Approach to Hr Data Collection, Storage and Usage Free Essays

X’s APPROACH TO HR DATA COLLECTION, STORAGE AND USAGE Within X data is being collected in a systematic approach of set guidelines. Subsequently stored and made easily available to all relevant people. Reasons why X collets HR data X needs to keep certain information in order to: satisfy legal requirements provide relevant information in decision making and for consultation requirement record contractual arrangements and agreements keep contact details of employees provide documentation in the event of a claim against the organisation The most important reason for collecting the HR data is to meet the legal requirement. We will write a custom essay sample on Approach to Hr Data Collection, Storage and Usage or any similar topic only for you Order Now In case of Government Department (e. g. Inland Revenue) demanding information on the number of employees, how many hours they work, their salaries etc X is obliged to provide these data. Furthermore, HR records contain information that can protect the organisation from claims (employee discriminated against or unfairly dismissed). Mainly though the HR data is collected in order to enable the organisation to make decisions related to the organisation and/or employees e. . human resources planning. †¦ Types of data that is collected within the X and how it supports the HR practice Within X there are many different types of data which is collected. Generally these fall into the following 3 ranges: employee records, company data and statutory records. Personal data is a type of data which consist of the following information: employee name, address, telephone number, next of keen etc. It enables HR to contact employees in case of last minute changes (over the phone) or any contract ual changes (letters). Payroll data consist of a ‘basic pay’ and any ‘additional payments’. It allows HR to e. g. identify who is due for annual increment (X policy) through pay history monitoring as well as incorporate additional payments to the basic (contractual) salary e. g. honorarium or simply monitor number of employees with salaries over ? 40,000. Most importantly it facilitates employees’ salaries to be paid accordingly. Time data consist of absences (annual leave, sickness, maternity etc), attendances and time quotas. Employee absence is a significant cost to the business. Therefore, this type of data is mainly used by HR in order to manage absence effectively by accurate measurement and monitoring. Methods of storing records and its benefits There are two different types of storing data within X: automated and manual. Filling cabinets or reference book/diaries these are manual methods of storing HR records. Traditionally, filing cabinets are an effective tool for document storage as they provide users with visual prompts and tangible information. They are in a way a buck-up for all the automated types of storing data, which can be affected by a virus or an electrical failure. In the purpose of the legal actions employer is obliged to provide the originals of the employment contracts/ accident record books and other personnel records. Otherwise the employer must explain what happened to the original document along with the ‘statement of truth’. The Human Resources Information Systems (HRIS) is one of many automated methods of storing records within X. It is a reporting tool integrated with SAP HR that lets you request reports from inside Structural Graphics, which benefits the organisation: better analysis leading to more effective decision making higher accuracy of information/report generated more transparency in the system in higher speed of retrieval and processing of data reduction in duplication of efforts leading to reduced cost ease in classifying and reclassifying data fast response to answer queries improved quality of reports better work culture establishing of streamlined and systematic procedure mployee – Self Management UK legislation relating to the recording, storage and accessibility of HR data The most important UK legislation relating to the recording, storage and accessibility of HR data is Data Protection Act 1998. According to this act any data-user has to comply with a set of principles, which were designed to protect individuals from the misuse of data. General principles for data to be: fairly and l awfully processed; processed for limited purposes; adequate, relevant and not excessive; accurate and up to date; not kept for longer than necessary; rocessed in line with individuals’ rights; secure; and not transferred to other countries without adequate protection X is a public authority, hence The Freedom of Information Act 2000 plays very important role in data accessibility. Therefore, there are two fundamental rights with regards to the access for any person making a request for information to a public authority. The right: To be informed by the public authority whether or not the information requested is held by the Authority; and To have that information communicated to them Other UK legislations Acts: Limitation Act 1980 The Regulation of Investigatory Powers Act 2000 Anti-Terrorism, Crime and Security Act 2001 Statutory Instruments: Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426) The Regulation of Investigatory Powers (Acquisition and Disclosure of Communications Data: Code of Practice) Order 2007 (SI 2007/2197) The Data Retention (EC Directive) Regulations 2009 (SI 2009/859) Directives: Data Protection Directive 95/46/EC Privacy and electronic communications Directive 2002/58/EC How to cite Approach to Hr Data Collection, Storage and Usage, Papers

National Renewable Energy Laboratory

Question: Using the PESTER analytical tool, critically analyse the impact of the Renewable energy policies of any developed economy on any OPEC member states energy policy. Answer: Introduction The countries in the Persian Gulf and the African nations have vast oil reserves. The first economy of these oil producing nations is driven by the export of crude oil. The European Union member countries import massive quantities of crude oil. The African oil producers and their Persian counterparts are members of the OPEC. But in the wake of global warming and climate change the entire context is about to change. The climate changes and security of energy are major concerns and challenges facing the world. The challenges need to be solved by the concerted effort from all member nations. The developed nations need to dedicate efforts to finding ways in solving the energy crisis. The renewable sources need to be explored and utilized to the maximum. The efforts in finding alternatives need to be intensified and put to immediate use. The OPEC members are required to reduce their rate of exports of conventional crude oil. Knowledge and research The scope of the project is to analyze the renewable energy policies of OPEC member nations. The selection of the countries in this project was made by specific criteria. The European Union is closely monitoring the internal situation of these oil producers because it imports huge quantities of oil every year to cater to its needs (Extradition agreement with the European Union 2006). Our