Governmental and Nonprofit Accounting

Question: Discuss about the . Answer: Introduction: The organization Ernst and Young is a globalized corporation and thus it operates its business across the world. As it is a globalized firm, it has clients and industries throughout the world. Based on detailed study and analysis, it can be said that the particular organization Ernst and Young is operating its business across EMEIA (around 119000), Japan (around 7600), Asia-Pacific (more than 41000), Australia (about 5600) and America (over 69000). In total, the firm Ernst and Young is regulating its business across 150 countries, serving around 235 k people and earning revenue of an amount of $ 29.6 billion (Ey.com 2017). It can be said that Ernst and Young work across a broad range of industries and sectors, starting from oil and gas, mining to property developers, retail giants and entertainment or media industry. The primary clients of Ernst and Young include Telstra, Woodside, Google, NAB, Coca Cola, Santos, Wesfarmers and David Jones. The intension of Ernst and Young is to inv est in their future through investment in its people. The service lines that are provided by the corporation Ernst and Young include assurance, tax, transactions and advisory. Thus, the roles of an accountant under the head Assurance include auditing, handling climatic change as well as sustainability services, fraudulent detection and investigation of the dispute services. On the other hand, under the head taxation the roles of an accountant include computation of business tax services, international tax, transaction tax, indirect tax and prepares global compliance and reporting (Freeman et al. 2014). Moreover, the accountant looks after all the deals that are related with the transactions of the firm and these include transactions regarding mergers and acquisitions advisory, restructuring and transaction support. Others include keeping detailed information about infrastructure advisory, operational transaction services, business modeling and valuation and real estate advisory services. Finally, it can be said that an account is also r esponsible for advisory factors. Role of a New Graduate Employed in the Organization In the organization Ernst and Young, there are mainly two types of cross service lines and these are people advisory services and financial services. Thus, a new graduate who will be employed within the specified organization will mainly assist the accountant of the firm in providing various financial services and people advisory services. The new employed graduate will provide support and assist the accountant in performing his duties and this practice will help the new graduate to learn more and to gather knowledge that is more practical (Van Mourik 2014). The skills and the attributes that that are required for working in a firm like Ernst and Young include work content and self-management. Among all, the particular skill of work-content is the most important one and this is required for performing a specific profession. This skill or attribute can be developed by the help of the on the job training process or through the help of the in formal courses. The work content skills are identified as the educational qualifications that are needed as per the particular job. In addition, the self-management skill is entirely based on the personality and the temperament of an individual. Furthermore, in order to manage the organization effectively, the employability skills are also considered as an important factor. These include performing work in team, well communication skill, problem-solving ability and learning. Critically analyzing the alignment of the Skills and Attributes As per Mintz (2014), the problem solving skills, self-management skills, working in a team, well communication play an important role in every organization. However, Picker et al. (2016) stated that learning from the process is a significant aspect as this helps the new graduated people to learn knowledge that is more practical. In addition to this, Hoyle, Schaefer and Doupnik (2015) argued that technical skills and job-specific skills should also align with the requirement of the particular firm. The human resource manager of the human resource department should arrange for employee training and this will help in up gradation of the present skills of the staffs. The HR managers of the firm should put focus on the communication skills and should develop it for better communication within the workplace. References Ey.com. 2017.Ey.com. [online] Available at: https://www.ey.com/au/en/home [Accessed 23 Mar. 2017]. Freeman, R.J., Shoulders, C.D., Allison, G.S., Smith Jr, G.R. and Becker, C.J., 2014. Governmental and nonprofit accounting: Theory and practice.JPAEJOURNAL OF PUBLIC AFFAIRS EDUCATION VOLUME 20 NUMBER 3, p.441. Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015.Advanced accounting. McGraw Hill. Mintz, S., 2014. Accounting for the public interest.Perspectives on accountability, professionalism and role in society. Picker, R., Clark, K., Dunn, J., Kolitz, D., Livne, G., Loftus, J. and van der Tas, L., 2016.Applying international financial reporting standards. John Wiley Sons. Van Mourik, C., 2014. Fundamental issues in financial accounting and reporting theory. Routledge.

