Scholarly

Observatory of Sustainability of the Algarve Region for Tourism: Proposal for Environmental and Sociocultural Indicators

Year: 2019 Volume: 13 Issue: 9 1267 - 1274 Pages

Abstract: The Observatory of Sustainability of the Algarve Region for Tourism (OBSERVE) will be a valuable tool to assess the sustainability of this region. The OBSERVE tool is designed to provide data and maintain an up-to-date, consistent set of indicators defined to describe the region on the environmental, sociocultural, economic and institutional domains. This ongoing two-year project has the active participation of the Algarve’s stakeholders, since they were consulted and asked to participate in the discussion for the indicators proposal. The environmental and sociocultural indicators chosen must indicate the characteristics of the region and should be in alignment with other global systems used to monitor the sustainability. This paper presents a review of sustainability indicators systems that support the first proposal for the environmental and sociocultural indicators. Others constraints are discussed, namely the existing data and the data available in digital platforms in a format suitable for automatic importation to the platform of OBSERVE. It is intended that OBSERVE will be a valuable tool to assess the sustainability of the region of Algarve.

Fast Adjustable Threshold for Uniform Neural Network Quantization

Year: 2019 Volume: 13 Issue: 9 499 - 503 Pages

Abstract: The neural network quantization is highly desired procedure to perform before running neural networks on mobile devices. Quantization without fine-tuning leads to accuracy drop of the model, whereas commonly used training with quantization is done on the full set of the labeled data and therefore is both time- and resource-consuming. Real life applications require simplification and acceleration of quantization procedure that will maintain accuracy of full-precision neural network, especially for modern mobile neural network architectures like Mobilenet-v1, MobileNet-v2 and MNAS. Here we present a method to significantly optimize training with quantization procedure by introducing the trained scale factors for discretization thresholds that are separate for each filter. Using the proposed technique, we quantize the modern mobile architectures of neural networks with the set of train data of only ∼ 10% of the total ImageNet 2012 sample. Such reduction of train dataset size and small number of trainable parameters allow to fine-tune the network for several hours while maintaining the high accuracy of quantized model (accuracy drop was less than 0.5%). Ready-for-use models and code are available in the GitHub repository.

The Role of Social Civil Competencies in Organizational Performance

Year: 2019 Volume: 13 Issue: 9 1263 - 1266 Pages

Abstract: The European Union supports social and civil competencies as being a core element to develop sustainability of organizations, people and regions. These competencies are fundamental for the well-being of the community because they include interpersonal, intrapersonal as well as their civil, active and democratic participation in organizations. The combination of these competencies reveals the organizational socio-emotional maturity and allows relevant levels of performance. It also allows the development of various capitals, namely, human, structural, relational and social, with direct influence on performance. But along this path, the emotional aspect has not been valued as a capital, given that contemporary society is based on knowledge capital and is flooded with information viewed as a capital. The present study, based on the importance of these socio-emotional capitals, aims to show that the competencies of cooperation, interpersonal understanding, empathy, kindness, ability to listen, and tolerance, to mention a few, are strategic in consolidating knowledge within organizations. This implies that the humanizing processes, both inside and outside the organizations, are revitalized. The question is how to go about doing this and its implementation; as well as, where to begin and which guidelines to take on. These are the foci that guide the present study, bearing in mind the directions of the knowledge economy.

