M.A. English

Each course British Poetry British Drama British Novel Aspects of Language will involve one task of 100 imprints. This task be coach checked. Points: The TMAs are conceffred rrainly with surveying your application and comprehension of the course material. You are not required to imitate lumps of data from the course material yet to utilize the abilities of basic gratefulness that you may have procured throughout study. These assignments airn to educate just as to survey your performance.Please guarantee that you read the writings and the ccompanying study controls that we have arranged for you. Let rne rehash: you should peruse all the writings recommended. Do cause focuses as you to come. It there is anything you don't see, if it's not too much trouble ask your Counselor at the Study Center for explanation. When you can do the assignments sufficiently, you will be prepared to take the test Nith certainty. Directions: Before attclnpting the task please read the accompanying guideline s cautiously. 2 3 Read the nitty gritty instructicns about the assignments given in the Program Guide Elective Courses.Write your move 1 ro. aflle, full location and date on the upper right corner of the primary page of your reaction sheet(s). Compose the Course Title, Assignment Number and the Narne of the Study Center you are connected to in the middle ofthe first page ofyour reaction sheet(s). The highest point of the main page of your reaction sheet should seem as though this: Use just foolscap size paper for your reaction and label all the pages caref-ully. Compose the pertinent inquiry nuinber with each answer.You ought to write in your own penmanship Submission: T'he finished task ought to be sent to the Coordinator of the Study Center dispensed to you ty 3tr† March, 2aL4 gar Juty 2013 Session) and 30'h Sept 201 I (for January 2014 Session). It would be ideal if you respond the directions given in the Program Now read the accompanying rules cautiously before addressing the inquiries. Rules FOR TMA You will think that its helpful to remember the accompanying focuses: 1. Arranging: Read the task cautiously. Make a few focuses with respect to each address and afterward rework these in an intelligent order.And please compose the appropriate responses n your own words† Do not replicate entries from the units. 2. 0rganisation: Be somewhat more specific and systematic before drawing up an unpleasant framework of your answer. In a paper type question, focus on your presentation and end. The presentation must offer your short understanding of the inquiry and how you propose to create it. The end must sum up your reaction to the inquiry. Over the span of your answer, you may jump at the chance to make references to different writings or pundits as this will add some profundity to your analysis.Make sure that your answer: ) is intelligent and sound; b) has clear associations among sentences and sections; c) is composed effectively giving satisfactory t hought to your appearance, style and introduction; d) doesn't surpass the quantity of words demonstrated in your inquiry. 3. Introduction: Once you are happy with your answers. you can record the last form for accommodation, composing each answer conveniently parched underlining the focuses you wish to stress. You might know that you have to present your task hefore you can show up for the Term End Exams.Please make sure to keep a duplicate of your finished ssignment, Just on the off chance that the one you submitted is lost in travel. Good karma with your work! Note: Remember the accommodation of ussignment is precondition of consent of showing up in assessment. On the off chance that you have not presented the task in time you won't be permitted to show up in assessment. MEG-OI: BRITISH POETRY Program: MEG Max. Imprints: 1 Ast code: MEG-OI ,TMA12013-1 4 In a customary class your educator would have talked about your task with you, called attention to what made a decent exposition and what a terrible one. We have done the very same thing in Unit 52 of the British Poetry (MEG-OI) course.Read it cautiously and examine it with your guide and class-colleagues at the Study Center. From that point settle on a theme, I. e. a period or scholarly gathering throughout the entire existence of British verse. you may, on the off chance that you wish, select a subject from the rundown given in sz. z. t (p. 70) in Block X. On the other hand, you could compose on a British artist of your decision. you may compose on an artist talked about in the units, I. e. on the prospectus, or even an artist we have not examined in detail, for example, Robert Burns, G. M. Hopkins, R. S. Thomas, Ted Hughes or Seamus Heaney. You may have heard a portion of our talks on The Movement, Philip Larkin nd Ted Hughes on the EduSat.It may now be accessible on e-gyankosh on wmw. ignou. air conditioning. in You have one more decision. Compose a paper on a well known sonnet in English writing. Having choose your point, do your exploration and afterward read area 36. 5 in Unit 36 in Block VIII for a model article and an organization for introduction. you may figure out how to introduce your research project/sessional exposition from 36. 5. You should not cite from unacknowledged sou rces. To summarize, compose a paper on a period or a literarv bunch in British verse or a British artist or a British sonnet in around 3000 words on the model gave in 36. (in unit 36).The full checks for the exposition is 100. We anticipate perusing your sessional exposition. Genuinely yours Teacher MEG-02: BRITISH DRAMA (Based on Blocks 1-9) Program Code: MEG Assignment code: N{EG-02 120 1 3-201 4 Maximum Marks: Answer the fbllowing inquiries in 300 words each. Examine 2. the plot ot Dr. Faustus. l{ow would you rate A Mid,cummer Night's Dream 3. Clomment on the hesitant bowed of psyche of Hamlet. (10) 4. What highlights make Alchemisl a moral story? 