A REVIEW FOR A MULTINATIONAL CORPORATION - Free Essay Example

Sample details Pages: 15 Words: 4547 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? The Company Ive chosen for the dissertation deals with projects in providing offshore solutions and infrastructure to the Oil Gas extraction companies. As the projects are high investment oriented and needs millions and billions of dollars and other foreign currencies as the firm deals with the countries like Italy, Germany, France, UK and Japan for procurement of inventory materials and the skilled professional to perform and accomplish the objectives of the projects with the maximum customer satisfaction and optimum return to the stake holders. As and when the project progress, the payments have to be made to the suppliers of the materials and the services of the subcontractors that have been ordered and assigned respectively. Don’t waste time! Our writers will create an original "A REVIEW FOR A MULTINATIONAL CORPORATION" essay for you Create order In this stage, the company gets the exposure in to the risk of cash out flow in other foreign currencies such as EURO, GBP, YEN, NOK other than the functional currency USD. The cash flows exposure to the risk factors is the sensitivity of the cash flow to the unexpected changes in the risk factor. The risk factor is the variable such as price, quantity that can change unexpectedly for reasons beyond ones control. Exposure to cash flow to risk factor = change in cash flow per unit change in risk factor. Lest us consider a simple example of purchasing an inventory for EUR 20,000 needs to be paid in due course at the market rate. At the beginning the exchange rate was 1.20 dollar per euro which gives cash out flow of $24,000. But when the real payment has to be made the rate has spiked up to 1.41 dollars per euro ended up in out flow of $28,200 resulting in a loss of $4,200. To eliminate or minimize these risks on the Cash flow of the project, the firm enters into financial agreement with a counterparty called a hedge. A financial position that reduces the risk resulting from exposure to a risk factor called a financial hedge. Here the firm chooses a financial hedge is a forward contract. In the above given example, the firm will enter into a forward contract say with a Bank, with an obligation to serve the contract at a given period of time with an agreed price. Like the firm will agree with the bank to buy ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬20,000 at the end of 3 month from the date of contract at an agreed price of say $1.32 inclusive of charges and commission. This will minimize the risk of the firm by $1,800, which is a notional gain for the company. The above example is very simple vanilla explanation of a foreign currency exposure in a single cash flow with assuming constant exchange rates, no inflation and no other source of uncertainty. But in actual financial market conditions the firm will face catastrophic uncertainties. This dissertatio n gives a detail study about how the company deals with the cash flow risk through forward hedging and how the various factors affect the pricing of the derivatives. The possibilities of the firm to maintain the effectiveness, the balancing act between the uncertainties and the techniques to overcome the uncertainties. As the risk factor is unlimited in the foreign currency exposure cash flows and the company is not fine tune its practice and procedures to curtail the risk of the firm, then the interest of the stakeholders of the will be in jeopardy. To safe guard the interest of the investor, the regulatory authorities inflict every company to comply with the set financial reporting procedures in relation to every financial aspect of the company. FASB statement No-133 establishes a uniform procedure of accounting for Derivative Instruments and Hedging Activities, and related amendments and implementation issues. Chapter 1 Introduction and Overview Introduction The company that I have chosen is one of the leading worldwide marine solutions companies with fabrication facilities in the Americas, Middle East, Caspian and Asia Pacific. They are the leading provider of engineering, procurement, construction and installation in the global oil and gas industry. It is a project based firm. Companys self description to the market is Challenging Projects. Its What We Do. This company does EPCI Projects (Engineering, Procurement, Construction and Installation). Our major budget is for the procurement (Nearly 60% to 70% for the total budget) of steels, Inconel pipes and valves from various parts of the world. All the three are very highly priced and also have fluctuations in price very often. We need to make huge payments to the vendors who supply these materials according to the achievement of agreed milestones. After the award of the project, the engineering phase will start; followed by procurement as per the specifications drawn by the e ngineers. The procurement functional department with the Project specific Procurement Manager decides the modus operandi and then gets the price quotes from repute vendors and vendors recommended by the Client. In this place the PMT and the functional department decides the vendor to whom the order should be placed; who fulfill the technical and commercial conditions. Simultaneously a detailed procurement plan will be prepared and will be passed on over to the Project Accountant to prepare the cash flow which will be the designated item to hedge. Importance of Topic Project revenues (cash inflows) of almost all the Projects are in US Dollars. Hence, when these huge procurement orders are being placed with Vendors from Germany, UK and Japan, the MNC has to pay them in their currency. THE COMPANY faces the foreign currency exposure at this juncture. To protect the firm from adverse/unfavorable changes in foreign currency exposure, Firm enters into forward contracts to hedge the EURO and GBP cash flows. In other words, the Firm hedges its cash flow of the currencies other than its base currency in order to reduce the volatility (ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢) of the Cash flows. A Hedge is a position in a hedging instrument (here its Forward Contract) put on to reduce the risk resulting from the exposure to a risk factor. Statement about Problem The predicament our company faces is the cash flow forecast of the EURO and GBP as it being keeps on roll over due to non-achievement of milestones by the vendors. The payments of such milestones keep on delaying month by month. In this circumstance, the hedge becomes ineffective. Hedge Effectiveness reflects the degree to which changes in the performance of an underlying risk exposure, i.e., underlying hedged item, in respect of a designated risk are offset by changes in the performance of a designated hedging instrument. Effectiveness clearly depends upon the specific hedging objectives which are reflecting on two key factors: The specific performance metric being used, The designated risk being hedged If there is lack of offset between the hedging instrument and the hedged item then the hedge is said to be ineffective. The range of offset is 80 120 percentages. Dissertation Outline This study visualizes the following: Analyze the currency exposure and cash flows Understand the current approach of hedging other currency cash flows. Identify the other possible ways of hedging the risk Make Models and run using historical data Find and recommend the company better solutions to minimize risks. Ill work on the data available within The Company and The Reuters Bloomberg for the Spot and Forward rates. The research methodology would be worked out using the knowledge acquired on hedging strategies through the EMBA Curriculum and the work experience. The final outcome will have the following: Information on EURO GBP Cash flows Identification of risks in the deployment of EURO and GBP Use of Forwards, Futures or Options to minimize risks or rather make profit. Build and evaluate models and demonstrate its benefits Testing the Models Final Recommendations. Summary AASB-139: The Cash flow hedge is hedge of