The pavane, paven, pavian, pavine, or pavyn is a slow processional dance common in Europe during the 16th century. The pavane, the earliest-known music for, published in Venice by Ottaviano Petrucci, in Joan Ambrosio Dalza's Intabolatura de lauto libro quarto in 1508, is a sedate and dignified couple dance, similar to the 15th-century basse danse; the music which accompanied it appears to have been fast or moderately fast but, like many other dances, became slower over time. The word pavane is most derived from Italian " Padovana", meaning " typical of Padua"; this origin is consistent with the equivalent form, "Paduana". An alternative explanation is. Although the dance is associated with Spain, it was "almost of Italian origin"; the decorous sweep of the pavane suited the new more sober Spanish-influenced courtly manners of 16th century Italy. It appears in dance manuals in England and Italy; the pavane's popularity was from 1530 to 1676, though, as a dance, it was dying out by the late 16th century.

As a musical form, the pavan survived long after the dance itself was abandoned, well into the Baroque period, when it gave way to the allemande/courante sequence. Slow duple metre by the late 16th century, though there is evidence that it was still a fast dance as late as the mid-16th century, there are examples of triple-time pavans from Spain and England. Two strains of eight, twelve, or sixteen bars each. Accent comes on the third beat with a secondary accent on the 1st beat though some Pavans place the accent on the first beat with the secondary accent falling on the third. Follows the form of A–A′–B–B′–C–C′, it uses counterpoint or homophonic accompaniment. Accompanied by a tabor according to Arbeau in a rhythmic pattern of minim–crotchet–crotchet or similar; this dance was paired with the Galliard. Accompanied by a song with oboe and drums. No florid or running passages in instrumental ensemble settings, but pavans for solo instruments included written-out repeat sections with variations.

In Thoinot Arbeau's French dance manual, it is a dance for many couples in procession, with the dancers sometimes throwing in ornamentation of the steps. The Dictionnaire de Trevoux describes the dance as being a "grave kind of dance, borrowed from the Spaniards, wherein the performers make a kind of wheel or tail before each other, like that of a peacock, whence the name." It was used by regents to open grand ceremonies and to display their royal attire. Before dancing, the performers saluted the Queen whilst circling the room; the steps were called retreating. Retreating gentlemen would lead their ladies by the hand and, after curtsies and steps, the gentlemen would regain their places. Next, a lone gentleman went en se pavanant to salute the lady opposite him. After taking backward steps, he would return to his place; the step used in the pavane survives to the modern day in the hesitation step sometimes used at weddings. More recent works titled "pavane" have a deliberately archaic mood. Examples include: The classical composition Pavane by Gabriel Fauré, a modern version of the Renaissance genre.

The classical composition Pavane pour une infante défunte by Maurice Ravel. The third part of the Piano Suite No. 2 Op. 10, by George Enescu The first part of Maurice Ravel's Ma mère l'oye suite, entitled "Pavane for the Sleeping Beauty", covered by Joe Walsh on his album So What. The Pavanne for a Dead Princess, a jazz version of Maurice Ravel's composition by Art Farmer and Jim Hall released on the album Big Blues The "Pavane of the Sons of the Morning" that closes scene 7 of Job: A Masque for Dancing, a ballet composed by Ralph Vaughan Williams in 1930 and first staged in 1931. "Pavane, the Girl with the Flaxen Hair", a dramatic script written and directed by Wyllis Cooper, inspired in part by Debussy's composition, for the old-time radio series Quiet Please. The Moor's a ballet choreographed by José Limón; the science fiction novel Pavane by British author Keith Roberts, about an alternative history in which the queen Elizabeth the First is assassinated and the Armada wins in the year 1588.

The fourth movement of the suite "The Fall of the House of Usher" from the progressive rock album Tales of Mystery and Imagination by The Alan Parsons Project. The classical composition "Pavane: She's So Fine" from John's Book of Alleged Dances by John Adams; the title of a song from Verehrt und Angespien, the second studio album of the folk metal band In Extremo. The song "Pavan" from the progressive folk album Evensong by Amazing Blondel; the title of a song from Water Forest, an album by Rurutia. Pavane by the Esbjörn Svensson Trio. "A Sad Pavan for These Distracted Times" is part IX of Vladimír Godár's "Querela Pacis" oratorio. Thomas Tomkins composed a piece with the same name in 1649. Sir Peter Maxwell Davies composed one in 2004. The'distracted times' refer to the execution of British king Charles I; the song "Pavane" by Jon Lord of the ban

Fair value accounting and the subprime mortgage crisis

The role of fair value accounting in the subprime mortgage crisis of 2008 is controversial. Fair value accounting was issued as US accounting standard SFAS 157 in 2006 by the run Financial Accounting Standards Board —delegated by the SEC with the task of establishing financial reporting standards; this required that tradable assets such as mortgage securities be valued according to their current market value rather than their historic cost or some future expected value. When the market for such securities became volatile and collapsed, the resulting loss of value had a major financial effect upon the institutions holding them if they had no immediate plans to sell them. In 2006, the Financial Accounting Standards Board implemented SFAS 157 in order to expand disclosures about fair value measurements in financial statements. Fair-value accounting or "Mark-to-Market" is defined by FAS 157 as "a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date".

