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Prudence, by Luca Giordano

Prudence (Lat. prudentia, contracted from providentia, seeing ahead) is the ability to govern and discipline oneself by the use of reason.[1] It is classically considered to be a virtue, and in particular one of the four Cardinal virtues (which are, with the three theological virtues, part of the seven virtues).

The word comes from Old French prudence (14th century), from Latin prudentia (foresight, sagacity). It is often associated with wisdom, insight, and knowledge. In this case, the virtue is the ability to judge between virtuous and vicious actions, not only in a general sense, but with regard to appropriate actions at a given time and place. Although prudence itself does not perform any actions, and is concerned solely with knowledge, all virtues had to be regulated by it. Distinguishing when acts are courageous, as opposed to reckless or cowardly, for instance, is an act of prudence, and for this reason it is classified as a cardinal (pivotal) virtue.

Although prudence would be applied to any such judgment, the more difficult tasks, which distinguish a person as prudent, are those in which various goods have to be weighed against each other, as when a person is determining what would be best to give charitable donations, or how to punish a child so as to prevent repeating an offense.

In modern English, the word has become increasingly synonymous with cautiousness. In this sense, prudence names a reluctance to take risks, which remains a virtue with respect to unnecessary risks, but when unreasonably extended (i.e. over-cautiousness), can become the vice of cowardice.

In the Nicomachean Ethics, Aristotle gives a lengthy account of the virtue phronesis (Greek: ϕρονησιϛ), which has traditionally been translated as "prudence", although this has become increasingly problematic as the word has fallen out of common usage. More recently ϕρονησιϛ has been translated by such terms as "practical wisdom", "practical judgment," or "rational choice."

Prudence as the "Mother" of all virtues

Allegory of Prudence on the tomb of Francis II, Duke of Brittany The female face depicts Francis' daughter Anne of Brittany.

Prudence was considered by the ancient Greeks and later on by Christian philosophers, most notably Thomas Aquinas, as the cause, measure and form of all virtues. It is considered to be the auriga virtutum or the charioteer of the virtues.

It is the cause in the sense that the virtues, which are defined to be the "perfected ability" of man as a spiritual person (spiritual personhood in the classical western understanding means having intelligence and free will), achieve their "perfection" only when they are founded upon prudence, that is to say upon the perfected ability to make right decisions. For instance, a person can live temperance when he has acquired the habit of deciding correctly the actions to take in response to his instinctual cravings.

Prudence is considered the measure of moral virtues since it provides a model of ethically good actions. "The work of art is true and real by its correspondence with the pattern of its prototype in the mind of the artist. In similar fashion, the free activity of man is good by its correspondence with the pattern of prudence." (Josef Pieper) For instance, a stockbroker using his experience and all the data available to him decides that it is beneficial to sell stock A at 2PM tomorrow and buy stock B today. The content of the decision (e.g., the stock, amount, time and means) is the product of an act of prudence, while the actual carrying out of the decision may involve other virtues like fortitude (doing it in spite of fear of failure) and justice (doing his job well out of justice to his company and his family). The actual act's "goodness" is measured against that original decision made through prudence.[2]

In Greek and Scholastic philosophy, "form" is the specific characteristic of a thing that makes it what it is. With this language, prudence confers upon other virtues the form of its inner essence; that is, its specific character as a virtue. For instance, not all acts of telling the truth are considered good, considered as done with the virtue of honesty. What makes telling the truth a virtue is whether it is done with prudence. Telling a competitor the professional secrets of your company is not prudent and therefore not considered good and virtuous.

Prudence versus cunning and false prudence

In the Christian understanding, the difference between prudence and cunning lies in the intent with which the decision of the context of an action is made. The Christian understanding of the world includes the existence of God, the natural law and moral implications of human actions. In this context, prudence is different from cunning in that it takes into account the supernatural good. For instance, the decision of persecuted Christians to be martyred rather than deny their faith is considered prudent. Pretending to deny their faith could be considered prudent from the point of view of a non-believer.

Judgments using reasons for evil ends or using evil means are considered to be made through "cunning" and "false prudence" and not through prudence.

On another hand, prudence is based on good will, loving kindness towards each other, leading to "peace," "gloriousness" and "joy" of oneself and/or others; it is without evil reasons and will not cause emotional sorrow to oneself and/or others, will not cause trouble(s) to oneself and/or others.

