AASB Accounting :: essays research papers

Apply AASB 1001 to Report:   Ã‚  Ã‚  Ã‚  Ã‚  The Financial Report 2004 of Coles Myer Ltd has proven that the company has obliged the Standard of AASB 1001 Accounting Policies.   Ã‚  Ã‚  Ã‚  Ã‚  The report has satisfied relevance by Relevant financial information assisting users in making and evaluating decisions about the allocation of scarce resources(Statement of Financial Position-profit or loss). It assists them in making predictions about future situations and in forming expectations, or it plays a confirmatory role in respect of their past evaluations Financial information may be relevant because of its nature, itsnature and magnitude, or because of its magnitude in relation to its nature. Additional guidance on relevance is provided in SAC 3.   Ã‚  Ã‚  Ã‚  Ã‚  The financial report has reliable financial information which faithfully conveys to users theunderlying transactions and other events that have occurred. For financial information to be reliable, it needs to be free from bias. Reliable financial information does not lead users to conclusions that serve particular needs, desires or preconceptions of the preparers of financial reports.This is see on the last page of the report where it has been signed by accountants and the AASB representatives.   Ã‚  Ã‚  Ã‚  Ã‚  This financial report is able to compare aspects of an entity over time and compare aspects between entities at one time and over time. This implies that the recognition, measurement and presentation of transactions or other events need to be carried out in a consistent manner throughout an entity and over time for that entity, and that there needs to be consistency between entities in these regards. However, consistency should not impede the introduction of improved financial reporting. It is not acceptable for an entity to retain its accounting policies to the detriment of the concepts of relevance and reliability. Additional guidance on comparability is provided in SAC 3.   Ã‚  Ã‚  Ã‚  Ã‚  The financial report of Coles Myer shows that it is on a going concern basis due to the Statement if Financial Performance by viewing the Revenues inflow and Expenses outflow and coming to a profit at the end of the financial year.   Ã‚  Ã‚  Ã‚  Ã‚  The accrual basis recognises the financial effects of transactions or other events in the financial years in which they occur, to the extent that those financial effects can be recognised, irrespective of whether cash has been received or paid. Accrual accounting provides information about assets, liabilities, equity, revenues and expenses, and changes in them, that cannot be obtained by accounting only for cash receipts and payments.

My Favourite Pet

My new pet is a dog. They are so loving, caring and a true friend. My little dog, Jingle, is a living example of what love is all about and he is my little treasure and holds a special place in my heart. Where in this world could you find a friend who is more faithful and pure of heart? I always know that when I get home, I have a friend waiting there for me. After a long day, it is always nice to be greeted by my trusting friend with the wagging tail. His little eyes seem to sparkle like a diamond and his loving ways can soothe a weary heart. A dog's love is unselfish, pure, and so true. No finer friend could a person have than the love of a little dog. Little Jingle gives me great joy as he is an inspiration to me as he brings a smile to my face and a song to my heart. In the spring and summer when the weather is nice, we go for long walks and smell the flowers and the leaves along the woodland's edge. He is a gentle little dog with a loud bark, though his bark is worse than his bite. Jingle's love is as radiant as the summer sun and as pure as the morning dew. He is my ray of sunshine, even on a cloudy day as he puts my mind at ease. My little Jingle teaches me to be patient and to care. As his little eyes show me the true meaning of love and of what is important in life. In this hectic world of stress and strain, it is nice to have loyal and trusting friend who would give their life for you, if need be.

