Importance of Financial Information to Stakeholders

Importance of Financial Information to Stakeholders Financial information contain in annual reports that the companies are published in periodically. That period is identified as reporting period. Company obligates to provide financial information to their various stakeholders during the past reporting period. Annual report is a report the company report their comprehensive transactions and events to publish and provide for required parties. There are few reasons to publish annual reports by companies generally as follows. Because companies have legal obligation between companies and the government act implemented for companies is known as company act 2007 No 7. The company acts section 150, 151, 152 and 153 has mention the obligation to prepare financial statements, content and form of financial statements, obligation to prepare group financial statements and content and form of group financial statements accordingly. Stakeholders of the company require the financial information for following reasons. To know how well the company is doing. To find company has earned more money than they spent. To get an idea about strategic and tactical plans of the management. To provide information to make decisions who make decisions about organisatoin. Avoid dissimulations and corruptions of the organisation. Through the audit process, organisations will be able to identify weaknesses of their control of procedures and corruptions occurred due to them. To obtain and fulfill the financial requirements from monitory markets via financial equipments such as shares, debentures, bank loans and etc. 1.1. Importance of Financial Information to Stakeholders However the financial information require by stakeholders of the organisation. Stakeholder of the organisation can divide into two. The bellow chart represents the stakeholders of the organisation according to the environment they belongs to. Stakeholders of the Organisation External stakeholders a). Suppliers and Trade creditors b). Government c). Consumers d). Public e). Medias Internal Stakeholders a).Directors Managers b). Shareholders c). Employees (Diagram 01) Above chart shows the deviation of stakeholders of the organisation and they require financial information due to various purposes. 1.1.1. Directors and Managers To make decisions about the organisation in different time and in different level. Directors and managers of the organisation are taking different types of decisions as follows. About new investment and project appreciation decision. About continued and discontinued operations. Dividend decisions. Diversified business decision. Winding up decision. To establish overall objectives and periodical targets. To avoid dissimulations and corruptions. To establish squired systems and strengthens control of procedures. To increase the productivity level of the organisation. 1.1.2. Shareholders To determine whether their investment will be sold, Holt or bought more shares of the organization. To decided the fairness of the returned for their investments. To determine the going concern of the organisation. To obtain wide knowledge about the organizational activities. To compare their investments and their benefits with other competitive organizations and industries. 1.1.3. Employees To know about the stability and profitability of the employer. To know about remuneration, retirement benefits, and employment opportunities are in organisation To ensure the job security with the current employer. To ensure the fairness of the salaries and wages they obtain from the organization according to their earnings. To have a clear view about other operations of the organisation. 1.1.4. Suppliers To ensure their payments of supplies will be received on due. To ensure the stability of their customers. To have knowledge about other products and their suppliers of the organisation. To compare their transaction with existing and other companies To find other competitive suppliers and their contribution towards the organisation. To find opportunities to supply more. 1.1.5. Government To collect accurate taxes and amounts from organizations on due dates. To provide government benefaction to improve their business. To obtain financial and non-financial assistance for government development projects. To ensure the organizations oversee their employees in reasonable way. To ensure the organizations compliance with government rules, regulations and acts that established by the government. 1.1.6. Consumers To have knowledge about the cost structure of the products that the organisation is producing. To ensure the stability of the organisation. To know about the organizations profitability, because profitability is a shed light to know about products impossible growth, improvements, best customer service and low price strategic implications. To know about CSR programs conducted by the organisation. 1.1.7. Public To conscious about organizations substantial contribution towards the society. To know about the opportunities to link with the organisation. To know about CSR contribution towards the country. To conscious their activities which can be affected to interest of the nature and the country. 