5. How is Playboy applicable as a parody? today? 6. Remark on Pygmalion as a Shavian play. 7. What fbatures make Murder in the Catherlral a wonderful show? 8.Conrnrent on the title of 9. Pausing. tttr Discuss the subject of Look Back in Anger. 10. Irrorn among the plays you have perused pick any one that you have loved giving reasons lor your choice.Trace the advancement of present day English fiction with explicit referenc6 to the significant movements in abstract point of view during the nineteenth century. 20 2. Would it be right to state that in Tom Jones, Fielding considers mariage to be an ere financial course of action under which ladies feel constantly suppressed?Discuss. 3. Examine the allegory of the web with regards to occasions and individuals identifying with Bulstrode in Middlemarch. 4 Suggest the political and aesthetic ramifications ot setting the Orientalist worldview. 5. How does Realism ftnd articulation in ofl Passage to British fiction of the 1960s? Base your answer on your comprehension of The Prime of Miss Jea n Brodie. MEG. 04: ASPECTS OF LANGUAGE course code: All inquiries are obligatory Write short notes on any two of the accompanying. Fitness and performanceLangue and parole Conversion as a morphological gadget Falling tone and rising tone the end India inside stage. brietly the history ot language arranging snowing plainly the tocus at each Give your own definiti* of language. What are the qualities of human correspondence and how is it unique in relation to creature correspondence? 20 What is foregrounding? Examine this as far as freak models from your perusing of writing. ‘Pick out your own models; state how they are degenerate, and what is the effect on the peruser. What is the distinction between unadulterated vowels and diphthongs? How would you portray both?

Light and Dark Imagery in Macbeth Free Essays

Light and Dark symbolism in Macbeth A disaster play, composed by William Shakespeare, is Macbeth. This play is loaded up with symbolisms of light and obscurity. In the play Macbeth, Macbeth himself experiences a change in character. We will compose a custom exposition test on Light and Dark Imagery in Macbeth or then again any comparable theme just for you Request Now Toward the start of the play, he is respectable and steadfast, however with an end goal to be delegated lord, he is suffocated by eagerness and haziness. His rule of fear, driven by craziness and desire influences the characteristic request of the world and results in his passing and the rebuilding of the regular request. The change in Macbeth’s character from a respectable man to a dim figure is reflected by the symbolism of light and dim. During the initial three scenes of the main demonstration, Macbeth is missing and is just depicted by different characters. As an officer educates Duncan regarding Macbeth and Banquo’s execution on the front line, he says, â€Å"If I state sooth, I should report they were as guns cheated with twofold cracks† (I. ii, 40-41). This statement features Macbeth’s activities as a light character. Macbeth is depicted to be an incredible man and officer in battling for his ruler. In the wake of being recounted Macbeth’s job in the battling close Forres, Duncan articulates these commendations, â€Å"O valiant cousin! Commendable noble man! † (I. ii, 26). This is said in acknowledgment of the remarkable battling that Macbeth is accomplishing for his lord and nation. Great is equal with pictures of light, in this manner the great deeds of Macbeth are related with light symbolism. Whenever Macbeth at long last gets an opportunity to react to Duncan’s applauds, he says, â€Å"The administration and reliability I owe, in doing it, pays itself. † (I. iv, 25-26). Macbeth discloses to the lord that he doesn't require any longer installment than he as of now gets, as even only the fulfillment of battling for Duncan and his state is sufficient. Macbeth trusts himself to be a genuinely steadfast and honorable man. Now, Macbeth’s character is attached distinctly to pictures of triumph, yet this starts to change whenever Macbeth acknowledges extraordinary chance. Acknowledging aspiration and open door just as outside impact from Lady Macbeth makes the light inside Macbeth blur, in this way starting his change into obscurity. At the point when Macbeth says this: â€Å"This heavenly requesting can't be sick; can't be good†¦Ã¢â‚¬  (I. iii, 140-141), he starts to give the witches predictions more idea. The witches are depicted as the instruments of murkiness, and by thinking about their predictions, he darken the ight that he was encircled by, and turns into a somewhat darker character. During an aside, Macbeth says, â€Å"Stars conceal your flames; let not light observe my dark and profound desires†¦Ã¢â‚¬  (I. iv, 57-58). The statement speaks to Macbeth’s affirmation of his own dull musings and wants. This is his originally thought of following up on desire through decep tive methods, and imprints an obvious change in Macbeth as a light character. This solitary facilitates his change into a dim figure. At long last, Macbeth is depicted as dull and abhorrence when he says this, â€Å"Is this a blade which I see before me, the handle toward my hand? Come, let me