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Theory Essay Example | Topics and Well Written Essays - 5000 words

Hypothesis - Essay Example The two viewpoints being hugeness to business; be that as it may, the genuine advantage lies in what is named as mix of both entitled the methodology (Porter, 1996). System can be characterized as the due blend of the abovementioned and different components encouraging business to stay recognized from the contenders. Center of the effective technique is ability of getting things done with one of a kind qualifications. Additionally, procedures must be directing ways with solid extraordinary highlights, locking frameworks that keep equals off and compelling contenders to exchange off for impersonation. Any technique to create achievement needs to gangs these highlights (Porter, 1996). Extraordinary writing have been created covering different hypotheses for technique making. Among perspectives incorporate hypotheses that direct way to the effective technique advancement just as usage. Consequently, basic conversation is appraisal of the two generally utilized hypotheses. Trash CAN THEO RY Cohen, March, and Olsen (1972) in 1972 built up that dynamic in an association can likewise be sorted out political agitations as hypothesis of Garbage Can. The hypothesis of Garbage Can investigates the dynamic in an association. As not the entirety of the choices made in the associations are fruitful; in this manner, the hypothesis of Garbage Can demonstrate is a significant commitment towards the peculiarities influencing dynamic. The Main Idea The center thought shaping the trash can hypothesis expresses the explanation behind the vulnerabilities in authoritative dynamic. These vulnerabilities are alluded as composed insurgencies. Hypothesis refers to three purposes behind composed political agitations in dynamic of association that are as follow (Padgett, 1980): Preferences considered for the dynamic are dangerous in themselves. Subsequently, hazy inclination doesn't permit firm to decide on the inclination that may not have method of reasoning to produce best and most fit o utcome for the association in the given circumstance. Innovation utilized and utilized for dynamic isn't surely known making powerlessness create the due reactions. Innovative progression and individual versatility doesn't just allude to the specialized selection. Mechanical adaption requires understanding the proper method of utilizing innovation to the greatest advantage of the individual by and large and business in explicit. Positions in the authoritative chain of importance face more significant level of turnover. Change face to face is joined by the adjustment in strategies, observations just as vitality and exertion commitment of comparative individual likewise fluctuates. Hence, reliably changing chief weakens the sort and level of interest from leader just as those that will be influenced by choices. Consequently, issues in the association are settled in a way that can be just characterized as the hap-peril way where every issue, decisions and members stream all through the trash can. In this manner such choice makings will however tackle the issue yet can be characterized as the method of reasoning arrangement. The General Strengths and Weaknesses Garbage can hypothesis is significant for its job in depicting attributes of association dynamic in any bit of time. Associations even while taking care of a plainly characterized issue with clear critical thinking structure go through different decisions that would have been applied on the off chance that the circumstance of the issue had some other expected attributes. Henceforth, in choosing the key decision

Advance Paper 2

The CSSA acknowledges no obligation for any dependence use or reason identified with these ‘Trial’ question papers. Guidance on HSC assessment issues is just to be acquired from the NSW Board of Studies. 5400-1 Area I †Module A: Comparative Study of Texts and Context 20 imprints Attempt either Question 1 or Question 2 Allow around 40 minutes for this segment Answer the inquiry in a SEPARATE composing booklet. In your answer you will be surveyed on how well you: †¢ exhibit comprehension of the implications of a couple of writings when considered together †¢ assess the connections among writings and settings †¢ arrange, create and express thoughts utilizing language fitting to crowd, reason and structure Question 1 †Elective 1: Exploring Connections (20 imprints) To what degree are writings improved through their association with different writings? React to this inquiry corresponding to the pair of recommended writings that you have examined. The recommended writings are: †¢ Shakespearean Drama and Film †William Shakespeare, King Richard III AND †Al Pacino, Lookingfor Richard †¢ Prose Fiction and Poetry †Patrick White, The Aunt’s Story AND †Rosemary Dobson, Selected Poems * Young Girl at a Window * Chance Met * Landscape in Italy * Azay-Le-Rideau * The Rape of Europa * Romantic * Primitive Painters Question 1 proceeds on page 3 Question 1 (proceeded) †¢ Prose Fiction and Nonfiction * Jane Austen, Pride and Prejudice AND * Fay Weldon, Letters to Alice on First Reading Jane Austen †¢ Poetry and Drama * John Donne, Selected Poetry Death be not pleased This is my playes last scene At the round earths imagin ‘d corners blow If harmful minerals Hymne to God my God, in my sicknesse A Valediction: prohibiting grieving The Apparition TheRelique The Sunne Rising AND * Margaret Edson, W;t End of Question 1 In your answer you will be surveyed on how well you: †¢ exhibit comprehension of the implications of a couple of writings when considered together †¢ assess the connections among writings and settings †¢ sort out, create and express thoughts utilizing language suitable to crowd, reason and structure Question 2 †Elective 2: Texts in Time (20 imprints) Compare the manners by which writings offer bits of knowledge into the human experience. React to this announcement corresponding to the pair of recommended writings that you have contemplated. The recommended writings are: †¢ Prose Fiction and Film †Mary Shelley, Frankenstein AND †Ridley Scott, Blade Runner (Director’s Cut) †¢ Prose Fiction and Poetry †F Scott Fitzgerald, The Great Gatsby AND †Elizabeth Barrett Browning, Aurora Leigh and Other Poems †Sonnets I, XIII, XIV, XXI, XXII, XXVIII, XXXII, XLIII †¢ Drama and Nonfiction †Edward Albee, Who’s Afraid of Virginia Woolf AND †Virginia Woolf, A Room of One’s Own Section II †Module B: Critical Study of Texts 0 imprints Attempt ONE inquiry from Questions 3-7 Allow around 40 minutes for this segment Answer the inquiry in a SEPARATE composing booklet. In your answer you will be surveyed on how well you: †¢ show an educated comprehension regarding the thoughts communicated in the content †¢ assess the text’s language, substance and development †¢ compose, create and express thoughts utilizing language proper to crowd, reason and st ructure Question 3 †Shakespearean Drama (20 imprints) How is your own reaction to Hamlet formed by the collaboration of characters in the play? William Shakespeare, Hamlet Question 4 †Prose Fiction (20 denotes) (a) How is your own reaction to In the Skin of a Lion formed by the collaboration of characters in the novel? Michael Ondaatje, In the Skin of a Lion OR (b) How is your own reaction to Cloudstreet molded by the communication of characters in the novel? †Tim Winton, Cloudstreet OR (c) How is your own reaction to Sixty Lights molded by the connection of characters in the novel? Gail Jones, Sixty Lights OR (d) How is your own reaction to Jane Eyre molded by the connection of characters in the novel? Charlotte Bronte, Jane Eyre Please turn over In your answer you will be surveyed on how well you: †¢ show an educated comprehension regarding the thoughts communicated in the content †¢ assess the text’s language, substance and development †¢ arrange, create and express thoughts utilizing language proper to crowd, reason and structure Question 5 †Drama or Film (20 denotes) (a) How is your own reaction to A Doll’s House formed by the cooperation of characters in the play? Henrik Ibsen, A Doll’s House OR b) How is your own reaction to Citizen Kane molded by the connection of characters in the film? Orson Welles, Citizen Kane Question 6 †Poetry (20 denotes) (a) How is your own reaction to the verse of Yeats molded by a view of voice in the sonnets? In your answer, allude to THREE of the sonnets set for study. The recommended sonnets are: William Butler Yeats, WB Yeats: Poems chose via Seamus Heaney * An Irish Airman * When You Are Old * Amon g School Children * The Wild Swans at Coole * Leda and the Swan * The Second Coming * Easter 1916 Or on the other hand Question 6 proceeds on page 7 6 Question 6 (proceeded) (b) How is your own reaction to the verse of Harwood formed by a view of voice in the sonnets? In your answer, allude to THREE of the sonnets set for study. The endorsed sonnets are: Gwen Harwood, Selected Poems * Father and Child (Parts I II) * The Violets * At Mornington * A Valediction * Triste * The Sharpness of Death * Mother Who Gave me Life OR (c) How is your own reaction to the verse of Slessor formed by a view of voice in the sonnets? In your answer, allude to THREE of the sonnets set for study. The recommended sonnets are: Kenneth Slessor, Selected Poems * Out of Time * Five Bells * Sleep * Five Visions of Captain Cook * Sensuality * Elegy in a Botanical Garden * Beach Burial End of Question 6 In your answer you will be surveyed on how well you: †¢ exhibit an educated comprehension regarding the thoughts communicated in the content †¢ assess the text’s language, substance and development †¢ compose, create and express thoughts utilizing language suitable to crowd, reason and structure Question 7 †Nonfiction (20 denotes) (a) How is your own reaction to Orwell’s expositions molded by a view of voice in these writings? In your answer, allude to THREE of the articles set for study. * George Orwell, George Orwell: Essays The endorsed expositions are: * Why I Write * Notes on Nationalism * Good Bad Books * The Sporting Spirit * Politics and the English Language * Writers and Leviathan OR (b) How is your own reaction to discourses molded by a view of the energy of the speaker? In your answer, allude to THREE of the talks set for study * Speeches The endorsed discourses are: * Margaret Atwood †Spotty-Handed Villainesses, 1994 * Paul Keating †Funeral Service of the Unknown Australian Soldier, 1993 * Noel Pearson - An Australian History for Us All, 1996 * Aung San Suu Kyi †Keynote Address at the Beijing World Conference on Women, 1995 * Faith Bandler - Faith, Hope and Reconciliation, 1999 * Deane, William †It is Still Winter at Home, 1999 * Anwar Sadat †Speech to the Israeli Knesset, 1977 BLANK PAGE Please turn over Area III †Module C: Representation and Text 20 imprints Attempt ONE inquiry from Questions 8-9 Allow around 40 minutes for this segment Answer the inquiry in a SEPARATE composing booklet. In your answer you will be surveyed on how well you: †¢ show comprehension of and assess the connection among portrayal and importance †¢ compose, create and express thoughts utilizing language proper to crowd, reason and structure Question 8 †Elective 1: Conflicting Perspectives (20 imprints) You are addressing a group of people of your companions. Create a discourse wherein you exhibit how your comprehension of clashing points of view is molded by the development of the writings. In your reaction, allude to your recommended content and TWO writings based on your very own preference. The recommended writings are: †¢ Shakespearean Drama Prose Fiction Drama or Film †William Shakespeare, Julius Caesar †David Guterson, Snow Falling on Cedars †Peter Whelan, The Herbal Bed OR †Barry Levinson, Wag the Dog †¢ Poetry †Ted Hughes, Birthday Letters * Fulbright Scholars * The Shot * The Minotaur * Sam * Your Paris * Red †Geoffrey Robertson, The Justice Game * The Trials ofOz * Michael X on Death Row * ‘The Romans in Britain’ * The Prisoner of Venda Nonfiction * Show Trials * Diana in the Dock: Does Privacy Matter? * Afterword: The Justice Game 10 Question 9 †Elective 2: History and Memory (20 imprints) You are addressing a crowd of people of your companions. Create a discourse where you show how your comprehension of the interchange among history and memory is molded by the development of the writings. In your reaction, allude to your recommended content and TWO writings based on your very own preference. The endorsed writings are: †¢ Prose Fiction †Maxine Hong Kingston, The Woman Warrior: Memoirs, of a Girlhood Among Ghosts OR †Peter Carey, The True History of the Kelly Gang †¢ Film Poetry †Stephen Frears, The Queen †Denise Levertov, Selected Poems * Ways of Conquest * Don’t You Hear That Whistle Blowin’†¦ * In Thai Binh (Peace) Province * A Time Past * Libation * A Letter to Marek About a Photograph * The Pilots †¢ Nonfiction or Multimedia †Mark Raphael Baker, The Fiftieth Gate OR Smithsonian National Museum of American History September 11 site End of paper 11 EXAMINERS Pamela Nutt (Convenor) Catherine A

