Economic Management Essay - 2750 Words

Economic Management (Essay Sample) Content: ECONOMIC SITUATION AND FOCUSBy:Course:Instructor Name:Institutional Affiliation:City:State:Date:Executive SummaryThe report is mainly to capture the steady and significant changes in the market economy of Australia in 2015. It considers factors which led to this change: increasing supply and lower production costs, increase or decline in the labour productivity, factors that lead to the incline in or decline in the exports and imports and causes of changes in demand and financial speculation. The paper then discusses the proposition that there is an increase in human consumption as income increases over the years. In considering future supply, it will be argued that this is likely to remain high even when there are government interventions to increase the importation of the capital good. In considering demand, the discussion will point to the other sectors which leads to the growth of the entire economy such as the labour force, the business sector, Both private and p ublic which aid in the provision of goods and services in the economy. The paper concludes that there is need for the government to reconsider different dimensions in order to control both the labour market, external sector, business sectors and all other sectors that contribute immensely to the growth of GDP to remain low in the foreseeable future.TABLE OF CONTENT TOC \o "1-3" \h \z \u Executive Summary PAGEREF _Toc429521812 \h 1Introduction PAGEREF _Toc429521813 \h 2Business Sector PAGEREF _Toc429521814 \h 4Labour Market PAGEREF _Toc429521815 \h 8References PAGEREF _Toc429521816 \h 11IntroductionThe Australian market is one of the largest market economies in the whole world with a total wealth of 6.4 trillion. It is dominated by the service sector comprising of 68% of the GDP, mining industry, 8.4% and agriculture that is 12%.economic growth in Australia currently is depending on the mining industry and agricultural sector. Therefore, the Australian economy has grown with 2.5% ov er the past two years with the decline in mining investments and a rise in the dwelling investments supported by the decrease in interest rates and incline in housing prices. The growth is supported by an increase in exports and decline in imports.Some of the main indicators suggest that markets and economic conditions remained flexible in the labour market.Therefore, this is inconsistent with a continuation of below-trend growth in economic activity. Although employment growth picked up, spare capacity continued to increase over 2014.Household SectorHouseholds are the individuals that form part of the Australian market. The individualà ¢Ã¢â€š ¬s consumption patterns are mainly guided by the economic theory of supply and demand which mainly states that; when supply of goods and services increases holding other factors constant, the demand of the goods will go down hence lowering the prices of goods and services in the market. The axiom has governed the Australian market for a coupl e of year minimum government interventions.In particular, this year Household consumption growth has picked up from its lows in early 2013 but remains below its long-run average pace. The growth rate of labour income has been slow over time due to constrained by the growth of consumption that remains moderate despite the effect of very low-interest rates. The consumption rate has been growing faster than the rate of income of the household.It, therefore, shows that individual households spend whatever the income they earn and eventually saving the rest. It can lead to a decline in investment which later cause crises in the entire economy.In addition, it can lead to the increase in unemployment in the economy which results to high inflation in the long run. The increase in consumption in Victoria and South Wales is mainly due to an increase in the housing prices which, as a result, increases their income immensely.It has also been improved by the mining investments which has been tak ing place for a couple of years. According to pareto, there is no way one can make soothing better off without making the other worse off, in this context, when consumption of individual increases more than proportionately with income, then the investments by households in other sectors of the economy than investments in other sectors of the economy must be made worse off. Therefore, to cater for the coming generation, there is a need for the consumers to be taught on the importance of savings and investment in different sectors of the economy be it agriculture business or mining. The recent indicators suggest that consumption have grown with an increase in retail sales by 1.5%.the highest sale on the January and the December quarter was due to sales of durable goods. The graph below therefore illustrates the households pattern of consumption for the previous years that include unincorporated sectors of the economy. Consumption growth rate rises with an increase in income and falls proportionately with a decline in income over the years from 1989 to 2014. With the consistency and strong growth in housing prices, increase in population and decline in interest rates, there is 7% growth in the dwelling investments in the September quarter.Business SectorThe business sector of the Australian government for part of the larger sector of the market.It is comprised of the incorporated business units that include the partnerships, companies, corporative societies, and parastatals. These are the sectors that are mainly responsible for the production of goods and services in the economy. They always strive to maximize profit and revenue while striving to minimize cost as much as possible.in the current year, the private business investments have declined in September 2014 by 5%.it was due to a decline the mining investments in the mining industry. The fall in investment patterns was mainly offset by a smaller increase in investment in the non-mining sectors of the econom y. The research has shown that a decline in the mining sector was greatest in 2012 due to a decrease in the composition of the iron ore, coal and natural gas deposits. It is therefore expected to continue over the years since other current projects are not yet completed, and few new mining investment projects are likely to go ahead given the decline in commodity prices. Besides, investment will continue to decline over 10 per cent in 2014/15, although there is uncertainty in the estimate and the Bank's liaison points to a larger fall in the investments. The profits of the Mining sector fell by 8 per cent over the year followed by a sharp decline in commodity prices which is partially offset by the depreciated Australian dollar exchange rate and other cost-cutting measures. Further decrease in the prices of the commodity is likely to continue for a given period, which also lead to a decline in the mining and other non-mining investment opportunities. The concept above can be illustr ated by the following graph504825-95250PriceQUANTITY DEMANDEDCurrently, there is a further depreciation in exchange rates that increases the scope of investment though additional support for the demand for domestic industries, businesses and firms producing tradable goods and services. This effect will be offset slightly by the higher cost of imported inputs. The greater decline in prices of oil in the second half of 2015 is likely to provide support to businesses, factories and firms that use fuel as their raw materials in a production or indirectly to household consumption.External SectorThe Australian government also do trade with other international economies. The current divergent central bank monetary and fiscal policies and a very sharp fall in the prices of goods and services have led to various moves in the international financial markets. The recent addition of policy stimulus by the Bank of Japan and the European central bank has led to the decline in the bond yield in b oth local and international economies. The trading partner in the market promises this year as export volumes increase this quarter, iron ore exports increase by 25 per cent, thermal coal also increases immensely this year.It, therefore, reflects the expansion of production and infrastructure in the entire economy. During and beyond 2015, exports are expected to increase since there is an increase in the investments in the natural gas extraction project.Besides; the service sector also did saw a massive increase in the export levels in the September quarter. The growth was mainly catalyzed by the tourism export and education services. Due a high number of people demanding recreational facilities by the government has led to the increase of leisure as a normal good.It, therefore, means that individuals abroad will prefer leisure to work.As Australian government export more tourism services to other nation, there are a lot of revenues generated by them which can be used to develop oth er sectors of the economy.Also, the. The manufacturing sector also exported large volumes of manufacturing products to other nations. The export in this sector has been boosted by the depreciation of the exchange rates since mid-2014.it therefore indicates that the service sector mainly thrives when there is depreciation or devaluation of the exchange rates .on the other hand, the imports of capital goods have fallen this year while the importation of consumption goods have increased proportionately to income this year. There is the need for the government to intervene to control the importation of the consumption goods but encourage the importation of the capital goods which can be used in the production of these consumable goods. There is also the need for the government to invest in information technology to improve both labor and capital productivity.Agricultural/Farming SectorAgriculture forms part of the backbone ...

