Accounting Analysis of the 2011 Annual Report for Bank of Queensland Limited Essay Example for Free

Accounting Analysis of the 2011 Annual Report for Bank of Queensland Limited Essay 1. Executive Summary The aim of this report is to provide an accounting analysis of the 2011 annual report for Bank of Queensland Limited (BOQ), and a critique of the reporting of their performance. The report discusses the choice of accounting policies and the flexibility of these policies. The main objective of this report is to evaluate and recognise the possibility of using creative accounting within the company, recognise and questionable accounting numbers within items listed previously. A number of items have been selected from Income Statement, Balance Sheet and Cash Flow Statement. 2. Overview Bank of Queensland Limited (BOQ), has history of 137 years with network of over 280 branches operating in Queensland. It offers core banking (commercial/retail), equipment finance, wealth management and insuranceservices. BOQ is listed on the ASX and uses its unique concept of the Owner-Managed Branch (OMB),a partnership between the Bank of Queensland (franchisor) and experienced bank managers (franchisees) to provide banking services. See more:  Capital budgeting essay 3. Description of key accounting policies and standards 3.1 Loans and advances at amortised cost (Asset) As shown on BOQ’s Balance sheet in FY11, loans and advances at amortised cost are big-ticket itemsin its assets accounting for approximately 98 per cent. According to the significant accounting policies explored by BOQ annual report 2011, loans and advances are originated by the bank and are recognised upon cash being advanced to the borrower. Based on AASB13, loans and advances are initially recognised at fair value plus incremental direct transaction cost using the effective interest method. 3.2 Deposits and borrowing (Liability) Deposits, as the one of the most important cash inflows of the bank, follow ruleAASB13 as well. They are initially recognised at fair value plus transaction costs and thenby using the effective interest method, they are measured at amortised cost. It is classified in two concentrations: retail deposits and wholesale deposits. 3.3 Employee benefits (Expense) This item follows AASB119Employee Benefits which has been amended in its accounting rules affecting the measurement of its obligations and the timing of recognition of termination benefits. Employee benefits can be classified to four categories: wages, salaries and annual leave; long service leave; superannuation plan and share based payments. 4. Flexibility of Management in Selecting the Key Accounting Policies It is undeniable that having flexiblemanagement can exert positive effects on the presentation of company’s annual financial report. Specifically, from the Bank of Queensland ´s perspective, if mangers have considerable adaptability in selecting the key accounting policies, the financial performance of Bank of Queensland Ltd can be improved; therefore more investors and customers would give priority to cooperating with them in the future. 4.1 Loan and Advances at Amortized Cost 4.1.1 Flexibility Analysis The measurement of loans and advances at amortized cost is extremelyfavourable to commercial banks. From BOQ’s consolidated financial annual report, the loan and advances at amortized cost accounted for around 83.3% of total assets in 2011, it had increased from 31,736,5 million to 33,276,1 million during 2010 to 2011. This change in $1539, 6 million was caused by impairment charges made by managers of the bank. The increase of loans and advances at amortized cost could enhance the customers trust in the bank. Sincefinancial funds, credit business and debts are the core business transaction of the banking industry, this itemappears to increase receivable accounts. Also, as banks could charge a reasonable rate of interest on such future loans/advances, they are able utilizethis income to pay current liabilities, wage and salaries of employees, and also the tax liability of business. Consequently, the BOQ’s managers have selected a flexible accounting policy in this item. 4.1.2 Accounting policies analysis Being dominant in the assets, loans and advances at amortized cost carries the burden of generating cash. The way that Bank of Queensland recognizes loans and advances at amortized cost can be separated to two phases. Initially, loans are recognized at fair value plus incremental direct transaction costs. Secondly, BOQ uses effective interest method to measure the amortized cost at each reporting date. The