Emotional and Behavioral disorders Essay Example | Topics and Well Written Essays - 250 words

Passionate and Behavioral clutters - Essay Example me of the basic EBD conditions incorporate full of feeling issue, nervousness issue, schizophrenia, direct and consideration issue, and modification issue (Lehr, 2005). All in all for the administration of understudies with EBD in a homeroom setting may not so much be compelling (Keller, 2002). The methodologies that are picked ought to be proof based and demonstrated through experimental writing. The degree of help gave to the understudies ought to be arranged into 3 levels, to be specific, essential, optional and tertiary counteraction. At the essential level, issues are kept from creating, and by and large all the understudies are focused through showing proper conduct. Optional anticipation incorporates diminishing the seriousness of the issues and bringing down the dangers that might be available to the understudies. At the tertiary level, set up issues are looked into and suitable mediations are executed. Moreover, the seriousness and span of the negative results are decreased utilizing different measures (Lehr, 2005). Youngsters with EBD may require situation for probably some length of time in exceptional study halls that give an organized domain to advancement. The results in such a situation are progressively controlled and unsurprising. Understudies in such a program would be remunerated for suitable conduct (Hewett, 2002). The instructor would continually evaluate the requirements of the homeroom and show orderly educating through a few modes including conversation, introduction, displaying, and so forth. Conduct adjustments might be required however conduct treatments, for example, encouraging feedback, contracting, and so forth. Steady treatments as music, workmanship and exercise treatments might be expected to build a self-understanding and confidence of the youngster (Council for Exceptional Children, 2011). One of the key components in overseeing pressure that might be required by educators showing youngsters with EBD is mindfulness. Through mindfulness, the instructor is better ready to comprehend the

American old film class Gone with the Wind and Red River Essay

American old film class Gone with the Wind and Red River - Essay Example In any case, when we experience the genuine history, we could understand that the slave exchange was a pinnacle cause for the out eruption of the common war, and furthermore we could comprehend the slave exchange and the treatment of slaves, the negligible or zero opportunity given to them even to settle on choice in their every day exercises and so on. This viewpoint is by all accounts missing in this film, however the term ‘darkies† has been alluded to the dark slave characters who show up in the screen, is one of the impacts of the history and the suppositions of the common war. The photography of the Old South, the ranches of the Tara, where the champion needs to take displaced person with her family, is all likenesses of the Civil War time frame. In any case, at that point the artistic impact could be distinguished as reserved from the real world. The character of Mammy, one of the most joyful of dark slaves is discovered to be an excellent slave, as she is by all accounts an exceptionally upbeat individual, using the full opportunity in her family unit. This viewpoint, as referenced above strays from the verifiable idea or the Civil War thought of how an ointment was treated during that time. Opportunity was a requirement for the slaves during the Civil war time. Going to the Red River, the cows grouping, which was discovered to be the most productive pay for the cattle rustlers and which additionally gave a decent acknowledgment for the cowhands during when Chisholm Trial was opened. This occasion was likewise occurred during the hour of Civil War. In general both the motion pictures were fixated on the years 1850-1870. The area, Texas, where the film was shoot is one more point for the achievement of this film. Be that as it may, getting to the meaningful part of cows crowds that were passed through the preliminary, is turns out to be tranquil dubious whether the steers groups appeared in the film driven by Dunstan truly draw out a precise picture or impact of the first authentic episode. Since it has been recorded in numerous history books that there were thousands and

Blogger Application 2012!

Blogger Application 2012! Its summer in Cambridge, which means three things: 1) Its warm! I spent last week on vacation on a lake with my family, where I practiced wakesurfing and (poorly) performed in a triathlon. 2) Sports! As you may know, Im a football fanatic, and since there is no lockout this summer, theres lots of Pats chat to catch up on. As for the Celticswell Ill miss you, Ray. and last, but definitely not least, 3) Blogger Application 2012 Be a blogger! As usual, we will primarily be looking for incoming freshman; however, we have a few upperclassmen spots that are open for the fall, and if you feel you can make a compelling case for your inclusion among them, please feel free to send an application. Our bloggers are expected to: Update their blogs at least once every week or two Possess the excellent judgment, narrative poise, and communicative capacity to routinely and regularly address tens of thousands of prospective MIT students and millions of other people around the world, and Be comfortable with, or willing to learn, basic blogging skills, and including multimedia like videos and images into your posts to make them interesting. To be considered for a blogger position, you must email it to me (chris dot peterson at mit dot edu) by July 22nd. Your application must include the following: Blogging/Writing Experience We are looking for people who can communicate in a compelling fashion to our large and active community, and your portfolio will demonstrate your (in)ability to do this. Send us some of your writing. It could be a link to (or select entries from) a blog or tumblr which you have kept. It could be a few articles or a editorials. It could be a few interesting stories that you write, on the spot, in addition to your required questions below. While we often find that people in the habit of blogging make the easiest transition to blogging for us, we are primarily interested in people who can tell stories well, and who will do so frequently. If writing is a chore, so will blogging be; if writing is something you find yourself doing for fun anyway, then you will enjoy blogging. Biography City, state, class year, dorm, and course (either that you are in now, for our upperclassmen, or you think youd like to pursue). Tell us something you do for fun. Tell us about something you hope to learn to do for fun. Tell us something interesting about where you live. Quick-Answer (30 words or less) Little Known Fact About You Little Known Fact About Anything You Care to Share Short-Answer (250 words or les) Describe why you want to be an admissions blogger and what unique things you feel youll contribute to the program. You may (and should) discuss the life experiences or aspirations that will contribute to your interesting perspective, as well as any other creative skills that you can bring to bear to make your posts compelling for our readers. Tell me a story. Creative Make something(s). Send us pictures/video. If you have any questions, feel free to comment below!

