Evaluating Organisation Values and Structure

Evaluating Organisation Values and Structure Organization culture can be defined as a functional element of a business that comprise of organizational values, experiences and beliefs and the cultural norms of the organization. The specific collection of these values and attributes are shared by the employees within an organization and are controlled according to the level of interaction between them. The main protectors of organizational cultures are the employees within the organization and the stakeholders outside the organization. Thus this report discusses the key aspects of organizational culture and behaviour and also covers basic theories related to organizational management. Organizational values can be attributed to the beliefs and ideas of the individuals within the organizations regarding the strategic goals. The organizational values are conveyed right from the top of the organizational pyramid to the bottom. As far as organizational culture is concerned, there are various factors comprising of the organizational culture. These factors include employees, creation of values, growth, commitment, motivation and future emphasis. Organizational values and culture influences the kind of behaviour individuals carry within a work place. Thus these are the basic concept regarding organizational culture and values. It is a well known fact that an organization cannot succeed without a sound organizational culture and positive behaviour of the individuals comprising the organization. There are various factors that influence the behaviour of individuals and are an important part of the organizational culture. All these phenomenons and other activities such as coordination, task allocations which are collectively directed towards achieving the organizational objectives consist of the organizational structure. Most of the organizations have organization structures comprising of the clustered entities. The structure of an organization depends of its objectives and the strategies which are formulated to achieve these objectives. Organizational structure enables giving responsibilities for different business operations to various business entities such as department, workgroup or team, individuals and many more. If an organization doesnt have a sound structure, there are chances that it might face difficulties in achieving its objectives. We shall now discuss organizational structure and culture in more detail. Organizations witness different cultures because they consist of different types of individuals. The culture within an organization has direct implications on its performance and also reflects its values and beliefs. If there is no alignment between the organizational culture and the companys business strategies, the company will struggle to work with full potential and satisfy the objectives of its stakeholders. There are many types of organizational cultures as suggested by various academic scholars. First of all, there can be Collaborate organizational culture which is found where the workplace is open and friendly and employees share lot of things among themselves. Next is the Create culture wherein the workplace is dynamic, entrepreneurial and innovative and experimentation is considered to be the driving factor for development. Then we have the Control culture wherein the organization is very structured and formal and employee behaviour is governed by the set rules and procedur es. Finally, we have Competitive culture which is observed in the results seeking organizations with employees being highly competitive, goal-oriented and productive. Thus these are different types of organizational cultures which have direct or indirect effects of business performance. The main factor of organizational structure and culture that drives the performance is leadership. Leadership is characterized by the focus on internal business environment, organizational effectiveness and business results. Thus all the organizations thrive to create a sustainable and robust culture that ensures future viability of the business and enhanced performance. Figure 1 explains the main factors of organizational culture and its impact on performance. Figure1: Organizational Culture and Performance Factors influencing Individual behaviour Individual behaviour within a workplace is influenced by various factors such as emotions, culture, persuasion, values, norms, ethics and personal attitudes. The main factor influencing human behaviour is the work environment and organizational culture. For example, if an employee is highly motivates within a workplace, he/she would develop a positive approach towards work and the productivity will increase along with the profits. On the other hand, if an individual faces issues such as ignorance, demoralization, corruption and unethical behaviour, this will have a negative impact of the individuals behaviour. Moreover the individuals abilities and skills, perception and personality also help in determining his/her behaviour within an organization. Thus there are the main factors that affect an individuals behaviour within an organization. Organizational Theories There are various organizational theories in academic literature using which the organizations survive in the competitive market. The foremost organizational theory is the contingency theory which suggests that whenever the company management takes important decision, they should consider all the aspects of the companys current performance and act accordingly. Next is the systems theory which considers the organizations in a broader perspective and helps in interpreting the market and anticipating the needs of customers. Then we have the scientific management theory which helps in accurate measurement and monitoring of organizational tasks and also the strategies developed in order to achieve these goals. Finally there is the human relations theory which supports the idea of trade unions and government regulations. According to this theory, more emphasis is given to employees and their potential in the organization. The main culture and subculture within an organization plays an important role in the company and is also vital for its success or failure. Thus these are the basic organizational theories that play a significant role in organizational management. These theories help in every aspect of organizational management as they help is management operations such as sales forecast, performance monitoring, decision making, enhancing the business networks and so on. Thus we shall now discuss about management theories and organizational culture of two organizations namely Google and Microsoft. Google have very different and unique approaches towards management. The main management approach of Google is effective employee handling and motivation by providing a wonderful experience at work. All Google employees are called as Googlers and the whole organizational culture of Google is very unique. For example, employees have the liberty to comment on the companys strategies or give suggestions to the top management personals. The company management principles consider all its employees equally important for the success of the company. Googlers were allowed to carry their pets at workplace, were given free lunch and snacks and other amenities. Thus one can clearly suggest that Googles zero percent employee turnover rate is an excellent testament to its respectable organizational culture. Moving onto Microsoft, managers here are described as Mentors and employees as Pupils. Mentors in Microsoft carry high profile with a wealth of knowledge and experience whereas pupils are encouraged to be hard-working and enthusiastic to take risks. Microsoft has been successful over the years by using a sound organizational structure. The company is managed by 10 Board of Directors who are elected every year. The company is sub-categorized into various teams that handle critical aspects of business. All the employees of Microsoft share the same values and beliefs and the expectations they have from the company. These shared views affect the companys performance, decision making and also team performance. Employees are allowed to grow within the company as a part of the strong organizational culture Microsoft has. Thus over the years, Microsoft has successfully used its organizational culture and resources in order to achieve its business objectives. Thus these are the different approaches towards management of two organizations namely Google and Microsoft. There is one thing common between the two companies as far as the role of technology in organizational culture is concerned. Both the companies are equipped with latest technological gadgets that make it easy for them to give good performance, analyze markets, anticipate future forecasts and many more. One can clearly comment that indeed the organizational culture and sound approaches towards organizational management are the basic elements needed by the organization to have an edge over its rivals. Thus we shall now discuss about various leadership styles and their effectiveness in leadership approaches. Importance of different leadership styles Leadership style can be defined as the effective behaviour of leaders towards achieving team objectives and management of the team. It can also be considered as the way of giving direction to others, implementing strategies and motivating individuals. There are numerous leadership styles discussed in the academic history. We shall now discuss about different leadership styles and their importance in organizational performance. The first is autocratic style where all the decision making authority lies with the leader. Here the leader doesnt pay much attention to the suggestions given to him/her and all the initiatives taken are the leaders responsibility. The only advantage here is that the leader possesses extreme wealth of knowledge and experience which is used to achieve organizational goals. Next is the Participative style wherein the leader consults his/her group of team before making decisions. This is very advantageous as far as team performance is concerned. This style also he lps members of the team to self motivate by taking active part in team discussions. Democratic leadership style ensures that the leader takes the final decision but consults a couple of individuals regarding the decision making process. This leadership style is a sign of strength as it helps in earning the respect from employees. Finally we have the free reign leadership style, wherein employees are allowed to take their own decisions. However the responsibility of the decision lies on the leaders shoulder but this helps the employees to analyze situations and determine the strategies. Here the tasks are generally completed based on the priority factor of an individual task. Thus these are some of the leadership styles that the leaders in real world carry with themselves in order to complete tasks or achieve organizational goals. There are various factors that influence the different leadership styles within the organization. These include available time, responsibility, and possession of