Difference Between Role of Treasurer and Controller

Difference Between Role of Treasurer and Controller Difference between Role of treasurer and controller with respect to Financial Corporate Governance Organization Chart of the Financial Management The chief finance executive works directly under the president or the managing director of the company. Besides routine network, the person in charge keeps the Board of Directors informed about all the phases of business activity, including economics, social and political developments affecting the business behavior. He also furnishes information about the financial status of the company by reviewing it from time to time. The chief finance executive may have many officers under him to carry out his function. Broadly his functions are divided into two types: Treasury function Control functions An illustrative organization chart of finance function of management in a big organization is shown below: Organization of the Financial Management Function Role of Treasurer The main role of Treasurer is that he refers to the financial officer and then looks at the task of financing and its related activities. Treasury always deals with liquid assets and so the main role of treasurer is to look at the cash and its other liquid assets. Some important tasks of Treasurer are as follows: He formulate the whole capital structure of the organization in accordance to goals of the organization and then to implement it to the organization. He also manages the amount of liquid assets and all type of cash. He basically acts as a cashier. He plays the role of an authority signatory on payment cheques including the authority to approve such cheques. Reconciliation in bank accounts. He manages the overall credit function of the firm. He also has the authority to utilize the surplus cash of the company whenever there is any type of short term beneficial investments. He also makes the companies policies according to decision on trade discounts and vendor payment. He also maintains relationships with bankers and vendors. All of the above mentioned functions of treasurer are implemented with the help of cash manger, finance manager and credit manager. Role of controller As we have already seen that the treasurer deals with liquid assets, the controller of the organization has to record the transactions of these liquid assets. It is the combined and effective working of both the departments that give rise to an effective system of internal controls. Controller is a financial officer responsible for accounting and control. He does the following functions: Records all the transactions in the general ledger, the accounts receivables and the accounts payables, sub-ledger, transaction with respect to fixed assets such as depreciation, inventory control, etc. He looks into the aspects of taxes and insurance. He also keeps track of companys short term investments by recording and reconciling the transaction with those of the brokerage firms. He carefully looks into the regulatory aspects and implementation of the companys policy on trade discounts and recievables aging. He always acts as the planning director. He keeps a record of the attendance of the employees, their movement timings so as to facilitate in preparing the payroll. He reports information to the management. The office bearer who assists the controller in accomplishing the above tasks is: tax manager, data processing manager, cost accounting manager and accounting manager. Thus the functions of financial accounting, internal audit, taxation, management accountings and control, budget-planning and control are accomplished in this manner. Controllers and Treasurers functions in the Indian Context The controller and the treasurer are essentially American terms. Basically the American pattern of dividing the financial executives functions is not being widely followed in India. We do have a number of copies having officers with the designation of the controller. The controller or the financial controller in India, by and large performs the function of a chief accountant or management accountant. The officer with the title of treasurer can also be found in a few companies in India. The controllership functions can prove to be useful under the Indian context, but presently some of these duties are performed by the company secretary in India. His duties, for example includes asset control and protection, maintaining records and preparing reports and government reporting. The economic appraisal function is generally performed at the top level in India. Some other functions, such as internal audit, can be brought within the fold of the controllership functions, if this concept is developed in the Indian context. It should be realized that the financial controller does not control finances; he or she develops, uses and interpret information- some of which will be financial for management control and planning. For this reason, the financial controller may simply be called as controller. Management of finance or money is a separate and important activity. Traditionally, the accountants have been involved in managing money in India. But the difference in managing money resources should be appreciated. In the American business, the management of finance is treated as a separate activity and is being performed by the treasurer. The title of treasurer has not found favor in India to the extent the controller has. Some of the functions performed by the treasurer in the American context are again discharged by the company secretary in India. Insurance coverage is an example in this regard. The function of maintaining relations with investors may now assume significance in India because of the development in the Indian capital markets and the increasing awareness among investors. The general title, financial manager, seems to more popular in India. This title is also better than the title of treasurer since it conveys the functions involved. The main function of the financial manager in India should be the managements of companys funds. The financial duties may often be combined with others. But the significance of not combining the financial managers duties with others should be realized. The managing of funds- a very valuable resource- is a business activity requiring extraordinary skill on the part of financial manager. He should ensure the optimum use of money under various constraints. He should, therefore be allowed to devote his full energy and time in managing the money resources only. Functions of Treasurer and the Controller CASE STUDY The role of the corporate treasurers has changed from a traditional one of securing funds and managing financial risk to a strategic one of driving overall business initiatives. In this new role, treasures have the prime responsibility of advocating better corporate governance principles in the company, both as a means to improve the shareholder value and to enhance investor confidence. This has become very important because the corporate governance practices of the companies are being placed under heavy scrutiny from the regulators and investors following revelations of corporate malfeasance, deception and fraud. This article discusses the role of the treasurers in building a sound governance structure in the companies. Description The debacle in Satyam Computers Limited, Indias fourth largest software company, has brought the issue of corporate governance in limelight more particularly in India. It is however unfortunate that such important issues gain prominence only after incidents of corporate frauds. The issue of corporate governance was earlier debated when the developments at Enron and WorldCom rocked the world. As India is on a growth trajectory and is having ambitions of being ranked in the counters of the developed economies, the issue of corporate governance only being surfaced after the Satyam scam is a grave concern. We may claim that the Satyam scam is an isolated case in corporate India, but it is more important to see how the rest of world assesses our seriousness towards the