Integral Parts of Prudence

"Integral parts" of virtues, in Scholastic philosophy, are the elements that must be present for any complete or perfect act of the virtue. The following are the integral parts of prudence:

  • Memoria — Accurate memory; that is, memory that is true to reality
  • Intelligentia — Understanding of first principles
  • Docilitas — The kind of open-mindedness that recognizes the true variety of things and situations to be experienced, and does not cage itself in any presumption of deceptive knowledge; the ability to make use of the experience and authority of others to make prudent decisions
  • Shrewdness or quick-wittedness (solertia) — sizing up a situation on one's own quickly
  • Discursive reasoning (ratio) — research and compare alternative possibilities
  • Foresight (providentia) — capacity to estimate whether a particular action will lead to the realization of a goal
  • Circumspection — ability to take all relevant circumstances into account
  • Caution — risk mitigation

Prudential judgments

The Allegory of Prudence, a painting by Titian. To Titian, prudence was preparation, foresight and judgement from experience and human history. The three faces in his allegorical painting represent passage of human generations, the young facing the light while the oldest fading into shadow. Above the heads of the three faces is a faint inscription that means, "From the past, the present acts prudently, lest it spoils future action."[3]

In ethics, a "prudential judgment" is one where the circumstances must be weighed to determine the correct action. Generally, it applies to situations where two people could weigh the circumstances differently and ethically come to different conclusions.

For instance, in Just War theory, the government of a nation must weigh whether the harms they suffer are more than the harms that would be produced by their going to war against another nation that is harming them; the decision whether to go to war is therefore a prudential judgment.

In another case, a patient who has a terminal illness with no conventional treatment may hear of an experimental treatment. To decide whether to take it would require weighing on one hand, the cost, time, possible lack of benefit, and possible pain, disability, and hastened death, and on the other hand, the possible benefit and the benefit to others of what could be learned from his case.

Prudence in rhetoric

Phronesis, or practical wisdom, holds an important place in rhetorical theory as a central aspect of judgment and practice. Aristotle’s notion of phronesis fits with his notes on rhetoric because neither, in his estimation, could be reduced to an episteme or a techne, and both deal with the ability to deliberate about contingent, variable, or indeterminate matters.

Cicero defined prudentia as a rhetorical norm in De Oratore, De officiis, De Inventione, and De re publica. He contrasts the term with imprudens, young men failing to consider the consequences before they act. The prudens, or those who had prudence, knew when to speak and when to stay silent. Cicero maintained that prudence was gained only through experience, and while it was applied in everyday conversation, in public discourse it was subordinated to the broader term for wisdom, sapientia.[4]

In the contemporary era, rhetorical scholars have tried to recover a robust meaning for the term. They have maintained consistency with the ancient orators, contending that prudence is an embodied persuasive resource.[5] Although sets of principles or rules can be constructed in a particular culture, scholars agree that prudence cannot be derived from a set of timeless principles. Instead, through gauging the situation and through reasoned deliberation, a speaker should determine the set of values and morals by which to base his (or her) actions. Furthermore, scholars suggest the capacity to take into account the particularities of the situation as vital to prudential practice. For example, rhetorical scholar Lois Self explains, “both rhetoric and phronesis are normative processes in that they involve rational principles of choice-making; both have general applicability but always require careful analysis of particulars in determining the best response to each specific situation; both ideally take into account the wholeness of human nature; and finally, both have social utility and responsibility in that both treat matter of the public good.”[6] Robert Hariman, in his examination of Malcolm X, adds that “aesthetic sensibility, imitation of a performative ideal, and improvisation upon conventions of presentation” are also components of practical reasoning.[7]

Small differences emerge between rhetorical scholars regarding definitions of the term and methods of analysis. Hans-Georg Gadamer, asserts that prudence materializes through the application of principles and can be evaluated accordingly.[8] In his analysis of Andrew Cuomo’s speech to the Catholic Church of Notre Dame, James Jasinski contends, somewhat differently, that since prudence is not an episteme or techne, it cannot be calculated by formal matters like consequences but by judging embodied rhetorical performance.[5] Thus, while Gadamer would judge prudence based on the execution of contingent principles, Jasinski would examine the artistry of communication in its cultural milieu between accommodation (compromise) and audacity (courage).