exposure to the inconsistency or volatility in cash flows that are attributable to a particular risk associated with a recognized asset or liability or a forecast transaction Examples of circumstances to which cash flow hedges may be appropriate include: Hedge of future foreign currency exchange risk associated with an unrecognized contractual commitment to purchase stocks (inventory) or commodity for a fixed foreign exchange amount; or Hedge of change in price of inventory stock or commodity relating to an unrecognized commitment to purchase at a fixed price with payment in the domestic currency; or Use of a swap to change a floating rate debt into fixed rate debt. This dissertation narrates about the first point noted above. Cash Flow Hedging Example Company ABC Limited is an American retail company with USD as its functional currency. It has projected to order EUR 3,000,000 new game consoles for the Xmas period to be delivered in December 20xx. Payment is due to occur in January 20xy in EUR. In January 20xx the company management decides to hedge the foreign currency risk arising from the projected purchase. ABC Limited has determined the transaction is highly probable and the company has entered into a forward contract to buy EUR against USD. Assume hedges have been effective prospectively and retrospectively The fair value and movement in the fair value of forward contract and the fair value of the hedged item i.e. hypothetical derivative are set out below for each measurement date. 1 Jan xx USD $ 000 30 June xx USD $ 000 31 Dec xx USD $ 000 Fair value of hypothetical Derivative 0 (190) 55 Change in value of Hypothetical Derivative (190) 245 (55+190) Fair Value of derivative 0 200 (50) Change in Fair Value of derivative in period 200 (250)=(-50-200) Entries at 1 Jan xx No entry required for the derivative as it was entered into at market rates and no cash was exchanged. Fair value of derivative at inception is nil Entries at 30 June xx Derivative DR 200,000 Unrealized Gain Cash Flow Reserve CR Unrealized Gain Other Income CR To record clean fair value of the derivative post cash flow hedge reserve entries Entries at 31 Dec xx Unrealized Gain Cash Flow Reserve DR 250,000 Derivative CR Unrealized Gain Other Income DR 10,000 Cash Flow Reserve CR To record clean fair value of the derivative post cash flow hedge reserve entries Cash Flow Reserve DR 50,000 Inventory CR To record transfer of the balance of the cash flow reserve to inventory on the physical receipt of the inventory Inventory DR 3,500,000 Accounts Payable CR To reflect the receipt of Inventory Entries at 31 Jan xy Derivative DR 50,000 Cash CR To record settlement of derivative Cash Flow Hedge Reserve Reconciliation 30 June xx 31 Dec xx Opening Balance 190,000 Gain/(Loss) on Derivative 190,000 (250,000) Transfer from prior period PL 10,000 Balance 190,000 (50,000) Transfer to inventory 50,000 Final Balance 190,000 0 Profit Loss 10,000 (10,000) When calculating or obtaining (from bankers) fair values of derivatives or hedged items the clean fair value should be used. The clean fair value excludes accrued interest. The dirty fair value is the fair value including accrued interest. The use of clean values in effectiveness testing results often results in less ineffectiveness than the use of dirty values. With cash flow hedges as there is no hedged item to perform effectiveness testing and generate accounting entries it is necessary to use a proxy derivative or hypothetical derivative. The hypothetical derivative can be derived by selecting a derivative that is similar to the expected cash flows. Alternatively the fair values of the cash flows being hedged can be used as the hypot hetical derivative. Hedge accounting is discontinued and the balance of the hedge reserve is transferred straight to profit and loss when the firm commitment or forecast transaction is no longer expected to occur. Hedge accounting is discontinued and remains in equity until the firm commitment or forecast transaction occurs: Hedged instrument is sold , terminated or expired; or The hedge no longer meets hedging criteria for hedge accounting; Chapter 2 Research Methodology Introduction Forecasting the cash out flow arises out of payments of the foreign currencies or exchange can be difficult, as the exact timing of future payments is often unpredictable. Firms have cash flows that are stochastic and wish to hedge them. When the exchange rates fluctuate, this uncertainty makes managing cash flow and maintaining the precincts even more challenging. So, if optimizing cash flow is critical to your business, Forward Contracts may be just the tool you need to gain control over foreign payments. What is a Forward Contract? It is a foreign exchange instrument or may be a derivative agreement for purchasing a set amount of a foreign currency at a fixed rate for distribution over a predetermined length of time. It provides a range of days a window of time for settling the contract at a previously agreed price. Forward Contracts are often used when you expect to make foreign payments, but payment dates are uncertain. You benefit from greater flexibility, certainty a nd convenience because you establish your exchange rate in advance and pay invoices as they become due. In addition, Forward Contracts do not require upfront funding. Payment is required only when the contract is drawn down and only for the amount you need. Therefore, you have access to funds, and your cash in hand will continue to earn interestÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦all while establishing your foreign exchange costs in advance. If a firm has undertaken a cash flow hedge, it has to demonstrate that this hedge is Effective. If a cash flow hedge is effective, the derivative qualifies for hedge accounting treatment. The effectiveness of the hedge requires the hedge to meet a standard set by the Company as to how the gains of the hedge offset the changes in cash flows being hedged. This standard has to be set at the time the derivative position is entered. If the standard is no longer met at some point during the life the hedge, the firm looses the use of the hedge acc ounting. The effective part of the gains and losses of the derivative that offset the changes in cash flows being hedged. The gains and losses of the derivatives flow through Other Comprehensive Income rather than earnings and hence do not affect earnings as long as the gains and losses of the hedged cash flows are not recognized. When the gains or losses on the hedged cash flows are realized, the gains and losses that went through Other Comprehensive Income are used to offset the gains or losses on the hedged cash flows. Research Background Research Questions Though the firms core competency is building projects, the ultimate mission and goal is to increase the shareholders wealth and satisfaction. So it is very important to tap the opportunities wherever available to make or realize revenues and enhance the earnings of the company. Hence to accomplish the aphorism we need to analyze the following positions with the available facts, figures and the extensive learning. Is Insurance a Proper hedge for OR? The discussions about the appropriateness of insurance to protect against the operational risk have dominated the topic of operational risk hedging. The mains issue is that the definition and classification of operational risk varies significantly. Therefore insurers fear being held liable for losses that have not be factored into their premium calculations. As a result, insurers generally word policies very carefully in order to exclude risks that are not definite in amount, time, place or cause. Consequently this may lead to gaps in the available cover, preventing the insurance of all risks encompassing OR (although some business risk types, which are not included in regulatory capital, might be included). In addition, where policies have not been properly worded there is the possibility of lengthy disputes over whether a loss really is covered or not. This can at best lead to long delays in the payment of claims. Decision making on whether to opt the hedging for