Adam Smith And Karl Marx s Views On The Deregulation Of...

ECON1401 Written Assignment 2: Adam Smith and Karl Marx’s Views on the Deregulation of University Fees INTRODUCTION The Abbott government’s recent proposal for deregulation of university fees in Australia has brought about much controversial debate. Under current policy, university fees are set at a fixed rate, in which a price ceiling is placed on the amount universities can charge students and with no interest on student loans. The new proposal to deregulate these fees eliminates the price ceiling and gives universities the freedom to set tuition fees at any level they see fit. This holds two possible implications: (1) this would increase competition between universities and drive fees down; or (2) the freedom granted to universities†¦show more content†¦Smith started a career as a lecturer at both Oxford University and the University of Glasgow. The turning point of his life to revolutionary change was in 1764, when he became the tutor of a young duke and travelled with him around Europe for more than two years. It was this trip that not only gave him the opportunity to meet man y other great thinkers, but it also provided him with enough money to return home and focus on producing his most famous book, Wealth of Nations (1776) . The value of Wealth of Nations did not lie on the presented ideas being original, but it rested on the brilliant way in which Smith organized and fitted the different ideas from different thinkers into one massive masterpiece – like a completed jigsaw puzzle, his work has been described as a comprehensive landscape of economics . His work and contribution to the world of economics made him the ‘Father of Economics’ and inspired many economists after him such as David Ricardo and Thomas Malthus. Essentially, Smith’s arguments were focused on the rationale that individuals were all motivated by self-gain and a desire for wealth. In other words, individuals will act or perform tasks for the purposes of gaining a benefit or increasing his/her wealth. As quoted from Wealth of Nations, â€Å"it is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest† . Smith argued that this sort of behaviour

Unit 4222-245 Understand the Context of Supporting...

Unit 4222-245 Understand the context of supporting individuals with learning disabilities Outcome 1 Understand the legislation and policies that support the human rights ind inclusion of individuals with learning disabilities 1.identify legislation and policies that are designed to promote the human rights, inclusion, equal life chances and citizenship of individuals with learning disabilities One of the main causes of discrimination is the fear and lack of understanding of others because they are different. In order to prevent discrimination it is important to value people and treat them differently in order to meet their different needs. -Human Rights Act 1998 become law in 2000 gives people rights that there were intended to†¦show more content†¦Among people who have learning disability, in about 50% of causes has been identifies. In people with severe learning disability the rate of â€Å"not know â€Å"cases is around 25%. 5.describe the possible impact on a family of having a member with learning disability To find that a member a family has learning difficulty is a huge shock for the rest of the family and brings emotions and new challenges. Living with a disabled person can have profound effects on the entire family–parents, siblings(brothers and sisters).For parents, having a disabled child -may increase stress -it will bring mental and physical problems, -make it difficult to find appropriate and affordable child care -will bring financial problems - bring problems in relationship/tensions in family -affect decisions about work, education of the other children or having other children. All of these potential effects could have repercussions for the quality of the relationship between the parents and it can divide the family. Outcome 3 Understand the historical context of learning disability 1.explain the types of service that have been provided for individuals with learning disabilities over time In the past most of the people with learning disabilities suffered regularly from discrimination. All to often people with learning disabilities arent considered worth living and they are the subject ofShow MoreRelatedEssay on LD 201 Supporting People with LD3456 Words   |  14 Pagesï » ¿ Understand the context of supporting an individual with learning disabilities 4200-209 4222-245 (LD 201) Level 2 Credits 4 Guided learning hours 35 Assessment document K/601/5315 This Assessment belongs to the following qualifications: Qual: Unit: Award in supporting individuals with learning disabilities 4200-21 209 Certificate in supporting individuals with learning disabilities 4200-22 209 Award in supporting individuals with learning disabilities Read MoreUnit 201 Essay954 Words   |  4 PagesUnit 4222-245 Understand the context of supporting individuals with learning disabilities (LD 201) OUTCOME 1 Understand the legislation and policies that support the human rights and inclusion of individuals with learning disabilities. 1.1. Identify four legislation and policies that are designed to promote the human rights, inclusion, equal life chances and citizenship of individuals with learning disabilities National Health Service and Community Care Act 1990; Disability DiscriminationRead MoreMedicare Policy Analysis447966 Words   |  1792 PagesSubtitle F—Relation to Other Requirements; Miscellaneous TITLE III—HEALTH INSURANCE EXCHANGE AND RELATED PROVISIONS Subtitle A—Health Insurance Exchange Subtitle B—Public Health Insurance Option Subtitle C—Individual Affordability Credits TITLE IV—SHARED RESPONSIBILITY Subtitle A—Individual Responsibility Subtitle B—Employer Responsibility TITLE V—AMENDMENTS TO INTERNAL REVENUE CODE OF 1986 Subtitle A—Shared Responsibility Subtitle B—Credit for Small Business Employee Health Coverage Expenses