In his study of Machiavelli, examining the relationship between prudence and moderation, rhetorical scholar Eugene Garver holds that there is a middle ground between “an ethics of principles, in which those principles univocally dictate action” and “an ethics of consequences, in which the successful result is all.”[9] His premise stems from Aristotle’s theory of virtue as an “intermediate,” in which moderation and compromise embody prudence. Yet, because valorizing moderation is not an active response, prudence entails the “transformation of moderation” into a fitting response, making it a flexible situational norm.[9] Garver also asserts that prudential reasoning differs from “algorithmic” and “heuristic” reasoning because it is rooted in a political community. Garver says that common problems regarding stability and innovation arise in a political community, calling for the need for prudential reasoning.[9]

Prudence in economics

Economists say that a consumer is 'prudent' if he or she saves more when faced with riskier future income. This additional saving is called precautionary saving. Prudence is closely related to risk aversion. The difference is that saying a consumer is risk averse merely implies that he or she dislikes facing risk, whereas prudence implies that the consumer takes action to offset the effects of the risk (namely, by increasing saving).

If a risk averse consumer has a utility function over consumption x, and if is differentiable, then the consumer is not prudent unless the third derivative of utility is positive, that is, .[10]

The strength of the precautionary saving motive can be measured by absolute prudence, which is defined as . Similarly, relative prudence is defined as absolute prudence, multiplied by the level of consumption. These measures are closely related to the concepts of absolute and relative risk aversion developed by Kenneth Arrow and John W. Pratt.[11]

Prudence in accounting

In accounting, prudence was long considered one of the fundamental accounting concepts, determining the time for revenue recognition.[12] The rule of prudence meant that gains should not be anticipated unless their realisation was highly probable. However, recent developments in Generally Accepted Accounting Principles have led academic critics to accuse the international standard-setting body IASB of abandoning prudence.[13] In the British reporting standard FRS 18, prudence, along with consistency, was relegated to a "desirable" quality of financial information rather than fundamental concept.[14] Prudence was rejected for IFRS because it was seen as introducing bias to accounts, which should be neutral.[15]

In a 2011 report on the Financial crisis of 2007–08, the British House of Lords bemoaned the demotion of prudence as a governing principle of accounting and audit. However, their comments were disputed by some leading practitioners.[15]

See also

References

43 year old Petroleum Engineer Harry from Deep River, usually spends time with hobbies and interests like renting movies, property developers in singapore new condominium and vehicle racing. Constantly enjoys going to destinations like Camino Real de Tierra Adentro.

External links

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Notice that the application must be submitted by the appointed Key Government Officer (KEO) such as the CEO, COO, or MD. Once the KEO has submitted the mandatory paperwork and assuming all documents are in order, an email notification shall be sent stating that the applying is permitted. No hardcopy of the license might be issued. A delicate-copy could be downloaded and printed by logging into the CEA website. It takes roughly four-6 weeks to course of an utility.

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  1. Prudence - Definition and More from the Free Merriam-Webster Dictionary. Merriam-webster.com (2012-08-31). Retrieved on 2013-07-19.
  2. Although Aristotle himself would have considered this way of making money contemptible: "[T]hose who ply sordid trades...and those who lend small sums and at high rates...take more than they ought and from wrong sources. What is common to them is evidently sordid love of gain...[A]ll such forms of taking are mean. (Nicomachean Ethics 1121b31)
  3. David Summers (1987), The Judgment of Sense: Renaissance Naturalism and the Rise of Aesthetics, Cambridge University Press, ISBN 978-0-521-32675-9
  4. 20 year-old Real Estate Agent Rusty from Saint-Paul, has hobbies and interests which includes monopoly, property developers in singapore and poker. Will soon undertake a contiki trip that may include going to the Lower Valley of the Omo.

    My blog: http://www.primaboinca.com/view_profile.php?userid=5889534
  5. 5.0 5.1 20 year-old Real Estate Agent Rusty from Saint-Paul, has hobbies and interests which includes monopoly, property developers in singapore and poker. Will soon undertake a contiki trip that may include going to the Lower Valley of the Omo.

    My blog: http://www.primaboinca.com/view_profile.php?userid=5889534
  6. 20 year-old Real Estate Agent Rusty from Saint-Paul, has hobbies and interests which includes monopoly, property developers in singapore and poker. Will soon undertake a contiki trip that may include going to the Lower Valley of the Omo.