Harrison’s Stolen: Addressing Aboriginal and Indigenous Islanders Human Rights

Year: 2019 Volume: 13 Issue: 9 1251 - 1262 Pages

Authors:
M. Shukry

Abstract: According to the United Nations Declaration of Human Rights in 1948, every human being is entitled to rights in life that should be respected by others and protected by the state and community. Such rights are inherent regardless of colour, ethnicity, gender, religion or otherwise, and it is expected that all humans alike have the right to live without discrimination of any sort. However, that has not been the case with Aborigines in Australia. Over a long period of time, the governments of the State and the Territories and the Australian Commonwealth denied the Aboriginal and Indigenous inhabitants of the Torres Strait Islands such rights. Past Australian governments set policies and laws that enabled them to forcefully remove Indigenous children from their parents, which resulted in creating lost generations living the trauma of the loss of cultural identity, alienation and even their own selfhood. Intending to reduce that population of natives and their Aboriginal culture while, on the other hand, assimilate them into mainstream society, they gave themselves the right to remove them from their families with no hope of return. That practice has led to tragic consequences due to the trauma that has affected those children, an experience that is depicted by Jane Harrison in her play Stolen. The drama is the outcome of a six-year project on lost children and which was first performed in 1997 in Melbourne. Five actors only appear on the stage, playing the role of all the different characters, whether the main protagonists or the remaining cast, present or non-present ones as voices. The play outlines the life of five children who have been taken from their parents at an early age, entailing a disastrous negative impact that differs from one to the other. Unknown to each other, what connects between them is being put in a children’s home. The purpose of this paper is to analyse the play’s text in light of the 1948 Declaration of Human Rights, using it as a lens that reflects the atrocities practiced against the Aborigines. It highlights how such practices formed an outrageous violation of those natives’ rights as human beings. Harrison’s dramatic technique in conveying the children’s experiences is through a non-linear structure, fluctuating between past and present that are linked together within each of the five characters, reflecting their suffering and pain to create an emotional link between them and the audience. Her dramatic handling of the issue by fusing tragedy with humour as well as symbolism is a successful technique in revealing the traumatic memory of those children and their present life. The play has made a difference in commencing to address the problem of the right of all children to be with their families, which renders the real meaning of having a home and an identity as people.

Transferring of Digital DIY Potentialities through a Co-Design Tool

Year: 2019 Volume: 13 Issue: 9 492 - 498 Pages

Abstract: Digital Do It Yourself (DIY) is a contemporary socio-technological phenomenon, enabled by technological tools. The nature and potential long-term effects of this phenomenon have been widely studied within the framework of the EU funded project ‘Digital Do It Yourself’, in which the authors have created and experimented a specific Digital Do It Yourself (DiDIY) co-design process. The phenomenon was first studied through a literature research to understand its multiple dimensions and complexity. Therefore, co-design workshops were used to investigate the phenomenon by involving people to achieve a complete understanding of the DiDIY practices and its enabling factors. These analyses allowed the definition of the DiDIY fundamental factors that were then translated into a design tool. The objective of the tool is to shape design concepts by transferring these factors into different environments to achieve innovation. The aim of this paper is to present the ‘DiDIY Factor Stimuli’ tool, describing the research path and the findings behind it.

Perspectives and Outcomes of a Long and Shorter Community Mental Health Program

Year: 2019 Volume: 13 Issue: 9 1245 - 1250 Pages

Abstract: The development of the 7-week Alberta Happiness Basics program was initiated in 2010 in response to the need for community mental health programming. This provincial wide program aims to increase overall happiness and reduce negative thoughts and feelings through a positive psychology intervention. While the 7-week program has proven effective, a shortened 4-week program has additionally been developed to address client needs. In this study, participants were interviewed to determine if the 4- and 7-week programs had similar success of producing lasting behavior change at 3, 6, and 9 months post-program. A health quality of life (HQOL) measure was also used to compare the two programs and examine patient outcomes. Quantitative and qualitative analysis showed significant improvements in HQOL and sustainable behavior change for both programs. Findings indicate that the shorter, patient-centered program was effective in increasing happiness and reducing negative thoughts and feelings.