Vancouver Division Is The Centralized Manufacturing Finance Essay - Free Essay Example

Hewlett-Packards Vancouver division is facing a challenge with their inventory management. The sales of the Deskjet printers have grown steadily and so has the inventory level. The Vancouver division is the centralized manufacturing division that also takes care of the localization of the products and ships off the final products to three of distribution centres located globally. Printer market is a highly competitive market and hence being able to meet customer demands is crucial to maintain position in the market. Key Issues Issue 1: To satisfy customer needs in terms of product availability while maintaining minimum inventory. Currently their distribution centres were piling up inventory of the much demanded Deskjet printers. However, the European distribution centre was claiming that inventory levels needed to be increased in order to make products available to customers satisfactorily. There was an imbalance between demand and availability of products. There were often shortages for models of some countries while there was a pile up of inventory of models of other countries. This low availability could lead to high waiting time. The products went through localization, i.e. customizing to cater to local markets, in the Vancouver manufacturing plant itself. There is a delivery lead time of 4-5 weeks from their centralized manufacturing unit in Vancouver, Washington to the European and Asian distribution centres. The long replenishment lead time can also throw off the forecasts. By the time, the products rea ch the market, anticipated demand pattern could alter. Also the long lead time takes away the DCs ability to response quickly to the fluctuating demands of different versions of the product is limited. Issue 2: To get agreement and consensus among different functions involved regarding the appropriate amount of inventory level that should be maintained. Every function has their own agenda to fulfill and their goals are conflicting. E.g. Production department claims that dealing with the inventory would be a Materials department issue. It is important to make all the functions realize that they are all working for the common goal of the profitability of the organization and issues in the inventory level could affect the profitability of the organization and that in turn could affect each of these functions. Currently there is no consistent method in effect and there is no consensus among the members of different functions regarding setting the appropriate inventory level. There is further discrepancy between how sales force in Europe see the inventory situation versus how distribution centre or warehouse sees the inventory level situation. Marketing wants 98% service level and product a vailability while distribution wants minimum inventory. The issue is to find a balance amongst these expectations. Issue 3: Sources of uncertainties that could affect the supply chain are an issue given the manufacturing is centralized and even localization happens at the same plant. There is already a long lead time. If there are issues in the supply chain that that will further extend the lead time, thereby affecting the product availability. Vancouver prided in being an almost stockless factory and practiced just-in time production and hence reliability of supplies is crucial. The main sources of uncertainty were regarding the delivery of incoming materials, the internal processes (including downtime and process yields) and demand factor. These could increase lead time in manufacturing thereby delaying in the replenishment. The uncertainty with demand could lead to ineffective forecasts, backorders or inventory pile ups at the DCs. These uncertainties further press for a more efficient supply chain process or a better calculated safety stock level that can allow to buffer for any sort of uncertain ties without increasing lead time. Analysis HPs target service level is 98%, i.e. they want products to be available to customers when demanded. Currently HP controls the printer market in USA. However, they face a stronger competition in Europe and Asia and are not yet the market leader in those continents. Therefore, to gain that competitive success, efficient service is crucial and for that product availability is key. Despite Vancouver shipping large amount of products to the European DC, they still receive complaints from sales that they have shortages of product availability. At the same time they get complaints from the warehouse that there is no space to stock up the amount of goods sent. This discrepancy happens due to the fact that there is inefficient forecasting which leads to the warehouse ending up with excessive unproductive assets, i.e. localized product of country perhaps for which demand is not as high and shortage in supply of another product for which there is demand. Their lean manufacturing process is placing the burden of inventory management on the distribution centres as they do have the freedom to respond to the different customer needs and have to depend on Vancouver to send the completed products. It is important to find a safety stock amount that would be responsive to the demand uncertainties and take into consideration the lead times for replenishment. In the past the target level was based on taking into consideration an arbitrary amount of safety stock and that has to be altered. Air transportation could reduce lead time. However, it is an expensive option. Nevertheless, it is important to look into reducing lead time. If the lead time could be reduced then it would not be necessary for the DCs to maintain a high level of inventory. They would be more responsive and would not require a significant safety stock to act as a buffer and ensure availability of products to clients. The re-order level could be reduced thereby bringing down holding costs. Appendix-1 highlights the required level of safety stock given the lead time. A service level of 95% has been considered. This means that during the lead time, the DCs should be able to meet the demands of the clients at least 95% of the time. The safety stock should be thus maintained taking this into consideration. Inventory carrying cost ranges from 12% 60% and is a wide range which can make it difficult to calculate an effective and realistic economic order quantity and even to allocate the costs of the inventory. HP needs to improve forecasting and communication as well between departments, and DCs and Vancouver facility. They could reduce the models they offer and standardize and make a universal product but then that would not satisfy the consumers and hence might affect profitability given this is such a competitive market. Alternatives Alternative #1 Set up a manufacturing plant in a location somewhere in between Europe and Asia to support the growing demand of the European market. This will significantly reduce lead time and also delivery/transportation cost of the finished products to the distribution centres. Freight cost is a major cos. If need be, they could then also look into utilizing faster modes of transportation like air shipment as the costs would comparatively be lower due to reduced travel distance. This could also allow them to locally procure materials required for the localization of the basic model as per country needs. This can make supplies of these materials more convenient and cheaper, reducing the uncertainty of delivery delays. The concern to this alternative is whether there is enough demand in these markets or not to sustain the cost of a full new manufacturing plant. This will also alter the centralized manufacturing process that has current potential to enjoy economies of scale because of the larg e volume of production. Alternative #2 HP could implement product postponement (Appendix -3). The products undergo localization in Vancouver, to meet the needs of the local market/countries within Europe. They are thereby customized. HP could do assembly postponement and this way they could concentrate and focus on other areas and distribute resources more efficiently without inappropriate inventory buildup. The generic design could be completed and then the products would get shipped to the European and Asian DC and later assembled-to-order. The power supply, cords, manuals and other localization tasks could be completed in the respective DCs when there is a demand pull, i.e. order. This can help meet the customer demands while not having to increase inventory significantly. It will also prevent having in stock excess inventory of one localized product and lack of inventory of another as the DCs will be storing standardized inventory. This will enable HP to take advantage of market-oriented supply chain management stra tegies. This way they do not also have to forecast too much in advance, which has a potential of ineffective forecast. This would mean having a smaller plant in Europe or an extension to the warehouses to carry out the final assembling before sending it out to the customers. Alternative #3 Calculate the safety stock (As shown in Appendix 1) based on the demand pattern for each of the products and take into consideration the lead time and accordingly pull for products. Whenever, inventory for a product reaches a certain level, they should manufacture and ship out more. For example, when product A reaches 143 units, they should ship manufacture and ship more of As for the European DC. These leftover 143 amounts will serve as to meet the demand for the product while the new ones are on their way and they are in the lead time. This will ensure the products availability during the lead time while keeping inventory low in the warehouse. This may increase shipment amount if they were to send out each product based on its order quantity and in effect the order costs. There is a diverse range of products as they are all localized in Vancouver. Recommendation and Justification Alternative 2 is recommended given this scenario. HP should implement the postponement strategy and produce standardize DeskJet printers in the Vancouver location and ship them out to the different DCs, who can then assemble to localize their products before selling to the end customer. The assembling required to localize should be fairly simple so that the new assembling units in the DCs do not required significantly trained employees. For that they may need to tweak the design of the standardized printer at the Vancouver location. They should look to implement those changes to the basic design. They could also package these standardized products in bulk and in a more manner as the final packaging and sorting will take place after the localization in the respective DCs. This way they could reduce on space required for shipment and hence ship more for the same costs. If it is standardized then they need to keep a safety stock of 15,407 units (Appendix 2). However, if they want t o keep safety stock of each individual localized product in the European dc then the amount of deskjet printer needed in safety stock sums up to 22,159 units. This shows that by shipping standardized products to the European Dc they will be able to increase their availability as well as keep their inventory to the minimum level. There will be some initial investments required to set up the assembling unit at the DCs. This way they could try to please all the departments by responding to their concerns. Distribution does not need to store unnecessary items that are not in demand and marketing can have products available as per customer needs. There will be more flexibility to meet customer needs. They do not have to succumb to the uncertainties of supplies that significantly. HP can thus take advantage of market-oriented supply chain management strategies. The supplies needed for the localized customization will be cheaper and more available in the local area. They can localize as per the local demands directly close to the market and not have to undergo significant lead time.They definitely need to maintain a safety stock that is calculated by a more reliable method as shown in the Appendix 1. This will also reduce lead time significantly. Their measures of line item fill rate and order fill rate will improve as well given they can serve customers more aptly. Backorder can be prevented by assembling at the DCs as they are more responsive now and do not have to wait through the long lead times. Over the long term, they could look into implementing an ERP system that could enhance communication among different departments more cohesive as they will have access to centralized information and could understand each others perspective better. Conclusion HP needs to look into their process of localizing all products in their centralized manufacturing plant and then sending it out to the DCs. They need to delegate the task of localization to the DCs thereby preventing wastage and reducing lead time and keeping inventory to a minimum while increasing responsiveness and availability of the products. APPENDIX 1 See attached Excel Sheet APPENDIX 2 Â Units Total Safety Stock with multiple products (current Vancouver Localization) 22,159 Total Safety Stock with standardized products (postponement strategy) 15,407 APPENDIX 3 Currently: Postponement Strategy:

Count Basie Musician - 527 Words

When white Americans think of jazz musicians we think new Orleans, sex, drugs, alcohol. Well this is not always the case. Count Basie was from New Jersey and played the piano not the saxophone. He went to New York for his big break in jazz got stranded in Kansas City and became one of the most famous jazz musicians of all time. He led us from big band to bebop. He did not always want to play the piano; he also had a love for drums. Lady’s and Gentlemen please give a warm welcome for The King William Count Basie. Lillian and Harvey were blessed with a baby boy on August 21, 1904 in Red Bank New Jersey. They named their son, William James Basie (some sources say his middle name is Allen). James, William’s older brother, died when he was a small child. His musical talent came honestly. His father was a mellophonist and his mother was a pianist. Lillian was a laundress and his father was a coachman and a caretaker. As a child William did not always like the piano. When he was a small boy he liked the drums, his father even bought him a trap set to practice on. When he decided to take up the piano, his mother would pay 25 cents for a lady to teach William to play the piano. In addition to his parents working William also worked so he could watch silent films free. Well one day the piano accompanist did not show up so Basie took his place, needless to say he was invited back that evening to play again. After dropping out of high school in his Junior year, he moved to New YorkShow MoreRelatedEssay Billie Holiday1341 Words   |  6 Pagesrecognition without help.†Ã¢â‚¬  (Jackson, pg. 86) Billie stopped working as a prostitute and began singing at night clubs and speakeasies in Harlem. The New York nightlife is where John Hammond would discover her. He introduced her to many prestigious jazz musicians and promoted her unparallel sound. Billie Holiday played on the radio where she became recognized as a female singer within the jazz industry. 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After his 17th birthday Benny made his first recording

Pulp Fiction - a Sociological Debate - 1412 Words

Sociology 2XX Critically anlayse a popular culture ‘text’ utlising relevant theories and debates In sociological theory there are many concepts discussed that are utilized in the analyses of society and culture. Some of the main concepts are Postmodernism, Historical Materialism, Structuralism, Interpretive Sociology and Poststructuralism to name a few. These theories are relevant to the research of understanding certain or specific cultural texts. These concepts provide problems and solutions associated with some of the research approaches fore-mentioned. Analysing the main dimensions will be covered by discussing the appropriate concepts separately and by individually contrasting the classical and modern theories with Quentin†¦show more content†¦Dialectical materialism is the view that that the world exists independently of our perception of it and that as it is sole reality it has primacy over the ideal, the imagined, and the spiritual. In the film Pulp Fiction, by Quentin Tarantino the theme of capitalism was truly apparent, from the discussion of the Big Mac in France by Jules and Vince to the success of the gang boss Marsellus. It is relatively evident that it played a big part in making the film especially where other more obvious displays of greed and capitalism are in the final scenes when the couple, Honey Bunny and Pumpkin, holds up the restaurant. The man explains to his wife that nobody ever thinks to rob a coffee shop and he makes the point that it is the perfect crime of opportunity. All of the primary and characters and protagonists display materialistic personas, attempting to recreate their own past and future by means of consumption and a form of class struggle against the gang leader, portraying a land owner or bourgeoisie, by the ‘workers’. Postmodernism is a term which is highly contested in the sociological world, where it is used to indicate a significant detachment from modernism. It is easier to give the uses of the term; ‘to give a name to the present historical period, to name a specific style in arts and architecture and to name a point of rupture or disjuncture in epistemology’ (Buchanan, 2010). For this,Show MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesbe among the processes that distinguish that era, not only from those proceeding it but from the rest of human history altogether. The essay by Gabrielle Hecht and Paul Edwards provides a nuanced interweaving of analyses of the nuclear arms race, debates over nuclear power as a major energy source, and the communications revolution made possible by computer technologies that did so much to shape the cold war standoff between the Soviet and American superpowers and the transition to a new century

Auditing and Assurance in Australia for Financial Statements

Question: Discuss about theAuditing and Assurance in Australia for Financial Statements. Answer: The two significant financial statements of financial assertion account at risk for Matrix are the accounts receivable account and the goodwill account. The accounts receivable is an account that appears under the head of asset especially the current asset of the balance sheet. The goodwill account will also be affected. The account appears under the head of intangible asset in the balance sheet. One key assertion at risk regarding the accounts receivable account is the valuation and allocation assertion. The disclosure made by the management regarding the receivables as to who were the customers, who have purchased the most controversial products and the terms for such purchase. If the purchase have been done on credit then such assertions in the financial statements are at risk. The key assertion at risk (inherent risk) regarding the goodwill account is the valuation and accuracy assertion associated with the account. As the valuation of such an account is difficult, the assertion by the management regarding the goodwill of the company is likely to change and observe a diminishing trend in all probabilities. The accounts receivable is at the risk of valuation and allocation assertion because the transactions that may have been recorded in the books of accounts may not be appropriate. This is because the product sold by the pharmaceutical firm that resulted in the hospitalization of a number of customers may not have been properly accounted for. These products that resulted in a major health issue may belong to old stock or ld batch of production and may be was compiled into the current batch of products for the purpose of stock clearance. Therefore, the accounts receivable account is at risk. The goodwill account on the other hand is at risk because the goodwill of the company is likely to fall due to the recent occurrence of the health issue faced by the customers due to one of its products (Abbott et al., 2016). The firm should be more responsible about the quality of the product that is being shipped to the market for the purpose of sale. A detailed and rigorous quality check is essential to avoid such assertion risks. Secondly, the firm may also develop an inventory system that does not allow the products which do not belong to that respective batch of production. The audit opinion in this case is that the management of the company should be asked to republish its financial statements. The management should be specifically asked to provide the disclosure in the financial statements about whether the company is meeting the conditions to be a going concern. The auditor should also ask the management to specify the amount of materiality applied to the financial accounts. If the management provides the disclosures regarding the material uncertainty, it would not be enough. This is because whether the company is a going concern or not should be determined by reviewing whether the company matches the criteria for being recognized as a going concern (Knechel Salterio, 2016). References Abbott, L. J., Daugherty, B., Parker, S., Peters, G. F. (2016). Internal audit quality and financial reporting quality: The joint importance of independence and competence. Journal of Accounting Research, 54(1), 3-40. Knechel, W. R., Salterio, S. E. (2016). Auditing: Assurance and risk. Taylor Francis.

Sr.Pablo free essay sample

Dell’s Working Capital B. B. Chakrabarti Professor of Finance IIM Calcutta The Questions ? How was Dell’s working capital policy a competitive advantage? ? How did Dell fund its 52% growth in 1996? The Questions ? Assuming Dell sales will grow 50% in 1997, how might the company fund this growth internally? How much would working capital need to be reduced and / or profit margin increased? What steps do you recommend the company take? How would your answer to the above question change if Dell also repurchased $500 million of common stock in 1997 and repaid the long-term debt? ? Dell’s Competitive Advantage 1) Conservation of capital due to lower inventory holding Compaq Dell DSI in 95 73 32 Cost of sales of Dell in 95 = $2737 mn. (Ex. 4) Additional inventory at Compaq’s DSI = $2737 * (73-32) / 360 = $312 million Dell’s Competitive Advantage 2) Reduced obsolescence risk and lower inventory cost ? Component cost can reduce by 30% a year as new technology is introduced. ? Inventory as % of COS – Dell (8. We will write a custom essay sample on Sr.Pablo or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 9%) and Compaq (20. 3%) ? Inventory loss due to 30% reduction in price – Dell (2. 7%) and Compaq (6. 1% of COS) ? Comparative increase in profit in Dell in 96 = $2. billion *(6. 1%-2. 7%) = $93 million Dell’s Competitive Advantage 3) Quicker adoption of new technology ? Dell’s low inventory levels resulted in fewer obsolete components as technology changed. ? While Compaq had to market both new and older systems due to high levels of inventory, Dell could offer new and faster systems quickly due to low inventory and build-to-order models. Funding 52% Growth in 1996 Facts to consider ? 95- Total assets = 46% of sales ? 95- ST investments = 14% of sales ? 95- Operating assets = 32% of sales ? 95- Net profit = 4. 3% of sales ? 6- Dell would require 32% of increased sales in operating assets i. e. $(5296-3475)*32% = $582 million. Funding 52% Growth in 1996 Facts to consider ? 96- All assets excepting ST investments will grow at 52% over 95 figures ? 96- Assumed tha t the liabilities will also proportionally increase. ? 96- Need additional $582 million assets Funding 52% Growth in 1996 Facts to consider ? 96- Sources of funds: Increase in liabilities = $494 million Operational profit = $5296*4. 3% = $ 227 million ST investments = $484 million ? Enough available money for internal funding How Dell Funded 1996 Growth? Facts ? Higher asset efficiency Reduced cash, receivables, inventory and other current assets Needed addl. $447 million of operating assets How Dell Funded 1996 Growth? Facts ? Sources of funds Increase in current liabilities = $187 million Net Profit = $272 million How Dell Performed in 1996? ? Dell introduced Pentium technology. ? Unit sales grew by 48%. ? Average unit revenue grew by 3%. ? Gross margin declined by 1% due to aggressive pricing strategies and account mix shift. ? Net margin improved from 4. 3% to 5. 1% ? Common stock was issued to Funding 50% Growth in 1997 Facts to consider ? 96- Operating assets = 30% of sales ? 96- Net profit = 5. 1% of sales ? 97- Dell would require 30% of increased sales in operating assets i. e. $(2336-1557) = $779 million. Funding 50% Growth in 1997 Facts to consider ? 97- Increase in liabilities = $588 million ? 97- Net profit = 5. 1% of $5296*1. 5 = $405 million ? ST investments = $591 million av. ? So, internally growth can be funded. 97 with Repayment of LT Debt and Repurchase of $500 mn. Of Equity ? Funds needed = $984 million ? Sources of Funds: 1% increase in margin = $79 million ST investments = $591 million av. Also, negative cash conversion cycle can do ( 97- Avg. daily sales = 96 sales*1. 5/360 = $22. 1 mn. and Avg. daily COS = 79. 8% of sales as in 96 = $17. 6 mn. i. e. 44 days of sales or 65 days of COS. 96- CCC = 40 days) 97- Actual Cash Conversion Cycle QTR. 4 1996 Qtr. 4 1997 DSI DSO DPO CCC 31 42 33 40 13 37 54 -4 Diff. -18 -5 +21 -44 CCC = DSI + DSO -DPO Savings from WC Improvements Annual sa vings from: Reduced inventory = 18*17. 6 = $317 mn. Reduced Receivables = 5*22. 1=$110 mn. Increased Payables =21* 17. 6=$ 370 mn. Total savings = $797 mn. Actual 1997 ? Sales grew by 47%. CCC became – 44. ? Profit margin increased to 6. 6% from 5. 1%. ? Component prices decreased. Advantage over competitors. ? Dell applied JIT philosophy. Actual 1997 ? Operating assets increased by $199 million only. ? Total liabilities increased by $733 million even after repayment of LT debt. ? Dell obtained $279 million from put options. ? About $500 million equity repurchased. ? ST investments increased by $646 Actual 1997 Dell funded 1997 growth internally, repaid long-term debt and repurchased about $500 million in equity through a combination of working capital and margin improvements.