information, knowledge of employees, internal conflicts, and stress levels, type of objectives and finally the rules and regulations of the organization. All these factors highly influence the leadership styles in a way that there is lot of uncertainty that same style would be used for the whole process of achieving organizational objectives. Thus these are the main issues regarding different leadership styles and their effectiveness. Motivation Theories In order to discuss the application of motivational theories within a workplace, we shall first discuss about different types motivational theories. The first is the incentive theory wherein a tangible or an intangible reward or benefit is given to the employee after completion of a particular task or exceptional services. According to this theory, the reward given to the employee will motivate him/her to continue giving exceptional service to the organization and develop positive attitude towards work. Next is the need motivational theory suggesting that the needs and wants of a human being reflect the type of performance given by them. The fulfilment of one need motivates individuals to work harder in order to fulfil the next need or a want. Over the years, there has been very strong relationship between the motivation theories and management practices in organizations. Motivation theories are the driving factors that positively influence the performance of individuals and hence the company. On the other hand, management theories cover effective administration as well as the business. Both these theories are interrelated and work together. For example, a manager motivates an employee by giving certain benefits or rewards for hard work and as a result the productivity of the employee goes up and so does the profits of the company. In this case, the manager applied motivation theory and the whole process comes under the management theory which includes using relevant resources in order to meet the objectives or get the work done. Moreover, if a sound motivation theory is not applied then the overall process of management has chances of not meeting the expected outcomes. Thus one can clearly suggest that indeed, the motivat ion theories have sound influence on the management theories within any given organization. Thus we shall now try to evaluate the nature and work behaviour of groups or teams and also discuss the factors that lead to their failure or effectiveness. Team effectiveness and failure A very common practice observed within many organizations is the formation and working in teams. Working in team enables completion of goals with team efforts and condensing bigger objectives into smaller individual tasks. Teams can be formed within an organization with different departments, rank of employees, based on projects and also based on abilities of individuals. In the case of team efforts, the whole team is responsible for completion of the given task and if one member underperforms then it can affect the performance of the whole team. Thus specific groups are formed in order to complete the given task in a specific manner which a single individual cannot perform. Groups or teams have different natures or behaviours which influence their performance. The team or group can be ambitious, enthusiastic, hard-working, motivated, inexperienced, disorganized and many more. All these factors directly or indirectly lead to the team effectiveness or failure. The factors or behaviour of the team that leads to its effectiveness are high morale, motivation, energetic, high experience, well coordinated and hard working. For example, if a team has these factors then it can easily coordinate and work hard collectively in order to achieve team goals. On the other hand, factors such as individual concerns, lack of coordination, dissatisfaction among members, over ambitious leader, low morale and lack of experience can lead to the team failure within an organization. For example, if a team has less experience and coordination among team members, then it is obvious that the performance cannot be enhanced and thus leading to the team failure. Thus these are the main factors that affect the whole performance of the team and which lead to the team effectiveness or failure. We shall now analyze the role of technology on team functioning within an organization. Impact of Technology on Team Functioning In todays world, almost all the businesses are loaded with technology and make the full use of technological equipments in order to run their administration tasks. Technologies such as e-mails, mobile phones, Blackberry, groupware, computers and laptops have played significant role in improving team performance. For example, if team members are not at a same place, they can still have a communication via the e-mail. Mobile phones have brought a big revolution in the world of technology which helps team members when they are out of the office, on the road or otherwise unavailable. Groupware helps the team members to plan important meetings and collaborate in a virtual environment which can be accessed from all parts of the world. Finally computers and laptops allow team members to use internet and perform various business tasks very easily. Thus these are the main factors that have a deep impact on the team functioning. There are so many other technological factors that influence the team performance. For example, there has been extensive advancement in the technological gadgets such as video conferencing, web cam, fax, printers, scanners and many more have direct or indirect influence on team functioning. As far as information technology is concerned, it helps the team to perform back-end operations such as monitoring sales forecast, managing customer database, conducting business through websites, using various software and many more. Information technology plays a vital role in todays organizations and is the determining factor for the success or failure of the organization. The development of information technology over the years is showing no signs of slowing down. A region-wide Wi-Fi and nanotechnology are the latest inventions that boost all the aspects of business functionalities. Thus these are the main impacts of technology on the team as wells as business functioning. Conclusion Thus one can clearly suggest from all the above discussions that indeed a sound organizational culture and organizational structure plays the determining factor for the success or failure of the organization. In this competitive business environment, all the companies are constantly trying to improve their organizational culture so that they can have an edge over their competitors. Employees are a very important aspect of organizational culture and thus there are various factors that influence individual behaviour at the workplace. Thus these organizational theories underpin all the basic principles of management. The example of Google and Microsoft explained that how a sound organizational culture helped the companies to progress toward their desired goals. An organization consists of various individuals and these individuals can work together forming various teams among themselves. As we have seen, there are many factors that affect the team performance and thus a positive organizational culture will always have a positive impact on the team performance. Finally, the use of technology in recent years has been the driving factor in the effective working of a team or an individual or a company.

Howard Zinn Chapter One

Columbus has always been portrayed as an enlightened, peaceful explorer who â€Å"discovered† a new world, and became friends with the native people. Howard Zinn’s view on Columbus’s encounter with the natives is an entirely different perspective. Zinn describes Columbus as a man who is willing to torture and kill others to be able to accomplish what he wants; in this case he wanted to obtain gold and other resources to take back with him to Spain.When Columbus and his men arrived to the islands, he noticed that the natives were generous, and accommodating because they willingly traded everything they owned and brought them such things like: food, water, and gifts. Since the beginning the natives offered all of their hospitality to Columbus and his men. Columbus believed that the natives were ignorant because they had no weapons for self defense; when he showed them a sword, they had no idea how to use it and ended up cutting themselves.Columbus was more than cer tain, that he could take control over the natives, and captivate them as slaves. In his writing he wrote, â€Å"They would make fine servants†¦. With fifty men we could subjugate them all and make them do whatever we want. † (Zinn, 3) This attitude leaded to enslavement, feeling superior, and genocide by Columbus and his men towards the natives. Columbus had persuaded the king and queen of Spain to finance an expedition to the lands, and the wealth; he expected to be at the Indies and Asia.Columbus would receive ten percent of all the goods collected, governorship over new-found lands, and the fame that would go with a new title: Admiral of the Ocean Sea. Columbus believed the natives could lead him and his men to where the gold was, to be able to take it back to the King and Queen so he took many of them as prisoners on his ship. He also wanted to take them back to Spain as slaves and be able to make them do whatever they wanted them to do. Columbus took advantage of th e ignorance of the natives, and made them do hard labor for him and his men.Columbus believed that there were huge fields of gold, in the province of Cicao on Haiti. He became desperate to pay the dues back to the king and queen, so he order every native older than fourteen to collect a certain quantity of gold by three months. Once they had collected the amount, they would receive a copper to put around their neck, those without it had their hands cut off and bled to death. Many felt it was impossible to do this, and tried escaping but were always found and killed.When it was finally clear that there was no gold left, they took them all as slave labor to huge estates which are called encomiendas. Columbus’s big plan for Hispaniola since the beginning was to take advantage of the natives and take their land, and the gold he believed was located there. He built the first fort in the Western Hemisphere, and left some of his men to find and store gold there. Columbus had to ask for a little more help from their majesties, he convinced them by saying he would take them â€Å"as much gold as they need †¦ nd as many slaves as they ask† (Zinn,6 ) Columbus’s plans affected the natives, in many ways; first of all they were going to lose their land, and also they were going to be taken captive for slave labor. Howard Zinn not only introduced a new perspective on Christopher Columbus, but he changed the way I viewed things. I never knew how much killings, and torture was put upon the natives in the searching of the â€Å"New World†. I learned how the hero I thought Columbus was, in reality was more like a villain. He didn’t care what he had to do as long as he got what he wanted, even if it dealt with murders and torturing the natives.