advantage of this accounting policy is that including direct transaction cost in the loan price can offset the actual transaction cost occurred and maximize the profit for the bank. Additionally, the effective interest method is considered as one of the prior methods for amortizing a bond discount. Theoretically, investors require a discount on bonds because the market interest rate at the time of issue is higher than the coupon payments on the bond. Therefore, by amortizing the discount at the market interest rate, accounting statement of Bank of Queensland will exactly reveal the economic reality of the bond issue and its true cost of debt. 4.2Deposits and Borrowing 4.2.1 Flexibility Analysis Due to the characteristics of banking industry, there is a high flexibility for management in these two liabilities. It is noticeable that deposits and borrowing accounted for about 97% of total liabilities on the balance sheet. Occupying 69% of total deposits, managers pay more attention to Retail Banking Services because of itsattractiveness to customers compared to other types of deposits. 4.2.2 Accounting Policies Analysis This policy states that securitization set-up costs relating to on-balance sheet assets are included with securitization borrowings, and amortization is recorded as interest expense. Initially, excluding off-balance sheet costs makes the liability much smaller and enlarges their net assets. Likewise, interest on debt is a tax-deductible expense and creates a tax shield benefiting Bank of Queensland. The major function for this policy is to save cash flows for BOQ. 4.3 Employee Benefits 4.3.1 Flexibility Analysis Employee expenses mainly consist of share based payments and employee benefits. All of these kinds of financial activities are beneficialto BOQ.The result from increasing incentives to employees applies as it encourages them to performenthusiasticallywhicheventuallyleads to higher profits for the firm. 4.3.2 Accounting policy analysis Among Employee Benefits, shared based payments are distinguished. The accounting policy demonstrates that Bank of Queensland allows employees to acquire its shares, options and rights sold recognized in the Employee Benefits Reserve. This expense could be reversed if the loss is not due to a market condition. This is highly beneficial as it encourages employees to purchase shares of their own company but, on the other hand, as more shares are sold, the higher price rises in the stock exchange. 5. Quality of Disclosure Made in BOQ Accounts The quality of disclosure in the BOQ ´s policies, strategy, performance and financial statements and reports is satisfactory as it provides accessible, transparent and fairly justified information. As the BOQ is a listed company, it has to comply with all ASX disclosure policies and reporting but in addition it also complies with the ASX Corporate Governance Recommendations as well as the Australian Prudential Standards (APS) (Profit Announcement 2011). In the profit announcement report for 2011, BOQ discloses a number of disclosure principles which include management, board structure, ethical and responsible decision making, financial reporting, timely and balanced disclosure, respect rights of shareholders, recognize and manage risk, remuneration. 5.1 Business Strategy and Economic Consequences The business strategy and economic consequences are disclosed in the notes to the annual report in terms of the risk management of the company. As it explains in these notes the bank approach is to manage its risk in terms of credit risk, market risk, liquidity, operational risk, compliance policies and capital management. As it states in the annual report there is a high level of assessment and monitoring of these risks in order to follow the company ´s strategy. 5.2 Notes to the Financial Statements – Explanation of Policies The notes to the financial statements and reports do provide an explanation to the bank ´s management policies. According to the 2011 Annual Report these policies provide effectiveness and efficiency in terms of managing the risks described above as well as creating controls to support growth and competitive advantage. An example of these policies in 2011 was a strong expense management which lead them to reduce their cost-to-income ratio from 45.8% to 44.5%. Moreover, these policies provide regulatory compliance as well as performance management. 