Free Essays on Chicago By Carl Sandburg

The neighbor I’ve never really known I was born in Chicago Illinois, and I’ve lived within an hours drive for most of my life, but I have never really seen the city as alive and real, it was just someplace that you could go to see the Cubs play, or to see people all crazy with business and money. I identify with the blue collar workers and farmers; business and the Symphony and the Chicago Stock Exchange are foreign to me, and somehow not as alive and real. DeKalb Illinois is real. My great great grandfather moved here from Whales and was a gentleman farmer, and my grand mother was a teacher, and my friends’ parents were factory workers. I never realized that my grandfathers’ crops were sent to Chicago to be distributed through out the country, and that Chicago was built on factories and industry, the tall buildings and the Chicago Stock Exchange were built on the backs of those factory workers, and distributors. The poem â€Å"Chicago† by Carl Sandburg introduced me to someone I had known about for years, but had never really known. The poet uses several techniques of figurative speech to bring vibrancy and familiarity to the description of the poems topic Chicago Illinois. Personification, simile and synecdoche are used throughout the poem to bring the description of a city to life. Personification, the representation of an abstract quality or idea as a person, is found throughout the poem. â€Å"Come and show me another city with lifted head singing so proud to be alive and coarse and strong and cunning†(14,15) and â€Å"†¦here is a tall bold slugger set vivid against the soft little cities†(16,17) are striking examples of well used personification that would be flat lifeless descriptions if stated without use of this figure of speech. ‘Chicago is proud of its blue collar workers’ just doesn’t do the trick, personification and the other figurative speech make it poetry. In the end of the poem Sandbu... Free Essays on Chicago By Carl Sandburg Free Essays on Chicago By Carl Sandburg The neighbor I’ve never really known I was born in Chicago Illinois, and I’ve lived within an hours drive for most of my life, but I have never really seen the city as alive and real, it was just someplace that you could go to see the Cubs play, or to see people all crazy with business and money. I identify with the blue collar workers and farmers; business and the Symphony and the Chicago Stock Exchange are foreign to me, and somehow not as alive and real. DeKalb Illinois is real. My great great grandfather moved here from Whales and was a gentleman farmer, and my grand mother was a teacher, and my friends’ parents were factory workers. I never realized that my grandfathers’ crops were sent to Chicago to be distributed through out the country, and that Chicago was built on factories and industry, the tall buildings and the Chicago Stock Exchange were built on the backs of those factory workers, and distributors. The poem â€Å"Chicago† by Carl Sandburg introduced me to someone I had known about for years, but had never really known. The poet uses several techniques of figurative speech to bring vibrancy and familiarity to the description of the poems topic Chicago Illinois. Personification, simile and synecdoche are used throughout the poem to bring the description of a city to life. Personification, the representation of an abstract quality or idea as a person, is found throughout the poem. â€Å"Come and show me another city with lifted head singing so proud to be alive and coarse and strong and cunning†(14,15) and â€Å"†¦here is a tall bold slugger set vivid against the soft little cities†(16,17) are striking examples of well used personification that would be flat lifeless descriptions if stated without use of this figure of speech. ‘Chicago is proud of its blue collar workers’ just doesn’t do the trick, personification and the other figurative speech make it poetry. In the end of the poem Sandbu...

Focussing on public transport, what have been the positive and Essay

Focussing on public transport, what have been the positive and negative implications of public-private partnership - Essay Example As well, travelling a bike or else a motorbike allows shunning the traffic on the streets, given that in the gigantic cities there are unique biking lane which doesn’t permit buses or cars (Steiner 2004). Alternatively, employing means of public transportation as well has its benefits; at the outset, it’s actually low-cost, at the present time you could buy a extraordinary IP card, and after that blow it all time you obtain on and descend the bus and store up supplementary currency on price of transportation (Moos and Sommers 2006). Analysis To get better the condition on the streets of the large cities, the government must obtain a variety of processes; for example, attempt to transfer some of the organizations hooked on the outer edge so as to create the hub of the city fewer packed. This restructuring of a thickly occupied region can be one of the vital explanation to the traffic overcrowding issue. The executives must also believe of making novel projects to build l atest subway lines, bus routes furthermore biking lanes with the intention that the ways of public transportation are more interesting to the public. ... The public transportation organizations have extremely deprived services for city’s publics which provided as their faithful clients. If the service has been overhauled, it would draw more kindness from the novel and possible clients who for no reason employ it earlier than. Consequently from the enlargement of public transportations practices, the rush-hour traffic would be reduced. As an example, City has a lot of alternatives for public transportations. Even though reassess as a urban city, the situation of the public transportation service is a disastrous. Tarnished iron seat, non air conditioner practical, impure passenger’s region, and elevated lists of criminalities â€Å"executed† in the services demonstrate the trustworthiness of City’s public transportation representation. Improvements Transportations as well as roads are not available for all medium and all communities. Transportations and roads access are not open-minded to those who merely hav e two-wheel force. They would not obtain the similar amenities so as to the government provided for those who have supplementary than two-wheel constrain. In addition, the charge for employing transportations and roads are expensive for centre to stumpy group society (Rudy 2010). Because a picture, from the primary time three years before, Bus method has prejudiced the utmost respect from the City public since Bus way provides relieve, security, and the competence of time to arrive at differ purpose in City with reasonable costs that fits into every society. Getting better roads and transportations could persuade the community to employ individual transportations. When the building of the transportations is enhancing, the public are confined

Dubai International Airport Case Study Example | Topics and Well Written Essays - 2000 words

Dubai International Airport - Case Study Example Concourse 3 will be affiliated to the two above accessible levels of Terminal 3 via an automatic Power mover (APM) in accession to the vehicular and accoutrements administration arrangement account tunnels. The building, which follows the appropriate appearance of Concourse 2, will be 645 meters long, 90 meters advanced and 42 meters top in the centre from the accessory level, and will board 20 aircraft stands, 18 of which will board Airbus The growth rate of the Dubai International Airport is high compared to other Airports in the Middle East. The Dubai International Airport holds highest position in the ratings by authorities like International Air Transport Association (IATA) (Airport Facilities, n. d.). The Transportation facility kind of the infrastructure of a country has to be developed continuously. The development of Dubai International Airport is essential for the development of the country and for making one among the top countries of the world. If the International Airport at Dubai is developed at a higher phase it can attract many foreigners including tourists and investors. The investors would be investing in country only after a detailed study of the infrastructure of that particular country including the international transportation. This fact forced the government of the United Arab Emirates, to think about the development of existing international airport by way of expansion programs. Dubai International Airport, in a actual abbreviate time, has developed from an aerodrome into an aerodynamics hub. Today, not alone is Dubai International Airport one of the fastest growing airports in the world, it is as well recognized as the arch and busiest airport of the Middle Eas t region. In 2008, the airport handled an almanac 37,441,440 cartage and over 34% of all flights entering and abrogation the Middle East and Africa. Aegis at the airport bare to be actively upgraded as an aftereffect of an International Monetary Fund (IMF) acme affair to be captivated in Dubai (Time Management, n. d.). Given the accent of surveillance to the aegis of the airport the arrangement had to be designed, installed, configured and handed over to airport aegis in beneath than a month. An abstruse band-aid advised by control-ware was called to accommodate top superior video transmission, avant-garde administration and reliable recording for the airport. Cost Management It is clear that without the support of the government, it is not possible to implement a major development in a country. Whichever is the country and whatever be the project, the government support is essential for making the project a grand success. In case of the Dubai International Airport development the government is providing the full support under the supervision and control of ministry of aviation. The government supports the development of the Dubai airport free zone. "Representative offices of the immigration and customs department are located within DAFZA. The customs office is open 24hrs to facilitate round-the-clock cargo clearance" (Where mission vision, n. d.). An estimated AED 120 billion will be invested in Dubai World Central, Sheikh Ahmed said. "The aboriginal appearance of this mega-project, which primarily involves the development

