Journal for Small group communication Essay Example | Topics and Well Written Essays - 2500 words

Journal for Small group communication - Essay Example We have team strength of 15 members whereby all of us are competent enough in our specified sport i.e. soccer. However, not all of us are equally skilled. A few of us are still learning to play volleyball in a proper format. Nevertheless, somehow we have managed to set our standards to a much higher level. We have always focused on playing cohesively and in this process have been able to fulfill the facets associated with task orientation. Furthermore, all of us in due course have got the opportunity to exercise our relational orientation skills that in turn have helped in deriving improvements in our group communication process as well. Our cohesive existence and sports training provided great aid in the development of the communication competence among ourselves. It has been able to create all round impact in improving our communication process so that we are able to lucidly convey our strategies with each other. It has resulted in the creation of all round improvement in maintaini ng a flow proper flow of the feedback mechanism process (Rothwell 1-381). Groups as Systems Week Two Month†¦Year†¦ We represent a diverse team with efficient skills specialized in volleyball. Together we make a very strong group consisting of 15 members. Throughout the period of our co-existence, all of us have been able to maintain high extent of cooperation among all the group members and we are also able to know our own strengths and weaknesses because of the countless hours that we spend together. Throughout our co-existence, we have been able to learn many new things in the second week which is considered to be relatively better as compared to the previous week. I have realized that alike any other field, learning is a continuous process in sporting arena as well where in order to develop one’s own skills feedbacks of others are of extreme importance wherein communication can play a decisive role. It has been learnt that the both the aspects i.e. task along wit h relational orientation resulted in high amount of effectiveness. These factors can be provided with weightage as we are very much focused on the task in hand i.e. to excel in the concerned sport i.e. volleyball that we have chosen. Moreover, it can also be highlighted that we were following a much cooperative approach as we had strong mutual understandings with each other. I felt that most of the members in my team needed volleyball training as we were little weak in this particular sport. I learnt that we were operating in a very much systematic manner as we knew our strengths along with the weaknesses. Groups as systems represent a dynamic entity that intends to excel in any activities that are undertaken. Similarly, group sport or team sport lends an invaluable opportunity for an individual to share space with individuals of different skills being in a system. In such an activity, the prevailing barriers related to learning and skill development can be efficiently mitigated. I have also been able to ascertain greater group dynamics that has been the critical success factor for the athletic team (Rothwell 1-381). Group Development Week Three Month†¦Year†¦ During the course of week three, we have been able to learn a lot from each other. The best part about our team is that we are small in number. It has allowed all of us to