The Machine That Changed The World, And Milkman s `` The...

Womack’s â€Å"The Machine That Changed the World,† and Milkman’s â€Å"The New Linden† jointly tell a story regarding the development, practice, and global adoption of â€Å"lean production† by auto manufacturers in the mid-20th Century. Furthermore, these writings support the notion that during this time period, the American workplace was rapidly changing, which held varying implications for the worker, management, and unions. With the rise of â€Å"lean production† came an improvement in labor-management relations with focus on the individual-- through stronger job protections, and positive interactions between employees and technology in the workspace. Despite this, these improvements came at the cost of decreased union influence, and the ability to†¦show more content†¦This was achieved via the creation of â€Å"quality circles,† where individual workers could contribute suggestions to improve the production process, and increasing job security (and consequently worker loyalty) through lifetime employment and seniority-based pay. (Womack 54-56). After the Japanese auto industry became increasingly competitive with its American counterpart, auto companies like GM decided to adopt most, if not all practices included in â€Å"lean manufacturing.† This manifested in the creation of the NUMMI plant, which was a joint effort between GM and Toyota, and the development of Saturn, a GM subsidiary that exclusively used the practices of â€Å"lean production.† At these factories, the adoption of â€Å"lean production† generally held the same benefits for American workers as it did with Japanese workers. What proves ironic in the case of the NUMMI and Saturn plant, is the fact that the UAW and GM negotiated the terms of employment prior the factories opening. (Milkman 139) Considering that these plants generally provided the employee with a positive working experience, emphasized the role o f the individual in the â€Å"team concept,† and consequently removed the need for collective bargaining, the collaborative effort between the UAW and GM in developing these plants ultimately impeded the influence that the UAW had. In a society that perceived unions as corrupt and untrustworthy, and not necessarily in the interests of workers,

Poes Theory and Practice Reflected in The Cask of...

Poes Theory and Practice Reflected in The Cask of Amontilladonbsp;nbsp;nbsp; Edgar Allan Poe, author of brilliant reviews, poems, and stories, was born in 1809, and sadly died, a young man, in 1849 (665). To truly understand Poe, one must note the time period in which he wrote. It was an age of Literary Realism and Dark Romanticism, which was Poes arena. The concept of New Literary Criticism was not yet mainstream. However, Poe was a critic as well as an acclaimed author. By observing the talents that Poe admired in the writings of others, one may better understand the inner workings of Poes infamous short stories. In 1854, Poe wrote a review of the works of Nathaniel Hawthorne entitled The Importance of the Single Effect†¦show more content†¦Another common truth Poe plays upon is the price of ones pride. Fortunato has obviously acted in a manner than insulted Montresors pride. Although Poe never reveals the exact injustice, one may assume that it is not a crime normally punishable by death. Likewise, Fortunato prided himself on his connoisseurship i n wine (666). This proves to be the bait with which Montresor lures him to his death. Each time Montresor mentions Luchesi, another wine connoisseur, Fortunato becomes more determined to taste the Amontillado. The bitter irony of it all is that there is no Amontillado. Coupled with the fact that Montresor is not good and Fortunato is not good, they are mixed characters. The untruth, so to speak, of hero and villain is cast aside by the concept of Realism. Through his review of Hawthorne, Poe also proclaims the virtue of unity in a literary work. He states that undue length is . . . to be avoided (855). With use of fewer words, each description, each statement, must be given a greater value than it would in a novel. From this one may infer that every detail counts. Poe begins by informing the reader of the insulting nature of Fortunato, an interesting name choice for Montresors nemesis. With just one word, Poe has conjured up the image of a wealthy, materialistic aristocrat. At the time of his writing, American, as well as many other countries, was largely divided