the disbursement of the cash flow or not How to make the Hedging function as profit centre of the business Research Objectives The main purpose of this dissertation is to gain an understanding on the value implications of the cash flow hedging. In other words how the corporate hedging affects the value of the firm. What are the merits and demerits of Cash out flow hedging? Is Hedging Model gives maximum returns or gains while reducing the uncertainty of the cash flows that are stochastic? Research Approach Analyze the foreign currency cash flow of a corporate at a given period for their potential risks and the way to eliminate them through derivative trading and come up with the appropriate hedging model to maximize the earnings. Research Methodology Problem Definition As the firms core competency of the firm is not Derivative trading, the company is not considering handling derivatives innovatively. They are just concentrating on developing, improvising, competing and sustaining the existing industry of building projects. This dissertation is to analyze and prove that the treasury also be a profit centre that being regarded as a supportive or service unit. This is to indulge the intrapreneurship upon the internal stake holders that they can also be part of the earnings of the Company and their ultimate mission and goal should align with the companys mission to increase the shareholders wealth and satisfaction. Research Design Plan (Data Sources etc) Refer APPENDIX-1 for the design or nomenclature followed by the company to enter into a derivative forward contract. All the data are supplied or collated through Secondary Data sources which are very much from the internal and confidential. The data are consciously maneuvered to maintain the confidentiality of the firm, without affecting the objective of this thesis submission. The Other secondary sources are https://www.oanda.com, https://www.x-rates.com, https://www.bloomberg.com. Qualitative Data Analysis The Research methodology is purely qualitative as the analysis is based on the content of the collected data. The data collected were the cash flows in other foreign currencies other than the Companys functional currency US Dollars. To be specific the cash flows are the EURO and GBP payments forecasted to pay the vendors who have supplied the inventory for various projects. As already mentioned, the analysis is about how to decide upon whether the cash flow has to be hedged or not with objective of eliminating the uncertainty of the cash flows that are stochastic. The company is mainly deals with the Foreign currency Forward Contracts. A forward exchange contract (or forward contract) is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, on a certain future date. To take out a forward contract you need to advise us of the amount, the two currencies involved, the expiry date and whether you would like to buy or sell t he currency. It can be possible to build in some flexibility to allow the purchase or sale of the currency between two pre-defined dates rather than a single maturity date. Consider a Forward contract where you agree on 1st of March to purchase EUR 1,000,000 on 1st of June at a price of F. The price of the deliverable asset for Spot Delivery would be SJune-1 at the maturity of the Contract. The pay off of the Contract at maturity is 1,000,000 (SJune-1 F). To create a replicating portfolio for the forward contract, Ive to purchase an asset on 1st of March that pays EUR 1,000,000 on 1st of June. I can purchase today an amount of EURO such that on 1st of June Ive EUR 1,000,000 by buying EUR T-bills for a face value of EUR 1,000,000 maturing on 1st of June. The EUR T-bills maturing 1st of June must have equal value to the present value of the forward price. Pricing formula for a foreign exchange currency forward contract St = Spot Price at a given date (t) rFX = Interest rate on Foreign Currency (EURO) Treasury Bill maturing at (t+i) i = Maturity date of the Forward Contract r = Interest rate on a US Treasury Bill maturing at the same date. F = Forward price of the Foreign currency (EURO) Assuming with the confidence level of 99%, the replicating portfolio has zero value at initiation, the formula being generalized as: St e-rFX ÃŽ i ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ Fe-r ÃŽ i = 0 This formula implies that the forward price must be: F = St e(r-rFX) The equation represents that the hedge ratio is one because the firm goes short one EURO forward for each EURO of exposure. The hedge ratio is the size of the hedge for a one-unit exposure to a risk factor. The key to pricing the Forward contract is that they can be replicated by the underlying asset and financing the purchase until the maturity of the contract. This allows the traders to price the contracts at arbitrage. This means that we can price a forward contract without having a clue as to the expected value of the underlying asset at maturity. To price a forward contract on a currency, we ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€šÃ‚ ´, dont need to know anything about the determinants of changes in the exchange rates. The Forward price depends upon: the interest rate that has to be paid to finance the purchase of the underlying asset; the cost to store it and the benefit from holding it. TREND SENITIVITY ANALYSIS OF EUR/USD: EUR/USD EXCHANGE RATES USED IN BID Rate Txn Value Project-A 0.763 9,472,124 Project-B 0.763 13,788,450 Project-C 0.763 40,540,186 SENSITIVITY ANALYSIS Rates Proba-bility Values Low Avg High Low Avg Project-A 0.841 0.736 0.660 50% 11,265,609 12,867,111 Project-B 0.841 0.736 0.660 35% 16,399,203 18,730,489 Project-C 0.841 0.736 0.660 67% 48,216,206 55,070,551 59% 75,881,017 86,668,151 Sensitivity due to change in rate (7,697,977) 3,089,156 TREND SENITIVITY ANALYSIS OF GBP/USD: GBP/USD EXCHANGE RATES USED IN BID Rate Txn Value Project-A 0.637 19,940,303 Project-B 0.637 35,273,919 Project-C 0.637 9,632,902 SENSITIVITY ANALYSIS Rates Proba-bility Values Low Avg High Low Avg Project-A 0.702 0.640 0.592 70% 28,392,856 31,142,125 Project-B 0.702 0.640 0.592 55% 50,226,283 55,089,675 Project-C 0.702 0.640 0.592 47% 13,716,221 15,044,358 Total 64% 92,335,360 101,276,157 Sensitivity due to change in rate (9,474,624) (533,827) Statement on Research Findings Limitations Reliability The decision of going forward and place a forward contract hedging relies on two major factors: Trend line of the Exchange rate fluctuation or movement Cash flow of the Foreign currencies (i.e) Underlying asset To have reliable derivative instrument to protect the underlying asset from affecting the bottom line of the firm, we need to have a consistent and scientific way of structuring the cash flow through which its stochastic nature could be eliminated. The firm has a huge exposure and limitations on the reliability upon the formulation of cash flows as it involves various decisive factors. Some of them are: Approval of drawings and its documentation Approval/Passing of Quality check and the specifications of raw materials Delivery of the Product Submission of documents as per the contract Validity Risk is costly to export onto the business. Consequently if hedging has no cost, the firm chooses it to minimize the risk. To determine whether and how to hedge the cash flow it is essential to measure Value at Risk (VaR), Cash Flow at Risk (CFaR) and Volatility, so that the firm can determine how much of that risk it wants to bear. We consider the risk-minimizing hedges of a foreign currency position when risk is measured by volatility, VaR and CFaR. Value at Risk measures the potential risk or loss anticipated (worst case scenario) on an investment or an asset or portfolio over a defined time period for a given level of confidence. The notion of the VAR is simple the maximum sum that you can lose in any investment over a particular period with a specified probability. CFaR measures the expected maximum decrease in the expected cash flows resulting from the adverse movement of the market, over a defined period for a given confidence interval. To calculate CFaR the fol lowing steps are performed: Setting time horizon