Dominic Muizzi, welcome. You are a senior advisor to IFRI and a professor at Harvard, former commentator on foreign affairs. Now next year there will be an election in the United States and from January 2017 there will be a new U.S. president. What do you want in terms of foreign policy from the next U.S. president? Then we would find the right balance between the policy of George W. Bush, which was too much, and the policy of Barack Obama, which was slightly too little. So a balance between the two. And if you look at the current situation, do you feel that America leading from behind to use one expression is actually leading from far too behind? Yes, America is behind, but it's not leading. And so there's a problem. There's an acceleration of history. There was a complete disconnect between the personal agenda of President Barack Obama and, so to speak, the agenda of the world, who went into chaos partly because President Obama refused to change his agenda. What would you rather he had done? Actually in 2013, when the regime of Bashar al-Assad crossed a red line in Syria, he should have done what he had said he would be doing. Do you think that has caused lasting damage to the perception of America in the world? Yes. And on top of it, this was a turning point. A turning point for Putin, who sees Crimea when he saw that a turning point for Daesh, who in fact decided that, well, Sunni had been abandoned. They had to fight for themselves. Now we discuss these things at the World Policy Conference. Do you think that the WPC actually has an influence on policy makers? The word influence is very probably exaggerated, but it's a background noise, and a background noise is important. Dr. Muizi, thank you so much.


Good evening to all our friends and welcome to the Hindu News Analysis of Shankar IAS Academy for the date 18th December 2020. We are happy to inform you that the second test batch of pre-storming 2021 program of Shankar IAS Academy has started from 11th December 2020. It is the prelims test series for the upcoming UPSC preliminary examination 2021. Our pre-storming program is India's first full-fledged artificial intelligence supported preliminary test series. All the required details are provided in the description of this video and also in the comment section. With this let us start our news analysis for today. The relevant news articles taken up for today's discussion from five different editions of the Hindu newspaper along with their page numbers are given here for your reference. Also the handwritten notes in the video format and time stampings for all the news articles taken up for today's discussion is given in the description box and also in the comment section for the best interest of the viewers. Let us now start with our first news article. Now this news article says that India's communication satellite CMS-1 was successfully launched by PSLV C-50. Now that PSLV C-50 is the 52nd flight of PSLV and 22nd flight of PSLV in Excel configuration with six strap-on motors. In this context let us discuss in brief about PSLV and GSLV. The relevant syllabus is highlighted here for your reference. Please go through it. See the polar satellite launch vehicle is the third generation launch vehicle of India. It is the first Indian launch vehicle to be equipped with liquid stages and its first successful launch that is PSLV D2 was in October 1994. After this PSLV emerged as a reliable and versatile workhorse launch vehicle of India with 39 consecutively successful missions by June 2017. During 1994-2017 period the vehicle has launched 48 Indian satellites and 209 satellites for customers from abroad. Besides the vehicle successfully launched two spacecrafts which are Chandrayaan-1 in 2008 and Mars Orbiter spacecraft in 2013 that later traveled to Moon and Mars respectively. It is to be noted that PSLV earned its title the workhorse of ISRO through consistently delivering various satellites to the low earth orbits particularly the Indian remote sensing series of satellites. It can take up to 1750 kilograms of payloads to sun synchronous polar orbits of 600 kilometer altitude. Due to its unmatched reliability PSLV has also been used to launch various satellites into geosynchronous and geostationary orbits like the satellites from the IRNSS constellation. Now that PSLV has three variants which are PSLV-G, PSLV-CA and PSLV-XL. The PSLV is capable of placing multiple payloads into orbit thus multi payload adapters are used in the payload ferry. This allowed the feat of launching 10 satellites into different orbits in 2008. The payload ferrying is the equipment used to protect the spacecraft during the early portion of the boost phase when the aerodynamic forces from the atmosphere could affect the rocket. And see PSLV has four stages in the first stage or PS1. PSLV uses the S139 solid rocket motor. PSLV uses six solid rocket strap-on motors in order to augment the thrust which is provided by the first stage in its PSLV-G and PSLV-XL variants. However, strap-ons are not used in PSLV-CA and in the second stage or PS2 PSLV uses an earth storable liquid rocket engine. It is also known as the Vicas engine and is developed by the liquid propulsion system center of ISRO. The third stage or PS3 is a solid rocket motor that provides the upper stages high thrust after the atmospheric phase of the launch. And the fourth stage or PS4 is the upper most stage of PSLV comprising of two earth storable liquid engines. This is all about PSLV. Now let us see about geosynchronous satellite launch vehicle or GSLV. See GSLV's primary payloads are INSAT class of communication satellites that operate from geostationary orbits. So they are placed in geosynchronous transfer orbits by the GSLV. Further, GSLV's capability of placing up to 5 tons into low earth orbits broadens its scope of payloads from heavy satellites to multiple smaller satellites. See the GSLV has three stages. The first stage comprises of S139 solid booster and four liquid strap on L40 motors. The first stage or GS1 of GSLV was derived from the PSLV's PS1. The second stage or GS2 is a liquid engine. The stage was derived from PS2 of PSLV where the Vicas engine has proved its reliability. The third stage is the indigenously built cryogenic upper stage which carries 15 tons of cryogenic propellants. That is liquid hydrogen or LH2 as a fuel and liquid oxygen or LOX as oxidizer. The four liquid engine strap-ons used in GSLV are heavier derivatives of PSLV's PS2 and they use one Vicas engine each. The cryogenic upper stage employs the vital technology that enhances the payload capability to make the vehicle suitable for launching communication satellites. India is the sixth among space-faring countries to develop and test this technology. So this is all about GSLV. In this discussion we saw about Polar satellite launch vehicle and Geosynchronous satellite launch vehicle. With this let us move on to the next news. Now we have this opiate article which talks about waste to energy processes. It is written because recently the Chief Minister of Karnataka has laid the foundation stone for a 11.5 megawatt waste to energy plant near the Bidadi town of Karnataka. So this has shifted the focus to such plans. So in this discussion we will see in detail about waste to energy, the advantages and also the challenges involved in it. The syllabus relevant for this analysis is highlighted here for your reference. Please go through it. See there are different types of waste generated from our daily activities or industrial activities such as organic waste, e-waste, hazardous waste, inert waste etc. See inert waste is produced from excavation, construction, demolition and sweeping activities and it mainly comprises rubble, concrete, bricks etc. In this the organic fraction of waste can be generally further classified as non-biodegradable and biodegradable organic waste. See biodegradable waste consists of organics that can be utilized for food by naturally occurring microorganisms within a reasonable length of time. It comprises of agro residue, food processing rejections, municipal solid waste such as food waste, leaves from garden waste etc. And non-biodegradable organic waste are organics that are resistant to biological degradation or we can say that they have a very low degradation rate. This primarily includes woody plants, cardboard, cartons, containers, wrappings, discarded clothings etc. Next one there is also inorganic waste. See it is the waste composed of materials other than plant or animal matter and it includes sand, dust, glass and mini synthetics. It also includes bad quality plastics and it is usually segregated from organic waste. Sometimes the organic waste is mixed with inorganic waste due to which it is unable to be separated and this is known as mixed waste. So this is the general classification of waste. Now what is waste to energy? See the conversion of waste materials into usable heat, electricity or fuel through a variety of processes refers to waste to energy. It is also known as energy recovery from waste. See energy can be recovered from the organic fraction of the waste, both biodegradable as well as non-biodegradable. Here the energy can be recovered basically through two methods. One is thermochemical conversion. See this process entails thermal decomposition of organic matter to produce either heat energy or fuel oil or gas. Thermochemical conversion processes are useful for wastes containing high percentage of organic non-biodegradable matter and also with low moisture content. The main technological option under this category includes incineration, pyrolysis and gasification. In this incineration is the process of direct burning of waste in the presence of excess oxygen and also at high temperatures of about 800 degrees Celsius and above and this