Supply Chain Management - L.L. Bean Essay - 2520 Words

Mark Cronin MBA 600 – Production Operations Management Final Project Report - June 2, 2003 Supply-Chain Management Executive Summary – By adopting five new proposed initiatives, the L.L.Bean Factory Store Division can provide brand appropriate product to customers and it can also improve its in-stock position and inventory turns while reducing costs in the Supply-Chain and management of corporate inventory. If we leverage a Special Purchase strategy and negotiate with existing vendors to sell us all their manufacturing defects of existing L.L.Bean products at an agreed upon reduced rate, we can provide better costs for the full price products and higher cost recoveries for deleted merchandise.†¦show more content†¦During the past year (Fiscal 2002), our division undertook a strategic initiative to transition from marketing itself as a separate or sub-brand to being the liquidation channel for the L.L.Bean brand. This was no small feat and a point that should not be glossed over or taken lightly in an organization as large as L.L.Bean. There were many meetings at all levels of the company to help employees, who were still with the company after two major downsizing periods, understand the significance of this change in philosophy. There are currently four sub-channels used to achieve the liquidation and inventory management goals of the L.L.Bean Factory Store Division: 1.) Mail Order 2.) E-Commerce 3.) Outlet Stores 4.) Off-Site Sale Events Current sources of product for the Factory Store Division are discontinued merchandise, customer returns not suitable for full price sales and special purchases. Special purchases can be defined in the following categories: Overstocks, Cancellations and Irregulars – This is L.L.Bean labeled product available to the open market by our vendors. Manufacturing Irregulars – All saleable irregulars produced in L.L.Bean manufacturing facilities. Make Ups – Excess fabric, yarns and materials owned by L.L.Bean made into product under the â€Å"L.L.Bean Factory Store† label. Program Buys – Product programmedShow MoreRelatedL.L. Bean663 Words   |  3 PagesStrategic Supply Chain Management Case Study: L. L. Bean, Inc. 1. Based on the information contained in the short case description, and on your own observations, what do you feel characterizes L. L. Bean’s competitive strategy? What are the most essential â€Å"customer needs† that must be met by L.L. Bean L.L. Bean, Inc. is a mail-order, online and retail company based in the Unites States. The competitive strategy of L.L. Bean comes from its focus towards the customers and the satisfaction ofRead MoreL.L. Bean, Inc.: Item Forecasting and Inventory Management1742 Words   |  7 Pages#:  IMB323-PDF-ENG Founded in 1997, Subhiksha had grown from one store in 1997 to more than 1000 retail outlets in 2008. It sold FMCG, grocery, pharmacy, mobile products, and fruits and vegetables (Famp;V). It was the largest supermarket and mobile retail chain in India with presence in 90 cities. Although organized retail was identified as a high-growth area by the middle of 2008, players had realized that organized retail in India was going to be tough business. Various players (Reliance, Bharti, BirlaRead MoreLl Bean2115 Words   |  9 PagesRe: L.L. Bean, Inc. Overview When working in the catalog industry and a customer calls in and wants to order a red sweater and you are out of red sweaters, the company might have just lost the sale if the customer does not want a substitute colored sweater. This is the part of the continuous problem that L.L. Bean, Inc. has with item forecasting and inventory management. Working in a catalog business really helps companies to capture demand, but the problem most companies have is matching demandRead MoreL.L Bean Forecasting1794 Words   |  8 Pages1. Inventory decisions at L. L Bean use statistical processes on the frozen forecasts provided by the product managers. L. L Bean uses past forecast errors as a basis of measurement for future forecast errors. The decision for stock involves two processes. Firstly, the historical forecast errors are computed. This involves taking the ratio of actual demand to forecast demand. The frequency distribution of historical errors is then compiled across items, for new and never out items separately, toRead MoreSupply Chain Management (3rd Edition) Ch1 Summary1887 Words   |  8 PagesTraditional View: Logistics in the Economy (1990, 1996) Supply Chain Management (3rd Edition) Chapter 1 Understanding the Supply Chain Freight Transportation Inventory Expense Administrative Expense Logistics Related Activity $352, $455 Billion $221, $311 Billion $27, $31 Billion 11%, 10.5% of GNP Source: Cass Logistics  © 2007 Pearson Education 1-1  © 2007 Pearson Education 1-2 Traditional View: Logistics in the Manufacturing Firm Profit Logistics Cost Marketing Cost ManufacturingRead MoreCabelas Marketing5410 Words   |  22 PagesDeveloping Competitive Advantages 12 Developing a Strategic Focus 13 Marketing Goals and Objectives 13 Marketing Strategy 13 Primary and Secondary Target Markets 13 Product Strategy 14 Pricing Strategy and Distribution/Supply Chain Strategy 14 Promotion Strategy 15 Marketing Implementation 16 Structural Issues 16 Tactical Marketing Activities 16 Evaluation and Control 16 Executive Summary Cabela’s, Inc is a multi-channel retailer of outdoorsRead MoreProduct Distribution3331 Words   |  14 PagesLogistics Supply chain management. Distribution in supply chain management refers to the distribution of a good from one business to another. It can be factory to supplier, supplier to retailer, or retailer to end customer. It is defined as a chain of intermediaries; each passing the product down the chain to the next organization, before it finally reaches the consumer or end-user. This process is known as the distribution chain or the channel. Each of the elements in these chains will haveRead MoreCase Study20441 Words   |  82 PagesScience Title â€Å"SUPPLY CHAIN MANAGEMENT† Graduation Project Course: PRODACTION SYSTEM CONTROL Skopje - July, 2011 1 Faculty of Technical Science Title â€Å"SUPPLY CHAIN MANAGEMENT† Graduation Project Course: PRODACTION SYSTEM CONTROL Mentor: Prof. (Tarik CAKAR) Performed by: Enis SELAM, Student ID No.08/09.20 Enis_slm@hotmail.com Skopje, July, 2011 2 BRIEF CONTENTS Preface xiii Part I -- Building a Strategic Framework to Analyze Supply Chains Chapter 1 UnderstandingRead MorePepsi Supply Chain13753 Words   |  56 PagesSupply Chain Management Adel Abou Heneidy Learning objectives To develop understanding of the following key areas and their interrelationships: * Basic concepts of logistics and supply chain management * The strategic role of a supply chain * The key strategic drivers of supply chain performance * Analytic methodologies for supply chain analysis 2 Supply Chain Management Adel Abou Heneidy Highlights: †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Understanding the Supply Chain Supply Chain performance: achieving strategicRead MoreIntroduction to the World of Retailing4882 Words   |  20 PagesType: Comprehension 6. (p. 7) A(n) ______________ is a set of firms that make and deliver a given set of goods and services to the ultimate consumer. A. supply chain B. buying network C. trade association D. integrated wholesale network Difficulty: Easy Type: Definition 7. (p. 7) A retailer s role in a supply chain is to: A. act as the liaison between manufacturers and wholesalers B. buy merchandise exclusively from the manufacturers C. negotiate with manufacturers to eliminate

Guns Germs and Steel Essay - 1186 Words