Banking System Of Greece Example For Free - Free Essay Example

Sample details Pages: 12 Words: 3522 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Tags: Banking Essay Did you like this example? The Central Bank of Greece is called the Bank of Greece. Its head quarter is in Athens. It is established in 1927. Don’t waste time! Our writers will create an original "Banking System Of Greece Example For Free" essay for you Create order It is preceded by National Bank of Greece (1928) and succeeded by European Central Bank (2001). The Bank of Greece is still exists but most of the functions are performed by the ECB.The bank has 18 branches, 38 agencies and 8 outlets. The responsibilities of this bank are to implement the Euro systems monitory policy and also safe its own country financial system. In other primary objectives the stability of general price level. It also supports the general policy of the government. It has institutional, personal and operational independency. It is under the super vision of Greece Parliament. The Bank of Greece has more than 3000 employees. It also supervises the other all private banks in all over the country. The other function of it is to act as the treasurer and fiscal agent for the Greek  government. Its Euro Banknote code is Y. Bank of Greece also sells  Gold sovereigns. Bank of Greece Division of tasks is as follows: Euro system-Related Tasks Monetary policy Foreign exchange and reserve assets Payment and settlement systems Financial stability Statistics Banknotes and coins Other Tasks of the Bank of Greece Supervision Payment and securities settlement system Reserve assets Treasurer and fiscal agent of the government Statistics Research and publications Administration and Management There are governor and deputy governors who manage all the functions of the bank. Governor Georgios A. Provopoulos is the governor of the bank with effect from June 20, 2008 who manages the bank operation with the following deputy governors. The Governor is the chief officer of the bank and is appointed by the government. He supervises monitory policy. Deputy Governors Panagiotis Aristidis Thomopoulos and Nikolaos D. Paleocrassas are the deputy governor of the Central Bank of Greece. The deputy governor is the second in line officer of the bank. Main role of the deputy governor is administration. Eleni Dendrinou-Louri: June 15, 2008 present. Ioannis M. Papadakis: March 3, 2009 present. 160px-2003_Greece_200_Euro_75_anniversary_of_Bank_of_Greece_back Organization Chart Organisation Chart for Bank of Greece Commercial Banks These are the second type of financial institutions in the Greece Economy. Likes the commercial banks they are the deposit institutions in both commercial and industrial sector. They perform lending operations. They recently expand their working area to provide banking services at a wide range of whole sellers and retailers. They give loans in different types like: Commercial Industrial Consumers Mortgage credit The different functions which are performed by these banks: Issuance of credit cards Travelers checks Buy and sell foreign exchange Issuance of letter of credit They directly engage in securities underwriting. They also give foreign securities, own mutual funds and brokerage services through their subsidiaries. The commercial banks which are operating in Greek, they include both domestic and foreign institutions. The institutions of such type are increasing constantly in the Greek. The strength of these banks In Greece in1992 was twenty t wo Greek banks and eighteen foreign banks in operation. The foreign banks control 10 percent of the assets and deposits in the Greek banking market. All these operations are done by the foreign banks locally established branches. In all the Greek banks the Central Bank of Greece is the largest institution. In 1991it was controlling 29 percent of banking assets and 37 percent of deposits. The largest foreign bank in all other foreign banks is the Citibank. It is New York based. This bank in 1991 controlled the one fourth of the assets and one third one the deposits held by the foreign banks in Greece. The major assets of the commercial banks include the credits and loans to the private sector. In the end of 1980s the portfolio of the banks has been changed due to the heavy borrowing requirement of the state. The assets proportion of the banks is as follows in which one third are made up of government securities. It is equal to the share devoted to the loans and securities. Due to private deposits the liability of the commercial banks continued. Since 1987 the Greek Banking has completely adopt the liberalization. Interest rates are set now according to the market conditions. There no restriction on entry into banking. Foreign exchange transactions along with capital movement have been deregulated. Quality control on credit has been long abolished. During the implementation stage in 1995 the EU (European Union) directives on the freedom of bank establishment among the members country. It is all about providing the free financial services across the borders and standards of capital adequacy should be common. Now the banking in Greece is becoming most modern and very competitive business. Major Commercial Banks The major Commercial Banks in the Greece are as follows: Proton Bank T Bank Alpha Bank ATE bank Attica Bank Bank of Cyprus Citibank EFG Euro bank Ergasias Emporiki Bank First Business Bank Geniki Bank Hellenic Bank HSBC HypoVereinsbank Marfin Egnatia Bank Millennium Bank National Bank of Greece Piraeus Bank Probank TT Hellenic Postbank Specialized Credit Institutions Specialized credit institutions are the third type of institutions in the Greece Banking system. The examples of such institutions are as follows: Investment Banks Agriculture Bank of Greece Mortgage Banks Postal Saving Banks The functions of these banks to provide and offer credit in their particular areas. This is their traditional role. But now banking liberalization and enforcement of European policies that banking market should be unfiled and the specialized institutions should vast their operations rather than in designated areas. To determine the specialization in 1990s in a specific area it is determined by the market condition not by the legislative constraint. Agriculture Bank is the major example of this change. This Bank was strictly legally restricted to granting agriculture loan. As a result its distribution is turned into monopolized. After a year in1991 the Agriculture Bank is converted into a full-fledged commercial bank and when this process i s taken placed at the same time other commercial banks also have a permission to grant agriculture loans. The same conversion occurred with mortgage and investment banks. Most of the credit institutions in Greece are directly or indirectly controlled by the government. The example of this is the Industrial Development Bank of the Greece. It is 100 percent owned by the government. The two largest main commercial banks, one of which is the National Bank and other is the Commercial Bank of Greece, these are held by the employees pension fund and have been managed by the state. The legislation changes have been made by the state recently seeks to moderate by giving a degree of self-management to employee pension fund. The shares are now traded on the stock exchange. National Bank of Greek and Commercial Bank of Greek owned the medium-size lonian Bank of Greek. This is a small subsidiary bank. The Greek Financial Intermediaries (a) Credit institutions Commercial banks Specialized credit institution Corporative banks (b) Credit companies (c) Financial institutions Factoring companies Leasing companies Credit card issuers Exchange bureaus Money transfer mediation companies (d) Market intermediaries providing investment services On a collective basis (mutual fund management companies and investment fund management companies). On an individual basis (investment firms) Financial Markets The financial sectors importance in Greece surpasses its proportional contribution to the countrys GDP, which in 1990 stood at about 3 percent. Besides its traditional functions in collecting savings and reallocating them by lending, the financial system in Greece, as in many advanced countries, has begun to perform a variety of other services such as underwriting new security issues, corporate services for acquisitions and restructuring, wealth and portfolio management, and leasing. In the early 1990s, the capital market for securities also has grown quickly, and the volume and frequency of transactions on the Athens Stock Exchange have multiplied. The following financial markets are present in the Greece. Athens Stock Exchange The Athens Stock Exchange is named as ASE or ATHEX it is located in Athens Greek. Its start its function from 1876. It is the subsidiary of the Hellenic exchange. Another market in1999 starts its trading which is called Athens Derivative exchange. In 2002 both the companies were merged to form Athens Stock Exchange. At 2007 it was located in Psiris on Sofocleous Street. Now a days its new headquarter is in Kavalas Street. The Athens Stock Exchange (ASE) work under the supervision of Capital Market Commission (CMC). It is primarily responsible for the protection of investors. The Athens Stock Exchange (ASE) has also adopted important changes about modernization and revitalization since 1987. The main institutional changes of the present time are Establishment of a Central Securities Depository Introduction of an automated trading system In 1993 market capitalization of the shares listed was US$13.5 billion, and the total value of market transactions was US$2.8 billion. B etween 1990 and 1993, fifty-seven listings were added, bringing the total number of companies with listed stocks to 150. New capital raised in 1993 through stock issues amounted to US$436 million. Plans call for enhancement of stock-exchange operations by linking of the Athens exchange with peripheral terminals such as Thessaloniki and by encouraging foreign companiesmost notably those in the Balkansto list their shares on the exchange. To make more strengthen the role of the stock exchange and to maintain the banking competition in the mid 1990s government made the policies in the financial area especially for these institutions. The new competition in the banking sector leads to appearance of new products and services. In banking products most dominant is the automatic teller machine (ATM). Due to a safe and easy ay most of the market leaders forced banks to adopt it. For this purpose an initiative has been taken to make an automated interbank clearing and payment system in Gre ek. The large banks of Greek which involve in movement restrictions and clear protection of the currency deflected risky transactions on the drachma that could result in sudden devaluation. Before come into the European Union the currency of the Greece was drachma. Since 1987 the exchange rate of the drachma faces gradual devaluation due to elimination of Greek short term capital. Athens Derivatives the Exchange S.A. (ADEX) The main purpose of the ADEX is the organization and support of trading in the derivatives market, the organization of the trading system as well as any other similar activities. The