5.3 Explanation of Current Performance BOQ through its yearly Profit Announcement Report clearly explains its current performance in terms of its principal activities. It states its current level of profitability and the main reasons for any losses. As well as these profit or losses explanations the report shows explanations for changes in expenses, asset growth, retail deposit growth, branch network expansion and capital management. 5.4 Accounting / Financial Rules In terms of financial conventions that restrict the firm as a banking institution, the main one is the Basel II Accord in which the bank is obligated to maintain capital adequacy requirements. In the 2011 Annual report is mentioned that Tier 1 capital made up of equity capital and disclosed reserves was higher than required by Australian Prudential Regulation Authority (APRA). Moreover, AASB 124 Related Party Disclosures is additionally disclosed in order to understand the impact on the firm. Moreover it discloses all its consolidated statements for all subsidiaries of the group following all consolidation standards. 5.5 Segment Disclosure The quality of the segment disclosure for BOQ is sufficient as it discloses its two operating segments, and since the bank operates only in Queensland, it does not need geographical segmentation. It discloses the high level metrics for both of the banking and insurance segments as well as consolidated totals (Annual Report 2011 pg. 89). Also, following consolidation requirements it eliminates inter-company transactions (Annual Report 2011 pg. 89). 6. Questionable Accounting Numbers The most important and questionable numbers can be seen in the yearly Profit Announcement where BOQ announced a net loss after tax of 90.6 million AUD. The explanation for this loss was attributed to significant impairment charges. As the income analysis shows that the company made a reasonable operating income loss, but the large part of the loss was due to a revision of their commercial loans and provisioning approach. They decided to increase these specific commercial loan provisions more than close to 90 million due to the continuous decline in commercial property in Queensland. Along with loan impairments, the bank also impaired a substantial amount of assets, also because of the decline if commercial property. Furthermore in the Directors Report in 2011 there were some potential red flags regarding remuneration. As the bank went through a restructure last year there were a number of high level managerial positions that changed in this period. During this transition there were a number of payments classified as  ´others` that did not have a clear explanation. An example of this includes a payment of half a million dollars to the previous CEO to  ´ensure a smooth transition` between him and the newly appointed CEO. While taking into account the Director ´s report is audited by KPMG, this payment seemed excessive. 7. Undone Distortions Based on previous parts, the conclusion has arrived that BOQ suffered net loss of $90.6 million because of the tremendous growth in impairment loss. The footnote disclosures in the Profit Announcement provide the composition of the impairment loss. According to note 11, loan impairment expenses totalled $327.7 million. $165.7 million of this amount is specific provision impairment and the rest $162 million relates to collective provision. Moreover, impairment loss for assets also amounts to $578.7 million. Note 4suggests that BOQ ´s management increase its impairment loss based on their estimates of dropping commercial property market. However, this estimate comes from historical experience and professional judgment. In contrast, the estimate might be different from actual results. Therefore, distortions may arise resulting from overstated impairment loss. In order to undo the distortion, the impairment loss should have been adjusted to a lower level with fewer provisions. 8. Financial Press Discussions Even before the Profit Announcement of BOQ came out, many financial reporters foresaw the net loss of BOQ resulting from increasing impairment loss. The downturns in tourism and recent natural disasters impacted Queensland’s economy negatively, and the conditions in Queensland were expected to remain challenging in the future because of strong Australian dollar. As a result, for BOQ a company that is highly exposed to Queensland housing market, the current poor performance of might not change in short term.Following by the poor performance, BOQ isnow struggling to keep regulators happy and keep its capital at acceptable level. On 26 March 2012, BOQ announced aequity rising of $450 million. However, by doing this, the existing shareholders of BOQ will be heavily diluted and it will cause its share price to drop significantly.