1. Yalis question; Why is it that you white people developed so much cargo and brought it to New Guinea but we black people had little cargo of our own? 2. Diamond rewords the question as â€Å"History followed different courses for different peoples because of differences among people environment not because of biological differences among peoples themselves.† 3. Jared Diamond analyzes several factors that he believes contributed to the existing balance of the worlds resources. In order to answer Yalis question, he speculates about the role of geography, technology, cultural diffusion, agriculture, culture and biology. 4. The Maori evolved differently because of population and leadership differences. The Maori conquered the†¦show more content†¦10. These areas are Sahel, tropical West Africa, Ethiopia, and New Guinea. 11. These areas were western and central Europe, Indus valley, and Egypt. 12. The only hunter-gatherers to continue to exist were those who w ere separated geographically or lived in areas not fit for food producing. One theory of why people first started producing food was just as a back-up plan. Another theory is that there are different factors in different parts of the world that caused the decision to move to farming. 13. A plant is to be domesticated when its native characteristics are altered such that it cannot grow and reproduce without human intervention. 14. Because Different factors in different parts of the world caused the decision to move to farming. 15. Some plants need to be pollinated by another plant, but some mutant plants are self-pollinating. These self pollinating plants would also be picked and eventually wipe out the non self-pollinating plants. 16. Eurasia 17. Three advantages were the climate of the Fertile Crescent was wet in the winters and dry in the summers, ancestor crops were already very productive and fruitful, and many of the crops that inhabited the Fertile Crescent were self-poll inating. 18. For one the continent contained the largest amount of wild mammals. Another reason is that Eurasia has had the least extinction in the lastShow MoreRelatedGuns, Germs, And Steel953 Words   |  4 PagesGuns, Germs, and Steel Book Review Why do the origins of every major civilization lead to European conquest and settlement? How did Europe somehow gain the upper hand so early in history? Gun, Germs, and Steel: The Fates of Human Societies delivers a clear theory as to why the Europeans were able to conquer almost the entire world in less then one millennium. Jared Diamond, an esteemed historian takes readers on a journey through time. He explains that through many different factors andRead MoreGuns, Germs, And Steel1127 Words   |  5 PagesGuns, Germs, and Steel In his work, â€Å"Guns, Germs, and Steel† (W. W. Norton, New York, NY, 1997) Jared Diamond attempts to explain why human history has carried out the way it has, he often refers to accounts from history to support his argument. Accounts that will be deemed adequate will discuss specific groups of people, at a specified period of time. Diamond suggests that guns, germs, and steel are three contributing factors for why the world is in its current state. It is not difficult to recognizeRead MoreGuns, Germs, And Steel1490 Words   |  6 PagesGuns, Germs, and Steel. Jared Diamond discusses the reasons why geographical and environmental factors lead to a more rapid progression of certain civilizations throughout history. The book Guns, Germs and Steel portrays an argument that due to some societies’ access to an area witch contains sufficient amounts of wildlife and climates that are easily inhabitable, these societies developed into more advanced ways of living much easier and also earlier than societies who lacked these geographicalRead MoreGuns, Germs, And Steel1145 Words   |  5 PagesGuns, Germs, and Steel Prologue: 1. Yali’s question puzzles over why the white people have become more successful than others. Diamond states that Eurasian societies were set to dominate from before 3000 B.C. He wants to know why other races are unable to be as advanced with technology and power. 2. Diamond’s first objection is implying that if we explain why some people rule over others we’re okay with the domination by others. His second reason explains that Europeans are disappearing anyways andRead MoreGuns, Germs, and Steel Essay2859 Words   |  12 PagesGuns, Germs, and Steel: The Fates of Human Societies, by Jared Diamond, attempts to explain why history progressed differently for people from various geographical regions. Diamond introduces his book by pointing out that history followed different courses for different people because of differences among peoples’ environments, not because of biological differences among people themselves. Through his convincing explanation for how civilizations were created and evolved throughout the course of historyRead MoreGuns, Germs, And Steel Essay1174 Words   |  5 PagesGuns, Germs, and Steel Essay The historical book Gun, Germs, and Steel written by Jared Diamond explains a variety of different themes as to why the world came to be as it is today. The differences in technology and advances differing between other countries. Why is Eurasia more advanced and innovated than other continents like, the Americas? Why didn’t every country develop to an equal pace in advancement? Diamond’s major theme is that environmental differences influenced the differences in theRead MoreGuns Germs And Steel Summary955 Words   |  4 PagesJared Diamond’s theory of global differences in his book entitled â€Å"Guns, Germs, and Steel† is the result of geography and climate and not human differences such as race and culture. Jared Diamond is a biology professor at the University of California. He has been elected to the National Academy of Sciences, the American Philosophical Society, and the American Academy of Arts and Sciences. While studying birds in Papua New Gui nea he was asked the question of â€Å"Why you white men have so much cargoRead MoreGuns, Germs And Steel Essay1856 Words   |  8 PagesGuns, Germs and Steel By Jared Diamond In the book Guns, Germs and Steel Jared Diamond who is a biophysics scientist and a psychologist, set out on a journey to find out the reason behind great achievements and conquest of the Europeans. What is the secret of success of Europeans? His hypothesis was very original and at first looked very simple, it was guns, germs and steel. The journey of Diamond took over 30 years and helped him answer the main questions of human history and what is it thatRead MoreSummaries of Guns Germs and Steel2509 Words   |  11 Pagesadaptations. Chapter 3: Collision at Cajamarca Diamond details the conquest by Francisco Pizarro and a few hundred men over the Inca emperor at Cajamarca Peru in 1532. With the help of advanced steel weapons and armor, and horses and cavalry the Incas were easily defeated. They also brought new diseases, maritime, early guns, and centralized political organization. These however were only the small causes leading to the conquest--what allowed such a dominant culture to develop in the first place? ChapterRead MoreAp Guns Germs And Steel3483 Words   |  14 Pagesï » ¿Guns, Germs, and Steel Chapter 1: â€Å"Up to the Starting Line† 1. When did the history of humans begin? Around 50,000 years ago. â€Å"Human history at last took off around 50,000 years ago...† (Page 39) 2. Humans developed on what continent? Humans developed in Africa. â€Å"†¦, indicates that the earliest stages of human evolution were also played out in Africa.† (Page 36) 3. The Giant Leap forward occurred when? Around the time human history started, 50,000 years ago. â€Å"Human History at last took off

The wealth for wealth sake- the ethical perspective of profit making. Free Essays

string(235) " concerns as to whether a board can function effectively with multiple objectives and which should take priority over others, not to mention the fact that the enhancement of shareholder wealth is given supremacy in the United Kingdom\." INTRODUCTION This report seeks to explore the topic ‘wealth for wealth sake- the ethical perspective of profit making’, stakeholder theory, agency theory, corporate social responsibility, ethics and if any relationship exist between these concepts and level of company’s returns using British Petroleum Plc as a case study. These issues have sprung up a lot of debates in the last decade, with some of the opinion that the sole aim of an organisation is the maximisation of wealth for its shareholders while others hold the view that organisations should be responsible not just to their shareholders but to stakeholders. In view of this, this report will discuss these issues by examining diverse views and research on these issues and whether the focus of companies should be based solely on maximising shareholder wealth or if companies should pursue other objectives beside wealth maximisation. We will write a custom essay sample on The wealth for wealth sake- the ethical perspective of profit making. or any similar topic only for you Order Now SHAREHOLDER WEALTH MAXIMISATION/ LEVELS OF RETURNS A business exists to maximise wealth for its shareholders and the manager has a duty to act solely in the interest of the shareholders (Friedman, 1971 in ACCA p1, 2011, p.147). Friedman was of the view that organisation cannot have responsibility and so not accountable to anybody but its shareholders. This view was reiterates by Grant, 