Business Leadership Assignment - Free Essay Example

Sample details Pages: 11 Words: 3171 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Business Leadership MODEL THE WAY INSPIRE A SHARED VISION CHALLENGE THE PROCESS ENABLE OTHERS TO ACT ENCOURAGE THE HEART LEADERSHIP IS EVERYONEà ¢Ã¢â€š ¬Ã¢â€ž ¢S BUSINESS BUSINESS LEADERSHIP MODEL THE WAY Sheikh Omar Al Aminis the CEO and a great role model and a very principled leader of the Al-Amin Group, ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a company based near UAEs maritime, insurance and transport sectors. It is located in Fujairah, United Arab Emirates, Al-Amin Group works in many dimensions. Under the leadership of its founder and leader, H.E Sheikh Omar Al-amin, Because of hard work and lots of enthusiasm towards work of its leader it has become the biggest expanded group of companies in the Middle East. Don’t waste time! Our writers will create an original "Business Leadership Assignment" essay for you Create order The area ignoring the Gulf of Oman and the Indian Ocean, Al-Amin Group was started with focusing the maritime sector in Fujairah in 1953. From then there have been flourishing projects started in the transport and insurance sector in the UAE. Lots of hard work and with a great leadership quality of its CEO the company has become more successful in UAE. Al-Amin has inspired me a lot; he not only shows verbally that he is a good leader but also by implementing all leadership quality in his professional life. By applying five practices of exemplary leadership he motivated his staff through his speeches to achieve the objective of mission and vision of the company in a systematic way; he took best out of them by appreciating their work, he conducted workshops for his employees to polished them, arranged meetings with every team to find out what employees want to change in the company consider the convenient options and add them in the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s missions for the bettermen t of the company, last but not the least he gave incentives to the employees for giving best performance which also motivated staff. à ¢Ã¢â€š ¬Ã…“Find Your Voiceà ¢Ã¢â€š ¬Ã‚  in the term of leadership means that before becoming a convincing leader one should belief in oneself or one should connect his/her voice to what he/she is actually doing. For an influential leader we can take Sheikh Omar Al Aminexample who has find his voice by doing what he said in his life, he believed in his capabilities and did great and impressive work and followed principled which was totally made by him. INSPIRE A SHARED VISION Being forward-looking is a business slang terminology which means forecasting about future business situations. It is very important attribute for an active leader because only the active leader is interested to know about the business future conditions to take the important steps for tackling the problem that will happen in the future. We can take this example that if the prices of raw materials are going to rise up in the future, or in future relation with neighboring country is going to worse which can effect import and export sector a leader with the characteristics of forward- looking will take out some solutions to handle or tackle this kind of solutions to avoid problems in the future. Every leader has a vision whether he/she is a famous leader or not. And for every leader the first goal is to communicate their vision to others effectively and for that they need to make people to identify and articulate the vision. A leader can communicate their vision to others by planning and documenting the vision carefully with reports defining goals for the group or a team that creates ownership for every individual member. We can take the example of Martin Luther King, he said the he have a dream speech for the space program and President John F.Kennedy also have the vision about it. He said that they chose to go to the moon not because it is a n easy task but because it is hard to go. They painted the picture of the future and made it look easy and work hard to convey their thoughts to others to understand their vision and also helped them to accomplish their goal and hence were successful. CHALLENGE THE PROCESS In my organization staff is very hardworking and honest to their organization but there are some appraisal policies which makes them in peril and descent their efforts and not let them work in an appropriate manner along with efficient and brilliant exploring of skills. Introduction of new machines and conversion from manually to totally computer base operations in the organization they have introduce computers in the organization which are difficult to accept from some workers, sometimes employees give lame excuses for not doing any work like old people in our organization are not ready to work on computers they just want to do it manually which take lots of time, some workers are not ready to work on new m achines which cost less to the organization they said that it is very difficult to operate them. Some reasons are valid like difficult operating procedure of new machines. Opportunity to operate a new machine I should take workshops to learn to operate those machines which can be helpful in doing the task efficiently. Conclusion is that one should accept the change in the organization because change is always for the betterment of the organization as well as for the employees. Leaders should not let their constituentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ fails because ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a leader who is role model for his employees or others who admires him/her. If he/she fails to continue his/her principles that will make a bad image on others and people will not be able to trust him/her. ENABLE OTHERS TO ACT Some primary school teachers have assigned some task in which they have to work in a team, but some teacher donà ¢Ã¢â€š ¬Ã¢â€ž ¢t want to work in a team they think that they will work i n a team and the team leader will take all the credit for that. If I would be their leader I will arrange a meeting and will listen all their issues quietly first then will try to resolve all their issues and all their concerns and also give them assurance