U.K. Banking System Organization & Functionality Research - 3025 Words

U.K. Banking System: Organization & Functionality Research (Research Paper Sample) Content: U.K. BANKING SYSTEM By (name)Course:Tutor:Institution:Location of the Institution:Date: U.K. Banking SystemOrganization and FunctionalityThe past three decades marked dramatic changes in the banking system and the UK resorted to a universal banking model (Turner 2014, p. 52). To wit, the Financial Services Authority is a consolidated form of the financial regulatory agencies in the UK and an antithesis to the conventional fragmentation and decentralization of supervisory financial institutions. Universal banking is an amalgam of all financial activities such as Investment, Development, and Commercial Banking, and Insurance. The system revolves around a large bank that provides financial assistance to companies and other banks. This paper will in part, cover the Financial Services and Markets Act of 2000 in the United Kingdom in line with the political economy air surrounding its enactment to give meaning to the universality of the UK banking system (Ellinger, Lomnicka , Hare Ellinger 2009, pp. 364-462). It will also discuss the philosophical, financial universality as an aspect of universal banking that incorporates the Bank of England (Jackson 2005, p. 1). The system has modest objectives to wit efficiency and policies push for a less oversight of finances that ease the likelihood to enact consolidation. As a universal model, t--he UK banking system is intensive in the jurisdiction of civil law in Europe and financial support.Universal banking has two main divisions. These are monoline banking and specialized banking. Monoline banking involves one area of finance as opposed to traditional models. One example of this model is commercial banking. Commercial banks offer customers with services such as deposit reception, payment disbursements, fund investment into securities, and collection of funds from other institutions. Commercial banks can either serve the nation or a given region such as a trade organization. Specialized banking is a system of banks that provide financial aid to heavy industries, projects, and foreign trade. Examples are industrial, foreign exchange, export-import and development banks. Others include primary mortgage institutions, microfinance banking, and non-interest banking. These banks can support agricultural activities in a country, provide a suite of products meant for a given profession, and provide automotive financing. The U.K. was the first country to come up with the universal banking system.Insight into the matter reveals that the UK system values centralization and integration rather than decentralization and fragmentation. Also, it defends the 1990s Labor Party reforms as the product of banking consolidation (Gola Roselli 2009, p. 14). Similarly, the system shifts from centuries-old accretions of bureaucracy and embraces complete immersion in an innovative approach and both functional and administrative reform. It is this change that brought about the universality of the UK banking sy stem (Dietrich 2009, p. 54). The UK undertook a long and semi-arduous pathway to establish the Financial Services Administration. Apparently, in 1997, several scholars wrote about a spirited Labor Governments coming into power in spring. It became the basis for the modernization of the UK financial system (Great Britain., Financial Services Authority (Great Britain). 2007, p. 13). However, when linked with the traditional system, the two portray different archetypical needs as represented by the scope of functional financial reform (Stowell, p. 32; Queen 2011, pp. 127-130). To the British, unification of the system into a Financial Services Authority (FSA) meant it became centralized, modernized and consolidated to draw universal appeal and ended the archaic self-regulation methodology. For this reason, their efforts climaxed when they passed the Financial Services and Markets Act of 2000 (Sweet Maxwell 2012, p. 4). The Act consolidated all supervisory units into one organization responsible for financial universality through a legislative process, and this empowered the Bank of England as a hub for financial assistance (Harrison Ryder 2013, p. 399). Another explanation for the universal appeal of the functionality of the UK system is its divergence from the Anglo-American ambition into a culmination of modest, balanced objectives that fit nicely into supervisory apparatus consolidation. There were four statutory objectives that set the two systems miles apart (IMF Publications 2011, p. 20). These include public awareness, economies of scale, one-stop shopping, easy marketing, diversification for profitability, reduction of financial crime, consumer protection, and investor trust. For public awareness, consumer education meant an improvement in both advice and information availability and quality to customers, and