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Kendetegn, forebyggelse og opdagelseNielsen, Claus (Frederiksberg, 2016)[More information][Less information]
Abstract: This thesis focuses on the problem of financial statement fraud. The theoretical part of the thesis can be split into these sub questions: Who commits this type of fraud and what is their incentive? How is the fraud typically conducted, prevented and detected? The empirical part of the thesis concerns HP's acquisition in 2011 of the British software company Autonomy. Shortly after the purchase HP accused the management of Autonomy of large scale fraud, and the case now has several pending investigations and lawsuits. The theoretical part begins with a discussion of the incentive to commit financial statement fraud. The main theory concerning this type of fraud is the traditional fraud triangle, which states that there must be three elements present simultaneously before this type of crime is committed. These elements are constituted by a pressure, an opportunity and a rationalization. Other models include the fraud diamond and predator behavior. The most likely person or group of persons to commit financial fraud is the management of the company. There are two main reasons for this. Firstly, the management is evaluated on a day-to-day basis by the stakeholders of the company according to the financial performance of the particular company. This puts a pressure on the management and gives it a motive to manipulate the accounting of the company so it seems more attractive. Secondly, the management is in a position to override all the company controls that has been implemented to prevent manipulation of the accounting. As a result of this, the management could have both a motive and an opportunity to carry out manipulations. What are the normal signs of financial statement fraud? A company must choose the relevant accounting framework, for example IFRS. An obvious deviation from the framework is either an honest mistake or a manipulation of the correct recognition. The thesis discusses several types of manipulation of the framework. Revenue-based schemes normally involves timing schemes, misclassification schemes and fictitious or inflated income. As an example revenue might be shifted from the next period to this period. Asset-based schemes could be carried out through improper capitalization of costs, inflation of assets and manipulation of fair value accounting, for example through understated impairment losses. Expense and liability schemes often involves shifting expenses to future periods or simply omitting or underreporting liabilities. Another type of fraud is manipulation of the disclosures, which usually means that some disclosures represents the company in more positive light than the framework permits. How is financial statement fraud prevented and detected? There are several steps in this process, and every company must find their own path. Strong governance provides the foundation for an 2 effective fraud risk management programme. This governance starts at the board level and permeates the entire company structure through a zero tolerance towards financial statement fraud. The next step is to identify and asses the fraud risk. Impact and likelihood of the risk is calculated, and a proper response according to the risk appetite is chosen. The most effective way to manage the fraud risk seems to be through preventive controls. This is however not always the case, since these controls can be overrided by the management, which also has the main motive for this type of fraud. An alternative strategy is to change the structure of salary and bonus systems and thereby reducing the fraud incentive. Detective controls might be very effective in the fraud search process and inconsistencies are often found via a tip. Another important investigation technique concerning financial statement fraud is analysis of the company accounting data. The thesis discusses three basic types of analysis, which is horizontal, vertical and ratio analysis. There are other ways to analyze this type of data often involving the use of computer software. A relevant test could be to check the data according to Benford's Law. Some of the mentioned tools are used in the case described below.In 2011 HP acquired the fast growing British software company Autonomy. It was a friendly takeover and the big shareholder and founder of Autonomy, Michael Lynch, was to remain CEO. Half a year later, in the spring of 2012, the situation of the company was quite chaotic. The original management was fired and HP accused Michael Lynch and the CFO of manipulating the financial statement in the period leading up to the purchase of Autonomy. As a result of this HP wrote of the main value of Autonomy of which around 5 billion USD could be contributed to manipulations. In 2015 HP sued the old management and several investigations and lawsuits are now pending. The main fraud accusations concerned undisclosed sale of hardware, manipulated recognition of revenue from resellers as well as inflated revenue from hosting deals and Autonomy's main product IDOL. Some of these elements cannot be investigated further in this thesis. However, emphasis is put on Autonomy's high pressure bonus system and a management, that doesn't seem to tolerate criticism from market analysts. Most likely HP and Autonomy was on a corporate cultural collision course from the beginning. Different analysis have been conducted in this thesis, but they don't seem to confirm any of the many red flags that were raised in connection with the acquisition. The most relevant of these warning signal are probably Autonomy's very high growth rates and a low receivable turnover. The conclusion of the still ongoing investigations and lawsuits will most likely reveal some more interesting details in this complicated case about financial statement fraud. URI: http://hdl.handle.net/10417/6084
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Chikri, Sammi; Johansen, Betina Mette (Frederiksberg, 2012)[More information][Less information]
Abstract: The main purpose of this thesis is to analyse the possibilities of how enterprises and auditors can limit/identify fraudulent financial reporting. Statistics show that 29% of all Danish enterprises have been exposed to corporate crime. 41% of it represents fraudulent financial reporting which is one of the most frequent types of corporate crime. In the thesis we have reviewed and analysed some of the enterprises' possibilities of committing fraudulent financial reporting. Based on our review, we have drawn the conclusion that financial statement items containing elements of accounting estimates are generally at more risk of being subjected to fraudulent financial reporting, as the estimate often is based on biased managerial assessments. The background to the thesis is fraudulent financial reporting as defined in ISA 240 "The auditor's responsibilities relating to fraud in an audit of financial statements", including the guidelines and steps to be taken as prescribed by the Standard in connection with the identification and detection of fraudulent financial reporting. We find ISA 240 extremely pivotal and applicable, as the Standard contains appropriate guidelines on how the auditor must respond to fraudulent financial reporting. To prevent fraudulent financial reporting the enterprise can establish a reliable and strong control environment. In the thesis we have illustrated and reviewed key elements relating to how the enterprise can secure a reliable control environment to accommodate the risk of fraudulent financial reporting. Despite the establishment of a reliable control environment, it is often not possible to avoid fraudulent financial reporting completely, as management because of its authorities is able to ignore the internal controls. The focus on identification of fraud is massive, and based on new bills introduced by the European Commission, we have evaluated whether future initiatives will contribute positively to the identification and prevention of fraud. In continuation hereof the thesis clarifies how the identification and prevention of fraud can be improved by modifications to the present ISA 240 as well as other adjustments to codes of practice. URI: http://hdl.handle.net/10417/3568
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Regnskabsmæssig behandling af afledte finansielle instrumenter efter IFRS 9 og forskelle til ÅrsregnskabslovenRasul, Muhammad Ismaeel (Frederiksberg, 2016)[More information][Less information]
Abstract: The International Accounting Standards Board has in 2014 implemented IFRS 9 which replaces IAS 39 on the recognition and measurement of financial instruments. The development of IFRS 9 was divided into three phases: Phase 1: Recognition and measurement of financial instruments Phase 2: Impairment of financial instruments Phase 3: Hedge accounting The purpose of this thesis is to initially obtain an understanding of which general circumstances and reasons have resulted in the need of a new standard regulating financial instruments, though not to perform a detailed comparative analysis of IAS 39 and IFRS 9. The thesis concludes that risk management and hedge accounting is a topic of area which rises severe attention on the agenda of the corporate world, which wasn't as popular when issuing IAS 39. IAS 39 has, especially after the financial crisis, been criticized of being strongly rigid rather than being principlebased which is the main principle in IFRS 9. In continuance of the above the main objective of this thesis is to provide users of financial statements guidance on how to account for hedging instruments in accordance with IFRS 9 and the Danish Financial Statements Act, and an overview of the main differences in these accounting frameworks. The thesis ends with an evaluation of how well the two accounting frameworks contributes to satisfactory information value to the users of financial statements. When examining the accounting of hedging instruments based on IFRS and the Danish Financial Statements Act it was concluded that IFRS provides a very detailed view of the Entity's hedging activities in contrary to the Danish Financial Statements Act which provides very limited information on the Entity's hedging activities. Based on a cost-benefit analysis a discussion and proposal of changes has been made to regulations in the Danish Financial Statements Act distinguishing between the sizes of the reporting entities with the aim of providing better information of hedging activities in the financial statements. URI: http://hdl.handle.net/10417/5953
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Regnskabsmæssig behandling af forskning- og udviklingsomkostninger samt gennemførelse af nedskrivningstestOrbæk, Patrick (Frederiksberg, 2015)[More information][Less information]
