Contemporary Issues in Accounting for Conceptual Framework

Question: Write about theContemporary Issues in Accounting for Conceptual Framework. Answer: Introduction Conceptual accounting framework is developed for making the accounting information more useful by providing standard guidelines and procedures for developing the financial statements. It has been developed by IASB (International Accounting Standards Board) for developing a uniform process of presenting the financial information to the end-users. The framework has helped the IASB in developing standard accounting rules and procedures to improve the quality of financial information disclosed by the entities worldwide. As such, AASB (Australian Accounting Standards Board) is also directing the entities listed on ASX to develop their financial reports as per the principles and characteristics of conceptual accounting framework (Mazhambe, 2014). In this context, the present report is developed for examining the compliance of a selected entity listed on ASX with the framework of conceptual accounting. The business entity selected for this is Casales,Com, an online automotive company of Aus tralia involved in purchasing and selling of cars and motorcycles listed on ASX. General Purpose of Conceptual Framework Met by the Selected Company The main objective of developing financial reports as per the standard framework is to disclose the financial information that facilitates the investors to make decisions whether to invest in the stock of a particular business entity or not. The financial statements should be able to provide an estimate of the future profitability position of an entity through predicting its future net cash flow position. The future growth and development prospects of an entity can also be analyzed through examining the efficiency of the management and the governing board in carrying out their responsibilities (Rezaee, 2003). The annual report analysis of Carsales.Com that company has adequately disclosed all the required financial information for decision-making to end-users in its financial reports. The company has developed and presented its consolidated financial statement as per the AASB standards and the conceptual accounting framework as stated in its notes to financial reports section of the annual report (Van der Meulen, Gaeremynck, and Willekens, 2007). The financial statements have provided the value of all the financial elements such as assets, liabilities and equity and also stated the accounting methods and rules applied for measurement of their value. The financial report has also provided separately the performance of each business segment of the company so that investors can easily gain understanding of its highest performing area (Soderstrom and Sun, 2007). The company has appointed a competent leadership team for carrying out its operational activities as depicted in the annual report. The annual report ahs adequately disclosed the key roles and responsibilities of the leadership team of the company. In addition to this, the key financial performance required by the investors for investment decisions as presented clearly in the directors report of the company. Therefore, it can be said that the company has adequately met the general purpose of conceptual accounting framework for developing financial reports (Carsales Com Ltd: Annual Report, 2017). Usefulness of the Financial Reports as per the Requirements of the Target Audience The target audience is the end-users of the financial reports developed by a reporting entity such as investors, creditors and lenders. They need to analyze the current and past financial information provided by an entity so that they can predict the future growth position on its basis (Tarca, 2004). The financial report of Carsales. Com can be stated to be developed as per the needs and requirements of the end-users. The key financial highlights are presented in the starting of the annual report of the company along with its cumulative annual growth rate. The report is presented in a simplified format having a systematic flow of information so that it can easily understand by the end-users. The company has incorporated the use of accrual accounting practices for reporting the impact of the financial transactions occurred on the economic resources in the period in which it occurred as per the principle of conceptual accounting framework. The use of accrual accounting has helped in as sessing accurately the past and future ability of the company in generating net cash flows (Rezaee, 2003). The impact of the changes in the market conditions on the financial information of the company by reflecting their impact on the market price and interest rates have also been sufficiently explained in its financial report. The consolidated financial statements are prepared in compliance with the standard accounting framework and principles as stated in the auditors report. This ensures that financial information disclosed is free from any material errors and can be used in decision-making process of the end-users (Carsales Com Ltd: Annual Report, 2017). Recognition Criteria The application of the standard framework of conceptual accounting requires companies to clearly state the measurement and recognition criteria used for reporting the value of different elements of the financial statements. The different financial elements are identified and recognized during the process of preparation of financial reports by business companies only when they are expected to provide some future economic benefits as per the standard framework of IASB (Psaros and Trotman, 2004). Carsales. Com has sufficiently explained and stated the identification and recognition criteria used for reporting the values of financial elements. For example, the recognition and measurement criteria used for reporting the revenue is at the fair value for its major business activities such as advertising, goods sale, finance, dividends, RD rebate. The expenses are recognized in the profit and loss and the past services are identified and measured through the use of straight-line basis. It has also classified the investments in major categories of financial assets at fair value, loans, receivables and held-to-maturity investments. The borrowings of the company are also recognized and measured at the fair value that is overall transaction cost incurred. The difference between the proceeds and the redemption amount is reported in the profit and loss over the accounting period through the use of interest