Athens Derivatives Exchange S.A. (ADEX) and the Athens Derivatives Exchange Clearing House S.A (ADECH) have been established for the organization, operation, and development of the market. The main purpose of ADEX was the organization and support of trading in the derivatives market, the organization of the trading system as well as any similar activity. At the same time, ADECH is to organize the clearing and settlement of transactions concluded on derivative products, and supports such procedures in general. The Capital Market Commission, exercises control and supervision on ADEXs and ADECHs operation, in respect to the adherence to the rules and regulations of the capital market. ADEX, with an initial series of products such as Futures on the FTSE/ASE-20 and FTSE/ASE Mid 40 indices, Futures on the 10-year Hellenic Republic Bond, Options based on the FTSE/ASE-20 and FTSE/ASE Mid 40 indices, Stock Options, Stock Lending, covered an investment need that existed, and became imperative during latest years. The General Assemblies of the Athens Stock Exchange S.A. and the Athens Derivatives Exchange S.A. that were held on July 17th 2002 approved the Draft Merger Agreement of the two companies and the modifications in the Articles of Association of A.E. S.A. The corporate name of the new company is Athens Exchange S.A. The merger of the two companies was approved by the respective General Assemblies within the framework of further rationalization of the parent company Hellenic Exchanges S.A. (HELEX) that owns directly and indirectly 100% of the stocks in both companies. In addition, the merger of ASE and ADEX is in line with the global trend for mergers between stock and derivatives exchanges and is aiming to achieve synergies in the activities of the two, to lower the oper ating costs and to improve the overall coordination of the two markets. The purpose of the new company will be the organization, support and monitoring of transactions related to stocks, derivatives and other financial products, the smooth operation of the market, the protection of investors and other related activities. The qualified personnel of the new company will continue to offer the same high level of services regarding market support as in the past. In general, investors through the use of derivatives can : https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Quickly materialize their investment policies with only one decision, the trading of futures derivatives on the index. This is very important to a global market which exhibits high volatility. https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Participate in bullish markets through the use of margins, where the investor n eeds to have only a fraction of the initial capital and consequently achieve a higher percentage return. https://www.adex.ase.gr/AdexImages/blank.gif https://www.adex.ase.gr/AdexImages/blank.gif Protect their underlying investment in stocks of A.E. S.A., without having to liquidate their position, through the use of static or dynamic hedging strategies. Operational Structure Following are the participant which include in the operation. ADECH:  carries out the clearing by acting as counterparty in all trades that get registered in the derivatives market. ADECH also: (i) calculates all investors obligations that arise from their participation in this market and (ii) defines the margins to be deposited by the participants. Members of ADECH:  represent the end-client on the daily settlement process. They manage the margin accounts of their clients, which are kept in the Margin Bank of their choice. For the purposes of daily settlement members are maintaining settlement accounts in the settlement bank. Custodian banks:  which are approved by ADECH are maintaining all the margin accounts of the clients, where margins have to be deposited. Settlement bank:  chosen by ADECH maintains all the necessary accounts for the daily settlement. CSD:  (Central Securities Depository) maintains all the securities acco unts of the clients and ADECH which are necessary for the daily settlement and margining (when stocks will be accepted for margin purposes). Clients:  must cover all margin requirements and obligations arising from the daily settlement. Clients are considered to be physical and legal entities that can execute trades in the derivatives market. Members of ADECH which are at the same time members of Derivatives Market as market makers are considered to be clients. The Market for Government Securities: The Bank of Greece has developed an electronic secondary securities market (HDAT) and a settlement system (BOGS) for trading and settling Greek government securities in book-entry form. The government security market come into existence as a result of the of the government debt and liberalization of financial sector in the mid 90s. Its was established (OTC) basis. In the market there are two type of participant one are primary dealers and other are the secondary dealers. The task of the primary dealers is to fulfill the requirement of the market with their market making activities. HDATs trading system is electronic. HDAT soon became a successful trading venue. In HDAT Role of the Bank of Greece is important. It acts as a operator and host. As an operator the Governor of the Bank appoints the supervisory committee, this committee has 7 members. IN which 2 from the Bank of Greece, 3 representatives of primary dealers and 2 from secondary dealers. The other role of the committe e is relation with the Hellenic Republics securities. Eight members from the Ministry of finance present in this. Fake government debt is traded on HADT. Government debt securities in all local institutional portfolios are required by law to be marked to market on a daily basis using market prices, as the latter appear in HDATs daily price bulletin. This considerably increases the significance of price formation in HDAT. HDAT is linked electronically and in real-time with information systems such as Telerate, Reuters and Bloomberg. This way, trading information is widely diffused, promoting transparency. HDAT was designed, from the outset, to be a wholesale market reserved for institutional investors. Being a quote-driven market, firm two ways anonymous quotes are always available from the market makers. Market participants can see the best quotes at any time but anonymity remains until a trade is crossed. At that stage, the identity of the counterparties (the buyer and the selle r) is, albeit, only between them. A minimum number of five quotes per issue are set by regulation, and members can see all active quotes posted in the system. Participants enter buy or sell orders when they see a price at which they wish to trade. By specifying the quantity for which they intend to transact, they are also allowed to indicate a price limit up to which they commit themselves if the desired quantity is higher than the one available at the best price. Orders are matched automatically by the system and the transactions are finalized by DVP (Delivery versus Payment). Simultaneous accounting entries (credit/debit) take place as regards the securities-leg the cash-leg of any transaction, a procedure that substantially reduces systemic risk in clearing and settlement. All transactions are settled with a value date of T+3. The price of a security published in the HDAT Bulletin is the best bid price drawn for this security at a random moment during the day, usually towar ds the end of the trading session. HDATs operating hours are from 10 a.m. to 5 p.m., the first 15 minutes being a preparatory period during which market makers prepare their quotes. During this preparatory period, each market maker has access only to his own quotes which are not revealed to the rest of market. Quotation of prices and quantities in HDAT are subject to two main regulatory restrictions: A maximum bid-ask price spread and a minimum quote size. The maximum bid-ask spread was initially set at 50 bps, a level which, at the time, was considered satisfactorily low compared to the levels prevailing in the OTC market (especially when taking into account the fact that the spread widened to 555 bps during the 1997 South-East Asia financial crisis). The achievement of a relatively low spread was sufficiently tested during the next period of turmoil which took place while HDAT was in operation, the 1998 Russian crisis, when the bid-ask spread inevitably widened but only to a maximum of 90 basis points. Since May 2001, the maximum bid-ask spread varies in accordance with the Residual maturity of the security and reaches 15 bps for maturities exceeding 11 years. The maximum bid-ask spread for maturities up to 5 years is 7 bps while for the Maturities from 5 to 11 years are 10 bps. The uniform, i.e. regardless of residual Maturity, maximum spread imposed initially was gradually brought down considerably. It was reduced to 25 bps in December 1999 and subsequently to 20 bps in June 2000, to 15 bps in October 2000 and to 10 bps in January 2001, when the Country joined EMU. Currently, the minimum quote size represents an offer for 10 lots, while any order above the minimum should be a multiple of 1 lot (1 lot = 500,000 Euros). When 13HDAT started its operations, 1 lot was equivalent to one hundred million Greek Drachmas (about 293,000 Euros) and the minimum quote size was 5 lots. Subsequently, the minimum quote size was first doubled to 10 lots and from 1 December 1999 was increased to 20 lots (or a total face value of approximately 5,869,406 Euros). From 2 January 2001, the value was adjusted to the current minimum of 5 million Euros. An order to buy or sell a security includes the price, the size and the time stamp. Price is the first parameter used to determine the best offer. Subsequently, when there are multiple offers at the same price, priority is given to the largest size. Among offers of the same price and size, the best is considered to be the one that has been first posted in the system. HDAT started to operate with 13 primary dealers and 23 secondary dealers, thus a total of 36 market participants, among which 21 were Greek credit and financial institutions and 15 were local branches of foreign banks. The total number of market participants has remained roughly constant over the years. Its composition, nevertheless, has been considerably modified. The number of HDAT members and their classification into primary and secondary dealers is set at the beginning of each year jointly by the Finance Minister and the Governor of the Bank of Greece. During 2004, 20 financial institutions were acting as primary dealers among which, 5 were Greek credit institutions and the remaining 15 are foreign institutions, few of which have branches in Greece. The securities that each primary dealer is obliged to quote for are also determined at the beginning of each year and include all the benchmark issues as well as a number of additional securities attributed to each dealer. Those market participants who are not located in Greece are granted remote access to trading and for this purpose have at their disposal HDAT screens in their location. Remote access was not an option when the market was launched and it was only introduced in mid-2000. Undoubtedly, this development had a significant.