Rhetorical Analysis on Lux Toilet Soap Ad Essay Example for Free

Rhetorical Analysis on Lux Toilet Soap Ad Essay Lux Toilet Soap Susan Sanders Devry University Lux Toilet Soap A 1954 ad for Lux Toilet Soap states, â€Å"Luscious is the word for Greer Garson’s complexion and she keeps it that way with Lux Toilet Soap. † This statement is an example of how emotional appeal is used in the ad to grab the reader’s attention. The advertiser uses character appeal by including information about Garson’s success in the ad to make the reader want to use the product. Logical appeal is used when a refund is offered to leave the reader with no objections to trying the product. The Greer Garson Lux Toilet Soap ad was effective in raising product awareness and profits due to its usage of these appeals. Garson is pictured against a white background with a vine of grapes in hand in the ad. Purple is the color theme here, as Garson’s eye makeup, necklace and grapes are of this color. This gives the ad a sense of sophistication, warmth, luxury and even a little mystery. This grabs the reader’s attention and makes her want to read the ad. The reader’s attention is then drawn to a sentence below Garson in which the first word, â€Å"Luscious,† is of a larger font size than the rest of the text. The color pink draws the reader to look in the bottom right corner of the ad, where a Lux Toilet Soap wrapper reveals the bar of soap. This completes the attraction, femininity, and smooth texture of the ad. The image and larger-sized text are present in the advertisement to appeal to the reader’s emotion of craving for Garson’s flawless skin. Women of this time were open to ideas on how to look as beautiful as possible. This could have been to succeed in their careers or simply to please a man. Looks play a large role in any aspiring actresses success because she is trying to talk people into casting her for roles. In addition, having and taking care of a family was a very important part of women’s lives. They had to look their best in the hopes of getting a husband. This advertisement had their solution and informed the readers to use Lux Toilet Soap to get that desired look. If the picture of Garson wasn’t enough to get the reader to find character appeal in the advertisement, there is also smaller blue text at the bottom of the ad informing them of her credentials. The ad states, â€Å"Besides being beautiful, Greer Garson is intelligent (she’s lectured Shakespeare), talented (probably won more awards than any other film actress) † There is also a statement at the top of the ad promoting a movie Garson most recently starred in, â€Å"Her Twelve Men. † The ad then goes on to state her insistence on the use of Lux Toilet Soap in her home and dressing room, as well as the statistic â€Å"Greer’s used Lux for years now-she believes in it, like 9 out of 10 Hollywood stars do. This information about Garson’s career leads readers to trust in her belief of the soap’s effectiveness. It suggests that the reader should want to use the Lux soap because successful and beautiful people like Garson do. If it plays some part in Garson’s success, then the reader might have that same luck with life as well, after using Lux soap. As the reader continues through the text, the final appeal is utilized, logic. The a d states that â€Å"Miss Garson’s luscious complexion is as good a recommendation as we know of for using Lux Toilet Soap. If you find Lux isn’t everything a good soap can be, we’ll return what you paid for it. Fair enough? † After being presented this offer, the reader runs out of objections to trying the product. Reasoning tells them to buy it, try it, if it isn’t satisfactory, get a refund, and no loss would be incurred. The offer leaves the reader with a feeling of obligation to buying the product. It is important that the ad achieves this because it ultimately leads to higher sales profit. Lux Toilet Soap was not the only solution to uneven or imperfect complexion.

Nicholas Nickleby by Charles Dickens Essay -- Nicholas Nickleby Charle

Nicholas Nickleby by Charles Dickens Chapter 13 effectively encourages the reader to resent Squeers and see him as the villain, whereas Nicholas is portrayed as the hero and Smike and the other bays are lavished with sympathetic feelings. The chapter starts with a depressing description of the boys sleeping conditions, Dickens uses words like: feeble, ragged, and dull, to describe it, this powerful description makes the reader feel-strengthening hatred toward Squeers. Squeers is the headmaster at the boarding school "Dotheboys Hall"where Nicholas was sent to work by his uncle after his father's death. His father had only a small amount of money so he left it to his brother, and trusted him to look after his family, consisting of Nicholas's mother and Sister Kate. Nicholas's uncle is a hard remorseless man and sends Nicholas and his sister to work to earn their keep. The family are moved into a small dirty flat and given little money to live on. During Nicholas's time at Dotheboys Hall, he meets one of the boys "Smike" and befriends him. Smike has no parents to speak of so he is kept on as a servant to the family. Nearing the end of the chapter Nicholas inspires Smike to run away, unfortunately he is caught, resulting in the chapters climax. Squeers is about to beat Smike but then Nicholas steps in and following a fight, they make off together. Throughout the chapter Dickens enhances the reader's negative feelings towards Squeers. Dickens use of verbs to describe Squeers's actions ads, a greater depth to his character, using words like retorted, bounced and feasted. These words show the rage in Squeers's character, and the way he goes about daily life, they give the reader a sense of his disrespect... ...can be hard going to read Dickens's work, his highly expressive and intricate style of writing, can become incredibly engaging to the reader, as it does to me. You become almost used to it after a while .This stile gives the reader a sense of emotional involvement with the characters in the book. It makes the reader more in touch with the characters moods and personalities, giving the book a better dramatic influence on the reader. A favourite quotation: "`Which no doubt you would have been devilish sorry to do,' said Squeers in a taunting fashion." This line sums up Squeers's character as, the conniving villain that he undoubtedly is, but when said out loud in the proper style, this quotation can start a passion to read more writing in this style and explore the character from whose lips those word were said, rejoined, retorted, demanded, or even sneered.

