Thursday, January 16, 2020

Flat Cargo Berhad Essay

Air Cargo Industry is a highly competitive with low profit margin industry operated by 85 operators within Malaysia and the Asia Pacific region. Flat Cargo Berhad (FCB) was one of them with several subsidiaries related to this industry. FCB was recognized as one of the biggest air freight companies in Malaysia. With the flourishing of e-business and secured agreements with well-established companies (i.e UPS, Nationwide Expressway, Citylink, Nippon Express etc), the boom of Flat Cargo Berhad was obvious. Even it was expected, FCB would have likely remained as the nation’s leading air cargo carrier if the scandal has not appeared. Things have started to get out of shape for FCB when the external auditor Kencana & Associates came across several suspicious findings that may suggest fraud. So we as consultant/advisor have noted down the problem and came up with the possible solutions in order to handle such suspicious circumstances. Problem 1 The auditors were unable to verify the aircrafts claimed to have been purchased by FCB in 2005. The audit team found a non-functional rundown aircraft barely worth RM231 million in the hangar.  FCB claimed to have purchase aircrafts in 2005, but there were no documentation found to support the claims of FCB that the purchasing ever took place which implied that fraud might have took place. As shown on the fleet information above, (Appendix B) there were two Boeing 727 and five Mcdonnell Douglas MD-11F (which later was no longer used for freight purposes) purchased by FCB in 2005 that were in â€Å"Active† status, but when inspected by the audit team, found Mior, Asif, Stephanie, Rohanna  only a rundown non-functional aircraft in the hangar which suggested inconsistency in the claim made by FCB. Solution 1 The audit department could take some measures to verify the claim made by FCB regarding the purchase of the aircrafts by: 1) Referring to the aircraft manufacturers regarding receipts, purchasing documents, invoices , contracts 2) Checking any related internal documents about the aircraft activities like schedules and activities of aircrafts i.e. engineering department for maintenance of aircraft. 3) Verify with the staffs of the company i.e. pilots, engineers regarding the aircrafts claimed to be purchased 4) Checking on leasing companies if there were any business activities from FCB (which would suggest obvious fraud since FCB claimed to have purchase the aircrafts) 5) Verify the registration and licensing of the aircraft at the Department of Civil Aviation Malaysia (DCAM) And if this aircraft was actually purchased as claimed, the management should encourage these solutions to avoid future confusions 1) Update bookkeeping regularly (transactions on purchases, sales, receipts and payments by an individual or organisation) Problem 2 Several debtors’ confirmation letters were returned because the addressees had changed their mailing addresses Due to this issue it will have a major impact on accounts receivable thus to cash flow. However this will lead to further problem as follows 1) No exact debtor figure available for reference 2) Possibility of bad debt 3) Weak debt servicing ability by company Mior, Asif, Stephanie, Rohanna Solution 2 Some measures could be taken by auditor to solve this issue by 1) Investigate the identity of the debtor or organization from reliable sources (Suruhanjaya Syarikat Malaysia (SSM) for organisations, Jabatan Perdaftaran Negara (JPN) for individuals) 2) Find supporting documents of debt to rule out chances of fraud The management team could take these measures to avoid this problem by 1) Create an efficient system for debt servicing 2) Create a system of verifying the  claim of debtors to make sure fraud does not take place 3) Create a database for debtors and keep an updated portfolio on them for future use and reference 4) Create a department in the organization that deals solely with debt servicing (provided that they have a lot of debtors) Problem 3 A large sum of sales transactions was found with no supporting documents. Most of these transactions involved small clients.  This problem will mostly affect the revenue. In addition, it could lead to: 1) poor book-keeping process 2) manipulation on the revenue figure (RM 550 million) 3) manipulation of the shareholders interest in terms of dividend declared 4) balancing the closing process for the year of 2005 manually 5) complication on debt collection therefore the possibility of bad debt in future Solution 3 As far as we are concerned, the auditor can request the engineering department to provide the document on clients who are using their courier services and counter-check it with the Custom Department to verify the figure. We assume every activity must be reported to the  Mior, Asif, Stephanie, Rohanna.   DCAM. Therefore, from the backward process, the auditor would be able to verify the turnover figure. Problem 4 A loan received from a Hong Kong based company was found to be incorrectly recorded in the debtors’ account This issue will have the major influence on liabilities. It has violated the matching principle. The following problems can be determined due to these mistakes. 1) The impact on liabilities of the FCB will be decreased whereas assets increase due to the error on double entry process 2) The financial cost (interest expense) will decrease resulting increase of  profit before tax Solution 4 Counter-check and verify the Loan agreement between the FCB and Hong Kong based company. After verifying, the auditors will correct the double entry according to accounting standard by MASB. Problem 5 Several abnormal transactions involving the purchase of aircrafts by FCB and offsetting the debtors’ accounts were found in FCB’s books Following abnormal transaction is strictly against the process of accounting system. It violates many principle of accounting system i.e. principle of non-compensation, principles of sincerity and principles of consistency*. Abnormal transactions could lead to multiplier faults in the financial statement like 1) Overstated/Understated assets Usage of cash or credit was not determined properly Cutting down the overall debtor amount 2) Fail to determine bad debt 3) Fail to determine the true figure of debtors Solution 5 Actions that could be taken by auditors 1) Reconciliation of book keeping related to purchases of abnormal transactions 2) Cross proof each and every documents related to purchases and debtor 3) If possible ensure debtors confirmation letter Actions that could be taken by management 1) Not to mix up purchases with debtors 2) Debtors can be offset upon receiving money or against bad debt Conclusion In conclusion, these issues above could be avoided provided that delegation and segregation of duties were made to ensure accountability in bookkeeping and minimisation to fraud. The company could also hire an internal auditor to regularly inspect the financial condition and activities of the company. Accountability and counter-checking between one another is also crucial to minimize mistakes and deceit. It is such a shame that a company with such great Mior, Asif, Stephanie, Rohanna  potential (to be the leading cargo company in Malaysia) should suffer a fate such as this due to trivial avoidable mistakes and fraud. It is best that PLCs to work towards transparency within the company so that mistakes/problems could be detected and solved before it gets out of hand. References Ready Ratios. Generally Accepted Accounting Principles (GAAP), Available:http://www.readyratios.com/reference/accounting/generally_accepted_accounting_ principles_gaap.html. Last accessed 4th Feb 2014