Test Your Familiarity With These Puzzling Word Pairs

In our Glossary of Usage, you will find more than 300 sets of confusables--words that are commonly mixed up because they look and sound alike. In the glossary, youll also find links to definitions, examples, and practice exercises that should help you keep these words straight. To test your familiarity with 50 of these often puzzling word pairs, set aside 10 or 15 minutes to take this big quiz. Select the word in each set that completes the sentence accurately and appropriately. (If youre not sure of the correct answer, follow the links for explanations and examples.) Youll find the correct answers on page two. Affect or EffectOur ultimate freedom is the right and power to decide how anybody or anything outside ourselves will _____ us. (Stephen R. Covey)Allusion or IllusionThe single biggest problem in communication is the _____ that it has taken place. (George Bernard Shaw)Aural or OralWhile visual learners prefer to learn information through charts and graphs, _____ learners prefer to hear information.Capital or CapitolBismarck is the _____ of North Dakota and the state’s second largest city.Cereal or SerialHeres what we do. We leave the car here, we take the plates off, we scratch the _____ number off the engine block, and we walk away. (Kramer in Seinfeld)Chord or CordThe governor touched a responsive _____ with voters of both parties, especially with her promise to veto any budget plan that included an increase in taxes.Click or CliqueThe vice president of China belongs to a _____ known as the princelings, descendants of prominent communist officials.Climactic or ClimaticThe new music director favors full-bodied, robust sound, which can build to daring decibel levels in _____ moments.Collaborate or CorroborateThe prosecutor closed the case, admitting that he was unable to find witnesses to _____ the allegations made against Mr. Soprano.Credible or CredulousThe most imaginative people are the most _____: for them everything is possible. (Alexander Chase)Dazed or Dazzled_____ by months of glad-handing and posturing, the candidates stumbled around the stage like finalists in a dance marathon.Defuse or DiffuseGossip is a sort of smoke that comes from the dirty tobacco-pipes of those who _____ it: it proves nothing but the bad taste of the smoker. (George Eliot)Eminent or ImminentIf so _____ an establishment as a three-star Michelin restaurant can serve toxic shellfish, what hope is there for anyone else?Fair or FareThe driver teased the poor child who had forgotten her bus _____.Faze or PhaseIm happy to say that the first _____ of our operation has met with co nsiderable success.Finally or FinelyMy sisters bringing up had made me sensitive. In the little world in which children have their existence, whosoever brings them up, there is nothing so _____ perceived and so _____ felt as injustice. (Charles Dickens, Great Expectations)Flare or FlairThe bright spot in the sky was an unusually large solar _____, a stupendous explosion that belched radiation and billions of tons of matter far into space.Flaunt or FloutThe first priority of the commission should be to identify restaurant owners who knowingly _____ public-health laws.Flew, Flu, or FlueThe Wright brothers _____ right through the smoke screen of impossibility. (Charles F. Kettering)Formally or FormerlyHome computers are being called upon to perform many new functions, including the consumption of homework _____ eaten by the dog. (Doug Larson)Forth or FourthA reformer is one who sets _____ cheerfully toward sure defeat. (Lydia M. Child)Gibe, Jibe, or JiveDo you promise to jump, _____, w ail, groove, rock steady, and at all times lend a helping hand to your fellow music lovers? (The Little Mermaid: Ariels Beginning)Hardy or Hearty_____ laughter is a good way to jog internally without having to go outdoors. (Norman Cousins)Homed or HonedLast year scientists re-engineered E Coli bacteria so that instead of swimming toward food they _____ in on substances released by dangerous pathogens.Hurdling or HurtlingThe ground beneath our feet is spinning at a thousand miles an hour. The entire planet is _____ around the sun at 67,000 miles an hour. And I can feel it. (The Doctor in Doctor Who)Ingenious or IngenuousSalvatore was now a great big husky fellow, tall and broad, but still with that _____ smile and those trusting, kindly eyes that he had had as a boy. (William Somerset Maugham, Salvatore)Leaches or LeechesYou are feeding off the violence and the despair of the drug trade. You are a parasite who _____ off the culture of drugs. (Maury Levy in The Wire)Lead or LedWe can chart our future clearly and wisely only when we know the path which has _____ to the present. (Adlai E. Stevenson)Liable or LibelIf you shoot me, youre _____ to lose a lot of those humanitarian awards. (Chevy Chase in Fletch)Loose or LoseThe best way to find yourself is to _____ yourself in the service of others. (Mohandas Gandhi)Miner or MinorParents are conditioned to put up with a few _____ accidents when they leave their children home alone--a broken vase, spilled milk on the rug.Official or OfficiousJulia Child once grabbed a pepper mill from the hands of an _____ waiter before he had a chance to spoil her carefully ordered dish.Palate, Palette, or PalletYes, gentlemen, I have here just about the handiest, dandiest little bookful of gastronomical surprises that ever tempted the jaded _____ of a fastidious f-f-food fancier. (Daffy Duck)Peak, Peek, or PiqueThe man who unified China in the third century B.C. conquered six other feudal states to do it, built the first version of t he Great Wall and in a fit of _____ may have buried hundreds of scholars alive. (Time magazine, May 18, 2008)Plain or PlaneI remain just one thing, and one thing only, and that is a clown. It places me on a far higher _____ than any politician. (Charlie Chaplin)Pole or PollA public-opinion _____ is no substitute for thought.(Warren Buffett)Prescribed or ProscribedThe Canadian government added the Somali al-Shabaab group to its list of _____ terror groups.Principal or PrincipleAll animals, except man, know that the _____ business of life is to enjoy it. (Samuel Butler)Prostate or ProstrateMiss Everglot, what are you doing here? You should be at home, _____ with grief. (Pastor Galswells in Corpse Bride)Regretful or RegrettableThe movie is beautiful, luscious, and elegiac, but it has the _____ drawback of being dreadfully boring.Reluctant or ReticentThe teacher tried to make conversation, but the boy remained _____ and refused to make eye contact.Restive or RestlessMy _____, roaming sp irit would not allow me to remain at home very long. (Buffalo Bill Cody)Riffled or RifledWith quiet precision, the thief _____ the pouch, placed most of its contents in a briefcase and walked confidently out of the embassy.Role or RollChange does not _____ in on the wheels of inevitability, but comes through continuous struggle. (Martin Luther King, Jr.)Stanch or StaunchTheres an evil on these seas that even the most _____ and bloodthirsty pirates have come to fear. (Tia Dalma in Pirates of the Caribbean: At Worlds End)Suit or SuiteId walk through hell in a gasoline _____ to play baseball. (Pete Rose)Tack or TactThe Viper, to me, is the quintessential American muscle car--brute power, great looks and about as much _____ as a grunge band crashing a cotillion. (Bill Griffith, The Boston Globe)Troop or TroupeIn the end, the plucky singing Scot lost out to a dance _____.Vale or VeilOur own self-love draws a thick _____ between us and our faults. (Lord Chesterfield)Whos or WhoseNever go to a doctor _____ office plants have died. (Erma Bombeck) Here Are the Answers illusionauralcapitalserialchordcliqueclimacticcorroboratecredulousDazeddiffuseeminentfarephasefinely, finelyflarefloutflewformerlyforthjiveHeartyhomedhurtlingingenuousleechesledliableloseminorofficiouspalatepiqueplanepollproscribedprincipalprostrateregrettablereticentrestlessrifledrollstaunchsuittacttroupeveilwhose More Big Quizzes The Third Big Quiz on Commonly Confused Words