method. The income tax expense or revenue for the accounting period is recognized through the use of applicable income tax rate. The cash and cash equivalents are reported and measured at their value of maturity or less when the assets are readily converted to cash (Carsales Com Ltd: Annual Report, 2017). Fundamental Qualitative Characteristics Used by the Company in Financial Reporting The conceptual accounting framework has provided that fundamental qualitative characteristics of financial reporting are relevance and faithful presentation. The financial information for meeting the criteria of relevancy need to have a confirmatory and predictive value in order to make a difference in the decision-making process of the end-users (Maines and Wahlen, 2006). Carsales.com as per these characteristics of framework has provided both confirmatory and predictive value of financial elements in its financial reports. The confirmatory of different elements are stated in the financial statements whereas the accounting estimates and assumption used for measuring the predictive value of the financial elements are also disclosed in the report. For example, the assumptions used by the company for determining the recoverable amount of CGUs and income tax is disclosed in its annul report that can be depicted as follows: The second qualitative characteristics of conceptual accounting framework is faithful presentation that is the information provided in the financial statement by a reporting entity should be free from any error and complete in all respects (McDaniel, Martin and Maines, 2002). The company financial information can be regarded as faithfully presented on the basis of the auditors report. The company has carried out its auditing and the auditors statements have disclosed that its financial information is free from any material error and complete in all respects (Carsales Com Ltd: Annual Report, 2017). Enhancing Qualitative Characteristics Used by the Company in Financial Reporting The financial information should be comparable, verifiable, understandable and timely as per the enhancing characteristics of the financial reporting stated in the conceptual accounting framework. As per the comparability characteristic, the information presented in the financial statements for the current year can be compared with that of the previous year for depicting the percentage increase or decrease in the financial performance (Gerber, Gerber and Van der Merwe, 2014). It can be depicted from the financial statements of the company as follows: The company in accordance with the verifiability characteristic of financial reporting has provided the quantitative information in its financial statements that can be measured and verified. The investor can assess the verifiability of the financial information through the use of ratio analyses with the help of quantitative value stated of different elements in the financial information. The different ratios such as profitability, liquidity, efficiency can be used for verifying whether the information presented is accurate or not (Gore and Zimmerman, 2007). The company reports its financial information on an annual basis ensuring that it is latest and available to the end-users in time. It has also provided all the information in the notes to financial statements section that ensures it is understandable to the end-users (Carsales Com Ltd: Annual Report, 2017). Recommendations It is recommended to the company on the basis of the overall analysis that it should adequately met the fundamental and enhancing qualitative characteristics of financial reporting as provided in the conceptual accounting framework. The company should adequately disclose all the accounting policies and practices used for evaluation of different financial elements in its notes to financial statements section. The accounting policies and practices adopted should be as per the AASB standards and any change in the accounting policies must be disclosed in the financial reports for meeting the qualitative characteristics of financial reporting. Conclusion It can be stated form the overall discussion held in the report that Carsales. Com effectively complies with all the principles of conceptual accounting framework. It has met the varying needs and requirements of the target audience through providing the financial information as per the qualitative characteristics of the standard framework of accounting developed by the IASB. References Carsales Com Ltd. 2017. Annual Report. [Online]. Available at: https://shareholder.carsales.com.au/FormBuilder/_Resource/_module/NwbnH0pKFk-uPGxM7cmTrw/docs/reports/annual/Annual_Report_2017.pdf [Accessed on: 17 April 2018]. Conceptual Framework. 2017. IFRS Foundation. [Online]. Available at: https://www.frascanada.ca/international-financial-reporting-standards/resources/unaccompanied-ifrss/item71833.pdf [Accessed on: 17 April 2018]. Gerber, M. C., Gerber, A. J., and Van der Merwe, A. J. 2014. An Analysis of Fundamental Concepts in the Conceptual Framework Using Ontology Technologies. South African Journal of Economic Management Sciences 17 (4), pp. 396411. Gore, R., and Zimmerman, D. 2007. Building the Foundations of Financial Reporting: The Conceptual Framework. The CPA Journal 77(8), pp. 3034. Maines, L. and Wahlen, J. 2006. The Nature of Accounting Information Reliability: Inferences from Archival and Experimental Research. Accounting Horizons 20(4), pp. 399- 425. Mazhambe, Z. 2014. Review of International Accounting Standards Board (IASB) Proposed New Conceptual Framework.Journal of Modern Accounting and Auditing10 (8), pp. 835-845. McDaniel, L., Martin, R. and Maines, L. 2002. Evaluating Financial Reporting Quality: the Effects of Financial Expertise vs. Financial Literacy. The Accounting Review 77, pp.139-167. Psaros, J. and Trotman, K. 2004. The Impact of the Type of Accounting Standards on Preparers Judgments. Abacus 40(1), pp. 76-93. Rezaee, Z. 2003. High-quality financial reporting: The six-legged stool. Strategic Finance 84(8), pp.26-30. Soderstrom, N. and Sun, K. 2007. IFRS Adoption and Accounting Quality: A Review. European Accounting Review 16(4), pp. 675-702. Tarca, A. 2004. International Convergence of Accounting Practices: Choosing between IAS and US GAAP. Journal of International Financial Management and Accounting 15(1), pp. 60-91. Van der Meulen, S., Gaeremynck, A. and Willekens, M. 2007. Attribute differences between U.S. GAAP and IFRS earnings: An exploratory study. The international Journal of Accounting 42, pp.123-142.