The Transition from Childhood to Adulthood in Joyce Carol Oates Where

The Transition from Childhood to Adulthood in Joyce Carol Oates' "Where Are You Going, Where Have You Been?" All people experience changes in their life. Some of these changes are small such as the passing from one grade to another in school. Other changes are more intense, such as the transition from childhood to adulthood. In Joyce Carol Oates? ?Where Are You Going, Where Have You Been?? Oates goes into depth regarding the transition from being a carefree, innocent child to adulthood. In the short story ?Where Are You Going, Where Have You Been?? two separate worlds are drawn to the reader?s attention. The first is the normal daily life of Connie, a fifteen year old girl living in a home with her parents. Connie?s daily life is simple childhood. The second is the day Arnold Friend shows up at her doorstep and brings with him the difficulties of what the future holds. Connie is described as being an attractive fifteen year old girl whose actions are stereotypical of what one might expect from a girl her age. She spends her time listening to music, shopping, daydreaming, having fun, and trying to meet boys. Her friends share the same interests and when they are together they, ?would lean together and whisper and laugh secretly?. ( ) Connie puts on two different shows, one to her friends and a completely separate one to her family. ?Everything about her had two sides to it, one for home and one for anywhere that was not home.?( ) Connie does not show any real affection ...

Psychology Prospect Theory

PSY 302 Prospect Theory Review This paper is written in order to compare and contrast two articles that were chosen from the social psychology field. I chose my topic as Prospect Theory. It is one of the theories related to decision making process. This theory not only supported in social psychology but also supported fields of economic, consumer choice, political science and marketing. Prospect theory explains that people are loss averse that means they weigh losses heavily than gains.In other words, â€Å"looses looms larger than gains†. To illustrate; the person who found $100 on street would be less happy than the person who lost $100. The one of reason could be looses are more painful than gains are pleasant. Thus, humans cannot easily get rid of the effect of bad outcomes. I learned firstly this theory from one of my marketing courses and I really interested in that theory because it is implications likely to occur in our lives but I have never thought of it.That is why I choose two of my articles from that theory and I wanted to learn what different perspectives to that theory are. Those chosen articles are â€Å"When small losses do not loom larger than small gains: Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains† and â€Å"When gains loom larger than losses: reversed loss aversion for small amounts of money. † However those two article tried to explain the time when looses do not loom larger than gains.That means within a specific situations prospect theory would be reversed. The rest of the paper will be devoted to comparison of their methodology, research question and predictions. Finally I will explain my opinion and suggestions to improve that research. First of all there will be an explanation of their research questions. â€Å"When gains loom larger than losses: reversed loss aversion for small amounts of money† tried to predict that when there is small loss, gains loom larger than losses. Thus, it says that prospect theory would be reversed for small things.However the article called â€Å"When small losses do not loom larger than small gains: Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains† tried to predict that in the conditions of psychological needs may increase behavioral responses to gains more than behavioral responses to losses. To sum up, their theory same as â€Å"When gains loom larger than losses: reversed loss aversion for small amounts of money† because both of them predicted that loses may not loom larger than gains.However there are differences in terms of conducting those predictions. The main difference among those two articles is that â€Å"When gains loom larger than losses: reversed loss aversion for small amounts of money† put their hypothesis in terms of monetary values whereas other article tried to understand behavioral a nd affective responses to gains because writers think that loss aversion hypothesis gives importance to monetary phenomena not behavioral responses. Thus, they tried to understand the effect of goal fulfilling on prospect theory.Goals are related to this issue because in article they pointed out that, goals are seen as reference points. Humans evaluate their success or unsuccessfulness of outcomes comparing themselves to reference point, they determined. Thus, reference outcomes determine whether they faced a loss or they face a gain. That means in terms of behavioral responses of prospect theory, reference points are important. REFERENCES Harinek, F. , Dijk, E. V. , Beest, I. V. , & Mersmann, P. (2007). When gains loom larger than losses:reversed loss aversion for small amounts of money.Psychological science, 18(12), 1099-1105. (Harinek, Dijk, Beest & Mersmann, 2007) Chatzisarantis, N. L. D. , Kee, Y. H. , Thaung, H. K. , & Hagger, M. S. (2011). British journal of social psychology . When small losses do not loom larger than small gains: Effects of contextual autonomy support and goal contents on behavioral responses to small losses and small gains, Retrieved from http://onlinelibrary. wiley. com/doi/10. 1111/j. 2044-8309. 2011. 02033. x/abstract (Chatzisarantis, Kee, Thaung & Hagger, 2011)