Problems Exist in the Contemporary US Essay Example

Essays on Problems Exist in the Contemporary US Essay The paper "Problems Exist in the Contemporary US" is a brilliant example of an essay on social science. Problem identification entails the expression of dissatisfaction with the prevailing status quo. For example, in the education system, people can express their dissatisfaction with the inadequate facilities in the United States schools that support the marginalized. Schools are mandated to provide all the students with a quality education regardless of their physical and psychological disabilities (DeMatthews, 2014). Students who are physically disabled and who are not native English speakers face difficulties coping with the other students in the class. Federal policy guidelines are silent regarding the issue of disproportionate representation of the special needs children in the schools. The problem results in emotionally affected students who end up living miserable lives for lack of proper education. In agenda-setting, the definition of underlying alternatives is essential to t he policy process and in shaping the desired outcome. Before the issue is fully adopted and formulated, the alternative approaches are outlined so that the best option can be implemented (LAITS). To determine what issue advances into the agenda policy, the options that can address the plight of the disabled in schools are analyzed. For example, should the federal government provide separate facilities, increase the resources in current facilities, or provide extensional support to the affected children. Many problems exist in the contemporary US, but few of them make it to the public policy agenda. In the United States, a problem has to be identified as a salient issue to move onto the policy agenda. In most instances, the power of the people can move problems in society further to be adopted as policy agendas. In addition to the influence and the power of the people, there are issues that move immediately to the policy agenda following significant events that act as triggers (Bound less, 2014). Parents of the affected children with the support of the rights groups also contribute significantly to identifying the said problems.

