Exxon Valdez Oil Spill in the Prince William Sound Essay

Exxon Valdez Oil Spill in the Prince William Sound - Essay Example These investigations proved beyond doubt that the damages caused by this mishap have been more than what one would anticipate and therefore huge remedial measures are necessary to regain the damaged eco system back to its normal state. Even though some relief works were carried out at the site for few months and some compensation were dispersed by Exxon; these measures were not sufficient enough to bring back the affected region to its normal state. Exxon slowly started to withdraw its relief operations in this area even though they accepted the responsibility of this mishap. This paper discusses the things happened after this mishap to the key players, the appropriateness of their actions and the recommendations for avoiding such mishaps in future. â€Å"Exxon Mobil has paid about $900 million under the 1991 settlement† (Yardley, 2011) to rebuild the environment back to its normal state. â€Å"Exxon says it doesnt have any obligation to pay more. But the settlement also had a "reopener" clause allowing the state and federal governments to later claim up to $100 million more from Exxon if there were unforeseen damages† (Exxon Valdez Oil Spill: Exxon Mobil Scores Key Victory In Alaska Case, 2011). But Exxon is note ready to obey the "reopener" clause of $100 million more aid to the affected people. Oil that penetrates deeply into beaches can remain relatively fresh for years and can later come back to the surface and affect nearby animals. In addition, oil degrades at varying rates depending on environment, with subsurface sediments physically protected from disturbance, oxygenation, and photolysis retaining contamination by only partially weathered oil for years. Long-term exposure of fish embryos to weathered oil at parts per billion (ppb) concentrations has population consequences through indirect effects on growth,

ASB'S Framework for Preparation and Presentation of Financial Research Paper

ASB'S Framework for Preparation and Presentation of Financial Statements - Research Paper Example Three more important concepts which are identified by IAS 1 are Prudence, substance over form and materiality. These concepts form the basis of the selection and implementation of the accounting policies. The basic purpose of the framework presented by the IASB is to provide the definition of why the financial statements are required. It also ascertains the qualitative characteristics that eke the process of making the information provided by the financial statements more useful. The framework also elaborates about the basic elements included in the financial statements and the concepts for recognizing and measuring them in financial statements. The general purpose financial statement is required to provide information regarding the financial position including the cash flow and performance of the company. The information provided in the financial statement helps a company in comparing its performance from the last year and supports the management in undertaking important decisions regarding the business. The purpose can only be fulfilled if the financial statements provide information regarding the following aspects of the company. Other information in the notes and related documents help the users in estimation and evaluation of the present and future position of the entity. The framework provided by the IASB addresses the general purpose financial statements prepared by every business entity for addressing the information requirements of a wide range of users in making economic decisions. As the framework addresses the purpose of preparing the general financial reports it may not apply to the special purpose financial reports.