Citibank Performance Evaluation Case Study

Annual Report Consolidated and Statutory Financial Statements at December 31, 2006 101st fiscal year Fiat S. p. A. Financial Statements at December 31, 2006 234 Financial Review of Fiat S. p. A. 238 Income Statement 239 Balance Sheet 240 Statement of Cash Flows 241 Statement of Changes in Stockholders’ Equity I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world. Albert Einstein 242 Income Statement pursuant to Consob Resolution No. 5519 of July 27, 2006 243 Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 244 Notes to the Financial Statements 301 Appendix – Transition of the Parent Company Fiat S. p. A. to International Financial Reporting Standards (IFRS) Financial Review of Fiat S. p. A. The financial statements illustrated and commented on in the following pages have been prepared on the basis of the company’s statutory financial st atements at December 31, 2006 to which reference should be made. In compliance with European Regulation no. 606 of July 19, 2002, starting from 2005 the Fiat Group has adopted International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) in the preparation of its consolidated financial statements. On the basis of national laws implementing that Regulation, starting from 2006 the Parent Company Fiat S. p. A. is presenting its financial statements in accordance with IFRS, which are reported together with comparative figures for the previous year. Operating PerformanceSpecifically: Personnel and operating costs, totalling 199 million euros, comprise 58 million euros in personnel costs (60 million euros in 2005), and 141 million euros in other operating costs (121 million euros in 2005), which include the costs for services, amortisation and depreciation and other operating costs. These costs increased as a w hole by 18 million euros from 2005 as a result of non-recurring charges. In 2006, the average headcount was 140 employees, compared with an average of 133 employees in 2005.The company’s Income Statement is summarised in the following table: Investment income – Dividends – (Impairment losses) reversals – Gains (losses) on disposals Personnel and operating costs net of other revenues Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Income taxes Net income Personnel and operating costs net of other revenues total 120 million euros, compared with 109 million euros in 2005. IThe Parent Company earned net income of 2,343 million euros in 2006, 1,226 million euros higher than in 2005 when the result included net non-recurring income of 1,714 million euros. (in millions of euros) Business Solutions S. p. A. (for a total of 147 million euros), net of the revaluat ion of the investments held in Fiat Netherlands Holding N. V. (376 million euros due to the positive performance of the CNH and Iveco subsidiaries), Magneti Marelli Holding S. p. A. (144 million euros) and minor companies. 2006 2005 2,461 62 2,099 – (120) – (24) – 26 2,343 (424) 8 (431) (1) (109) 1,133 (62) 858 (279) 1,117 Investment income totals 2,461 million euros compared with investment expense of 424 million euros in 2005 and consists of dividends received during the period and reversal of impairment losses (net of write-downs) of investments. Specifically: Dividends total 362 million euros and were received from the subsidiaries IHF – Internazionale Holding Fiat S. A. (259 million euros), Fiat Finance S. p. A. (75 million euros) and other companies.In 2005 dividends received from investments totalled 8 million euros. I Impairment loss reversals (net of write-downs) of 2,099 million euros resulted from the revaluation of the investments in the subsi diaries Fiat Partecipazioni S. p. A. (1,388 million euros mainly connected to Fiat Auto), Iveco S. p. A. (946 million euros) and Fiat Netherlands Holding N. V. (96 million euros connected to CNH), all written-down in previous years, net of the impairment loss recognised on the investment in Comau S. p. A. (330 million euros).I Other revenues , totalling 79 million euros (72 million euros in 2005), principally refer to the change in contract work in progress (agreements between Fiat S. p. A. and Treno Alta Velocita – T. A. V. S. p. A. ), which is measured by applying the percentage of completion to the total contractual value of the work, to royalties for the use of the Fiat trademark, calculated as a percentage of the revenues generated by the Group companies that use it, and the services of executives at the principal companies of the Group.The increase from 2005 is mainly attributable to higher charges for the use of the trademark. No Income (expenses) from significant non- recurring transactions is reported in 2006. In 2005 a gain of 1,133 million euros (net of related costs) was recorded on the transaction regarding the termination of the Master Agreement with General Motors. In 2006, there were net financial expenses of 24 million euros, arising from the interest charges on the Company’s debt, which was partially offset by the gain resulting from derivative financial instruments.In 2005 there were net expenses of 62 million euros mainly arising from the interest expenses connected with the Mandatory Convertible Facility. No Financial income from significant non-recurring transactions is reported in 2006. In 2005 this item included income of 858 million euros resulting from the capital increase of September 20, 2005 with the simultaneous conversion of the Mandatory Convertible Facility. The income represents the difference between the subscription price of the new shares issued and the stock market price of the shares at the subscription date, net of issuance costs.I In 2005, net impairment losses recognised on investments totalled 431 million euros, mainly due to losses from the investments in Fiat Partecipazioni S. p. A. (811 million euros connected mainly to the losses of Fiat Auto), Teksid S. p. A. , Comau S. p. A. and 234 Financial Review of Fiat S. p. A. The income tax revenue of 26 million euros is the net result of the remuneration for the tax loss brought into the national tax consolidation by Fiat S. p. A. in 2006 to offset the income reported by the Group’s Italian companies, and the IRAP charge recognised for the period.Income tax expenses of 279 million euros in 2005 consisted of the reversal of deferred tax assets of 277 million euros, recognised in the financial statements at December 31, 2004 in relation to the settlement subsequently made with General Motors for the termination of the Master Agreement. Financial Review of Fiat S. p. A. 235 Balance Sheet Highlights of the Parent Company’s Ba lance Sheet are illustrated in the following table: (in millions of euros) Non-current assets – of which: Investments Working capital Total net invested capital Stockholders’ equityNet debt (liquid funds) At December 31, 2006 At December 31, 2005 14,559 14,500 167 14,726 10,374 4,352 5,168 5,118 303 5,471 7,985 (2,514) Current financial payables consist of the overdraft with the subsidiary Fiat Finance S. p. A. and short-term financing received from that company, as well as payables to factoring companies for advances on receivables. Non-current financial payables consist almost entirely of loans repayable in the 2010-2013 period granted by the subsidiary Fiat Finance S. p. A. at market rates as part of the recapitalisation of subsidiaries discussed above.At December 31, 2005 financial receivables related to short-term financing of 2,700 million euros granted to the subsidiary Fiat Finance S. p. A. and due in 2006, and to cash deposited on the current account held with that company. For a more complete analysis of cash flows, reference should be made to the Statement of Cash Flows set out on the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Reconciliation between the Parent Company’s equity and its result for the year with those of the GroupNon-current assets mainly include investments in the relevant subsidiaries of the Group. The net increase of 9,382 million euros in investments as compared to December 31, 2005 stems from net write-ups arising from the reversal of previously recognised impairment losses and recapitalisations of 6,361 million euros carried out during the year in the subsidiaries Fiat Partecipazioni S. p. A. (6,000 million euros), Fiat Netherlands Holding N. V. (121 million euros) and Comau S. p. A. (240 million euros), in order to re-balance the equity structure inside the Group and cover losses, as well as the re-purchase from Mediobanca S. . A. of 28. 6% of the shares of Ferrari S. p. A. (893 million euros) upon exercise of the call option provided for in the 2002 agreements, which brought the investment to an 85% stake. Working capital, which totalled 167 million euros, consists of inventories net of advances received, trade, tax and employee receivables/payables, other receivables/payables and provisions. The 136 million euro decrease over December 31, 2005 is mainly attributable to the refund of VAT receivables by the Tax Authorities.Stockholders’ equity at December 31, 2006 totalled 10,374 million euros, reflecting an increase of 2,389 million euros as compared to December 31, 2005 due to the positive result of the year (2,343 million euros) and other minor changes (including 28 million euros resulting from marking to market the fair value carrying amount of the Mediobanca shareholding). Pursuant to the Consob Communication of July 28, 2006, set out below is a reconciliation between the Parent Company’s equity at December 31, 2 006 and its result for the year then ended with those of the Group (Group interest). (in millions of euros) Stockholders’ equity atDecember 31, 2006 Financial Statements of Fiat S. p. A. Elimination of the carrying amounts of consolidated investments and the respective dividends from the financial statements of Fiat S. p. A. Elimination of the reversal of impairment losses (net of recognised impairment losses) of consolidated investments Equity and results of consolidated subsidiaries Consolidation adjustments: Elimination of intercompany profits and losses on the sale of investments Elimination of intercompany profits and losses in inventories and fixed assets and other adjustments Consolidated financial statements (Group interest) 2006 Net result 10,374 2,343 14,211) – 13,404 (346) (2,099) 1,229 – (205) 9,362 (41) (21) 1,065 For a more complete analysis of the changes in stockholders’ equity, reference should be made to the relevant table set out in the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Net debt totalled 4,352 million euros at December 31, 2006 compared with net liquid funds of 2,514 million euros at December 31, 2005. The use of the liquid funds balance at the beginning of the year and the subsequent accumulation of debt are the consequence of the previously mentioned recapitalisations of subsidiaries and purchase of Ferrari S. . A. shares. A breakdown of net debt is illustrated in the following table: (in millions of euros) Financial receivables, cash and cash equivalents Current financial payables Non-current financial payables Net debt (net liquid funds) 236 Financial Review of Fiat S. p. A. At December 31, 2006 At December 31, 2005 (85) 1,627 2,810 4,352 (3,076) 557 5 (2,514) Financial Review of Fiat S. p. A. 237 Income Statement (in euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investments Other operating income Personnel costsOther operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result Balance Sheet (*) Note 2006 2005 (1) 362,418,522 2,099,350,000 425,380 79,238,202 (57,899,516) (141,006,254) – (24,846,809) – 2,317,679,525 (25,695,447) 2,343,374,972 – 2,343,374,972 7,713,904 (430,788,686) (1,300,134) 72,853,610 (60,027,274) (121,360,013) 1,133,110,377 (61,685,499) 857,636,269 1,396,152,554 278,827,554 ,117,325,000 – 1,117,325,000 (2) (3) (4) (5) (6) (7) (8) (9) (10) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Income Statement of Fiat S. p. A. are included in the specific income statement schedule reported in the followi ng pages and also provided in the comments of the single items and in Note 30. (*) (in euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivablesCurrent financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payablesOther non-current liabilities Deferred tax liabili ties Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payables Total Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note At December 31, 2006 At December 31, 2005 (11) 771,530 37,252,689 14,499,594,748 20,134,319 1,573,473 – 14,559,326,759 675,599 39,658,553 5,117,531,801 5,335,175 4,501,747 – 5,167,702,875 – 154,692,452 84,173,202 626,428,489 608,105 865,902,248 – 15,425,229,007 – 215,652,499 3,075,893,885 799,919,053 95,235 4,091,960,672 – 9,259,663,547 6,377,257,130 1,540,856,410 22,590,857 446,561,763 24,138,811 6,134,851 (553,411,863) (24,138,811) 162,764,566 27,399,708 2,343,374,972 10,373,528,394 6,377,257,130 681,856,410 22,590,857 446,561,763 27,709,936 334,633 (811,736,863) (27,709,936) 134,267,390 16,102,522 1,117,325,000 7,984,558,842 18,104,487 2,810,029,000 20,000,576 3, 438,000 2,851,572,063 29,170,653 5,262,000 16,861,109 – 51,293,762 26,790,951 184,660,883 1,627,429,902 361,246,814 2,200,128,550 – 15,425,229,007 30,990,501 385,182,033 557,382,830 250,255,579 1,223,810,943 – 9,259,663,547 (12) (13) (14) (15) 10) (27) (16) (17) (18) (19) (20) (21) (22) (23) (10) (24) (25) (26) (27) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Balance Sheet of Fiat S. p. A. are included in the specific balance sheet schedule reported in the following pages and also provided in the comments of the single items and in Note 30. 