Interview Technical And Non Technical Staff - 1268 Words

During the data gathering phase it is crucial to interview technical and non-technical staff to determine if the security policies are being followed. Any staff who have access to the computers or systems in the organization should be interviewed in the security audit. System users, managers, and even cleaning staff should be considered. During the interview it will need to be determined what access the staff have to the systems and what their usage patterns are. If they have administrator access or root access is important to understand. The respondents should rate the controls used to secure the IT assets, these controls include: management controls, authentication/access controls, physical security, outsider access to systems, system administration controls and procedures, connections to external networks, remote access, incident response, and contingency planning. Technical staff should also be interviewed to a much higher degree, here are some common questions asked during these interviews: The next step in the audit will be a technical investigation of the systems being audited. System logs will need to be reviewed for all systems under the audit. System code levels and verification that the latest patches and updates have been applied needs to be confirmed. The latest known vulnerabilities list will also need to be checked for the specific devices and code in question. A review previous security incidents at the organization to gain an idea of historicalShow MoreRelatedRecruitment Of Electrical Engineers For Various Core Engineering Companies On Behalf Of B31227 Words   |  5 PagesCE 3.1 Introduction 1. Name of the Organization : B3 Brain Behind Brand, Kolkata, W.B, India 2. Title of the Position : Non-IT technical Recruiter 3. 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Why I Need Discipline At Snowball Pay My Debts With A...

4 - Paying Off Your Debts With A Snowballing Technique Some call it a snowballing technique and others a positive-feedback loop, but it basically means paying off your debts. The trouble is that this technique uses a little bit of budgeting (which is tough), and you will need a fair amount of discipline to pull it off. Why Will I Need Discipline To Snowball-Pay My Debts The reason is that as the money builds up in your account--it starts to look awfully tempting. It grows and grows in your account on things such as your credit cards, and after a while, you start thinking about a new computer or an upgrade to your car, then you convince yourself you â€Å"need† whatever it is you want to buy, you justify it in your head, you spend the money--and you are back to square one. You need discipline to be able to stay away from your own money. It Works Best For Credit Cards Credit card debt is one of the most crippling kinds of debt because people max out their cards and then pay a large fee every month to cover the interest, but do not actually pay off the debt itself (just the interest). Plus, the more debt you have on your card, then the more mandatory interest you have to pay every month. An Example With Three Credit Cards This technique can work well with other types of debt, but for the sake of the example, it is shown here with three credit cards. All three cards are fictitious with fictitious names and all have been maxed out. Card Janeway - $2000 debt $60 interestShow MoreRelatedEvaluation Of A Research Methodology9423 Words   |  38 PagesChapter 4. Research methodology This chapter describes the research methodology that was chosen and why it was the most suitable for the research propositions. This chapter also covers the data collection and analysis and discusses issues of validity and reliability. 4.1 Research Method Each proposition serves to focus the data collection, determine direction and scope of the study and together the propositions form the foundation for a conceptual structure/framework (Miles Huberman, 1994;

The Social Developmental Value of Theater Arts Free Essays

string(132) " dramatic effect of a soap opera in Britain could have the same effect anywhere with any culturally differing social circumstances\." Applied Theatre is an umbrella term used to describe theatre and drama based practices with the aim of social development. The topics can range from targets of community building, protest, cultural awareness and sensitivities, harm reduction, religion, health, socio-economic representation, and educational purposes. Within Applied Theatre, there are no set traditional theatrical methods but a preference towards innovative and interactive methods where actors often have the freedom to engage with the audience and where audiences shape the philosophy as well as the content of the piece. We will write a custom essay sample on The Social Developmental Value of Theater Arts or any similar topic only for you Order Now As once said by Augusto Boal, a famous Applied Theatre practitioner who spearheaded a creative arts movement called â€Å"Theatre of the Oppressed;’’ â€Å"Theatre is a form of knowledge; it should and can also be a means of transforming society. Theatre can help us build our futures, rather than just waiting for it’’ This philosophy is a statement of artistic humanitarianism where creative and performance arts reach the height of their power to create and inspire, as performance is combined with everyday people and represents individuals and their society rather than fulfilling a goal of entertaining, thrilling, and profit making. This is using theatre as an investment in the social economy. To look more in-depth at the educational value and social significance of Applied Theatre, major concepts of the field could be examined through three diverse applications. These applications will include culture, harm reduction, and protest. Culture From primitive story telling, to Shakespearean cultural-political representations of Elizabethan society; the performing arts has historically always been a part of most cultures. Nowadays where cultures are highly mosaic in nature and where we find ourselves in the midst of fusing and evolving identities, and an influence of masses of media and technology; the need for cultural identity is more crucial than ever. This is greatly apparent in the North American indigenous population that throughout history has suffered copious amounts of underrepresentation, abuse, and annihilation. Rooted in the 16th century European explorations, the Native eople of North America have always undergone ill treatment. The historical European desire to colonize and assimilate foreigners was carried out up until the end of the 20th century where indigenous peoples’ children were sent to concentration camp-style schools run primarily by the catholic church under rigid government policies concerning Natives which was referred to as â€Å"Indians affairs. ’’ The children were stripped of their language, culture, religion, and traditions and forced to behave in a foreign way. This caused domino effects amounting to Canada and America’s current situation where Native people continue to suffer from social disorders, and be at a high risk for alcoholism, drug-use, prostitution, poverty, and subjection to adoption and fostercare as well as a lack of community resources. In recent years, great efforts have been put in place to restore Native culture that was once outlawed. Traditionally their history was an oral tradition recorded through story telling. This was seen as a unique opportunity to apply theatre arts to a suffering population in hopes of gaining cultural identity and applied to the greater North American population to raise awareness and understanding towards Native people. In the Eastern Canadian province of Ontario in the small town of Manitowaning there is a theatre group called the De-ba-jeh-mu-jig. This name comes from the indigenous languages of Cree and Ojibway meaning â€Å"Story Tellers. The company is non-profit and community based and currently produces a number of performances including children’s performances and interactive theatre using their own unique creation/writing process and methodology with the purpose of representing and showcasing the local indigenous culture and engaging in home-grown solutions to their own challenges for cultural and social development. They’ve done numerous productions and tours of shows with unique titles such as â€Å"The Indian Affairs’’ and â €Å"New World Brave,† whose titles themselves exemplify the content of their aim. The productions often encompass the stories of their traditions, religion/spirituality, history, language, and survival and are often intertwined with modern day cultural challenges. The company has also done improvisation projects with topics such as careers and fetal alcohol syndrome as well as other outreach programs to foster artistic engagement in the community. The works of this company sum up the power of theatre arts in a culturally applied sense and continue to educate, inspire, and engage a generation as well as harmonize and restore a once lost people and their culture into modern society. Harm Reduction Harm reduction is a term, which refers to policy put in place to cut down the practice of human-behavioural activity that may produce harmful effects. This includes a range of topics including illegal, and risky/dangerous practices. For example, harm reduction public policy could be attributed to things such as Drugs including illegal substances, needles, alcohol related issues, Tobacco, and drug crime, as well as Sex including topics such as safe sex, STI’s, HIV, AIDS, prostitution, as well as more psychological and less intensive topics like mental health, self-harm, and bullying. By analyzing the works of Sponsored Arts For Education, known as S. A. F. E. , a Kenyan non-governmental organization with the mandate of delivering social change by addressing controversial topics. They primarily focus on social aspects, treatment and prevention of HIV/AIDS and safe sex and family planning, but also include topics such as peace, female circumsicion, and female rights/empowerment, water and health, prisoner outreach, environmental issues, Drug use, and LGBT topics. All of these outreach topics are delivered through creative mobile theatre performances targeting rural areas of Kenya where social stigma, the lack info technology and education are hindering people’s health and safety and contributing to the expanse of the aforementioned issues. S. A. F. E. , started by British actor Nick Reding, is a proactive charity whose philosophy states it’s belief that dance, music and theatre break down barriers and draw people in thus creating social change. In 2012 Coronation Street writer Damon Rochefort collaborated with S. A. F. E. with a vision that the dramatic effect of a soap opera in Britain could have the same effect anywhere with any culturally differing social circumstances. You read "The Social Developmental Value of Theater Arts" in category "Papers" Soap operas play on issues and emotions that reflect real people’s lives in the cultural sense of the viewers, and they perform long running dramatized renditions that offer a real insight into each characters’ lives. Thus, they are drawing the viewers into long time subscription and allowing them to experience a sense of escape. During the collaboration, the cast of Coronation Street visited Kenya to create a unique soap style piece of drama that plays on life changing messages in the sense of local cultural and the issues and struggles that face their society. The team visited Bangala, a slum of 20 000 people, one of the nation of 1. 