How to Deal with Peoples Language Barriers

Since there are hundreds of languages, it is not rare to come across people with difficulties in speaking your native language during travel, trade, or while carrying out other daily duties. However, in spite of language barriers, it is not impossible to communicate effectively.Advertising We will write a custom essay sample on How to Deal with People’s Language Barriers specifically for you for only $16.05 $11/page Learn More Effectual communication is a talent that can be learned. The steps for getting your points across can easily be understood by individuals who have self-confidence and understanding of the basics (Janzen 21). When you meet a person with difficulties in speaking your language, first, try communicating using other languages. Many people are multi lingual. You may come across a person in the US, for instance, who cannot speak Korean, but if both of you can speak English, you can talk with much ease. Concurrently, read the body l anguage closely and try to understand the intentions of the person. Use gestures to express universally acceptable concepts. You can smile to show that you have good intentions. This is an effective method of breaking the ice, which according to Lee, helps to make communication easy. After making communication easy, it is advisable to use the language of the listener to say, â€Å"I don’t speak much of that language.† Do not fear to use signs. In case of further difficulties, draw pictures on a note pad if possible (Lee). At the same time, exercise patient and pronounce words properly to find out if the other party understands the basic vocabularies. Avoid using exaggerated pronunciations, as it may result to more confusion. Nevertheless, be attentive to learn if you need to articulate certain words as your listener does (Lee). It is highly commendable to choose this method if the suitable accent is dissimilar from the non- native accent. Additionally, it is commendabl e to avoid turning up the volume thinking that it would enhance communication. Further, avoid hiding your mouth since the other party will be interested in studying your mouth as you utter each word. It is also improper to use baby talk or improper language.Advertising Looking for essay on languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More It can puzzle the non-native speaker and send the wrong notion regarding your level of proficiency. Moreover, avoid using running words together. This is because listeners often face the challenge of determining the last part and the beginning of words. It is, therefore, necessary to give a pause between words to help them understand the words without struggling (Caputo et al. 13). The listener may indicate that he/she is still struggling to communicate with you, and in this case, opt for simple words instead of complex ones. The simpler the word is, the enhanced the probability that the listener wi ll appreciate it. For example, opt for the word big instead of enormous or make instead of manufacture. Note that sometimes, the ‘complex’ words are easier to understand than the ‘simpler’ ones (Caputo et al. 13). For example, Romance language speakers find certain ‘complex’ English words easy to understand since they are rooted in Latin. When communicating with Somalia people, one should use the complex Swahili words since they are rooted in Arabic. After identifying your listeners’ native language, you will encounter little difficulty deciding whether to use the simple or complex words. Your choice of verb phrases is also important. Use verb phrases whose meanings are easy to understand and do not pronounce as the listener’s language. Lee says that it is advisable to use simple phrases instead of the confusing verb phrases. â€Å"Look out† sounds almost the same as â€Å"look for.† Using any of the verbs is not hel pful to the listener. Therefore, instead of opting for â€Å"look for† it is better to opt for ‘search for’. Moreover, instead of saying ‘look out’, it is best to say ‘be careful’. Further, is better to avoid using filler and colloquialisms. Words such as ‘um†¦Ã¢â‚¬â„¢, ‘yeah’, and’ totally’ do not help in making communication easy. You should avoid these words.Advertising We will write a custom essay sample on How to Deal with People’s Language Barriers specifically for you for only $16.05 $11/page Learn More Non-native speakers, particularly those with poorer levels of proficiency, commonly suppose that fillers are vocabularies that they do not have in their native languages. Colloquialism is equally difficult to understand. Some of them are not easy to look up for in most dictionaries since they are not universal y accepted items of language. Patience is specia l virtue that may make communicating with non-native speakers. This is because you may be asked a number of times to repeat something. When asked, repeat it as you said it the initial moment because it is possible that your listener did not hear you. However, if your listener still demonstrates difficulty in understanding, modify a few important words in the sentence, as they could have encountered problems in understanding some of the words. When repeating a sentence, repeat the entire sentence and not simply certain few words. Handling this is time consuming, but it is essential in eliminating confusion (Janzen 20). You should put in mind that your dialect may be different from what the listener learnt in school, and therefore while paraphrasing, try using other similar words that you might have known. In addition, use long forms of words. It is difficult for non- native speakers to determine the difference between short and long forms of words. Be explicit. You should say ‘ yes’ or ‘no’ but not â€Å"Uh-huh† or â€Å"Uh-uh.† The words are confusing since they are not in grammar books. Outstandingly, for communication to be effective, both parties should understand each other. Therefore, listening is very important. Listen and refrain from making up your mind while the other party is still talking. Keep patience until the other person is done. This will help you to give useful information based on the information he/she have provided. At the same time, you should be conscious that certain customs have diverse norms concerning matters such as touching, personal space, and eye contact. The awareness will help you to tell whether an individual is trying to offend or not. Someone standing far away or not maintaining eye contact due to obedience to his/her cultural norms is not offending.Advertising Looking for essay on languages? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, a person who behaves in the same manner but has sufficient justification may be trying to offend. You should device better strategies to improve your communication. Remember to be relaxed and have satisfactory control of your communication (Caputo et al. 13). Conclusively, dealing with people who do not speak your language is challenging, but one can learn the apposite communication basics and overcome the barriers. Patience and showing emotional attachment are important elements for making communication with such persons effective. An effective communicator should put into practice all the basic steps. However, apart from putting the steps into practice, he/she should exercise creativity and innovativeness. Works Cited Caputo, John S., Jo Palosaari, Kenneth Pickering, and John Nicholas. Effective communication. Twickenham, Eng.: Dramatic Lines, 2003. Print. Janzen, Joy. â€Å"Teaching English language learners in the content areas.† Review of Educational R esearch 78.4 (2008): 1010-1038. Lee, Peter. â€Å"How to Communicate with Non-Native Speakers of English | CultureLink International.† CultureLink International. N.p., 1 Jan. 2009. Web. This essay on How to Deal with People’s Language Barriers was written and submitted by user Kayson Reed to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The opening scene of The Crucible Essays

The opening scene of The Crucible Essays The opening scene of The Crucible Paper The opening scene of The Crucible Paper As Act two progresses, Her back is turned to him. He turns and watches her, a sense of their separation arises. Miller wants the audience to see that Elizabeth and Johns relationship is not as usual as they were trying to convince one another. This is the turning point in Act two. John becomes more and more frustrated over Elizabeths false emotions which she was portraying to John previously, however, John remains calm when Elizabeth turns her back, with a gentle reply, I think youre sad again. Are you? . A Puritan wife should have been at her husbands side doing her duties without question, but Elizabeth turning her back is showing disregard to Johns presence in the room. John follows up Elizabeths turn of her back by asking gently, I think youre sad again. Are you? John is wanting to confirm that Elizabeth is still sad about his affair with Abigail and that he is not mistaken by her actions, but he is hesitant to say it straight up. John asks gently because he either does not want to release all of the anger that they have both built up by arguing, or that he really does care for Elizabeths wellbeing and therefore asks gently. Elizabeths reply is brief, You come so late, I thought youd gone to Salem this afternoon. Miller wants the audience to see that Elizabeth does not want to start an argument with John, but she must tell him how she feels because if their relationship is going to be fixed, she must be truthful with him and tell him how she feels. The stage direction, she doesnt want friction, and yet she must. supports the idea that she doesnt want to tell John about what she is thinking, but she must. Once John tells Elizabeth, She [Abigail] told it to me in a room alone I have no proof for it. Elizabeth begins to question whether John and Abigail were in the room alone. When John confirms it, Elizabeth says, Do as you wish then. and the stage direction is, quietly she has suddenly lost all faith in him Miller wants the audience to realise that Elizabeth does not believe that nothing happened while John and Abigail were in the room alone. Elizabeth believes that John lied to her before about having an affair, and he has lied again now. All that John has been doing to make Elizabeth happy has been ruined and John and Elizabeth are back to how they would have been just after Elizabeth found out about the affair. Elizabeth has no trust in John at all, so although John defends himself by saying, For a moment, I say. The others came in soon after. Elizabeth does not even begin to believe that what John is telling her is true. Elizabeths lack of trust in John frustrates John to the point that he loses his calmness which he has been speaking with all night. John says, Woman. Ill not have your suspicion anymore. and then interrupts her reply by shouting, Ill not have it! All of the tension that was building up between the two has finally exploded into anger and the friction that was avoided by both John and Elizabeth has started. The reason John is so angry with Elizabeths lack of trust is because a Puritan wife should have never question anything that their husband said to them and should accept it as the truth. As the scene progresses, John begins to tell Elizabeth exactly how he feels about how she has been behaving with him. John says, Spare me! You forgive nothin and forget nothin. Learn charity, woman. This line has been included by Miller because it tells the audience Johns exact feelings about how Elizabeth is behaving around John. It also tells the audience some extra details about Elizabeths personality. You forgive nothin and you forget nothin. This line tells the audience the nature of Elizabeth and one of the reasons that John is so frustrated with her. Elizabeth is not a very forgiving character and this is made more obvious as she also does not have any trust in John since the affair. John is telling Elizabeth to show him some consideration by having some trust in him when he says spare me. As the Act progresses, John and Elizabeths argument is stopped as Mary enters with a poppet for Elizabeth. John lets some of this anger out on Mary as she walks in. When John gets mad at Mary, she tells him how she saved Elizabeths life, as her name was mentioned in court. Towards the end of Act four, John decides that he will confess himself, however, refuses to sign the confession that Hale produces as he does not want to tarnish his good name for his children. Danforth rejects Johns confession without him signing it, and orders for John to be hanged. Hale begs Elizabeth to change Johns mind and sign the confession, but Elizabeth claims that John wants to keep his good name, and nobody should take that.