will liberate heat energy, inert gases and ash. Now gasification is the process of using high temperatures of 500 to 1800 degrees Celsius in the presence of limited amount of oxygen to decompose materials to produce synthetic gas. See the synthetic gas is the mixture of carbon monoxide and hydrogen. Now talking about pyrolysis, it uses heat to break down combustible materials in the absence of oxygen. This produces a mixture of combustible gases primarily methane, complex hydrocarbons, hydrogen and carbon monoxide and also liquids and solid residues. The purpose of pyrolysis of waste is to minimize emissions and to maximize gain. Now the second one is biochemical conversion. See this process is based on enzymatic decomposition of organic matter by microbial action and this produces methane gas or alcohol. See the biochemical conversion processes are preferred for wastes having high percentage of putrisable matter that is organic biodegradable matter and high level of moisture or water content which aids the microbial activity. The main technological option under this category is anaerobic digestion which is also referred to as biomethanation and in this technology organic materials are converted into biogas. Now talking about anaerobic digestion, it is a bacterial fermentation process that operates without free oxygen and results in a biogas containing mostly methane, carbon dioxide and other gases. See it has dual benefits, it gives biogas as well as manure as the end products. Now these are the basics. Now what are the advantages of waste to energy? First converting non-recyclable waste materials into electricity and heat generates a renewable energy source. It reduces carbon emissions by offsetting the need for energy from fossil fuel sources and it also reduces methane generation from landfills. So that means there is a net reduction in environmental pollution. Second the total quantity of waste gets reduced by nearly 60 percentage to over 90 percentage and this depends upon the waste composition and the adopted technology. The third is that the demand for land for landfilling is reduced. Then the cost for transportation of waste to far away landfills also get reduced proportionately. In addition to this there is also the advantage of refuse derived fuel or RDF for power generation. See RDF is the fuel derived from combustible waste fraction of solid waste like plastic, wood, pulp or organic waste that is inorganic waste but other than chlorinated materials. It is in the form of pellets or fluff which is produced by drying, shredding, dehydrating and compacting of solid waste. See RDF is used as a fuel for either steam or electricity generation or as an alternative fuel in industrial furnaces or boilers. Thus it is also used as fuel for waste to energy plants or the inorganic waste which is separated can be converted into RDF for use in other industries in place of coal. But this has a main challenge. If refuse derived fuel needs to be made then plants require fine inorganic material with less than 5 percentage of moisture and inert content. But whereas the moisture and inert content in the mixed waste generated in the city is more than 15 to 20 percent the plants struggle to make RDF from this waste and few plants in India have stopped operations for this reason. So what can be done to eliminate this problem? Thus the way forward is vigorously applying the segregation of waste at source that means stringent laws should be made and enforced so that the citizens are forced to segregate waste at source. So this is all about this editorial article. With this let us move on to the next news article. Now let us take up this editorial article. See we know that recently the fifth edition of the National Family Health Survey was released for 22 states. So off late a lot of experts have been commenting on the results of this survey and last week we saw an article which was related to a report on vaccination. Now this article is with respect to the findings of the survey on nutrition and here the authors give their analysis of the survey results and tell us why the method used in survey is not comprehensive. See the main contention of the authors is that in India we are following the anthropometry method that is only a child's age height and weight is taken into consideration while analyzing nutritional standards and a child is considered as malnourished when their standardized height for age weight for age or weight for height respectively is more than two standard deviations below the world health organization child growth standards median. However the authors are of the opinion that this is a flawed method. The authors tell us that when food related nutritional standards are taken we get better understanding of the actual scenario. Now viewing the burden of child under nutrition from a food or dietary lens will show us the real malnutrition related status of our country than based on anthropometry. See here anthropometry means the scientific study of measurements and proportions of human body. Now let us see from NFHS4 data on how diet related data can capture the reality better than anthropometry related data. See it was found that 36.3 percentage of children who experienced a dietary failure do not show anthropometric failure. The percentage of children who experience anthropometric failure only but no dietary failure was only 9.8 percentage. So we can say that anthropometric centric measures thus run the risk of excluding such children from policy discussions. So what we need is a combined method because children experiencing both dietary and anthropometric failures is at an alarming rate that is 44 percentage. So keeping this in mind now let us look at the diet related nutrition standards in our country. See across 22 states and unit territories for which the NFHS5 has released the percentage of children that is aged 6 to 23 months who do not meet the minimum dietary adequacy as defined under the infant and young child feeding practices of WHO is 83.9 percentage. So this is only a small decline of just over 2 percentage points from what was observed in NFHS4 which was released in 2015-16. Thus we see in our country 8 out of 10 children who appear to be experiencing a dietary shortfall and it is feared that during the COVID-19 induced lockdown this scenario might have worsened. In the NFHS survey we see that the percentage of children not meeting the dietary adequacy norms increased in 5 states and unit territories. Jammu and Kashmir observed the highest increase in its percentage of children not meeting the dietary adequacy over the last 3 years and it saw an increase from 76.5 percentage to 86.4 percentage and of the 17 states or unit territories that experience a decline in the number of children not meeting the dietary norms Goa tops with 11.1 percentage. Now one of the most shocking trends that we observe in this survey is that close to 75 percentage children do not receive the minimum adequate diet in our country. Already the NFHS4 survey has shown that consumption of protein rich food as well as fruits and vegetables were substantially low among majority of the children. Once the data on consumption of various food groups is released we will get a comprehensive idea on where the children are experiencing a dietary shortfall. Now next let us see about anemia. See the data on anemia is really worrying across the 22 states or unit territories. Anemia prevalence among children increased by about 8 percentage points from 51.8 percentage to 60.2 percentage. The prevalence of anemia in childhood increased in 8 of the 22 states or unit territories. We see that in the majority of states 2 out of 3 children have possible iron deficiency. Also we see that women are substantially at a far greater risk for anemia than men. Know that anemia is a result of iron and folic acid deficit and to overcome this the government had launched the potion apian and anemia mooged Bharat. See anemia mooged Bharat focuses on improving the iron and folic acid supplement and it also focuses on behavioural change and anemia related care and treatment for pregnant women, lactating mothers and children. And the NFHS result do not paint a good picture with enemy killer wealth among the children. So from the above data we see that diet and food related aspects play a major role in stagnancy of nutritional status of Indian children. So the true burden of child under nutrition thus may well be underestimated by the soul reliance on anthropometric measures. And besides a child's anthropometric status may be due to several other aspects like genetic traits. This shows that we need to focus more on food and diet. This is not only because it has an impact on child's anthropometry but also because right to food is a fundamental right under article 21 and the state is mandated to rise the level of nutrition and the standard of living of its people as a primary responsibility under article 47 which is nothing but one of the directive principles of state policy. Now what do the authors prescribe? The authors say that we have focused too much on anthropometric measure which do not comprehensively give the picture of malnutrition. So the authors opine that a more holistic data on what India eats is going to help in improving both the diet and food security of our nation. Also India does not have a dedicated nationally representative survey on the dietary intake and nutritional status of children and adults. So what we can do is we can combine NFHS and the National Nutrition Monitoring Bureau and also the National Sample Survey. So this can comprehensively collect data regarding the diet, household expenditure and also food related expenses. So addressing the issue of malnutrition from multiple friends with special focus on the lower socioeconomic