Cyber Law Its Implementation in Nepal Free Essays

string(294) " of justice and in establishment of habit of obedience in law are the very reason \(along with fact of being once ruled by England or, having accepted Common Law\) that has led a number of countries like America, Australia, Austria, Belgium, Canada, Greece and so on to accept the Jury System\." Research Proposal on A COMPARATIVE PROPOSAL FOR TRIAL BY JURY IN NEPALI LEGAL SYSTEM Submitted to BA/LLB Programme Nepal Law Campus Faculty of Law Tribhuvan University Submitted by SauravNath Pant BA/LLB, 3rd Year Roll No. 13 Section: A March 3, 2013 1. 1 Introduction I have always been a firm believer in trial by jury. We will write a custom essay sample on Cyber Law: Its Implementation in Nepal or any similar topic only for you Order Now Somehow it is ingrained in me. As it is in most Englishmen. It is a lesson which has been handed down from one generation to another during the last 800 years. The trial by jury – a tradition held dear to the British – is a legal proceeding in which a jury either makes a decision or, makes findings of fact which are then applied by a judge. It usually comprises of 12 men. The jury system is a system developed in the Common Law, taken as its integral part which mandates that â€Å"No free man shall be captured and or, imprisoned or, disseised of his freehold and or, exiled, or in any way destroyed, nor will we proceed against him by force or proceed against him by arms, but by the lawful judgement of his peers. † The Jury System can be traced back upto the Greek and the Roman era. The Greeks were succeeded by the Romans while the Roman Empire collapsed. But it is largely the British System that has embodied the Jury System and established it as a tradition of the Common Law System. King William – the Conqueror established the Norman Dynasty in England by his conquest of England in 1066. The Jury System was introduced by a Norman King in England. One day the King was watching the justice delivery process, and noticed that a single judge could not always impart fair justice. Hence he observed that twelve laymen could give better justice than a judge. As a result he asked his advisors to compose a jury of 12 people along with a judge to settle the disputes filed at the court of law. The Magna Carta of 1215 further secured trial by jury stating that, * For a trivial offence, a free man shall be fined only in proportion to the degree of his offence, and for a serious offence correspondingly, but not so heavily as to deprive him of his livelihood. In the same way, a merchant shall be spared his merchandise, and a husbandman the implements of his husbandry, if they fall upon the mercy of a royal court. None of these fines shall be imposed except by the assessment on oath of reputable men of the neighbourhood. * Earls and barons shall be fined only by their equals, and in proportion to the gravity of their offence. * To any man whom we have deprived or dispossessed of lands, castles, liberties, or rights, without the lawful judgement of his equals, we will at once restore these. * If we have deprived or dispossessed any Welshmen of lands, liberties, or anything else in England or in Wales, without the lawful judgement of their equals, these are at once to be returned to them. A dispute on this point shall be determined in the Marches by the judgement of equals. English law shall apply to holdings of land in England, Welsh law to those in Wales, and the law of the Marches to those in the Marches. The Welsh shall treat us and ours in the same way. It has already been stated that the history of Jury System covers over a period of 800 years. During that period the Jury System developed, and changed with time but never discarded. Some instances of its course of development is given below: 1. The Principle of Unanimous: This principle was established in 1367 and it lasted for 600 years until 1967. In 1967, the parliament altered it. The verdict was held valid if the majority was ten to two. 2. The jury were kept without food, heat or light once they retired to consider their verdict. The time –hallowed formula was, ‘Without meat, drink, fire or candle’ 3. Once only reasonable men (with some qualifications) were allowed to sit as juror. Now all people, men or , women, deaf or , blind, honest or, dishonest could sit as jurymen. All who are 18 years of age and are listed to the voter’s list are qualified as jury men. Yes, in the past 800 years or, so the Jury System has changed a lot. So much so that Lord Denning himself considers 19th century to be the golden age of Trial by Jury. But it is not these changes that have led Lord Blackstone in his lectures in 1758 to say: ‘Trial by jury ever has been, and I trust ever will be, looked upon as the glory of the English law†¦. It is the most transcendent privilege which any subject can enjoy, or wish for, that he cannot