study focuses on the things we can do to negate the effects of climate change. These strategies can be jointly identified by member nations of the OPEC and oil importing countries to find a feasible solution to this problem. The problem lies in the fact that OPEC member nations and other countries having vast natural resources would not put a leash on the extraction and sale of crude oil. The region is so rich with the presence of abundant natural resources that the entire economy of the region is driven by it. The countries wouldnt want to stop producing oil and impede their crazy growth (Spilsbury 2010). The EU and other importing countries have to urge the countries constantly to extract oil in a manner which is sustainable and yet suffices the need of the post generations. The African nations have ample agricultural resources which are not readily available in Middle Eastern regions. But agriculture cannot replace the effect of selling oil with agricultural produce (Acknowledgement to Reviewers of Agriculture in 2015 2016). There is a reason as to why we call crude oil black gold.' If a farmer was tilling the land in Western and Central Africa, suddenly find a jet stream of black liquid shooting out through the surface, he will be seen riding limousines and private jets for the rest of his life. So, people who advocate the policy of switching to agriculture instead of oil production, they are not sufficiently informed. The Middle East is predicted to be extracted and exhumed all its crude and natural gas resources by the end of this century. Then what happens to the economy of the nation, what will be the primary mode of income for the government and the people. The countries having huge resources of oil rely on the advanced technical know-how of other petroleum companies and do not provide required school or college level training to its citizens about the technical knowledge of oil production (Samburg 2007). Many potential solutions to the threats of climate change and sustainable renewable energy usage have been discussed here. In the context of this project, it targets the usage and advantages of using renewable energies with possible plans of phasing out conventional forms of energies. We have to mention it here that the Middle East and North African nations are viewing nuclear power as a game-changing phenomenon. The nuclear power if regulated can generate enormous energy and motivate the sale of that clean power. The atomic energy can be produced by little raw material, generally in the form of Uranium 238. The U-238 is an isotope of Uranium, which can produce significant energy with petite of the active element (ChemViews 2012). Many countries in the petroleum belt are drawing plans to integrate the use of nuclear energy into their existing energy system infrastructure. Other forms of renewable energies are also being targeted by the OPEC members as well. They are interested in exp loiting the huge solar radiation that is available in abundance in the equatorial planes. The solar power has the capability to be integrated with energy systems in place (Energy efficiency and renewable energy research, development, and deployment in meeting greenhouse gas mitigation goals 2010). We will be involved in the in-depth discussion of several energy policies of OPEC member nations and their plans to phase in the use of renewable energies. Arguments and analysis The renewable energy usages of the OPEC member nations need to be studied in further detail. We have selected the nations for analysis based on their annual production and consumption of natural gas and crude oil. The countries that have been selected for the analysis are the United Kingdom and United Arab Emirates. The nations were selected because they have several parameters in common. Firstly, the export of crude oil makes a large percent of their annual GDP. Therefore the sale of crude is a chief financial aspect governing the formulation of policies and national interests (Holt 2008). The countries provide all efforts to keep their margin of export high, to generate national income. The second common factor is that these member nations are actively involved in the area of nuclear energy. The other commonalities that made us shortlist these three countries for analysis are also because these countries are all located in the Sunbelt, between the Tropic of Cancer and the Tropic of Capricorn (Raum 2008). Despite several common aspects, the countries also differ widely in various aspects of socio-cultural and economic factors like size of the population and its incremental rise, the total amount of fossil fuel in reserves and the rates of unemployment prevalent in these countries. PESTLE analysis of the selected countries The political forces of the member countries are responsible for shaping the energy policy of the nation (Societal and economic factors 2008). The political analysis of the countries selected for our study reveals that the government body frames the policy of renewable energy usage almost all of the times. In rare cases, they outsource the responsibility to specific professional bodies for the recommendation. Further research shows that the Oil and Natural Gas Ministry is the most influential decision-making body when it comes to shaping the renewable energy policy of the nations under consideration. So it's the most influential of the factors of the PESTLE analysis framework. Economic factors at play are already mentioned multiple times in the discussion. The economy of the region is crude oil driven (Ruschmann 2009). The nations earn their primary revenue from the sale of oil and natural gas. So, the implementation of renewable energy policies is motivated by the export of crude. Further, these two developed economies have global presence in on shore extraction in multiple African nations and off shore drilling platforms in multitude of crude rich oceanic beds. The social analysis reveals that the nation's people are enthusiastic about the oil industry and are oblivious to the impact of renewable energy on the nations economy. The economy is supported by the oil industry. The industry provides employment to many workers. The social culture is influenced by oil. The countries must step up their efforts in setting up professional technical colleges and institutes to train the citizens on know how of oil drilling, rather leave it to private companies driven by their financial motives to rule the oil drilling portal. The renewable energy sector has benefitted widely with the advancement of harvesting technology (Oil and natural gas 2008). The technology to harvest renewable energy has undergone radical changes. The technology policy of the nations has been simple. The nations have increased reliance on advanced machinery to harvest renewable energy. Legal conditions within the country have set the pace for implementing the use of renewable energy. There are laws relating to export of domestically produced renewable energy to other nations. The environmental analysis of the states under concern reveals that no significant policies exist to protect the environment (Johnston 2009). The framework to develop and exploit environmental sources of energy exist but