c?n?id?r?ti?n p?id (0.9) (0.9) Pr?cd? fr?m l? ?f pr?p?rty, pl?nt ?nd ?quipm?nt 5 0.9 1.3 2.7 Purch ?f pr?p?rty, pl?nt ?nd ?quipm?nt 5 (5.0) (12.2) (19.9) Purch ?f int?ngibl? t? (0.3) Divid?nd p?id t? min?rity int?rt (0.4) N?t ch ud in invting ?ctiviti (4.4) (15.4) (22.1) Ch fl?w? fr?m fin?ncing ?ctiviti N?t pr?cd? fr?m iu? ?f ?rdin?ry ?h?r? c?pit?l 0.6 1.2 Pr?cd? fr?m b?rr?wing? 8.6 Fin?nc? l princip?l p?ym?nt? (3.1) (2.9) (6.1) R?p?ym?nt ?f b?rr?wing? 7 (12.1) (2.2) (20.0) ttl?m?nt ?f ln n?t 8 (3.7) N?t ch ud in fin?ncing ?ctiviti (18.9) (4.5) (16.3) ?xch?ng? (l)/g?in? ?n ch, ch ?quiv?l?nt? ?nd b?nk ?v?rdr?ft? (3.7) 0.1 5.5 N?t (d?cr)/ incr in ch, ch ?quiv?l?nt? ?nd b?nk ?v?rdr?ft? (5.6) (6.8) 15.3 ?p?ning ch, ch ?quiv?l?nt? ?nd b?nk ?v?rdr?ft? 30.5 15.2 15.2 Cling ch, ch ?quiv?l?nt? ?nd b?nk ?v?rdr?ft? 9 24.9 8.4 30.5