238 Fiat S. p. A. Financial Statements at December 31, 2006 Fiat S. p. A. Financial Statements at December 31, 2006 239 Statement of Changes in Stockholders’ Equity Statement of Cash Flows (in thousands of euros) 2006 2005 (in thousands of euros)A) Cash and cash equivalents at beginning of period B) Cash flows from (used in) operating activities durin g the period: Net result for the period Amortisation and depreciation Non-cash gain from extinguishment of the Mandatory Convertible Facility Non-cash stock option costs (Impairment losses) reversals of impairment losses of investments Capital losses/gains on the disposal of investments Change in provisions for employee benefits and other provisions Change in deferred taxes Change in working capital Total C) Cash flows from (used in) investment activities: Investments: – Recapitalisations of subsidiaries – AcquisitionsOther investments (tangible and intangible assets and other financial assets) Proceeds from the sale of: – Investments – Other non-current assets (tangible, intangible and other) Total D) Cash flows from (used in) financing activities: Change in current financial receivables Change in non-current financial payables Change in current financial payables Capital increase Sale of treasury stock Dividend distribution Total E) Total change in cash and cash equivalents F) Cash and cash equivalents at end of period 495 325 2,343,375 2,882 – 11,297 (2,099,350) (329) 7,990 3,438 151,872 421,175 1,117,325 2,918 (859,000) 10,041 430,789 (93) ,100 277,000 (76,028) 905,052 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity At December 31, 2004 Capital increase for conversion of the Mandatory Convertible Facility 4,918,113 – 22,591 446,562 26,413 1,632 (813,435) (26,413) 74,397 6,062 2,141,000 Valuation of stock option plans and other changes Net result for the period At December 31, 2005 10,442 1,117,325 1,117,325 ,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Valuation of stock option plans and other changes Net result for the period At December 31, 2006 1,459,144 681,856 4,655,922 Fair value adjustments recognised directly in equity 1,297 (1,297) 1,698 (1,297) 59,870 10,041 59,870 (*) (*) Treasury stock at December 31, 2005 consists of 4,331,708 ordinary shares for a total nominal value of 21,659 thousand euros. (6,361,126) (919,412) (15,529) (165,193) – (1,808) 2,357 313 (7,293,397) (a) – 261 (166,740) 2,991,721 2,804,767 1,070,047 – 5,800 – 6,872,335 113 608 (753,091) – 14,548 – 401 – 738,142) 170 495 At December 31, 2005 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Allocat ion of the net result for the prior period Fair value adjustments recognised directly in equity 859,000 (3,571) 5,800 258,325 3,571 28,497 11,297 (1,117,325) – 28,497 2,343,375 2,343,375 7,097 6,377,257 1,540,856 22,591 446,562 24,139 6,135 (553,412) (24,139) (*) 162,764 27,400 2,343,375 10,373,528 (*) Treasury stock at December 31, 2006 consists of 3,773,458 ordinary shares for a total nominal value of 18,867 thousand euros. (a) In 2005, the item â€Å"Capital increase† is shown net of the repayment of the Mandatory Convertible Facility (3 billion euros), as it did not give rise to cash flows. Statement of total recognised income and expenses for 2006 and 2005 (in thousands of euros) Gains (losses) recognised directly in the fair value reserve (investments in other companies) Gains (losses) recognised directly in equityTransfer from cash flow hedge reserve Net result for the period Total of recognised income (expense) for the period 240 Fiat S. p. A. Financial Stateme nts at December 31, 2006 2006 2005 28,497 28,497 – 2,343,375 2,371,872 58,958 58,958 912 1,117,325 1,177,195 Fiat S. p. A. Financial Statements at December 31, 2006 241 Income Statement Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 pursuant to Consob Resolution No. 15519 of July 27, 2006 (in thousands of euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investmentsOther operating income Personnel costs Other operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result 242 Fiat S. p. A. Financial Statements at December 31, 2006 Note 2006 (1) 362,419 2,099,350 425 79,238 (57,900) (141,006) – (24,847) – 2,317,679 (25,696) 2,34 3,375 – 2,343,375 (2) (3) (4) (5) (6) (7) (8) (9) (10) of which Related parties (Note 30) 33,200 (51,901) (17,765) 2005 7,714 430,789) (1,300) 72,854 (60,027) (121,360) 1,133,110 (61,685) 857,636 1,396,153 278,828 1,117,325 – 1,117,325 of which Related parties 24,256 (54,477) 106,259 (in thousands of euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivables Current financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stockAdditional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock o ption reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payables Other non-current liabilities Deferred tax liabilities Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payablesTotal Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note (11) (12) (13) (14) (15) (10) (27) (16) (17) (18) (19) At December 31, 2006 772 37,253 14,499,595 20,134 1,573 – 14,559,327 – 154,692 84,173 626,429 608 865,902 – 15,425,229 of which Related parties (Note 30) 10,029 2,408 84,173 146,908 At December 31, 2005 of which Related parties 676 39,658 5,117,532 5,335 4,502 – 5,167,703 5,262 – 215,652 3,075,894 799,920 495 4,091,961 – 9,259,664 7,687 3,075,894 106,007 (20) 6,377,257 1,540,856 22,591 4 46,562 24,139 6,135 (553,412) (24,139) 162,765 27,400 2,343,375 10,373,529 21) (22) (23) (10) (24) (25) (26) (27) 18,104 2,810,029 20,001 3,438 2,851,572 26,791 184,661 1,627,430 361,246 2,200,128 – 15,425,229 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 2,810,029 – 17,801 1,405,554 319,078 29,171 5,262 16,861 – 51,294 30,991 385,182 557,383 250,255 1,223,811 – 9,259,664 5,262 2,622 4,975 434 215,379 Fiat S. p. A. Financial Statements at December 31, 2006 243 Notes to the Financial Statements Principal activities Fiat S. p. A. (the â€Å"Company†) is a corporation organised under the laws of the Republic of Italy and is the Parent Company f the Fiat Group, holding investments, either directly or indirectly through subholdings, in the capital of the parent companies of business Sectors in which the Fiat Group operates. The head office of the company is in Turin, Italy. The financial statements of Fiat S. p. A. are prepared in euros which is the currency of the economic environment in which the company operates. The Balance Sheet and Income Statement are presented in euros, while the Statement of Cash Flows, the Statement of Changes in Stockholders’ Equity, the Statement of Total Recognised Income and Expenses and the amounts stated n the Notes are presented in thousands of euros, unless otherwise stated. As the Parent Company, Fiat S. p. A. has additionally prepared the consolidated financial statements of the Fiat Group at December 31, 2006. Significant accounting policies Basis of preparation The 2006 financial statements are the separate financial statements of the Parent Company, Fiat S. p. A. , and have been prepared in accordance with the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) and adopted by the European Union.The designation â€Å"IFRS† also includes all the revised International Accounting Standards (â€Å"IAS†) and all the interpretations of the International Financial Reporting Interpretations Committee (â€Å"IFRIC†), previously known as the Standing Interpretations Committee (â€Å"SIC†). In compliance with European Regulation no. 1606 of July 19, 2002, starting from 2005 the Fiat Group has adopted the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) for the preparation of its consolidated financial statements. On the basis of national legislation implementing that Regulation, he annual statutory accounts of the Parent Company Fiat S. p. A. as of December 31, 2006 have been prepared for the first time also using those accounting standards. As a consequence the Parent Company Fiat S. p. A. is presenting its financial statements for 2006 and its comparative figures for the prior year in accordance with IFRS. The accou nting principles applied are the same as those used in the preparation of the Company’s Balance Sheets at January 1, 2005 and December 31, 2005 and its 2005 Income Statement in accordance with IFRS; these statements are provided in theAppendix attached to these Notes, to which reference should be made. The Appendix provides reconciliations of the Company’s equity and Income Statement reported under its previous accounting principles (Italian accounting principles) and IFRS, together with Notes, as required by IFRS 1 – Firsttime adoption of IFRS. Certain reclassifications have been made with respect to the figures published in the Appendix to the 2006 First-half Report. The comparative figures for the previous period were consequently reclassified. These reclassifications have no effect on the net result or stockholders’ equity.The financial statements have been prepared on a historical cost basis, modified as required for measuring certain financial instr uments. Format of the financial statements Fiat S. p. A. presents an Income Statement using a classification based on the nature of its revenues and expenses given the type of business it performs. The Fiat Group presents a Consolidated Income Statement using a classification based on function, as this is believed to be more representative of the format selected for managing the business sectors and for internal reporting purposes and is coherent with international practice in the automotive sector.Fiat S. p. A. has elected to present current and non-current assets and liabilities as separate classifications on the face of the Balance Sheet. A mixed format has been selected by the Fiat Group for the Consolidated Balance Sheet, as permitted by IAS 1, presenting only current and non-current assets separately. This decision has been taken in view of the fact that both companies carrying out industrial activities and those carrying out financial activities are consolidated in the 244 Fi at S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Group’s financial statements.The investment portfolios of financial services companies are included in current assets in the Consolidated Balance Sheet, as the investments will be realised in their normal operating cycle. Financial services companies, though, obtain funds only partially from the market: the remaining are obtained through the Group’s treasury companies (included in industrial companies), which lend funds both to industrial Group companies and to financial services companies as the need arises. This financial service structure within the Group means that any attempt to separate current and non-current debt in the Consolidated BalanceSheet cannot be meaningful. This has no effect on the presentation of the liabilities of Fiat S. p. A. Assets are depreciated using the policies and rates described below. Lease arrangements in which the lessor maintains substanti ally all the risks and rewards incidental to the ownership of an asset are classified as operating leases. Lease payments under an operating lease are recognised as an expense on a straightline basis over the lease term. Depreciation Depreciation is charged on a straight-line basis over the estimated useful lives of assets as follows:The statement of cash flows has been prepared using the indirect method. In connection with the requirements of the Consob Resolution No. 15519 of July 27, 2006 as to the format of the financial statements, specific supplementary Income Statement and Balance Sheet formats have been added for related party transactions, so as not to compromise the overall reading of the statements. Annual depreciation rate Buildings Plant Furniture Fixtures Vehicles 3% 10% 12% 20% 25% Land is not depreciated. Intangible assets Impairment of assets Purchased and internally-generated intangible assets are ecognised as assets in accordance with IAS 38 – Intangible As sets, where it is probable that the use of the asset will generate future economic benefits and where the cost of the asset can be determined reliably. The company reviews at least annually the recoverability of the carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates, in order to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the carrying amount of an asset is written down to its recoverable amount.The recoverable amount of an asset is the higher of fair value less costs to sell and its value in use. Intangible assets with finite useful lives are measured at purchase or manufacturing cost, net of amortisation charged on a straight-line basis over their estimated useful lives and net of any impairment losses. Property, plant and equipment Cost Property, plant and equipment is measured at purchase or manufacturing cost, net of accumulated depreci ation and any impairment losses, and is not revalued. Subsequent expenditures are capitalised only if they increase the future economic benefits embodied in the asset to which hey relate. All other expenditures are expensed as incurred. In particular, in assessing whether investments in subsidiaries and associated companies have been impaired, their recoverable amount has been taken as their value in use, as the investments are not listed and a market value (fair value less costs to sell) cannot be reliably measured. The value in use of an investment is determined by estimating the present value of the estimated cash flows expected to arise from the results of the investment and from the estimated value of its ultimate disposal, in line with the requirements of paragraph 33 of IAS 28.Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 245 When an impairment loss on assets subsequently reverses or decreases, the carrying amount of the as set or cash-generating unit is increased up to the revised estimate of its recoverable amount, but not in excess of the carrying amount that would have been recognised had no impairment loss been recorded. The reversal of an impairment loss is recognised immediately in income. Measurement Financial instruments Investments in subsidiaries and associates are tested for mpairment annually and if necessary more often. If there is any evidence that these investments have been impaired, the impairment loss is recognised directly in the Income Statement. If the company’s share of losses of the investee exceeds the carrying amount of the investment and if the company has an obligation to respond for these losses, the company’s interest is reduced to zero and a liability is recognised for its share of the additional losses. If the impairment loss subsequently no longer exists it is reversed and the reversal is recognised in the income statement up o the limit of the cost of the investment. Presentation Financial instruments held by the company are presented in the Balance Sheet as described in the following: I Non-current assets: Investments, Other financial assets, Other non-current assets. I Current assets: Trade receivables, Current financial receivables, Other current receivables, Cash and cash equivalents. I Non-current liabilities: Non-current financial payables, Other non-current liabilities. Current liabilities: Trade payables, Current financial payables (including payables for advances on the sale of receivables), Other payables. IThe item â€Å"Cash and cash equivalents† consists of cash and deposits with banks, units with liquidity funds and other highly traded securities that are readily convertible to cash and which are subject to an insignificant risk of changes in value. The liability relating to financial guarantee contracts is included in Non-current financial payables. The term financial guarantee contracts refers to contracts und er which the company guarantees to make specific payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.The present value of the related receivable for any outstanding commissions is classified in Non-current financial assets. Investments in subsidiaries and associates are stated at cost adjusted for any impairment losses. The excess on acquisition of the purchase cost and the share acquired by the company of the investee company’s net assets measured at fair value is, accordingly, included in the carrying value of the investment. Investments in other companies, comprising non-current financial assets that are not held for trading (available-forsale financial assets), are initially measured at fair value.Any subsequent profits and losses resulting from changes in fair value, arising from quoted prices, are recognised directly in equity until the investment is sold or is impaired; the total profits and losses recognised in equity up to that date are recognised in the Income Statement for the period. Minor investments in other companies for which a market quotation is not available are measured at cost, adjusted for any impairment losses. Other financial assets for which the company has the intent o hold to maturity are recognised on the trade date and are measured at purchase price (being representative of fair value) on initial recognition in the Balance Sheet, inclusive of transaction costs other than in respect of assets held for trading. These assets are subsequently measured at amortised cost using the effective interest method. 