are profoundly absent in the implementation phase. Evaluation of the issues It is evident from our past discussions that OPEC countries rely heavily on the export of crude oil barrels. The need to reduce carbon emissions and decrease the carbon footprint of the globe, efforts has been taken by countries other than OPEC members to reduce the reliance on petrol and gas. The efforts have been stepped up to reduce the emission from fossil fuels and coal based industries. The member nations of climate conventions have come forward to step up their efforts in finding better alternatives to conventional energy sources (Scherer 2010). The OPEC member states have since its inception spoken with a unified voice. They have voiced their dissent on the decision of other countries to reduce consumption of oil. They argued that it would adversely affect their economy and drive them to financial ruins. The other countries have since argued counter statements saying that the OPEC members need to develop alternate sources of income to support their economy. The OPEC members h ave been noncompliant in their strategy. The OPEC members have been advised well early before the onset of global warming and climate change that their economies would take a plunge into Deep Ocean when the world eventually phases out usage of oil (Haugen, Musser and Lovelace 2010). These are the primary issues that are restricting the implementation of renewable energy use policy in the OPEC states. The educational models and their uses The economic and financial strategies that the member states have undertaken can be applied to a few academic theoretical models. The theoretical models used to analyze are divided into two categories: great analysis models which comprise of the academic framework of the country to train future professionals in the field of renewable energy courses. The internal analysis also contains sub external forces which determine the result of the business decisions on academic training of renewable courses. The external academic model treats all factors other than internal to be under its ambit. The external analysis can be useful in dealing with forces that are shaping and guiding the renewable energy economy of a country. The models are in compliance with international standards which are prevalent in developed economies (Financial Growth Strategies 2008). The ongoing researches and findings indicate a trend that is shifting base from internal to external sources in the OPEC member countrie s. Elaboration of the ideas The countries of Middle East under OPEC nations have little-known prospects of biomass energy potential. The North African countries have significant potential biomass energy sources which they can exploit. The other potential sources of renewable energy of the three OPEC member nations have been quite impactful. The countries have huge geothermal energy harvesting potential (Saunders 2008). The potential of harvesting huge hydropower also exists. The countries under consideration need to gear up for producing electricity and exporting them in numbers to support their dwindling economies. The Paris climate convention had predicted that the year of 2049 the whole world would be independent of the clutches of oil trade and be self-reliant in meeting their energy needs. The OPEC countries need to understand they would be in shambles unless they implement alternate ways of generating income. The United Arab Emirates has drawn up mere suggestions on how to achieve and realize this ideolog y (Currie 2011). The practical problems that the countries would be facing after the world has rejected oil are to be considered deeply. The issue would become rampant because their entire nations would be reeling under poverty. Before the situation sets its roots deeper into the rich ground, they need to eliminate the problem altogether. Appropriate solution The ways of finding appropriate solutions to these problems would properly educate the country's youth. If the young people and the next generation is educated and capable of free thinking, they would certainly take measures to stop the exhumation of oil. The youth of today is voicing their concerns about this system. The countries economy won't suffer if oil is phased out only if the countries youth are employable in other sectors. The countries might learn eventually to do without oil. The countries need to make investments in other sectors to generate and supplement the income of the nations. The countries might step up their efforts to make universities of technical education and make the universities available for all children of the society. These steps need to be taken now since the countries have excess money and can spend lavishly on developing the education sector. Apart from renewable energy changes, the governments of OPEC member countries can apply these changes to prepa re the economy significantly for radical changes that are due any moment. Conclusion The detailed analysis of energy systems both conventional and nonconventional has shown that there cannot be a single solution to problems faced by OPEC members. The problems are varied and interdependent of other various factors. The conclusions we can draw are significantly not friendly to OPEC member interests. The OPEC members will always try to lobby its efforts in finding a solution that will not hamper its global oil trade. The world, though, has other plans to ratify joint action against the national interest of these economies. So, before that happens and the OPEC countries stare at a financial meltdown looming on the horizon, they need to understand that their free reign will not go on and on. It's about time that the countries know their value of oil and save it for a later generation to come. The future generations must be allowed to reap the benefits of natural resources. References Acknowledgement to Reviewers of Agriculture in 2015. (2016).Agriculture, 6(1), p.8. ChemViews, (2012). Renewable Energies: Wind, Solar, Biomass.ChemViews. Currie, S. (2011).Hydropower. San Diego, CA: ReferencePoint Press. Energy efficiency and renewable energy research, development, and deployment in meeting greenhouse gas mitigation goals. (2010). Golden, Colo.: National Renewable Energy Laboratory. Extradition agreement with the European Union. (2006). Washington: U.S. G.P.O. Financial Growth Strategies. (2008).Neurosurgery, 62(6), p.1393. Haugen, D., Musser, S. and Lovelace, K. (2010).Global warming. Detroit: Greenhaven Press. Holt, D. (2008).Crude oil. Market Rasen: Total-E-Bound. Johnston, H. (2009).Culture, social movements, and protest. Farnham, England: Ashgate. Oil and natural gas. (2008). New York: DK Pub. Raum, E. (2008).Nuclear energy. Chicago, IIl.: Heinemann Library. Ruschmann, P. (2009).Energy policy. New York: Chelsea House. Samburg, D. (2007). Resources Available From Independent Natural Gas Marketers.Natural Gas, 3(11), pp.28-32. Saunders, N. (2008).Geothermal energy. Pleasantville, NY: Gareth Stevens Pub. Scherer, L. (2010).Fossil fuels. San Diego, CA: ReferencePoint Press. Societal and economic factors. (2008). Washington, D.C.: Transportation Research Board. Spilsbury, L. (2010).Natural resources. Chicago: Heinemann Library.