ethics of corporate governance. Do we take the ethics of corporate governance seriously and deeply and drift it away from its ornamental value to run an enterprise towards the principal goal for which the corporate governance term was coined? Largely the practice is to decorate the board, which is at the helm of affairs of corporate governance, with people whom the promoters of the company believe will add some ornamental value to the enterprise. Many a times the promoters induct known people onto the board. Having said that companies prefer the decorative value of the board over its usefulness. Thus one can ea sily conclude that the Satyam fiasco is nothing but a true reflection of what routinely and pervasively passes for corporate governance. The role of treasurer is crucial to todays business especially in ensuring that the company has the cash that it needs to operate the business, adequate risk management systems are in place and finally ensuring that the company complies with the various international standards. The treasurer and cash have a consanguineous relationship and the recent fiasco of Satyam Computers reveals a story of siphoning the cash from the companys balance sheet which puts the role of the treasurer or CFO nothing but on dubious distinction. By the mere definition of a treasurer one understands that wherever there is cash in the company, the treasurer has to be present there. Though the Satyam fraud appears to be a systemic fraud by the senior management, nevertheless such frauds can be mitigated to some extent if corporate governance is compiled by the treasurer. In such a scenario it becomes altogether more important for corporate treasurers to revisit the basics of corporate governance and their rol e in inculcating the principles of corporate governance in a company. This article highlights and revisits the role played by the treasurers or CFO in the compliance of corporate governance. Treasurer in Detail The Treasurers role is the second most important function on the Board after that of the Chair. Financial accountability is fundamental to not-for-profit organisations. If your members have no confidence in your ability to control and account for finances, they will have no confidence in the organisation as a whole. The Treasurer may find a reluctance amongst non-financially trained board members to take any responsibility for finance. As a Board or governing committee however, the group as a whole has to share responsibility and decision-making and it will therefore be an important part of the Treasurers role to ensure that others understand the information that is being presented and the implications thereof. It is particularly important that the Treasurer attends meetings regularly in order that others can ask questions and be sure that they have a full understanding of the associations financial position. Purpose To manage and report on the associations finances. Responsibilities To carry out the responsibilities of a member of the Board of Directors. To lead budget planning and preparations. To monitor the budget and inform the Board as to whether projections are turning out as predicted in order that joint decisions can be made on appropriate adjustments. To ensure the Boards financial policies are being followed. To report to the Board of Directors and the general membership on finances. To prepare any required financial reporting forms. To ensure tax regulations are complied with VAT. To manage and maintain bank accounts, ensuring the association is getting the best rate of return for funds held and moving money between accounts as To oversee all financial transactions. To sign cheques (with a second signatory from the Board or staff). To chair finance sub-committee, if one exists. TREASURER WORKING WITH A BOOKKEEPER. Most treasures do not have bookkeeping expertise, and they need not and ideally should not spend their time on day-to-day financial administration. Wherever possible, a suitably experienced/qualified paid (or volunteer) bookkeeper should be responsible for banking, for processing payments, for keeping full and accurate accounts of all receipts and expenditure and for producing financial reports. This leaves the Treasurers time for the more strategic and managerial aspects of the role, in particular budgeting and planning. The Treasurer does however need to monitor the work of the bookkeeper as ultimate responsibility for the accuracy of records lies with his or her role. If your association needs to submit formal annual statements to tax or other government authorities, these may be prepared by your bookkeeper or by external accountants. Requirements will vary in different countries. In the UK, all limited companies must have their final accounts prepared by a chartered accountant. Becoming a Good Treasurer A treasurer does not have to study accounting or business in order to do well at this position. A good treasurer will be characterized by the following traits: 1.  Honesty and Integrity:  As treasurer you are not given free liberty to do whatever you like. Rather, you are accountable to God, the fellowship and the committee. Therefore, perform your task properly and professionally. 2.  Carefulness:  This characteristic will help you maintain accurate and up-to-date records. Be careful to record all transactions. Be careful when handling money because ultimately this money belongs to God. 3.  Common sense:  Common sense is necessary in order to catch errors early. 4.  Open books:  It is good to maintain an open book policy concerning financial matters. Any member of the fellowship, after consultation with the committee, should be able to see the financial state of the fellowship. This will help build accountability and credibility for the entire fellowship. 5.  Watchful eye:  The treasurer needs to be vigilant in tracking income and expenses. These amounts should be compared with the current budget. 6.  Faithfulness to God:  Ultimately, the treasurer brings honor to God by the proper exercise of his/her task. Therefore, view your position of treasurer as a way to show your faithfulness to God. Heres an excellent maxim: Gods work done in Gods time will receive Gods provision. Controller Vs Treasurer While the term Controller is used differently in Sweden than in America, there is reason for a clear explanation of the differences between Controller and Treasurer. The fact that a Controller in Sweden has a broader role than the Controller in America can be explained largely by the function of the treasurer that has those duties overlapping those of the Swedish Controller. In large firms, the financial operations overseen by the CFO will split into two branches, with one headed by the treasurer and the other by the controller. The Controllers responsibility are primarily accounting in nature. Costs accounting as well as budgets and forecast concerning internal consumptions, lies within the area of the Controller. The treasurers responsibility fall into the decision areas most commonly associated with financial management, invest financing and asset management. The organization chart may give you false impression that a clear splits exists between controller and treasurer responsibilities. In a well-functioning firm, information will flow easily back and forth between both branches. In small firms the treasurer and controller functions may be combined into one position with a resulting commingling of activities. Traditionally the role of controller has been that of a number cruncher, computing financial data in order to prepare reports. The assignment associated with the controller role is in no way set in stone, different organizations have different duties attached to the Controller. The final statement where the controller should be seen as a long range developer of executives, hints at a prominent role when it comes to developing human resources within organizations. In order for the controllers department to become developers of accounting and operating executives they have to have an intimate relation to the personnel of the organization.