Merck Open for Innovation free essay sample

Founded in 1891 as an American subsidiary of his German namesake, Merck was once considered the â€Å"undisputed king of the pharmaceutical industry with ground? breaking drugs†(The Chief Executive 2003). But for the last decade, Merck has gone through a period of stagnation; it began to lose exclusivity patents on blockbuster drugs and has witnessed Pfizer’s rise to top place in the industry. It seemed now that internal RD that was once the company’s main asset would not be enough to compete in an industry defined by innovation. Thus the recent 2009 merger with rival Schering and Plough could be the beginning of a new take by Merck. Could Merck prosper with an open innovation strategy? Structure of the pharmaceutical industry An analysis of the industry is essential to gain a better insight on how Merck is operating and how well it is performing The structure, conduct, performance model was developed by economists in the 30s. We will write a custom essay sample on Merck: Open for Innovation ? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Its aim is to explain the different performances by companies within the same industry. It claims the industry structure affects the firm conduct, which in turn affects the performance of the company. There are four main type of industry structure with different characteristics. In liaison with the SCP model Michael Porter developed the Five Forces model in which five forces need to be considered while analysing the industry. The first one is the Threat of entry determined by entry barriers, which are obstacles that determine how easy one can enter a market. A high entry barrier signifies a high profitability. The high barriers are usually due to high costs of gaining and maintaining a place in the industry (infrastructure, government and international trade regulations). For the pharmaceutical industry the threat of entry is quite low due to the high costs of RD ($130 billion in the world last year1, $7. 7 billion for Merck last year2), the long duration it takes from drug discovery to production (approximately 15 years) and the government regulations (difficult to get an FDA approval). The second force, Power of Suppliers, is how much pressure the supplier can exert on the industry. This power is gained by the demand of the supplied product, the unavailability of close substitutes and its uniqueness. In pharmaceutics the suppliers are chemical companies providing raw material. Due to the abundance of these companies and the fact that they provide more or less similar products the power of suppliers is very low. The Power of Buyers is how much pressure buyers can put on the suppliers to reduce prices or increase quality. In this case the power of buyers is high because hospitals and healthcare professionals are the intermediate between patients and the drugs prioritise efficiency and lower costs to brand name. The Internet has also increased the medical knowledge of patients (Mullins, 2007, p89). The Threat of Substitutes is the threat that products from other industries will meet the needs of customers. With patents expiring more quickly the generic drug market (e. g. Boots) and natural remedies are threatening the market (Mullins 2007, p90). The Rivalry among the competitors is the intensity at which firms fight for market share and profits. The higher this is the less profits can be made. There is high competition in the pharmaceutical industry but companies are also keen on maintaining profits with thousands of recent mergers. The industry is composed of few large firms and most of them are the result of mergers to gain market share and specialize in one area of the industry. It seems to present all the characteristics of an oligopoly: long and costly research period, local and international regulations, a handful of large corporations and a considerable pricing power. The pharmaceutical industry is still very profitable and attractive with stable growth and more than ten companies in Fortune, 500 with combined profits around $28 million (Mullins, 2007, p 91). The main nuisance is high and costly entry barriers and high buying power. SWOT Analysis Merck has much strength. For one, Merck’s name carries much weight in the pharmaceutical industry, it is a company that has been around for a long time and has established a name for itself. Also, it has a large RD department that has been instrumental in shaping the current drug industry. For example, their drug ‘Insentress’, has been, and still is, one of the leading HIV treatment drugs. In addition, Merck operates on a very large scale; it is multinational corporation with much power in the industry and sells its products all over the world. Merck’s name has garnered much support from their customers, who have over the years become loyal to the company and their products. However, Merck also faces several challenges. Most notable was the VIOXX scandal: the drug was linked with increasing the risk of heart attacks and strokes. This resulted in their paying a 4.  