What Will Money Look Like in the Future

As more and more people rely on electronic rather than tangible forms of money on a day-to-day basis and the worlds financial systems appear to become more and more complex, many are left to ponder the future of money and currency.   The Future of Paper Money Its not likely that paper money will completely disappear at any time in the near future. It is true that electronic transactions have become more and more common over the last few decades and there is no reason why this trend will not continue. We may even get to the point where paper money transactions become incredibly rare - for some, they already are! At that point, the tables could turn and what we now consider paper money may actually act as the backing to our electronic currency, the way the gold standard once backed paper money. But even this scenario is difficult to picture, in part because of how we have historically placed a value on paper money. The Value of Money The concept behind money dates back to the beginning of civilization. Its no surprise why money caught on amongst civilized people: It was a much more efficient and convenient way to transact business as opposed to bartering with other goods and services. Can you image keeping all of your wealth in something like livestock? But unlike goods and services, money does not hold an intrinsic value in and of itself. In fact, today, money is merely a piece of specialized paper or numbers on a ledger. While its important to note that this was not always the case (for much of history, money was minted in coins of metals that held real value), today the system relies on a mutual set of beliefs. That is to say, that money has value because we as a society have assigned it value. In that sense, you can consider money a good with a limited supply and a demand simply because we want more of it. Simply put, we want money because we know that other people want money, so we can trade money for goods and services. This system works because a majority of us, if not all of us, believe in the future value of this money. The Future of Currency So if we are already in the future where the value of money is simply the value assigned to it, what has stopped us from moving toward an entirely digital currency? The answer is in large part due to our national governments. We have seen the rise (and falls) of digital or cryptographic currencies like Bitcoin. Some continue to wonder what were all still doing with the dollar (or the pound, euro, yen, etc.). But beyond the issues of storage of value with these digital currencies, it is difficult to imagine a world in which such currencies replace the national currencies like the dollar. In fact, as long as governments continue to collect a tax, they will have the authority to dictate the currency in which those taxes may be paid. As for one universal currency, were not likely to get there anytime soon, though we do suspect that the number of currencies will fall as time goes on and the world becomes more globalized. We already see that happening today like when a Canadian oil firm negotiates a contract with a Saudi Arabian company and the deal is negotiated in American dollars or EU euros, not Canadian dollars. The world could get to the point where there are only 4 or 5 different currencies in use. At that point, well likely be battling over standards, one of the largest deterrents to such a global change. The Bottom Line What were most likely to see is the continued growth of electronic transactions for which people will be less willing to pay fees. We will be looking for and inventing newer, lower cost ways to transact with money electronically as weve seen with the rise of services like PayPal and Square. Whats most amusing about this trend is that while less efficient in many ways, paper money is still the cheapest form in which to transact: Its free!

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Essay Cardiovascular Disease - 1698 Words

Imagine what it would be like to have just started your senior year of high school and be involved in softball, basketball, and numerous other activities and organizations, and find out that your dad has to have a quadruple bypass surgery and won’t be able to attend any of your games, which will keep most of your family members from being able to as well because they are trying to take care of him. That was the reality for my best friend, Kathy Jo, last year. Cardiovascular disease does run in their family, so his diagnosis was understandable, but still came as a shock because he was so young and fit. Her dad is fine now and by the end of the year was well enough to go and support her in the last months of her senior year, but in the†¦show more content†¦Women, the elderly, and diabetics sometimes feel more or less pain but often feel more fatigued, weaker, and have trouble catching their breath (Wedro). There are several ways to test for heart disease that range f rom simple to more complex. Upon visiting the doctor he/she may check a person’s heart rate, heartbeat, blood pressure, give them a physical exam, and/or run tests for more accurate results. Heart rate is tested by checking the pulse and the purpose is to test the rhythm and regularity of the heart, whereas listening to the heartbeat with a stethoscope allows the doctor to evaluate the valve function (Bryg). Blood pressure is basically how hard the blood is pumped through the arteries by the heart. It is measured in two parts and is written as a fraction; for example, 120/80 is considered the normal reading. Systolic pressure, which is the pressure when the heart beats and is the higher number in the fraction, is one measurement, and diastolic pressure, the pressure when the heart is relaxed and is the lower number in the fraction, is the other measurement (Donatelle). Other forms of checking for CVD are simply running a few tests. Among the most common tests that doct ors use are electrocardiograms (ECG or EKG),Show MoreRelatedCardiovascular Disease Essay1716 Words   |  7 PagesIn todays world, there is a rise in the US population adopting unhealthy lifestyles that lead to cardiovascular disease (CVD).1, 2 Stroke and coronary heart disease are the two leading health conditions and leading cause of death in established countries. However, these two types of cardiovascular disease have identifiable risk factors that can be modified to reduce the risk of developing CVD.3 Additionally, due to an increase in the prevalence of obesity, primary prevention for CVD is catchingRead MoreThe Occurrence Of Cardiovascular Disease Essay2112 Words   |  9 PagesOccurrence of Cardiovascular Disease Vital signs are an important measurement for a general assessment of a patient’s overall cardiovascular risk. 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Materiality In Financial Statements Essay Example For Students