Importance of ‘True and Fair View of Financial Statements

Importance of ‘True and Fair View of Financial Statements Introduction This essay focuses on the definition of the ‘true and fair view’ and how to use in accounting practically. In my opinion, ‘true and fair view’ is essential in the real world of accounting because the company has to provide reliable and relevant information to demonstrate its actual financial situation in financial report. However, from December 2013, the ‘true and fair view’ is not defined in Corporations Act s. 295(4)(d) and other regulations or legislations. This is because it has been a controversial debate towards whether the exact nature of ‘true and fair view’. Therefore, the following essay will explain the importance of the ‘true and fair view’ in terms of the appropriate disclosure of material matters in financial statement and the frustration in terms of the definition as well. What is True and Fair? The ‘true and fair view’ concept is one of two competing but not mutually exclusive legal standards for financial reporting quality that have been subject to debate on their meaning, use and importance. The other is ‘present fairly in conformity with generally accepted accounting principles’ (GAAP). The mainly prescriptive literature suggests that each regime that requires compliance with ‘true and fair view’ tends to address and interpret the concept according to specific historical, social, cultural, political and economic roots and environments (Deegan Michael 2012). The nature of truth, whether absolute or relative, it is the existence of a reality, an unquestionable thing, or as an abstract concept, either dependent or independent of believers. The interpretation equated with the truth and fairness to the relevance together with adequate disclosure in financial report. In accounting concept, ‘True and fair view’ indicates that the financial statement must not contain material misstatement and actually reflect the financial performance and position on the company(Deegan Michael 2012). To be specific, ‘True’ means the financial statement accord with the reality and formal reporting framework such as conceptual framework and free from any unreal information which could mislead the users. ‘Fair’ means the information in financial statement do not include any personal prejudice or bias thus it could reflect the economic substance or transaction. The Importance of True and Fair in Accounting The Corporations Act requires the accountants to provide true and fair information so that the accounts of the company can convey a true and fair view explicitly. Under s. 297, it is required that the financial statements and notes should to give a true and fair value of the entity’s financial position in the financial year. Moreover, s. 308 requires auditors to give a true and fair view in the annual financial statements and comply with accounting standards. Beside to the Corporations Act, Chastney (1975) suggests that fairness means that, in order to achieve a true and fair view financial reports should present information both impartially and in a manner that a reader can understand clearly. The concepts of truth and fairness are of great significance to ensure the accounting information to be reliable. The information reflected in the financial repot includes the measurements of assets and liabilities, the calculation of profit and capital, as well as the actual quantities involved in business activities (Ryan 1988). The information disclosed in financial statements should be fair to shareholders, public and other related stakeholders. Thus, directors and auditors in a company have an obligation to comply with the ‘true and fair value’ in all accounting activities. For example, four particular information should be disclosed in the financial statement. These information are required to be true and fair to reflect the financial performance and position of the company. The four information needs are:capital maintenance, stewardship. Liquidity and net realizable value. From the perspective of true and fair, these four information are required as follows: Capital maintenance need to satisfy the needs of shareholders for disclosing the annual profit legally available for dividend, retained profit and the amount and form of paid-up capital. Stewardship need to satisfy the needs for disclosing the results achieved by directors from the use of funds and whether the investment are following the objective of the company (Power 2010). Liquidity are quired to serve as an indication to the solvency. The information should clarify the abilities of companies to met liabilities in short term, the amount of bank overdraft and the amount of any securities to secured company’s debts (Chastney 1975). Net realizable value disclosure are needed to make sure shareholders do not sell their shares which are parts of net realizable value but was available to the company. Under these interpretations, the measurement of periodic profit based on detail monetary model, which elaborate the demand and actual application of how fairness reflected in the financial statement (Gaffikin, Dagwell Wines 2004). Moreover, all the measurements should be internally consistent and comply with the applying of the accounting System.The value of the true and fair view also reflect the compliance of the transactions with relevant regulations, statutory provision and other accounting standard. For example, the accounting policies applied in the organization should be appropriate to a accompany’s business, and the acquirements and recommendations in accounting standards can be practical in the use of achieving company’s actual financial objectives (Aisbitt Nobes 2001). Specially, AASB 1001 requires the accounting policies should to ensure the substance of the underlying transactions or other events , satisfying the concepts of relevance and reliability (AASB). This demands the actual economic nature and effect of the events to be reported. At last, the truth and fairness also make contributions to the company’s decision making. This is because the relevance and reliability has b een ensured and the managers can predict the future perspective according to the useful information reported in the financial statement (Ijiri Jaedicke 2004). How to define True and Fair? However, True and fair concept is not yet defined by authority, also some way to define that in view of its relationship to the various components of a true and fair. (Lee, 1982) There is also no legal concept prescribe the notion of true and fair. Sometimes the application of ‘true and fair valve’ go far beyond of technical rules of accounting (Aisbitt Nobes 2001). For example, stemming from the meaning of ‘compliance with the facts’, ‘truth’ refers to ‘empirical correspondence’ in accounting terminology. But in practical accounting, the value of truth is not limited to its literal definition. It also expand to deductive validity in audit process. Further more, the application of fair also involved in the appropriate general accounting model for measurement of periodic profit and capital. That is to say, there is no fixed standard to rule what is exactly the meaning of ‘true and fair value’ in practical accounting. On the other hand, although true and fair view is really essential in accounting framework, however, in real life sometimes it is quite hard for the accountant to make absolute right decision in terms of following absolute truth and fairness. For example, in the process of determining the depreciation, several methods are available such as declining balance method, maximum amount method, multi-level method and the basic method (Ryan 1988). In most cases, several options are accessible and reasonable, but different methods could lead to different calculation answers, affecting the estimation of company’s financial performance. When the accountant put the formula into the reality, they have to take into account the company’s position and financial performance target, then making the optimal decision (Lee 1982). In this situation, the concept of ‘true and fair view’ do not have fixed rules and the accountant may use the professional judgment to make the final decision. Conclusion To conclude, true and fair value are of great concern in accounting, especially in financial statements. The idea that true and fair value measurement is part of professional identification in terms of the releasability and relevance of the information disclosed in the financial report. However, in most cases, the technical standard setting of true and fair value are not obvious and uniform, which address impediment to real practicability of the interpretations. This is because the notions of relevance and reliability cannot be defined independently of the whole accounting system and are always subject to changes (Power 2010). Reference list Aisbitt, S Nobes, C 2001, ‘The true and fair view requirement in recent national implementations’, Accounting and Business Research, vol. 31, no. 2, pp. 83-90 Australian Accounting Standard Board 2010, Complied AASB Standard AASB 117, Australian Government Australian Accounting Standards Board, Australia. Chastney, JG 1975, True and fair view: a study of the history and meaning of true and fair and a consideration of the impact of the fourth directive, Institute of Chartered Accountants in England and Wales, London Deegan C., 2012 Australian Financial Accounting, 7th ed, McGraw-Hill, Nth Ryde Gaffikinà ¯Ã‚ ¼Ã…’ Mà ¯Ã‚ ¼Ã…’ Dagwellà ¯Ã‚ ¼Ã…’ R Winesà ¯Ã‚ ¼Ã…’ G 2004à ¯Ã‚ ¼Ã…’ Corporate accounting in Australiaà ¯Ã‚ ¼Ã…’ 3rd editionà ¯Ã‚ ¼Ã…’ University of New South Wales Press Ltdà ¯Ã‚ ¼Ã…’ NSW Ijiri, Y Jaedicke, R 2004, ‘Reliability and objectivity of accounting measurements’, The Accounting Review, vol. 41, no. 3, pp. 471–483. Lee, TA 1982, ‘The will-o-the-wisp of true and fair’, The Accountant, vol. 187, no. 5601, pp. 16-18. Power, M 2010, ‘Fair value accountin: financial economics and the transformation of reliability’, Accounting and Business Research, vol. 40, no. 3, pp. 197-210. Ryan, JB 1988, A True and Fair View: A Revised Accounting Interpretation, University of Wollongong, Wollongong