Impact of Dynamic Capabilities on Knowledge Management Processes

Year: 2019 Volume: 13 Issue: 9 1240 - 1244 Pages

Abstract: Today, with the development and growth of technology and extreme environmental changes, organizations need to identify opportunities and create creativity and innovation in order to be able to maintain or improve their position in competition with others. In this regard, it is necessary that the resources and assets of the organization are coordinated and reviewed in accordance with the orientation of the strategy. One of the competitive advantages of the present age is knowledge management, which is to equip the organization with the knowledge of the day and disseminate among employees and use it in the development of products and services. Therefore, in the forthcoming research, the impact of dynamic capabilities components (sense, seize, and reconfiguration) has been investigated on knowledge management processes (acquisition, integration and knowledge utilization) in the MAPNA Engineering and Construction Company using a field survey and applied research method. For this purpose, a questionnaire was filled out in the form of 15 questions for dynamic components and 15 questions for measuring knowledge management components and distributed among 46 employees of the knowledge management organization. Validity of the questionnaire was evaluated through content validity and its reliability with Cronbach's coefficient. Pearson correlation test and structural equation technique were used to analyze the data. The results of the research indicate a positive significant correlation between the components of dynamic capabilities and knowledge management.

Considering Aerosol Processes in Nuclear Transport Package Containment Safety Cases

Year: 2019 Volume: 13 Issue: 9 583 - 593 Pages

Abstract: Packages designed for transport of radioactive material must satisfy rigorous safety regulations specified by the International Atomic Energy Agency (IAEA). Higher Activity Waste (HAW) transport packages have to maintain containment of their contents during normal and accident conditions of transport (NCT and ACT). To ensure containment criteria is satisfied these packages are required to be leak-tight in all transport conditions to meet allowable activity release rates. Package design safety reports are the safety cases that provide the claims, evidence and arguments to demonstrate that packages meet the regulations and once approved by the competent authority (in the UK this is the Office for Nuclear Regulation) a licence to transport radioactive material is issued for the package(s). The standard approach to demonstrating containment in the RWM transport safety case is set out in BS EN ISO 12807. In this document a method for measuring a leak rate from the package is explained by way of a small interspace test volume situated between two O-ring seals on the underside of the package lid. The interspace volume is pressurised and a pressure drop measured. A small interspace test volume makes the method more sensitive enabling the measurement of smaller leak rates. By ascertaining the activity of the contents, identifying a releasable fraction of material and by treating that fraction of material as a gas, allowable leak rates for NCT and ACT are calculated. The adherence to basic safety principles in ISO12807 is very pessimistic and current practice in the demonstration of transport safety, which is accepted by the UK regulator. It is UK government policy that management of HAW will be through geological disposal. It is proposed that the intermediate level waste be transported to the geological disposal facility (GDF) in large cuboid packages. This poses a challenge for containment demonstration because such packages will have long seals and therefore large interspace test volumes. There is also uncertainty on the releasable fraction of material within the package ullage space. This is because the waste may be in many different forms which makes it difficult to define the fraction of material released by the waste package. Additionally because of the large interspace test volume, measuring the calculated leak rates may not be achievable. For this reason a justification for a lower releasable fraction of material is sought. This paper considers the use of aerosol processes to reduce the releasable fraction for both NCT and ACT. It reviews the basic coagulation and removal processes and applies the dynamic aerosol balance equation. The proposed solution includes only the most well understood physical processes namely; Brownian coagulation and gravitational settling. Other processes have been eliminated either on the basis that they would serve to reduce the release to the environment further (pessimistically in keeping with the essence of nuclear transport safety cases) or that they are not credible in the conditions of transport considered.