groups will lead to faster decline of the malnourishment. And this will also help us achieve the sustainable development goal two and three which are zero hunger and good health and well-being by 2030. So this is all about this news article. With this let us move on to the next news article. Now have a look at this question. It is based on this news article which talks about the Human Freedom Index 2020. See the Human Freedom Index 2020 report was recently released and this index has ranked India at 111 out of 162 countries. In this context let us discuss this index in detail. See the Human Freedom is a social concept that recognizes the identity of individuals and is defined here as negative liberty or the absence of coercive constraints. Because freedom is inherently valuable and plays an important role in human progress it is worth measuring carefully. The Human Freedom Index presents the state of human freedom in the world based on a broad measure that encompasses personal, civil and economic freedom. This index is a resource that can help to more objectively observe relationships between freedom and other social and economic phenomena as well as the ways in which the various dimensions of freedom interacts with one another. Know that this report is co-published by the Cato Institute and the Fraser Institute. The index gives a broad measure of human freedom understood as the absence of coercive constraint. It uses 76 distinct indicators of personal and economic freedom in several areas. This includes rule of law, security and safety, movement, religion, association, assembly and also civil society, expression and information, identity and relationships. It also covers the size of government, legal system and property rights, then access to sound money, freedom to trade internationally and regulation of credit, labour and business. Now in the 2020 index the jurisdictions that took the top places are New Zealand, Switzerland, Hong Kong, Denmark, Australia and Canada etc. And out of 10 regions, the highest level of freedom are in North America which includes Canada and the United States, then Western Europe and East Asia. Now the lowest levels of freedom are in Middle East and North Africa and also Sub Saharan Africa and South Asia. Now it also talks about women specific freedoms and it is measured by five indicators and the report says that women specific freedoms are the strongest in North America, Western Europe and East Asia. It also says that freedom of women are least protected in the Middle East, North Africa, then Sub Saharan Africa and South Asia. And as we have said India is ranked at 111th position out of 162 countries. Now some countries which ranked below India are Russia, Turkey, China, Saudi Arabia, Egypt, Iran and Syria. Now have a look at this figure to know where India stands in each of the indicators. Now with this information see this question. With reference to human freedom index 2020 consider the following statements. The first statement reads human freedom index presents the state of human freedom in the world based on a broad measure that encompasses personal, civil and economic freedom. Yes this statement is correct. Now the second statement reads it is annually released by the United Nations Human Rights Council. See this statement is wrong. We have seen that it is co-published by the Cato Institute and the Fraser Institute. So with reference to this question we have to identify the correct statement or statements. Here statement one is correct and statement two is incorrect. So the correct answer is option A one only. With this let us move on to the next news article. Now have a look at this question. It is based on this news article which talks about the India-UK bilateral relation. As we know India and UK share a modern partnership bound by strong historical ties. The bilateral relation between the countries were upgraded to a strategic partnership in 2004. It was further strengthened during the tenure of the British Prime Minister David Cameron who visited India thrice in his first tenure. Even the former UK Prime Minister Theresa May's visit to India in November 2016 was her first overseas bilateral visit outside the European Union after assuming office and it showcased the continuity of interactions at the highest political levels between the countries. The two countries continue to have a number of bilateral visits and interactions at the highest level. The bilateral dialogue mechanisms cover a wide spectrum of areas including political, trade, education, science and technology, defense etc. The bilateral cooperation on economic and commerce matters are guided by the institutionalized dialogues between India and UK which are joint economic and trade committee then economic and financial dialogue and the India-UK financial partnership. Further UK is among India's major trading partners. Know that as per the trade statistics of Ministry of Commerce and Industries, India's trade with UK in 2017-18 was about 14.5 billion US dollars. India's main exports to UK are the articles of apparel and clothing accessories, then power generating machinery and equipments, then petroleum products, miscellaneous manufactured articles, textile yarn, pharmaceutical products and road vehicles etc. The main imports from the UK to India are power generating machinery and equipment, then general industrial machinery and equipments, then transport equipment, beverages, electrical machinery and appliances etc. Now according to the recent government data, India-UK economic ties has a combined GDP of 5 trillion US dollars. India-UK trade has also more than doubled since the first economic and financial dialogue which happened in 2007. These bilateral investments support over a half million jobs across both countries. Further, recently the British Foreign Secretary visited India and in this visit many declarations were made with long-term goals of India-UK relationship. One of it was upgrading the 2004 India-UK strategic partnership to a comprehensive strategic partnership. The upgradation envisions closer military ties, cooperation in Indo-Pacific strategies and also counter terrorism and fighting climate change. Also, both countries are working on a framework of free trade agreement between the countries. Additionally, UK's Prime Minister Boris Johnson has been invited as the chief guest at the upcoming Republic Day function. Apart from this, there are also limitations to India-UK partnership. For example, the Britain has recently expressed concerns about the farmers protests which are happening in India. For this, the government has asked Britain not to interfere in India's internal affairs. So, the author concludes that post-COVID-19 and also post-Brexit, the relationship between India and Britain is set to change. With this information, let us have a look at this question. Consider the following statements. The first statement reads, United Kingdom comprises of England, Wales, Scotland and Ireland. See, this statement is incorrect. It is because the United Kingdom comprises of Great Britain and Northern Ireland, not whole Ireland. Here, Great Britain includes England, Wales and Scotland. Now, the second statement reads, United Kingdom is surrounded by sea. See, this statement is also incorrect. Even though it seems like UK is surrounded by sea, it is not so, because the Northern Ireland of UK shares land border with Irish Republic or Ireland. Here, both the statements are incorrect. So, the correct answer is option C, both 1 and 2. With this, we have discussed all the relevant news articles from today's The Hindu New Paper. Now, let us move on to the Practice Questions discussion section based on today's news analysis. See, this first question. Consider the following statements. Three statements are given here. The first statement reads, Paula satellite launch vehicles can be used to launch satellites into geosynchronous and geostationary orbits. See, this statement is correct. PSLV has always been used to launch various satellites into geosynchronous and geostationary orbits, like the satellites from the IRNSS constellation. Now, the second statement reads, geosynchronous satellite launch vehicles, primary payloads are communication satellites that operate from geostationary orbits. See, this statement is also correct. The primary payloads of GSLV are inside class of communication satellites that operate from geostationary orbits. So, they are placed in geosynchronous transfer orbits by GSLV. Now, the third statement reads, the third stage of geosynchronous satellite launch vehicle is the indigenously built cryogenic upper stage using liquid hydrogen and liquid oxygen. Yes, this statement is also correct. The GSLV's third stage is the indigenously built cryogenic upper stage which carries 15 ton of cryogenic propellants and these propellants include liquid hydrogen as a fuel and liquid oxygen as oxidizer. So, here all the three statements are correct and we have to identify the correct statement or statements. So, the correct answer is option D123. Now, see this previous year question which was asked in blimps 2019. In the context of which one of the following are the terms pyrolysis and plasma gasification mentioned. See, the correct answer for this question is option D, waste to energy technologies. Now, we have two main questions. Please write your answers and post it in the comment section. Our feedback will be given in a reasonable time frame. Now, we have come to the end of analysis of all the news articles taken up for today's discussion and also the discussion of practice questions. If you like this video, please press the like button, comment, share and do subscribe to Shankar IAS Academy YouTube channel for more videos and updates related to civil service preparation. Thank you.


