Accounting Standard & Regulations for ASX Firm - myassignmenthelp

Question: Discuss about theAccounting Standard Regulations for ASX Listed Firms. Answer: Introduction The present report presents the major accounting issues need to be considered by Myer Holdings Ltd, an ASX listed firm in the development of its general purpose financial report. The major area of the concern in this context is to develop a report for the CFO as an accounting graduate of the company for consideration of impairment of assets. The AASB 136 standard represents amendment in the current reporting standard regarding assets impairment that applies to annual reporting periods beginning on or after 1 July 2009 but before 1 January 2010. The reduce disclosure requirements as per the AASB 136 requires business corporations to ensure that its assets are not carried at more than its recoverable amount (Bond, Govendir and Wells, 2016). The report has addressed the processes, information and flexibility required by businesses for determining asset impairments with reference to Myer. Outlining the Evidence Determining the Necessity of Impairment Testing of Assets In Relation to Myer The AASB 136 amendment adopts IAS 36 impairment of assets standard as developed by the IASB. As analyzed from the data flow of the company, the evidence gathered in relation to necessity for asset impairment is as follows: Asset Flow: It can be stated from the data analysis of the company that asset amount in all its stores is either uniform or has demonstrated an increasing trend. It has been observed that none asset presents a declining trend over the last financial year in all its stores and therefore there is no signal of asset impairment. Asset Amount: it has been analyzed from the asset base that its net assets have not undergone major changes and all are contributing equally towards its overall assets indicating no asset impairment. Turnover of Assets: As analyzed from the financial figures of asset turnover ratio of the company, there is no asset impairment as the ratio is relatively same over the past few years (Myer Holdings Limited 2016 Annual Report, 2016). Outlining the processes required to be addressed in determining any asset impairments by Myer The goodwill recognized by the company on acquiring Myer business amounts to $349.5 million have been allocated to each of the cash generating units of the group as depicted from its consolidated financial statements. As per the AASB 136 Impairment of Assets standard, the goodwill and intangible assets with unpredictable useful life of a business entity need to be tested on an annual basis for impairment. The asset impairment for these assets has been tested by the Group through the adoption of use discounted cash flow model. This model is based on using the cash flow estimates of the group for the five year term. The cash flows generated beyond the period of five years are extrapolated through the use of a terminal growth rate. The model is based on utilizing the following assumptions: Discount or pre-tax rate at 14.4% Terminal growth rate at 2.5% Gross operating profit margin at 39.5% The management on the basis of the model has tested the asset impairment if any exists. The management has concluded that increase in the value of future cash flows over the net carrying values of assets of CGUs there is no alteration in the key assumptions adopted. As such, there is no possible reason for carrying value of CGU to exceed from the asset recoverable amount. The review of net carrying value of asset in the group store was carried out for identifying the asset impairment. The recoverable amount of assets in stores was estimated through discounted cash flow model and the major assumptions were found to be in consistency with those mentioned above. Thus, on the basis of sensitivity analysis of the key assumptions, it can be said that there is no asset impairment at Myers stores (Myer Holdings Limited 2016 Annual Report, 2016). Information required in determining asset impairments The IAS 36 accounting standard is developed for carrying out impairment testing of all tangible and intangible assets. As per the standard, all assets need to test that they are within the impairments scope when there is indication of any impairment. The impairment testing of goodwill and intangible assets need to be