Educating the Educators: Interdisciplinary Approaches to Enhance Science Teaching

Year: 2019 Volume: 13 Issue: 9 1236 - 1239 Pages

Abstract: In a rapid-changing world, science teachers face considerable challenges. In addition to the basic curriculum, there must be included several transversal themes, which demand creative and innovative strategies to be arranged and integrated to traditional disciplines. In Brazil, nuclear science is still a controversial theme, and teachers themselves seem to be unaware of the issue, most often perpetuating prejudice, errors and misconceptions. This article presents the authors’ experience in the development of an interdisciplinary pedagogical proposal to include nuclear science in the basic curriculum, in a transversal and integrating way. The methodology applied was based on the analysis of several normative documents that define the requirements of essential learning, competences and skills of basic education for all schools in Brazil. The didactic materials and resources were developed according to the best practices to improve learning processes privileging constructivist educational techniques, with emphasis on active learning process, collaborative learning and learning through research. The material consists of an illustrated book for students, a book for teachers and a manual with activities that can articulate nuclear science to different disciplines: Portuguese, mathematics, science, art, English, history and geography. The content counts on high scientific rigor and articulate nuclear technology with topics of interest to society in the most diverse spheres, such as food supply, public health, food safety and foreign trade. Moreover, this pedagogical proposal takes advantage of the potential value of digital technologies, implementing QR codes that excite and challenge students of all ages, improving interaction and engagement. The expected results include the education of the educators for nuclear science communication in a transversal and integrating way, demystifying nuclear technology in a contextualized and significant approach. It is expected that the interdisciplinary pedagogical proposal contributes to improving attitudes towards knowledge construction, privileging reconstructive questioning, fostering a culture of systematic curiosity and encouraging critical thinking skills.

Analytical Solution of the Boundary Value Problem of Delaminated Doubly-Curved Composite Shells

Year: 2019 Volume: 13 Issue: 9 582 - 591 Pages

Authors:
András Szekrényes

Abstract: Delamination is one of the major failure modes in laminated composite structures. Delamination tips are mostly captured by spatial numerical models in order to predict crack growth. This paper presents some mechanical models of delaminated composite shells based on shallow shell theories. The mechanical fields are based on a third-order displacement field in terms of the through-thickness coordinate of the laminated shell. The undelaminated and delaminated parts are captured by separate models and the continuity and boundary conditions are also formulated in a general way providing a large size boundary value problem. The system of differential equations is solved by the state space method for an elliptic delaminated shell having simply supported edges. The comparison of the proposed and a numerical model indicates that the primary indicator of the model is the deflection, the secondary is the widthwise distribution of the energy release rate. The model is promising and suitable to determine accurately the J-integral distribution along the delamination front. Based on the proposed model it is also possible to develop finite elements which are able to replace the computationally expensive spatial models of delaminated structures.

Dye Removal from Aqueous Solution by Regenerated Spent Bleaching Earth

Year: 2019 Volume: 13 Issue: 9 452 - 461 Pages

Abstract: Spent bleaching earth (SBE) recycling and utilization as an adsorbent to eliminate dyes from aqueous solution was studied. Organic solvents and subsequent thermal treatment were carried out to recover and reactivate the SBE. The effect of pH, temperature, dye’s initial concentration, and contact time on the dye removal using recycled spent bleaching earth (RSBE) was investigated. Recycled SBE showed better removal affinity of cationic than anionic dyes. The maximum removal was achieved at pH 2 and 8 for anionic and cationic dyes, respectively. Kinetic data matched with the pseudo second-order model. The adsorption phenomenon governing this process was identified by the Langmuir and Freundlich isotherms for anionic dye while Freundlich model represented the sorption process for cationic dye. The changes of Gibbs free energy (ΔG°), enthalpy (ΔH°), and entropy (ΔS°) were computed and compared through thermodynamic study for both dyes.