LVMH?s Diversification :: essays research papers

LVMH’s Diversification Strategy into Luxury Goods The problem After the case and readings the problems of LVMH there are several problems such as the declining demand for luxury goods because it is linked to political events, situation and social trends. (After the attacks of 9/11 an impact on luxury goods has dropped and had automatically an impact on LVMH sales) Secondly luxury products are easy to counterfeit, some countries such as china, turkey, and other still have to improve their IPR policies And finally LVMH diversification strategy (Bernard Arnault) is making acquisitions outside the company’s sector. In sector where they don’t have the â€Å"know-how† and don’t match the company Image. The current CEO (Arnault Bernard) is also the major shareholder which makes him easier to make decisions on new acquisitions The swot analysis Strength: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Name recognition which makes them the largest product marketplace †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Their experience during the time †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Leading position †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Quality provider †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Distribution †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Public Relation Weaknesses †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Their Diversification †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Conflict of interest (fashion vs. wine and spirits) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Forward and backward integration †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Luxury goods are easy to imitate. (Perfumes, Louis Vuitton bags†¦) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Finance problems: net sales decreased by nearly 6% in 2003 †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Declining shares Opportunities †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Merger and acquisition †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Consumer trends †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Current increase in wealth †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Emerging market †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Improvement of way of selling their large product line (distribution channels) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Expansion to other markets Threats †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Change in consumer taste †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Economic recession †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Competitor in smaller markets †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Counterfeit Recommendation Focus on core business To expand the current existing brands geographically. Alliances with new creators Gain access to distribution channels as a different proposition Sell the acquisition which don’t fit the company image Implementation Choose several countries to enter that is suitable for the luxury market and in order to develop the strategy of the company

Pest and Porter’s Five Forces Analysis of Barclays Bank Essay

PEST Analysis Barclays Bank identified the sustainability as a means of recognizing and managing the economic, social, and environmental issues across the Group, and at the same time, contributing to the wellness of the society. PEST analysis is created to identify the factors that might affect the sustainability of the organization. Political Analysis The sustainability of Barclays’s agenda has expanded rapidly. It reflects the company’s increasing focus on the wider nature of business and made the stakeholders growing interests in competitive world of business. There is now a great awareness about the global challenges such as climate changes, poverty, scarcity of resources, and demographic shifting. The responses came from the government and from different businesses, as well as the non-profit organization helped the Barclays made it possible for the sustainability. Economic Analysis The approach to the sustainability program is useful and encourages the company to be open and transparent to the issues such as the initiatives in further research and development, dialogue with the government and various organizations, and their priorities. Barclays enable to broaden their focus on corporate responsibility to prove that they play an essential role in establishing an economic advantage in the country where they operate. Social Analysis The sustainability strategy focuses in their objective to improve the value of the business and their stakeholders. They give importance on the customers and clients such as maintaining the understanding of their needs and promoting the company by measuring satisfaction. It can be only possible  by focusing of their global performance by their assurance to develop an innovative solution and enhancing performance. On the other hand, the people working under their organization make a great advantage in the performance of the business. In addition, they attract employees to collect the talent, develop them according to the competent world, and retaining them as much as possible. Technological Analysis The Barclays uses the means of technology for their business especially in the areas of inclusive banking. Their aim to help the people in fight against poverty is possible through their financial system. The technology makes it possible to empower the system and establish a competitive advantage. Pioneering the new ideas, adding the skills and operational excellence are part of the guiding principle of the organization. Read more: http://ivythesis.typepad.com/term_paper_topics/2010/09/pest-and-porters-five-forces-analysis-of-barclays-bank.html#ixzz14SgOwmCo

