Describe the main strengths and weaknesses of Utilitarianism Essay Example for Free

Describe the main strengths and weaknesses of Utilitarianism Essay Strengths * Utilitarianism is simple. It doesnt have a lot of complex rules, but instead the individual can decide would be the best, by how it affects others. * It is flexible: no law or principle is unchallengeable. * It allows for circumstance, so you can decide what is the best thing to do given the current circumstance. * It ties in with the Christian ethic of unconditional love, as preached by Jesus. * If someone believes that both lying and breaking promises are acts that are intrinsically wrong, utilitarianism provides a principled way in which they can choose which moral rule to break if forced to make a choice between them. * The emphasis on impartiality, unselfishness and altruism is to be commended. * There is no need to consider precedents as absolute just because one action worked for someone does not mean that it must be enforced again, when it may not work for someone else. * It is also attractive to secular thinkers, because it makes no grand claims to the supernatural or metaphysical. It appeals to tangible results the consequences of an action will be perceived. Weaknesses * What do we mean by happiness? What makes us happy? It is hard to define happiness as it varies with person to person. * Should happiness always be pursued? What if we can only be happy if we achieve it in a bad way? Like if a murderer is only happy if he kills someone. * How can we say that happiness from one pleasure is greater than from another? There is no way to tell if a genius is any more happy than someone not so clever. * Humans do not always treat each other equal. We care more about the people close to us and would give them more consideration in an ethical dilemma. Some would claim that utilitarians are simply idealistic and unrealistic because they do not accurately evaluate human behaviour and just assume we are all perfect, caring equally for everyone. * It is impossible to be certain about a consequence, which is a general problem with teleological ethics. * It is very difficult to measure pleasure given by any outcome. It will take a great deal of time, thought and study, considering effects on both people and the situation. * Can we compare one persons happiness to another persons happiness? * If only the total happiness counts, imagine these two situations: [A] 80% population live very well and are very happy because the other 20% are their slaves. [B] There are no slaves and everyone is happy but not as happy as the 80% in situation A. The total and average happiness in both situations is the same, therefore to a utilitarian there is no difference between the two, and both are equally morally right, but slavery is considered wrong. * Is Act Utilitarianism too demanding? Someone buys a TV for à ¯Ã‚ ¿Ã‚ ½500, which would make them happy; but they could also spend the money saving 1000 lives in Africa. Some Act utilitarians would argue that, yes, we should send most of our money overseas, since that would create the most happiness for the most people, but is that too demanding? * The refusal to acknowledge intrinsically wrong acts: a judge might convict an innocent man in order to prevent a riot that would ensue if he were not convicted a utilitarian would argue that this is permissible because more people would be made unhappy by the lack of a conviction and the riot; but is it intrinsically wrong to imprison or execute an innocent man? * Act utilitarians might accuse Rule utilitarians of being legalistic: whats the point, they could say, of following a rule when it is clear that the consequences will decrease happiness? In their view, past experience can only give guidelines, not rules. * Rule utilitarianism may just be act utilitarianism in disguise: all the rules are focussed around the maximisation of happiness. Rule utilitarians believe that the best way to maximise happiness is to maximise happiness with every act- but this is just act utilitarianism. * Human rights, justices, and other such values may not have any place in a utilitarian ethical system if the wishes of the majority override them. * Christians, Muslims, and others of religious faith would argue that god decides what is rights, and what is the best outcome; it is not four humans to try to calculate. * Utilitarianism ignores meaning well benevolent motives. * Utilitarianism seems to require more of a human that many are capable of providing * Just as there are no absolutes for determining acts which are intrinsically wrong, there is also no way to define what is universally good. * There must be sufficient account taken of the minority view the majority are not always right, even though the satisfaction of their wishes might create the most happiness.