5 million HIV positive people’s hardest hit areas. Most people don’t know how to prevent the spreading of the disease and usually don’t know their own status. There is a huge social stigma about HIV and families known to be positive are demonized and alienated. Infected mothers pass the virus to their children because there is a lack of knowledge about drugs for pregnant women that block the passing, and the children face barriers to education and freedom because they too are infected. The virus continues to be spread because of stigma, ignorance, and unavailability of condoms. The cast of Coronation street had to use these issues to train Kenyan actors and collaborate to put on a rehearsed non scripted (improvised) production. The finished product was a story about two local families who have to come to terms with a series of events consisting of whatever life threw at them (in a local context) including relationships, rape, child prostitution, family planning, female courage, health, and violence. They portrayed positive ways of dealing with and preventing these things and used comedic effect to break stigma and engage the audience and set them at ease. The production was done with the use of a mobile theatre that consists of a large vehicle, which has been fitted to store a stage, which retracts out of the side of the vehicle forming a large raised platform, and fitted with speakers. This is a very pure and original form of theatre, which is intimate and innovative. A perfect fit for the unique and original concept of applied theatre. Analyzing the creation a such performance, it is apparent that copious attention to detail is necessary to create the right effect. Dealing with such serious opics it is important to know how to combine the right amount of comedy with the right amount of seriousness. In utilizing this form of theatre correctly it is possible to realize the full potential of the arts and reduce harm to the masses. After the Coronation Street/S. M. A. R. T. show, counseling services and resources were available such as a condom tent and family planning tutorials. After a one year tour of one S. M. A. R. T. applied theat re tour in Kenya, an audience of 80 000 people would have viewed the show and 18 000 would have learned their HIV status as a result. Protest The early formations of applied theatre are apparent through the theatrical practices of classical drama and the politically motivated arts movements of 18 and 19th century Europe. Most notably, the French Revolution had a largely politically fuelled theatre scene. During France’s period of the ‘’Ancien Regime’’ where France was under monarchial rule, theatre was highly regulated by the monarchy and only three approved theatres existed in France. These displayed works that were highly censored and apolitical. After the fall of the monarchy, there was more freedom, which allowed for more theatres to be put up and a more vivid dramatic arts scene emerged, but continued to be censored. In 1791 a law was passed called the Chapelier Law which gave theatres the right to operate free from governmental oversight. Immediately following this the number of theatres boomed and theatre began to be seen as an arena of new French ideology and a pillar in the community. This period, known as the Enlightenment, fifty three new theatres opened and were constructed with vast audience space whilst new plays were constantly being written. There was an area of the theatre known as the ‘Parterre’ where were the working class would react and interact with their emotions towards what was being portrayed on stage quickly became a melting pot of political ideology and national identity and emotion. During the Enlightenment, plays were so politically fueled that French newspapers would criticize plays which lacked political representation saying that they were anti-revolutionary and a distraction from the pressing issues of society. For example, a famous and elaborate dramatic opera by Paisielo performed in Paris and was condemned, publicly petitioned against and reported to the National Assembly because of the general opinion of it being sensuous blasphemy with no significance or respect towards political fuel, national identity or democratic flow of interest. In fact, the importance of political theatre was so grave that the law even stated that any theatre that ‘’performs works attempting to undermine public spirit and to revive the shameful superstition of royalty will be closed, and the directors will e arrested and punished to the full extent of the law. ’’ This type of theatre was labeled as ‘Pieces de circonstance’ or more literally translated, Pieces representing the circumstances. Plays such as ‘’The Fall of Toulon’’ by benoit Picard used a story line based on true events and speeches by notable French figures such as Robespierre, whils t incorporating fuel for national pride, the national anthem, and a portrayal of overcoming struggle, freedom of expression, and comedy to make a mockery of the plight once faced in regards to the old monarchial system. These innovative pieces gave the ever so changing nation pride, courage, and esteem to address issues facing the build of their new society, as well as a safe place to discuss political feelings and national identity. The role played by the more scripted and political classical French drama from the Enlightenment period of the French Revolution, was pivotal in producing direct effects upon society and can be used as inspiration for modern theatre applied to modern day struggles. Now with an added creativity and freedom, with aspects such as improvisation, and deliberate engagement with the audience, the ower to be mobile, and more insight to the diversity of issues that perturb the human race, theatre can be used as a perfect tool for engaging a society in forms of protest and movements in a peaceful and democratic manner. These early works gave way for modern practitioners to fulfill their own philosophies using theater as a catalyst in an ongoing protest for change. Augosto Boal, a Brazilian applied theatre pioneer spent a lifetime producing social change via dramatic arts. In his early life he felt the need for the underclass of his nation to up rise through peaceful means. He recognized the social iniquities and racial divide facing them. He felt that his own social class, race, and social status impeded the progression of a generation of people subjected to life in the slums of his city. His philosophy was that change came from within the target group rather than an imposition of change upon them. His slogan was a quote from William Shakespeare’s Hamlet stating that ‘’theatre is like a mirror that reflects our virtues and defects equally. ’’ Boal went on to start the Centre for Theatre of the Oppressed. This organization had as an objective the study, discussion, and expression of social issues. They used this to protest and up-rise against diverse issues such as citizenship, culture, and oppressive policy all by means of theatricality. The works of Boal through the Centre for Theatre of the Oppressed even gained a feat of having a law passed protecting crime victims and witnesses in Brazil, a valuable asset in the society of the oppressed people represented by the organization. Boal wrote many books including Theatre for the Oppressed, Games for Actors and Non Actors, The Rainbow of Desire: The Bo al Method of Theatre and Therapy, and Legislative Theatre. In Games for Actors and Non Actors, Boal outlined a nearly every dramatic exercised he applied during his career. From this stemmed new kinds of innovative theatre such as the following: Newspaper Theatre is a technical system allowing an audience to make use of local news articles and other non-dramatic pieces of literatre, and apply them into becoming a theatrical scene. Legislative theatre is a form that provides an opportunity for local voters to voice and protest their opinions in dialogue with government and institution using theatrical methods. The formulation of a piece is created based on proposed laws and policies. The audience may join in as actors and express their views thus impacting the creation of the local policy. Forum Theatre is a highly interactive form of theatre where audience members could call upon a piece to pause, where mistreatment or oppression was evident in the storyline or amongst character interactions. Audience members would formulate solutions for a rational and preferred means of addressing and dealing with the subject. The audience shaped the course of which the piece would take. Invisible Theatre is the pursuit of an ambiguous performance in a location unsuspecting of a performance such as in a public setting. This tricked spectators into thinking that a real event was taking place but the theme would always address social issues. It is a means of getting a message across to an audience who may not normally be open to view a such performance. It also allowed for public interaction into the piece. Boal’s work went on to creating a practice called Drama Therapy based on the aforementioned principles. It is apparent that by drawing upon classical methods and applying dramatic aims into aims of social development; that theatre can be used as a catalyst for change in modern society. Innovation in theatrical forms are endless, and as long as creativity is used with enough insight into social needs, a powerful fusion is developed. Whether the goal is to educate to reduce harm in a developing country and within vulnerable communities, or to build a sense of community and culture, to gain political interest, or to revolutionize a nation, the power of the dramatic arts is an unparalleled tool where possibilities are endless. Task List 1) The topic for my research is the social developmental aspect of theatre. The aim is to look at the diversity in which theatre can be used as an applied tool. The research will analyse Applied Theatre methods, history, and applications. My reasoning for choosing this topic was because of a personal career specific interest. The only limitation was my inability to find live performances to gain a first hand experience as there were none in my area. I was also limited to choosing only a few possible applications of applied theatre as the lists are endless as it is a creative process rather than a set method. 