Materiality In Financial Statements Essay It is the responsibility of an independent auditor to plan and perform an audit of financial statements that will provide reasonable assurance of detecting errors and irregularities that are material in nature. According to the Financial Accounting Standards Board, the essence of the concept of materiality is: â€Å"The omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.† Materiality is a term that is hard to quantify, and must be determined for each individual situation. Public accounting firms have established informal quantitative and qualitative measures in an attempt to establish materiality thresholds. These measures have been affected and enhanced by statements of the Securities and Exchange Commission and ot her regulatory agencies and professional organizations. In setting the preliminary judgment about materiality, auditors establish the maximum amount by which they believe the statements could be misstated and still not affect the decisions of reasonable users. An amount is considered material when it is one dollar more than the amount required for a user of financial statements to change their decision. Two broad types of materiality have been recognized: quantitative and qualitative. Quantitative materiality is economic in nature and exclusively depends on the effect of a fact on the company’s financial performance. Typically, public accounting firms have established quantitative materiality thresholds, and have used specific mathematical procedures in this process. Once the effect of a fact exceeds a certain percentage or amount of the item serving as the base measurement (ie. net income, stock price, or total assets), the fact is disclosed as a material statement. Qualitative materiality is not as straightforward or easy to meas ure. In an attempt to clarify qualitative materiality, FASB asserted that â€Å"materiality judgments can properly be made only by those who have all the facts.† Thus, qualitative materiality takes into account the relevance and reliability of a fact to determine its effects on the financial statements, encompassing the information available in its entirety. The Securities and Exchange Commission (SEC) is an agency of the federal government whose purpose is to help to provide investors with reliable information for use in making financial and investment decisions. The SEC has determined that the creation of accounting principles and auditing standards should be left to the accounting professionals, namely the Financial Accounting Standards Board (FASB) and the Auditing Standards Board (ASB). However, the position of the SEC is greatly taken into account when changes are proposed. Recently, the SEC disclosed its position on the practice of using quantitative benchmarks in dete rmining materiality. On August 12, 1999, the SEC released Staff Accounting Bulletin 99. This bulletin expressed the view of the SEC that â€Å"exclusive reliance on certain quantitative thresholds to assess materiality is inappropriate.† SAB 99 eliminated the common â€Å"rule of thumb† practice followed by most public accounting firms that allowed transactions affecting financial statements by an amount less than five percent to be disregarded and deemed immaterial. The quantifying of materiality in a percentage term should be just the beginning of a materiality analysis. The emphasis of the SEC’s bulletin was to encourage auditors to view facts in the context of the surrounding circumstances. All relevant factors, both quantitative and qualitative, must be accounted for and â€Å"magnitude by itself, without regard to the nature of the item and the circumstances in which the judgment has to be made, will not generally be a sufficient basis for a materiality j udgment.† To assist auditors in determining relevant considerations in determining materiality, SAB 99 provided a partial list of situations where misstatements that are quantitatively small may be deemed material. These situations include misstatements which: ? Arise from an item capable of precise measurement or from an estimate and, if so, the degree of imprecision inherent in the estimate? Mask a change in earnings or other trends? Hide a failure to meet analysts’ consensus expectations for the enterprise? Change a loss into income or vice versa? Concern a segment or other portion of the registrant’s business that has been identified as playing a significant role in the registrant’s operation or profitability? Affect the registrant’s compliance with regulatory requirements, loan covenants or other contractual requirements? Have the effect of increasing management’s compensation? Involve the concealment of an unlawful transaction SAB 99 is an attempt by the SEC to provide guidance to auditors when dealing with areas that have the possibility of becoming material. This guidance will help to provide investors with more complete information, which is necessary to make sound financial decisions. .u68e558daa5a9b148704f58285a3a829d , .u68e558daa5a9b148704f58285a3a829d .postImageUrl , .u68e558daa5a9b148704f58285a3a829d .centered-text-area { min-height: 80px; position: relative; } .u68e558daa5a9b148704f58285a3a829d , .u68e558daa5a9b148704f58285a3a829d:hover , .u68e558daa5a9b148704f58285a3a829d:visited , .u68e558daa5a9b148704f58285a3a829d:active { border:0!important; } .u68e558daa5a9b148704f58285a3a829d .clearfix:after { content: ""; display: table; clear: both; } .u68e558daa5a9b148704f58285a3a829d { 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; } .u68e558daa5a9b148704f58285a3a829d:active , .u68e558daa5a9b148704f58285a3a829d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u68e558daa5a9b148704f58285a3a829d .centered-text-area { width: 100%; position: relative ; } .u68e558daa5a9b148704f58285a3a829d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u68e558daa5a9b148704f58285a3a829d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u68e558daa5a9b148704f58285a3a829d .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; } .u68e558daa5a9b148704f58285a3a829d:hover .ctaButton { background-color: #34495E!important; } .u68e558daa5a9b148704f58285a3a829d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u68e558daa5a9b148704f58285a3a829d .u68e558daa5a9b148704f58285a3a829d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u68e558daa5a9b148704f58285a3a829d:after { content: ""; display: block; clear: both; } READ: Of Praise EssayThe concept of materiality in financial reporting is a sensitive and difficult topic to define. The quantitative measures of materiality, which were almost exclusively followed for so long by public accounting firms, are not sufficient when making the decision regarding financial disclosures. The issuance of SAB 99 will help auditors to more closely consider qualitative measures, which are notably more difficult to pinpoint, yet can carry a great impact on materiality and financial decisions. Business Essays