grip thee. † (II. I, 40-41). Macbeth says this during the night wherein he would submit his first homicide and cross the final turning point. Tolerating the knife represents Macbeth concluding his choice to kill the man that had given him only grace. Maybe Macbeth was never as certified as he had appeared to be and was consistently a dull figure. What is known without a doubt however is that once Macbeth begins his rule as a dictator, he can't stop. In the wake of submitting a progression of killings, Macbeth has unarguably become a dull figure. In spite of the fact that it is in Macbeths own discourse that he asserts himself as a malicious man. At the point when Macbeth addresses Lady Macbeth, he states, â€Å"I am in blood ventured up until now, that I should swim no more. † (III. Iv, 167-168). He reflects upon his off-base doings by making a dull picture. The picture pictures Macbeth swimming in a stream of blood, having continued so far that it is simpler to proceed than to attempt to return back to where he began. At the point when Macbeth is educated regarding his wife’s demise by self destruction, his lone reaction is, â€Å"And every one of our yesterdays have lit simpletons the best approach to dusty passing. Out, out, brief flame! † (V. v, 24-25). The light and dim symbolism is very noteworthy here, as this specific expression is his method of saying her life was short, similar to that of a consuming flame. However, he shows an extraordinary absence of regret for his better half, and proceeds to clarify that all the past has done is lead stupid individuals to their graves. During Macbeth and Macduff’s last trade of words before their fight, Macduff tells Macbeth, â€Å"I have no words: My voice is in my blade, thou more bloody lowlife than terms can give thee out! (V. viii, 8-10). This statement is a case of how Macbeth is seen by his adversaries. He is seen as a bleeding lowlife. This perspective on him differentiations to past perspectives on him in that he is not, at this point a light character and he will bite the dust a genuine figure of obscurity. Macbeth is currently observed by others as, and concedes his self to be, a malevolent man. The play Macbeth is an account of the ascent and fall of a lamentable saint. Obviously the character Macbeth experiences an apparent change in character. Regardless of whether it because of the outside impact of the three witches, his significant other or his own desire, he is the person who settles on his choices. In the wake of exploiting opportunity by killing Duncan, he winds up executing a few people so as to dispense with doubts. He can't end his rule of dread, which would later bring about his own demise. The symbolisms of light and dull assume a huge job in speaking to Macbeth’s change from a solid and regarded military pioneer to a deadly dictator. Works Cited: Shakespeare, William. Macbeth. Ed. Roy, Ken. Toronto: The most effective method to refer to Light and Dark Imagery in Macbeth, Papers

The First Amendment Essays - Freedom Of Expression, Censorship

The First Amendment No other popularity based society on the planet grants individual flexibilities to the level of the United States of America. Inside the most recent sixty years, American courts, particularly the Supreme Court, have built up a lot of lawful principles that completely secure all types of the opportunity of articulation. With regards to assessing how much we take preferred position of the chance to communicate our conclusions, a few individuals from society might be blameworthy of disregarding the limits of the First Amendment by freely culpable others through indecency or prejudice. Americans have built up a particular mien toward the opportunity of articulation from the beginning of time. The First Amendment plainly voices an incredible American regard toward the opportunity of religion. It likewise keeps the legislature from condensing the the right to speak freely of discourse, or of the press; or the privilege of the individuals serenely to amass and to request of the Government for a change of complaints. Since the early history of our nation, the insurance of essential opportunities has been absolutely critical to Americans. In Langston Hughes' sonnet, Opportunity, he accentuates the battle to appreciate the opportunities that he knows are legitimately his. He mirrors the American want for opportunity now when he says, I needn't bother with my opportunity at the point when I'm dead. I can't live on tomorrow's bread. He perceives the need for opportunity completely without bargain or dread. I think Langston Hughes catches the pith of the American foreigners' mission for opportunity in his sonnet, Opportunity's Plow. He precisely portrays American's as showing up with only dreams and building America with the expectations of finding more noteworthy opportunity or opportunity for the first time. He portrays how individuals of all foundations cooperated for one cause: opportunity. I chose Ray Bradbury's Fahrenheit 451 as an invented case of the shades of malice of control in a world that is getting uneducated. In this book, the administration persuades the open that book perusing is insidious on the grounds that it spreads unsafe sentiments and unsettles individuals against the administration. Most by far of individuals acknowledge this oversight of articulation without question and are substance to see and hear just the administration's promulgation. I discovered this upsetting yet sensible. Bradbury's shrouded resistance to this type of control was clear all through