Tuesday, December 31, 2019

Euthanasi The Immorality Of Euthanasia - 2293 Words

John Baier Dr. Robert Craig PHI 2600 6 April 2013 The Immorality of Euthanasia Lisa Yount defines euthanasia as â€Å"ending another person’s life to relieve otherwise uncontrollable suffering† (151). Such activity is not only directly in opposition of the law in most of the states of the Union, it flies in the face of medical teachings, many philosophical schools of thought, and two major world religions. Euthanasia can also be forced onto people who lack the ability to state that they wish to be euthanized, or, more importantly in that case, that they wish to remain alive. Euthanasia has, in practice, been shown to have a corrupting influence on medicine, and is in total contrast to the natural will to survive. As such, euthanasia is an illogical and immoral practice. In antiquity, views on euthanasia were as varied as they are today. Hippocrates, for example, was opposed to the giving of lethal drugs, and all other forms of euthanasia. Hailed as the founder of scientific medicine, Hippocrates wrote in The Oath (also known as the Hippocratic Oath) â€Å" I will give no deadly medicine to any one if asked, nor suggest any such counsel†(Hippocrates n. pag.). This strict opposition to euthanasia was contrary to the beliefs held by Hippocrates’s contemporaries. Under some circumstances, a group of philosophers known as the Stoics believed that suicide could be acceptable. They considered terminal illness to be one of these circumstances. The Stoics did not, however, consider the

Monday, December 23, 2019

Girl By Jamaica Kincaid What A Good Mother Is - 953 Words

People shoulder their obligations because it represent what kind of person they are. When you shoulder your obligations it shows that you are a mature minded person, and responsible. In the short story Girl by Jamaica Kincaid shows what a good mother is. The Lottery by Shirley Jackson shows what a bad mother in Tessie Hutchinson putting her kids in the line of fire first. In my experience growing up with a single mother, I had to have a little more responsibilities in the house, which shows that I am mature. In both the stories and my personal experience all have responsibilities but all them don’t take on those responsibilities in my opinion, Everyone has a different perception of what a person is it all depends on your mindset and how you were raised. To begin with, in the story Girl by Jamaica Kincaid, shows what a good mother is to her daughter. The mother is a good mother because she tries to discipline her daughter. The mother wants her daughter to be a respectable young woman. As she tries to raise her, the mother could be a little harsh on her way of delivering her message to her daughter to not becoming a slut, as stated by the story the mother told the daughter † I know you’re bent on becoming a slut†(Jamaica Kincaid 80). Clearly the mother may be harsh on her daughter because she deem that she is set in her ways, and she will not be able to change her. The mother shows frustration, but she never gives up on her daughter. The mother is trying to give herShow MoreRelatedEssay about Girl/Woman Work Socio-Historical Critique1439 Words   |  6 Pagesinteresting poetry or stories. Two phenomenal women, Maya Angelou and Jamaica Kincaid portray two different points of view in their works of literature. A lot of things can contribute to their differences, but in particularly their upbringing is a major cause of their variances. In Jamaica Kincaid’s â€Å"Girl,† a young girl has the â€Å"rules of the world† dri lled into her head by her scolding mother while in Maya Angelou’s â€Å"Woman Work† a mother faces the adversities of her life on her own. With such differentRead MoreHow Far Can Mothers Go For Their Daughters?600 Words   |  3 PagesHow Far Can Mothers Go For Their Daughters? â€Å"Girl† by Jamaica Kincaid is a story about a mother giving advice to her daughter on how to survive and succeed in the society they were living in. The setting of â€Å"Girl† affects the relationship of the characters by dictating a way of life, and reinforcing the gender roles in society. The story portrays a mother’s urgent repetitive voice to save her daughter from sexuality by teaching her how to become a good woman in society.Read MoreThe Influence of Gender Roles700 Words   |  3 Pages â€Å"Girl† by Jamaica Kincaid is a short story contained in her collection of stories written in 1983,â€Å"At the Bottom of the River.† This story is about a mother giving advice to her daughter on how to survive and succeed in the society that they are living in at about 1950-1960. The story portrays a mother’s urgent repetitive voice to save her daughter from sexuality, by teaching her how to become a good woman in the society of Antigua, a British Island. The setting of â€Å"Girl† affects theRead MoreSummary Of Girl By Jamaica Kincaid918 Words   |  4 PagesWomanhood in â€Å"Girl† What is considered a proper way for a woman to act in general society and who has the correct answer? Jamaica Kincaid’s story â€Å"Girl† is fundamentally an instructional writing where a mother is primarily caring for her daughter’s future. The story is performed in fiction where the child needs to get prepared to confront the world as a woman. Most of the commands the mother gave to her daughter are ambiguous; there is not enough content, however, it can be assumed that the mother is helpingRead More`` Girl `` : Kincaid s Mirror On Gender Inequities1631 Words   |  7 Pagesâ€Å"Girl†: Kincaid’s Mirror on Gender Inequities With the initial read, Jamaica Kincaid’s essay, â€Å"Girl†, appears deceptively simple. Yet repeat readings show that under the surface, it is filled with cultural implications. Kincaid mines her memories and experiences of growing up in post-colonial Antigua in the 1960’s, to speak to outdated expectations. Her writing shows the influence of living on an island populated by people of African descent, living in a culture influenced by British rule (SparkNotesRead MoreThe Victimization of Teenage Girls1553 Words   |  7 PagesWhat does it mean to be a girl according to society? How does society see it? In many countries, a girl is seen as powerless, uneducated, and too emotional to handle a man’s job. For example, women in Saudi Arabia are not allowed to drive. In the past, writers used to describe a woman’s role as the victim of many forms of discrimination in the United States of America. In other words, women were only involved in things that men thought were not important. For instance, women did not have any otherRead MoreYoung Good Brown By Nathaniel Hawthorne And Girl By Jamaica Kincaid1454 Words   |  6 Pagesquite a few readings from different time periods such as American Romanticism, American Feminism and Post Colonialism. For this paper, I am going to compare and contrast 2 readings, Young Good Brown by Nathaniel Hawthorne and â€Å"Girl† by Jamaica Kincaid. Hawthorne’s writing is from the American Romanticism week and â€Å"Girl† is from the Post Colonialism week. From my understanding and interpretations, the two of these readings share common themes such as public perception, gender roles, for lack of a betterRead MoreIdentity In Walt Whitmans A Song Of Myself869 Words   |  4 PagesIdentity: A Common Theme Walt Whitman (1819-1892) wrote a poem titles â€Å"A Song of Myself.† He wrote this piece in order to celebrate his identity, what makes him unique. Chinua Achebe (1930-2013) writes of a little boy struggling with identity in a quickly changing world. Jamaica Kincaid (1949-), writes of a young girl who is learning her identity as a mother, wife and daughter. By examining each piece of literature, one can trace the common theme of identity by comparing and contrasting the historyRead MoreWhat Are Gender Roles?1123 Words   |  5 PagesSummer Evans Essay 4 Prof. LaTour Eng. 101 Specific Gender Roles What are gender roles? Gender roles are those that are portrayed by a certain gender identity. In other words, a male and/or female should act and dress as if their gender is supposed to as seen by society. Guys will wear shorts and a T-shirt while girls will wear dresses and skirts; that is just how society sees an individual. Men and women’s gender roles reflect on what others will think in today’s society. Society sees men and womenRead MoreA Literary Analysis Of Girl By Jamaica Kincaid1927 Words   |  8 PagesLanguage, Culture, and a Mother s’ Influence: A Literary Analysis of Girl by Jamaica Kincaid Girls, young women, and mature mothers. Society has consistently given women strict guidelines, rules and principles on how to be an appropriate member of a man’s society. These rules are set at a young age and enforced thoroughly into adulthood. When not followed accordingly, women often times too many face reprimanding through means of verbal abuse, physical abuse, or social exile. In the midst of all

