Accounting Regulation of Extractive Industries Essay

Accounting Regulation of Extractive Industries - Essay Example ay a critical role in global economic and political relations and include companies in oil, gas and mining industries such as Exxon Mobil, Anglo American and Royal Dutch/Shell Group. The economic power of extractive industries is evidenced by the US $ 211 trillion in profits that was recorded by 20 extractive industries in 2005 compared with United States GDP of US $ 11 trillion in 2005. Efforts to regulate the extractive industry were initiated by the International Accounting Standards Committee (IASC), now the International Accounting Standards Board (IASB) in 1998 in order to address the problem associated with differing accounting practices used by the companies in the sector (Cortese, Irvine and Kaidonis, 2010). The previous accounting standards such as IAS 16 on property, plant, and equipment and IAS 38 on intangible assets did not address the thorny issue of accounting for extractive operations in oil, gas and mining operations. In this case, IFRS 6, exploration for and evaluation of Mineral Resources was released in 2004, but experts in the field claims that the standard codified the existing industry practice and provided the companies with flexibility to continue reporting in their preferred mode (Nobes & Parker 2008). The impact of the reported profits can be substantial and thus IASC sought to address the discrepancies at the international level. Proponents of full cost method stressed the need to retain the two methods and an Ad Hoc Committee on full costing consisting of various industry bodies and players was constituted (Nobes & Parker 2008). Companies in extractive industries have global operations and diversity in their accounting and reporting has evolved in leading mining regions such as South Africa, Canada, the United Kingdom, Australia and the United States (US). Wiecek & Young (2010) explains that the economic importance of extractive industries led IASC to recognise the need for an international accounting standard that would provide

Discuss the impact of fear and anger when caring for clients in the Essay

Discuss the impact of fear and anger when caring for clients in the health care setting - Essay Example An important indicator of quality care is the presence of a healthy interpersonal relationship between a patient and health care provider, or a relationship that is free of fear and anger. Sadly, there are several instances in which patient-provider relationship is beset by unconstructive emotions such as fear and anger. These particular negative approaches in dealing with patients contribute to discrimination, abuse and marginalization in the heath care contexts. According to some studies, patients who belong to the lower class or are poor usually feel that they are being treated badly by health care providers (Yamashita et al., 2005, 64). Health care providers, on the other hand, are continuously confronted with difficult emotions such as fear and anger. They are at times overcome by fear of an indefinite future. Consequently, these fears become manifested; caregivers spend a great amount of time confronting their fears alone, believing that nobody could understand them. They also fear that they will be competent as caregivers, that they would not be able to cope with the nursing task physically. And they fear of their lack of ability in coping with emotional tension. However, these are only instances of internal fear (Mccabe, 2004, 6). There are health care providers who are fearful of their patients, especially if their patients are mentally disturbed or emotionally unstable. This fear makes the delivery of health care services inefficient. Fear cripples the capability of a health care provider to competently meet the health needs of his/her patient which then could result in conflict. Interpersonal communication between health care provider and a patient could lessen the fear that the former feels for the latter. Understanding directly and emphatically the personality, behavior and needs of a patient could dispel fear (Silverstein, 2006, 33). Suppressed fear and anger does not easily head off, it just accumulates and flares up in