Themes In Once And Future King Essay -- essays research papers

T. H. White's The Once and Future King is one of the most complete and unique portrayals of the immortal legend of King Arthur. Though it has been in print for less than half a century, it has already been declared a classic by many, and is often referred to as the "bible" of Arthurian legend. White recreates the epic saga of King Arthur, from his childhood education and experiences until his very death, in a truly insightful and new way. This is not, however, the first complete novel of Arthur's life. In the fifteenth century, Sir Thomas Malory wrote Morte d'Arthur, the first complete tale of Arthur's life. Since then, a countless number of books have been written on the subject, yet none can compare to The Once and Future King. It has easily become the most popular of all the Arthurian novels as it is loved by both children and adults. Though similar in many ways to other works of the same subject, such as Malory's, White gives new details, meanings, and insightful modern ization to the story, giving it an earthy quality, which the reader can identify with. White's rendering of the Arthurian legend differs from the traditional versions in that he includes contemporary knowledge and concepts, adds new stories and characters to the legend, and provides new perspectives by probing deeper into the existing tales. Anachronism It is the contemporary tone in The Once and Future King, which gives the novel its present-day feeling. This helps the reader to relate to the story, rather than placing it in strictly within the context of the Arthurian period. For example, early in the novel Eton College is referred to, which White then points out "was not founded until 1440," but the place was nevertheless "of the same sort"(4). Another example of anachronism can be found during a discussion between Merlyn and Wart, when Merlyn exclaims "Castor and Pollux blow me to Bermuda!" (86). During the days of Arthur, Bermuda was an unknown place, and would not be discovered until the fifteenth century. Though these references have no true significance to the plot of the story, White uses anachronism as a device to aid the reader in association with the context. And, as in other of White's novels, "the author's presence is apparent" (Fries 260), giving the feeling of an oral storytell ing. These "almost too frequent histori... ... often" (28). This depiction of Merlyn shows his amusing and funny personality, which White exposes throughout the novel. The frequent use of comedy gives White's novel a unique twist which cannot be found in the traditional versions of the story. When T. H. White decided to write The Once and Future King, he realized that his task would be an ambitious one. He faced the challenge of telling a tale which has been present for centuries, in a new way which would make it of interest to readers. His recreation of the Arthurian legend more than lives up to that challenge. The addition of new themes, anachronism, characters such as King Pellinore, and new adventures gives the novel a unique flair without straying too far from the traditional legend. The deeper interpretations of the characters and events in the story provide for a truth and authenticity not to be found in similar works, and the sense of humor gives White's novel an individual touch. T. H. White's The Once and Future King is one of the best retellings of the Arthurian legend, and his additions to the tale create an invigorating and entertaining combination, ranking it among the most popular and best read of all.