Saturday, December 14, 2019

Therapeutic Communication Free Essays

Therapeutic Communication- Nurse Relationships as Part of a Team Abstract The scenario in which I will discuss within my paper consists of an LPN student and a preceptor working a busy 12 hour shift on their acute care practicum. Both Patty (student) and Mary Lou (preceptor) worked very hard one evening and had not had a break when a patient requested some pain medication. They discussed their options with regards to pain management and later Patty administered Morphine 7. We will write a custom essay sample on Therapeutic Communication or any similar topic only for you Order Now 5 mg SC into injector port in Mr B’s leg. At the end of the shift it was noted during a narcotic count that there had been an error with Morphine. Patty had given the wrong amount as per order. Therapeutic Communication- Nurse Relationships as Part of a Team Before Mary Lou can organize a meeting with Patty the LPN student, she must first ensure the safety of the patient as paramount. Then she must decide the best way to approach Patty, an appropriate location to interview, the factors to consider while interviewing and the communication skills that would benefit their interview. Also she needs to determine whether anybody else should be involved. After careful consideration and all the facts gathered, Mary Lou calls Patty in for a interview. Discussion Mary Lou decided to call a meeting in a neutral setting that would be non- confrontational and non-threaten to Patty. A place they could sit comfortably across from each other and make eye contact. It is important for Mary Lou not to attach blame and her approach will include sensitivity and respect, after all Patty is a student and still quite vulnerable. Mary Lou wants to make it clear an error has been made and that it needs to be addressed, rectified and reported without demoralizing or belittling Patty. The methods by which it is reported or addressed should be thoughtful, maintain confidentiality, and be directed toward the appropriate person, agency, or regulatory body. † ( Burkhardt, Nathaniel, Walton, 2010, p 200) Some factors Mary Lou considers while interviewing Patty are any possible underlying reasons for the error: what happened. It is important for Patty to comfortably clarify in her own words and for Mary Lou to actively listen to the accounts of the day. This helps both parties understand completely where the error might have occurred and they can take steps to avoid a reoccurrence. While Mary Lou realizes Patty ultimately administered the wrong dose of medication, it is very important that Mary Lou states her role as preceptor and her accountability in the incident. The Canadian Nurses Association notes in its Code of Ethics that as a part of being accountable, ( Burkhardt, Nathaniel, Walton, 2010, p 200) â€Å" Nurses share their knowledge and provide feedback, mentorship and guidance for the professional development of nursing students, novice nurses and other health care team members. (CNA, 2008, p18) Mary Lou also offers empathy as she was once a nursing student as well and while we strive for perfection, human error can not always be avoided. The last issue to be considered and implemented is if anybody else needed to be involved? Mary Lou decided as long as they clearly identified the issue at hand and recognized they both had an ethical and professional responsibility to report the incident and rectify their shortfalls as student and preceptor, no other entity need to be involved. Conclusion In conclusion I think Mary Lou did an excellent job of identifying and addressing the issue of medication error ensuring dignity and respect to Patty. Mary Lou showed empathy and understanding while focusing on responsibilities of both parties to be more accountable in their daily care of patients, which at the end of the day is their main goal. One area of improvement that I noticed of Mary Lou after viewing the recording was she could have offered more open ended questions and let Patty express herself more. While I did feel Mary Lou actively listened to Patty, the opportunity for Patty to give feedback was not fully utilized. Over all I found this to be an interesting experience on therapeutic communication that I enjoyed completing. References Arnold, E. C. Boggs, K. U. (2011) Interpersonal relationships: Professional Communication Skills for Nurses, sixth edition (6th ed. ). St Louis, MO: Elsevier/Saunders Burkhardt, M. , Nathaniel, A. , Walton, N. (2010) Ethics and Issues in Contemporary Nursing (1st ed. ) Toronto, ON: Nelson Education Ltd Canadian Nurses Association (2008) Code of Ethics for Registered nurses. Author If you need to type anything after the reference list then start it on this page How to cite Therapeutic Communication, Papers