The definition is accompanied by a framework which categorize different types of assets and liabilities into 3 levels, their measurement varied accordingly. The hierarchy of fair value is: Assets or liabilities whose values could be observed on an active market of identical assets or liabilities. Assets or liabilities whose value could be quoted from an inactive market, or based on internal-developed models, with input data from observable markets of similar items. Financial assets and liabilities whose values couldn't be quoted from an observable market but instead based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement; this requires management estimation. 1. Lessons from 1929 Stock Crash Under historical cost accounting, profits came to be calculated as the difference between the income accrued and costs incurred, according to revenue recognition and matching principal; this traditional measure of the profits did not prove adequate to value derivatives.

In some cases, historical cost accounting didn't apply. And in other cases, because of the existence of liquid markets and the wide use of valuation methodologies in financial markets to set asset prices, the relevance of historical cost accounting is undermined. In order to improve information transparency, to better inform investors about the interest and credit risks reflected, FASB began take steps to extend the application of the fair value principle to an greater range of assets and liabilities. 2. The Expanding Use of Derivatives In the 1980s, derivatives underwent significant development as they came to be used to hedge against interest and exchange rate risks. Additionally, derivatives started to be used by credit institutions as a new source of business; the large-scale use of derivatives by large and medium-sized corporations, together with the growing importance of capital markets, has led to major changes in the traditional practices used to prepare financial statements. US Savings and Loan Crisis and Fair-Value Accounting In the late 1980s and early 1990s, the Savings and Loan Crisis precipitated a collapse of the U.

S. thrift industry. Investors demanded increased transparency, historical cost accounting was blamed for creating rooms for banks to underestimate their losses. In 1991, the Government Accounting Office issued a report that urged immediate adoption for both GAAP and regulatory reporting of mark-to-market accounting for all debt securities, it suggested that a study be undertaken of the potential merits of a comprehensive market-value-based reporting system for banks. As fair value was viewed as an important tool for valuation, a clear guidance was needed for better application. In 2006, FASB issued FAS 157, which provided a uniform definition of “fair value” and guidance for application. Banks’ asset categories are made up of loans and leases, available-for-sale and held-to-maturity securities, trading assets. Loans and leases comprise the biggest and most important category for most banks; these assets are classified as either “held-for-investment,” or “held-for-sale”, accounted for at the lower of historical cost or fair value.

Most of the assets held by financial institutions were either not subject to fair value, or did not impact the income statement or balance sheet accounts. However, a large minority of the assets were “held-for-sale” or trading assets; the loans and securities in the held-for-sale classification are tested for impairment and, if impaired, written down to the present value of future cash flows. Loans are impaired because creditors will be unable to collect all amounts due but if classified as “held-for-sale” can be deemed impaired under FAS157 if their market value falls for an extended period of time. Furthermore, all derivatives are marked to market. However, as the crisis evolved and liquidity deteriorated, fair value assets held by banks became Level 3 inputs because their market prices became unobservable; as mentioned in the 2010 article written by Laux and Leuz, linking banking capital regulation and fair value accounting is the most plausible way fair value accounting could have contributed to the crisis: Asset prices deviate from their fundamental values, which causes a bank to write down its assets and, in turn, depletes its capital.

The asset write-downs may force the bank to sell such assets at fire sale prices and start a downward spiral. This forces other banks to take similar write-downs. However, according to L

Clare Rustad

Clare Rustad is a Canadian former soccer midfielder. Her last club was the Toronto Lady Lynx in 2010, she played for Canada women's national soccer team between 2000 and 2008, making 45 appearances and scoring three goals. Rustad played collegiate soccer for the University of Washington between 2001 and 2004, professionally for Vancouver Whitecaps FC, she is a distinguished alumnus of Gordon Head Soccer Association. Rustad competed for the Canada national under-19 soccer team at the 2002 FIFA U-19 Women's World Championship, winning the silver medal, she made her international debut for Canada on June 26, 2000 against China in the 2000 CONCACAF Women's Gold Cup. She last represented Canada at the 2008 Olympics in Beijing, retiring from international football afterwards. Rustad grew up on Saltspring Island in British Columbia, she began medical school at the University of Toronto in 2008 and graduated in 2012. She has a molecular biology degree from the University of Washington and a master's degree in epidemiology from the University of Cambridge.

Dr. Rustad is a resident in Family Medicine in Ontario. In March 2013, Rustad joined the National Organizing Committee for the 2015 FIFA Women's World Cup held in Canada. Clare Rustad – FIFA competition record Clare Rustad at the Canadian Soccer Association Gordon Head Soccer Association Washington Huskies Profile