2. Standards requirement for published Financial Statements The entire organizations specially registered in Sri Lanka need to prepare their financial statements according to the requirements of the accounting standard issued by the Institute of Chartered Accountants of Sri Lanka (ICASL). ICASL is responsible for prepare and issue all accounting standard which are relative and necessary to prepare financial statements. The entire organizations need to be adopted and compliance with the accounting standard which issued by the ICASL and need to mentioned under the notes to the financial statements of their annual report. This note can identify as Note of Compliance. As an example Richard Pearis PLC has mentioned their note of compliance as follows. The Financial Statements of the Company and the Group, comprising the Balance Sheet, Income Statement, Statement of Changes in Equity, the Cash Flow Statement, Accounting Policies and Notes to the Financial Statements are prepared on the basis of the historical cost conventions, and in conformity with Generally Accepted Accounting Principles and Accounting Standards laid down by the Institute of Chartered Accountants of Sri Lanka. These principles and standards have been applied consistently with that of the previous year. No adjustments are made for inflationary factors affecting these Financial Statements. There is a list of accounting standards. Its consisting with 28 LKASs and 8 SLFRSs. (See appendix 01). 2.1. LKAS 8: Accounting Policies, Changes in Accounting Estimates and Errors As per the requirement of LKAS 8 all of the companies need to mention their accounting policies estimates that they have used to prepare their financial statements during the reporting period. Because due to the change of any policy of the company will be affected retrospectively and caused to restated of comparative information unless it is impracticable to do so. Appendix 02 represents significant accounting policies and estimates that use by Richard Pearis PLC. 2.2. SLFRS 8: Operating Segments As per the above standard company may have some operating segments. Operating segment can define as follows; Operating segment is a component of an entity, It may earns revenue and incur expenses to the organisation, Operating results are revived by board of directors and Discrete financial information is available. Bellow table shows the segmental operations of Richard Pearis PLC. (Table 01) (Richard Pearis PLC, (2012). Financial Statements In: (ed), Arpico Annual Report. 2012: Sri Lanka pp.41.) 2.3. LKAS 34: Interim Financial Reporting. LKAS 34 requires preparing interim financial reports due to timely and reliable interim financial reporting improves the ability of investors, creditors, and other to understand an enterprises capacity to generate earnings and cash flows and its financial conditions and liquidity. Richard Pearis PLC prepares their interim financial reports according to the following financial colander. 2.4. SLFRS 4: Insurance Contracts This standard is applied virtually all insurance contracts that an entity issues and to reinsurance contracts that it hold. This is not applied to other assets and liabilities such as covering under the scope of LKAS 39 financial instruments recognition and measurement. Therefore company need to disclosure following information as requirement of this standard. Accounting policies for insurance contracts and related assets, liabilities, income and expenses. The recognized assets, liabilities, income, expenses and cash flows arising from insurance contracts. If the insurer is a cedant, certain additional disclosures are required. Information about assumptions that have the greatest effect on the measurement of assets, liabilities, income and expenses including, if practicable, quantified disclosures of those assumptions. The effect of changes of assumptions. Reconciliations of changes in insurance liabilities, reinsurance assets and if any related deferred acquisition cost. 2.5. SLFRS 6: Exploration for and Evaluation of Mineral Resources Under this standard affected activities such as; The search for mineral , Determination of the technical feasibility and commercial viability of extracting those resources. Following are specially excluded from the scope of the SLFRS 6; Expenditures incurred before the entity has obtained legal rights to explore in a specific area and Expenditure incurred after the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. The accounting policy that entity can apply for mineral resources are; All expenditures related to exploration and evaluation assets need to incur to profit and loss and first recognition of the asset required to measure at cost, subsequently whether cost or revaluation model. Exploration and evaluation assets need represent in balance sheet, if its satisfy LKAS 16 requirements under property plants and equipments or if its satisfy LKAS 38 requirements under intangible assets. 2.6. LKAS 16: Property Plant and Equipments Property, Plants and Equipments (PPE) are tangible items that; Are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and Are expected to be use during more than one accounting period. (Mapitiya, (2011). Definitions of Standard In: Gayan (ed), LKAS 16 Property plant and Equipment. 1st ed. 2011: Sri Lanka pp.4.) The cost of assets of an item of PPE shall be recognized as assets if and only if; It is probable that future economic benefits generate with the item will flow to the entity. The cost of the item can be measured reliably. All property, plant and equipments require to represent in balance sheet under non-current assets and need to be valued whether cost or revaluation model. Every property, plant and equipment need depreciate. Depreciation can define as systematic allocation of the depreciable amount of an asset over its useful life. Depreciable Amount = Cost-Residual Value Useful life of the asset is the period the entity is expected to use. It will be vary from each and every asset. Company can use different types of depreciation methods that mentioned in the standard. They are; Straight line method. Reducing Balance method. Units of production method. 2.7. LKAS 38: Intangible Assets Intangible Assets are that identifiable non-monitory assets without any physical substance. (Jayasigha, (2011). Intangibla Assets In: Dimuthu (ed), LKAS 38. 1st ed. 2011: Sri Lanka pp.2.) There are three critical features of intangible assets. They are