Of Mice And Men Creative Writing Essay

The early morning dew on the grass sparkled in the sunlight as it rose from behind the Gabilian mountains. The town of weed was silent, desolate and all you could hear was the flow of the river which was gushing in between the fresh green willows of the Salinas River. The mist was so fine all you could see was the top of the Gabilian Mountains. On the other side of the Salinas River slight dew glistened on the grass, of which there were branches overhanging the green murky pool. On the sandy bank there lay beneath the trees of which had leaves that were brittle from the sunlight. They would make a scurrying noise when the leaves are walked over. Rabbits leap and bound out from their warrens, full of energy from their sleep, going to sit on the golden sand. As the morning became brighter and more alive the wildlife came to arose from the dark to start a fresh new day. There was a vivid path of some sort that went through plants and trees, a path that had been disturbed by boys, men, heavily walking on it coming down from a hard grafts work in the ranches, heading towards the deep pool for a refreshing dip. From another direction there were two shadows of a of a relatively little sized person and a comparatively big in size person. From the shadow of the comparatively big in size person it was very tall and very strongly built and the shadow of the relatively little sized person look less strong and built. The leader of the two men looked as if he was the brain and boss of the large man. He looked like a father figure. Due to the town f weed being deserted the voices of these two men got louder as the came closer to the town of weed. The larger men of the two look as if he was tired and fed up because he was dragging his feet across the path. It looked as if it was an effort carry the weight of the larger man. Sweat was pouring off of him and as they got closer you could here him sighing and saying â€Å"Are we here yet.† â€Å"For Christ sake I have already told you Lennie that we have got a mile to go yet. Stop moaning, walked quicker and we will get there in no time at all!† George said very crossly. â€Å"Why George is it taking so long. Where are we going George? I am thirsty and hot George.† â€Å"Lennie! How many times will I have to say this we are going to Murray and Ready’s to get our work cards so they can give us some work? I can’t believe you forgot already! I only told you like 15 minutes ago!† George looked at Lennie as if he was a little child who couldn’t remember anything. George looked at him with disgust. â€Å"George, George, I am sorry, I really am sorry George.† â€Å"Lennie just shut up and don’t forget it again. I am not going to say it again.† For a little while there was silence. All you could hear was the rustling of the sand and dust from the path. Then George said â€Å"come on its not long now, we will be here soon.† As George and Lennie walked the final part to get to the ranch George told Lennie about his plans for them both to work on the ranch for a little while and collect some money and then get a place of their own with rabbit and chickens and other stuff. But George also told Lennie that he had to be on his best behaviour as they wanted work otherwise he wouldn’t get to tent the rabbits. â€Å"Right Lennie we are here now. Now you wait out side here and don’t move while I get the work cards.† â€Å"Ok George I wont move till you come back.† â€Å"Yeah and be good for gods sake we don’t want the boss to find out what a crazy bastard you are sometimes do we.† Said George. Whilst George was getting the work cards Lennie was sitting down waiting for him. Lennie started to get bored, so his eyes started to wonder the soundings around him. In the corner of his eye he saw something with looked soft, red dress. It was a young girl with her father. She had rosy cheeks and a friendly smile, and luscious red dress. Lennie thought about what George had said for a second, then looked over at the young girl as she walked and sat next to him. Lennie then decided despite what George had told him, to talk to her and say hello. Lennie took at her and saw red dress and could not bear touching it. The dress looked so velvety and so soft. As he touched the dress he startled her, and so she screamed, but he couldn’t let go because it was so silky but the harder he clenched his fists the more he pulled it and the angrier Lennie got, as she tried to get away. As the girl was screaming so loud the father heard and came out but before he had chance to see Lennie, Lennie ran off. George instantly knew that Lennie had done something wrong, so he went in search of Lennie. â€Å"You crazy basted what you go and do that for. It was all going well until you done that!† said George. â€Å"George, George I am sorry, I really am. I tried not to touch. I did George.† Lennie said frightfully as he realised George was very irate with him. George looked at Lennie with anxiety as they ran from the town off Weed. They headed for the forest to make sure anyone that was searching for them wouldn’t find them. â€Å"Bloody hell Lennie I knew that you couldn’t go without getting into trouble. Five minutes I left you for, five bloody minutes. What the hell am I going to do with you?† â€Å"George I couldn’t help it, you know I couldn’t it just looked†¦..† â€Å"JUST STOP THERE LENNIE!† â€Å"Its all ways sorry George, I didn’t mean too. Well now you can sort it out I don’t care!† Lennie looked at George with disappointment, but knew that he had done wrong. All Lennie could reply with was â€Å"I am sorry George, I forgot.† From that point, on there was little sound all the way to the ranch. They walked for miles and miles on end on a long, boring and dusty road. There was not one mutter of a word.