2011 who said that organisations are entities that have the right to maximise profit. However, a business though an artificial person in law, has the same rights and responsibilities as human beings and thus accountable for its actions and this invariably bestows its some responsibilities to those groups who are affected by the organisations activities and decisions (ACCA P1, 2011, p.146). The question is then whether organisations should make wealth at the expense of other stakeholders, such as the customers, suppliers, employees, community and society These organisations in question are kept running by communities of people who all share common goal s and values and shareholder wealth maximisation is being made possible because of the effort and actions of these group of people despite the fact that the shareholders provides funds for the business. An organisation who fails to recognise its stakeholder is asking for trouble as employees can boycott work or customers can stop buying from them. The implication will be a fall in share price and since shareholder wealth is measured by the value of shares they own in the company, there will be a reduction in shareholder wealth. Studies have shown that businesses that are ethically sound are rewarded with additional customers while those that are unsound are boycotted and employees show more commitment to socially responsible companies (ACCA p1, 2011, p.147). Friedman fails to realise that organisations are first and foremost communities of people working together for a common purpose and the existence of community automatically give rise to mutual responsibilities (Grant, 2011 in ( Blank and McGurn, 2004; Gates, 2004; Gini, 2004). Moreover, the market is a network of relationships and it is the working of these various relationships that makes an organisation efficient or inefficient. Bp has a better understanding of the importance of developing relationships with the stakeholders when in April 20, 2010 the Gulf of Mexico oil spill in America Killed eleven workers and left 17 injured in a bid to maximise wealth (Mardell, 2011). The company was charged $20bn as compensation fund (Palmer, 2011). Bp continues to pay dearly for its actions long after the incident with the continuous fall in the share price as evident in the graph below: Bp Share Chart April 2010 to April 2011 SOURCE: ADVFN, 2011 Bp had the biggest fall in share price following the spill by more than 6% on opening and ended the day 4.7% down (Merrison, July, 2010). BP Share Price 1-Day Chart SOURCE: SKY NEWS, 2010 As at June 9, 2010, two months after the incident, Bp is below book value and trading less than half of its 52-week high, and its worth less than $100 billion. The company which has been paying out a steady 84 cents per share per quarter now has that payment in jeopardy as there is a $4.50 fall in the share price and a dividend of $3.36 is currently being paid on a stock worth $30 (Salmon, 2010). Analysts even went as far as proposing an exit for Bp via a takeover. STAKEHOLDER AND AGENCY THEORY Stakeholders are all those agents who are concerned about the growth and development of an organisation (Pesqueux et al, 2005, p.6 in Mercier 1999). They are those individuals, groups or organisations who are interested in and or are affected by the activities of an organisation. (Boddy, 2011, p.637) and (Mallin, 2010, p. 63-67). Mallin identified several stakeholders and the nature of their interests and expectations in the organisation which are: EMPLOYEES: whose interest is in job security, fairness in promotion and pay and working conditions, personal development among others. Others are environmental groups, communities, customers, suppliers among others (Mallin, 2007, p.51-53). The law of corporations says that the firm should be run primarily in the interest of shareholders; stakeholder theory does not give preference to any stakeholder. Organisation should seek a balance relationship among all its stakeholders as an imbalance will put the survival of the organisation at stake. Jensen (2001) supported this view when he said that a firm who seek to maximise wealth cannot ignore the interest of its stakeholders. Buttressing the point that stakeholders not just shareholders are paramount to the success and wealth of a stakeholders, Freeman maintained that effective stakeholder management is important to the survival and prosperity of an organisation as opposed to Friedman who argued that the only responsibility of business is to engage in activities design to maximise wealth for the shareholders and anything contrary to this is stealing. However, Friedman opined that in the pursuit of this goal, the business must conform to the basic rules of the society whic h are embodied in ethical customs, giving credence to the fact that ethics is key to business performance. Mallin 2007, p.7273 raises concerns as to whether a board can function effectively with multiple objectives and which should take priority over others, not to mention the fact that the enhancement of shareholder wealth is given supremacy in the United Kingdom. You read "The wealth for wealth sake- the ethical perspective of profit making." in category "Essay examples" AGENCY THEORY Managers of a firm own a duty to shareholders to make all effort to maximise shareholder wealth by working in their interest. Alternatively, managers are also concern in working for their own best interest giving that economic theory of rational choice maintains that human nature being selfish will engage in activities that benefit them rather than others (Bradburn, 2001, p.4). However, there have been a lot of cases of selfless service in history such as Mother Theresa of old. Agency theory arises thus as a result of the conflicts of interest between management and shareholder due to separation of ownership from control. Studies have shown that managers substituted their interest in place of those of shareholders just like the case of Enron Corporation (ACCA, paper p1, 2010). Agency problem therefore arises as a result of managers making decisions that are contrary to the maximisation of shareholder wealth and possible causes of this are Separation of ownership and control: shareholders the principal fund the company but appoint agents, management to control the affairs of the company on their behalf. Differing goals between shareholders and management: Shareholders want high return on investment and thus want managers to take higher risk. However, managers are risk averse and tend to minimise risk by investing in low risk projects as oppose to shareholders who want higher returns on their investment thereby reducing shareholder wealth. Asymmetry of information: Because management are involve in the day to day running of the company, they have access to all financial and management information which the shareholders have no access to except the annual report of the company that are often times subject to manipulation (Watson and Head, 2007, pp.11-12). This was the case of Enron whose managers engaged in fraudulent creative accounting techniques in a bid to build empires at the expense of shareholders which led to the eventual collapse of the company. According to Jensen and Meckling, agency problem occurs when managers own less than 100% of the firm. He argued that managers are driven by power and control rather than maximizing shareholders wealth and often times seek to build empires. Thus take decisions that maximise their interest rather than the shareholders such as increase in managerial pay, rewards and job security. As a result of this conflict of interest and in an attempt to ensure that management interests are in line with those of shareholders, agency costs are incurred such as legal cost, cost of managers’ incentives and monitoring among others (ACCA, paper p1, 2010, p.23). To resolve problems arising from goal congruence between shareholders and management, Measures have been put in place by shareholders to minimise these problems: Monitoring activities of managers: Here external auditors are put in place to ensure that the financial statements prepare by the directors show a true and fair view of the affairs of the company. However, in the process agency costs are incurred. Performance related pay: Executive share option schemes: In an effort to encourage executives to maximise shareholder wealth and reduce managers aversion to risk, share options are introduced which allow senior managers to own certain number of shares in the company at a fixed price. The