Behavior Intervention Plan Essay Example | Topics and Well Written Essays - 500 words

Behavior Intervention Plan - Essay Example The Council for Exceptional Children (CEC) is the largest international professional organization dedicated to improving the educational success of individuals with disabilities and/or gifts and talents. CEC advocates for appropriate governmental policies, sets professional standards, provides professional development, advocates for individuals with exceptionalities, and helps professionals obtain conditions and resources necessary for effective professional practice (CEC). Other than using communication techniques, educators should involved the students’ parents to help the barriers so that the child can learn effectively and comfortably. Knowing that they have their parents support, they learn with confidence from effective teaching due to the fact they feel like they have a comfort zone when family is around. When parents are involved, children feel that they have their acceptance to learn. It is apparent that some of the communication techniques can be used on children within educational intervention to break down some of the barriers. For example, prompting children for good behavior and using computers as a way to communicate with minority children can be extremely helpful until a proper way of communicating between the educator and student becomes establish, which they will feel comfortable with. Once a communication technique is established, it will become easier to understand one’s another way of thinking. Furthermore, educationa l intervention would be more accepting of diversity, which means no child will be left behind despite their differences. The PACER Center (Parent Advocacy Coalition for Educational Rights) is a statewide nonprofit parent center that for nearly twenty years has served parents of children with disabilities from birth through secondary school. Through Families and Schools Together (FAST) Forward, PACER is expanding its operations to include all parents. FAST Forward provides the following six

Do we still partake in conspicuous consumption of fashion Essay

Do we still partake in conspicuous consumption of fashion - Essay Example This essay traces the history of fashion in relation to conspicuous consumption in order to determine if this concept is present in the modern culture and find out the motivation behind the use of fashion to display wealth and status. According to Cassell (2000), conspicuous consumption of fashion is not a new concept because it can be traced back into the ancient tribal times. During this period, the elite within the society displayed various fashions to demonstrate their social class and thus distinguish themselves from the ordinary people. The history of conspicuous consumption and the developments in fashion was very competitive and it is attributed to the modern culture within the consumer society as explained by Woodruffe-Burton (1998). In the French empire, the rule of Louis XIV was characterized by conspicuous consumption of fashion and people showed off their wealth through the clothes they wore. The concept of conspicuous consumption of fashion is illustrated by the queen of France, Marie Antoinette who had the largest wardrobe in Versailles which was filled with expensive clothing as a status symbol of her wealthy and power. Feitelberg (2005) explains that the invention of handbags late in the 18th cen tury clearly shows how fashion is valued in the society as â€Å"a symbolic tool for status and class†. Highly decorated handbags were carried around to achieve a certain desired level of prestige and wealthy. Lehnert (2000) assets that the history of fashion reached its peak in the 19th century when cloth designs and fashions from France and London were used to separate people according to social classes. Decorative dressing by women in the upper social class was common in the society. A lot of money was spent by the wealthy on decorative fashion which were colorful with good designs and ostrich feathers being used to symbolize a higher social status. The development of fashion was parallel to the social status early in the 20th

Master Level - Academic Marketing - Research, Theory and Practice in Essay

Master Level - Academic Marketing - Research, Theory and Practice in Marketing - Essay Example The strategy therefore, was viable in the given restrained parameters and yielded results that satisfied both the customers and the retailers of the time. On the contrary, today, the technological advancements have brought forth an explosion of information that is easily accessible to public through the internet and other media like television, radio, mobile phones etc. The internet has made it easy for the customers to become aware of the product details including its availability at competitive prices which has precipitated the need to develop a whole new perspective for a new marketing technique. Hence one needs to be more open when Shultz say that it is the end-users who now control the markets rather than the marketers. It is equally true that though, the technology in its wake has inundated the market with variety of products which has given the customer plenty of option, the seller is left with the cut throat competition that must be met urgently. It therefore becomes all the more important that the sellers need to introduce new techniques and brands that would, not only attract the customers but also retain them. The customer, while remaining the main point of any marketing techniques, no more commands the sole attention. The emerging technology has necessitated the incorporation of the whole system within which the product is marketed. Hence any successful marketing must address the system as a whole. Shultz has come up with the theory of ‘triad’ comprising of marketers, customers and the employees who must be considered as a unit for a market strategy to succeed. Shultz asserts that these three elements where employees also include the retailers, distributors, agents and the sales force, play a vital role in marketing of the product. Today the concept of market has changed so much so that instead of customer going to the ‘product’, the product ‘comes’