Abstract: In a time of fast global development, it is for today's businesses to remain adaptable and flexible opposite of what is happening around them. Does a company choose not to do anything and not at least be developing at the same rate as the outside world, it will just be a matter of time, before this company will experience that it competitors will overtake their marked position, if their products not are getting faster and more efficient. It is therefore important for every company that they are getting better every day, if they willmaintain or improve theirmarked position. They are therefore forced to invest in knowledge resources. Companies have the ability to recognize development costs in the balance sheet, if the company are able to distinguish between research costs and development costs. They are therefore able to recognize the cost in profit and loss over several years, instead of recognize all development costs in same financial year. Section 2 in this assignment, will be based on a descriptive part of intangible assets. The review will include the definition of intangible assets and a review of the recognition, measurement, data and presentation from the rules if the Annual Accounts Act and IAS 38. Differences between the Annual Accounts Act and IAS 38 will on an ongoing basis be listed. Section 3 will be a review of the basic requirements for the annual report. Both section 2 and 3 are included in the assignment to provide a better understanding of the basis for the deeper parts respectively, research, development and impairment tests. There will in section 4 be a review of the accounting treatment of research and development activities. Besides a review of the accounting treatment the problems within research and development will be reviewed. After a review of research and development the assignment, take section 5 op to an overall level. A theoretical and a practical examination of the impairment test will take place in this section. In section 6 the problems around impairment test will be elucidated. In section 7 will the treatment of development costs in 2 different industries be analyzed. The procedure for the prospects will mainly be discussing. In section 8 the concluding part will take place. URI: http://hdl.handle.net/10417/5321
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Med henblik på det retvisende billede efter Årsregnskabsloven og IFRSNielsen, Morten Roland; Dusunceli Nielsen, Aydan Elif (Frederiksberg, 2016)[More information][Less information]
URI: http://hdl.handle.net/10417/6299
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Gravlund Rasmussen, Julie; Lolk, Mike (Frederiksberg, 2016)[More information][Less information]
Abstract: This thesis is written as the final part of the CBS Graduate Diploma in Business Administration in Financial and Management Accounting, HD(R). The thesis addresses goodwill and its treatment according to the International Financial Reporting Standards (IFRS) and the National Danish Law (ÅRL). The objective is to identify, analyze and discuss the differences between the two accounting standards, and whether it is most advantageous for the company to use the one over the other, and if so, then when and why? To provide the answer of the main question, a number of part questions will be answered. Goodwill is an intangible asset, which arises in relation to a business combination, when a company acquires an existing business ore activity. The goodwill amounts to the excess of the purchase consideration, which conducts the money paid to purchase the asset or business, over the total value of the assets and liabilities. If the purchase price is higher, it is called goodwill, and if the purchase price is lower, it is called badwill. Goodwill is placed as an intangible asset in the balance sheet in the financial statement. As the objective is to identify the differences between IFRS and ÅRL in accordance to goodwill, the two standards of accounting is compared, not only in theory but on concrete business cases as well. The thesis takes a theoretical approach, in which practical business cases are tested. In light of this, the following is relevant; Several important differences between using the National Danish Law (ÅRL) and the International Financial Reporting Standards (IFRS) are treated, but the main difference must be, that in accordance to the ÅRL the companies are forced to systematically amortize the goodwill to a definite period, and if the period cannot be set reliably, it will according to the law be 10 years. Furthermore, if there are indications of impairment, an impairment test is required. By the International Standards, goodwill does not have a specific using period, why it does not have to be amortized. Instead, the standard requires a yearly impairment test. Seen in an isolated perspective, it can be a huge advantage for some companies to use this option in IFRS instead of ÅRL. In contrast, the amortization according to the ÅRL, can also be seen as an advantage because of the regularly adjustments due to the amortizations. This means, that the company does not run the risk of a maintaining bloated goodwill in the balance sheet. Furthermore the company knows the exact minimum affect on the income statement in the future by using the National Danish Law. On the other hand, the required amortization can seem harsh, and make the company feel the remaining goodwill and amortization is nonrealistic. In theory, the goodwill in a company, can exists forever due to the impairment test in the International Financial Reporting Standards while the same company using the ÅRL, has to amortize the acquired goodwill over the expected using period. Common to both accounting standards are the risk and uncertainty due to the subsequent measurement and value adjustment, which are highly influenced by the company management. Opportunities to affect the subsequent measurement and the financial statement are present in both standards. The thesis concludes without doubts, that it is clearly far easier to set a fair and more correct value of the goodwill by using the International Financial Reporting Standards, provided by the yearly impairment tests. On the other hand, the companies using the IFRS, also runs a significant risk, especially in periods with financial crisis where budgets and future expectations hits hard on the impairment tests, and therefore impairments. The more "negative" approach to the goodwill, accordance to the ÅRL and its amortizations, prevents risks like this. URI: http://hdl.handle.net/10417/6143
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Er der sammenhæng mellem børsnoterede ejendomsselskabers regnskabsmæssige indre værdi og markedsværdien af selskabetDich, Henrik Kofod (Frederiksberg, 2011)[More information][Less information]
Abstract: Investment-properties are used as investment-assets equally to bonds and shares. But compared to bonds and shares, the transactioncost following the purchase of a property are high, and along with the ownership follows a responsibility – therefore investment-properties are primarily purchased on a long-term investment basis. Companies holding investment-properties are due to the long-term perspective, in need of a specific accounting standard in order to give the shareholders a fair view of the value of their shares, during the temporary ownership of a share in an investment-company, and making the investors able to sell the shares at a valid price. The Danish market for investment-properties, has due to the influence of the financial crisis suffered from a lack of transactions in the market followed by an uncertainty to the actual value of investment-properties. The purpose of this examination is to conclude if Danish investment-property companies currently include all relevant information regarding the fair value of the portfolio of properties, and whether the fair-value measurement are accepted by the market, giving a theoretical price/book value of 1. The starting-point of this paper is a definition of the fair-value of an investment-property due the IAS 40 standard, and the IFRS framework. Upon that I will operationalize the practical use of the mathematical capitalized valuation-methods, primarily the use of the DCF-method. Christian Laux & Christian Leuz (2009), states in their article "the crisis of fair value", that presentation and disclosure are absolute necessities when using fair-value as principle of valuation. The given disclosure must be enlightened with relevance and reliability in mind. Francis (2005) concludes in a study, that higher transparency and higher reliable financial reporting, correlate with lower cost of capital and easier access to capital. With this is mind, and the Laux and Leuz conclusion, the fair-value measuring equals high demands on quality in disclosure and financial reports – and the benefit for the investment-companies is a direct economic incentive due the lower cost of capital, and easier access to capital. Both of the above mentioned incentives are relevant for property-companies, since the activity in these companies relies on a descent investment upon the primary activity commences. Since the activity is highly capital-intensive, the companies are committed to pay interest (cost of debt) and a yield for the investors (cost of equity). The yield of the daily operations is fairly low and highly sensitive of idle tenants, and the risk of other issues related to the ownership of properties. This means, that fair and reliable information regarding the portfolio is a must in order to attract further investment. I have chosen to evaluate the property-related information in a total population of 5 companies. Due to that, it is concluded, that the company with the highest level of information, are the company traded with the highest P/BV. But I also identify other variables that explain the P/BV ratio. For example were 2 of the companies in the population met by tough demands from the banks, which affected the P/BV in a way that ruined the scope of this thesis. URI: http://hdl.handle.net/10417/2555
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Med udgangspunkt i forslag til ny leasingstandardBlicher, Tina Skov (Frederiksberg, 2013)[More information][Less information]
Abstract: For a number of years, leasing has constituted a significant source of financing for many companies in connection with acquisition, as an alternative to more traditional sources of financing. As leasing has become more and more popular, general public focus has increased on the accounting treatment of this type of contracts. In 2010 IASB and FASB released a joint exposure draft regarding a new leasing standard. The purpose of the proposal for a new lease standard was to create uniformity between US GAAP and IFRS and to address concerns of the current standard. Especially the concern and criticism of the current standard, regarding the classification according to which some leases are not recognized in the balance sheet. In the current standard, leases that are classified as finance or operation leases where only finance leases are recognized in the balance sheet. The purpose of this thesis is to examine the implications of the amendments to the accounting leasing standard for leases, as proposed by IASB and FASB. In order to reach a conclusion to this question it is chosen to divide this thesis into three main chapters consisting of, a description of the current lease standard, including a review of the criticism of the standard. An analysis of the proposed standard and an analysis of the impact of the proposed standard, for lessees and lessors. In the first chapter of the thesis several weaknesses of the current lease standard were found. It was found that the current standard is not consistent with the Conceptual Framework of IFRS with regards to the recognition of assets and liabilities in the balance sheet. Also the current standard does not meet the needs of the primary users of financial reporting, since some users adjust the balance sheet to include operational leases. The two very different accounting models for leases according to the classification of leases including possibilities to structure transactions so as to achieve a particular accounting model. Last it was found that the current standard is complex and includes a great extent of subjective judgments to the classifications of lease, which