Accounting Answers

Solutions Manual to accompany Company Accounting 8e prepared by Ken Leo John Hoggett John Sweeting Jennie Radford [pic] John Wiley & Sons Australia, Ltd 2009 Chapter 1 – Nature and regulation of companies REVIEW QUESTIONS 1. Outline the advantages of incorporation over other forms of organisation such as partnerships. The corporate form of organisation permits individuals to have â€Å"limited liability†. This confers on shareholders a limit on their liability in the event of a winding up of the company to the amount (if any) unpaid on their shares. (S516). In the case of a partnership no such limitation applies (unless the partnership specifically adopts limited liability) and the insolvency of one or more partners can result in other solvent partners having to contribute any losses and debts out of their own private assets. 2. Distinguish between a proprietary company and a public company. A public company is one in which there is usually a substantial public interest in that the ownership of the company's share capital is widely spread. Public companies are entitled to raise capital through a share issue by issuing a disclosure document which entitles them to have their shares or debentures etc. listed on a stock exchange, such as the Australian Securities Exchange, to facilitate transferability. Proprietary companies on the other hand have specific limitations in terms of the amount and restrictions on its fundraising activities. Specific features of a proprietary company include the need to have a share capital (unlike a public company which may be limited by guarantee and not merely shares): †¢ a requirement to have at least one shareholder and only one director (three directors for a public company) and not more than 50 shareholders (not including employee shareholders) †¢ not required to restrict the transfer of its shares (however it may elect to do so) †¢ the use of the designation â€Å"Pty† or â€Å"Proprietary† in its name †¢ a requirement not to engage in any fundraising activity which would require it to lodge a disclosure document with ASIC. . Distinguish between a large and a small proprietary company. What are the implications of being classified large rather than small? A small proprietary company is defined in Section 45A of Corporations Act 2001, as amended, as one which meets 2 of the following three criteria: *consolidated annual revenue less than $25 milli on *consolidated gross assets at the end of the financial year is less than $12. 5 million #l the companies and the entites it controls have fewer than 50 employees at the end of the financial year. * These figures must be determined in accordance with accounting standards Part-time employees measured at appropriate fraction of full-time If these criteria are not met the company will be a large proprietary. Small proprietary companies do not have to prepare formal financial statements or have them audited. However, they must keep sufficient accounting records to allow preparation and audit of accounts if either 5% of their voting shareholders or ASIC request this to be done. Large proprietary companies, must prepare accounts in accordance with accounting standards, have them audited, send them to shareholders and lodge them with ASIC (Section 292) 4. Outline the special features of a no-liability company. Companies engaged in the more speculative area of mining exploration are most often registered as no-liability. Such companies have NL at the end of the company name and have the advantage of being more attractive to potential investors as unlike companies limited by the unpaid amount on their shares, there is no such liability on the part of shareholders to contribute to the debts and liabilities of the companies. 5. What is the purpose of a certificate of registration? A certificate of registration is issued by ASIC as a part of the registration procedure. Provided the company complies with S117 of the Corporations Act, ASIC will: †¢ give the company an ACN Number †¢ register the company †¢ issue a certificate that states the company's name, ACN No. etc. Once registered, the company is capable of performing all the functions of a corporate body. 6. What are replaceable rules and how do they differ from a constitution? Replaceable rules are the set of internal rules (contained in the Corporations Act) governing the conduct of its operations between the company and its member directors and between members themselves [see example of such rules in ch 1 Section 1. . 3]. If the rules are not adopted by the company then they must draw up a constitution which will cover much of the same issues covered by the replacement rules but may be extended or modified by the promoters of the company. 7. Outline the main features and purpose of a disclosure document. A disclosure document, particularly the prospectus, contains all the infor mation necessary for investors to make an informed assessment of the company's future prospects and other relevant matters including: †¢ rights and liabilities attaching to securities financial position, performance and prospects of the body issuing the securities †¢ interests of each director, proposed director, promoter, stockbroker and their professional advisers in any property acquired or proposed to be acquired with the funds derived from the securities issue. †¢ whether the securities issued will be quoted on a Stock Exchange. 8. In administering a company, the Corporations Act requires the keeping of various books, registers and records. Outline these and briefly discuss their content. There are a range of records required to be maintained by a company including: (Minute books of the proceedings and decisions made at all directors’ and shareholders’ meetings as well as all resolutions passed without a meeting (s. 251A). If the company is a proprietary company with only one director, any declarations by this director must be minuted. (Financial records that will enable financial statements to be prepared and audited from time to time in accordance with the Act (ss. 286, 292, 302 and 303). (Register of members, or share register, giving each member’s name nd address, and the date on which the entry of the member’s name is made on the register. If the company has a share capital, the register must also show the date on which an allotment of shares takes place, the number of shares in each allotment, the shares held by each member, the class of shares held, the share numbers (if any), the amount paid on the shares, and whether or not the sha res are fully paid (s. 169). (Register of option holders to record the names and addresses of the holders of options over the shares of a company. The register must include the number and description of the shares over which options were granted, details of any event that must happen before the options can be exercised, and any consideration for the grant of the options and for the exercise of the options (s. 170). Copies of documents which grant an option over shares must be kept with this register. (Register of debenture holders to record each debenture holder’s name and address, and the amount of the debentures held (s. 171). (Register of charges to record the details of any secured charges over the assets of the company (s. 271). This register must be open for inspection by any creditor or member of the company, without charge. 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend, carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued, the shareholder is liable to pay calls on the shares (except in the case of no-liability companies). A company also has the right to issue preference shares, but may only do so either if there is a statement in its constitution setting out the rights of these shareholders or if these rights have been approved by a special resolution of the company. Not all preference shares are the same. Classification of preference shares as equity or liabilities depends on the rights and features of the shares – judgment is required re which classification is appropriate. For example, redeemable, cumulative 10% preference shares, which are to be redeemed on a set date, are definitely liabilities. Preference shares redeemable at the option of the company may or may not be liabilities, depending on the probability of the company redeeming them. Debentures are issued by the company raise funds but are borrowings, not equity. Debentures may be secured. A trust deed/trustee must be established to protect the rights of debenture holders. 10. What are the main reasons for the development of accounting regulations? The history of accounting regulation had its origins in the industrialised European settlement of the late 18th century. The social, political and economic changes which occurred saw the gradual decline of the importance of family enterprises and the separation of ownership from control as the control of entities was delegated by owners to agents. The growth in the number and size of ‘joint stock companies in the late nineteenth century prompted the rise of disclosure although, initially, this focused on stewardship. The greater complexity of organisations in the mid to late twentieth century gradually led such disclosure to develop into a more sophisticated form of financial reporting, which remains an ongoing process. 11. Does a company have to comply with accounting standards in order to show a ‘true and fair view’ of its financial affairs? Discuss. Before the early 1990s, the directors of a company could elect not to comply with an accounting standard issued by the AASB if they believed the particular standards would cause the accounts not to present a true and fair view. This ‘true and fair override' no longer exists and directors must now comply with applicable accounting standards and add any additional information in the notes to the financial statements if they believe adherence to the standards does not present a true and fair view. Compliance with standards therefore has become the norm, resulting in an increased interest, both positive and negative, in the requirements of accounting standards by different lobby groups, particularly among those required to prepare financial statements. 12. What are the current arrangements for setting accounting standards in Australia? The AASB under the auspices of the Financial Reporting Council is entrusted with the task of making accounting standards both for the purposes of the Corporations Act and for the public and not-for-profit sectors in Australia. See Figure 1. 1 in section 1. 7. 5]. 13. Distinguish between the following organisations and their roles in the regulation of financial reporting in Australia: (the Financial Reporting Council (FRC) (the Australian Accounting Standards Board (AASB) (the International Accounting Standards Board (IASB) (the International Financial Reporting Interpretations Committee (IFRIC) (the Australian Securities and Investments Commissio n (ASIC) (the Australian Securities Exchange (ASX) (the Financial Reporting Panel (FRP). Financial Reporting Council (FRC) The main role of the FRC is to act as an overseer and advisory body to the standard setter, the AASB. The main functions of the FRC under the ASIC Act 1989, s. 225 as amended in 1999, are to: (oversee the process for setting accounting standards and give the Minister reports and advice on that process (appoint AASB members (other than the chairperson) (approve and monitor the AASB’s priorities, business plan, budget and staffing arrangements (determine the AASB’s broad strategic direction give the AASB directions, advice or feedback on matters of general policy and procedures (monitor the development of international accounting standards and the accounting standards that apply in major international financial centres, and –further the development of a single set of accounting standards for worldwide use with appropriate regard to international developments –promote the adoption of international best practice accounting sta ndards in the Australian accounting standard-setting process if this is in the best interests of both the private and public sectors of the Australian economy (monitor the operation of accounting standards to ensure their continued relevance and their effectiveness in achieving their objectives in respect of both the private and public sectors of the Australian economy, as well as the effectiveness of the AASB’s consultative arrangements (seek contributions towards the costs of the Australian accounting standard-setting process (monitor and periodically review the level of funding and funding arrangements for the AASB (establish appropriate consultative mechanisms advance and promote the objectives of standard setting as specified in the Act (perform any other functions that the Minister confers on the FRC by written notice to the chairperson. A major policy direction of the FRC that has affected the agenda of the AASB is the formalisation of a policy of adopting the accounti ng standards of the International Accounting Standards Board (IASB) for application to reporting periods beginning on or after 1 January 2005. (This includes also the adoption of Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) for use in the Australian context. ) Australian Accounting Standards Board (AASB) The functions of the AASB, according to s. 27(1) of the ASIC Act 1989, are to: (develop a conceptual framework (not having the force of an accounting standard) for the purpose of evaluating proposed accounting standards and international standards (make accounting standards for the purpose of the Corporations Act (formulate accounting standards for other purposes, e. g. for non-companies, the public sector and the not-for-profit sector (participate in and contribute to the development of a single set of accounting standards for worldwide use (advance and promote the main objectives of developing accounting standards. The AASB must develop accounting standards not only for the corporate sector but also for other sectors, such as the public sector and the not-for-profit sector. The objectives of developing accounting standards are (1) to facilitate the development of accounting standards that require the provision of financial information that: (allows users to make and evaluate decisions about allocating scarce resources (helps directors to discharge their obligations in relation to financial reporting (is relevant to assessing performance, financial position, financing and investment (is relevant and reliable (facilitates comparability (is readily understandable. (2) to facilitate the Australian economy by: (reducing the cost of capital (enabling Australian entities to compete effectively overseas (having accounting standards that are clearly stated and easy to understand. (3) to maintain investor confidence in the Australian economy (including its capital markets). In performing its functions, the AASB is required to follow the broad strategic directions determined by the FRC. The AASB may formulate accounting standards which are of general or limited application, in that the Board may specify the entities, time, place or circumstance to which the standard applies. Furthermore, as long as it is practicable to do so, the AASB is required to conduct a cost–benefit analysis of the impact of a proposed accounting standard before making or formulating the standard. However, the cost–benefit analysis is not necessary where the standard is being made or formulated by issuing the text of an international standard. The AASB conducts its meetings in a forum open to the public, which (hopefully) increases faith in the due process system of standard setting. In line with the FRC’s main function of overseeing the process of setting accounting standards, the AASB is required to adopt IASB standards. The Australian accounting standards and their international counterparts are identical, with three exceptions: – Where some international accounting standards provide a range of optional treatments, the Australian accounting standard may not allow all options. However, the disallowance of any IASB optional treatments in Australia is rare, as evidenced by the AASB’s behaviour since 2005. Some Australian accounting standards may require more information to be disclosed in the notes to the financial statements than that required by the equivalent IASB standard. –Australian accounting standards contain, where applicable, extra paragraphs relevant to entities in the not-for-profit sector. IASB standards are written for application within the business sector only. Besides issuing accounting standards that are equivalent to the IASB’s standards, the AASB has continued to issue accounting standards relevant to the public sector, as well as accounting standards that relate solely to the Australian legal environment, e. g. AASB 1046 Director and Executive Disclosures by Disclosing Entities. International Accounting Standards Board (IASB) The IASB’s mission statement is described as follows on its web site: The International Accounting Standards Board is an independent, privately-funded accounting standard setter( The IASB is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the IASB co-operates with national accounting standard setters to achieve convergence in accounting standards around the world. Following the direction given by the FRC in 2002, the AASB has adopted the standards issued by the IASB as from 1 January 2005. Hence, the financial statements prepared by Australian companies are comparable with those prepared by entities in other countries which also have adopted IASB standards. This should allow for greater understanding of financial statements worldwide, and lead to a more efficient flow of capital acros s national boundaries. The IASB has signed an agreement with the Financial Accounting Standards Board (FASB), the body responsible for issuing accounting standards in the