be affected either in his property, his liberty, or his person, but by the unanimous consent of twelve of his neighbours and equals’ It is the cases decided by the Jury and the way in which one man may be convicted. A person may only be convicted if his equals (or, in the broad sense- the society) finds him to be guilty. Instances have been recorded where the Jury has upheld justice worked for the development of human rights, and even acted as an important check against the state power. The cases will be discussed later but a special mention to the case of ‘the King’s Brewer and the Seven Bishops’ is to be made here. The verdict of the Jury defied the powers of the king and sent the whole of the country into partying. Also the system brings forth the sense of High Drama, into the courtroom. Nevertheless, the advantages offered such as giving ordinary folks their most useful lessons in citizenship, giving the people an active and decisive part in the administration of justice and in establishment of habit of obedience in law are the very reason (along with fact of being once ruled by England or, having accepted Common Law) that has led a number of countries like America, Australia, Austria, Belgium, Canada, Greece and so on to accept the Jury System. You read "Cyber Law: Its Implementation in Nepal" in category "Essay examples" Our good motherland, Nepal however has not accepted the Jury System everthough following a moreover mined form or, in its own way a unique form of legal system which is seen to be highly dominated by the Common Law System. 1. 2 Statement of Problem It is a matter of fact that we find in Nepal the large dominance of the Common Law System. Moreover we can say that Nepal has accepted the Common Law System at large. The characteristic feature of the Common Law System such as precedent, the role of the judge, the role of the lawyers, the power in the judges to make the law and also the power in the judge to interpret and enlarge the scope of the law and so on are found in the Neaplese law. They do show the high influence of the Common Law system into the Nepali Legal System. But one major characteristic trait still remains to be embodied into the Nepali Legal Systems, i. e, the Jury System. The notion to forward the need of Jury system in Nepal can also be done through a little change in the consideration. In many countries of continental Europe and Japan the belief that ‘a single judge is not a judge’ has played significant role in strengthening the quality of justice, therefore they normally compose the bench of three judges even at the trial level. At the appellate level hearing by more than half a dozen judges is a common legal practice. This concept of plural adjudication has not been yet accepted in Nepal, exception to the Supreme Court and Appellate Court where normally two judges decide the case. At the trial level, till today, the case is being decided by one judge, which leads to cause imperfect justice and therefore some sort of dis-satisfaction in the people as seen in Nepal. However, here we necessarily do not need to imply that the Jury system as seen in England is necessary but we may say more definitely and positively, for example: Japanese did not follow the Jury System but accepted the idea of securing assistance from the assistant judges and study groups. Instead of Jury, the Chinese accepted the concept of People Assessors and Judicial Committees making them responsible to find the truth in the case. Even the Indian courts, on some ocassions, have begun to compose such study groups and accept the rule of public participation particularly in the LokAdalat. Public participation is an important aspect for the growth in the Judicial culture. Here the Jury will pay a great role to develop public confidence toward justice system. Our system in delivery in justice is incomplete and the incomplete thing could not give complete achievement. Hence, is it not reasonable for Nepal to accept the Jury System? Similarly, the research paper also looks to find the answer to whether creation public participation can cause to solve the dissatisfaction seen towards the Judicial system. In Nepal, we also have the problem of taking any concept as an end and not as a means towards an end. The research paper will also look to give solution towards how we can establish the Jury System as a means towards an end and thus find solution towards some of the existing problems in the Judiciary. It looks to give suggestion towards the form in which we can apply the Jury System in Nepal. 1. Hypothesis History is the past wisdom and a storehouse of knowledge. It helps to understand the past, the coming up to the present time and also predict for the future. Nepal is a lucky country as historically she is very rich. The history of Nepal seems to date back way before the time of Lord Krishna and Mahabharata. We also find the mentioning of Nepal in the Vedas. Nepal may not have the concept as known to the world by the name of Jury System. But Nepal certainly has the fundamental notion of the Jury System known to her and to the history as the Panchayat. The adjudication of dispute by the people themselves was done in the Kirat and Lichhavi period through Panchalika and Grampanchayat. This concept fundamental to our land had been lost and resurrected by King Mahendra in the 2019 B. S. constitution. So, it is not necessary as a whole to name the concept next to be introduced in the