246 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Other non-current assets, Trade receivables, Current financial receivables and Other current receivables, excluding assets eriving from derivative financial instruments and all financial assets for which quotations on an active market are not available and whose fair value cannot be reliably determined are measured at amortised cost using the effective interest method if they have a pre-determined maturity. If financial assets do not have a predetermined maturity they are measured at cost. Receivables with a due date beyond one year that are non-interest bearing or on which interest accrues at below market rate are discounted to present value using market rates.Valuations are performed on a regular basis with the purpose of verifying if there is objective evidence that a financial asset, taken on its own or within a group of assets, may have been impaired. If objective evidence exists, the impairment loss is recognised as a cost in the Income Statement for the period. Non-current financial payables, Other non-current liabilities, Trade payables, Current financial payables and Other payables are measured on initial recognition at fair value (normally represented by the cost of the transaction), in cluding any transaction costs.Financial liabilities are subsequently measured at amortised cost using the effective interest method, except for derivative financial instruments and liabilities for financial guarantee contracts. Financial liabilities hedged by derivative instruments are measured according to the hedge accounting criteria applicable to fair value hedges; gains and losses resulting from subsequent measurement at fair value, caused by fluctuations in interest rates, are recognised in the Income Statement and are set off by the effective portion of the gain or loss resulting from the respective valuation of the hedging instrument at fair value.Liabilities for financial guarantee contracts are measured at the higher of the estimate of the contingent liability (determined in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets) and the amount initially recognised less any amount released to income over time. Derivative financial instrume nts Derivative financial instruments are used solely for hedging purposes, for the purpose of reducing foreign exchange rate risk, interest rate risk and the risk of fluctuations in market prices. In accordance with the conditions of IAS 39, derivative inancial instruments qualify for hedge accounting only when, at the inception of the hedge, there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly effective, the effectiveness can be reliably measured and the hedge is actually highly effective throughout the financial reporting periods for which it was designated. All derivative financial instruments are measured at fair value, in accordance with IAS 39. When financial instruments have the characteristics to qualify for hedge accounting the following accounting treatment is dopted: I Fair value hedge – If a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognised asse t or liability that is attributable to a particular risk that could affect the Income Statement, the gain or loss resulting from remeasuring the hedging instrument at fair value is recognised in the Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognised in the Income Statement. Cash flow hedge – If a derivative financial instrument is esignated as a hedge of the exposure to variability in the future cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect the Income Statement, the effective portion of the gain or loss on the derivative financial instrument is recognised directly in equity. The cumulative gain or loss is reversed from equity and reclassified into the Income I Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 247 Statement in the period in which the hedged transaction is recognised.Gains or losses associated with a hedge (or part of a hedge) which is no longer effective are immediately recognised in the Income Statement. If a hedging instrument or a hedging relationship is terminated, but the transaction being hedged has not yet occurred, the cumulative gains and losses recognised in equity until that time are recognised in the Income Statement at the time the transaction occurs. If a hedged transaction is no longer considered probable, the unrealised gains and losses that remain in equity are immediately recognised in the Income Statement. ividing the costs incurred by the total costs forecast for the whole construction). Any losses expected to be incurred on contracts are fully recognised in the Income Statement and as a reduction in contract work in progress when they become known. If hedge accounting cannot be used, the gains and losses resulting from changes in the measurement of the derivative financial instrument at fair value are immediatel y recognised in the Income Statement. Sales of receivables Inventory Inventory consists of work in progress on specific contracts and in particular relates to long-term construction contracts signed by Fiat S. . A. with Treno Alta Velocita – T. A. V. S. p. A. under which Fiat S. p. A. as general contractor performs the coordination, organisation and management of the work. Work in progress refers to activities carried out directly and is measured by applying the percentage of completion to the contract fee, thereby recognising the margins deriving from the work performed to date. The cost to cost method is used to determine the percentage of completion of a contract (by Any advances received from customers for services performed are presented as a reduction in inventory.If the amount of advances exceeds inventory, the excess is recognised as Advances in the item Other payables. Receivables sold in factoring operations are derecognised from assets if and only if the risks and rewards relating to their ownership have been substantially transferred to the buyer. Receivables sold with recourse and without recourse that do not satisfy this condition remain in the company’s Balance Sheet even if they have been sold from a legal point of view; in this case, an obligation of the same amount is recognised as a liability for the advances received.Assets held for sale Any amounts in this item will consist of non-current assets (or assets and liabilities included in disposal groups) whose carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale (or disposal groups) are measured at the lower of their carrying amount and fair value less disposal costs. Employee benefits The expense related to the reversal of discounting pension obligations for defined benefit plans are reported separately as part of the Group’s financial expense. Post-employment plansThe company provides pension pl ans and other postemployment plans to its employees. The pension plans for which the company has an obligation under Italian law are defined contribution plans, while the other post-employment plans, for which the company generally has an obligation under national collective bargaining agreements, are defined benefit plans. The payments made by the company for defined contribution plans are recognised in the Income Statement as a cost when incurred. Defined benefit plans are based on the employees’ working lives and on the salary or wage received by the employee over a predetermined period of service.The employees’ severance indemnity (trattamento di fine rapporto or TFR) is considered to be a defined benefit plan and is accounted for in the same way as other defined benefit plans. The company’s obligation to fund defined benefit plans and the annual cost recognised in the Income Statement are determined by independent actuaries using the projected unit credit m ethod. The portion of net actuarial gains and losses at the end of the previous reporting period that exceeds the greater of 10% of the present value of the defined benefit bligation and 10% of the fair value of the plan assets at that date is deferred and recognised over the remaining working lives of the employees (the â€Å"corridor method†); the portion of actuarial gains and losses that does not exceed this threshold is deferred. In the context of IFRS first-time adoption, the company elected to recognise all cumulative actuarial gains and losses at January 1, 2004 (date of first-time adoption of IFRS by the Fiat Group), although it has adopted the corridor method for those arising subsequently. 248 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial StatementsThe liability for obligations arising under defined benefit plans and due on termination of the employment contract represents the present value of the obligation adjusted by act uarial gains and loses deferred as the result of applying the corridor approach and by past service costs for employee service in prior periods that will be recognised in future years. Other long-term benefits The accounting treatment of other long-term benefits is the same as that for post-employment benefit plans except for the fact that actuarial gains and losses and past service costs are fully ecognised in the Income Statement in the year in which they arise and the corridor method is not applied. Equity compensation plans The company provides additional benefits to certain members of top management and to certain employees through equity compensation plans. Under IFRS 2 – Share-based Payment, these plans are a component of employee remuneration whose cost is measured by the fair value of the stock options at the grant date recognised in the Income Statement on a straight-line basis from the grant date to the vesting date, with a counter entry to equity.Changes in fair v alue after the grant date do not have any effect on the initial measurement. The company has applied the transitional provisions of IFRS 2 and as a result the Standard is applicable to all stock option plans granted after November 7, 2002 but which had not yet vested by January 1, 2005, the effective date of the Standard. Detailed disclosures are also provided for plans granted before that date. Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 249 Taxes Use of estimatesThe company recognises provisions when it has a legal or constructive obligation to third parties, when it is probable that the settlement of the obligation will require the outflow of resources and when a reliable estimate can be made for the amount of the obligation. The tax charge for the period is determined on the basis of prevailing laws and regulations. Income taxes are recognised in the Income Statement other than those relating to items credited or charged dir ectly to equity, in which case income taxes are also recognised directly in equity.Changes in estimates are recognised in the Income Statement for the period in which the change occurs. Deferred tax assets and liabilities are determined on the basis of all the temporary differences between the carrying amount of an asset or liability in the Balance Sheet and its corresponding tax basis. Deferred tax assets resulting from unused tax losses and temporary differences are recognised to the extent that it is probable that future taxable profit will be available against which they can be utilised.Current and deferred income taxes and liabilities are offset when there is a legally enforceable right to offset. Deferred tax assets and liabilities are measured by using the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. The preparation of financial statements and related disclosures that conform to IFRS requires management to make est imates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and iabilities at the date of the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for depreciation and amortisation, impairment losses and reversals of impairment losses on investments, the margins earned on construction contracts, employee benefits, taxes and provisions. Estimates and assumptions are reviewed periodically and the effects of any changes are recognised in the period in which the estimate is revised if the revision ffects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Provisions Treasury stock The cost of purchase of treasury stock is accounted for as a reduction of equity. The effects of any subsequent transactions with those shares are similarly recognised directly in equity. Dividends received and receivable Di vidends received and receivable from investments are recognised in the Income Statement when the right to receive the payment of this income is established and only if declared from post-acquisition net income.If dividends are declared from pre-acquisition net income, those dividends are deducted from the cost of the investment. Revenue recognition Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and when the amount of revenue can be measured reliably. Revenue is presented net of any adjusting items. Revenue from services and revenue from construction contracts is recognised by reference to the stage of completion (the percentage of completion method).Revenues arising from royalties are recognised on an accrual basis in accordance with the terms of the relevant agreement. Financial income and expenses Financial income and expenses are recognised and measured in the Income Statement on an accrual basis. Fiat S. p. A. and almost a ll its Italian subsidiaries have elected to take part in the national tax consolidation programme pursuant to articles 117/129 of the Consolidated Income Tax Act (T. U. I. R. ); the election has been made for a three year period beginning in 2004.Fiat S. p. A. acts as the consolidating company in this programme and calculates a single taxable base for the group of companies taking part, thereby enabling benefits to be realised from offsetting taxable income and tax losses in a single tax return. Each company participating in the consolidation transfers its taxable income or tax loss to the consolidating company and Fiat S. p. A. recognises a receivable from that company for the amount of IRES corporate income tax paid over on its behalf. In the case of a company