general financial literacy. It achieved this through partnerships with trade associations, educational institutions, regulated business, consumer groups, and a Consumer Support Hotline. Financial crime reduction entails upholding consumer protection and market confidence. A sound universal financial body overlooks its financial institutions through the provision of systems of practices geared to consumer protection from financial crime (Ryder 2014, p. 274). The FSA integrated various financial regulators efforts with agencies involved in criminal law investigation, intelligence, and prosecution. These include the police and public prosecution bodies that handle criminal cases like money laundering (The Group of Thirty, 2008).Consumer protection and resource utilization interlink with public awareness (Blair, Henderson Great Britain 2009, p. 13). The management of universal finance firms should envisage, focus and reinforce consumer protection by ways of legislation and as a hint of their primary responsibility. FSA introduced singularity of the compensation and financial ombudsman schemes, and these offer a range of mechani sms for different markets and types of customers worldwide. The simplicity and ease of access to FSAs identification, measurement and control of the consumers and firms risks, complaints handling and redress systems plays a large part in consumer confidence (Bank of England., Great Britain., Financial Services Authority 2008, p. 132). Investor trust or market confidence relates to the protection of reasonable expectations of the financial system and financial stability of the system. The FSA maintains market trust in a bid to spark the provision of consumer-related market incentives that foster trade in financial markets and the use of various services offered by financial institutions (Vos Everson 2009, p. 80). The body achieved market confidence through the imposition of two statutes. These are an explanation of the level of trust in the financial system of the UK financial and material damage prevention as a result of the collapse of financial, firm, or market infrastructure. T he later is a new dimension that states in explicit terms the scope of achievement or lack of it, of the body and affiliate banking institutions.It is imperative to note that universality involves more than regulatory structure and political economy reform instead of the archetypical traditional nemesis. Mythology aside, the practicality of a system in the form of service delivery is the underlying factor of consumer confidence and acceptance. The UK banking system serves such a notion with its vast array of customer-specific services (Akrani, 2011). The U.K. financial system, through the Bank of England, is inherent in the provision of the three crucial services that have global appeal. These are risk insurance, borrower-savers intermediation, and payment services. These services entail the essentials of functionality in a Commonwealth economy that provides inclusivity in production and exchange of services and products, and capital allocation support. While these fundamental featu res or services portray timelessness, the derogatory character of the provisioning system and methodology changes as much as both the regulation and economy develop.The transfer of risk and insurance offers protection to households and companies alike against fraudulent mechanizations from target-oriented money launderers and unforeseen occurrences. Businesses and individual households face the likelihood of liquidity loss due to natural disasters, human greed and unpredictable circumstances (Great Britain Great Britain 2009, p. 134). The banks allow for the set up of deposit accounts for these two parties (Devenney Kenny 2012, p. 167). It also has the provision for derivatives, financial security, and other insurance contracts or policies that aid in facilitating the dispersion of other financial risks within an economy.Intermediation between borrowers and savers is a source of finance for the parties involved in a commercial transaction (Barth, Gan Nolle n.d., p. 16). To wit, t he banks pool mutual funds, household savings, and pension funds into conventional deposit accounts. The banks then transform these accounts into sources of government, company, and family funding (Accenture, 2012, p. 4). Lastly, universal appeal involves services that pertain to payment, settlement, and transaction. The banking system achieves this milestone through efficiency services that bridge the gap between companies and households. These include support services and custody and deposit accounts.In a nutshell, the significant change in the financial system of the UK over the recent decade is all conclusive (Structure of the UK Financial System 2006, p. 34). Financial deregulation and drivers of the natural economy led to the enactment of the Financial Services and Markets Act of 2000. These preceded the legislative genesis of the F...