Importance of sports Essay

The importance of sports in the life of a young student is invaluable and goes much further than the basic answer that â€Å"it keeps kids off the streets.† It does in fact keep kids off the streets, but it also instills lessons that are essential in the life of a student athlete. Sports play a pivotal role in the makeup of a young athlete, especially in the middle school to high school years where student athletes are much more mature and mentally developed. Where else can a young, impressionable youth learn values like discipline, responsibility, self confidence, sacrifice, and accountability? Television, which may be the most influential tool in the lives of young adults, does not show enough of these qualities, nor is it on the Internet, or radio. Rather it is up to the parents, teachers, sports teams, clubs, and after school programs to help mold, develop, and instill these qualities into the lives of student athletes. I believe in order for this to happen, school sports programs must have a few components in place. The first thing they need is a good core of coaches that understand the great responsibility that is placed upon their shoulders to help shape and prepare these student athletes not only in sports, but in their everyday lives. Yes, I did say coaches, because it is a responsibility that lies on the shoulders of more than one person and it is going to take more than one person to help lead these student athletes to success. The second component also involves the coaches: It is the ability to capture the admiration and the trust of the athletes. This is crucial because if you can capture a person’s admiration and trust you can motivate them to perform at a higher level not only in sports, but also in their own lives. If you can get the athletes to believe in you and your philosophies you can begin to see significant changes in grades and behavior. It all starts with coaches that have a plan and methodology behind the principles they are teaching. As I said earlier, there is a great responsibility on the coaches to help young student athletes make a smooth transition into society. The third and I believe the most crucial of all is the support that comes from the community, and administration. This is very important because student athletes need to know they are appreciated and there is no greater way than for the community, booster club, and commissioners/treasurers to show that appreciation than to get involved in youth athletics. In order to accomplish this it’s going to take investment and the most valuable investments are  money and time. The more invested, the better the results. I can attest that there is no greater investment than the future of our young student athletes. When these things are in place, I believe student athletes will benefit and the results will be evident not only on the field, but long after they step off of it.

Business Ethics - Like Nailing Jell-O to the Wall - Free Essay Example

Sample details Pages: 7 Words: 2073 Downloads: 3 Date added: 2017/06/26 Category Business Essay Type Essay any type Did you like this example? Business Ethics Like Nailing Jell-O to the Wall What are ethics? A simple definition for ethics is those standards or morals a person sets for himself or herself regarding what is good and bad and right and wrong. If something is ethical, it does not necessarily mean that it is legal, and vice-versa. This is partially because ethics are subjective à ¢Ã¢â€š ¬Ã¢â‚¬Å" that is, each persons ethics are unique to that individual. Don’t waste time! Our writers will create an original "Business Ethics Like Nailing Jell-O to the Wall" essay for you Create order For example, Sally, who works at Beckers, may give a carton of milk to a young mother with a baby who has no money for food. Though Sally believes this action is ethical, it is not legal. Another employee may not see Sallys action as ethical. Where do ethics come from? The most common factors that form a persons individual ethics are: Family Influences. People tend to develop beliefs about ethics and morals from their parents, brothers, and sisters based on observing their behaviour, and punishment for doing things that the family perceives as unethical. Peer Influences. Classmates and others in a persons social network can shape ethics. Peer pressure, for example, can help determine how much a person is willing to engage in questionable activities like shoplifting, lying, etc. Past Experiences. Often, the consequences of previous behaviour condition a person to feel comfortable with certain ethical standards. For instance, if a sales person lies to a customer to make a sale and then is reprimanded by the manager, he or she would likely perceive lying as undesirable behaviour and unethical. On the other hand, if the person makes the sale, and is rewarded by the manager, lying may become perceived as a desirable and ethical behaviour. Religious Affiliation. Generally, a persons religious affiliation (if one exists), will shape what that person perceives as right and wrong. Situational Factors. People adjust their ethics to suit certain circumstances. For instance, Sally in the example above, would probably have changed her behaviour if the customer had been a well-dressed parent who drove up in a BMW. Business ethics Business managers face ethical dilemmas (ethical questions) almost every day. Ethical dilemmas occur when a manager is faced with two or more conflicting ethical issues, and has to make a choice. Business to Employee. A business has a responsibility to act ethically towards its employees. Most importantly, employers must hire and fire people in ethical ways. Wages and working conditions are a second ethical issue. Businesses must ensure that employees are paid a fair wage, and that working conditions are reasonable. For instance, paying a worker $1 per day is considered unethical. The same could be said of having an employee work in a room filled with toxic fumes that would cause illness. Privacy is the final ethical issue with respect to employees. This includes random drug testing; and listening to employee telephone calls. Employee to Business. Employees have ethical responsibilities towards their employers. Some of importances include taking a part-time job with a competitor; leaking company secrets; wasting company time; and theft from the employer. Business to External Environment. Because businesses exist within a community from which they take resources, some ethicists believe that businesses have ethical responsibilities to the community. This obligation to protect and enhance the society is called Social Responsibility. This also includes responsibilities to the customers from which they earn profits. The main areas of Social Responsibility are: Ecology and environmental quality preventing and cleaning pollution, noise control, recycling, preserving land. Consumerism truth in advertising, warranties, control of harmful products. Community needs helping charities, aid with health care and urban renewal. Governmental relations elimination of bribery of officials and lobbying, following laws. Minorities and disadvantaged persons providing training and opportunities for these groups. Labour relations permitting unions, negotiating fairly, providing fair working conditions and compensation. Arguments Against Business Ethics Ultimately, businesses exist to make a profit for their owners and shareholders. In most cases, ethical behaviour adds expenses to the business, reducing profits. Profits are a good thing à ¢Ã¢â€š ¬Ã¢â‚¬Å" they ensure that people have jobs. The smaller the profits, the fewer income tax dollars are paid, which would hurt government programs. The government takes care of ensuring that businesses do things in an ethical way. No other forms of business ethics are required. Arguments for business ethics Business, like government, is a system that