United States. The agreement requires both bodies to work together towards convergence of global accounting standards. The aim is to agree on high-quality solutions to existing and future accounting issues. If such agreement could be reached, potentially there would be one set of global accounting standards. Arguably, for better or worse, the result of this agreement appears to be a gradual adoption of FASB standards by the IASB as its own. International Financial Reporting Interpretations Committee (IFRIC) The IFRIC has the task of reviewing on a timely basis, within the context f existing international accounting standards and the IASB framework, accounting issues that are likely to receive divergent or unacceptable treatment in the absence of authoritative guidance, with a view to reaching consensus as to the appropriate accounting tre atment. The IFRIC considers issues of reasonably widespread importance, and not issues of concern to only a small set of enterprises. The interpretations cover: (newly identified financial reporting issues not specifically dealt with in IFRSs (issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop in the absence of authoritative guidance, with a view to reaching a consensus on the appropriate treatment. The AASB has adopted the Interpretations issued by the IFRIC for use by Australian companies as from 1 January 2005, and modifies them if necessary for the not-for-profit sector in Australia. Australian Securities and Investments Commission (ASIC) The ASIC is an independent government body set up to enforce and administer the Corporations Act and financial services laws to protect consumers, investors and creditors. ASIC regulates and informs the public about Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit. The Australian Securities and Investments Commission Act 2001 requires ASIC to: (uphold the law uniformly, effectively and quickly promote confident and informed participation by investors and consumers in the financial system (make information about companies and other bodies available to the public (improve the performance of the financial system a nd the entities within it. One of the roles of ASIC is to reduce fraud and unfair practices in financial markets and financial products so that consumers can use them confidently and companies and markets can operate effectively. In an accounting context, as part of its role, ASIC also attempts to ensure that a company’s financial statements lodged with it under the requirements of the Corporations Act comply with accounting standards, if applicable. Australian Securities Exchange (ASX). The ASX is a public company operating Australia’s share markets. It oversees both the shares and future exchanges. In an accounting context, it is particularly concerned with improving the disclosure of information in the financial reports of companies listed with it on the various stock exchanges throughout Australia. It exercises its influence by way of the Listing Rules — a set of rules with which companies must comply if they wish to be listed, and remain listed, on the stock exchange. Financial Reporting Panel (FRP) The FRP, established in 2004, has the function of resolving disputes between the Australian Securities and Investments Commission and companies concerning accounting treatments in their financial reports. The purpose for establishing FRP is to remove the need to initiate legal proceedings in Court in order to resolve a financial reporting matter. FRP is designed to provide an efficient and cost effective way of dealing with disputes, the opportunity to be heard by persons with relevant expertise, and remove concerns about the courts' limited understanding of accounting standards. 14. To which entities do accounting standards apply? Discuss the nature of a reporting entity, and consider reasons for the concept being replaced by one of public accountability. Accounting standards apply to the general-purpose financial statements/reports of entities which are â€Å"reporting entities† and also to those entities which decide to prepare general-purpose financial statements even if they are not reporting entities. The AASB, in SAC 1, provided the following definition of a reporting entity: Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users who rely on the entity’s general purpose financial report for information that will be useful to them for making and evaluating decisions about the allocation of scarce resources. There is no definition of a reporting entity in the IASB’s Framework at this stage. All reporting entities are subject to accounting standards when preparing their general-purpose financial statements. Entities such as small proprietary companies, family trusts, partnerships, sole traders and wholly owned subsidiaries of Australian reporting entities will normally not be required to prepare general purpose statements in accordance with accounting standards. Following the release of the IASB’s Exposure Draft of a Proposed IFRS for Small and Medium-Sized Entities, (SMEs) published in February 2007, the AASB issued, in May of that year, Invitation to Comment ITC 12, proposing to revise the differential reporting regime in Australia by switching the focus away from whether an entity is/is not a reporting entity to whether the entity (subject to a size test) is required to prepare a general-purpose financial statement/report and is publicly accountable. â€Å"Public accountability† is defined in the IASB’s ED on SMEs as accountability to those present and potential resource providers and others external to the entity who make economic decisions but who are not in a position to demand reports tailored to meet their particular information needs. An entity has public accountability if: (a) it has issued (or is in the process of issuing) debt or equity instruments in a public market; or (b) it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension (or superannuation) fund, mutual fund or investment bank. The implications are that if an entity is publicly accountable or satisfies a size test then it will be required to apply Australian equivalents to IFRSs in its general-purpose financial statements. If it is not publicly accountable, and does not meet the size test, then the entity need apply the Australian equivalent of IFRS for SMEs only. See figure 1. 3 in section 1. 9. 2 of the text for a flowchart showing the ITC 12 proposed changes, which, at the time of writing, are expected to be accepted by the AASB for 2009 and beyond: CASE STUDIES Case study 1: Legal obligations Visit the website of the Australian government’s Attorney-General’s Department dealing with the law (www. comlaw. gov. au) and find the Corporations Act 2001. Assuming that you are the director of a small proprietary company, find the â€Å"small business guide† and learn of your obligations under the Act for managing your business. Prepare a brief report for the tutorial class. The Small Business Guide in the Corporations Act can be found following Section 111J. The guide summarises the main rules in the Corporations Act (the Corporations Act 2001) that apply to proprietary companies limited by shares—the most common type of company used by small business. The guide gives a general overview of the Corporations Act as it applies to those companies and directs readers to the operative provisions in the Corporations Act. Students, in their capacity as would-be directors, are required to present a report to the class, summarising the requirements of the Guide. Such topics to be covered include: †¢ The meaning of registration, including shareholders’ and directors’ liabilities †¢ Rules for internal management of a company †¢ Company structure and setting up a new company †¢ Continuing obligations once the company is set up †¢ Company directors, secretaries and shareholders †¢ Who can sign company documents †¢ Funding the company’s operations †¢ Returns to shareholders Annual financial reports and audit †¢ Disagreements within the company †¢ Companies in financial trouble Case study 2: The AASB Visit the website of the Australian Accounting Standards Board (www. aasb. com . au) and find out the following items: †¢ Who is the Chairman of the AASB? †¢ Who are the members, and which organisations do they represent? †¢ Which accounting standards have been issued in the past year? †¢ Why are there differences in the numbering systems for current accounting standards (eg. AASB x, AASB xxx and AASB xxxx)? †¢ What are the current projects (if any) that the AASB is working on in cooperation with the IASB? Assuming that you already have access to the AASB website: Chairman of the AASB Go to AASB Board, then Current Board Members . Current chairman is David Boymal Members of the AASB and organisations represented Stay in the same location and the names and organisations represented on the AASB are all shown. Don’t forget to include the observers as well. Comment: too many people from Melbourne No academics on the board? Accounting standards issued in the past year: On the AASB website, go to Quick Links, then Standards. Read from Table 1 all of the standards issued in the last year. Different numbering systems for standards See Pronouncements for information, plus the section 1. 7. 4 in the text. AASB x represent those standards adopted by the AASB from the IFRSs of the IASB AASB xxx represent those standards adopted by the AASB from the IASs of the IASB and its predecessor the IASC AASB xxxx represent those standards issued exclusively by the AASB for companies in the Australian context In addition, the AAS standards consist of standards issued by the AASB for special organisations e. g. superannuation plans, government Current projects On the AASB website, go to Work in Progress, then Projects. It would appear that there are no specific projects at the moment being worked on by the AASB in cooperation with the IASB. The AASB is one of several standard setting boards that liaise with the IASB and merely provide submissions to the IASB on various topics. See also AASB Submissions to the IASB on the website. Also check the News section and Latest News on the website. Case study 3: Setting up a company Visit the website of the Australian Securities and Investment Commission (www. asic. gov. au) and find the form(s) that you must fill out to start a company, assuming that you wish to set up a small proprietary company to take over your current successful business, which has been operating as a partnership (with three partners) in the past. On the website of the ASIC, go to Download forms, select the form 201 for Registering a company. Students should print the form and fill it out as if they wish to set up a proprietary company, with more than one owner shareholder. Case study 4: The IASB Visit the website of the International Accounting Standards Board (www. iasb. org. k) and find and report to the class on the following pieces of information: †¢ The Memorandum of Understanding of 2005 between the IASB and the FASB of the United States †¢ Which accounting standards have been changed as a result of the Memorandum of Understanding †¢ The membership of the IASB and whic h countries the members come from †¢ The goals of the IASB 1. Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. In relation to the Memorandum the IASB website states: After their joint meeting in September 2002, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their Norwalk Agreement in which they ‘each acknowledged their commitment to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, the FASB and the IASB pledged to use their best efforts †¢ to make their existing financial reporting standards fully compatible as soon as is practicable and †¢ to co-ordinate their future work programmes to ensure that once achieved, compatibility is maintained. At their meetings in April and October 2005, the FASB and the IASB reaffirmed their commitment to the convergence of US generally accepted accounting principles (US GAAP) and International Financial Reporting Standards (IFRSs). A common set of high quality global standards remains the long-term strategic priority of both t he FASB and the IASB. 2. Accounting standards changed/ to be changed as a result of the Memorandum of Understanding On the IASB website, go to About Us, then click on About IASB, and then on the Memorandum of Understanding with the FASB. A full pdf version of the Memorandum can be found here. Not many standards have yet been changed, but plenty of standards are on the agenda for change. From the Memorandum , the topics for short-term convergence include: To be examined by the FASB |To be examined by the IASB | |Fair value option* |Borrowing costs | |Impairment (jointly with the IASB) |Impairment (jointly with the FASB) | |Income tax (jointly with the IASB) |Income tax (jointly with the FASB) | |Investment properties** |Government grants | |Research and development |Joint ventures | |Subsequent events |Segment reporting | |FASB Note: |IASB Note: | |*On the active agenda at 1 July 2005 |Topics are part of or to be added to the IASB’s short-term | |** To be considered by the FAS B as part of the fair value |convergence project, which is already on the agenda. |option project | | Longer term projects include the following, from the Memorandum of Understanding: The boards set the following goals for 2008 for convergence topics already on either their active agendas or the research programmes: |Topics already on an Active Agenda | |Convergence topic |Current status on the FASB |Current status on the |Progress expected to be achieved by 2008 | | |Agenda |IASB Agenda | | |1. Business combinations |On agenda – deliberations in|On agenda – |To have issued converged standards | | |process |deliberations in |(projected for 2007), the contents and | | | |process |effective dates of which to be determined | | | | |after taking full account of comments | | | | |received in response to the Exposure Drafts. | |2. Consolidations |On agenda – currently |On agenda – no |To implement work aimed at the completed | | |inactive |publication yet |development of converged standards as a | | | | |matter of high priority. | |3. Fair value measurement |Completed standard expected |On agenda – |To have issued converged guidance aimed at | |guidance |in the first half of 2006 |deliberations in |providing consistency in the application of | | | |process |existing fair value requirements. 1 | |4. Liabilities and equity |On agenda – no publication |On agenda (will follow |To have issued one or more due process | |distinctions |yet |FASB’s lead) |documents relating to a proposed standard. | |5. Performance reporting |On agenda – no publication |Exposure draft on a |To have issued one or more due process | | |yet |first phase |documents on the full range of topics in | | | | |this project. | |6. Post-retirement benefits |On agenda – deliberations |Not yet on the agenda |To have issued one or more due process | |(including pensions) |underway on the first phase | |documents relating to a proposed standard. | | |of multi-phase project | | | |7. Revenue recognition |On agenda – no publication |On agenda – no |To have issued one or more due process | | |yet |publication yet |documents relating to a proposed | | | | |comprehensive standard. | The objective of the goals set out above is to provide a time frame for convergence efforts in the context of both the objective of removing the need for IFRS reconciliation requirements by 2009 and the existing agendas of the FASB and the IASB. The FASB and the IASB will follow their normal due process when adding items to the agenda. Items designated as convergence topics among the existing research programmes of the boards include: |Topics already being researched, but not yet on an Active Agenda | |Convergence topic |Current status on the FASB|Current status on the IASB|Progress expected to be achieved by | | |Agenda |Agenda |2008 | |1. Derecognition |Currently in the |On research agenda |To have issued a due process document | | |pre-agenda research phase | |relating to the results of staff | | | | |research efforts. | |2. Financial instruments |On research agenda and |On research agenda and |To have issued one or more due process| |(replacement of existing |working group established |working group established |documents relating to the accounting | |standards) | | |for financial instruments. | 3. Membership of IASB and member countries Go to the IASB website and see, About us. Click on About IASB and there you will find the information about the Chairman, currently Sir David Tweedie, the Vice-Chairman and all members of the IASB, and the countries from which they came by reading each person’s information sheet. 4. Goals of the IASB Go to the IASB website and see About us. Click on About IASB and there you will find the IASB objectives. Case study 5: ASIC Visit the website of the Australian Securities and Investments Commission (www. asic. gov. au) and find out and report to the class on the following: †¢ Who the ASIC is and its role †¢ The tips given to prospective shareholders regarding the reading of a company’s prospectus †¢ A list of the policy statements and practice notes issued by the ASIC †¢ â€Å"What’s new† to the website. 1. ASIC and its role On the ASIC website, go to About ASIC and look up Our Role 2. Tips to prospective shareholders re prospectuses From the ASIC website visit FIDO, the ASIC’ s consumer website. From there, go to check our lists and click on prospectuses. The ASIC has information about prospectuses which changes quite regularly. See what tips you can find about prospectuses, assuming that you are a prospective investor. 3. Policy statements and regulatory guides issued From ASIC’s home page, go to Publications and then to Policies. Both the policy list and the regulatory guides are accessible here. 4. What’s new See ASIC’s home page, and What’s New features on the home page.