and confidence interval. Cash flow mapping. Identifying risk factors. Simulation of risk factors. Revaluation of cash flows. Constructing the probability distribution of cash flows. Reading the value of the particular quartile of the cash flow distribution based on the confidence level. There are different methodologies of calculating at-Risk measures: Variance-covariance methodology (delta-normal) Historical simulation Monte Carlo simulation (Being used to evaluate the risk) Volatility-minimizing hedge of cash position, when the returns are identically independently distributed: Cov [r(cash).r(hedge)] ÃŽ Cash Position Var [r(hedge) This equation makes clear that the risk-minimizing hedge depends on the size of the cash position. As the cash position increases, the volatility-minimizing hedge involves a larger dollar amount short in the hedge instrument. Summary With the detailed study, its evident that the Forward Contract can have substantial default risk. As financing and storage become more expensive, the forward price increases compared to the current price of the underlying asset. But the systematic risk reduces the forward prices to compensate the financing and storage risk. The important factors to consider while entering into forward contract is that measurement of VaR, CFaR and the Volatility of the underlying asset and also the basis risk (I,e) the determination of relation between the forward price and the spot price. Apart from these the other important factor is the market condition which is the systematic risk, which plays a vital role in the decision making. So the firm has to always watchful to take right decision on right time about when to enter the market and when to exit the out the hedging position. Chapter 3: Analysis and Interpretation Results on Findings Analysis After the detailed review of the firms role play in the field of Cash flow hedging I found that there cash flows are stochastic and they could not capitalize on the due the various factors that had been listed out in Statement of Research Findings. There is no access provided in the measurement of VaR, CFaR and the volatility which is the most important criterions in deciding upon the hedging instrument. I find there is no much need as the firm opts only forward contracts and not any other hedging instrument. As mentioned earlier, there is no need to fear the risk if you make sure that hedge ratio does not fall beyond control. But in this case, I found that due the major deviation in the cash flows, the ratio could not be managed and the forward contract could not be replicated by an underlying asset to purchase at the time of maturity, which resulted in the ineffectiveness of the hedge. Chapter IV: Conclusion Recommendation Due to the lack of proper system, it is very difficult for the firm to have a control on the cash flows and to round up the problems that are resulting in the ineffective cash flow. As a result of this dissertation, it was evident that the firm has to improve the status of the cash flow to have efficient and effective decision making on selection of the hedge instrument. And the same has been recommended to the Company along with other considerations on measuring the risk related to the Cash flow and Volatility, so that the firm can find other better options of derivative instruments rather sticking onto the Forward Contract alone. APPENDIX-1 Foreign Exchange Transaction Process Counter Party Bank Trading Desks access Misys/CMS via Internet and provide confirmation of FX transaction details Bank trading Desks offer Forex Rates to the treasury via Telephone or Bloomberg Corporate or Other Subsidiary Treasury Treasury sends Transaction confirmation to the subsidiary Treasury reviews Misys/CMS for confirmation of FX transaction details Treasury contacts Banks for the quotes via Telephone or Bloomberg Treasury proceeds with the txn and loads details into quantum or Bloomberg loads quantum automatically Forex Txn details automatically gets loaded into Misys /CMS for matching confirmation with Bank counterparties MISYS/CMS Quantum (Treasury Work Station) Subsidiary provides the Hedge request to the Treasury

The Drawbacks of an Early School Day - 865 Words

On a normal school day, students in the states drag themselves out of bed and start getting ready for school. Most students almost miss the bus or miss the bus because they are still sleepy and not moving as fast as they should be. Should school start later in the morning and head into the late afternoon? The lack of sleep affects a student’s academic studies because it can lead to weight gain or even obesity, it makes them want to doze off in class, it reduces the student’s ability to think , and it also can create a depressed or anxious state of mind. Getting the amount of sleep needed each night is the way to keep a healthy weight. Unfortunately, research is increasingly showing that more and more students are not getting enough sleep, which can have a negative downfall on their grades (AASM News). In 1995, 35 percent of American grown ups got 8 hours of sleep a night and by 2005, it decreased by 26 percent (Sleep.(n.d.)). A British study that followed more than 8,00 0 kids from their day of birth, discovered that those who got sleep under 10 and a half hours within the night at age 3, had a 45 percent higher risk of gaining weight and becoming obese (Sleep.(n.d.)). Having sleep troubles from ages 3 can lead into adulthood. It can have a long-term effect on weight. People who tend to sleep less than normal may have an obesity- related condition that may have be guided to these sleep habits: sleep apnea, obstructive lung disease, depression and sometimes cancer. NotShow MoreRelatedDisadvantages Of Technology In Education836 Words   |  4 Pagesâ€Å"I fear the day that technology will surpass our human interaction. The world will have a generation of idiots† -Albert Einstein. Today’s day and age has produced, and still produces, some of the most intelligent people who have created and thought of the machines and theories that have forever changed life itself. With the creation of things such as computers, cell phones, television, and more, communication between people has never been easier, or so one would think. One popular interpretationRead MoreForeign Language : An Educational Trend1010 Words   |  5 Pageswhen taught. â€Å"Since the late 1960’s, the American Council on the Teaching of Foreign Languages (ACTFL) has conducted regular national surveys on the status of foreign language enrollment in U.S. K-12 public schools (Foreign Language). It is the only national study focused on K-12 public school foreign language students. The results from this study allow educators, policy makers, and the general public to identify gaps between the current state of foreign language education and where they want it toRead MoreNoki The World Leader With Pinpoint Details And Maintained Its Position1271 Words   |  6 Pagessame regulations and they are up to date. BUSSINESS CYCLES: Before the launch of the project (Nokia), the chiefs had predicted and ordered the business cycles. When the rules of the competitors changed it became less predictable when compared to early 1990’s. PRESSURES OF COMPETITORS: Due to heavy competition of other electronic products. The market of Nokia has decreased in the late 20’s, the other competitors in the industry saw the global approach of Nokia and they heavy started to implementRead MorePublic School Vs. Public Schools995 Words   |  4 PagesParents have a growing number of options available these days when deciding where to send their children to school. Public and homeschool are two of the most popular choices, and each one has benefits that are as unique as the children in attendance. Public school is free, homeschool has added costs; public school has more peer pressure, homeschool typically has less. When deciding which option to choose, parents should do their research in order to make an informed decision. While the reasonsRead MoreThe Value of Technology at Home and School766 Words   |  3 PagesStudents whether they are in kindergarten, high school, or college all value