    My blog: http://www.primaboinca.com/view_profile.php?userid=5889534
  7. 20 year-old Real Estate Agent Rusty from Saint-Paul, has hobbies and interests which includes monopoly, property developers in singapore and poker. Will soon undertake a contiki trip that may include going to the Lower Valley of the Omo.

    My blog: http://www.primaboinca.com/view_profile.php?userid=5889534
  8. One of the biggest reasons investing in a Singapore new launch is an effective things is as a result of it is doable to be lent massive quantities of money at very low interest rates that you should utilize to purchase it. Then, if property values continue to go up, then you'll get a really high return on funding (ROI). Simply make sure you purchase one of the higher properties, reminiscent of the ones at Fernvale the Riverbank or any Singapore landed property Get Earnings by means of Renting

    In its statement, the singapore property listing - website link, government claimed that the majority citizens buying their first residence won't be hurt by the new measures. Some concessions can even be prolonged to chose teams of consumers, similar to married couples with a minimum of one Singaporean partner who are purchasing their second property so long as they intend to promote their first residential property. Lower the LTV limit on housing loans granted by monetary establishments regulated by MAS from 70% to 60% for property purchasers who are individuals with a number of outstanding housing loans on the time of the brand new housing purchase. Singapore Property Measures - 30 August 2010 The most popular seek for the number of bedrooms in Singapore is 4, followed by 2 and three. Lush Acres EC @ Sengkang

    Discover out more about real estate funding in the area, together with info on international funding incentives and property possession. Many Singaporeans have been investing in property across the causeway in recent years, attracted by comparatively low prices. However, those who need to exit their investments quickly are likely to face significant challenges when trying to sell their property – and could finally be stuck with a property they can't sell. Career improvement programmes, in-house valuation, auctions and administrative help, venture advertising and marketing, skilled talks and traisning are continuously planned for the sales associates to help them obtain better outcomes for his or her shoppers while at Knight Frank Singapore. No change Present Rules

    Extending the tax exemption would help. The exemption, which may be as a lot as $2 million per family, covers individuals who negotiate a principal reduction on their existing mortgage, sell their house short (i.e., for lower than the excellent loans), or take part in a foreclosure course of. An extension of theexemption would seem like a common-sense means to assist stabilize the housing market, but the political turmoil around the fiscal-cliff negotiations means widespread sense could not win out. Home Minority Chief Nancy Pelosi (D-Calif.) believes that the mortgage relief provision will be on the table during the grand-cut price talks, in response to communications director Nadeam Elshami. Buying or promoting of blue mild bulbs is unlawful.

    A vendor's stamp duty has been launched on industrial property for the primary time, at rates ranging from 5 per cent to 15 per cent. The Authorities might be trying to reassure the market that they aren't in opposition to foreigners and PRs investing in Singapore's property market. They imposed these measures because of extenuating components available in the market." The sale of new dual-key EC models will even be restricted to multi-generational households only. The models have two separate entrances, permitting grandparents, for example, to dwell separately. The vendor's stamp obligation takes effect right this moment and applies to industrial property and plots which might be offered inside three years of the date of buy. JLL named Best Performing Property Brand for second year running

    The data offered is for normal info purposes only and isn't supposed to be personalised investment or monetary advice. Motley Fool Singapore contributor Stanley Lim would not personal shares in any corporations talked about. Singapore private home costs increased by 1.eight% within the fourth quarter of 2012, up from 0.6% within the earlier quarter. Resale prices of government-built HDB residences which are usually bought by Singaporeans, elevated by 2.5%, quarter on quarter, the quickest acquire in five quarters. And industrial property, prices are actually double the levels of three years ago. No withholding tax in the event you sell your property. All your local information regarding vital HDB policies, condominium launches, land growth, commercial property and more

    There are various methods to go about discovering the precise property. Some local newspapers (together with the Straits Instances ) have categorised property sections and many local property brokers have websites. Now there are some specifics to consider when buying a 'new launch' rental. Intended use of the unit Every sale begins with 10 p.c low cost for finish of season sale; changes to 20 % discount storewide; follows by additional reduction of fiftyand ends with last discount of 70 % or extra. Typically there is even a warehouse sale or transferring out sale with huge mark-down of costs for stock clearance. Deborah Regulation from Expat Realtor shares her property market update, plus prime rental residences and houses at the moment available to lease Esparina EC @ Sengkang
  9. 9.0 9.1 9.2 20 year-old Real Estate Agent Rusty from Saint-Paul, has hobbies and interests which includes monopoly, property developers in singapore and poker. Will soon undertake a contiki trip that may include going to the Lower Valley of the Omo.