Friday, December 6, 2019

Accounting Issues in XYZ Company-Free-Samples-Myassignmenthelp.com

Question: Analyze the Financial and Accounting Issues in XYZ Company. Answer: Introduction: This report has been prepared to analyze the financial and accounting issues in a company. It is quite normal for a company o face accounting and financial issues in its routine life. There are various ways and techniques which is not accepted by the accounting board and used by the companies for convenience creates an issue for the company. It is required for every company to manage the accounts and finance according to the set rules and regulations to offer an exact result to the user of the reports and internal and external stakeholders of the company. Accounting and financial rules have been set by the boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapores accounting board that the rules and regulations in Singapore are similar to the international rules and regulations. More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code. This report briefs the user about many issues which could be faced by a company due to many internal and external factors. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the company. Company overview: For this report, XYZ plc has been taken into consideration. This company is operating its business functions in Singapore from last many decades. This company has been established in 1980. This company is operating in retail industry. Many stores and warehouses are operated by the company to manage and enhance the sales of the company. Further, this company also offers various services and products to its customers. This company is enhancing its productivity rapidly. Annual report of this company has also been analyzed and it has been found that the liquidity, profitability, capital structure, efficiency etc condition of the company is in the favor of the company or vice versa. Further, many other aspects related to finance and accounts has been analyzed over the company to make a better decision[1]. Following are the reports of the company: XYZ Plc INCOME STATEMENT Fiscal year ends in June. MVR In millions except per share data. 2016-06 2015-06 2014-06 2013-06 2012-06 Revenue 3954 3652 3484 3308 3128 Cost of revenue 3089 2854 2745 2610 2480 Gross profit 865 798 739 699 648 Operating expenses Sales, General and administrative 1006 931 884 839 771 Other operating expenses -361 -334 -336 -318 -284 Total operating expenses 644 597 548 521 486 Operating income 221 201 191 178 161 Interest Expense 4 6 9 10 14 Other income (expense) 1 1 0 1 1 Income before income taxes 218 196 183 168 148 Provision for income taxes 66 59 54 51 44 Minority interest 0 0 Other income 0 0 Net income from continuing operations 152 137 128 117 105 Other 0 0 Net income 152 137 128 116 105 Net income available to common shareholders 152 137 128 116 105 Earnings per share Basic 1.51 1.36 1.27 1.16 1.05 Diluted 1.5 1.35 1.25 1.16 1.05 Weighted average shares outstanding Basic 100 100 101 100 100 Diluted 101 101 102 101 100 EBITDA 263 241 227 211 193 XYZ Plc BALANCE SHEET Fiscal year ends in June. MVR In millions except per share data. 2016-06 2015-06 2014-06 2013-06 2012-06 Assets Current assets Cash Cash and cash equivalents 52 49 43 67 40 Total cash 52 49 43 67 40 Receivables 98 81 71 64 58 Inventories 546 479 459 426 428 Prepaid expenses 4 4 4 5 Other current assets 6 3 2 2 2 Total current assets 703 617 578 564 534 Non-current assets Property, plant and equipment Other properties 419 385 366 333 301 Property and equipment, at cost 419 385 366 333 301 Accumulated Depreciation -236 -208 -185 -152 -119 Property, plant and equipment, net 184 176 182 181 182 Equity and other investments 0 0 0 0 Goodwill 37 36 36 35 30 Intangible assets 49 49 49 49 49 Deferred income taxes 21 17 15 15 16 Total non-current assets 290 278 282 280 277 Total assets 992 895 860 843 811 Liabilities and stockholders' equity Liabilities Current liabilities Accounts payable 302 254 244 335 365 Deferred income taxes 11 9 8 15 4 Deferred revenues 29 Other current liabilities 134 117 70 93 70 Total current liabilities 447 380 352 442 439 Non-current liabilities Long-term debt 110 139 180 124 150 Other long-term liabilities 31 32 33 33 37 Total non-current liabilities 141 171 213 158 187 Total liabilities 588 552 565 600 627 Stockholders' equity Common stock 49 57 58 63 62 Retained earnings 328 269 220 169 118 Accumulated other comprehensive income 27 18 16 12 5 Total stockholders' equity 405 343 295 243 185 Total liabilities and stockholders' equity 992 895 860 843 811 XYZ Plc Statement of CASH FLOW Fiscal year ends in June. MVR In millions except per share data. 2016-06 2015-06 2014-06 2013-06 2012-06 Cash Flows From Operating Activities Other non-cash items 185 180 41 156 215 Net cash provided by operating activities 185 180 41 156 215 Cash Flows From Investing Activities Investments in property, plant, and equipment -52 -42 -36 -35 -46 Property, plant, and equipment reductions 0 0 1 1 1 Acquisitions, net -2 -3 -4 Net cash used for investing activities -52 -44 -38 -38 -45 Cash Flows From Financing Activities Long-term debt issued 54 Long-term debt repayment -30 -40 -26 -84 Common stock issued 6 3 22 1 4 Repurchases of treasury stock -13 -5 -26 Cash dividends paid -93 -87 -77 -65 -77 Other financing activities 0 -1 0 -1 0 Net cash provided by (used for) financing activities -131 -130 -28 -91 -158 Effect of exchange rate changes 0 0 1 1 0 Net change in cash 3 6 -24 28 12 Cash at beginning of period 49 43 67 40 27 Cash at end of period 52 49 43 67 40 Free Cash Flow Operating cash flow 185 180 41 156 215 Capital expenditure -52 -42 -36 -35 -46 Free cash flow 133 137 5 121 169 Supplemental schedule of cash flow data Cash paid for income taxes -66 -60 -61 -40 -49 Cash paid for interest -4 -6 -7 -9 -13 Impact on stakeholders: Stakeholders of the company are those people or parties who are related to company through any monetary or non monetary relationship. Stakeholders are the main parties of the company. Mostly, shareholders are the main stakeholder of an organization. Shareholders are the investors who have invested their money into the company to raise the invested amount. Shareholders interests get affected with every change in the operations and business functioning of the company[3]. It is required for every shareholder to analyze the financial and non financial data of the company and then make an investment into the business of an organization. Through analyzing over XYZ plc it has been found that the performance of the company is enhancing rapidly. Minor changes have been faced by the company from last 5 years due to many internal and external issues. It has been found that from last 2 years, economy of the state is getting fluctuate due to international market and it is also impacting over the financial condition of the company. Following are the details over the financial data of the company from last 5 years which will depict the user about the liquidity condition, profitability situation, solvency analysis, efficiency situation etc. Computation of ratio analysis Liquidity ratio 2016 2015 2014 2013 2012 Current ratio 1.572706935 1.623684211 1.642045455 1.2760181 1.216400911 Quick ratio 0.351230425 0.363157895 0.338068182 0.312217195 0.241457859 Working capital 256.0 237.0 226.0 122.0 95.0 8% Profitability Ratios 2016 2015 2014 2013 2012 Operating Profit Margin 9.578907436 10.37102957 10.87112514 11.44951632 12.10837596 0.792122137 Net Profit Margin 0.038442084 0.037513691 0.03673938 0.035066505 0.033567775 -0.000928393 Return on Capital Employed 69.5 73.5 74.6 94.5 101.8 4.048276476 Return on Equity 0.375308642 0.39941691 0.433898305 0.477366255 0.567567568 0.024108268 Return on Total assets 0.153225806 0.153072626 0.148837209 0.137603796 0.12946979 -0.000153181 Solvency Ratios [4] Capital structure ratio 2016 2015 2014 2013 2012 Debt- equity 1.455445545 1.609329446 1.915254237 2.469135802 3.407608696 Interest coverage ratio 9468.75 6312.5 4208.333333 3787.5 2705.357143 Activity ratio Efficiency ratio 2016 2015 2014 2013 2012 Receivable turnover ratio 44.17877095 48.05263158 51.61481481 54.2295082 Creditor turnover ratio 11.11151079 20.5323741 9.481865285 21.0483871 Inventory turnover ratio 6.027317073 35.2345679 6.203389831 40.78125 Assets turnover ratio 4.190779014 4.161823362 4.091603053 4 Computation of return on capital invested Particular 2016 2015 2014 2013 2012 ROCI -13.03214596 -10.29929577 -10.29281278 -19.62365591 -23.52941176 Through, above are the details of the company which has been faced by the company from last 5 year. These details would help the entire stakeholders of the company to make decisions about the company. Ratio analysis assists every stakeholder of a company to investigate the relevant information and make a better decision about the companys performance and their investment into the company. Here, liquidity position of the company depict about the ability of the company which is useful for the company to met its short term obligation, this information is required by the debtors, creditors and short term investors of the company to analyze the short term financial situation of the