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Hello and welcome to this session in which we will discuss how risk and materiality influence or affect the audit evidence. First what I'm going to do, I'm going to briefly discuss what is risk, what is materiality in our materiality or performance materiality was discussed much, much more in details in several recording, that's fine but today I'm going to discuss it briefly in order to draw the relationship between risk materiality and evidence. Now I can summarize this whole lecture in one statement which I will at the end but it's very important as an accounting student, as a CPA candidate to understand how risk and materiality affect evidence. So let's start by defining risk. What is risk? Risk quantified or measure uncertainty. Now as auditors we have to assess the risk associated with auditing financial statements, we can set the risk at 5, 10 or 15 percent and this is going to help us determine how much evidence do we need to select, the nature of the audit procedures that we need to perform. So it will help us determine the scope, nature of the audit and procedures needed to obtain audit evidence and we talked about this when we discuss risk of material misstatement. On the other hand materiality measures or assesses the magnitude of the mistake. Now materiality was explained in several recordings. If you want to understand this in this concept is our tolerance for mistake and materiality is a subjective concept. It can vary depending on the context of the audit. So materiality is a figure that we have to set. How much are we willing to tolerate mistake? When is a mistake material? At what dollar amount? Again that is a subjective concept and we explain why in the recording. So the auditor will need to assess materiality when planning and conducting an audit also it will help in the nature, extent and audit procedures. So now the relationship between risk, materiality and audit evidence is all interconnected. Why? Because the auditor will need to take into account the risk, materiality in order to determine the evidence. What is the evidence? How much do we need to collect determine the amount type of audit evidence required to support the audit opinion and that's why they are all interrelated. So I'm going to explain using a simple example first then use an example for a financial statement to illustrate these concepts. Before we proceed any further I have a public announcement about my company farhatlectures.com. Farhat accounting lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true false questions as well as exercises. Go ahead start your free trial today no obligation no credit card required. Let's assume you want to travel from New York to Boston and you have two options you can take the plane fly from New York to Boston or you can take the train and I'm going to be throwing some figures some percentages but those are not real just to make the point let's assume there's a 5% chance of an accident occurring whether you take the plane or you take the train you know that's not true but let's assume that's the case so the risk of an accident occurring is 5% so the risk is the same whether you take a plane and whether you take the train how about the consequences or the magnitude or the materiality of the risk is it the same if an accident happened on a plane what would happen to the passengers what would happen to the passengers if an accident happened on a train well here what we go here's what we're gonna say and again I'm using extreme numbers or extreme example to make the point if a plane goes down there's a 0% you surviving on that plane so the consequences are great if a train accident occurred we're gonna assume there's a more than 50 surviving a train accident so notice the risk is the same the risk of the accident occurring is the same however the materiality the magnitude the consequences of the risk is not the same so the plane it's a higher risk higher magnitude same risk higher magnitude of the risk higher materiality of the risk so let's assume you are an inspector with the government agency you know what what's going to happen is this as an inspector and here what we mean by inspector you know auditor but let's assume you're an inspector to kind of make this example realistic your inspector of the transportation agency you are more likely to be more nervous more nervous means you want to do more work when inspecting the plane why because the consequences of missing something is great you don't want to take that chance so notice the materiality you want to check everything you want to check the tires the engine the software the equipment the lights the brakes everything on that plane you want to check or you want to check as much as possible on the plane because the materiality is higher than inspecting the train now again this is in theory as an inspector you need to do your work whether it's a plane train a bus or anything else but i'm trying to make the point here so let's take the analogy from the airplane and the train trip and superimpose it on two companies we're gonna look at two companies one company we're gonna consider the risky and what what we mean by risky is they have a high inherent control and a high control risk a high risk of material misstatement and we're gonna compare this to a company will they have a low inherent risk and a low control risk which is a low risk of material misstatement if you don't understand what risk of material misstatement is inherent risk or control risk and how they all relate to each other you want to go to my audit risk model all you have to accept now is we have a risky company and not a risky company and we're gonna you know go further and say that a risky company will have more mistakes notice each axe here is a mistake notice there are more axes more mistakes in the risky company now how to set materiality for these two companies so if you're setting materiality for these two companies what do you want to do if the company is risky remember if the company is risky and i'm gonna go step further remember risk and magnitude they kind of go hand and hand if the company is risky and the magnitude is even riskier what do i have to do like remember that inspector i have i want to catch as many mistakes and look at them as possible so my tolerance goes down my tolerance goes down now let's assume i'm gonna just just to choose a number randomly i'm gonna set my materiality at 100 000 for this company and this is the materiality 100 000 so notice if i set my materiality at 100 000 i'm going to ignore or not really look into those four mistakes and i'm gonna be catching those the one that's above 100 000 look at them because the one below they're not as material as important and let's assume i'm going to set the same materiality for the risky company so if i go and i set my materiality here look what's gonna happen i'm going to be ignoring or missing all these mistakes notice it's a risky company i set my materiality high i'm gonna be missing a lot i'm gonna be missing all these mistakes so what do i have to do then if i want to be more careful i i'm the inspector i'm the auditor and i want to catch as many mistakes because the company is risky i would lower my materiality i would lower my materiality why because i want to expand my net i want to catch as many mistakes as possible now if i want to i will set it up at zero but that's not possible and inspect everything because we sample we can do that right but i have to set my materiality at some point so lower materiality so in theory set materiality to zero it's trying to catch everything low materiality so simply put the lower the materiality the more evidence i have to collect because i'm gonna be trying to catch as much as possible so that's the important relationship i was trying to tell you at the beginning there's an inverse relationship between materiality and the amount of evidence if i set my materiality low i need to catch as much evidence as possible i have to do more work as my materiality which is the risk for mistakes my tolerance for mistakes goes down i need to collect more evidence once again materiality goes down i need more evidence and the opposite is true what should you do now go to far hat lectures and look at additional resources that's going to help you understand this concept materiality control risk inherent risk the risk of materialness statement how they they all relate to evidence invest in yourself the CPA exam is worth it good luck and study hard


What are your views on the Me Too campaign? We saw just too many people come out and address the gravity of the situation only now. Do you know how do you fare India on the scale of addressing this issue? Do you think we are just taking baby steps now? I want to start with saying that I don't think we have a strong robust laws in place. The implementation of it is extremely weak. And it's unfortunate that we are finding a global movement of solidarity because every woman can relate to having been sexually abused, having been touched up without her consent, stared at, groped, molested, at some point or the other in her life. And that has become a normal reality for us, right? Where we say things like, I rape the Rihwana. And even if it's been raped, you still don't report it. So that's really worrisome. It's amazing that women are taking to social media, finding that solidarity and saying that the whole point of Me Too was breaking apart the stigmatization that you feel and the feeling of loneliness, where you tend to blame yourself, you tend to internalize it, thinking like, what did I do wrong? Could I have possibly prevented the abuse, XYZ? And to just completely say, let's focus on the abuse. We need a stronger movement of solidarity. And it was great to have so many Indian women take to social media and say that this is not okay anymore. And you know, we're going to speak up about it. And women are connecting with each other. And allies, not just the gender not conforming people were speaking up. Men were speaking up. It was great to see India be at the forefront of this conversation and say that we need to have more honest conversations about these issues.  And as a country, you know, how backward are we or how forward are we on the subject? So it's important to remember that we had the largest protests against sexual harassment after the nearby episode globally. No other country around the world has seen that kind of protest for sexual harassment demanding for accountability. So Indian women have already come out on the street and said we need better laws. But also at the same time, I think for so long we've been discriminated against that we are normalized over time. We don't speak about it. The amount of sexual violence that we go through within our own homes, the amount of domestic violence that we go through within our own homes and then this concept of, you know, there is a lot of unlawing that we need to do, especially amongst the middle class, upper middle class rich, because the poor people are still there while brave people who go and file a police complaint. I don't need to convince them to go to the police station. What I often find which is disheartening is parents refusing, or mothers even sometimes refusing to send their children for counseling. Even if they don't report the sexual crime, they don't even send them for counseling after their child has been sexually abused. So we have to do a lot of unlearning. We need to be more aware about our rights. This is where solidarity comes into play and we need to speak up and speak up and speak up, even if we are called bossy, bitchy, hard to work with, difficult to work with. And we need to stop apologizing for demanding for our rights and equality. So we definitely have to take a lot more progressive steps. But we are doing that and Indian women have always done that. So I don't want to paint us as a weak part of society at all. We are strong. We just need to tap into that and carry on.