Principles of Macroeconomics Essay

Topic: Tolstoy’s narrator remarks that Ivan Ilych’s life has been â€Å"most simple and most ordinary and therefore most terrible† (731). Explain how the events of Ivan’s life support this assessment. What is terrible about the ordinary? There are many milestones in one’s life. Graduating college, getting a job, getting married, buying a house and having kids. For most people these are joyous events that are celebrated with family and friends; and come with hard work. However some people have a different mindset towards life. They perform tasks for the mere sake of getting the job done and life almost seems like a check list. There is a difference between being alive and truly living. Being alive is fulfilling the responsibilities and duties that are required of you. Truly living is when you seize every moment and make the most of it. One appreciates the small pleasures in life and is satisfied with what he or she has. It is easy to go through life without realizing you are not enjoying it. We get so caught up in trying to be the best version of ourselves that we don’t stop and appreciate the small things that bring every day joy. In â€Å"The Death of Ivan Ilych† Leo Tolstoy examines the life of a man, Ivan, who would have seemed to live a typical life with adequate wealth, high position, and family. However as we read on we come to realize that he is living almost robotically. Relationships don’t have much value in his life. He does what he thinks is the right thing to do, and follows the examples of everyone around him. He is scared of getting left behind and wants to make a name for himself. This leads to Ivan Ilych’s life being â€Å"most simple and most ordinary and therefore most terrible† (1458). His life ends up being a total waste with no real friends, no happiness and lots of regret. It is not until Ivan is on his death bed in his final moments  that he realizes that the personal relationships we forge are more important in life than who we are or what we own. But by then it’s too late. Today’s society is very fast paced; everyone is always on the go. People think about the big picture and miss the small details of life. This is a very common mistake in the western culture. All working people want to follow the script of life, but th ere are some extremists like Ivan that take it to the next level. With every aspect in his life he wants to be perfect and will do anything to achieve and maintain his status. An example of his extreme behavior is his love life. Ivan was at a point in his life where he settled down in a new town and life was pleasant. There â€Å"he met his future wife, Praskovya Fedorovana Mikhel, who was the most attractive, clever and brilliant girl of the set in which he moved† (1461). He establishes a light relation with her; and slowly she falls in love with him. Ivan had no intension of marrying her, he thinks of his marriage primarily in terms of himself. He thinks of marrying her only because she had all the qualities that he thinks a good wife is supposed to have; she came from a good family, was good looking, had an income and â€Å"it [marriage] was considered the right thing by most highly placed of his associates† (1461). So Ivan gets married; it doesn’t sound like he is madly in love with her. It’s more like he marries her because other people tell him it’s a good thing to do and he doesn’t have any objections. For I van other people’s approval and views matter more than his own views. Marriage is one of the most important and joyous events in one’s life; most  people get married when they think is the right time for them and with whom they think is the right person, however for Ivan it’s just another task on the checklist. In other words Ivan got married just for the sake of getting married. There was no joy or excitement; he makes marriage look like a simple and ordinary event in one’s life. Relationships are easy to make but hard to maintain. As Ivan’s married life goes on he realizes that marriage is not as easy and pleasant as he thought. As things started to change in his life, he felt depressed and helpless. He wants to escape and live life his own way, invite friends over for a game of cards and go to the club in the evenings. On the other hand his wife wanted him to spend more time with her and there was nothing wrong with that, it is expected. Every wife wants  her husband to spend time with her especially while she’s pregnant. However for Ivan his work is more attractive because it brings him success and that’s what’s most important to him. He doesn’t understand the importance of family and ignores his wife; Ivan spends more time at work and becomes more ambitious than before. Money is an essential need in life and it is a man’s responsibility to provide his family with all the comforts of life, since the men are usually the breadwinners of the household. However if you pay too much attention to money it can damage your relationship with your family because you lose out on time with them. Relationships with family have a much larger effect on quality of life than money does. However Ivan fails to realize this and concentrations totally on work, it is not until he’s on his death bed that he understands the importance of family in life but by then it’s too late. Going back into his childhood it is clear that Ivan was just what â€Å"he remained for the rest of his life: a capable, cheerful, good-natured, and sociable man† (1459). Everyone has someone or the other who they look up to and follow in life. Ivan was attached to people of high position, therefore established friendly relations with them. He took their blueprint of life which consisted to wealth and social status; and blindly followed it. Ivan did all the things they did, even though he didn’t like what he was doing. He was disgusted with himself and regarded everything he did to be wrong but because all these things were done by people with good position, it did not matter (1459). Childhood is the best part for most people; they do what they want, don’t care about others and most importantly have fun. However Ivan got so caught up in being the best version of himself, he missed all these cheerful things. He did what he thought to be the right things, which were the things done by successful people. It is not bad to follow successful people, everyone should do that however not to the extent that Ivan did. He did not listen to his heart or brain. He even chose his friends on the base of their social status and not whether he liked them or not. If something seemed wrong to him, he tried to forget it only because it was regarded right by the people with good position. There wasn’t anything special about his childhood, he basically followed a script. After law school Ivan’s life is pleasant; he performs his job and makes his career in the province. Later  in his life he takes up the post of examining magistrate in a new town (1460). His social life picks up where it left off. Ivan â€Å"picked out the best circle of legal gentlemen and wealthy gentry living in the town † (1461) to associate with. Here’s another example where Ivan does something because it seems the right thing to do. He wanted to be recognized