Small and Medium Sized Enterprises

Question: Discuss bout the Small and Medium Sized Enterprises. Answer: Introduction The essay provides a brief understanding of different concepts of measurement in the context of the present AASB (Australian Accounting Standards Board) /IASB (International Accounting Standards Board) framework.AASB is engaged in formulating Financial Reporting Councils policy for adopting the standards of International Accounting Standards Board (IASB). Discussion has been made in the essay by analyzing an Australian companys annual report for the year 2016 in context of AASB/IASB principles. The company selected for the purpose is AGL Energy Ltd. This study also discusses the problems of measurement, using AGLs annual report. Further, measurement issues are also evaluated. Finally, the essay concludes with the discussion of the role of useful information and recommendations regarding decision-making process of the organization. Background of AGL Energy Ltd AGL Energy Ltd. is an oldest Australian Gas Light Company. The company began its operations in 1837 in Sydney and became a second company to list on the Australian Stock Exchange. It is a leading company among Gas retailers and distributors of Australia. AGL deals with energy products and services of Australian economy (Nelson and Orton, 2016). The company has expanded its operations across New South Wales,Victoria,South AustraliaandQueensland. It provides gas and electricity to 1.4 million and 1.8 million customers respectively. It mainly has four business segments, named Retail Energy, Merchant Energy, Upstream Gas, and Energy Investments. It possesses a diversified power generation portfolio which includes hydro, and wind energy. At present, AGL Ltd. is a largest developer of renewable energy assets. Brief Introduction to AASB/IASB The Australian Accounting Standards Board (AASB)/IASB is a government agency of Australia that works under theAustralian Securities and Investments Commission Act 2001. It develops and maintains financial reporting standards that can be applied to both private and public sector companies of Australia (Horngren et al., 2012). The Board also contributes in facilitating a single set of accounting standards for worldwide use. It promotes main objects of IASB so that Australian companies can compete effectively across the world. The vision of AASB is to become recognizable among leading national standard setters. The mission of the Board is to meet Australian users requirements by establishing sound reporting standards. In July, 2004, the AASB has declared Australian Accounting Standards equivalent to IASB standards. This is done to bring uniformity and consistency in the work of AASB in order to meet the Financial Reporting Council strategic directions (AASB, 2014). AASB sets standards for all kinds of entities who prepare financial statements, while IASB mainly emphasize on profit-making entities. Concepts of measurement in context AASB standards Measurement in financial statements refers to a process which assesses the balance sheet and income statement items in monetary terms. The Australian Accounting Standards Board (AASB)/IASB are responsible for making and formulating accounting standards. It includes three measurement principles in a revised conceptual framework (Bazley et al., 2014). These principles indicate financial reporting objective and its qualitative characteristics. The three principles are described as follows: This principle states the important information given by a specific measurement method, which has a significant impact on the statement of financial position and statement of profit or loss (Barth, 2013). This principle affects AGLs statement of changes in Equity and the notes to financial statements. This principle states that cost of a specific measurement should be legitimize so that existing and potential stakeholders of AGL can be benefitted from the reporting system. This principle states in order to provide relevant information, minimum number of measurements must be used (Armstrong et al., 2010). Also, the required changes should be incorporated and clearly explained in measurement methods of AGL Energy ltd. Categories of measurement methods According to IAS 16, the term includes depreciated or amortized costs of financial assets and liabilities, accrual interests, and other historical costs. It also involves impairment of assets which are more troublesome. Because amortized cost of measurement involves discounted estimates of cash-flows, it is also known as cash-flow-based measurement (Biondi, Lapsley, 2014). Also, AGL Energy follows IAS 2 (inventories) which specifies costs of purchases, conversion costs and other costs related to bringing of inventory to the present location, to be included in costs. Fair value and other current market-prices: IFRS 13 states that fair value is a price received from selling of assets or price paid to transfer a liability in the principal market under existing market conditions. Using fair value technique, AGL makes it easier for users to understand the principles of measures adopted by it (Perera and Chand, 2015). The term also includes estimated cash flows of assets or liabilities, time-value of money, risk premium, and other factors of the comapny. Other measures based on estimated cash flows: Some measurement methods under IFRS are based on estimate cash flows, which are used for impairment of financial and non-financial assets, lease receivables, net realizable value (NRV) of inventories, provisions, and deferred tax assets and liabilities. By minimizing the number of measurement methods and further expansion, AGL makes its financial statements more reliable. Problems of measurement in context of AASB standards Measurement issues for elements: The AASB/IASB considers the issue of whether assets and liabilities are measured at cost or the value specified by AASB/IASB framework. Cost is considered more reliable by companies as it is identifiable. However, it is not useful for users as it represents the historical cost of assets or liabilities. To overcome this problem, AGL Energy uses valuation method because it is up to date (Bamber and McMeeking, 2016). But, it is not always reliable which creates an issue that which measurement method a company should use. IAS 40 (Investment Properties) and IAS 16(Property, Plant and Equipment)specify that companies should be allowed to use their own accounting policy for measurement purpose. The IASB/AASB considers following measurement bases, which usually creates issues for AGL Energy ltd.: Market Values: Market values do not recognize the difference between market buying prices and market selling prices. For AGL, entry and exit values of assets and liabilities are not the same as these market values are based on measurement basis adopted by the company. This is also because transaction cost is generally added or deducted from market price at which buyers and sellers meet. However, AASB/IASB do not convince with this measurement basis as this concept does not evaluate fair value. Historical Cost: AGL records its assets and liabilities at historical cost. On the other hand various companies recognize them on fair value or fair