William Shakespeare s King Lear - 922 Words

Insanity occupies an essential place in William Shakespeare’s King Lear, and is associated with both disorder and hidden wisdom. As King Lear goes mad due to dementia, the turmoil in his mind mirrored the chaos that has descended upon his kingdom. He initiated the unnatural sequence of events when he proclaimed that he desires to relinquish his duties as a monarchy and conferring them onto his children. At the same time, Lear’s dementia provided him with important wisdom by reducing him to his bare humanity and stripped him of all royal pretensions. King Lear is challenged by two bodies: the celestial body which presented him as a ruler and is connected to god, and the terrestrial body which presented Lear as a father figure. As a man of enormous power, status, wealth, responsibility, and social complexity, Lear faced a terrible isolation from his family and nature itself, thus he suffered from the stripping of his entire identity and goes mad as a result. Although Lear himself is very powerfully aware of his importance, he intended to transfer the power of his throne onto his children, and spend the rest of his life free of the responsibilities which come with the position of a king. But in surrendering his birthright position, Lear has no intention of ceasing the treatment of being a king. He is unwilling to alter his identity when he claimed that he should be the only one to retain the name and supremacy of a king. His decision to divide the kingdom between his threeShow MoreRelatedWilliam Shakespeare s King Lear1564 Words   |  7 PagesWilliam Shakespeare is universally known for his literary output both in poetry and drama. Whether through his laugh-invoking comedies or his heart-wrenching tragedies, Shakespeare’s plays have changed the course of literature. Many of his plays about love are widely praised by all, but Shakespeare s King Lear differs from the rest due to its definition of love. King Lear serves as an battleground between deception and compassion, between flattery and honesty. Rather than focusing on romantic loveRead MoreWilliam Shakespeare s King Lear1550 Words   |  7 PagesINTRODUCTION: By facilitating the growth of evil within William Shakespeare’s King Lear, it is evident that the tragedy’s protagonist, King Lear can be held accountable for his own victimization and ultimate downfall. The most notable aspects of this self-induced victimization include Lear’s own lack of practical wisdom and divergence from the natural order, combined with the neglect of kingship, that enables Lear as a tragic hero to create the conceptual framework in which the ulterior motives ofRead MoreWilliam Shakespeare s King Lear3086 Words   |  13 PagesJerion Young Ms. Woods English IV 4 March 2015 King Lear William Shakespeare uses several literary elements in his writing, elements which are especially apparent in his play, King Lear. Shakespeare uses excellent creativity and description when writing this tragedy. â€Å"Neither has Shakespeare placed in the mouth of any other character in this play such fatalistic expressions as may be found in King Lear and occasionally elsewhere†(A.C. 2003). The way King Lear talks in this play is very evil compared toRead MoreWilliam Shakespeare s King Lear1611 Words   |  7 Pagesexperience life-changing events that jeopardize our sense of identity and make us question how we value ourselves. Our perception of our worth can change with what we learn through our existence, much like the characters in the play King Lear by William Shakespeare. Adversity and hardship are inevitable when characters are unable to connect themselves within their own identity or find a loss of self at some point in their role. The self-awareness, an essential a spect of their role, of many ofRead MoreWilliam Shakespeare s King Lear1320 Words   |  6 Pagesothers. Having strong communication skills allows one to better understand the situation at hand. Proper communication is essential to working out problems because of this reason. In the play King Lear by William Shakespeare, Lear communicating with his daughters, Gloucester communicating with his sons, and Lear communicating with Kent are all examples of failure of communication, which later lead to consequences and hardships that the characters must face. Without proper communication, people willRead MoreBlindness By William Shakespeare s King Lear2212 Words   |  9 PagesMaysoun Deeb Mr. A. T. Lebar EN4UN-04 13 July 2015 King Lear Blindness by definition, according to dictionaries, is â€Å"unable to see and lacking the sense of sight† by which King Lear, the classic tragic play written by William Shakespeare, illustrated the concept of blindness amongst his characters as the leading theme. King Lear and Gloucester were the characters that have been conflicted by this â€Å"blindness† that may or may not change their personalities in the very end of the play. Gloucester becomesRead MoreWilliam Shakespeare s King Lear1546 Words   |  7 PagesTwo Sides to Every Person There are two sides to every story; that of the protagonist and that of the antagonist. As shown in the Shakespearean play King Lear, there is very little difference between the two. Edmund, who appears to be a villain, is more than meets the eye. His evil is a rebellion against the social order that denies him legitimacy. His villainy does not come from innate cruelty but from misdirected desire for familial love. His remorse in the end displays