I Know Why the Caged Birds Sing Essay

1. In the memoir the passage reveals Ritie’s self image. She characterizes herself as unappealing she does not see beauty within who she is. Ritie’s childhood led to her insecurities. When she was younger her parents took her to move with her grandparents. She believed her parents dishonored her. Ritie did not find her skin beautiful. She believed white was beauty. She was an uncomfortable in her own skin. She tried to become someone she is not because she knew how everyone view and felt about her. Since her childhood she received her appearance. Ritie kept her identity intact by not letting peoples judging and views influence her. 2. After years of separation Ritie’s relationship with her mother is respected. She respects her mother for who she is. Ritie sees her mother as a strong women, she knows her mother will also love her for who she is. Ritie admires her mother she looks up to her. Her love for her grandmother is more of mother daughter bond. Ritie’s role model is her grandmother and she is proud to say it. She sees her momma as a strong powerful person. She is tough but loving. Ritie’s wants to become like her grandmother, she loves her. 3. Maya knew she was different. She knew she did not fit in with the other girls in school. She did not feel that she was equal with everyone else she felt as she did not belong with the other children. She did not associate with anyone. She would isolate herself in a store. She barely socialized with any children. She stayed away from children her age even others. A comparison to race was when she was younger her tooth ached. The dentist was not willing to work with her. He was very racial and only worked with white patients. Ritie’s family copes with racism by not letting it affect them. They ignored, they maintained their dignity. 4. At the end of the memoir Ritie learns what might seem right to you will not always be viewed the same with others. For one to hare greatness they must go through obstacles. She learns everyone has the own definition on what is wrong and right. Ritie applies this when she had her baby she grew up and it gave her confidence in her baby. She always did what was best for her baby. 5. Why the Cage Bird sings shows that there is always a light at the end of a tunnel. When there’s darkness and disadvantages there is always hope to find your path. It shows they had to deal with negativity and racism but they took that and turned it into positive. The title relates they went through many struggles but in the end they can be free. 6. Adversity in the story delt with abandonment, racism, childhood trapped, unacceptance, also religion. In Mayas case she and her brother were sent to live with their momma in Stamps, Arkansas. She always had it in her mind that her parents were not alive. When she found out they were she had the feeling of abandonment she felt that they did not want her. When Mayas dad comes to get them she does not want to leave. She got use to Stamps. She overcomes her adversity by realizing her parents were going through a difficult situation. 7. Lessons can be learned about the South. Situations are never easy but you have to make the best of it. In life we are always going to struggle but we must stay strong and not let it get the best of us. There are always going to be people who judge you or don’t accept you. But if you know who you are and where you come from that’s all that matters. Another lesson is when should not try to be. Someone we are not we must appear ourselves because no one is perfect. We all have insecurities about ourselves but we should love who we are. Natasha De La Cruz Grade: 10 Title: â€Å"Bless Me, Ultima† Author: Rudolph Anaya 1. During the World War 2 actions occurred in this novel. In the novel a women lost her sons due to the war. Gabriel had both of her sons fighting in the war which was also significant hat occurred was a veteran shoot Chavez because he was affected by the war. 2. The characters adapt to the landscape because of the family’s different life livings. Antonio had to live two different life styles. His mother’s families were simple farming people. It was easier for them to farm everything was more nourishing. His father’s family was rougher around the edges. They were more independent and the land was harder to work with. Both families had their own values. 3. A movie that relates to this novel is Ruby Bridges. Both Ruby and Antonio go through struggles in their life to make something out of them. The film is about a young six year old African American girl who had enough potential to get into a better school for a better education which was in an all Caucasian school. Around that time racism was still around. Ruby was the only African American girl in her class, which then led problems to the parents of the children in her class. No one accepted her in the new school except her teacher. Throughout the beginning she had faced crowds of white citizens against her physically and emotionally. One day she was encouraged by her teacher and her mother who gave her strength and she made it through. She became significantly important in the civil rights movement.