Human Genetic Disorder

Human Genetic Disorder HUMAN GENETIC DISORDER Introduction Human Genetic Disorder is a kind of illness which is caused by chromosomes or genes abnormalities. Some disorders like cancer are in part of genetic disorders but they can also be caused by environmental factors. Many disorders are quite rare and they affect one person in a million. There are some types of recessive gene disorders which have an advantage in heterozygous states in some environments. Both genetic and environmental factors play a role in development of any kind of disorder. Human genetic disorder is caused by abnormalities of individuals of genetic materials. There are four types of genetic disorders; single-gene, chromosomal, multifactorial and mitochondrial. Single gene disorder is caused by a single mutated gene. This disorder can be passed on in successive generations in various ways. This disorder is caused mainly by mutation or changes of the DNA sequence in one gene. Multifactorial is caused by a combination of mutation of multiple genes and environmental factors . Chromosomal is caused by abnormalities caused by chromosomes. Mitochondrial is a genetic disorder caused by mutation in the mitochondria nonchromosomal DNA (Driel, et.al, 57). Single-gene is caused by mutation in the DNA. Gene codes for proteins which are the molecules which carry out most of the work does most of functions in life and even make up various cellular structures. After gene mutation for its proteins product not to carry out its usual functions, this leads to disorder. There are many single-gene disorders which occur in one out of 200 births. Examples include sickle cell anemia, cystic fibrosis, Marfan syndrome, heredity hemochromatosis and Huntingtons disease. Single-gene disorders are hereditary in identifiable structures. Combination of mutation of multiple genes and environmental factors leads to multifactorial (Bennet, 896). There are various types of genes which influence vulnerability to breast cancer which has been found on different chromosomes. Due to complicated nature of chromosomes, this makes it difficult to analyze chromosomal and single-gene disorders. Most of the common chronic disorders are multifactorial. Examples of this di sorder include Alzheimers, high blood pressure, heart disease, diabetes, arthritis, obesity and cancer. Inheritance of multifactorial is associated with genetic characteristics like height, fingerprint, skin color and eye color (Watson, 44). Chromosomal disorder is associated with chromosomes. Chromosomes are distinct structures which make up protein and DNA. Chromosomes which are mainly the carriers of heritable materials like chromosome structures abnormalities as missing leads to disease. The major abnormalities of chromosomal can be detected using microscopic examination. Trisomy 21 or Down syndrome is a common disorder which occurs when one has copies of chromosome 21. Mitochondrial disorder caused by mutation in nonchromosomal mitochondria DNA. Many genes are named after the disorder they are associated with. The normal functioning of gene is encoded with protein and this is not associated with cause of illness. Diseases linked with genetics occur when genes are not in a position to work properly. The hemochromatosis gene really codes for membrane protein after mutation of the gene in a manner which prevents if from encoding a functional and normal protein products (Milunsky, 67). Human genetic disorder is mainly caused by different kind of gene known as variation or modification of gene known as mutation. There are many diseases which are associated with the aspects of genes. Some like cancer are caused by gene mutation. Mutation can occur randomly or due to exposure to the environment like smoke from cigarette. Some of genetic disorders are inherited. Mutated genes are passed down from one generation to another through a family and each child can inherit those genes which causes the disorder. Other genetic disorders are because of problems with different number of packages of genes known as chromosomes like Down syndrome. Human genetic disorders are the main cause of death, disability and human tragedy. It is rare to find in a family which is entirely free from any kind of genetic disorder. Genetic defects are mainly known to cause pregnancy loss in developed countries and several spontaneous miscarriages involve fetus with abnormal chromosomes (McKusick, 15 ). Human genetic disorder is caused by nondisjunction which is the failure of chromosomes to replicate during the Anaphase II. Genes lacking chromosomes are not able to produce an embryo which is viable. Nondisjunction is most often linked with 21st chromosome giving rise to Down syndrome which increases chances of developing Alzheimers disease. Human genetic disorder is caused by abnormal genes groups which are passed down from one generation to another. Spontaneous mutation of genes is caused by error in the replication of DNA resulting in substitution base or insertion or deletion of one or two pair base from the DNA. Other disorder like somatic genetic disease is caused by sudden appearance of abnormal type of gene in one part of the body like cancer. Others like chromosomal abnormality are caused by abnormalities in the structure of chromosomes causing Down syndrome (Green and Waterston, 1968). Human genetic disorder can be diagnosed. Genetic test can be performed to determine whether the person has or doesnt have the disease even as early as during fetus. This testing is known as antenatal testing. Chromosome test can also be performed to diagnose human genetic disorder. Diagnostic of human genetic disorder is conducted for chromosome disorders, congenital malformations, mental retardation, infertility, learning disabilities, miscarriages, metabolic and molecular disorders and paternity. There are available genetic services for all prenatal, pediatric and adult genetic disorders such as Alzheimers, cancer, heart disease and other late disease onsets. Defects of birth lead to death of infants. There are infants who are diagnosed with the main genetic disorders. Genes and DNA performs are arranged on chromosomes. There are no genes which really cause disease. Mutations in the genes caused serious genetic disorder. Gene mutation in chromosomes caused disorder. Not all mutatio ns of genes lead to genetic disorder because some are unexpressed without any noticeable effect to the organism (Baird, et.al, 678). Conclusion Human genetic disorder occurs due to abnormalities of individuals of genetic materials. Human genetic disorders are of different types depending on the causes. There are four types of genetic disorders; single-gene, chromosomal, multifactorial and mitochondrial. Genetic disorders are mainly caused by mutation of genes and DNA. Each type of disorder has different cause. For example chromosomal disorder is caused by mutation of chromosomes. Swap of DNA by chromosomes to form variety of the gene pool can result to disorder leading to exchange of regions. Through abnormalities of genes and chromosomes human genetic disorder occurs. Some disease like cancer is as a result of genetic disorder but they can occur because of environmental factors. Most human genetic disorders are rare and they affect one person in a million. Some recessive gene disorders give advantage to the heterozygous states in some environments. Works Cited Baird Anderson, et.al, â€Å"Genetic Disorders in Children and Young Adults: a Population Study,† American Journal of Human Genetics, Vol. 42, pp. 677-693, 2000 Insert Surname here 6 Bennet Robin, â€Å"Genetic Disorder and the Fetus: Diagnosis, Prevention and Treatment,† The American Journal of Human Genetics, Vol. 77, No. 5, 2005, pp. 896-897 Driel Marc, et.al, â€Å"A New Web-based Data Mining Tool for Identification of Candidate Genes for Human Genetic Disorder,† European Journal of Human Genetic, Vol. 11, 2003, pp.57-63 Green Ernest and Waterston Roy, â€Å"The Human Genome Project: Prospects and Implications for Clinical Medicine,† Journal of American Medical Association, Vol. 266, 1999, pp. 1966- 1975 McKusick Charles, History of Medical Genetics, in Emery and Rimoins Principles and Practice of Medical Genetics, Churchill Livingstone, Inc.: New York, 1996, p. 1-30 Milunsky Aubrey, Genetic Disorders and the Fetus: Diagnosis, Prevention and Treatment, (5th Ed), JHU Press, 2005 Watson Jean, â€Å"The Human Genome Project: Past, Present, and Future,† Science, Vol. 248, 1990, pp. 44-49

Essay --

â€Å"The sandy beach is a harsh, constantly changing environment,† explained by the UKMCS (2). This is the ocean is constantly moving because of the wind in the earth’s atmosphere (Crawford 4). Along the edge of most coastlines, a commonly found zone is an estuary (Marine Conservation Society (UK) SouthEast 1). This is where brackish waters, an area where freshwater is released and mixed with the ocean’s salt water, is created (1). However, even though there are small amounts of freshwater added, this does not change that the salinity of the ocean is remarkably high. Salt is carried into the ocean by rain, rivers, streams, and underwater volcanoes (Office of Naval Research 3). Because of the multiple sources of salt, the levels of salinity within the ocean shoot up rapidly. The Office of Naval Research states, â€Å"Salinity is expressed by the amount of salt found in 1,000 grams of water† (3). Marine ecologist created an expression for the amount of salt inside a given area. If there is one gram of salt within 1,000 grams of water, then it is represented as 1 pound per ton (3). The oceans salinity varies between about 32 and 37 ppt (3). Most humans would not be able to live in an ecosystem with salinity levels being this high, however some organisms have adapted to surviving is such an environment. Osmosis is an animal’s way of adapting to different types of salinities (Office of Naval Research 3). All marine mammals have special traits that they adapted to help them survive in or around marine habitats (Marietta College 1). As prompted by the Marietta College of Ohio â€Å"Many organisms in saltwater are osmoconformers.† (1). An osmoconformer is an organism that has the same concentration of salt within its body as the surrounding water (1).... ...terials into the water and can threaten organisms (1). Most NSP is located close to people’s homes. Most importantly is the hazard material that is used and not properly cleaned or disposed of. If people have a septic tank on their property, and it is not the correct size, they can leak and pollute surrounding ground water (1). Poisonous materials from cars and other vehicles such as oil, brake fluid, grease, and gasoline, can be washed off and channel into storm drains, giving them direct access to the ocean (1). If it is not being washed off, then another large problem is when it is spilled or dumped out (Hemminger 4). These products can be picked up by rain and pushed down into storm drains (Natural Resources Defense Council 1). The last most common NSP is when non-degradable products are flushed down the toilet, which can damage the sewage treatment process (1).