his humanity and blindnessRead MoreWilliam Shakespeare s King Lear1510 Words   |  7 PagesShakespeare’s King Lear deals with tragic human relationship like the other tragedies of the author, but this story was written in social aspect and raises the doubtful point on legitimacy of some political systems. In this play, various characters form multi-layered kconflict relations. Thus, the story is being propelled towards tragedy due to numerous inner and outer conflicts of each character. However, as it is brought into being a charact er, Edgar in the end of the story, it implies new beginningRead MoreWilliam Shakespeare s King Lear1470 Words   |  6 Pagesduring the Elizabethan era, making it relatable to all audiences, especially the modern audience, leaving room for multiple perspectives and understanding of the play. Shakespeare’s play ‘King Lear’, depicts the main protagonist’s ‘gradual descent into madness’ as a result of the forces of evil acting in the play for Lear has, to an extent, have sinned though it can’t outweigh that he has been sinned against. This is confirmed through Lear’s injudiciousness to see through his two eldest daughter’s internalRead MoreWilliam Shakespeare s King Lear 1306 Words   |  6 Pagesâ€Å"All...shall taste the wages of their virtue...the cup of their deservings. (5.3.317-320)† King Lear is frequently regarded as one of Shakespeare’s masterpieces, and its tragic scope touches almost all facets of the human condition: from the familial tensions between parents and children to the immoral desires of power, from the follies of pride to the false projections of glory. However, one theme rings true throughout the play, and that very theme is boundless suffering, accentuated by the gruesome

Do Children Learn Better in Boys-only and Girls-only School Free Essay Example, 1250 words

One reason, for encouraging separation of the girls and boys during the learning process, is based on the argument of negative morality. Advocates of this thought argue that through separation we are able to bring up a generation of upright and moral individuals. It is debated that most of the societal evils like fornication begin at a very early stage of growth. By separating boys from girls by taking them to different schools, may to a greater extend lower the cases and encourage a morally upright society. In supporting their views, further, the say education should help students grow as individuals. It should open their mind to many things that they haven t been exposed to previously, and separation of boys and girls during the learning process allow for healthy discussion on difficult subjects of life. Good morals are also developed through this approach. The advocates for the separation of boys and girls claim that at school environment the students are mostly alone, and these situations provide an opportunity for developing morals particularly when boys are mixed with girls. Education should introduce students to different cultures and thought processes that they could not be exposed to otherwise. We will write a custom essay sample on Do Children Learn Better in Boys-only and Girls-only School or any topic specifically for you Only $17.96 $11.86/page Advocates for the technique have argued that female ability to comprehend is much lower to that of boys, particularly in science subjects. In their view, separating boys and girls provide the instructor with the chance to understand each gender ability and help improve their academic potentials

The Basic Point Of Kant s Ethics Essay - 1316 Words

First of all, Kant s ethics is called formalism since it concentrates on the shape or structure of an ethical judgment (the way that every ethical mandate have the frame you should do X). The basic point of Kant s moral hypothesis is to decide how summon can be an ethical order with an especially committing or obligating character. In addition, as indicated by Kant, the major objective standard of good contention or thinking is the categorical imperative: you ought to act, paying little respect to your own particular points or purposes, just on maxims (general methods for acting) that you could will that every other person likewise adopts. To test the saying for universalizability, you need to solicit whether the all-inclusive appropriation from such a method for acting would be (1) predictable (i.e., conceivable) or (2) satisfactory to sound creatures. Moreover, Profound quality presumes the presence of judicious persons. A general public of self-sufficient, reasonable people is a kingdom of finishes, a general public in which every individual has poise, characteristic worth, and is considered completely in charge of his or her decisions really taking shape of all inclusive law. [But if everything is profitable just as far as good creatures, then shouldn t something be said about nature?