the book lastly won at long last when his principle character opposed the training of consuming books. Among the numerous types of fights are pickets, strikes, open talks also, rallies. As of late in New Jersey, in excess of a thousand network activists revitalized to draft a human spending that puts the necessities of poor people what's more, debilitated as a top need. Rallies are a successful methods for individuals to utilize their opportunities successfully to achieve change from the government. The right to speak freely of discourse is continually being tested as is confirm in a ongoing legal dispute where a Gloucester County school area blue-penciled audits of two R-evaluated motion pictures from a school paper. Prevalent Court Judge, Robert E. Francis decided that the understudy's privileges were damaged under the state Constitution. I feel this is an amazing forward leap for understudies' privileges since it limits article control of school papers by instructors and permits understudies to print what they feel is significant. A recently proposed charge (A-557) would forestall school authorities from controlling the substance of understudy distributions. Pundits of the bill feel that understudy columnists might be too youthful to even consider understanding the duties that accompany free discourse. This is an admirable statement; in any case, it would give a phenomenal chance to them to find out about their First Amendment rights that ensures free discourse and opportunity of the press. In his initiation address to Monmouth College graduates, Professor Alan Dershowitz of Harvard Law School safeguarded the expansive option to free discourse. He expressed, My message to you graduates is to attest your privileges, to utilize them capably and intensely, to contradict prejudice, to restrict sexism, to restrict homophobia and fanaticism of various sorts and to do as such inside the soul of the First Amendment, not by making an exemption to it. I concur that one should don't hesitate to talk straightforwardly as long as it doesn't legitimately or in a roundabout way lead to the mischief of others. One of the more disputable issues was the ongoing 2 Live Crew occurrence including foulness in rap music. Their record, As Nasty as They Wanna Be, was managed disgusting in government court. They were absolved of the charges and immediately turned into a free discourse saint. Albeit numerous stores pulled the collection, more than 2,000,000 duplicates sold because of the occurrence. I feel

Status of ASEAN integration process Research Paper

Status of ASEAN mix process - Research Paper Example In spite of the extension of ASEAN, its working standards and targets stayed unaltered all through this time. ASEAN is viewed as an intergovernmental association where its outside pastor is permitted to take choices based on unanimity and agreement. It tends to be seen that the vital nearness of US in the examined locales can't ensure the security of States present in Southeast Asia, particularly in the territories of psychological oppression, connivances and non-customary dangers. The improvement of ASEAN might be moderate and continuous however it has reliably being showing a tough move from focusing on solidness and territorial harmony to a lot nearer financial mix. The vision of the ASEAN goes a long ways past the two pages of the Bangkok statement that was set in 1967. A definitive objective of the announcement is to achieve a coordinated ASEAN people group that depends on regular provincial character. Keeping into thought the issues and downturns that influences an association, a few researchers contend that accomplishing effective coordination is far-fetched for ASEAN. There are troubles and deterrents loaded on the course of mix, which should be cleared earnestly. Anyway over the most recent couple of decades, ASEAN has effectively accomplished in the zones of thriving, security and steadiness of the locale. It has additionally effectively advanced monetary turn of events and local co-activity. It was for the sake of the ASEAN solidarity that Southeast Asia left its monetary competition a long ways behind. It has likewise taken a lead for making ASEAN provincial gathering, whose intention is to connect all its Asian-Pacific neighbors just because, for directing conversations as organized discoursed on various Asian security issues (Guan). The 23rd ASEAN highest point was hung on 0ctober 9, 2013. The conversation in the Summit was held under the subject of â€Å"Our

The Effects of Music on the Mind and Bo Essay Example For Students

The Effects of Music on the Mind and Bo Essay The Effects of Music on the Mind and Body Music is something that all individuals adore and appreciate tuning in to regular. Music is a tremendous piece of Americas culture and impacts a huge number of individuals consistently. Numerous individuals utilize this impact to pick up cash or acclaim; be that as it may, music can be utilized from multiple points of view than individual increase. There have been numerous ongoing investigations on the impacts of music on the psyche and body; these impacts are ordinarily positive and improve numerous components of ones body. The significant impacts are change in pulse, help in profitability, control of feeling, body/muscle development, ND cerebrum action. Numerous investigations of music have demonstrated that music can diminish tension and assists with other emotional wellness issues. Knight and Richard (2001) investigated the impact of narcotic music on members abstract and physiological