Cause and solution of environmental degradation Essay

Environmental degradation is not a new thing, it has been happening all over the world for centuries. The problem is that it is now occurring at a much faster rate, therefore not leaving enough time for the environment to recover and regenerate. Some of environmental degradation types are fossil fuel burning, waste disposal and deforestation. To begin with, the burning of fossil fuels by humans is the largest source of emissions of carbon dioxide, which is one of the greenhouse gases rise into the air and contribute to global warming, which threatens the health of the oceans and the diverse organisms living there. In order to eliminate this pollution, people would rather replace fossil fuels with renewable energy sources such as wind power, solar power, burning waste and water power. It is achievable for everyone but fossil fuels are very limited and becoming exhausted. Another factor which causes environmental degradation is waste disposal. In commerce, businesses mostly use non-biodegradable packaging, which many years to decompose, to reduce expense extremely. Industrial waste often contains chemicals eliminating directly to the sea without treatment which can lead to the pollution of water supplies. Moreover, household waste such as plastic and glass bottle without recycling is buried underground possibly causing land pollution. To improve the current environment issue, Government should release a policy for businesses, factory and household to concern about waste treatment, which is often omitted because of high cost. Businesses should use green packaging which is easy to decompose gradually, waste treatment process should be installed in factories and citizens must begin to recycle goods and packaging whenever possible. Deforestation is one of the main reasons causing environmental degradation. It is an act of clearing forest in order to accommodate agricultural, industrial or urban use. If this deforestation is not stop or controlled, the consequence could be soil degradation and erosion, changes in climatic conditions and destruction of natural habitats. In order to ameliorate deforestation, the local authorities should pay attention on forest reservation, encourage local people taking part in growing tree campaign or build green belt around urban area. To sum up, environmental degradation is becoming more and more serious worldwide. Governmental and social organizations should contribute actively to help people acknowledge the important of environment conservation.