Hi. So my name is Joanne Cheng. I'm a developer at Thoughtbot out in Denver, Colorado. For those of you who don't know where Denver is, it's at red dot in the middle of North America. That's where I am. And this is the rest of our offices. So I mostly do web development with Ruby on Rails and a little bit of JavaScript and other various technologies that come our way. But I've been really fascinated by the field of data visualization for the past several years. Data visualization simply defined as just the study of graphical representation of data. But it's associated these days with these really rich interactive web applications that let you explore data and see data in different ways. But I think to understand data visualization, we need to look at a couple of early print examples. So this is a bar graph of important export quantities of Scotland by an artist named William, a man named William Playfair. He released a book called Commercial and Political Atlas in 1786. During that time, data was mostly presented in dense tables of numbers and Playfair decided to use shapes instead of numbers because he thought people can compare things a lot easier with shapes. And I think he was right. Because of this book and other books he wrote, he inspired other interesting representations of data. And this is one of my favorite data visualizations. This is a map of the Soho District of London. It's a map of the Chloria outbreak in London in 1854. When this outbreak happened, there was a theory that all the diseases and all the death was caused by pollution or bad air. But Snow's theory was that it was caused by a contaminated water pump, particularly this one. And so to prove this theory, he plotted out little black rectangles which are basically little mini bar graphs on each street that represents the number of deaths per address. And because of this, he was able to prove to health officials that he was able to convince health officials to actually investigate that water pump. So if this data were presented in a different way, perhaps in just a regular bar chart, it probably may not have had the same effect as this map does. And so I love this map because it caused people to take action and change the way they look at the same set of data. And so with these two print examples, I wanted to show that sometimes you need to present data a little bit differently. And as web developers, our nature is to just present data. We get data from various other services, whether it's a database or another service, and we present it in a more palatable way. And so how can we share data creatively on the web when we need to? We can use images like in the print examples before, but we live in an age of dynamic web applications where data updates differently. And there's a lot of really well-made configuration-based graphing libraries out there, but we're restricted to predefined graphics and interactions. We lose that creative element to visualizations that we get through pencil and paper. They're also really difficult to style, and they stick out on a really well-designed page. I've worked with a lot of designers who don't like high charts because it takes them a very long time to get it the way they wanted to because they have to go into JavaScript. And they also, it also sticks out, they spend a lot of time designing a page and then they have to look at something that someone else designed. So this is where D3.js comes in. We need an expressive way to present data on the web when we need it. And so D3.js is a JavaScript framework or DSL written by Mike Bostock, who is currently at the New York Times. D3 is usually associated with making graphs and graphics, and I know this is a talk about data visualization, but it's not a visualization framework. It's really just a flexible way to manipulate the DOM with JavaScript arrays and objects. And when you need to be creative with your communication on the web, D3.js is an amazing tool. So to show you how to get, to show you kind of the basics of D3, I had this little example. It's gonna take me a little, a little long. So I have this mostly, oh, that's, sorry, one second. Can you all see? Okay, cool. So I have this mostly empty HTML page and this mostly empty JavaScript page. And to get started, I have this CSV of planet information. You have all the planet names, whoops. You have all the planet names, the diameter of each planet and the average distance from the sun for each planet. And I wanna basically create the solar system with D3 on this page. So I'm gonna do that with D3 and with creating every planet with SVG. And so we only have a body tag in this HTML file. So I'm gonna create an SVG container to contain this visualization I'm gonna make. So we now have an SVG container and what I did in the code, whoops. So that first line, I just, that first line, I just made a selection on the body tag just by passing in a selector to the select method. That's just gonna return the first matching, first matching selection. And then I append an SVG element to it. And now that SVG variable, or I should call this SVG, now this SVG container variable, the selection refers to this SVG element because when we append an element, it returns the element that we just appended. And that means when we call methods after append, we can call methods after append to change the attributes of that SVG element. So I can change the height and the width at a class to this. And that changes in our DOM. Now we need to get the data from the CSV file that I showed you here. D3 has a lot of helper methods that lets you make an HTTP request and then get the data back and it also parses it in a more friendly way to work with. So what this method, what I just did was I just made an HTTP request to planets.csv and then I get a callback function with the CSV parsed and the CSV parsed and easy to work with. So now I'm gonna actually draw the planets for every row in that CSV file. Oh, whoops, thank you. So now each of these circles represents a row in that CSV file that I just referred to. And let me explain what I just did because I just wrote a lot of code. So on line 12, I took that SVG container that we created on line five and I selected an element that doesn't exist yet. It's kind of a placeholder for, I made a selection and it's going to be a placeholder for the elements I'm gonna create. On line 13, I bound the data to that selection that I made in the previous line. And then on line 14, I entered the data. And what that's gonna do is it's gonna call methods after enter for every element in the array, which means for every element in that planets array, I'm going to append a circle to the SVG container. I'm gonna set the attribute of the Y position for every circle to be half the height, setting the radius to 10 pixels. And I'm gonna set the X position so that they're just kind of lined up in a row like that. And as you can see, I can either pass in a static value to this attribute function as a second parameter, or I can pass in a function. And when I pass in the function, I get two other parameters. I get D refers to the element in the array that I'm on and I refers to the index. And so now we have these nine black circles and they don't really mean anything. They don't really represent the planets. So I want to change the size of each of the circle using the diameter that I have in my CSV file. So let me explain what I just wrote. So D3 has a lot of other helper modules that let you find and explore your data. So for in online 12, I found the max of, I found the biggest diameter I found the, sorry, I found the biggest radius that I had in my dataset, just with this D3 max method. And I passed that in to create a scale. So online 15, that's just kind of an initializer for a new linear scale, which is the mapping we want between, we want a linear relationship between the radius of the planet and the number of pixels that show up on the screen. The domain is the number that we're going to pass into this function, this planet radius scale function. That's going to be the actual radius of the planet. And the range represents the number that we want back. This is going to be the number in pixels. So online 25, when I call that planet radius scale function that I generated online, online 15, I'm going to get a value that maps correctly to the scale that we want. And so it displays data in like this, in the correct scale and the correct mapping. And then we can do the same thing for, we can do the same thing for the planet distance because we have that distance from the sun attribute. So that's kind of our solar system a little bit. You can kind of see that everything is now relative and moved in the correct exposition. And we did that just by creating a scale like we did for the radius. Another thing we can do, we have the name of each planet. And what I did or what I can do is change the class of, or add a class to each circle that is in name of the planet. That doesn't do anything now, but I created a CSS file that would color the planets accordingly. And so we were able to do that because D3 lets us just add classes whenever to elements that we want. In addition to this, we also can get, we also can change the positions using transformations. Sorry. We could even also use animation transitions. D3 also gives us that capability. And all I did was basically change an attribute and call transition and set a delay before changing that attribute, on line 38 to 43. So that's kind of an introduction to D3, just kind of the most basic parts of D3. There's a lot of benefits to creating visualizations in this style. It's a lot more flexible than drawing things with traditional drawing libraries. Notice how I never called a method called circle or I never set a color directly using a method in the D3 API. It's designed to be really flexible and not be bound to any specific browser technology. And people have used D3 to draw divs and shape divs and also to draw on canvas. And because you have such, it's also really easy to style because you're