...Contents Executive Summary 2 Introduction 3 Current accounting policies and relative accounting standards 4 Accounting policies 4 Judgement in applying accounting standards 4 AASB101 4 Sources of estimation and uncertainty 5 AASB 101 5 AASB 108 5 The current accounting practice of Discovery Metals 7 Property, Plant and Equipment 7 Impairment of assets 8 Provision 9 The potential gap 10 Recommendation 10 Conclusion 11 Reference 12 Appendix A 13 Executive Summary The purpose of this research report is to analyse whether disclosures in Discovery Metals’ annual report comply with the requirements in Australian Accounting Standards (accounting estimate and accounting policy judgement). The main part of the report is divided into three main parts which are relative accounting standards and policies, company’s current accounting practice and the potential differences between company’s current practice and the accounting standard requirements. The scope of the research report is limited by the Australian Accounting Standard Board (AASB) that it mainly focuses on AASB 101 and AASB 108. Introduction On 26 June 2012, Australian Securities and Investments Commission (ASIC) released the results of its analysis of financial reports for years and half-years ended 31 December 2011. Although the regulation of financial reporting in Australia is in a high standard, the ASIC still found some flaws, at a result the ASCI published its areas of new focus...
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...Darmstadtium Its chemical symbol is “Ds”, chemical element with atomic number 110. It is produced artificially by nuclear fusion. Each Darmstadtium atom has a very large nucleus, or central mass, containing positively charged particles called protons and neutral particles called neutrons. Dirk Coster He is known as the co-discoverer of Hafnium (Hf) (element 72) in 1923, along with George Charles von Hevesy, by means of X-ray spectroscopic analysis of zirconium ore. The discovery took place in Copenhagen, Denmark. Dmitri Mendeleev He is credited as being the creator of the first version of the periodic table of elements. Using the table, he predicted the properties of elements yet to be discovered. DUBNIUM (Db) It is a chemical element with the symbol Db and atomic number 105, named after the town of Dubna in Russia, where it was first produced. DYSPROSIUM (Dy) Its chemical symbol is “Dy”, metallic element with an atomic number of 66. Dysprosium is one of the rare earth elements in the lanthanide series of the periodic table. Döbereiner, Johann Wolfgang He was a German chemist who is best known for work that foreshadowed the periodic law for the chemical elements. Edwin M. McMillan He was an American physicist and Nobel laureate credited with being the first ever to produce...
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...scientists cannot ever be certain on results or outcomes that their experiments may bring. Scientists could be attempting to find specific results and part of the experimental process could actually lead to more answers. The article, “Discovery, Chance and the Scientific Method”, by Fran Slowiczek and Pamela Peters provides several examples that prove the same point. For example, if Luigi Galvani had not have noticed the frog legs jerking when the metals touched, the study of “neurophysiology and clinical neurology” wouldn’t have come to be known in 1791. Even though he did not identify the importance of the two metals, the observations he made eventually led to other discoveries like circuitry. Slowiczek and Peters wrote, “to have meaning, every observation or discovery must fit into a pre-existing pattern of ideas in the observer’s mind. Just as a word means little out of context, a new observation or discovery needs a proper context in which to fit in order to be most meaningful.” So an experiment or experimental mindset is needed to watch for possible “leads.” If you are not thinking about possibilities that occur from different steps in any experiment, you are not likely to make those “chance discoveries.” Your odds of a “chance discovery” also increase when you are well educated on what to look for or something that might be suspicious during an experiment. As stated, the work of multiple scientists over a span of one hundred years, led to the development of penicillin...