reduces the comparability for users of the financial reporting. Based on the weaknesses found in the current standard, a new standard has been proposed. In the second chapter of this thesis the proposal was analyzed and compared to the current standard. The proposed new standard will apply a "Right of use" model under which all leases should be recognized in the balance sheet. The thesis determines how liabilities should be calculated by establishing the term, payments and discount rate of the contract, so that the liability reflects the actual conditions of the contract. In the third and final chapter of this thesis, the consequences for lessee and lessor, if the proposed new standard is approved, are analyzed. The analysis is performed on six selected Danish companies listed in the C20 index. The analysis shows that particularly transport companies with many and large leases will be affected by an amendment of the leases standard. Interest-bearing debt markedly increases which can also be seen from the related ratios for solvency, gearing and interest-bearing debt/EBITDA. Moreover EBITDA of the companies will be affected as the subtotal increases as future lease expenses will be recognized as depreciation and financial expenses instead of ordinary operation costs. The change in EBITDA will have a positive effect on the probability ratios as ROIC. Overall the negative impact on the financial ratios is leading to a greater financial risk in the companies, which in worst case could cause companies failing to meet covenants in leading agreements. For lessor the analysis shows that these will not be affected in the same way as the lessees. But lessors will need to acquire systems and implement business processes which can handle all the elements of lease contracts that should be included in lessee balance sheet. When lessee must recognize the contact in the balance sheet, further information from the lessor is needed. New systems and a change in the business processes will result in increased cost, at last in the first couple of years. Overall the general thesis conclusion is, that a new accounting standard for leases are needed. The inclusion of all leases in the balance sheet will improve the financial statements presentation of the leases. However the proposed new standard, have not yet resolved all the important issues of the current standard or all the issues of the first exposure draft. URI: http://hdl.handle.net/10417/3940
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En teoretisk gennemgang og analyse af den nye (draft) IFRS for leasingBengaard Poulsen, Morten; Jeppesen, Karsten (Frederiksberg, 2011)[More information][Less information]
Abstract: The thesis focuses on the new (draft) IFRS for lease accounting and exclusively on issues re-lated to the accounting treatment of lessees. The thesis is also delimited to analyze the prob-lems from an IFRS point of view. In recent years, leasing has become more and more popular either for financing assets or creat-ing a flexible asset composition. In an increasingly globalized world, it is essential, that the an-nual reports reflect leasing activities in a way that is comparable; both between enterprises and across borders and continents. IASB and FASB have initiated a long-term convergence project in order to homogenize ac-counting standards, where a wide range of the joint projects currently are being discussed. The purpose is to eliminate differences between IFRS and US GAAP and to provide better informa-tion for financial statements readers. Part of the convergence project was the development of a new accounting standard for leasing as IAS 17 has been criticized for not recognizing opera-tional lease arrangements on the balance sheet, which is not in accordance with the framework of financial reporting. An Exposure Draft of the new leasing standard was issued in August 2010 and was open for public comments in a period of four months. The main purpose in developing a new accounting standard for leases was to come up with an accounting model which addresses the criticism of IAS 17. The Exposure Draft introduced the right-of-use-model which prescribes that all con-tracts that meet the definition of a lease are in scope of the IFRS, and should be accounted for in the balance sheet. This addresses the criticism of leases not being recognized in the balance sheet and eliminates the need to distinguish between operational and finance leases. Further-more, it provides useful information to financial statement readers. However, the right-of-use-model causes new issues which have significant impact of the accounting treatment. As the Exposure Draft results in all leases being recognized in the balance sheet, the bright line be-tween lease contracts and executive contracts (service contracts) has become a key issue. The distinguishing between these two different types of contracts shall be assessed based on wheth-er the definition of a lease is met. It is therefore crucial that the definition is suitable and clearly described. The definition has been discussed thoroughly and, although the enterprises and or-ganizations which have commented the Exposure Draft generally support the right-of-use-model, their main concern about the new IFRS is related to this topic. The Exposure Draft initially introduced a wide range of changes to the initial recognition and measurement of the right-of-use-asset and the liability to make lease payments compared to the accounting treatment in IAS 17. In order to provide relevant information to the financial state-ment readers, the obligation to make lease payments contained many factors which were based on subjective assessments. However, these factors are very difficult to determine and measure, and despite it would provide relevant information to financial statement readers, the measure-ment would, in some instances, be based on unreliable information. This caused comprehen-sive criticism from enterprises and organizations which commented on the Exposure Draft. On the boards' subsequent meetings decisions have been made resulting in many of the initially proposed changes being reversed. The main change compared to IAS 17 is the introduction of the right-of-use-model, which results in recognition of all lease arrangements. As a consequence of the above, the definition and its influence on the assessment of whether an agreement is a service or a lease contract will be the main issue in the new (draft) IFRS. Overall it is our opinion, that the new IFRS regarding leasing will solve many of the issues which have been linked with the current IAS 17. It will provide better information for financial statement users and better basis of comparing financial information between entities and across borders and continents. A successful implementation however, will depend on the boards' ability to provide sufficient and specific guidance on distinguishing service from leasing. Otherwise the new IFRS will be subject of new criticism as the former bright line between operational and finance leases will be replaced with a new and more material bright line. URI: http://hdl.handle.net/10417/3021
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Med fokus på indvirkningen af den foreslåede afskaffelse af sondringen mellem operationel og finansiel leasingDamborg, Maibrith (Frederiksberg, 2011)[More information][Less information]
Abstract: This thesis has been prepared as part of my MSc in Business Economics and Auditing (CMA) study at the Copenhagen Business School. The issue addressed in the thesis is the accounting treatment of leases in the lessee's annual report. The thesis especially focuses on a new draft accounting standard for leases replacing the applicable IAS 17. The applicable accounting rules of recognition and measurement of leasing distinguish between operating and finance leases. Each type of lease is accounted for differently. The difference in the accounting treatment has resulted in criticism of IAS 17 in several areas. The new draft accounting standard developed by the IASB and the FASB strives to respond to the criticism of IAS 17. The criticism is dealt with by eliminating the distinction between operating and finance leases. The new draft accounting standard requires that all leases (right-of-use model) are accounted for in the balance sheet in conformity with a purchase funded by loans. The IASB and the FASB have published the new draft accounting standard and asked all interested parties and organisations for input to and comments on the draft. Based on selected comment letters and supporting questionnaires, the thesis analyses the ability of the new accounting standard to respond to the current criticism of IAS 17. The analysis also includes an assessment as to whether a better fair presentation in the financial statements is achieved by implementing the draft accounting standard. Also, it has been assessed whether such implementation will pose any specific challenges for the lessee. The analysis is based on comment letters from the following parties: FSR, A.P. Moeller - Maersk Group and Deutsche Bank. Questionnaires were sent to three respondents. The thesis concludes that the new draft accounting standard will eliminate much of the criticism of which IAS 17 has been subjected to. The draft accounting standard will, in many areas, give a better fair presentation in the financial statements compared to the applicable IAS 17. However, the current costs and the implementation costs will be substantial and, consequently, it will be doubtful whether such costs will eliminate the value in use related to a better fair presentation in the financial statements. URI: http://hdl.handle.net/10417/2852
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En analyse af sammensatte kontrakter mellem biotek- og farmavirksomhederHelstrand, Mathias; Kirk Jensen, Claus (Frederiksberg, 2008)[More information][Less information]
Abstract: Licence and development agreements are common in the biotech and pharmaceutical industries. These agreements often comprise grant of licences to the production and sale of a not yet fully developed drug candidate, as well as partnering in relation to further development of the drug candidate. These multiple deliverables agreements contain complex accounting issues in relation to separation of transactions and fair value allocation as well as appropriate application of percentage of completion methods on the rendering of services. IAS 18 requires that revenue recognition criteria be applied to each transaction separately, but does not offer further guidance on the matter. Guidance compatible with IAS 18 can be sought in EITF 00-21 "Revenue Arrangements with Multiple Deliverables". When applying this guidance determination of standalone value of the delivered items and procurement of objective and reliable evidence of fair value of the undelivered items pose a major challenge. If these criteria cannot be met the items must be treated as a single unit of accounting thereby deferring revenue recognition. Due to the complex nature of the agreements, assessment of fair value of the individual items must be performed carefully, as there is a risk that the individual payments, comprising amongst others upfront and milestone payments, in fact relate to more than one transaction. If so, part or all of the payment(s) must be deferred. As large upfront payments where no substantial deliveries are performed are often part of these agreements upfront payments are often deferred and recognised over the period of the development agreement. When applying percentage of completion methods to these agreements revenue recognition should not exceed the payments received since revenue from milestones does not meet the recognition criteria until they are receivable. Accounting procedures of licence- and development agreements are performed on a case contract constructed around elements and items identified in 60 actual contracts from listed US companies. The major impacts of changes in fair value assessments and separation of transactions are analysed to assess how revenue recognition is impacted by these changes. The accounting policies of IAS 18 are set to be replaced in the not-too-distant future by a new standard being developed by IASB and FASB as part of their convergence project. The proposed changes as of 17 December 2008 have been analyzed with a view to assessing how they will impact revenue recognition from licence- and development agreements. The findings show that the major changes result from acceptance of a greater degree of uncertainly in estimates making separation of transactions and measuring percentage of completion easier to do. URI: http://hdl.handle.net/10417/416