in society and be powerful so he establishes relationships with rich and powerful people. It didn’t matter if he liked them or not. The relationships he developed with them were on the surface and were just a show, compared to normal friendships that last forever. These men did not have any meaning in his life and vice versa; this is proven when he passed away and his friends care more about their promotions rather than being sad on a loss of a friend. People always compare their lifestyles and what they have to their friends and people around them. It’s a non-ending cycle of always wanting what you don’t have. Ivan was never content with what he had, and it was evident in his life choices. After working as an examining magistrate for a while â€Å"he was expecting to be offered the post of a presiding judge in a University town† (1463). Instead to his horror a colleague got the post. In response to this he quit his job. He began actively hunting for a better position and succeeded. His friend helped him land a position that was two times better than his old one. He was thrilled that he proved his colleagues wrong who failed to appreciate him. It is evident that he was more excited to show off his new position to his â€Å"enemies† than to be genuinely happy about being able to provide more for his kids and wife. We should always take a moment to step back and enjoy what they have before life makes us realize it’s too late. With Ivan’s new job came more money. This led to a bigger and better lifestyle. He bought a grand house and furnished it with expensive pieces. Slowly his dream of having everything he could ever dream of was coming true. He had obtained the status he always wanted, purchased all the expensive things and was slowly getting satisfied with everything. As he settled in to the new lifestyle he always wanted; he quickly became bored. It wasn’t as great as he thought it would be. All throughout his life he always looked at the big picture. He was so concentrated on getting his dream job, house and lif estyle that he didn’t enjoy and appreciate the small pleasures that came along the way. He sacrificed all the small joys of life for the end result and now that it was time for Ivan to enjoy the results of  his hard work, life took a turn in the opposite direction. As he was setting up his new house, he injured himself while putting up curtains. As time went on his injury got worse, and he was never able to fully enjoy the things he had worked for. Ivan’s life had no special moments, as he never understood the joy in small achievements. He took them as simple and ordinary things. As we examine Ivan’s life it is clear to us that it was a total failure as most of the time he was lonely and didn’t have any friends or family he confided his worries to. He never paid attention to his relationships and did not make an effort towards them. As his Injury gets worse it begins to take a toll on his life, forcing him to stay at home. Now that he is at home all the time he begins thinking of his life and starts reflecting on it. Slowly everything hits him. All the mistakes he made are becoming visible to him from his childhood to his relationship with his wife to his job. He is realizing he spent his whole life chasing what he thought would make him a happy man and that he really wasn’t happy at all. He did not establish any friendships at a young age, and the ones that he did were not real, they were on the surface. His life is flashing before his eyes. The empty feeling he had his whole life is turning into regret. As he thinks about his mistakes he realizes that he intended to live life in a certain way, but ended up living in a completely different manner. Like everyone else Ivan didn’t realize this while he was  making these mistakes. He wasted his life running after wealth and status; and failed to build real relationships. In reality he didn’t achieve anything in life other than tangible objects. We as the reader saw these opportunities for him to change throughout his life. As a child Ivan didn’t like what he was doing. He was disgusted with the things he did to become one of the high positioned people. He could have understood that this is not the right way to live life but he was so determined to achieve his goal he turned wrong things into right in his eyes. Later on in his life after he got married, his wife showed frustration towards him, she wasn’t happy with the way of his lifestyle. Most people care about their close ones and try to change for them, whereas Ivan ran away from the situation and started working more and spending less time with his family. He did the opposite of what a normal person would do. Instead of listening to his heart and brain  he changed his morals; instead of strengthening his relations he neglected them. His life choices were ordinary; it seemed like he was just being alive and not truly living. Normally when people die, they are remembered for all the memories and great things they did. Their loved ones grieve over the loss of a friend and family member. A person leaves a legacy after passing away. Many want that legacy to be one of the good times and the memories spent with people you love. However Ivan was unsuccessful in doing that. He was so obsessed with being successful while he was alive it was evident his friends were friends with him for all the wrong reason. After receiving the news of their friend Ivan’s death the first thought of each of his friends was of the changes and promotions it might occasion among  themselves or their acquaintances (1453). Instead of being sad, his friends thought of the benefits they’d get. This shows the type of friendship he had established with his friends. Not only had his friends, his wife too thought about the benefits of his death. Her main concern was â€Å"how she could obtain a grant of money from the government on the occasion of her husband’s death (1457). This was a result of Ivan’s behavior and lack of love towards her. She was a good and loving person; but over time marriage changed her. While Ivan was alive he didn’t treat her with love or give her the place of a wife in his life. Ivan’s wife’s and friends’ behavior give a perfect picture of how he lived his life. He just fulfilled his responsibilities just for the sake of getting them done. Ivan was ordinary in the sense that he had no friends or loved ones. For an outsider looking in on his life he had it all; a big house, nice car, wife, kids and respectable job. However life is not about the tangible objects; houses and cars are just materials but life has a bigger meaning than that. At the end of the day if all the objects were to be taken away from him he has no relationships to hold onto. Life always boils down to the relationships we have, our loved ones and the happiness of our families. It is unfortunate that Ivan realized this when it was too late and he couldn’t do anything about it. Hence his life was â€Å"most simple and most ordinary and therefore most terrible†. Ivan’s misunderstanding of the things that truly mattered in life is what made his life so terrible. Love, respect, intimacy, and happiness are the things that really make life worth living not wealth, power, and property.