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... gold is a valuable metal, one of the most prized ones in existence. Gold can be found in a myriad of products, aside from being a jewellery or as a type of investment, gold is used as a component of many electronics, chemicals and medicine. Gold is rarely found in natural ore form, a reason which makes it so valuable. Ores are rocks obtained from mining and later refined to extract the gold within. The mining and refining processes to retrieve gold brings about grave issues. The biggest consequence of gold mining is the environmental blow it causes. Mining leads to the release of thousands of tonnes of CO2, a greenhouse gas capable of resulting in global warming. In addition, gold mining may cause erosion, contamination of water sources, land pollution and health problems. Governments worldwide are actively encouraging the recycling of electronic waste (e-waste) to obtain reusable components. “There's gold in waste - literally. It takes a ton of ore to get 1g of gold. But you can get the same amount from recycling the materials in 41 mobile phones.”, stated Janez Potocnik, European Commissioner for the Environment. The gold content of WEEE are relatively high compared to the gold content that can be found in mining. So, how can we attain gold from unwanted electronics? The method used previously recovered metals through solvent extraction, in which a chemical preferentially aids in the conversion of gold from mixed metal aqueous solution (various metal ions contained in water)...
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...Production and Mining The worldwide production of uranium in 2010 amounted to 53,663 tonnes, of which 17,803 t (33.2%) was mined in Kazakhstan. Other important uranium mining countries are Canada (9.783 t), Australia (5,900 t), Namibia (4,496 t), Niger (4,198 t) and Russia (3,562 t). Uranium ore is mined in several ways: by open pit, underground, in-situ leaching, and borehole mining. Properties Uranium is a silvery-white metallic chemical element in the actinide series of the periodic table, with symbol U and atomic number 92. A uranium atom has 92 protons and 92 electrons, with six of them valence electrons. Uranium is weakly radioactive because all its isotopes are unstable. When refined, uranium is a silvery white, weakly radioactive metal, which is harder than most elements. It is malleable, ductile, slightly...
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...Although Dmitri Mendeleev is often considered the "father" of the periodic table, the work of many scientists contributed to its present form. In the Beginning A necessary prerequisite to the construction of the periodic table was the discovery of the individual elements. Although elements such as gold, silver, tin, copper, lead and mercury have been known since antiquity, the first scientific discovery of an element occurred in 1649 when Hennig Brand discovered phosphorous. During the next 200 years, a vast body of knowledge concerning the properties of elements and their compounds was acquired by chemists (a 1790 article on the elements). By 1869, a total of 63 elements had been discovered. As the number of known elements grew, scientists began to recognize patterns in properties and began to develop classification schemes. Law of Triads In 1817 Johann Dobereiner noticed that the atomic weight of strontium fell midway between the weights of calcium and barium, elements possessing similar chemical properties. In 1829, after discovering the halogen triad composed of chlorine, bromine, and iodine and the alkali metal triad of lithium, sodium and potassium he proposed that nature contained triads of elements the middle element had properties that were an average of the other two members when ordered by the atomic weight (the Law of Triads). This new idea of triads became a popular area of study. Between 1829 and 1858 a number of scientists (Jean Baptiste Dumas, Leopold...
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...obsession with mysticism, alchemy at its core was somewhat scientific; rational methods were used in hopes of achieving an irrational goal. Like modern chemistry, alchemy used chemical techniques to mix substances in hope of wealth and power. Procedures of the creations of mystical devices were recorded and tested. Alchemists would communicate with each other and share their findings. The similarities between alchemy and modern chemistry are obvious. Their connections stem from the very various beginnings of alchemy. Supposedly born between 100 and 300 AD, Mary the Jewess is a legendary figure who is considered to be first alchemist of the Western world (“Mary the Jewess”). While her existence is debatable, the discoveries attributed to her are not. One such discovery was the tribikos, an early alembic used to distill chemicals and purify a substance (“Mary the Jewess”). Another is the kerotakis, an early device that heated substances and collected the vapor (“Mary the Jewess”). Whether or not these were invented by Mary or not is irrelevant; the fact remains that they were invented in relation to alchemy. These devices, not much unlike modern day ones, are obvious foundations for many others. In 600 BCE in what is now India, alchemist Maharshi Kanada was founding the philosophical school of Vaiseika, an early form of modern day atomic theory. Studying Rasavādam, a form of alchemy, Kanada came to the conclusion that the world was made of five elements: water, earth, fire, air...