Citibank Performance Evaluation Case Study

Annual Report Consolidated and Statutory Financial Statements at December 31, 2006 101st fiscal year Fiat S. p. A. Financial Statements at December 31, 2006 234 Financial Review of Fiat S. p. A. 238 Income Statement 239 Balance Sheet 240 Statement of Cash Flows 241 Statement of Changes in Stockholders’ Equity I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world. Albert Einstein 242 Income Statement pursuant to Consob Resolution No. 5519 of July 27, 2006 243 Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 244 Notes to the Financial Statements 301 Appendix – Transition of the Parent Company Fiat S. p. A. to International Financial Reporting Standards (IFRS) Financial Review of Fiat S. p. A. The financial statements illustrated and commented on in the following pages have been prepared on the basis of the company’s statutory financial st atements at December 31, 2006 to which reference should be made. In compliance with European Regulation no. 606 of July 19, 2002, starting from 2005 the Fiat Group has adopted International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) in the preparation of its consolidated financial statements. On the basis of national laws implementing that Regulation, starting from 2006 the Parent Company Fiat S. p. A. is presenting its financial statements in accordance with IFRS, which are reported together with comparative figures for the previous year. Operating PerformanceSpecifically: Personnel and operating costs, totalling 199 million euros, comprise 58 million euros in personnel costs (60 million euros in 2005), and 141 million euros in other operating costs (121 million euros in 2005), which include the costs for services, amortisation and depreciation and other operating costs. These costs increased as a w hole by 18 million euros from 2005 as a result of non-recurring charges. In 2006, the average headcount was 140 employees, compared with an average of 133 employees in 2005.The company’s Income Statement is summarised in the following table: Investment income – Dividends – (Impairment losses) reversals – Gains (losses) on disposals Personnel and operating costs net of other revenues Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Income taxes Net income Personnel and operating costs net of other revenues total 120 million euros, compared with 109 million euros in 2005. IThe Parent Company earned net income of 2,343 million euros in 2006, 1,226 million euros higher than in 2005 when the result included net non-recurring income of 1,714 million euros. (in millions of euros) Business Solutions S. p. A. (for a total of 147 million euros), net of the revaluat ion of the investments held in Fiat Netherlands Holding N. V. (376 million euros due to the positive performance of the CNH and Iveco subsidiaries), Magneti Marelli Holding S. p. A. (144 million euros) and minor companies. 2006 2005 2,461 62 2,099 – (120) – (24) – 26 2,343 (424) 8 (431) (1) (109) 1,133 (62) 858 (279) 1,117 Investment income totals 2,461 million euros compared with investment expense of 424 million euros in 2005 and consists of dividends received during the period and reversal of impairment losses (net of write-downs) of investments. Specifically: Dividends total 362 million euros and were received from the subsidiaries IHF – Internazionale Holding Fiat S. A. (259 million euros), Fiat Finance S. p. A. (75 million euros) and other companies.In 2005 dividends received from investments totalled 8 million euros. I Impairment loss reversals (net of write-downs) of 2,099 million euros resulted from the revaluation of the investments in the subsi diaries Fiat Partecipazioni S. p. A. (1,388 million euros mainly connected to Fiat Auto), Iveco S. p. A. (946 million euros) and Fiat Netherlands Holding N. V. (96 million euros connected to CNH), all written-down in previous years, net of the impairment loss recognised on the investment in Comau S. p. A. (330 million euros).I Other revenues , totalling 79 million euros (72 million euros in 2005), principally refer to the change in contract work in progress (agreements between Fiat S. p. A. and Treno Alta Velocita – T. A. V. S. p. A. ), which is measured by applying the percentage of completion to the total contractual value of the work, to royalties for the use of the Fiat trademark, calculated as a percentage of the revenues generated by the Group companies that use it, and the services of executives at the principal companies of the Group.The increase from 2005 is mainly attributable to higher charges for the use of the trademark. No Income (expenses) from significant non- recurring transactions is reported in 2006. In 2005 a gain of 1,133 million euros (net of related costs) was recorded on the transaction regarding the termination of the Master Agreement with General Motors. In 2006, there were net financial expenses of 24 million euros, arising from the interest charges on the Company’s debt, which was partially offset by the gain resulting from derivative financial instruments.In 2005 there were net expenses of 62 million euros mainly arising from the interest expenses connected with the Mandatory Convertible Facility. No Financial income from significant non-recurring transactions is reported in 2006. In 2005 this item included income of 858 million euros resulting from the capital increase of September 20, 2005 with the simultaneous conversion of the Mandatory Convertible Facility. The income represents the difference between the subscription price of the new shares issued and the stock market price of the shares at the subscription date, net of issuance costs.I In 2005, net impairment losses recognised on investments totalled 431 million euros, mainly due to losses from the investments in Fiat Partecipazioni S. p. A. (811 million euros connected mainly to the losses of Fiat Auto), Teksid S. p. A. , Comau S. p. A. and 234 Financial Review of Fiat S. p. A. The income tax revenue of 26 million euros is the net result of the remuneration for the tax loss brought into the national tax consolidation by Fiat S. p. A. in 2006 to offset the income reported by the Group’s Italian companies, and the IRAP charge recognised for the period.Income tax expenses of 279 million euros in 2005 consisted of the reversal of deferred tax assets of 277 million euros, recognised in the financial statements at December 31, 2004 in relation to the settlement subsequently made with General Motors for the termination of the Master Agreement. Financial Review of Fiat S. p. A. 235 Balance Sheet Highlights of the Parent Company’s Ba lance Sheet are illustrated in the following table: (in millions of euros) Non-current assets – of which: Investments Working capital Total net invested capital Stockholders’ equityNet debt (liquid funds) At December 31, 2006 At December 31, 2005 14,559 14,500 167 14,726 10,374 4,352 5,168 5,118 303 5,471 7,985 (2,514) Current financial payables consist of the overdraft with the subsidiary Fiat Finance S. p. A. and short-term financing received from that company, as well as payables to factoring companies for advances on receivables. Non-current financial payables consist almost entirely of loans repayable in the 2010-2013 period granted by the subsidiary Fiat Finance S. p. A. at market rates as part of the recapitalisation of subsidiaries discussed above.At December 31, 2005 financial receivables related to short-term financing of 2,700 million euros granted to the subsidiary Fiat Finance S. p. A. and due in 2006, and to cash deposited on the current account held with that company. For a more complete analysis of cash flows, reference should be made to the Statement of Cash Flows set out on the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Reconciliation between the Parent Company’s equity and its result for the year with those of the GroupNon-current assets mainly include investments in the relevant subsidiaries of the Group. The net increase of 9,382 million euros in investments as compared to December 31, 2005 stems from net write-ups arising from the reversal of previously recognised impairment losses and recapitalisations of 6,361 million euros carried out during the year in the subsidiaries Fiat Partecipazioni S. p. A. (6,000 million euros), Fiat Netherlands Holding N. V. (121 million euros) and Comau S. p. A. (240 million euros), in order to re-balance the equity structure inside the Group and cover losses, as well as the re-purchase from Mediobanca S. . A. of 28. 6% of the shares of Ferrari S. p. A. (893 million euros) upon exercise of the call option provided for in the 2002 agreements, which brought the investment to an 85% stake. Working capital, which totalled 167 million euros, consists of inventories net of advances received, trade, tax and employee receivables/payables, other receivables/payables and provisions. The 136 million euro decrease over December 31, 2005 is mainly attributable to the refund of VAT receivables by the Tax Authorities.Stockholders’ equity at December 31, 2006 totalled 10,374 million euros, reflecting an increase of 2,389 million euros as compared to December 31, 2005 due to the positive result of the year (2,343 million euros) and other minor changes (including 28 million euros resulting from marking to market the fair value carrying amount of the Mediobanca shareholding). Pursuant to the Consob Communication of July 28, 2006, set out below is a reconciliation between the Parent Company’s equity at December 31, 2 006 and its result for the year then ended with those of the Group (Group interest). (in millions of euros) Stockholders’ equity atDecember 31, 2006 Financial Statements of Fiat S. p. A. Elimination of the carrying amounts of consolidated investments and the respective dividends from the financial statements of Fiat S. p. A. Elimination of the reversal of impairment losses (net of recognised impairment losses) of consolidated investments Equity and results of consolidated subsidiaries Consolidation adjustments: Elimination of intercompany profits and losses on the sale of investments Elimination of intercompany profits and losses in inventories and fixed assets and other adjustments Consolidated financial statements (Group interest) 2006 Net result 10,374 2,343 14,211) – 13,404 (346) (2,099) 1,229 – (205) 9,362 (41) (21) 1,065 For a more complete analysis of the changes in stockholders’ equity, reference should be made to the relevant table set out in the following pages as part of the statutory financial statements of the Parent Company Fiat S. p. A. Net debt totalled 4,352 million euros at December 31, 2006 compared with net liquid funds of 2,514 million euros at December 31, 2005. The use of the liquid funds balance at the beginning of the year and the subsequent accumulation of debt are the consequence of the previously mentioned recapitalisations of subsidiaries and purchase of Ferrari S. . A. shares. A breakdown of net debt is illustrated in the following table: (in millions of euros) Financial receivables, cash and cash equivalents Current financial payables Non-current financial payables Net debt (net liquid funds) 236 Financial Review of Fiat S. p. A. At December 31, 2006 At December 31, 2005 (85) 1,627 2,810 4,352 (3,076) 557 5 (2,514) Financial Review of Fiat S. p. A. 237 Income Statement (in euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investments Other operating income Personnel costsOther operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result Balance Sheet (*) Note 2006 2005 (1) 362,418,522 2,099,350,000 425,380 79,238,202 (57,899,516) (141,006,254) – (24,846,809) – 2,317,679,525 (25,695,447) 2,343,374,972 – 