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Teacher’s Training Workshop at "The Spirit School” Kahna Campus

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Muhammad Munsha

1) The Bermuda Triangle, also known as the 'Devil's Triangle' is an undefined region in the western part of the North Atlantic Ocean, where a number of aircraft and ships are said to have disappeared under mysterious circumstances. It is the one place in the world that all pilots and sailors hate to go there. This is the only place in the world that has seen more disappearance of ships and planes than any other place in the world. Nearly, every plane or ship that goes into this place never return. They just vanish away. 2) The Bermuda triangle is the area within the tips of Florida, Puerto Rico and Bermuda. The space within the triangle formed by the tips of these places is known as the Bermuda Triangle. It got its name in 1964 by Vincent Gaddis, an American investigator of mysteries. In the article, he claimed that a number of ships and planes had disappeared without explanation. 3) The five avengers lost on December 5th, 1945 are sometimes known as “The Lost Squadron”. Why do ships and planes seem to go missing in the region? Some authors suggested it may be due to strange magnetic effects. According to the scientists, methane gas reduces the density of water at that specific area in the water that can't support a ship's weight so it sinks. But there is no evidence of this type of thing happening in that region for the past many years. In fact, the people have different imaginary stories about Bermuda Triangle but they don't know the mystery of this area under water. 4) One of the first stories connected to the Triangle legend and the most famous ship lost in the region was the USS Cyclops which disappeared in 1918. It was a ship that carried coal for the U.S. Navy during World War I. No wreckage from the ship was ever found and no distress signal was received. The deaths of the 306 crew and passengers of the USS Cyclops remains the single largest loss of life. 5) NC16002 was a DC-3 passenger plane that vanished on the night of December 28, 1948, during a flight from San Juan to Florida. The weather was fine and the flight was

within 50 miles of Florida State when it disappeared with its three crew members and twenty-nine passengers. Though, no cause for the loss was determined by the official investigation. Planes today have a number of ways that they can check their current position including listening to a set of GPS (Global Positioning Satellites) in orbit around the earth. It is almost impossible for a pilot to get lost if he has the right equipment and uses it properly. In 1945, though, planes flying over water had to depend on knowing their starting point, distance, speed and direction. If a pilot made a mistake with any of these figures, he was lost. Over the ocean there were no landmarks to set him right. 6) Even till today the Bermuda Triangle is considered as an unsolved query for the whole world. Scientists have not been able to come up with reasons, but some have dismissed the Bermuda triangle as being the number one place for the disappearance of aircrafts and ships. There was once an investigation that there was no proof and sign that the Bermuda triangle was the place with the most cases of disappearance. 7) Does the Bermuda Triangle special power exist? Are there really aliens and black holes within the area? No one can answer these questions. Scientists and investigators do not believe in the mystery of this area. True enough, many aircrafts and ships do disappear in the Bermuda Triangle. Maybe, there are some mysterious forces within the area but no one knows the exact solution of this query. Compiled by: Muhammad Munsha (Teacher at DHA Senior School for Boys, Lahore)

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Corporate world is changing dramatically from the last few years. Globally the corporate scandals of Enron, Global Crossing, Xerox and WorldCom have resulted in to demand for credible, transparent financial reporting and corporate governance processes. Financial reporting process is complicated, cumbersome, tedious and time consuming .On the other hand the challenge to ensure prompt compliance with the various reporting requirements (internal and external) increases the possibility of errors and misstatement. Similarly corporate failures have forced the regulators to undertake comprehensive and extensive review for the analysis of financial data. To address the arising challenges faced by enterprises and regulators, it is badly required to develop a global standard for exchanging financial information. eXtensible Business Reporting Language has emerged as the most appropriate business solution for effective and meaningful reporting and analysis of financial information. In recent times, XBRL has evolved to cope with the myriad challenges faced by enterprises, regulators, financial institutions, rating agencies, stock brokers, investors and stock exchanges.

XBRL – The New Business language Lubna Hameed

“XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information” (XBRL International) Transmitted business information through XBRL can be retrieved and processed for computerized analysis directly by the recipients' software. It is open and free from any royalty. It was developed by XBRL International (a not for profit organization). It is a not an accounting standard it is a standard for electronic representation of business information. It is based on XML (eXtensible Markup Language). It's a combination of XML syntax, XML Schema and XLink. XBRL standard uses taxonomies to capture business and financial data. How does XBRL work? To make the data interactive XBRL tags the each item of data, accounting reference and related information of financial report. For example, net sale has a unique tag which is machine readable. Its application allows the computer software to efficiently handle the data and it is expandable according to the need of organization. It facilitates all the functions of reporting process (compilation, validation, storage and usage). Main concept behind it (XBRL) is that by providing codes or tags, data can be treated “interactively” and “intelligently” which is significantly different from the present way of reporting that present the information as a block of text in HTML/PDF file or in printed document. Taxonomy and instance document are the components of XBRL document. Taxonomy is the dictionary of tags that contains label, description and classification. Each monetary and non monetary item is tagged by using taxonomies and XBRL Specification defines the rules. All items e.g net sale, operating cost, account receivables, cash and even the information in notes to the accounts are represented by separate tags and demonstrate the label, definition, data type (monetary or textual information), currency, related period,

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related disclosure in notes to the accounts, calculation, and its relation to other tags in the taxonomy. It's a unique and effective concept of financial reporting that provide the data with significant standardization and validation context that can be shared across applications, platforms and entities via domain level taxonomies. . Instance document is an XBRL financial report, created as per the rules of XBRL and it is transmitted electronically to the parties and enable them to it for extensive analysis, comparisons or for any other customized operation. Nature of business Accounting software, systems and controls

Traditional financial statements and disclosures

XBRL

Integrated reporting

Diagrammatic representation of reporting process: XBRL is a unified language and it is transforming the mechanism for exchange of financial information. It improves the efficiency in report formation and consolidation process, ensures the credibility and accuracy of report, and improves corporate governance. A built in validation engine is also available in it that gives the ability to organization to confirm the accuracy of the financial report before it is transmitted to the regulatory bodies or to other stakeholders. In the same way; timely, accurate and efficient data collection, analysis and better decision making will be possible for regulators. It supports different languages, multicurrency information and different accounting standards. It eliminates the need to re key the information into application software, time-consuming comparisons and assembly of data. Implementation of XBRL is growing across the world. U.S Securities and Exchange Commission requires submission of financial reports in XBRL format for annual and quarterly filings and XBRL exhibit on organization website is also mandatory. Many companies in United Kingdom report in XBRL. HM Revenue & Custom (UK tax authority) has made mandatory the filing of tax return and accounts of company in Inline XBRL format from 1 April 2011. In the world the first country that formally adopted XBRL in 2004 for financial reporting was China. XBRL has been implemented at high degree in Canada, South Korea, India, Singapore, Australia, Japan, Germany, Spain, Italy, Belgium and France to name a few. Finally it can be said that implementation process of standard business reporting (XBRL) would require technology and accounting competency. Immense benefits can be reaped by using this new business language. It's time to proactively start learning about XBRL working and executing this new business language in Pakistan because it may the language of new era. Reference: http://www.xbrl.org/

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The educare february 2014  

A Leading E Mag on Education

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