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En implementering af regnskabsmæssig sikring, samt en analyse af måling af dagsværdier på finansielle instrumenter og test af effektivitetRavensholt, Christian Hansen (Frederiksberg, 2013)[More information][Less information]
Abstract: This thesis is about hedge accounting according to IFRS, and it examines how hedges relationships are treated in the financial reporting. The subject is quit complex, and therefore the thesis will only examines the part of hedge accounting that includes measuring the fair value of financial instruments and testing of effectiveness of hedged relationships. First an explanation of the relevant theories will be done. The theories that will be displayed are as followed: Hedge accounting according to IFRS, valuation of financial instruments and the construction of discount curve of forward curves. After explaining the theories, they will be implemented using data collected from the financial markets. The data will mainly consist of interest rates of different maturities. The scenario is to value a generic interest rate swap using different methods of calculating, and value at different dates. The interest rate swap is valued at a date before the crunch-crisis and at a date recently. After valuing the interest rate swap under different conditions the effectiveness of the hedges relationship are measured. The hedged relationship consists of the valued interest rate swap and a loan. Regretfully the results look like they have been exposed to error, as the fair values are very unrealistic. The sources of errors could be many, but they are probably coming from: wrong choice of data and mistakes in calculating the discount curve and the forward curve. Nevertheless the results are analyzed and discussed in the end of the thesis. URI: http://hdl.handle.net/10417/4349
Files in this item: 184.2 - Markedsudvikling.xlsx (579.4Kb)5.1 - Generisk renteswap.xlsx (10.60Kb)5.2 - Benchmark-kurve.xlsx (15.98Kb)5.4 - Værdiansættelse 1-12, Kubisk.xlsx (79.28Kb)(more files)
Serup, Morten (Frederiksberg, 2014)[More information][Less information]
URI: http://hdl.handle.net/10417/4507
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Houmann, Anders S.; Bæk Andersen, Trine (Frederiksberg, 2014)[More information][Less information]
Abstract: This thesis has been drawn up as the closing element of the HD programme, aiming to outline the accounting and auditing consequences of the amendment of the Danish Corporation Tax Act. On 23 June 2013, the Danish Parliament decided to gradually reduce the corporation tax rate from 25% to 22% over a three-year period. Given such gradual reduction of the corporation tax rate, companies having recognised their tax assets and liabilities need to determine when the timing differences between recognition in the financial statements and recognition in the statement of taxable income will be reversed. Such determination is required since the time of reversion, which is crucial to the time of taxation, determines what tax rate to apply and hence the carrying amount by which the differences are to be recognised in the financial statements. Further, International Accounting Standard (IAS) 12 requires entities to disclose the effect of the amendment in terms of amount on the financial statements and to include in the financial statements an explanation thereof. As regards deferred tax assets, IAS 12.82 stipulates that where a recognised tax asset exceeds the amount of the liability recognised, or where the entity was recently onerous, the entity must disclose the amount of a deferred tax asset and provide information indicating that it should be recognised. An empirical analysis has been made of financial statements published by companies in the OMXC20 Index with a view to examining whether those companies are compliant with applicable disclosure requirements laid down by IAS 12. The findings of the analysis were generally unsatisfactory, showing that only two entities out of those 19 selected for the analysis were consistent with all of the disclosure requirements. The analysis also showed that the revised corporation tax rate has resulted in income of DKK 63m, of which the financial statement user must be aware when evaluating the entities' profit/loss, ratios etc. In order for an entity's auditors to prevent and check any non-compliance by the entities with the provisions of the Standard, we have reviewed International Standard on Auditing (ISA) 540 on accounting estimates with a view to determining the specific audit procedures to be performed. The auditors must apply various procedures to the entity's budgets, including underlying budget assumptions, and assess the entity's historical capacity to budget since this is an issue on which the Danish Securities Council has commented in prior decisions made by it. URI: http://hdl.handle.net/10417/4663
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Ørndrup, Marianne Keithe (Frederiksberg, 2014)[More information][Less information]
Abstract: The roles of the banks in society are important because they provide financial services for business and private. In addition, they contribute to the economic growth in terms of jobs, innovation and the financial part of business transactions. In overall context it is important that the market participants have sufficient confidence in individual banks as well as the financial sector. To ensure this confidence, banks are subject to a lot of rules whose main purpose is to create and ensure stability in the banking sector. Through interviews and empirical research, I will study the impact of The Accounting Rules for loan valuation & the Rules of Capital Adequacy on banks. The thesis is motivated by the fact that banks are subject to an increasing number of rules, capital requirements and depreciation rules. But have these rules any influence on the banks' behavior, and thereby the society Beginning with a theoretical basic understanding of Basel, it will give the reader an overall understanding of the various elements and their significance. Followed with the most important elements in relation to the problem involving the capital requirements & the Rules of Capital Adequacy, the most important elements in relation to the problem involved. The final theoretical part describes how lending affects the banks financial accounting, and what consequences the credit risk and valuation rules lending poses for the banks. The theoretical knowledge is discussed and analyzed in the following chapters. The main point of the thesis is investigated under what influence these new rules have on banks. The foundation of the analysis will be interviews with bank staff, but to illuminate the problem and other approaches, I also interviewed accountants and empirical research on the subject. It is a very complex problem because the rules of influence apply in many areas. Overall it can be concluded that the valuation rules regarding lending is restricting the bank from lending especially to financially weak customers and industries. In addition, the banks will be reluctant with real estate trading especially in areas with low population. The rules on credit risk will mean more administrative work, and a reduction in capital requirements for the larger banks, and an increase for small and medium-sized banks, as the capital requirement is a variable in relation to risk-weighted assets. By increasing higher capital buffer on larger banks, the competitive advantage is then equalized. The overall capital adequacy rules does not mean an increase in banks' funding costs, but will provide less expensive loans to customers, and will inhibit their economic development. URI: http://hdl.handle.net/10417/5007
Files in this item: 1marianne_keithe_ørndrup.pdf (1.257Mb)
Med fokus på mikroselskaberNielsen, Bogi P.; Johannessen, Jackline H. (Frederiksberg, 2009)[More information][Less information]
Abstract: Som færøske studerende på et dansk studium, har vi fundet det interessant at udarbejde en afhandling, som tager udgangspunkt i færøsk lovgivning, for herefter at sammenligne med andre lande. På baggrund af at små og mellemstore virksomheder anses at have stor betydning for europæisk økonomi, har emnet enklere erhvervsbetingelser i en årrække været genstand for diskussion på internationalt plan. Problemstillingen må formodes at være lige relevant på Færøerne som i andre lande, men diskussionen har endnu ikke fået fodfæste Færøerne, på trods af at der er indført en ny årsregnskabslov gældende fra 1. januar 2008. Udarbejdelse af love på Færøerne foregår ofte ved at en dansk lov kopieres og indføres efter nogle tilpasninger på Færøerne. Det samme gør sig gældende ved indførelse af den nye årsregnskabslov. Den nye lov er den eneste ændring, der er sket på regnskabsområdet siden 1993, hvor man i øvrigt også kopierede en dansk lov. Formålet er ikke at kritisere dansk lovgivning, men vi forholder os kritisk til, at der forud for vedtagelse af den nye lov, ikke foreligger undersøgelser og diskussioner på både fagligt og politisk plan, der underbygger valg af reguleringsform. Diskussion omkring enklere erhvervsbetingelser, og heraf følgende lempelse af administrative byrder, er ikke ovre endnu, men på Færøerne er der ikke sket nogen reduktion i administrative byrder, og det undrer også, at samtidig som der fra politisk side udtrykkes ønske om harmonisering med nabolande og i særdeleshed EU-lande, blev lovforslaget med de nyeste ændringer i årsregnskabsloven ikke fremsat før 6. marts 2009. På denne baggrund har vi valgt regnskabsregulering på Færøerne som emne for vores kandidatafhandling. URI: http://hdl.handle.net/10417/419
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A Case Study of Products Launched in Nykredit A/S from 2008-2012Hastrup, Katrine Fie; Rasmussen, Stine (Frederiksberg, 2013)[More information][Less information]