feelings of anxiety following a subjective burdens including planning of an oral introduction. Huge increments in physiological pressure were accounted for the individuals who arranged the undertaking without music, while the nearness of music smothered noteworthy increments in emotional tension, systolic circulatory strain, and pulse. Various prior cleans has indicated the helpful impacts of music tuning in on work efficiency (Fox, 1971; Kirkpatrick, 1943; Woken, 1969). Introducing unessential natural boosts by method of sound system headsets (music and radio) is one manner by which work execution has indicated improvement. We will compose a custom exposition on The Effects of Music on the Mind and Bo explicitly for you for just $16.38 $13.9/page Request now The mind-set condition of unwinding best clarified the connection between the utilization of the music and profitability, and ecological impedance most viably clarified the connection between the utilization of music and hierarchical fulfillment. Commonality with the music and broken introduction were recommended as best in improving execution, turnover goals, authoritative fulfillment, and mind-set states. In conclusion, music can be utilized in different approaches to impact a human feelings. This can been seen through the numerous investigations performed by( name of some person). Through his examination, there had been extraordinary lean towards in the zone of music treatment and specialists and doctors have had the option to improve recuperation with patients. The most observable response to music is seen when Mozart is played, the patient quite often turns out to be progressively loose and appears to be increasingly open to communicate to the specialist. Different feelings, for example, fervor, outrage, and joy can be effectively prompted by playing a melody that the achieve has an enthusiastic bond with (main tune/detested tune). Through these various tests and studies researchers have had the option to gather numerous things about the impacts of music on the human psyche and body. They have made tremendous headways in treatment and hostile to uneasiness treatment, permitting specialists to assist more with peopling all the more proficiently. With the revelation that music helps efficiency, the normal individual can improve their work exertion. These realities point to the way that music is exceptionally advantageous to our way of life and we will keep on considering it and make the most of its advantages for whatever length of time that humankind exists.

MOVIES FOR COLLEGE STUDENTS

MOVIES FOR COLLEGE STUDENTS Movies for college students Home›Tips for Students›Movies for college students Tips for StudentsList of college filmsPerhaps movies are likely to exaggerate everything, but when it goes about a film that depicts crazy college life, that is 99% true. For a person who has already graduated, it is a nice chance to relive those good memories one more time and see what could have been done if it was not about uncertainty. Here is a list of college films where you will see crazy students, incredible parties and mad professors.Must-see College FilmsNATIONAL LAMPOON’S ANIMAL HOUSE (1978)Perhaps nobody can imagine college life without students’ brotherhood. The film shows us the local war between a fraternity and an evil dean who struggles to deprive students of their privileges. Even though the film is quite old, it is considered the best fraternity movie of the best fraternity movies.NATIONAL LAMPOON’S VAN WILDER (2002)The film about a spoiled campus star, Van Wilder, whose fathe r blocks his bank account and makes him start thinking about adult’s life. The main hero raises the campaign to get money for the tuition. The most interesting thing about Van Wilder is his fear of graduation, as in the college he is a superstar and behind the college walls â€" no one.GOOD WILL HUNTING (1997)A nice story about a simple janitor in a Massachusetts Institute of Technology who is more than just good in math. The film will definitely move you to tears.REVENGE OF THE NERDS (1984)There have always been college outcasts â€" students who came to college only for studying. Here you will see how this nerdy team joins the fraternity and struggles to change it according to their wishes. If only did they know what obstacles they would have to overcome.OLD SCHOOL (2003)If you have once been a student, you are always a student. Three pals decided to go back to the good old days and founded a fraternity near a local college. As it turns out, those crazy dudes proved that there is life in the old dogs yet.THE HOUSE BUNNY (2008)One of the most hilarious college films ever shot. A former playboy model joins the local sorority and resumes her student’s life.THE SOCIAL NETWORK (2010)There are a few good movies to watch that show you not only the positive aspects of college life but problems and dramas as well. Here you will see how Mark Zuckerberg is accused of stealing the most profitable internet idea ever.LEGALLY BLONDE (2001)What can be more cruel than a revenge? The revenge taken by an offended girl. Striving to win on her former boyfriend, the main heroine follows her insulter to Harvard Law School, where she joins a local sorority. Not one of the most popular movies to watch, but the final scenes will definitely surprise you.These are only a few college films that must be definitely seen regardless of age and status. If you are eager to know about even more movies depicting students’ life, you can always find them on Internet, on various websites.