Creative Skills Supported by Multidisciplinary Learning: Case Innovation Course at the Seinäjoki University of Applied Sciences

Year: 2019 Volume: 13 Issue: 9 1232 - 1235 Pages

Authors:
Satu Lautamäki

Abstract: This paper presents findings from a multidisciplinary course (bachelor level) implemented at Seinäjoki University of Applied Sciences, Finland. The course aims to develop innovative thinking of students, by having projects given by companies, using design thinking methods as a tool for creativity and by integrating students into multidisciplinary teams working on the given projects. The course is obligatory for all first year bachelor students across four faculties (business and culture, food and agriculture, health care and social work, and technology). The course involves around 800 students and 30 pedagogical coaches, and it is implemented as an intensive one-week course each year. The paper discusses the pedagogy, structure and coordination of the course. Also, reflections on methods for the development of creative skills are given. Experts in contemporary, global context often work in teams, which consist of people who have different areas of expertise and represent various professional backgrounds. That is why there is a strong need for new training methods where multidisciplinary approach is at the heart of learning. Creative learning takes place when different parties bring information to the discussion and learn from each other. When students in different fields are looking for professional growth for themselves and take responsibility for the professional growth of other learners, they form a mutual learning relationship with each other. Multidisciplinary team members make decisions both individually and collectively, which helps them to understand and appreciate other disciplines. Our results show that creative and multidisciplinary project learning can develop diversity of knowledge and competences, for instance, students’ cultural knowledge, teamwork and innovation competences, time management and presentation skills as well as support a student’s personal development as an expert. It is highly recommended that higher education curricula should include various studies for students from different study fields to work in multidisciplinary teams.

Residual Modulus of Elasticity of Self-Compacting Concrete Incorporated Unprocessed Waste Fly Ash after Expose to the Elevated Temperature

Year: 2019 Volume: 13 Issue: 9 563 - 568 Pages

Abstract: The present study experimentally investigated the impact of incorporating unprocessed waste fly ash (UWFA) on the residual mechanical properties of self-compacting concrete (SCC) after exposure to elevated temperature. Three mixtures of SCC have been produced by replacing the cement mass by 0%, 15% and 30% of UWFA. Generally, the fire resistance of SCC has been enhanced by replacing the cement up to 15% of UWFA, especially in case of residual modulus of elasticity which considers more sensitive than other mechanical properties at elevated temperature. However, a strong linear relationship has been observed between the residual flexural strength and modulus of elasticity, where both of them affected significantly by the cracks appearance and propagation as a result of elevated temperature. Sustainable products could be produced by incorporating unprocessed waste powder materials in the production of concrete, where the waste materials, CO2 emissions, and the energy needed for processing are reduced.

Towards the Prediction of Aesthetic Requirements for Women’s Apparel Product

Year: 2019 Volume: 13 Issue: 9 448 - 451 Pages

Abstract: The prediction of aesthetics of apparel is helpful for the development of a new type of apparel. This study is to build the quantitative relationship between the aesthetics and its design parameters. In particular, women’s pants have been preliminarily studied. This aforementioned relationship has been carried out by statistical analysis. The contributions of this study include the development of a more personalized apparel design mechanism and the provision of some empirical knowledge for the development of other products in the aspect of aesthetics.

The Renewal Strategy for Ancient Residential Area in Small and Medium-Sized Cities Based on Field Research of Changshu City in China

Year: 2019 Volume: 13 Issue: 9 556 - 562 Pages

Authors:
Yun Zhang
Zhu Wang

Abstract: Renewing ancient residential areas is an integral part of the sustainable development of modern cities. Compared with a metropolis, the old areas of small and medium-sized cities is more complicated to update, as the spatial form is more fragmented. In this context, the author takes as the research object, the ancient town of Changshu City, which is a small city representative in China with a history of more than 1,200 years. Through the analysis of urban research and update projects, the spatial evolution characteristics and renewal strategies of small ancient urban settlements are studied. On this basis, it is proposed to protect the residential area from the perspective of integrity and sustainability, strengthen the core public part, control the district building, and reshape the important interface. Renewing small and medium-sized urban areas should respect the rhythm of their own urban development and gradually complete the update, not blindly copying the experience of large cities.

