Ann Arbor Probation Essay Example | Topics and Well Written Essays - 500 words

Ann Arbor Probation - Essay Example Because of this division being a state organization it reports legitimately to the senator and accordingly, is in a roundabout way affected by resident voters. This impact, luckily, doesn't influence the everyday operations of the probation division. The board of the field tasks organization falls legitimately on the restorative offices the board organization and afterward back to the director’s office. The political perspectives once in a while legitimately influence the activities of the probation office in this regard. The qualities of a tall pecking order as found in our neighborhood probation division is that they have the full intensity of the territory of Michigan supporting their choices and an away from of order considering a greatly improved methodology with respect to productivity. The shortcomings would start from the political side and might cause disturbances in administration whenever permitted to legitimately influence the day by day working of the division itself. Given the protecting impact of different layers of structure, the political administration is, in any case, hampered in its capacity to genuinely influence change at a base level inside the association itself. Would it be feasible for this organization to move to a level chain of importance and still keep up positive control of the day by day activities inside the office, the short answer would appear to be no. Be that as it may, if the level progression was drawn closer with a private mindset looking to a benefit based expense the potential outcomes start to open up. For example, utilizing a level progressive system and a benefit based structure for representatives and the board one might forestall loss of order control using money related inspiration among the staff and people working there. The thought is base rewards on a net benefit/shortfall approach and drive efficiency to mirror a craving for extra cash.

Darling 1 Essay Example For Students

Sweetheart 1 Essay Heidi DarlingRyan WintersEnglish 10119 December, 2002Bilingual EducationThe banter over bilingual instruction is nothing if not passionate. Thetwo sides appear to be prodded on by political assessments from nonconformists andconservatives who need to assist their own motivation. When all is said in done terms, thatcause, corresponding to bilingual instruction for nonconformists is that diverselanguages and customs enhance the U.S. social stew and ought to be allowedto thrive (Worsnap 6). Moderates, then again, accept thatthe mission of U.S. schools is to support a typical language English anda basic national personality (Worsnap 6). The issue over bilingual educationgoes back quite a few years, even a century, in Americas history. When thiscountry was established, individuals originated from around the world to make a newplace to live in opportunity and harmony. In this way, from the earliest starting point of ournations beginning, there has been a need to show newcomers English. Atf irst this was cultivated by complete submersion. There were noprograms set up by the legislature, just a powerful urge by thoseimmigrants to turn into a piece of their new nation. Until the 1960s,interest in bilingual instruction was restricted. At that point open and politicalinterest expanded when a large number of Cuban evacuees began pouring intoSouth Florida after Fidel Castro picked up power in 1959 (Dunlap 8). At thattime, Dade County (Miami) needed to help showing up youngsters to modify totheir new nation, so in 1963 they turned into the primary area to start anexperimental bilingual training program in first to third grades at theirCoral Way Elementary School (Dunlap 8). Since this analysis was deemeda accomplishment after only a couple of years, broad help for bilingualeducation helped advocates convince administrators to support bilingual programsduring congressional hearings in 1967; and theyDarling 2were fruitful when by President Lyndon B. Johnson marked the propositi onin January 1968 (Dunlap 8). The bilingual training act, embraced as TitleIIV of the Elementary and Secondary Education Act (ESEA), made availablefederal cash for bilingual projects. Despite the fact that the demonstration didn't requirelocal school locale to build up bilingual projects, it did encouragetheir advancement by offering awards. In 1974 the demonstration was expanded andclarified the government job in bilingual instruction, and for the first time,federal cash was made accessible for preparing instructors and developingcurricula and instructional materials (Dunlap 9). Bilingual instruction began in 1968 as a humble $7.5 millionpilot program to support (settler) kids learn English. Today its a $5billion boondoggle including government, state and nearby finances that actuallyprevents kids from securing the language that will decide theireconomic and social accomplishment as grown-ups, composes Rosalie Pesalino Porter,author of the 1990 book Forked Tongue: the Politics of Bilingual Educationand executive of the Institute for Research in English Acquisition andDevelopment (READ) (qtd. in Worsnap 6). This assessment is shared by