carried about annually (Hussey, 2010). The major information needed for determination of asset impairments by Myer Holdings can be depicted through the following diagram: The information required by the Group on the basis of above diagram can be described as follows: The asset impairment test is initiated through estimating its recoverable amount or of the CGU whenever there is any indication that a particular asset is impaired The recoverable amount of goodwill and intangible assets with unpredictable useful lives need to be assessed annually without considering the fact there is an indication of impairment or not In the case of identification of an exceed in the carrying amount of asset over the recoverable amount, the particular asset or CGU is impaired The recoverable amount if an asset can be regarded as the value in use of a particular asset. The value in use is the present value of expected future cash flows to be realized from an asset or a CGU (Collings, 2015). In determining the profit or loss of an asset carried out at cost, the impaired loss is estimated to be expenditure. In the event of impaired asset to be a revalued asset, the loss of impairment is recognized against the previous revaluation gains as directed by the IAS 38 Intangible assets (Zhuang, 2016). The Group is required to provide appropriate disclosure regarding the impairment test and losses realized from impairment. The loss arising from asset impairment in the condition of its previous recognition should be reversed if there is change in estimates on the basis of its recoverable amount was determined. However, this condition is not applicable to goodwill (Impairment accounting the basics of IAS 36 Impairment of Assets, 2011). Evaluating the flexibility management available in the determination of asset impairments The Myer Holdings Ltd has adequately followed and adopted AASB 136 standard for determine the asset impairment as annoyed from its annual report. The Group has carried out the asset impairment test through the use of appropriate technique and models. The management annually reviews the carrying value if assets and level of future cash flows for identifying the existence of any impaired asset for each of its CGUs. The management incorporates the use of discounted cash flow model for estimating the asset recoverable amount in the condition of identification of any indication regarding the asset impairment. The management undertakes the sensitivity analysis of the key assumptions used in the model for identifying whether the asset impairment ahs occurred or not. Also, it the asset does not generate cash inflows, its recoverable amount is determined for the CGU to which it belongs by the management. Thus, it can be stated that management of Myer is very flexible in incorporating the requ ired methods and procedures for carrying out asset impairment test (Everingham and Kana, 2008). Conclusion Thus, it can be stated from the overall analysis of asset impairment test of Myer Holdings Ltd that impairment of assets is an not a major issue requiring to be address for the firm in the currents scenario. However, the firm is required to conduct asset impairment test at regular intervals for identifying whether there is an impaired asset. References Bond, D., Govendir, B. and Wells, P., 2016. An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136. Accounting Finance 56(1), pp.259-288. Collings, S. 2015. Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015. John Wiley Sons. Everingham, G. and Kana, S. 2008. Corporate Reporting: 8th Edition. Juta and Company Ltd. Hussey, R. 2010. Fundamentals of International Financial Accounting and Reporting. World Scientific Publishing Company. Impairment accounting the basics of IAS 36 Impairment of Assets. 2011. [Online]. Available at: https://www.ey.com/Publication/vwLUAssets/Impairment_accounting_the_basics_of_IAS_36_Impairment_of_Assets/$FILE/Impairment_accounting_IAS_36.pdf [Accessed on: 26 August, 2017]. Myer Holdings Limited 2016 Annual Report. 2016. [Online]. Available at: https://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5gb1cgA/file/Myer_Annual_Report_2016.pdf [Accessed on: 26 August, 2017]. Zhuang, Z., 2016. Discussion of An evaluation of asset impairments by Australian firms and whether they were impacted by AASB 136. Accounting Finance 56(1), pp.289-294.