2) My sources of info are listed in detail in the bibliography. I used books and Internet. Primary sources are sources of information that offer first hand knowledge of the subject. They are created during the time and within the direct context/environment of the subject. Secondary sources are continuations of primary sources, they are analysis, continuation, and interpretation of subjects, and events out of direct context/period. 3) I chose to use books mainly and internet to look more in depth at concepts discovered in my readings. I will acquire my books from the Central Vancouver Public Library where there is the largest collection of books in Canada as well as a wealth of resources. (I used the system to earch keywords such as: social change, applied theatre, theatre for change, political theatre, social drama, sociological drama, democratic drama, drama for change, theatre in the third world, humanitarian theatre. ) When using Internet I will verify sources prior to relying on their information. I will check the credibility of the authors and publicists. 4) Choose topic on the day asked by the instructor, find practical examples to broaden my perspective, select sources, gather notes and source details in a clear and concise method including brain tools such as mind maps and connections logs, analyse notes including primary and econdary information, choose a format for the final piece including the desired form of presentation, compose piece based on chosen format and information, proof read, edit, submit/present. 5) Do the research and write up project 6) Present project 7) Evaluation of Aims and Methods – Drawing on personal interests, my aims of showing the breadth of applications of theatre, its educational value, and its ability to impact society by bringing about social change, became very easy. I feel that the sources of my information applied directly to my aims and that breaking down my aim into three subcategories of culture, protest, and harm reduction- made for a more concise way of getting my point across. These three subcategories embodied the initial aim and each showed the educational value of theatre for that specific application. This happened through using practical examples, historical events, and practitioner profiling. My time table was effective as everything came together easily and on time. My time table was more of a checklist instead of a dated series of events. My sources were very clear and understandable, as well as verified for credibility. Looking at websites, I always checked the name of the author and searched them on google, as well as the date of their publication to get the most up to date examples. Also when looking at the study of Applied Theatre I found that referring to university prospectuses aided myself in personally understanding its researchable value. How to cite The Social Developmental Value of Theater Arts, Papers

Financial International Reporting Standard -Myassignmenthelp.Com

Question: Discuss About The Financial International Reporting Standard? Answer: Introducation Sims metal management limited conducts an impairment testing annually for goodwill and other intangible assets. Testing of impairment is conducted when there is objective evidence given by circumstance or happening of any events. Whenever there exists indication that it will be difficult to recover the carrying amount of other definite lives intangible assets as indicated by occurrence of some events and prevailing circumstances. Allocation of goodwill has been done for impairment testing. The impairment testing for the cash-generating unit depicts excess headroom of A$ 104.1 million for the year ending 30th June, 2016 (Simsmm.com 2018). Sims metal management conducts the impairment testing of assets by reviewing the amount of their carrying value and when there exists and indication that assts require impairment. There is recognition of impairment loss when the estimated recoverable amount is lower than the carrying amount of such assets. Recognition of trade and receivables is done at fair value and measuring it subsequently at amortized cost by deducting any provision of impairment. Trade receivables is written off against impairment account when it is identified by organization such receivables become uncollectible. For impairment purpose, the carrying amount of property, equipment and plant are reviewed and as indicated by existence of any objective evidence and thereafter there is recognition of impairment loss. Intangible assets and goodwill are tested annually for impairment as indicated by circumstances and occurrence of events. Assessment of impairment of assets are done by grouping them at the lowest level s where the cash flows have been separately identified and they are not dependant of cash flows generating from other group of assets. Organization conducts annual testing of investment that is made in joint ventures as indicated by the fact that their carrying value amount cannot be recovered and there are any circumstances and events (Simsmm.com 2018). Impairment charge attributable to intangible assets and other goodwill for financial year 2016 stood at A $ 53 million. After the analysis of annual report of Sims metal management limited, it has been ascertained that there has not been any impairment charge for the financial year 2015 and 2017 in relation to assets and other goodwill (Simsmm.com 2018). Sims metal management limited makes use of assumptions for conducting impairment testing of goodwill and other intangible assets. Projection of five-year cash flow is done by organization for computing the value in use and this is based on the budget after board approval for the year 2017 and 2018 respectively. Historical average forms the basis of making four year forecast and takes into account historical value for four years. Projections of five years incorporates margin and price of commodity that are drawn from past experiences, estimates of management relating to inherent impact on volume of future volatility and other factors relating to current and expected future economic conditions. Organization also makes the application of Gordon growth model for the determination of terminal value from the cash flow of final year. Management makes best estimates in projecting the cash flow by referring to results that are historical for determination of expense, income, cash flows for ea ch cash generating unit and capital expenditures (Simsmm.com 2018). Value in use of goodwill is determined by using expected future cash flows. An estimation of CGUs to intangible assets and goodwill recoverable amount is required to be made for determining potential impairment relating to it. Higher of any value in use and fair value less cost to sell helps in determining CGU recoverable amount. Assumptions concerning growth rates and discount rates are to be made for the calculations related to impairment testing. The existence of subjectivity in estimating and making judgment by management has the possibility of considerably affecting the impairment testing of organization. Moreover, it would also have difficulties in gaining accurate inputs required for the impairment testing. Amount that is to be recovered becomes highly sensitive when there is involvement of high degree of subjectivity and assumptions cannot be made about terminal growth rate verification. There is gaming in impairment testing methodology due to manipulation of recoverable amount, as the management will be acting opportunistically. Presence of high degree of subjectivity has the likelihood of impairment testing outcome. It is ascertained after the evaluation of annual report of Sims metal management limited that there is low prevalence of subjectivity in testing of impairment of assets. Nevertheless, assumptions and estimates concerning computation of value in use, discount rate and determination of cash flow requires judg ment of management and there is possibility that value generated using such assumptions will fluctuate on substantial basis. Moreover, impairment requirement is determined by impairment status based on economic events and conditions and specific circumstances (Arrozio et al. 2016). It is certainly possible that assumptions made by Sims metal management limited about forward-looking statements will not be appropriate owing to involvement of subjectivity. Evaluation of annual report of Sims metal management limited indicates that impairment testing methodology of is interesting. The impairment charge of cash generating unit was impacted by margin pressure that arises from volatility in the prices of commodities and landscape of competitive market. There were reassessment of US recycling solutions relating to cash flows and this has indicated the fact that there is no recoverability of carrying amount of goodwill. There would be fluctuation in the value of impairment charge recorded if the assumptions about discount rate keep on changing. Calculations of value in use forms the basis of estimating recoverable amount and it is performed independently by firm valuating the assets. Impairment on investment is recognized by organization by assessing recoverable amount of investments that are made in SA recycling (Simsmm.com 2018). Analysis of annual report of Sims metal management limited concerning impairment testing depicts that impairment that is recorded in the financial year 2016 involves impairment that are recognized are offset closely by reversing the impairments that are recorded in the previous year (Simsmm.com 2018). It has been ascertained from the annual report that there has been impairment reversal in relation to