Goodwill in business - Free Essay Example

1. Introduction Goodwill is an extremely interesting business phenomenon. It enables a firm to derive competitive advantage because of issues like reputation, stability, technical excellence, perceived quality and other intangibles, and thereby allows it to earn higher profits, than it would otherwise have, by selling its products or assets. While the need for valuation or accounting of goodwill does not arise in the normal course of a business or in its growth on a periodic basis, (because of the absence of physical assets to back it up), it becomes an extremely important aspect when a running business goes up for sale, or changes ownership, through mechanisms like mergers, or acquisitions. Goodwill can be considered from two different points of view: an economic and an accounting approach. The economic approach regards goodwill as the present value of the additional profits the acquiring company is expecting to gain in the future resulting from the acquisition. Th ese additional profits arise from a â€Å"favourable attitude towards the firm† and from synergies. From an accounting perspective, goodwill is the difference in valuation between the purchase price and the book value of the acquired firm. (Lycklama, 2006) The dilemma faced by accountants in valuing goodwill is best illustrated by the sign Albert Einstein had in his Princeton office that stated, â€Å"Not everything that counts can be counted, and not everything that can be counted counts.† (Bullen and Cafini, 2006) Businesses with strong goodwill are valued at prices much higher than the value of their net assets, the differentials being asked and paid because of the intrinsic ability of these businesses to earn profits higher than what their assets would warrant. The accounting of goodwill thus arises at the time of change of ownership of a business, pursuant to its sale, merger or acquisition, and on a regular basis thereafter. Countries have historically foll owed different ways of accounting for many items, including goodwill. The USA and UK, for instance, have adopted accounting treatments for goodwill that have sometimes been similar, and sometimes markedly different. The ongoing process of globalisation has affected accounting practices worldwide. Businesses have never been as globalised as they are today. Numerous corporations from developed, newly industrialised and developing countries operate on a global basis and need to create financial statements, using the accounting practices of their home country, as well as those existing in their areas of operations. The divergence in accounting practices of different countries necessitates not only the preparation of separate financial and accounting statements, but also the subsequent reconciliation of differences. The international accounting fraternity is now steadily moving towards global commonality in accounting practices and procedural reporting. The International Accounting Stand ards Board (IASB) has been working towards convergence of global accounting standards. Its mission is to develop and enforce a single set of global accounting standards, based on preparation of high quality, transparent and comparable financial statements for local and global users. The IASB has been working on compiling a stable set of International Financial Reporting Standards (IFRS) for first time users. The IFRS became mandatory for all publicly listed companies in the European Union in 2005, and was also adopted by other advanced nations like Australia. The IASB has also been working very closely with the US Financial Accounting Standards Board (FASB), since 2002, to bring about convergence between US GAAP and the IFRS. However, significant work on harmonising IFRS with US GAAP has already occurred, and while some pending issues are currently under study for corrective action, the two systems are steadily approaching a state of convergence. â€Å"It is notable that some Eu ropean firms that have been using US GAAP but are now adopting IFRS report a relatively minor impact† (Higson and Sproul, 2005) in their financial statements. It is the purpose of this essay to study the accounting treatment of goodwill under US GAAP and the IFRS, especially the developments of the last ten years, and analyse the reasons for the various changes, not only to assess the current situation, but also to determine what to expect in future. 2. Commentary a. Goodwill under US GAAP Goodwill is an intangible asset and represents the difference between the cost of an acquisition and the fair value of its identifiable assets, liabilities and contingent liabilities. A recent analysis by PricewaterhouseCoopers (PWC) estimates that intangible assets accounted for approximately 75 % of the purchased price of acquired companies in recent years. The histories of accounting treatment for goodwill in the US and UK have followed roughly similar paths even though developme nts have not occurred at the same time. In the past, i.e., prior to 2001, companies in the US could structure acquisition transactions using a choice of â€Å"pooling-of interests† or purchase accounting method. The â€Å"pooling of interest† method for acquisitions and mergers allowed companies to refrain from distinguishing buyer and seller, and did not entail recording of the price of the acquisition. Goodwill valued by the company, in these circumstances, could be amortised in equal instalments over forty years. Changes occurred in the US accounting procedure with the issuance of two new accounting standards, 141 and 142. The â€Å"pooling of interests† method stood eliminated from June 30, 2001 and it became mandatory for all companies to use the purchase accounting