affects not only its managers and employees, but all members of the community. Many business decisions affect the lives of people in important ways. If businesses operate in unethical ways, this can contribute to people getting sick (as a result of pollution or defective products); or consumers could get taken advantage of (through false advertising). The Harvard Business Review suggests that well over three-quarters of businesses are trying to build ethics into their organizations. Many business managers believe that, though more costly in the short run, ethical behaviour is profitable in the long run as customers and government regulators will appreciate it. This will ultimately result in higher profits. Businesses earn huge profits from members of the community à ¢Ã¢â€š ¬Ã¢â‚¬Å" they owe it to the communities to put something back through donating to charities. For example, the major banks earn $2 $3 billion dollars a year each. A small portion of that should go back to the communities from which it came. Ethical Frameworks An ethical framework is a system that a person can use to help make a decision when faced with a moral dilemma. Here, two frameworks will be described: deontology, and utilitarianism. Deontology is the belief that there are some things that a person should do (right), and others a person should not do (wrong). People should do the right things (such as being honest), and refrain from doing the wrong things (such as stealing), regardless of what the consequences are. This can cause problems, if doing the right thing has a negative consequence. For example, if you are honest about the whereabouts of someone being sought by the police and wrongly accused of crime, the consequence is that an innocent person will be arrested. Another problem with deontology is that no clear method exists classify behaviours and actions as absolutely right and absolutely wrong. Deontological arguments are based on adhering to sets of rules. Utilitarianism suggests that you choose the behaviour or action that will result in the greatest good for the greatest number of people. It does not matter if the actual behaviour is right or wrong, the result is key. Utilitarian arguments are based on meeting a specific goal, and not on following rules. Discussion Questions Some business ethicists argue that acting ethical in order to increase profits in the long run is unethical à ¢Ã¢â€š ¬Ã¢â‚¬Å" that businesses should be ethical because they want to contribute to the community. How do you feel about that statement? Why do you think the title of this article is Business Ethics Like Nailing Jell-O to a Wall? Do you agree that the government should regulate aspects of a business to ensure they operate ethically? If so, what sorts of things should be regulated? No corporation is truly ethical unless it has banished all forms of external motivation for employees. What do you think this statement means? Reconsider the story discussed earlier about Sally the convenience store owner who gave a carton of milk to the poor mother. What would a deontologist say about Sallys action? What would a utilitarian say? Do you prefer deontology or utilitarianism? Why? Business Ethics Case Worksheet Name: ____________________________ Case Name: _____________________________ Role: _____________________________ Instructions Two members of your group must choose to play managers, two play ethicists. Each group will receive a case envelope. Everyone in the group must reads the case articles sheets in your envelope. Each person answers the questions on this sheet (to be handed in at the time you present). Your group will have class time to prepare a presentation (maximum 10 minutes long). The instructions are shown below. Make sure that you read your peer evaluation sheet so you know what is expected of you. The presentation should include: An introduction in which the background of the case is described to the class. A role play in which all members of the group participate, and argue their sides using an ethical framework. A conclusion, where you reflect upon the role play, and discuss the ethical issues involved and how they could be resolved in real life. Questions: 1. Describe the ethical dilemma you will be faced with. What are the main issues? What facts do you have? 2. Will you use a deontological argument, or a utilitarian argument in your presentation? Why? 3. Describe what information you plan to communicate in your argument to the other side. 4. How do you think the other side will respond to your argument? 5. With your group, write up an outline to describe your role play. Explain which members will be doing the introduction, which will be doing the conclusion, and what information you plan to communicate. Business Ethics Self Reflection Worksheet Your Name: ____________________________ Case Name: _____________________________ Members of your group: ___________________________________________________________ To be completed after you have presented your role play. Think about the level of effort each member put forth toward your presentation. You have 10 marks to divide up among your group. If you feel all members put in equal amounts of effort, allocate 2.5 marks to each of the four members. If you give all 10 marks to one person, everyone else would have 0. Name Mark/10 Total 10 In the space below, write a personal reflection on this activity. In it, describe your personal feelings about the case and related issues that you presented. Comment on how effectively you feel you argued your part, and what you would do differently if you were to repeat the exercise. Business Ethics Peer Evaluation Sheet Your Name: ____________________________ Case Name: _____________________________ Names of presenters: _____________________________________________________________ Item Consider These Things Mark (circle one) Clarity of Presentation Appropriateness of language Preparedness of group All members participated 12345 Role Play Clear introduction Good interaction among members Realistic positions 12345 Arguments Sound, realistic, and clear arguments made Use of ethical frameworks (deontology, utilitarianism) 12345 Conclusion Conclusion made sense given the case Reasonable possibilities for solutions offered 12345 Group Mark Add up all the numbers you circled to determine the mark. /20 Business Ethics Peer Evaluation Sheet Your Name: ____________________________ Case Name: _____________________________ Names of presenters: _____________________________________________________________ Item Consider These Things Mark (circle one) Clarity of Presentation Appropriateness of language Preparedness of group All members participated 12345 Role Play Clear introduction Good interaction among members Realistic positions 12345 Arguments Sound, realistic, and clear arguments made Use of ethical frameworks (deontology, utilitarianism) 12345 Conclusion Conclusion made sense given the case Reasonable possibilities for solutions offered 12345 Group Mark Add up all the numbers you circled to determine the mark. /20 Business Ethics Lesson Plan and Teacher Instructions Objectives By the end of the activity, students will: Knowledge: understand and define the concept of business ethics identify current ethical issues in business Skills apply various ethical frameworks in order to solve ethical dilemmas create and perform a role play that demonstrates an understanding of ethics and of contemporary ethic issues that relate to business Attitudes: appreciate societal and personal needs for business ethics in modern commerce Materials Needed One copy of Business Ethics à ¢Ã¢â€š ¬Ã¢â‚¬Å" Like Nailing Jello to the Wall per person. Six Business Ethics case envelopes each containing: 4 copies of a common case study; 2 copies each of confidential notes for managers and confidential notes for ethicists. Each envelope contains a separate topic: Employee Monitoring Harmful Product #1 (Milk and Agricultural Hormones) Harmful Product #2 (Tobacco in Developing Countries) Child Labour Customer Privacy Kids and Classrooms. One Case Worksheet per person. One Self-Reflection Worksheet per person. Five Peer Evaluation Sheets per person. Development Strategy First Class: Distribute Business Ethics à ¢Ã¢â€š ¬Ã¢â‚¬Å" Like Nailing Jello to the Wall. Go through key concepts with students. The delivery should be informal, and students should have the opportunity to contribute, creating a discussion atmosphere. Students will respond to the discussion questions in class. The teacher will explain the forthcoming assignment to students, and form groups. The packages will be distributed to students; they are expected to complete the required reading for homework. Second Class: Students will have time to work on formulating their role plays within their groups. The teacher will be present to assist with difficulties, and ensure students critically evaluate their positions. Third Class: Students will present their role plays. Specific instructions and expectations appear on the attached student handouts. Peer evaluation will take place. Students will complete the Self-Reflection Worksheet as homework. Business Ethics Harmful Product #2 L. Pinto, Teaching Business Ethics

Muted Group Theory ( Mgt ) - 1737 Words

Muted Group Theory (MGT) is a critical theory because it is focuses on the power structure and how it is used against certain people and groups. At times, critical theories can divide the powerful and the powerless into a number of different ways. MGT chooses to split the power spectrum into two main categories, men and women. This MGT helps us to understand any groups that are silenced by the lack of power in their language. In dominate groups or activity groups, there are members who have less power that tend to fall silenced. One idea of MGT is that members of stifled groups may, at least at times, experience a doubtfulness of existence, seeing reality both as it is experienced from a dominant perspective and also from their own, muted, perspective. For example, when there is a â€Å"dominant† language or activity in a group, there are members who have â€Å"lower-power† and could feel silenced because of their lack of knowledge in that language or activity. â€Å"The two main components within MGT are dominant and subordinate groups.†(Wall) These are categorized into relationships between men and women.Edwin Shirley Ardener, two social anthropologists, came up with the idea of MGT in the 1960s.They â€Å"focused on the ways that the communication practices of dominant groups suppress, mute, or devalue the words, ideas, and discourses of subordinate groups†. (Kramarae) Cheris Kramarae took MGT a step further when she brought it into the field of communication studies. In every groupShow MoreRelatedMuted Group Theory ( Mgt )1593 Words   |  7 Pages Muted Group Theory (MGT) is a critical theory because it is focuses on the power structure and how it is used against certain people and groups. At times, critical theories can divide the powerful and the powerless into a number of different ways. MGT chooses to split the power spectrum into two main categories, men and women. This MGT helps us to understand any groups that are silenced by the lack of power in their language. In dominate groups or activity groups, there are members who have lessRead MoreAbolition of Universal Banking in Nigeria - Implication for Nigerian Banks10849 Words   |  44 Pagesminimum paid up requirement of N10billion, N25billion and N50billion respectively. There will be specialized banks under which Primary Mortgage Institutions, Discount Houses, Development Banks and Micro-Finance Banks are grouped. New comers to this group are the Non-interest banks, which may opt to be either regional or national. According to Uzor (2010) an important innovation in the new model is the return from shareholders fund to paid-up share capital in defining minimum capitalization benchmarks

Overpopulation Is Not Too Late - 1729 Words

â€Å"A crowded society is a restrictive society; an overcrowded society becomes an authoritarian, repressive and murderous society† (Abbey).As resources continue to diminish due to high consumption, what awaits in the future is far from harmonious. It is only until now that government advertisers have found interest in raising consciousness about the issue of overpopulation, but is it too late for the inevitable events that are to come? With the rise of technology that question has become difficult to answer as new advancements continue to do the unexpected and merely the impossible. For instance topics that are now in discussion include cloning of living organisms, colonization in other planets, and creation of virtual worlds. Overpopulation†¦show more content†¦New technologies have made birth possible, yet the continuous reproduction has not been limited, therefore furthering the problem of overpopulation. According to an online data sheet, â€Å"World population is expected to rise from 7.2 billion today to 9.7 billion by 2050† (â€Å"World Population Data Sheet 2014†). Consequently, the idea of making life has changed in proportion to the new technological advancements. Natural conception, sperm fertilizes the egg inside the woman s body, has become a thing of the past, now even those with infertility issues have hope in the idea of creating life . There are various types of assisted reproductive technology procedures that enable those who have fertility problems produce fetuses. For example, the procedure Vitro Fertilization is when: Fertilization of the egg with the sperm, and the first few days of embryo development, occur outside the body in a test-tube or a Petri dish, in controlled conditions in a laboratory. After fertilization, early embryo development is checked in the laboratory by a scientist called an embryologist. When the embryo is 3 or 5 days old it is transferred into the uterus in the hope that the woman will become pregnant (â€Å"Assisted Reproductive Technology: The ART of Getting Pregnant†). The process of IVF requires no sexual contact that once was the only way to conceive a child .This demonstrates that technology contributes to the rise of population by encouraging

Skin Facts Free Essays

The skin is the largest organ of the body. On the average person, the skin is approximately 3000 square inches and weighs approximately seven pounds. While the eyes are the â€Å"windows of the soul†, the skin is the â€Å"window to the body† because it is the only organ that can be seen. We will write a custom essay sample on Skin Facts or any similar topic only for you Order Now The skin contains 25% of the body’s blood supply, which flow completely through the skin once every minute. The skin is the body’s largest organ of immunity. It is the body’s first line of defence, the boundary where self is designed from non-self, yet it is highly interactive with the environment. Anatomy of Normal Skin Approximately 50% of the body’s primary cells of immunity are housed in the skin at any minute. After puberty, these cells are matured in the skin. The skin is biodynamic, alive up to the stratum corneum the only barrier the skin has to the outside world. The stratum corneum is less than the thickness of one human hair. In one square inch of the skin there are 2800 openings for sweat and oil glands. Over three million sweat glands cover the body, contributing to one of the skin’s many nicknames, the third kidney. In one day, skin will release one to several millilitres’ of water. As we get older, these sweat glands produce less perspiration. Skin perspires, what some people mistakenly call breathing. It takes in about 2. 