downside of using share option to check and balance senior executives is the fact increase in share price due to boom in the economy and general market trends will result to executives being rewarded not base on the merits of their performance (SIGLER, 2009, pp. 762-764). CORPORATE SOCIAL RESPONSIBILITY AND ETHICS It has become increasing important that organisations become actively responsible and makes ethical business decisions as a result of the recent scandals that have gulfed the business world, from Enron to WorldCom among others. The business world and the community can no longer fold their hands and watch in horror in anticipation of when the next big scandal will rock the world economy. Thus, the need to revisit the role of ethics and corporate social responsibility in today’s business world. Although corporate social responsibility is closely linked to ethics because an outcome of ethical conduct is social responsibility (Dubrin, 1994, P.44), however, Blowfield, 2008, p. 12 13 in Davis 1973 explains that corporate social responsibility begins where the law ends. It is the positive impacts companies made on the lives of the community and beyond the society in which they operate outside of their legal obligations. Siegel and Vitaliano (2007) argued that CSR occurs when firms e ngage in activity that appears to advance a social agenda beyond that which is required by law. There is no doubt that corporate social responsibility is of paramount importance to the performance of a business as evidence have shown that organisations who put social responsibility as top most priority in their agenda will have a strong financial performance (Schermerhorn, 2002, p.159). In a poll in 2005, eighty-one percent of executives said that corporate social responsibility is important to their business. Majority of the executives were of the opinion that the purpose of a business is to be a steward in the society as it has duties to its stakeholders such as the customers, shareholders, employees, community and the environment (Blowfield, 2008, p. 10). In addition, there is little or no reason to believe that organisations cannot maximise wealth for their shareholders while performing other public responsibilities. Svensson et al, 2011,p.29 in Lea 1999 agrees with this when he said that ‘it is the various stakeholders that determine the economic performance of a business and that profit will arise naturally from the performance of their business practices such as being socially responsible’. Similarly, Freeman et al 1988, p.47 stressed further this by saying that financial performance and ethics are the same thing. For an organisation to maximize wealth, it needs to maintain relationships with several stakeholders that affect or are affected by its decisions (Presqueux, 2005, p.8). Business should not only look at the immediate returns, but at the communities who will become their consumers. This indicates that companies need to re-examine the nature of their interactions and the effects on their stakeholders (Gibson, 2007, p.xiv). Martin 2003, p.87 in an article in Harvard business review maintained that organisations exhibit socially responsible behaviour because it create goodwill among customers and enhances shareholder value. Little wonder more companies have come to the significance of being socially responsible and have become actively involved in building key relationships with their various stakeholders. Some have gone from being socially responsible to becoming sustainable due to increasing awareness to conserve and protect earth’s limited and depleting resources (May et al. 2007, p.237) such as the G8 summit. British petroleum, BP in 1997 took a stand on climate change by reducing greenhouse emissions. This socially responsible act Bp claims has cost them nothing but increased net income by $600 million. However, the same Bp in 2010 was involved in an oil spill that led to 11 employees’ death and pollution due to negligence and an attempt to cut cost and increase shareholder wealth (Mar dell, 2011). Bp as a result suspended dividend payments to shareholders with $25 billion dollars set aside to cover compensation claims (Boddy, 2011, p.161). Apple and Microsoft are massively involved in CSR while still creating value for their shareholders. (Heal, 2005, p.14). Alternatively, there have also been those who argued that acting socially responsible has no impact on the wealth of an organisation. Friedman in an article published in 1970 argued that an organisation has no responsibility other than maximising shareholder wealth through legal and accepted means. Friedman was one of the capitalists who emphasised strict completion, wealth maximisation and reduction in expenditure which serve as barriers to acceptance of ethical practise in business. Monsanto was destroyed while acting socially responsible. The company invested money to make crops more productive without the use of chemicals. This backfired as it was faced with oppositions from environmental activists and consumers, thus making farmers to abandon them, causing financial threats to the company and the subsequent takeover. The quest to maximise shareholder wealth should not put other stakeholders’ lives in jeopardy. Take for instance Ford Motors whom in the sixties in an attemp t to improve market position, fight competition from companies like Volkswagen and subsequently increase wealth for shareholders made the affordable Ford Pinto that was produced very cheaply with the petrol tanks placed in a position that endangers lives. Analyst believed Ford knowingly choosing profit over safety. The car poses risks and do not meet up with the legislation, yet the car was put up on sale. What followed were series of car accidents that caused many lives. Ford motors continued to sell the car as the cost of removing the product from the market far outweighs the law suit that would arise. The company was sued, though it won the lawsuit, but its reputation was badly damaged which affected the market share and subsequently the shareholder wealth they were aiming for (Boddy, 2011, p.135-136). The company in an attempt to maximise wealth for their shareholders put profit first before the safety of its customers and the community and operated outside the legal and accepte d standard advocated by Friedman. ETHICS Ethics are the norms and standards for judging good versus bad, right versus wrong. It thus defines whether actions taking by an organisation are under moral grounds (May et al, 2007, p. 157). However moral behaviour is dependent on some circumstances of time and places or on each individual decision-maker. It provides a support for maximising shareholder value in the long term and an understanding of business ethics will enhance business targets and improve performance (Sternberg, 1994, p. 15). In a survey of CFOs carried out by ACCA, it was discovered that companies that build a culture of ethics are more likely to succeed financially. Also, good ethics they say means good business (Chriysside and Kaler, 1996, p.8). Studies have shown that employees are more inclined to work for companies that are ethically and socially responsible (Weiss J, W, 2003, p.11). The pursuit of shareholder wealth should be within the confines of ethical behaviour as an organisation that solely pursues we alth maximisation will act unethically (Gibson, 2007, p.7). More so, managers believes that shareholders interest is in wealth maximisation, however, shareholders differ on this view depending on the nature of their investment with time. Some shareholders wants returns on the short term through dividends and often times, such shareholders are not inclined to acting ethically as opposed to those who wants their returns reinvested to achieve capital gains in the longer term. Boddy states that evidence have shown that investors are willing to invest in business that encourages ethical decision making. Therefore, companies need to integrate values such as trust, honesty, integrity and fairness into its policies, practice and decision making (Blowfield, 2008, p. 18). In recent times, series of companies with strong ethical policies have been found in breach of the law. This was the case of Boeing in 1998 when despite its ethical guidelines on procurement, corruption and marketing used co nfidential materials stolen from its competitor Lockheed Martin to win defence procurement contracts with the United State government. This led to it suspension from bidding for defence contracts. Ethics is a necessity in