manyexperts in the field of bilingual instruction and furthermore the side that I willdiscuss inside and out in this paper. On the whole, what precisely is bilingualeducation and what various methodologies are accessible to educate limitedEnglish capable (LEP) understudies English?The meaning of bilingual training is: guidance for those whodo not communicate in English, by instructors who utilize the understudies local language atleast part of the day. The term as a rule has implied instructing understudies to befluent in two dialects (Worsnap 3). There are four fundamental choices forinstructing LEP kids. The first of these is drenching or sink orswim. In this model, the LEP youngster is put in a standard Englishclassroom with English monolingual kids and given not any more unique helpthan any kid with instructive issues (Rossell 19). A second techniqueis English as a Second Language (ESL) guidance, which comprises ofregular study hall guidance for a large portion of the day joined with a specialpull out program ofDarling 3English language guidance for a couple of periods daily, or in somedistricts a few periods for each week, and cooperation in the regularclassroom for the remainder of the time (Rossell 19). A third instructionaltechnique is organized drenching, where guidance is in the Englishlanguage in an independent study hall of LEP kids. The English usedin these projects is constantly outfitted to the childrens language proficiencyat each stage with the goal that it is fathomable, and the understudy therefore learns thesecond language (English) and topic content simultaneously(Rossell 19). The fourth instructional procedure, transitional bilingualeducation (TBE), is the point at which the understudy is educated to peruse and write in thenative tongue, with topic additionally educated in the local tongue. English is at first educated for just a little segment of the day. As thechild advances in English, the measure of instructional time in the nativetongue is diminished and English expanded, until the understudy is proficientenough in English to join the normal homeroom. (Rossell 18) For mostpeople learning another dialect, progress relies upon two components inspiration and introduction to the new dialect, which means having theopportunity to get it and use it for genuine purposes, said PatriciaWhitelaw-Hill, an ESL instructor for a long time and official executive of theREAD Institute in Washington, D.C. (89). To this end, it is my opinionthat bilingual training is a misuse of government cash since it does notexpose LEP understudies to enough English for them to get capable in antimely way and on the grounds that bilingual instruction cultivates a feeling of separationin stead of solidarity among understudies which moves into our countrys need ofunity. In any case, I am against any greater government cash being spent onbilingual instruction in light of the fact that the present strategies being utilized are taking toomany years to educate LEP understudies English. In America today, Transitionalbilingual instruction (TBE) is the most well-known methodology for teachingimmigrants English in our schools. Most of rudimentary schoolprograms have as their objective leaving an understudy following 3 years, saysChristine Rossell, a teacher ofDarling 4political science at Boston University and co-creator of Bilingual EducationReform in Massachusetts. Be that as it may, these projects additionally permit understudies to stayin the program longer than three years . . . To be sure, numerous youngsters stay ina bilingual program all through their grade school vocation (19). Veggie lover (Health, Ethics And Environmetnal Effec EssayAdvocates of bilingual instruction state that their principle objective is to teachEnglish to non-English-talking youngsters. In any case, truly theirprimary design is to propagate a genuinely defective showing strategy so thatthe organization that bolsters it can support itself. Their livelihoodsdepend on advancing the legend that kids instructed in one language willlearn English, says Sally Peterson, originator and executive of LEAD (LearningEnglish Advocates Drive). On the off chance that these youngsters ever learn English, ittakes years (89). Backers additionally guarantee that youngsters should be shown intheir local language due to confidence. Be that as it may, there is no evidencethat bilingual training affects an understudies self-esteem (Peterson79). Why following 25 years cant bilingual training advocates silencetheir pundits with overpowering evidence that local language instructionworks? proposed Peterson. Her an swer, They can't, on the grounds that the proofdoes not exist (79). Another misinterpretation by bilingual supporters isthat perusing abilities effectively move starting with one language then onto the next. This isonly obvious in certain constrained cases. Being educated in one language meansyou have a comprehension of what the perusing procedure is about which is animportant initial step. For various dialects, nonetheless, unique decodingstrategies are utilized. The vowel frameworks in Spanish and English arequite extraordinary, and this causes a great deal of starting trouble in perusing forSpanish