- - Answer: esteem is important just as far as unreservedly picked ends.] The likelihood for levelheadedness makes people ethically noteworthy, however that does not demonstrateShow MoreRelatedThe Ethical Concepts Of Kantian Ethics Essay1043 Words   |  5 PagesConsequences Introduction The philosophy of Kant has become a turning point in the development of the Western thinking and worldview. His innovative and progressive ideas have strongly contributed to the formation of a new paradigm of the universe and role of humans in it. A great role in Kant’s studies belongs to the analysis of ethics, morality and law as the main regulators of the human behavior in the society Kant is known as the founder of the deontological ethics (Kantianism), which presents a rationalRead MoreKant And Kant s Philosophy On Ethics970 Words   |  4 PagesEthics, What is it? many a man have asked the same question. A dictionary describes ethics as-moral principles that govern a person s or group s behavior. Is there a universal ethical behavior ? Are all countries ethical ? Theses very same questions many philosophers have tried to figure through time from Socrates to Immanuel kant (and to this very day for the matter!). While comparing two great eathist Plato and Immanuel Kant I, the writer argue that Kant s ideological views on ethics were farRead MoreDeontology : A Sound Ethical Theory1312 Words   |  6 Pagesrather that they generally hold -- absent any further considerations. -(Online Guide to Ethics and Moral Philosophy). The Basics of Philosophy Ethics Doctrine states that the prima facie duties are: beneficence, non-mlaeficience, justice, self improvement, reparation, gratitude, and promise-keeping, (defined on the last page.) Another philosopher who backs deontology is Immanuel Kant. While Ross has laid out the basic obligations of the deontology theory, hes admits, according to the Internet EncyclopediaRead MoreAristotle s Theory Of Virtue Ethics1095 Words   |  5 Pagesbe more than half of the whole.† ― Aristotle, The Nicomachean Ethics Ethics is the philosophical study of moral judgements (Solomon: 2010). Moral philosophy has long been dominated by two basic theories; deontology, inspired by Immanuel Kant, the eighteenth century philosopher and; utilitarianism or consequentialism, which derives its modern day instructions from eighteenth and nineteenth century philosophers Jeremey Bentham and J. S. Mills, respectively (Hursthouse:1999). Increasing dissatisfactionRead MoreThe Between Utilitarianism And Deontology1345 Words   |  6 Pageswhat is morally just? Immanuel Kant, the founder of Deontology, along with Jeremy Bentham and James Mills, the founders of Utilitarianism, all attempted to answer this question. Bentham and Mills’ Utilitarianism stresses maximizing pleasure and happiness in the world over pain and unhappiness. In contrast, Kant’s Deontology focuses on honoring duties and obligations. A moral action must be â€Å"considered right and good by most people† (Merriam-Webster). T he way Kant proposes that one achieves happinessRead MoreThe Obligation of the European Union to Open Their Boarders to Syrian Refugees1071 Words   |  4 Pagespopulation and to ensure that all parties do not infringe the applicable international law in Syria since the UN Security Council asked this in a resolution. A. Do we have the duty to open our borders to Syrian refugees ? I. Kantian Deontologism Kant uses 3-5 â€Å"rules† depending on the Interpretation of his text to base his whole ethical structure on. The first rule is that you should act only on such a maxim, that your act should become universal law. The second rule is that you should only actRead MoreDeontological and Teleological Ethical Theory1660 Words   |  7 PagesTeleological Ethics = Consequentialist Ethics Morality of an act is based on the outcome or consequence of the act Deontological Ethics = Non - Consequentialist Ethics Morality of an act is based in the act itself. Types of Teleological Ethics 1. Utilitarianism – Utilitarian moral theory is classical utilitarianism, 2. Varieties of ancient Greek virtue ethics – Aristotle Ethics is an Example a. The goal of ethics is to explain how one achieves the good life for human beings. There areRead MoreAn Evaluation of the Death Penalty1818 Words   |  7 Pagesworth carrying out. Thirdly, retribution as a moral outrage, which looks at the death penalty as a way to show that the crime committed is bad and that the offenders actions can only be established through death. That through death, reinforcement of basic moral values is possible. Lastly, retribution as a purely retributive justification theory, in which appropriateness of penalty of death is not because it has positive effects on the society, but because it is morally justified to do away with a murderersRead MoreInformation Systems and Unemployment1335 Words   |  6 PagesShould companies be responsible for unemployment caused by their information system? This argument had risen over the years among employer and employees. Hence several ethical point of view had been brought up to response to this issue where from ethical egoism point of view believes that companies should not be responsible for unempl oyment as with information system implemented they are able to benefit from a long term profit therefore this is a morally right action. On the other hand, act utilitarianismRead MoreEssay Kant vs. Mill: Human Rights and Utilitarianism1729 Words   |  7 Pagesthat are passed by states and international conventions. Human rights laws have evolved over time, and have been shaped by several factors, including philosophical theories in the past. This paper looks at the theories of two philosophers, Emmanuel Kant and John Stuart Mills, and how their teachings can be used to explain the sources of human rights. Kant’s moral philosophy is very direct in its justification of human rights, especially the ideals of moral autonomy and equality as applied to rational

Why Accounting Is The Most Important Business Resources