the achievement of profits, growth and shareholder value (Blowfield, 2008, p.190). Conversely, an organisation that acts unethically will have its reputation damaged and boycotted by its stakeholders just like the Ford Pinto, Enron and WorldCom. Enron despites having a Code of ethics had its senior management concealed debts worth $35 billion. The exposure of this fraudulent act led to a drop in share price from $90 to 61 cent (Gini, 2009, pp.104-115). Royal Dutch shell adopted the slogan people, planet, profits in an attempt to regain lost trust in the Niger Delta region of Nigeria and criticism for its proposed scrap of Brent Spar oil storage platform in the deep Atlantic (Blowfield, 2008, 61). It is therefore not acceptable for business to say that anything it d oes within the confines of law is ethically acceptable. In the 80’s, the Beech-Nut Nutrition Corporation had its executives sentenced by a jury for purported selling baby apple juice which in reality contain little or no apple juice. The company’s shares of $750 million dropped from a high of 20% as a result to 17% (Gini, 2009, pp.29-31). Pressure is being mounted on businesses to go beyond the law by according respect and dignity to stakeholders, thus the need for organisations to consider responsibilities to those whom their decisions will affect. Managers have to balance the demands to maximise wealth for shareholders with those of acting ethically in the pursuit of wealth and being responsible to its stakeholders whom are affected by its decisions as doing contrary to this could be detrimental or poses to the business and shareholder wealth just as Dearlove 1998 suggests that ethical behaviour should be imbibed as a core value of business. Corporate social responsibility and ethics in a lot of ways increases wealth for shareholders as illustrated in series of examples above. However, organisations will need to weigh the benefits and advantages accrued from it and come to a balance. This is not to say that companies should pursue wealth at the expense of other stakeholders’ lives. CONCLUSION The aim of this report was to discuss the objective of the company as to whether the maximisation of shareholder wealth should be the sole objective of the company. Evidences reviewed in the report pointed to the fact that wealth maximisation should not be the sole aim of the company, other stakeholders who are affected by the company’s decision should be considered and the involvement of these various stakeholders evidence shown create company goodwill and increase shareholder wealth. It is therefore imperative that companies pursue other objectives beside wealth maximisation. REFLECTIVE JOURNAL WHAT I LEARNT FROM TAKING PART IN THE COURSE WORK: This report gave me a better insight into shareholder wealth maximisation and levels of returns, stakeholder theory, agency theory, corporate social responsibility and ethics. I learnt to work with limited time and meet up with strict deadline and to effectively manage my time. MY RESAERCH TECHNIQUES: My research techniques was based on reading journals, text books, Harvard Business review, television station archives such as BBC News, Ft.com,Rueters.com and internet sources. MY MOTIVATION: My motivation stemmed from my drive to produce a quality course work. So my motivation was strong as I worked really hard to meet up with the deadline for the assignment. WHAT I WILL DO DIFFERENTLY NEXT TIME: I would ensure that I have done a thorough research regarding the subject matter before commencing my work as this will make it easier and save me time. THE FOLLOWING ARE THE LEARNING OUTCOMES WHICH I FIND EASIEST Corporate social responsibility which bothers on the ground that organisation in their pursuit of shareholder wealth needs to consider the positive impacts they made on the lives of the community and beyond the society in which they operate beyond that which constitute their legal obligations. I got to know that corporate social responsibility enhances shareholder wealth maximisation despite some argument which stress sole objective of wealth maximisation. CHALLENGES AND THE LEANING OUTCOME I FIND MOST DIFFICULT Stakeholder theory was particularly difficult for me as I have challenges getting relevant materials for it. Another was ethics which in a way is like a twin to corporate social responsibility. I realised while writing ethics that most of what I had to talk about were already discussed in corporate social responsibility making it difficult for me to have a balance word count between the two concepts. Thus ethics was also touched on in corporate social responsibility and vice versa. I believe I have done this work to the best of my ability and it will be useful to me in my future career prospects. REFERENCE ACCA. 2010. Ethics linked to better business performance. [WWW]. http://www.accaglobal.com/allnews/national/zimbabwe/ethics (9/4/2011). ACCA. 2010. Paper p1: Governance, Risk and Ethics. Complete Text-June and December, 2011 Exam Sittings. UK: Kaplan Publishing Limited. ADVFN. 2011. [WWW]. Bp Share Price. http://www.advfn.com/lse/SharePrice.asp?shareprice=BP. (7/4/2011). BLOWFIELD, M, AND MURRAY, A. 2008. Corporate Social Responsibility: A critical Introduction. Newyork. Oxford University Press. BODDY, D and PATON, S, 2011. Management: An Introduction. 5st. Edn. England: Pearson Education Limited. BRADBURN, R. 2001. Understanding Business Ethics. London: Continuum. CHRYSSIDES, G AND KALER, J. 1996. Essentials of Business Ethics. London: McGraw-Hill. COLLINS, D. 2006. Enron: the good, the bad and the really ugly. In: GINI, A and MARCOUK, A.M. Case studies in business ethics. 6th.Edn. London: Pearson prentice Hall, pp. 104-115. DEARLOVE, D. (1998). Key Management Decisions. London: Pitman Publishing. DUBRIN, A.J. (1994). Essentials of Management. 3rd.Edn.Ohia: South-Western Publishing Co. FRIEDMAN, M. 1970. The social responsibility of business is to Increase Its Profits. In: BURCHELL, J. The corporate social Responsibility reader. Oxon: Routledge, pp.84-89. GRANT, P. 2011. Aristotelian approach to a sustainable business. Corporate governance [Online journal], 11(1), pp. 4-12. Available from Emerald at http://www.emeraldinsight.com/search.htm?st1=patricia+grantct=allec=1bf=1. (16/3/2011). GIBSON, K. 2007. Ethics and Business. Uk: Cambridge University Press. HEAL, G. 2005. [WWW] Corporate Social responsibility: an economic and financial framework. The Geneva papers on risk and Insurance-issues and practice. https://europealumni.kellogg.northwestern.edu/research/fordcenter/conferences/ethics06/heal2.pdf (4/4/2011). JENSEN, M, C. and MECKLING, W, H. 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. [Online Journal] http://www.sfu.ca/~wainwrig/Econ400/jensen-meckling.pdf. (17/3/2011). MALLIN, M, A. 2010. Corporate Governance. 3rd .Edn. New York: Oxford University Press. MARDELL, M. 2011. Failure of an industry. [WWW] http://www.bbc.co.uk/blogs/thereporters/markmardell/2011/01/the_failure_of_an_industry.html (5, 4, 2011). MARTIN, L, R. 2003. The Virtue Matrix: Calculating the return on corporate responsibility. In: HARVARD BUSINESS REVIEW. Harvard Business Review on Corporate Social Responsibility.USA: Harvard Business School Publishing Corporation. Pp. 83-103. MAY, S, CHENEY, G AND ROPER, J. 2007. The debate over Corporate Social Responsibility. New York: Oxford University Press. MERRISON ED. 2010. Seep Fears Fuel Drop in BP Share Price [WWW] http://news.sky.com/skynews/Home/Business/Seep-Fears-Fuel-Drop-In-BP-Share-Price-US-Coastguard-Demands-Action-Plan-From-Oil-Giant/Article/201007315667088?f=rss (4/4/2011). PALMER, J. 2011. Gulf spill’s effects ‘may not be seen for a decade. [WWW] http://www.bbc.co.uk/news/science-environment-12520630 (30/3/2011). SALMON, F. 2010. The ever falling Bp share price. http://blogs.reuters.com/felix-salmon/2010/06/09/the-ever-falling-bp-share-price/ (4/4/2011). SCHERMERHORN, J.R. (2002). Management. 7th. Edn. Newyork: John Wiley Sons. SIEGEL, D. and VITALIANO, D. 2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics and Management Strategy, 16(3), pp. 773-792. SIGLER, K, J. 2009. A brief overview of executive stock options in reducing the agency problem of excessive risk aversion. Management Research News [online Journal] http://www.emeraldinsight.com/journals.htm?issn=0140-9174volume=32issue=8articleid=1800682show=pdf (6/4/2011). STERNBERG, E. 1995. Just Business: Business Ethics in Action. 2nd.Edn. London: Warner Books. SVENSSON, G. AND WOOD, G. 2011. A conceptual framework of corporate and business ethics across organisations: Structures, processes and performance. The learning organization. 18(1). pp.21-35. PESQUEUX YVON AND SALMA DAMAK AYADI, 2005. Stakeholder theory in perspectives. Corporate governance. 5(2) WATSON D, AND HEAD, A. 2007.Corporate Finance: Principles and Practice. 4th. Edn. England: Pearson education. WEISS, J, W.2003. Business Ethics: A Stakeholder and Issue Management Approach. 3rd. Edn. Ohio: South Western. How to cite The wealth for wealth sake- the ethical perspective of profit making., Essay examples