company. Here, it has been found that the current ratio of the company has been decreased from last year but has been enhanced from 2012. Currently, the current ratio is 1.57 which depict that company is utilizing the minimum resources at maximum level. Further, it has been found that the quick ratio of the company has also been improved from last 5 years. Company is managing a 0.35 of quick ratio in 2016 which depict that 35% of total liabilities could be paid by the company quickly which a standard rate is according to the industry. Further, working capital management of the company depict about the improvement in the working capital from last year as the operations of the company has been enh anced so it is also required for the company to enhance the working capital to run the business smoothly[5]. More, profitability position of the company depict about the ability of the company to earn the profits in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the operating profit margin ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 9.57 which depict that company is earning 9.57% of total revenue as a profit. Further, it has been found that the net margin ratio of the company has also been decreased from last 5 years. Company is managing a 0.038 of quick ratio in 2016 which depict that 3.8% of total sales could be retained by the company as net profit of the company. Further, return on capital employed of the company has been analyzed which depict about the total return to t he stakeholders over the capital employed of the company. It has been found that the return on capital employed ratio of the company has also been decreased from last 5 years due to less profit[6]. Return on equity and return on total assets have also been analyzed to offer the information to the stakeholders of the company. The return on equity depicts about the total return to the equity holders of the company. It has been analyzed that the return amount has been lower due to less profit and return on total assets depict about the relationship about the revenue and the assets of the company and it has been found that the return on total assets ratio has been enhanced from last year. Here, solvency ratio of the company depict about the ability of the company to manage the capital structure of the company in long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the debt equity ratio of the company has been decreased from last year and has also been decreased from 2012. Currently, the debt equity ratio is 1.45 which depict that company is managing the 1:1.45 ratio of debt and equity. Further, it has been found that the interest coverage ratio of the company has also been decreased from last 5 years. Company is managing a 9468.75 of interest coverage ratio in 2016[7]. More, activity position of the company depict about the ability of the company to efficient the activities and business functioning of the company, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the receivable turnover ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 44.17. Further, it has been found that the creditor turnover ratio of the company has also been decreased from last 5 years. Company is managing an 11.11 of creditor turnover ratio in 2016. Further, inventory turnover ratio of the company has been analyzed which depict about the total time period in which the inventory is ordered by the company for further production. It has been found that the return on inventory turnover ratio of the company has also been de creased from last 5 years due to less profit and strategy changes of the company. Asset turnover ratio of the company has also been analyzed to analyze the asset condition in the company[8]. The asset turnover ratio has been analyzed and found that the 4.19 times the revenue of the company is higher than the total average assets of the company. Lastly, return on capital invested of the company depict about the ability of the company to pay the returns to the investors in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the ROCI of the company has been enhanced from last year and it has also enhanced from 2012. Currently, the ratio is -13.03 which depict that company is paying -13.03% of total revenue as a dividend to the shareholders. Accounting and finance problems: Further analysis has been done over the companys financial and accounting data to analyze the process of preparing the financial statement of the company. It has been analyzed through study over the accounting and financing books, it has been found that there are many issues which could be faced by an organization due to the final statements of the company and the process through which these statements are created by the company. It has been found through this study that it is required for every company to understand the accounting concept deeply and prepare the data accordingly. For it, companies could hire a professional accountant, who has knowledge about the accounting rules and regulations so that the financial report and accounting analysis could be done easily in the company. In concern of XYZ plc, it has been found that there are various issues in the process of preparing the final financial data of the company which is depicting wrong information to the user. It has been found that company is not following entire rules and regulations perfectly. It has also been found that company is required to look over the international regulations too while preparing the final data. It has been evaluated that company is making changes into many techniques every year just to depict wrong information to the stakeholders so that they could be impressed through the company and make an investment in the company. In the reports of the company, it has been found that company is not focusing over the conceptual framework totally. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. It has been analyzed that the depreciation methods used by the companies to depreciate the machineries and other fixed assets of the company are not same in each year. Company makes the changes in it according to the convenience. Further, it has also been analyzed that company is not focusing over the conceptual framework totally[9]. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. Further, GAAP rules have been studied and found that there are many rules of GAAP have not been accepted by the com pany and still it is working like before. Lastly, the assumptions which have been taken by the company while making financial and accounting decision analyzed. The issues of the company are as follows: Depreciation techniques: Depreciation is a tool which is used by the companies to figure out the exact value of fixed assets of the company. Depreciation over the assets includes a significant part of the assets in many organizations. Depreciation could have an important effect in presenting and determining the results of operation of this organization. The depreciation objective is to stipulate the depreciation accounting treatment[10]. Depreciation accounting rules and regulation depict that property, equipments and plants of the company must be depreciated, and it does not consider the natural resources of the company. Goodwill of the company must not be depreciated. Depreciation is the distribution of depreciable amount over an asset in estimated useful life. It is charged in a financial year through the net profit of the company either directly or indirectly[11]. In this case of XYZ Plc, it has been found that depreciation techniques used by the company are quite similar according to the depreciation accounting standard but the consistency of depreciation methods have not been followed by the company[12]. It has been found that in each year, company make changes in the depreciation % as well as depreciation techniques. Such as in 2013, company has used straight line method to depreciate the equipments but in 2015, company has changed the method and applied diminishing method to depreciate the equipments of the company. Further, it has been found that various changes have been made by the accountant of the company to make the attractive financial data. It has been found through analyzing over the depreciation techniques of the company, it has been found that company wanted to reduce the tax charges and enhance the net profit of the company thus it had made changes into the depreciation techniques. Depreciation also creates an issue for the company n terms of selecting the total estimated useful life and take assumption about the scrap value of the company. MASB also depict that it is required for every company to disclose the depreciation technique in its annual report while preparing the financial reports[13]. Company is required to depict entire information related to depreciation such as the estimated life of an asset, residual value of the asset, scrap value of the assets; depreciation allowed in a period, gross depreciable amount in a financial year etc must be disclosed by the company in its annual reports. Through the annual report of the company, it has been analyzed that there are various points which have not been mentioned by the company in its annual reports. It