Accounting is one of the most important business resources. It helps to organise, gather and manage numerical data of a business. Most businesses are interested in making a profit, therefore, it is vital for a business to control its costs by setting budgets so that this helps to ensure there is a sufficient of cash flow within the business. The role of accounting does not necessary be dealing with money, it could help and produce statistical data to assist decisions making of a business. I have found Accounting interesting because my father is a successful businessman running business currently in China, Hong Kong, ASEAN, and Turkey. Also, in Taiwan and Korea in the past for a public listed company. He works with offices in many countries at a senior level position (Senior Director of Sales and General Manager) and he used to share his working, management experience as well as point of views in financial planning and accounting issues for a listed company with me on running a successful business worldwide. Therefore, this has aroused my interest much to engage in the career segment of Accounting field because of my parent’s career. Currently, I am studying an International Foundation Programme at the University of Reading. I have undertaken four modules- Academic Skills, Introduction to Business and Management, Mathematics for Finance, Business and Economics and Information Systems and Statistics. Through this foundation programme, it enables me to gain relevant skillsShow MoreRelatedAccounting : Financial And Management Accounting1025 Words   |  5 PagesAccounting is one of the three careers that is being discussed that a business majors are able to embrace in. Accounting is where employees are keeping up with the company’s records. Accountants take actions on keeping up with the company payroll cost, expenditures, and the sales revenues. They are to also keep track of the company’s losses and profits (Hill â€Å"Accounting† 1-5). When accountants insert all of the information that they are to keep track of, it is important that they insert it correctlyRead MoreHow Business Plays A Majo r Role Within Our Society1237 Words   |  5 PagesBusiness plays a major role within our society. Undergraduates that has chosen business as their major has a huge variety of careers to choose from after they have graduated and got their degree. Business does not only mean that someone is the owner of something, but it also means taking control and being a leader of something within that company .Accounting, Human Resource Management, and Management itself are some fields that follows those characteristics and that these undergraduates embraceRead MoreAccounting Information For The Manager1615 Words   |  7 PagesAccounting information for the Manager Decision making Introduction In the context of the complexity of the enterprise-wide expansion characterized by globalization and management activities associated with the modernization, if any information for the decision making process and the performance measurement of the business management is not fulfilled, the company will not be the growth and development to adapt to changes in the business world. The effective management is required for this complicatedRead MoreAccounting Software Example1303 Words   |  6 PagesTable of Contents OBJECTIVES 3 BUSINESS INTRODUCTION 3 ACCOUNTING SOFTWARE 3 ADVANTAGES 4 COMMUNICATION 4 FINANCIAL MANAGEMENT 4 SALES MANAGEMENT 5 INVENTORY CONTROL (IC) 5 HUMAN RESOURCES (HR) 5 DISADVANATGES 5 ANALYSIS OF DATA 6 SUMMARY 6 Bibliography 7 OBJECTIVES In this assignment I will review the accounting software appropriate to the outlined hypothetical company. On the one hand, I will consider advantages and disadvantages of the software which are relevant to the properRead MoreRole Of Managerial And Managerial Accounting1029 Words   |  5 Pagesof managerial accounting has played a significant role in the success of businesses dating as far back as the 19th century. Service and production operations during the days of the industrial revolution were not nearly as sophisticated then as they are today. The current initial purpose of managerial accounting is comparable to its purpose throughout history. Managerial accounting has historically been useful in assisting managers with the information they need to make important decisions aboutRead MoreCustomer Relationship Management and Sales Force Automation1735 Words   |  7 Pages1. How is e-business â€Å"redefining old business models, with the aid of technology, to maximize cus tomer value? e-business is more than just buying and selling of products and services through the means of digital media. Whereas e-commerce concentrates on buying and selling, e-business encompasses e-commerce and a whole lot more. For example, e-business includes both front – and back-office applications that form the engine for modern business. e-business is redefining old business models throughRead MoreHomework chapter 1 Essay1675 Words   |  7 Pages1 1. How does managerial accounting differ from financial accounting? The essential difference between managerial accounting and financial accounting is that managerial accounting attends the needs of managers inside the organization, while financial accounting serves the needs of those outside the organization. There are also specific guidelines that are used (GAAP/IFRS) in financial accounting and is mandatory whereas there are no guidelines in managerial accounting and is not mandatory. 