technology, not only in their own personal lives but i n their school and when they learn (Swan and Hooft 653). All learners want technology integrated into their schools to make for a more diverse learning experience throughout their schooling. All levels of students want the learnings and lectures to be more challenging, with meaningful instructional activities that require multiple technological aspects (653). Most studentsRead MoreStay At Home Mothers Or Working Mothers920 Words   |  4 Pagesstimulation. The child in day care will have a lot of other kids and the babysitter around. This will make him/her learn doing things for himself/herself better, earlier and easier. (parenting, ([no date]) 2.2. Drawbacks Probably the mother will feel the guilt for not being with the child all day when he/she will be craving all day for the mother. The mother will miss the child s little things he/she does at home while on work. The child will miss the mother while in day care and not want to beRead MoreThe Day Dreamers1574 Words   |  7 PagesThe Day Dreamers Have you ever wondered why so many students at City High are sluggish and lethargic? Are they just lazy and unmotivated? No, most of them probably suffer from lack of sleep, caused by biological clocks that are set to a different schedule than their classes. Teenagers have a physiological need to stay up later and sleep longer than pre-adolescents, yet the daily schedule of the school runs oblivious to this. At City High students usually have to get up a littleRead MoreStudent Learning Outcomes At High School Proficiency Exam Essay953 Words   |  4 Pagesbenchmarks and student learning outcomes at our school. Currently, the state requires spring testing in English Language Arts, Mathematics and Science, Napavine relies on those benchmarks to determine our students’ academic goals. The trends in academic performance are based on two very different benchmarks because the state has changed the test in the last two years. Prior to the 2014-2015 school year, students took the paper reading and writing High School Proficiency Exam (HSPE) in a large group settingRead MoreFacebook And Its Impact On Society1515 Words   |  7 PagesWith the introduction of social media, nearly all aspects of human life were affected, ranging from people personal lives to professional lives. To be more specific, now days it appears to be a bit abnormal for an individual or an organization to operate with at least one active Facebook account. †The Facebook† allows organizations and individuals to post news about events, personal life experiences, products, or any other piece of information that might appear pertinent to the followers of thatRead MoreGraduation Speech : School As A Source Of Learning1560 Words   |  7 Pagesthe only one who notices the increasing disintere st in education in my school. Perhaps, I m simply overreacting to its inevitability. Maybe it s the brief conversations containing absurd amounts of grammatical errors and profanity that I often hear throughout the hallways, or the numerous students who admit to not caring about school that have led me to this conclusion: The majority of teenagers have lost interest in school as a source of learning. There is no need to take my word for it. Observe

Accounting Business Decision

Question: Write a report on "ADX Energy Ltd". Answer: Introduction ADX Energy Ltd is a listed company and has its listing on the Australian stock exchange that has its presence in the oil, as well as gas Exploration Company. The operation in scattered in two main areas. The company has operated and performed effectively through its strategy and cementing its place in the area of exploration. The company strives to manage the market through exploration, as well as appraising the happening of the asset cycle that leads to strong influence and maintenance of the core skills that enables to grabbing of strong opportunities. 1. Balance sheet review a. Current Assets Current assets can be termed as the major component of the balance sheet that helps to provide a clear cut understanding of the liquidity of the company. These can be stated as assets that can be readily transformed into cash in a matter of a year (Brigham Daves, 2012). From the balance sheet it can be projected that the company retained the assets that are very useful. In 2015, the cost cutting method was introduced by the company that helped in preserving the position of cash. The adequacy of the current asset is an important consideration because it helps to meet the current liabilities. However, in the case of ADX, the current asset decreased in 2015 as contrast to 2014 (ADX Energy, 2015). The probable reason for this is due to decline in the level of cash, as well as, trade receivables. From the table it can be seen that the level of current assets declined. It was 77% in the year 2014 that reduced to 22% in the year 2015. Current Assets 2015 2014 Cash and cash equivalents 622021 707167 Trade and other receivables 197012 2144191 Other financial assets at fair value 0 0 Total current assets 819033 2851358 % increase/decrease 22.31459809 77.68540191 b. Noncurrent assets As per the balance sheet, it is observed that the non-current assets increased. The non-current assets are the ones that cannot be converted into cash within a span of one year and hence provides solidity to the company (Williams, 2012). From the table, it is clear that there is a percentage increment in the non-current assets indicating a better position of the company. It was 26% percent in 2014 that jumped to 74% in 2015 (ADX Energy, 2015). Non Current Assets 2015 2014 Receivables 0 15932 Property, plant and equipment 46783 78665 Other financial assets at fair value 267647 0 Investment in associate 0 17355 Total Non Current Assets 314430 111952 % increase/decrease 73.74373 26.25627 c. Current Liabilities Current liabilities are those liabilities that are payable in a short span of time probably in a year. Hence, it is essentially needed that the company should have a line of balance between current assets, as well as current liabilities. When it comes to ADX it can be seen that the current liabilities declines in 2015 in contrast to 2014 that indicates the company has been able to meet the obligations with ease and flexibility (ADX Energy, 2015). There is a decline in the trade and other payable part indicating that the company discharged the obligations. This implies a strong by the company (Deegan, 2011). As indicated in the table, the drop in the percentage is a good sign for the company. Current Liabilities 2015 2014 Trade and other payables 185009 664727 Provisions 760 8395 Total current liabilities 185769 673122 % increase or decrease 21.62894 78.37106 d. Non-current liabilities Non-current liabilities are unavailable in the case of ADX Energy Ltd. The non existence of non-current liabilities indicates that the liabilities of more than a year are not present. Hence, the company is not under a pressure. Moreover, it strikes the fact that the debt obligations or payment obligations are not present (Davies Crawford, 2012). e. Stockholder equity Shareholder equity also called as stockholder equity is a vital part of the balance sheet because the accounting equation mainly depends on it. The projection of the stockholder equity is provided in the form of paid-in-capital, retained earnings and other comprehensive income (Williams, 2012). The table clearly shows that the shareholder equity has declined. From the computation done in the table it can be observed that the stock holder equity has fallen by 58.62% that can be attributed due to the variations in the current assets, as well as receivables that is generated through the sale of the farm. Accumulated losses have even dented the stockholder equity. Stockholder equity 2015 2014 Issued capital 64161036 64161036 Reserves 5960243 5606829 Accumulated losses -691,73,585 -674,77,677 Stockholder equity 947694 2290188 Comment The evaluation of the balance sheet strikes that the company has performed well in some aspects while in major it has deficiencies that needs to be covered (ADX Energy, 2015). The current liabilities has decreased while the current assets has declined that is not ideal. The sharp fall in the stockholder equity is not a good indicator. 