speakers. (Guerrero 91)Darling 8Native-language-based bilingual instruction is a human disaster ofnational extents. A huge number of promising youngsters in publicschools are isolated for a considerable length of time by language. They neglect to accomplish theirpotential in light of the fact that they can't contend in the instructive mainstream,so thusly, they become disheartened and stopped. (Peterson 79) Statisticsprove that when understudies are not capable in English by secondary school thatdrop out rates increment drastically. In a November 1989 populace studyby the U.S. Division of Commerce, Bureau of the Census, they discovered thatonly 10.5 percent of English-talking youngsters dropped out of secondary school incomparison to very nearly 50 percent of Spanish-talking adolescents that have adifficulty with English (Amselle 112). At present in the U.S., there areover 2,000,000 LEP understudies in the government funded educational system with more andmore moving here consistently. Billions of government, state and nearby dollarsare being spent on bilingual training programs that don't work. In 1992alone, over $5 billion dollars of state and nearby cash was spent onbilingual instruction (Amselle 118). Furthermore, what has been the consequence of thisgrand consumption? All things considered, there are no outcomes on the grounds that there has been noaccountab ility set up to screen bilingual instruction. The two California andMassachusetts, in state reports distributed in 1992 and 1994, conceded tothis disappointment (Porter 34). Furthermore, California, with 1.2 million LEPstudents additionally detailed that instructors were not trying understudies for exitfrom bilingual projects and keeping these kids in bilingual classroomsyears past where they need uncommon assistance (Porter 34). Bilingualeducation has developed hugely from its humble beginning and as of now some2.5 million youngsters are qualified for bilingual or ESL classes (Chavez 10). As indicated by Roth, 32 million Americans dont communicate in English and in justfive years, that number will ascend to 40 million which when put inperspective implies that one out of seven homes, the occupants talk a foreignla

Historical Photographic Processes Essay Example for Free

Authentic Photographic Processes Essay The Cyanotype, otherwise called the blue print process, was imagined by Sir John Herschel in 1842 and made well known in the field of photography by Anna Atkins, a British botanist and picture taker, who did a progression of leaf prints and distributed a progression of restricted release books of cyanotype prints (Rosenthal). The most punctual instances of cyanotype photos, accordingly, comprise of prints of leaf species. Cyanotypes are named for its blue-green (cyan) shade. It utilizes light delicate Ammonium iron (III) citrate and potassium ferricyanide to repeat a picture. The Division of Rare and Manuscript Collection of Cornell University clarifies the procedure in its site: A bit of paper is first sharpened with an answer of ferric ammonium citrate (an iron salt) and potassium ferricyanide (a crystalline iron salt) and dried. The readied paper is then contact, or set in direct contact with the negative, and presented to daylight until a picture starts to show up on the paper (as a rule around fifteen minutes). As contact prints, they are consistently a similar size as their negatives. In the last advance, the print is washed in water to oxidize the iron salts and draw out the cyanotype’s splendid blue shading (A. D. White Project). Since the 1980s up to the present, the blue print process is as yet utilized by certain designers and specialists in light of its straightforward procedure and minimal effort. The Albumen Print Process The egg whites print process was designed by in 1850 by Louis Desire Blanquart-Evrard and turned into the mainstream photographic printing process for the following half decade A. D. White Project). It utilizes the egg whites in egg whites to scrape photographic synthetics to paper. The procedure starts by blending the egg whites in with iodide of potassium and water. After the blends has been permitted to set for quite a while it is poured over a glass plate (or later on, on paper) which, thusly, is submerged in a shower of nitrate of silver and frigid acidic corrosive to sharpen it and prepare it for introduction in the camera. The plate is expelled from the camera and poured with a soaked arrangement of gallic corrosive, trailed by an answer of hyposulphite of pop, and afterward washed over a surge of water. At the point when dry, the image is prepared for printing (Ross). Egg whites prints are inclined to blurring. The general tone is yellowish with cream-hued features and profound chocolate earthy colored shadows (A. D. White Project). Refered to Works A. D. White Project. Division of Rare and Manuscript Collection, Cornell University. 14 April 2005. http://cidc. library. cornell. edu/adw/cyanotype. htm. Rosenthal, Richard T. â€Å"The Cynotype†. Vernacular Photography. 20 March 2008. http://www. vernacularphotography. com/VPM/V1N1/the_cyanotype. htm. Ross, James. â€Å"The Albumen Process. † Albumen. http://egg whites. stanford. edu/library/c19/ross. html.