2,343,374,972 7,713,904 (430,788,686) (1,300,134) 72,853,610 (60,027,274) (121,360,013) 1,133,110,377 (61,685,499) 857,636,269 1,396,152,554 278,827,554 ,117,325,000 – 1,117,325,000 (2) (3) (4) (5) (6) (7) (8) (9) (10) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Income Statement of Fiat S. p. A. are included in the specific income statement schedule reported in the followi ng pages and also provided in the comments of the single items and in Note 30. (*) (in euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivablesCurrent financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payablesOther non-current liabilities Deferred tax liabili ties Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payables Total Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note At December 31, 2006 At December 31, 2005 (11) 771,530 37,252,689 14,499,594,748 20,134,319 1,573,473 – 14,559,326,759 675,599 39,658,553 5,117,531,801 5,335,175 4,501,747 – 5,167,702,875 – 154,692,452 84,173,202 626,428,489 608,105 865,902,248 – 15,425,229,007 – 215,652,499 3,075,893,885 799,919,053 95,235 4,091,960,672 – 9,259,663,547 6,377,257,130 1,540,856,410 22,590,857 446,561,763 24,138,811 6,134,851 (553,411,863) (24,138,811) 162,764,566 27,399,708 2,343,374,972 10,373,528,394 6,377,257,130 681,856,410 22,590,857 446,561,763 27,709,936 334,633 (811,736,863) (27,709,936) 134,267,390 16,102,522 1,117,325,000 7,984,558,842 18,104,487 2,810,029,000 20,000,576 3, 438,000 2,851,572,063 29,170,653 5,262,000 16,861,109 – 51,293,762 26,790,951 184,660,883 1,627,429,902 361,246,814 2,200,128,550 – 15,425,229,007 30,990,501 385,182,033 557,382,830 250,255,579 1,223,810,943 – 9,259,663,547 (12) (13) (14) (15) 10) (27) (16) (17) (18) (19) (20) (21) (22) (23) (10) (24) (25) (26) (27) (*) Pursuant to Consob resolution no. 15519 of July 27, 2006 effects of transactions with related parties on the Balance Sheet of Fiat S. p. A. are included in the specific balance sheet schedule reported in the following pages and also provided in the comments of the single items and in Note 30. 238 Fiat S. p. A. Financial Statements at December 31, 2006 Fiat S. p. A. Financial Statements at December 31, 2006 239 Statement of Changes in Stockholders’ Equity Statement of Cash Flows (in thousands of euros) 2006 2005 (in thousands of euros)A) Cash and cash equivalents at beginning of period B) Cash flows from (used in) operating activities durin g the period: Net result for the period Amortisation and depreciation Non-cash gain from extinguishment of the Mandatory Convertible Facility Non-cash stock option costs (Impairment losses) reversals of impairment losses of investments Capital losses/gains on the disposal of investments Change in provisions for employee benefits and other provisions Change in deferred taxes Change in working capital Total C) Cash flows from (used in) investment activities: Investments: – Recapitalisations of subsidiaries – AcquisitionsOther investments (tangible and intangible assets and other financial assets) Proceeds from the sale of: – Investments – Other non-current assets (tangible, intangible and other) Total D) Cash flows from (used in) financing activities: Change in current financial receivables Change in non-current financial payables Change in current financial payables Capital increase Sale of treasury stock Dividend distribution Total E) Total change in cash and cash equivalents F) Cash and cash equivalents at end of period 495 325 2,343,375 2,882 – 11,297 (2,099,350) (329) 7,990 3,438 151,872 421,175 1,117,325 2,918 (859,000) 10,041 430,789 (93) ,100 277,000 (76,028) 905,052 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity At December 31, 2004 Capital increase for conversion of the Mandatory Convertible Facility 4,918,113 – 22,591 446,562 26,413 1,632 (813,435) (26,413) 74,397 6,062 2,141,000 Valuation of stock option plans and other changes Net result for the period At December 31, 2005 10,442 1,117,325 1,117,325 ,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Valuation of stock option plans and other changes Net result for the period At December 31, 2006 1,459,144 681,856 4,655,922 Fair value adjustments recognised directly in equity 1,297 (1,297) 1,698 (1,297) 59,870 10,041 59,870 (*) (*) Treasury stock at December 31, 2005 consists of 4,331,708 ordinary shares for a total nominal value of 21,659 thousand euros. (6,361,126) (919,412) (15,529) (165,193) – (1,808) 2,357 313 (7,293,397) (a) – 261 (166,740) 2,991,721 2,804,767 1,070,047 – 5,800 – 6,872,335 113 608 (753,091) – 14,548 – 401 – 738,142) 170 495 At December 31, 2005 Capital stock Additional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock option reserve Net result for the period Total Stockholders’ equity 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 Allocat ion of the net result for the prior period Fair value adjustments recognised directly in equity 859,000 (3,571) 5,800 258,325 3,571 28,497 11,297 (1,117,325) – 28,497 2,343,375 2,343,375 7,097 6,377,257 1,540,856 22,591 446,562 24,139 6,135 (553,412) (24,139) (*) 162,764 27,400 2,343,375 10,373,528 (*) Treasury stock at December 31, 2006 consists of 3,773,458 ordinary shares for a total nominal value of 18,867 thousand euros. (a) In 2005, the item â€Å"Capital increase† is shown net of the repayment of the Mandatory Convertible Facility (3 billion euros), as it did not give rise to cash flows. Statement of total recognised income and expenses for 2006 and 2005 (in thousands of euros) Gains (losses) recognised directly in the fair value reserve (investments in other companies) Gains (losses) recognised directly in equityTransfer from cash flow hedge reserve Net result for the period Total of recognised income (expense) for the period 240 Fiat S. p. A. Financial Stateme nts at December 31, 2006 2006 2005 28,497 28,497 – 2,343,375 2,371,872 58,958 58,958 912 1,117,325 1,177,195 Fiat S. p. A. Financial Statements at December 31, 2006 241 Income Statement Balance Sheet pursuant to Consob Resolution No. 15519 of July 27, 2006 pursuant to Consob Resolution No. 15519 of July 27, 2006 (in thousands of euros) Dividends and other income from investments (Impairment losses) reversal of impairment losses of investments Gains (losses) on the disposal of investmentsOther operating income Personnel costs Other operating costs Income (expenses) from significant non-recurring transactions Financial income (expenses) Financial income from significant non-recurring transactions Result before taxes Income taxes Result from continuing operations Result from discontinued operations Net result 242 Fiat S. p. A. Financial Statements at December 31, 2006 Note 2006 (1) 362,419 2,099,350 425 79,238 (57,900) (141,006) – (24,847) – 2,317,679 (25,696) 2,34 3,375 – 2,343,375 (2) (3) (4) (5) (6) (7) (8) (9) (10) of which Related parties (Note 30) 33,200 (51,901) (17,765) 2005 7,714 430,789) (1,300) 72,854 (60,027) (121,360) 1,133,110 (61,685) 857,636 1,396,153 278,828 1,117,325 – 1,117,325 of which Related parties 24,256 (54,477) 106,259 (in thousands of euros) ASSETS Non-current assets Intangible assets Property, plant and equipment Investments Other financial assets Other non-current assets Deferred tax assets Total Non-current assets Current assets Inventories Trade receivables Current financial receivables Other current receivables Cash and cash equivalents Total Current assets Assets held for sale TOTAL ASSETS STOCKHOLDERS’ EQUITY AND LIABILITIES Stockholders’ equity Capital stockAdditional paid-in capital Reserve under law no. 413/1991 Legal reserve Reserve for treasury stock in portfolio Extraordinary reserve Retained earnings (losses) Treasury stock Gains (losses) recognised directly in equity Stock o ption reserve Net result Total Stockholders’ equity Non-current liabilities Provisions for employee benefits and other non-current provisions Non-current financial payables Other non-current liabilities Deferred tax liabilities Total Non-current liabilities Current liabilities Provisions for employee benefits and other current provisions Trade payables Current financial payables Other payablesTotal Current liabilities Liabilities held for sale TOTAL STOCKHOLDERS’ EQUITY AND LIABILITIES Note (11) (12) (13) (14) (15) (10) (27) (16) (17) (18) (19) At December 31, 2006 772 37,253 14,499,595 20,134 1,573 – 14,559,327 – 154,692 84,173 626,429 608 865,902 – 15,425,229 of which Related parties (Note 30) 10,029 2,408 84,173 146,908 At December 31, 2005 of which Related parties 676 39,658 5,117,532 5,335 4,502 – 5,167,703 5,262 – 215,652 3,075,894 799,920 495 4,091,961 – 9,259,664 7,687 3,075,894 106,007 (20) 6,377,257 1,540,856 22,591 4 46,562 24,139 6,135 (553,412) (24,139) 162,765 27,400 2,343,375 10,373,529 21) (22) (23) (10) (24) (25) (26) (27) 18,104 2,810,029 20,001 3,438 2,851,572 26,791 184,661 1,627,430 361,246 2,200,128 – 15,425,229 6,377,257 681,856 22,591 446,562 27,710 335 (811,737) (27,710) 134,267 16,103 1,117,325 7,984,559 2,810,029 – 17,801 1,405,554 319,078 29,171 5,262 16,861 – 51,294 30,991 385,182 557,383 250,255 1,223,811 – 9,259,664 5,262 2,622 4,975 434 215,379 Fiat S. p. A. Financial Statements at December 31, 2006 243 Notes to the Financial Statements Principal activities Fiat S. p. A. (the â€Å"Company†) is a corporation organised under the laws of the Republic of Italy and is the Parent Company f the Fiat Group, holding investments, either directly or indirectly through subholdings, in the capital of the parent companies of business Sectors in which the Fiat Group operates. The head office of the company is in Turin, Italy. The financial statements of Fiat S. p. A. are prepared in euros which is the currency of the economic environment in which the company operates. The Balance Sheet and Income Statement are presented in euros, while the Statement of Cash Flows, the Statement of Changes in Stockholders’ Equity, the Statement of Total Recognised Income and Expenses and the amounts stated n the Notes are presented in thousands of euros, unless otherwise stated. As the Parent Company, Fiat S. p. A. has additionally prepared the consolidated financial statements of the Fiat Group at December 31, 2006. Significant accounting policies Basis of preparation The 2006 financial statements are the separate financial statements of the Parent Company, Fiat S. p. A. , and have been prepared in accordance with the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) and adopted by the European Union.The designation â€Å"IFRS† also includes all the revised International Accounting Standards (â€Å"IAS†) and all the interpretations of the International Financial Reporting Interpretations Committee (â€Å"IFRIC†), previously known as the Standing Interpretations Committee (â€Å"SIC†). In compliance with European Regulation no. 1606 of July 19, 2002, starting from 2005 the Fiat Group has adopted the International Financial Reporting Standards (â€Å"IFRS†) issued by the International Accounting Standards Board (â€Å"IASB†) for the preparation of its consolidated financial statements. On the basis of national legislation implementing that Regulation, he annual statutory accounts of the Parent Company Fiat S. p. A. as of December 31, 2006 have been prepared for the first time also using those accounting standards. As a consequence the Parent Company Fiat S. p. A. is presenting its financial statements for 2006 and its comparative figures for the prior year in accordance with IFRS. The accou nting principles applied are the same as those used in the preparation of the Company’s Balance Sheets at January 1, 2005 and December 31, 2005 and its 2005 Income Statement in accordance with IFRS; these statements are provided in