Water Runs Dry †North American Water Crisis Free Essays

Water Runs Dry – North American Water Crisis Collectively the United States is ranked as the greatest consumers of water worldwide; a startling fact for a country that cannot support its own unrivaled demands (Barlow, 2007). The United States is now crucially dependent on nonrenewable groundwater for a staggering 50% of its daily water usage (Barlow, 2007). In addition to such formidable numbers, citizens of the United States use and waste up 80-100 gallons or 454 liters of water per day (Perlman, 2009). We will write a custom essay sample on Water Runs Dry – North American Water Crisis or any similar topic only for you Order Now The United States simply doesn’t possess enough fresh water or renewable sources of water to keep up with its gross demands. Nearly 40% of U. S waters are deemed unsafe for recreational activities such as fishing and even swimming (Barlow, 2007). The Ogallala Aquifer accounts for 95% of the United State’s groundwater, but it is being pumped so rapidly, that not enough rainwater is provided the chance to replenish the source. As a result 12 billion cubic meters (bcm) a year is extracted a year which amounts to 325 bcm of total depletion; equal to the yearly flow of eighteen Colorado Rivers (BBC, 2000). At the current rates, thirty-six states stand to confront similar water crisis compared to California within the next five years (Barlow, 2007). As, the United States water crisis continues to spiral violently downhill, its neighbor, Canada has already quickly followed this American trend. Dramatically changing climates has had an indelible impact on North America’s water crisis; being the root to many distressing issues. The most physically visible of these issues is the rapid melting of glaciers in the North that have been wearing thin due to increasing temperatures. The result of these melting glaciers means rivers in Canada such as the Alberta Bow’s in 50 years will be left with absolutely no flowing water aside from occasional flash floods that won’t be able to permanently restore the river (Barlow, 2007). Melting glaciers overseas will also become a very important concern as water from glaciers account for half of the worlds freshwater which at this current rate will not be able to sustain future generations. Glaciers that are melting in the seas translate to tremendous and unaffordable loss of drinking water as the freshwater diffuses into the saltwater. Further effects of climate shift will lead to evaporation of lakes which is already transpiring in the St. Lawrence River, Prairies and Great Lakes. However, one catastrophic problem that arises which may silently extinguish entire populations of life is the surging levels of acidity in the oceans; something that is being overlooked. In conclusion, the water crisis in North America has created overwhelming ecological changes, and heavy economic strain as a product of reckless over-consumption of water by humans. The effect of water pollution and vast lack of renewable water will cause great conflicts between the nations. With the water supply rapidly draining, practically Canada’s ‘abundance’ of freshwater, there needs to be a global consciousness towards the crisis. In order for North America and the world to curb the water crisis, there must first be realization and acknowledge by everyone that it exists. The next step to hindering the crisis is to sacrifice and reduce as much wasting of renewable water resources as possible, especially here in the developed world, where people are fortunate to have the surplus of resources to have access to water; whereas billions endure a daily struggle to find a glass of water. The water crisis affects everyone worldwide and the perception of this crisis being a nation versus nation, every country for themselves affair will ultimately lead to catastrophic war over water. We need to be unified in finding plausible solutions and start treating renewable water for what it is-a finite resource. Our generations always discuss about how the future will never see beautiful national parks and magnificent landscapes, but at this rate they may not ever lay eyes on lakes or rivers as the water runs dry. References BBC. (2009). World Water Crisis. _ BBC_. Retrieved April 21, 2009, http://www. bizjournals. com /losangeles/stories/2009/04/20/daily19. html Los Angeles Business. (2009). California to restart 5,000 projects. Los Angeles Business. _ _ Retrieved April 21, 2009, http://www. bizjournals. com/losangeles/stories/2009/04/20/ daily19. html Perlman, H. (2008). Irrigation water use. USGS. Retrieved April 21, 2009, http://ga. water. usgs. gov/edu/wuir. html Perlman, H (2009). Water QA: Water use at home. USGS. Retrieved April 21, 2009, http:// ga. water. usgs. gov/edu/wuir. html Science Daily. (1999). Water Over Water Predicted by United Nations Environmental Official. Science Daily. Retrieved April 21, 2009, http://www. sciencedaily. com/releases/1999/ 01/990106075344. htm Yi, M. (2009). Water projects to get $260 million of stimulus. San Francisco Chronicle. Retrieved April 21, 2009, http://www. sfgate. com/cgi-bin/article. cgi? f=/c/a/2009 /04/15/MNUQ1735QH. DTL How to cite Water Runs Dry – North American Water Crisis, Essay examples