5% of the body’s oxygen and releases about 3% carbon dioxide. In general, the skin does not breathe from outside oxygen. It works on anaerobic metabolism through our lungs. The skin is a bio-conversion factory. It is the largest hormone and enzyme producing organ of the body. Two distinct layers make up the skin. The epidermis, which covers and protects and the dermis, supports the epidermis and connects it to the underlying muscles. It acts as a heat regular in conjunction with the blood stream and perspiration glands. When the body is exposed to too much heat, there is a rush of blood to the surface of the skin, permitting it to cool. At the same time, the perspiration glands secrete liquid to aid in the process. Sensory erception occurs in the skin, preventing damage to its ability to feel heat and/or cold, giving pleasure by the same ability to feel such things as the smoothness of satin of the softness of down. There is delayed light screening by means of melanin’s reaction to light. Melanin is a dark pigment found in the skin. It is the area where both sebum and perspiration production take place and where these two combine on the surface to form a protective film (acid mantle) which renders the skin less vulnerable to damage and attack by environmental factors (e. . sun, wind, bacteria) and less prone to dehydration. â€Å"pH† is a chemist’s term standing for â€Å"potential of hydrogen† and is used to describe the degree of acidity or alkalinity in the acid mantle of the skin or in a product. It is measured on a scale ranging from 0-14. The centre of the scale, 7, is neutrality (neither acid nor alkaline). A reading above 7 indicates that the substance being measured is alkaline; below 7, acid. As far as the skin is concerned, a normal pH (or normal Acid Mantle) is in the range of 4. 2 to 5. 6. It will vary from one part of the body to another and generally speaking, the pH of a man’s skin is lower (more acid) than of a woman’s. The Chemical Composition of the Skin: Water70. 0% All percentages are approximate, Protein25. 5%as water may range from 60% to 70%. Lipids2. 0% Trace Minerals0. 5% All Other2. 0% There are three main skin layers: †¢The Subcutis contains fat cells and Lipocytes which make lipids. †¢The Dermis contains nerves, blood vessels, sebaceous glands and sweat glands and consists mainly of collagen elastin. †¢The Epidermis contains keratinocytes, melanocytes and Langerhans cells. The skin, and in fact our whole body, is composed of many different types of cells. These cells have the same fundamental chemical composition but they vary in size, shape and function. The cells that comprise the outer layer of the skin are themselves a series of many layers that overlap each other, thus ensuring that cellular or other fluids cannot escape from the body via the skin except through a cut or break, or by means of special escape routes: the pore of follicles. The outer surface of the skin is comprised of flattened dead cells. Underneath however, there are living cells, which are somewhat fuller, and the deeper one goes into the skin, the fuller and rounder the cells become. At the bottom of all the layers, there is a row of cells, which are the ones that are always growing and in the process, pushing other cells upward, the cells become flattened as they are emptied of their natural fluid through pressure and dehydration. This normal process of shedding and renewal takes about 30 days (which means that after a cell is born in the bottom layer, it ends up on the surface of the skin, dead and ready to shed). The number of things the skin does for us is incredible. It covers us (epidermis and dermis), helps us keep warm (fatty layer), cools us off (sweat glands), keeps itself supple (oil glands) provides ultraviolet ray protection (melanin cells, registers our sense of touch (nerves), and is ornamental (hair, eyelashes, nails). Over time, dead protein cells can build up and block sebaceous and sudoriferous glands. This causes disturbances in the skins pH levels, normal rhythm and proliferation. How to cite Skin Facts, Papers

Quality Brands and Trusted Retailing †Free Samples to Students

Question: Discuss about the Quality Brands and Trusted Retailing. Answer: Introduction: The article is taken from Harvard Business School; it explains secretarial has control at the forefront of globalization over the past decades (Thompson 2016). In the year 2010, more than 100 countries include all major economies of the world that have accept either general set of secretarial philosophy that is termed as International Financial Reporting Standards. The IFRS have started an IFRS harmonization agenda that places a national strategy in response to IFRS. In this case, the proliferation of IFRS considered as one of the significant expansion in recent business supremacy (Dufour, Teller and Luu 2014). There is a series of case that study the economies of countries such as Canada, India and China. It is analyzed that there is similarities as well as differences that is present in the international political dynamics that aims at contributing towards countries response towards International Financial Reporting Standards. In this framework, it is essential for explaining as we ll as predicting the decisions made after implementation of IFRS harmonization and potential structure that greatly influences the accounting in the given form (Samujh and Devi 2015). The globalization of secretarial principles has been noted through the proliferation of IFRS in and across the world and is one of the most significant growths in corporate authority over past decades (Rugman 2016). It is necessary to analyze worldwide supporting vibrant of countries IFRS harmonization judgment. From the given jurisdictions, it is required to describe the exceptional fundamentals of domestic political financial system that are shaping with the IFRS policies. Furthermore, Harmonization means to all the efforts that include falling of diversity in secretarial perform in and across the globe when meeting means events that are adopted by individual countries in the course of moving from nationwide GAAP to IFRS after making the comparison (Dufour, Teller and Luu 2014). There are four fundamental assumptions in IFRS harmonization that include accrual basis, going concern, stable measuring unit supposition and unit of constant purchasing power (Nurunnabi 2017). To explain each of the assumptions, these are as follows: Accrual basis- The first assumption is accrual basis of accounting where the result of dealings as well as other proceedings are obtainable when they occur and not as cash as it is increase or salaried (Nurunnabi 2015). Going concern- The second assumption of IFRS is going concern that is an entity that will carry on for the predictable prospect. Steady measuring unit supposition- The third assumption is stable measuring unit assumption of IFRS harmonization where the financial capital maintenance especially in supposed financial units (Nobes 2015). Units of stable purchasing authority- The forth assumption of IFRS harmonization is units of stable purchasing power. This is the monetary upholding in units for stable purchasing authority at the time of either deflation or inflation. In that case, rejection of the stable measuring unit assumptions for future analysis purpose (Dufour, Teller and Luu 2014). Contextual issues of implementing IFRS in emerging economies and in developed countries The title of the first selected article is A study of the institutional and economic determinants of IFRS adoption in emerging economies (Dufour, Teller and Luu 2014). This article explains the contextual issues that are used after implementing IFRS in emerging economies and developed countries. The main purpose of the section is to discover the fundamental assumptions of institutional as well as financial network hypothesis that either supports or sustains promising financial system result for adopting IFRS (Nieman and Fouch 2016). The title of the second article is Accounting for a developing world-A look at international standards on developing countries. The main purpose of the