58 billion dollars in damages to the families of the victims who suffered from such side effects from the use of VIOXX. From a financial perspective, Merck also experienced liquidity problems, in part caused by their high RD expenses. Furthermore, they have also had to face charges by the government for the violations of several rules. Merck possesses many opportunities as well especially after the merger with Schering? Plough which exposes Merck to larger scale of opportunity for research and develo pment (notably the biotechnology) and has higher means to finance it. Merck can also expand its grasp by operating in additional growing countries and make a name for itself via donations to healthcare and charities. Despite its powerful presence in the industry, Merck still faces several real threats. Despite the merger, Merck still faces competition for profits and market share notably from its rival Pfizer. Furthermore the recent loss of patents and the rise of the generic market have caused Merck to lose significant credibility. The Schering ­Plough merger: pros and cons â€Å"A drug deal that is mainly about drugs†(NY Times 2009) It was in fall 2009 that Merck merged with fellow pharmaceutical company Schering? Plough in a deal involving $41 billion. Although Merck had acquired SP, it was officially put on paper as a reverse merger to avoid giving up rights to a popular drug Remicade to Johnson Johnson. (NY Times 2009) This merger can have many advantages. Firstly the merger would allow the companies to combine their sales and market share to reach $37 billion and 5.  5% (IMS Health, 2008) respectively to place second after Pfizer. By partnering with a potential rival Merck also eliminates a competitor. â€Å"The deal should afford the opportunity to cut costs. Mr Clark said that 15% of the combined firms 106,000 employees would lose their jobs†(The Economist, 2009). The latter is one of the many examples of economies of scale the company would benefit from by operating on a larger scale and spreading the fixed costs. These costs sa vings are believed to around an annual $3.  5 billion and would allow the company to fund RD and previously risky investments (PharmaNews, 2009) Merck can also benefit from SP’s investments in biotechnology ($14. 4 billion for Organon), drugs based on living cells which are very hard to copy for the generic market (NY Times, 2009). SP also retains drugs with longer patents to replace the likes of Fosamax and Singulair that have fallen to the generic market. But with benefits also come costs. For instance, less competition and higher market share can lead to less pressure and thus lower  quality products. Furthermore, the merger may lead to managerial difficulties and hinder the integration process. Decisions are harder to make due to the â€Å"larger scale† aspect. Another handicap is the long and costly settlement case with JJ, which has involved a $500 million payment plus half the profits of Remicade sales. (Johnson Johnson, 2011) Despite minor inconveniences th e merger presents Merck with high opportunities for investment, RD, development of longer lasting drug patents and innovation. Merck’s Innovative Strategy: A change for future success The strategic move allowed the Merck to sell their products in over 140 countries as well as a sales jump from 10. 5 to 25 billion. By making their products accessible internationally they broaden their target clientele. However, their closed innovation approach made it difficult to keep up with many of their competitors. Traditional pharmaceutical companies tend to strongly believe that closed innovation is the way to achieve long? term success. Closed innovation involves all processes made internally (Spasic, 2011). This approach however, has become obsolete in today’s business practice. Open innovation is the way to go for Merck. Working with the closed innovation model will ultimately cause Merck to lose its cutting edge. Not changing in an ever? changing world is unhealthy for company. As Charles Darwin once said, â€Å"It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change†. Merck must let go of its past and develop its future by working on its present. Open Innovation at Merck: cost ­effective and creative or dangerous? Open innovation is the opening up of a company’s business model by accepting and integrating ideas stemming from an outside source as well as sharing their ideas and unused technologies to allow other firms to use them and unlock their potential (Berkeley). This may sound counter? productive and almost self? destructive. It is not. The other firms, in turn, share their information which Merck can use, thereby unlocking their own potential. It becomes a battle for identifying which information and technologies will have a future yield. This can be dangerous as well as advantageous for Merck, in essence, it can be compared to a double? edged sword. By forming strategic alliances and bringing in new human capital as well as continuing to innovate internally as well, Merck can set itself upon a path that will allow it to maximize their potential. Open innovation also allows the firms to get rid of any internal inventions it does not intend to pursue and therefore they do not need to patent it, which can be a costly process since the inventions may not even bear fruit. These inefficiencies and those additional costs are avoided. InnoCentive (a smaller competitor) has developed a global network of independent researchers, allowing a great sharing of information and knowledge with a higher success rate than the internal research and development approach at 1/6 of the cost. A higher success rate means more drugs discovered and more inventions, which means more products to be sold, leading to higher returns and as a result more value to its shareholders. However, it should also be noted that there is a high risk with attempting to integrate open