Article Analysis for Technology and Culture - myassignmenthelp.com

Question: Discuss about theArticle Analysis for Technology,Culture and Society. Answer: Article Analysis One Title of Article: How Technology Has Influenced the Field of Corporate Communication Author(s): Paul A. Argenti Publication Information: Volume: 20 issue: 3, page(s): 357-370 Issue published: July 1, 2006, Journal of Business and Technical Communication https://doi.org/10.1177/1050651906287260 What is the thesis of this article: The article is focused on the corporate business communication with regard to the technological influence on the same. What is the blueprint of this article: The blueprint of the article begins with the introduction of the new information in the communication in the corporate organizations, goes through the discussion of specific technological effectiveness and ends with the identification of opportunities and challenges in the corporate communication. What recommendations (if any) are provided: The recommendation of the article is based on the proper usage of the technological equipment and advantages in the corporate communication in order to overcome the challenges (Crowley and Heyer 2015). What conclusions are drawn: The author concludes that the organizations are facing the challenges in the technological aspect of the corporate communication due to the discriminating and unnecessary use of the technological usage. The author also mentions in the conclusion that the business entities are gaining advantages from the technical communication in terms of the identifying new business opportunities. What implications(if any) are provided: The author states in the article that the technological aspect has impacted over the corporate communication as both business function and academic discipline. What quote will you use from this article: A companys corporate communication function is responsible for communication with both internal and external constituencies; it involves a number of subfunctions, such as media relations, investor relations, internal or employee communications, government relations or public affairs, community relations, corporate philanthropy, corporate reputation, and marketing communications. Article Analysis Two Title of Article: Trust and The Workplace in A Flatter World: A Content Analysis of Technology, Globalization and Normative Transformation Author(s): Shawn Schwaner, Eric s. Harter, Anil Palla Publication Information: International Journal of Learning, Teaching and Educational Research, 13(3). Year 2015. What is the thesis of this article: The research paper is focused on the external technologies and globalization and the impact of the same on the workplace. The article emphasizes on trust as the qualitative normative expectation. What is the blueprint of this article: The beginning of the article presents the dynamics of the workplace trust along with the symbolic system and a brief description of the changing technologies. The discussion of the article is based on the technological infrastructural and cultural lag and its link with workplace trust. The article ends with the technological impact on the workplace trust through the analysis of the same. What recommendations (if any) are provided: The recommendation is based on the corporate and workplace communication. The recommendations throughout the article states that the technological advancement in the social and cultural aspect must be taken into account in order to develop the workplace trust (Cameron and Webster 2005, pp. 97). What conclusions are drawn: The conclusion of the article is placed by the findings and analysis of the research on workplace trust as the impact of technology. What implications(if any) are provided: The research article identified that the language has been mostly impacted by the technological advancement and its effect on the workplace trust. The organizational structure and culture are based on the communication and the technological advancement had been able to influence the communicative language as one of the means of the workplace trust. What quote will you use from this article: The nature of workplace has shifted from local place to virtual dynamics where symbolic systems of communication, ethics and values, and normative systems such as those dealing with trust, have been transformed. Article Analysis Three Title of Article: Mapping and Leveraging Influencers in Social Media To Shape Corporate Brand Perceptions Author(s): Norman Booth and Julie Ann Matic Publication Information: Corporate Communications: An International Journal,16(3), 184-191. Year 2011 What is the thesis of this article: The article is based on the impact of social media on the emerging companies in terms of brand awareness. What is the blueprint of this article: The article starts with the socialization of brand, goes through the brand ownership and the impact of social media with gradual development of the brand image. The article also includes the several index of numerical data on the influential measurement along with the social media strategy. What recommendations (if any) are provided: The recommendations are based on the social media strategies and refer to the establishment of the consumer and business organizations relationships through social media (Bruhn, Schoenmueller and Schfer 2012, pp. 778). What conclusions are drawn: The conclusions present the practitioners must strategically handle brand image as well as the consumers behaviors over the social; media. The index data valuation algorithm is summarized in the conclusion. What implications(if any) are provided: The article highlights the impact of the social media on the emerging companies which result into the brand awareness and strengthening of the brand image to the public as well as to the competitor companies. What quote will you use from this article: Consumer consumption of the various elements of the social Web in recent years has become a driving force in the way public relations practitioners are developing and maintaining corporate brands and images Reference: Bruhn, M., Schoenmueller, V. and Schfer, D.B., 2012. Are social media replacing traditional media in terms of brand equity creation?. Management Research Review,35(9), pp.770-790. Cameron, A.F. and Webster, J., 2005. Unintended consequences of emerging communication technologies: Instant messaging in the workplace.Computers in Human behavior,21(1), pp.85-103. Crowley, D. and Heyer, P., 2015. Communication in history: Technology, culture, society. Routledge.