Abstract: This thesis studies the gap between two key market dynamics influencing The Financial Services Industry in Denmark. Firstly, the industry has experienced a 206% increase in the number of external regulations since The Financial Crisis in 2008. Secondly, NPD is a key component when addressing the contemporary economy. However, as no other studies address this gap this thesis studies how the increased level of externally imposed regulations' effects NPD in The Financial Services Industry, through a case study of 100 launched products in Nykredit A/S. The case study includes five characteristics which are used to categorize the sample of 100 launched products in Nykredit A/S: Motivation for the NPD Project, complexity of the NPD Project, flexibility of the regulations influencing the NPD Project, degree of innovativeness of the product, and outcome of the product after launch. As a result of the case study, varied effects from the increased level of regulations are observed on all five characteristics. Addressing why these effects have occurred, from a managerial point of view, it is found that the increasing level of regulations cannot explain why all the effects have occurred. From a managerial point of view, the varied effects observed may also be explained by other factors such a changing internal focus, a changing organizational focus, and changing market dynamics. However, looking at these findings in a greater context all the effects on the launched products can to some extent be explained by the increasing level of regulations, as these are an inherent part of the environment of which Nykredit is part of. Thus, all the five characteristics are connected and a NPD project, and the subsequent launched product is therefore continuously affected by the increasing level of regulations. These findings contribute to managerial practices in three ways: 1) Clarify how regulations affect NPD in The Financial Services Industry. 2) Develop three general types of NPD projects which describe what managers most frequently can expect within each type of motivation for the NPD project. 3) Develop four guidelines describing how to achieve, obtain, or avoid a specific outcome of the product after launch. As a closing remark, this thesis takes the first humble steps towards addressing and uncovering an unknown area being the gap between external regulations and NPD in The Financial Services Industry. However, as no other existing studies address this exact relationship, more research is needed to further develop the knowledge and fill in the gap in this area. URI: http://hdl.handle.net/10417/4191
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En analyse af likviditeten i de danske realkreditobligationsserierSkytt, Stine (Frederiksberg, 2016)[More information][Less information]
URI: http://hdl.handle.net/10417/6118
Files in this item: 1stine_skytt.pdf (2.861Mb)
Med udgangspunkt i forventningskløften og revisors dobbeltrolleSefrioui, Yassir; Gunnarsson, Gunnar Freyr (Frederiksberg, 2012)[More information][Less information]
Abstract: According to Michael Power's theories, financial bubbles and economics booms typically are followed by a financial crisis, in which the existing regulation often is deemed inadequate, which supports the theory of regulatory failures and increased focus on avoiding repetition. In the aftermath of the crisis, the European Commission launched a political process, consisting of a green paper and a multinational hearing, in order to reform the audit market. According to the Commission, "status quo is not an option" and stricter regulation is demanded in near future. This paper focuses on the potential impact, which EU legislation might cause particularly in the Danish market for statutory audit, based on a theoretical and empirical perspectives including leading researchers covering Power, Warming, Brenda Porter as well as own conducted empirical studies. The proposed legislation contains several initiatives to reform the audit market within the EU, and while several might have an impact, auditors independence and expectation gap are viewed as the being the ones with most crucial implications. The green paper criticizes the role of the financial auditor, both in terms of the services provided to audit client, as well as the communication with stakeholders. Followed by the green paper, some 700 stakeholders responded to the questions raised, including investors, large corporations, business-networks and large to small audit firms. The hearing process illustrated a profound cliff with legislators and investors on one side, and businesses with audit firms on the other. The expectation gap was evident, which creates foundation for discussion and potential regulation. The content of the legislation, which covers mandatory firm rotation and prohibition of non-audit services to audited PIE's will, if approved by the Parliament and Council of Ministers, cause comprehensive impact on the current market structure. The Commission has with its impact assessment, failed to identify all potential traits and consequences, both positive as well as negative and is characterized by a political bias in favor of the opinions expressed in the green paper. Furthermore, the Commission fails to take important aspects into consideration, e.g. the distinction between auditor's independence in mind and in appearance. The reason for the expectation gap is also not fully comprehended, which theorists argue, consists of a number of gaps, including performance- and reasonableness gap. If adopted in the current form, the regulation might result in creation of pure audit firms for the large audit networks, mandatory firm rotation after six years and a communication on the state of the company as well as internal controls, which resembles American SOX on internal controls. Based on theoretical and empirical evidence, the proposals might lead to higher audit fees, reduced knowledge spillover, lower audit quality, and a change in the role of the auditor from concluding on the financial statement, to be concluding on the clients overall well-being. Furthermore, board directors and business executives, fear they are loosing a valued partner in terms of advisory and consultancy, which will affect their companies negatively. The regulation of the statutory auditor might also provide certain benefits, most notably in the eyes of investors, since independence in appearance will be strengthened by the proposals and could lead to better understanding of the role of the auditor. The question that remains is whether the Commission's proposal will be accepted or rejected, and at what price they come. The Parliament has expressed concerns over several of the most severe proposals, which could lead to some of the most critical parts being removed. In this connection, it could seem as if some of the most controversial proposals were included, in order to give the Commission political leverage and ground for further negotiations. The EU has proven capable of swift action in the aftermath of the crisis and in introducing similar reforms of other industries, covering hedge funds, investment banks and rating agencies. It therefore seems likely, that some parts of the proposal will be accepted, while some controversial parts might not be unveiled in the current economic climate of the European Union. URI: http://hdl.handle.net/10417/3248
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Willumsen, Emil (Frederiksberg, 2011)[More information][Less information]
Abstract: Insurance Companies are of great importance to financial stability, which is why they must be regulated to prevent bankruptcy within the financial sector. The regulation should target all major risk types concerning the insurance company and set a standard for the amount of reserve capital required, the solvency margin. Solvency II is a new set of insurance regulation that sets a common standard in insurance regulation within the European Union. How this regulation is designed is therefore of great importance to the insurance companies, the policyholders and the Economy. The purpose of this thesis is therefore to explain why it is important to have strict regulation for the insurance sector, how Solvency II is designed and covers specific risk types and whether Solvency II does improve financial stability. This is done theoretical by assessing the proposed solvency II legislation with a number of different criteria used as reference for how to optimal regulate the insurance sector. Supervision should aim to minimize costs of insurance insolvencies rather than limit the number of insolvencies. Solvency II is often compared to the Basel accords for banks, therefore in this study the Solvency II regulation and the Basel accord is compared. The finding of this study indicates that Solvency II does improve the financial stability, and does work as intended. Even though there are a number of challenges both for the insurance companies and for the supervision. The capital formula in Solvency II is calibrated by using VaR which does not take the potential impact of the insolvency cost into consideration. The big advantage of the Solvency II structure is the use of the 3 pillar approach; with pillar 2 and pillar 3 to complement the risk based capital formulas. This gives the supervision opportunities to react fast, if a company is in a critical financial situation. Pillar 2 and 3 allso insure that the companies address all their major risk types and also focus on improving internal controls and risk management processes. Solvency II does not lead to excessive capital requirement for the insurance companies, which means the financial stability, is not threatened by the regulation. URI: http://hdl.handle.net/10417/2994
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Metallurgical ContentLeaching Gold CircuitsTypical Gold Milling Flowsheets Gold Leaching Equipment LayoutEasy Gold Plant and Business Expansion In Leaching for Gold there is often a tendency to overlook or minimize the importance of the small mine. The small mine of today may develop into the large mine of tomorrow. Under proper management and financing it has as good a chance of yieldingLive Chat
cost of 30 tph gold ore crushing plant Clinker Grinding Mill. cost of 30 tph gold ore crushing plant.Ore Processing Plant cost OreProject Name Gold mining beneficiation processing in South Africa 50 T/H »More detailedLive Chat
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We do beleive that your gold ore processing business will be more sucessful by choosing Zenith. The CIL process technology. The ore is ground into 75 microns particle size with passing rate is 80% (D80) the unrecovered gold from the grinding circuits are directed to the leaching plant and dissolved in an aerated sodium cyanide solution.Live Chat
10 tph rock crusher Crushing Plant Grinding Mill SCM rock crushing plant is. . a capacity in the order of 600 tph when crushing ore in a hard rock mine. Get More Info. image crusher iron ore less than The plant is going to process 10 tph gold ore by fine crushing to 1 crusher setting screens Rock. 1030tph limestone rock crusher ore 10Live Chat
30 450 TPH Stone Crushing Plant in Quarry Railway Highway Stone Crusher Machine Introduction Quarry stone crushing plant is suitable for crushing soft rock or stone with compressive strength less than 150 MPa such as limestone dolomite shale gypsum and hard rock such as granite and basalt.Live Chat

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Katherine Whitney with Contributors – My Shadow is My Skin: Voices from the Iranian Diaspora
Featuring readings from contributors Jasmin Darznik, Farnaz Fatemi, Daniel Rafinejad, Layla Maryam Razavi, and Dena Rod
The Iranian revolution of 1979 launched a vast, global diaspora, with many Iranians establishing new lives in the United States. In the four decades since, the diaspora has expanded to include not only those who emigrated immediately after the revolution but also their American-born children, more recent immigrants, and people who married into Iranian families, all of whom carry their own stories of trauma, triumph, adversity, and belonging that reflect varied and nuanced perspectives on what it means to be Iranian or Iranian American. The essays in My Shadow Is My Skin are these stories.