Six Features of an Effective Total Rewards Program Essay

Six Features of an Effective Total Rewards Program - Essay Example The best way to gain profits and achieve commercial success is through employee compensation both in cash and kind. The cash benefits include wages and salary, while benefits in kind include fringe benefits and perquisites. The employee rewarding programs are critical to success of the organizations in recent times. Tesco PLC, the British multinational (MNC) grocery and merchandise retailer, is well-known for the compensation plan offered to its sales force (Armstrong & Taylor, 2014). The company provides simple, competitive and sustainable rewards to the staff, which help to build loyalty and trust amongst the employees and ensure their retention. The staff is paid quite high and the amount is around 7% more than three largest food retailers present in the market. Total reward program is a part of the sales force compensation plan. Many companies effectively conduct these programs so as to build loyalty and trust amongst employees. Six features of an effective total rewards program can be described as follows: Strong Compensation structure- The sales force can be motivated through premium and variable pay, besides the base salary. Premium pays can be in the form of on-call, shift differential, call-in, hazard, bi-lingual and skill based pay (Tetrick & Haimann, 2014). Variable pay, on the other hand, can be offered as commission, team based pay, bonus programs and incentive pay. Incentives increase the feeling of self-actualization among employees. Top IT companies such as, IBM, offers employees undifferentiated variable and team based pay, thereby accelerating their level of morale and encouraging them to work for the organizational welfare (Armstrong & Taylor, 2014). Availability of Perquisites – These have the capacity to elevate the motivation level of sales force.

Should illegal immigrants unlimited access to care and who should be Essay

Should illegal immigrants unlimited access to care and who should be responsible such care - Essay Example Worth noting is the fact that many Americans have access to health care services because of the existing insurance plans. The United States healthcare sector has had to deal with increasing costs of providing health care (Yoshikawa, 2011). Therefore, taxpayers have the conviction that illegal immigrants should not be allowed free access to healthcare in the United States. On the other hand, other people argue that illegal immigrants make a significant contribution to the American economy a factor that entitled them to enjoying some of the benefits such as healthcare services. This paper will highlight the views of Americans regarding this issue. With the increasing numbers of the undocumented number of illegal immigrants into the United States, there has been an increasing pressure on the provision of health care services to such individuals. Many health care institutions have faced the compulsion of providing illegal immigrants with emergency health care services. Worth noting is the fact that emergency health care services seek to save lives and their provision should not depend on whether an individual is legally or illegally in the United States. The Federal Government has set aside a special Medicaid fund whose purpose is to subsidize emergency health care services for illegal immigrants (Newman, 2007). However, the fund can only cater for emergency services and does not provide preventive health care. Some Americans argue that illegal immigrants are getting more than they deserve. However, Americans should recognize that the illegal immigrants contribute to both the micro and macro economics of the United States. With such contributions, they deserve to have access to basic services such as health care and housing. Some schools of thought argue that denying illegal immigrants access to health care services is both impractical and unethical. All individuals living in the

Adopting a Healthy Lifestyle Essay Example | Topics and Well Written Essays - 1250 words

Adopting a Healthy Lifestyle - Essay Example The healthy lifestyle includes good feeding practices by eating a balanced diet, avoiding junk food†¦ doing regular exercise†¦Ã¢â‚¬  (Landow, 76) Thus, adopting a healthy lifestyle is important to resist different kinds of health problems and it is only possible if we eat a balanced diet, exercise and avoid stress. A balanced diet is essential for adopting a healthy lifestyle. Everyone has certain food preferences and perhaps this is one of the reasons why our diets are mostly comprised of a certain type of food. We tend to omit a lot of healthy foods just because we do not like their taste. For instance, people who like meat-based dishes are prone to consume lesser amounts of fresh foods like vegetables and fruits. Similarly, there are a lot of people who do not like dairy products. These are typical examples of imbalanced diets. Our meals should ideally comprise of healthy amounts of proteins, carbohydrates, minerals, vitamins, good fats and water. Thus it is important to explore new tastes and foods in order to include all the essential components of a balanced diet. Fast food like deep fried chicken or fish or potatoes, are richer in calories but low in nutritional value. We need to adapt our bodies slowly to a healthy lifestyle because it is not easy to curb our cravings for our favorite fast food. Alternately, we can also make some healthy changes to the ways our food is normally cooked. Our recipes can be made healthier if we reduce the number of fats and sugar in our everyday meals. Opting to grill or stir fry our meat and vegetables can greatly reduce our caloric intake and retain their nutrition. Eating fresh food is healthier than eating preserved, canned or processed food. This is because preserved food contains certain additives that may be unhealthy. Moreover, preserved foods are high in sugar or salt, which is also not healthy. It is indeed tempting to buy a can of peeled and diced fruits or vegetables rather than purchasing fresh fruit and vegetables and going through the trouble of washing and  peeling them.  

Locating Resources Assignment Example | Topics and Well Written Essays - 250 words

Locating Resources - Assignment Example The site offers readings about the effects of alcohol to health, side-by-side with policies that would create a win-win solution for alcoholic drinks producers and the consumers. Most of the resources regarding alcohol use are published by medical experts. But there are also resources by policy-makers with regards to the use and distribution of alcohol and making feasible interventions in preventing its misuse. The International Center for Alcohol Policies or ICAP is a non-profit organization that is supported by major alcoholic beverage manufacturers such as Heineken, Carlsberg, and Anheuser-Busch, and aims to reunite scientific and medical data with the responsibilities of these vendors in promoting proper use of alcohol by the consumers (International Center for Alcohol Policies, 2012). Upon browsing the ICAP website, reading resources such as the effects of alcohol in the body, interventions for alcohol abuse, journal articles about the effects of alcohol, and other publications related to the use and distribution of alcohol in many locations. There are also tools for policy-makers in creating guidelines and other rulings regarding alcohol distribution a nd consumption that could create win-win solutions for both the alcoholic beverage producers and the consumers. Resources for brewers and manufacturers such as those that align with the World Health Organization’s policies are also present, especially since the brewers are also held accountable with the use of alcohol, apart from the consumers themselves. Lastly, articles that were authored by ICAP experts and published in other respected journals are also available. While the website of ICAP is an indispensable tool for all people interested in alcohol and its effects, its main target audiences are policy makers and manufacturers of alcoholic beverages, since they deal with the business and legal aspect of product distribution. These people must be

Community and public health nursing outbreak Coursework

Community and public health nursing outbreak - Coursework Example Coronaviruses are mutual throughout the globe and infect both humans and animals. The effects of coronaviruses range from mild to moderate with others like the severe acute respiratory system causing severe effects. The paper will analyze coronaviruses presenting the effects and approaches the community can adopt in overcoming these conditions. The coronavirus that the paper will discuss is the Middle East respiratory syndrome coronavirus. Coronaviruses indicate a large family of human and animal viruses that lead to a range of illnesses. The Middle East respiratory syndrome coronavirus is caused by a virus and was first discovered in 2012 in Saudi Arabia. The disease assumed the word Middle East following its origin but has since spread to various regions. The coronavirus causes severe acute respiratory disease that result in death following the shortness of breath (CDC, 2015). Ever since the discovery in Saudi Arabia, the coronavirus has been reported in some other countries. These countries include Qatar in 2012, Jordan in 2012, United Kingdom in 2013, France in May 2013, United States in April 2014, South Korea in May 2015, China in 2015, and Lebanon (McIntosh, 2015). The primary source that triggered the Middle East respiratory syndrome coronavirus is yet to be established. The precise routes and modes of transmission from human to human have not been identified. However, there is clear evidence that the virus gets passed from one person to another. The Ministry of Health of Saudi Arabia (2014) recommends standard precautions for management of the transmission of the Middle East respiratory syndrome. The precautions should include contact and airborne methods when dealing with any suspected cases, probable or the confirmed cases. Those suffering from respiratory illnesses or hypoxemia are at a higher risk of acquiring the virus through elective procedures,