value plus directly attributable transaction cost or fair value less selling costs. According to AASB/IASB, this measurement basis lack clarity and consistency. Some companies adopt mixed measurement model which reflects different economic concepts of value of different items of financial statements. As a result, issues arise because a meaningful comparison of different companies cannot be made as different measurement scales are applied to different assets and liabilities. AASB/IASB states that historical cost and current cost are two different things. Historical cost may not have much relevance unlike other measurement bases, due to significant changes in prices. However, current cost and historical cost are considered as a same concept by various entities which may create further issues for them. Replacement Cost: AASB/IASB observed that the term replacement cost in context of impairment of assets and cost in fair value measurement is considered to be materially the same. AGL used to treat them interchangeably for some specialized assets. The Board also states that this accounting practice of companies is not valid and may create confusions in various circumstances. AASB/IASB also proposed to overcome issues regarding depreciated replacement cost. It specifies that not-for-profit companies are not required to use depreciated replacement cost as a measure of value, if such companies are not dependent on assets ability to revenues. Issues relating to Concept of capital and Concept of capital maintenance: AASB/IASB realized that many companies get confused regarding the concept of capital and capital maintenance. Capital signifies a name for a companys wealth. It determines the measurement basis that a company should apply to its assets and liabilities (Hail et al., 2010). On the other hand, the concept of capital maintenance determines the need to adjust opening balance of equity before assessing the entitys results for a particular period. The key issue here arises for AGL is regarding the requirement of recognizing price changes that affect assets and liabilities of a company. Issues in measurement in the context AASB standards There are various issues that AGL faces by adopting the framework of AASB/IASB. In order to make information more useful, it must be neutral, faithful and capable of helping in effective decision-making process. There are mainly five elements which create issues for AGL Energy, while preparing financial statements (Cordery and Simpkins 2016). They are described as follows: Assets: An asset is a valuable resource of a company which possesses some economic value. It may be current asset or non-current asset. It includes machinery, stock, goodwill, and cash. According to AASB/IASB, legal ownership is not necessary for determining whether an asset belongs to a particular company or not Kraal, D., (Yapa and Joshi, 2015). It is the control of an asset that is a major determinant. For instance, IAS 17 specifies that a lessee should recognize an asset as its own if all the risk and rewards relating to that belongs to him. It would not affect his ownership even if the lessee does not legally own that asset. It reflects that economic reality of an asset is the key issue which affects the faithful presentation of financial statement of an entity. Liabilities: A liability is an obligation of a company which arises from its past events. It may be current or non-current, for example, creditors, bank loan, and debentures. According to AASB/IASB, for recognizing a liability in financial statements, there must exist a present obligation. It must be recorded at its present value so as to reflect time factor (Birt et al., 2013). IAS 37 also considers Provisions, Contingent Liabilities and Contingent Assets of AGL to be consistent with AASB/IASB standards. They represent the liability related to future events. So, in many cases such a presentation creates issues in financial statements for recognizing liability. Equity: Equity in AGL represents the interests of its owners in companys assets. It is an aggregate of companys liabilities and capital introduced by its owners (Jamal et al., 2010). In many companies, benefits of equity in subsidiaries are not enjoyed by the parent company. These are recorded under other components of equity. It sometimes crates issues in identifying the net amount of equity of the whole company. Income: Income refers to the amount earned by a company from its business activities. It enhances the economic benefit of the company during a particular period. Most income of AGL is recorded in income statement of a company as it is derived from normal operations of business (Kraal et al., 2015). However, AASB/IASB requires certain types of income to be recorded in equity account i.e., reserves. Such incomes include revaluation profit or loss on assets or liabilities. Issues arise when AGL recognizes such gains in income statement although such transactions do not represent income for the company. Expenses: Expenses are defined as the outflow of amounts which lead to decline in the economic benefits of a company (Potter et al., 2013). These include payment of salary, rent and interest and depreciation. However, some companies record payments of dividend to equity as companys expense. AASB/IASB specifies that such outflows do not form a part of companys expense and therefore, not recognized in income statement. Such outflows are recognized as appropriation of profits and are deducted from retained earnings of AGL. Relationship and Impact between the measurement concepts employed in AGL Energy Ltd AGL Energy Ltd. adopts the measurement concept of fair market value in competitive market because in competitive market the objective behind implication of fair value is to endow with a cap in relation to market prices. These fair value prices are not the lowest price and are also not the effective price. These fair value prices are used by the AGL Energy for formation of financial statement (Kober et al., 2013). The fair value prices helps in identification of true worth of organization. Moreover, it is very important to find out the relationship regarding market contract prices and standard contract prices. In addition to this reliable measurement concept is also followed by AGL Energy Ltd. which includes that the liability are mentioned in balance sheet to show the monetary expression in terms of obligation to forgone economic benefits. The measurement of various liabilities stated in balance sheet may vary in terms of reliability (Dagwell et al., 2011). So, AGL Energy Ltd. provid es verifiable evidence of the nominal amounts paid by the company and the dates of payment for the majority of liabilities. AGL adopts the concept of providing Comparative information in which the organization provides information to the investors and other stakeholders so that they can be able to identify the exposure to risk faced by the organization in managing its diverse portfolios. The organization also provides Electricity Hedging Policy in public so that the investors and stakeholders can be updated about the financial position of AGL Energy Ltd (Escosa, 2016). The organization also provides financial statements at the end of the financial