The Euthanasia Debate - 1211 Words

Euthanasia is defined as the painless killing of a terminally ill patient by means of lethal injection by a doctor in a controlled medical environment. Similarly, physician assisted suicide (PAS) is when a patient requests a lethal prescription from a doctor or pharmacist to end their life before a fatal disease does. The two are akin to each other and are almost interchangeable in definitions. Being a highly controversial topic, there is a plethora of arguments surrounding PAS, all very emotionally driven and opinionated. There are those who firmly believe that euthanasia should be legal, pointing to morality and ethics to defend their position. On the other side, of course, are those who are inflexibly against the idea of assisted†¦show more content†¦Ã¢â‚¬Å"†¦a 1990 Dutch report described a terminally ill patient whose death was accelerated by euthanasia in order to create more room for new patients† (Griswold 2). There are also concerns that euthanasia will b e taken to extreme limits closely resembling the Nazi practice of eugenics. During the Holocaust, Nazis actually started the practice of euthanasia, killing anyone deemed handicapped or not of the socialist party. This was the plan to create the perfect human race, eugenics. Any child under the age of three with any kind of deformity would be euthanized, along with any adult seen to be â€Å"unfit† (Griswold 3-4). What people fear now is that euthanasia will be used once more to â€Å"exterminate† children that are not perfectly healthy in every way, or adults with debilitating handicaps; thus repeating the actions of the Nazis. â€Å"It would be a shame to actively promote suicide at a time when this choice, which often traumatizes surviving family and friends, appears to be waning in popularity† (Pearson 2). There are many people who find PAS to be completely unnecessary, arguing that enough people commit suicide as it is and that PAS should not be promoted. L ately suicide rates have been declining, but with the legalization of PAS the rates are expected to increase. John Pearson writes: There are some signs of hastening death is losing its appeal as advances in medical science led to improved quality of life for those with depression, severe painShow MoreRelatedThe Debate Of Euthanasia And Euthanasia1429 Words   |  6 PagesINTRODUCTION: The debate of euthanasia is an ongoing one that’s shrouded with much controversy and ambiguity regarding the ethics of it in contemporary Australian society. However, the frequency of this topic being debated by physicians, influential figures and the media has become more prominent now than ever. In particular, in association with its impending legislation within Australian states. (The Royal Australian and New Zealand College of Psychiatrists,2012) Various types of euthanasia are recognisedRead MoreThe Debate About Euthanasia And Euthanasia1631 Words   |  7 PagesThe debates about euthanasia date all the way back to the 12th century. During this time, Christian values increased the public’s opinion against euthanasia. The church taught its followers that euthanasia not only injured individual people and their communities, but also violated God’s authority over life. This idea spread far and wide throughout the public until the 18th century when the renaissan ce and reformation writers attacked the church and its teachings. However, the public did not pay muchRead MoreThe Euthanasia Debate Essay1290 Words   |  6 Pagesthought of suicide, but is euthanasia the same thing? Do human beings have the right to choose death? â€Å"Americans have developed a paradoxical relationship with death-we know more about the causes and conditions surrounding death, but we have not equipped ourselves emotionally to cope with dying and death (Bender and B. Leone).† Death is a scary subject for all humans. And death caused by oneself, or suicide, is even scarier. Suicide on a medical terms, or euthanasia, confuses many people. ItRead More The Euthanasia Debate Essay1583 Words   |  7 PagesA long, ongoing battle in the institutional review boards, ethics committee and in the United states federal court is Physician assisted suicide (PAS) and euthanasia. PAS refers to â€Å"a third part action informed by the intended objective (at the ve ry least) to furnish a potential suicide with the lethal means necessary to end his or her bodily life† (Parteson 11). There are victims suffering in silence because of this issue and it calls for immediate action with a federal regulated law. The victimsRead MoreThe Debate Concerning The Morality Of Euthanasia915 Words   |  4 PagesAmericans , arguably more than any other nationality, have a right to their opinion and there exists few subjects that generate more opinions than does euthanasia. The debate concerning the morality of euthanasia parsimoniously rests on the moral assessment of whether or not the physician intentionally kills or intentionally let die the patient. An assumption has been