The transformation in the banking system in the lead-up of the Global Essay

The transformation in the banking system in the lead-up of the Global Financial Crisis - Essay Example The paper tells that the Global Financial Crisis started with the collapse of biggest (in terms of financial status and business of these companies) financial companies of the world, including Merrill Lynch and Lehman Brothers. The crisis situation became worst in 2007 when financial intermediaries like banks of USA were in a position to announce themselves as bankrupts. In this time the US government intervened into the matter and provided the necessary financial support to these banks and financial intermediaries and slightly controlled the crisis situation. The financial crisis situation occurred because of the strategy of those financial intermediaries to provide various types of loans, such as house loans, car loans etc., to individuals and business organizations. The crisis situation became worst when these loans or hedge funds have been circulated to different layers in the banking transactions all around the world. Increase in the layers of providing loans to different sectio ns of the world economy has caused these financial intermediaries to suffer from greater risks of default of loans. The risk has been at high because default of one of the person or organization could have resulted in the default of the entire system of circulation of loans. In the mid-2007 this has actually happened and the entire financial system of the country collapsed. This crisis situation eventually transferred into several other countries of the world, including developed countries like United Kingdom, Australia, New Zealand, Japan, and developing countries like India and China (James, 2011, pp. 19-22). With significant disturbance in the housing markets of USA economic and financial systems of countries across the globe has been disturbed and financial companies started to reduce their economic as well as financial activities which in effect reduced the level of economic activities across the globe. In the beginning of 2008, greater liquidity crisis in the US financial mark et and in the US banking system caused countries across the globe to suffer from severe financial crisis situation. The reduction in housing prices and real estate prices across the US caused many large financial intermediaries and banks to suffer from loss of capital and funds. These have eventually reduced the amount of investments made in the process of developing world economies and hence countries started to suffer from severe financial crisis as well as debt crisis. During this time most of the effected countries tried to implement various policies and strategies to transform the banking system to reduce the effects of the Global Financial Crisis (Campbell, 2011, pp. 217-219). Transformation of banking in New Zealand: After the introduction of the Global Financial Crisis in the period of 2007 and 2008, many countries started to implement various macroeconomic as well as various microeconomic policies in order to reduce the intensity of the crisis to affect these economies. New Zealand also affected badly like other developed nations of the world by the Global Financial Crisis and hence, the government of New Zealand took several policies to transform the financial system of the country into more financially stable and operationally strong position. The financial system

Søren Kierkegaard Essay Example for Free

Sà ¸ren Kierkegaard Essay 1. Some existentialist do believe in God and some do not. Being an existentialist does not necessarily involve denying the possibility of a higher power. Existentialism is a philosophical position that advocates 1) the individuals absolute freedom and full capacity to determine its place in the world; 2) the individual as indefinable, as outside of all systems and totalities. The individual is only defined on the basis of what they do, and with each action they change who they are. For Sartre, at least, we can only define what a person is when they have died. Existentialism is said to begin with Soren Kierkegaard, who is a Christian existentialist. For Kierkegaard, the human individual is outside of all systems, and is irreducibly singular. He is a Christian existentialist because he claims that a personal relationship with God is the highest accomplishment of human existence. As an existentialist, he opposes what he calls Christiandom, which is basically organized religion in which the individual loses itself in a group mentality. Religion is a personal event for Kierkegaard, not a communal one. Christian existentialism relies on Kierkegaards understanding of Christianity. Kierkegaard argued that the universe is fundamentally paradoxical, and that its greatest paradox is the transcendent union of God and humans in the person of Jesus Christ. He also posited having a personal relationship with God that supersedes all prescribed moralities, social structures and communal norms, since he asserted that following social conventions is essentially a personal aesthetic choice made by individuals. Kierkegaard proposed that each person must make independent choices, which then constitute his existence. Each person suffers from the anguish of indecision until he commits to a particular choice about the way to live. Kierkegaard also proposed three rubrics with which to understand the conditions that issue from distinct life choices: the aesthetic, the ethical, and the religious. 2. In this scenario, the essence of humanity, including both its end or purpose and the means to that end are all predetermined by God. Even though humans have free choice, they cannot change their God-given essence. A person might try to change his or her divine purpose of knowing and loving God by finding her true happiness in the purpose of such things like a talent or a habit. But if there heart is made in the image and likeness of God, there heart will be restless until it rests in God. Furthermore, if one accepts there true purpose as the knowledge and love of God but then tries to make up their own means or design for reaching that goal, that attempt will also likewise fail. The essence is God-created as to both the overall purpose of humanity and the general means to that goal, and human freedom cannot change human nature. Sartre uses this example of the paper-knife in order to explain the difference between existence preceding essence and essence preceding existence for everything else. Because the paper-knife has a pre-decided essence of opening letters or cutting apart the pages of a book, its useless when there are no books around. Man, on the other hand, can never be put in this position, since man has no pre-determined essence. So human beings can never be useless because they never had a previous defined use. 3. If God has created man and his nature, man cannot claim the primacy of his existence. Therefore, if existentialism makes human life possible in the aforementioned sense it cannot treat the question of God as a purely theological or academic issue. On the contrary, the way how we resolve the question whether God exists or not will determine the character of human self-understanding and the general condition of man in the world. Sartre says that the problem of Gods existence is not the issue for existentialism. What he means by this is not that existentialism is not interested in the question but that it has already resolved it given the need of man to regain himself as the creator of his own world. Or better to say, human reality proves that man is responsible for himself. In other words, nothing can save him from himself, not even a valid proof of Gods existence. On the other hand, if we believe that God has created man in his own image then, according to Sartre, we have to admit that human essence, as conceived by God, precedes existence. The reasoning will have the following pattern: If God exists, the essence precedes existence. God exists. Therefore essence precedes existence. 4. Sartre explains the priority of human existence in this way: Man first exists, turns up, appears on the scene, and only then defines himself. Sartre does not want to say that eating and sleeping is more important than anything else which is a kind of luxury in life. He admits the biological priority of basic functions but claims that what is built upon it is by far more decisive. As Sartre says later on, every man performs an absolute act in breathing, eating, sleeping or behaving in any way whatever, but this act does not constitute human essence who we are, only a configuration within which an already present existence shapes its own essence. To be sure, man exists like a configuration before he can be defined by any concept and hence his existence should be the basis for any posterior definition of his nature, not the other way round. But his nature is that he does not have a nature, at least initially when he appears in the midst of other beings. Therefore biological life does not equal human existence nor essence. The point here is that what man is (the traditional nature of man) is not determined by any pre-existing essence, not even the biological nature. Man himself decides whether he is going to be a grumpy and nasty person or a kind and caring infividual, a miserable creature or an energetic and optimistic human, a murderer or an artist, an obedient subject or a free spirit Sartre phrases the statement (a) existence precedes essence as synonymous with (b) subjectivity must be the starting point. This is obvious from the fact that he accompanies the former with an or: existence precedes essence, or, if you prefer, subjectivity must be the starting point. 5. Sartre phrases the statement (a) existence precedes essence as synonymous with (b) subjectivity must be the starting point. This is obvious from the fact that he accompanies the former with an or: existence precedes essence, or, if you prefer, subjectivity must be the starting point. There are several difficulties with this though. First, even if we follow Sartres expectation to accept his or between the two propositions as indicating a synonymous meaning it remains questionable . Subjectivity is obviously taken in the Hegelian sense, as the core of autonomy and self-reflection. Second, while the contention (b) is really faith blind, (a) is not. On the contrary, theists cannot accept it if it entails the non-existence of God. 6. Sartre calls this Subjectivity but explains his meaning to avoid misunderstanding. Subjectivity –We mean that man exists first and he is capable of realizing this. He uses his â€Å"will† to make conscious decisions and he is held responsible for his actions because his existence and free choice precedes his essence. Subjectivism can mean that an individual chooses and makes himself . In the second sense, it means that â€Å" it is impossible for man to transcend human subjectivity. † 7. The anguish results from the direct responsibility toward others who are affected by our actions. ANGUISH. It is in anguish that we become conscious of our freedom. My being provokes anguish to the extent that I distrust myself and my own reactions in that situation. We must make some choices knowing that the consequences will have profound effects on others like a commander sending his troops into battle. In choosing for ourselves we choose for all humankind. We experience anguish in the face of our subjectivity, because by choosing what we are to do, we ‘choose for everyone’. When you make a decision you are saying â€Å"this is how anyone ought to behave given these circumstances. †Many people don’t feel anguish, but this is because they are â€Å"fleeing from it. † If you don’t feel a sense of anxiety when you make decisions, it’s because you are forgetting about your â€Å"total and deep responsibility† toward yourself and all of humanity. 8. Our choices are a model for the way everyone should choose. If we deny this fact, we are in self-deception. If we say, Everyone will not act as I have done, then we are giving a universal value to the denial. There are no omens; there are no signs by which to decide. We are responsible for ourselveswe are the sole authority of our lives. We cannot give up this responsibility except through self-deception or bad faith. Because man is free and at the same time responsible. A man who involves himeslf cannot escape the feeling of immense, deep and total responsibility for his actions and for other men. Man is responsible not only for the person he chooses to be but also for other men. He stakes himself out by choosing both himself and all mankind. His actions are inevitably actions of a lawmaker. Man is constantly in anguish not because he makes daily trivial choices but, as Sartre stated in the discussion following the lecture, (a) because his original choice is constant but uncertain and (b) there is no justification for the choice made. 9. Quietism is the attitude of people who say, â€Å"Let others do what I can’t do. † The doctrine I am presenting is the very opposite of quietism, since it declares, â€Å"There is no reality except in action. † Moreover, it goes further, since it adds, â€Å"Man is nothing else than his plan; he exists only to the extent that he fulfills himself; he is therefore nothing else than the ensemble of his acts, nothing else than his life. One of the biggest objections was that it was a pessimistic philosophy that encouraged people to dwell in quietism of despair . In his essay, Existentialism is a Humanism, Sartre attempts to prove that existentialism is probably the most optimistic doctrine available to modern man by attempting to answer other objections brought against existentialism. However, I do not believe that Sartre is completely successful at presenting his doctrine as optimistic and giving valid responses to the many objections. 10. Sartre writes, Values in actuality are demands which lay claim to a foundation. (Ibid. p.46) But if the foundation of values were found in facts, then what would be valuable would be determined by facts and my will would not be in control of its own values; my will would not be master of itself. But if my will is the source of values, then this foundation is a foundation that can be changed at any time and it is possible for me to have no values whatsoever. It follows that my freedom is the unique foundation of value and that nothing, absolutely nothing justifies me in adopting this or that particular value, this or that particular scale of values. As a being by whom values exist, I am unjustifiable. My freedom is anguished at being the foundation of values while itself without foundation. You can’t judge sincere choices, but you can judge self deceit. For example when someone blames their actions on their passions or determinism, implying that they could not help what they did and so are not responsible. Or when someone says that certain values are ‘incumbent’ on us, i. e. the values, or duties, impose themselves on us so we have to follow them, we have no choice. If someone chooses to deceive himself you can’t judge this morally, but can judge it as an error. Furthermore you can judge it morally, because freedom can have no end but itself. To value anything is to choose it. So if we were not free to choose anything there could be no values. So freedom is the foundation of all values. So to value anything we are thereby valuing freedom itself. But we cannot value our own freedom without valuing others’ freedom. So if someone else denies that they are free, they are denying something that we value, and so we can judge them morally. Satre argued that existentialism was a kind of tough optimism. First to realise that there is no god taking care of our action or guiding us. Subjectivism leads to a forlornness and then the despair of being responsible for our own actions and probabilities gives way to freedom. The realization that what we achieve for ourselves is up to us. When we realise and accept this state of existence we are left with only possibilities. What we do with them can become a kind of despair but hope and change is always possible. The fact man is condemned to be free. It is from this existence that we create an essence for ourselves and not the other way round. It is a anti-fatalism and pro-determinism. By asserting that human action is futile, if not impossible, existentialism invites people to remain in a state of desperate quietism, resigned and passive. Existentialism itself ends up in a kind of contemplative bourgeois philosophy (just observing the world) lagging behind the demand of Marx 11th Thesis on Feuerbach which stipulates that philosophy should change the world not only look at it. The word bourgeois in the charge was linked to luxury in the sense of being redundant and unnecessary.