method for all business accounting transactions. Requests from industry also led to the scrapping of the practice of amortising assets over forty years, especially by virtue of standard 142. Whi le goodwill thus became, in certain ways, a permanent asset, which would not reduce in value with the passing of years, it became essential for companies to test it for impairment every year to ensure that its value to the business, (as shown in the balance sheet), did indeed reflect its true worth. Under accounting standard 142, it became necessary to review goodwill for impairment, either at the operating level, meaning a business segment, or at a lower organisational level. Impairment must also necessarily be an annual accounting exercise, and can occur at even shorter intervals, if events indicate that the recoverability of the carrying amount needs reassessment. The procedure for assessment of impairment under IFS 142 comprises of two steps. The fist step involves a comparison of the computed fair value of a business segment with the carrying amount of the concerned unit, including the goodwill. In cases where the book value of the unit exceeds its fair value, no further exercise needs to take place and valuation of goodwill remains unchanged. If, however, the fair value of the reporting unit is lesser than its carrying amount, the procedure for treatment of impairment of goodwill requires application of a second step. Calculation of goodwill impairment, under US GAAP, occurs through the determination of the excess of the carrying amount of goodwill, over its fair value. The computation for this is simple and constitutes of determining the fair value of goodwill by allocating fair value to the various assets and liabilities of the reporting unit, similar to the procedure used for the determination of goodwill in a business combination. The calculated erosion in goodwill needs reflection in income statement as an impairment charge in the computation of income. In certain cases, negative goodwill can arise because of the fixation of a price less than that warranted by valuation of physical assets. US accounting procedures categorically specify the tre atment of negative goodwill. The excess of fair value over the purchase price, requires its allocation, on a pro rata basis, to all assets, other than current assets, financial assets, assets that have been chosen for sale, prepaid pension investments, and deferred taxes. Any negative goodwill remaining after this exercise finds recognition in financial statements as an extraordinary gain. b. The Position under IFRS Goodwill, in accounting treatment under the IFRS, has evolved through stages similar to US GAAP, and is not amortised any longer, as was the case in the past. While the basic principle of treatment of goodwill has become similar under both the methods, differences do exist in the â€Å"nuts and bolts† treatment of the issue at the ground level, in the actual preparation of financial statements. IFRS procedures, like US GAAP, have phased out the method of â€Å"pooling of interests† for accounting of acquisitions and business combinations, and requi re the application of the â€Å"purchase† accounting concept. Many national GAAPs allowed the use of pooling, as was also the case in IFRS, under IAS 22, in the absence of identification of an acquirer. IFRS 3, which became applicable from March 31, 2004, however made it mandatory for EU companies to identify the acquirer, adopt the purchase method of accounting for accounting of business combinations, and discontinue amortisation of goodwill for accounting periods beginning after that date. Nowadays, the acquirer, at the date of the acquisition, needs to allocate the cost of the business combination by recognizing, at fair value, the identifiable assets, liabilities and contingent liabilities of the acquiree, as well as those of minority shareholders. The difference between purchase price and value of net assets comprises the money paid for goodwill. In certain cases, some intangible assets form part of the assets acquired for the business combination. These become eligible for separate recognition on the fulfilment of certain conditions, to elaborate, these assets they need to be separately identifiable, controlled by the entity, capable of yielding future economic benefits, and have values capable of measurement. IFRS procedures stipulate that goodwill, on an ongoing basis, will be subject to measurement at cost, and annual tests for impairment, in accordance with IAS 36. This is a significant departure from the provisions of IAS 22, which treated goodwill as a wasting asset, needing amortisation over a specific period. Negative goodwill, as stated earlier, arises when the cost of acquisition is less than the fair value of the identifiable assets, liabilities and contingent liabilities of the company. While its occurrence is rare, it can well arise in the case of acquisition of loss-making units, or if a distress sale gives a company the opportunity to acquire a bargain. Negative goodwill, as per IFRS 3, needs immediate recognition in the profit a nd loss statement for the period. This requirement also differs significantly from previous accounting practice that allowed the allocation of negative goodwill over a range of assets, or allowed it to be amortised over a period. Goodwill, as stated earlier, is not eligible for amortisation, with effect from March 31, 2004, under IFRS procedures and is now considered to be an asset with indefinite life. It however requires the application of a stringent impairment test, either annually, or if the need arises, at shorter notice, for assessment of erosion in value. In the event of impairment, the