Re-organization and Layoff Team Discussion & Summary Essay

Mismanaged layoffs can go ‘horribly wrong.’ The effect of mismanaged LAYOFFs on the remaining workforce and the effects, lack of management preparation, the human condition, and lack of mitigation strategies. We think that the problem with this article is that not enough managers or HR personal, know how to let a person go from their employment effectively. They sometimes don’t realize the impact that it has on the other employees morals. Also, that sometimes companies don’t take a closer look to make sure downsizing will be the answer to cutting costs like they think that it will. Every HR or manager should be let go in their lifetime so that they know what it feels like. I believe that this statement holds tremendous merit because the best lessons in life are learned through personal experience. In order to adequately communicate life changing messages of sorts, it should be done by a seasoned manager. I will be very surprised if any company has a potential layoff learning path that will coach and train the management staff for these kinds of things. It is imperative to be sensitive to the individual being laid off as this will impact their livelihood significantly. I do agree that other options much is explored such as relocating or wage cuts before making the decision to lay off people. The Problem Layoffs create uncertainty in the workforce causing loss of productivity in remaining the remaining workforce. The article addresses that a manager’s approach is paramount; we don’t disagree with this sentiment, but I don’t see it as a large of an issue as the author of the article. If a company is at a point where they are laying off employees, all other options should have been exhausted. The author writes the article from the position that managers don’t know how manage and that layoff are ineffective. I agree layoffs are not useful, but an amount of respect or approach refinement is  going to make the loss of income any easier; I compare that to putting lipstick on a pig. Trying to make a bad situation easier is often more disrespectful than being direct. Firing is something that is done privately and should be kept confident between the manager and the employee being let go. If a manager is letting, someone go for the right reasons the example should be evident to the employees as cause and effect; being held accountable for their actions. If the Manager is abusing their hiring/firing authority that would affect employee morale; forced silence, uncertainty, etc. Problem Solutions The options that were covered in the group discussion I feel very informative. When it comes to releasing someone, whether it is a termination or a layoff, it was discussed if training for those types of situations would be suitable, or if one could even prepare to carry out something of that delicate nature. You can train someone how to do anything, but that does not necessarily mean it will be conducted in the manner it was taught. I think it all highly depends on the situation and the individual who is delivering the news to the employee. The author’s best point is one of the best solutions; transparency. Managers should allow people the autonomy of reacting, working through, and coping with a layoff in their own way. Transparency is the most respectful approach that management can take as it shows them the truth of the situation and explains the steps being taken and why. I would add rather than trying to find another position within the company as suggested (the company is already struggling!?) they could offer employment assistance to other enterprises; communicate with other organizations in the same industry to identify openings that people would fit into well. They could put together a communications package that shows them what benefits are available, assistance programs, etc.