Swot South Beauty Essay Example for Free

Swot South Beauty Essay A SWOT Analysis is a tool that identifies the strengths, weaknesses, opportunities and threats of an organization. This basic, straightforward model assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of the SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once it is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve the desired results. Strengths * Brand Strategy and positioning. The Group’s branding strategy focuses on brand differentiation to cater a wide range of customers. The newest brand of the group, SUBU focuses on innovative healthy food for younger and more fashionable office workers, the LAN Club is the luxury brand that targets the upper-class dining segment of successful businesspeople aged over 45 years, and South Beauty, the Group’s flagship brand that targets upper-middle class segment of businesspeople aged from 30 to 45 years. No competitor in the Chinese restaurant market has such brand format. Almost all of them operate their single brands without clear brand positioning so their brand image is quite inferior to the Group’s. * Consistent brand identities. The company has built consistent brand identities by launching some outdoor and print advertisement. The company also explore cooperation with certain international airlines, including Air France and KLM Royal Dutch airlines, to provide business travelers flying between China and Europe with South Beauty-branded Chinese dishes. * Innovation. The company is regarded as an innovative company, with 55 percent annual growth. The South Beauty restaurant also introduced several innovations and improvements with regard to traditional Sichuan food, not only in terms of new raw materials, but also the process of preparing the dishes and the customer experience. The Group developed a range of innovations with regard to Sichuan cuisine but also added certain Cantonese cuisine and other flavors to its menu. One of the group’s biggest and most ambitious innovations is the combination of Chinese and Western cuisine that breaks with tradition and creates original new flavors. It is the first Chinese restaurant to offer Chinese food in a western style, and the first to mix food presentation with artistic views. * Differentiation in cuisine. Some of the factors that make the Group’s cuisine different from others are the strict requirements placed on raw ingredients, the innovation on traditional cuisine, the exacting criteria placed on a dish’s nutritional value, and the strong emphasis on the visual appeal of each dish. * Location and Pricing. The Group’s restaurants are located in top-notch office buildings in key cities. Meals are also expensively priced to cover costs, but because of the brand’s reputation and image, consumers are willing to pay the high prices. This combination of high-end location and high pricing were helpful in developing the upper-middle class brand image. * Interior decoration and ambience. Each South Beauty restaurant had a different decor, designed by well-known artists in the field. It is Zhang Lan’s belief that people should come to the restaurant not only for the food but also for the ambience. * IT applications. Advanced IT applications enhanced the image of the restaurant and improve efficiency. For example, the Group built its own CRM system to record customer information and use that information to provide tailor-made services and make promotional communications. These IT applications give the Group an edge because they are quite innovative for the traditional Chinese catering industry as most restaurants remain committed to their old ways of operating their businesses. * People management. Zhang Lang was a firm believer that a dedicated workforce could overcome challenges pertaining to financial capital and market potential, so the Group strove to apply performance management techniques with regard to the management team. It also worked with a consulting firm to design a new people management system to motivate the staff. The group also initiated a large-scale training program for the staff. * Synergies. The use of the company’s central management to achieve synergies has caused the South Beauty Group to develop functional management expertise at its head office with a view to coordinating the management of its restaurants, all of this helps brainstorm ways to differentiate the Group from its competitors to capture market share. * Expansion. South Beauty Group is not only looking to expand further in China ut is also looking for an international presence. * Right target group. Because of the booming economy in China, the business meals had more potential than the other segments because they could absorb higher prices. These business-people were not satisfied with simple eating and drinking- they required more in terms of the restaurant’s environment or ambiance. These businesspeople are the target consumers of the South Beauty Group. * Leader in the niche market of high-end Chinese dinner: South Beauty’s share was more than 7%  Weaknesses * Ranking in the high-end Chinese dinner segment. Among the top 100 restaurant companies in China in 2007, 10 were in this segment, with the leader being Shanghai Jingiang (ranked 4) and Beijing Shunfeng (Ranked 18). South Beauty’s ranking was 72. * Poor diversity on types of cuisine. The high-ranked competitors focused on various Chinese cuisines, but South Beauty only focused on Sichuan cuisine, so it could not compete with these restaurants in terms of cuisine. * Fake Restaurants and inability to protect its brand. The most crucial issue for South Beauty was that of restaurants claiming to be South Beauty franchisees. In 2005, there were at least 16 â€Å"fake† restaurants in cities South Beauty has not penetrated. The imposters used the same Chinese name as South Beauty with one or two additional Chinese characters to attract innocent customers and provided them with poor service and atmosphere. The unhappy customers however, complained to the â€Å"real† South Beauty. This hurts the brand image and reputation of the Group. * Authenticity of Sichuan food. In cities with higher incomes (where South Beauty’s target customers are mainly located), consumers had more choices of restaurants and made selections based on word of mouth. 63 percent of consumers obtained restaurant information from word-of-mouth publicity, so while a restaurant review web site state that South Beauty promoted â€Å"Refined or Improved Sichuan Food†, in other places, such as Chengdu, the birth place of Sichuan food, customers were of the opinion that the Sichuan food offered by South Beauty was not as spicy as the original cuisine. Other did not view South Beauty as a genuine Sichuan food restaurant. If consumers were looking for authentic Sichuan food, after hearing these opinions on the street, they were more likely to pick another restaurant. * Inability to do things in a standardized way to cut down costs and improve efficiency. The management team did not halt their efforts to improve the Group’s operational efficiency through standardization, which was also the foundation for scaling up. * Minimal market share in the Chinese Restaurant Market. The market share in South Beauty in the total industry was less than 0. 1 percent. Opportunities * Expansion. The Group is seeking to expand its operations from the existing 20 restaurants in China to a total of 100 worldwide (35 in China and 65 in the international market) over the next three years. * Standardization. The standardization of the process of preparing the dishes is a big opportunity to increase efficiency and quality. * Entry into new businesses. The Group wants to diversify into business of partially cooked frozen foods for retail outlets and airline catering. The Group’s market share in the Chinese dinner category was an estimated 2 percent in 2006. There is great to room to increase this market share. * Ability to invest heavily in various elements, interior decorating being one of them. No competitor is able to invest so heavily. * Cuisine diversity. South Beauty only offers Sichuan cuisine. While a typical Chinese restaurant offers one or two cuisines, expa nding into more than 2 different cuisines could give the Group a source of differentiation. * Becoming an international brand. According to Zhang Lan â€Å" (†¦) Now is the time to expand. We have met success in China, and now we wish to build an international brand, which will have a presence in New York, Paris, London, Milan, Geneva, Tokyo and other important international cities of the world. † it is projected that the Group will have 30 restaurants in short term and 100 outlets in the next three years, of which 35 restaurants would be located in China and 65 in the international market in cooperation with strategic partners in Tokyo, New York, and other cities. Threats * Some competitors of South Beauty have been able to overcome the obstacle of production and prepare Chinese dishes in a standardized way faster than South Beauty, so they are able to cut down costs and realize bigger profits. * Belief among certain consumers that the Sichuan food that South Beauty serves is not authentic because this can cause consumers to search for more â€Å"authentic† options in competitors. * â€Å"Fake† South Beauty restaurants. They make the brand look bad and downsize the brand’s reputation and positioning. * With such large ideas for expansion, if the capital needed is not raised, this could pose a threat not only for future expansion but also for future growth in China. * Operational efficiency that needs to improve: the management team did not halt their efforts to improve the Group’s operational efficiency through standardization, which was also the foundation for scaling up. Each South Beauty restaurant carried 380 items on the main menu. Raw materials depended on local suppliers, and the quality of each dish relied on the experience of the chef. Although there was a team with three main chefs at the head office to develop new dishes and control the quality, the process of standardization is still in its beginning phase. If standardization is not achieved soon, the Group may lose some of its market share to competitors that do achieve it soon because they will be able to cut down costs that will translate into cheaper prices.