Free Essays on The Authorship Question

A Midsummer Night’s Dream, Hamlet, King Lear. These are just a few examples of plays associated with the name William Shakespeare. Is William Shakespeare of Stratford the person who deserves to be noted as the best playwright of all time? Does another individual deserve this merit? Who was the original â€Å"William Shakespeare†? There is speculation that the Stratford-upon-Avon man could not have been the playwright, because there is no concrete evidence revealing that he had the intelligence to write such complex plays (PBS). It is not known whether William Shakespeare went to school, since there are no records of his attendance (PBS). If William Shakespeare was the original playwright, then why were his manuscripts not bequeathed in his will? The only possible explanation that validates the name â€Å"Shakespeare† is if it was used as a pen name. With this in mind, could â€Å"Shakespeare† be Edward De Vere, seventeenth Earl of Oxford, or Sir Francis Bacon? One piece of evidence rules out William Shakespeare as a candidate to be credited for the writings, as well as Sir Francis Bacon. The following fact must be considered: In 1609 the Sonnets were published in a pirated edition. The famous dedication describes the author as ‘our ever living’, a phrase which was invariable used of he dead. (A Short Life) When looking at the deaths of the three men, it is evident that De Vere was the only one of the three who actually died before the publication of the sonnets. Shakespeare died in 1616 (A&E), Bacon in 1626 (Francis Bacon), and De Vere in 1604 (A Short Life). When looking further into the life of De Vere, it can be seen that he was referred to as a great writer of poems and comedies, yet, there were no comedies attached to his name (PBS). Was this because he was trying to protect his identity, due to the content found in the Shakespearean writings? How would De Vere pick a name to mask his own? When â€Å"he was men... Free Essays on The Authorship Question Free Essays on The Authorship Question A Midsummer Night’s Dream, Hamlet, King Lear. These are just a few examples of plays associated with the name William Shakespeare. Is William Shakespeare of Stratford the person who deserves to be noted as the best playwright of all time? Does another individual deserve this merit? Who was the original â€Å"William Shakespeare†? There is speculation that the Stratford-upon-Avon man could not have been the playwright, because there is no concrete evidence revealing that he had the intelligence to write such complex plays (PBS). It is not known whether William Shakespeare went to school, since there are no records of his attendance (PBS). If William Shakespeare was the original playwright, then why were his manuscripts not bequeathed in his will? The only possible explanation that validates the name â€Å"Shakespeare† is if it was used as a pen name. With this in mind, could â€Å"Shakespeare† be Edward De Vere, seventeenth Earl of Oxford, or Sir Francis Bacon? One piece of evidence rules out William Shakespeare as a candidate to be credited for the writings, as well as Sir Francis Bacon. The following fact must be considered: In 1609 the Sonnets were published in a pirated edition. The famous dedication describes the author as ‘our ever living’, a phrase which was invariable used of he dead. (A Short Life) When looking at the deaths of the three men, it is evident that De Vere was the only one of the three who actually died before the publication of the sonnets. Shakespeare died in 1616 (A&E), Bacon in 1626 (Francis Bacon), and De Vere in 1604 (A Short Life). When looking further into the life of De Vere, it can be seen that he was referred to as a great writer of poems and comedies, yet, there were no comedies attached to his name (PBS). Was this because he was trying to protect his identity, due to the content found in the Shakespearean writings? How would De Vere pick a name to mask his own? When â€Å"he was men...