Judicial System as the Jury System but we can always give the name retaining the portion of history and culture and giving it to some extent the Nepali touch. The concept can be ours and we can always borrow the wisdom of Great Britain for practical usage. Hence, basically the merging up of the system into the Judiciary will give rise to our own set of the Jury System. The 2019 B. S. Constitution had established the various level of Panchayat formally. It was taken moreover as an Administrative body than a judicial one. It had some judicial function. It will only be doing justice to the history if we are to summon once again the local people as Panchayat to participate in the justice administration as a variation of the Jury System. Similarly, while looking towards the notion through the economic standpoint, we are to look at the history of the system in Britain. Its development will certainly give solution to the problem. If we are not to accept the whole developed form and research upon the form in which we can accept, then and only then can we establish the Jury System to serve as a means towards an end. The system should suit the country and be accepted by taking into consideration the conditions prevalent in Nepal. The functioning of the system should also be somewhat which will suit our country. For example: we should be able to decide what to what ratio verdict will convict the accused. Similarly, the qualification should also be made taking into consideration of the people. For example: at first instance, all should be qualified but only for the small types of crime. For complex cases of fraud, expert panel should be created or, at least people who can understand should be selected. The internal functioning should be designed to meet the need. The key issue in the research will be amalgamating tradition into the jury, establishing a more need suited Jury System taking into consideration the country as a whole and also to find solution to the economic problem that may arise from accepting the Jury System. However, initially the research paper will establish the Jury System as a positive way forward. 1. 4 General and Specific Objective The objective in general of this study is to establish the need of jury system in the judicial organ of the State and establish it as a positive way forward for the country. The research paper will look to show how this time tested formula will help the people and the State as a whole. At first instance the Jury System looks to work as a check against the State power. But side-by-side it also will be educating the people. The study has the following three specific objectives: 1. To study and recommend ways by which the jury can be made economically viable. 2. To suggest the way in which the Panchayat concept and the jury system be amalgamated in order to form an Anglo-Nepal hybrid Jury System. 3. The research paper will also look to furnish the plan of action: such as the majority needed for conviction, the expertise needed to sit as a juror in complex cases and/or, political cases, the way in which prejudices can be removed and so on. 1. 5 Rationale of Study The main rationale of the study is the need to analyse the Jury system – its pros and cons, its obstacle for acceptance in Nepal and possible solutions and the format in which it is to be applied. Similarly, the research paper also looks to analyse how the acceptance will affect the Judiciary, common people and the nation as a whole. 1. 6 Limitations of Study This study is limited to comparative analysis of the pros and cons of the jury system. This study is also limited in the historical analysis of our own variation of the jury system along with economic problem and the form in which the clay is to be moulded i. . , the working analysis of the system. 1. 7 Research Methodology This study is based on doctrinal method of scientific research. Hence the research methods of field survey and primary empirical data gathering are not applied. Rather it is textually driven. 1. 8 Organisation of Study For the purpose of conducting the study on the topic, the Seminar Paper will be divi ded into five chapters: * Chapter 1 deals with the introduction of the jury system and the views pertaining to the system. Chapter 2 deals with explaining the necessity of jury system in Nepal * Chapter 3 deals with Nepal’s own experience in history with a Nepali variation of the system * Chapter 4 deals with problems that may arise if we are to accept the system * Finally, the last Chapter 5 is the concluding chapter which looks to furnish suggestions for the way in which the jury system can be adopted and the problems be countered. 1. 9 Literature Review For the purpose of the research, I have gone through the following research works, books, constitutions and websites. 1. A research paper by Krishna Prasad Sharma Nepal on ‘Restructuring of the Judiciary in Nepal with special reference to Access to Justice’. Here the author has suggested for restructuring of the judiciary in Nepal, which my work also looks to do. He had not touched upon the issue of jury and my paper looks to do so. 2. Lord Denning, What Next in the Law, London: Butterworth and Co. (Publishers) Ltd, 1982: In this book the author had highlighted upon the jury system and its tradition. He has also mentioned some of the cases decided by jury having high national significance. He also has given the development and certain rules pertaining to the jury system. Similarly, he has given suggestions for improvement. This book is the major source from where the inspiration to write the research paper has been drawn. 