Accounting for Interest Rate Swaps

Interest rate swap agreements are rapidly gaining popularity as the tool of choice for managing financial uncertainties. Unfortunately, since th~ are relatively new and the FASB has not yet issued a formal pronouncement as to how they should be accounted for, it is up to the users of interest rate swaps to decide on the accounting method. The FASB has, however, issued several pronouncements pertaining to disclosures about interest rate swaps in the financial statements. This paper defines what interest rates are, examines current reporting requirements, analyzes selected company disclosures, and determines how interest rate swaps should be accounted for. To accomplish my goal, I have researched existing FASB pronouncements, articles already written on the topic of interest rate swaps, and I also looked at a number of annual reports to determine compliance with disclosure requirements. What I found was that even though the existing FASB pronouncements (SFAS No. 105, SFAS No. 107, and SFAS No. 119) specifically outline what types of information should be disclosed for interest rate swap transactions, many companies meet only the minimum requirements, and some don't even meet the bare minimum. I believe that merely disclosing interest rate swaps in the footnotes to the financial statements is not enough. The swap transactions should be included on the face of the financial statements. The interest rate swap agreements should be accounted for by marking them to market and they should be divided into those held for trading purposes, with gains or losses recognized in current income, and those held for other purposes, where gains or losses would be deferred as a separate component of equity.B.S. (Bachelor of Science

The Evolution of Financial Integration on Selected European Stock Markets: a Dynamic Principal Component Approach

The goal of this paper is to recognize the dynamics of financial integration across the European stock markets over the last two decades. We investigate two groups of markets: (1) three developed European markets in the U.K., France, and Germany; and (2) three emerging Central and Eastern European markets in Poland, the Czech Republic, and Hungary (CEE-3). The evolution of the integration process is analyzed using a dynamic principal component approach. The index of integration serves as a robust measure of integration. The empirical results reveal that the dynamics of integration across the whole group of markets increased significantly following the CEEC-3’s accession to the European Union. An inverted U‑shape in the index of integration has been found in this case. Moreover, the average index of integration was significantly different during the Global Financial Crisis compared to the pre‑crisis period

Modernistów sprawy najbardziej zagadkowe. Là-bas Jorisa-Karla Huysmansa i Wampir Władysława Stanisława Reymonta

The author confronts two important modernist novels: Là-bas by Joris-Karl Huysmans (1891) and Wampir by Władysław Stanisław Reymont (1911). Apparently entirely different, these works reveal however the similarity of themes and ideas. Both in Là-bas and Wampir the action takes place in the psyche of main characters. As a consequence an external world reflects their soul. An important context of an analysis of both novels refers to the modernity which determines all the interpretatations. In case of Wampir novel’s qualities are depreciated by a lack of the author’s distance from supernatural phenomena which fascinate his hero. As far as Là-bas is concerned, although Huysmans was deeply interested in esotericism, at the same time he was able to achieve the necessary distance from his story. Due to that Là-bas represents an exceptional literary value. Both in Là-bas and Wampir the fascination with supernatural phenomena might be considered as an attempt of a spiritual self-determination and an expression of dilemmas which torment the human on the verge of modernity.W artykule autorka zestawia dwie ważne modernistyczne powieści: Là-bas Jorisa-Karla Huysmansa (1891) i Wampira Władysława Stanisława Reymonta (1911). Z pozoru odległe i zupełnie różne, utwory te ujawniają jednak pokrewieństwo motywów i idei. Zarówno w Là-bas, jak i w Wampirze akcja toczy się w psychice głównych bohaterów, a świat przedstawiony stanowi w istocie odbicie ich duszy. Ważnym kontekstem analizy obu powieści jest nowoczesność, która determinuje wszystkie warstwy utworów. W przypadku Wampira walory literackie tekstu obniża brak dystansu Reymonta wobec zjawisk nadprzyrodzonych, które fascynują jego bohatera. Jeżeli chodzi o Là-bas, to Huysmans, choć sam zainteresowany ezoteryką, potrafi zdobyć się na konieczny dla autora dystans, co przekłada się na dużą wartość jego powieści. W obu książkach fascynacja zjawiskami nadprzyrodzonymi może być uznana za próbę duchowego samookreślenia i wyraz rozterek dręczących człowieka na progu nowoczesności

Dwubiegunowość postaw wobec zjawiska migracji i ich odzwierciedlenie w języku dyskursu medialnego