International Financial Reporting System Accounting Standards Board

Question: Describe about the Report for International Financial Reporting System of Accounting Standards Board. Answer: 1. IFRS International Financial Reporting Standard or IFRS is defined as an internationally recognized set of standards used by various business organizations to prepare their financial statements. As per the standards, the assets, income, liabilities of a business organization are recognized; the process of their measurement is indicated; the way in which they need to be presented are also set out in the standards (Greuning, 2006). The related disclosures about these particular items are mentioned in the standards so that there is no confusion about them. The main objective of IFRS is to create a single set of financial standard reporting of very good quality, easily understandable, enforceable and one that can be easily accepted globally accepted on the basis of some concrete and clearly articulated principles (Insights into IFRS, 2008). The board is of independent nature and is supervised by both geographically and professionally diverse members of trustees who are accountable for the work done by them to Monitoring Board belonging to the authorities of the public capital market. An external Advisory Council of IFRS is also present to support IFRS (International Financial Reporting Standards, 2003). An Accounting Standards Advisory forum includes national standards setters along with the IFRS Interpretation Committee are present in order to guide IFRS members in the situation where any divergence of practice occurs. The whole process of preparing the report of the financial statements is very open, transparent and participatory (International financial reporting standards, 2011). At each and every stage of the process, the business leaders, investors, global accountancy professionals and regulators are involved with the process of making the financial statements. IFRS takes help from the world wide community of stan dard setting and collaborates with them in order to enhance the process of the preparation of the financial statement (International Financial Reporting Standards (IFRSs), 2005). The IFRS is developed by the IASB and consists of 14 full-time members who hail from 11 different countries and a range of professional backgrounds. The Trustees of the IFRS Foundation are given the responsibility of selecting the best technical expertise available to it along with a wide range of professionals who are experts in international business and have market experience. UASB itself consists of a total of approximately 150 people from thirty different countries all over the world, and its main office is situated in London, United Kingdom (International financial reporting standards (IFRSs) 2004, 2004). Another office of IASB is located in Tokyo that mainly looks over the coordination between Asia and Oceania. During the development of a standard by the IFRS, there are opportunities given to the public at various stages so that they can give their frank feedback and that could be incorporated if it has any relevance. The deliberations of the IASB at the various meetings held by them are also open for the public to observe and are webcast (Mirza, Holt and Orrell, 2006). Therefore it quite clear how the IFRS has taken various steps in order to make the standards set by them understandable and acceptable by all the communities all over the world without any problem (Mirza, Holt and Orrell, 2006). Consultation on Agenda The comprehensive review of the technical agendas are conducted by the IASB every three years but if any urgent issue comes up then will rapidly address to it without much delay. Along with conducting reviews of the work done by it, IASB constantly evaluates each and every request received by it for the interpretation and amendment of the standards set up by it (WoÃÅ'ˆltje, 2008). Research Programme After recognizing a project as a candidate for a possible Standard, the staffs of IASB take the responsibility of conducting a research programme in order to collect information and evidence about the same project and thereby endeavours to identify and define a problem and search for any matter of financial reporting that would help in justifying an effort by the IASB. In the case of major projects the staffs of IASB gathers the evidence and information through soliciting public input by taking the help of a discussion paper or any other document of a similar kind. In this research the national accounting standard setters are also invited so that they can provide their insight on the matter (Zingel, 2006). The result of the research program is either to make a proposal for the project or give a recommendation about not developing a particular standard. Standards Programme In case of the situation where the IASB takes the situation of developing a Standard, the staffs review the result of the research along with the comments that they have received on the Discussion Paper. After going through all the information and data IASB develops the proposed solutions for the problems and issues that have been recognized and identified. Many a time, a working group of experts is appointed by IASB in order to assist in the development of the proposed solution. The Advisory Council and the ASAF are also consulted by the IASB on this matter. The proposals are them published by the IASB in the form of an Exposure Draft where comments from the public are invited. It is through the issue of a new or amended standard that the standards program culminates. Implementation The implementation of new or amended Standards is constantly monitored by IASB in order to recognize and identify if there are any problems occurring because of it. These problems or issues are addressed by IASB through the form of interpretation which is a narrow scope amendment to the Standard. It is the Committee of Interpretation that takes the charge for the development or amendment of a final clearance by IASB. In this case, too, the public comments are invited. 2. Current accounting regulatory framework of Australia Current accounting regulatory framework of Australia is governing by Australian Accounting Standard Board. Therefore, the procedures of detecting, calculating as well as communicating financial information to the interested parties are conducted with the rule and regulation of Australian Accounting Standard Board (AASB) (Amendment to International accounting standard IAS 19, Employee benefits, 2004). AASB creates the accounting standard for the public organizations, private organizations, and non-profit organization and participates in the making of international accounting standards. Under AASB there are several governing bodies, which are in charge of regulating the accounting services in the country. The entities or governing entities are associated with the guideline and maintenance of different arms of the accounting profession as well as with other professional activities where an accountant maybe engaged are listed below: Regulatory body Entities under the regulatory body Australian Securities and Investment Commission (ASIC) Auditors and Liquidators via the Corporate Auditors as well as Liquidators Disciplinary Board Financial planners Directors of the Company Tax Practitioners Board Tax practitioners Australian Prudential Regulation Authority Trustees/ Auditors of the Superannuation funds Directors as well as the senior managers of the insurance firm Australian Financial Security Australia Trustee in the case of bankruptcy The co-regulatory accounting framework Ethic is basic to the responsibility and accountability of accounting field of profession as well as its consent to regulate within the wider co-regulatory functions in the country. The procedures of jointly working all the regulatory bodies The co-regulatory atmosphere includes the regulators, the entities, which establish government standards, the professional of accounting field, Ethical Standard Board, and professional accounting bodies; subsequently CPA Australia, CA ANZ as well as Institute of the Public Accountants (Amendment to International accounting standard IAS 39, Financial instruments, recognition and measurement, 2004). Here, the most important are the Code of Ethics. Accounting Professional Ethical Standard Board Limited publishes 110 APES Code of Ethics for Accounting Professionals. The code is enforced from the 1st July 2011 and it takes the place of 110 APES Code of Ethics for Accounting Professionals, published on June 2006 as well as subsequently modified in February 2008. Earlier implementation of the code is allowed (First-time adoption of Australian accounting standards, 2009). Transitional stipulation connecting to public interest Bodies, partner rotation, fees, non-assurance services and relati ve size, compensation along with the evaluation policies implement from the specified date in the relevant transitional provisions (APES 110 Code of Ethics for Accounting Professionals- APESB). The entire members of accounting profession in Australia shall act in accordance with APES 110 comprising at the