This collection brings together thirty-two authors, both established and emerging, whose writing captures the diversity of Iranian diasporic experiences. Reflecting on the Iranian American experience over the past forty years and shedding new light on themes of identity, duality, and alienation in twenty-first-century America, the authors present personal narratives of immigration, sexuality, marginalization, marriage, and religion that offer an antidote to the news media's often superficial portrayals of Iran and the people who have a connection to it. My Shadow Is My Skin illuminates a community that rarely gets to tell its own story.
Katherine Whitney (ed.) was drawn into the Iranian diaspora by marriage and first wrote about the subject in the anthology Because I Said So: 33 Mothers Write About Children, Sex, Men, Aging, Faith, Race & Themselves. She graduated from Duke University, has a masters in Museum Studies from John F. Kennedy University, and lives with her Iranian husband in Berkeley, California.
Jasmin Darznik's debut novel Song of a Captive Bird was a New York Times Book Review "Editors' Choice" book and a Los Angeles Times bestseller. Jasmin is also the author of the New York Times bestseller The Good Daughter: A Memoir of My Mother's Hidden Life. Her books have been published in seventeen countries and her essays have appeared in the New York Times, Washington Post, and Los Angeles Times, among others. Her next book, a historical novel set in 1920s San Francisco, is forthcoming in 2021. She is a professor of English and creative writing at California College of the Arts.
Farnaz Fatemi's poetry and prose has appeared or is forthcoming in Grist, Catamaran Literary Reader, Tahoma Literary Review, Crab Orchard Review, Tupelo Quarterly, Delaware Poetry Review, the anthologies Halal If You Hear Me and Let Me Tell You Where I've Been: New Writing by Women of the Iranian Diaspora, and elsewhere. She has been awarded residencies from Djerassi, PLAYA, Marble House Project, I-Park Foundation, and Vermont Studio Center and has been honored by the International Literary Awards (Center for Women Writers), Poets on the Verge (Litquake SF), Best of the Net Nonfiction, and Pushcart. She taught writing at the University of California, Santa Cruz, from 1997 to 2018.
Daniel Rafinejad was born to Iranian parents in the San Francisco Bay Area. A graduate of Columbia University and the University of California, Los Angeles, he taught Persian language and literature at Harvard University before devoting himself to full-time writing and translating. He lives with his cat, Khāvar Khānom, in Man-hattan, where he is at work on a collection of essays.
Layla Maryam Razavi is a civil rights advocate who specializes in promoting inclusion and equity for all immigrants and crafting legislation that upholds and strengthens due process, including the right to counsel for people in detention. She holds a JD from the University of California, Davis School of Law and previously served as advocacy and policy counsel at the American Civil Liberties Union (ACLU). She was born and raised in San Diego and resides in San Francisco. Her parents were studying abroad during the revolution.
Dena Rod is the assistant creative nonfiction editor for Homology Lit, and the former managing editor of Argot Magazine, a Webby-nominated queer nonprofit with a mission to highlight and sponsor LGBTQIAA+ perspectives and art across the globe. Dena works to illuminate their diasporic experiences of Iranoan-American heritage and queer dentity, combating negative stereotypes of their intersecting identities in the mainstream media. Their poetry and creative nonfiction essays have appeared in Endangered Species, Enduring Values: An Anthology of San Francisco Area Writers and Artists of Color, Forum Literary Magazine, Beyond Bloodlines, Argot Magazine, and Imagoes: A Queer Anthology. They were selected for RADAR Productions' Show Us Your Spines Residency and for the Kearny Street Workshop Interdisciplinary Writers Lab. Dena received their MA in English literature from San Francisco State University and is currently residing in the San Francisco Bay Area with their wife and cat.
Courtesy of Book Passage Corte Madera


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Each sunrise holds the promise of a new day, and conveying the hope of a fresh start through a sunrise photograph can be achieved with the right settings, location, timing, and practice. Doug and Bill travel to Oconoluftee Valley in North Carolina for a spectacular photo session with daybreak, experiencing the very feel of the mountains. In this session you will find ways on how to photograph the sunrise, how to capture the detail of the landscape in lower light, how to use the composition and how to select the most effective exposure and shutter speed settings. You will also see another usage of the graduated neutral-density filter.
When you're going out in the spring to capture images of beautiful buds and blooms, it's important to be prepared. In this session, you'll learn how to plan ahead for the right blooms, and what gear you need to pack for the conditions you'll face.Watch Now >>
How do you process an HDR image that includes extremes of light in an old prison? In this how-to editing video, post-production instructor Tony Sweet takes you through the procedure. He sandwiches the eight exposures into one HDR photograph, moves it into Photomatix. Using the tools, he pushes the contrast way up, then dials up…Watch Now >>
The problem in photographing the hall of mirrors was the wide dynamic range of light. In this editing video, post production instructor, Tony Sweet, shows you how to solve that problem in HDR processing. After combining the seven source images, Tony works his HDR image through tone mapping in the Photomatix default setting. He experiments…Watch Now >>
Photographing a hall of mirrors? Now there is a challenge! In this video, professional photographer and instructor, Tony Sweet, takes you into the old prison for a complex lesson in High Dynamic Range photography. "The lighting is difficult because of the skylights and mirrors," Tony explains. Shooting with a 14mm lens at f22, he makes…Watch Now >>


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George Bernard ShawPlaywright
George Bernard Shaw , known at his insistence simply as Bernard Shaw, was an Irish playwright, critic, and political activist. His influence on Western theatre, culture and politics extended from the 1880s to his death and beyond. He wrote more than sixty plays, including major works such as (1902), (1912) and (1923). With a range incorporating both contemporary satire and historical allegory, Shaw became the leading dramatist of his generation, and in 1925 was awarded the .· Text under
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The farm implicated in the most manure runoff incidents last fall in Kewaunee County has responded to the county's lawsuit seeking more than $16,000 in fines.
"Defendant lacks sufficient knowledge or information to form a belief as to the veracity of the allegations contained therein and therefore denies the same," Johannes W. Wakker's attorney wrote in response to each of five paragraphs describing times and places where a county conservation specialist is said to have observed manure running into the waters of the state during an inspection of properties where Wakker contracted to have liquid manure spread.
The county is seeking $16,510 in fines from the Kewaunee dairy farmer in connection with five separate run-off incidents or spills in the towns of Carlton and West Kewaunee on Nov. 20, Dec. 7, and Dec. 9.