Deontology and Utilitarianism Essay

There are two types of Deontology the first one is, one should act based on duty, and the second one is action should be based on the right intention and nothing else. Utilitarianism is when you have to think about the majority of the people no matter what the consequences is. It is based on maximizing happiness for everyone involved. I would favor Deontology because I think you should do your duty and only do what is right. If you have the right intention you can accomplish anything. If you murder someone I think it’s wrong no matter whom you did it for or why you did it. There are many reasons I disagreed with utilitarianism for example if a hospital had four patients who are dying with the same disease and there is a healthy patient that can help all four dying patients utilitarianism will kill the healthy patient to do justice to the majority of the people. I think that’s wrong because by killing one healthy patient you do not know what the survival rate is for the four sick patients. The reason I chose deontology is because I believe in doing the right thing based on the duties. No matter how close you are to a person you should always turn them in if they are wrong. If they are stealing form someone right then you should know how she/he is because if they are stilling from someone else then how do you know they will not steal from you. I think if I have the right intention I could not go wrong with anything.

Nineteen Eighty - Four Test Response Essays - Nineteen Eighty-Four

Nineteen Eighty - Four Test Response Essays - Nineteen Eighty-Four Nineteen Eighty - Four Test Response Nineteen Eighty - Four TEST RESPONSE: TOPIC THREE (3) In the appendix of Nineteen Eighty-Four George Orwell warns against the enormous power a regime can hold once it has control of the language. Winston, on the other hand, believes he is free as long as he can hold on the mathematical axiom, 2+2=4. Unfortunately, Winston grossly underestimates the sheer power held be Oceanias totalitarian regime. With the Inner Party at the helm, Oceanian society has been deliberately drawn down to a deep, inescapable socioeconomic morass, with Party exercising its conscious aim of nurturing a state of unfreedom and inequality. Having learnt a great deal from totalitarian regimes that had failed in the past, the Inner Party became a small ruling group that was determined to create a societal structure that would ensure the Party maintained a permanent stronghold over Oceania and its people. Unlike their predecessors, the Inner Party was comprised of people who were less avaricious, less tempted by luxury, hungrier for pure power, and above all, more conscious of what they were doing and more intent on crushing opposition. From this steely resolve of the Inner Party to be the eternal guardians of power in Oceania stems the wide and varied sources of truth and power held be the totalitarian regime. Collectively, these sources present a frightening combination that, fundamentally, serves to destroy the essence of the human spirit and to ensure the ruling group an endless reign of power. As Orwell details in the appendix of the novel, control over language is one of the major sources of truth and power held by Oceanias totalitarian regime. The introduction and steady implementation of Newspeak as the language of choice for Party members, meant that the Party effectively assumed control of the boundaries of human expression and thought. The elimination of words and phrases considered unfavourable to the Party and its ideals made it extremely difficult to express conflicting or derogatory views towards the Party. And, with this suppression of free thought through language, the Party is also able to eliminate unwanted ideas, emotions, and ideals associated with those words. The embodiment of the slogan Ignorance is Strength is another source of power for the totalitarian regime in Oceania. The Party exploits the basic idea that ignorant people are content people; simply because they have no standard of comparison. Although life is far from rosy for members of the Outer Party, they are, nevertheless, satisfied with their existence. Primary reasons for this are that Party members are led to believe that standards of living are constantly improving, and that their cooperation is imperative for the continual war effort to succeed. Thus, the Party achieves an assurance to their stronghold over members by eliminating feelings of dissent and dissatisfaction towards the Party with imposition of obligation. Another unmistakable source of power for the Inner Party is their thorough and seemingly infallible surveillance and compliance network, comprised of the Thought Police, omnipresent telescreens, Youth League Spies and the mutual fear of the consequences of unorthodoxy, which virtually ensures widespread conformity. And, since the party has comprehensive control of the present, they also have an equally extensive control over the past, and thus truth. All historical records and print media is endlessly fabricated and tailored to conform with the Partys current position, further enhancing the Partys power over the people. Another important source of power for the ruling group is war. In becoming continuous, war has ceased to exist in Oceanian society. And, as it consumes the products of human labour that would otherwise be used to increase the standard of living for Outer Party members, war ensures the permanence of the current order in Oceania. The abolition of interpersonal relationships, the destruction of family, and the removal of all endearing emotion from the sexual act left widespread insecurity, which the Party exploits to nurture a mutual emotional attachment to Big Brother. However, none of the aforementioned ploys of Oceanias totalitarian regime would be possible without the indoctrination of Party members with the skills of doublethink and crimestop. Particularly doublethink, which renders Party members infinitely malleable to the will of the Party, thus ensuring that the Partys goal of permanent power seems infallible.