Activities of the AASB-Free-Samples for Students-Myassignmenthelp

Question; How does the AASB incorporate changes to International Accounting Standards into the Australian Accounting Standards. Answer: Introduction AASB standards are set in motion as soon as they are approved with a given deadline for its adoption by all registered entities in Australia. However, the accounting standards issued and even the conceptual framework on which the framework of standards are based are never going to be static and rigid documents. The provisions of accounting standards do keep on changing as per the prevalent economic scenarios and market conditions. In this aspect, the role of the AASB Board is quite important as the AASB Board is deemed as the primary standard setting board in Australia(Roy, 2015). Literature Review The AASB Board is a 11 member board including the chairman of the board. The chairman of the AASB board is appointed by the Ministry of Corporate law and the members of the AASB board are appointed by the FRC or the Financial reporting council. AASB is entrusted with the opportunity of developing a general and widely applicable standard which is understandable in a transparent and comparable manner so that general purpose financial statements can be presented in an unbiased manner for the consumption of the users in Australia. The changes in the standard can be made as a result of the technical issues being identified by the IASB or the same can be identified by the IFRIC. Australian regulators have adopted the IASB or the IFRS framework since 2005 and thus any technical issues identified by the IASB would have a significant change in the AASB standards as well and would require modification as well. Thus, any issue which is reported by the IASB board or the IFRIC would be required to be addressed by the AASB board too. However, the degree of involvement in the change program might be substantive or non-substantive on the part of AASB board. A technical issue might be considered when identified by IPSASB. AASB board always monitors the working program of the IPSASB and would undertake changes pertaining to financial reporting in the public-sector organizations in Australia(Berry, 2011). Issues of technical nature cn also be identified by AASB itself related to IASB consideration to IFRIC consideration and once the issues are identified the AASB would go on to issue relevant agenda related to the technical issue considered. The agenda means a project proposal would be prepared by the AASB board including the benefits that would accrue of the project is undertaken by AASB and the resources which is estimated to be consumed on consideration of the relevant consideration. The project proposal would also most of the time try to include a note as to how the non-consideration would affect the relevant parties. The project proposal would then be considered by the AASB board as to whether the same shall be worthwhile to be acted upon and if the same shall be placed inside the work program or Agenda of the board. If the board decides not to include the proposal in the agenda then the board would proceed to issue a rejection statement citing relevant decision making criteria. The minutes of the board meeting in which either the proposal is accepted to rejected would be recorded appropriately(Picker, 2015). The next step taken by the board is to consider the research proposal and do a methodical research on the same. AASB board would proceed to have a detailed discussion on the materials which are presented by the staff members of the AASB. The scope of the issue and any possible alternative approaches would be included in the agenda papers and discussed. The AASB would include possible information statements from the IASB board or even from the IFRIC and may be form the NZASB etc(Deegan C. , 2015). Sometimes the issues under consideration of the Agenda might be jointly considered with the New Zealand board when the issues under consideration might be beneficial to both countries. The next process in the change process is the consulting process with all the stakeholders involved. Once the AASB board considers the agenda in detail and then the documents adopted after considerable and detailed discussion would beamed available to the stakeholders concerned. The documents which are made available to the stakeholders are:a) Exposure drafts Invitations to Comment and Discussion PapersThe exposure drafts are papers which were discussed in the board meetings prepared to a conclusion have been reached and the same includes the proposed standard or in the case of a change being considered the amendments concerned.Invitations to comment generally seek feedback on broad proposals. An ITC may contain a discussion paper or a consultation paper. The invitations to comment are papers which seeks feedback form industry professional and other participants to the exposure draft within a timely framework. On the other hand, the discussion papers are the papers which are issued by the IASB or AASB to seek industry feedback from the professionals working in specific or a broad range of industries to discuss the whole range of topics in detail(Shirley Carlon, 2015).The next step in the standard setting process involves a detailed consultation with industry stakeholders etc. following methods: RoundTable Discussions The AASB in many cases of exposure drafts would like to invite constituents or provincial institutions regarding a detailed discussion on the exposure draft in a formal meeting at a designated place. For attending such formal roundtable meetings participants would be required to register for the same in advance. Detailed discussion would be undertaken and presentations form the participants would be accepted for further consideration and detailed review(Berry, 2011). Focus Groups Focus groups generally present the groups of users of the financial statements in Australia including the shareholders and other investors, equity and other categories of analysis and credit rating agencies etc. these groups would be used the analyze how the proposed changes in the existing standards is intended to enhance the reporting standards and enhance the fairness of the information contained in the statements mens issued by entries under AASB and ASX. Project Advisory Boards The AASB on its part might consider appointing a project advisory panel by the relevant stakeholders which would include people in a group with the requisite skill and knowledge base to review and deliberate and present a report on the topic under consideration. The project advisory panel would be required to prepare comments on the agenda papers submitted by the AASB board(ALEXANDER, 2009). Interpretation Advisory Panels The AASB in some cases of deadlock might prefer to form panels known as Interpretation Advisory Panels to help in the preparation of alternative views on specific topics(Peter Atrill, 2014). Issue of the pronouncement documents Once the agenda document is approved after the above mentioned due process the AASB would issue a pronouncement to the effect in the form of a new standard or a interpretation statement for the changes or in the form of a conceptual framework statement as required. AASB for this purpose follows a transaction neutrality policy in general events of an issue of technical nature would be dealt with similarly whether the same is related to for profit or not for profit organizations ( unless the AASB is of the opinion that issues need different ) interpretations(Melancon, 2002).The technical issues once pronounced in the form of a change document would also be required to be submitted to IASB so that a standard international document would be considered to be used. Further the AASB would also solicit comment letters form the relevant set of stakeholders and the comments submitted would be used in the submissions which would be presented to the IASB etc. for formal international pronounceme nts. Implementation