Ifugao Culture: Ethnographic Research

Ifugao Culture: Ethnographic Research Name of culture What is the name of your chosen culture? What is the meaning of the name in English? Do the people in your culture call themselves this name if not, what do they call themselves and what does it mean in English? Do neighboring groups call them something else? If so, what is that, and what does it say about relations between the two groups? Add your own ideas The name of the chosen culture is Ifugao. The origin of the Ifugao comes from the term Ipugo, which means from the hill. According to their mythology, their name is derived from Ipugo which refers to the rice grain given to them by their God, Matungulan. Also, others say that the name comes from the word I-pugaw which loosely translates to inhabitants of the earth. Neighboring people refer to the Ifugao people as Kiangianl. Today, the people who inhabit this province refer to themselves as the Ifugao, although the area contains people who are not. Where is your culture located? The Ifugao culture inhabits an area of roughly 750 to 970 square miles in northern Luzon, which is located in the Philippines. The culture resides in the most rugged and mountainous parts of the Philippines, which is high in the Gran Cordillera Central in northern Luzon. The Gran Cordillera Central of Northern Luzon is consumed with a wide variety of natural areas. According to Fowler, The Gran Cordillera Central of Northern Luzon is a jumbled mass of lofty peaks and plummeting ravines, of small fecund valleys cleaved by rainfed, boulder-strewn rivers, and of silent, mist-shrouded, moss-veiled forests wherein orchids in their deathlike beauty unfold like torpid butterflies. The mountainous peaks rise from 1,000 to 5,000 meters and are drained by the waters of the Magat River. According to Siangho, Their neighbors to the north are the Bontco; to the east Gaddang; to the west Kankanay and Ibaloy; and to the south the Ikalaham and Iwak. It is believed the Ifugao were likely inhabitants of the nearby fertile plains, which is greatly opposite of their current dwelling. It is also believed that they were driven out of these plains by Malaysians because of their superior weapons. This is why they currently reside in the mountain side. The Republic of the Philippines is an archipelago of approximately 7,000 islands. The first people arrived about 100,000 years ago. These individuals were hunters and gatherers who survived off of the lands basic resources. Thousands of years later, people arrived from Asia and brough with them agricultural skills and social structure. From this cross-cultural intermingling, a culture was created and the Philippines was born. Language What language do people in your culture speak? Provide some details about the language specifically, the language family it belongs to, and an interesting fact or two about its structure. (Example: in Sinhalese, at the end of an interrogative, you have to add a special question mark word.) Add your own ideas The language name of the Ifugao people is Ifugao. The language family proceeds like this: Austronesian Malayo-Polynesian, Northern Luzon South-Central, Cordilleran Central, Cordilleran Nuclear, and then Cordilleran Ifugao. Therefore, the language family of the Ifugao language is Malayo-Polynesian. There are Four divergent dialects of the Ifugao language: Amganad, Batad, Mayoyao, Tuwali, each with distinct varieties: Amganad: Burnay Ifugao, Banaue Ifugao; Batad: Ayangan Ifugao, Batad Ifugao, Ducligan Ifugao; Tuwali: Apao Ifugao, Hungduan Ifugao, Lagawe Ifugao. As stated by The Ifugao native people, The Ifugao have a language that changes from village to village. Dialect and change of pronunciation can make it a real challenge to maintain a conversation between neighboring villagers. However, an official language dictionary has been produced. Settlements Population within Ifugao society in the twentieth century has varied anywhere from 60,000 to over 100,000. According to Malone, Population density in some areas approaches 400 per square mile. The only architectural structures noted for this group of people are the houses in which they reside and their extensive rice patties that extend from halfway up the mountain side all the way down to the bottom of the valley. The Ifugao people live in hamlets. These are like tiny communities that are located alongside the mountain near an owners rice patty. There are approximately 8 to 12 houses per hamlet. There are also building for the unmarried, which is discussed later in this assignment. Houses Describe the houses in your culture (straw huts, mud walled thatched roof dwellings, etc.). Be as detailed as possible, including size, layout, materials, colors, even prices if available. Who lives in a typical house? Women, men, children, elderly? Animals? Add your own ideas The houses of the Ifugao people are very small. The typical household consists of the nuclear family. A nuclear family is a family consisting of only a mother, father and their children. Once a child becomes a teenager and he or she is old enough to take care of his or herself, they go in live in either boy or girl homes. Typically the Ifugao house sits on four sturdy posts, with no windows. According to Fowler, Inside there is an open earth and stone fireplace for cooking and floor mats for sleeping and sitting. Family paraphernalia, such as baskets, bowls, clothing, skills (human and animal), and magic items, are hung from the walls or stacked on carved shelves. Although Ifugao houses vary little from this basic configuration, houses of nobility often feature differences, such as massive Hagabi lounging benches, decorated attic beams, kingposts and doorjambs carved with human effigies, and ornate exterior frezies portraying pigs, carabao and other animals. The adults and their smaller children (ones who can not take care of themselves) live together while children who can maintain their own lifestyle live in different houses. When the teenagers reach the age where they become interested in the opposite sex, the male teenagers leave their house during the day to meet females in other houses. From this intermingling, couples eventually form. Soon after a girl becomes pregnant, the couple will wed. After marriage, the couple will either build their own home, live in a home of someone who has died without kids, or live in a home left by one of their parents. After they settle in to their house, it is the moms duty to take care of the child and the dads duty to provide for the family. Student Response: Making a Living How do the people in your culture make a living? Describe what anthropologists call their adaptive strategy. (foragers, horticulturalists, pastoralists, agriculturalists, industrialists). Provide some details about their subsistence system (what game do they hunt, what crops do they grow, what animals do they herd, etc.). Add your own ideas People in the Ifugao culture live a very basic lifestyle to make a living. The usual lifestyle consists of agriculture and hunting, with anthropologists characterizing the adaptive strategy as agriculturists. According to Malone, Ifugao subsidence is derived principally from agriculture (84 percent) with an additional ten percent derived from the raising of aquatic fauna, such as minnows and snails, in flooded rice fields. The remaining six percent of subsistence involve fishing (fish, eels, frogs, snails and water clams); hunting (deer, wild buffalo, wild pigs, civet cats, wild cat, python, iguana, cobra, and fruitbat); and gathering of insects (locusts, crickets, and ants) as well as large variety of wild plants. As we can see, the main duties are tending to the rice patties. The men are usually the ones that participate in the hunting and fishing. When the men hunt after wild deer and pig, they usually use hunting dogs to assist them. The dogs are not raised to eventually eat (lik e some nearby cultures); the Ifugao people respect and admire dogs. Political System Describe your cultures political system. Use the anthropological terms we have learned in class (band, tribe, chiefdom, state). Provide some details about the cultures power/authority system how do individuals get into a position of power? What are traditional methods of social control and conflict management? Add your own ideas The Ifugao political system is better characterized as a sociopolitical organization. According to the article, Ifugao Sociopolitical Organization, Traditionally, social differentiation has been based on wealth, measured in terms of rice land, water buffalo and slaves. The wealthy aristocrats are known as kadangyan. The possession of hagabi, a large hardwood bench, occurs their status symbolically. The Ifugao have little by way of a formal political system; there are no chiefs or councils. There are, however, approximately 150 districts (himputonaan ), each comprised of several hamlets; in the center of each district is a defining ritual rice field (putonaan ), the owner (tomona ) of which makes all agricultural decisions for the district. Government is poorly established among the Ifugaos. According to Malone, The functions of government are (or were) accomplished by the operation of collective kinship obligations, including the threat of blood feud, together with common understanding of the adat or custom law given the people by ancestor heroes, in particular the inviolability of personal and property rights. Men earn respect according to their rice pattys. The bigger their patty is, the high status they have in the community. Also, within the Ifugao community, there is a rice chief. The rice chief is one of the leading priests and the people respect him for religious authority, but he does not have ultimate authority over the Ifugao people. For the most part, people are on their own when it comes to government control. Kinship System Use anthropological terms to describe your cultures kinship system (matrilineal, patrilineal, etc.). Provide a brief definition of that type of kinship, and then say why your culture fits that definition. Describe the kinship terminology, and provide examples. Add your own ideas According to Malone, Each sibling group is the center of an exogamous, bilateral kindred.: Essentially, this is descent traced and kinship groups assigned through both male and female lines with marriages being outbred instead of inbred relationships between families. Basically, people dont marry within their family, but outside of it. The adults and small children all live together. When the child comes of age, which is basically a teenager, they move out of their parents house and live on their own in a second house with other kids their age of the same sex. When the men begin to search for wives, they leave their houses during the day and the women stay in their homes to greet and welcome men. They start in a very cool and calm atmosphere, such as jokes and casual talk, but eventually relationships form. After a girl becomes pregnant, they will wed. At this point the couple will either build their house or inhabit a house left by their parents or someone who has passed away without children. When they are settled in, the mothers duty is to care for the child while the father hunts for food for the family. Marriage Describe your cultures marriage system. How do people choose a mate? Is there a particular category of person an individual is supposed to marry (example: in El Nahra, where Elizabeth Fernea lived, people were supposed to marry their cousins). Are marriages arranged, or do individuals get to pick their own spouses? Could you imagine yourself getting married the way people do in that culture? Add your own ideas Marriage within the Ifugao culture is quite simple. The normal form of marriage in the Ifugao society is monogamy. Monogamy is being married to only one person at a time. Although monogamy is widely practiced, polygyny is practiced occasionally by the wealthy. Even thought the defimition of polygyny is that either male or female may have multiple spouses, it is mailnly the males that have multiple wives. In these situations, the first wife has higher authority and status than her co-wives. According to Malone, Marriages are alliances between kindreds. First cousin marriages are forbidden in practice and theory, but marriages to more distant cousins can take place. These marriages can take place with a payment of fines in livestock. The men are able to choose their wives within this culture. There are no established or set marriages for the Ifugao people. When the men are interested in marriage, they begin meeting other women in their society. When they begin their relationship, it is a very casual environment. Eventually it become serious, and after the woman is pregnant, the man and wife get married. They will then move into their own place together to begin their family. This seems pretty similar to the American marriage system on the fact that we look for and choose our own mate. Some people get married before they are pregnant while others get pregnant before they are married (although some people may never marry). I think this is definitely a culture I could be a part of, in the sake of their marriage system that is. Sex and Gender How would you describe gender relations in your culture? Do men and women live completely separate lives, as in Guests of the Sheik, or do they mix it up? How much power do women have over their own lives and the lives of others? Do women have official political power? Is there a gender division of labor (there has to be every culture has one!)? Given your own gender, would you like to live in that culture? Add your own ideas Student Response: Ifugao society is much separated. Men and women live apart unless they are married and/or brother and sister, but even at a certain age of childhood; they go and live on their own, away from their parents. Men are the ones who hold political power, or lack thereof, in the Ifugao culture. Usually, the only powerful people in this society are men who are respected because of their wealth. The division of labor is set between the genders as well. Since this a very simplistic culture, the women tend to the children and house work while the men tend to the fields of rice and hunting food for the family. I would call it a classic, nomadic style of life. Another note that women are not as powerful or highly touted as men is the fact that, in the case that polygyny does exist, it is with multiple wives and usually not multiple husbands. This form of marriage is very rare and only among the elite and rich people in the culture. For me, I wouldnt like to live within this culture. I think it is good for men and women to mix and mingle within the workplace, home, and political power. Men and women bring different ideas and ways of life to the table, and I think a successful culture allows men and women to intermingle freely. Therefore, I would not want to live in the Ifugao society. Religion Describe the religion (or religions) found in your culture. Do people believe in a god or gods? Do people in your culture practice magic? If so, what kind? How has missionary activity affected people in your culture (if it has) Add your own ideas Religion is an essential part of the Ifugao culture and is significant in every phase of life. Their religion provides a means by with the unknown can be approached and understood. Ifugao religion is a very complex structure based on ancestor worship, animism, and magical power. According to Fowler The Ifugao pantheon consists of innumerable spiritual entities that represent natural elements, forces and phenomena in addition to ancestral and methphysical beings. The trust and confidence that the Ifugao have in these beings allow them to face what is often a complex and frightening world with a great deal of confidence and understanding. They believe that the gods and other beings are approachable and can be influenced by the proper rites and behavior to intercede on behalf of an individual or the entire community. Generally the gods are viewed as generous and benign beings who enjoy feasting, drinking wine and chewing betel nut, as do the Ifugao themselves. However, the gods are quic k to anger and if ignored or treated badly can quickly become ill-tempered, demanding tyrants capable of causing misfortune and injury. The Ifugao people have created ceremonies to honor and respect their deities, although some are rarely acknowledged or called upon. Others, who control daily life, such as agriculture and health, are constantly worshipped and called upon. The greatest importance to the Ifugao are rice or agricultural deities which have the power to ensure bountiful crops and actually increase the amount of rice already in storage. Interesting fact Provide one additional interesting fact about your culture. Do they have a fascinating set of ideas about illness, disease and curing? Describe it. Do they have an elaborate art style? Describe it. Do they engage in sexual practices that strike you as very different from that of Western Society? Talk about it. Do they have a particular type of body modification (scarification for example) or style of body adornment? What is it? You dont have to answer all of these questions pick one or one of your own choosing and provide as much information as you can find. Although the Ifugao have no knowledge in writing, they were capable of creating a literature that matches with some of the countrys finest in epic and folk tale. Their literature is passed orally. Their riddles serve to entertain the group as well as educate the young. One such example of an Ifugao riddle is, according to Siangio: Dapa-om ke nan balena ya mubuttikan nan kumbale. This translates to: Touch the house and the owner runs about. The answer is spider. When the Ifugao gather together, they use proverbs to give advice to the young. These proverbs are used to stress a points. The ones who have gone to formal school begin their lectures before large meetings or gatherings with proverbs. Here are a few Ifugao proverbs according to Sianghio: Hay mahlu ya adi maagangan :: The industrious will never go hungry. Hay uya-uy di puntupong hi kinadangyan di ohan tago. :: The feast is the yardstick of a persons wealth. Hay itanum mo, ya hidiyeh aniyom :: What you have planted is what you will reap. Ifugao myths usually are about hero ancestors, gods and other supernatural beings. They story lines usually have these heroes facing problems that they are currently facing. This allows the Ifugao people to provide hope and comfort to their homes. When these stories are recited, they are usually in barked-out, terse phrases followed by the tulud, which means pushing. The tulud aims to bring the magical powers that stand behind the myth. At the end, the clincher kalidi is chanted and the narrarator enumerates the benefits which should be obtained from the myth. The myths are usually concluded with the phrase, because thou art being mythed. They have myths that cover common cultural stories such as: creation of the world, creation of man, great battles and epic struggles. They also have stories that cover other worldly known events, such as the great flood or Noahs Arc to the Bible. According to Sianghio, Other Ifugao legends that have been recorded include, The Legend of the Ambuwaya Lake; The Origin of the Pitpit or The Bird of Omen; Why the Dead Come Back no More; and How Lagawe Got Its Name. Other such important tales are the magical stories, called abuwab. These tales are believed to possess mystical powers. According to Siangho, Examples are the poho-phod and chiloh tales, which are usually told in death and sickness rituals. The abuwab is usually about the legendary husband and wife, Bugan and Wigan. Also, Siangho says, The Ifugao epics are chanted romances telling of the origins of the people, the life and adventure of the Ifugao heroes, the valor of men and the beauty of women, as well as ancient customs and traditions. Sources: Fowler, John. The Ifugao: A Mountain People of the Philippines. Tribal Site. N.p., n.d. Web. 22 Nov. 2009. . Froiland, Andrew. Ifugao. Ifugao. Minnesota State University, n.d. Web. 22 Nov. 2009. . Ifugao Sociopolitical Organization. Countries and Their Culture. N.p., n.d. Web. 4 Dec. 2009. . Malorie, Martin. Society Ifugao. The Center for Social Anthropology and Computing. University of Kent at Canterburry, n.d. Web. 11 Nov. 2009. . Sianghio, Christina. Ifugao. litera1no4.tripod.com. N.p., n.d. Web. 14 Nov. 2009. . The Ifugao native people. eSSORTMENT. N.p., 2002. Web. 4 Dec. 2009. .