    My blog: http://www.primaboinca.com/view_profile.php?userid=5889534
  10. One of the biggest reasons investing in a Singapore new launch is an effective things is as a result of it is doable to be lent massive quantities of money at very low interest rates that you should utilize to purchase it. Then, if property values continue to go up, then you'll get a really high return on funding (ROI). Simply make sure you purchase one of the higher properties, reminiscent of the ones at Fernvale the Riverbank or any Singapore landed property Get Earnings by means of Renting

    In its statement, the singapore property listing - website link, government claimed that the majority citizens buying their first residence won't be hurt by the new measures. Some concessions can even be prolonged to chose teams of consumers, similar to married couples with a minimum of one Singaporean partner who are purchasing their second property so long as they intend to promote their first residential property. Lower the LTV limit on housing loans granted by monetary establishments regulated by MAS from 70% to 60% for property purchasers who are individuals with a number of outstanding housing loans on the time of the brand new housing purchase. Singapore Property Measures - 30 August 2010 The most popular seek for the number of bedrooms in Singapore is 4, followed by 2 and three. Lush Acres EC @ Sengkang

    Discover out more about real estate funding in the area, together with info on international funding incentives and property possession. Many Singaporeans have been investing in property across the causeway in recent years, attracted by comparatively low prices. However, those who need to exit their investments quickly are likely to face significant challenges when trying to sell their property – and could finally be stuck with a property they can't sell. Career improvement programmes, in-house valuation, auctions and administrative help, venture advertising and marketing, skilled talks and traisning are continuously planned for the sales associates to help them obtain better outcomes for his or her shoppers while at Knight Frank Singapore. No change Present Rules

    Extending the tax exemption would help. The exemption, which may be as a lot as $2 million per family, covers individuals who negotiate a principal reduction on their existing mortgage, sell their house short (i.e., for lower than the excellent loans), or take part in a foreclosure course of. An extension of theexemption would seem like a common-sense means to assist stabilize the housing market, but the political turmoil around the fiscal-cliff negotiations means widespread sense could not win out. Home Minority Chief Nancy Pelosi (D-Calif.) believes that the mortgage relief provision will be on the table during the grand-cut price talks, in response to communications director Nadeam Elshami. Buying or promoting of blue mild bulbs is unlawful.

    A vendor's stamp duty has been launched on industrial property for the primary time, at rates ranging from 5 per cent to 15 per cent. The Authorities might be trying to reassure the market that they aren't in opposition to foreigners and PRs investing in Singapore's property market. They imposed these measures because of extenuating components available in the market." The sale of new dual-key EC models will even be restricted to multi-generational households only. The models have two separate entrances, permitting grandparents, for example, to dwell separately. The vendor's stamp obligation takes effect right this moment and applies to industrial property and plots which might be offered inside three years of the date of buy. JLL named Best Performing Property Brand for second year running

    The data offered is for normal info purposes only and isn't supposed to be personalised investment or monetary advice. Motley Fool Singapore contributor Stanley Lim would not personal shares in any corporations talked about. Singapore private home costs increased by 1.eight% within the fourth quarter of 2012, up from 0.6% within the earlier quarter. Resale prices of government-built HDB residences which are usually bought by Singaporeans, elevated by 2.5%, quarter on quarter, the quickest acquire in five quarters. And industrial property, prices are actually double the levels of three years ago. No withholding tax in the event you sell your property. All your local information regarding vital HDB policies, condominium launches, land growth, commercial property and more

    There are various methods to go about discovering the precise property. Some local newspapers (together with the Straits Instances ) have categorised property sections and many local property brokers have websites. Now there are some specifics to consider when buying a 'new launch' rental. Intended use of the unit Every sale begins with 10 p.c low cost for finish of season sale; changes to 20 % discount storewide; follows by additional reduction of fiftyand ends with last discount of 70 % or extra. Typically there is even a warehouse sale or transferring out sale with huge mark-down of costs for stock clearance. Deborah Regulation from Expat Realtor shares her property market update, plus prime rental residences and houses at the moment available to lease Esparina EC @ Sengkang
  11. One of the biggest reasons investing in a Singapore new launch is an effective things is as a result of it is doable to be lent massive quantities of money at very low interest rates that you should utilize to purchase it. Then, if property values continue to go up, then you'll get a really high return on funding (ROI). Simply make sure you purchase one of the higher properties, reminiscent of the ones at Fernvale the Riverbank or any Singapore landed property Get Earnings by means of Renting