Huckleberry Finn Essays - English-language Films, Huckleberry Finn

Huckleberry Finn Essays - English-language Films, Huckleberry Finn Huckleberry Finn HUCKLEBERRY FINN The novel of Huckleberry Finn by Mark Twain, Huck goes through many adventures On the Mississippi river. He escapes from pap and sails down the Mississippi river where He meets a slave named Jim. Huck promised Jim he is going to keep his secret about men coming to look for him (Jim). They escape by going down the Mississippi river and decide to go down Ohio River. They decide to go north where all the free states are. One day Huck was climbing ashore and sees the Grangerford where they have trouble with the Shepherdson. Huck stays with them until he witnesses the death of many people. Huck feels he shouldnt be helping Jim to freedom and almost turns him in to slave but Huck begins to enjoy having Jims Company, and when Jim is sold by the duke and the king, Huck breaks down and cries while asking the duke where Jim is. Then Huck steals Jim from the Phelps farm. It was discovered that his owner, Miss Watson, already freed Jim just before she died.

The Rheological Behaviour Of Pharmaceutical Fluids Essays

The Rheological Behaviour Of Pharmaceutical Fluids Essays The Rheological Behaviour Of Pharmaceutical Fluids Essay The Rheological Behaviour Of Pharmaceutical Fluids Essay This study investigated the rheology of selected pharmaceutical fluids. The chief findings were that viscousness alterations with concentration, temperature and shear rate of the fluids tested. pharmaceutical fluids, rheology, viscousness, shear rate, pseudoplastic Most pharmaceutical fluids are macromolecular colloids that are can be used in suspensions and emulsions so proving conditions of high viscousness, easiness of pourability and hiking adhesion is important.1 This is achieved by measuring rheological footings and is related to the construction and molecular weight of the fluid. Viscosity is the opposition to motion of liquid and sheer rate is the speed gradient created from force of motion of flow. Three experiments were carried out, as described in the practical booklet1 without accommodations. Viscosity was measured with different concentrations, temperatures and sheer rates. Table 1:Viscosity at selected concentrations of Methylcellulose Concentration ( % ) 1 2 4 Viscosity ( cP ) 8.7 19.2 88. Table 2:Flow clip of 1 % PVP at two different temperatures Water Bath Temperature ( oC ) Mean Flow clip ( secs ) 25 291 40 195 Table 3:Viscosity of 0.8 % Tragacanth gum at selected sheer rates Rotation velocity ( revolutions per minute ) up incline 2 5 10 20 50 Sheer rate ( rpm/60 ) 0.033 0.083 0.167 0.333 0.833 Viscosity ( mPa.sec / cP ) 484.9 341.9 278.9 229.5 175.5 Rotation velocity ( revolutions per minute ) down incline 50 20 10 5 2 Sheer rate ( rpm/60 ) 0.833 0.333 0.167 0.083 0.033 Viscosity ( mPa.sec / cP ) 173.7 220.5 260.9 323.9 419.9 Graph 1:Rheogram: viscousness vs. sheer rate ( see attached ) Fromtable 1, viscousness additions exponentially with increasing concentration. Higher concentrations of methylcellulose ( linkages of A ; szlig ; D-glucose as precursor ) will incorporate more links and H bonds increasing stableness immensely, therefore exponential addition in viscousness. Fromtable 2, flow clip is decreased with increasing temperature. PVP is a polymer ( N-vinylpyrrolidone as precursor ) with C-C linkage between units. Increasing temperature breaks the bonds that hold the units together, take downing viscousness, bring forthing faster unstable rate, therefore less flow clip. Fromtable 3, viscousness is decreased with increasing shear rate with viscousness get downing to be given to a minimal value. Tragacanth is a polymer with high H adhering interaction with H2O and between the concatenation units ( web ) . Increasing shear rate, lowers interaction with H2O and detangles construction so molecules flow in right way, hence, take downing viscousness. Tragacanth exhi bits non-Newton behavior as viscousness is non changeless with increasing shear rate. Hysteresis cringle is seen as down incline is shifted the right of up incline demoing pseudoplastic thixotropic behavior. 2 Improvements to the experiment include increasing sum of repetitions, concentrations, temperature and sheer rates. Toconclude, seting concentrations, temperature and emphasis rate of fluids have an consequence on viscousness. This can hold many benefits for different utilizations of pharmaceutical industry. ( i.e. emulsifiers, binders, thickenings )