theAppendix attached to these Notes, to which reference should be made. The Appendix provides reconciliations of the Company’s equity and Income Statement reported under its previous accounting principles (Italian accounting principles) and IFRS, together with Notes, as required by IFRS 1 – Firsttime adoption of IFRS. Certain reclassifications have been made with respect to the figures published in the Appendix to the 2006 First-half Report. The comparative figures for the previous period were consequently reclassified. These reclassifications have no effect on the net result or stockholders’ equity.The financial statements have been prepared on a historical cost basis, modified as required for measuring certain financial instr uments. Format of the financial statements Fiat S. p. A. presents an Income Statement using a classification based on the nature of its revenues and expenses given the type of business it performs. The Fiat Group presents a Consolidated Income Statement using a classification based on function, as this is believed to be more representative of the format selected for managing the business sectors and for internal reporting purposes and is coherent with international practice in the automotive sector.Fiat S. p. A. has elected to present current and non-current assets and liabilities as separate classifications on the face of the Balance Sheet. A mixed format has been selected by the Fiat Group for the Consolidated Balance Sheet, as permitted by IAS 1, presenting only current and non-current assets separately. This decision has been taken in view of the fact that both companies carrying out industrial activities and those carrying out financial activities are consolidated in the 244 Fi at S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Group’s financial statements.The investment portfolios of financial services companies are included in current assets in the Consolidated Balance Sheet, as the investments will be realised in their normal operating cycle. Financial services companies, though, obtain funds only partially from the market: the remaining are obtained through the Group’s treasury companies (included in industrial companies), which lend funds both to industrial Group companies and to financial services companies as the need arises. This financial service structure within the Group means that any attempt to separate current and non-current debt in the Consolidated BalanceSheet cannot be meaningful. This has no effect on the presentation of the liabilities of Fiat S. p. A. Assets are depreciated using the policies and rates described below. Lease arrangements in which the lessor maintains substanti ally all the risks and rewards incidental to the ownership of an asset are classified as operating leases. Lease payments under an operating lease are recognised as an expense on a straightline basis over the lease term. Depreciation Depreciation is charged on a straight-line basis over the estimated useful lives of assets as follows:The statement of cash flows has been prepared using the indirect method. In connection with the requirements of the Consob Resolution No. 15519 of July 27, 2006 as to the format of the financial statements, specific supplementary Income Statement and Balance Sheet formats have been added for related party transactions, so as not to compromise the overall reading of the statements. Annual depreciation rate Buildings Plant Furniture Fixtures Vehicles 3% 10% 12% 20% 25% Land is not depreciated. Intangible assets Impairment of assets Purchased and internally-generated intangible assets are ecognised as assets in accordance with IAS 38 – Intangible As sets, where it is probable that the use of the asset will generate future economic benefits and where the cost of the asset can be determined reliably. The company reviews at least annually the recoverability of the carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates, in order to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the carrying amount of an asset is written down to its recoverable amount.The recoverable amount of an asset is the higher of fair value less costs to sell and its value in use. Intangible assets with finite useful lives are measured at purchase or manufacturing cost, net of amortisation charged on a straight-line basis over their estimated useful lives and net of any impairment losses. Property, plant and equipment Cost Property, plant and equipment is measured at purchase or manufacturing cost, net of accumulated depreci ation and any impairment losses, and is not revalued. Subsequent expenditures are capitalised only if they increase the future economic benefits embodied in the asset to which hey relate. All other expenditures are expensed as incurred. In particular, in assessing whether investments in subsidiaries and associated companies have been impaired, their recoverable amount has been taken as their value in use, as the investments are not listed and a market value (fair value less costs to sell) cannot be reliably measured. The value in use of an investment is determined by estimating the present value of the estimated cash flows expected to arise from the results of the investment and from the estimated value of its ultimate disposal, in line with the requirements of paragraph 33 of IAS 28.Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 245 When an impairment loss on assets subsequently reverses or decreases, the carrying amount of the as set or cash-generating unit is increased up to the revised estimate of its recoverable amount, but not in excess of the carrying amount that would have been recognised had no impairment loss been recorded. The reversal of an impairment loss is recognised immediately in income. Measurement Financial instruments Investments in subsidiaries and associates are tested for mpairment annually and if necessary more often. If there is any evidence that these investments have been impaired, the impairment loss is recognised directly in the Income Statement. If the company’s share of losses of the investee exceeds the carrying amount of the investment and if the company has an obligation to respond for these losses, the company’s interest is reduced to zero and a liability is recognised for its share of the additional losses. If the impairment loss subsequently no longer exists it is reversed and the reversal is recognised in the income statement up o the limit of the cost of the investment. Presentation Financial instruments held by the company are presented in the Balance Sheet as described in the following: I Non-current assets: Investments, Other financial assets, Other non-current assets. I Current assets: Trade receivables, Current financial receivables, Other current receivables, Cash and cash equivalents. I Non-current liabilities: Non-current financial payables, Other non-current liabilities. Current liabilities: Trade payables, Current financial payables (including payables for advances on the sale of receivables), Other payables. IThe item â€Å"Cash and cash equivalents† consists of cash and deposits with banks, units with liquidity funds and other highly traded securities that are readily convertible to cash and which are subject to an insignificant risk of changes in value. The liability relating to financial guarantee contracts is included in Non-current financial payables. The term financial guarantee contracts refers to contracts und er which the company guarantees to make specific payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument.The present value of the related receivable for any outstanding commissions is classified in Non-current financial assets. Investments in subsidiaries and associates are stated at cost adjusted for any impairment losses. The excess on acquisition of the purchase cost and the share acquired by the company of the investee company’s net assets measured at fair value is, accordingly, included in the carrying value of the investment. Investments in other companies, comprising non-current financial assets that are not held for trading (available-forsale financial assets), are initially measured at fair value.Any subsequent profits and losses resulting from changes in fair value, arising from quoted prices, are recognised directly in equity until the investment is sold or is impaired; the total profits and losses recognised in equity up to that date are recognised in the Income Statement for the period. Minor investments in other companies for which a market quotation is not available are measured at cost, adjusted for any impairment losses. Other financial assets for which the company has the intent o hold to maturity are recognised on the trade date and are measured at purchase price (being representative of fair value) on initial recognition in the Balance Sheet, inclusive of transaction costs other than in respect of assets held for trading. These assets are subsequently measured at amortised cost using the effective interest method. 246 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements Other non-current assets, Trade receivables, Current financial receivables and Other current receivables, excluding assets eriving from derivative financial instruments and all financial assets for which quotations on an active market are not available and whose fair value cannot be reliably determined are measured at amortised cost using the effective interest method if they have a pre-determined maturity. If financial assets do not have a predetermined maturity they are measured at cost. Receivables with a due date beyond one year that are non-interest bearing or on which interest accrues at below market rate are discounted to present value using market rates.Valuations are performed on a regular basis with the purpose of verifying if there is objective evidence that a financial asset, taken on its own or within a group of assets, may have been impaired. If objective evidence exists, the impairment loss is recognised as a cost in the Income Statement for the period. Non-current financial payables, Other non-current liabilities, Trade payables, Current financial payables and Other payables are measured on initial recognition at fair value (normally represented by the cost of the transaction), in cluding any transaction costs.Financial liabilities are subsequently measured at amortised cost using the effective interest method, except for derivative financial instruments and liabilities for financial guarantee contracts. Financial liabilities hedged by derivative instruments are measured according to the hedge accounting criteria applicable to fair value hedges; gains and losses resulting from subsequent measurement at fair value, caused by fluctuations in interest rates, are recognised in the Income Statement and are set off by the effective portion of the gain or loss resulting from the respective valuation of the hedging instrument at fair value.Liabilities for financial guarantee contracts are measured at the higher of the estimate of the contingent liability (determined in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets) and the amount initially recognised less any amount released to income over time. Derivative financial instrume nts Derivative financial instruments are used solely for hedging purposes, for the purpose of reducing foreign exchange rate risk, interest rate risk and the risk of fluctuations in market prices. In accordance with the conditions of IAS 39, derivative inancial instruments qualify for hedge accounting only when, at the inception of the hedge, there is formal designation and documentation of the hedging relationship, the hedge is expected to be