    In its statement, the singapore property listing - website link, government claimed that the majority citizens buying their first residence won't be hurt by the new measures. Some concessions can even be prolonged to chose teams of consumers, similar to married couples with a minimum of one Singaporean partner who are purchasing their second property so long as they intend to promote their first residential property. Lower the LTV limit on housing loans granted by monetary establishments regulated by MAS from 70% to 60% for property purchasers who are individuals with a number of outstanding housing loans on the time of the brand new housing purchase. Singapore Property Measures - 30 August 2010 The most popular seek for the number of bedrooms in Singapore is 4, followed by 2 and three. Lush Acres EC @ Sengkang

    Discover out more about real estate funding in the area, together with info on international funding incentives and property possession. Many Singaporeans have been investing in property across the causeway in recent years, attracted by comparatively low prices. However, those who need to exit their investments quickly are likely to face significant challenges when trying to sell their property – and could finally be stuck with a property they can't sell. Career improvement programmes, in-house valuation, auctions and administrative help, venture advertising and marketing, skilled talks and traisning are continuously planned for the sales associates to help them obtain better outcomes for his or her shoppers while at Knight Frank Singapore. No change Present Rules

    Extending the tax exemption would help. The exemption, which may be as a lot as $2 million per family, covers individuals who negotiate a principal reduction on their existing mortgage, sell their house short (i.e., for lower than the excellent loans), or take part in a foreclosure course of. An extension of theexemption would seem like a common-sense means to assist stabilize the housing market, but the political turmoil around the fiscal-cliff negotiations means widespread sense could not win out. Home Minority Chief Nancy Pelosi (D-Calif.) believes that the mortgage relief provision will be on the table during the grand-cut price talks, in response to communications director Nadeam Elshami. Buying or promoting of blue mild bulbs is unlawful.

    A vendor's stamp duty has been launched on industrial property for the primary time, at rates ranging from 5 per cent to 15 per cent. The Authorities might be trying to reassure the market that they aren't in opposition to foreigners and PRs investing in Singapore's property market. They imposed these measures because of extenuating components available in the market." The sale of new dual-key EC models will even be restricted to multi-generational households only. The models have two separate entrances, permitting grandparents, for example, to dwell separately. The vendor's stamp obligation takes effect right this moment and applies to industrial property and plots which might be offered inside three years of the date of buy. JLL named Best Performing Property Brand for second year running

    The data offered is for normal info purposes only and isn't supposed to be personalised investment or monetary advice. Motley Fool Singapore contributor Stanley Lim would not personal shares in any corporations talked about. Singapore private home costs increased by 1.eight% within the fourth quarter of 2012, up from 0.6% within the earlier quarter. Resale prices of government-built HDB residences which are usually bought by Singaporeans, elevated by 2.5%, quarter on quarter, the quickest acquire in five quarters. And industrial property, prices are actually double the levels of three years ago. No withholding tax in the event you sell your property. All your local information regarding vital HDB policies, condominium launches, land growth, commercial property and more

    There are various methods to go about discovering the precise property. Some local newspapers (together with the Straits Instances ) have categorised property sections and many local property brokers have websites. Now there are some specifics to consider when buying a 'new launch' rental. Intended use of the unit Every sale begins with 10 p.c low cost for finish of season sale; changes to 20 % discount storewide; follows by additional reduction of fiftyand ends with last discount of 70 % or extra. Typically there is even a warehouse sale or transferring out sale with huge mark-down of costs for stock clearance. Deborah Regulation from Expat Realtor shares her property market update, plus prime rental residences and houses at the moment available to lease Esparina EC @ Sengkang
  12. Tax and accountancy: 'fundamental accounting concepts', HMRC, UK. Retrieved 2011-04-12
  13. IASB has abandoned prudence, professor warns, Accountancy Age, 24 August 2010
  14. Tax and accountancy: development of accountancy concepts and new objectives: FRS18, HMRC. Retrieved 2011-04-12
  15. 15.0 15.1 Rose Orlik, Lords took a leap on international standards, Accountancy Age, 4 Apr 2011. Retrieved 2011-04-12