that I will be there to guide them and will assist them in their task. I will also assure them that I will monitor their task to know that each team member is doing works equally so that no one will be over burdened. Currently the staff at my office has been facing trouble regarding the change of administration that has recently happened. The previous manager of the organization had a cooperative manner and he considered it his personal responsibility to be aware of the performance or problems of the employees that created hurdles between them and achievement of their goals. He had an open mind and a friendly way of conversation with all the employees regardless of them being on s senior position or a newbie. He had a partic ular way of making people believe that he or she were unique in their own way and instead of comparing them with other employees gave them the freedom to do the given tasks or accomplish the projects in their own innovative style. His appreciation was given in plentiful doses to his employees and the workplace was at the highest level of a perfect work environment which was had become an abode for creative ideas and motivation. The employees had the independence to give opinions and suggestions which they thought would be for the good of the company and the manager received all of them with cordiality never letting anybody feel that the idea was not good enough or could not be applied due to its impracticality. Because of that the people who worked under him were never afraid of sharing or expressing their ideas, concerns, methods of work, opinions and perspectives and this lead to a healthy environment at the workplace as nobody kept their feelings bottled up which in long term, can lead to the severe circumstances of work stress. However things soon changed as the manager was transferred to another branch of the company and his position was taken up by a new female manager. She was much more experienced in the field of business than our last manager and had been doing the job for above ten years. The company had hired her precisely due to her superior qualifications and considerable work experience. But only in the period of a couple of days it became clear that the new manager was nothing like the previous one. She was not in the habit of listening to anybodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s opinions and was adamant on the point that her directions had to be followed whether they were humanly possible or not. She made the employees work strictly in accordance to the methods she thought were right and provided no space for discussion or negotiation upon the tasks she gave the employees to handle. She thought that the previous manager had given the workforce a lot of free rein and due to that they had forgotten the rules and regulations and the limitations of their roles in the company. To bring back the concept of what she thought was discipline she stripped the employees of all the freedom of expression they had possessed previously. This basically led to the ruin of the perfect team of workers that the last manager had created and gradually the employees began to leave the organization one after another. The ones who were in dire need of keeping their job and could not afford to quit were caught in the web of impossible challenges that the new manager set them every day and struggled to produce a quality standard of work through the pressure of workload. They could not share their issues to the manager and this lead to repression amongst the employees which resulted in negative impacts on their performance. The characteristics mentioned above of the second manager were an accurate example of the à ¢Ã¢â€š ¬Ã…“commandingà ¢Ã¢â€š ¬Ã‚  leadership style. In order to bring back the people and their confidence in the particular workplace the major effective factor would be for the manager to change her attitude. She would need to let go of the military style concept of discipline and focus instead upon creating an environment in which all the people are equally given the opportunity for raising their voice and giving their opinions. The increase in employee satisfaction would be the best way to get the expected level of performance from the workforce instead of treating them in a way that creates hostility and resentment. ENCOURAGE THE HEART Susan Lee was a high school dropout as her family could not afford to pay to pay their bills let alone her tuition fee. Although her parents pleaded her to continue her studies, Susan Lee declared that she would not be a burden to her parents after being fully aware of their financial situation and as far as gaining an education was concerned there were many ways to be ing educated than getting a piece of paper that said degree on it. Susan Lee set out become educated in her own unique style which was by exploring the world, discovering new fields of occupations to determine what she was good at and reading books on any subject whenever she could get her hands on them. After trying her fortune in various industries including arts, music, theatre and computers she wandered one day into my company that dealt with providing academic articles for clients who had trouble doing their assigned work in their given times or had personal problems that prevented them in doing so. The work was tough and painstaking and needed a lot of patience and dedication. It could take hours on end to finish the required articles and projects and yet there were still chances of the client not approving of the finished work. Susan Lee however was not to be daunted from this new challenge. At the start I was skeptical whether, based upon her academic criteria, she cou ld handle the projects as many of them exceeded quite beyond the standard and understanding of someone who had barely even completed a high school education. However I found a fearsome spirit in the apparently fragile shape of Susan Lee. She never hesitated from any challenge that I threw her way and without a frown set to working hard upon a topic that had not met the criteria of the client. Her determination and single mindedness made her work over time and way beyond my initial expectations from her. Susan Lee worked only for the sake of satisfaction that she had