Profit and Loss Account is charged with the computed impairment amount to ensure the immediate highlighting of poorly performing acquisitions. The accounting treatment of goodwill, as stipulated by IFRS 3, is not that of a steadily wasting asset, but one with indefinite life; and with a value linked to the performance of the unit. The test for impairment of goodwill under the IFRS, unli ke US GAAP, occurs at the level of the Cash Generating Unit, or a group of CGUs, representing the lowest level at which internal managements monitor goodwill. The IFRS also stipulates that the level for assessing impairment must never be more than a business or a geographical segment. The test is a one-stage process wherein the recoverable amount of the CGU is calculated on the basis of the higher of (a) the fair value less costs to sell or (b) the value in use, and then compared to the carrying amount. In case the assessed value is lesser than the carrying cost, an appropriate charge is made to the profit and loss account. The goodwill appropriated to the CGU is reduced pro rata. The IFRS requires detailed disclosures to be published regarding the annual impairment tests. These include the assumptions made for these tests, and the sensitivity of the results of the impairment tests to changes in these assumptions. M/s Radebaugh, Gray and Black, in their book â€Å"International Accounting and Multinational Enterprises† stress that these disclosures help in giving shareholders and financial analysts more information about acquisitions, their benefits to the acquiring company and the efficacy and reasonableness of impairment reviews. Both the IFRS and US GAAP have certain commonalities in the accounting treatment of intangible assets. In case of acquisitions, managements are enjoined to isolate specific intangible assets and value them separately from goodwill. All these assets have to be identified, valued and indicated separately in the balance sheet. The list of intangible assets that need to be recognised separately, because of IFRS 3, is extensive and includes a host of things like patents, brands, trademarks and computer software. IFRS 3 demands that the identification and valuation of intangible assets should be a rigorous process. Experts however feel that while valuing intangibles is essentially associated with subjectivity, logical mental application and the use of working sheets should be able to satisfy the demands of regulators. IAS 38 deals with a number of issues that pertain to intangible assets other than goodwill. This standard, as per experts, represents a major change from previous practice. It allows firms to capitalise some internally generated intangible assets, and attempts to correct the incompleteness of previous accounting practices in this regard. This argument, however, very possibly exaggerates its implications because IAS 38 primarily tries to recognise a wider range of acquired intangibles, but only at the expense of residual goodwill, and maintains a continuum with the historical British approach of treating internally developed intangibles as expenses. Items like Research and Development Costs in Process, costs that were ineligible for recognition before the acquisition, are now allowable as capital items in the balance sheet of the acquirer. On initial recognition as part of the acquisitio n process, the cost of the intangible is measured as the fair value at the date of acquisition. The fair value of an intangible assert is the amount the entity would have paid for the asset at the acquisition date in an arm’s length transaction between knowledgeable and willing parties, on the basis of the best information available. (IFRS and US GAAP, 2005) IFRS procedures call for expensing of all research cost. Assessment of development costs for the purpose of valuation for long-term benefits is now essential for their amortisation over their determined benefit period. Capitalisation of development costs is allowed only when development efforts result in the creation of an identifiable asset, e.g. software or processes, whose beneficial life and costs can be measured reliably. If however a Research and Development project is purchased, IFRS provides for the treatment of the whole amount as an asset, even though part of the cost reflects research expenses. In the case o f further costs being incurred on the project after its purchase, research costs will need to be expensed out while development costs will be eligible for capitalisation, subject to their meeting the required criteria. US GAAP however stipulates that all Research and Development costs be immediately charged to expenses. Certain development costs pertaining to website and software development are however allowed to be capitalised. Research and Development assets, if acquired are valued at fair value under the purchase method. However if the assets do not have any alternate use they are immediately charged to expense. 3. Conclusion Both methods of accounting, US GAAP and IFRS, while they have taken different routes, and have changed their accounting standards at different times, have now arrived at similar positions in the treatment of a number of items, including valuation and treatment of goodwill. The differences that exist today in this area are primarily in the area of d etailing, methods of computation and in the treatment of individual components of the accounting requirements, like for example, in the computation of impairment of goodwill. Both PWC and Deloitte publications opine that US GAAP will most probably move further towards the IFRS position intangible assets as part of the ongoing convergence exercise. 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