Price Prediction Line, Investment Signals and Limit Conditions Applied for the German Financial Market

Year: 2019 Volume: 13 Issue: 9 476 - 485 Pages

Authors:
Cristian Păuna

Abstract: In the first decades of the 21st century, in the electronic trading environment, algorithmic capital investments became the primary tool to make a profit by speculations in financial markets. A significant number of traders, private or institutional investors are participating in the capital markets every day using automated algorithms. The autonomous trading software is today a considerable part in the business intelligence system of any modern financial activity. The trading decisions and orders are made automatically by computers using different mathematical models. This paper will present one of these models called Price Prediction Line. A mathematical algorithm will be revealed to build a reliable trend line, which is the base for limit conditions and automated investment signals, the core for a computerized investment system. The paper will guide how to apply these tools to generate entry and exit investment signals, limit conditions to build a mathematical filter for the investment opportunities, and the methodology to integrate all of these in automated investment software. The paper will also present trading results obtained for the leading German financial market index with the presented methods to analyze and to compare different automated investment algorithms. It was found that a specific mathematical algorithm can be optimized and integrated into an automated trading system with good and sustained results for the leading German Market. Investment results will be compared in order to qualify the presented model. In conclusion, a 1:6.12 risk was obtained to reward ratio applying the trigonometric method to the DAX Deutscher Aktienindex on 24 months investment. These results are superior to those obtained with other similar models as this paper reveal. The general idea sustained by this paper is that the Price Prediction Line model presented is a reliable capital investment methodology that can be successfully applied to build an automated investment system with excellent results.

Machinability Analysis in Drilling Flax Fiber-Reinforced Polylactic Acid Bio-Composite Laminates

Year: 2019 Volume: 13 Issue: 9 443 - 447 Pages

Abstract: Interest in natural fiber-reinforced composites (NFRC) is progressively growing both in terms of academia research and industrial applications thanks to their abundant advantages such as low cost, biodegradability, eco-friendly nature and relatively good mechanical properties. However, their widespread use is still presumed as challenging because of the specificity of their non-homogeneous structure, limited knowledge on their machinability characteristics and parameter settings, to avoid defects associated with the machining process. The present work is aimed to investigate the effect of the cutting tool geometry and material on the drilling-induced delamination, thrust force and hole quality produced when drilling a fully biodegradable flax/poly (lactic acid) composite laminate. Three drills with different geometries and material were used at different drilling conditions to evaluate the machinability of the fabricated composites. The experimental results indicated that the choice of cutting tool, in terms of material and geometry, has a noticeable influence on the cutting thrust force and subsequently drilling-induced damages. The lower value of thrust force and better hole quality was observed using high-speed steel (HSS) drill, whereas Carbide drill (with point angle of 130o) resulted in the highest value of thrust force. Carbide drill presented higher wear resistance and stability in variation of thrust force with a number of holes drilled, while HSS drill showed the lower value of thrust force during the drilling process. Finally, within the selected cutting range, the delamination damage increased noticeably with feed rate and moderately with spindle speed.

A Preliminary Study of the Reconstruction of Urban Residential Public Space in the Context of the “Top-down” Construction Model in China: Based on Research of TianZiFang District in Shanghai and Residential Space in Hangzhou

Year: 2019 Volume: 13 Issue: 9 543 - 551 Pages

Abstract: With the economic growth and rapid urbanization after the reform and openness, some of China's fast-growing cities have demolished former dwellings and built modern residential quarters. The blind, incomplete reference to western modern cities and the one-off construction lacking feedback mechanism have intensified such phenomenon, causing the citizen gradually expanded their living scale with the popularization of car traffic, and the peer-to-peer lifestyle gradually settled. The construction of large-scale commercial centers has caused obstacles to small business around the residential areas, leading to space for residents' interaction has been compressed. At the same time, the advocated Central Business District (CBD) model even leads to the unsatisfactory reconstruction of many historical blocks such as the Hangzhou Southern Song Dynasty Imperial Street. However, the popularity of historical spaces such as Wuzhen and Hongcun also indicates the collective memory and needs of the street space for Chinese residents. The evolution of Shanghai TianZiFang also proves the importance of the motivation of space participants in space construction in the context of the “top-down” construction model in China. In fact, there are frequent occurrences of “reconstruction”, which may redefine the space, in various residential areas. If these activities can be selectively controlled and encouraged, it will be beneficial to activate the public space as well as the residents’ intercourse, so that the traditional Chinese street space can be reconstructed in the context of modern cities.