controlling what classes are getting set on each of the elements. And because you have so much control over your graphics, you can also get a lot of performance benefits, potentially, if you're doing things correctly. But there's a couple of downsides. Mostly, because it's so flexible, you also have to create your own mobile views and responsive views. So you have to be the one to listen for whether the browser's resizing or detect the browser size and make sure your visualizations are good for smaller browser windows or mobile views. And there's a lot of also potential performance problems when you create too many SVG elements, which is really easy to do. For instance, I had this idea of creating this arc diagram in D3 to display pull requests on, pull requests and issues on Rails because I thought it'd be a really cool way to view GitHub issues. But unfortunately, this is what happened and this is 13,000 issues on GitHub. So this performed poorly and then when I tried to add mouse events to everything, that wasn't smart. So the theme of this conference is the future of JavaScript. And I was a little hesitant to talk about D3 because this technology has been around for a few years and development started even way before D3 was officially released. But technically, it's APIs designed to adapt to new browser technologies by not binding the user to any specific type of graphics. And more importantly, the flexibility of D3 to create graphics allows for more interesting ways to communicate. So for example, the idea of this planets visualization came from this article that was released somewhat recently. This is, oh, this is, so this was, this was, sorry, a visualization released by the New York Times last year. And I really, this is kind of one of my favorites. What I really love about it is it uses of a cabular that you know, you kind of know that this is planets that are moving and also it uses scales that are familiar to us rather than discrete numbers. And you can also see like crazy outliers as well really easily. And what is also, all the data for that visualization was populated through this table. So it kind of goes back to that original print example of taking numbers and translating them into something more readable and more friendly for humans. So I think the future of data visualization on the web lies with the creative ways that people use existing technology. And D3JS gives developers and designers both the expressiveness to be creative and flexibility to make use of new and upcoming browser technologies we'll have. And that is it.  Have you ever tried combining D3 with other libraries like Backbone or Angular? How did you find that? Yes, so I've used it with Backbone. I actually had, I did a little, so Backbone, it's okay. Well, I actually, I played a little bit with Angular a couple of weeks ago actually. And what I really like about Angular is because you have like these data attributes that you can attach. It's really easy to attach that to like the D3 objects that you're creating because you're setting attributes all the time. But for the most part, if I'm doing a lot of requests to other services, then I will use something like Backbone or Angular to handle that rather than the D3 methods. If I'm only making one request, then I'll usually just use whatever D3 has or even just jQuery. One question I've wondered with D3, I've played it a couple of times. Where do you find the best place to go to learn is? Because it can feel quite complex. It can feel like to try and achieve a lot. There's quite a lot of code to write. And you just showed actually how it's quite simple when you break it into pieces. But are there any specific resources or places that you would go to on the web to read about it or learn about it? I don't have internet, sorry. There's a really good book, I think recently released by O'Reilly. Okay. I think it's called, it's D3, it's like kind of an introduction to D3. I don't know the name of the book off the top of my head. We can find it. But it was released I think around last year. I think June. It was really great because it broke down kind of how to create D3 visualizations and also like parts of the DOM and the introduction to SVG and... Okay. Awesome, thank you. Any last questions before coffee break? No, awesome. Thanks again.


Once on the brink of extinction, the now common wood duck was able to make a comeback through conservation efforts. This is due in large part thanks to the organized effort to create artificial nest boxes. Mal Meyer has more on the story. Have any of you made a wood duck house before? Using free kits through the Mantrap Valley Conservation Club, the junior Girl Scouts from Park Rapids Elementary are learning about the waterfowl and how to build the nest boxes. In addition to the conservation effort, they learn, they earn a badge. There's an eco-action badge and a do-it-yourself badge. But today the fourth grade girls are getting a little bit of advice from their family. He told me that it's easier when you're bigger. Tori Hargo has built different projects like this with the Boy Scouts, but never the Girl Scouts. After figuring out the instructions, their box was starting to take shape. We just got it started and I think we figured out which piece is which and the order they should be attached. Some of the adults had a little bit more experience with this type of project. The activity gave Jay Wolf the chance to pass on his more technical knowledge. Basically just attention to detail, you know, chamfers, bevels, radiuses. I know she doesn't understand a lot of that stuff yet, but we're getting there. While the girls were happy to be putting together the boxes with their parents, they had another favorite part as well. Helping nature, I'm kind of like an outdoorsy person. It makes me feel happy because I want the population to go up. In Park Rapids, I'm Mel Meyer, Lakeland News. According to the Mantrap Valley Conservation Club, the organization has been able to distribute 400 nesting boxes over the last year for bats, bluebirds and wood ducks. If you've enjoyed this segment of Lakeland News, please consider making a tax-deductible contribution to Lakeland Public Television.


Matthias, welcome to town. I appreciate your time. I guess why was the tight the good fit for you? And what do you think about your opportunity in Nashville? Yeah, I'm really excited for like you said, it's a new opportunity. It's a new city and just it's an a winning organization, you know, I was an indie for three years. We always had battles when I was there against the Titans always had a lot of respects for the Titans and just you know What was brought to the table week in and week out the character of the guys the competitive nature of the guy So now to come in leaving New York to come and be a part of that I'm really really excited playoff caliber team and you know, I'm just here to serve and do whatever I can to help the team John Glennon Hey Matthias, I know you're pretty much Playing a lot of special teams the last couple of years, but I wonder you know back in indie When you were playing a lot of defensive snaps, you know, kind of what was your role there? And do you hope to see more defensive snaps instead of you know, primarily special teams? Yeah, well in India, you know, there's a lot of guys who were injured at the time that I was playing more significant role in defense I was very grateful to be able to experience that to contribute in that way My one goal coming in is just to be trusted to be trusted on special teams and you know work my way from there But the big thing is, you know, I just want to come in and be trusted and you know, whatever doors open from that I'm very available to I'm excited about but you know, you got to earn the respect earn the trust and so that's my mindset coming in Terry It's been a big time makeover of the defense this offseason and especially in the secondary How much do you view that as an opportunity to kind of show them what you can do in our role? Yeah, it's a huge opportunity Terry. It's It's rare that you get to come in and have an opportunity to contribute But you know at the end of the day, it doesn't matter unless I come in and handle my business So I'm excited to get in the room. I'm excited to be back with coach Booker He was my coach all through college So I'll it'll be great to be back in a room with them and I'm really excited about meeting the guys and just you know Iron Sharpen's iron. So they're gonna push me. I'm gonna push them and you know, Lord willing We're just gonna make a great run again dateable Claire Mathias it's obviously a different sort of offseason with the salary cap issues and what not a lot of guys are Gonna have to wait till later Maybe even after the start of camp to get a contract on how happy are you? How much does it help you to have gotten this thing done early here?  