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...OFFICE MEMORANDUM TO: XXXXXXXXXX FROM: XXXXXXXXXX DATE: December 3, 2005 RE: Office Memo on David Harrison’s Plain View Doctrine Case I. FACTS On July 30, 2004, the home of David Harrison was searched by two federal officers pursuant to a valid search warrant regarding his son, Joseph Harrison. The officers explained to Mr. Harrison that they had information linking Joseph, who also lives at the residence, to a drug trafficking operation. The search warrant specified that the officers could search Mr. Harrison's entire home, including the garage and any outdoor structures on his property, for any evidence of drug paraphernalia. In addition, the officers were permitted to seize such evidence under the search warrant. Mr. Harrison allowed the officers into his home to begin their search. Mr. Harrison's wife, Janine, was also at home while the officers searched the property. Joseph Harrison was not at home during the search. Mr. Harrison and his wife followed the officers through their home while the officers conducted the search. One of the officers searched the upstairs of Mr. Harrison's home while the other officer searched in Mr. Harrison's basement. While searching in the basement, the officer noticed...
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...the Printing Press, 2007, The Story section, para. 2). This significant discovery led to the publication of books that promoted literacy and expanded knowledge. This paper provides a background and analysis of the social, economic, and political factors that influenced this important discovery. As a result of this invention, the expansion of knowledge challenged many traditional beliefs and created a paradigm shift in human relationships among different regions of the world. There were Social, Economic, and Political Factors that played a huge role in the printing press as well. During the late medieval times, society was making a change into the coming years. Occurring was a pickup in social factors that lead to emerging capitalism, this sparked off more literacy among the wealthy and upper, middle-class. With new interest of literacy and knowledge, the printing press did not satisfy the demand. Manuscripts, prior to the discovery of the printing press, took years to develop. Thereafter, pages were published using time-consuming wood graving techniques with limited reusability. Pages were compromised of a number of blocks jointed together to raise the words off the page and were then pressed and copied onto another (Ament, 2007). Gutenberg first experimented with metal typography referred to as a letterpress method. Wood graving, as stated, was time-consuming and Gutenberg thought it best that metal type could produce a higher output rate of pages. In 1436, Gutenberg strived...
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...follow: an anvil, tongs, hammer, chisel, a poker, and a crucible. The anvil was used as a surface to hammer the soft metal from the forge into shape on. The anvil was a hard flat surface such as a rock. An anvil needed to be strong enough to not break from the blacksmith’s constant hammering. Now we move on to tongs. Tongs were used to grab things from the furnace. This was a necessary tool because...
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...a very similar table to Mendeleev’s. The crucial difference between these two is Dmitri’s was to get his widely published before Meyer, thus earning him the credit for developing the table. Before they were able to even assemble elements into an orderly manner, some important things had to happen first. Before it would be possible to even group elements together in an organized way, there, of course, had to be enough elements discovered to populate such a table. Many elemts have been known since thousands of years ago. The first scientific discovery of an element was the discovery of phosphorous in 1649 by Henning Brand. For 200 years following his discovery, science acquired a vast knowledge of elements and their properties. There were so many different elements, it was determined there must be a way to separate them into groups, if only for the sake of convenience. The earliest attempt to divide elements into gases, metals, non-metals, and earths was made by Antoine Lavoisier. For many years after his organization attempt, scientists all over the world began to learn about elements and how certain ones were similar to others. They used this information to make their own version of how they should be grouped together. It was eventually recognized that there should be a universal table for grouping elements together. As stated earlier Dmitri Mendeleev is considering the father of the periodic table of elements. Although he did develop what is essentially the foundation of...