3. BishalKhanal, Regeneration of Nepalese Law, Kathmandu: Bhrikuti Academic Publications, 2000: In this book the author has analysed the development of Nepali law and also has pointed out some problems which have created dissatisfaction among the people in the judiciary. 4. RevatiramanKhanal, NepalkoKanooniItihaskoRooprekha, Kathmandu: Appollo Offset Press Pvt. Ltd. ,2059 B. S. : In this book the complete history of Nepal’s legal system has been sketched. From this book, I have taken the fact about the historical concept of the Panchayat and come up with the idea of amalgamation into jury system. 5. Rene David, Major Legal System in the World Today, London: Stevens and Sons Ltd, 1985: In this book the various major legal systems have been analysed. This book helped me understand some of the major characters of the Common Law System. 6. Constitution of Nepal, 2019 B. S. , has also helped in the research for this is the constitution which has formally accepted the Panchayat notion though in a completely different notion in which I purpose to use it. 7. Some websites have really been helpful, most prominently the Wikipedia and also ones linking the Wikipedia with original materials used in the article. Bibliography 1. Lord Denning, What Next in the Law, London: Butterworth and Co. (Publishers) Ltd, 1982 2. Bishal Khanal, Regeneration of Nepalese Law, Kathmandu: Bhrikuti Academic Publications, 2000 3. Revatiraman Khanal, NepalkoKanooniItihaskoRooprekha, Kathmandu: Appollo Offset Press Pvt. Ltd. ,2059 B. S. 4. Rene David, Major Legal System in the World Today, London: Stevens and Sons Ltd, 1985 5. Blackstone Commentries Vol. III ——————————————– [ 2 ]. Lord Denning, What Next in the Law, 1982, London: Butterworth and Co (Publishers) Ltd, p. 33. [ 3 ]. Lysander Spooner in his essay on â€Å"The Trial by Jury† [ 4 ]. Samons, Loren J. (2007). The Cambridge companion to the Age of Pericles. Cambridge University Press. pp. 244, 246. ISBN  978-0-521-80793-7. ttp://books. google. com/books? id=QAePyZ_Z1WkCpg=PA244lpg=PA244dq=dikastai+501+citizens#v=onepageq=dikastai%20501%20citizensf=false. [ 5 ]. Acilian Law on the Right to Recovery of Property Officially Extorted, 122 B. C. http://avalon. law. yale. edu/ancient/acilian_law. asp [ 6 ]. Rene David, Major Legal Systems in the Wo rld Today, 1985, London: Stevens and Sons Ltd, p. 311. [ 7 ]. BishalKhanal, Regeneration of Nepalese Law, 2000, Kathmandu: Bhrikuti Academic Publications, p. 35. [ 8 ]. Magna Carta of 1215 – http://www. fordham. edu/halsall/source/magnacarta. html [ 9 ]. Lord Denning, What Next in the Law, 1982, London: Butterworth and Co (Publishers) Ltd, p. 37. [ 10 ]. Ibid, p. 37. [ 11 ]. Ibid, p. 62. [ 12 ]. Commentries III, p. 379. [ 13 ]. Lord Denning, What Next in the Law, 1982, London: Butterworth and Co (Publishers) Ltd, pp. 36-52. [ 14 ]. Ibid, p. 33. [ 15 ]. America has embodied the jury system in its constitution. Their Constitution in 1971 Article VI and VII enshrined the provision as being handed down to them by the UK. [ 16 ]. BishalKhanal, Regeneration of Nepalese Law, 2000, Kathmandu: Bhrikuti Academic Publications, p. 38. [ 17 ]. Ibid, p. 38. [ 18 ]. Ibid, p. 40. [ 19 ]. For example: We can see the Parliamentary System adopted in Nepal. The exact copy that of the UK. But what we don’t wish to understand is that the concept of the system was rooted in 1215 with the signing of Magna Carta where we find it was accepted that ‘All men are born free and equal’ and ‘No taxation without representation’. But in Britain the concept gradually developed and from the Glorious Revolution the form came into as a living organism giving the Parliament the sole power. It took a span of more than 400 years. Similarly, also is the case with Political Parties. The wigs and Tories when they were formed, the King himself used to address the General Meeting and Mass Meeting during the election and ask for the people to vote for Tories who were the supporter of the King. Again one noted example will have to be Cormwell’s dissolution of the Upper House to kill King Charles I. Theoretically, the Upper House is a permanent body. They all show any concept is not an end but a means towards achieving an end. [ 20 ]. It is known that Nepal at some point of time was ruled by the Gopal Dynasty who came here along with Lord Krishna. [ 21 ]. Revati Raman How to cite Cyber Law: Its Implementation in Nepal, Essay examples

Theory and Current Issues of Accounting

Question: Discuss the valuation of assets through historic cost and fair market value and explains the merits and risks associated with triple bottom line reporting in the given case of KGC Ltd. Answer: Introduction This report discusses the valuation of assets through historic cost and fair market value and explains the merits and risks associated with triple bottom line reporting in the given case of KGC Ltd. It also highlights the importance of legitimacy and recommendations to restore the legitimacy and evaluates the ways to record the environmental costs. Historic Cost or Fair market Value The valuation of assets from historic cost and fair market value are the opposite of each other. Fair value measurement requires a full updating of all variables while historical cost needs only partial and less regular updating. Historical cost is based