Black Legend Essay Research Paper The

Black Legend Essay, Research Paper The Black Legend During the late 15th and early 16th centuries Catholic Spain was get downing a huge motion in attempts to rule Europe by suppressing lands about the New World. Lands in Mexico and countries near the Yucatan known as New Spain became the focal point of Spain s conquering. Bing the first state to administer their settlements throughout the New World, Spain was ridiculed by neighbouring states like England and France. However this type of ridiculing was mostly due to the faith of Spain at the clip. After the Protestant Reformation, Spain had remained to be a Catholic state. Therefore powers like England were able to assail Spain from all political sides. This new vision of Spain s bloody conquering in South America allowed Protestant Europeans to originate a theory on Spain s conquerings known as the Black Legend. This Black Legend was said to state that the Spanish were barbarous to the indigens in their settlements merely because they were Catholic. Based on the given articles written from the bulk of which were brought approximately from different position and sentiments, this fable in my sentiment must be true. Such people who wrote these letters or docudramas were well- sure solons, and to lie to the governor of one # 8217 ; s state was considered to be a wickedness to both the Majesty and to God. Even in the positions of those belonging to Spain and the Catholic Church, the Spaniard # 8217 ; s try to represent themselves in the New World was an unjustly and barbarous cause. The chief ground for Spain s barbarian attack to the New World was in effort to the counter-Reformation. The Spaniards wanted to pull new voices in the Catholic Church by directing missionaries and Jesuits to the New World in order to spread out the faith and hopefully convey the terminal of Protestant Reformation by barricading off all England s and Europe s effort in colonisation. Therefore, the usage of force was needed to suppress new lands and advance God and His Majesty for Spain. Since the position of the French, English, and even Spanish are used, in my best words I claim the Black Legend to be true. In the words of de Las Casas who he himself was a Catholic Spaniard said that the indigens were people who were patient, peaceable and unagitated. They neer had hatred, desire, or retribution. He considered them to be weak and delicate people who lived amongst themselves in peace and harmoniousness. How of all time, in conformity to the priest, the Spaniards and their Equus caballuss came and slaughtered the adult females, work forces, and kids in hunt of enlargement and chiefly gold. This desire for gold kept the Spaniards on the move, and until they had had all they would non rest. Even in the eyes of an Aztec who had nil but his people, the Spaniards killed and robbed the people and even at times took advantage of their adult females. This ferociousness, nevertheless, merely seemed to be in the eyes of conquistadors. For among present twenty-four hours America, the Gallic and Puritans struck singular friendly relationship among the local indigens. The Gallic with the assistance of the baronial Samuel de Champlain struck a trade trade with the Indians for beaver pelt. Even the Puritans gained trust from Squanto in Plymouth to construct a durable relationship of trust and friendly relationship. When Sir Walter Raleigh arrived in the Caribbean he described the people as frightened and bewildered due to the plundering Spanish who took advantage of their adult females and embarrassed their work forces. Even with such conquerings and ferociousness of the Spanish, commercial Catholicism was non reached harmonizing to Father Juan Rogel in a missive to Pedro I. He claimed that despite great promotions in the modernisation of the indigens, he was unable to convey them to the understanding about the faith. Since the Indians were on the move 9 of 12 months he was unable to larn the linguistic communication to the full or wholly preach to them. And when he did they would invariably do merriment of his words. He acknowledged that the lone manner acquire them to collaborate were to settle them down and build small towns. For if any adult male was to follow them for 50 old ages, his message would neer acquire across. These concrete facts, letters, and personal histories seem to indicate at the Spaniards as being barbarous due to the fact that they were Catholic and had the desire to acquire their message across and take advantage of the people and ownerships of the ancient civilisations established in the New World. The Protestants really good could hold done such things every bit good in order to barricade the counter-Reformation, alternatively they took the advice of the indigens and established a more comfortable foundation and settlement. Even though today most of South America is Catholic, they are still behind chiefly due to the Acts of the Apostless that occurred 100s of old ages ago. In bend the Black Legend did hold a big impact on the colonisation and Reformation of the New World.

Evaluate the Future Impact of Media Technologies in Tourism Essay

Evaluate the Future Impact of Media Technologies in Tourism - Essay Example International arrivals rise at a slower rate but in complete terms rose from 394 million in 1988 to 613 million in 1997. Less inclusive figures are obtainable for domestic tourism. In some, such as France, domestic holidays continued to increase; elsewhere (for example, the United Kingdom, Germany, Australia and New Zealand), signs of stagnation or decline were appearing, in part as a consequence of increased outbound tourism. In disparity, domestic tourism was fetching more important in some developing countries as varying values of living destined domestic tour was becoming more reachable to a wider example of society (Chris Cooper, 2001). Countries in Europe and North America are still major sources and others have joined destinations for international tourism but in recent years, especially in Asia and the Pacific. Varying rates of growth have been recorded in these and in other regions of the world, such as Africa and South America. Resorts in some of the latter regions have a relatively long tradition of tourism, such as Bariloche in Argentina. In further places, for instance parts of Africa or a few Pacific islands, tourism is still budding as a figure of expansion. While numbers there may as yet be relatively insignificant on a global scale, they may be of increasing significance locally. As an outcome of these models and procedures, tourism is moreover before now extensively recognized as a key segment of nationwide, regional and local economies in a lot of parts of the world or being aggressively measured or cultivated as an expansion alternative in many others (Jarice Hanson, 1990). The expansion of tourism h as been accompanied by a noteworthy increase in media technology and research activities in this field. Tourism programmes connected to media, centres and subdivisions have developed on sites universal, and tourism conferences have propagated and fresh