2. Evaluation of the income records a. Total operating revenues The income that derives from the functioning of day to day business is termed as operating revenue. The operating revenue is a strong indicator of the health, as well as stability of the business. Such income is observed from the regular conduct of business (Graham Smart, 2012). From the calculation of the operating revenue in total, it is observed that there is a fall in the operating revenue that is not a good signal for the company. ADX Energy Ltd. is a holding company and the major income is derived from interest, as well as farm-outs because it posses huge financial assets (ADX Energy, 2015). Computation of operating revenue Particulars Year Ended 31.12.2015 ($) Year Ended 31.12.2014 Interest Revenue 2,535 14,440 Gain on sale of permits or Farm- outs Nil 1,694,063 Total 2,535 1,708,503 b. Cost of goods sold It is associated with the carrying value or the goods being sold by the company during the regular course of the business. Cost of goods sold is more concerned when it comes to the business that is product based or when the production is into operation. However, ADX Energy Ltd is involved in the business of sale of permits that is achieved through exploration. Hence, it appears more in the exploration serve then the production so the concept of COGS cannot be linked in this case. c. Total expenses before taxes The total expenses that derive before income tax can be linked with the expenses that happens before the taxes are levied. The calculation indicates that there is a fall in the percentage of entire expenses done before income tax and this can be linked to the fact that there is a strong grasp over the expenses (Williams, 2012). It is to be noted that the administration, as well as corporation expenses are kept under a strong control and hence a difference is witnessed as compared to the previous year. The decline in the exploration expenses is a strong indicator that the company has managed the expenses properly. In the year 2014, the expense before income tax was projected at 59.45% while in 2015 it was reduced to 40.54% that sheds light on the strong performance. It is indicated in the table below: Particulars Year Ended 31.12.2015 ($) Year Ended 31.12.2014 ($) Exploration expensed 1,248,727 1,569,610 Loss on sale of financial assets (249,872) - Depreciation 50,256 75,527 Net foreign exchange losses 48,685 68,923 Operating lease rental expense 77,114 108,883 Share based payments - 100,111 Other administration and corporate expenses 522,569 566,339 Total 1,697,479 2,489,393 d. Any non-operating or extraordinary gains and losses The profit or losses that happens due to changes in items and that is not associated with the companys operation is stated as extraordinary gains or losses. It is seen that the exchange differences enhanced in the year 2015 (ADX Energy, 2015). Those are: Particulars Year Ended 31.12.2015 ($) Year Ended 31.12.2014 ($) Exchange differences on translation of foreign operations 353,414 237,152 e. Earnings per common share The EPS can be evaluated as net profit that can be associated with the parent company members and adjustment is provided to strike off any equity cost of service. Moreover, it is divided by the weighted number of the ordinary shares and even provided adjustment for the bonus element (Brealey et. al, 2011). On the other hand, diluted EPS is calculated as net profit attributed to the members of the parent and even adjusted for the cost of service, impact of tax and dividend (Libby et. al, 2011). From the table, it can be concluded that the EPS of the company has enhanced and therefore a strong signal for the investors. This will helps in attracting investments. Particulars Year Ended 31.12.2015 Cents per share Year Ended 31.12.2014 ($) Cents per share Basic earnings/(loss) per share (0.26) (0.14) The percentage changes that can be seen in the financial operations are as follows: Year ended 31.12.2015 Year ended 31.12.2014 Percentage change in respect of year ended on 31.12.2014 Total (operating) revenues 2,535 1,708,503 -99.85 % Total expenses (before income taxes) 1,697,479 2,489,393 -31.81% Non-operating (or extraordinary) gains and losses 353,414 237,152 49.02% Earnings per common share (0.26) (0.14) -85.71% Comment The company is involved in the exploration of oil, gas, gold and metal that happens inside and outside Australia. Such a business model appears to attract revenue only through sale of permits, farms that undertakes a long time span and enough research that requires immense investment (Parrino et. al, 2012). In 2014, the company sold farm-out and permits that enabled the company to have huge flow of revenue and hence, in the current year when there was no sale a steep fall can be witnessed. The operating expenses is mainly linked to exploration and is a crucial expense for the company that decreased by $320883 and share based payment were done that declined to a considerable extent. However, oil exploration is a regular process expenses have not reduced. The increment or decline is normal for a group company because it pertains to an adjustment (ADX Energy, 2015). Going by the normal tendency it is normal that when the revenue of a company falls, there appears to be an impact on the shareholders wealth because the net profit is affected. Where the decline in revenue is 99.85%, the EPS declined by 85.71% that is better in nature. Conclusion As per the discussion and analysis it can be commented that ADX Energy Ltd is operating under a mixed chain of reaction. Though the fundamental is strong yet there are areas of deficiencies that need to be covered up. The operations and the financial statements are clearly indicating that the company is facing problem and hence, the stock holder equity has declined sharply. However, going by the entire scenario and the position of balance sheet it can be said that the company should not be selected for any investment purpose because the operations as well as certain indicators are against the company (Choi Meek, 2011). Though the EPS is high in 2015 as compared to 2014 but that cannot justify the selection. Stock holder equity, operating revenue, and current assets have declined and hence, must be kept on the radar for observation. When it comes to the current scenario, investment should not be done in ADX Energy. It is high time for the company to build its current assets and renew the position of financing activities that will change the entire scenario for the company. Though growth is not doubted as energy sector is keeping a strong pace but currently it is not a good time to invest in this company. References Albrecht, W., Stice, E. and Stice, J 2011, Financial accounting, Mason, OH: Thomson/South-Western. ADX Energy 2015, ADX Energy Annual report 2015, viewed 22 May 2016, Brealey, R., Myers, S. and Allen, F 2011, Principles of corporate finance, New York: McGraw-Hill/Irwin. Brigham, E. Daves, P 2012, Intermediate Financial Management , USA: Cengage Learning. Choi, R.D. and Meek, G.K 2011, International accounting, Pearson . Davies, T. and Crawford, I 2012, Financial accounting, Harlow, England: Pearson. Deegan, C. M 2011, In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill. Graham, J. and Smart, S 2012, Introduction to corporate finance, Australia: South-Western Cengage Learning. Libby, R., Libby, P. and Short, D 2011,Financial accounting, New York: McGraw-Hill/Irwin. Merchant, K. A 2012, Making Management Accounting Research More Useful, Pacific Accounting Review, vol. 24, no.3, pp. 1-34. Melville, A 2013, International Financial Reporting A Practical Guide, 4th edition, Pearson, Education Limited, UK Needles, B.E. Powers, M 2013, Principles of Financial Accounting, Financial Accounting Series: Cengage Learning. Northington, S 2011, Finance, New York, NY: Ferguson's. Parrino, R., Kidwell, D. and Bates, T 2012, Fundamentals of corporate finance, Hoboken, NJ: Wiley Williams, J 2012, Financial accounting, New York: McGraw-Hill/Irwin.