perpetuated that there is a line of demarcation between intending to let die and intending to kill. This pseudo-practical barrierRead MoreThe Debate On Euthanasia Is Never Ending1263 Words   |  6 Pages The debate on euthanasia is never ending. It is an important topic that debates whether assisted death is ethical or In spite of this euthanasia is not discriminatory towards the mentally ill. They are reasons and law Euthanasia is ‘painless inducement of a quick death’. It is is a long living debate that challenges the morality of life. Due to its high controversy only certain countries have legalised the procedure however they have strict rules and procedures that must be followed. InRead MoreCritical Reflection : The Euthanasia Debate1652 Words   |  7 PagesReflection: The Euthanasia Debate Medical advancements and improved living conditions worldwide have increased the life span of our population (U.S. Department of State, 2015). As a result, many individuals are now living with degenerative or chronic ailments that require increased support (Vissers et al., 2013). Unfortunately, these illnesses often come with a â€Å"diminished quality of life† (Butler, Tiedemann, Nicol, Valiquet, 2013). These issues have brought forth the euthanasia debate, which posesRead MoreEssay about The Debate Over Euthanasia1216 Words   |  5 PagesThe Debate Over Euthanasia The controversy over euthanasia has recently become highly publicized. However, this issue is not a new debate. Society has voiced its opinions on the subject for hundreds of years. Euthanasia, which is Greek for good death, refers to the act of ending another person’s life in order to end their suffering and pain.1 Two forms, passive and active euthanasia, categorize the actions taken to end the person’s life. Passive euthanasia involves removing a patient’s lifeRead MoreEssay on The Debate of Euthanasia Legalization in Britain980 Words   |  4 PagesThe Debate of Euthanasia Legalization in Britain The term ‘Euthanasia’ comes from the Greek word for ‘easy death’. Is that not how we would like our end to be? Unfortunately, Euthanasia is one of the most controversial issues being debated about in society today. Formally called ‘mercy killing’, euthanasia is the act of purposely making or helping someone to die, instead of allowing nature to take it’s course. Basically, euthanasia means killing in the name of compassionRead MoreThe Ethical Debate On Non Voluntary Euthanasia963 Words   |  4 PagesThe ethical debate on non-voluntary euthanasia is a complex issue due to its multifaceted nature. This topic examines the morality of ending a human’s life in circumstances where the person is incapable of issuing explicit consent. These cases would include utilizing euthanasia on very young children or someone in a vegetative state. There lacks consent with young children since they cannot speak to provide consent. Explicit consent is lacking with someone in a vegetative state since they are

Postal and Traditional State Abbreviations Reference Guide

Wondering when to use abbreviations versus the full names when writing about states? As a general rule, the names of states should be spelled out when they appear in sentences  but abbreviated in other contexts. For example: Our family had been  transferred from Endicott, New York, to Raleigh, North Carolina. That was the word used by the people at IBM, transferred.  (David Sedaris, Naked, 1997)Both  men were raised in the Midwest   (Garfield in Ohio, Guiteau in Illinois) by a single, widowed parent.  (Sarah Vowell, Assassination Vacation, 2005) This rule applies also if you are writing something formal and following a style guide, such as the Chicago Manual of Style, MLA Style, American Psychological Association Publication Manual (APA), or Associated Press Style (AP).   When to Use State Abbreviations In bibliographies,  lists, charts where space is at a premium, reference lists, footnotes and endnotes, and in mailing addresses, state names are usually shortened  using the postal abbreviation. This applies to  Chicago Manual of Style  and the American psychological Association Style (APA). The two-letter, no-period state abbreviations recommended by the U.S. Postal Service (See Postal Abbreviations in the chart below.) should always be used where a Zone Improvement Plan (ZIP) code follows. These postal  abbreviations may also be used in any context where abbreviations are appropriate. Some writers and editors still prefer to use the older forms of state abbreviations. (See Traditional Abbreviations in the table below.) If you follow this practice, be consistent in your use of the traditional abbreviations, and remember that eight states (Alaska, Hawaii, Idaho, Iowa, Maine, Ohio, Texas, and Utah) are only rarely abbreviated when using the older (pre-ZIP code) forms. Why the ZIP Code Abbreviations Were Developed Before 1963, there were no ZIP  codes used on postal mail in the United States, and the U.S. Post Office preferred that people wrote out state and territory names  completely  to avoid confusion in sorting mail. In the early 1800s, it had established a standardized list of acceptable abbreviations, updating it in 1874. The list remained relatively unchanged until ZIP codes were introduced.   