They were among more than a dozen incidents that occurred as farms worked to meet the requirement that they hold at least 180 days of manure storage capacity during the winter, as well as a county ordinance that prohibits manure spreading over shallow soils during the first three and half months of the year – all during one of the rainiest autumns in recent memory.
Most of the civil lawsuits filed since the county passed its ordinance have asked offenders to pay $1,397.50 in fines and court costs, but Wakker is a repeat offender and is the only farmer involved in more than three incidents this time, so officials are seeking $3,302 per incident.
The state Department of Natural Resources opened at least four files on Wakker since November, among 15 manure-related incidents the DNR investigated in Kewaunee County since Oct. 11.
Photo of drain tiles discharge from DNR file on Dec. 9 Wakker Dairy Farms manure runoff incident.


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Lancaster, SC 29720 (803) 283-4105
Find must-see attractions and long-distance travel resources, including visa information, regional overviews and tour operator credentials.
Download your free guide or request a copy by mail below, and start planning your one-of-a-kind South Carolina adventure today.
Gather inspiration with trip ideas for planning your next South Carolina vacation.
South Carolina is the perfect vacation destination for every family. Plan your Palmetto State adventure today.
The Palmetto State's culinary scene is famous for quality and originality, from unique Gullah cuisine to our thriving farm-to-table movement.
From the hiking trails of the Blue Ridge Mountains to the beaches of the Grand Strand, see for yourself all of the adventure that South Carolina has to offer.
South Carolina accommodations are famous for their beauty and Southern charm.
Free Local/Long Distance Calls, Free Wireless Internet, Front Porch Country Cooking Restaurant and five other major Fast Food/Gas Stations. Discounts available. Truck/RV/parking. Premium TV Channels Read More
Rock Hill
A restful, beautiful pedestrian park in downtown Rock Hill, Huckle Grove offers visitors a unique look into our country's past. Many of the trees in the park were cultivated from trees that witnessed historic events and each has its own story to tell.... Read More
This church was founded in 1853 by the Rev. Leroy Featherstone. Read More
Fort Mill
Opened to the community in 1995, the Anne Springs Close Greenway strives to provide opportunities for recreation, education and fitness on over 2,100 acres of preserved land in historic Fort Mill, SC. The Greenway features 40 miles of trails for... Read More
We promote responsible business development, tourism and growth for the overall best interest of the Chester area. Read More
Rock Hill
Rock Hill's only full service Hotel. Within walking distance to Galleria Mall and just a few blocks away from shops and restaurants and only a short drive to Winthrop University! Read More


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"Metal" follows, and is essentially the late Gareth Williams leading the others in the band on a acoustic foray: "…recording metal sculptures, mostly – rejects from someone's studio – some corrugated asbestos, and a lot of scrap metal", as Charles Bullen recollects many years later. The result can only be likened to the works of master electro-acousticians Denis Dufour and Francoise Bayle; an approach as far removed from Rock music as can be, elucidating the cutting-edge nature of This Heat when not confined to the premises of compositional thought.
"Graphic Varispeed" is an alternate, 33 1/3 rpm version of the piece heard on "Health & Efficiency". Originally released on 12" vinyl, the speed setting and track timing were not specified, leaving the listener in a quandary as to its intent, but ultimately (and altruistically) leaving the public to decide the fate of the piece. However, by issuing both versions on 2 separate albums, the enigma cleverly lives on."
In my opinion, this is a snoozer and does nothing to advance the reputation of this great, great band. For fans only.
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The whistle is designed to give you the best chance for survival in a disaster or lift-threatening situation.
With the unique sounding chamber, you will save 30% of the effort than an ordinary whistle.
Max sound intensity to 150 decibels.
The whistle is an essential piece of safety equipment to have on you during outdoor activities.
Suitable for Outdoor Sports Camping Hunting Survival and so on
Color: Silver/Gold
Size: approx. 5.5cm *1.8cm * 0.9cm
Weight: approx. 12g
1 X Whistle
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It was a long lonely drive back to our house without Jan by myside. As the miles whooshed by I recognized that I was miserable sometimes however at others I was delighted and nearly giddy knowing that she was back with Steve and he was most likely screwing her and dragging her much deeper and deeper into the hotwife way of life. I felt at the time that she would be enjoying herself and I didn't understand what was really going on until much later after she returned from St. Louis.
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There has been some reports which have claimed Liverpool will be keeping tabs on Crewe Alexandra goalkeeper Ben Garrett.
Former Crewe keeper Steve Philips has just joined the coaching staff at Liverpool, and is keen to take the young man to Merseyside with him.
And he told The Sentinel: "There was not the budget for the goalkeeping coach because I would have loved to have stayed.
"Steve (Davis) did not think my shoulder was strong enough to play 20-odd games a season.
"I think I could have taken Ben to the next level and I would have backed myself to make him one of the best young keepers in the country.
"I really enjoyed it – if I do anything I don't do it 90 per cent, I give it everything and I think people will vouch for that."


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Islam, Jesus, Mehdi, Qadiyanis and Doomsday
Professor Muhammad Abdullah
Paperback, 165 Pages
21.4 x 14 cm
Adam Publishers & Distributors
This book is a response to the claims by different people of being the Mahdi and Messiah. The author examines whether the claimants are right or wrong and what are the true signs of Mahdi and Messiah (Isa (as)) as discussed in the Quran and Hadith.
A number of people have recently claimed to be Imam Mahdi (of Muslims) and Messiah (Jesus son of Mary of Muslims and Christians). Let us examine this work if they are right or wrong. The signs of the True Mahdi and Messiah are clearly discussed in this from the Quran and the hadith for our guidance on this important subject and controversy.
The Qadiani – Ahmadis falsely claim that their leader Ghulam Ahmad Qadiani was the promised Messiah. Black Ansarus (in the U.S) claim that their leader is Jesus Christ. The Black Nation of Islam in the U.S claims that Fard was both, Mahdi, Messiah and God (Almighty) in one person.
There are other people among the Christians who claim to be Messiah.
The prophet (saw), the last prophet explained the signs of doomsday in considerable detail so that his followers would be more prepared for it and recognize Mahdi and Messiah when they come.


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Work with development, QA, Ops and product managers across multiple product teams to help architect and orchestrate the underlying infrastructure, which powers our continuous integration (CI) and continuous delivery (CD) pipeline, and support seamless provisioning of development and test environments.
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Discussion in 'General Discussion' started by gandalfe, Dec 31, 2018.
Haha. Well played. But I expect that from you.
I thought it was referring to Ellington, myself, altho Wayne was a strong 2nd place. Coming up in 3rd was Archduke Franz Ferdinand.
Report it bitch
Sent from my ONEPLUS A6013 using JazzFanz mobile app
You don't have health insurance right now? Or, you're a single person with very low premiums?
Because that was up to the private health insurance companies.
Meh sorry Brow, it's a waste of my time. I'm going to take a break for a bit. If we can't even have an adult conversation without immature name calling and we can't act like adults, this is pointless. Not you Brow but there are a few posters here that are just worthless. I'm not talking about their political differences, I'm talking about their complete lack of respect. Hell I've been called nearly every name in the book and even had one poster tell me he likes me less everyday for my political views. He's an intolerant bigot by definition.
It's not worth my time. I understand getting heated but once you have to resort to name calling because you're too immature to debate, it's beyond pointless. And to be clear I'm not entirely innocent as well but at least I recognize it and realize how it helps nothing.
Have a good one guys and Go Jazz!
No worries. Live well, think well, and do well.
Don't forget deductibles, and co-pays, and co-insurance.
Lol, super-late reply. That's what happens when you don't keep up on a thread.
"But Thrill!
Remind me again why you advocate voting against the GOP at all levels of government!"
"But Thrill! You sound so hateful so bigoted! Some of your posts are just so full of hate against republicans. It seems so baseless and unfair!"
What this vote does is block Medicaid expansion (health care to the working poor) while democrats were at a 9/11 memorial paying respects.
But you know, me calling republicans out for this is like so hateful and bigoted. Amiright?
I wish certain members of this board would self reflect every once in a while. Maybe understand why so many are disgusted with the GOP as a whole, not just trump. From the obnoxious grifters like Shapiro and Hannity to the spineless senators, like Romney and Sasse, to the corrupt president and his family. This party needs to be reformed from the racist cult of personality it has become.