Theatre of the 21st Century Essay Example For Students

Theatre of the 21st Century Essay â€Å"Theatre of the 21st Century should be looking forward, not looking back. † Discuss the above statement in relation to the play you have seen in performance and with reference to its original performance circumstances. In discussing the statement â€Å"Theatre of the 21st Century should be looking forward, not looking back†, it is necessary to consider the statement from both a modern and historical view to come to a conclusion. In this essay I will weigh up set, lighting, acting and props and consider how these elements relate to the production of Julius Caesar that I saw in the Donmar warehouse and how it compares to the original production in the globe. Within this essay I will also refer to the production at the Blackfriars indoor playhouse that was running simultaneously alongside the globe. I will then be able to conclude whether theatre is really looking forward in the 21st century. The Set of the production I saw of Julius Caesar was looking forward in terms of theatre. We will write a custom essay on Theatre of the 21st Century specifically for you for only $16.38 $13.9/page Order now The set depicted the metatheatrical concept with a necessary naturalistic set. The play itself was set inside a woman’s prison, a location that itself is modern and did not exist during the original performance. An example of how this was evident is with the use of the entire room being a dull grade shade. The entrances and exits were cold grey metal doors that â€Å"clanged† when they were closed, this represented that the entire auditorium was a prison not just the stage area. The use of grey metal poles around the stage and cold grey flooring depicted the interior to a cell. The reason the director, Phyllida Lloyd, did this was to show her concept and to make a difficult text more accessible through modernising the production and making it relatable for the audience. This shows that the theatre is looking forward as such a setting in itself would not have been heard of in the original performance circumstances. However, you could also argue that even theatre prior to the 21st Century has been looking forward too. For example in the original production there was clearly a lack of interest within the production itself demonstrated in the use of a â€Å"lords room† that had a 360 degree curtain to separate itself from the play entirely. However they did attempt to use set to engage the audience as this time. This is shown through the use of a discovery space, which was a large area just behind the stage where pieces of set could have been brought on for end scenes, for example a large thrown would have been used in the final scene of the original production of Julius Caesar to depict the overall concept of power. This was a big deal in that time and theatre has constantly been looking forward in terms of set if you look at the Italian attempt to naturalise their theatre with the use of frescos, a famous designer of these being Sebastiano Sereno. However you could claim that the original production that I saw at the Donmar was guilty of â€Å"looking back† in terms of set. This would be shown by the use of â€Å"simple† scene changes to demonstrate when they were in the play-within-a-play. When Cassius and Brutus are in the tent discussing their plans the rest of the cast throw down a white sheet to represent the idea that they are in a tent. However this piece of scenery is only simple and is not naturalistic. This demonstrates an abstract use of set by simply implying what is happening, as the prisoners would be incapable of providing completely convincing props and set. This simplistic design suggests no attempt to naturalise the scene and reflects the use of backdrops used in previous times, such as the frescos, yet is even more simplistic as it has on it no design. Similarly simplicity was used in the original but this was arguably due to the issue of sightlines within the Globe theatre. There wouldn’t be set to suggest the final fight involving Brutus, mark Antony and their armies, instead there would be suggestions through hand held props and language within the script that suggested they were fighting. This was due to the fact that theatre was not somewhere to go and enjoy but instead was simply to be seen with the groundlings even running market places in front of the stage. However within the Jacobian Indoor theatre that was running at the same time it is important to note that there would have been use of naturalistic set, with larger pieces of set used due to it’s wing space and greater sightlines. In conclusion, having discussed the statement from the modern and original productions with a focus on set I can now conclude the statement is only partially true. In the modern it is clear that there is a focus on 21st century techniques and setting it in a prison really does emphasise its modern approach, however it is also clear that the modern reflects a lot of set ideas used in the time of the original production. For example the simple backdrop, although is part of the play within the play, does link to the simplistic set used in the time of the globe. Within the idea of lighting, the modern production used lighting as a way of highlighting the modern metatheatrical idea. The ‘guards’ to emphasize their power over the prisoners, who could have been seen therefore as their â€Å"performers†, controlled the lights. Similarly, the audience were normally in the same lighting state as the prisoners to cause a sense of involvement. However the lights were occasionally brought up on the audience to demonstrate when the prisoners were no longer performing the â€Å"play†. .u794901d3833e15f0b1d49d451f38dc8b , .u794901d3833e15f0b1d49d451f38dc8b .postImageUrl , .u794901d3833e15f0b1d49d451f38dc8b .centered-text-area { min-height: 80px; position: relative; } .u794901d3833e15f0b1d49d451f38dc8b , .u794901d3833e15f0b1d49d451f38dc8b:hover , .u794901d3833e15f0b1d49d451f38dc8b:visited , .u794901d3833e15f0b1d49d451f38dc8b:active { border:0!important; } .u794901d3833e15f0b1d49d451f38dc8b .clearfix:after { content: ""; display: table; clear: both; } .u794901d3833e15f0b1d49d451f38dc8b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u794901d3833e15f0b1d49d451f38dc8b:active , .u794901d3833e15f0b1d49d451f38dc8b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u794901d3833e15f0b1d49d451f38dc8b .centered-text-area { width: 100%; position: relative ; } .u794901d3833e15f0b1d49d451f38dc8b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u794901d3833e15f0b1d49d451f38dc8b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u794901d3833e15f0b1d49d451f38dc8b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u794901d3833e15f0b1d49d451f38dc8b:hover .ctaButton { background-color: #34495E!important; } .u794901d3833e15f0b1d49d451f38dc8b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u794901d3833e15f0b1d49d451f38dc8b .u794901d3833e15f0b1d49d451f38dc8b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u794901d3833e15f0b1d49d451f38dc8b:after { content: ""; display: block; clear: both; } READ: Theatre Royal Drury Lane EssayThis allowed the audience to have a chance of emotional release to evaluate what they have seen and digest the complicated script. This shows that the lighting of the performance was looking forward as the idea of being so involved in terms of light state is an artuadian idea of breaking the fourth wall. However in the original production there was no chance or desire to use lighting that would encourage emotional response. This is shown as within the scrip there are often references to â€Å"break of day†, or â€Å"time to rest†, to tell the audience what time of day it is without use for lighting. The prevention of lighting was due to the safety hazard of the globe being built of wood and straw. However there was emotive lighting being used within the Indoor theatre where they were exploring the idea of the audience being in the dark whilst exploring with shadows, for example one designer who attempted to use lighting emotively was Sebastian Serlio in the Italian Renaissance. Lighting was used effectively in terms of the modern production through the focus being directed by spotlights. There were two spotlights used and they would be focused upon individuals as moments when they were of most importance. For example, although the whole cast were present for Mark Anthony’s speech at Caesar’s funeral, it is apparent that he is the key focus with both the spotlights being on him and the general lighting being dim. This is to allow the audience to understand the key focus of the scene at the time and the dull blue shade surrounding Mark Anthony, played by Cush Jumbo, gives an indication to the mood assisting the audience to understand the text. This is contrasting to the globe where there was no attempt at lighting therefore the only way to display character importance would be for them to address the audience from the balcony. However, within the Jacobian indoor theatre, which was running at the same time, there was similar use of lighting to that of the modern production suggesting that it is indeed looking back in terms of lighting. For example within the Jacobian theatre there was the production of colour light to help depict mood. This would have been used for example in Caesar’s death to show sadness. The indoor theatre was also making use of Nichola