The addition of seven additional characters on a final address line (ZIP code plus two spaces) necessitated the shortening of state abbreviations to fewer characters. The Post Office aimed to fit the final address line into 23 characters to accommodate major addressing systems. U.S. or US for United States Finally, United States may be abbreviated to U.S. when used as an adjective, but in formal writing, its customarily spelled out as a noun. If you are following the Chicago Manual, youll remove the periods to become US except in bibliography or reference entries pertaining to U.S. statutes, court cases, and other legal-context usages, which retain the periods. If youre following APA or AP, you  will keep  the periods there too. MLA prefers to spell out United States as an adjective or a noun in running text. List of State Abbreviations This handy chart has both the postal and the traditional abbreviations, for your reference: STATE POSTAL ABBREVIATION TRADITIONAL ABBREVIATION Alabama AL Ala. Alaska AK Alaska Arizona AZ Ariz. Arkansas AR Ark. California CA Calif. Colorado CO Colo. Connecticut CT Conn. Delaware DE Del. District of Columbia DC D.C. Florida FL Fla. Georgia GA Ga. Hawaii HI Hawaii Idaho ID Idaho Illinois IL Ill. Indiana IN Ind. Iowa IA Iowa Kansas KS Kans. Kentucky KY Ky. Louisiana LA La. Maine ME Maine Maryland MD Md. Massachusetts MA Mass. Michigan MI Mich. Minnesota MN Minn. Mississippi MS Miss. Missouri MO Mo. Montana MT Mont. Nebraska NE Neb. or Nebr. Nevada NV Nev. New Hampshire NH N.H. New Jersey NJ N.J. New Mexico NM N.Mex. New York NY N.Y. North Carolina NC N.C. North Dakota ND N.Dak. Ohio OH Ohio Oklahoma OK Okla. Oregon OR Ore. or Oreg. Pennsylvania PA Pa. Rhode Island RI R.I. South Carolina SC S.C. South Dakota SD S.Dak. Tennessee TN Tenn. Texas TX Tex. or Texas Utah UT Utah Vermont VT Vt. Virginia VA Va. Washington WA Wash. West Virginia WV W.Va. Wisconsin WI Wis. or Wisc. Wyoming WY Wyo.

When Diving Into The Depths Of Buddhism And How A Non...

Before diving into the depths of Buddhism and how a non-theistic religion has strong morals as well as heightened sense of life. It is important to take a step back and see how Buddhism started out. Siddharhta Guatam was born into the rulers of a small kingdom near the present border of north India. Legend says that Siddhartha was born he was examined by several holy men who announced that he would be a great leader. He lived a life of luxury and at the age of sixteen met his wife Yasodhara and soon had a son Rahula. At that point he seemed to have everything h would ever need in life; however, he left his family and took it upon himself to find out about the origin of suffering and how to overcome it. He started out as a traveling monk who pushed his body to its near breaking point. Realizing that this was not the path to enlighten he was seeking he decided to try a different way. He began to meditate very deeply until one day his mind became clear and he understood the circle of li fe. From that point he started teaching to the men, women and the untouchables, which was unheard of at the time. Also at that point he received the title of the Buddha or awakened one. Buddha spent the next forty-five years of his life teaching the principals of Buddhism. Siddhartha s journey started out to figure out the origin of suffering and through enlightenment taught his followers a variety of lessons throughout the rest of his life. Buddha passed down several important lessons that

Financial Statements Relevance Corporate Finance

Question: Disucss about theFinancial Statements Relevancefor Corporate Finance. Answer: Introduction Financial statements play a key role in understanding a given companys financial performance by the stakeholders especially the shareholders. In this regard, the income statement tends to represent the profitability of the operations by highlighting the revenues earned through routine operations and the various expenses incurred therein. The balance sheet represents the financial position of the company at a given date usually the ending of a financial year or quarter and tends to reflect on the underlying liquidity and solvency for the company. The cash flow statement tends to measure the cash surplus or cash deficits that may occur during a given time period. This is imperative as at time the revenues in the income statement may not transform into cash or there may be timing difference between the receipt of revenues and expenses incurred which may be troublesome. These statements together provide a glimpse into the financial and operational performance of the financial statements in the past and predict the estimations for the future (Guerard, 2013). In this background, the financial statements of one of