on the principle of the original price, which is also preferred under the Generally Accepted Accounting Principle (GAAP). In this, most assets are reported on the balance sheet at historical cost or the original purchase price of an asset that ensures high reliability in data recorded on the balance sheet. In addition, historical cost also allows the company to allege objectivity and ensure the stability of the costs (Damodaran, 2012).On the other hand, the fair value of the asset can be changed due to volatility in the cost of an asset resulting from changes in market prices. But, fair value cost considers the current market value that provides the most meaningful picture of the financial position. However, fair value may cause volatility in the income statement, but it shows actual reflection on economic conditions. In addition, this method provides better value than historic cost method because the use of historic cost generates outdated information that may lead to wrong decisions in the business. At the same time, historical cost provides no information about the current values of the assets of the business that may also create confusion for the management to make decisions (Baker and Filbeck, 2014).Similarly, at historical cost, there is no requirement to record the opportunity costs of the use of older assets. It is also not effective to report the loss of real value of an asset due to inflation or the gain of real value in asset during deflation. Contrary to this, fair value measurement is more effective than historical cost due to its relevancy fo r the decisions by the users of financial statements. For instance, the management of the company can communicate the private information on asset values. Fair value measurement can be preferred by the company due to its ability to improve comparability, timeliness, and transparency of accounting information. On the other hand, there is no consideration of price changes in historical cost measurement. It is evident that current market is dynamic and there are different external environmental factors including political relations, economic conditions, government rules and regulations that have a significant impact on prices by affecting production line. The use of historical cost measurement can cause a high risk for the firms due to the wrong basis of cost estimation. There, it does not provide the true and fair value of the financial state of the organization. At the same time, this measurement also provides unrealistic fixed asset values because it records fixed assets at the price at which they are acquired (Zakaria, et al, 2014). The changes in the market value of PPE are ignored that can affect the actual value of the fixed assets. In addition, it may also give the false idea about operating performance of the company because, in historical cost accounting, gain or loss on account of holding assets may be mixed up with operating gains or losses. True and Fair value of the PPE Fair value is the price at which the asset could be sold in an orderly transaction between market participants at a particular date. After recognizing an asset, the fair value of PPE can be measured at a revalued amount, which is fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses (Baker and Filbeck, 2014). Accumulated impairment loss= replacement value value in use = $20.5 billion AUD- $12 billion AUD = $8.5 billion AUD Fair value = fair value at the date of the revaluation subsequent accumulated depreciation and subsequent accumulated impairment losses =30 (30/17) 8.5 = 30- 1.765 -8.5 = $19.735 billion AUD. This calculated value presents fair and true value of PPE according to revaluation method. This value of asset is related to the current value of the asset. Merits and risks of Triple Bottom Line aspect to reporting approach If KGC Ltd includes triple bottom line aspect to its reporting approach that can have merits and risks for the business of the company. Triple bottom line presents the approach of the company in relation to the fulfillment of objectives related to people, profit, and planet fairly. KGC has been accused of its environmentally irresponsible practices due to the dumping of ore-waste into a river. At the same time, many environmental groups were opposing the company for its environmentally harming practices. However, the company claims that it provides jobs, cleans potable water and offers healthcare and education to local people. In addition, its operations compensate the harms of its mining and processing in the Star Mountain Range in PNG (Henriques and Richardson, 2013). The focus on the triple bottom line in reporting approach can be effective for the company to improve its image as environmentally responsible company in the region. Through this, it can inform the people in the regio n about its practices, which are based on benefits of society and environment protection. The consideration of triple bottom line in reporting can enable the company to communicate the stakeholders about its approach to managing economic, environmental and social dimensions of its operations. It may help the company to improve reputation and achieve brand benefits and secure social license to operate the business without any hurdle. It is because the company also provides jobs, healthcare facilities, and education that should also be considered while determining its responsibility towards society, environment and shareholders (Willard, 