Measuring the Effect of Ventilation on Cooking in Indoor Air Quality by Low-Cost Air Sensors

Year: 2019 Volume: 13 Issue: 9 574 - 582 Pages

Abstract: The concern of the indoor air quality (IAQ) has been increasing due to its risk to human health. The smoking, sweeping, and stove and stovetop use are the activities that have a major contribution to the indoor air pollution. Outdoor air pollution also affects IAQ. The most important factors over IAQ from cooking activities are the materials, fuels, foods, and ventilation. The low-cost, mobile air quality monitoring (LCMAQM) sensors, is reachable technology to assess the IAQ. This is because of the lower cost of LCMAQM compared to conventional instruments. The IAQ was assessed, using LCMAQM, during cooking activities in a University of Minnesota graduate-housing evaluating different ventilation systems. The gases measured are carbon monoxide (CO) and carbon dioxide (CO2). The particles measured are particle matter (PM) 2.5 micrometer (µm) and lung deposited surface area (LDSA). The measurements are being conducted during April 2019 in Como Student Community Cooperative (CSCC) that is a graduate housing at the University of Minnesota. The measurements are conducted using an electric stove for cooking. The amount and type of food and oil using for cooking are the same for each measurement. There are six measurements: two experiments measure air quality without any ventilation, two using an extractor as mechanical ventilation, and two using the extractor and windows open as mechanical and natural ventilation. 3The results of experiments show that natural ventilation is most efficient system to control particles and CO2. The natural ventilation reduces the concentration in 79% for LDSA and 55% for PM2.5, compared to the no ventilation. In the same way, CO2 reduces its concentration in 35%. A well-mixed vessel model was implemented to assess particle the formation and decay rates. Removal rates by the extractor were significantly higher for LDSA, which is dominated by smaller particles, than for PM2.5, but in both cases much lower compared to the natural ventilation. There was significant day to day variation in particle concentrations under nominally identical conditions. This may be related to the fat content of the food. Further research is needed to assess the impact of the fat in food on particle generations.

Impact of Changes of the Conceptual Framework for Financial Reporting on the Indicators of the Financial Statement

Year: 2019 Volume: 13 Issue: 9 1207 - 1210 Pages

Authors:
Nadezhda Kvatashidze

Abstract: The International Accounting Standards Board updated the conceptual framework for financial reporting. The main reason behind it is to resolve the tasks of the accounting, which are caused by the market development and business-transactions of a new economic content. Also, the investors call for higher transparency of information and responsibility for the results in order to make a more accurate risk assessment and forecast. All these make it necessary to further develop the conceptual framework for financial reporting so that the users get useful information. The market development and certain shortcomings of the conceptual framework revealed in practice require its reconsideration and finding new solutions. Some issues and concepts, such as disclosure and supply of information, its qualitative characteristics, assessment, and measurement uncertainty had to be supplemented and perfected. The criteria of recognition of certain elements (assets and liabilities) of reporting had to be updated, too and all this is set out in the updated edition of the conceptual framework for financial reporting, a comprehensive collection of concepts underlying preparation of the financial statement. The main objective of conceptual framework revision is to improve financial reporting and development of clear concepts package. This will support International Accounting Standards Board (IASB) to set common “Approach & Reflection” for similar transactions on the basis of mutually accepted concepts. As a result, companies will be able to develop coherent accounting policies for those transactions or events that are occurred from particular deals to which no standard is used or when standard allows choice of accounting policy.

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