has been found through this report that the annual report of the company is not depicting the entire information about the depreciation of the company[14]. It has been found through the reports that the accountant of the company is either have less information about the accounting standards or he is pressurize by the company to make the annual reports more attractive and thus he ignored many accounting regulations[15]. Conceptual framework: Basically, it is not some rules and regulations or accounting standards which makes the principles and concepts to assist the accountant or the top level manager in preparing the final statements and annual reports of the company. Consequently, conceptual framework is a set of regulations and rules which should be concerned in a firm while making the financial statements and annual reports of the company[16]. It makes sure about the financial statements reliability to the external stakeholders of the company. MASB has launched a framework to help out the accounting professionals to prepare and present the financial statements in 1989. This framework has been known as conceptual framework. This conceptual framework locates the conception which positions the preparation and presentation of statements of final financial reports for the external as well as internal stakeholders[17]. It also assists a firm to prepare and present the financial statements with the assistance of many international rules and regulations; it offers depth information about the preparation and presentation of final statements as well as it also considers the accounting standards. Conceptual framework assists the auditors in shaping their own opinion about financial statement of a firm. It assists financial statements user to understand the figures according to their requirement. Internal users of final financial statement and annual reports of a firm are top level managers like production manager, finance director, marketing manager etc. These financial concepts are used by the firm to make decision about future strategy. Every stakeholder considers the financial statements for different objectives. Like a manager could look for decision making, entrepreneur for the objective of growth and development of business, personnel for the reason of take an idea about financial performance and health of the firm. Creditors of the company analyze the risk; politics and government look to examine the tax return[18]. It has been explained about 4 characteristics, which are as below: Understandability Relevance Reliability Comparability[19] In the case of XYZ plc, it has been found that the company is not following the conceptual framework while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[20]. Further, it has been found that this framework is not followed by the company due to the accountant of the company. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations. GAAP rules: GAAP rules are also known as generally accepted accounting principles. GAAP is a compilation of commonly-followed standards and rules of accountants for financial and accounting reporting[21]. GAAP specifications contain explanation of principles and concepts, as well as some rules related to industry. The main purpose of GAAP is to make sure that the reporting of financial and accounting figures are consistent and transparent from one firm to another[22]. There is no general GAAP customary and the particulars vary from one location (geographical) to another. In the Singapore, the MASB permissions that financial reports hold on to GAAP necessities. The IFRS, IASB, FASB, MASB etc boards stipulates GAAP general and the GASB (Governmental Accounting Standards Board) describes GAAP for local and state government[23]. Companies which are publicly traded must observe with both GAAP and SEC requirements. Many states around the globe have espoused the IFRS (International Financial Reporting Standards)[24]. It has been designed to offer a worldwide framework to public limited companies to prepare and reveal their financial statements and reports. Accepting a single set of accounting global standards simplifies the procedures of accounting for international countries and offers auditors and investors with a unified view of investments. In the case of XYZ plc, it has been found that the company is not following the global standards while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[25]. Further, it has been found that these GAAP standards have not been followed by the company due to the accountant of the company[26]. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations. Assumptions: Fundamental accounting assumptions or basic assumptions mean the accounting conceptual which have been concerned and chased while recording and presenting the financial information. As required informations are different from stakeholder to stakeholder, firm to firm and condition to condition so it could be said that assumption varies. Basically, there are 3 assumptions which are considered by the companies while preparing and presenting their financial data. Following are there assumptions: Going concern concept Accrual concept Consistency Further, some accountants depict that there are 5 assumptions which must be used by the companies, which are as follows: Business entity concept Going concern concept Accruals concept[27] Money Measurement concept Consistency Though, through the MASB, it has been analyzed that following assumptions could be used by the company for preparing and presenting the financial information of the company: Going concern this assumption depict that the business will always run. Accrual basis of accounting this statement depict that entire financial statements apart from the cash flow statement must be made according to the accrual basis[28]. Consistency this statement depict that consistency in classification and presentation must be there while preparing the financial statement. Materiality this statement depict that material class of same items which are presented individually[29] Offsetting this statement depict that assets alongside incomes and liabilities against the expenses which could not be offset except required or permitted by IAS. Among the above five, beginning 3 are of more importance as they has been least affected by requirements of IAS and situation of the business. Singapore corporate governance and issues regarding the Singapore corporate governance to the company: Singapore corporate governance has been studied to analyze the corporate governance. It is a procedure which is apprehensive about how firms could be managed, how managers are administered, what queries could be faced by BOD and the responsibility a firm corporation has to shareholders. Corporate governance is an important aspect which is followed by the companies to manage the effectiveness of the company and meet its social responsibilities[30]. It has been found through the reports that it controls over entire matters of the company. It assists the company to manage the contribution and development of the firm. Singapore corporate governance offers the good relations and policies to the companies to adopt and enhance their business functioning. In this case, it could be investigated that the XYZ Plc has been able to execute efficient corporate governance that directs the firm to become more spirited in the market. According to the investigation over the retailing industry of Singapore and XYZ Plc the issues has been concerned that the board must include the skill level and care which is expected from the directors and insufficient financial necessities and requirements. It has been analyzed that board of directors and managers are working on the same phase to resolve these issues[31]. In positive aspects terms, the board of director, managers and other employees of the company has been capable to manage entire stuffs of the company and also manage the competitive performance of XYZ Plc. The BOD (board of directors) of this firm makes sure that entire actions of the company are legal and stick to business ethics. Further, they also make sure that the social responsibility of the company is also included with their responsibilities. Hence, the firm has some positive aspects as well as some negative aspects. One of which remains to the concept that, due to the inconsistencies and mistakes of the entity who is involved, it could not be assured always that there would be no errors or losses which would occur[32]. In capability to grip the differences and diversities also makes a negative aspect which could be attached with corporate governance practice of the company. Lastly, incapacity to make sure shareholder worth is one more negative aspect of the firm. It could be said that shareholders value must be enhanced. Lastly, it could be concluded that these corporate governance practices help the company and individual to maintain the competitive advantages of the company[33]. Conclusion: Thus through this report, it could be concluded that Accounting and financial rules have been set by the MASB boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapores accounting board that the rules and regulations in Singapore are similar to the international rules and regulations[34]. More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code[35]. This report briefs the user about many issues which could be faced by a company due to many internal and external factors[36]. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the XYZ plc References: Edwards, D. Wolfenzon, B. Yeung, Corporate governance, economic entrenchment, and growth, Journal of economic Literature, 2005 Sep 1;43(3):655-720. Epstein, AA. Mirza, Wiley IFRS 2006: interpretation and application of international financial reporting standards, Wiley; 2006 Feb 3. Epstein, EK. Jermakowicz, WILEY Interpretation and Application of International Financial Reporting Standards 2010, John Wiley Sons; 2010 Feb 5. Doidge, GA. Karolyi, RM. Stulz, Why do countries matter so much for corporate governance?, Journal of financial economics, 2007 Oct 31;86(1):1-39. Nobes, RH. Parker, Comparative international accounting, Pearson Education; 2008. Hay, WR. Knechel, N. Wong, Audit fees: A Meta?analysis of the effect of supply and demand attributes, Contemporary accounting research, 2006 Mar 1;23(1):141-91. Helleiner, S. Pagliari, The end of an era in international financial regulation? A postcrisis research agenda, International Organization, 2011 Jan;65(1):169-200. Choi, GK. Meek, International accounting, Pearson Higher Ed; 2011 Nov 21. White, AC. Sondh, D. Fried, Analysis of Financial Statement, Analysis, 2005. Chen, Q. Tang, Y. Jiang, Z. Lin, The role of international financial reporting standards in accounting quality: Evidence from the European Union, Journal of International Financial Management Accounting, 2010 Sep 1;21(3):220-78. Davies, D. Green, Global Financial Regulation: The Essential Guide (Now with a Revised Introduction), John Wiley Sons; 2013 May 8. Jackson, Variation in the intensity of financial regulation: Preliminary evidence and potential implications, Yale J, on Reg,, 2007;24:253. Filatotchev, R. Strange, J. Piesse, YC. Lien, FDI by firms from newly industrialised economies in emerging markets: corporate governance, entry mode and location, Journal of International Business Studies, 2007 Jul 1;38(4):556-72. Gray, J. Hamilton, Implementing financial regulation: Theory and practice, John Wiley Sons; 2006 May 1. Solomon, Corporate governance and accountability, John Wiley Sons; 2007 Mar 16, Kim, JS. Tsui, HY. Cheong, The voluntary adoption of International Financial Reporting Standards and loan contracting around the world, Review of Accounting Studies, 2011 Dec 1;16(4):779-811. Revsine, DW. Collins, WB. Johnson, Mittelstaedt HF, Financial reporting and analysis, New York, NY: Pearson/Prentice Hall; 2005. Radebaugh, SJ. Gray, EL. Black, International accounting and multinational enterprises, New York, NY: Wiley; 2006 Jan 4. Iqbal Khadaroo, Business reporting on the internet in Malaysia and Singapore: A comparative study, Corporate communications: An international journal, 2005 Mar 1;10(1):58-68. Barth, WR. Landsman, MH. Lang, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98. Barth, WR. Landsman, MH. Lang, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98. Young, MW. Peng, D. Ahlstrom, GD. Bruton, Y. Jiang, Corporate governance in emerging economies: A review of the principalprincipal perspective, Journal of management studies, 2008 Jan 1;45(1):196-220. Brown, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85. Brown, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85, Gourevitch, J.Shinn, Political power and corporate control: The new global politics of corporate governance, Princeton University Press; 2005. Ball, International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27. Ball, Robin A, Sadka G, Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism, Review of accounting studies, 2008 Sep 1;13(2-3):168-205. Ball,International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27. Tricker, RI. Tricker, Corporate governance: Principles, policies, and practices, Oxford University Press, USA; 2015. Weber, DW. Arner, Toward a new design for international financial regulation. Gilson, CJ. Milhaupt, Sovereign wealth funds and corporate governance: A minimalist response to the new mercantilism, Stan, L, Rev,, 2007;60:1345. Holthausen, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58. Holthausen, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58 Li, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, The accounting review, 2010 Mar;85(2):607-36. Jeanjean, H. Stolowy, Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption, Journal of accounting and public policy, 2008 Dec 31;27(6):480-94. Wu, Corporate governance and corruption: A cross?country analysis, Governance, 2005 Apr 1;18(2):151-70 Ball, R,, International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27. Epstein BJ, Mirza AA, Wiley IFRS 2006: interpretation and application of international financial reporting standards, Wiley; 2006 Feb 3. Barth ME, Landsman WR, Lang MH, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98 Chen H, Tang Q, Jiang Y, Lin Z, The role of international financial reporting standards in accounting quality: Evidence from the European Union, Journal of International Financial Management Accounting, 2010 Sep 1;21(3):220-78. Holthausen RW, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58 Epstein BJ, Jermakowicz EK, WILEY Interpretation and Application of International Financial Reporting Standards 2010, John Wiley Sons; 2010 Feb 5. Iqbal Khadaroo M, Business reporting on the internet in Malaysia and Singapore: A comparative study, Corporate communications: An international journal, 2005 Mar 1;10(1):58-68. Brown P, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85. Brown P, International Financial Reporting Standards: what are the benefits?, Accounting and business research, 2011 Aug 1;41(3):269-85 Choi FD, Meek GK, International accounting, Pearson Higher Ed; 2011 Nov 21. Holthausen RW, Accounting standards, financial reporting outcomes, and enforcement, Journal of Accounting Research, 2009 May 1;47(2):447-58 Kim JB, Tsui JS, Cheong HY, The voluntary adoption of International Financial Reporting Standards and loan contracting around the world, Review of Accounting Studies, 2011 Dec 1;16(4):779-811. Revsine L, Collins DW, Johnson WB, Mittelstaedt HF, Financial reporting and analysis, New York, NY: Pearson/Prentice Hall; 2005. Gray J, Hamilton J, Implementing financial regulation: Theory and practice, John Wiley Sons; 2006 May 1 Radebaugh LH, Gray SJ, Black EL, International accounting and multinational enterprises, New York, NY: Wiley; 2006 Jan 4. Ball R, International Financial Reporting Standards (IFRS): pros and cons for investors, Accounting and business research, 2006 Dec 1;36(sup1):5-27, White GL, Sondh AC, Fried D, Analysis of Financial Statement, Analysis, 2005. Li S, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, The accounting review, 2010 Mar;85(2):607-36. Barth ME, Landsman WR, Lang MH, International accounting standards and accounting quality, Journal of accounting research, 2008 Jun 1;46(3):467-98 [20] Li S, Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital?, The accounting review, 2010 Mar;85(2):607-36. Weber RH, Arner DW, Toward a new design for international financial regulation Hay DC, Knechel WR, Wong N, Audit fees: A Meta?analysis of the effect of supply and demand attributes, Contemporary accounting research, 2006 Mar 1;23(1):141-91, Davies H, Green D, Global Financial Regulation: The Essential Guide (Now with a Revised Introduction), John Wiley Sons; 2013 May 8 Nobes C, Parker RH, Comparative international accounting, Pearson Education; 2008. Helleiner E, Pagliari S, The end of an era in international financial regulation? A postcrisis research agenda, International Organization, 2011 Jan;65(1):169-200 Ball R, Robin A, Sadka G, Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism, Review of accounting studies, 2008 Sep 1;13(2-3):168-205 Jackson HE, Variation in the intensity of financial regulation: Preliminary evidence and potential implications, Yale J, on Reg,, 2007;24:253. Solomon J, Corporate governance and accountability, John Wiley Sons; 2007 Mar 16 Wu X, Corporate governance and corruption: A cross?country analysis, Governance, 2005 Apr 1;18(2):151-70 Edwards B, Wolfenzon D, Yeung B, Corporate governance, economic entrenchment, and growth, Journal of economic Literature, 2005 Sep 1;43(3):655-720 Tricker RB, Tricker RI, Corporate governance: Principles, policies, and practices, Oxford University Press, USA; 2015Gourevitch PA, Shinn J, Political power and corporate control: The new global politics of corporate governance, Princeton University Press; 2005 perspective, Journal of management studies, 2008 Jan 1;45(1):196-220 Doidge C, Karolyi GA, Stulz RM, Why do countries matter so much for corporate governance?, Journal of financial economics, 2007 Oct 31;86(1):1-39. Filatotchev I, Strange R, Piesse J, Lien YC, FDI by firms from newly industrialised economies in emerging markets: corporate governance, entry mode Gilson RJ, Milhaupt CJ, Sovereign wealth funds and corporate governance: A minimalist response to the new mercantilism, Stan, L, Rev,, 2007;60:1345