section is to examine the accounting issues in developing in and across the world as well as approaches that are used for increasing the effectiveness and reliability of accounting and financial reporting of the developed countries (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). It is necessary to look at the effect for implementing IFRS in developed countries and reasons as to why some developed countries select not to use IFRS. It is thereby needed to make recommendations so that nations implement IFRS as well as approaches as the most successful attributes based in the previous country case studies and findings. It is noted that developing countries mostly do have an established accounting as well as auditing tradition (Dufour, Teller and Luu 2014). Addition to that, the developing countries often lack strong professional accounting body if they have it even one at all. The underlying issue identified is the shortage of skilled professional accounting workforce in and across nations. In that case, it mainly prevents the development of a well-functioning financial environment. Countries such as Ghana have insufficient funds for teaching institutions where secretarial is taught that include lack of accomplished teachers, improper structure for preparation and teaching of accountants and lack of education materials. Most of the countries even faces unfavorable political environment where corruption is common as well as transparency is limited in nature (Kothari, Ramanna and Skinner 2015). The title of the third article is Are IFRS harder to implement for emerging economies compared to developed countries. In real practice, it is argued that worldwide secretarial harmonization procedure majorly faces educational confrontation during tough circumstances of given secretarial improvement (Kossentini and Othman 2014). In that case, it is believed that confrontation is felt more in the rising countries on comparing it with the developed countries. This section analyzes the literature on promising countries that do not have any communications or the real needs that justifies a improvement of international harmonization except there is need for displaying an IFRS label. It mainly facilitates assessment that is used for looking at the firm and comparing it between emerging economies and developed financial markets (Dufour, Teller and Luu 2014). After looking at the culture between Anglo and American, it gets close to IFRS that leads to a complexity after adopting these princip les by any country where unique secretarial scheme is continental. In addition, these countries adopts the procedure of worldwide harmonization begins with an aversion to the Anglo-Saxon secretarial society where the later is dissimilar from the continental secretarial cultural at various levels (Hong, Hung and Lobo 2014). From the above three articles, it is understood that corruption flourishes when there is little government transparency, illiteracy as well as no freedom of information legislation as there is lack of freedom of speech and dysfunctional government systems (He, Wong and D. Young. 2012). Most of the lesser developed countries often lack required financial as well as technical capacity that is often undisclosed to its citizens. Addition to that, there is lack of lax fiscal controls, weak institutions, process of government as well as false government financial statements that is undisclosed to the citizens. Revelation of depository as well as fiscal organization is often ambiguous or deceptive, which restricts overseas speculation and the expansion of resources markets. Devoid of consistent monetary declaration, shareholder is unwilling to presume the risks of lack of simplicity and investor defense. Whereas not every nation faces all of these issues, most of them have at least some of the problems that are listed and need proper attention (Dufour, Teller and Luu 2014). Furthermore, it makes for adverse surroundings in which to grow cost-effectively and carry out trade. In addition to that, it requires implementation of sufficient secretarial principles much more complex in circumstances that is less than perfect. Though, ongoing to get better on the secretarial and monetary institutions will help to ease some of these issues that this nation face (Dufour, Teller and Luu 2014). Use of IFRS in Wesfarmers Limited and Woolworths Limited Wesfarmers Limited is one of the retail companies that is listed in Australian Listed Exchange and occupies the highest place in terms of revenue. Wesfarmers Limited recognized an IFRS Project Team for managing the change to Australian equal IFRS at the end of 2003 (Wesfarmers.com.au. 2016). Furthermore, this project team consists of project sponsor, full time project accountant, steering committee as well as project working party. This project accountants as well as operational party members works together with leadership from the steering board and work for the project for more than 12 months and had successfully achieved various milestones such as identifying all secretarial strategy modify, quantification of the common of monetary collision with the exception that have a transition date other than 1st July 2004 as well as interpreting by external parties (Dufour, Teller and Luu 2014). Wesfarmers Limited is currently looking for clarification from the urgent issues group that come s under employee share plan in accordance to IFRS. This is under the new Australian equivalents where IFRS appears to be two alternative accounting treatments. In this, the first alternative is applicable to AASB 2 to the issue of share component as well as benefit to the employee from the arrangement with the loan component and the benefit given to the employee after arranging accounts that is in accordance to the requirements of AASB 139. In addition, the second alternative treats the overall arrangement that grants for options under the accounting standard (AASB 2). In case of transition adjustment, changes are made in accordance to the recognition of mine rehabilitation provisions that are in accordance with IFRS as well as result after recognition for the year 2004 of a large increment of provision (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). By explaining the provision, it is understood that Wesfarmers Limited will aims at increasing the worth of mine growth assets to the degree to which amortized cost of the connected treatment assets with the residual differences that is being adjusted in the preserve income. Therefore, Wesfarmers Limited is still evaluating that collision on the assets as well as retained earnings from increased in liability (Crittenden and Crittenden 2014). Woolworth Limited has traditionally prepared consolidated financial statement under UK GAAP (Woolworthslimited.com.au. 2016). This company is listed in Australian Stock Exchange and uses IFRS for documenting the financials. Woolworth Limited reports UK GAAP financial results for the year 2005 as well as financial results that is dated and reported under IFRS. It takes into consideration the Woolworth Limited consolidated balance where there is transition to IFRS in the opening balance sheet (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). Woolworth Limited first IFRS financial statements will be prepared in accordance with the various accounting policies from the financial information as presented in the company reports. Woolworth Limited had adopted IFRS that is mentioned in IFRS 1 where the first time adoption is done for IFRS as well as set out the procedures where Woolworth Limited must follow when it adopt IFRS for the first time based on preparation of consolidated financial statement s. Woolworth Limited is needed to establish its IFRS accounting policies that is applicable for determining the IFRS opening balance sheet and transition date (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). In IFRS 3, it