Sabatini’s adjustable spotlights that would have provided the same effect as spotlights in the modern production alongside Leone De Somi’s concept of shadow to assist the mood. In conclusion, I believe that having discussed the statement in terms of the modern and original production that generally, except the idea of light representing metatheatre, the lighting of the production looks back. I believe the use of lighting only really includes spotlights, wash lighting and shadow within the scene were the men group to kill Caesar, and all of these are techniques that could have been employed in the original production. When considering the statement it is important to take into account acting. Within the modern production at the Donmar warehouse the acting was incredibly naturalistic. This is shown for example in the scene between Brutus and Cassius where the conversation about Caesar’s death is fluid and believable. The actors are able to use subtle vocals and shading of their tone to give a real genuine account of how they feel and approach the situation of Caesars death. This realistic element of the play gives a greater emotional effect as the audience are more likely o sympathise as they feel as though the character is believable and real. This is clearly an example of theatre moving forward as in the original production there was no sense of naturalism. The performance of the same scene would have been highly gestural and use loud vocals even though not appropriate for the scene. This was because the groundlings were talking and the Globe had an open roof therefore the actors had poor acoustics to fight with to be heard. Similarly, the poor sightlines didn’t allow for natural movements, however within the indoor theatre subtlety in voice was being explored as the audience were quieter and the acoustics were better with a closed roof. Another example of the modern approach to the production I saw was its Artuadian influences shown when there is a breaking of the fourth wall. This is shown in the scene in the scene where the civilians question Caesar. At this point Caesar, played by Frances Barber, sits among the audience whilst being questioned. This breaking of the actor/audience barrier causes uncertainty among the audience and it could be seen as showing the moving forward of theatre due to the fact Artaud was a modern practitioner however there are interesting parallels with the original production. Within the original production of the globe, in an attempt to gauge audience attention, actors would break the fourth wall when they spoke â€Å"aside† to the audience. This would have been used when the soothsayer were speaking, he would have spoken using direct address to recapture the attention of audience members who have stopped showing an interest. This technique is seen as modern however although it was defined as such when it originally was performed, it is a clear Brechtian technique. .ubc10e11dae9902ce58d7e55365a1b47f , .ubc10e11dae9902ce58d7e55365a1b47f .postImageUrl , .ubc10e11dae9902ce58d7e55365a1b47f .centered-text-area { min-height: 80px; position: relative; } .ubc10e11dae9902ce58d7e55365a1b47f , .ubc10e11dae9902ce58d7e55365a1b47f:hover , .ubc10e11dae9902ce58d7e55365a1b47f:visited , .ubc10e11dae9902ce58d7e55365a1b47f:active { border:0!important; } .ubc10e11dae9902ce58d7e55365a1b47f .clearfix:after { content: ""; display: table; clear: both; } .ubc10e11dae9902ce58d7e55365a1b47f { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ubc10e11dae9902ce58d7e55365a1b47f:active , .ubc10e11dae9902ce58d7e55365a1b47f:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ubc10e11dae9902ce58d7e55365a1b47f .centered-text-area { width: 100%; position: relative ; } .ubc10e11dae9902ce58d7e55365a1b47f .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ubc10e11dae9902ce58d7e55365a1b47f .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ubc10e11dae9902ce58d7e55365a1b47f .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ubc10e11dae9902ce58d7e55365a1b47f:hover .ctaButton { background-color: #34495E!important; } .ubc10e11dae9902ce58d7e55365a1b47f .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ubc10e11dae9902ce58d7e55365a1b47f .ubc10e11dae9902ce58d7e55365a1b47f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ubc10e11dae9902ce58d7e55365a1b47f:after { content: ""; display: block; clear: both; } READ: The Wiz - Directed by Gary Hicks EssayIn conclusion, I believe that with acting there is not a sense of moving forward within theatre. Having explored the use of acting in the modern and historical production I have concluded that what would have been seen as the most modern moment acting-wise of the play (the breaking of the fourth wall) is actually taken from ideas shown in the original production of the Globe. This almost implies that all modern ideas are somewhat influenced by what has come before them, providing me with the approach that perhaps there is no possibility to move forward without out also looking back. The final element that I will be looking at in regards to the statement that theatre should be â€Å"looking forward† not back is that of Props. Within the modern production at the Donmar theatre the props used were vast, including the use of masks. At the very opening of the play where Caesar is addressing his people, the rest of the cast were stood at the bottom facing up at him in masks with a picture of his face on them. The people with the masks were stood facing upwards and moved in the exact same fashion. The masking was used to show the power of Caesar and his influence among his people. It also conceptually represents the conformity of the people within Greece however although this interpretation of the use of masks is modern, they were exceptionally essential in the original production as well. The masks would have been used to show an exaggerated facial expression to the audience due to the distance they were away. Acting at this point was similar to the style used in Greek performances and the masks were also a central part of theatre even then. The chorus, of around 50-200 people would wear the masks to represent the everyday person and the masks themselves were necessary to all productions with even the wearing of a mask was seen as part of a ritual, with employed servants to tie them onto the actor. These would have similarly been used when Mark Anthony is speaking at Caesars death, those watching would have worn dramatic masks displaying a â€Å"sad† emotion. Therefore the use of masks is not something that looks â€Å"forward†. Another point used within the modern use of prop is that of the contemporary spin. Each prop was presented differently than they usually would have been to demonstrate the modern situation. For example, they used daggers and guns instead of swords in the fight scenes. For example, when Brutus asks his soldier to help kill him instead of running into his sword he runs into his Gun and asks him to fire it. This presents the play in a more modern manner with the audience being more engaged as guns and knives are present within society of the 21st century whereas swords are somewhat alien to our culture so wouldn’t have been as realistic. This allows the audience to feel greater sympathy with the deaths and shows that the piece is indeed approaching theatre in a more modern manner. However, within the historical there would have been use of the traditional props. For example in the fight scenes each member of the cast would have had a sword in the original production. This is mainly due to the fact that due to little wing space there was only room for hand held props, therefore these had to depict the setting and place immediately. But it is important to note that at the same time within the indoor theatre due to the use of better set and wing space there was less of a need for obvious props, and the use of obvious hand held props to explain location became less and less necessary from the Globe in the 1600’s to the theatres later built, such as the Theatre Royal Drury Lane and the Covent Garden Theatre in 1663. Therefore after looking at the statement from both modern and original perspectives in regards to prop I can conclude that although the props were often modernised to fit with the theme, such as the guns instead of the swords, the overall usage of props was actually surprisingly similar to that of the original performance. The choice to use masks was a direct link to the original production and productions of theatre by the early Greeks showing that this piece of theatre does involve â€Å"looking back† in terms of inspiration for props. In conclusion I believe that after considering the statement, â€Å"Theatre of the 21st Century should be looking forward, not looking back†, from the modern and original productions uses of acting, prop, set and lighting, that theatre cannot look forward without carrying with it elements of previous pieces of theatre. I believe that within historical theatre there are elements of Artaud, Brecht and although they were never defined they were always in some form present therefore in each modern idea their lays historical theatrical roots. Whilst I agree that theatre is making the most of modern multimedia techniques and is constantly moving forwards in terms of concepts and approaches, I believe that it is important for theatre to resemble essences of it’s past, such as the importance of masks and the development of light able to be used.