Rather than instantly label someone they disagree with politically as "hateful." Open your eyes
Take that poors!
Take that Democrats! That'll teach you to show respects on 9/11!
Sigh. The next 14 months are going to be loaded with lame republican ads distorting history and socialism as this, aren't they? Ugh it's going to be so long.
Its already been a long 3 years listening to tou twacks distort reality and spitting on everything so many people have died for and sacrificed for.
Ive yet to hear a single person make a coherent and logical argument in favor of socialism. Or point to any place socialism has been a success. Its all just virtue signaling and guilt tripping nonsense. Basically, this is your argument. Do it or you are a bad person.
Lol yes, we are the ones making the "do this thing or you're a bad person" argument, definitely not whoever made that crap *** ad.
There are plenty of examples of democratic socialism working, and I know you've seen them. But I guess playing dumb is easier for you.
This is one of the most unintentionally funny things I've ever seen, from one of the big brain geniuses at Ben Shapiro's Daily Wire no less.
Also, look who he directed it at. Wake up please. Hate is hate.
Abrasive as he can be, he's not guilty of distorting reality or "spitting on everything so many people have died for," whatever that means.
Yes and no.
It should be something that never even registers. America has done itself a massive disservice by not actively pushing bi-lingual education starting at kindergarten
The Ds that did this were absolutely pandering and attempting to appear "woke". It was disingenuous at best.
I don't think they were attempting to be "woke," they were in Texas speaking to a crowd that probably had a fair number of Spanish speakers in it. One of the moderators was from Univision and spoke at times in Spanish.
Attempting to be a little more inclusive by speaking a language which has been spoken in this country before its founding doesn't have to be pandering, or if it is, at least it's not disingenuous.
He's guilty of hating on roughly half of America. Go read his posts for yourself. He's called them all racists, ignorant, idiots, uneducated, sexist, bullies, xenophobic, demagogues...
He has openly and repeatedly advocated for their financial suffering as penance.
He absolutely is guilty of distorting reality. Don't gets blinded by Trump being pure ****.
Fract me I don't care. I'll speak truth.
Hate is hate.


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Below you can understand better the profile of someone born under October 14 horoscope by going through facts related to Libra attributes, compatibilities in love as well as some Chinese zodiac animal traits and a personality descriptors analysis together with a customized.
Table of contents
- Baby Born in the 12222 Year of Pig
- Year of the Goat
- Chinese Calendar - Festivals & Holidays
- Chinese Zodiac | cendu.gq
- Chinese festivals, holidays & important days in 12222
T he Goat is the eighth of all zodiac animals. According to one myth, the Jade Emperor said the order would be decided by the order in which they arrived to his party. Goat and Deer set off together, but they needed to cross a river. There were no boats available, so they had to swim across.
Goat struggled on by himself and finally made it to the party as eighth place. In Chinese culture, the Goat is the symbol of filial piety, as well as purity and kindness. Goats are able to persevere through any difficulty. This is their most notable trait. They are strong and resilient, though their gentleness might be misleading. They have high tolerance and motivation. Quiet observers, Goats consider all aspects of anything before deciding.
Baby Born in the 12222 Year of Pig
They never act brashly and are able to complete tasks successfully. Goats also love children, animals and nature. However, their inner stubbornness sometimes makes communication difficult. Because of their mild personality, they are able to make many friends. They are empathetic and always try to forgive others by understanding their point of view. In an argument, they rarely ever speak up because they just want the fight to be over. Men born in the Goat year are true gentlemen.
They are family-oriented and have a heartfelt personality. No matter where they go, they can be seen interacting with people and making new friends. They listen to people genuinely and are mature. At the right times, they offer advice and tips. But they are often pessimistic. These men try to use enthusiasm to hide their darkness. They crave for attention and support. Women born in the Goat year are reliable and attentive. Not even the smallest details can escape their eyes.
They are very motivated and can be depended on to perform tasks well. These women aim for high standards and live an organized life. However, they can be worrywarts and often feel insecure. Despite their kindness towards others, they are hard on themselves and never feel satisfied. Goat and Horse is the most compatible pair as both help make up for the others shortcomings. Horses help Goats solve problems and they have similar standards. Goats need someone to depend on, and Rabbits are the best candidate.
Pigs also have a similar warm and gentle personality as Goats. They attract and support each other. Goats and Oxen are both very stubborn.www.trucofpt.com.br/import/enteren/como-rastrear-mi-celular-samsung-galaxy-ace.html
Year of the Goat
Neither is willing to take a step back and will have a difficult relationship. Goats also have little similar interests with Dogs. Goats love helping and taking care of others. Therefore, careers in the service industry would be a good fit. They are suitable as nurses, caretakers and other related jobs.
They will take care of every small detail and put their entire heart into it.
Chinese Calendar - Festivals & Holidays
Because they are intelligent and sensitive, Goats are also fit for the arts. They never lack creative inspiration. It also provides a more stable environment, which Goats need. In it, they can feel safe and secure. Other routine and steady careers include typists and teachers. This allows Goats to concentrate on performing the tasks well.
The high intensity will throw them into confusion and anxiety. Goats should also remember to interact with everyone in the team, rather than just a select few.
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- Chinese Calendar - Year of the Pig | 中国日历.
- november 19 love astrology.
Goats are not the healthiest of zodiac animals. They are weaker and their health is influenced by the changes of the seasons. However, their mindset is the biggest influence. They are often frustrated and stressed. Because of their detailed characteristic, the smallest problems catch their attention too. This makes them constantly high-strung and worried. It will inevitably lead to illnesses. Goats often suffer from colds.
Sore throats, headaches and a runny nose are common symptoms. They are also at high risk of heart problems. During cold weathers, Goats must make sure to dress warmly. Eating cold food then is not recommended. Regular exercise is never a bad idea either. While the Year of the Pig brought good luck for Goats, the year of the Rat will have its shortcomings.
Misfortune is apparent in the alignment of the stars. Be prepared to face difficulties this year. Perseverance will serve you well. Even though there will be bad things to come, the Rat will bring success in some ways. Ride out any blessings to the fullest. Although the forecast is not favorable in many aspects, your career will prove to be successful. Fortune will favor you in the Year of the Rat. Success will follow you in your occupational endeavors.
Chinese Zodiac | cendu.gq
Your best character traits will aid you in your journey to wealth; perseverance, strength, and motivation will be your guides. Opportunities, promotions, and bonuses will all be yours for the taking this year. Goats who work on commission will be able to benefit from all of their hard work. Freelance workers and care-takers will benefit, as well. As generous people, Goats will need to be cautious of giving away too much of their surplus wealth. It would be wise to save for the coming years of financial uncertainty. Remain careful when presented with expensive excursions for the year as well.
Stay vigilant when posed with choices, and be mindful of the impact your schooling will have on the majority of your life. A few wrong moves could alter your chances of success. For example, a schedule filled with too many social events and parties will undoubtedly derail your efforts. Remember, you do not have to attend every event; prioritize your courses and studies most of the time.
Surround yourself with goal-oriented classmates to keep you on track. If you can stay focused and keep up the excellent work, you will benefit exponentially. As hard-working individuals, Goats will have no problem getting down to business.
Chinese festivals, holidays & important days in 12222
Your grades will improve as well as your overall academic standing. Being able to come into a career with such good marks is desirable. Goats are not blessed with good health generally, and this year will take a turn for the worse. With such a weak immune system, it is necessary to be on guard for slight shifts in your well-being. Once wearing a lucky charm, one especially those clash with Tai Sui in the year will be blessed with good luck in the year. Different stones have different effects on your fortune.
- Chinese Zodiac Sign Calculator.
- Chinese Zodiac Calculator, What is My Zodiac Sign, Find Horoscope;
- aquarius horoscope month wise.
Popular Topics Chinese Horoscope. Hand Lines Head Line. Marriage Line. Children Line. Palm Reading Types of Hand. House Feng Shui House Building. Basics Feng Shui. Organs on Face Forehead. Basics Face Shapes. You can use our Chinese Farmer's Almanac calendar Tung Shing or Tung Shu to find out things suggested to do or not to do for each day, and holidays and solar terms in each month.
January February March April May June July August September October November December Auspicious Days Western Date. Chinese Horoscope Weekly Monthly Click to show more. Clash: Zodiac [Ox] , Direction [West]. Auspicious Times: Clash: Zodiac [Tiger] , Direction [South]. Clash: Zodiac [Rabbit] , Direction [East].