highly effective, the effectiveness can be reliably measured and the hedge is actually highly effective throughout the financial reporting periods for which it was designated. All derivative financial instruments are measured at fair value, in accordance with IAS 39. When financial instruments have the characteristics to qualify for hedge accounting the following accounting treatment is dopted: I Fair value hedge – If a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognised asse t or liability that is attributable to a particular risk that could affect the Income Statement, the gain or loss resulting from remeasuring the hedging instrument at fair value is recognised in the Income Statement. The gain or loss on the hedged item attributable to the hedged risk adjusts the carrying amount of the hedged item and is recognised in the Income Statement. Cash flow hedge – If a derivative financial instrument is esignated as a hedge of the exposure to variability in the future cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect the Income Statement, the effective portion of the gain or loss on the derivative financial instrument is recognised directly in equity. The cumulative gain or loss is reversed from equity and reclassified into the Income I Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 247 Statement in the period in which the hedged transaction is recognised.Gains or losses associated with a hedge (or part of a hedge) which is no longer effective are immediately recognised in the Income Statement. If a hedging instrument or a hedging relationship is terminated, but the transaction being hedged has not yet occurred, the cumulative gains and losses recognised in equity until that time are recognised in the Income Statement at the time the transaction occurs. If a hedged transaction is no longer considered probable, the unrealised gains and losses that remain in equity are immediately recognised in the Income Statement. ividing the costs incurred by the total costs forecast for the whole construction). Any losses expected to be incurred on contracts are fully recognised in the Income Statement and as a reduction in contract work in progress when they become known. If hedge accounting cannot be used, the gains and losses resulting from changes in the measurement of the derivative financial instrument at fair value are immediatel y recognised in the Income Statement. Sales of receivables Inventory Inventory consists of work in progress on specific contracts and in particular relates to long-term construction contracts signed by Fiat S. . A. with Treno Alta Velocita – T. A. V. S. p. A. under which Fiat S. p. A. as general contractor performs the coordination, organisation and management of the work. Work in progress refers to activities carried out directly and is measured by applying the percentage of completion to the contract fee, thereby recognising the margins deriving from the work performed to date. The cost to cost method is used to determine the percentage of completion of a contract (by Any advances received from customers for services performed are presented as a reduction in inventory.If the amount of advances exceeds inventory, the excess is recognised as Advances in the item Other payables. Receivables sold in factoring operations are derecognised from assets if and only if the risks and rewards relating to their ownership have been substantially transferred to the buyer. Receivables sold with recourse and without recourse that do not satisfy this condition remain in the company’s Balance Sheet even if they have been sold from a legal point of view; in this case, an obligation of the same amount is recognised as a liability for the advances received.Assets held for sale Any amounts in this item will consist of non-current assets (or assets and liabilities included in disposal groups) whose carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale (or disposal groups) are measured at the lower of their carrying amount and fair value less disposal costs. Employee benefits The expense related to the reversal of discounting pension obligations for defined benefit plans are reported separately as part of the Group’s financial expense. Post-employment plansThe company provides pension pl ans and other postemployment plans to its employees. The pension plans for which the company has an obligation under Italian law are defined contribution plans, while the other post-employment plans, for which the company generally has an obligation under national collective bargaining agreements, are defined benefit plans. The payments made by the company for defined contribution plans are recognised in the Income Statement as a cost when incurred. Defined benefit plans are based on the employees’ working lives and on the salary or wage received by the employee over a predetermined period of service.The employees’ severance indemnity (trattamento di fine rapporto or TFR) is considered to be a defined benefit plan and is accounted for in the same way as other defined benefit plans. The company’s obligation to fund defined benefit plans and the annual cost recognised in the Income Statement are determined by independent actuaries using the projected unit credit m ethod. The portion of net actuarial gains and losses at the end of the previous reporting period that exceeds the greater of 10% of the present value of the defined benefit bligation and 10% of the fair value of the plan assets at that date is deferred and recognised over the remaining working lives of the employees (the â€Å"corridor method†); the portion of actuarial gains and losses that does not exceed this threshold is deferred. In the context of IFRS first-time adoption, the company elected to recognise all cumulative actuarial gains and losses at January 1, 2004 (date of first-time adoption of IFRS by the Fiat Group), although it has adopted the corridor method for those arising subsequently. 248 Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial StatementsThe liability for obligations arising under defined benefit plans and due on termination of the employment contract represents the present value of the obligation adjusted by act uarial gains and loses deferred as the result of applying the corridor approach and by past service costs for employee service in prior periods that will be recognised in future years. Other long-term benefits The accounting treatment of other long-term benefits is the same as that for post-employment benefit plans except for the fact that actuarial gains and losses and past service costs are fully ecognised in the Income Statement in the year in which they arise and the corridor method is not applied. Equity compensation plans The company provides additional benefits to certain members of top management and to certain employees through equity compensation plans. Under IFRS 2 – Share-based Payment, these plans are a component of employee remuneration whose cost is measured by the fair value of the stock options at the grant date recognised in the Income Statement on a straight-line basis from the grant date to the vesting date, with a counter entry to equity.Changes in fair v alue after the grant date do not have any effect on the initial measurement. The company has applied the transitional provisions of IFRS 2 and as a result the Standard is applicable to all stock option plans granted after November 7, 2002 but which had not yet vested by January 1, 2005, the effective date of the Standard. Detailed disclosures are also provided for plans granted before that date. Fiat S. p. A. Financial Statements at December 31, 2006 – Notes to the Financial Statements 249 Taxes Use of estimatesThe company recognises provisions when it has a legal or constructive obligation to third parties, when it is probable that the settlement of the obligation will require the outflow of resources and when a reliable estimate can be made for the amount of the obligation. The tax charge for the period is determined on the basis of prevailing laws and regulations. Income taxes are recognised in the Income Statement other than those relating to items credited or charged dir ectly to equity, in which case income taxes are also recognised directly in equity.Changes in estimates are recognised in the Income Statement for the period in which the change occurs. Deferred tax assets and liabilities are determined on the basis of all the temporary differences between the carrying amount of an asset or liability in the Balance Sheet and its corresponding tax basis. Deferred tax assets resulting from unused tax losses and temporary differences are recognised to the extent that it is probable that future taxable profit will be available against which they can be utilised.Current and deferred income taxes and liabilities are offset when there is a legally enforceable right to offset. Deferred tax assets and liabilities are measured by using the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. The preparation of financial statements and related disclosures that conform to IFRS requires management to make est imates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and iabilities at the date of the financial statements. Actual results could differ from those estimates. Estimates are used in accounting for depreciation and amortisation, impairment losses and reversals of impairment losses on investments, the margins earned on construction contracts, employee benefits, taxes and provisions. Estimates and assumptions are reviewed periodically and the effects of any changes are recognised in the period in which the estimate is revised if the revision ffects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Provisions Treasury stock The cost of purchase of treasury stock is accounted for as a reduction of equity. The effects of any subsequent transactions with those shares are similarly recognised directly in equity. Dividends received and receivable Di vidends received and receivable from investments are recognised in the Income Statement when the right to receive the payment of this income is established and only if declared from post-acquisition net income.If dividends are declared from pre-acquisition net income, those dividends are deducted from the cost of the investment. Revenue recognition Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and when the amount of revenue can be measured reliably. Revenue is presented net of any adjusting items. Revenue from services and revenue from construction contracts is recognised by reference to the stage of completion (the percentage of completion method).Revenues arising from royalties are recognised on an accrual basis in accordance with the terms of the relevant agreement. Financial income and expenses Financial income and expenses are recognised and measured in the Income Statement on an accrual basis. Fiat S. p. A. and almost a ll its Italian subsidiaries have elected to take part in the national tax consolidation programme pursuant to articles 117/129 of the Consolidated Income Tax Act (T. U. I. R. ); the election has been made for a three year period beginning in 2004.Fiat S. p. A. acts as the consolidating company in this programme and calculates a single taxable base for the group of companies taking part, thereby enabling benefits to be realised from offsetting taxable income and tax losses in a single tax return. Each company participating in the consolidation transfers its taxable income or tax loss to the consolidating company and Fiat S. p. A. recognises a receivable from that company for the amount of IRES corporate income tax paid over on its behalf. In the case of a company