Tell Me Your Dreams Essays - Tell Me Your Dreams,

Tell Me Your Dreams The latest novel written by Sidney Sheldon, "Tell Me Your Dreams", is about three stunning young women. Their names are Ashley Patterson, Toni Prescott, and Alette Peters. They all live in Cupertino, California and work at Global Computer Graphics, a successful, fast-growing young company with two hundred employees in Silicon Valley. Ashley Patterson is a confused woman, but is smart and beautiful. She's lonely, timid, and certainly convinced she's being stalked. Toni Prescott is an insolent, British flirt with a passion for Internet dating and cabarets. Alette Petters is a wannabe artist who chooses quiet, dreamy weekends with handsome painters. Ashley reminds herself of her high school boyfriend, Jim Cleary. He was the most popular boy in Bedford Area High School. He was on the football team, was handsome and amusing and had a killer smile. He had promised her that they would run away together to Chicago, but Ashley was left at the station watching the train to Chicago leave. Toni had met Jean Claude Parent in an on-line chat room. Jean told her all about Quebec City. Toni was interested and would like to go to Quebec one day. Toni and Jean talked on-line every chance they get. Alette also met a guy, Richard Melton, in the Museum of Modern Art, in San Francisco. They talked about great artist and about Alette growing up in Rome. Alette assured Richard that she'd see him again soon. Ashley receives an invitation to her Ten-Year Class Reunion. She decides to go and reunite with all her classmates except the person she wanted to see, Jim. A close friend of hers, Florence Schiffer, tells her the horrible news of Jim. The day after the graduation party, Jim's parents came back and found his body stabbed to death and castrated. She believes her father had killed Jim for her father told Jim to stay away from Ashley. Dennis Tibble was Global Computer Graphics' computer genius. He was known around the plant as "The Fixer." He was in his early thirties, thin and bald with an unpleasant, arrogant attitude. The plant knew he was fixated on Ashley. Ashley didn't like him much but she had agreed that she'd go over to his place to discuss about the advice he needed from her. The last thing she'd remember was taking a sip of wine Dennis had given her and she woke up in the Chicago Loop Hotel three days later from the day she went to Dennis' apartment. She thinks that Dennis raped by slipping a date-rape drug in her drink. When she returns back to Cupertino, Dennis is discovered stabbed to death and castrated. Deputy Sam Blake is the detective for Dennis' murder case. He questions Ashley about Dennis, but she just tells him that she went to his apartment weeks ago for business only. Toni is excited that the company is going to Quebec City for a big computer convention during winter break. She would be able to meet Jean in person. She spends her days in Quebec City with Jean as her tour guide. One day he lets her have a ring in his store and later that night he asked her to go to his place but she had said tomorrow. The next day, early morning, a police officer was driving by Jean's house. He noticed that the door had been left open. He went inside and found Jean's body stabbed and castrated. They knew he was last seen with Toni. But there was no trace of her and there was no information they could find about her except her name, description, and fingerprints. Alette went to meet Richard at the De Young Museum. They had lunch and explored the museum. Richard offered her to come to his apartment and see his painting. But Alette said not yet and she'll see him next weekend. Richard's roommate found stabbed and castrated. The detectives of San Francisco called the detectives of Cupertino explaining that they have the same murder as they do stab wounds and castrations. Deputy Blake had Ashley take a polygraph test. He asked her questions about herself and if she knew the murder victims. The only victims she didn't know were Richard and Jean. She also stated she didn't kill Dennis. When Ashley got home that evening, she saw in bright red lipstick, YOU WILL DIE, in her bathroom mirror. She immediately called Deputy Blake and asked him to stay because she didn't want to be alone. Deputy Blake stayed in the couch