2012). But at the same time, it may be difficult for the company to fulfill all aspects in triple bottom line. It is because when the company will focus on the environment protection by remediating the sludge spill, it will have to pay clean-up costs and fines and offset the work elsewhere and compensate cash payments to victims of its business practices. In such situation, it may cause risk for the company to fulfill the objectives related to high profits for the stakeholders (Gross, 2015). It is because the investment in the fulfillment of social and environmental objectives, the company will have to spend a significant part of profits that may affect the interests of the shareholders. Disclosure triple bottom line in reporting can cause resentment among shareholders regarding high investments in social welfare and environmental protection activities (Savitz, 2012). At the same time, the inclusion of the triple bottom line in reporting approach can cause management conflict. It is because management aims to maximize the returns to shareholders, but the focus on environmental and societal interests may reduce the returns that cause conflicts between company and shareholders. Similarly, it may be difficult for the company to quantify the social and environmental aspects in reporting that may create complexity in communication regarding these activities to the society. Nature and Importance of Legitimacy It is crucial for each organization to focus not only on material resources and technical information but also on the organizations perceived legitimacy. The nature of legitimacy is based on acceptance of organizational activities at legal, sociological and cultural level. It is the generalized perception regarding the actions of the organization in the desired and appropriate way within a social system. Apart from this, organizational legitimacy shows a relationship between the organization and its environment. Stakeholders have legitimacy-determining power as it is necessary for the company to maintain a coalition of supportive stakeholders. Maintaining legitimacy in the eyes of the traditional land-owners, the government of PNG, and the people of Australia can be important for the company to run its business without any hurdles (Beetham and Lord, 2014). Through this, the company can get support from different stakeholders including landowners, government, and community in operatin g the business hassle-free. It provides societal acceptance of the company by handling the ability of the stakeholders to exercise power and authority. There is a great impact of stakeholders power and authority on the business activities as the focus on the societal acceptance can be effective for the company to develop a good relationship with the stakeholders and get support in terms of resource acquisition. It may avoid legal issues and possible lawsuits by maintaining legitimacy through compliance with the government rules and regulations. Organizational legitimacy may support the company to make an adjustment to the changing business environment (Zaremba, 2014). Stakeholders including traditional owners of the land, government and people of Australia will judge the company on the basis of its consistency with rules for appropriate structures or procedures. If the company maintains its legitimacy, then it would be able to be consistent with the needed procedures and structures. It may also ensure the flow of required resources from the environment to the company that may be helpful to operate gold and copper mine in the Star Mountain Range in Papua New Guinea (Destri, 2014). It is because the stakeholders are most likely to provide the resources to the companies that are appropriate in terms of legitimacy. Loss of Legitimacy and its Consequences The legitimacy of KGC is at risk due to the allegation on the company for not fulfilling its responsibility towards environment protection that may also harm the people of Australia. In the given case, the KGC Ltd. pays royalties to the traditional owners of the land and taxes to the PNG government. At the same time, it also contributes to the community development through social welfare activities including grade schools, hospitals, and health centers in the Star Mountain Range in PNG. It also operates water processing plant to protect the environment. Apart from this, this company is the major source of the employment in the region because if it shuts down its mining operations in the Star Mountain Range in PNG, the unemployment rate of 45% among the 32% involved in the labor market will rise to 95%. Besides of these benefits, it is also noted down that company is accused of running activities, which harm the environment at large extent (Zaremba, 2014). The company dumped 5 million liters of ore-waste sludge into a river from which people of local villages draw their drinking water, fish, hunt, harvest lotus root and irrigate their crops. At the same time, sludge flushed through to the ocean. It has raised the issue for the company because many environmental groups in Australia are against KGC due to its environmental irresponsibility. In addition, the company is not ready to properly respond the issue suggesting that the sludge would be diluted at sea and the people of the Range in PNG are dependent on the KGC's operations for their income, employment, potable water, healthcare, and education. If KGC losses legitimacy, then the company may suffer in terms of