the leading home retailers of Australia i.e. JB-Hi Fi are analysed using ratio analysis as the primary tool so as to comment on the recent performance of the company and estimate the expectations in the future. Additionally the accounting policies of the company would also be reviewed. Accounting Policies The various accounting policies adhered by the company in relation to the various items such as inventory and sales, are in line with the applicable norms for the industry and relevant to the company. For instance, the recording of inventories is taken at the value which is lower between the realisable value and cost which is critical especially in the industry the company operates in as technological obsolescence could be sizable and hence it is imperative that the inventory captures the existing value of the inventory. Further, the revenue recognition, provisions and impairment are in line with the relevant provisions of the IFRS. Additionally, the fixed assets of the company are measured at either the historical cost or the fair value depending on the underlying asset. Fair value is primarily applied in case of land while machines and building are primarily measured at cost price in line with the relevant AASB standards. Thus, the accounting policies of the company are compliant w ith the applicable norms and accounting standards advocated by relevant authority or AASB (JB Hi Fi, 2016). Analysis of Relevant Ratios In order to analyse the performance of the company, ratio analysis would be performed as the analysis tool which would take into consideration the financial statements from FY2012 to FY2016 as indicated below. Profitability The profitability ratios for the company are summarised in the table below. The ratios represented above suggest that there is a constant improvement in the profit margins at gross level from FY2012 to FY2016. This is primarily on account of sourcing efficiency exhibited by the company primarily as it grows in size and is able to leverage economies of scale. However, the concerning observation is that the increase in gross margins has been declining and also almost eroded in FY2016 which may be attributed to the excessive competition in the industry and hence efficiency gains need to passed on to consumers. The profitability margins have exhibited a constant improvement primarily on account of decreasing cost on a per unit basis as the number of stores has constantly widened. The companys profit margin at the net level has also expanded over the given period primarily on improvement in gross profits. The ROA also shown an increasing trend primarily on the back of increased net profits coupled with fluctuations in the total asset base. However, unlike ROA, th ere is a decline in the ROE. This is apparent as it stood at 56.72% and 37.60% in FY2015 and FY2016 respectively. This may be attributed to rapid rise in equity on the back of high amount of retained earnings which has to lead to significant increase in equity in % terms as compared to profit. The asset turnover from FY2012 to FY2015 has shown an increasing trend but in FY2016 has reduced. This may be attributed to the higher increase in assets caused due to unexpected increase in inventories level at the end of FY2016 (JBHiFi, 2016) Liquidity The liquidity ratios for the company are summarised in the table below. It is apparent from the above table that the inventory turnover has increased in FY2013 indicating that the inventory levels were lower than expected as sales might have been higher in FY2013. In FY2014 and FY2015, the inventory levels have been rather moderate while in FY2016 due to higher inventory level, there has been a drop in the inventory turnover ratio. A steady downfall has been noticed in the receivables turnover which is indicative of the time delay experienced by the company in deriving cash for the credit sales. This may be attributed to the increasing competitive landscape where incentivising the buyers with long credit period and flexible EMIs becomes essential. Clearly this would have negative impact on the cash cycle as it would become longer and hence enhance the need for working capital. The current ratio has seen a major jump in FY2014. This potentially can be explained by the current liabilities decrease caused due to huge decrease in trade payables which stood a t $387 million at the end of FY2013 but reached $ 303 million at the end of FY2014. Further, in subsequent years, the decrease in the current ratio which is primarily on account of the rising trade payables outstanding at the end of FY2015 and FY2016. This is indicative of the higher competition which in turn leads to greater payables period so as to decrease the cash cycle and hence save on requirements in relation to working capital (JB Hi Fi, 2016;2014;2012). Solvency The solvency ratios for the company are summarised in the table below. The debt to equity ratio for the company has reduced from 0.82 at the end of FY2015 to 0.27 at the end of FY2016. The