year so that the comparative analysis can be made by the investors and stakeholders about the profitability of the company over a period of time. AGL Energy Ltd. adopts the concept of going concern and formulates its financial statements on the basis of going concern principle (Ewert Wagenhofer, 2012). AGL Energy follows the concept of consistency in presentation which shows the items in the financial statements in consistent with one period over another so that an easy analysis can be made. AGL Energy Ltd. follows the written down value approach for calculation of depreciation and follows this approach over the years (Escosa, 2016). AGL Energy Ltd. follows the principle of materiality in which all the material information regarding similar class is presented all together and items of different class are to be presented separately. AGL Energy Ltd. follows the frequency of reporting principle. The organization publishes the complete set of financial statements yearly. AGL also publishes the interim financial statement report at the end of the quarter in the year. The objective behind publication of financial report is to make the investor aware of the financial condition of the company (AGL, 2016). The organization also follows the principle of accrual basis of accounting. AGL Energy Ltd. records the income and revenue when they are received in cash and record the expenses when they are going to incur. AGL Energy uses the concept of valuation technique so that the fair value can be measured of the transaction (Vinnicombe, 2010). AGL Energy represents the financial position, financial performance and cash flows with due faith and also makes a reflection on the economic substances of transactions occurred. Same accounting policies are adopted for the same transaction by the organization. Consistency in accounting policies will make the comparison easy (Dagwell et al., 2011). AGL Energy follows AASB 108. The organization correct any material prior period mistake in the first financial report after the error has been find out by restating the comparative amount in the financial statements of the organization. Conclusion From the above discussions, it is concluded that application of measurement principles in context of AASB/IASB standards have a significant impact on not-for-profit entities and public sector entities of Australia. AGL Energy ltd. also adopts these measurements in its current accounting practice. It is also identified that the company is affected by AASB 13 in various aspects of its business activities. Above discussions also found that AASB has been widely recognized internationally for its meaningful contribution in the development of uniform accounting standards. Role of accounting concepts and principles can be reflected in the operations of AGL Energy ltd. On the basis of facts described in this essay, it can also be said that the objective of AASB framework is not to rationalize treatments in existing standards but to incorporate IASB conceptual framework into AASBs conceptual framework. The conceptual framework of IASB is likely to have a major impact on the future guidelines of IFRS. However, it is recommended to AASB to focus on economic phenomena like scarce resources and claims along with changes in them as well. The Board should also take into account the latest thinking developed in standard projects. Also, in order to become more recognizable, AASB should not refuse to develop specific requirements in its existing standards that may be different from its conceptual framework. References AASB, C. A. S. (2014). Business Combinations.Disclosure,66, 77. AGL (2016). Sustainability Performance Report. Retrieved from: https://www.agl.com.au/-/media/AGL/About-AGL/Documents/Media-Center/What-We-Stand-For/2013/AGL051_Sustainability-Report_2013_HR.pdf?la=en Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., Riedl, E. J. (2010). Market reaction to the adoption of IFRS in Europe.The accounting review,85(1), 31-61. Bamber, M. McMeeking, K. (2016). An examination of international accounting standard-setting due process and the implications for legitimacy.The British Accounting Review,48(1), 59-73. Barth, M. E. (2013). Measurement in financial reporting: The need for concepts.Accounting Horizons,28(2), 331-352. Bazley, M., Hancock, P. Robinson, P. (2014). Contemporary Accounting PDF. US: Cengage Learning. Biondi, L., Lapsley, I. (2014). Accounting, transparency and governance: the heritage assets problem.Qualitative Research in Accounting Management,11(2), 146-164. Birt, J., Rankin, M., Song, C. L. (2013). Derivatives use and financial instrument disclosure in the extractives industry.Accounting Finance,53(1), 55-83. Bloom, M. (2013).Double accounting for goodwill: A problem redefined. UK: Routledge. Cheung, E., Evans, E., Wright, S. (2010). An historical review of quality in financial reporting in Australia.Pacific Accounting Review,22(2), 147-169. Cordery, C.J. Simpkins, K. (2016). Financial reporting standards for the public sector: New Zealand's 21st-century experience.Public Money Management,36(3), 209-218. Dagwell, R., Wines, G. and Lambert, C. (2011). Corporate Accounting in Australia. Australia: Pearson Higher Education. Escosa (2016). Energy in Action. Retrieved from: https://www.escosa.sa.gov.au/ArticleDocuments/774/120827-ElectricityStandingContractWEC-DiscussionPaperSuppSubmmission-AGL.pdf.aspx?Embed=Y Ewert, R., Wagenhofer, A. (2012). Using Academic Research for the Postà ¢Ã¢â€š ¬Ã‚ Implementation Review of Accounting Standards: A Note.Abacus,48(2), 278-291. Hail, L., Leuz, C., Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the US (Part II): Political factors and future scenarios for US accounting standards.Accounting Horizons,24(4), 567-588. Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D., Tan, R. (2012). Financial Accounting. Australia: Pearson Higher Education. Jamal, K., Bloomfield, R., Christensen, T. E., Colson, R. H., Moehrle, S., Ohlson, J., ... Watts, R. L. (2010). A research-based perspective on the SEC's proposed rule-Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) by US issuers.Accounting Horizons,24(1), 139-147. Kober, R., Lee, J., Ng, J. (2013). GAAP, GFS and AASB 1049: perceptions of public sector stakeholders.Accounting Finance,53(2), 471-496. Kraal, D., Yapa, P.W.S. Joshi, M. (2015). The Adoption of International Accounting Standard (IAS) 12 Income Taxes: Convergence or Divergence with Local Accounting Standards in Selected ASEAN Countries?.Australasian Accounting Business and Finance Journal,9(1), 3-24. Nelson, T. Orton, F. (2016). Climate and electricity policy integration: Is the South Australian electricity market the canary in the coalmine?.The Electricity Journal,29(4), 1-7. Perera, D. Chand, P. (2015). Issues in the adoption of international financial reporting standards (IFRS) for small and medium-sized enterprises (SMES).Advances in Accounting,31(1), 165-178. Potter, B., Ravlic, T., Wright, S. (2013). Developing accounting regulations that reflect public viewpoints: The Australian solution to differential reporting.Australian Accounting Review,23(1), 18-28. Vinnicombe, T. (2010). AAOIFI reporting standards: Measuring compliance.Advances in Accounting,26(1), 55-65.