This article presents the attitudes of persons who are friendly and unfriendly towards migration phenomenon. These attitudes are on two opposite poles, from extremely positive to extremely negative. Both in everyday language as well as in the media language or the language of the elite one can notice this outlined bipolarity of attitudes. The article discusses the definition of attitude as an element of intercultural communication that shapes relationships on the international stage. The pro and contra arguments present the complexity of the migration phenomenon. Contra arguments are reinforced by stereotypes about migrants, which were described using examples from the media. The evidence of a strong polarization of attitudes and above all a negative attitude towards migration is given by numerous examples of hate speech in socio-political discourse. It appears in both liberal, leftist and rightist magazines. This phenomenon seems interesting from a linguistic point of view, but one needs to know that it is associated with various social tensions which also affect language

Bear market periods during the 2007–2009 financial crisis: Direct evidence from the Visegrad countries

The main goal of this paper is a quantitative identification of bear market periods during the 2007–2009 global financial crisis in the case of the Visegrad Group stock markets. We analyse four countries, namely Poland, the Czech Republic, Hungary, and Slovakia and, for comparison, the US stock market. The sample period begins on May1, 2004, and ends on April 30, 2013, i.e. it includes the 2007 US subprime crisis. We use the statistical method of dividing market states into bullish and bearish markets. Our results reveal October 2007–February 2009 as the common downmarket period of the recent global financial crisis, except for Slovakia. It is instructive to formally identify crises, as it enables sensitivity analyses of various relationships and linkages among international stock markets using econometric and statistical tools, with respect to the pre-, post- and crisis periods. Moreover, we investigate the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period, applying both standard contemporaneous correlations and volatility-adjusted correlation coefficients. The results confirm that accommodating heteroskedasticity is critical for detecting contagion across economies. A number of studies document that crossmarket correlations vary over time, thereby making the benefits of international portfolio choice and diversification questionable

Silver nanoparticles (AgNPs) in urea solution in laboratory tests and field experiments with crops and vegetables

Nanotechnology and nanomaterials, including silver nanoparticles (AgNPs), are increas-ingly important in modern science, economics, and agriculture. Their biological activity involvesinfluencing plant health, physiological processes, growth, and yields, although they can also be toxicin the environment. A new fertiliser was made based on a urea solution with a relatively low contentof AgNPs obtained by the reduction of silver nitrate V. Laboratory tests were used to assess theeffect of a fertiliser solution containing 10 ppm AgNPs on the germination of agricultural plant seeds(barley, peas, oilseed rape) and vegetables (radish, cucumber, lettuce) and its foliar application onchlorophyll content, stomatal conductance, and seedling biomass. Field experiments were conductedto assess the effect that a foliar application of 15 ppm AgNPs in working liquid had on physiologicalplant parameters and yields of rape and cucumber. The AgNPs in the tested fertiliser reducedinfestation of the germinating seeds by pathogens and positively affected the physiological processes,productivity, and yields of plants. Plant response depended on plant species and habitat conditions.Reduced pathogen infestation of seeds, higher germination energy, increased chlorophyll content andstomatal conductance, and higher seedling masses all occurred under the influence of AgNPs, mainlyin oilseed rape and cucumber, and especially under thermal stress. The beneficial effect of AgNPson the yield of these plants occurred in years of unfavourable weather conditions. The positiveagricultural test results, especially under stress conditions, indicate that fertiliser produced withAgNPs as an ingredient may reduce the use of pesticides and highly concentrated mineral fertilisers.Such a fertiliser is fully in line with the idea of sustainable agriculture. However, research on theeffects that AgNPs and fertiliser have on the environment and humans should continue

THE LEVEL OF PHYSICAL ACTIVITY OF ADULTS LIVING IN SOUTH-EASTERN POLAND

Regular physical activity is associated with enhanced health and reduced risk of all-cause mortality. Despite the positive effects of physical activity on health, life has become more sedentary and the decrease in PA has affected people of all ages. The aim of our study was to assess the level of physical activity and related sociodemographic factors of adults aged 18 to 45. Our results showed statistically significant relationships in the majority of the variables examined. Physical activity is undertaken by people of all ages, both residents of cities and rural areas. Among the surveyed inhabitants of the Podkarpackie Province, men much more often than women declare regular willingness to physical activity. The conducted own research shows that 40.90% of the studied group lead an active lifestyle, 31.06% not very active. An important issue is the use of stimulants during physical activity. The problem of using more serious stimulants, i.e. psychoactive substances in my own research, this hypothesis was not confirmed. Article visualizations