Occupation Investigation On Becoming A Police Officer Essays

Occupation Investigation on becoming a Police Officer I respect police officers; I always have and always will. I have always looked up to and wanted to become part of the RCMP. The position of representing the law would bring out my pride to large extents that not even I could imagine. Police officers help to protect citizens and their property, maintain public peace, prevent and detect crime. They apprehend those who break the law, process court requirements, handle traffic problems, enforce regulations, and act as agents of social change within the community to promote safer neighborhoods. In their daily work, police officers perform many duties ranging from enforcing the law and apprehending criminals, to controlling traffic and arbitrating domestic disputes. Police work does not always involve a physical act of protection or the apprehension of a lawbreaker. It also involves activities such as crime prevention activities, helping victims of crime, working with community groups to identify and solve policing problems of mutual conce rn. To add to that police officers will participate in forensic investigations, administrative work (lots and lots of paper work), and court appearances. Police officers make a "well above average" salary. Just a starting salary for a diploma program graduate averages about $19,000 a year (in 1998). However, according to the 1996 census, most Albertans in the "Police officers (Except Commissioned)" occupational group earned from $50,000 to $60,000 a year. These figures include special rates of pay for statutory holidays, overtime and court appearances during off duty hours, and pay differential for evening and night duty. Many Police Officers may work a regular five-day, forty ? hour week or a compacted (four?day) work week with twelve-hour shifts. Since police protection is a necessity one hundred percent of the time, there are better shifts to work than there are others. Officers will work in and outdoors, in all kinds of weather, and may be required to stand or walk for hours at a time. They may even have to ride in their care for an entire shift. At times, they have to use force and may have to be required to lift twenty-five kilograms in an emergency situation. A police officer is usually under constant strain. Normally working in dangerous situations (normally life threatening). They deal with domestic and public disputes, arresting lawbreakers or pursuing speeding motorists. To fill such a position you need some good personal characteristics. It would include honesty, integrity, good judgement, patients, intelligence, good observation skills and basic good humor are essential in this occupation . A police officer also needs to be physically fit, emotionally stable and responsible, able to work with all kinds of people in a variety of situations, able to use their own initiative with minimum supervision, and should be very good at working as part of a team. Because that is exactly what the RCMP is all about. A team effort in trying to protect the people. The requirements involved in becoming part of the team can vary. If you compare what you need to become a police officer to anything else that requires an education it seems minimal. This surprised me when I first read up on it. The basic requirements include a high school diploma or a related post- secondary diploma (or have no stated minimum education requirement). Someone trying to become part of the RCMP would also need some good character references. In addition, they will need Canadian citizenship or lawful admittance to Canada for permanent residence. This person also requires good typing skills, valid driver's license, and a valid first aid and cardiopulmonary resuscitation (CPR) certificates. The minimum application age varies from 18 to 21 years depending on the particular police service. However, the average age of new recruits is generally 26 to 27 years of age. Related post-secondary education, the ability to speak a second language and knowledge of Alberta's multi-cultu ral and volunteer communities are definite assets. It would prove to be true after all this intense training and getting educated on the matter that being a cop is truly earned by an individual. It would have to be in somebody's heart to become part of the RCMP. The desire would have to be a number one priority because you have

Child Labor in Overseas Manufacturers essays

Child Labor in Overseas Manufacturers essays The issue of whether overseas manufacturers of U.S. products employ child labor in their factories is of great importance to marketing departments not only because the practice is abhorrent but because when exposed, such practices reflect negatively on both the company's management While most consumers around the world agree that they do not want the merchandise they purchase produced by child laborers who are underpaid and working under harsh or otherwise unacceptable conditions, companies who find that they have directly or indirectly used such child laborers can find it a difficult problem to manage. McDonald's found this out after charges that the give-away toys they use to market their "Happy Meals" to children were created by child laborers in China working under near-slavery conditions (AP, 2000). McDonald's argued that they did not know child laborers were used. They had contracted with a supplier by the name of "Simon Marketing, Ltd.," located in Hong Kong. This company passed the tasks on to "Pleasure Tech Holdings," who gave the work to "City Toys, Ltd." in mainland China (AP, 2000). When City Toys was located, underage workers explained how they got false identification documents so they could lie about their age credibly. When this information surfaced, McDonald's explained that they followed a strict code regarding child labor and that they periodically executed unannounced site inspections at the factories supplying them with manufactured goods (AP, 2000). However, many did not find this a credible explanation, because an inspection at neither Simon Marketing, Ltd. nor Pleasure Tech Holdings would have shown any manufacturing, and reporters visiting City Toys had no trouble ferreting out the problem. Toy manufacture is not the only area where third world countries sometimes employ child labor. The practice occurs in other industries ...