Copernicus Essay -- essays research papers fc

Nicolas Copernicus Nicolas Copernicus 1473-1543 Physics February 8, 2000 Nicolas Copernicus Nicolas Copernicus 1473-1543 Copernicus was born in Poland in 1473, he started his education at Cracow University. There he studied mathematics and optics. From here he went to Italy, where he was appointed as a canon in the cathedral of Frauenburg, where he spent a comfortable academic life studding. Copernicus had some small hobbies while at the cathedral, he painted, and frequently translated Greek poetry into Latin. One other hobby that just wasn't small enough to be called a hobby to most of us was astronomy. He made investigations quietly and alone, without any help. He observed from a turret on a protective wall around a cathedral, he also looked with his naked eye rather than with a telescope. He was one of the founders of modern astronomy. Copernicus died in 1543 of a cerebral hemorrhage. In 1530 right before Copernicus died he managed to published his work, De Revolutionibus. Which said that the earth rotated on its axis once daily and traveled around the sun once yearly. This might no sound very controversial but at this time the church and its followers believed in the Ptolemiac theory, which stated that the universe was a closed space bounded by a spherical envelope beyond which there was nothing. (Landry 1999) Copernicus’s works went against the church, and most scientific beliefs. This may be one reason why Copernicus didn’t publish his work until his deathbed. Another ...