achieved a task. Thus it was both a very sad and delightful day for me when Susan Lee announced that she had managed to save enough money to continue her education. I was sorrowful that I had to let go of such a rare find and yet it was an honor for me to become the source which enabled this marvel of a girl to accomplish her dreams. There have been many circumstances in my life both as a leader and as a person in whi ch people have been associating various expectations from me. Although at times I convinced myself not to feel like a failure if I had let down anybodyà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations but it is not always possible and sooner or later the guilty feeling catches up with you. However if the matter is studied logically it is quite impossible to come up to the standards of every single personà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations that you come across in your life, the people you have to face daily or your entire circle of friends and family. Some of these people might be expecting things from you which are unreasonable and beyond fulfillment. This can create resentment in their hearts for you if you cannot manage to rise up to what they think you should be doing or accomplishing or the way you should ne leading your life. This irrational resentment can create a negative effect upon your overall performance if these people are in your immediate contact every day. It is important to recogn ize these people and develop an attitude of avoiding their negative vibes and concentrating upon the more positive aspects of your life and at your workplace. Your accomplishments, the amount of successful deals that you have made, the work you have done to get to the position which you are upon now are motivational and positive thoughts that keeps oneà ¢Ã¢â€š ¬Ã¢â€ž ¢s mind off of the negative aura of people like these. Sometimes I have also been the one expecting things from people and feeling that they are obliged to do as I expected of them. There can be various reasons for it including the sort of relationship I have with them or their position in my life. The most damaging things about keeping expectations is that in the long term if you donà ¢Ã¢â€š ¬Ã¢â€ž ¢t find them being fulfilled it leads to problems in a perfectly good relationship whether at work or your social life. For example having expectations from your employer for a pay raise or promotion and ultimately s eeing it being awarded to someone else creates a lifelong rift between you and your employer along with that co worker. So the most important part is to speak aloud your expectations if you know the opposite side would hear and consider it willingly. And even if you know there isnà ¢Ã¢â€š ¬Ã¢â€ž ¢t a chance of that you can still gather up courage one in a while to convey what you expect. Although there might be ninety nine percent of getting a negative answer there is always one percent that the expectation would be fulfilled. If nothing else this will develop a satisfaction that you were brave enough to speak out your mind and will create tolerance to face a negative response. This can prevent the negative aspects that can develop in the wake of keeping expectations from the people around you. LEADERSHIP IS EVERYONEà ¢Ã¢â€š ¬Ã¢â€ž ¢S BUSINESS This particular statement describes a lot about the attitude of leadership and presents a unique approach towards the idea of development of leadership. The words basically imply that leading in any form is not something that is handed from generation to generation, given as a legacy or limited to a selected or chosen few. It is a role that everyone can play and should assume whenever the situation or the circumstances around them demands it. It is an essential thing for everybody to be knowledgeable and aware of how to lead and to learn the fundamentals of leadership as it a skill which can help them go through various challenges and tough decision making in their lives. Many people think that leadership is appropriate and can be handled by only those who are on an authoritative position. However leadership does not consist of having a position in the hierarchy but having a relationship with your subordinates. The leaders who can communicate with the people working under them b y coming at their level and understanding things from their point of view is much successful at all kinds of activities and levels that are acquired from a leader. Regardless of your status or position it is your behaviour which makes you a true leader. According to research an organization needs to have all kinds of leaders. There is no perfect combination of skills, traits, experiences or training discovered yet that can ensure that the makings of an ideal leader. There are varying backgrounds in any organization and the person who can handle the problems successfully in that particular environment can be considered the best leader. Despite a very well known that leaders are natural born this is not a necessarily true statement. Leadership can be developed through studying observing and practicing. Learning to become a leader is an intentional and constant activity. In fact a certain mark of a successful leader is that he would never stop gaining more knowledge. When find ing yourself in a tough situation it is important not to depend upon the leader and instead you should make yourself capable of taking responsibility of the circumstances. Leadership basically means doing something ordinary in an extraordinary way. You just need to think quickly and out of the box and can solve any looming issues for yourself or your team mates. The three things that I want to improve or develop in myself in order to become a better leader are learning to become more patient, refining the skill of on the spot decision making and to bring improvement in my communication skills. In order to continue towards the journey of becoming a wiser and more experienced leader I would be intent on recognising my faults and aiming to get rid of them so it could be beneficial for both my own career and for the people who work under me. I would prefer to keep in mind that learning is an eternal cycle and would never cease in finding methods to improve my leadership style and beh aviour.