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...then turned into electricity. The absorption of light can be attributed to two processes, one being the photoelectric effect, and the other the photovoltaic effect. While these sound similar, they are closely related, but are different processes. Understanding and using both of them together is extremely important in the process of generation of electricity through solar cells. The photoelectric effect was observed by Heinrich Hertz in 1887 while experimenting on work involved with radio waves. He found that when ultraviolet light was shone upon two metal electrodes conducting a current to create sparks, the light changed the voltage at which the electric sparks were created. Why did this happen? Well, electromagnetic radiation is made up of particles called photons, which upon contact with a metal surface, can cause an electron to emit. However, not all waves of electromagnetic radiation will cause an electron to emit from any metal as there is a minimum...
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...2013, most experts remain bullish on the yellow metal for the year, though some have scaled back their estimates slightly over the past few months. A compilation of their predictions are listed below. Bank of America Merrill Lynch In a December 2012 report, Bank of America Merrill Lynch stated that Gold would average $2,000 in 2013, with the metal climbing to $2,400 in 2014. “Large-scale policy easing by the U.S. Federal Reserve and European Central Bank positions Gold as a useful hedge against global macro and inflation risks taking the commodity to $2000/ oz levels”, said the bank. The bank added that, “We have a sixmonth [Gold price] target of $2000 an ounce, but see scope as well for prices to rise to $2400 an ounce by the end of 2014. These targets reflect our view that the Fed will maintain mortgage purchases until the end of 2014 and will move to buy Treasuries following the end of Operation Twist in December 2012.” BNP Paribas BNP Paribas expects Gold to average $1,865 an ounce for the year. “Market sentiment towards Gold has been much more uncertain in 2012 than was the case in previous years. Yet, we expect Gold to achieve a new record high in 2013 due to further monetary easing, less tail risk related to a breakup of the euro zone and ongoing support from physical demand,” said BNP Paribas analyst Anne-Laure Tremblay in December. UBS Also in December, UBS maintained its 2013 price forecast for the yellow metal, stating that Gold would average $1,900 for the...
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...International has a passion for art but, like Equality, did not go to the Home of the Artists but also became a Street Sweeper. Together, they follow their curiosity. By way of chance, they stumble across a cave in which they can hide their discoveries from those who don’t understand. Their ideas are suppressed in society and therefore need a place to let them go. As street sweepers, they both had the duty of cleaning the Home of the Scholars. Consequently, they removed the “glass vials, the pieces of metal, [and] the dried bones” (29) and they were both naturally curious but neither of them had a place to hide their...
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...2013, most experts remain bullish on the yellow metal for the year, though some have scaled back their estimates slightly over the past few months. A compilation of their predictions are listed below. Bank of America Merrill Lynch In a December 2012 report, Bank of America Merrill Lynch stated that Gold would average $2,000 in 2013, with the metal climbing to $2,400 in 2014. “Large-scale policy easing by the U.S. Federal Reserve and European Central Bank positions Gold as a useful hedge against global macro and inflation risks taking the commodity to $2000/ oz levels”, said the bank. The bank added that, “We have a sixmonth [Gold price] target of $2000 an ounce, but see scope as well for prices to rise to $2400 an ounce by the end of 2014. These targets reflect our view that the Fed will maintain mortgage purchases until the end of 2014 and will move to buy Treasuries following the end of Operation Twist in December 2012.” BNP Paribas BNP Paribas expects Gold to average $1,865 an ounce for the year. “Market sentiment towards Gold has been much more uncertain in 2012 than was the case in previous years. Yet, we expect Gold to achieve a new record high in 2013 due to further monetary easing, less tail risk related to a breakup of the euro zone and ongoing support from physical demand,” said BNP Paribas analyst Anne-Laure Tremblay in December. UBS Also in December, UBS maintained its 2013 price forecast for the yellow metal, stating that Gold would average $1,900 for the...
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