Team Work an Example by

Team Work Sometimes, the job gets done at a faster pace when a team is assigned to it. Working in a team generates faster results than if we work alone. However, we have to take note that not all teams succeed in their objectives. Success of a team depends upon many factors. This paper will look into the advantages and disadvantages of working in a team, the processes, and some important things to consider. Working in a team is better than working alone because there are many ideas that we can get from each team member. Team work also facilitates equal sharing of responsibilities, and each member is expected to do his part of the job. Moreover, tasks are done quickly, changes can be made easily and teamwork provides flexibility to the company. Since members are involved and communicate with each other, decision-making will be easier and more efficient. West, Borril and Unsworth (1998) stated that an efficient team brings consistency in organizational environment. Need essay sample on "Team Work" topic? We will write a custom essay sample specifically for you Proceed However, there are also disadvantages in a team model. These are poor coordination and communication between the members, competing objectives (West, et al., 1998), hidden agendas, cultural clashes, conflicting personalities, unwillingness to help, and unclear goals and responsibilities (Lemmex, n.d.). There are four processes for group development in a team, namely forming, storming, norming and performing. This model was developed by Bruce Tuckman in 1965. This has become a basis in knowing whether a team develops. Forming is the first stage of team building. During this stage, team members meet up, introduce each other, learn about the challenges and opportunities, and agree on the set goals. Then they tackle the tasks. In this stage, the members behave independently. Although they are motivated, they are usually unaware of the issues and objectives of the team. The teams supervisors must be directive at this stage. If the members are confident, the team will likely enter the second stage, which is the storming. During this stage, the team deals with the ideas or issues, such as the problems that they must tackle, how they will function and what leadership model to accept. Usually, team members disclose with each other and confront their conflicting ideas. Sometimes, a team may find difficulty leaving this stage. The storming stage is unpleasant and even painful for those who are not willing to resolve conflicts. The team may fall apart if the members do not know how to listen, or to understand the conflict and find ways to move forward (The Teal Trust, n.d.). But this stage is important for the growth of the team and of its members as this facilitates tolerance and patience in resolving the conflict. Once the team comes out of the storming stage with an agreed method of operating, it will enter the norming stage. This stage is characterized by team members adjusting with each other so that the teamwork if smooth. The members agree on professional behaviour, rules, working tools and values. There is cooperation and collaboration and members trust each other. As members get more familiar with the project, they will be motivated (The Teal Trust, n.d.). Performing is the final stage of team building, which focuses on achieving the goals and objectives of the team. At this stage, members will likely be loyal to each other and understand the importance of managing more difficult tasks. They are also interdependent and knowledgeable, autonomous, competent, and motivated (The Teal Trust, n.d.). A team is said to be effective if it meets its goals and objectives. But meeting the objectives is not an easy task, as sometimes members are faced by conflicting opinions and ideas on how to meet their objectives. There are ways that the team can do to meet its goals. First, communication should be clear within the members, and they must also know the goals and their roles and responsibilities in achieving them. In case of conflicts, the team must apply a conflict resolution process. It is also important for each member to participate willingly and must be committed in achieving the teams goals and objectives (Lemmex, n.d.). Equal contribution is necessary in teamwork. Members are important in a team, thus they should provide equal contribution. Every contribution will help the team in making decisions and meeting its objectives. Moreover, different persons have different ideas, and sometimes this is just what the team needs in order to choose the best action. Samar (2002) commented that team members must work together from the beginning to the end. Although members work together to be more effective, it is not necessary to carry a member at all times. It is required for every member to share with others the tasks assigned so that objectives are met and the decision making process is efficient. But this is not to say that a team should not carry a member as there will be special circumstances when a team has to carry a member. It is important for a manager to understand that there are teams where some members do not contribute as he should have. Sometimes, the case is members contribute but not equally. The manager should make it clear at the start about the duties and expectations for each member. He should motivate the members by being an example. He should also communicate with the members that a team can be successful if every member gets involved until the end of a project. Of course, working in a team is not all about ease and happiness. Teams are faced with difficulties and obstacles that may seem to be hard to overcome. But once we recognize these obstacles and we believe that we can overcome them through our efforts, it will be easier for us. It is always important for the team to work together and brainstorm on how to deal with the hindrances. It is also important for the members to share ideas on how they can help to solve the problem. This way a team emerges successful. References Lemmex, Steve. (n.d.). Communication breakdown and conflict within teams. Expert Reference Series. Samar, Edgar. (2002). Team work and team building: How to work as a team. Retrieved on December 19, 2007 The Teal Trust. (.d.). Team process. Retrieved on December 19, 2007 from http://www.teal.org.uk/et/teampro.htm West, M.A., Borrill, C. S. & Unsworth, K. L. (1998) Team effectiveness in organizations. Sheffield, England.