Google Corporation Challenges in China

Google Corporation Challenges in China The case study of china involving a powerful Google corporation is an interesting social responsibility considering their business mission declaration â€Å"Don’t Be Evil†. The biggest challenge Google has to face is the fact that china offers an enormous profitable market considering its populace. There has to be a dilemma regarding marketing and the legal, cultural or ethical challenges that may be involved.Advertising We will write a custom essay sample on Google Corporation Challenges in China specifically for you for only $16.05 $11/page Learn More Culturally the case has set up a stepping-stone for the human rights activists who seem gagged by the government’s rules and regulations. The government reminds all the companies especially those involved with the transfer of information to the outside world to ensure strict abidance with its rules. The state’s control of the cyber space may have been involved with the threats plac ed by Google forcing them to consider pulling out of its services. According to Google, sophisticated and targeted cyber attacks seem to originate from the Chinese government in their aim to preview emails of human rights activists as a security measure. The aim of the Chinese government is to try to filter some internet contents to maintain a strong grip on power. The attack also hits other companies such as Yahoo and Adobe. The ethical challenge Google has to face entails its decisions during the 2006 search engine launch regarding business undertakings in china, where it agreed the government pronouncement to censor the search engine â€Å"Google.cn†. Arguably, Google played a role in enhancing conditions for the attack by giving in to the rule that encourage bullying of human rights by the government. According to the users in china, by leaving China, Google leaves its clients in a sober mood but equally, it is more painful to learn that it went against its principle of à ¢â‚¬Å"Don’t Be Evil† when it agreed to venture into China on condition of accepting censorship in 2006. The Google top executives (co-founders) Larry Page and Sergey Bin face an uphill task over deciding the way forward. They have to analyse the possibility of bleaching their terms of trade with the Chinese government, which can as well result to legal charges. If their break on the contract concerning the agreement for the government to monitor content causes internal security risks, then legal settlement regarding the matter might be inevitable. The legal risk involves braking China’s sophisticated network used to monitor and limit information through the fight for human rights of expression. (U.S. Department of State, 2010)Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As the saying goes, one’s man meat is another’s poison†. The agony G oogle managers’ faces in today’s global market has triggered their rival’s â€Å"Baidu† speculation of the move as a hypocritical and financially driven. According to the market research companies, financially they dismiss the move claiming Google’s failure to capture the market with an estimate of 15-30 percent of the users compared to the rival’s 70 percent. Arguably, Google may be aiming at a long-term strategy, where their opportunity lost will be the short-term revenue loss in China and the opportunity cost would be better and higher market penetration than the current situation. They would not wish to lose client’s trust totally, because the future endeavours to dominate the search and mail services. Their move therefore entails gaining people’s trust regarding mails, calls, storage of documents, pictures and other files as well as the web search services. The financial disaster can only be catalysed by lose of trust and not the short-term back off to strategize. A well-calculated move is the ultimate benefit. Considering the public snub of the Chinese authorities, Google risks other key U.S. companies and the government partnership in other business involvements in China. China is a potential exporter of a wide range of manufactured good for the U.S. consumers. References U.S. Department of State, Bureau of East Asian and Pacific Affairs, â€Å"Background Note: China,† Retrieved from https://www.state.gov/u-s-relations-with-china/

HISTORY Research Paper Example | Topics and Well Written Essays - 1000 words

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MGR #7 Essay Example | Topics and Well Written Essays - 250 words

MGR #7 - Essay Example It is evident that grace contributes to transforming us from our presumed commitment to God to a condition of delight as emphasized by Joanne. Additionally, the idea that grace is at the disposal of man to utilize in establishing a relationship with God was quite liberal. The author stresses on the use of human abilities in altering their ways. According to how the author presented her thoughts, it is noted that her book reflects her aspirations for others to reform their insights into Gods grace. She aspires that people use their abilities to change their ways God. Grace is a property of the Supreme Being demonstrated in the salvation of sinners. The Christian expectations often hold that there is an action in the relationship that exists between God and people in a way that must be seen through supernatural understandings. As much as grace is available for optional use by whoever wishes, the framework jeopardizes the salvation process as it makes Christians continuously lag behind in their spiritual