Black Holes Essays (1293 words) - Black Holes, Event Horizon

Black Holes Everyday we look out upon the night sky, wondering and dreaming of what lies beyond our planet. The universe that we live in is so diverse and unique, and it interests us to learn about all the variance that lies beyond our grasp. Within this marvel of wonders our universe holds a mystery that is very difficult to understand because of the complications that arise when trying to examine and explore the principles of space. That mystery happens to be that of the ever clandestine, black hole. This essay will hopefully give you the knowledge and understanding of the concepts, properties, and processes involved with the space phenomenon of the black hole. It will describe how a black hole is generally formed, how it functions, and the effects it has on the universe. In order to understand what exactly a black hole is, we must first take a look at the basis for the cause of a black hole. All black holes are formed from the gravitational collapse of a star, usually having a great, massive, core. A star is created when huge, gigantic, gas clouds bind together due to attractive forces and form a hot core, combined from all the energy of the two gas clouds. This energy produced is so great when it first collides, that a nuclear reaction occurs and the gases within the star start to burn continuously. The Hydrogen gas is usually the first type of gas consumed in a star and then other gas elements such as Carbon, Oxygen, and Helium are consumed. This chain reaction fuels the star for millions or billions of years depending upon the amount of gases there are. The star manages to avoid collapsing at this point because of the equilibrium achieved by itself. The gravitational pull from the core of the star is equal to the gravitational pull of the gases forming a type of orbit, however when this equality is broken the star can go into several different stages. Usually if the star is small in mass, most of the gases will be consumed while some of it escapes. This occurs because there is not a tremendous gravitational pull upon those gases and therefore the star weakens and becomes smaller. It is then referred to as a White Dwarf. If the star was to have a larger mass however, then it may possibly Supernova, meaning that the nuclear fusion within the star simply goes out of control causing the star to explode. After exploding a fraction of the star is usually left (if it has not turned into pure gas) and that fraction of the star is known as a neutron star. A black hole is one of the last option that a star may take. If the core of the star is so massive (approximately 6-8 solar masses; one solar mass being equal to the sun's mass) then it is most likely that when the star's gases are almost consumed those gases will collapse inward, forced into the core by the gravitational force laid upon them. After a black hole is created, the gravitational force continues to pull in space debris and other type of matters to help add to the mass of the core, making the hole stronger and more powerful. Most black holes tend to be in a consistent spinning motion. This motion absorbs various matter and spins it within the ring (known as the Event Horizon) that is formed around the black hole. The matter keeps within the Event Horizon until it has spun into the centre where it is concentrated within the core adding to the mass. Such spinning black holes are known as Kerr Black Holes. Most black holes orbit around stars due to the fact that they once were a star, and this may cause some problems for the neighboring stars. If a black hole gets powerful enough it may actually pull a star into it and disrupt the orbit of many other stars. The black hole could then grow even stronger (from the star's mass) as to possibly absorb another. When a black hole absorbs a star, the star is first pulled into the Ergosphere, which sweeps all the matter into the Event Horizon, named for it's flat horizontal

FASBs Current Exposure on Revenue Recognition Essay

FASBs Current Exposure on Revenue Recognition - Essay Example The entities will change their revenue recognition policy since the proposed amendment will actually supersede the current revenue recognition of GAAP and also the IFRSs guides in IASs 11 and 18. It is true with the new proposed guidelines that some entities will be more affected than others and the main areas which the board have identified so far include; whether the recognition of that revenue is fully based on the transfer of goods in question or the service like construction services, customized software’s or in the manufacturing areas. The companies will also be required to identify the performance separate duty either by dividing the given contract into parts which are actually distinct and can be delivered at different times, this can make an entity to separate the contract and account for it in a different way as the current accounting practices. The companies will also be required to analyze the intellectual property whether it is less than the actual economic value of the property that is the license is being granted in a non-exclusive or exclusive basis in this case the company will be required to recognize the revenue in terms of the license term, and this will actually be different with the current practices of revenue recognition. The issue on how the credit risk is evaluated is actually contradicting with the current rules and practices and this will have the effect on the credit risk of the customers and the collectability period this will, in turn, affect the number of revenues recognized by an entity rather than when to recognize such revenue. The companies will also be required to use estimates in calculating the transaction price of a commodity unlike the current rigid rules in following of the rules and standards in coming up with the commodity price. The new guidelines also give details on how to account for the cost of contract services, the new proposal, unlike the current guidelines, gives or specify the contract parts to be classified as expenses and the cost to be capitalized.