is mentioned regarding business combination where Woolworth Limited has elected nit to apply IFRS 3 to business combinations where it takes place before the date of change. IFRS 2 explains share-based payments Woolworth Limited has not adopted the exception to apply IFRS only to awards granted where they uses retrospective approach for maintaining consistency in and across reporting period (Albu et al. 2013). Discussing the findings in the context of institutional theory framework Nurunnabi (2015) explains institutional theory resides at place or superorganizational levels where the authors break down differences between the institutional as well as cultural. In that case, there is huge influence over strength of institutions that is a purpose of the extent to which they comes across political actors at a personality and managerial level those ties up material possessions as well as system (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). Institutional theories as functional to government posit two separate types of institutions pressure over rule and following act (Dufour, Teller and Luu 2014). Addition to that, Institutions can be limit, overlay circumstances of option for recruitment, admission, and power. Institutions limit some forms of act and make possible with other attributes in the most appropriate way. It is argued that institutional restraint evokesarchitectural or confusing images; to the degree that institutions are hypothesized to carry on from influential states, such structural design becomes a tangible, enormous, independent stronghold. Therefore, in case of theory of supporting mediation as well as opinionated chance are, partly, institutional restraint influences, to the degree that they hypothesize that supporting organization limit the circumstances under which prearranged interests assemble and reach communal goods in an effective way (Albu, Albu and Alexander 2014). On the contrary, there is other form of institutional hypothesize, more distinctive among sociological institutionalism, posits that organization are constitutive, set up the obtainable and viable models and heuristics for biased action (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). Furthermore, it is argued that on matters relating to constitutive properties of institutions remind images of educational structure or toolkits. In other words, Political sociological condition constructionist or Toquevillian hypothesis of recruitment and recognize configuration are institutional constitutive influence, suggest that the actions of states help to make cognitively reasonable and ethically justified convinced types of communal complaint, sentiment, individuality, philosophy, associational ties, and actions in the first place. Sociological institutionalist hypothesis of the pressure of epistemic group of people on rule paradigms or of INGOs on a planet polity or worldwide preeminence, likewise, p ropose that normative and cognitive institutions as entrenched in system of knowledge comprise the ethical and epistemological basis of rule strategy (Albu, Albu and Alexander 2014). As rightly put forward by Nurunnabi (2015), institutional theory means demonstrating the cognitive as well as normative viability of policy underlying principle and the instruction. It is now essential to delegate scientific power for specialist bodies where the actors generate rule through enacting the suggestions for technical or procedural epistemic communities (Dufour, Teller and Luu 2014). It is required for defaulting the standards as well as regulations in case of worldwide supremacy. The normal sociological institutionalist investigate scheme is a quantitative modeling of waves of strategy meeting over an comprehensive time across a populace of following unit, classically nation-states or sub national units such as U.S. states, using time sequence or occasion record examination. Addition to that, exogenous institutionalization reason is deliberate by stage of international contribution, such as during agreement, convention, or the number of worldwide nongovernmental associati on. Nevertheless, Endogenous command issue or biased issue is deliberate to test option, no institutional hypotheses (M?s?rl?o?lu, Tucker and Ykseltrk. 2013). In addition, Demand data such as financial or demographic facts are often straightforward and obtainable, but events of domestic where it is noted where entries such as recruitment pressure, being hard to readily collect international and hardly ever preassembled in the data sets of worldwide NGO in given form (Adibah et al. 2013). It is often calculated by abstract proxies such as self-governing circumstances or decision-making power or in that such instances help in providing several attributes that need proper attention during, occasionally, release for looking at different priorities for future analysis purpose. 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Journal of International Financial Management Accounting, 24(2), pp.140-175. Crittenden, W.F. and Crittenden II, C.A., 2014. The accounting professions role in corporate governance in frontier markets: A research agenda. Organizations and Markets in Emerging Economies, (2), pp.7-22. Dufour, D., Teller, P. and Luu, P., 2014. A neo-institutionalist model of the diffusion of IFRS accounting standards. Computational Economics, 44(1), pp.27-44. He, X., T. J. Wong, and D. Young. 2012. Challenges for Implementation of Fair Value Accounting in Emerging Markets: Evidence from China. Contemporary Accounting Research 29 (2):538-562. Hong, H.A., Hung, M. and Lobo, G.J., 2014. The impact of mandatory IFRS adoption on IPOs in global capital markets. The Accounting Review, 89(4), pp.1365-1397. Kossentini, A. and Othman, H., 2014. A study of the institutional and economic determinants of IFRS adoption in emerging economies. Working paper, University of Tunis, Tunis. Kothari, S.P., Ramanna, K. and Skinner, D.J., 2015. Political Standards: Corporate Interest, Ideology, and Leadership in the Shaping of Accounting Rules for the Market Economy. Journal of Accounting Economics, 45(20), pp.2-3. M?s?rl?o?lu, ?. U., J. Tucker, and O. Ykseltrk. 2013. Does Mandatory Adoption of IFRS Guarantee Compliance? The International Journal of Accounting 48 (3):327-363. Nieman, G. and Fouch, K., 2016. Developing a regulatory framework for the financial, management performance and social reporting systems for co-operatives in developing countries: a case study of South Africa: original research. Acta Commercii, 16(1), pp.1-7. Nobes, C. 2015. IFRS Ten Years on: Has the IASB Imposed Extensive Use of Fair Value? Has the EU Learnt to Love IFRS? And Does the Use of Fair Value make IFRS Illegal in the EU? Accounting in Europe, 12 (2):153. Nurunnabi, M., 2015. Tensions between politico?institutional factors and accounting regulation in a developing economy: insights from institutional theory. Business Ethics: A European Review, 24(4), pp.398-424. Nurunnabi, M., 2017. Auditors perceptions of the implementation of International Financial Reporting Standards (IFRS) in a developing country. Journal of Accounting in Emerging Economies, 7(1). Rugman, A.M., 2016. Multinational enterprises from emerging markets. Securing the Global Economy: G8 Global Governance for a Post-Crisis World, p.63. Samujh, H. and Devi, S.S., 2015. Implementing IFRS for SMEs: Challenges for Developing Economies. International Journal of Management and Sustainability, 4(3), pp.39-59. Thompson, S.C., 2016. Accounting for a Developing World: A look at International Standards on Developing Countries. Wesfarmers.com.au. 2016.Reports. [online] Available at: https://www.wesfarmers.com.au/investor-centre/company-performance-news/reports [Accessed 9 Aug. 2016]. Woolworthslimited.com.au. 2016.Quality Brands and Trusted Retailing - Woolworths Limited. [online] Available at: https://www.woolworthslimited.com.au [Accessed 23 Aug. 2016].