American Dream Essay Example for Free

American Dream Essay In the literatures we have read this semester all of the characters have a dream that consists of a plan and multiple goals that sum up to the American Dream, however, there have been obstacles that sometimes hinder these American dreams. These obstacles range from internal conflict to society itself. The question is if it is possible for these characters to struggle with obstacles and overcome them to reach their dream? In â€Å"Step Children of a Nation† Isabel Gonzalez explains how the probabilities for Mexican-Americans in America during the mid 20th century for achieving the American Dream were very slim due to the obstacles that were presented by society (Gonzalez 162). Pedro Pietri details in the â€Å"Puerto Rican Obituary† the personal struggles endured by five Puerto Ricans in New York while attempting to achieve the American Dream (Pietri 212). We have no choice but to accept the standard of the United States and act in accordance with the society expectations as we see Ysreal do in Junot Diaz’ â€Å"No Face† (Diaz 417). Each character in these texts has the opportunity of success and only those who are willing to make a persistent and consistent effort will be able to achieve their dream despite their own personal struggles and the obstacles presented by society. Even though there are many obstacles to achieving this dream, it isn’t impossible for it to become a reality. The Mexican-Americans in Step Children of a nation lacked the ambition needed to achieve the American Dream. The most difficult obstacles to overcome are those presented by society. Isabel Gonzalez states what life was like for Mexican Americans trying to achieve the American Dream in the mid 20th century under poor living conditions and economic exploitation. These characters acculturated to the American lifestyle and the non citizens had the desire to become citizens. In fact they supported World War II (Leal) and Gonzalez noted that: It is a well known fact that the number of war casualties among the Mexican-American soldiers was very high in proportion to the population (Gonzalez , 163). But even after this the Anglo-Saxon society continued to discriminate and pursue segregation from their society. The Mexicans were forced to live in slums. During this time the homes these people lived in were hardly fit for animals and had no repairs in years but yet brought in income from Mexicans far beyond the value of the homes (Gonzalez , 165). They arrived in the United States believing a promise of personal economic growth (Aguilar), but instead came to live in substandard conditions with the hope of a better future for their children. Gonzalez states that industries have succeeded in keeping the Mexican the most underpaid and most oppressed worker so that they will always have a surplus of cheap labor (Gonzalez , 167). This economic exploitation caused the children to also have substandard education and health. These situations forced some of the characters to keep quiet due to fear of deportation and the reality of achieving the American Dream nearly impossible. But if these characters wouldn’t have overlooked the possibility of change and set aside their fear they would have been so much closer to achieving the American Dream. Another obstacle the characters from the texts we reviewed in class had to overcome was their own personal oppressions. In â€Å"Puerto Rican Obituary†, Pietri talks about 5 characters: Juan/ Miguel/ Milagros/ Olga/ Manuel and their daily struggles as a Nuyorican (Monthly Review Foundation) who didn’t accept the standards of the United States. These Nuyoricans were motivated to immigrate to this country by the American dream which turned into a nightmare presented as death. They were divided between two cultures and two languages. Juan/ Miguel/ Milagros/ Olga/ Manuel are attempting to live as a â€Å"gringo†. Their unfortunate situation is that as they attempt to leave behind their language they are also leaving behind their identity (Brook). And as they realize this they are torn between the dream and the nightmare. They feel overworked and underpaid. All died/ dreaming about america/ waking them up in the middle of the night/ screaming: Mira Mira/ your name is on the winning lottery ticket/ for one hundred thousand dollars (Pietri 36-41) The characters in this text believed they can achieve the American