property, plant and equipment. An insight that is gained regarding impairment is that value of impairment charge fluctuates if there is any modification in discount rate while all other assumptions remaining same. Some of the financial liabilities and assets that are involves in the preparation of general purpose financial report is based on fair value. Net loss generated by financial assets revaluation is measured at fair value. Designations of investments in marketable securities are done as financial assets that are at fair value. Last quoted price forms the basis of measurement of assets fair value. Recognition of any alterations in fair value is accumulated in separate resources as equity and done in the comprehensive income statement (Pavi? et al. 2017). The estimated and carrying amount of fair value of financial liabilities and assets of group is materially same. Determination of financial instruments fair value that is not traded in active market is done using broker quotes that are available readily. Organization makes use of valuation methodology for classifying financial instruments that are measured at fair value by using hierarchy (Simsmm.com 2018). The existing lease standard that is IAS 17 is associated with several criticisms that make investors difficulties in having a true and fair view of financial position of reporting entities. For the classification of lease as operating or finance, the standard allows lesser and lessees to evaluate the transactions. One of the major flaws that are associated with the existing standard is that organizations have incentives to make the classification of lease as operating lease. This has the major consequence of key financial ratios of companies and classifying lease contracts as operating lease finance is more favorable for companies. Financial ratios such as return on assets and debt to equity ratios will get worsen if the lease contract is classified, as finance lease as against operating lease and this does not affect the two ratios (Czajor and Michalak 2017). If the positive income is generated by operating lease might improve the return on assets. It is noteworthy to take into acco unt that costs and benefits of both the lease whether financial and operating leases are equal. However, the benefits provided by operating lease in terms of financial ratios are purely an accounting illusion that is created in the investors eyes. IASB has made the estimation that 85% of total amount of lease commitments out of US $ 3.3 million does not appear on balance sheets (Brouwer et al. 2015). Therefore, actual liabilities of organization might be less than what is presented on balance sheet and this is the reason why the existing standard did not reflect true economic reality. Providing user with information about entities that helps them in making economic decisions is the objective of financial report that is prepared under the current lease standard. Leasing transactions are likely to be classified unfaithfully under the existing standard. The rue debt structure of companies is not provided on the balance sheets because of absence of value of operating leases. Information that is presented in the balance sheets concerning leased assets and liabilities is not sufficient and making accurate calculations for bringing some of lease commitments back to balance sheet is difficult. Absence of operating lease on balance sheets for impoverishing comparability between companies requires users to make the adjustments in the balance sheets for operating leases (Nobes 2015). For ascertaining true debt structure, discounted amount concerning leases is added back to balance sheet, which is not appropriate. This explains why the off balance sheet liabilities were up to 66 times more than debt that is reported on balance sheets. The balance sheet of airline companies is formed under different accounting model and there do not exist difference between operating lease and financing lease. Complications in creating difference between financing and operating leases are one of the controversies that are associated with affecting financial position of airline companies. It is so because either airline companies buy aircraft fleets or they lease the fleets. This difference in lease accounting illustrates financial position of such companies would be different. However, in reality, there exists possibility that financial position of some airline companies is similar and identical. Leasing structures and particular method of financing will affect the individual airline companies (Karwowski 2016). Therefore, it can be said that there were no level playing field between some airline companies. The reason why the new lease standard will be unpopular is attributable to several criticism associated with it. Debt structure and balance sheets of companies would increase due to focus on operating lease capitalization. There is a possibility of violating existing debt covenants of business due to 100% increase in balance sheets. It is indicative of the fact that companies will be required to make renegotiation of debt covenants and this excludes agreements concerning leases (Joubert et al. 2017). Furthermore, companies in receiving credits have raised concerns. The impact of short-term leases would have absurd consequences on their financial statements due to the implementation of the standard. Criticism of lease burden is also because of considerable increase in administrative burden and some of the common examples in relation to this are new IT systems, educational efforts, and increased expenditures in the consultation fees and changes in process and control systems. Complicat ions and increased cost of reporting is another criticism of new lease standard because organizations having lot of lease agreement will need to invest time in management information and investment in large amount of new IT systems (Osei 2017). It is so because, there will be need of making estimations in detail relating to right to use assets and lease liability. The implementation of new lease standard will make financial reports of organizations useful to investors and financial analysts and will facilitate enhancement of comparison between them. However, benefit of enhanced comparability will be achieved at the expense of organizations recognizing all lease agreements on their balance sheets. Lease accountings that are classified unfaithfully will be addressed under this standard. Implementation of the standard will no longer require investors to make rough estimations and rough calculations for bringing back lease commitments on balance sheets by computing substantial lease obligations. Facilitation of transparency regarding the lease obligations will lead to better-informed decisions among investors (Edeigba and Amenkhienan 2017). There will be more balanced lease versus buy decisions as adoption of standard will lead to efficient allocation of capital and better decisions on part of management. References list: Arrozio, M.M., Gonzales, A. and da Silva, F.L., 2016. Changes in the financial ratios of the wholesale and retail sector companies arising from the new accounting of the operating lease.Revista Eniac Pesquisa,5(2), pp.139-159. Brouwer, A., Hoogendoorn, M. and Naarding, E., 2015. Will the changes proposed to the conceptual framework's definitions and recognition criteria provide a better basis for IASB standard setting?.Accounting and Business Research,45(5), pp.547-571. Czajor, P. and Michalak, M., 2017. Operating Lease Capitalization-Reasons and its Impact on Financial Ratios of WIG30 and sWIG80 Companies.Przedsi?biorczo i Zarz?dzanie,18(1, cz. 1 Practical and Theoretical Issues in Contemporary Financial Management), pp.23-36. Demir, Z. and Bas, E., 2017. THE EFFECT OF TAS 17 LEASING STANDARD AND IMPLEMENTATION OF THE NEW IFRS 16 LEASES STANDARD ON THE AIRLINE COMPANIES.PressAcademia Procedia,3(1), pp.153-173. Edeigba, J. and Amenkhienan, F., 2017. The Influence of IFRS Adoption on Corporate Transparency and Accountability: Evidence from New Zealand.Australasian Accounting, Business and Finance Journal,11(3), pp.3-19. Joubert, M., Garvie, L. and Parle, G., 2017. Implications of the New Accounting Standard for Leases AASB 16 (IFRS 16) with the Inclusion of Operating Leases in the Balance Sheet.Journal of New Business Ideas and Trends,15(2), pp.1-11. Karwowski, M., 2016. The risk in using financial reports in the study of airline business models.Journal of Air Transport Management,55, pp.185-192. Nobes, C., 2015. IFRS Ten Years on: Has the IASB Imposed Extensive Use of Fair Value? Has the EU Learnt to Love IFRS? And Does the Use of Fair Value make IFRS Illegal in the EU?.Accounting in Europe,12(2), pp.153-170. Osei, E., 2017. THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), AND THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) SINGS SIMILAR TUNE: COMPARING THE ACCOUNTING TREATMENT OF NEW IFRS 16 WITH THE IAS 17, AND THE NEW FASB MODEL ON LEASES.Journal of Theoretical Accounting Research,13(1). Pavi?, I., De?man, N. and Sa?er, I.M., 2017, January. The Influence of Changes in the Notes on Evaluation of Indebtedness and Other Performance MeasuresThe Analysis of Lease Financing. InVision 2020: Sustainable Economic development, Innovation Management, and Global Growth. Pwc.com. (2018). [online] Available at: https://www.pwc.com/gx/en/audit-services/publications/assets/a-study-on-the-impact-of-lease-capitalisation.pdf [Accessed 21 Jan. 2018]. Sacarin, M., 2017. IFRS 16 Leasesconsequences on the financial statements and financial indicators.The Audit Financiar journal,15(145), pp.114-114. Sandblom, P. and Strandberg, A., 2015. The Value Relevance of the Proposed New Leasing Standard. An event study of the European Stock Markets Reaction to the proposed replacement of IAS17. Simsmetalmanagementlimited.gcs-web.com. (2018). [online] Available at: https://simsmetalmanagementlimited.gcs-web.com/static-files/94983c52-add1-483f-a503-11028895c60b [Accessed 21 Jan. 2018]. Simsmm.com. (2018).Annual Reports | SMM Investor Information | Sims Metal Management Global. [online] Available at: https://www.simsmm.com/Investors/Reports/Annual-Reports [Accessed 21 Jan. 2018]. Warren, C.M., 2016. The impact of International Accounting Standards Board (IASB)/International Financial Reporting Standard 16 (IFRS 16).Property Management,34(3). Wong, K. and Joshi, M., 2015. The impact of lease capitalisation on financial statements and key ratios: Evidence from Australia.Australasian Accounting Business Finance Journal,9(3), p.2