time of delivering professional services in an honorary capability (Guidance on implementing International Accounting Standard 39, 2003). All the members, who are practicing exterior of the country Australia shall also act in accordance with APES 110 to the level of which they are not restricted to perform by specific needs of domestic laws and regulations. This code is not meant to detract from any accountability, which may be enforced by the laws or regulations (IFRS 8, Operating Segments, 2006). AUASB has published auditing standards as governmental instruments under the Corporation Act 2001. Those auditing standards have lawful enforceability in order to audit as well as reviews under the Corporation Act 2001. To the level of those auditing standards prepare reference to respective ethical needs; the requirements of APES 110 have lawful enforceability owing to the Auditing Standard ASA 102 acquiescence with the ethical needs at the time of performing Audits and Reviews along with other Assurance involvement (IFRS 9, 2013). The code of ethics is vital as the center of the designation of Chartered Accounting or posit ion is a liability to work in the interest of the public. It is similar to social responsibility or contract which provides assurance of ethical practices, supported by principle of reliability and objectivity along with professional capability and the needed care, confidentiality as well as behaving professionally. The professional standards need members in order to achieve technical benchmarks supervised by Australian Accounting Standard Board (AASB) along with Auditing and Assurance Standard Board (International Accounting Standard 23, Borrowing costs, 2007). The Code of Ethics prescribed by the Australian Accounting Standard Board supports the standard as well as rules and regulations, which contain the compulsory ethical along with professional needs of the entire member of the group establish in the by-laws and regulation. Because of the standard setting entities of the Government like CA ANZ involve with APESB and prepare submissions for the development along with the reviews regarding standards, in order to secure their line up with the best practices in respective global benchmark standard along with regulatory framework development (International Accounting Standard 24, 2009). Progress of the accounting regulatory framework towards standardizing on IFRS The Australian Accounting Standard Board (AASB) has taken several initiatives in order to improve the standard their accounting regulatory framework so that it can match with the international accounting standard. The accounting regulatory board of Australia wants to keep their accounting standard aligned to the international standard level of International Accounting Standard Board (International accounting standard IAS 1 Presentation of financial statements, 2007). The most important attempt in this matter taken by the Australian Accounting Standard Board is to make a financial reporting standard, which is equivalent of International Financial Reporting Standards (IFRS). Australian Accounting Standard Board implements A-IFRS, which is equal to International Financial Reporting Standard. However, there are few significant differences between the International Financial Reporting Standard (IFRS) and A-IFRS as it is made according to the Australian standard. As the international busin ess is increasing due to globalization thus, the requirement of a standard accounting system, as well as an international financial reporting standard, has been felt (International accounting standard IAS 32, Financial instruments, disclosure and presentation, 2003). Therefore, all the countries have adopted standards are in compliance with International Financial Reporting Standards. Australia has also adopted some standards and make few amendments in their existing accounting reporting system so that, they can be able to match with International Financial Reporting Standards. In this way, Australia matches with the international standard. The Australian Accounting Standard Board (AASB) deemed the issuance of IFRS in Australia, and there are many amendments made to the IFRS in order to make it for Australian accounting standards. The Australian entities or business firms that have still not adopted the modified AASB 3 are needed to carry out some additional works in order to comply with the standards of the AASB 3. This includes that of identifying an acquirer, finding out the fair values of the net assets along with that of the contingent liabilities. The Australian treatment, therefore, may give the consequence of different outcomes in case of the listed company financial reports given to IFRS where the transaction of "business combination" take place before the organizations are split up, floated, demerged etc (International Financial Reporting Standard for Medium and Small -sized Entities, 2009). In case of the Australian treatment, it is bound to affect the future profitability as combinations lead to substantial increase in fair value or goodwill. Alternative accounting policies are being applied by the international entities under the standards set by IFRS. This will contribute to limit the comparability of the financial information present between the Australian Organizations and the international counterparts that they have. The business organization s present in Australia will then need to incorporate more rules and regulations on the basis of the accounting standards while the international entities ore business organization will have the opportunity to apply accounting policies based on the principles and will also be able to argue about substance instead of form and thereby be able to give fair presentation (Teixeira, 2014). Higher cash flows will be disclosed by the Australian entities in comparison to the international entities that have the chance of electing to disclose the dividends paid as a part of the activities that are being operated. It is to be noted that there will be no impact or effect on the total increment or decrement of cash and the equivalent amount of cash that have been disclosed (Vafaei, Ahmed and Mather, 2015). With the step taken towards standardizing on IFRS, the dividends may be paid in a classified manner as a part of the flow of cash that occurs from the various operational activities so that the users can be assisted about determining the ability that an enterprise has about paying the dividends out of the operating cash flows. The differences that exist between Australian entities and international entities can only be eliminated if rules are regulated towards standardizing on the IFRS. This is the reason why the present accounting regulatory framework of Australia is making an endeavor to change the scenario and comply with the international financial reporting standards. References Amendment to International accounting standard IAS 19, Employee benefits. (2004). London, U.K.: IASCF Publications Dept. Amendment to International accounting standard IAS 39, Financial instruments, recognition and measurement. (2004). London, U.K.: IASCF Publications Dept. First-time adoption of Australian accounting standards. (2009). Melbourne: Australian Accounting Standards Board. Greuning, H. (2006).International financial reporting standards. Washington, D.C.: World Bank. Guidance on implementing International Accounting Standard 39. (2003). London: International Accounting Standards Board. IFRS 8, operating segments. (2006). London: International Accounting Standards Board. IFRS 9. (2013). London: International Accounting Standards Board. Insights into IFRS. (2008). London: Thomson. International accounting standard 23, Borrowing costs. (2007). London: IASCF Publications Dept. International Accounting Standard 24. (2009). London: International Accounting Standards Board. International accounting standard IAS 1 Presentation of financial statements. (2007). London, U.K.: IASC Foundation Publications Dept. International accounting standard IAS 32, Financial instruments, disclosure and presentation. (2003). London, U.K.: IASCF Publications Dept. International Financial Reporting Standard for Small and Medium-sized Entities. (2009). London: International Accounting Standards Board. International financial reporting standards (IFRSs) 2004. (2004). London: International Accounting Standards Board. International Financial Reporting Standards (IFRSs). (2005). London, U.K.: IASCF. International financial reporting standards. (2003). London: International Accounting Standards Board. International financial reporting standards. (2011). London, U.K.: International Accounting Standards Board. Mirza, A., Holt, G. and Orrell, M. (2006).Wiley IFRS. Hoboken, N.J.: Wiley. Teixeira, A. (2014). The International Accounting Standards Board and Evidence-Informed Standard-Setting.Accounting in Europe, 11(1), pp.5-12. Vafaei, A., Ahmed, K. and Mather, P. (2015). Board Diversity and Financial Performance in the Top 500 Australian Firms.Australian Accounting Review, 25(4), pp.413-427. WoÃÅ'ˆltje, J. (2008).IFRS. MuÃÅ'ˆnchen: Haufe Verlag. Zingel, H. (2006).IFRS. Weinheim: Wiley-VCH-Verl