Essay Topics on the SAT - Why Your Essay Topics Are Only As Good As the Topic You Choose

Essay Topics on the SAT - Why Your Essay Topics Are Only As Good As the Topic You ChooseIt's a fact that not all SAT essay topics are equally helpful. If you can successfully create a way to present the learning and knowledge that you gained throughout the exam, you'll have taken the time to do some real research and build up the necessary skills to help you later in life.Yet, many students are caught up in the idea that they must apply the same essay topic's time again. But that's not going to help your education. Sure, it's a form of self-consciousness, but you need to know how to read, analyze, critique, and most importantly, think about a topic.It's also important to realize that you play a key role in what your essay topics are going to be. The way you write can help bring out the questions that you're trying to answer, but you should also consider the overall theme. Whether you're writing about a specific question, general information, or something completely different, you'll need to come up with an overall theme for the paper.Themes for essays on the SAT are somewhat limited to those about students at the school and what they find exciting about it. Even then, you have to make sure that the tone you're establishing for your essay is one that others will be able to see as enjoyable.When writing an essay on a topic that's not strictly academic, it's important to remember that you're using the SAT as a basis for this type of essay. You're not creating any kind of standardized format, but rather trying to answer a question in the biggest sense possible. Just because the format is specific to the test doesn't mean that the way you approach it will be.So, no matter whether you're writing about a natural disaster, political turmoil, or a single essential concept of the human mind, you need to use what the test has to offer as your foundation. This will allow you to develop a theme that you can follow through to the end of the essay.By using your theme as a bas is for your essay on the SAT, you're freeing yourself from a lot of worry. If you worry about how you're going to convey knowledge, try to think about what will be beneficial to others. And as long as you do so, you'll be able to present your thoughts and ideas in a way that will not only connect to them, but also help you to see things that you wouldn't normally get to see.You don't have to spend hours reading essay topics in order to get an idea of what kind of essay topics are best to do in the SAT. Instead, just think about what kind of themes you want to pursue and what questions you want to answer, and then work towards those as best you can.

Compare and Contrast Vivre Sa Vie (My Life to Live) and Emporte-Moi (Set Me Free) essays

Compare and Contrast Vivre Sa Vie (My Life to Live) and Emporte-Moi (Set Me Free) essays The films Vivre Sa Vie (My Life to Live) and Emporte-Moi (Set Me Free), are very similar when looking at the two main characters of the films, Nana and Hanna. However, the events and people surrounding the characters are different, to catch these similarities and differences throughout the second film (Emporte-Moi) it is imperative that the first film (Vivre Sa Vie) has been seen. The similarity is sprung when Hanna watches Vivre Sa Vie for the first time. Almost instantly she idolizes the main character Nana and it is then that Hannas life begins to parallel Nanas. Both are on a search for their own identity separate from the outside forces that are trying to control them. In the film Emporte-Moi, Hanna comes from a difficult household where her parents seem to love each other but seem hate each other just as much, if not more. Hannas father, an unpublished poet with no other work, and cannot find a way to show his family love. Instead he is very controlling of his family. He forces Hanna to cut her hair short like a boys. He makes his wife type his works at night. Her mother is over worked, working a seamstress during the day and a typist at night for Hannas father. While at the same time she is very depressed and makes many suicide attempts, she is not there for Hanna either. Neither of Hannas parents is there to guide her at a time where she is a difficult age of 13 and becoming a woman. This is why Hanna begins to look other places for guidance in her life. Through her idolization of Nana an idolization of her teacher is sprung. Hanna also associates her teacher with Nana, when she sees her teacher smoking the way Nana did in the movie. Hanna tries develop a special relationship with her teacher. Thus Hanna begins to look at Nana as well as to her teacher for guidance and inspiration in her life, instead of her parents. Guidance from her teacher has a much more positive effect on ...