loss of business in the region due to loss of brand image and possible lawsuits. Loss of legitimacy may lead to the shutdown of the business or loss of support by the local partners and people in running the business. Due to this, the company may face problem-related to resource acquisition that may affect the continuity of mining operations (Destri, 2014). In addition, the company may face lawsuits by the environmental groups and local people that may cause pena lties and damages along with the loss of brand reputation and survival in the corporate world. It may lead to a big loss to the financial performance of the company in the market. Recommendations to Restore Legitimacy KGC Ltd. can restore its legitimacy by adopting good practices in its business operations that could be effective to develop a good reputation among different stakeholders. The legitimacy can be restored by conforming to existing social norms, changing social norms and identifying with social values (Patty and Penn, 2014). Confirmation of existing social norms and identification with social values can be possible through better communication. In such adverse situation, KGC can adopt better practices to dump the ore sludge away from river and ocean. Apart from this, advanced technologies can be used to remove the ore sludge from the water of the river and then take care of preventing the dumping of sludge in the river water in future. There is a need for the firms to consider the interests of people and planet along with profits to maintain sustainability and maintain legitimacy (Zaremba, 2014). Therefore, the company can also communicate its sustainability activities and efforts to p revent pollution and its contribution to increasing employment and conducting social welfare activities including education and healthcare in the region. Concerning, image restoration theory posits that the firm can restore its legitimacy and image by the use of symbols. The company can restore its legitimacy by using language to communicate a message including corrective action, compensation, displacement, minimization and apology to audiences. On the other hand, Goffmans (1959) theory of self-presentation posits that it is effective for the firms to adopt positive disclosure of environmental information on the website to manage impressions of stakeholders and restore legitimacy. Regarding this theory, KGC can also show positive disclosure of environmental performance in order to enhance the appearance of stakeholders and restore legitimacy (Destri, 2014). At the same time, it can also be beneficial for KGC to conduct audit program to determine the actual position of the company in maintaining legitimacy. Through this, the company can determine the contribution of its activities in increasing pollution before any disclosure and adopt better measures to avoid such issues. Ways to record the cost of the harm associated with the sludge spill KGC could record the cost of the harm associated with the sludge spill in GPFS in different ways including past environmental costs not related to ongoing operations, current pollution costs related to ongoing operations and future environmental costs related to ongoing operations. Past pollution not related to ongoing operations is related to the environmental cost to clean up pollution caused in an earlier time. For instance, the remediation costs related to superfund incur today, but due to pollution in past time. This cost is included in product costs that often affect the profitability of products (Emblemsvg and Bras, 2012). Many companies consider this way to record environmental cost appropriate due to its contribution to future benefits in terms of product development. But, some companies consider that this way of recording the environmental costs is not appropriate because it will show a profit even corporation shows a loss. Another way of recording environmental costs is cu rrent pollution associated with ongoing operations. In this method, current environmental costs should be recorded in current product costs. It considers that current operating costs are related to current production in product costs. However, it is difficult to separate or track the environmental costs as companies are unable to decide their product costs accurately. In this, cost reduction is difficult because the firm is not able to determine which products cause the environmental costs. Another method is future environmental costs associated with ongoing operations that are based on estimated costs incurred in the future from todays activities (Stice and Stice, 2013).This method is the most suitable in concern of KGC to record the costs of the harm associated with the sludge spill. It is because this method would be beneficial for the company to make managerial decisions to avoid these costs. It will ensure the company to reduce the environmental risks and liabilities of current operations. Conclusion From the above discussion, it can be concluded that it is crucial for the firms to use fair-market value rather than historic cost due to its appropriateness in providing fair information. At the same time, it is also essential for the firms to maintain their legitimacy to gain the support of the stakeholders and ensure the flow of resources. It is also summarized that environmental costs can be recorded with current and future perspectives. References Baker, H. 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