Human Resource Management Pay and Advantages

Question: Discuss about theHuman Resource Management for Pay and Advantages. Answer: Introduction Human resource management is the way toward overseeing individuals in associations covering the domains of staffing, maintenance, pay and advantages, execution and change administration and dealing with employee turnovers to round off the exercises. It additionally incorporates the administration of individuals as an aggregate relationship amongst administration and representatives (Hendry, 2012). The point of this study is centered on the suggestions for the vital administration of human asset in accomplishing authoritative execution. Suggestions It is imperative that human resource activities are strategically carried out in organizations to ensure lesser employee turnovers and employee satisfaction, while bringing in profitability for the organization. To improve staffing the following strategies can be employed: Booking surveys of representative faculty documents to decide the competency levels, aptitudes and capabilities that workers convey to the working environment to settle on perceptive business choices. Examining business drifts inside industry to reconfigure pay structure or create plans for holding workers. Concentrating on representative statistics to see what eras of specialists are available in the working environment for assessing which representatives will leave the workforce or resign. Perusing exchange diaries and business magazines about organizations that convey staffing methodologies in comparable industry or organizations confronting similar difficulties for knowledge on the most proficient method to build up the organization's technique. Assessing and upgrading progression plan to figure out whether the arrangement has enough adaptability as far as propelling workers at a quicker rate through serious preparing and improvement, if vital (Ulrich, 2013). To improve training and development the following strategies can be employed: Assess whether the issue one is endeavoring to unravel originates from a weakness as far as abilities. It is worthwhile to finish an errand examination, which would permit to show signs of improvement handle at work necessities and to define sensible and focused on preparing targets. Selecting a preparation program or making an advancement program that specifically reacts to a particular representative's needs. The approach must be adjusted to the learner's particular method for learning. Assessing the identity and learning style of potential mentors (Armstrong Taylor, 2014). To improve employees performance and management the following strategies can be employed: Outlining financial motivations so representatives at all levels of an association can profit by them. Giving important input in a productive way all the time Regarding representatives as individuals, keeping aside the service they do. Being a certain level of administrative at all levels of a business requires adequate preparing. Giving backing to representatives when it is truly required Guaranteeing senior authority models demeanor that makes the greater part thankful to be a member of the cluster. Not withholding commendation and acknowledgment when it is justified Effectively advancing hierarchical adequacy, notoriety, qualities and morals (Shields et al., 2015). Conclusions Human resources assume a vital part in building up an organization's technique and in addition taking care of the representative focused exercises of an association. Human resources are the key for keeping the association in the market so aggressive. These human resources ought to be administered productively to achieve the requisite execution of the business. It is vital to manage consciously the human resources and to fine-tune at its system with chain of command technique. References Armstrong, M., Taylor, S. (2014).Armstrong's handbook of human resource management practice. Kogan Page Publishers. Hendry, C. (2012).Human resource management. Routledge. Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., ... Plimmer, G. (2015).Managing Employee Performance Reward: Concepts, Practices, Strategies. Cambridge University Press. Ulrich, D. (2013).Human resource champions: The next agenda for adding value and delivering results. Harvard Business Press.