Dream by something simpler like winning the lottery. But by believing this almost impossible wish their dream becomes a nightmare which is reflected as their death. They dream of belonging to a community of â€Å"clean-cut lily-white neighborhood/ Puerto Ricanless scenes† and being â€Å"the first spics on the block† where â€Å"gringos want them lynched† (215). By not being able to accomplish this dream the â€Å"puertorriquenos† find themselves shut out of America’s economic opportunities and lifestyle, and realize that they are unemployed, living on welfare, bitter, and degraded. This situation leads to the death of their American dream along with their dignity; therefore the characters in this text do not achieve the American dream. Ysrael is a child with a disfigured face who knows all too well the difference between the nightmare and dream. He is a child that has accepted the fact that he has to wear a mask in public to be accepted in his community. He compares himself to Kaliman. Ysrael’s superpower is the power of INVISBILITY (Diaz , 418). He dreams of escaping Dominican Republic and going â€Å"up north† and has hopes that the doctor will fix him. In the end of the story Ysrael has to make sure to wear his mask when his father comes out but doesn’t have to worry when he’s around his mother. All of this symbolizes the life of an immigrant attempting to achieve the American Dream (Alford). Ysreal’s disfigured face is the life the immigrants have in their country of origin. The surgery that the doctor and the priest promise is the American Dream. The mask is the sacrifices the immigrants make by acculturating to the American society. The superpower of invisibility represents how people are obligated to put themselves out of sight from society when they do not act according to society’s expectations. When Diaz mentions that Ysrael wants to go â€Å"up north† he is referring to the United States. Also the father is stands for the American culture (where Ysrael always has to wear his mask) and the mother represents his own culture or his identity. The boys who throw rocks at him and the cleaning lady represent the obstacles the immigrants must surpass to achieve their dream. In this text Ysrael does achieve the American Dream because he has accepted the fact that he has to wear his mask in front of his father and when he goes out in public. But at the same time he does not lose his identify because those who are around him remind him of how his face became disfigured over and over again (Diaz , 419). Pietri talks about all the obstacles the characters face while attempting to achieve the American dream but if Juan/ Miguel/ Milagros/ Olga/ Manuel would have accepted the standards of society in the United States or if the Mexicans in â€Å"Step Children of a Nation† would have been more ambitious like Ysrael in â€Å"No Face† their nightmare could have converted back to the dream they immigrated to the United States for. So to answer the question if is possible for these characters to struggle with obstacles and overcome them to reach their dream the answer is only if they were all as ambitious, persistent, and committed as Ysrael. The character Ysrael did not let his disfigured face or his father hold him back from achieving his dream. Ysrael had people yell out to him â€Å"No Face† but yet he continues his path to his set goal. He was determined to be persistent and consistent in pursuing his dream. Works Cited Aguilar, Mario E. From Immigrant Ousiders to Indigenous Tribal National Identities. Web. 09 June 2011. Alford, William. Junot Diazs Drown Sex, Race and Power. 10 Feb 2005. Web. 08 June 2011. Brook, Elizabeth. Nuyroican Newness. 2010 11 May. Web. 08 June 2011. Diaz, Junot. No Face. Herencia: The Anthology of Hispanic Literature of the United States. Ed. Nicolas Kanellos. New York: Oxford Press, 2002. 417-420. Print. Gonzalez, Isabel. Step Children of a Nation. Herencia: The Anthology of Hispanic Literature of the United States. Ed. Nicolas Kanellos. New York: Oxford Press, 2002. 162-170. Print. Leal, David A. American Public Opinion. October 2005. webspace. utexas. edu. Web. 08 June 2011. Monthly Review Foundation. Monthly Review: Puerto Rican Obituary. 01 June 2004. Web. 08 June 2011. Pietri, Pedro. Puerto Rican Obituary. Herencia: The Anthology of Hispanic Literature of the United States. Ed. Nicolas Kanellos. New York: Oxford Press, 2002. 212-220. Print.