2Read MoreTriple Bottom Line Accounting Concept And Framework1098 Words   |  5 PagesTriple Bottom Line Accounting By: Emma Juskovic The Triple Bottom Line (TBL) accounting concept and framework was first created by John Elkington in the mid 1990’s, and has since changed the way for-profit, non-profit and government agencies measure the sustainability of their initiatives and company. The TBL framework is flexible and can be adopted and molded based on the specific needs of an organization. The framework is comprised of three parts, which are: social (People), environmental (Planet)Read MoreHSM 340 Week 2 Quiz689 Words   |  3 Pagesï » ¿1. Question : (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an):    Student Answer:   Income statement      Statement of retained earnings      Balance sheet      Statement of cash flows      Report of management    Instructor Explanation: Chapter 9    Points Received: 0 of 5    Comments: Question  2. Question : (TCO 2) Two major methods of asset valuation are:    Student Answer:Read Morewhy managerial accounting is important Essay840 Words   |  4 Pageschapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? and (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility.    I.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   What is managerial accounting? A.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Examine the difference between Financial and managerial accounting †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Financial

Resolving ethical business challenges free essay sample

As a new employee at Acme Corporation, Frank Garcia knew few mistakes were allowed. He had sold medical supplies to Thermocare. Thermocare was a company Acme had been trying to do business with for a while. Otis Hillman, buyer for Thermocare, was happy with the products supplied by Acme. When Frank wanted to sell additional items to the company, Otis would question whether Acme was the right company for supplying products and would outright hint that he wanted something in return for meeting with Frank and considering ongoing business opportunities with Acme. (For example, sporting event tickets and trips. ). Frank verified offerings to Otis with his boss, Amber. She was impressed with the amount of sales to Thermocare and vowed to do what needed to be done to keep the client happy. Amber stated the best clients and their salesperson were invited to Las Vegas as a â€Å"thank you†. This included Otis, who represented Thermocare and Frank from Acme. We will write a custom essay sample on Resolving ethical business challenges or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page All were given $500 and told everything was covered by Acme. Otis, out for his personal enjoyment, told Frank about going to an adult entertainment club. Frank was worried about the morality of the situation. His boss, Amber, assured him that word of it would not get out and Acme heads would not find out that their money was used to engage in this behavior, especially since Frank was not the one going to the club. Ethical Issues faced by Acme Corporation Acme could face many ethical issues in the business world and in the public eye. With a Las Vegas trip given to clients and select employees, it could give the wrong appearance of what is moral. Many individuals and businesses could see it as Acme condoning gambling, drinking, and illicit acts. Acme should reward clients and salespeople, but in more moral ways or at least set boundaries as to what the company will be responsible for. Acme’s competition may make it an issue of misconduct and responsibility on Acme’s behalf. This could lead to the loss of business for Acme. (Ferrell, Fraedrich, Ferrell, 2013, p. 7). Frank’s Ethical Issues Frank needs to be aware of ethical issues when dealing with Otis or any other client. Offering trips and other entertainment options without prior approval could be seen as misuse of company resources or even bribery to get a potential client’s business or more business from an existing client. Frank needs to know that negative publicity can cost him his job and hurt Acme. Since Frank gets bonuses for sales, he can be accused of bribing clients to get their business so he gets a bonus. Frank needs to understand the business ethics and issues and know where to draw the line on what is right or wrong. (Ferrell, Fraedrich, Ferrell, 2013, p. 9). Advantages and Disadvantages of Frank’s Decisions Frank’s decision to tell Amber about Otis wanting to go to an adult entertainment club was right. Since he voiced his concerns, it shows he has morals and values and wants to do right for Acme. The disadvantage to allowing Otis to go to the club without warning that Acme wasn’t responsible for it was that word can still get out and hurt Acme’s reputation. It could also cost Frank his job for not protecting the company reputation. If Frank mentioned that Otis was solely responsible for going to the club and Acme would have nothing to do with it, Otis could have thought bad of the business and gone to another supplier. Otis knew the company was to cover the trip and all expenses and he was taking advantage of it. There should have been more trust and openness between Frank and Otis. Both should have discussed the matter and decided what was best for all involved. Is the profit Acme receiving from Thermocare worth the amount of business that could be lost with the negative publicity if it gets out that Acme funded a client’s night at an adult entertainment club? (Ferrell, Fraedrich, Ferrell, 2013, p. 20-21).