Business LAw 1 Assignment Example | Topics and Well Written Essays - 1000 words

Business LAw 1 - Assignment Example The product of trade for this company is a motor vehicle spare part. It is imperative to note that, a private company limited by shares members are required to pay amounts they owe to the company as its debtors in respect of shares that were sold to them on credit and have not been paid in full. This study considers a limited liability company. This is because; it is the most popular form of establishing a commercial company in the UAE. Additionally, and it blends aspects of both partnership and corporate structures. In addition, article 281 to 255 of the CCL regulates the establishment of limited liability companies. Furthermore, it requires a minimum capital of Dh 300,000. Conversely, under the amended UAE law of 1984, a private company must have at least two shareholders (American-Arab Affairs Council, 1984). The new law allows incorporation of a company by a sole shareholder holding all the shares in the company. The management of LLC is vested in the managers. On the same note, it is easy to establish a LLC in the UAE since it requires a business licence only (Wattson, 2003). A memorandum of Association under UAE commercial Companies law Lord Cairns judicially defined a memorandum of association in Ashbury Railway Carriage Co Ltd v Riche as the charter, which define the inadequacy of the powers of a corporation to be established under the Act (Pennington, 2005). The following are the contents to the ADC Company Limited’s memorandum of association. ADC Company Limited Memorandum of Association 2012 1st The name of the of the company is the ADC Company Limited 2nd The registered headquarters of the corporation will be located in Dubai (UAE) 3rd The objects for which the company is established are buying, exporting of the motor vehicle spare parts amid such places as the corporation may from time to time decide and the responsibility of other things as is conducive to the attainment of the above object. 4th The liability of the shareholders is limited 5th The share capital of the company is Dh 300,000 divided into 1000 shares of Dh 300 each (Dine, 2009). Two recent changes in the UAE Federal or local laws and their minimum effects on the business Essentially, numerous changes have been made in the Federal laws on the LLC. The most recent ones include the valuation of the non-cash consideration for shares and the Fiduciary-like obligations of LLC’s managers (Mamoud, 2001). The new provision provides that non-cash consideration for shares in LLCs shall be valued at the cost of the contributing shareholders by one or more consultants approved by the competent authority. In addition, the agreement of all shareholders, if a competent authority approves such value. The proposed valuation procedure for non-cash consideration for shares in LLLCs is more burdensome than the previous and existing CCL, which allows shareholders to consent on a valuation and replicate that valuation in the articles of the LLC (United Arabs Emirates & Hall, 1984). It is fundamental to note that, the only non-cash consideration, which is currently accepted by a majority of authority in some Emirates, is the real properties. The principal effect expected upon application of the new valuation of non-cash consideration on LLCs shares is that, it is time consuming and hectic in execution (Rao, Kashani & Marie, 2010). However, the new aspect of valuation of non-cash consideration is advantageous in providing a high level of accuracy and transparency. On the other hand, the CCL on Fiduciary-like ob