Friday, November 29, 2019

Sweetness And Power Essays - Sidney Mintz, Sugar, Plantation

Sweetness And Power Sweetness and Power: The Place of Sugar in Modern History Some of the most brilliant minds have made many unorthodox suggestions. This is the case with Sidney Mintzs thesis in Sweetness and Power: The Place of Modern History. Mintzs suggestions that industrial capitalism originated in the Caribbean sugar plantations may seem to contradict the European version of world history fed to most of the Western world, but is nevertheless supported by substantial evidence. In general, Western education has conditioned students to believe that everything productive originated in Europe. Mintz begins by explaining the process of obtaining granular sugar from the liquid extracted from the sugar cane. There was very significant sense of discipline on sugar plantations. Each stage of the process required a certain amount of expertise, just as each worker in a factory has a specific skill. This is where Mintzs theory that plantations were a synthesis of field and factory is best explained; The specialization by skill and jobs, and the division of labor by age, gender, and condition into crews, shifts and gangs, together with the stress upon punctuality and discipline, are features associated more with industry than agriculture at least in the sixteenth century (Mintz 47). Plantations required a combination farmer-manufacturer. Workers on plantations worked assiduously with a definite sense of time. They worked continuous shifts, resting only form Saturday to Monday morning. Mintz goes on to explain that as the production of sugar became significant economically, so that it could affect political and military (as well as economic) decisions, its consumption by the powerful [people] came of matter less; at the same time, the production of sugar acquired that importance precisely because the masses of English people were now steadily consuming more of it, and desiring more than they could afford (Mintz 45). Similar to factory workers, cheap labor was used for mass production of commodities to meet the growing demand. As a result, Mintz completely transformed my ideas on industrial capitalism. As a consumer and lover of sugar, I have now given a considerable amount of thought to the sugar that I consumed so often. The extent to which the Caribbean people and land were exploited is unfathomable. When speaking of a plantation, Americans usually think and refer to the cotton plantations in the South. Even those Americans with roots in the Caribbean are completely unaware of the exploitation of their land and people. The long-term effects of this exploitation led to the underdevelopment of these Caribbean countries. These effects are still evident today as most of the Caribbean islands are labeled as Third World Countries. In addition, Mintz mentions the separation of the production from consumption. The Major consumers of sugar were not the hard workers on the plantation, but the far removed citizens of England. The plantation workers were not able to profit from the fruit of their land. They were forced to work under harsh conditions. Even after slavery ended, the workers were over-worked and under-appreciated just as factory workers were in the documented and established industrial societies Americans have been trained to visualize. Industrial capitalism involves an organization involving ownership, control and direction of production. This was what took place on sugar plantations in the Caribbean. Every worker had set duties and a unified goal of mass production of sugar at the most efficient rate. Mintz does an excellent job of contradicting the European version of world history fed to most of the Western world by proving that industrial capitalism originated in the Caribbean sugar plantations. Book Reports