So you got a lot of catching up to do So I'm excited to be able to get in the playbook and see the installs more than once Going into camp Emily Hey, Matthias John Robinson and Mike Frable always talk about they want to bring in guys who love ball and love football Did they make that clear to you in this process and then also why do you love football? Absolutely, they made it very clear every conversation I had has been you know we want guys who love football who are Making football the priority in their lives and are going all in and the pursuit of that I love football for a lot of reasons one because it's an incredible platform to have a positive influence To it's an incredible challenge personally to get up every day and go compete against the best in the world And then three it's just like it's been an amazing Way to take care of my family to take care of my parents to take care of my wife So none of that I take for granted and I'm really excited to be a part of an organization Where that's really preached and put into practice as well Tim Wyatt And Matthias Grip me from wrong but you spent some time in the indie with the Nico all three What is he like as a teammate and what do you think he'll bring to the Titans and how excited are you to play with him again? I'm really excited towards Nico. He came in my second year there and he's just he's got a super high motor high character guy You know, he demands a lot from those around him He's an energy guy who makes big plays, but he's super humble and I think you know Just being around a guy like that is inspiring and I'm really excited to be his teammate again And you were a special teams captain and with the Jets How much pride you take in in the leadership standpoint and kind of set the tone in the locker room and and how do you go about doing that? On a new team when you're trying to find your way And I was honored to be a captain. It's never something I thought that would be in the cards for me if I'm being completely honest I think before you do anything as far as leading goes you have to serve So that's my mindset. It's always been my mindset See where I can serve how I can serve who I can help If I can be an encouragement if I can be a listening ear Try to play at a high level. I try to give max effort and all things I do how you show up to anything It's how you're gonna show up to everything So I try to put my best foot forward and just be somebody that guys can talk to Somebody that's encouraging those around me but you know my mindset has always been and always will be just to be a servant of the the men in that locker room the community and You know, everyone really just just to be a servant is is really my mindset Emily Hey, you mentioned your family. You have a very interesting upbringing I know your brother was profiled in the New York Times that the ballet dancer and he's just one of many siblings that you have How have they shaped you? Being I'm the sixth and seven I have four brothers time in Nathan Kean and Silas two sisters Kersen joined my parents Mark and Phil and are absolutely wonderful We grew up very humbly we grew up with not a lot of connection with our extended family. So it was really Just us and the encouragement that they've been in my life the support that they've been in my life is the reason I'm here. No doubt about it You know, it's awesome to be back in Charlotte right now just to get to love on and spend time with them I've been away for really almost a decade so To spend this offseason with my family has been has been huge and just you know reconnecting those relationships. We're all super real Super real. We are all Real, but we're all still super close and That's something that's really special as we've all gotten older to still have that closeness and the support of each of my siblings means the world to me Harry Thais you played You mentioned as you signed here that it was important for you to You were happy to be on a team that's got made the playoffs last year How important it was that factoring into your decision to find a team that has deep playoff aspirations after Being with the Jets for a couple of years and then in a rebuilding mode It's huge, you know, I'm in going into my sixth year and to be on a team that Not only has gone to the playoffs, but is is built to go to the playoffs. I think is super super exciting It's only gonna make me a better player being around that caliber of Not just teammates but organization when people really really are bought in and are excited and I've seen it You know have gone to the playoffs. I've seen the work it takes. I've seen the sacrifice it makes That everybody has to make in order to get there I'm really excited to come alongside and serve and be a part of that David Bulkler If I mentioned your relationship with Scott Booker, how how important to have a guy who knows you like that Not only on the staff, but we'll be working with you directly when you come to a new team Yeah, I'm really excited for coach Booker, you know When I got to Notre Dame, he was the assistant receivers coach I was quite a receiver and to see his growth just throughout the college process You know was all the way to the special teams coordinated by the time My time there was over so I'm really excited to be Reconnected with him excited to you know be coached under him again I really feel like I gleaned and learned a lot of information just about the game of football about life From him in college, so I'm sure he's even a better coach and he was then I think he was a phenomenal coach Then so to be under the tutelage again. I'm really excited about Hey guy who's who's hard on guys typically or does he love on you more? What kind of coach is he? In college he was a coach that he's gonna tell you how it is. There's a lot of love He's honest and I really respect that a lot as a player I think all you want is honesty, you know whether you did good whether you're bad You know but have a coach is gonna come alongside you tell you where you can improve Tell you what you did that, you know, was it right but still love you in the process I mean, I think he exemplifies that and I'm really excited to to learn from him again And the thighs you you've mentioned you've used you you've used the word servant several times here both in the locker room And maybe in the community how important is the given back process and is that something you're planning to do in Nashville as you establish yourself here Absolutely, absolutely I You know being an NFL we all have a platform We all have different levels of gifts and talents and favor and all of those things but using the platform We have to have a positive influence I'm not just the people that we're around every day with the people within the community of Nashville and around Nashville It's near and dear to my heart growing up. I was on the receiving end of a player coming from the Panthers to to read to my Elementary school and that a huge impact on me. So now to be on the other side of it and realize just by showing up by being kind By being, you know, authentic you I can have a positive influence on You know someone younger than me just like someone older than me when I was younger did the same It's super humbling and I take it very seriously and I'm excited to get involved In the community as well as in the locker And I think if you do Google search on you've got the long hair. You've got a long beard Is this your is this your Nashville look and how does that kind of evolve? Well the hair honestly I had no choice in I was gonna be bald from the time I was born thanks to my father So I just kind of jumped the gun with the hair and just shaved it before it was too bad and Then my wife and I we got married in November due to COVID our families weren't there. So we did a Wedding celebration with our families last week at the beach. I had a beard in the original wedding pictures we had so I just went clean shaven for Our wedding celebration this past weekend, but I Think I'm gonna keep my facial hair lower just for fun. It's a fresh start. Why not change everything, right? And you know any other guys on this team aside from the Niko and have they reached out to you? I was very close with Chris Milton I know he just recently signed with the Giants and our teammates in Indianapolis for three years And I've kept up gone on trips in the offseason So I've really picked his brand a lot and he had nothing but really positive things to say So I'm excited to get in the locker room to get to meet everybody and like I said just serve


Income Tax 2021-2022 Software Example, Lifetime Learning Credit. Get ready to get refunds to the max. Diving into Income Tax 2021-2022. Assert tax software. You don't need tax software to follow along, but you might want to have access to the forms and schedules, which you can find on the IRS website, irs.gov, irs.gov, starting point, single filer. Note that we're really going to be focused in on the credit here and the major difference with regards to the filing status on that credit will be either married or non-married. So we're not really focused in on going from say single to head of household because our focus is going to be on the credit for the education credits. We've got Adam Smith at the starting point living in Beverly Hills 90210 and we have no dependence to start out with the wages at the 50,000. And then down below we've got the 12,550 standard deduction, the taxable income at the 37,450, page number two tax calculated at that 4,298. Our focus then is on the credit, which is on Form 8863. This is going to be the education credits. We've got the two credits kind of scramb together, scrunched together in the same form, that being the American Opportunity Credit and the Lifetime Learning Credit because you're typically thinking first trying to get the American Opportunity Credit and if you cannot then go into the Lifetime Learning Credit. So I'm going to start out here for Adam Smith. This is the only person that could be claiming at this point in time because we've got well in general because there's no dependence on the tax return and we'll start out with the benefit or the best option, which is the American Opportunity Credit. So just to recap that and then we'll switch it to the Lifetime Learning Credit. So remember the first page is actually kind of like the second thing that you do in part one because really the second page over here is basically the starting point because you're going to have, and you could have multiple second pages depending on how many people have education expenses that you're calculating credits on. We will start with one and that's going to be Adam Smith himself, the tax payer himself here. So we've got Adam Smith. We've got the number over here, the Social Security number. He's going to cool you. If you went to multiple universities, obviously we just made up cool you here. If you went to multiple universities, then we might have another university on the right hand side and then you've got your questionnaire. Did the student receive a form 1098? We're going to say yes. Typically if you got a 1098, that would mean that you may qualify for the credit and the 