debt to equity ratio trend is highly dependent on the movement of the long term debt as the short term debt is negligible only for the company. Hence, the debt to equity ratio essentially mirrors the movement in long term debt. Also, the decreasing trend in the debt to equity ratio is also caused to an extent by the continuously increasing equity levels on the back of higher retained earnings due to high profits of the company. The interest coverage has grown stronger over the years and augers well for the company as the operating profit is significantly higher than the interest obligations (Graham Smart, 2012). Also, the interest obligations have also shown a decline in line with the long term debt. As a result, the company is in a strong position to honour its interest obligations and there is negligible risk in this regard. The long term debt to equity has shown a declining trend which was interrupted in FY2014 due to hike in non-current borrowings by about $ 55 million. Further, the declining trend is attributed to the increased equity on the back of higher retained earnings (JBHiFi, 2016;2014;2012). Market The market ratios for the company are summarised in the table below. Evident from the above table is that there is a surge in P/E ratio in FY2013 due to the doubling of firms stock price over the last year. This was on account of superior financial performance by the company and the significant growth potential that investors perceived in the company in the near future. Over the years, the company has met the market expectations and hence the P/E ratio has continued to be on FY2013 levels and shown marginal improvement. With regards to dividend yield, due to increase in price by almost 100% in FY2013, the dividend yield in the corresponding year has taken a hit. In subsequent years, the trend has been choppy but still a healthy dividend tiled of about 5.5 -6% is available for companys stock which is attractive for the investors. Besides, the stock also offers value for long term investors (JBHiFi, 2016). Conclusion Future Prospects From the above discussion, it is apparent that in the recent times despite high competition, the company has managed to retain its gross margins and infact has improved the net margins and hence has delivered a strong performance in terms of profitability. However, going forward, the margins would most likely be stagnant only considering the high competition that the industry is currently facing. Further, in relation to short term liquidity also, there has been an improvement in the current ratio and acid test ratio. This is favourable for the firm and indicates that in the near term there would not any difficulty to meet the obligations outstanding in the books of the company (Guerard, 2013). Also, the solvency concerns do not seem to hover on the company as its equity has increased due to higher retained earnings. As a result of increasing equity levels due to higher retained earnings, the solvency ratios are healthy during the given period and the trend observed in the period refl ects that solvency risks are minimal for the company. Further, the superior performance of the company has been aptly rewarded by the markets, which is reflected from the jump in P/E ratio led by price rise (Petty et, al., 2015). These entire factors auger well for the company and indicates for better times ahead for the company as it consolidates the various processes. Also, the company is embarking on an ambitious expansion plan in its major markets (Australia and New Zealand). This is likely to lead to improvement in the stock price further in the future on account of superior operational performance backed by an established brand name coupled with presence and high degree of operational efficiency. However, the macroeconomic environment would continue to be a vital aspect impacting the business prospects particularly the margins as in an adverse trading environment, various competitors launch discount schemes to attract consumers which tend to have adverse impact on the margins which may transform into tumbling of stock prices. References Graham, J Smart, S 2012, Introduction to corporate finance, 5th eds., South-Western Cengage Learning, Sydney Guerard, J 2013,Introduction to financial forecasting in investment analysis, 6th eds., Springer. New York JB Hi FI 2016, Annual Report 2016, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/2016%20JB%20Hi-Fi%20Annual%20Report_ASX.pdf (Accessed on October 15, 2016) JB Hi FI 2014, Annual Report 2014, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/Annual%20Reports/JB%20Hi_Fi%20Limited_Annual_Report_2014.pdf (Accessed on October 15, 2016) JB Hi FI 2012, Annual Report 2012, JB Hi Fi, Available online from https://www.jbhifi.com.au/Documents/Annual%20Reports/119_2012-09-14_11-11-23.pdf (Accessed on October 15, 2016) Petty, JW, Titman, S, Keown, AJ, Martin, P, Martin JD Burrow, M 2015, Financial Management: Principles and Applications, 6th eds., Pearson Australia, Sydney