Post-Racial Society Essay Example | Topics and Well Written Essays - 250 words

Post-Racial Society - Essay Example The essay "Post-racial society" discusses the lack of employment for Black American that has become a problem from quite some time especially in labor where racial discrimination is still deep rooted. According to labor department report, the unemployment of blacks increased 10 16.7% the highest since 1984(Censky, 2011). What steps are taken in the past to prevent this issue? Are they really sought about? The question still hangs in the air without answered. The highest rate of incarceration of a black man estimated by U.S Bureau of justice in 2011 was 82,595 which make it 37.9%of all the prisoners. The stats have high rocketed and are even more than the enslaved black man in the year 1850 before the civil war (www.bop.gov/news/quick.jsp). The false image media portrayed played a vital role in depicting the wrong image of Blacks. They are shown as thugs, players, muggers in streets, involved in drugs and having sex with anyone they happen to know. Is this the way we want our future generation to perceive African American around them? In the US today, 13% of the population represent black and over 1 million of the population suffer from HIV in which half of the victims are black. The estimation black sufferers for life are; out of 16 black male 1 is infected with HIV and out of 30 females, 1 is infected. Currently 60% women diagnosed with HIV are black( www.avert.org/hiv-african-americans.htm ).

Essay on Abortion Essay Example for Free

Essay on Abortion Essay Abortion is the termination of a pregnancy. If a woman falls pregnant and she does not wish to go through with the pregnancy then she may choose to have an abortion. Abortion is a controversial issue, some people say it is ok to abort a baby but others are strongly against it. Sometimes people are against it because they believe it is wrong but some are against it because of their religion, their background and their up-bringing. People who are for abortion may have had one and therefore think it is ok or they may know someone who has had one. In this essay I will discuss the arguments for and the arguments against abortion. An argument in favour of abortion is if the woman was raped. If a woman was raped then she would often not want to keep a rapist’s child. Also she would probably be scarred for life, even without the baby. If she had the baby she would be reminded of the rape every single day of her life. When the baby gets older he/she would want to know who his/her dad was when he/she saw that every other child at school had a dad and he/she never, unless the mother has another partner. Secondly, the mother should be able to terminate the pregnancy if she is told that her unborn baby is going to have a disability. If your baby was born with a disability then you would struggle to cope, as would your family. When the baby grows older he/she may have difficulties in school and may even get bullied because of his/her disabilities. It would be possible to abort this baby as every parent wishes for a good, happy, normal life for their children. Lastly, a reason for a woman to have an abortion is if she is under the legal age of consent, sixteen. A young woman under sixteen may not be able to cope on her own and may not be able to provide the maternal and emotional support the baby needs. The girl also may have to leave school for a little while to take care of the baby which would make her fall behind on a lot of school work. She may have the pregnancy terminated because she may have wanted to go to college or university to study further. I feel that she should have the chance to live her life and be free without having any major responsibilities, like having to look after a baby. However, even though a woman may have a perfectly good reason to have an abortion she would still be killing a human life. Some women think they are doing the right thing at the time but when it comes to a later stage in life, many of them can regret their decisions. It would probably be at the back of their mind- they would think about it when they got the chance to. They would probably think how their lives would be different if they had had the baby. Furthermore, there are many people in the world that cannot conceive for many different reasons and would do anything for a child, therefore they would adopt. Instead of a woman having a termination because she think she is unable to cope then she could have the baby and then put it up for adoption. Sometimes in these situations women have the baby and they often change their mind about having the baby put up for adoption and they keep their baby. Of course if the woman still does not want the baby she may have him/her put up for adoption for another family to take care of. Lastly, if the woman is old enough and responsible enough to have sex then she should have to take responsibility of a pregnancy that results in her actions, even if this does mean having to leave school or to leave a brilliant job to raise a child. Any woman should have to take care of a baby because she knew what she was doing and knew what could be the consequences of her actions. Therefore she should not be allowed to terminate her pregnancy. Having researched the topic fully presented three arguments for abortion and three arguments against abortion, my opinion is that it should be legal but for one reason only – if the baby is going to have any sort of disability. In every other circumstance, it should be illegal because, as I said in one of my points, many couples are unable to have children of their own and this would give them a good chance to have a baby of their own.