1098 would look something like this. However, note that if you have the 1098, that would indicate that you have expenses that may qualify for an education credit. That does not mean, however, that you might not have other kind of things that might be included as you do the credit calculation. So then we're going to say that did the student receive form 1098 into the institution's employer identification number is going to be here and then you've got your series of questions and these are the questions that will often default to say if someone does not qualify for the American Opportunity credit then possibly taking someone to the point of them then qualified for the lifetime learning credit hopefully in that event if they can't get the American Opportunity credit. So has the Hope Scholarship credit or American Opportunity credit been claimed for the student for any four tax years before 2021? So if yes, then we can't take it. So we're going to say no at the starting point and then 24 was the student enrolled at least half time for at least one academic period that began or is treated as having begun in 2021 at an eligible educational institution in a program leading towards a post-secondary degree certificate or other recognized post-secondary educational credential. We could say yes here, if no, we stop and go to 31. Did the student complete the first four years of post-secondary education before? So the default to get the American Opportunity would be no. Was the student convicted before 2021 of a felony? So we've got the calculation here going to the American Opportunity credit the better of the two as opposed to the lifetime learning credit. And so if I pull that on over to page one, that then goes to the refundable American Opportunity credit. Notice the American Opportunity credit is the only one that has a refundable component to it and then you've got your income phase outs. We talked about in a prior presentation and that gives us the 1,000 of it that is that refundable component. And then the non-refundable component has, could have part of the American Opportunity credit and if it was the lifetime learning credit, which we'll see shortly, will all be down here in the non-refundable component. So the best position would be the American Opportunity credit which has these two halves, refundable, non-refundable, flowing in then to schedule three. There's the 1,500. That flows into the 1040 page number two that we see the amount flowing in from the schedule three, 1,500 and the 1,000 from the American Opportunity credit. This is the refundable component that could take the tax liability below zero. So then if I go back on over and we say now let's say that they don't qualify for one of these items. So I'm going to let's go back to the form here and let's look at page two and let's take this one by one and say number 23 that was the Hope Scholarship or Opportunity credit been claimed for this student for four years. Let's say it was. We're going to say it was claimed for that four years. So I'm going to say four years were claimed. If I go back on over, now this one has stopped our calculation and we've moved from the American Opportunity credit to the lifetime learning credit. There's the 20,000. That then rolls into page one. Nothing's in the refundable American Opportunity credit area. It's all down here. There's the 20,000 down below. The cap to maximize the credit is 10,000. So there's the 10,000. 20% of that is 2000. Then you've got your income thresholds. We were at the 50,000 on the income that's pulling in from page one of the form 1040. In essence, the AGI adjusted gross income that is flowing into here, not page two, not page two, flowing into here. So we've got no phase out that's taking place. And then we've got our 2000. And it's all non-refundable. So that non-refundable component flows into schedule three. There it is, the 2000 here that flows into the 1040 page number two. There's the 2000. What does it mean that it's non-refundable? It's up here as opposed to down here in the refundable area. It means that if your income goes low, then you might not get a benefit from it. So if I brought my income down to the 20,000 and I go back on over, for example, it's been limited to the 748, which I could see here, and I can see here on the calculation, they limited the credit. We can also, if I go back up to the starting point, see the phase out going the other way. If my income goes too high, then it's going to phase out as well. So it's around 90,000. So if I said it was like 85,000 on income and I go back on over, it's going to start to phase out the credit. You can see a 50%. So now it's down to the 1000 instead of the 2000. So it's phasing out around that 90. If you go above 90, then it goes away. So let's bring it back to 50,000. Back to 50,000. Bring it on back over. Let's go to page number two. And now we could see that same effect if I was to put this question back to where it was before. So we didn't claim it before. Or, you know, and then we're going to say, was the student enrolled in at least half time? If we say, no, they're not enrolled in half time, then once again, that's going to kick us out of taking the American Opportunity Credit and taking the Lifetime Learning Credit. So that's the other one that's going to phase us out. If I go back on over and say, we were full-time this time. So that's something you want to check with your financial institution or your academic institution to make sure what is full-time. Do I qualify for full-time so that you can hopefully take the larger credit there? Did the student complete the first four years of post-secondary? So if we say they did, they completed the first four years. Once again, it takes us out of being able to take the American Opportunity. Defaults back to the Lifetime Learning. Then to the American Opportunity Credit being taken. And then the last one, of course, was the student convicted of a felony possession of distribution of controlled substance. So no selling drugs on college campuses. Dang it. So then that means you lose the American Opportunity Credit and go to the Lifetime Learning Credit. So those are going to be the things that can kind of pull you over going from one credit to the other. Now also note that you might have multiple people. It's going to cap you. It's going to cap the credit at that 2,000 amount unlike what we saw with the American Opportunity Credit. So in other words, if I was to add another person here and say we had a dependent, let's say Adam Smith is going to be or Sam Smith is going to school too. Sam's going to school. I want to go to Cool U. I want to go to Cool U, too. Sam says, so we'll add another one and this is going to be Sam and say let's say that he doesn't meet one of these. He's not a full-time or wasn't ruled half but he's also going to Cool U so you would think he would qualify for the Lifetime Learning Credit and we'll put the tuition at 20,000 again just to max it out. And if I go back on over two-page twos now we've got Adam that qualifies for the Lifetime Learning but not the American Opportunity. Sam qualifies for the Lifetime Learning not the American Opportunity but if I go to page one you got the 40,000 up top but it's capping it at the 2,000. We didn't get an added benefit basically from the other one because it's capped per return whereas the American Opportunity Credit is not. If I changed these two back to the American Opportunity Credit then I would get the benefit if I say they both qualify for the American Opportunity Credit for example then it's not like I can only take one of them now they both qualify for the American Opportunity page two page two two and now the American Opportunity I would get the benefit of both of them the 2,000 up top and the 3,000 down below the lifetime learning is limited now of course you could have the situation where you have one qualifies for the Lifetime Learning and one qualifies for the American Opportunity Credit that could happen so let's say the parent would probably be the one that doesn't qualify for the other so let's say this one the student was enrolled in half time for this one for Adam qualifies this time for the Lifetime Learning because they couldn't get the American Opportunity which would be better and then Sam qualifies for the American Opportunity so now if I go back to page one you've got the first one the 2,500 rolling in for the bigger credit the refundable component for the American Opportunity you get the 1,000 for the one student and then the non-refundable credit down here has the non-refundable portion of the American Opportunity Credit and the calculation of the Lifetime Learning Credit to get to the 3,500 which is combining the non-refundable portion of the American Opportunity and the Lifetime Learning now I couldn't add another Lifetime Learning Credit because it caps out per return at 2,000 but we could add another American Opportunity Credit so if I said we had another person here Jane Jane is going to go okay so we're going to add Jane here and say that she she is going to be Jane and now she qualifies for the American Opportunity Credit let's say she's going to Cool U too we all go to Cool U Cool U is the best college ever we spent 20,000 for Jane at Cool U going back on over so now we've got on page 2 we've got 3 page 2s we've got Adam that qualified for the Lifetime Learning because they didn't qualify for the American Opportunity but then Sam qualified for the American Opportunity and Jane qualified for the American Opportunity so the 2 American Opportunities are flowing in to page 1 and we get the benefit of both of them and then we've got the non-refundable component of the American Opportunity Credit and then the calculation of the Lifetime Learning Credit for the non-refundable portion of it so it's a little confusing with the mixing and the matching between the 2 credits but that's the gist that's the idea and that's how it's done at least that's how I do it and that's how it's done at least that's how I do it