Egyptian Civilization essays

Egyptian Civilization essays Egyptian civilization formed along the Nile river and the earliest traces of human life in that region are from the Paleolithic Age, (Old Stone Age), about 300,000 B.C., at the very edges of the Nile Valley. Beyond, on both sides of the river the land was and still is desert. At that time the people moved from place to place, ate berries, roots, and any animals they could find, but stood close to their lifeline, the Nile. The lands along the Nile were rich enough to be farmed, so over time the people started to grow crops. They found ways to store the yearly floodwaters and then use them for the dry seasons. The farmers learned to lift water out of the Nile or wells and send it across the fields through a system of canals. In order for all of this to work out they had to work together, no one could do any of it alone. So as the farmers and people began to cooperate, an organization began to grow. They found leaders among them who directed the work. A form of government developed and due to that they soon began to build cities, to manufacture things, in time to trade with their neighbors. That is how it all started. Over a period from 3100 B.C. to 332 B.C. they grew in culture, arts, religion, science, The early Egyptian people grew food by the Nile and lived mainly by hunting for meat, fishing, and gathering wild plants. They kept a small number of cattle, sheep, or goats, and grew a few crops. Their crops were flax, barley, and a primitive kind of wheat called 'emmer.' They got the sheep and goats from the middle east, and their crops too. Farming provided most of the food and helped their population grow. Later on in time, the basic diet of the ordinary people was bread and beer. The wealthier ones ate more meat and drank wine instead of The most common clothes women wore were tunic dresses. Those were made by folding a rectangle of cloth in half, sewing it up at the sides, leaving ...

Soft determinism Essay Example | Topics and Well Written Essays - 500 words

Soft determinism - Essay Example Freedom, in this case, can be defined as the ability to act without external impediments, which allows an individual to forbear and do as he wills (Trusted 24). In addition, it is also the power for an individual to act in the manner in which his will determines, meaning that if one chooses to rest, he could either rest or move as he wills. Therefore, one is free unless they are forced to take actions that are not according to their will. Soft determinism differentiates between external and internal causes. The internal causes are those actions that are as a result of one’s inner desires and wishes, as well as those that result from one’s freewill (Trusted 39). For instance, a person may leave the country because of their desire to travel overseas. External causes, on the other hand, are those that an individual is forced to undertake due to outside influences, such as being forced to leave the country because of government action. The distinction between external and internal causes explains the reason why a soft determinist needs freewill. Acting with freewill in soft determinism means that one is acting as per his/her nature, rather than according to external pressures exerted upon their situation. This is referred to as the liberty of spontaneity theory, which is a central theme in self-determinism (Trusted 39). While man’s nature is also determined by external factors, he also has freewill b ecause they possess spontaneity freedom. Although circumstance and nature determine man’s choices, the option taken is as a result of free will. With regards to moral responsibility, if internal causes like desires and wishes have a significant impact on actions taken, one is considered to be morally responsible (Trusted 41). For instance, choosing not to save a burning child because one does not feel like doing so means they are morally responsible for the death of that child, while failing to do so because one is crippled means they are

Sociology Assignment Example | Topics and Well Written Essays - 500 words - 2

Sociology - Assignment Example Danish society has basically laid down the right foundation in caring for the elderly by imposing that the spouse is most responsible for the care of the aging partner. This is even supported by legislation and decreed that only the elder child within the household can assist the aging parent. By doing so, society is transformed in its view of the family – that is a permanent institution and members are obliged to fulfill such roles. Young people wanting to get married would think if they can really perform the roles their spouse need from them until old age. As for the Danish home care policy, it is a good working model of a society that has planned for its elderly citizens. In comparison with the United States, it cannot conceive and implement such policies since the healthcare system alone is in a mess. The Danish policy has long been planned and executed by the government which is a reflection of their priorities – healthcare. Since America is extremely preoccupied with external issues , it cannot sort out its own affairs and render good service to its citizens. The chapter about Muslim Iranians is also an interesting read since it presents how a minor culture ( Iranian )tries to assimilate to a more dominant one ( American). Growing old in another country like the case of Iranian seniors in California is quite stressful since psychological adjustment has to be made in order to fit in the host society. As mentioned in the text, â€Å"depression, loneliness, loss of sense of community â€Å"(p.304) affect the elderly. It is for this reason then that while still young, people begin to build their social networks. Nevertheless, the case of Babi is quite different as she had successfully assimilated in the American culture and had even found a new love. It is not luck that made her enjoy her golden years but her attitude to overcome the transcending scripts of culture that women should be just at home. However, it cannot be denied that