6 Tips for a Thrifty Christmas

6 Tips for a Thrifty Christmas 6 Tips for a Thrifty Christmas If popular song is to be believed, Christmas is simultaneously the most wonderful time of the year and the season to be jolly (fa la la la la, la la la la). As such, you’ll probably be wanting to let loose and have a good time with friends and family. Doing this on a student budget isn’t easy though. One way to make sure you don’t get left out is doing a Grinch and stealing Christmas from everyone else. Before you start breaking and entering, however, it might be worth trying our tips for getting into the festive spirit without breaking the bank. 1.  Ã‚  Ã‚  Ã‚   Make a Budget It’s easy to get carried away over Christmas, so it’s important to set a budget and stick to it, including for cards, gifts, ornaments and food. If this doesn’t sound suitably festive, you can always try it while wearing tinsel and drinking egg nog. 2.  Ã‚  Ã‚  Ã‚   Start Shopping Early It might be a bit late for this year by the time you read this, but if you start your Christmas shopping early you can save a lot of money. One good option is to have a â€Å"Christmas Cupboard† for storing any festive bargains you spot during the year. 3.  Ã‚  Ã‚  Ã‚   Get Crafty If money is really tight, making your own gifts, ornaments and cards is a great alternative to splashing the cash. Again, this might require a little planning, but a handmade gift or card can be a unique way of proving that it really is the thought that counts. 4.  Ã‚  Ã‚  Ã‚   Wrap Up Warm! Not strictly a Christmas-themed tip, but if you wrap up warm rather than blasting the central heating all day throughout the winter, you’ll save a fortune on your fuel bills! 5.  Ã‚  Ã‚  Ã‚   A Festive Feast (And Beyond) Yuletide wouldn’t be the same without eating so much you feel slightly unwell, but Christmas dinner can be expensive. Making your own treats will definitely help here, as it’s usually cheaper than buying them pre-made. Christmas dinner can even keep you fed beyond just Christmas day: using your leftovers cleverly is delicious and a good money saver. 6.  Ã‚  Ã‚  Ã‚   Memories, Not Materialism Despite all the bustling malls, shiny lights in shop windows and excitable commercials on TV, Christmas really should be about more than just money. Spending time with your friends and/or family costs nothing, providing memories that will last a lifetime (or far longer than it takes for your average Secret Santa present to be re-gifted at least).

History of lacrosse with Native Americans and includes modern facts

History of lacrosse with Native Americans and includes modern facts Lacrosse SpeechThe sport of lacrosse was established by North American Indians even before Europeans explored America. Played by tribes all over the United States and Canada, the game was played for religious purposes, to train young men for war, and to resolve disputes between rival tribes. Though some settlers attempted to play with the Native Americans, the lack of rules and overwhelming skill of the Indians deterred the playability of the game. Lacrosse has evolved since then, the sticks, equipment, and rules becoming more modernized.The name lacrosse is French, derived from a bishop's staff-like crosier, which is "La Crosse" in French. French explorers gave lacrosse its name when observing it being played by various tribes. Lacrosse incorporates a blend of the games of hockey, basketball, soccer, and football. The Native American form of lacrosse is significantly different from the game played today, mainly because of a lack of rules."Ball players" painted by George Catlin, illu strat...Teams were comprised of hundreds, and sometimes thousands of men and boys, and the field would be a half mile long. Also, the game was much more physical; players would literally wrestle for control of the ball.The object of the game of lacrosse is to throw the ball into the opponents net, giving the scoring team a point; the team with the most points at the end of the game wins. The universal rule of lacrosse has always been that no one may touch the ball with his hands. The ball is controlled by holding it in the net of the lacrosse stick.Older versions of sticks vary based on the region where the game was played. Some tribes played with two short, two-foot long sticks, one per hand, which had a net strung within an open circle at the end of each stick. The net used...

Jealous Nature of Othello Essay Example | Topics and Well Written Essays - 750 words

Jealous Nature of Othello - Essay Example The seed of jealously can destroy a perfectly healthy relationship and the same happened in Othello. Jealously does not remain jealously, it turns into anger and brutality which leads to unprecedented trouble in a tragedy. Jealous nature of Othello The tragic hero or the protagonist in this tragedy, Othello, suffers from the tragic flaw of jealously in the tragedy. Other characters are well aware that he is a very jealous man and they exploit his weakness to the fullest. Iago is the mastermind in the tragedy who tries to dethrone Othello; he exploits the jealous nature of Othello to turn his people against him. He creates several misunderstandings to put Othello in a fix and he succeeds in doing so on numerous occasions. Othello is very possessive of his wife Desdemona and he often says â€Å"My Desdemona† in the tragedy. He believes that he has won her; possessiveness is also a very big sign of jealously. This again goes to show the jealous nature of Othello, a major reason f or his downfall was his jealous nature and there are no two ways about it. He is also an extremist and his behavior is also violent in the tragedy at times. He loses his head when the handkerchief goes missing; his impulsive nature leads to his destructions. He is of swaying nature; he thinks that his wife has been unfaithful to him, which again goes to show how other people who he considers his well-wishers can easily influence him. His jealous nature comes to the forefront after the intervention of Iago, before his intervention there are no evidences of his jealous nature. Iago is a very sagacious man in the tragedy, he is astute and extremely manipulative. This powerful emotion of jealously in the tragedy affects Iago, Emilia, Bianca, Roderigo and Othello. They do things that one hardly expects them to do, their persona gets changed after this feeling grips them. The characters find a resolution which differs and they deal with their problem in a different way. They adopt differe nt methods when it comes to dealing with this powerful emotion. Iago is a character who develops jealously from the very first time in the tragedy, as discussed earlier, the jealously quickly transforms into anger and then into revenge against those who he thinks have done wrong. Iago, from the very beginning of the tragedy expresses his jealously towards two main characters namely Cassio and Othello. Cassio becomes the lieutenant in the tragedy and the same makes Iago jealous of him. Iago firmly believed that he was more deserving than Cassio and he should have been made the lieutenant instead of Cassio. Iago was furious with Othello for two reasons; the first one was because Othello promoted Cassio as the lieutenant and the other being his intimate relationship with Emilia. â€Å"It is thought abroad that 'twixt my sheets / He has done my office.† (Othello, 369-370) Iago is a very insecure character in the tragedy; he decides to take revenge against Othello and Cassio. He s aid he will only be satisfied after getting his due revenge. â€Å"Till I am evend with him, wife for wife, /Or failing so, yet that I put the Moor / At least into a jealousy so strong / That judgment cannot cure.† (Othello, 299-302) Conclusion Othello is a great tragedy; the traits of several important characters have already been discussed in the paper. Iago, Emilia, Bia

Biography of Joaquin Murieta Essay Example | Topics and Well Written Essays - 500 words

Biography of Joaquin Murieta - Essay Example Not much is mentioned about his upbringing. His history shifts to his marriage to Rosa Feliz of Vayoreca. Together with his wife and her three brothers they moved to California for the gold rush. He and his wife settled in Niles Canyon where he toiled as a vaquero and a mustang catcher. After this point the legend of Joaquin Murrieta begins controversy. The first legend depicts Joaquin Murrieta as a bandit while the other one makes him a hero (Ridge, John, 17). In the first legend, Joaquin Murrieta joins his brother-in -laws bandit (Burns, Noble, 11). The bandit kills and steals from white people. After the death of his brother-in-law, Joaquin takes over the bandit’s leadership. He continues to lead the men to crime, and specializes on killing and stealing from the Chinese people. Joaquin and his bandit do not have reservations on killing fellow Hispanics and countrymen. The state of California puts a bounty of 5000 dollars on his head due to the endless menace. After the shooting of General Joshua Bean, Joaquin and Reyes (also his brother-in-law) are implicated. Joaquin fled leaving Reyes to be punished by hanging due to the murder of bean. Overwhelming evidence pointed to Joaquin as the killer (Burns, Noble, 13). Hence a team commandeered by Harry Love was created to hunt him down. Harry Love captured and killed Joaquin. He cut off his head and preserved it in a bottle of alcohol. He later went round the mines to confirm his identity and assure the people that Joaquin would not harm them again. The term bandit is a widely applied in this version of the legend. Joaquin is referred to as a racist, outlaw, murderer, robber and gang leader. Law enforcement and afflicted individuals mainly applied this term. The appropriateness of the term varies depending on the validity of the information. It is hard too tell if the cruelty of Joaquin is exaggerated or not. However, in the context of law enforcers and victims of Joaquin, it is hard to find