Tourism Concepts Essay Example | Topics and Well Written Essays - 3000 words

Tourism Concepts - Essay Example This vacation delight has attractions such as Disneyland and Knott's Berry Farm along with several beaches along 40 miles along the coastline. Thirty-four incorporated cities are located in Orange County; the newest is Aliso, which was incorporated in 2001. Anaheim is the oldest, incorporated in 1870 when the region was still part of neighboring Los Angeles County. It is the second most populous city in Orange County (behind Santa Ana)1 and second largest in terms of land area, and it is known for its theme parks, sports teams and convention center. Selection of the Locale: On the basis of personal knowledge and survey of 15 people people in a community, Anaheim, Orange County was selected as the destination for the study. The criteria used for the selection of the locale was: Salient Results: The survey conducted in the community revealed that 10 out of 15 people wanted to visit Anaheim, out of the three choices given to them. Six out of these ten wanted to visit Anaheim to enjoy Disneyland. The rest four said that they want to go there because it is a popular place and there are good reviews about the place. Interview conducted also revealed that the most attractive destination was Disneyland in Anaheim. This was the reason why they mad a visit to Anaheim. All five of them shared that they enjoyed the stay and three of them would also like to recommend others to visit Anaheim. Being a wonderful vacat... Convenient/accessible location Tools and Techniques: Previous knowledge obtained by the visit to the destination was applied. This was supported by: Survey of 15 people in a local community (please mention the place where you stay) was conducted. These people had never visited Anaheim (Annexure-1). Interview of 5 people who had visited Anaheim in their vacations. (Annexure-2). The study further looked into several dimensions such as attractions, infrastructure, facilities, transportation and hospitality. Internet search was carried out along with tourist guide and maps and brochures in order to get the above information. Salient Results: The survey conducted in the community revealed that 10 out of 15 people wanted to visit Anaheim, out of the three choices given to them. Six out of these ten wanted to visit Anaheim to enjoy Disneyland. The rest four said that they want to go there because it is a popular place and there are good reviews about the place. Interview conducted also revealed that the most attractive destination was Disneyland in Anaheim. This was the reason why they mad a visit to Anaheim. All five of them shared that they enjoyed the stay and three of them would also like to recommend others to visit Anaheim. Being a wonderful vacation delight, Anaheim offers all kinds of facilities from basic to luxurious lodging facilities which actually impresses the visitors. It has luxury hotels and resorts, historic inns and hotels, condon and vacation houses , extended stay and corporate housing restaurants, motels, RV parks and camping. Anaheim provides access to all kinds of a good infrastructure and allows visitors to enjoy destination in a safe and hygienic manner. This was believed by all the interviwee. Interview of the tourists revealed that

References Research Paper Example | Topics and Well Written Essays - 750 words

References - Research Paper Example To mitigate the risk of lacking industry personnel and laborers, robots have been created with the ability to perform duties of people in manufacturing plants and factories. The robot has revolutionized industries. Tough activities are carried out by robots in that they never get tired. All they require is enough power to complete the tasks assigned. â€Å"They also do not require salaries and reduce the cost of paying staff in production plants.† (Richardson, 2007). These robots have been used in production lines to build cars, sort materials and work in hazardous regions that cannot be accessed by human beings without risking their health or life. Richardson (2007) notes that there is a risky trend in the population of people that could jeopardize the employment sector. â€Å"The number of people aged over 65 years old in the US will be more than 20 percent of the country’s entire population.† These statistics mean that there will be a reduced labor force. As s uch, it might be necessary to have robots that are smart and intelligent enough to take over some duties performed by human beings. Having seen the fact that people are aging and not leaving behind a young generation that can fully replace them, it is important to also look at the fact that old people get sick quite easily. These illnesses include stroke, hypertension and diabetes, among others. With such kinds of illnesses, old people cannot work well, let alone take care of themselves. Thus, engineers have created robots that can emulate doctors and nurses so as to take care of the sick people. These robots include automatic wheel chairs that are intelligent enough to take one to the place they would like to go without any physical effort from the patient. Others communicate with patients and even give them their regular medicines according to the prescribed dosage. Cristina (2004), in her analysis of the attitudes towards the use of social robots in