Markets and Morals- Essay Example | Topics and Well Written Essays - 1000 words

Markets and Morals- - Essay Example The skeptics argue that there is the welfare of the society cannot be made by charging exorbitant prices during hard times. If there is social welfare to be considered, it should factor in the pain and suffering to the customers who buy those who may buy such high priced products. In their argument, some people cannot afford and hence may opt just to stay and die since the products and services are out of their means. They also argue that free markets are not always free under certain conditions. For instance, when the hurricane hit Florida, the need to have a safe shelter is no longer a freedom of choice. They are under duress to have such kind of products hence unethical to claim that the market is free Drafting soldier implies enlisting them whereby the candidates are chosen on the ground of suitability. On the other hand, hiring means having a lottery where the desired number is selected to join the military services. There are two ways whereby soldiers can be recruited. One is where the soldiers would be picked by the government to serve the public through a lottery system, and the other one is where there is a voluntary choice of joining the army where attractive salary packages. Volunteering, according to utilitarian, will be unjust to the civil obligations which require everyone to serve the nation. On the other hand, it is unjust since it may not be free as some candidates cannot find better engagements owing to the inadequacy of skills. In any effect, it may not produce the best candidates as compared to the coercive process. According to Libertarians, sometimes the economic conditions might not allow one to choose for the army position. The jobs might be so restricted whereby there is no option for free will since one need to have the economic engagement in order to live. Libertarian have objection argues that it should be treated as civil obligation for the citizens have a duty to serve

International accounting standard No.2 (IAS2) inventory Essay

International accounting standard No.2 (IAS2) inventory - Essay Example In the year 1974 during the draft of standard, the name was changed to â€Å"inventories† from â€Å"valuation and presentation of Inventories in the Context of the Historical Cost System† the first draft was affected on 1st of January in the year 1995 and this was 21 years after the first draft exposure. On 18th of December 2003, the standard was revised and took effect as from the strart of January 2005. In the year 2003, there was a revised IAS 2 whereby different cost formulas for inventories were incorporated into the standard. These were superseded from SIC 1 on consistency. On December 1997, SIC 1 was issued and was effective as from 1st January 1999. sic 1 required that that the same cost formula was to be used for inventories with the same characteristics under IAS 2.21 AND IAS 2.23. in that case, different methods may be used where inventory items were different from other groups (International Accounting Standards Board, 2008, p.978). SIC stands for Standing International Committee (SIC), and it was renamed to International Financial Reporting Issues Committee (IFRIC). some of the issues in SIC were not added in IFRIC’s Agenda. This are as follows: The question was whether cash discounts received should be subtracted from the cost of goods purchased. A decision was made in august of the year t 2002 that they should not be added. The reason given by IFRIC was that paragraph 8 of IAS 2 provided enough guidance and thus it was not necessary to publish on the interpretation on the issue. The problem was on how to treat net realizable value when the inventory is consumed as part of the service rendered. A decision was made in the march of 2004 that it should not be added. It was noted that it existed for commercial bodies. It was thus concluded that the matter involved the recoverability of an asset which