Operation Management

agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL Operation Management agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL Operation Management agement AEREN FOUNDATION’S Maharashtra Govt. Reg. No. : F-11724 [pic] SUBJECT : OPERATIONS MANAGEMENT Total Marks : 80 CASE-1 (16 Marks) Bloomsday Outfitters produces T-shirts for road races. They need to acquire some new stamping machines to produce 30,000 good T-shirts per month. Their plant operates 200 hours per month, but the new machines will be used for T-shirts only 60 percent of the time and the output usually includes 5 percent that are â€Å"seconds† and unusable. The stamping operation takes 1 minute per T-shirt, and the stamping machines are expected to have 90 percent efficiency considering adjustments, changeover of patterns, and unavoidable downtime. How many stamping machines are required? CASE-2 (16 Marks) In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what would be the quantities that would need amendment as far as Distribution Manager is concerned to service for week two and onwards? After week one the actual sales to Forecasted sales for week one ratio is as under: Mumbai did 80 % of forecast , Lucknow did 75 % of forecast Kolkata did 60 % of week one forecast Chennai did 125 % of forecast and Delhi did 150 % of week one forecast [pic] Note : Kolkata will receive transit stocks in week 2 . CASE-3 (16 Marks) After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his business and decided to venture into Road transportation business between Chennai and Mumbai and Mumbai and Delhi as he felt that he could do well on this line. However before taking a final decision he hires your Management Consultant firm formed by yourself. He has requested you to work out the Price to quote his clients for these two routes considering the costs involved. He expects to earn a minimum profit of Rs 1000 per day per truck after meeting all expenses. Your analysis of market conditions tell you the following: Vehicle cost Rs 7 lacs Depreciation 15 % Maintenance costs per day Rs 150 Drivers monthly Salary Rs 5000 : Attendants monthly salary Rs 3000 . Misc expenses Rs 200 per day. Driver allowance is Rs 125 per day and attendant gets Rs 75. Diesel cost per liter is Rs 25 and the vehicle gives an average mileage of 4 km to a liter. The Financial institutions offer loans at 10 % interest pa, which Ramjee has been negotiating. It has been observed that on an average the vehicle covers 400 km per day. The distance between Mumbai to Delhi is 1500 km and Mumbai to Chennai is 1350 km. The driver gets rest day in Mumbai only for one day after they return from any trip. CASE-4 (16 Marks) A company is operating in two unrelated businesses. The first one is making common salt, which is sold in one-kilogram consumer packs. The second business is making readymade garments. The owner of the businesses has decided to implement Materials Requirement Planning (MRP) in one of the two businesses, which is likely to give him greater benefit. Assuming that the current turnover and profits of both the units are comparable, compare the relative benefits and limitations of Materials Requirement Planning (MRP) for these two businesses. CASE-5 (16 Marks) A Manufacturer of motorcycles buys spark plugs at Rs. 15 each. Now he wishes to manufacture the plugs in his own factory. The estimated cost for the manufacture of spark plugs is around Rs. 50,000=00 and the variable cost comes to Rs. 5 per spark plug. The Production Manager advises the Manufacturer that the factory should go for manufacturing instead of procuring them from the open market. List out reasons for the decision of the Production Manager backed up by the necessary data. ———————– AN ISO 9001 : 2008 CERTIFIED INTERNATIONAL B-SCHOOL

A Study of the Gilded Age Essay - 2260 Words

A Study of Social and Economic Aspects of the Gilded Age Henry James and Abraham Cahan lived in the turn of the twentieth century, where social and economic corruptions were gilded by the extreme wealth of the few. This period also marked the beginning of a distinction between the European and American culture. Both authors artistically create in their stories the tragedy and drama of Americans in Europe and Europeans in America. James lived comfortably in both America and Europe, and it showed in his work Daisy Miller: A Study in which he creates a fairy tale land full of extravagant hotels, beautiful sceneries, sparkly blue lakes and well dressed people. Cahan was an immigrant living during the time of mass Americanization of†¦show more content†¦James described Veney as for the entertainment of tourists is the business of the place (James 1501) from the beginning James hints the way American foreigners are perceived does not fit with the outer appearances of Veney. It is a place for the entertainment of the tourists but Daisy and her family, who are tourists, but they are not allowed much entertainment, for everything they did, they get criticized for. When Randolp describes his new home in Rome he says its all gold on the wall (James 1520), since James was a writer during the Gilded Age, it was a way to describe the Miller family. On the outside the Miller looked like they would fit into the social circles because they are wealthy and dresses extremely well. However, their wealth gilds the fact that they are dislike by other Americans. Through this James presented the double standard a society has; society looks down upon the poor folks, but the Millers are still looked down upon because of how they earn their wealth, which is one of the reasons Mrs. Costello used to reject Daisy. It implies James own dislike for the European Americans social circle. James displays his aversion and the hypocrisy of the European Americans social circle. He describe s Mrs. Walker as one of those American ladies who while residing abroad make it a point, in their own phase, of studying European society (James 1528), the social circle thought they are doing what was right or courteous byShow MoreRelatedTransformation Of Urban Life During The Gilded Age And The Development Of Suburbs1423 Words   |  6 PagesTopic 3: The Transformation of Urban Life in the Gilded Age and the Development of Suburbs for the American Middle Classes This historical study will define the increased economy prosperity of the Gilded Age and the development of suburban planning in the American middle classes. 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