and compliance with the issues pronouncements AASB would then push for the implementation of the issued changes to an existing standard or a new approved standard pronounced with a given deadline and the same set of deadlines would be followed by monitoring organizations like the ASIC , APRA and CPAA and IPA etc. the AASB also requires timely inputs form the above mentioned organization as to whether relevant changes to the standards are required at all(Mclaney, 2013). Concluding Remarks From the above discussion, it appears that the review and standard setting (changing) process is a quite open and transparent process and no party holds an absolute edge as far as standard setting are considered. The AASB holds the most power but the same is not absolute. The stakeholders also get their due consultative right and in case of any deadlock the advisory panels can be formed to advise on a number of maters. Thus, the entire process seems to be a balanced one and is not in the favor of a singular entity. However, the final decisions regarding the standard setting and caging rests with the AASB Board(Elliott, 2014). The likely impact on company accounting if the recommended changes are written into IAS 116/AASB 116 is assessed as follows: As a result of the exposure Draft for the changes in AASB 116, the clarification provided is that the current use of calculating depreciation of an asset based on the revenue based model is not an appropriate model. Thus, revenue is deemed an inappropriate base for estimating depreciation of an asset and the revenue generation is also prohibited to be used as a method of depreciation because the same does not reflect the economic benefits derived from the said assets(Dyson, 2007). Paragraph 17 of the AASB 17 specified the directly attributable costs for the measurement of the PPE. One of the example which was specified under the paragrpagh17 was that the cost of testing is one of the costs to determine whether the asset is functioning in a proper manner and the net cost of the asset would only be determined only after deducing the net sales figures which were produced from the disposal of the item produced while testing etc. and while bringing the asset into the installed location and working condition(Deegan Ward, 2013). Thus, the provision was misused and misinterpreted by many entities. Under the draft the paragraph 17 was modified and it was prohibited to deduct such net proceeds from the costs of an assets while the same being brought into working condition by an entity. Because of this new provision an entity would report such net proceeds if any (accrued in the testing phase) in the profit and loss account and would not make any adjustment to the cost of the long term asset itself. countries which are predominantly manufacturing concerns or mining operations would be more affected by the proposed changes in the standard: The AASB Board during the discussion came to the conclusion that the prosed changes and required amendments to the existing standard would bring the required set of information to the user groups involved by making it possible to include all revenue in the profit and loss statements when they have occurred. Under the current provisions some of the revenues were offset against the costs the PPE in certain cases and thus a clearer picture of the revenue would emerge under the new amended regulatory provisions. This would make it possible to cast the real value of PPE or the actual cost of the PPE would be shown in a better way. Both the revenue and costs as per the view of the board was earlier distorted by the previous provisions which were misinterpreted often(Dagwell, 2014). Under the new amended provisions, the business entities would now be required to make sure they identify the costs incurred which is related to the items of productions and which were sold before the PPE is made available for use by the entity. Also, there shall be a distinction between costs incurred in general and costs incurred before the data the PPE is made available for use. Under the new proposed provisions, the costs incurred on inventories must exclude the deprecation of the assets which is yet to be made available for use by the entity(Cottrell, 2012). Should national accounting boards such as the AASB modify their own standards if the need arises? Basically the entities concerned would be required to make judgements regarding identification of costs as to whether the said costs are costs related to inventory or related to testing of the asset concerned or the costs which would be needed to be recognized in the income statement. The new provisions also implies that the proceeds which were deducted earlier form the costs of the PPE is not in excess of the full cost of testing the asset to determine the PPE is working properly(Britton, 2012). From the above discussion it appears that the said provisions were needed by the whole manufacturing and mining industries and not just a particular section of the said industries in a particular country. The proposed changes are definitely not a one size fits all strategy and can be applied irrespective of the industry in which the entity is presently working. National accounting boards can proceed to make such changes but hey would be required to notify the IASB regarding the proposed changes and if the IASB board deems fit the same provisions can be incorporated into international accounting standards as well. Thus, currently there is no ambiguity as to whether the standards should be locally amended or amended and advised by IASB. It can be done both ways and benefit in a standardized format of international reporting(Berry, 2011). Conclusions The proposed changes in the above standards as per the board is in conformance of the provisions of IFRS 15. This is particularly because of the fact that the asset under consideration is to be sued for the normal activities of production etc., there would not be any particular basis under which it would be held that the inventory produced during testing of the asset would result from non-ordinary activities and that can be presented as revenue in the income statements. As a consequence the board believed that no changes would be required in the other standards regarding presentation of the inventory and revenue and existing provisions would suffice. Particularly the entity may be required to disclose the inventory as a revenue category under para114 of the IFRS 15 and as the provisions of IFRS 15 as well IAS 2 is satisfied no further disclosure would be required to be made and no change is therefore proposed(Barker Schulte, 2017). Bibliography ALEXANDER, D. (2009). Financial Accounting (2nd ed.). Prentice hall. Barker, R., Schulte, S. (2017). Representing the market perspective: Fair value measurement for non-financial assets. Accounting, Organizations and Society, 56(3), 55-67. Berry, A. . (2011). Accounting in a Business Context. OXFORD: South-Western Cengage Learning. Britton, A. (2012). Financial Accounting (5th ed.). London : Financial Times/ Prentice Hall. Carl S. Warren. (2012). Corporate Financial Accounting (12edition ed.). South Western cengage publishing . Cottrell, T. E. (2012). Advanced fiancial Accounting (10th ed.). NewYork: McGrawHill - Irwin. Dagwell, R. (2014). Corporate Accounting in Australia (4th ed.). Sydney: NewSouth Publishing. Deegan, C. (2015). Australian Fiancial Accounting (8th ed.). Sydney : McGraw-Hill Education - Europe. Deegan, C., Ward, A. M. (2013). Financial Accounting and Reporting: An International Approach (1st ed.). London: McGraw Hill. Dyson, R. J. (2007). Accounting for Non-Accounting Students. (6th ed.). London: Financial Times/Prentice Hall. Edwards, J. H. (2014). Financial Accounting ( 9th Revised edition ed.). Melbourne: John Wiley Sons Australia Ltd . Eisen, P. J. (2013). Accounting (Business Review Series) ( 6th edition ed.). NewYork : Barron's Educational Series Inc.,U.S. Elliott, B. (2014). Financial Accounting and Reporting (17th ed.). London: Pearson Publicaitons . Hoggett, J. (2011). Company Accounting (9th ed.). Brisbane: John Wiley and sons. Maynard, J. 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Sydney: Cengage Learning. Walton, P. . (2013). Global Financial Accounting and Reporting: Principles and Analysis. OXFORD: South-Western Cengage Learning. Whittington, G. (2008). Fair Value and the IASB/FAASB Conceptual Framework Project:. ABACUS, 44(2), 158. Zimmerman, W. . (1986). Positive Accounting Theory, (1st ed.). Englewood Cliffs, NJ: Prentice Hall