Impairment of Cash Generating Units for Assets - MyAssignmenthelp

Question: Discuss about theImpairment of Cash Generating Units for Fixed Assets. Answer: Impairment Loss of Cash Generating Units Impairment loss occurs if the amount recoverable is less than the carrying amount shown in the books. Impairment loss is calculated only of cash generating units which are capable of generating revenue to the company. It is not calculated for every individual asset, it is calculated only those assets which are capable of generating revenue to the company. Impairment loss is only calculated if some conditions which we will discuss later on arise. As per IAS 36, the carrying amount of cash generating unit should not be higher than its recoverable amount. Recoverable amount is higher of the value in use and fair value less cost incurred. It is necessary to record the Cash Generating Units at a recoverable amount because if CGUs are recorded at carrying amount which is higher than recoverable amount then it will give wrong report in the mind of readers of financial statements. As per IAS-36, there can be assets which together form Cash Generating Units and individually they are not capable of generating revenue to the company. So, valuation should be done of all assets together which form part of CGUs. So, it is necessary for the companies to assess their Cash generating units (CGUs) on every reporting date so that the requirements of IAS get fulfilled. It all depends upon the revenue generation to the company. In other words, If some assets together can generate revenue for the company, then that all assets together are known a s cash generating units. In other words, a single asset can be or cannot be a Cash Generating Unit. It all depends upon the revenue generation to the company. There can be reversal of the impairment of assets. That can only be possible if the reverse of conditions which are necessary for the impairment of assets occurs but reversal of impairment loss of goodwill is prohibited. IAS 36 does not allow impairment of goodwill because goodwill is an intangible asset. If there is any indication that the value of Cash Generating units has increased then the reversal of impairment of loss is there except goodwill. In other words reversal of impairment loss of goodwill is prohibited. IAS 36 does not allow to impair goodwill because goodwill is an intangible asset. Impairment of Goodwill: Goodwill should also be tested for impairment on the reporting date if some benefit is expected from the combination. Impairment should be tested atleast annually if the recoverable amount of the cash generating unit to which it is allocated gets lower than carrying amount. For allocating impairment loss of goodwill to the cash generating units, firstly allocation should be made to goodwill and after that other remaining assets of cash Generating units should be impaired. In other words, impairment should first be allocated to goodwill then to any other assets. So, this is the only reason of impairment of goodwill other as goodwill is an asset it should be impaired. If goodwill get combined with any other asset, in other words it is combined with any other Cash Generating Unit then impairment can be allocated first to goodwill and then balance if any to the rest of assets. In other words, for allocating impairment loss of goodwill to the cash generating units, firstly allocation should be made to goodwill and after that other remaining assets of cash Generating units should be impaired. As per IAS 36, if the following indication arises then only impairment should be there: External Sources: Market value has declined. There is some negative change in the technology. Increase in the market rate. The net assets of the company are higher than market capitalization. Internal Sources: Premises get damaged. Non-working asset and ready to be disposed of. Worst economic conditions Apart from above some more factors can be added as they are only inclusive factors. Now we will learn how to calculate recoverable amount, value in use and fair value less cost of disposal. Determining Recoverable Amount: i) If carrying amount is less than that of fair value less cost of disposal or the value in use, then there is no impairment loss. ii) If fair value less cost of disposal cannot be determined then recoverable amount will be the value in use amount. For the assets which are to be disposed of, fair value less cost of disposal is recoverable amount. Fair Value less cost of disposal: Fair value is to be determined as per IFRS 13 and cost of disposal is the direct added costs. Value in Use: value in use can be calculated as below: The amount which an entity believes that it will earn in future Company should also consider time value of money. The future cash flows which are used in calculating above value in use should be based on realistic terms and should be achievable. Reversal Of Impairment Loss: The criteria for the reversal of impairment loss are the same as of identifying impairment loss. The reversing conditions are the indications of reversal of impairment loss. The reversal should not be more than what after depreciation value if impairment loss would not be there. Reversal of impairment loss is recognized in the profit or loss unless it relates to a revalued asset. There can be chances that there is reversal of impairment loss due to reversal of conditions that existed at the time of impairment like lowering of market rates, improve in government policies etc. But one thing which should be considered while reversal of impairment of loss is that the reversal should not be more than depreciation amount already deducted from the asset. Reversal of impairment loss for goodwill is prohibited. References: Accounting explained, Impairment of fixed assets, viewed on 21st May 2017, https://accountingexplained.com/financial/non-current-assets/impairment-of-assets. IFRS, IFRS Interpretation committee, viewed on 21st May 2017, https://www.ifrs.org/Current-Projects/IASB-Projects/IFRS-5-Reversal-of-impairment-loss-relating-to-goodwill/Pages/Home.aspx.